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INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2017

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, 2017
Fixed Maturity Securities:
Public corporate	$	13,645	$	725	$	25	$	14,345	$	—
Private corporate	6,951		217		31		7,137		—
U.S. Treasury, government and agency	12,644		676		185		13,135		—
States and political subdivisions	414		67		—		481		—
Foreign governments	387		27		5		409		—
Commercial mortgage-backed	—		—		—		—		—
Residential mortgage-backed⁽¹⁾	236		15		—		251		—
Asset-backed⁽²⁾	93		3		—		96		2
Redeemable preferred stock	461		44		1		504		—
Total Fixed Maturities	34,831		1,774		247		36,358		2
Equity securities	157		—		—		157		—
Total at December 31, 2017	$	34,988	$	1,774	$	247	$	36,515	$	2
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 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 income (loss) in accordance with current accounting guidance.

Investments Classified by Contractual Maturity Date

The contractual maturities of AFS fixed maturities at December 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 December 31, 2017
	Amortized Cost		Fair Value
	(in millions)
Due in one year or less	$	1,339	$	1,352
Due in years two through five	7,773		8,035
Due in years six through ten	9,889		10,136
Due after ten years	15,040		15,984
Subtotal	34,041		35,507
Commercial mortgage-backed securities	—		—
Residential mortgage-backed securities	236		251
Asset-backed securities	93		96
Redeemable preferred stocks	461		504
Total	$	34,831	$	36,358

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 2017, 2016 and 2015:



	December 31,
	2017			2016			2015
	(in millions)
Proceeds from sales	$	7,232		$	4,324		$	979
Gross gains on sales	$	98		$	111		$	33
Gross losses on sales	$	(211	)	$	(58	)	$	(8	)
Total OTTI	$	(13	)	$	(65	)	$	(41	)
Non-credit losses recognized in OCI	—			—			—
Credit losses recognized in net income (loss)	$	(13	)	$	(65	)	$	(41	)

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 at January 1,	$	(190	)	$	(198	)
Previously recognized impairments on securities that matured, paid, prepaid or sold	193			73
Recognized impairments on securities impaired to fair value this period⁽¹⁾	—			(17		)
Impairments recognized this period on securities not previously impaired	(13		)	(46		)
Additional impairments this period on securities previously impaired	—			(2		)
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,	$	(10	)	$	(190	)


(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,
	2017		2016
	(in millions)
AFS Securities:
Fixed maturities:
With OTTI loss	$	1	$	19
All other	1,526		428
Equity securities	—		—
Net Unrealized Gains (Losses)	$	1,527	$	447

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, 2017	$	19		$	(1	)	$	(10	)	$	(3	)	$	5
Net investment gains (losses) arising during the period	(18		)	—			—			—			(18		)
Reclassification adjustment for OTTI losses:
Included in Net income (loss)	—			—			—			—			—
Excluded from Net income (loss)⁽¹⁾	—			—			—			—			—
Impact of net unrealized investment gains (losses) on:
DAC	—			2			—			—			2
Deferred income taxes	—			—			—			(2		)	(2		)
Policyholders liabilities	—			—			9			—			9
Balance, December 31, 2017	$	1		$	1		$	(1	)	$	(5	)	$	(4	)
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


(1)	Represents “transfers in” related to the portion of OTTI losses recognized during the period that were not recognized in 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, 2017	$	428		$	(70	)	$	(188	)	$	(60	)	$	110
Net investment gains (losses) arising during the period	1,085			—			—			—			1,085
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	—			(245		)	—			—			(245		)
Deferred income taxes	—			—			—			(240		)	(240		)
Policyholders liabilities	—			—			(44		)	—			(44		)
Balance, December 31, 2017	$	1,526		$	(315	)	$	(232	)	$	(300	)	$	679
Balance, January 1, 2016	$	674		$	(93	)	$	(221	)	$	(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	—			23			—			—			23
Deferred income taxes	—			—			—			66			66
Policyholders liabilities	—			—			33			—			33
Balance, December 31, 2016	$	428		$	(70	)	$	(188	)	$	(60	)	$	110


