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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2015
Fair Value Disclosures [Abstract]  
Financial assets and liabilities carried at fair value
June 30, 2015        
(In millions)Quoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)Total
Financial assets at fair value:        
Fixed maturities:        
Federal government and agency $ 249$ 580$ -$ 829
State and local government  -  1,771  -  1,771
Foreign government  -  1,953  4  1,957
Corporate   -  13,144  292  13,436
Mortgage-backed   -  56  1  57
Other asset-backed   -  204  315  519
Total fixed maturities (1)  249  17,708  612  18,569
Equity securities   33  102  54  189
Subtotal  282  17,810  666  18,758
Short-term investments  -  97  -  97
GMIB assets (2)  -  -  867  867
Other derivative assets (3)  -  12  -  12
Total financial assets at fair value, excluding separate accounts$ 282$ 17,919$ 1,533$ 19,734
Financial liabilities at fair value:        
GMIB liabilities $ -$ -$ 841$ 841
Total financial liabilities at fair value$ -$ -$ 841$ 841

(1) Fixed maturities included $558 million of net appreciation required to adjust future policy benefits for the run-off settlement annuity business including $32 million of appreciation for securities classified in Level 3. See Note 8 for additional information.

(2) The GMIB assets represent retrocessional contracts in place from three external reinsurers that cover the exposures on these contracts.

(3) Other derivative assets included $12 million of interest rate and foreign currency swaps qualifying as cash flow hedges. See Note 9 for additional information.

 

December 31, 2014        
(In millions)Quoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)Total
Financial assets at fair value:        
Fixed maturities:        
Federal government and agency $ 290$ 664$ -$ 954
State and local government  -  1,856  -  1,856
Foreign government  -  1,936  4  1,940
Corporate   -  13,105  393  13,498
Mortgage-backed   -  84  1  85
Other asset-backed   -  234  416  650
Total fixed maturities (1)  290  17,879  814  18,983
Equity securities   61  85  43  189
Subtotal  351  17,964  857  19,172
Short-term investments  -  163  -  163
GMIB assets (2)  -  -  953  953
Other derivative assets (3)  -  6  -  6
Total financial assets at fair value, excluding separate accounts$ 351$ 18,133$ 1,810$ 20,294
Financial liabilities at fair value:        
GMIB liabilities $ -$ -$ 929$ 929
Other derivative liabilities (3)  -  1  -  1
Total financial liabilities at fair value$ -$ 1$ 929$ 930

(1) Fixed maturities included $756 million of net appreciation required to adjust future policy benefits for the run-off settlement annuity business including $65 million of appreciation for securities classified in Level 3. See Note 8 for additional information.

(2) The GMIB assets represented retrocessional contracts in place from three external reinsurers that cover the exposures on these contracts.

(3) Other derivative assets included $5 million of interest rate and foreign currency swaps qualifying as cash flow hedges and $1 million of interest rate swaps qualifying as fair value hedges. Other derivative liabilities reflected interest rate and foreign currency swaps qualifying as cash flow hedges. See Note 9 for additional information.
Level 3 fixed maturities and equity securities priced using significant unobservable inputs
       
As of June 30, 2015   Unobservable Input Unobservable Adjustment Range (Weighted Average)
(Fair value in millions ) Fair Value  
Fixed maturities:      
Other asset and mortgage-backed securities$315 Liquidity 60 - 390 (170) bps
    Weighting of credit spreads 160 - 1,910 (280) bps
Corporate and government fixed maturities 250 Liquidity 70 -930 (260) bps
Total fixed maturities 565    
Equity securities 54 Price-to-earnings multiples 4.2 - 9.8 (7.9)
Subtotal 619    
Pricing exemption securities(1) 47    
Total Level 3 securities$666    
(1) The fair values for these securities use single, unadjusted non-binding broker quotes not developed directly by the Company.

