XML 124 R84.htm IDEA: XBRL DOCUMENT v2.4.0.8
Fair Value Measurements - Financial Assets and Financial Liabilities Carried at Fair Value (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Financial assets at fair value:    
Fixed maturities $ 16,486 $ 17,705
Equity securities 141 111
Short-term investments 631 154
Fair Value, Measurements, Recurring [Member]
   
Financial assets at fair value:    
Fixed maturities 16,486 [1] 17,705 [2]
Equity securities 141 111
Subtotal 16,627 17,816
Short-term investments 631 154
Total financial assets at fair value, excluding separate accounts 18,012 18,633
Financial liabilities at fair value:    
Total financial liabilities at fair value 757 1,201
Run-off Settlement Annuity Business [Member] | Fair Value, Measurements, Recurring [Member]
   
Financial liabilities at fair value:    
Net appreciation required to adjust future policy benefits for run-off settlement annuity business included in fixed maturities 458 875
Other derivatives [Member] | Fair Value, Measurements, Recurring [Member]
   
Financial assets at fair value:    
Derivative assets 3 [3] 41 [4]
Financial liabilities at fair value:    
Derivative liabilities 16 [3] 31 [4]
Other derivatives [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Fair Value, Measurements, Recurring [Member]
   
Financial assets at fair value:    
Derivative assets 3 5
Financial liabilities at fair value:    
Derivative liabilities 15 31
Other derivatives [Member] | Non designated [Member] | Fair Value, Measurements, Recurring [Member]
   
Financial assets at fair value:    
Derivative assets 0 36
Financial liabilities at fair value:    
Derivative liabilities 1 0
Guaranteed Minimum Income Benefit [Member]
   
Financial liabilities at fair value:    
Percentage of GMIB exposure covered by retrocessional coverage 100.00% 55.00%
Number of external reinsurers 3 2
Guaranteed Minimum Income Benefit [Member] | Fair Value, Measurements, Recurring [Member]
   
Financial assets at fair value:    
Derivative assets 751 [5] 622 [6]
Financial liabilities at fair value:    
Derivative liabilities 741 1,170
Federal government and agency [Member] | Fair Value, Measurements, Recurring [Member]
   
Financial assets at fair value:    
Fixed maturities 880 902
State and local government [Member] | Fair Value, Measurements, Recurring [Member]
   
Financial assets at fair value:    
Fixed maturities 2,144 2,437
Foreign government [Member] | Fair Value, Measurements, Recurring [Member]
   
Financial assets at fair value:    
Fixed maturities 1,444 1,322
Corporate [Member] | Fair Value, Measurements, Recurring [Member]
   
Financial assets at fair value:    
Fixed maturities 10,981 11,896
Federal agency mortgage-backed [Member] | Fair Value, Measurements, Recurring [Member]
   
Financial assets at fair value:    
Fixed maturities 76 122
Other mortgage-backed [Member] | Fair Value, Measurements, Recurring [Member]
   
Financial assets at fair value:    
Fixed maturities 77 89
Other asset-backed [Member] | Fair Value, Measurements, Recurring [Member]
   
Financial assets at fair value:    
Fixed maturities 884 937
Fair Value Inputs Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
   
Financial assets at fair value:    
Fixed maturities 297 [1] 156 [2]
Equity securities 8 4
Subtotal 305 160
Short-term investments 0 0
Total financial assets at fair value, excluding separate accounts 305 160
Financial liabilities at fair value:    
Total financial liabilities at fair value 0 0
Fair Value Inputs Level 1 [Member] | Other derivatives [Member] | Fair Value, Measurements, Recurring [Member]
   
Financial assets at fair value:    
Derivative assets 0 [3] 0 [4]
Financial liabilities at fair value:    
Derivative liabilities 0 [3] 0 [4]
Fair Value Inputs Level 1 [Member] | Guaranteed Minimum Income Benefit [Member] | Fair Value, Measurements, Recurring [Member]
   