(1)	Represents “transfers out” related to the portion of OTTI losses during the period that were not recognized in 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 620 issues at December 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)
December 31, 2017:
Fixed Maturity Securities:
Public corporate	$	1,384	$	9	$	548	$	16	$	1,932	$	25
Private corporate	718		8		615		23		1,333		31
U.S. Treasury, government and agency	2,150		6		3,005		179		5,155		185
States and political subdivisions	20		—		—		—		20		—
Foreign governments	11		—		73		5		84		5
Commercial mortgage-backed	—		—		—		—		—		—
Residential mortgage-backed	18		—		—		—		18		—
Asset-backed	7		—		2		—		9		—
Redeemable preferred stock	7		—		12		1		19		1
Total	$	4,315	$	23	$	4,255	$	224	$	8,570	$	247
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

Allowance for Credit Losses on Financing Receivable

Allowance for credit losses for mortgage loans for 2017, 2016 and 2015 are as follows:



	Commercial Mortgage Loans
	2017		2016			2015
Allowance for credit losses:	(in millions)
Beginning Balance, January 1,	$	8	$	6		$	37
Charge-offs	—		—			(32		)
Recoveries	—		(2		)	(1		)
Provision	—		4			2
Ending Balance, December 31,	$	8	$	8		$	6

Individually Evaluated for Impairment	$	8	$	8		$	6

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, 2017 and 2016, 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, 2017



	Debt Service Coverage Ratio⁽¹⁾
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%	$	742	$	—	$	320	$	74	$	—	$	—	$	1,136
50% - 70%	4,088		682		1,066		428		145		—		6,409
70% - 90%	169		110		196		272		50		—		797
90% plus	—		—		27		—		—		—		27
Total Commercial Mortgage Loans	$	4,999	$	792	$	1,609	$	774	$	195	$	—	$	8,369
Agricultural Mortgage Loans⁽¹⁾
0% - 50%	$	272	$	149	$	275	$	515	$	316	$	30	$	1,557
50% - 70%	111		46		227		359		221		49		1,013
70% - 90%	—		—		—		4		—		—		4
90% plus	—		—		—		—		—		—		—
Total Agricultural Mortgage Loans	$	383	$	195	$	502	$	878	$	537	$	79	$	2,574
Total Mortgage Loans⁽¹⁾
0% - 50%	$	1,014	$	149	$	595	$	589	$	316	$	30	$	2,693
50% - 70%	4,199		728		1,293		787		366		49		7,422
70% - 90%	169		110		196		276		50		—		801
90% plus	—		—		27		—		—		—		27
Total Mortgage Loans	$	5,382	$	987	$	2,111	$	1,652	$	732	$	79	$	10,943


(1)	The debt service coverage ratio is calculated using the most recently reported 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⁽¹⁾
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 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, 2017 and 2016, respectively.

Age Analysis of Past Due Mortgage Loan



	30-59 Days		60-89 Days		90 Days Or >		Total		Current		Total Financing Receivables		Recorded Investment 90 Days Or > and Accruing
	(in millions)
December 31, 2017:
Commercial	$	27	$	—	$	—	$	27	$	8,342	$	8,369	$	—
Agricultural	49		3		22		74		2,500		2,574		22
Total Mortgage Loans	$	76	$	3	$	22	$	101	$	10,842	$	10,943	$	22
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 relating to impaired mortgage loans at December 31, 2017 and 2016, respectively.



			Impaired Mortgage Loans
	Recorded Investment		Unpaid Principal Balance		Related Allowance			Average Recorded Investment⁽¹⁾		Interest Income Recognized
	(in millions)
December 31, 2017:
With no related allowance recorded:
Commercial mortgage loans - other	$	—	$	—	$	—		$	—	$	—
Agricultural mortgage loans	—		—		—			—		—
Total	$	—	$	—	$	—		$	—	$	—
With related allowance recorded:
Commercial mortgage loans - other	$	27	$	27	$	(8	)	$	27	$	2
Agricultural mortgage loans	—		—		—			—		—
Total	$	27	$	27	$	(8	)	$	27	$	2
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 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, 2017



