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INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2017

Investments, Debt and Equity Securities [Abstract]

Available-for-sale Securities by Classification

The following table provides information relating to fixed maturities and equity securities classified as AFS:

Available-for-Sale Securities by Classification



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		OTTI in AOCI ⁽³⁾
	(In Millions)
March 31, 2017:
Fixed Maturity Securities:
Public corporate	$	12,699	$	690	$	72	$	13,317	$	—
Private corporate	7,147		278		54		7,371		—
U.S. Treasury, government and agency	10,675		237		582		10,330		—
States and political subdivisions	419		63		2		480		—
Foreign governments	334		29		8		355		—
Commercial mortgage-backed	373		21		53		341		4
Residential mortgage-backed⁽¹⁾	279		18		—		297		—
Asset-backed⁽²⁾	43		15		1		57		3
Redeemable preferred stock	502		47		1		548		—
Total Fixed Maturities	32,471		1,398		773		33,096		7
Equity securities	174		1		—		175		—
Total at March 31, 2017	$	32,645	$	1,399	$	773	$	33,271	$	7
December 31, 2016:
Fixed Maturity Securities:
Public corporate	$	12,418	$	675	$	81	$	13,012	$	—
Private corporate	6,880		215		55		7,040		—
U.S. Treasury, government and agency	10,739		221		624		10,336		—
States and political subdivisions	432		63		2		493		—
Foreign governments	375		29		14		390		—
Commercial mortgage-backed	415		28		72		371		7
Residential mortgage-backed⁽¹⁾	294		20		—		314		—
Asset-backed⁽²⁾	51		10		1		60		3
Redeemable preferred stock	519		45		10		554		—
Total Fixed Maturities	32,123		1,306		859		32,570		10
Equity securities	113		—		—		113		—
Total at December 31, 2016	$	32,236	$	1,306	$	859	$	32,683	$	10


(1)	Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.


(2)	Includes credit-tranched securities collateralized by sub-prime mortgages and other asset types and credit tenant loans.


(3)	Amounts represent OTTI losses in AOCI, which were not included in earnings (loss) in accordance with current accounting guidance.

Available-for-sale Securities Fixed Maturities Contractual Maturities

The contractual maturities of AFS fixed maturities at March 31, 2017 are shown in the table below. Bonds not due at a single maturity date have been included in the table in the final year of maturity. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

Available-for-Sale Fixed Maturities

Contractual Maturities at March 31, 2017



	Amortized Cost		Fair Value
	(In Millions)
Due in one year or less	$	1,564	$	1,584
Due in years two through five	7,954		8,381
Due in years six through ten	9,142		9,280
Due after ten years	12,614		12,608
Subtotal	31,274		31,853
Commercial mortgage-backed securities	373		341
Residential mortgage-backed securities	279		297
Asset-backed securities	43		57
Redeemable preferred stock	502		548
Total	$	32,471	$	33,096

Proceeds from Sales, Gross Gains (Losses) and OTTI for AFS Fixed Maturities

The following table shows proceeds from sales, gross gains (losses) from sales and OTTI for AFS fixed maturities during the first quarters of 2017 and 2016:



	Three Months Ended March 31,
	2017			2016
	(In Millions)
Proceeds from sales	$	414		$	389
Gross gains on sales	$	19		$	19
Gross losses on sales	$	(20	)	$	(21	)
Total OTTI	$	—		$	(17	)
Non-credit losses recognized in OCI	—			—
Credit losses recognized in earnings (loss)	$	—		$	(17	)

Fixed Maturities - Credit Loss Impairments

The following table sets forth the amount of credit loss impairments on fixed maturity securities held by the Company at the dates indicated and the corresponding changes in such amounts.

