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Fair Value Of Financial Instruments (Tables)

3 Months Ended

6 Months Ended

Jun. 30, 2011

Jun. 30, 2010

Jun. 30, 2011

Jun. 30, 2010

Fair Value Of Financial Instruments

Carrying Value and Fair Value of Financial Instruments


	As of June 30, 2011				As of December 31, 2010
In millions	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Assets:
Investments held as available-for-sale and held at fair value	$	10,691	$	10,691	$	11,739	$	11,739
Other investments		160		160		188		188
Cash and cash equivalents		626		626		366		366
Receivable for investments sold		76		76		8		8
Derivative assets:
Insured derivatives		0		0		0		0
Non-insured derivatives		3		3		4		4

Total derivative assets		3		3		4		4
Assets of consolidated VIEs:
Cash		735		735		764		764
Investments held-to-maturity		3,934		3,703		4,039		3,760
Fixed-maturity securities held as available-for-sale		280		280		339		339
Fixed-maturity securities held as trading		4,835		4,835		5,241		5,241
Loans receivable		2,320		2,320		2,183		2,183
Loan repurchase commitments		905		905		835		835
Derivative assets		680		680		699		699
Liabilities:
Investment agreements		1,632		1,799		2,005		2,172
Medium-term notes		1,763		1,258		1,740		766
Securities sold under agreements to repurchase		387		385		471		454
Short-term debt		-		-		65		65
Long-term debt		1,843		1,167		1,851		1,155
Payable for settlement of derivatives and investments		235		235		2		2
Derivative liabilities:
Insured derivatives		5,676		5,676		4,375		4,375
Non-insured derivatives		258		258		242		242

Total derivative liabilities		5,934		5,934		4,617		4,617
Warrants		23		23		58		58
Liabilities of consolidated VIEs:
Variable interest entity notes		10,449		10,183		10,590		10,285
Long-term debt		360		338		360		340
Derivative liabilities		2,160		2,160		2,104		2,104
Financial Guarantees:
Gross		4,666		4,402		5,275		3,906
Ceded		114		120		112		48

Fair Value for Assets and Liabilities Measured at Fair Value on Recurring Basis


	Fair Value Measurements at Reporting Date Using
In millions	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Counterparty and Cash Collateral Netting		Balance as of June 30, 2011
Assets:
Investments:
Fixed-maturity investments:
Taxable bonds:
U.S. Treasury and government agency	$	805	$	137	$	-	$	-	$	942
Foreign governments		330		52		13		-		395
Corporate obligations		1		1,955		294		-		2,250
Mortgage-backed securities:
Residential mortgage-backed agency		-		1,434		-		-		1,434
Residential mortgage-backed non-agency		-		465		28		-		493
Commercial mortgage-backed		-		41		50		-		91
Asset-backed securities:
Collateralized debt obligations		-		124		162		-		286
Other asset-backed		-		235		331		-		566
State and municipal bonds		-		785		13		-		798

Total taxable bonds		1,136		5,228		891		-		7,255
Tax exempt bonds:
State and municipal bonds				2,591		32		-		2,623
Other fixed-maturity investments		-		15		-		-		15

Total fixed-maturity investments		1,136		7,834		923		-		9,893
Money market securities		754		-		-		-		754
Perpetual preferred securities		-		170		-		-		170
Other		32		-		-		-		32

Total		1,922		8,004		923		-		10,849
Derivative assets:
Non-insured derivative assets:
Credit derivatives		-		1		-		-		1
Interest rate derivatives		-		38		4		-		42
Other		-		-		-		(40)		(40)

Total derivative assets		-		39		4		(40)		3

	Fair Value Measurements at Reporting Date Using
In millions	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Counterparty and Cash Collateral Netting		Balance as of June 30, 2011
Assets of consolidated VIEs:
Corporate obligations		-		219		60		-		279
Mortgage-backed securities:
Residential mortgage-backed agency		-		13		-		-		13
Residential mortgage-backed non-agency		-		2,600		17		-		2,617
Commercial mortgage-backed		-		809		27		-		836
Asset-backed securities:
Collateralized debt obligations		-		657		201		-		858
Other asset-backed		-		292		75		-		367

