INVESTMENTS

12 Months Ended

Dec. 31, 2011

Investments Disclosure [Abstract]

INVESTMENTS

3)        INVESTMENTS

Fixed Maturities and Equity Securities

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

Available-for-Sale Securities by Classification
					Gross		Gross
			Amortized		Unrealized		Unrealized		Fair		OTTI
			Cost		Gains		Losses		Value		in AOCI(3)
			(In Millions)
December 31, 2011:
Fixed Maturities:
	Corporate		$	21,444	$	1,840	$	147	$	23,137	$	-
	U.S. Treasury, government
		and agency		3,598		350		-		3,948		-
	States and political subdivisions			478		64		2		540		-
	Foreign governments			461		65		1		525		-
	Commercial mortgage-backed			1,306		7		411		902		22
	Residential mortgage-backed(1)			1,556		90		-		1,646		-
	Asset-backed(2)			260		15		11		264		6
	Redeemable preferred stock			1,106		38		114		1,030		-
		Total Fixed Maturities		30,209		2,469		686		31,992		28
Equity securities				18		1		-		19		-
Total at December 31, 2011			$	30,227	$	2,470	$	686	$	32,011	$	28
December 31, 2010:
Fixed Maturities:
	Corporate		$	20,494	$	1,348	$	110	$	21,732	$	-
	U.S. Treasury, government
		and agency		1,986		18		88		1,916		-
	States and political subdivisions			516		11		16		511		-
	Foreign governments			502		59		1		560		-
	Commercial mortgage-backed			1,473		5		375		1,103		19
	Residential mortgage-backed(1)			1,601		67		-		1,668		-
	Asset-backed(2)			245		13		12		246		7
	Redeemable preferred stock			1,364		23		66		1,321		-
		Total Fixed Maturities		28,181		1,544		668		29,057		26
Equity securities				26		-		3		23		-
Total at December 31, 2010			$	28,207	$	1,544	$	671	$	29,080	$	26

• Includes publicly traded agency pass-through securities and collateralized mortgage obligations.
• Includes credit-tranched securities collateralized by sub-prime mortgages and other asset types and credit tenant loans.
• Amounts represent OTTI losses in AOCI, which were not included in earnings (loss) in accordance with current accounting guidance.

At December 31, 2011 and 2010, respectively, the Company had trading fixed maturities with an amortized cost of $172 million and $207 million and carrying values of $172 million and $208 million. Gross unrealized gains on trading fixed maturities were $4 million and $3 million and gross unrealized losses were $4 million and $2 million for 2011 and 2010, respectively.

The contractual maturities of AFS fixed maturities (excluding redeemable preferred stock) at December 31, 2011 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, 2011
		Amortized Cost		Fair Value
		(In Millions)
Due in one year or less		$	2,058	$	2,090
Due in years two through five			8,257		8,722
Due in years six through ten			9,881		10,723
Due after ten years			5,785		6,615
	Subtotal		25,981		28,150
Commercial mortgage-backed securities			1,306		902
Residential mortgage-backed securities			1,556		1,646
Asset-backed securities			260		264
Total		$	29,103	$	30,962

The Company recognized OTTI on AFS fixed maturities as follows

	December 31,
	2011		2010		2009
	(In Millions)
Credit losses recognized in earnings (loss)(1)	$	(32)	$	(282)	$	(168)
Non-credit losses recognized in OCI		(4)		(18)		(6)
Total OTTI	$	(36)	$	(300)	$	(174)

• During 2011, 2010 and 2009, respectively, included in credit losses recognized in earnings (loss) were OTTI of $0 million, $6 million and $3 million related to AFS fixed maturities as the Company intended to sell or expected to be required to sell these impaired fixed maturities prior to recovering their amortized cost.

