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Investments (Tables)

6 Months Ended

Jun. 30, 2011

Investments

Investment Holdings Disclosure

		June 30, 2011			December 31, 2010
		(in millions)
Available-for-Sale securities, at fair value		$	33,348		$	32,619
Commercial mortgage loans, net		2,524			2,577
Trading securities		644			565
Policy loans		736			733
Other investments		695			559
Total		$	37,947		$	37,053

Available-for-Sale Securities Disclosure

		June 30, 2011
Description of Securities		Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value			Noncredit OTTI (1)
		(in millions)
Corporate debt securities		$	15,366		$	1,298		$	(30	)	$	16,634		$	—
Residential mortgage backed securities		7,647			350			(285		)	7,712			(117		)
Commercial mortgage backed securities		4,453			286			(4		)	4,735			—
Asset backed securities		2,020			76			(33		)	2,063			(15		)
State and municipal obligations		1,971			59			(73		)	1,957			—
U.S. government and agencies obligations		86			8			—			94			—
Foreign government bonds and obligations		107			17			—			124			—
Common and preferred stocks		6			4			—			10			—
Other debt obligations		19			—			—			19			—
Total		$	31,675		$	2,098		$	(425	)	$	33,348		$	(132	)

		December 31, 2010
Description of Securities		Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value			Noncredit OTTI (1)
		(in millions)
Corporate debt securities		$	15,433		$	1,231		$	(58	)	$	16,606		$	—
Residential mortgage backed securities		7,213			368			(323		)	7,258			(117		)
Commercial mortgage backed securities		4,583			293			(8		)	4,868			—
Asset backed securities		1,982			78			(40		)	2,020			(16		)
State and municipal obligations		1,666			21			(105		)	1,582			—
U.S. government and agencies obligations		135			8			—			143			—
Foreign government bonds and obligations		91			17			—			108			—
Common and preferred stocks		6			4			—			10			—
Other debt obligations		24			—			—			24			—
Total		$	31,133		$	2,020		$	(534	)	$	32,619		$	(133	)

(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

		June 30, 2011								December 31, 2010
Ratings		Amortized Cost			Fair Value			Percent of Total Fair Value		Amortized Cost			Fair Value			Percent of Total Fair Value
		(in millions, except percentages)
AAA		$	12,202		$	12,854		39	%	$	12,142		$	12,809		39	%
AA		1,833			1,917			6		1,843			1,899			6
A		4,916			5,195			15		4,449			4,670			14
BBB		10,801			11,737			35		10,536			11,408			35
Below investment grade		1,917			1,635			5		2,157			1,823			6
Total fixed maturities		$	31,669		$	33,338		100	%	$	31,127		$	32,609		100	%

Available-for-Sale Securities Continuous Unrealized Loss Disclosure

		June 30, 2011
		Less than 12 months								12 months or more								Total
		Number of		Fair			Unrealized			Number of		Fair			Unrealized			Number of		Fair			Unrealized
Description of Securities		Securities		Value			Losses			Securities		Value			Losses			Securities		Value			Losses
		(in millions, except number of securities)
Corporate debt securities		98		$	1,304		$	(23	)	7		$	115		$	(7	)	105		$	1,419		$	(30	)
Residential mortgage backed securities		142		1,175			(17		)	132		714			(268		)	274		1,889			(285		)
Commercial mortgage backed securities		33		419			(4		)	—		—			—			33		419			(4		)
Asset backed securities		27		231			(3		)	29		154			(30		)	56		385			(33		)
State and municipal obligations		109		342			(11		)	57		235			(62		)	166		577			(73		)
Total		409		$	3,471		$	(58	)	225		$	1,218		$	(367	)	634		$	4,689		$	(425	)