Total fixed maturity securities at fair value		-		4,590		380		-		4,970
Money market securities		145		-		-		-		145
Loans receivable		-		-		2,320		-		2,320
Loan repurchase commitments		-		-		905		-		905
Derivative assets:
Credit derivatives		-		-		670		-		670
Interest rate derivatives		-		10		-		-		10

Total assets	$	2,067	$	12,643	$	5,202	$	(40)	$	19,872

Liabilities:
Medium-term notes	$	-	$	-	$	206	$	-	$	206
Derivative liabilities:
Insured derivatives:
Credit derivatives		-		20		5,656		-		5,676
Non-insured derivatives:
Credit derivatives		-		2		-		-		2
Interest rate derivatives		-		285		-		-		285
Currency derivatives		-		11		-		-		11
Other		-		-		-		(40)		(40)
Other liabilities:
Warrants		-		23		-		-		23
Liabilities of consolidated VIEs:
Variable interest entity notes		-		2,026		4,513		-		6,539
Derivative liabilities:
Credit derivatives		-		-		1,590		-		1,590
Interest rate derivatives		-		554		-		-		554
Currency derivatives		-		-		16		-		16

Total liabilities	$	-	$	2,921	$	11,981	$	(40)	$	14,862


	Fair Value Measurements at Reporting Date Using
In millions	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Counterparty and Cash Collateral Netting		Balance as of December 31, 2010
Assets:
Investments:
Fixed-maturity investments:
Taxable bonds:
U.S. Treasury and government agency	$	915	$	149	$	-	$	-	$	1,064
Foreign governments		409		49		11		-		469
Corporate obligations		-		2,602		246		-		2,848
Mortgage-backed securities:
Residential mortgage-backed agency		-		1,548		41		-		1,589
Residential mortgage-backed non-agency		-		414		48		-		462
Commercial mortgage-backed		-		120		41		-		161
Asset-backed securities:
Collateralized debt obligations		-		108		191		-		299
Other asset-backed		-		310		350		-		660
State and municipal bonds		-		738		14		-		752

Total taxable bonds		1,324		6,038		942		-		8,304
Tax exempt bonds:
State and municipal bonds		-		2,787		36		-		2,823
Other fixed-maturity investments		13		19		-		-		32

Total fixed-maturity investments		1,337		8,844		978		-		11,159
Money market securities		553		-		-		-		553
Perpetual preferred securities		-		192		-		-		192
Other		16		5		-		-		21

Total		1,906		9,041		978		-		11,925
Derivative assets:
Non-insured derivative assets:
Credit derivatives		-		3		-		-		3
Interest rate derivatives		-		57		5		-		62
Other		-		-		-		(61)		(61)

Total derivative assets		-		60		5		(61)		4

	Fair Value Measurements at Reporting Date Using
In millions	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Counterparty and Cash Collateral Netting		Balance as of December 31, 2010
Assets of consolidated VIEs:
U.S. Treasury and government agency		4		-		-		-		4
Corporate obligations		7		360		80		-		447
Mortgage-backed securities:
Residential mortgage-backed agency		-		37		-		-		37
Residential mortgage-backed non-agency		-		2,706		40		-		2,746
Commercial mortgage-backed		-		907		23		-		930
Asset-backed securities:
Collateralized debt obligations		-		583		245		-		828
Other asset-backed		-		352		83		-		435
State and municipal taxable and tax-exempt bonds		-		4		-		-		4

Total fixed maturity securities at fair value		11		4,949		471		-		5,431
Money market securities		150		-				-		150
Loans receivable		-		-		2,183		-		2,183
Loan repurchase commitments		-		-		835		-		835
Derivative assets:
Credit derivatives		-		-		687		-		687
Interest rate derivatives		-		12		-		-		12