Fixed Maturities - Credit Loss Impairments



	2017			2016
	(In Millions)
Balances, beginning of period	$	(190	)	$	(198	)
Previously recognized impairments on securities that matured, paid, prepaid or sold	43			34
Recognized impairments on securities impaired to fair value this period⁽¹⁾	—			(17		)
Impairments recognized this period on securities not previously impaired	—			—
Additional impairments this period on securities previously impaired	—			—
Increases due to passage of time on previously recorded credit losses	—			—
Accretion of previously recognized impairments due to increases in expected cash flows	—			—
Balances at March 31,	$	(147	)	$	(181	)


(1)	Represents circumstances where the Company determined in the current period that it intends to sell the security or it is more likely than not that it will be required to sell the security before recovery of the security’s amortized cost.

Net Unrealized Gain (Loss) on Fixed Maturities and Equity Securities Included in AOCI

Net unrealized investment gains (losses) on fixed maturities and equity securities classified as AFS are included in the consolidated balance sheets as a component of AOCI. The table below presents these amounts as of the dates indicated:



	March 31, 2017		December 31, 2016
	(In Millions)
AFS Securities:
Fixed maturities:
With OTTI loss	$	20	$	19
All other	605		428
Equity securities	1		—
Net Unrealized Gains (Losses)	$	626	$	447

Net Unrealized Gain (Losses) on Fixed Maturities with OTTI Losses

The tables that follow below present a roll-forward of net unrealized investment gains (losses) recognized in AOCI, split between amounts related to fixed maturity securities on which an OTTI loss has been recognized and all other amounts:

Net Unrealized Gains (Losses) on Fixed Maturities with OTTI Losses



	Net Unrealized Gains (Losses) on Investments			DAC			Policyholders’ Liabilities			Deferred Income Tax Asset (Liability)			AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)
	(In Millions)
Balance, January 1, 2017	$	19		$	(1	)	$	(10	)	$	(3	)	$	5
Net investment gains (losses) arising during the period	49			—			—			—			49
Reclassification adjustment for OTTI losses:
Included in Net earnings (loss)	(48		)	—			—			—			(48		)
Excluded from Net earnings (loss)	—			—			—			—			—
Impact of net unrealized investment gains (losses) on:
DAC	—			1			—			—			1
Deferred income taxes	—			—			—			(2		)	(2		)
Policyholders’ liabilities	—			—			5			—			5
Balance, March 31, 2017	$	20		$	—		$	(5	)	$	(5	)	$	10
Balance, January 1, 2016	$	16		$	—		$	(4	)	$	(5	)	$	7
Net investment gains (losses) arising during the period	10			—			—			—			10
Reclassification adjustment for OTTI losses:
Included in Net earnings (loss)	(17		)	—			—			—			(17		)
Excluded from Net earnings (loss)	—			—			—			—			—
Impact of net unrealized investment gains (losses) on:
DAC	—			—			—			—			—
Deferred income taxes	—			—			—			1			1
Policyholders’ liabilities	—			—			4			—			4
Balance, March 31, 2016	$	9		$	—		$	—		$	(4	)	$	5

All Other Net Unrealized Investment Gains (Losses) in AOCI



	Net Unrealized Gains (Losses) on Investments		DAC			Policyholders’ Liabilities			Deferred Income Tax Asset (Liability)			AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)
	(In Millions)
Balance, January 1, 2017	$	428	$	(87	)	$	(189	)	$	(53	)	$	99
Net investment gains (losses) arising during the period	166		—			—			—			166
Reclassification adjustment for OTTI losses:
Included in Net earnings (loss)	12		—			—			—			12
Excluded from Net earnings (loss)⁽¹⁾	—		—			—			—			—
Impact of net unrealized investment gains (losses) on:
DAC	—		(21		)	—			—			(21		)
Deferred income taxes	—		—			—			(74		)	(74		)
Policyholders’ liabilities	—		—			54			—			54
Balance, March 31, 2017	$	606	$	(108	)	$	(135	)	$	(127	)	$	236
Balance, January 1, 2016	$	674	$	(82	)	$	(213	)	$	(133	)	$	246
Net investment gains (losses) arising during the period	1,262		—			—			—			1,262
Reclassification adjustment for OTTI losses:
Included in Net earnings (loss)	16		—			—			—			16
Excluded from Net earnings (loss)⁽¹⁾	23		—			—			—			23
Impact of net unrealized investment gains (losses) on:
DAC	—		25			—			—			25
Deferred income taxes	—		—			—			(432		)	(432		)
Policyholders’ liabilities	—		—			(93		)	—			(93		)
Balance, March 31, 2016	$	1,975	$	(57	)	$	(306	)	$	(565	)	$	1,047


(1)	Represents “transfers out” related to the portion of OTTI losses during the period that were not recognized in earnings (loss) for securities with no prior OTTI loss.

