Investments (Tables)

9 Months Ended

Sep. 30, 2012

Investments.

Summary of Investments

	September 30, 2012		December 31, 2011
	(in millions)
Available-for-Sale securities, at fair value	$	34,425	$	34,505
Commercial mortgage loans, net	2,541		2,589
Policy and certificate loans	752		742
Other investments	984		939
Total	$	38,702	$	38,775

Summary of net investment income

	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
	(in millions)
Investment income on fixed maturities	$	433		$	498		$	1,324		$	1,425
Net realized gains (losses)	(68		)	(2		)	(75		)	5
Affordable housing partnerships	(5		)	(9		)	(17		)	(24		)
Other	24			23			80			73
Consolidated investment entities	43			(65		)	118			(21		)
Total net investment income	$	427		$	445		$	1,430		$	1,458

Available-for-Sale Securities Disclosure

	September 30, 2012
Description of Securities	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Noncredit OTTI (1)
	(in millions)
Corporate debt securities	$	16,552	$	2,250	$	(15	)	$	18,787	$	—
Residential mortgage backed securities	6,746		321		(127		)	6,940		(67		)
Commercial mortgage backed securities	3,933		337		—			4,270		—
Asset backed securities	1,834		88		(18		)	1,904		(1		)
State and municipal obligations	2,022		246		(39		)	2,229		—
U.S. government and agencies obligations	52		9		—			61		—
Foreign government bonds and obligations	188		35		—			223		—
Common stocks	6		5		—			11		—
Total	$	31,333	$	3,291	$	(199	)	$	34,425	$	(68	)

	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

	September 30, 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	$	10,410	$	11,093	32	%	$	11,510	$	12,105	35	%
AA	1,704		1,915		6		1,942		2,087		6
A	5,551		6,200		18		5,012		5,442		16
BBB	11,826		13,469		39		11,818		13,050		38
Below investment grade	1,836		1,737		5		2,160		1,812		5
Total fixed maturities	$	31,327	$	34,414	100	%	$	32,442	$	34,496	100	%

Available-for-Sale Securities Continuous Unrealized Loss Disclosure

	September 30, 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	28	$	339	$	(3	)	11	$	231	$	(12	)	39	$	570	$	(15	)
Residential mortgage backed securities	16	206		(2		)	128	690		(125		)	144	896		(127		)
Asset backed securities	6	44		—			25	153		(18		)	31	197		(18		)
State and municipal obligations	2	1		—			10	114		(39		)	12	115		(39		)
Total	52	$	590	$	(5	)	174	$	1,188	$	(194	)	226	$	1,778	$	(199	)

	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 September 30,					Nine Months Ended September 30,
	2012			2011		2012			2011
	(in millions)
Beginning balance	$	294		$	299	$	303		$	297
Credit losses for which an other-than-temporary impairment was not previously recognized	1			1		2			14
Credit losses for which an other-than-temporary impairment was previously recognized	12			4		25			9
Reductions for securities sold during the period (realized)	(125		)	—		(148		)	(16		)
Ending balance	$	182		$	304	$	182		$	304

Other Comprehensive Income Available-for-Sale Securities Disclosure

							Accumulated Other
	Net Unrealized						Comprehensive Income
	Securities			Deferred			Related to Net Unrealized
	Gains			Income Tax			Securities Gains
	(in millions)
Balance at January 1, 2011	$	946		$	(331	)	$	615
Cumulative effect of accounting change	131			(46		)	85		(1)
Net unrealized securities gains arising during the period (2)	518			(178		)	340
Reclassification of net securities losses included in net income	2			(1		)	1
Impact of DAC, DSIC, benefit reserves and reinsurance recoverables	(335		)	117			(218		)
Balance at September 30, 2011	$	1,262		$	(439	)	$	823	(3)
Balance at January 1, 2012	$	1,358		$	(475	)	$	883	(1)
Net unrealized securities gains arising during the period (2)	959			(344		)	615
Reclassification of net securities losses included in net income	75			(26		)	49
Impact of DAC, DSIC, benefit reserves and reinsurance recoverables	(268		)	94			(174		)
Balance at September 30, 2012	$	2,124		$	(751	)	$	1,373	(3)

(1)	The Company retrospectively adopted a new accounting standard on January 1, 2012 for DAC. See Note 1 and Note 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 $27 million and $71 million of noncredit related impairments on securities and net unrealized securities losses on previously impaired securities at September 30, 2012 and 2011, respectively.

Available-for-Sale Securities Recognized in Earnings Disclosure

	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
	(in millions)
Gross realized gains	$	11		$	—		$	19		$	39
Gross realized losses	(64		)	—			(65		)	(18		)
Other-than-temporary impairments	(15		)	(5		)	(29		)	(23		)
Total	$	(68	)	$	(5	)	$	(75	)	$	(2	)

Available-for-Sale Securities Contractual Maturity Disclosure

Available-for-Sale securities by contractual maturity at September 30, 2012 were as follows:

	Amortized Cost		Fair Value
	(in millions)
Due within one year	$	1,495	$	1,521
Due after one year through five years	5,904		6,245
Due after five years through 10 years	6,781		7,799
Due after 10 years	4,634		5,735
	18,814		21,300
Residential mortgage backed securities	6,746		6,940
Commercial mortgage backed securities	3,933		4,270
Asset backed securities	1,834		1,904
Common stocks	6		11
Total	$	31,333	$	34,425