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INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2016

Investments, Debt and Equity Securities [Abstract]

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)
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
December 31, 2015:
Fixed Maturity Securities:
Public corporate	$	12,890	$	688	$	202	$	13,376	$	—
Private corporate	6,818		232		124		6,926		—
U.S. Treasury, government and agency	8,800		280		305		8,775		—
States and political subdivisions	437		68		1		504		—
Foreign governments	397		36		18		415		—
Commercial mortgage-backed	591		29		87		533		9
Residential mortgage-backed⁽¹⁾	608		32		—		640		—
Asset-backed⁽²⁾	68		10		1		77		3
Redeemable preferred stock	592		57		2		647		—
Total Fixed Maturities	31,201		1,432		740		31,893		12
Equity securities	34		—		2		32		—
Total at December 31, 2015	$	31,235	$	1,432	$	742	$	31,925	$	12


(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 net income (loss) in accordance with current accounting guidance.

Investments Classified by Contractual Maturity Date

The contractual maturities of AFS fixed maturities at December 31, 2016 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 December 31, 2016
	Amortized Cost		Fair Value
	(In millions)
Due in one year or less	$	1,537	$	1,549
Due in years two through five	7,736		8,128
Due in years six through ten	8,898		9,005
Due after ten years	12,673		12,589
Subtotal	30,844		31,271
Commercial mortgage-backed securities	415		371
Residential mortgage-backed securities	294		314
Asset-backed securities	51		60
Redeemable preferred stocks	519		554
Total	$	32,123	$	32,570

Available For Sale Fixed Maturities Proceeds Gross Gains And Gross Losses From Sales And Other Than Temporary Impairments

The following table shows proceeds from sales, gross gains (losses) from sales and OTTI for AFS fixed maturities during 2016, 2015 and 2014:



	December 31,
	2016			2015			2014
	(In millions)
Proceeds from sales	$	4,324		$	979		$	716
Gross gains on sales	$	111		$	33		$	21
Gross losses on sales	$	(58	)	$	(8	)	$	(9	)
Total OTTI	$	(65	)	$	(41	)	$	(72	)
Non-credit losses recognized in OCI	—			—			—
Credit losses recognized in net income (loss)	$	(65	)	$	(41	)	$	(72	)

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



	2016			2015
	(In millions)
Balances at January 1,	$	(198	)	$	(254	)
Previously recognized impairments on securities that matured, paid, prepaid or sold	73			97
Recognized impairments on securities impaired to fair value this period⁽¹⁾	(17		)	(11		)
Impairments recognized this period on securities not previously impaired	(46		)	(22		)
Additional impairments this period on securities previously impaired	(2		)	(8		)
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 December 31,	$	(190	)	$	(198	)


(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.

Unrealized Gain (Loss) on Investments

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:



	December 31,
	2016		2015
	(In millions)
AFS Securities:
Fixed maturities:
With OTTI loss	$	19	$	16
All other	428		676
Equity securities	—		(2		)
Net Unrealized Gains (Losses)	$	447	$	690

Unrealized Gain (Loss) On Investments With Other Than Temporary Impairment

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



	Net Unrealized Gain (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, 2016	$	16		$	—		$	(4	)	$	(5	)	$	7
Net investment gains (losses) arising during the period	(6		)	—			—			—			(6		)
Reclassification adjustment for OTTI losses:
Included in Net income (loss)	9			—			—			—			9
Excluded from Net income (loss)⁽¹⁾	—			—			—			—			—
Impact of net unrealized investment gains (losses) on:
DAC	—			(1		)	—			—			(1		)
Deferred income taxes	—			—			—			2			2
Policyholders liabilities	—			—			(6		)	—			(6		)
Balance, December 31, 2016	$	19		$	(1	)	$	(10	)	$	(3	)	$	5
Balance, January 1, 2015	$	10		$	—		$	—		$	(4	)	$	6
Net investment gains (losses) arising during the period	(7		)	—			—			—			(7		)
Reclassification adjustment for OTTI losses:
Included in Net income (loss)	13			—			—			—			13
Excluded from Net income (loss)⁽¹⁾	—			—			—			—			—
Impact of net unrealized investment gains (losses) on:
DAC	—			—			—			—			—
Deferred income taxes	—			—			—			(1		)	(1		)
Policyholders liabilities	—			—			(4		)	—			(4		)
Balance, December 31, 2015	$	16		$	—		$	(4	)	$	(5	)	$	7