Schedule of Gross Unrealized Loss on Investments

The following tables disclose the fair values and gross unrealized losses of the 769 issues at March 31, 2017 and the 794 issues at December 31, 2016 of fixed maturities that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the specified periods at the dates indicated:



	Less Than 12 Months				12 Months or Longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(In Millions)
March 31, 2017:
Fixed Maturity Securities:
Public corporate	$	2,511	$	66	$	129	$	6	$	2,640	$	72
Private corporate	1,256		37		252		17		1,508		54
U.S. Treasury, government and agency	4,626		582		—		—		4,626		582
States and political subdivisions	—		—		18		2		18		2
Foreign governments	39		2		34		6		73		8
Commercial mortgage-backed	50		1		177		52		227		53
Residential mortgage-backed	29		—		4		—		33		—
Asset-backed	3		—		8		1		11		1
Redeemable preferred stock	47		1		12		—		59		1
Total	$	8,561	$	689	$	634	$	84	$	9,195	$	773
December 31, 2016:
Fixed Maturity Securities:
Public corporate	$	2,455	$	75	$	113	$	6	$	2,568	$	81
Private corporate	1,483		38		277		17		1,760		55
U.S. Treasury, government and agency	5,356		624		—		—		5,356		624
States and political subdivisions	—		—		18		2		18		2
Foreign governments	73		3		49		11		122		14
Commercial mortgage-backed	66		5		171		67		237		72
Residential mortgage-backed	47		—		4		—		51		—
Asset-backed	4		—		8		1		12		1
Redeemable preferred stock	218		9		12		1		230		10
Total	$	9,702	$	754	$	652	$	105	$	10,354	$	859

Net Investment Income (Loss) from Trading Securities

The table below shows a breakdown of Net investment income from trading account securities during the first quarters of 2017 and 2016:

Net investment income (loss) from trading securities



	Three Months Ended March 31,
	2017		2016
	(In Millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period	$	51	$	64
Net investment gains (losses) recognized on securities sold during the period	2		(6		)
Unrealized and realized gains (losses) on trading securities arising during the period	53		58
Interest and dividend income from trading securities	40		19
Net investment income (loss) from trading securities	$	93	$	77

Troubled Debt Restructurings - Modifications

Troubled Debt Restructuring - Modifications

March 31, 2017



	Number of Loans	Outstanding Recorded Investment
	Number of Loans	Pre-Modification	Post - Modification
		(In Millions)
Commercial mortgage loans	1	15	15

Valuation Allowance for Mortgage Loans

Allowance for credit losses for commercial mortgage loans for the first quarters of 2017 and 2016 was as follows:



	2017		2016
Allowance for credit losses:	(In Millions)
Beginning balance, January 1,	$	8	$	6
Charge-offs	—		—
Recoveries	—		—
Provision	—		1
Ending balance, March 31,	$	8	$	7

March 31, Individually Evaluated for Impairment	$	8	$	7

Mortgage Loans by Loan-To-Value and Debt Service Coverage Ratios

The following tables provide information relating to the loan-to-value and debt service coverage ratios for commercial and agricultural mortgage loans at March 31, 2017 and December 31, 2016, before adjustments for valuation allowance. The values used in these ratio calculations were developed as part of the periodic review of the commercial and agricultural mortgage loan portfolio, which includes an evaluation of the underlying collateral value.