Total assets	$	2,067	$	14,062	$	5,159	$	(61)	$	21,227

Liabilities:
Medium-term notes	$	-	$	-	$	116	$	-	$	116
Derivative liabilities:
Insured derivatives:
Credit derivatives		-		25		4,350		-		4,375
Non-insured derivatives:
Interest rate derivatives		-		297		-		-		297
Currency derivatives		-		6		-		-		6
Other		-		-		-		(61)		(61)
Other liabilities:
Warrants		-		58		-		-		58
Liabilities of consolidated VIEs:
Variable interest entity notes		-		2,007		4,673		-		6,680
Derivative liabilities:
Credit derivatives		-		-		1,455		-		1,455
Interest rate derivatives		-		635		-		-		635
Currency derivatives		-		-		14		-		14

Total liabilities	$	-	$	3,028	$	10,608	$	(61)	$	13,575

Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation

Change in Unrealized Gains (Losses) for the Period Included in Earnings for Assets still held as of June 30, 2011
Assets:

Foreign governments	$	19	$	-		$	-		$	-		$	(6	)	$	4	$	3		$	-		$	-	$	(7	)	$	13	$	-
Corporate obligations		211		-			-			-			1			1		(1	)		-			82		-			294		-
Residential mortgage-backed non-agency		43		(1	)		-			5			(2	)		4		(6	)		(18	)		3		-			28		-
Commercial mortgage-backed		51		-			-			-			-			1		-			(2	)		-		-			50		-
Collateralized debt obligations		123		(1	)		-			8			(9	)		5		(4	)		(6	)		46		-			162		-
Other asset-backed		323		-			-			(7	)		(1	)		8		(2	)		(1	)		11		-			331		-
State and municipal taxable bonds		12		-			-			1			-			-		-			-			-		-			13		-
State and municipal tax-exempt bonds		34		-			-			-			-			2		(3	)		(1	)		-		-			32		-
Assets of consolidated VIEs:
Corporate obligations		82		-			(17	)		-			-			-		(2	)		-			4		(7	)		60		-
Residential mortgage-backed non-agency		18		-			4			-			-			-		(2	)		-			-		(3	)		17		1
Commercial mortgage-backed		29		-			1			-			-			-		(2	)		(1	)		-		-			27		(1	)
Collateralized debt obligations		219		-			(28	)		-			-			-		-			-			24		(14	)		201		5
Other asset-backed		81		-			(7	)		-			-			-		(1	)		-			2		-			75		2
Loans receivable		2,327		-			68			-			-			-		(73	)		(2	)		-		-			2,320		68
Loan repurchase commitments		867		-			38			-			-			-		-			-			-		-			905		38


Total assets	$	4,439	$	(2)		$	59		$	7		$	(17)		$	25	$	(93)		$	(31)		$	172	$	(31)		$	4,528	$	113

Liabilities:
Medium-term notes	$	163	$	-		$	39		$	-		$	4		$	-	$	-		$	-		$	-	$	-		$	206	$	39
Credit derivatives, net		5,772		193			(115)			-			-			-		(194)			-			-		-			5,656		897
Interest derivatives, net		(4)		-			(1)			-			-			-		-			-			1		-			(4)		2
Liabilities of consolidated VIEs:
VIE notes		4,953		-			2			-			-			-		(262	)		(180	)		-		-			4,513		2
Credit derivatives, net		926		-			(6)			-			-			-		-			-			-		-			920		(7)
Currency derivatives, net		12		-			4			-			-			-		-			-			-		-			16		4

Total liabilities	$	11,822	$	193		$	(77)		$	-		$	4		$	-	$	(456)		$	(180)		$	1	$	-		$	11,307	$	937

