Separate Accounts, Death Benefits, and Other Insurance Benefits Level 1 (Notes)

12 Months Ended

Dec. 31, 2015

Separate Accounts Disclosure [Abstract]

Separate Accounts, Death Benefits, and Other Insurance Benefit Features [Text Block]

GMDB/GMWB, International GMDB/GMIB, and Universal Life Secondary Guarantee Benefits

Changes in the gross U.S. GMDB/GMWB, International GMDB/GMIB, and universal life secondary guarantee benefits are as follows:

	U.S. GMDB/GMWB [1]			Universal Life Secondary Guarantees
Liability balance as of January 1, 2015	$	812		$	2,041
Incurred [2]	163			272
Paid	(112		)	—
Liability balance as of December 31, 2015	$	863		$	2,313
Reinsurance recoverable asset, as of January 1, 2015	$	481		$	2,041
Incurred [2]	131			272
Paid	(89		)	—
Reinsurance recoverable asset, as of December 31, 2015	$	523		$	2,313

	U.S. GMDB/GMWB [1]			International GMDB/GMIB			Universal Life Secondary Guarantees
Liability balance as of January 1, 2014	$	849		$	272		$	1,802
Incurred [2]	73			(13		)	239
Paid	(110		)	(15		)	—
Impact of HLIKK business disposition	—			(254		)	—
Currency translation adjustment	—			10			—
Liability balance as of December 31, 2014	$	812		$	—		$	2,041
Reinsurance recoverable asset, as of January 1, 2014	$	533		$	23		$	1,802
Incurred [2]	33			7			239
Paid	(85		)	(4		)	—
Impact of HLIKK business disposition	—			(27		)	—
Currency translation adjustment	—			1			—
Reinsurance recoverable asset, as of December 31, 2014	$	481		$	—		$	2,041

[1] These liability balances include all GMDB benefits, plus the life-contingent portion of GMWB benefits in excess of the return of the GRB. GMWB benefits up to the return of the GRB are embedded derivatives held at fair value and are excluded from these balances.

[2] Includes the portion of assessments established as additions to reserves as well as changes in estimates affecting the reserves.

The following table provides details concerning GMDB/GMWB exposure as of December 31, 2015:

Account Value by GMDB/GMWB Type
Maximum Anniversary Value (“MAV”) [1]	Account Value (“AV”) [8]		Net Amount at Risk (“NAR”) [9]		Retained Net Amount at Risk (“RNAR”) [9]		Weighted Average Attained Age of Annuitant
MAV only	$	14,540	$	2,743	$	477	70
With 5% rollup [2]	1,257		227		77		71
With Earnings Protection Benefit Rider (“EPB”) [3]	3,697		490		77		69
With 5% rollup & EPB	487		107		23		72
Total MAV	19,981		3,567		654
Asset Protection Benefit (“APB”) [4]	11,707		519		346		69
Lifetime Income Benefit (“LIB”) – Death Benefit [5]	516		9		9		69
Reset [6] (5-7 years)	2,582		32		32		70
Return of Premium (“ROP”) [7]/Other	9,459		71		64		68
Subtotal Variable Annuity with GMDB/GMWB [10]	44,245		4,198		1,105		69
Less: General Account Value with GMDB/GMWB	3,822
Subtotal Separate Account Liabilities with GMDB	$	40,423
Separate Account Liabilities without GMDB	$	79,700
Total Separate Account Liabilities	$	120,123

[1] MAV GMDB is the greatest of current AV, net premiums paid and the highest AV on any anniversary before age 80 years (adjusted for withdrawals).

[2] Rollup GMDB is the greatest of the MAV, current AV, net premium paid and premiums (adjusted for withdrawals) accumulated at generally 5% simple interest up to the earlier of age 80 years or 100% of adjusted premiums.

[3] EPB GMDB is the greatest of the MAV, current AV, or contract value plus a percentage of the contract’s growth. The contract’s growth is AV less premiums net of withdrawals, subject to a cap of 200% of premiums net of withdrawals.

[4] APB GMDB is the greater of current AV or MAV, not to exceed current AV plus 25% times the greater of net premiums and MAV (each adjusted for premiums in the past 12 months).

[5] LIB GMDB is the greatest of current AV; net premiums paid; or for certain contracts, a benefit amount generally based on market performance that ratchets over time.

[6] Reset GMDB is the greatest of current AV, net premiums paid and the most recent five to seven year anniversary AV before age 80 years (adjusted for withdrawals).

