Investments (Tables)

12 Months Ended

Dec. 31, 2012

Investments

Summary of Investments

	December 31,
	2012		2011
	(in millions)
Available-for-Sale securities, at fair value	$	31,472	$	34,505
Mortgage loans, net		3,609		3,727
Policy and certificate loans		754		742
Other investments		1,042		979
Total	$	36,877	$	39,953

Summary of net investment income

	Years Ended December 31,
	2012			2011			2010
	(in millions)
Investment income on fixed maturities	$	1,768		$	1,917		$	1,946
Net realized gains		7			6			33
Affordable housing partnerships		(25	)		(32	)		(20	)
Other		73			64			75
Consolidated investment entities		110			91			275
Total net investment income	$	1,933		$	2,046		$	2,309

Available-for-Sale Securities Disclosure

	December 31, 2012
Description of Securities	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Noncredit OTTI(1)
	(in millions)
Corporate debt securities	$	16,628	$	2,196	$	(9	)	$	18,815	$	—
Residential mortgage backed securities		5,280		261		(112	)		5,429		(58	)
Commercial mortgage backed securities		3,120		299		—			3,419		—
Asset backed securities		1,204		75		(4	)		1,275		—
State and municipal obligations		2,034		241		(36	)		2,239		—
U.S. government and agencies obligations		49		9		—			58		—
Foreign government bonds and obligations		188		36		—			224		—
Common stocks		7		6		—			13		2
Total	$	28,510	$	3,123	$	(161	)	$	31,472	$	(56	)

	December 31, 2011
Description of Securities	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Noncredit OTTI(1)
	(in millions)
Corporate debt securities	$	16,380	$	1,741	$	(81	)	$	18,040	$	—
Residential mortgage backed securities		7,756		287		(367	)		7,676		(154	)
Commercial mortgage backed securities		4,430		291		(2	)		4,719		—
Asset backed securities		1,652		61		(8	)		1,705		—
State and municipal obligations		2,026		162		(58	)		2,130		—
U.S. government and agencies obligations		61		10		—			71		—
Foreign government bonds and obligations		126		19		(1	)		144		—
Common stocks		5		4		—			9		—
Other debt obligations		11		—		—			11		—
Total	$	32,447	$	2,575	$	(517	)	$	34,505	$	(154	)

(1)

Represents the amount of other-than-temporary impairment ("OTTI") losses in accumulated other comprehensive income. Amount includes unrealized gains and losses on impaired securities subsequent to the initial impairment measurement date. These amounts are included in gross unrealized gains and losses as of the end of the period.

Investments with Fixed Maturities Disclosure

	December 31, 2012							December 31, 2011
Ratings	Amortized Cost		Fair Value		Percent of Total Fair Value			Amortized Cost		Fair Value		Percent of Total Fair Value
	(in millions, except percentages)
AAA	$	7,462	$	8,021		26	%	$	11,510	$	12,105		35	%
AA		1,620		1,827		6			1,942		2,087		6
A		5,456		6,069		19			5,012		5,442		16
BBB		11,939		13,575		43			11,818		13,050		38
Below investment grade		2,026		1,967		6			2,160		1,812		5
Total fixed maturities	$	28,503	$	31,459		100	%	$	32,442	$	34,496		100	%

Available-for-Sale Securities Continuous Unrealized Loss Disclosure

	December 31, 2012
	Less than 12 months							12 months or more							Total
Description of Securities	Number of Securities		Fair Value		Unrealized Losses			Number of Securities		Fair Value		Unrealized Losses			Number of Securities		Fair Value		Unrealized Losses
	(in millions, except number of securities)
Corporate debt securities		76	$	801	$	(6	)		6	$	70	$	(3	)		82	$	871	$	(9	)
Residential mortgage backed securities		22		408		(5	)		134		658		(107	)		156		1,066		(112	)
Asset backed securities		9		108		(1	)		5		86		(3	)		14		194		(4	)
State and municipal obligations		13		34		(1	)		8		113		(35	)		21		147		(36	)
Total		120	$	1,351	$	(13	)		153	$	927	$	(148	)		273	$	2,278	$	(161	)

