Fair Value Measurements Level 3 (Tables)

9 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

Assets and (liabilities) carried at fair value by hierarchy level

	September 30, 2015
	Total			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a recurring basis
Fixed maturities, AFS
Asset-backed-securities ("ABS")	$	2,716		$	—	$	2,689		$	27
Collateralized debt obligations ("CDOs")	3,031			—		2,486			545
Commercial mortgage-backed securities ("CMBS")	4,542			—		4,373			169
Corporate	26,772			—		25,867			905
Foreign government/government agencies	1,255			—		1,205			50
Municipal	12,211			—		12,161			50
Residential mortgage-backed securities ("RMBS")	3,859			—		2,367			1,492
U.S. Treasuries	4,723			934		3,789			—
Total fixed maturities	59,109			934		54,937			3,238
Fixed maturities, FVO	548			1		486			61
Equity securities, trading [1]	11			11		—			—
Equity securities, AFS	813			565		149			99
Derivative assets
Credit derivatives	13			—		13			—
Foreign exchange derivatives	10			—		10			—
Interest rate derivatives	79			—		69			10
Guaranteed minimum withdrawal benefit ("GMWB") hedging instruments	94			—		9			85
Macro hedge program	100			—		—			100
Other derivative contracts	8			—		—			8
Total derivative assets [2]	304			—		101			203
Short-term investments	3,433			700		2,733			—
Limited partnerships and other alternative investments [3]	815			—		717			98
Reinsurance recoverable for GMWB	73			—		—			73
Modified coinsurance reinsurance contracts	62			—		62			—
Separate account assets [4]	117,725			77,368		39,847			510
Total assets accounted for at fair value on a recurring basis	$	182,893		$	79,579	$	99,032		$	4,282
Liabilities accounted for at fair value on a recurring basis
Other policyholder funds and benefits payable
GMWB	$	(270	)	$	—	$	—		$	(270	)
Equity linked notes	(21		)	—		—			(21		)
Total other policyholder funds and benefits payable	(291		)	—		—			(291		)
Derivative liabilities
Credit derivatives	(29		)	—		(29		)	—
Commodity derivatives	7			—		—			7
Equity derivatives	20			—		20			—
Foreign exchange derivatives	(469		)	—		(469		)	—
Interest rate derivatives	(648		)	—		(618		)	(30		)
GMWB hedging instruments	113			—		27			86
Macro hedge program	83			—		—			83
Total derivative liabilities [5]	(923		)	—		(1,069		)	146
Total liabilities accounted for at fair value on a recurring basis	$	(1,214	)	$	—	$	(1,069	)	$	(145	)

	December 31, 2014
	Total			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a recurring basis
Fixed maturities, AFS
ABS	$	2,472		$	—	$	2,350		$	122
CDOs	2,841			—		2,218			623
CMBS	4,415			—		4,131			284
Corporate	27,359			—		26,319			1,040
Foreign government/government agencies	1,636			—		1,577			59
Municipal	12,871			—		12,805			66
RMBS	3,918			—		2,637			1,281
U.S. Treasuries	3,872			106		3,766			—
Total fixed maturities	59,384			106		55,803			3,475
Fixed maturities, FVO	488			—		396			92
Equity securities, trading [1]	11			11		—			—
Equity securities, AFS	1,047			786		163			98
Derivative assets
Credit derivatives	8			—		10			(2		)
Equity derivatives	3			—		—			3
Interest rate derivatives	129			—		113			16
GMWB hedging instruments	119			—		5			114
Macro hedge program	93			—		—			93
Other derivative contracts	12			—		—			12
Total derivative assets [2]	364			—		128			236
Short-term investments	4,883			349		4,534			—
Limited partnerships and other alternative investments [3]	770			—		581			189
Reinsurance recoverable for GMWB	56			—		—			56
Modified coinsurance reinsurance contracts	34			—		34			—
Separate account assets [4]	132,211			91,537		40,096			578
Total assets accounted for at fair value on a recurring basis	$	199,248		$	92,789	$	101,735		$	4,724
Liabilities accounted for at fair value on a recurring basis
Other policyholder funds and benefits payable
GMWB	$	(139	)	$	—	$	—		$	(139	)
Equity linked notes	(26		)	—		—			(26		)
Total other policyholder funds and benefits payable	(165		)	—		—			(165		)
Derivative liabilities
Credit derivatives	(16		)	—		(9		)	(7		)
Equity derivatives	28			—		25			3
Foreign exchange derivatives	(445		)	—		(445		)	—
Interest rate derivatives	(597		)	—		(574		)	(23		)
GMWB hedging instruments	55			—		(1		)	56
Macro hedge program	48			—		—			48
Total derivative liabilities [5]	(927		)	—		(1,004		)	77
Consumer notes [6]	(3		)	—		—			(3		)
Total liabilities accounted for at fair value on a recurring basis	$	(1,095	)	$	—	$	(1,004	)	$	(91	)

