Investments and Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2012

Derivative [Line Items]

Macro hedge program

The following table represents notional and fair value for the U.S. macro hedge program.

	Notional Amount				Fair Value
	March 31,  2012		December 31, 2011		March 31,  2012		December 31, 2011
Equity futures	$	—	$	59	$	—	$	—
Equity options		5,458		6,760		173		357
Total	$	5,458	$	6,819	$	173	$	357

Change in non-credit impairments of debt securities recognized in OCI

	Three Months Ended March 31,
	2012			2011
OTTI losses recognized in OCI	$	(7	)	$	(64	)
Changes in fair value and/or sales		10			64
Tax and deferred acquisition costs		(11	)		5
Change in non-credit impairments recognized in OCI	$	(8	)	$	5

Net Realized Capital Gains (Losses)

	Three Months Ended March 31,
(Before-tax)	2012			2011
Gross gains on sales	$	259		$	61
Gross losses on sales		(97	)		(133	)
Net OTTI losses recognized in earnings		(29	)		(55	)
Valuation allowances on mortgage loans		1			(3	)
Japanese fixed annuity contract hedges, net [1]		(20	)		(17	)
Periodic net coupon settlements on credit derivatives/Japan		(5	)		(7	)
Results of variable annuity hedge program
U.S. GMWB derivatives, net		185			56
U.S. macro hedge program		(189	)		(84	)
Total U.S. program		(4	)		(28	)
International program		(1,219	)		(319	)
Total results of variable annuity hedge program		(1,223	)		(347	)
Other, net [2]		204			98
Net realized capital gains (losses), before-tax	$	(910	)	$	(403	)

[1] Relates to the Japanese fixed annuity product (adjustment of product liability for changes in spot currency exchange rates, related derivative hedging instruments, excluding net period coupon settlements, and Japan FVO securities).

[2] Primarily consists of gains and losses on non-qualifying derivatives and fixed maturities, FVO, Japan 3Win related foreign currency swaps, and other investment gains and losses.

Other-Than-Temporary Impairment Losses

	Three Months Ended March 31,
(Before-tax)	2012			2011
Balance as of beginning of period	$	(1,676	)	$	(2,072	)
Additions for credit impairments recognized on [1]:
Securities not previously impaired		(12	)		(28	)
Securities previously impaired		(5	)		(17	)
Reductions for credit impairments previously recognized on:
Securities that matured or were sold during the period		160			109
Securities due to an increase in expected cash flows		3			5
Balance as of end of period	$	(1,530	)	$	(2,003	)

[1] These additions are included in the net OTTI losses recognized in earnings in the Condensed Consolidated Statements of Operations.

Available-for-Sale Securities

	March 31, 2012												December 31, 2011
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Non-Credit OTTI [1]			Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Non-Credit OTTI [1]
ABS	$	3,346	$	47	$	(306	)	$	3,087	$	(6	)	$	3,430	$	55	$	(332	)	$	3,153	$	(7	)
CDOs [2]		3,351		40		(305	)		3,043		(43	)		2,819		16		(348	)		2,487		(46	)
CMBS		6,847		305		(378	)		6,774		(25	)		7,192		271		(512	)		6,951		(31	)
Corporate [2]		40,383		3,508		(562	)		43,329		(2	)		41,161		3,661		(739	)		44,011		—
Foreign govt./govt. agencies		3,248		128		(24	)		3,352		—			2,030		141		(10	)		2,161		—
Municipal		12,991		914		(67	)		13,838		—			12,557		775		(72	)		13,260		—
RMBS		6,778		240		(423	)		6,595		(108	)		5,961		252		(456	)		5,757		(127	)
U.S. Treasuries		3,077		83		(21	)		3,139		—			3,828		203		(2	)		4,029		—
Total fixed maturities, AFS		80,021		5,265		(2,086	)		83,157		(184	)		78,978		5,374		(2,471	)		81,809		(211	)
Equity securities, AFS		1,001		69		(132	)		938		—			1,056		68		(203	)		921		—
Total AFS securities	$	81,022	$	5,334	$	(2,218	)	$	84,095	$	(184	)	$	80,034	$	5,442	$	(2,674	)	$	82,730	$	(211	)

[1] Represents the amount of cumulative non-credit OTTI losses recognized in OCI on securities that also had credit impairments. These losses are included in gross unrealized losses as of March 31, 2012 and December 31, 2011.

