Derivatives and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of gross fair value of derivative instruments, including embedded derivatives [Table Text Block]

The Company uses derivatives as economic hedges and accounting hedges. The following table presents the notional value and gross fair value of derivative instruments, including embedded derivatives:



	December 31, 2015						December 31, 2014
	Notional		Gross Fair Value				Notional		Gross Fair Value
	Notional		Assets⁽¹⁾		Liabilities⁽²⁾⁽³⁾		Notional		Assets⁽¹⁾		Liabilities⁽²⁾⁽³⁾
	(in millions)
Derivatives designated as hedging instruments
Interest rate contracts	$	675	$	58	$	—	$	1,025	$	76	$	—
Total qualifying hedges	675		58		—		1,025		76		—

Derivatives not designated as hedging instruments
Interest rate contracts	63,798		1,882		969		61,849		1,955		1,136
Equity contracts	70,238		1,587		1,993		69,805		2,039		2,702
Credit contracts	600		2		—		616		—		—
Foreign exchange contracts	4,408		56		18		2,029		30		3
Other contracts	3,760		2		96		2,744		1		114
Total non-designated hedges	142,804		3,529		3,076		137,043		4,025		3,955

Embedded derivatives
GMWB and GMAB ⁽⁴⁾	N/A		—		851		N/A		—		479
IUL	N/A		—		364		N/A		—		242
EIA	N/A		—		5		N/A		—		6
SMC	N/A		—		4		N/A		—		6
Total embedded derivatives	N/A		—		1,224		N/A		—		733
Total derivatives	$	143,479	$	3,587	$	4,300	$	138,068	$	4,101	$	4,688

N/A Not applicable.

⁽¹⁾The fair value of freestanding derivative assets is included in Other assets on the Consolidated Balance Sheets.

⁽²⁾The fair value of freestanding derivative liabilities is included in Other liabilities on the Consolidated Balance Sheets. The fair value of GMWB and GMAB, IUL, and EIA embedded derivatives is included in Policyholder account balances, future policy benefits and claims on the Consolidated Balance Sheets. The fair value of the SMC embedded derivative liability is included in Customer deposits on the Consolidated Balance Sheets.

⁽³⁾The fair value of the Company’s derivative liabilities after considering the effects of master netting arrangements, cash collateral held by the same counterparty and the fair value of net embedded derivatives was $1.6 billion and $1.5 billion at December 31, 2015 and 2014, respectively. See Note 15 for additional information related to master netting arrangements and cash collateral. See Note 4 for information about derivatives held by consolidated VIEs.

⁽⁴⁾

The fair value of the GMWB and GMAB embedded derivatives at December 31, 2015 included $994 million of individual contracts in a liability position and $143 million of individual contracts in an asset position. The fair value of the GMWB and GMAB embedded derivatives at December 31, 2014 included $700 million of individual contracts in a liability position and $221 million of individual contracts in an asset position.

Schedule of gain (loss) on derivative instruments [Table Text Block]

The following table presents a summary of the impact of derivatives not designated as hedging instruments on the Consolidated Statements of Operations:



	Net Investment Income			Banking and Deposit Interest Expense			Distribution Expenses			Interest Credited to Fixed Accounts			Benefits, Claims, Losses and Settlement Expenses			General and Administrative Expense
	(in millions)
Year Ended December 31, 2015
Interest rate contracts	$	(21	)	$	—		$	—		$	—		$	241		$	—
Equity contracts	—			—			1			(10		)	(304		)	2
Credit contracts	—			—			—			—			(1		)	—
Foreign exchange contracts	4			—			(1		)	—			13			(2		)
Other contracts	1			—			—			—			(27		)	—
GMWB and GMAB embedded derivatives	—			—			—			—			(372		)	—
IUL embedded derivatives	—			—			—			(8		)	—			—
EIA embedded derivatives	—			—			—			1			—			—
SMC embedded derivatives	—			—			—			—			—			—
Total loss	$	(16	)	$	—		$	—		$	(17	)	$	(450	)	$	—
Year Ended December 31, 2014
Interest rate contracts	$	1		$	—		$	—		$	—		$	1,122		$	—
Equity contracts	(4		)	3			13			21			(304		)	4
Credit contracts	—			—			—			—			(33		)	—
Foreign exchange contracts	2			—			(5		)	—			(9		)	(1		)
Other contracts	—			—			—			—			(12		)	—
GMWB and GMAB embedded derivatives	—			—			—			—			(1,054		)	—
IUL embedded derivatives	—			—			—			(27		)	—			—
EIA embedded derivatives	—			—			—			(2		)	—			—
SMC embedded derivatives	—			(3		)	—			—			—			—
Total gain (loss)	$	(1	)	$	—		$	8		$	(8	)	$	(290	)	$	3
Year Ended December 31, 2013
Interest rate contracts	$	2		$	—		$	—		$	—		$	(742	)	$	—
Equity contracts	(17		)	7			9			14			(1,084		)	5
Credit contracts	—			—			—			—			6			—
Foreign exchange contracts	(2		)	—			—			—			26			—
Other contracts	1			—			—			—			(42		)	—
GMWB and GMAB embedded derivatives	—			—			—			—			1,408			—
IUL embedded derivatives	—			—			—			(16		)	—			—
EIA embedded derivatives	—			—			—			(3		)	—			—
SMC embedded derivatives	—			(6		)	—			—			—			—
Total gain (loss)	$	(16	)	$	1		$	9		$	(5	)	$	(428	)	$	5

Schedule of payments to make and receive for options [Table Text Block]

The deferred premium associated with certain of the above options is paid or received semi-annually over the life of the option contract or at maturity. The following is a summary of the payments the Company is scheduled to make and receive for these options:



	Premiums Payable		Premiums Receivable
	(in millions)
2016	$	331	$	76
2017	273		76
2018	221		126
2019	264		128
2020	198		59
2021-2027	633		176
Total	$	1,920	$	641

Fair value hedges [Member]

Derivative Instruments, Gain (Loss)

Schedule of gain (loss) on derivative instruments [Table Text Block]

The following table presents the amounts recognized in income related to fair value hedges:



Derivatives designated as hedging instruments	Location of Gain Recorded into Income	Amount of Gain Recognized in Income on Derivatives
		Years Ended December 31,
		2015		2014		2013
		(in millions)
Interest rate contracts	Interest and debt expense	$	31	$	33	$	57