Mortgage Loans by Loan-to-Value and Debt Service Coverage Ratios

March 31, 2017



	Debt Service Coverage Ratio
Loan-to-Value Ratio:⁽²⁾	Greater than 2.0x		1.8x to 2.0x		1.5x to 1.8x		1.2x to 1.5x		1.0x to 1.2x		Less than 1.0x		Total Mortgage Loans
	(In Millions)
Commercial Mortgage Loans⁽¹⁾
0% - 50%	$	726	$	95	$	303	$	55	$	—	$	—	$	1,179
50% - 70%	3,701		492		768		674		76		—		5,711
70% - 90%	282		19		252		127		28		46		754
90% plus	—		—		27		15		—		—		42
Total Commercial Mortgage Loans	$	4,709	$	606	$	1,350	$	871	$	104	$	46	$	7,686
Agricultural Mortgage Loans⁽¹⁾
0% - 50%	$	255	$	140	$	296	$	468	$	290	$	52	$	1,501
50% - 70%	128		56		208		345		220		39		996
70% - 90%	—		—		2		4		—		—		6
90% plus	—		—		—		—		—		—		—
Total Agricultural Mortgage Loans	$	383	$	196	$	506	$	817	$	510	$	91	$	2,503
Total Mortgage Loans⁽¹⁾
0% - 50%	$	981	$	235	$	599	$	523	$	290	$	52	$	2,680
50% - 70%	3,829		548		976		1,019		296		39		6,707
70% - 90%	282		19		254		131		28		46		760
90% plus	—		—		27		15		—		—		42
Total Mortgage Loans	$	5,092	$	802	$	1,856	$	1,688	$	614	$	137	$	10,189


(1)	The debt service coverage ratio is calculated using the most recently reported net operating income results from property operations divided by annual debt service.


(2)	The loan-to-value ratio is derived from current loan balance divided by the fair market value of the property. The fair market value of the underlying commercial properties is updated annually.

Mortgage Loans by Loan-to-Value and Debt Service Coverage Ratios

December 31, 2016



	Debt Service Coverage Ratio
Loan-to-Value Ratio:⁽²⁾	Greater than 2.0x		1.8x to 2.0x		1.5x to 1.8x		1.2x to1.5x		1.0x to 1.2x		Less than 1.0x		Total Mortgage Loans
	(In Millions)
Commercial Mortgage Loans⁽¹⁾
0% - 50%	$	738	$	95	$	59	$	56	$	—	$	—	$	948
50% - 70%	3,217		430		673		1,100		76		—		5,496
70% - 90%	282		65		229		127		28		46		777
90% plus	—		—		28		15		—		—		43
Total Commercial Mortgage Loans	$	4,237	$	590	$	989	$	1,298	$	104	$	46	$	7,264
Agricultural Mortgage Loans⁽¹⁾
0% - 50%	$	254	$	138	$	296	$	468	$	286	$	49	$	1,491
50% - 70%	141		57		209		333		219		45		1,004
70% - 90%	—		—		2		4		—		—		6
90% plus	—		—		—		—		—		—		—
Total Agricultural Mortgage Loans	$	395	$	195	$	507	$	805	$	505	$	94	$	2,501
Total Mortgage Loans⁽¹⁾
0% - 50%	$	992	$	233	$	355	$	524	$	286	$	49	$	2,439
50% - 70%	3,358		487		882		1,433		295		45		6,500
70% - 90%	282		65		231		131		28		46		783
90% plus	—		—		28		15		—		—		43
Total Mortgage Loans	$	4,632	$	785	$	1,496	$	2,103	$	609	$	140	$	9,765


(1)	The debt service coverage ratio is calculated using the most recently reported net operating income results from property operations divided by annual debt service.


(2)	The loan-to-value ratio is derived from current loan balance divided by the fair market value of the property. The fair market value of the underlying commercial properties is updated annually.

Age Analysis of Past Due Mortgage Loans

The following table provides information relating to the aging analysis of past due mortgage loans at March 31, 2017 and December 31, 2016, respectively, before adjustments for valuation allowance.