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
	2011		2010
	(In Millions)
Balances at January 1,	$	(329)	$	(146)
Previously recognized impairments on securities that matured, paid, prepaid or sold		29		99
Recognized impairments on securities impaired to fair value this period(1)		-		(6)
Impairments recognized this period on securities not previously impaired		(27)		(268)
Additional impairments this period on securities previously impaired		(5)		(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,	$	(332)	$	(329)

• 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 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,
			2011		2010
			(In Millions)
AFS Securities:
	Fixed maturities:
		With OTTI loss	$	(47)	$	(16)
		All other		1,830		892
	Equity securities			1		(3)
Net Unrealized Gains (Losses)			$	1,784	$	873

Changes in net unrealized investment gains (losses) recognized in AOCI include reclassification adjustments to reflect amounts realized in Net earnings (loss) for the current period that had been part of OCI in earlier periods. The tables that follow below present a rollforward 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:

Net Unrealized Gains (Losses) on Fixed Maturities with OTTI Losses
											AOCI Gain
			Net								(Loss) Related
			Unrealized						Deferred		to Net
			Gains						Income		Unrealized
			(Losses) on				Policyholders		Tax Asset		Investment
			Investments		DAC		Liabilities		(Liability)		Gains (Losses)
			(In Millions)
Balance, January 1, 2011			$	(16)	$	3	$	2	$	4	$	(7)
Net investment gains (losses) arising
	during the period			(32)		-		-		-		(32)
Reclassification adjustment for OTTI losses:
		Included in Net earnings (loss)		5		-		-		-		5
		Excluded from Net earnings (loss)(1)		(4)		-		-		-		(4)
Impact of net unrealized investment
	gains (losses) on:
		DAC		-		2		-		-		2
		Deferred income taxes		-		-		-		8		8
		Policyholders liabilities		-		-		4		-		4
Balance, December 31, 2011			$	(47)	$	5	$	6	$	12	$	(24)
Balance, January 1, 2010			$	(11)	$	5	$	-	$	2	$	(4)
Net investment gains (losses) arising
	during the period			3		-		-		-		3
Reclassification adjustment for OTTI losses:
		Included in Net earnings (loss)		9		-		-		-		9
		Excluded from Net earnings (loss)(1)		(17)		-		-		-		(17)
Impact of net unrealized investment
	gains (losses) on:
		DAC		-		(2)		-		-		(2)
		Deferred income taxes		-		-		-		2		2
		Policyholders liabilities		-		-		2		-		2
Balance, December 31, 2010			$	(16)	$	3	$	2	$	4	$	(7)

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

All Other Net Unrealized Investment Gains (Losses) in AOCI
											AOCI Gain
			Net								(Loss) Related
			Unrealized						Deferred		to Net
			Gains						Income		Unrealized
			(Losses) on				Policyholders		Tax Asset		Investment
			Investments		DAC		Liabilities		(Liability)		Gains (Losses)
			(In Millions)
Balance, January 1, 2011			$	889	$	(135)	$	(121)	$	(223)	$	410
Net investment gains (losses) arising
	during the period			915		-		-		-		915
Reclassification adjustment for OTTI losses:
		Included in Net earnings (loss)		23		-		-		-		23
		Excluded from Net earnings (loss)(1)		4		-		-		-		4
Impact of net unrealized investment
	gains (losses) on:
		DAC		-		(81)		-		-		(81)
		Deferred income taxes		-		-		-		(207)		(207)
		Policyholders liabilities		-		-		(264)		-		(264)
Balance, December 31, 2011			$	1,831	$	(216)	$	(385)	$	(430)	$	800
Balance, January 1, 2010			$	(6)	$	(21)	$	-	$	32	$	5
Net investment gains (losses) arising
	during the period			680		-		-		-		680
Reclassification adjustment for OTTI losses:
		Included in Net earnings (loss)		198		-		-		-		198
		Excluded from Net earnings (loss)(1)		17		-		-		-		17
Impact of net unrealized investment
	gains (losses) on:
		DAC		-		(114)		-		-		(114)
		Deferred income taxes		-		-		-		(255)		(255)
		Policyholders liabilities		-		-		(121)		-		(121)
Balance, December 31, 2010			$	889	$	(135)	$	(121)	$	(223)	$	410

• 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.