[7] ROP GMDB is the greater of current AV or net premiums paid.

[8] AV includes the contract holder’s investment in the separate account and the general account.

[9] NAR is defined as the guaranteed benefit in excess of the current AV. RNAR represents NAR reduced for reinsurance. NAR and RNAR are highly sensitive to equity markets movements and increase when equity markets decline.

[10] Some variable annuity contracts with GMDB also have a life-contingent GMWB that may provide for benefits in excess of the return of the GRB. Such contracts included in this amount have $7.0 billion of total account value and weighted average attained age of 71 years. There is no NAR or retained NAR related to these contracts.

In the U.S., account balances of contracts with guarantees were invested in variable separate accounts as follows:

Asset Type	As of December 31, 2015		As of December 31, 2014
Equity securities (including mutual funds)	$	36,970	$	44,786
Cash and cash equivalents	3,453		4,066
Total	$	40,423	$	48,852

As of December 31, 2015 and December 31, 2014, approximately 17% of the equity securities (including mutual funds), in the preceding table were funds invested in fixed income securities and approximately 83% were funds invested in equity securities.

For further information on guaranteed living benefits that are accounted for at fair value, such as GMWB, see Note 4 - Fair Value Measurements of Notes to Consolidated Financial Statements.

perty and Casualty Insurance Products Unpaid Losses and Loss Adjustment Expenses

A roll-forward of liabilities for unpaid losses and loss adjustment expenses follows:

	For the years ended December 31,
	2015		2014		2013
Beginning liabilities for unpaid losses and loss adjustment expenses, gross	$	21,806	$	21,704	$	21,716
Reinsurance and other recoverables	3,041		3,028		3,027
Beginning liabilities for unpaid losses and loss adjustment expenses, net	18,765		18,676		18,689
Provision for unpaid losses and loss adjustment expenses
Current accident year	6,647		6,572		6,621
Prior accident year development	250		228		192
Total provision for unpaid losses and loss adjustment expenses	6,897		6,800		6,813
Less: payments
Current accident year	2,653		2,639		2,552
Prior accident years	4,066		4,072		4,274
Total payments	6,719		6,711		6,826
Ending liabilities for unpaid losses and loss adjustment expenses, net	18,943		18,765		18,676
Reinsurance and other recoverables [1]	2,882		3,041		3,028
Ending liabilities for unpaid losses and loss adjustment expenses, gross	$	21,825	$	21,806	$	21,704

[1] Includes reinsurance recoverables of $2,515, $2,730 and $2,735 as of December 31, 2015, 2014 and 2013, respectively.

As of December 31, 2015 and 2014, property and casualty insurance products reserves were discounted by a total of $523 and $556, respectively. The current accident year benefit from discounting property and casualty insurance products reserves was $35 in 2015, $34 in 2014 and $46 in 2013. The reduction in the discount benefit in 2014 as compared to 2013 reflects lower claim volume and a shorter than expected payment pattern in 2014. Accretion of discounts for prior accident years totaled $38 in 2015, $31 in 2014, and $31 in 2013.

The reserves recorded for the Company’s property and casualty insurance products at December 31, 2015 represent the Company’s best estimate of its ultimate liability for losses and loss adjustment expenses related to losses covered by policies written by the Company. However, because of the significant uncertainties surrounding reserves, and particularly asbestos and environmental exposures, it is possible that management’s estimate of the ultimate liabilities for these claims may change and that the required adjustment to recorded reserves could exceed the currently recorded reserves by an amount that could be material to the Company’s results of operations or cash flows. For additional information, see Note 12 - Commitments and Contingencies, Guaranty Fund and Other Insurance-related Assessments.

Losses and loss adjustment expenses are also impacted by trends including frequency and severity as well as changes in the legislative and regulatory environment. In the case of the reserves for asbestos exposures, factors contributing to the high degree of uncertainty include inadequate loss development patterns, plaintiffs’ expanding theories of liability, the risks inherent in major litigation, and inconsistent emerging legal doctrines. In the case of the reserves for environmental exposures, factors contributing to the high degree of uncertainty include expanding theories of liabilities and damages, the risks inherent in major litigation, inconsistent decisions concerning the existence and scope of coverage for environmental claims, and uncertainty as to the monetary amount being sought by the claimant from the insured.