			Fair Value
	Notional Amount		Asset Derivatives		Liability Derivatives		Gains (Losses) Reported In Income (Loss)
	(in millions)
Freestanding derivatives:
Equity contracts:⁽¹⁾
Futures	$	3,113	$	1	$	3	$	(670	)
Swaps	4,655		3		126		(848		)
Options	20,630		3,334		1,426		1,203
Interest rate contracts:⁽¹⁾
Floors	—		—		—		—
Swaps	19,032		320		191		655
Futures	11,032		—		—		125
Swaptions	—		—		—		—
Credit contracts:⁽¹⁾
Credit default swaps	2,131		35		3		19
Other freestanding contracts:⁽¹⁾
Foreign currency contracts	1,423		19		10		(39		)
Margin	—		24		—		—
Collateral	—		4		1,855		—
Embedded derivatives:
GMIB reinsurance contracts⁽⁴⁾	—		10,488		—		69
GMxB derivative features’ liability^(2,4)	—		—		4,164		1,494
SCS, SIO, MSO and IUL indexed features^(3,4)	—		—		1,698		(1,118		)
Balances, December 31, 2017	$	62,016	$	14,228	$	9,476	$	890


(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.


(4)	Reported in Net derivative gains (losses) in the consolidated statements of income (loss).

Schedule of 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⁾	—		10,314		—		(261		)
GMxB derivative features’ liability^(2,4)	—		—		5,319		140
SCS, SIO, MSO and IUL indexed features^(3,4)	—		—		887		(628		)
Balances, December 31, 2016	$	50,926	$	13,597	$	9,366	$	(1,211	)


(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.


(4)	Reported in Net derivative gains (losses) in the consolidated statements of income (loss).

Offsetting Assets And Liabilities

The following table presents information about the Company’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⁾
Derivatives:
Equity contracts	$	2,128	$	1,221	$	907
Interest rate contracts	246		1,163		(917		)
Credit contracts	20		15		5
Currency	52		6		46
Margin	113		6		107
Collateral	713		748		(35		)
Total Derivatives, subject to an ISDA Master Agreement	3,272		3,159		113
Total Derivatives, not subject to an ISDA Master Agreement	11		—		11
Total Derivatives	3,283		3,159		124
Other financial instruments	2,102		—		2,102
Other invested assets	$	5,385	$	3,159	$	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	$	1,221	$	1,221	$	—
Interest rate contracts	1,163		1,163		—
Credit contracts	15		15		—
Currency	6		6		—
Margin	6		6		—
Collateral	748		748		—
Total Derivatives, subject to an ISDA Master Agreement	3,159		3,159		—
Total Derivatives, not subject to an ISDA Master Agreement	—		—		—
Total Derivatives	3,159		3,159		—
Other non-financial liabilities	2,108		—		2,108
Other liabilities	$	5,267	$	3,159	$	2,108

Securities sold under agreement to repurchase⁽³⁾	$	1,992	$	—	$	1,992


(1)	Excludes Investment Management and Research segment’s derivative assets of consolidated VIEs/VOEs.


(2)	Excludes Investment Management and Research segment’s derivative liabilities of consolidated VIEs/VOEs.


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

The following table presents information about the Company's offsetting of financial assets and liabilities and derivative instruments at December 31, 2017.

Offsetting of Financial Assets and Liabilities and Derivative Instruments

At December 31, 2017



	Gross Amounts Recognized		Gross Amounts Offset in the Balance Sheets		Net Amounts Presented in the Balance Sheets
	(in millions)
ASSETS⁽¹⁾
Derivatives:
Equity contracts	$	3,339	$	1,555	$	1,784
Interest rate contracts	320		191		129
Credit contracts	35		3		32
Currency	19		10		9
Collateral	3		1,855		(1,852		)
Margin	24		—		24
Total Derivatives, subject to an ISDA Master Agreement	3,740		3,614		126

Total Derivatives	3,740		3,614		126
Other financial instruments	2,995		—		2,995
Other invested assets	$	6,735	$	3,614	$	3,121
Total Derivatives, not subject to an ISDA Master Agreement	$	—	$	—	$	—
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⁾
Derivatives:
Equity contracts	$	1,555	$	1,555	$	—
Interest rate contracts	191		191		—
Credit contracts	3		3		—
Currency	10		10		—
Margin	—		—		—
Collateral	1,855		1,855		—
Total Derivatives, subject to an ISDA Master Agreement	3,614		3,614		—
Total Derivatives, not subject to an ISDA Master Agreement	—		—		—
Total Derivatives	3,614		3,614		—
Other non-financial liabilities	2,663		—		2,663
Other liabilities	$	6,277	$	3,614	$	2,663

Securities sold under agreement to repurchase⁽³⁾	$	1,882	$	—	$	1,882


(1)	Excludes Investment Management and Research segment’s derivative assets of consolidated VIEs/VOEs.


