Investments (Tables)

3 Months Ended

Mar. 31, 2012

Investments.

Investment Holdings Disclosure

	March 31, 2012		December 31, 2011
	(in millions)
Available-for-Sale securities, at fair value	$	34,805	$	34,505
Commercial mortgage loans, net	2,615		2,589
Policy loans	741		742
Other investments	943		939
Total	$	39,104	$	38,775

Summary of net investment income

	Three Months Ended March 31,
	2012			2011
	(in millions)
Investment income on fixed maturities	$	447		$	470
Net realized gains (losses)	(2		)	1
Affordable housing partnerships	(8		)	(7		)
Other	33			24
Consolidated investment entities	61			27
Total net investment income	$	531		$	515

Available-for-Sale Securities Disclosure

	March 31, 2012
Description of Securities	Amortized  Cost		Gross  Unrealized  Gains		Gross  Unrealized  Losses			Fair Value		Noncredit  OTTI (1)
	(in millions)
Corporate debt securities	$	16,687	$	1,737	$	(31	)	$	18,393	$	—
Residential mortgage backed securities	7,356		281		(279		)	7,358		(127		)
Commercial mortgage backed securities	4,284		301		(1		)	4,584		—
Asset backed securities	2,032		63		(39		)	2,056		(14		)
State and municipal obligations	1,994		170		(51		)	2,113		—
U.S. government and agencies obligations	59		9		—			68		—
Foreign government bonds and obligations	183		22		—			205		—
Common stocks	6		5		—			11		—
Other debt obligations	17		—		—			17		—
Total	$	32,618	$	2,588	$	(401	)	$	34,805	$	(141	)

	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	7,440		287		(331		)	7,396		(139		)
Commercial mortgage backed securities	4,430		291		(2		)	4,719		—
Asset backed securities	1,968		61		(44		)	1,985		(15		)
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

	March 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	$	11,240	$	11,836	34	%	$	11,510	$	12,105	35	%
AA	1,956		2,110		6		1,942		2,087		6
A	5,289		5,766		17		5,012		5,442		16
BBB	12,035		13,268		38		11,818		13,050		38
Below investment grade	2,092		1,814		5		2,160		1,812		5
Total fixed maturities	$	32,612	$	34,794	100	%	$	32,442	$	34,496	100	%

Available-for-Sale Securities Continuous Unrealized Loss Disclosure

	March 31, 2012
	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	75	$	869	$	(18	)	9	$	276	$	(13	)	84	$	1,145	$	(31	)
Residential mortgage backed securities	79	1,144		(22		)	151	796		(257		)	230	1,940		(279		)
Commercial mortgage backed securities	13	127		(1		)	2	20		—			15	147		(1		)
Asset backed securities	33	376		(7		)	34	158		(32		)	67	534		(39		)
State and municipal obligations	20	44		(1		)	26	175		(50		)	46	219		(51		)
Total	220	$	2,560	$	(49	)	222	$	1,425	$	(352	)	442	$	3,985	$	(401	)

	December 31, 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	124	$	1,647	$	(40	)	10	$	259	$	(41	)	134	$	1,906	$	(81	)
Residential mortgage backed securities	105	1,269		(33		)	141	717		(298		)	246	1,986		(331		)
Commercial mortgage backed securities	14	182		(2		)	5	29		—			19	211		(2		)
Asset backed securities	49	543		(11		)	33	155		(33		)	82	698		(44		)
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

	Three Months Ended March 31,
	2012			2011
	(in millions)
Beginning balance	$	303		$	297
Credit losses for which an other-than-temporary impairment was previously recognized	5			2
Reductions for securities sold during the period (realized)	(2		)	(16		)
Ending balance	$	306		$	283

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, 2011	$	946		$	(331	)	$	615
Cumulative effect of accounting change	131			(46		)	85		(1)
Net unrealized securities losses arising during the period (2)	(96		)	34			(62		)
Reclassification of net securities losses included in net income	1			—			1
Impact of DAC, DSIC, benefit reserves and reinsurance recoverables	39			(14		)	25
Balance at March 31, 2011	$	1,021		$	(357	)	$	664	(3)
Balance at January 1, 2012	$	1,358		$	(475	)	$	883	(1)
Net unrealized securities gains arising during the period (2)	127			(46		)	81
Reclassification of net securities losses included in net income	2			(1		)	1
Impact of DAC, DSIC, benefit reserves and reinsurance recoverables	(5		)	2			(3		)
Balance at March 31, 2012	$	1,482		$	(520	)	$	962	(3)

(1)    The Company retrospectively adopted a new accounting standard on January 1, 2012 for DAC. See Note 1 and 2 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 $(67) million and $(50) million of noncredit related impairments on securities and net unrealized securities losses on previously impaired securities at March 31, 2012 and 2011, respectively.

Available-for-Sale Securities Recognized in Earnings Disclosure

	Three Months Ended March 31,
	2012			2011
	(in millions)
Gross realized gains	$	5		$	18
Gross realized losses	(1		)	(17		)
Other-than-temporary impairments	(6		)	(2		)
Total	$	(2	)	$	(1	)

Available-for-Sale Securities Contractual Maturity Disclosure

	Amortized Cost		Fair Value
	(in millions)
Due within one year	$	1,252	$	1,280
Due after one year through five years	6,228		6,524
Due after five years through 10 years	6,672		7,459
Due after 10 years	4,788		5,533
	18,940		20,796
Residential mortgage backed securities	7,356		7,358
Commercial mortgage backed securities	4,284		4,584
Asset backed securities	2,032		2,056
Common stocks	6		11
Total	$	32,618	$	34,805