[2] Gross unrealized gains (losses) exclude the change in fair value of bifurcated embedded derivative features of certain securities. Changes in fair value are recorded in net realized capital gains (losses).

Contractual Maturity

	March 31, 2012
Contractual Maturity	Amortized Cost		Fair Value
One year or less	$	2,127	$	2,146
Over one year through five years		15,678		16,520
Over five years through ten years		14,566		15,712
Over ten years		27,328		29,280
Subtotal		59,699		63,658
Mortgage-backed and asset-backed securities		20,322		19,499
Total fixed maturities, AFS	$	80,021	$	83,157

Securities Unrealized Loss Aging

	March 31, 2012
	Less Than 12 Months							12 Months or More							Total
	Amortized Cost		Fair Value		Unrealized Losses			Amortized Cost		Fair Value		Unrealized Losses			Amortized Cost		Fair Value		Unrealized Losses
ABS	$	192	$	159	$	(33	)	$	1,098	$	825	$	(273	)	$	1,290	$	984	$	(306	)
CDOs [1]		62		42		(20	)		3,187		2,860		(285	)		3,249		2,902		(305	)
CMBS		852		803		(49	)		1,955		1,626		(329	)		2,807		2,429		(378	)
Corporate		4,076		3,941		(135	)		2,543		2,116		(427	)		6,619		6,057		(562	)
Foreign govt./govt. agencies		647		627		(20	)		29		25		(4	)		676		652		(24	)
Municipal		823		799		(24	)		425		382		(43	)		1,248		1,181		(67	)
RMBS		1,246		1,166		(80	)		1,171		828		(343	)		2,417		1,994		(423	)
U.S. Treasuries		1,011		990		(21	)		—		—		—			1,011		990		(21	)
Total fixed maturities		8,909		8,527		(382	)		10,408		8,662		(1,704	)		19,317		17,189		(2,086	)
Equity securities		206		181		(25	)		400		293		(107	)		606		474		(132	)
Total securities in an unrealized loss	$	9,115	$	8,708	$	(407	)	$	10,808	$	8,955	$	(1,811	)	$	19,923	$	17,663	$	(2,218	)

	December 31, 2011
	Less Than 12 Months							12 Months or More							Total
	Amortized Cost		Fair Value		Unrealized Losses			Amortized Cost		Fair Value		Unrealized Losses			Amortized Cost		Fair Value		Unrealized Losses
ABS	$	629	$	594	$	(35	)	$	1,169	$	872	$	(297	)	$	1,798	$	1,466	$	(332	)
CDOs		81		59		(22	)		2,709		2,383		(326	)		2,790		2,442		(348	)
CMBS		1,297		1,194		(103	)		2,144		1,735		(409	)		3,441		2,929		(512	)
Corporate [1]		4,388		4,219		(169	)		3,268		2,627		(570	)		7,656		6,846		(739	)
Foreign govt./govt. agencies		218		212		(6	)		51		47		(4	)		269		259		(10	)
Municipal		299		294		(5	)		627		560		(67	)		926		854		(72	)
RMBS		415		330		(85	)		1,206		835		(371	)		1,621		1,165		(456	)
U.S. Treasuries		343		341		(2	)		—		—		—			343		341		(2	)
Total fixed maturities		7,670		7,243		(427	)		11,174		9,059		(2,044	)		18,844		16,302		(2,471	)
Equity securities		167		138		(29	)		439		265		(174	)		606		403		(203	)
Total securities in an unrealized loss	$	7,837	$	7,381	$	(456	)	$	11,613	$	9,324	$	(2,218	)	$	19,450	$	16,705	$	(2,674	)

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

Mortgage Loans

	March 31, 2012							December 31, 2011
	Amortized Cost [1]		Valuation Allowance			Carrying Value		Amortized Cost [1]		Valuation Allowance			Carrying Value
Commercial	$	6,363	$	(88	)	$	6,275	$	5,830	$	(102	)	$	5,728
Total mortgage loans	$	6,363	$	(88	)	$	6,275	$	5,830	$	(102	)	$	5,728

[1] Amortized cost represents carrying value prior to valuation allowances, if any.

