Business Dispositions (Tables)

12 Months Ended

Dec. 31, 2012

Discontinued Operations and Disposal Groups [Abstract]

Discontinued operations in condensed consolidated statements of operations



	As of December 31, 2012
	Carrying Value
Asset-backed securities ("ABS")	$	289
Collaterialized debt obligations ("CDOs") [1]	474
Commercial mortgage-backed securities ("CMBS")	949
Corporate	11,651
Foreign govt./govt. agencies	263
Municipal	900
Residential mortgage-backed securities ("RMBS")	707
U.S. Treasuries	116
Total fixed maturities, AFS at fair value (amortized cost of $13,916) [2]	15,349
Equity securities, AFS, at fair value (cost of $35) [3]	37
Fixed maturities, at fair value using the FVO [4]	16
Mortgage loans (net of allowances for loan losses of $1)	1,364
Policy loans, at outstanding balance	582
Total invested assets transferred	$	17,348


[1]	The market value includes the fair value of bifurcated embedded derivative features of certain securities. Changes in fair value are recorded in the net realized capital gains (losses).


[2]	Includes $14.7 billion and $670 of securities in level 2 and 3 of the fair value hierarchy, respectively.


[3]	All equity securities transferred are included in level 2 of the fair value hierarchy.


[4]	All FVO securities transferred are included in level 3 of the fair value hierarchy.



	For the years ended December 31,
	2012			2011			2010
Revenues
Fee income and other	$	—		$	—		$	36
Net investment income	—			17			28
Net realized capital losses	—			(6		)	(5		)
Other revenues	—			48			213
Total revenues	—			59			272
Benefits, losses and expenses
Amortization of DAC	—			—			17
Insurance operating costs and other expenses	6			54			256
Goodwill impairment	—			—			153
Total benefits, losses and expenses	6			54			426
Income (loss) before income taxes	(6		)	5			(154		)
Income tax expense (benefit)	(2		)	1			(53		)
Income (loss) from operations of discontinued operations, net of tax	(4		)	4			(101		)
Net realized capital gain (loss) on disposal, net of tax	(1		)	82			37
Income (loss) from discontinued operations, net of tax	$	(5	)	$	86		$	(64	)

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

+ References+ Details