	December 31, 2011
	Less than 12 months							12 months or more							Total
Description of Securities	Number of Securities		Fair Value		Unrealized Losses			Number of Securities		Fair Value		Unrealized Losses			Number of Securities		Fair Value		Unrealized Losses
	(in millions, except number of securities)
Corporate debt securities		124	$	1,647	$	(40	)		10	$	259	$	(41	)		134	$	1,906	$	(81	)
Residential mortgage backed securities		121		1,424		(39	)		169		821		(328	)		290		2,245		(367	)
Commercial mortgage backed securities		14		182		(2	)		5		29		—			19		211		(2	)
Asset backed securities		33		388		(5	)		5		51		(3	)		38		439		(8	)
State and municipal obligations		—		—		—			53		229		(58	)		53		229		(58	)
Foreign government bonds and obligations		6		28		(1	)		—		—		—			6		28		(1	)
Total		298	$	3,669	$	(87	)		242	$	1,389	$	(430	)		540	$	5,058	$	(517	)

Credit Losses on Available-for-Sale Securities Disclosure

	Years Ended December 31,
	2012			2011			2010
	(in millions)
Beginning balance	$	303		$	297		$	263
Credit losses for which an other-than-temporary impairment was not previously recognized		2			15			15
Credit losses for which an other-than-temporary impairment was previously recognized		32			19			19
Reductions for securities sold during the period (realized)		(161	)		(28	)		—
Ending balance	$	176		$	303		$	297

Other Comprehensive Income Available-for-Sale Securities Disclosure

	Net Unrealized Securities Gains			Deferred Income Tax			Accumulated Other Comprehensive Income Related to Net Unrealized Securities Gains
	(in millions)
Balance at January 1, 2010	$	474		$	(164	)	$	310
Cumulative effect of accounting change		62			(22	)		40	(1)
Net unrealized securities gains arising during the period(2)		828			(291	)		537
Reclassification of net securities gains included in net income		(28	)		10			(18	)
Impact of DAC, DSIC, benefit reserves and reinsurance recoverables		(259	)		90			(169	)
Balance at December 31, 2010		1,077			(377	)		700	(3)
Net unrealized securities gains arising during the period(2)		572			(196	)		376
Impact of DAC, DSIC, benefit reserves and reinsurance recoverables		(299	)		106			(193	)
Balance at December 31, 2011		1,350			(467	)		883	(3)
Net unrealized securities gains arising during the period(2)		911			(323	)		588
Reclassification of net securities gains included in net income		(7	)		2			(5	)
Impact of DAC, DSIC, benefit reserves and reinsurance recoverables		(237	)		83			(154	)
Balance at December 31, 2012	$	2,017		$	(705	)	$	1,312	(3)

(1)

The Company retrospectively adopted a new accounting standard on January 1, 2012 for DAC. See Note 1 and Note 3 for additional information on the adoption impact.

(2)

Includes other-than-temporary impairment losses on Available-for-Sale securities related to factors other than credit that were recognized in other comprehensive income during the period.

(3)

Includes $(18) million, $(75) million and $(66) million of noncredit related impairments on securities and net unrealized securities losses on previously impaired securities at December 31, 2012, 2011 and 2010, respectively.

Available-for-Sale Securities Recognized in Earnings Disclosure

	Years Ended December 31,
	2012			2011			2010
	(in millions)
Gross realized gains	$	109		$	52		$	72
Gross realized losses		(65	)		(18	)		(7	)
Other-than-temporary impairments		(37	)		(34	)		(37	)
Total	$	7		$	—		$	28

Available-for-Sale Securities Contractual Maturity Disclosure

	Amortized Cost		Fair Value
	(in millions)
Due within one year	$	1,643	$	1,670
Due after one year through five years		5,695		6,029
Due after five years through 10 years		6,964		7,962
Due after 10 years		4,597		5,675
		18,899		21,336
Residential mortgage backed securities		5,280		5,429
Commercial mortgage backed securities		3,120		3,419
Asset backed securities		1,204		1,275
Common stocks		7		13
Total	$	28,510	$	31,472