Financial assets at fair value:    
Derivative assets 0 [5] 0 [6]
Financial liabilities at fair value:    
Derivative liabilities 0 0
Fair Value Inputs Level 1 [Member] | Federal government and agency [Member] | Fair Value, Measurements, Recurring [Member]
   
Financial assets at fair value:    
Fixed maturities 297 156
Fair Value Inputs Level 1 [Member] | State and local government [Member] | Fair Value, Measurements, Recurring [Member]
   
Financial assets at fair value:    
Fixed maturities 0 0
Fair Value Inputs Level 1 [Member] | Foreign government [Member] | Fair Value, Measurements, Recurring [Member]
   
Financial assets at fair value:    
Fixed maturities 0 0
Fair Value Inputs Level 1 [Member] | Corporate [Member] | Fair Value, Measurements, Recurring [Member]
   
Financial assets at fair value:    
Fixed maturities 0 0
Fair Value Inputs Level 1 [Member] | Federal agency mortgage-backed [Member] | Fair Value, Measurements, Recurring [Member]
   
Financial assets at fair value:    
Fixed maturities 0 0
Fair Value Inputs Level 1 [Member] | Other mortgage-backed [Member] | Fair Value, Measurements, Recurring [Member]
   
Financial assets at fair value:    
Fixed maturities 0 0
Fair Value Inputs Level 1 [Member] | Other asset-backed [Member] | Fair Value, Measurements, Recurring [Member]
   
Financial assets at fair value:    
Fixed maturities 0 0
Fair Value Inputs Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
   
Financial assets at fair value:    
Fixed maturities 15,058 [1] 16,232 [2]
Equity securities 74 73
Subtotal 15,132 16,305
Short-term investments 631 154
Total financial assets at fair value, excluding separate accounts 15,766 16,500
Financial liabilities at fair value:    
Total financial liabilities at fair value 16 31
Fair Value Inputs Level 2 [Member] | Other derivatives [Member] | Fair Value, Measurements, Recurring [Member]
   
Financial assets at fair value:    
Derivative assets 3 [3] 41 [4]
Financial liabilities at fair value:    
Derivative liabilities 16 [3] 31 [4]
Fair Value Inputs Level 2 [Member] | Guaranteed Minimum Income Benefit [Member] | Fair Value, Measurements, Recurring [Member]
   
Financial assets at fair value:    
Derivative assets 0 [5] 0 [6]
Financial liabilities at fair value:    
Derivative liabilities 0 0
Fair Value Inputs Level 2 [Member] | Federal government and agency [Member] | Fair Value, Measurements, Recurring [Member]
   
Financial assets at fair value:    
Fixed maturities 583 746
Fair Value Inputs Level 2 [Member] | State and local government [Member] | Fair Value, Measurements, Recurring [Member]
   
Financial assets at fair value:    
Fixed maturities 2,144 2,437
Fair Value Inputs Level 2 [Member] | Foreign government [Member] | Fair Value, Measurements, Recurring [Member]
   
Financial assets at fair value:    
Fixed maturities 1,421 1,298
Fair Value Inputs Level 2 [Member] | Corporate [Member] | Fair Value, Measurements, Recurring [Member]
   
Financial assets at fair value:    
Fixed maturities 10,476 11,201
Fair Value Inputs Level 2 [Member] | Federal agency mortgage-backed [Member] | Fair Value, Measurements, Recurring [Member]
   
Financial assets at fair value:    
Fixed maturities 76 122
Fair Value Inputs Level 2 [Member] | Other mortgage-backed [Member] | Fair Value, Measurements, Recurring [Member]
   
Financial assets at fair value:    
Fixed maturities 76 88
Fair Value Inputs Level 2 [Member] | Other asset-backed [Member] | Fair Value, Measurements, Recurring [Member]
   