Change in Unrealized Gains (Losses) for the Period Included in Earnings for Assets still held as of June 30, 2010
Assets:
Foreign governments	$	13	$	-	$	-	$	-	$	(1)	$	-	$	-	$	-	$	12	$	-
Corporate obligations		320		(1)		-		9		(3)		(13)		11		(12)		311		-
Residential mortgage-backed agency		46		-		-		1		-		(2)		-		(45)		-		-
Residential mortgage-backed non-agency		66		-		-		5		-		(4)		3		(40)		30		-
Commercial mortgage-backed		17		-		-		1		(1)		(3)		-		-		14		-
Collateralized debt obligations		202		(5)		-		21		-		(9)		-		(98)		111		-
Other asset-backed		442		-		-		(7)		-		(43)		5		(6)		391		-
State and municipal tax-exempt bonds		45		-		-		1		-		(8)		-		-		38		-
Perpetual preferred securities		83		-		-		2		-		-		-		-		85		-
Assets of consolidated VIEs:
Corporate obligations		81		-		76		-		-		(20)		-		(8)		129		-
Residential mortgage-backed non-agency		82		-		(252)		2		-		(4)		274		(49)		53		-
Commercial mortgage-backed		56		-		218		-		-		-		1		(59)		216		-
Collateralized debt obligations		326		-		(27)		-		-		-		40		(12)		327		-
Other asset-backed		146		-		8		-		-		-		2		(3)		153		-
Loans receivable		2,434		-		214		-		(40)		-		-		-		2,608		-
Loan repurchase commitments		715		-		77		-		-		-		-		-		792		77

Total assets	$	5,074	$	(6)	$	314	$	35	$	(45)	$	(106)	$	336	$	(332)	$	5,270	$	77


In millions	Balance, Beginning of Period		Realized (Gains) / Losses		Unrealized (Gains) / Losses Included in Earnings		Unrealized (Gains) / Losses Included in OCI		Foreign Exchange Recognized in OCI or Earnings		Purchases, Settlements and Sales, net		Transfers into Level 3 ⁽¹⁾		Transfers out of Level 3 ⁽¹⁾		Ending Balance		Change in Unrealized (Gains) Losses for the Period Included in Earnings for Liabilities still held as of June 30, 2010
Liabilities:
Medium-term notes	$	118	$	-	$	2	$	-	$	(11)	$	-	$	-	$	-	$	109	$	2
Credit derivatives, net		5,950		90		(1,536)		-		-		(91)		-		-		4,413		(1,546)
Interest derivatives, net		(5)		-		(2)		-		-		-		-		-		(7)		2
Currency derivatives, net		(12)		-		6		-		(1)		-		-		-		(7)		(3)
Liabilities of consolidated VIEs:																				-
VIE notes		5,340		-		119		-		(12)		(402)		-		-		5,045		-
Derivative contracts, net		349		-		21		-		-		-		-		-		370		21

Total liabilities	$	11,740	$	90	$	(1,390)	$	-	$	(24)	$	(493)	$	-	$	-	$	9,923	$	(1,524)

(1) - Transferred in and out at the end of the period.

Change in Unrealized Gains (Losses) for the Period Included in Earnings for Assets still held as of June 30, 2011
Assets:
Foreign governments	$	11	$	-	$	-	$	-	$	(6)	$	7	$	-	$	1	$	-	$	7	$	(7)	$	13	$	-
Corporate obligations		246		-		-		7		3		11		-		(34)		(12)		88		(15)		294		-
Residential mortgage-backed agency		41		-		-		1		-		1		-		(1)		(1)		-		(41)		-		-
Residential mortgage-backed non-agency		48		(1)		-		10		(2)		11		-		(11)		(19)		8		(16)		28		-
Commercial mortgage-backed		41		-		-		2		1		9		-		-		(2)		-		(1)		50		-
Collateralized debt obligations		191		(2)		-		28		(9)		7		1		(33)		(8)		48		(61)		162		-
Other asset-backed		350		-		-		1		(1)		9		-		(11)		(2)		13		(28)		331		-
State and municipal taxable bonds		14		-		-		(1)		-		-		-		-		-		-		-		13		-
State and municipal tax-exempt bonds		36		-		-		-		-		2		-		(5)		(1)		-		-		32		-
Assets of consolidated VIEs:
Corporate obligations		80		-		(17)		-		-		-		-		(4)		-		8		(7)		60		(1)
Residential mortgage-backed non-agency		40		-		2		3		-		-		-		(5)		-		-		(23)		17		2
Commercial mortgage-backed		23		-		7		-		-		-		-		(2)		(1)		-		-		27		6
Collateralized debt obligations		245		-		(14)		-		-		-		-		(2)		-		40		(68)		201		19
Other asset-backed		83		-		(9)		-		-		-		-		(2)		-		3		-		75		(2)
Loans receivable		2,183		-		296		-		-		-		-		(157)		(2)		-		-		2,320		296
Loan repurchase commitments		835		-		58		-		-		-		12		-		-		-		-		905		58