Age Analysis of Past Due Mortgage Loans



	30-59 Days		60-89 Days		90 Days or >		Total		Current		Total Financing Receivables		Recorded Investment 90 Days or > and Accruing
							(In Millions)
March 31, 2017
Commercial	$	—	$	—	$	—	$	—	$	7,686	$	7,686	$	—
Agricultural	2		8		19		29		2,474		2,503		19
Total Mortgage Loans	$	2	$	8	$	19	$	29	$	10,160	$	10,189	$	19
December 31, 2016
Commercial	$	—	$	—	$	—	$	—	$	7,264	$	7,264	$	—
Agricultural	9		2		6		17		2,484		2,501		6
Total Mortgage Loans	$	9	$	2	$	6	$	17	$	9,748	$	9,765	$	6

Impaired Mortgage Loans

The following table provides information regarding impaired mortgage loans at March 31, 2017 and December 31, 2016, respectively.

Impaired Mortgage Loans



	Recorded Investment		Unpaid Principal Balance		Related Allowance			Average Recorded Investment⁽¹⁾		Interest Income Recognized
	(In Millions)
March 31, 2017:
With no related allowance recorded:
Commercial mortgage loans - other	$	15	$	15	$	—		$	15	$	—
Agricultural mortgage loans	—		—		—			—		—
Total	$	15	$	15	$	—		$	15	$	—
With related allowance recorded:
Commercial mortgage loans - other	$	27	$	27	$	(8	)	$	27	$	—
Agricultural mortgage loans	—		—		—			—		—
Total	$	27	$	27	$	(8	)	$	27	$	—
December 31, 2016:
With no related allowance recorded:
Commercial mortgage loans - other	$	15	$	15	$	—		$	22	$	—
Agricultural mortgage loans	—		—		—			—		—
Total	$	15	$	15	$	—		$	22	$	—
With related allowance recorded:
Commercial mortgage loans - other	$	27	$	27	$	(8	)	$	48	$	2
Agricultural mortgage loans	—		—		—			—		—
Total	$	27	$	27	$	(8	)	$	48	$	2


(1)	Represents a four-quarter average of recorded amortized cost.

Derivative Instruments by Category

The tables below present quantitative disclosures about the Company’s derivative instruments, including those embedded in other contracts required to be accounted for as derivative instruments.

Derivative Instruments by Category



	At March 31, 2017						Gains (Losses) Reported In Net Earnings (Loss) Three Months Ended March 31, 2017
			Fair Value
	Notional Amount		Asset Derivatives		Liability Derivatives
	(In Millions)
Freestanding derivatives:
Equity contracts:⁽¹⁾
Futures	$	4,655	$	1	$	2	$	(212	)
Swaps	4,017		3		123		(241		)
Options	12,757		2,336		1,157		302
Interest rate contracts:⁽¹⁾
Floors	—		—		—		—
Swaps	18,227		243		385		108
Futures	8,223		—		—		(19		)
Credit contracts:⁽¹⁾
Credit default swaps	2,752		23		11		6
Other freestanding contracts:⁽¹⁾
Cross currency swaps	870		36		14		(1		)
Margin	—		84		8		—
Collateral	—		68		1,024		—
Net investment income (loss)							(57		)
Embedded derivatives:
GMIB reinsurance contracts	—		9,795		—		(514		)
GIB and GWBL and Other Features⁽²⁾	—		—		106		(58		)
SCS, SIO, MSO and IUL indexed features⁽³⁾	—		—		1,099		(301		)
Total	$	51,501	$	12,589	$	3,929	$	(930	)


(1)	Reported in Other invested assets in the consolidated balance sheets.


(2)	Reported in Future policy benefits and other policyholders’ liabilities in the consolidated balance sheets.


(3)	SCS and SIO indexed features are reported in Policyholders’ account balances; MSO and IUL indexed features are reported in Future policyholders’ benefits and other policyholders’ liabilities in the consolidated balance sheets.