		December 31, 2010
		Less than 12 months								12 months or more								Total
		Number of		Fair			Unrealized			Number of		Fair			Unrealized			Number of		Fair			Unrealized
Description of Securities		Securities		Value			Losses			Securities		Value			Losses			Securities		Value			Losses
		(in millions, except number of securities)
Corporate debt securities		115		$	1,859		$	(46	)	13		$	157		$	(12	)	128		$	2,016		$	(58	)
Residential mortgage backed securities		108		782			(12		)	133		712			(311		)	241		1,494			(323		)
Commercial mortgage backed securities		30		498			(7		)	1		23			(1		)	31		521			(8		)
Asset backed securities		29		354			(8		)	25		123			(32		)	54		477			(40		)
State and municipal obligations		206		696			(31		)	60		232			(74		)	266		928			(105		)
Total		488		$	4,189		$	(104	)	232		$	1,247		$	(430	)	720		$	5,436		$	(534	)

Credit Losses on Available-for-Sale Securities Disclosure

		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2011			2010			2011			2010
		(in millions)
Beginning balance of credit losses on securities held for which a portion of other-than-temporary impairment was recognized in other comprehensive income		$	283		$	290		$	297		$	263
Additional amount related to credit losses for which an other-than-temporary impairment was not previously recognized		13			—			13			15
Reductions for securities sold during the period (realized)		—			—			(16		)	—
Additional increases to the amount related to credit losses for which an other-than-temporary impairment was previously recognized		3			1			5			13
Ending balance of credit losses on securities held as of June 30 for which a portion of other-than-temporary impairment was recognized in other comprehensive income		$	299		$	291		$	299		$	291

Other Comprehensive Income Available-for-Sale Securities Disclosure

		Net						Accumulated Other
		Unrealized						Comprehensive Income
		Securities			Deferred			Related to Net Unrealized
		Gains (Losses)			Income Tax			Securities Gains (Losses)
		(in millions)

Balance at January 1, 2010		$	474		$	(164	)	$	310
Net unrealized securities gains arising during the period (2)		898			(315		)	583
Reclassification of gains included in net income		(8		)	3			(5		)
Impact of DAC, DSIC, benefit reserves and reinsurance recoverables		(305		)	107			(198		)
Balance at June 30, 2010		$	1,059		$	(369	)	$	690	(1)

Balance at January 1, 2011		$	946		$	(331	)	$	615
Net unrealized securities gains arising during the period (2)		192			(66		)	126
Reclassification of gains included in net income		(5		)	2			(3		)
Impact of DAC, DSIC, benefit reserves and reinsurance recoverables		(71		)	25			(46		)
Balance at June 30, 2011		$	1,062		$	(370	)	$	692	(1)

(1) Includes $(62) million and $(82) million of noncredit related impairments on securities and net unrealized securities losses on previously impaired securities at June 30, 2011 and June 30, 2010, respectively.

(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.

Available-for-Sale Securities Recognized in Earnings Disclosure

		Three Months Ended June 30,						Six Months Ended June 30,
		2011			2010			2011			2010
		(in millions)						(in millions)
Gross realized gains from sales		$	21		$	7		$	39		$	40
Gross realized losses from sales		(1		)	—			(18		)	(1		)
Other-than-temporary impairments		(16		)	(1		)	(18		)	(31		)

Available-for-Sale Securities Contractual Maturity Disclosure

		Amortized Cost			Fair Value
		(in millions)
Due within one year		$	903		$	920
Due after one year through five years		5,690			6,043
Due after five years through 10 years		6,287			6,829
Due after 10 years		4,669			5,036
		17,549			18,828
Residential mortgage backed securities		7,647			7,712
Commercial mortgage backed securities		4,453			4,735
Asset backed securities		2,020			2,063
Common and preferred stocks		6			10
Total		$	31,675		$	33,348

This item represents the entire disclosure related to Available-for-sale Securities which consist of all investments in certain debt and equity securities neither classified as trading or held-to-maturity securities. A debt security represents a creditor relationship with an enterprise. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities which are categorized as Available-for-sale.

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