SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Tables)

12 Months Ended

Dec. 31, 2011

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Parent Company Only)

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

	Years Ended December 31,
	2011			2010			2009
	(in millions)
Revenues
Management and financial advice fees	$	—		$	129		$	53
Distribution fees		9			11			—
Net investment income		18			17			22
Other revenues		30			29			68
Total revenues		57			186			143
Banking and deposit interest expense		—			1			1
Total net revenues		57			185			142
Expenses
Distribution expenses	$	5		$	(9	)	$	—
Interest and debt expense		95			107			127
General and administrative expense		223			288			271
Total expenses		323			386			398
Pretax loss before equity in earnings of subsidiaries		(266	)		(201	)		(256	)
Income tax benefit		(102	)		(120	)		(114	)
Loss before equity in earnings of subsidiaries		(164	)		(81	)		(142	)
Equity in earnings of subsidiaries excluding discontinued operations		1,300			1,202			863
Net income from continuing operations		1,136			1,121			721
Income (loss) from discontinued operations, net of tax		(60	)		(24	)		1
Net income	$	1,076		$	1,097		$	722

	December 31,
	2011			2010
	(in millions, except share data)
Assets
Cash and cash equivalents	$	712		$	1,316
Investments		846			49
Loans to subsidiaries		624			564
Due from subsidiaries		122			109
Receivables		46			50
Land, buildings, equipment, and software, net of accumulated depreciation of $707 and $676, respectively		263			272
Investments in subsidiaries from continuing operations		9,332			9,819
Investments in subsidiaries held for sale		—			94
Other assets		1,357			1,159
Total assets	$	13,302		$	13,432
Liabilities and Shareholders' Equity
Liabilities:
Accounts payable and accrued expenses	$	167		$	178
Due to subsidiaries		261			354
Debt		2,393			2,311
Other liabilities		654			422
Total liabilities		3,475			3,265
Shareholders' Equity:
Common shares ($.01 par value; shares authorized, 1,250,000,000; shares issued, 303,757,574 and 301,366,044, respectively)		3			3
Additional paid-in capital		6,237			6,029
Retained earnings		6,983			6,190
Treasury shares, at cost (81,814,591 and 54,668,152 shares, respectively)		(4,034	)		(2,620	)
Accumulated other comprehensive income, net of tax, including amounts applicable to equity investments in subsidiaries		638			565
Total shareholders' equity		9,827			10,167
Total liabilities and shareholders' equity	$	13,302		$	13,432

	Years Ended December 31,
	2011			2010			2009
	(in millions)
Cash Flows from Operating Activities
Net income	$	1,076		$	1,097		$	722
Equity in earnings of subsidiaries excluding discontinued operations		(1,300	)		(1,202	)		(863	)
Loss (income) from discontinued operations, net of tax		60			24			(1	)
Dividends received from subsidiaries		1,210			796			204
Other operating activities, primarily with subsidiaries		(231	)		921			(90	)
Net cash provided by (used in) operating activities		815			1,636			(28	)
Cash Flows from Investing Activities
Available-for-Sale securities:
Proceeds from sales		—			31			29
Maturities, sinking fund payments and calls		239			151			86
Purchases		(22	)		(151	)		(139	)
Purchase of other investments		—			(32	)		—
Purchase of land, buildings, equipment and software		(56	)		(32	)		(29	)
Contributions to subsidiaries		(128	)		(73	)		(233	)
Return of capital from subsidiaries		22			116			60
Acquisitions		—			(866	)		—
Proceeds from sale of business		150			—			—
Repayment of loans from subsidiaries		1,252			1,282			1,400
Issuance of loans to subsidiaries		(1,312	)		(1,463	)		(1,599	)
Other, net		2			34			8
Net cash provided by (used in) investing activities		147			(1,003	)		(417	)
Cash Flows from Financing Activities
Repayments of debt	$	(14	)	$	(354	)	$	(550	)
Dividends paid to shareholders		(212	)		(183	)		(164	)
Repurchase of common shares		(1,495	)		(582	)		(11	)
Proceeds from issuance of common stock		—			—			869
Issuances of debt, net of issuance costs		—			744			491
Exercise of stock options		66			113			6
Excess tax benefits from share-based compensation		90			9			12
Other, net		(1	)		(2	)		(4	)
Net cash provided by (used in) financing activities		(1,566	)		(255	)		649
Net increase (decrease) in cash and cash equivalents		(604	)		378			204
Cash and cash equivalents at beginning of year		1,316			938			734
Cash and cash equivalents at end of year	$	712		$	1,316		$	938
Supplemental Disclosures:
Interest paid on debt	$	139		$	140		$	122
Income taxes paid, net		334			2			4
Non-cash capital transactions to (from) subsidiaries		(850	)		14			331
Non-cash financing activity:
Dividends declared but not paid		62			—			—