	At December 31, 2016						Gains (Losses) Reported In Net Earnings (Loss) Three Months Ended March 31, 2016
			Fair Value
	Notional Amount		Asset Derivatives		Liability Derivatives
	(In Millions)
Freestanding derivatives:
Equity contracts:⁽¹⁾
Futures	$	5,086	$	1	$	1	$	(86	)
Swaps	3,529		13		67		(9		)
Options	11,465		2,114		1,154		34
Interest rate contracts:⁽¹⁾
Floors	1,500		11		—		4
Swaps	18,933		246		1,163		851
Futures	6,926		—		—		(46		)
Swaptions	—		—		—		—
Credit contracts:⁽¹⁾
Credit default swaps	2,757		20		15		1
Other freestanding contracts:⁽¹⁾
Foreign currency contracts	730		52		6		(1		)
Margin			107		6		—
Collateral			712		748		—
Net investment income (loss)							748
Embedded derivatives:
GMIB reinsurance contracts	—		10,309		—		1,637
GIB and GWBL and Other Features⁽²⁾	—		—		164		(81		)
SCS, SIO, MSO and IUL indexed features⁽³⁾	—		—		887		(33		)
Total	$	50,926	$	13,585	$	4,211	$	2,271


(1)	Reported in Other invested assets in the consolidated balance sheets.


(2)	Reported in Future policy benefits and other policyholders’ liabilities in the consolidated balance sheets.


(3)	SCS and SIO indexed features are reported in Policyholders’ account balances; MSO and IUL indexed features are reported in Future policyholders’ benefits and other policyholders’ liabilities in the consolidated balance sheets

Offsetting Financial Assets and Liabilities and Derivative Instruments

The following table presents information about the Insurance Segment’s offsetting of financial assets and liabilities and derivative instruments at March 31, 2017.

Offsetting Financial Assets and Liabilities and Derivative Instruments

At March 31, 2017



	Gross Amounts Recognized		Gross Amounts Offset in the Balance Sheets			Net Amounts Presented in the Balance Sheets
	(In Millions)
ASSETS⁽¹⁾
Description
Derivatives:
Equity contracts	$	2,339	$	1,279		$	1,060
Interest rate contracts	242		384			(142		)
Credit contracts	22		11			11
Currency	30		9			21
Margin	84		8			76
Collateral	68		1,024			(956		)
Total Derivatives, subject to an ISDA Master Agreement	2,785		2,715			70
Total Derivatives, not subject to an ISDA Master Agreement	—		—			—
Total Derivatives	2,785		2,715			70
Other financial instruments	1,976		(6		)	1,982
Other invested assets	$	4,761	$	2,709		$	2,052
Securities purchased under agreement to resell	$	—	$	—		$	—
LIABILITIES⁽²⁾
Description
Derivatives:
Equity contracts	$	1,279	$	1,279		$	—
Interest rate contracts	384		384			—
Credit contracts	11		11			—
Currency	9		9			—
Margin	—		—			—
Collateral	1,024		1,024			—
Total Derivatives, subject to an ISDA Master Agreement	2,707		2,707			—
Total Derivatives, not subject to an ISDA Master Agreement	—		—			—
Total Derivatives	2,707		2,707			—
Other financial liabilities	2,271		—			2,271
Other liabilities	$	4,978	$	2,707		$	2,271
Securities sold under agreement to repurchase⁽³⁾	$	1,782	$	—		$	1,782


(1)	Excludes Investment Management segment’s $33 million net derivative assets (including derivative assets of consolidated VIEs), $2 million long exchange traded options and $147 million of securities borrowed.


(2)	Excludes Investment Management segment’s $15 million net derivative liabilities (including derivative liabilities of consolidated VIEs) and $1 million short exchange traded options.


(3)	Excludes expense of $2 million in securities sold under agreement to repurchase.


(2)	Excludes expense accrual of $2 million in securities sold under agreement to repurchase.

The following table presents information about the Insurance segment’s offsetting financial assets and liabilities and derivative instruments at December 31, 2016.