[1] Included in other investments on the Condensed Consolidated Balance Sheets.

[2] Includes over-the-counter ("OTC") and OTC-cleared derivative instruments in a net positive fair value position after consideration of the accrued interest and impact of collateral posting requirements, which may be imposed by agreements, clearing house rules and applicable law. As of September 30, 2015, and December 31, 2014, $136 and $413, respectively, of cash collateral liability was netted against the derivative asset value in the Condensed Consolidated Balance Sheets and is excluded from the preceding table. See the following footnote 5 for derivative liabilities.

[3] Represents hedge funds where investment company accounting has been applied to a wholly-owned fund of funds measured at fair value.

[4] Approximately $3.9 billion and $2.5 billion of investment sales receivable, as of September 30, 2015, and December 31, 2014, respectively, are excluded from this disclosure requirement because they are trade receivables in the ordinary course of business where the carrying amount approximates fair value.

[5] Includes OTC and OTC-cleared derivative instruments in a net negative fair value position (derivative liability) after consideration of the accrued interest and impact of collateral posting requirements, which may be imposed by agreements, clearing house rules and applicable law. In the following Level 3 roll-forward table in this Note 4, the derivative assets and liabilities are referred to as “freestanding derivatives” and are presented on a net basis.

[6] Represents embedded derivatives associated with non-funding agreement-backed consumer equity linked notes.

Information about significant unobservable inputs used in Level 3 assets measured at fair value

Freestanding Derivatives	Unobservable Inputs
	As of September 30, 2015
	Fair Value			Predominant Valuation  Method	Significant Unobservable Input	Minimum		Maximum		Impact of  Increase in Input on  Fair Value [1]
Interest rate derivative
Interest rate swaps	$	(30	)	Discounted cash flows	Swap curve beyond 30 years	3	%	3	%	Decrease
Interest rate swaptions [2]	10			Option model	Interest rate volatility	1	%	1	%	Increase
GMWB hedging instruments
Customized swaps	171			Discounted cash flows	Equity volatility	10	%	40	%	Increase
Macro hedge program
Equity options	183			Option model	Equity volatility	15	%	28	%	Increase
	As of December 31, 2014
Interest rate derivative
Interest rate swaps	$	(29	)	Discounted cash flows	Swap curve beyond 30 years	3	%	3	%	Decrease
Interest rate swaptions	22			Option model	Interest rate volatility	1	%	1	%	Increase
GMWB hedging instruments
Equity options	46			Option model	Equity volatility	22	%	34	%	Increase
Customized swaps	124			Discounted cash flows	Equity volatility	10	%	40	%	Increase
Macro hedge program
Equity options	141			Option model	Equity volatility	27	%	28	%	Increase

[1] Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table. Changes are based on long positions, unless otherwise noted. Changes in fair value will be inversely impacted for short positions.

The following tables present information about significant unobservable inputs used in Level 3 assets measured at fair value. The tables exclude securities such as ABS and CRE CDOs for which fair values are predominately based on broker quotations.