Total assets	$	4,467	$	(3)	$	323	$	51	$	(14)	$	57	$	13	$	(266)	$	(48)	$	215	$	(267)	$	4,528	$	378



In millions	Balance, Beginning of Year		Realized (Gains) / Losses		Unrealized (Gains) / Losses Included in Earnings		Unrealized (Gains) / Losses Included in OCI		Foreign Exchange Recognized in OCI or Earnings		Purchases		Issuances		Settlements		Sales		Transfers into Level 3 ⁽¹⁾		Transfers out of Level 3 ⁽¹⁾		Ending Balance		Change in Unrealized (Gains) Losses for the Period Included in Earnings for Liabilities still held as of June 30, 2011
Liabilities:
Medium-term notes	$	116	$	-	$	78	$	-	$	12	$	-	$	-	$	-	$	-	$	-	$	-	$	206	$	78
Credit derivatives, net		4,350		547		1,307		-		-		-		-		(548)		-		-		-		5,656		2,128
Interest derivatives, net		(5)		-		-		-		-		-		-		-		-		1		-		(4)		1
Liabilities of consolidated VIEs:
VIE notes		4,673		-		584		-		-		-		-		(564)		(180)		-		-		4,513		584
Credit derivatives, net		768		-		152		-		-		-		-		-		-		-		-		920		151
Currency derivatives, net		14		-		2		-		-		-		-		-		-		-		-		16		2

Total liabilities	$	9,916	$	547	$	2,123	$	-	$	12	$	-	$	-	$	(1,112)	$	(180)	$	1	$	-	$	11,307	$	2,944

(1) - Transferred in and out at the end of the period.

Change in Unrealized Gains (Losses) for the Period Included in Earnings for Assets still held as of June 30, 2010
Assets:
U.S. Treasury and government agency	$	6	$	-	$	-	$	-	$	-	$	(6)	$	-	$	-	$	-	$	-
Foreign governments		12		-		-		-		-		-		-		-		12		-
Corporate obligations		281		(1)		-		32		(5)		(15)		41		(22)		311		-
Residential mortgage-backed agency		48		-		-		2		-		(5)		-		(45)		-		-
Residential mortgage-backed non-agency		64		(3)		-		32		-		(21)		3		(45)		30		-
Commercial mortgage-backed		20		-		-		1		(2)		(5)		-		-		14		-
Collateralized debt obligations		245		(12)		-		61		-		(76)		16		(123)		111		-
Other asset-backed		401		-		-		(25)		-		17		13		(15)		391		-
State and municipal tax-exempt bonds		50		-		-		1		-		(13)		-		-		38		-
Other fixed-maturity investments		19		-		-		-		-		(19)		-		-		-		-
Perpetual preferred securities		77		-		-		9		-		(1)		-		-		85		-
Assets of consolidated VIEs:
Corporate obligations		-		-		76		-		-		61		-		(8)		129		-
Residential mortgage-backed non-agency		166		(1)		(253)		3		-		(91)		281		(52)		53		-
Commercial mortgage-backed		3		-		218		-		-		53		1		(59)		216		-
Collateralized debt obligations		42		-		(27)		-		-		284		40		(12)		327		-
Other asset-backed		193		-		8		-		-		(47)		2		(3)		153		-
Loans receivable		-		-		195		-		(21)		2,434		-		-		2,608		-
Loan repurchase commitments		-		-		77		-		-		715		-		-		792		77

Total assets	$	1,627	$	(17)	$	294	$	116	$	(28)	$	3,265	$	397	$	(384)	$	5,270	$	77