Offsetting Financial Assets and Liabilities and Derivative Instruments

At December 31, 2016



	Gross Amounts Recognized		Gross Amounts Offset in the Balance Sheets		Net Amounts Presented in the Balance Sheets
	(In Millions)
ASSETS⁽¹⁾
Description
Derivatives:
Equity contracts	$	2,128	$	1,219	$	909
Interest rate contracts	253		1,162		(909		)
Credit contracts	20		14		6
Currency	48		1		47
Margin	107		6		101
Collateral	712		747		(35		)
Total Derivatives, subject to an ISDA Master Agreement	3,268		3,149		119
Total Derivatives, not subject to an ISDA Master Agreement	4		—		4
Total Derivatives	3,272		3,149		123
Other financial instruments	2,063		—		2,063
Other invested assets	$	5,335	$	3,149	$	2,186
Securities purchased under agreement to resell	$	—	$	—	$	—
LIABILITIES⁽²⁾
Description
Derivatives:
Equity contracts	$	1,219	$	1,219	$	—
Interest rate contracts	1,162		1,162		—
Credit contracts	14		14		—
Currency	1		1		—
Margin	6		6		—
Collateral	747		747		—
Total Derivatives, subject to an ISDA Master Agreement	3,149		3,149		—
Total Derivatives, not subject to an ISDA Master Agreement	—		—		—
Total Derivatives	3,149		3,149		—
Other financial liabilities	2,108		—		2,108
Other liabilities	$	5,257	$	3,149	$	2,108
Securities sold under agreement to repurchase⁽³⁾	$	1,992	$	—	$	1,992


(1)	Excludes Investment Management segment’s $13 million net derivative assets(including derivative assets of consolidated VIEs), $3 million long exchange traded options and $83 million of securities borrowed.


(2)	Excludes Investment Management segment’s $11 million net derivative liabilities(including derivative liabilities of consolidated VIEs), $1 million short exchange traded options and $10 million of securities loaned.


(3)	Excludes expense of $4 million in securities sold under agreement to repurchase.

Gross Collateral Amounts Not Offset in Consolidated Balance Sheets

The following table presents information about the Insurance segment’s gross collateral amounts that are not offset in the consolidated balance sheets at March 31, 2017.

Gross Collateral Amounts Not Offset in the Consolidated Balance Sheets

At March 31, 2017



	Net Amounts Presented in the Balance Sheets			Collateral (Received)/Held
	Net Amounts Presented in the Balance Sheets			Financial Instruments			Cash			Net Amounts
	(In Millions)
ASSETS:⁽¹⁾
Counterparty A	$	51		$	—		$	(49	)	$	2
Counterparty B	(22		)	—			25			3
Counterparty C	(7		)	—			24			17
Counterparty D	159			—			(160		)	(1		)
Counterparty E	17			—			(16		)	1
Counterparty F	84			—			(80		)	4
Counterparty G	262			—			(261		)	1
Counterparty H	188			—			(188		)	—
Counterparty I	(16		)	—			17			1
Counterparty J	(72		)	—			77			5
Counterparty K	94			—			(93		)	1
Counterparty L	(2		)	—			2			—
Counterparty M	53			—			(39		)	14
Counterparty N	—			—			—			—
Counterparty Q	12			—			(11		)	1
Counterparty T	17			—			(17		)	—
Counterparty U	15			—			(1		)	14
Counterparty V	118			—			(111		)	$	7
Total derivatives	$	951		$	—		$	(881	)	$	70
Other financial instruments	1,982			—			—			1,982
Other invested assets	$	2,933		$	—		$	(881	)	$	2,052
Securities purchased under agreement to resell	$	—		$	—		$	—		$	—
LIABILITIES:⁽²⁾
Counterparty D	$	891		$	(877	)	$	(11	)	$	3
Counterparty M	274			(274		)	(2		)	(2		)
Counterparty C	268			(262		)	(4		)	2
Counterparty H	110			(108		)	(2		)	—
Counterparty W	239			(235		)	(3		)	1
Securities sold under agreement to repurchase ⁽³⁾	$	1,782		$	(1,756	)	$	(22	)	$	4


(1)	Excludes Investment Management segment’s cash collateral received of $1 million related to derivative assets (including those related to derivative assets of consolidated VIEs) and $147 million related to securities borrowed.


(2)	Excludes Investment Management segment’s cash collateral pledged of $13 million related to derivative liabilities (including those related to derivative liabilities of consolidated VIEs).