Valuation Allowance for Mortgage Loans

	2012			2011
Balance as of January 1	$	(102	)	$	(155	)
(Additions)/Reversals		1			(3	)
Deductions		13			5
Balance as of March 31	$	(88	)	$	(153	)

Commercial Mortgage Loans Credit Quality

Commercial Mortgage Loans Credit Quality
	March 31, 2012				December 31, 2011
Loan-to-value	Carrying Value		Avg. Debt-Service Coverage Ratio		Carrying Value		Avg. Debt-Service Coverage Ratio
Greater than 80%	$	636		1.34x	$	707		1.45x
65% - 80%		2,782		1.61x		2,384		1.60x
Less than 65%		2,857		2.44x		2,637		2.40x
Total commercial mortgage loans	$	6,275		1.95x	$	5,728		1.94x

Mortgage Loans by Region

Mortgage Loans by Region
	March 31, 2012					December 31, 2011
	Carrying Value		Percent of Total			Carrying Value		Percent of Total
East North Central	$	89		1.4	%	$	94		1.6	%
Middle Atlantic		501		8.0	%		508		8.9	%
Mountain		125		2.0	%		125		2.2	%
New England		337		5.4	%		294		5.1	%
Pacific		1,850		29.5	%		1,690		29.5	%
South Atlantic		1,443		23.0	%		1,149		20.1	%
West North Central		16		0.3	%		30		0.5	%
West South Central		395		6.3	%		224		3.9	%
Other [1]		1,519		24.1	%		1,614		28.2	%
Total mortgage loans	$	6,275		100.0	%	$	5,728		100.0	%

[1] Primarily represents loans collateralized by multiple properties in various regions.

Mortgage Loans by Property Type

Mortgage Loans by Property Type
	March 31, 2012					December 31, 2011
	Carrying Value		Percent of Total			Carrying Value		Percent of Total
Commercial
Agricultural	$	198		3.2	%	$	249		4.3	%
Industrial		1,847		29.4	%		1,747		30.5	%
Lodging		92		1.5	%		93		1.6	%
Multifamily		1,208		19.3	%		1,070		18.7	%
Office		1,307		20.8	%		1,078		18.8	%
Retail		1,369		21.8	%		1,234		21.5	%
Other		254		4.0	%		257		4.6	%
Total mortgage loans	$	6,275		100.0	%	$	5,728		100.0	%

Variable Interest Entities Primary Beneficiary

	March 31, 2012						December 31, 2011
	Total Assets		Total Liabilities  [1]		Maximum Exposure to Loss [2]		Total Assets		Total Liabilities  [1]		Maximum Exposure to Loss [2]
CDOs [3]	$	484	$	460	$	21	$	491	$	471	$	29
Investment fund [4]		100		—		101		—		—		—
Limited partnerships		7		1		6		7		—		7
Total	$	591	$	461	$	128	$	498	$	471	$	36

[1] Included in other liabilities in the Company’s Condensed Consolidated Balance Sheets.

[2] The maximum exposure to loss represents the maximum loss amount that the Company could recognize as a reduction in net investment income or as a realized capital loss and is the cost basis of the Company’s investment.

[3] Total assets included in fixed maturities, AFS, and fixed maturities, FVO, in the Company’s Condensed Consolidated Balance Sheets.

[4] Total assets included in fixed maturities, AFS, and short-term investments in the Company’s Condensed Consolidated Balance Sheets.

GMWB reinsurance contracts

The following table represents notional and fair value for U.S. GMWB hedging instruments.