In millions	Balance, Beginning of Year		Realized (Gains) / Losses		Unrealized (Gains) / Losses Included in Earnings		Unrealized (Gains) / Losses Included in OCI		Foreign Exchange Recognized in OCI or Earnings		Purchases, Settlements and Sales, net		Transfers into Level 3 ⁽¹⁾		Transfers out of Level 3		Ending Balance		Change in Unrealized (Gains) Losses for the Period Included in Earnings for Liabilities still held as of June 30, 2010
Liabilities:
Medium-term notes	$	110	$	-	$	16	$	-	$	(17)	$	-	$	-	$	-	$	109	$	16
Credit derivatives, net		3,799		153		674		-		-		(213)		-		-		4,413		677
Interest derivatives, net		(6)		(8)		3		-		4		-		-		-		(7)		6
Currency derivatives, net		(3)		-		(2)		-		(2)		-		-		-		(7)		(12)
Liabilities of consolidated VIEs:
VIE notes		-		-		134		-		(6)		4,917		-		-		5,045		-
Derivative contracts, net		-		-		3		-		-		367		-		-		370		3

Total liabilities	$	3,900	$	145	$	828	$	-	$	(21)	$	5,071	$	-	$	-	$	9,923	$	690

(1) - Transferred in and out at the end of the period.

Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings


	Three Months Ended June 30, 2011
							Consolidated VIEs
In millions	Unrealized Gains (Losses) on Insured Derivatives		Net Realized Gains (Losses)		Net Gains (Losses) on Financial Instruments at Fair Value and Foreign Exchange		Net Realized Gains (Losses)		Net Gains (Losses) on Financial Instruments at Fair Value and Foreign Exchange
Total gains (losses) included in earnings	$	115	$	(193)	$	40	$	-	$	60


Change in unrealized gains (losses) for the period included in earnings for assets and liabilities still held as of June 30, 2011	$	(897)	$	-	$	37	$	-	$	114


	Three Months Ended June 30, 2010
							Consolidated VIEs
In millions	Unrealized Gains (Losses) on Insured Derivatives		Net Realized Gains (Losses)		Net Gains (Losses) on Financial Instruments at Fair Value and Foreign Exchange		Net Realized Gains (Losses)		Net Gains (Losses) on Financial Instruments at Fair Value and Foreign Exchange
Total gains (losses) included in earnings	$	1,536	$	(91)	$	(5)	$	-	$	56


Change in unrealized gains (losses) for the period included in earnings for assets and liabilities still held as of June 30, 2010	$	1,539	$	-	$	8	$	-	$	56


	Six Months Ended June 30, 2011
							Consolidated VIEs
In millions	Unrealized Gains (Losses) on Insured Derivatives		Net Realized Gains (Losses)		Net Gains (Losses) on Financial Instruments at Fair Value and Foreign Exchange		Net Realized Gains (Losses)		Net Gains (Losses) on Financial Instruments at Fair Value and Foreign Exchange
Total gains (losses) included in earnings	$	(1,307)	$	(547)	$	79	$	-	$	(414)


Change in unrealized gains (losses) for the period included in earnings for assets and liabilities still held as of June 30, 2011	$	(2,128)	$	-	$	77	$	-	$	(359)


	Six Months Ended June 30, 2010
							Consolidated VIEs
In millions	Unrealized Gains (Losses) on Insured Derivatives		Net Realized Gains (Losses)		Net Gains (Losses) on Financial Instruments at Fair Value and Foreign Exchange		Net Realized Gains (Losses)		Net Gains (Losses) on Financial Instruments at Fair Value and Foreign Exchange
Total gains (losses) included in earnings	$	(674)	$	(145)	$	(1)	$	-	$	74


Change in unrealized gains (losses) for the period included in earnings for assets and liabilities still held as of June 30, 2010	$	(691)	$	-	$	20	$	-	$	74

Changes In Fair Value Included In The Company's Consolidated Income Statement For All Financial Instruments For Which The Fair Value Option Was Elected