Financial assets at fair value:    
Fixed maturities 282 340
Fair Value Inputs Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
   
Financial assets at fair value:    
Fixed maturities 1,131 [1] 1,317 [2]
Equity securities 59 34
Subtotal 1,190 1,351
Short-term investments 0 0
Total financial assets at fair value, excluding separate accounts 1,941 1,973
Financial liabilities at fair value:    
Total financial liabilities at fair value 741 1,170
Fair Value Inputs Level 3 [Member] | Run-off Settlement Annuity Business [Member] | Fair Value, Measurements, Recurring [Member]
   
Financial liabilities at fair value:    
Net appreciation required to adjust future policy benefits for run-off settlement annuity business included in fixed maturities 60 108
Fair Value Inputs Level 3 [Member] | Other derivatives [Member] | Fair Value, Measurements, Recurring [Member]
   
Financial assets at fair value:    
Derivative assets 0 [3] 0 [4]
Financial liabilities at fair value:    
Derivative liabilities 0 [3] 0 [4]
Fair Value Inputs Level 3 [Member] | Guaranteed Minimum Income Benefit [Member] | Fair Value, Measurements, Recurring [Member]
   
Financial assets at fair value:    
Derivative assets 751 [5] 622 [6]
Financial liabilities at fair value:    
Derivative liabilities 741 1,170
Fair Value Inputs Level 3 [Member] | Federal government and agency [Member] | Fair Value, Measurements, Recurring [Member]
   
Financial assets at fair value:    
Fixed maturities 0 0
Fair Value Inputs Level 3 [Member] | State and local government [Member] | Fair Value, Measurements, Recurring [Member]
   
Financial assets at fair value:    
Fixed maturities 0 0
Fair Value Inputs Level 3 [Member] | Foreign government [Member] | Fair Value, Measurements, Recurring [Member]
   
Financial assets at fair value:    
Fixed maturities 23 24
Fair Value Inputs Level 3 [Member] | Corporate [Member] | Fair Value, Measurements, Recurring [Member]
   
Financial assets at fair value:    
Fixed maturities 505 695
Fair Value Inputs Level 3 [Member] | Federal agency mortgage-backed [Member] | Fair Value, Measurements, Recurring [Member]
   
Financial assets at fair value:    
Fixed maturities 0 0
Fair Value Inputs Level 3 [Member] | Other mortgage-backed [Member] | Fair Value, Measurements, Recurring [Member]
   
Financial assets at fair value:    
Fixed maturities 1 1
Fair Value Inputs Level 3 [Member] | Other asset-backed [Member] | Fair Value, Measurements, Recurring [Member]
   
Financial assets at fair value:    
Fixed maturities $ 602 $ 597
[1] Fixed maturities included $458 million of net appreciation required to adjust future policy benefits for the run-off settlement annuity business including $60 million of appreciation for securities classified in Level 3.
[2] Fixed maturities included $875 million of net appreciation required to adjust future policy benefits for the run-off settlement annuity business including $108 million of appreciation for securities classified in Level 3.
[3] Other derivative assets reflected interest rate and foreign currency swaps qualifying as cash flow hedges. Other derivative liabilities included $15 million of interest rate and foreign currency swaps qualifying as cash flow hedges and $1 million of interest rate and foreign currency swaps not designated as accounting hedges. See Note 12 for additional information.
[4] Other derivative assets included $5 million of interest rate and foreign currency swaps qualifying as cash flow hedges and $36 million of interest rate swaps not designated as accounting hedges. Other derivative liabilities reflected foreign currency and interest rate swaps qualifying as cash flow hedges. See Note 12 for additional information.
[5] The GMIB assets represented retrocessional contracts in place from three external reinsurers that cover the exposures on these contracts. See Note 7 for additional information.
[6] The GMIB assets represented retrocessional contracts in place from two external reinsurers that cover 55% of the exposures on these contracts. See Note 7 for additional information.