	Notional Amount				Fair Value
	March 31,  2012		December 31, 2011		March 31,  2012			December 31, 2011
Customized swaps	$	8,760	$	8,389	$	239		$	385
Equity swaps, options, and futures		5,695		5,320		329			498
Interest rate swaps and futures		4,834		2,697		(43	)		11
Total	$	19,289	$	16,406	$	525		$	894

Derivative Classification by Balance Sheet Location

	Net Derivatives										Asset Derivatives				Liability Derivatives
	Notional Amount				Fair Value						Fair Value				Fair Value
Hedge Designation/ Derivative Type	Mar. 31, 2012		Dec. 31, 2011		Mar. 31, 2012			Dec. 31, 2011			Mar. 31, 2012		Dec. 31, 2011		Mar. 31, 2012			Dec. 31, 2011
Cash flow hedges
Interest rate swaps	$	8,646	$	8,652	$	180		$	329		$	204	$	329	$	(24	)	$	—
Foreign currency swaps		285		291		2			6			26		30		(24	)		(24	)
Total cash flow hedges		8,931		8,943		182			335			230		359		(48	)		(24	)
Fair value hedges
Interest rate swaps		1,226		1,007		(65	)		(78	)		2		—		(67	)		(78	)
Foreign currency swaps		185		677		71			(39	)		71		63		—			(102	)
Total fair value hedges		1,411		1,684		6			(117	)		73		63		(67	)		(180	)
Non-qualifying strategies
Interest rate contracts
Interest rate swaps, caps, floors, and futures		9,614		10,144		(562	)		(583	)		393		531		(955	)		(1,114	)
Foreign exchange contracts
Foreign currency swaps and forwards		393		380		(16	)		(12	)		5		6		(21	)		(18	)
Japan 3Win foreign currency swaps		2,054		2,054		3			184			15		184		(12	)		—
Japanese fixed annuity hedging instruments		1,933		1,945		364			514			371		540		(7	)		(26	)
Credit contracts
Credit derivatives that purchase credit protection		1,368		1,721		3			36			27		56		(24	)		(20	)
Credit derivatives that assume credit risk [1]		3,001		2,952		(511	)		(648	)		7		2		(518	)		(650	)
Credit derivatives in offsetting positions		8,645		8,189		(51	)		(57	)		122		164		(173	)		(221	)
Equity contracts
Equity index swaps and options		550		1,501		24			27			39		40		(15	)		(13	)
Variable annuity hedge program
U.S. GMWB product derivatives [2]		33,227		34,569		(1,683	)		(2,538	)		—		—		(1,683	)		(2,538	)
U.S. GMWB reinsurance contracts		6,872		7,193		308			443			308		443		—			—
U.S. GMWB hedging instruments		19,289		16,406		525			894			670		1,022		(145	)		(128	)
U.S. macro hedge program		5,458		6,819		173			357			173		357		—			—
International program product derivatives [2]		2,694		2,710		(38	)		(71	)		—		—		(38	)		(71	)
International program hedging instruments		45,215		33,726		201			750			642		887		(441	)		(137	)
Other
Contingent capital facility put option		500		500		27			28			27		28		—			—
Total non-qualifying strategies		140,813		130,809		(1,233	)		(676	)		2,799		4,260		(4,032	)		(4,936	)
Total cash flow hedges, fair value hedges, and non-qualifying strategies	$	151,155	$	141,436	$	(1,045	)	$	(458	)	$	3,102	$	4,682	$	(4,147	)	$	(5,140	)
Balance Sheet Location
Fixed maturities, available-for-sale	$	703	$	703	$	(43	)	$	(72	)	$	—	$	—	$	(43	)	$	(72	)
Other investments		50,201		60,227		1,193			2,331			1,748		3,165		(555	)		(834	)
Other liabilities		57,368		35,944		(768	)		(538	)		1,046		1,074		(1,814	)		(1,612	)
Consumer notes		35		35		(4	)		(4	)		—		—		(4	)		(4	)
Reinsurance recoverables		6,872		7,193		308			443			308		443		—			—
Other policyholder funds and benefits payable		35,976		37,334		(1,731	)		(2,618	)		—		—		(1,731	)		(2,618	)
Total derivatives	$	151,155	$	141,436	$	(1,045	)	$	(458	)	$	3,102	$	4,682	$	(4,147	)	$	(5,140	)

[1] The derivative instruments related to this strategy are held for other investment purposes.

