Income Taxes (Tables)

12 Months Ended

Dec. 31, 2011

Income Taxes

Components of income tax provision (benefit)

	Years Ended December 31,
	2011			2010			2009
	(in millions)
Current income tax:
Federal	$	250		$	(224	)	$	200
State and local		21			13			4
Foreign		23			32			4
Total current income tax		294			(179	)		208
Deferred income tax:
Federal		68			540			(13	)
State and local		1			(5	)		(7	)
Foreign		(8	)		(6	)		(4	)
Total deferred income tax		61			529			(24	)
Total income tax provision	$	355		$	350		$	184

Geographic sources of pretax income

	Years Ended December 31,
	2011		2010		2009
	(in millions)
United States	$	1,288	$	1,470	$	883
Foreign		97		164		37
Total	$	1,385	$	1,634	$	920

Reconciliation of the income tax provision

	Years Ended December 31,
	2011			2010			2009
Tax at U.S. statutory rate		35.0	%		35.0	%		35.0	%
Changes in taxes resulting from:
Dividend exclusion		(8.9	)		(4.1	)		(7.6	)
Tax-exempt interest income		(1.3	)		(1.0	)		(1.3	)
Tax credits		(3.4	)		(2.5	)		(5.8	)
State taxes, net of federal benefit		1.0			0.2			(0.4	)
Net income (loss) attributable to noncontrolling interests		2.7			(3.4	)		(0.6	)
Other, net		0.5			(2.7	)		0.7
Income tax provision		25.6	%		21.5	%		20.0	%

Components of Deferred income tax assets and liabilities

	December 31,
	2011			2010
	(in millions)
Deferred income tax assets:
Liabilities for future policy benefits and claims	$	1,615		$	1,329
Investment impairments and write-downs		118			119
Deferred compensation		274			241
Investment related		—			56
Loss carryovers and tax credit carryforwards		134			134
Other		89			70
Gross deferred income tax assets		2,230			1,949
Less: Valuation allowance		(5	)		—
Total deferred income tax assets		2,225			1,949
Deferred income tax liabilities:
Deferred acquisition costs		1,418			1,473
Investment related		260			—
Deferred sales inducement costs		180			191
Net unrealized gains on Available-for-Sale securities		396			312
Depreciation expense		182			138
Intangible assets		60			52
Other		71			85
Gross deferred income tax liabilities		2,567			2,251
Net deferred income tax liabilities	$	(342	)	$	(302	)

Reconciliation of gross unrecognized tax benefits

	2011			2010			2009
	(in millions)
Balance at January 1	$	75		$	(33	)	$	(56	)
Additions based on tax positions related to the current year		1			2			1
Additions for tax positions of prior years		95			57			45
Reductions for tax positions of prior years		(8	)		(42	)		(23	)
Settlements		21			91			—
Balance at December 31	$	184		$	75		$	(33	)

Income tax provision (benefit) amounts for items comprising other comprehensive income

	Years Ended December 31,
	2011			2010			2009
	(in millions)
Net unrealized securities gains	$	77		$	167		$	753
Net unrealized derivatives gains		(15	)		8			6
Defined benefit plans		(28	)		(2	)		10
Foreign currency translation adjustment		(1	)		(6	)		15
Net income tax provision	$	33		$	167		$	784