       
As of December 31, 2014   Unobservable Input Unobservable Adjustment Range (Weighted Average)
(Fair value in millions ) Fair Value  
Fixed maturities:      
Other asset and mortgage-backed securities$417 Liquidity 60 - 370 (140) bps
    Weighting of credit spreads 160 - 2,560 (290) bps
Corporate and government fixed maturities 344 Liquidity 80 - 930 (262) bps
Total fixed maturities 761    
Equity securities 43 Price-to-earnings multiples 4.2 - 9.8 (8.1)
Subtotal 804    
Pricing exemption securities(1) 53    
Total Level 3 securities$857    
(1) The fair values for these securities use single, unadjusted non-binding broker quotes not developed directly by the Company.
Changes in level 3 financial assets and liabilities carried at fair value
For the Three Months Ended June 30, 2015        
 Fixed Maturities & Equity Securities GMIB AssetsGMIB LiabilitiesGMIB Net
(In millions)    
Balance at April 1, 2015$ 818$ 970$ (948)$ 22
Gains (losses) included in shareholders' net income:        
GMIB fair value gain/(loss)  -  (94)  94  -
Other  15  1  3  4
Total gains (losses) included in shareholders' net income  15  (93)  97  4
Losses included in other comprehensive income  (19)  -  -  -
Losses required to adjust future policy benefits for settlement annuities (1)  (4)  -  -  -
Purchases, sales and settlements:         
Purchases  100  -  -  -
Sales  (210)  -  -  -
Settlements  (4)  (10)  10  -
Total purchases, sales and settlements  (114)  (10)  10  -
Transfers into/(out of) Level 3:        
Transfers into Level 3  -  -  -  -
Transfers out of Level 3  (30)  -  -  -
Total transfers into/(out of) Level 3  (30)  -  -  -
Balance at June 30, 2015 $ 666$ 867$ (841)$ 26
Total gains (losses) included in shareholders' net income attributable         
to instruments held at the reporting date$ -$ (93)$ 97$ 4
         
(1) Amounts do not accrue to shareholders.
         
         
         
         
         
         
         
         
         
         
For the Three Months Ended June 30, 2014        
 Fixed Maturities & Equity SecuritiesGMIB AssetsGMIB LiabilitiesGMIB Net
(In millions)    
Balance at April 1, 2014$ 1,198$ 815$ (794)$ 21
Gains (losses) included in shareholders' net income:        
GMIB fair value gain/(loss)  -  53  (53)  -
Other  2  3  (2)  1
Total gains (losses) included in shareholders' net income  2  56  (55)  1
Gains included in other comprehensive income  9  -  -  -
Gains required to adjust future policy benefits for settlement annuities (1)  20  -  -  -
Purchases, sales and settlements:         
Purchases  53  -  -  -
Sales  (91)  -  -  -
Settlements  (46)  (8)  10  2
Total purchases, sales and settlements  (84)  (8)  10  2
Transfers into/(out of) Level 3:        
Transfers into Level 3  30  -  -  -
Transfers out of Level 3  (53)  -  -  -
Total transfers into/(out of) Level 3  (23)  -  -  -
Balance at June 30, 2014 $ 1,122$ 863$ (839)$ 24
Total gains (losses) included in shareholders' net income attributable         
to instruments held at the reporting date$ 1$ 56$ (55)$ 1
         
(1) Amounts do not accrue to shareholders.

For the Six Months Ended June 30, 2015        
 Fixed Maturities & Equity SecuritiesGMIB AssetsGMIB LiabilitiesGMIB Net
(In millions)    
Balance at January 1, 2015$ 857$ 953$ (929)$ 24
Gains (losses) included in shareholders' net income:        
GMIB fair value gain/(loss)  -  (67)  67  -
Other  28  -  2  2
Total gains (losses) included in shareholders' net income  28  (67)  69  2
Losses included in other comprehensive income  (17)  -  -  -
Gains required to adjust future policy benefits for settlement annuities (1)  2  -  -  -
Purchases, sales and settlements:        
Purchases  111  -  -  -
Sales  (228)  -  -  -
Settlements  (7)  (19)  19  -
Total purchases, sales and settlements  (124)  (19)  19  -
Transfers into/(out of) Level 3:        
Transfers into Level 3  1  -  -  -
Transfers out of Level 3  (81)  -  -  -
Total transfers into/(out of) Level 3  (80)  -  -  -
Balance at June 30, 2015 $ 666$ 867$ (841)$ 26
Total gains (losses) included in shareholders' net income attributable        
to instruments held at the reporting date$ -$ (67)$ 69$ 2
         
(1) Amounts do not accrue to shareholders.
         
