Goodwill

The carrying value of goodwill allocated to reporting units is as follows:



	September 30, 2012										December 31, 2011
	Gross		Accumulated Impairments			Business Disposition [1]			Carrying Value		Gross		Accumulated Impairments			Discontinued Operations [2]			Carrying Value
Commercial Markets
Property and Casualty Commercial	$	30	$	(30	)	$	—		$	—	$	30	$	(30	)	$	—		$	—
Consumer Markets	119		—			—			119		119		—			—			119
Wealth Management
Individual Life	224		—			(224		)	—		224		—			—			224
Retirement Plans	87		—			—			87		87		—			—			87
Mutual Funds	159		—			—			159		159		—			—			159
Total Wealth Management	470		—			(224		)	246		470		—			—			470
Corporate	772		(355		)	(118		)	299		787		(355		)	(15		)	417
Total Goodwill	$	1,391	$	(385	)	$	(342	)	$	664	$	1,406	$	(385	)	$	(15	)	$	1,006


[1]	Represents goodwill written off related to the sale of the Individual Life business. For further information, see Note 18 - Restatement of Notes to Consolidated Financial Statements.


[2]	Represents goodwill written off related to Federal Trust Corporation which is recorded in discontinued operations.

During the first quarter of 2012, the Company determined that a triggering event requiring an impairment assessment had occurred as a result of its decision to pursue sales or other strategic alternatives for the Individual Life and Retirement Plans reporting units.

The Company completed interim impairment tests during each of the first three quarters of 2012 for the Retirement Plans reporting unit which resulted in no impairment of goodwill. Retirement Plans passed step one of the goodwill impairment tests with a margin of less than 10% between fair value and book value of the reporting unit as of September 30, 2012.

13. Goodwill (continued)

The Company completed interim impairment tests during each of the first three quarters of 2012 for the Individual Life reporting unit which resulted in no impairment of goodwill in the first and second quarters of 2012. In the third quarter, the Individual Life reporting unit failed the goodwill impairment test as the carrying amount of the Individual Life reporting unit's goodwill exceeded the implied goodwill value. Accordingly, an impairment loss of $342 was recognized in the third quarter of 2012, representing the carrying value of the reporting unit's goodwill. The goodwill impairment loss is included in reinsurance loss on disposition in the Company's Condensed Consolidated Statements of Operations. For further information regarding the resulting restatement, see Note 18 - Restatement of Notes to the Condensed Consolidated Financial Statements.

The fair value of the Retirement Plans and Individual Life reporting units as determined for third quarter goodwill impairment testing is based on a negotiated transaction price.