Securities	Unobservable Inputs
	As of September 30, 2015
Assets Accounted for at Fair Value on a Recurring Basis	Fair Value		Predominant Valuation Method	Significant Unobservable Input	Minimum	Maximum	Weighted Average [1]	Impact of Increase in Input on Fair Value [2]
CMBS	$	169	Discounted cash flows	Spread (encompasses prepayment, default risk and loss severity)	36 bps	757 bps	228 bps	Decrease
Corporate [3]	406		Discounted cash flows	Spread	70 bps	735 bps	326 bps	Decrease
Municipal [3]	32		Discounted cash flows	Spread	197 bps	197 bps	197 bps	Decrease
RMBS	1,492		Discounted cash flows	Spread	53 bps	1,176 bps	169 bps	Decrease
				Constant prepayment rate	—%	100%	4%	Decrease [4]
				Constant default rate	—%	14%	6%	Decrease
				Loss severity	—%	100%	78%	Decrease
	As of December 31, 2014
CMBS	$	284	Discounted cash flows	Spread (encompasses prepayment, default risk and loss severity)	46 bps	2,475 bps	284 bps	Decrease
Corporate [3]	568		Discounted cash flows	Spread	123 bps	765 bps	279 bps	Decrease
Municipal [3]	32		Discounted cash flows	Spread	212 bps	212 bps	212 bps	Decrease
RMBS	1,281		Discounted cash flows	Spread	23 bps	1,904 bps	142 bps	Decrease
				Constant prepayment rate	—%	7%	2%	Decrease [4]
				Constant default rate	1%	14%	7%	Decrease
				Loss severity	—%	100%	78%	Decrease

[1] The weighted average is determined based on the fair value of the securities.

[2] Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the preceding table.

[3] Level 3 corporate and municipal securities excludes those for which the Company bases fair value on broker quotations as noted in the following discussion.

[4] Decrease for above market rate coupons and increase for below market rate coupons.

Freestanding Derivatives	Unobservable Inputs
	As of September 30, 2015
	Fair Value			Predominant Valuation  Method	Significant Unobservable Input	Minimum		Maximum		Impact of  Increase in Input on  Fair Value [1]
Interest rate derivative
Interest rate swaps	$	(30	)	Discounted cash flows	Swap curve beyond 30 years	3	%	3	%	Decrease
Interest rate swaptions [2]	10			Option model	Interest rate volatility	1	%	1	%	Increase
GMWB hedging instruments
Customized swaps	171			Discounted cash flows	Equity volatility	10	%	40	%	Increase
Macro hedge program
Equity options	183			Option model	Equity volatility	15	%	28	%	Increase
	As of December 31, 2014
Interest rate derivative
Interest rate swaps	$	(29	)	Discounted cash flows	Swap curve beyond 30 years	3	%	3	%	Decrease
Interest rate swaptions	22			Option model	Interest rate volatility	1	%	1	%	Increase
GMWB hedging instruments
Equity options	46			Option model	Equity volatility	22	%	34	%	Increase
Customized swaps	124			Discounted cash flows	Equity volatility	10	%	40	%	Increase
Macro hedge program
Equity options	141			Option model	Equity volatility	27	%	28	%	Increase

Significant Unobservable Input	Unobservable Inputs (Minimum)	Unobservable Inputs (Maximum)	Impact of Increase in Input on Fair Value Measurement [1]
Withdrawal Utilization [2]	20%	100%	Increase
Withdrawal Rates [3]	—%	8%	Increase
Lapse Rates [4]	—%	75%	Decrease
Reset Elections [5]	20%	75%	Increase
Equity Volatility [6]	10%	40%	Increase

[1] Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table.

[2] Range represents assumed cumulative percentages of policyholders taking withdrawals.

[3] Range represents assumed cumulative annual amount withdrawn by policyholders.

[4] Range represents assumed annual percentages of full surrender of the underlying variable annuity contracts across all policy durations for in force business.

[5] Range represents assumed cumulative percentages of policyholders that would elect to reset their guaranteed benefit base.

[6] Range represents implied market volatilities for equity indices based on multiple pricing sources.

Roll-forward of Financial Instruments Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3)

For the three months endedSeptember 30, 2015

	Fixed Maturities, AFS
Assets	ABS			CDOs			CMBS			Corporate			Foreign Govt./Govt. Agencies			Municipal		RMBS			Total  Fixed Maturities, AFS			Fixed Maturities, FVO
Fair value as of June 30, 2015	$	53		$	564		$	214		$	931		$	40		$	49	$	1,540		$	3,391		$	86
Total realized/unrealized gains (losses)
Included in net income [1] [2] [6]	—			(1		)	1			(9		)	—			—		—			(9		)	—
Included in OCI [3]	—			(9		)	(5		)	1			(1		)	1		(6		)	(19		)	—
Purchases	8			—			6			38			3			—		71			126			2
Settlements	(2		)	(9		)	(26		)	(22		)	(1		)	—		(56		)	(116		)	(24		)
Sales	(3		)	—			—			(47		)	(2		)	—		(57		)	(109		)	(1		)
Transfers into Level 3 [4]	—			—			2			51			11			—		—			64			—
Transfers out of Level 3 [4]	(29		)	—			(23		)	(38		)	—			—		—			(90		)	(2		)
Fair value as of September 30, 2015	$	27		$	545		$	169		$	905		$	50		$	50	$	1,492		$	3,238		$	61
Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2015 [2] [7]	$	—		$	—		$	(1	)	$	(11	)	$	—		$	—	$	—		$	(12	)	$	—