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

Other Net Unrealized Investment Gains Losses In Accumulated Other Comprehensive Income

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, 2016	$	674		$	(88	)	$	(226	)	$	(126	)	$	234
Net investment gains (losses) arising during the period	(240		)	—			—			—			(240		)
Reclassification adjustment for OTTI losses:
Included in Net income (loss)	(6		)	—			—			—			(6		)
Excluded from Net income (loss)⁽¹⁾	—			—			—			—			—
Impact of net unrealized investment gains (losses) on:
DAC	—			—			—			—			—
Deferred income taxes	—			—			—			74			74
Policyholders liabilities	—			—			35			—			35
Balance, December 31, 2016	$	428		$	(88	)	$	(191	)	$	(52	)	$	97
Balance, January 1, 2015	$	2,231		$	(172	)	$	(420	)	$	(574	)	$	1,065
Net investment gains (losses) arising during the period	(1,562		)	—			—			—			(1,562		)
Reclassification adjustment for OTTI losses:
Included in Net income (loss)	5			—			—			—			5
Excluded from Net income (loss)⁽¹⁾	—			—			—			—			—
Impact of net unrealized investment gains (losses) on:
DAC	—			84			—			—			84
Deferred income taxes	—			—			—			448			448
Policyholders liabilities	—			—			194			—			194
Balance, December 31, 2015	$	674		$	(88	)	$	(226	)	$	(126	)	$	234


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

Schedule of Unrealized Loss on Investments

The following tables disclose the fair values and gross unrealized losses of the 794 issues at December 31, 2016 and the 810 issues at December 31, 2015 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)
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
December 31, 2015:
Fixed Maturity Securities:
Public corporate	$	3,091	$	129	$	359	$	73	$	3,450	$	202
Private corporate	1,926		102		184		22		2,110		124
U.S. Treasury, government and agency	3,538		305		—		—		3,538		305
States and political subdivisions	19		1		—		—		19		1
Foreign governments	73		7		39		11		112		18
Commercial mortgage-backed	67		2		261		85		328		87
Residential mortgage-backed	11		—		29		—		40		—
Asset-backed	11		—		17		1		28		1
Redeemable preferred stock	43		—		40		2		83		2
Total	$	8,779	$	546	$	929	$	194	$	9,708	$	740

Troubled Debt Restructuring on Financing Receivables

Troubled Debt Restructuring - Modifications

December 31, 2016



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

Allowance for Credit Losses on Financing Receivable

Allowance for credit losses for mortgage loans for 2016, 2015 and 2014 are as follows:



	Commercial Mortgage Loans
	2016			2015			2014
Allowance for credit losses:	(In millions)
Beginning Balance, January 1,	$	6		$	37		$	42
Charge-offs	—			(32		)	(14		)
Recoveries	(2		)	(1		)	—
Provision	4			2			9
Ending Balance, December 31,	$	8		$	6		$	37
Ending Balance, December 31,:
Individually Evaluated for Impairment	$	8		$	6		$	37

Debt Service Coverage Ratio

The following tables provide information relating to the loan-to-value and debt service coverage ratios for commercial and agricultural mortgage loans at December 31, 2016 and 2015, respectively. 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

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 to 1.5x		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.