	Three Months Ended June 30,
	2011						2010
In millions	Net Gains (Losses) on Financial Instruments at Fair Value and Foreign Exchange		Net Realized Gains (Losses)		Total Changes in Fair Value		Net Gains (Losses) on Financial Instruments at Fair Value and Foreign Exchange		Net Realized Gains (Losses)		Total Changes in Fair Value
Fixed-maturity securities held at fair value	$	(265)	$	-	$	(265)	$	231	$	-	$	231
Loans receivable at fair value:
Residential mortgage loans		29		-		29		130		-		130
Other loans		(35)		-		(35)		44		-		44
Loan repurchase commitments		39		-		39		77		-		77
Other assets		18		-		18		(2)		-		(2)
Long-term debt		252		-		252		(123)		-		(123)


	Six Months Ended June 30,
	2011						2010
In millions	Net Gains (Losses) on Financial Instruments at Fair Value and Foreign Exchange		Net Realized Gains (Losses)		Total Changes in Fair Value		Net Gains (Losses) on Financial Instruments at Fair Value and Foreign Exchange		Net Realized Gains (Losses)		Total Changes in Fair Value
Fixed-maturity securities held at fair value	$	(52)	$	-	$	(52)	$	248	$	21	$	269
Loans receivable at fair value:
Residential mortgage loans		130		-		130		368		220		588
Other loans		7		-		7		18		-		18
Loan repurchase commitments		70		-		70		293		63		356
Other assets		(22)		-		(22)		(1)		159		158
Long-term debt		(115)		-		(115)		(424)		(333)		(757)

Difference Between The Aggregate Fair Value And The Aggregate Remaining Contractual Principal For Loans And Long Term Debt For Which Fair Value Option Has Been Elected


	As of June 30, 2011						As of December 31, 2010
In millions	Contractual Outstanding Principal		Fair Value		Difference		Contractual Outstanding Principal		Fair Value		Difference
Loans receivable at fair value:
Residential mortgage loans	$	3,034	$	2,144	$	890	$	3,334	$	2,014	$	1,320
Residential mortgage loans (90 days or more past due)		240		-		240		243		-		243
Other loans		304		108		196		412		124		288
Other loans (90 days or more past due)		191		68		123		149		45		104

Total loans receivable at fair value	$	3,769	$	2,320	$	1,449	$	4,138	$	2,183	$	1,955

Long-term debt	$	23,448	$	6,539	$	16,909	$	17,217	$	6,680	$	10,537

- Definition

Tabular disclosure of the total amount of gains or losses for the period which are included in earnings or resulted in a change to net assets which gains or losses have arisen from the use of significant unobservable inputs (Level 3) to measure the fair value of assets and liabilities. Such gains or losses are attributable to the change in unrealized gains or losses relating to those assets and liabilities so valued which are still held at the reporting date and which change are also considered for disclosure; it may be expected that a description of where those unrealized gains or losses are reported in the statement of income or the statement of financial position would also be disclosed.

+ References+ Details

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 825
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-Section 50
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-Publisher FASB
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-Publisher FASB
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+ Details

- Definition

Tabular disclosure of the fair value measurement of assets and liabilities which includes [financial] instruments measured at fair value that are classified in stockholders' equity. Such assets and liabilities may be measured on a recurring or nonrecurring basis. The disclosures which may be required or desired include: (1) for assets and liabilities measured on a recurring basis, disclosure may include: (a) the fair value measurements at the reporting date; (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3); (c) for fair value measurements using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (i) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (ii) purchases, sales, issuances, and settlements (net); (iii) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs); (d) the amount of the total gains or losses for the period in subparagraph (c) (i) above included in earnings (or changes in net assets) that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date and a description of where those unrealized gains or losses are reported in the statement of income (or activities); (e) the valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques, if any, during the period and (2) for assets and liabilities that are measured at fair value on a nonrecurring basis (for example, impaired assets) disclosure may include, in addition to (a) above: (a) the reasons for the fair value measurements recorded; (b) the same as (b) above; (c) for fair value measurements using significant unobservable inputs (Level 3), a description of the inputs and the information used to develop the inputs; and (d) the valuation technique(s) used to measure fair value and a discussion of changes, if any, in the valuation technique(s) used to measure similar assets and/or liabilities in prior periods. Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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+ Details