SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Tables)

12 Months Ended

Dec. 31, 2015

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,
	2015			2014			2013
	(in millions)
Revenues
Management and financial advice fees	$	(1	)	$	—		$	4
Distribution fees	—			—			1
Net investment income	2			30			33
Other revenues	14			11			7
Total revenues	15			41			45
Expenses
Benefits, claims, losses and settlement expenses	13			11			19
Interest and debt expense	124			118			123
General and administrative expense	193			195			221
Total expenses	330			324			363
Pretax loss before equity in earnings of subsidiaries	(315		)	(283		)	(318		)
Income tax benefit	(123		)	(88		)	(85		)
Loss before equity in earnings of subsidiaries	(192		)	(195		)	(233		)
Equity in earnings of subsidiaries excluding discontinued operations	1,754			1,816			1,570
Net income from continuing operations	1,562			1,621			1,337
Loss from discontinued operations, net of tax	—			(2		)	(3		)
Net income	1,562			1,619			1,334
Other comprehensive income (loss), net of tax	(409		)	67			(599		)
Total comprehensive income	$	1,153		$	1,686		$	735
See Notes to Condensed Financial Information of Registrant.

Schedule I — Condensed Financial Information of Registrant Condensed Balance Sheet (Parent Company Only)
	December 31,
	2015			2014
(in millions, except share amounts)
Assets
Cash and cash equivalents	$	661		$	1,257
Investments	513			1,181
Loans to subsidiaries	167			167
Due from subsidiaries	227			212
Receivables	40			22
Land, buildings, equipment, and software, net of accumulated depreciation of $993 and $823, respectively	294			232
Investments in subsidiaries	7,779			7,762
Other assets	1,425			1,577
Total assets	$	11,106		$	12,410
Liabilities and Shareholders’ Equity
Liabilities:
Accounts payable and accrued expenses	$	198		$	211
Due to subsidiaries	148			329
Borrowings from subsidiaries	331			349
Debt	2,707			3,062
Other liabilities	642			569
Total liabilities	4,026			4,520
Shareholders’ Equity:
Common shares ($.01 par value; shares authorized, 1,250,000,000; shares issued, 322,822,746 and 320,990,255, respectively)	3			3
Additional paid-in capital	7,611			7,345
Retained earnings	9,551			8,469
Treasury shares, at cost (151,789,486 and 137,880,746 shares, respectively)	(10,338		)	(8,589		)
Accumulated other comprehensive income, net of tax, including amounts applicable to equity investments in subsidiaries	253			662
Total shareholders’ equity	7,080			7,890
Total liabilities and equity	$	11,106		$	12,410
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,
	2015			2014			2013
	(in millions)
Cash Flows from Operating Activities
Net income	$	1,562		$	1,619		$	1,334
Equity in earnings of subsidiaries excluding discontinued operations	(1,754		)	(1,816		)	(1,570		)
Loss from discontinued operations, net of tax	—			2			3
Dividends received from subsidiaries	1,485			1,569			1,163
Other operating activities, primarily with subsidiaries	183			614			(34		)
Net cash provided by operating activities	1,476			1,988			896
Cash Flows from Investing Activities
Available-for-Sale securities:
Proceeds from sales	112			62			2
Maturities, sinking fund payments and calls	506			284			191
Purchases	(28		)	(756		)	(109		)
Proceeds from sale of other investments	62			—			43
Purchase of other investments	(5		)	(50		)	(1		)
Purchase of land, buildings, equipment and software	(47		)	(40		)	(54		)
Contributions to subsidiaries	(271		)	(31		)	(106		)
Return of capital from subsidiaries	146			284			470
Repayment of loans to subsidiaries	2,897			3,402			1,420
Issuance of loans to subsidiaries	(2,897		)	(3,112		)	(1,412		)
Other, net	7			99			20
Net cash provided by investing activities	482			142			464
Cash Flows from Financing Activities
Dividends paid to shareholders	(465		)	(426		)	(401		)
Repurchase of common shares	(1,741		)	(1,577		)	(1,583		)
Cash paid for purchased options with deferred premiums	(19		)	(388		)	(4		)
Cash received for purchased options with deferred premiums	—			59			23
Issuances of debt, net of issuance costs	—			543			744
Repayments of long-term debt	(409		)	(200		)	(350		)
Loans from subsidiaries	—			15			—
Repayment of loans from subsidiaries	(18		)	(15		)	—
Exercise of stock options	16			33			118
Excess tax benefits from share-based compensation	81			162			120
Other, net	1			(4		)	(2		)
Net cash used in financing activities	(2,554		)	(1,798		)	(1,335		)
Net increase (decrease) in cash and cash equivalents	(596		)	332			25
Cash and cash equivalents at beginning of year	1,257			925			900
Cash and cash equivalents at end of year	$	661		$	1,257		$	925
Supplemental Disclosures:
Interest paid on debt	$	154		$	145		$	129
Income taxes paid, net	378			482			354
Non-cash dividends from subsidiaries	52			152			—
Non-cash contributions to subsidiaries	—			51			—
See Notes to Condensed Financial Information of Registrant.