(2)	Excludes Investment Management and Research segment’s derivative liabilities of consolidated VIEs/VOEs.


(3)	Excludes expense of $5 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 Company’s gross collateral amounts that are not offset in the consolidated balance sheets at December 31, 2017:

Collateral Amounts Offset in the Consolidated Balance Sheets

At December 31, 2017



	Fair Value of Assets		Collateral (Received)/Held
	Fair Value of Assets		Financial Instruments			Cash			Net Amounts
	(in millions)
ASSETS⁽¹⁾
Total Derivatives	$	1,954	$	—		$	(1,828	)	$	126
Other financial instruments	2,995		—			—			2,995
Other invested assets	$	4,949	$	—		$	(1,828	)	$	3,121

Liabilities:⁽²⁾
Other Derivatives	$	—	$	—		$	—		$	—
Other financial liabilities	2,663		—			—			2,663
Other liabilities	2,663		—			—			2,663
Securities sold under agreement to repurchase⁽³⁾	$	1,882	$	(1,988	)	$	(21	)	$	(127	)


(1)	Excludes Investment Management and Research segment’s derivative assets of consolidated VIEs/VOEs.


(2)	Excludes Investment Management and Research segment’s derivative liabilities of consolidated VIEs/VOEs.


(3)	Excludes expense of $5 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



	Fair Value of Assets		Collateral (Received)/Held
	Fair Value of Assets		Financial Instruments			Cash			Net Amounts
	(in millions)
ASSETS⁽¹⁾
Total Derivatives	$	54	$	—		$	70		$	124
Other financial instruments	2,102		—			—			2,102
Other invested assets	$	2,156	$	—		$	70		$	2,226
LIABILITIES⁽²⁾

Securities sold under agreement to repurchase⁽³⁾	$	1,992	$	(1,986	)	$	(2	)	$	4


(1)	Excludes Investment Management and Research segment’s derivative assets of consolidated VIEs/VOEs.


(2)	Excludes Investment Management and Research segment’s derivative liabilities of consolidated VIEs/VOEs.


(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, 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
U.S. Treasury and agency securities	$	—		$	1,992	$	—	$	—	$	1,992
Total	$	—		$	1,992	$	—	$	—	$	1,992


(1)	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 December 31, 2017:

Repurchase Agreement Accounted for as Secured Borrowings



	At December 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⁽¹⁾
U.S. Treasury and agency securities	$	—	$	1,882			$	—			$	—			$	1,882
Total	$	—	$	1,882	$	1	$	—	$	2	$	—	$	3	$	1,882


(1)	Excludes expense of $5 million in securities sold under agreement to repurchase.

Investment Income

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



	Twelve Months Ended December 31
	2017			2016			2015
	(in millions)
Fixed maturities	$	1,365		$	1,418		$	1,420
Mortgage loans on real estate	453			461			338
Real estate held for the production of income	2			—			—
Repurchase agreement	—			1			1
Other equity investments	188			170			84
Policy loans	205			210			213
Trading securities	381			80			17
Other investment income	54			44			40
Gross investment income (loss)	2,648			2,384			2,113
Investment expenses	(65		)	(66		)	(56		)
Net Investment Income (Loss)	$	2,583		$	2,318		$	2,057

Trading Securities

Net Investment Income (Loss) from Trading Securities



	Twelve Months Ended December 31,
	2017			2016			2015
	(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period	$	171		$	(19	)	$	(63	)
Net investment gains (losses) recognized on securities sold during the period	(5		)	(22		)	20
Unrealized and realized gains (losses) on trading securities	166			(41		)	(43		)
Interest and dividend income from trading securities	215			121			60
Net investment income (loss) from trading securities	$	381		$	80		$	17

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,
	2017			2016			2015
	(in millions)
Fixed maturities	$	(130	)	$	(3	)	$	(17	)
Mortgage loans on real estate	2			(2		)	(1		)
Other equity investments	3			(2		)	(5		)
Other	—			23			3
Investment Gains (Losses), Net	$	(125	)	$	16		$	(20	)