The following table presents (favorable) unfavorable prior accident year development:

	For the years ended December 31,
	2015			2014			2013
Auto liability	$	54		$	25		$	144
Homeowners	9			(7		)	(6		)
Professional liability	(36		)	(17		)	(29		)
Package business	28			3			2
General liability	8			(25		)	(75		)
Bond	(2		)	8			(8		)
Commercial property	(6		)	2			(7		)
Net asbestos reserves	146			212			130
Net environmental reserves	55			30			12
Uncollectible reinsurance	—			—			(25		)
Workers’ compensation	(37		)	(7		)	(2		)
Workers’ compensation - NY 25a Fund for Reopened Cases	—			—			80
Workers’ compensation discount accretion	29			30			30
Catastrophes	(18		)	(45		)	(63		)
Other reserve re-estimates, net	20			19			9
Total prior accident year development	$	250		$	228		$	192

Net unfavorable reserve development in 2015 primarily included the following:

• an increase in commercial auto liability reserves, predominantly for accident years 2010 through 2013;

• an increase in package business reserves driven by higher than expected severity on liability claims;

• an increase in net asbestos and net environmental reserves driven by the annual ground-up asbestos and environmental reserve evaluations;

• partially offset by a decrease in professional liability reserves, for accident years 2009 through 2012;

• also offset by a decrease in and workers' compensation reserves, due to an improvement in claim closure rates resulting in a decrease in outstanding claims for permanently disabled claimants; and

• also offset by a decrease in catastrophe reserves primarily for accident year 2014.

Net unfavorable reserve development in 2014 primarily included the following:

• an increase in commercial auto liability reserves, for several accident years;

• an increase in net asbestos reserves driven by the annual ground-up asbestos reserve evaluation;

• partially offset by a decrease in general liability reserves due to lower frequency in late emerging claims; and

• also offset by a decrease in professional liability reserves, for accident years 2010, 2012 and 2013; and

• also offset by a decrease in catastrophe reserves primarily for accident year 2013.

Net unfavorable reserve development in 2013 primarily included the following:

• an increase in commercial auto liability reserves, for accident years 2010 through 2012;

• an increase related to the closing of the New York Section 25A Fund for Reopened Cases;

• an increase in net asbestos reserves driven by the annual ground-up asbestos reserve evaluation;

• partially offset by a decrease in general liability reserves, for accident years 2006 through 2011; and

• also offset by a decrease in professional liability reserves, for accident years 2008 through 2012; and

• also offset by a decrease in catastrophe reserves primarily related to Storm Sandy.

Life Insurance, Disability and Accident Products Unpaid Losses and Loss Adjustment Expenses

A roll-forward of liabilities for group life, disability and accident, for unpaid losses and loss adjustment expenses follows:

	For the years ended December 31,
	2015		2014			2013
Beginning liabilities for unpaid losses and loss adjustment expenses, gross	$	6,084	$	6,308		$	6,547
Reinsurance recoverables	271		267			252
Beginning liabilities for unpaid losses and loss adjustment expenses, net	5,813		6,041			6,295
Provision for unpaid losses and loss adjustment expenses
Current accident year	2,371		2,370			2,534
Prior accident year development	64		(11		)	(17		)
Total provision for unpaid losses and loss adjustment expenses	2,435		2,359			2,517
Less: payments
Current accident year	1,214		1,161			1,207
Prior accident years	1,354		1,426			1,564
Total payments	2,568		2,587			2,771
Ending liabilities for unpaid losses and loss adjustment expenses, net	5,680		5,813			6,041
Reinsurance recoverables	285		271			267
Ending liabilities for unpaid losses and loss adjustment expenses, gross	$	5,965	$	6,084		$	6,308

The liability for unpaid losses and loss adjustment expenses for group life, disability and accident contracts was discounted to present value using rates based on the Company’s earned investment yield estimated at the time the claims are incurred. The increase in the provision for unpaid losses and loss adjustment expenses is primarily due to higher claim severity on the long-term disability product.

The liability for future policy benefits and unpaid losses and loss adjustment expenses is as follows:

	As of December 31,
	2015		2014
Group life term, disability and accident unpaid losses and loss adjustment expenses	$	5,965	$	6,084
Group life other unpaid losses and loss adjustment expenses	174		203
Individual life unpaid losses and loss adjustment expenses	257		171
Future policy benefits	13,351		13,180
Future policy benefits, unpaid losses and loss adjustment expenses	$	19,747	$	19,638