(3)	Excludes expense of $2 million in securities sold under agreement to repurchase.

The following table presents information about the Insurance segment’s gross collateral amounts that are not offset in the consolidated balance sheets at December 31, 2016.

Gross Collateral Amounts Not Offset in the Consolidated Balance Sheets

At December 31, 2016



	Net Amounts Presented in the Balance Sheets			Collateral (Received)/Held
	Net Amounts Presented in the Balance Sheets			Financial Instruments			Cash			Net Amounts
	(In Millions)
ASSETS:⁽¹⁾
Counterparty A	$	46		$	—		$	(48	)	$	(2	)
Counterparty B	(128		)	—			132			4
Counterparty C	(116		)	—			138			22
Counterparty D	182			—			(176		)	6
Counterparty E	(65		)	—			83			18
Counterparty F	(3		)	—			16			13
Counterparty G	219			—			(214		)	5
Counterparty H	104			—			(110		)	(6		)
Counterparty I	(188		)	—			203			15
Counterparty J	(93		)	—			115			22
Counterparty K	92			—			(96		)	(4		)
Counterparty L	(3		)	—			3			—
Counterparty M	(105		)	—			120			15
Counterparty N	4			—			—			4
Counterparty Q	10			—			(11		)	(1		)
Counterparty T	—			—			2			2
Counterparty U	1			—			10			11
Counterparty V	96			—			(101		)	(5		)
Total Derivatives	$	53		$	—		$	66		$	119
Other financial instruments	2,067			—			—			2,067
Other invested assets	$	2,120		$	—		$	66		$	2,186
Counterparty M	$	—		$	—		$	—		$	—
Counterparty V	—			—			—			—
Securities purchased under agreement to resell	$	—		$	—		$	—		$	—
LIABILITIES⁽²⁾
Counterparty D	$	767		$	(767	)	$	—		$	—
Counterparty M	410			(410		)	—			—
Counterparty C	302			(296		)	(2		)	4
Counterparty W	513			(513		)	—			—
Securities sold under agreement to repurchase⁽³⁾	$	1,992		$	(1,986	)	$	(2	)	$	4


(1)	Excludes Investment Management segment’s cash collateral received of $1 million related to derivative assets (including those related to derivative assets of consolidated VIEs) and $83 million related to securities borrowed.


(2)	Excludes Investment Management segment’s cash collateral pledged of $8 million related to derivative liabilities (including those related to derivative liabilities of consolidated VIEs).


(3)	Excludes expense of $4 million in securities sold under agreement to repurchase.

Repurchase Agreements Accounted for as Secured Borrowings

The following table presents information about repurchase agreements accounted for as secured borrowings in the consolidated balance sheets at December 31, 2016.

Repurchase Agreement Accounted for as Secured Borrowings⁽¹⁾



	At December 31, 2016
	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 days		30–90 days		Greater Than 90 days		Total
	(In Millions)
Securities sold under agreement to repurchase⁽²⁾
U.S. Treasury and agency securities	$	—	$	1,992	$	—	$	—	$	1,992
Total	$	—	$	1,992	$	—	$	—	$	1,992


(1)	Excludes Investment Management segment’s $83 million of securities borrowed.


(2)	Excludes expense of $4 million in securities sold under agreement to repurchase

The following table presents information about repurchase agreements accounted for as secured borrowings in the consolidated balance sheets at March 31, 2017.

Repurchase Agreement Accounted for as Secured Borrowings⁽¹⁾



	At March 31, 2017
	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 days		30–90 days		Greater Than 90 days		Total
	(In Millions)
Securities sold under agreement to repurchase⁽²⁾
U.S. Treasury and agency securities	$	—	$	1,782	$	—	$	—	$	1,782
Total	$	—	$	1,782	$	—	$	—	$	1,782
Securities purchased under agreement to resell
Corporate securities	$	—	$	—	$	—	$	—	$	—
Total	$	—	$	—	$	—	$	—	$	—


(1)	Excludes Investment Management segment’s $147 million of securities borrowed.


(2)	Excludes expense accrual of $2 million in securities sold under agreement to repurchase.