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

December 31, 2015



	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%	$	533	$	—	$	102	$	12	$	24	$	—	$	671
50% - 70%	1,392		353		741		853		77		—		3,416
70% - 90%	141		—		206		134		124		46		651
90% plus	63		—		—		46		—		—		109
Total Commercial Mortgage Loans	$	2,129	$	353	$	1,049	$	1,045	$	225	$	46	$	4,847
Agricultural Mortgage Loans⁽¹⁾
0% - 50%	$	204	$	116	$	277	$	432	$	256	$	51	$	1,336
50% - 70%	146		80		192		298		225		47		988
70% - 90%	—		—		2		4		—		—		6
90% plus	—		—		—		—		—		—		—
Total Agricultural Mortgage Loans	$	350	$	196	$	471	$	734	$	481	$	98	$	2,330
Total Mortgage Loans⁽¹⁾
0% - 50%	$	737	$	116	$	379	$	444	$	280	$	51	$	2,007
50% - 70%	1,538		433		933		1,151		302		47		4,404
70% - 90%	141		—		208		138		124		46		657
90% plus	63		—		—		46		—		—		109
Total Mortgage Loans	$	2,479	$	549	$	1,520	$	1,779	$	706	$	144	$	7,177


(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 December 31, 2016 and 2015, respectively.

Age Analysis of Past Due Mortgage Loan



	30-59 Days		60-89 Days		90 Days Or >		Total		Current		Total Financing Receivables		Recorded Investment Or > 90 Days and Accruing
	(In millions)
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
December 31, 2015:
Commercial	$	—	$	—	$	30	$	30	$	4,817	$	4,847	$	—
Agricultural	12		7		4		23		2,307		2,330		4
Total Mortgage Loans	$	12	$	7	$	34	$	53	$	7,124	$	7,177	$	4

Impaired Mortgage Loans

The following table provides information relating to impaired mortgage loans at December 31, 2016 and 2015, respectively.



			Impaired Mortgage Loans
	Recorded Investment		Unpaid Principal Balance		Related Allowance			Average Recorded Investment⁽¹⁾		Interest Income Recognized
	(In millions)
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
December 31, 2015:
With no related allowance recorded:
Commercial mortgage loans - other	$	46	$	46	$	—		$	15	$	—
Agricultural mortgage loans	—		—		—			—		—
Total	$	46	$	46	$	—		$	15	$	—
With related allowance recorded:
Commercial mortgage loans - other	$	63	$	63	$	(6	)	$	137	$	4
Agricultural mortgage loans	—		—		—			—		—
Total	$	63	$	63	$	(6	)	$	137	$	4


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

Real Estate Investment Financial Statements, Disclosure

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 or For the Year Ended December 31, 2016



			Fair Value
	Notional Amount		Asset Derivatives		Liability Derivatives		Gains (Losses) Reported In Income (Loss)
	(In millions)
Freestanding derivatives:
Equity contracts:⁽¹⁾
Futures	$	5,086	$	1	$	1	$	(826	)
Swaps	3,529		13		67		(290		)
Options	11,465		2,114		1,154		727
Interest rate contracts:⁽¹⁾
Floors	1,500		11		—		4
Swaps	18,933		246		1,163		(224		)
Futures	6,926		—		—		—
Swaptions	—		—		—		87
Credit contracts:⁽¹⁾
Credit default swaps	2,757		20		15		15
Other freestanding contracts:⁽¹⁾
Foreign currency contracts	730		52		6		45
Margin	—		113		6		—
Collateral	—		713		748		—
Embedded derivatives:
GMIB reinsurance contracts⁽⁴⁾	—		10,316		—		(262		)
GMxB derivative features’ liability⁽²⁾⁽⁴⁾	—		—		5,348		137
SCS, SIO, MSO and IUL indexed features⁽³⁾⁽⁴⁾	—		—		875		(576		)
Balances, December 31, 2016	$	50,926	$	13,599	$	9,383	$	(1,163	)


(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.