[2] These derivatives are embedded within liabilities and are not held for risk management purposes.

Derivatives in Cash Flow Hedging Relationships

Derivatives in Cash Flow Hedging Relationships For The Three Months Ended March 31,

	Gain (Loss) Recognized in OCI on Derivative (Effective Portion)						Net Realized Capital Gains (Losses) Recognized in Income on Derivative (Ineffective Portion)
	2012			2011			2012		2011
Interest rate swaps	$	(33	)	$	(66	)	$	—	$	(2	)
Foreign currency swaps		(5	)		—			—		—
Total	$	(38	)	$	(66	)	$	—	$	(2	)

Derivatives in Cash Flow Hedging Relationships For The Three Months Ended March 31,
	Gain or (Loss) Reclassified from AOCI into Income (Effective Portion)
	Location	2012		2011
Interest rate swaps	Net realized capital gain/(loss)	$	5	$	2
Interest rate swaps	Net investment income		36		32
Foreign currency swaps	Net realized capital gain/(loss)		3		5
Total		$	44	$	39

Derivatives in Fair Value Hedging Relationships

Derivatives in Fair-Value Hedging Relationships

	Gain or (Loss) Recognized in Income [1]
	Derivative						Hedge Item
	Three Months Ended March 31,						Three Months Ended March 31,
	2012			2011			2012			2011
Interest rate swaps
Net realized capital gain/(loss)	$	11		$	10		$	(10	)	$	(9	)
Foreign currency swaps
Net realized capital gain/(loss)		9			14			(9	)		(14	)
Benefits, losses and loss adjustment expenses		(3	)		(8	)		3			8
Total	$	17		$	16		$	(16	)	$	(15	)

[1] The amounts presented do not include the periodic net coupon settlements of the derivative or the coupon income (expense) related to the hedged item. The net of the amounts presented represents the ineffective portion of the hedge.

Gain or loss recognized in income on non-qualifying strategies

Derivatives Used in Non-Qualifying Strategies

Gain or (Loss) Recognized within Net Realized Capital Gains and Losses

	Three Months Ended March 31,
	2012			2011
Interest rate contracts
Interest rate swaps, caps, floors, and forwards	$	2		$	5
Foreign exchange contracts
Foreign currency swaps and forwards		(5	)		(5	)
Japan 3Win foreign currency swaps [1]		(181	)		(58	)
Japanese fixed annuity hedging instruments [2]		(128	)		(62	)
Credit contracts
Credit derivatives that purchase credit protection		(36	)		(17	)
Credit derivatives that assume credit risk		149			19
Equity contracts
Equity index swaps and options		(19	)		—
Variable annuity hedge program
U.S. GMWB product derivatives		896			348
U.S. GMWB reinsurance contracts		(143	)		(65	)
U.S. GMWB hedging instruments		(568	)		(227	)
U.S. macro hedge program		(189	)		(84	)
International program product derivatives		35			16
International program hedging instruments		(1,254	)		(335	)
Other
Contingent capital facility put option		(2	)		(2	)
Total	$	(1,443	)	$	(467	)

[1] The associated liability is adjusted for changes in spot rates through realized capital gains and was $118 and $42 for the three months ended March 31, 2012 and 2011, respectively.

[2] The associated liability is adjusted for changes in spot rates through realized capital gains and was $157 and $53 for the three months ended March 31, 2012 and 2011, respectively.