				Freestanding Derivatives [5]
Assets (Liabilities)	Equity Securities, AFS			Credit		Commodity		Equity			Interest Rate			GMWB Hedging		Macro Hedge Program		Other Contracts			Total Free- Standing Derivatives [5]
Fair value as of June 30, 2015	$	97		$	—	$	3	$	3		$	(14	)	$	125	$	165	$	9		$	291
Total realized/unrealized gains (losses)
Included in net income [1] [2] [6]	(6		)	—		4		(3		)	(6		)	46		18		(1		)	58
Included in OCI [3]	5			—		—		—			—			—		—		—			—
Purchases	4			—		—		—			—			—		—		—			—
Sales	(1		)	—		—		—			—			—		—		—			—
Fair value as of September 30, 2015	$	99		$	—	$	7	$	—		$	(20	)	$	171	$	183	$	8		$	349
Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2015 [2] [7]	$	(6	)	$	—	$	4	$	—		$	(5	)	$	48	$	12	$	(1	)	$	58

Assets	Limited Partnerships and Other Alternative Investments			Reinsurance Recoverable for GMWB			Separate Accounts
Fair value as of June 30, 2015	$	230		$	50		$	735
Total realized/unrealized gains (losses)
Included in net income [1] [2] [6]	(12		)	46			(10		)
Included in OCI [3]	—			—			(2		)
Purchases	11			—			69
Settlements	—			(23		)	(6		)
Sales	—			—			(201		)
Transfers into Level 3 [4]	—			—			1
Transfers out of Level 3 [4]	(131		)	—			(76		)
Fair value as of September 30, 2015	$	98		$	73		$	510
Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2015 [2] [7]	$	(12	)	$	46		$	(7	)

	Other Policyholder Funds and Benefits Payable
Liabilities	Guaranteed Withdrawal Benefits			Equity Linked Notes			Total Other Policyholder Funds and Benefits Payable			Consumer Notes
Fair value as of June 30, 2015	$	(112	)	$	(26	)	$	(138	)	$	(3	)
Total realized/unrealized gains (losses)
Included in net income [1] [2] [6]	(177		)	5			(172		)	3
Settlements	19			—			19			—
Fair value as of September 30, 2015	$	(270	)	$	(21	)	$	(291	)	$	—
Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2015 [2] [7]	$	(177	)	$	5		$	(172	)	$	3

For the nine months endedSeptember 30, 2015

	Fixed Maturities, AFS
Assets	ABS			CDOs			CMBS			Corporate			Foreign Govt./Govt. Agencies			Municipal			RMBS			Total Fixed Maturities, AFS			Fixed Maturities, FVO
Fair value as of January 1, 2015	$	122		$	623		$	284		$	1,040		$	59		$	66		$	1,281		$	3,475		$	92
Total realized/unrealized gains (losses)
Included in net income [1] [2] [6]	1			(5		)	2			(13		)	—			1			(2		)	(16		)	(7		)
Included in OCI [3]	(2		)	8			(8		)	(41		)	(4		)	(4		)	(6		)	(57		)	—
Purchases	79			—			45			61			15			—			516			716			21
Settlements	(6		)	(34		)	(64		)	(51		)	(3		)	(13		)	(149		)	(320		)	(24		)
Sales	(16		)	—			(6		)	(80		)	(28		)	—			(142		)	(272		)	(8		)
Transfers into Level 3 [4]	1			—			7			202			11			—			47			268			—
Transfers out of Level 3 [4]	(152		)	(47		)	(91		)	(213		)	—			—			(53		)	(556		)	(13		)
Fair value as of September 30, 2015	$	27		$	545		$	169		$	905		$	50		$	50		$	1,492		$	3,238		$	61
Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2015 [2] [7]	$	1		$	(1	)	$	(2	)	$	(11	)	$	—		$	—		$	—		$	(13	)	$	(2	)