Schedule of Derivative Instruments

Derivative Instruments by Category

At or For the Year Ended December 31, 2015



			Fair Value
	Notional Amount		Asset Derivatives		Liability Derivatives		Gains (Losses) Reported In Income (Loss)
	(In millions)
Freestanding derivatives:
Equity contracts:⁽¹⁾
Futures	$	7,089	$	2	$	3	$	(84	)
Swaps	1,359		8		21		(45		)
Options	7,358		1,042		652		14
Interest rate contracts:⁽¹⁾
Floors	1,800		61		—		12
Swaps	13,718		351		108		(8		)
Futures	8,685		—		—		(81		)
Swaptions	—		—		—		118
Credit contracts:⁽¹⁾
Credit default swaps	2,442		16		38		(14		)
Other freestanding contracts:⁽¹⁾
Foreign currency contracts	263		5		4		7
Embedded derivatives:
GMIB reinsurance contracts⁽⁴⁾	—		10,585		—		(316		)
GMxB derivative features’ liability⁽²⁾⁽⁴⁾	—		—		5,172		(749		)
SCS, SIO, MSO and IUL indexed features⁽³⁾⁽⁴⁾	—		—		298		71
Balances, December 31, 2015	$	42,714	$	12,070	$	6,296	$	(1,075	)


(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 Assets And Liabilities

The following table presents information about the Insurance segment’s offsetting of financial assets and liabilities and derivative instruments at December 31, 2015.

Offsetting of Financial Assets and Liabilities and Derivative Instruments

At December 31, 2015



	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	$	1,049	$	673	$	376
Interest rate contracts	389		104		285
Credit contracts	14		37		(23		)
Total Derivatives, subject to an ISDA Master Agreement	1,452		814		638
Total Derivatives, not subject to an ISDA Master Agreement	20		—		20
Total Derivatives	1,472		814		658
Other financial instruments^{(2) (4)}	1,130		—		1,130
Other invested assets⁽²⁾	$	2,602	$	814	$	1,788

Securities purchased under agreement to resell	$	79	$	—	$	79



	Gross Amounts Recognized		Gross Amounts Offset in the Balance Sheets		Net Amounts Presented in the Balance Sheets
	(In millions)
LIABILITIES⁽³⁾
Description
Derivatives:
Equity contracts	$	673	$	673	$	—
Interest rate contracts	104		104		—
Credit contracts	37		37		—
Total Derivatives, subject to an ISDA Master Agreement	814		814		—
Total Derivatives, not subject to an ISDA Master Agreement	—		—		—
Total Derivatives	814		814		—
Other non-financial liabilities	2,534		—		2,534
Other liabilities	$	3,348	$	814	$	2,534

Securities sold under agreement to repurchase	$	1,890	$	—	$	1,890


(1)	Excludes Investment Management segment’s $13 million net derivative assets, $6 million long exchange traded options and $75 million of securities borrowed.


(2)	Includes $141 million related to accrued interest related to derivative instruments reported in other assets on the consolidated balance sheets.


(3)	Excludes Investment Management segment’s $12 million net derivative liabilities, $1 million short exchange traded options and $10 million of securities loaned.


(4)	Includes margin of $(2) million related to derivative instruments.

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

Offsetting of 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	2,103		—		2,103
Other invested assets	$	5,375	$	3,149	$	2,226

Securities purchased under agreement to resell	$	—	—		$	—



	Gross Amounts Recognized		Gross Amounts Offset in the Balance Sheets		Net Amounts Presented in the Balance Sheets
	(In millions)
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 non-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.


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

Collateral Arrangements By Counterparty 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 December 31, 2015.

Gross Collateral Amounts Not Offset in the Consolidated Balance Sheets

At December 31, 2015



	Fair Value of Assets			Collateral (Received)/Held
	Fair Value of Assets			Financial Instruments			Cash			Net Amounts
	(In millions)
ASSETS⁽¹⁾
Counterparty A	$	52		$	—		$	(52	)	$	—
Counterparty B	9			—			(7		)	2
Counterparty C	61			—			(58		)	3
Counterparty D	222			—			(218		)	4
Counterparty E	53			—			(53		)	—
Counterparty F	(2		)	—			2			—
Counterparty G	129			—			(129		)	—
Counterparty H	16			(11		)	(5		)	—
Counterparty I	44			—			(39		)	5
Counterparty J	19			—			(13		)	6
Counterparty K	17			—			(17		)	—
Counterparty L	7			—			(7		)	—
Counterparty M	11			—			(10		)	1
Counterparty N	20			—			—			20
Counterparty Q	—			—			—			—
Counterparty T	(3		)	—			3			—
Counterparty U	—			—			1			1
Counterparty V	3			—			(3		)	—
Total Derivatives	$	658		$	(11	)	$	(605	)	$	42
Other financial instruments^{(2) (4)}	1,130			—			—			1,130
Other invested assets⁽²⁾	$	1,788		$	(11	)	$	(605	)	$	1,172