The following tables disclose the fair values and gross unrealized losses of the 535 issues at December 31, 2011 and the 550 issues at December 31, 2010 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
					Gross				Gross				Gross
					Unrealized				Unrealized				Unrealized
			Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
			(In Millions)
December 31, 2011:
Fixed Maturities:
	Corporate		$	1,910	$	(96)	$	389	$	(51)	$	2,299	$	(147)
	U.S. Treasury, government
		and agency		149		-		-		-		149		-
	States and political subdivisions			-		-		18		(2)		18		(2)
	Foreign governments			30		(1)		5		-		35		(1)
	Commercial mortgage-backed			79		(27)		781		(384)		860		(411)
	Residential mortgage-backed			-		-		1		-		1		-
	Asset-backed			49		-		44		(11)		93		(11)
	Redeemable preferred stock			341		(28)		325		(86)		666		(114)
Total			$	2,558	$	(152)	$	1,563	$	(534)	$	4,121	$	(686)
December 31, 2010:
Fixed Maturities:
	Corporate		$	1,999	$	(68)	$	394	$	(42)	$	2,393	$	(110)
	U.S. Treasury, government
		and agency		820		(42)		171		(46)		991		(88)
	States and political subdivisions			225		(9)		33		(7)		258		(16)
	Foreign governments			77		(1)		10		-		87		(1)
	Commercial mortgage-backed			46		(3)		936		(372)		982		(375)
	Residential mortgage-backed			157		-		2		-		159		-
	Asset-backed			23		-		65		(12)		88		(12)
	Redeemable preferred stock			345		(7)		689		(59)		1,034		(66)
Total			$	3,692	$	(130)	$	2,300	$	(538)	$	5,992	$	(668)

The Company's investments in fixed maturity securities do not include concentrations of credit risk of any single issuer greater than 10% of the consolidated equity of AXA Equitable, other than securities of the U.S. government, U.S. government agencies, and certain securities guaranteed by the U.S. government. The Company maintains a diversified portfolio of corporate securities across industries and issuers and does not have exposure to any single issuer in excess of 0.3% of total investments. The largest exposures to a single issuer of corporate securities held at December 31, 2011 and 2010 were $139 million and $142 million, respectively. Corporate high yield securities, consisting primarily of public high yield bonds, are classified as other than investment grade by the various rating agencies, i.e., a rating below Baa3/BBB- or the National Association of Insurance Commissioners (“NAIC”) designation of 3 (medium grade), 4 or 5 (below investment grade) or 6 (in or near default). At December 31, 2011 and 2010, respectively, approximately $2,179 million and $2,303 million, or 7.2% and 8.2%, of the $30,210 million and $28,181 million aggregate amortized cost of fixed maturities held by the Company were considered to be other than investment grade. These securities had net unrealized losses of $455 million and $361 million at December 31, 2011and 2010, respectively.

The Company does not originate, purchase or warehouse residential mortgages and is not in the mortgage servicing business. The Company's fixed maturity investment portfolio includes residential mortgage backed securities (“RMBS”) backed by subprime and Alt-A residential mortgages, comprised of loans made by banks or mortgage lenders to residential borrowers with lower credit ratings. The criteria used to categorize such subprime borrowers include Fair Isaac Credit Organization (“FICO”) scores, interest rates charged, debt-to-income ratios and loan-to-value ratios. Alt-A residential mortgages are mortgage loans where the risk profile falls between prime and subprime; borrowers typically have clean credit histories but the mortgage loan has an increased risk profile due to higher loan-to-value and debt-to-income ratios and/or inadequate documentation of the borrowers' income. At December 31, 2011 and 2010, respectively, the Company owned $23 million and $30 million in RMBS backed by subprime residential mortgage loans, and $13 million and $17 million in RMBS backed by Alt-A residential mortgage loans. RMBS backed by subprime and Alt-A residential mortgages are fixed income investments supporting General Account liabilities.

At December 31, 2011, the carrying value of fixed maturities that were non-income producing for the twelve months preceding that date was $6 million.

At December 31, 2011 and 2010, respectively, the amortized cost of the Company's trading account securities was $1,014 million and $482 million with respective fair values of $982 million and $506 million. Also at December 31, 2011 and 2010, respectively, Other equity investments included the General Account's investment in Separate Accounts which had carrying values of $48 million and $42 million and costs of $50 million and $41 million as well as other equity securities with carrying values of $19 million and $23 million and costs of $18 million and $26 million.

In 2011, 2010 and 2009, respectively, net unrealized and realized holding gains (losses) on trading account equity securities, including earnings (losses) on the General Account's investment in Separate Accounts, of $(42) million, $39 million and $133 million, respectively, were included in Net investment income (loss) in the consolidated statements of earnings (loss).

