SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Tables)

12 Months Ended

Dec. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

Schedule I — Condensed Financial Information of Registrant Condensed Statements of Operations (Parent Company Only)
	Years Ended December 31,
	2014			2013			2012
	(in millions)
Revenues
Management and financial advice fees	$	—		$	4		$	1
Distribution fees	—			1			—
Net investment income	30			33			29
Other revenues	11			7			9
Total revenues	41			45			39
Banking and deposit interest expense	—			—			3
Total net revenues	41			45			36
Expenses
Benefits, claims, losses and settlement expenses	11			19			—
Distribution expenses	—			—			(5		)
Interest and debt expense	118			123			94
General and administrative expense	195			221			255
Total expenses	324			363			344
Pretax loss before equity in earnings of subsidiaries	(283		)	(318		)	(308		)
Income tax benefit	(88		)	(85		)	(104		)
Loss before equity in earnings of subsidiaries	(195		)	(233		)	(204		)
Equity in earnings of subsidiaries excluding discontinued operations	1,816			1,570			1,235
Net income from continuing operations	1,621			1,337			1,031
Loss from discontinued operations, net of tax	(2		)	(3		)	(2		)
Net income	$	1,619		$	1,334		$	1,029
See Notes to Condensed Financial Information of Registrant.

Schedule I — Condensed Financial Information of Registrant Condensed Statements of Comprehensive Income (Parent Company Only)
	Years Ended December 31,
	2014			2013			2012
	(in millions)
Net income	$	1,619		$	1,334		$	1,029
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment	(40		)	12			21
Net unrealized gains (losses) on securities:
Net unrealized securities gains (losses) arising during the period	345			(971		)	588
Reclassification of net securities gains included in net income	(25		)	(5		)	(5		)
Impact on deferred acquisition costs, deferred sales inducement costs, unearned revenue, benefit reserves and reinsurance recoverables	(189		)	319			(154		)
Total net unrealized gains (losses) on securities	131			(657		)	429
Net unrealized gains on derivatives:
Net unrealized derivative gains arising during the period	—			—			10
Reclassification of net derivative losses (gains) included in net income	1			1			(1		)
Total net unrealized gains on derivatives	1			1			9
Defined benefit plans:
Prior service credit	(1		)	(1		)	(1		)
Net income (loss) arising during the period	(24		)	46			(15		)
Total defined benefit plans	(25		)	45			(16		)
Total other comprehensive income (loss), net of tax	67			(599		)	443
Total comprehensive income	$	1,686		$	735		$	1,472
See Notes to Condensed Financial Information of Registrant.

Schedule I — Condensed Financial Information of Registrant Condensed Balance Sheets (Parent Company Only)
	December 31,
	2014			2013
(in millions, except share amounts)
Assets
Cash and cash equivalents	$	1,257		$	925
Investments	1,181			743
Loans to subsidiaries	167			457
Due from subsidiaries	212			416
Receivables	22			64
Land, buildings, equipment, and software, net of accumulated depreciation of $823 and $805, respectively	232			250
Investments in subsidiaries	7,762			7,652
Other assets	1,577			1,224
Total assets	$	12,410		$	11,731
Liabilities and Shareholders’ Equity
Liabilities:
Accounts payable and accrued expenses	$	211		$	191
Due to subsidiaries	329			54
Borrowings from subsidiaries	349			351
Debt	3,062			2,720
Other liabilities	569			560
Total liabilities	4,520			3,876
Shareholders’ Equity:
Common shares ($.01 par value; shares authorized, 1,250,000,000; shares issued, 320,990,255 and 316,816,851, respectively)	3			3
Additional paid-in capital	7,345			6,929
Retained earnings	8,469			7,289
Treasury shares, at cost (137,880,746 and 124,698,544 shares, respectively)	(8,589		)	(6,961		)
Accumulated other comprehensive income, net of tax, including amounts applicable to equity investments in subsidiaries	662			595
Total shareholders’ equity	7,890			7,855
Total liabilities and equity	$	12,410		$	11,731
See Notes to Condensed Financial Information of Registrant.

Schedule I — Condensed Financial Information of Registrant Condensed Statements of Cash Flows (Parent Company Only)
	Years Ended December 31,
	2014			2013			2012
	(in millions)
Cash Flows from Operating Activities
Net income	$	1,619		$	1,334		$	1,029
Equity in earnings of subsidiaries excluding discontinued operations	(1,816		)	(1,570		)	(1,235		)
Loss from discontinued operations, net of tax	2			3			2
Dividends received from subsidiaries	1,569			1,163			1,366
Other operating activities, primarily with subsidiaries	614			(34		)	197
Net cash provided by operating activities	1,988			896			1,359
Cash Flows from Investing Activities
Available-for-Sale securities:
Proceeds from sales	62			2			—
Maturities, sinking fund payments and calls	284			191			30
Purchases	(756		)	(109		)	—
Proceeds from sale of other investments	—			43			1
Purchase of other investments	(50		)	(1		)	(55		)
Purchase of land, buildings, equipment and software	(40		)	(54		)	(38		)
Contributions to subsidiaries	(31		)	(106		)	(131		)
Return of capital from subsidiaries	284			470			347
Repayment of loans to subsidiaries	3,402			1,420			1,150
Issuance of loans to subsidiaries	(3,112		)	(1,412		)	(994		)
Other, net	99			20			(16		)
Net cash provided by investing activities	142			464			294
Cash Flows from Financing Activities
Dividends paid to shareholders	(426		)	(401		)	(305		)
Repurchase of common shares	(1,577		)	(1,583		)	(1,381		)
Cash paid for purchased options with deferred premiums	(388		)	(4		)	—
Cash received for purchased options with deferred premiums	59			23			—
Issuances of debt, net of issuance costs	543			744			—
Repayments of debt	(200		)	(350		)	—
Loans from subsidiaries	15			—			—
Repayment of loans from subsidiaries	(15		)	—			—
Exercise of stock options	33			118			160
Excess tax benefits from share-based compensation	162			120			64
Other, net	(4		)	(2		)	(3		)
Net cash used in financing activities	(1,798		)	(1,335		)	(1,465		)
Net increase in cash and cash equivalents	332			25			188
Cash and cash equivalents at beginning of year	925			900			712
Cash and cash equivalents at end of year	$	1,257		$	925		$	900
Supplemental Disclosures:
Interest paid on debt	$	145		$	129		$	139
Income taxes paid, net	482			354			170
Non-cash dividends from subsidiaries	152			—			—
Non-cash contributions to subsidiaries	51			—			—
See Notes to Condensed Financial Information of Registrant.