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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2015
Fair Value Disclosures [Abstract]  
Financial assets and liabilities carried at fair value
September 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 $ 258$ 603$ -$ 861
State and local government  -  1,717  -  1,717
Foreign government  -  1,946  4  1,950
Corporate   -  13,299  325  13,624
Mortgage-backed   -  54  1  55
Other asset-backed   -  201  339  540
Total fixed maturities (1)  258  17,820  669  18,747
Equity securities   33  99  52  184
Subtotal  291  17,919  721  18,931
Short-term investments  -  94  -  94
GMIB assets (2)  -  -  961  961
Other derivative assets (3)  -  16  -  16
Total financial assets at fair value, excluding separate accounts$ 291$ 18,029$ 1,682$ 20,002
Financial liabilities at fair value:        
GMIB liabilities $ -$ -$ 935$ 935
Other derivative liabilities   -  1  -  1
Total financial liabilities at fair value$ -$ 1$ 935$ 936

(1) Fixed maturities included $592 million of net appreciation required to adjust future policy benefits for the run-off settlement annuity business including $37 million of appreciation for securities classified in Level 3. See Note 9 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 reflected interest rate and foreign currency swaps qualifying as cash flow hedges. See Note 10 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   -  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 9 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. See Note 10 for additional information.
Level 3 fixed maturities and equity securities priced using significant unobservable inputs
       
As of September 30, 2015   Unobservable Input Unobservable Adjustment Range (Weighted Average)
(Fair value in millions) Fair Value  
Fixed maturities:      
Other asset and mortgage-backed securities$339 Liquidity 60 - 430 (210) bps
    Weighting of credit spreads 170 - 1,950 (290) bps
Corporate and government fixed maturities 281 Liquidity 70 - 930 (260) bps
Total fixed maturities 620    
Equity securities 52 Price-to-earnings multiples 4.2 - 9.8 (7.9)
Subtotal 672    
Pricing exemption securities(1) 49    
Total Level 3 securities$721    
(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$857    
(1) The fair values for these securities use single, unadjusted non-binding broker quotes not developed directly by the Company.
Changes in level 3 financial assets and liabilities carried at fair value
For the Three Months Ended September 30, 2015        
 Fixed Maturities & Equity Securities GMIB AssetsGMIB LiabilitiesGMIB Net
(In millions)    
Balance at July 1, 2015$ 666$ 867$ (841)$ 26
Gains (losses) included in shareholders' net income:        
GMIB fair value gain/(loss)  -  104  (104)  -
Other  1  -  -  -
Total gains (losses) included in shareholders' net income  1  104  (104)  -
Losses included in other comprehensive income  (1)  -  -  -
Gains required to adjust future policy benefits for settlement annuities (1)  4  -  -  -
Purchases, sales and settlements:         
Purchases  25  -  -  -
Sales  (1)  -  -  -
Settlements  (13)  (10)  10  -
Total purchases, sales and settlements  11  (10)  10  -
Transfers into/(out of) Level 3:        
Transfers into Level 3  48  -  -  -
Transfers out of Level 3  (8)  -  -  -
Total transfers into/(out of) Level 3  40  -  -  -
Balance at September 30, 2015 $ 721$ 961$ (935)$ 26
Total gains (losses) included in shareholders' net income attributable         
to instruments held at the reporting date$ (1)$ 104$ (104)$ -
         
(1) Amounts do not accrue to shareholders.
         
         
         
         
         
         
         
         
         
         
For the Three Months Ended September 30, 2014        
 Fixed Maturities & Equity SecuritiesGMIB AssetsGMIB LiabilitiesGMIB Net
(In millions)    
Balance at July 1, 2014$ 1,122$ 863$ (839)$ 24
Gains (losses) included in shareholders' net income:        
GMIB fair value gain/(loss)  -  33  (33)  -
Other  -  -  2  2
Total gains (losses) included in shareholders' net income  -  33  (31)  2
Losses included in other comprehensive income  (3)  -  -  -
Losses required to adjust future policy benefits for settlement annuities (1)  (3)  -  -  -
Purchases, sales and settlements:         
Purchases  6  -  -  -
Sales  (2)  -  -  -
Settlements  (43)  (16)  13  (3)
Total purchases, sales and settlements  (39)  (16)  13  (3)
Transfers into/(out of) Level 3:        
Transfers into Level 3  10  -  -  -
Transfers out of Level 3  (103)  -  -  -
Total transfers into/(out of) Level 3  (93)  -  -  -
Balance at September 30, 2014 $ 984$ 880$ (857)$ 23
Total gains (losses) included in shareholders' net income attributable         
to instruments held at the reporting date$ 1$ 33$ (31)$ 2
         
(1) Amounts do not accrue to shareholders.