Mortgage Loans

The payment terms of mortgage loans on real estate may from time to time be restructured or modified. The investment in restructured mortgage loans on real estate, based on amortized cost, amounted to $141 million and $0 million at December 31, 2011 and 2010, respectively. Gross interest income on these loans included in net investment income (loss) totaled $7 million, $0 million and $0 million in 2011, 2010 and 2009, respectively. Gross interest income on restructured mortgage loans on real estate that would have been recorded in accordance with the original terms of such loans amounted to $7 million, $0 million and $0 million in 2011, 2010 and 2009, respectively.

Troubled Debt Restructurings

In 2011, the two loans shown in the table below were modified to interest only payments until February 1, 2012 and October 1, 2013 at which time the loans revert to their normal amortizing payment. On one of the loans, a $4 million letter of credit was cashed to reduce the principal balance. Due to the nature of the modifications, short-term principal amortization relief, the modifications have no financial impact. The fair market value of the underlying real estate collateral is the primary factor in determining the allowance for credit losses and as such, modifications of loan terms typically have no direct impact on the allowance for credit losses.

Troubled Debt Restructuring - Modifications
December 31, 2011
		Number		Outstanding Recorded Investment
		of Loans		Pre-Modification		Post - Modification
				(In Millions)
Troubled debt restructurings:
	Agricultural mortgage loans		-	$	-	$	-
	Commercial mortgage loans		2		145		141
Total			2	$	145	$	141

There were no default payments on the above loans during 2011.

Valuation Allowances for Mortgage Loans:

Allowance for credit losses for mortgage loans for 2011, 2010 and 2009 are as follows:

		Commercial Mortgage Loans
		2011		2010		2009
Allowance for credit losses:		(In Millions)
Beginning Balance, January 1,		$	18	$	-	$	-
	Charge-offs		-		-		-
	Recoveries		(8)		-		-
	Provision		22		18		-
Ending Balance, December 31,		$	32	$	18	$	-
Ending Balance, December 31,:
	Individually Evaluated for Impairment	$	32	$	18	$	-
	Collectively Evaluated for Impairment	$	-	$	-	$	-
	Loans Acquired with Deteriorated Credit Quality	$	-	$	-	$	-

There were no allowances for credit losses for agricultural mortgage loans in 2011, 2010 and 2009.

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. The following tables provide information relating to the debt service coverage ratio for commercial and agricultural mortgage loans at December 31, 2011 and 2010, respectively.

Mortgage Loans by Loan-to-Value and Debt Service Coverage Ratios
December 31, 2011
		Debt Service Coverage Ratio
												Less		Total
		Greater		1.8x to		1.5x to		1.2x to		1.0x to		than		Mortgage
Loan-to-Value Ratio:(2)		than 2.0x		2.0x		1.8x		1.5x		1.2x		1.0x		Loan
		(In Millions)
Commercial Mortgage Loans(1)
0% - 50%		$	182	$	-	$	33	$	30	$	31	$	-	$	276
50% - 70%			201		252		447		271		45		-		1,216
70% - 90%			-		41		280		318		213		-		852
90% plus			-		-		84		135		296		117		632
Total Commercial
	Mortgage Loans	$	383	$	293	$	844	$	754	$	585	$	117	$	2,976
Agricultural Mortgage Loans(1)
0% - 50%		$	150	$	89	$	175	$	247	$	190	$	8	$	859
50% - 70%			68		15		101		158		82		45		469
70% - 90%			-		-		-		1		-		8		9
90% plus			-		-		-		-		-		-		-
Total Agricultural
	Mortgage Loans	$	218	$	104	$	276	$	406	$	272	$	61	$	1,337
Total Mortgage Loans(1)
0% - 50%		$	332	$	89	$	208	$	277	$	221	$	8	$	1,135
50% - 70%			269		267		548		429		127		45		1,685
70% - 90%			-		41		280		319		213		8		861
90% plus			-		-		84		135		296		117		632
Total Mortgage Loans		$	601	$	397	$	1,120	$	1,160	$	857	$	178	$	4,313