				Freestanding Derivatives [5]
Assets (Liabilities)	Equity Securities, AFS			Credit			Commodity			Equity			Interest Rate			GMWB Hedging			Macro Hedge Program			Other Contracts			Total Free-Standing Derivatives [5]
Fair value as of January 1, 2015	$	98		$	(9	)	$	—		$	6		$	(7	)	$	170		$	141		$	12		$	313
Total realized/unrealized gains (losses)
Included in net income [1] [2] [6]	6			(1		)	(3		)	9			(8		)	21			(5		)	(4		)	9
Included in OCI [3]	1			—			—			—			—			—			—			—			—
Purchases	16			(13		)	—			—			—			—			47			—			34
Settlements	—			—			—			(15		)	(5		)	(20		)	—			—			(40		)
Sales	(17		)	—			—			—			—			—			—			—			—
Transfers into Level 3 [4]	—			—			10			—			—			—			—			—			10
Transfers out of Level 3 [4]	(5		)	23			—			—			—			—			—			—			23
Fair value as of September 30, 2015	$	99		$	—		$	7		$	—		$	(20	)	$	171		$	183		$	8		$	349
Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2015 [2] [7]	$	(6	)	$	2		$	(4	)	$	3		$	(17	)	$	32		$	(3	)	$	(5	)	$	8

Assets	Limited Partnerships and Other Alternative Investments			Reinsurance  Recoverable for GMWB			Separate Accounts
Fair value as of January 1, 2015	$	189		$	56		$	578
Total realized/unrealized gains (losses)
Included in net income [1] [2] [6]	(4		)	31			(3		)
Included in OCI [3]	—			—			(3		)
Purchases	44			—			331
Settlements	—			(14		)	(16		)
Sales	—			—			(251		)
Transfers into Level 3 [4]	—			—			7
Transfers out of Level 3 [4]	(131		)	—			(133		)
Fair value as of September 30, 2015	$	98		$	73		$	510
Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2015 [2] [7]	$	(4	)	$	31		$	—

	Other Policyholder Funds and Benefits Payable
Liabilities	Guaranteed Withdrawal Benefits			Equity Linked Notes			Total Other Policyholder Funds and Benefits Payable			Consumer Notes
Fair value as of January 1, 2015	$	(139	)	$	(26	)	$	(165	)	$	(3	)
Total realized/unrealized gains (losses)
Included in net income [1] [2] [6]	(118		)	5			(113		)	3
Settlements	(13		)	—			(13		)	—
Fair value as of September 30, 2015	$	(270	)	$	(21	)	$	(291	)	$	—
Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2015 [2] [7]	$	(118	)	$	5		$	(113	)	$	3

For the three months endedSeptember 30, 2014

	Fixed Maturities, AFS
Assets	ABS			CDOs			CMBS			Corporate			Foreign Govt./Govt. Agencies			Municipal		RMBS			Total Fixed Maturities, AFS			Fixed Maturities, FVO
Fair value as of June 30, 2014	$	73		$	612		$	471		$	1,205		$	55		$	63	$	1,295		$	3,774		$	139
Total realized/unrealized gains (losses)
Included in net income [1] [2] [6]	—			12			(1		)	(2		)	—			—		3			12			1
Included in OCI [3]	—			(5		)	2			(7		)	—			1		3			(6		)	—
Purchases	35			—			25			21			—			—		120			201			4
Settlements	—			(17		)	(155		)	(16		)	(1		)	—		(47		)	(236		)	(46		)
Sales	—			(12		)	—			(18		)	(5		)	—		(116		)	(151		)	—
Transfers into Level 3 [4]	75			—			11			25			—			—		—			111			—
Transfers out of Level 3 [4]	(42		)	—			(22		)	(65		)	—			—		—			(129		)	—
Fair value as of September 30, 2014	$	141		$	590		$	331		$	1,143		$	49		$	64	$	1,258		$	3,576		$	98
Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2014 [2] [7]	$	—		$	—		$	(1	)	$	(2	)	$	—		$	—	$	—		$	(3	)	$	1