For the Nine Months Ended September 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)  -  37  (37)  -
Other  29  -  2  2
Total gains (losses) included in shareholders' net income  29  37  (35)  2
Losses included in other comprehensive income  (18)  -  -  -
Gains required to adjust future policy benefits for settlement annuities (1)  6  -  -  -
Purchases, sales and settlements:        
Purchases  136  -  -  -
Sales  (229)  -  -  -
Settlements  (20)  (29)  29  -
Total purchases, sales and settlements  (113)  (29)  29  -
Transfers into/(out of) Level 3:        
Transfers into Level 3  49  -  -  -
Transfers out of Level 3  (89)  -  -  -
Total transfers into/(out of) Level 3  (40)  -  -  -
Balance at September 30, 2015 $ 721$ 961$ (935)$ 26
Total gains (losses) included in shareholders' net income attributable        
to instruments held at the reporting date$ (1)$ 37$ (35)$ 2
         
(1) Amounts do not accrue to shareholders.
         
         
         
         
         
For the Nine Months Ended September 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)  -  163  (163)  -
Other  14  2  12  14
Total gains (losses) included in shareholders' net income  14  165  (151)  14
Gains included in other comprehensive income  14  -  -  -
Gains required to adjust future policy benefits for settlement annuities (1)  39  -  -  -
Purchases, sales and settlements:        
Purchases  83  -  -  -
Sales  (117)  -  -  -
Settlements  (150)  (36)  35  (1)
Total purchases, sales and settlements  (184)  (36)  35  (1)
Transfers into/(out of) Level 3:        
Transfers into Level 3  164  -  -  -
Transfers out of Level 3  (253)  -  -  -
Total transfers into/(out of) Level 3  (89)  -  -  -
Balance at September 30, 2014$ 984$ 880$ (857)$ 23
Total gains (losses) included in shareholders' net income attributable        
to instruments held at the reporting date$ 3$ 165$ (151)$ 14
         
(1) Amounts do not accrue to shareholders.
Separate account assets schedule
September 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 17)$ 226$ 294$ -$ 520
Non-guaranteed separate accounts (1)  1,409  4,762  1,217  7,388
Total separate account assets$ 1,635$ 5,056$ 1,217$ 7,908

(1) As of September 30, 2015, non-guaranteed separate accounts included $ 3.7 billion in assets supporting the Company's pension plans, including $ 1.2 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 17)$ 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 Nine Months Ended
 September 30, September 30,
(In millions)20152014 20152014
Balance, beginning of period$ 1,162$ 1,074 $ 1,158$ 1,035
Policyholder gains (1)  17  9   103  64
Purchases, sales and settlements:         
Purchases  40  24   137  148
Sales  -  -   -  (2)
Settlements  (15)  (29)   (191)  (173)
Total purchases, sales and settlements  25  (5)   (54)  (27)
Transfers into/(out of) Level 3:         
Transfers into Level 3  16  1   17  14
Transfers out of Level 3  (3)  (5)   (7)  (12)
Total transfers into/(out of) Level 3  13  (4)   10  2
Balance, end of period$ 1,217$ 1,074 $ 1,217$ 1,074
          

(1) Included in this amount are gains of $17 million and $103 million for the three months ended and nine months ended September 30, 2015 attributable to instruments still held at September 30, 2015 and gains of $9 million and $64 million for the three months ended and nine months ended September 30, 2014 attributable to instruments still held at September 30, 2014.
Financial instruments not carried at fair value
(In millions)  September 30, 2015 December 31, 2014
 Classification in the Fair Value Hierarchy Fair Value Carrying Value Fair Value Carrying Value
Commercial mortgage loans Level 3$ 2,087$ 2,015$ 2,168$ 2,081
Contractholder deposit funds, excluding universal life productsLevel 3$ 1,139$ 1,136$ 1,136$ 1,124
Long-term debt, including current maturities, excluding capital leasesLevel 2$ 5,475$ 5,060$ 5,740$ 4,993