• The debt service coverage ratio is calculated using the most recently reported net operating income results from property operations divided by annual debt service.
• 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, 2010
		Debt Service Coverage Ratio
												Less		Total
		Greater		1.8x to		1.5x to		1.2x to		1.0x to		than		Mortgage
Loan-to-Value Ratio:(2)		than 2.0x		2.0x		1.8x		1.5x		1.2x		1.0x		Loan
		(In Millions)
Commercial Mortgage Loans(1)
0% - 50%		$	59	$	-	$	-	$	52	$	-	$	-	$	111
50% - 70%			32		109		111		72		55		-		379
70% - 90%			194		35		406		402		124		50		1,211
90% plus			-		-		87		24		402		61		574
Total Commercial
	Mortgage Loans	$	285	$	144	$	604	$	550	$	581	$	111	$	2,275
Agricultural Mortgage Loans(1)
0% - 50%		$	155	$	80	$	162	$	243	$	186	$	5	$	831
50% - 70%			52		13		134		150		107		24		480
70% - 90%			-		-		-		-		-		-		-
90% plus			-		-		-		-		3		-		3
Total Agricultural
	Mortgage Loans	$	207	$	93	$	296	$	393	$	296	$	29	$	1,314
Total Mortgage Loans(1)
0% - 50%		$	214	$	80	$	162	$	295	$	186	$	5	$	942
50% - 70%			84		122		245		222		162		24		859
70% - 90%			194		35		406		402		124		50		1,211
90% plus			-		-		87		24		405		61		577
Total Mortgage Loans		$	492	$	237	$	900	$	943	$	877	$	140	$	3,589

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

The following table provides information relating to the aging analysis of past due mortgage loans at December 31, 2011 and 2010, respectively.

Age Analysis of Past Due Mortgage Loans
														Recorded
														Investment
						90						Total		> 90 Days
		30-59		60-89		Days						Financing		and
		Days		Days		Or >		Total		Current		Receivables		Accruing
		(In Millions)
December 31, 2011
	Commercial	$	61	$	-	$	-	$	61	$	2,915	$	2,976	$	-
	Agricultural		5		1		7		13		1,324		1,337		3
Total Mortgage Loans		$	66	$	1	$	7	$	74	$	4,239	$	4,313	$	3
December 31, 2010
	Commercial	$	-	$	-	$	-	$	-	$	2,275	$	2,275	$	-
	Agricultural		-		-		5		5		1,309		1,314		3
Total Mortgage Loans		$	-	$	-	$	5	$	5	$	3,584	$	3,589	$	3

The following table provides information relating to impaired loans at December 31, 2011 and 2010, respectively.

				Impaired Mortgage Loans
				Unpaid				Average		Interest
		Recorded		Principal		Related		Recorded		Income
		Investment		Balance		Allowance		Investment(1)		Recognized
		(In Millions)
December 31, 2011:
With no related allowance recorded:
	Commercial mortgage loans - other	$	-	$	-	$	-	$	-	$	-
	Agricultural mortgage loans		5		5		-		5		-
Total		$	5	$	5	$	-	$	5	$	-
With related allowance recorded:
	Commercial mortgage loans - other	$	202	$	202	$	(32)	$	152	$	8
	Agricultural mortgage loans		-		-		-		-		-
Total		$	202	$	202	$	(32)	$	152	$	8
December 31, 2010:
With no related allowance recorded:
	Commercial mortgage loans - other	$	-	$	-	$	-	$	-	$	-
	Agricultural mortgage loans		3		3		-		-		-
Total		$	3	$	3	$	-	$	-	$	-
With related allowance recorded:
	Commercial mortgage loans - other	$	122	$	122	$	(18)	$	24	$	2
	Agricultural mortgage loans		-		-		-		-		-
Total		$	122	$	122	$	(18)	$	24	$	2

• Represents a five-quarter average of recorded amortized cost.

Equity Real Estate

The Insurance Group's investment in equity real estate is through direct ownership and through investments in real estate joint ventures.

Accumulated depreciation on real estate was $0 million and $0 million at December 31, 2011 and 2010, respectively. Depreciation expense on real estate totaled $0 million, $0 million and $8 million for 2011, 2010 and 2009, respectively.

At December 31, 2011 and 2010, AXA Equitable's equity real estate portfolio had no valuation allowances.

