Investments (Tables)

3 Months Ended

Mar. 31, 2013

Investments

Summary of Investments

	March 31, 2013		December 31, 2012
	(in millions)
Available-for-Sale securities, at fair value	$	31,049	$	31,472
Mortgage loans, net	3,573		3,609
Policy and certificate loans	754		754
Other investments	1,070		1,042
Total	$	36,446	$	36,877

Summary of net investment income

	Three Months Ended March 31,
	2013			2012
	(in millions)
Investment income on fixed maturities	$	401		$	457
Net realized gains (losses)	1			(2		)
Affordable housing partnerships	(7		)	(8		)
Other	17			23
Consolidated investment entities	77			61
Total net investment income	$	489		$	531

Available-for-Sale Securities Disclosure

	March 31, 2013
Description of Securities	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Noncredit OTTI (1)
	(in millions)
Corporate debt securities	$	16,506	$	2,037	$	(10	)	$	18,533	$	2
Residential mortgage backed securities	5,231		233		(100		)	5,364		(47		)
Commercial mortgage backed securities	2,965		258		(1		)	3,222		—
Asset backed securities	1,312		80		(2		)	1,390		—
State and municipal obligations	2,050		237		(31		)	2,256		—
U.S. government and agencies obligations	48		8		—			56		—
Foreign government bonds and obligations	185		30		—			215		—
Common stocks	7		6		—			13		2
Total	$	28,304	$	2,889	$	(144	)	$	31,049	$	(43	)

	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	)

(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, 2013						December 31, 2012
Ratings	Amortized Cost		Fair Value		Percent of Total Fair Value		Amortized Cost		Fair Value		Percent of Total Fair Value
	(in millions, except percentages)
AAA	$	7,239	$	7,712	25	%	$	7,462	$	8,021	26	%
AA	1,752		1,993		6		1,620		1,827		6
A	5,571		6,201		20		5,456		6,069		19
BBB	11,803		13,231		43		11,939		13,575		43
Below investment grade	1,932		1,899		6		2,026		1,967		6
Total fixed maturities	$	28,297	$	31,036	100	%	$	28,503	$	31,459	100	%

Available-for-Sale Securities Continuous Unrealized Loss Disclosure

	March 31, 2013
	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	61	$	707	$	(7	)	5	$	60	$	(3	)	66	$	767	$	(10	)
Residential mortgage backed securities	56	850		(13		)	122	576		(87		)	178	1,426		(100		)
Commercial mortgage backed securities	12	123		(1		)	1	6		—			13	129		(1		)
Asset backed securities	10	115		—			4	59		(2		)	14	174		(2		)
State and municipal obligations	30	69		(2		)	8	119		(29		)	38	188		(31		)
Total	169	$	1,864	$	(23	)	140	$	820	$	(121	)	309	$	2,684	$	(144	)

	December 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	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	)

Credit Losses on Available-for-Sale Securities Disclosure

	Three Months Ended March 31,
	2013			2012
	(in millions)
Beginning balance	$	176		$	303
Credit losses for which an other-than-temporary impairment was previously recognized	2			5
Reductions for securities sold during the period (realized)	(13		)	(2		)
Ending balance	$	165		$	306

Other Comprehensive Income Available-for-Sale Securities Disclosure

							Accumulated Other
							Comprehensive
	Net Unrealized						Income Related
	Securities			Deferred			to Net Unrealized
	Gains			Income Tax			Securities Gains
	(in millions)
Balance at January 1, 2012	$	1,350		$	(467	)	$	883
Net unrealized securities gains arising during the period (1)	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	$	1,474		$	(512	)	$	962	(2)
Balance at January 1, 2013	$	2,017		$	(705	)	$	1,312
Net unrealized securities losses arising during the period (1)	(216		)	75			(141		)
Reclassification of net securities gains included in net income	(1		)	—			(1		)
Impact of DAC, DSIC, benefit reserves and reinsurance recoverables	98			(34		)	64
Balance at March 31, 2013	$	1,898		$	(664	)	$	1,234	(2)

(1) 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.

(2) Includes $(11) million and $(67) million of noncredit related impairments on securities and net unrealized securities losses on previously impaired securities at March 31, 2013 and 2012, respectively.

Available-for-Sale Securities Recognized in Earnings Disclosure

	Three Months Ended March 31,
	2013			2012
	(in millions)
Gross realized gains	$	4		$	5
Gross realized losses	—			(1		)
Other-than-temporary impairments	(3		)	(6		)
Total	$	1		$	(2	)

Available-for-Sale Securities Contractual Maturity Disclosure

	Amortized Cost		Fair Value
	(in millions)
Due within one year	$	1,777	$	1,814
Due after one year through five years	5,640		6,007
Due after five years through 10 years	6,781		7,693
Due after 10 years	4,591		5,546
	18,789		21,060
Residential mortgage backed securities	5,231		5,364
Commercial mortgage backed securities	2,965		3,222
Asset backed securities	1,312		1,390
Common stocks	7		13
Total	$	28,304	$	31,049