				Freestanding Derivatives [5]
Assets (Liabilities)	Equity Securities, AFS			Credit			Equity		Interest Rate			GMWB Hedging		Macro Hedge Program		Other Contracts			Total Free-Standing Derivatives [5]
Fair value as of June 30, 2014	$	80		$	(1	)	$	2	$	21		$	97	$	120	$	15		$	254
Total realized/unrealized gains (losses)
Included in net income [1] [2] [6]	—			(4		)	—		(5		)	40		11		(2		)	40
Included in OCI [3]	(1		)	—			—		—			—		—		—			—
Purchases	9			(3		)	—		—			—		3		—			—
Transfers into Level 3 [4]	—			—			—		(26		)	—		—		—			(26		)
Transfers out of Level 3 [4]	—			6			—		—			—		—		—			6
Fair value as of September 30, 2014	$	88		$	(2	)	$	2	$	(10	)	$	137	$	134	$	13		$	274
Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2014 [2] [7]	$	—		$	(4	)	$	—	$	(4	)	$	41	$	11	$	(1	)	$	43

Assets	Limited Partnerships and Other Alternative Investments		Reinsurance Recoverable for GMWB		Separate Accounts
Fair value as of June 30, 2014	$	67	$	31	$	813
Total realized/unrealized gains (losses)
Included in net income [1] [2] [6]	—		2		4
Purchases	20		—		33
Settlements	—		3		(1		)
Sales	—		—		(56		)
Transfers into Level 3 [4]	—		—		1
Transfers out of Level 3 [4]	—		—		(3		)
Fair value as of September 30, 2014	$	87	$	36	$	791
Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2014 [2] [7]	$	—	$	2	$	—

	Other Policyholder Funds and Benefits Payable
Liabilities	Guaranteed Withdrawal Benefits			Equity Linked Notes			Total Other Policyholder Funds and Benefits Payable			Consumer Notes
Fair value as of June 30, 2014	$	2		$	(22	)	$	(20	)	$	(2	)
Total realized/unrealized gains (losses)
Included in net income [1] [2] [6]	(37		)	(1		)	(38		)	—
Settlements	(21		)	—			(21		)	—
Fair value as of September 30, 2014	$	(56	)	$	(23	)	$	(79	)	$	(2	)
Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2014 [2] [7]	$	(37	)	$	(1	)	$	(38	)	$	—

For the nine months endedSeptember 30, 2014

	Fixed Maturities, AFS
Assets	ABS			CDOs			CMBS			Corporate			Foreign Govt./Govt. Agencies			Municipal			RMBS			Total Fixed Maturities, AFS			Fixed Maturities, FVO
Fair value as of January 1, 2014	$	147		$	664		$	663		$	1,274		$	65		$	69		$	1,272		$	4,154		$	193
Total realized/unrealized gains (losses)
Included in net income [1] [2] [6]	—			12			29			(20		)	(2		)	—			11			30			16
Included in OCI [3]	3			3			(22		)	21			7			5			13			30			—
Purchases	72			—			115			112			3			16			383			701			14
Settlements	(2		)	(52		)	(235		)	(41		)	(3		)	—			(143		)	(476		)	(121		)
Sales	(18		)	(12		)	(103		)	(129		)	(21		)	(1		)	(223		)	(507		)	(4		)
Transfers into Level 3 [4]	75			72			16			225			—			—			—			388			1
Transfers out of Level 3 [4]	(136		)	(97		)	(132		)	(299		)	—			(25		)	(55		)	(744		)	(1		)
Fair value as of September 30, 2014	$	141		$	590		$	331		$	1,143		$	49		$	64		$	1,258		$	3,576		$	98
Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2014 [2] [7]	$	—		$	—		$	(1	)	$	(23	)	$	(2	)	$	—		$	(1	)	$	(27	)	$	20