Credit Derivatives Description

As of March 31, 2012

								Underlying Referenced Credit Obligation(s) [1]
Credit Derivative type by derivative risk exposure	Notional Amount [2]		Fair Value			Weighted Average Years to Maturity		Type		Average Credit Rating	Offsetting Notional Amount [3]		Offsetting Fair Value [3]
Single name credit default swaps
Investment grade risk exposure	$	1,693	$	(12	)		3 years		Corporate Credit/ Foreign Gov.	A	$	1,424	$	(29	)
Below investment grade risk exposure		160		(2	)		2 years		Corporate Credit	BB-		144		(5	)
Basket credit default swaps [4]
Investment grade risk exposure		3,866		(6	)		3 years		Corporate Credit	BBB+		2,229		—
Investment grade risk exposure		525		(80	)		5 years		CMBS Credit	A		525		80
Below investment grade risk exposure		555		(465	)		3 years		Corporate Credit	BBB		—		—
Embedded credit derivatives
Investment grade risk exposure		25		24			3 years		Corporate Credit	BBB-		—		—
Below investment grade risk exposure		500		441			5 years		Corporate Credit	BB+		—		—
Total	$	7,324	$	(100	)						$	4,322	$	46

As of December 31, 2011

								Underlying Referenced Credit Obligation(s) [1]
Credit Derivative type by derivative risk exposure	Notional Amount [2]		Fair Value			Weighted Average Years to Maturity		Type		Average Credit Rating	Offsetting Notional Amount [3]		Offsetting Fair Value [3]
Single name credit default swaps
Investment grade risk exposure	$	1,628	$	(34	)		3 years		Corporate Credit/ Foreign Gov.	A+	$	1,424	$	(15	)
Below investment grade risk exposure		170		(7	)		2 years		Corporate Credit	BB-		144		(5	)
Basket credit default swaps [4]
Investment grade risk exposure		3,645		(92	)		3 years		Corporate Credit	BBB+		2,001		29
Investment grade risk exposure		525		(98	)		5 years		CMBS Credit	BBB+		525		98
Below investment grade risk exposure		553		(509	)		3 years		Corporate Credit	BBB+		—		—
Embedded credit derivatives
Investment grade risk exposure		25		24			3 years		Corporate Credit	BBB-		—		—
Below investment grade risk exposure		500		411			5 years		Corporate Credit	BB+		—		—
Total	$	7,046	$	(305	)						$	4,094	$	107

[1] The average credit ratings are based on availability and the midpoint of the applicable ratings among Moody’s, S&P, and Fitch. If no rating is available from a rating agency, then an internally developed rating is used.

[2] Notional amount is equal to the maximum potential future loss amount. There is no specific collateral related to these contracts or recourse provisions included in the contracts to offset losses.

[3] The Company has entered into offsetting credit default swaps to terminate certain existing credit default swaps, thereby offsetting the future changes in value of, or losses paid related to, the original swap.

[4] Includes $4.4 billion and $4.2 billion as of March 31, 2012 and December 31, 2011, respectively, of standard market indices of diversified portfolios of corporate issuers referenced through credit default swaps. These swaps are subsequently valued based upon the observable standard market index. Also includes $553 as of both March 31, 2012 and December 31, 2011 of customized diversified portfolios of corporate issuers referenced through credit default swaps.

International [Member]

Derivative [Line Items]

Macro hedge program

	Notional Amount				Fair Value
	March 31,  2012		December 31, 2011		March 31,  2012			December 31, 2011
Currency forwards [1]	$	12,713	$	8,622	$	(105	)	$	446
Currency options		10,135		7,357		83			127
Equity futures		2,784		3,835		—			—
Equity options		2,872		1,565		142			74
Equity swaps		1,287		392		4			(8	)
Interest rate futures		531		739		—			—
Interest rate swaps and swaptions		14,893		11,216		77			111
Total	$	45,215	$	33,726	$	201		$	750

[1] As of March 31, 2012 and December 31, 2011 net notional amounts are $4.7 billion and $7.2 billion, respectively, which include $8.7 billion and $7.9 billion, respectively, related to long positions and $4.0 billion and $0.7 billion, respectively, related to short positions.