Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Income Taxes

Components of income tax provision (benefit)

	Years Ended December 31,
	2012			2011			2010
	(in millions)
Current income tax
Federal	$	229		$	250		$	(224	)
State and local		25			21			13
Foreign		31			23			32
Total current income tax		285			294			(179	)
Deferred income tax
Federal		37			90			483
State and local		15			1			(5	)
Foreign		(2	)		(8	)		(6	)
Total deferred income tax		50			83			472
Total income tax provision	$	335		$	377		$	293

Geographic sources of pretax income

	Years Ended December 31,
	2012		2011		2010
	(in millions)
United States	$	1,161	$	1,350	$	1,305
Foreign		77		97		164
Total	$	1,238	$	1,447	$	1,469

Reconciliation of the income tax provision

	Years Ended December 31,
	2012			2011			2010
Tax at U.S. statutory rate		35.0	%		35.0	%		35.0	%
Changes in taxes resulting from:
Dividend exclusion		(5.9	)		(8.5	)		(4.6	)
Tax-exempt interest income		(1.7	)		(1.3	)		(1.1	)
Foreign tax credits, net of addback		(3.2	)		(2.2	)		(1.7	)
Low income housing credits		(3.0	)		(1.1	)		(1.6	)
Taxes applicable to prior years		(2.5	)		0.2			(3.2	)
State taxes, net of federal benefit		2.5			1.0			0.2
Net income (loss) attributable to noncontrolling interests		3.6			2.6			(3.9	)
Other, net		2.3			0.4			0.8
Income tax provision		27.1	%		26.1	%		19.9	%

Components of Deferred income tax assets and liabilities

	December 31,
	2012			2011
	(in millions)
Deferred income tax assets
Liabilities for future policy benefits and claims	$	1,320		$	1,615
Investment impairments and write-downs		105			118
Investment related		104			—
Deferred compensation		310			274
Loss carryovers and tax credit carryforwards		43			134
Other		50			92
Gross deferred income tax assets		1,932			2,233
Less: valuation allowance		(16	)		(5	)
Total deferred income tax assets		1,916			2,228
Deferred income tax liabilities
Deferred acquisition costs		701			674
Investment related		—			260
Deferred sales inducement costs		142			180
Net unrealized gains on Available-for-Sale securities		708			457
Depreciation expense		164			182
Intangible assets		74			60
Other		82			71
Gross deferred income tax liabilities		1,871			1,884
Net deferred income tax assets	$	45		$	344

Reconciliation of gross unrecognized tax benefits (expense)

	2012			2011			2010
	(in millions)
Balance at January 1	$	184		$	75		$	(33	)
Additions based on tax positions related to the current year		2			1			2
Additions for tax positions of prior years		25			95			57
Reductions for tax positions of prior years		(83	)		(8	)		(42	)
Settlements		(12	)		21			91
Balance at December 31	$	116		$	184		$	75

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

	Years Ended December 31,
	2012			2011			2010
	(in millions)
Net unrealized securities gains	$	238		$	90		$	191
Net unrealized derivatives gains (losses)		4			(15	)		8
Defined benefit plans		(9	)		(28	)		(2	)
Foreign currency translation		7			(1	)		(6	)
Net income tax provision	$	240		$	46		$	191