				Freestanding Derivatives [5]
Assets (Liabilities)	Equity Securities, AFS			Credit			Equity			Interest Rate			GMWB Hedging			Macro Hedge Program			Intl. Program Hedging			Other Contracts			Total Free-Standing Derivatives [5]
Fair value as of January 1, 2014	$	77		$	2		$	3		$	18		$	146		$	139		$	(29	)	$	17		$	296
Total realized/unrealized gains (losses)
Included in net income [1] [2] [6]	(2		)	(7		)	(1		)	(28		)	(20		)	(14		)	28			(4		)	(46		)
Included in OCI [3]	4			—			—			—			—			—			—			—			—
Purchases	9			(3		)	—			—			4			9			9			—			19
Settlements	—			—			—			—			7			—			(41		)	—			(34		)
Transfers out of Level 3 [4]	—			6			—			—			—			—			33			—			39
Fair value as of September 30, 2014	$	88		$	(2	)	$	2		$	(10	)	$	137		$	134		$	—		$	13		$	274
Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2014 [2] [7]	$	(2	)	$	(4	)	$	—		$	(27	)	$	(35	)	$	(14	)	$	(18	)	$	(2	)	$	(100	)

Assets	Limited Partnerships and Other Alternative Investments			Reinsurance  Recoverable for GMWB			Separate Accounts
Fair value as of January 1, 2014	$	108		$	29		$	737
Total realized/unrealized gains (losses)
Included in net income [1] [2] [6]	(5		)	(9		)	8
Purchases	50			—			298
Settlements	—			16			(2		)
Sales	(24		)	—			(219		)
Transfers into Level 3 [4]	—			—			5
Transfers out of Level 3 [4]	(42		)	—			(36		)
Fair value as of September 30, 2014	$	87		$	36		$	791
Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2014 [2] [7]	$	(5	)	$	(9	)	$	6

	Other Policyholder Funds and Benefits Payable
Liabilities	Guaranteed Withdrawal Benefits			International Guaranteed Living Benefits			International Other Living Benefits			Equity Linked Notes			Total Other Policyholder Funds and Benefits Payable			Consumer Notes
Fair value as of January 1, 2014	$	(36	)	$	3		$	3		$	(18	)	$	(48	)	$	(2	)
Total realized/unrealized gains (losses)
Included in net income [1] [2] [6]	54			—			—			(5		)	49			—
Settlements	(74		)	(3		)	(3		)	—			(80		)	—
Fair value as of September 30, 2014	$	(56	)	$	—		$	—		$	(23	)	$	(79	)	$	(2	)
Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2014 [2] [7]	$	54		$	—		$	—		$	(5	)	$	49		$	—

Fair value of assets and liabilities accounted for using the fair value option

	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Assets
Fixed maturities, FVO
Corporate	$	(2	)	$	(5	)	$	(5	)	$	(1	)
CDOs	1			—			2			14
Foreign government	(3		)	(1		)	(4		)	1
RMBS	—			(1		)	—			—
Total fixed maturities, FVO	$	(4	)	$	(7	)	$	(7	)	$	14
Equity, FVO	—			—			3			—
Total realized capital gains (losses)	$	(4	)	$	(7	)	$	(4	)	$	14

Fair value of assets and liabilities accounted for using the fair value option

	September 30, 2015		December 31, 2014
Assets
Fixed maturities, FVO
ABS	$	12	$	15
CDOs	50		69
CMBS	24		22
Corporate	98		133
Foreign government	36		30
U.S government	5		2
Municipals	2		2
RMBS	321		215
Total fixed maturities, FVO	$	548	$	488
Equity, FVO [1]	$	—	$	348

Financial Instruments Not Carried at Fair Value

The following table presents carrying amounts and fair values of the Company’s financial instruments not carried at fair value and not included in the preceding fair value discussion.

		September 30, 2015				December 31, 2014
	Fair Value Hierarchy Level	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets
Policy loans	Level 3	$	1,428	$	1,428	$	1,431	$	1,431
Mortgage loans	Level 3	5,552		5,749		5,556		5,840
Liabilities
Other policyholder funds and benefits payable [1]	Level 3	$	6,768	$	7,000	$	7,304	$	7,522
Senior notes [2]	Level 2	4,426		5,064		5,009		5,837
Junior subordinated debentures [2]	Level 2	1,100		1,289		1,100		1,291
Consumer notes [3] [4]	Level 3	40		40		68		68
Assumed investment contracts [4]	Level 3	783		851		763		851

[1] Excludes guarantees on variable annuities, group accident and health and universal life insurance contracts, including corporate owned life insurance.

[2] Included in long-term debt in the Condensed Consolidated Balance Sheets, except for current maturities, which are included in short-term debt.

[3] Excludes amounts carried at fair value and included in preceding disclosures.

[4] Included in other liabilities in the Condensed Consolidated Balance Sheets.