Counterparty M	$	28		$	(28	)	$	—		$	—
Counterparty V	$	51		$	(51	)	$	—		$	—
Securities purchased under agreement to resell	$	79		$	(79	)	$	—		$	—
LIABILITIES⁽³⁾

Counterparty D	$	234		$	(234	)	$	—		—
Counterparty C	1,033			(1,016		)	(17		)	—
Counterparty M	623			(611		)	(12		)	—
Securities sold under agreement to repurchase	$	1,890		$	(1,861	)	$	(29	)	$	—


(1)	Excludes Investment Management segment’s cash collateral received of $2 million related to derivative assets and $75 million related to securities borrowed.


(2)	Includes $141 million of accrued interest related to derivative instruments reported in other assets on the consolidated balance sheets.


(3)	Excludes Investment Management segment’s cash collateral pledged of $12 million related to derivative liabilities and $10 million related to securities loaned.


(4)	Includes margin of $(2) million related to derivative instruments.

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.

Collateral Amounts Offset in the Consolidated Balance Sheets

At December 31, 2016



	Fair Value of Assets			Collateral (Received)/Held
	Fair Value of Assets			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	2,103			—		—			2,103
Other invested assets	$	2,156		$	—	$	66		$	2,222



	Net Amounts Presented in the Balance Sheets		Collateral (Received)/Held
	Net Amounts Presented in the Balance Sheets		Financial Instruments			Cash			Net Amounts
	(In millions)
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.

Transfer Of Financial Assets Accounted For As Sales

Repurchase Agreement Accounted for as Secured Borrowings⁽¹⁾



	At December 31, 2015
	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
U.S. Treasury and agency securities	$	—		$	1,865	$	25	$	—	$	1,890
Total	$	—		$	1,865	$	25	$	—	$	1,890
Securities purchased under agreement to resell
Corporate securities	$	—		$	79	$	—	$	—	$	79
Total	$	—		$	79	$	—	$	—	$	79


(1)	Excludes Investment Management segment’s $75 million of securities borrowed and $10 million of securities loaned.

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.

Investment Income

The following table breaks out Net investment income (loss) by asset category:



	Twelve Months Ended December 31
	2016			2015			2014
	(In millions)
Fixed maturities	$	1,418		$	1,420		$	1,431
Mortgage loans on real estate	461			338			306
Repurchase agreement	1			1			—
Other equity investments	170			84			200
Policy loans	210			213			216
Trading securities	80			17			63
Other investment income	44			40			49
Gross investment income (loss)	2,384			2,113			2,265
Investment expenses	(66		)	(56		)	(55		)
Net Investment Income (Loss)	$	2,318		$	2,057		$	2,210

Trading Securities

Net Investment Income (Loss) from Trading Securities



	Twelve Months Ended December 31,
	2016			2015			2014
	(In millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period	$	(19	)	$	(63	)	$	—
Net investment gains (losses) recognized on securities sold during the period	(22		)	20			22
Unrealized and realized gains (losses) on trading securities	(41		)	(43		)	22
Interest and dividend income from trading securities	121			60			41
Net investment income (loss) from trading securities	$	80		$	17		$	63

Investment Gains Losses Net Including Changes In Valuation Allowances

Investment gains (losses), net including changes in the valuation allowances and OTTI are as follows:



	Twelve Months Ended December 31,
	2016			2015			2014
	(In millions)
Fixed maturities	$	(3	)	$	(17	)	$	(54	)
Mortgage loans on real estate	(2		)	(1		)	(3		)
Other equity investments	(2		)	(5		)	(2		)
Other	23			3			1
Investment Gains (Losses), Net	$	16		$	(20	)	$	(58	)