Equity Method Investments

Included in other equity investments are interests in limited partnership interests and investment companies accounted for under the equity method with a total carrying value of $1,587 million and $1,459 million, respectively, at December 31, 2011 and 2010. Included in equity real estate are interests in real estate joint ventures accounted for under the equity method with a total carrying value of $91 million and $131 million, respectively, at December 31, 2011 and 2010. The Company's total equity in net earnings (losses) for these real estate joint ventures and limited partnership interests was $179 million, $173 million and $(78) million, respectively, for 2011, 2010 and 2009.

Summarized below is the combined financial information only for those real estate joint ventures and for those limited partnership interests accounted for under the equity method in which the Company has an investment of $10 million or greater and an equity interest of 10.0% or greater (3 and 3 individual ventures at December 31, 2011 and 2010, respectively) and the Company's carrying value and equity in net earnings (loss) for those real estate joint ventures and limited partnership interests:

		December 31,
		2011		2010
		(In Millions)
BALANCE SHEETS
Investments in real estate, at depreciated cost		$	584	$	557
Investments in securities, generally at fair value			51		40
Cash and cash equivalents			10		4
Other assets			13		62
Total Assets		$	658	$	663
Borrowed funds - third party		$	372	$	299
Other liabilities			6		7
Total liabilities			378		306
Partners’ capital			280		357
Total Liabilities and Partners’ Capital		$	658	$	663
The Company’s Carrying Value in These Entities Included Above		$	169	$	196
		2011		2010		2009
		(In Millions)
STATEMENTS OF EARNINGS (LOSS)
Revenues of real estate joint ventures		$	111	$	110	$	30
Net revenues of other limited partnership interests			6		3		(5)
Interest expense - third party			(21)		(22)		(7)
Other expenses			(61)		(59)		(17)
Net Earnings (Loss)		$	35	$	32	$	1
The Company's Equity in Net Earnings (Loss) of These
	Entities Included Above	$	20	$	18	$	2

Derivatives

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

Derivative Instruments by Category
	At or For the Year Ended December 31, 2011
				Fair Value
								Gains (Losses)
		Notional		Asset		Liability		Reported In
		Amount		Derivatives		Derivatives		Earnings (Loss)
		(In Millions)
Freestanding derivatives:
Equity contracts:(1)
	Futures	$	6,443	$	-	$	2	$	(34)
	Swaps		784		10		21		33
	Options		1,211		92		85		(20)
Interest rate contracts:(1)
	Floors		3,000		327		-		139
	Swaps		9,826		503		317		590
	Futures		11,983		-		-		849
	Swaptions		7,354		1,029		-		817
Other freestanding contracts:(1)
	Foreign currency Contracts		38		-		-		-
	Net investment income (loss)								2,374
Embedded derivatives:
GMIB reinsurance contracts(2)			-		10,547		-		5,941
GWBL and other features(3)			-		-		227		(189)
Balances, December 31, 2011		$	40,639	$	12,508	$	652	$	8,126

• Reported in Other invested assets or Other liabilities in the consolidated balance sheets.
• Reported in Other assets in the consolidated balance sheets.
• Reported in Future policy benefits and other policyholder liabilities.

Derivative Instruments by Category
	At or For the Year Ended December 31, 2010
				Fair Value
								Gains (Losses)
		Notional		Asset		Liability		Reported In
		Amount		Derivatives		Derivatives		Earnings (Loss)
		(In Millions)
Freestanding derivatives:
Equity contracts:(1)
	Futures	$	3,772	$	-	$	-	$	(815)
	Swaps		734		-		27		(79)
	Options		1,070		5		1		(49)
Interest rate contracts:(1)
	Floors		9,000		326		-		157
	Swaps		5,352		201		134		250
	Futures		5,151		-		-		289
	Swaptions		4,479		171		-		(38)
Other freestanding contracts:(1)
	Foreign currency contracts		133		-		1		1
	Net investment income (loss)								(284)
Embedded derivatives:
	GMIB reinsurance contracts (2)		-		4,606		-		2,350
	GWBL and other features (3)		-		-		38		17
Balances, December 31, 2010		$	29,691	$	5,309	$	201	$	2,083

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

• Reported in Other assets in the consolidated balance sheets.
• Reported in Future policy benefits and other policyholder liabilities.