         
         
         
         
For the Six Months Ended June 30, 2014        
 Fixed Maturities & Equity SecuritiesGMIB AssetsGMIB LiabilitiesGMIB Net
(In millions)    
Balance at January 1, 2014$ 1,190$ 751$ (741)$ 10
Gains (losses) included in shareholders' net income:        
GMIB fair value gain/(loss)  -  130  (130)  -
Other  14  2  10  12
Total gains (losses) included in shareholders' net income  14  132  (120)  12
Gains included in other comprehensive income  17  -  -  -
Gains required to adjust future policy benefits for settlement annuities (1)  42  -  -  -
Purchases, sales and settlements:        
Purchases  77  -  -  -
Sales  (115)  -  -  -
Settlements  (107)  (20)  22  2
Total purchases, sales and settlements  (145)  (20)  22  2
Transfers into/(out of) Level 3:        
Transfers into Level 3  154  -  -  -
Transfers out of Level 3  (150)  -  -  -
Total transfers into/(out of) Level 3  4  -  -  -
Balance at June 30, 2014$ 1,122$ 863$ (839)$ 24
Total gains (losses) included in shareholders' net income attributable        
to instruments held at the reporting date$ 2$ 132$ (120)$ 12
         
(1) Amounts do not accrue to shareholders.
Separate account assets schedule
June 30, 2015        
(In millions)Quoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)Total
Guaranteed separate accounts (See Note 16)$ 239$ 313$ -$ 552
Non-guaranteed separate accounts (1)  1,656  4,941  1,162  7,759
Total separate account assets$ 1,895$ 5,254$ 1,162$ 8,311

(1) As of June 30, 2015, non-guaranteed separate accounts included $3.7 billion in assets supporting the Company's pension plans, including $1.1 billion classified in Level 3.

 

December 31, 2014     
(In millions)Quoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)Total
Guaranteed separate accounts (See Note 16)$ 242$ 288$ -$ 530
Non-guaranteed separate accounts (1)  1,609  5,031  1,158  7,798
Total separate account assets$ 1,851$ 5,319$ 1,158$ 8,328

(1) As of December 31, 2014, non-guaranteed separate accounts included $3.8 billion in assets supporting the Company's pension plans, including $1.1 billion classified in Level 3.

 
Changes in level 3 separate account assets
 Three Months Ended Six Months Ended
 June 30, June 30,
(In millions)20152014 20152014
Balance, beginning of period$ 1,095$ 1,069 $ 1,158$ 1,035
Policyholder gains (1)  53  23   86  55
Purchases, sales and settlements:         
Purchases  60  80   97  124
Sales  -  (2)   -  (2)
Settlements  (47)  (97)   (176)  (144)
Total purchases, sales and settlements  13  (19)   (79)  (22)
Transfers into/(out of) Level 3:         
Transfers into Level 3  1  6   1  13
Transfers out of Level 3  -  (5)   (4)  (7)
Total transfers into/(out of) Level 3  1  1   (3)  6
Balance, end of period$ 1,162$ 1,074 $ 1,162$ 1,074
          

(1) Included in this amount are gains of $52 million and $84 million for the three months ended and six months ended June 30, 2015 attributable to instruments still held at June 30, 2015 and gains of $23 million and $55 million for the three months ended and six months ended June 30, 2014 attributable to instruments still held at June 30, 2014.
Financial instruments not carried at fair value
(In millions)  June 30, 2015 December 31, 2014
 Classification in the Fair Value Hierarchy Fair Value Carrying Value Fair Value Carrying Value
Commercial mortgage loans Level 3$ 2,128$ 2,054$ 2,168$ 2,081
Contractholder deposit funds, excluding universal life productsLevel 3$ 1,166$ 1,154$ 1,136$ 1,124
Long-term debt, including current maturities, excluding capital leasesLevel 2$ 5,532$ 5,044$ 5,740$ 4,993