FAIR VALUE DISCLOSURES

9 Months Ended

Sep. 30, 2011

Fair Value Disclosures [Abstract]

FAIR VALUE DISCLOSURES

• FAIR VALUE DISCLOSURES

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (anexit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The accounting guidance established a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value, and identifies three levels of inputs that may be used to measure fair value:

Level 1       Quoted prices for identical instruments in active markets. Level 1 fair values generally are supported by market transactions that occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2       Observable inputs other than Level 1 prices, such as quoted prices for similar instruments, quoted prices in markets that are not active, and inputs to model-derived valuations that are directly observable or can be corroborated by observable market data.

Level 3       Unobservable inputs supported by little or no market activity and often requiring significant management judgment or estimation, such as an entity's own assumptions about the cash flows or other significant components of value that market participants would use in pricing the asset or liability.

AXA Financial Group defines fair value as the quoted market prices for those instruments that are actively traded in financial markets. In cases where quoted market prices are not available, fair values are measured using present value or other valuation techniques. The fair value determinations are made at a specific point in time, based on available market information and judgments about the financial instrument, including estimates of the timing and amount of expected future cash flows and the credit standing of counterparties. Such adjustments do not reflect any premium or discount that could result from offering for sale at one time AXA Financial Group's entire holdings of a particular financial instrument, nor do they consider the tax impact of the realization of unrealized gains or losses. In many cases, the fair values cannot be substantiated by comparison to independent markets, nor can the disclosed value be realized in immediate settlement of the instrument.

Assets and liabilities measured at fair value on a recurring basis are summarized below:

Fair Value Measurements at September 30, 2011
				Level 1		Level 2		Level 3		Total
				(In Millions)
Assets:
Investments:
	Fixed maturities, available-for-sale:
		Corporate		$	7	$	30,735	$	611	$	31,353
		U.S. Treasury, government and agency			-		6,277		-		6,277
		States and political subdivisions			-		566		52		618
		Foreign governments			-		625		20		645
		Commercial mortgage-backed			-		-		1,075		1,075
		Residential mortgage-backed(1)			-		2,460		2		2,462
		Asset-backed(2)			-		472		128		600
		Redeemable preferred stock			277		1,073		3		1,353
			Subtotal		284		42,208		1,891		44,383
	Other equity investments				70		-		73		143
	Trading securities				468		2,819		-		3,287
Other invested assets:
		Short-term investments			-		347		-		347
		Swaps			-		886		8		894
		Futures			5		-		-		5
		Options			-		(8)		-		(8)
		Floors			-		358		-		358
		Swaptions			-		1,502		-		1,502
			Subtotal		5		3,085		8		3,098
Cash equivalents					7,505		-		-		7,505
Segregated securities					-		1,191		-		1,191
GMIB reinsurance contracts					-		-		2,312		2,312
Separate Accounts' assets					81,492		2,474		216		84,182
		Total Assets		$	89,824	$	51,777	$	4,500	$	146,101
Liabilities:
Other liabilities:
	Foreign currency swap			$	-	$	331	$	-	$	331
GWBL and other features' liability					-		-		244		244
		Total Liabilities		$	-	$	331	$	244	$	575

• Includes publicly traded agency pass-through securities and collateralized obligations.
• Includes credit-tranched securities collateralized by sub-prime mortgages and other asset types and credit tenant loans.

Fair Value Measurements at December 31, 2010
				Level 1		Level 2		Level 3		Total
				(In Millions)
Assets:
Investments:
	Fixed maturities, available-for-sale:
		Corporate		$	6	$	29,282	$	445	$	29,733
		U.S. Treasury, government and agency			-		5,120		-		5,120
		States and political subdivisions			-		528		49		577
		Foreign governments			-		623		21		644
		Commercial mortgage-backed			-		-		1,326		1,326
		Residential mortgage-backed(1)			-		2,287		-		2,287
		Asset-backed(2)			-		311		167		478
		Redeemable preferred stock			281		1,342		10		1,633
			Subtotal		287		39,493		2,018		41,798
	Other equity investments				78		24		77		179
	Trading securities				425		2,565		-		2,990
	Other invested assets:
		Short-term investments			-		352		-		352
		Swaps			-		(27)		-		(27)
		Options			-		4		-		4
		Floors			-		326		-		326
		Swaptions			-		306		-		306
			Subtotal		-		961		-		961
Cash equivalents					3,764		-		-		3,764
Segregated securities					-		1,110		-		1,110
GMIB reinsurance contracts					-		-		1,223		1,223
Separate Accounts' assets					91,734		2,184		207		94,125
		Total Assets		$	96,288	$	46,337	$	3,525	$	146,150
Liabilities:
	Other liabilities:
		Foreign currency swap		$	-	$	304	$	-	$	304
	GWBL and other features' liability				-		-		38		38
			Total Liabilities	$	-	$	304	$	38	$	342

• Includes publicly traded agency pass-through securities and collateralized obligations.
• Includes credit-tranched securities collateralized by sub-prime mortgages and other asset types and credit tenant loans.

At September 30, 2011 and December 31, 2010, respectively, investments classified as Level 1 comprise approximately 63.0% and 67.0% of invested assets measured at fair value on a recurring basis and primarily include redeemable preferred stock, cash and cash equivalents and Separate Accounts assets. Fair value measurements classified as Level 1 include exchange-traded prices of fixed maturities, equity securities and derivative contracts, and net asset values for transacting subscriptions and redemptions of mutual fund shares held by Separate Accounts. Cash equivalents classified as Level 1 include money market accounts, overnight commercial paper and highly liquid debt instruments purchased with an original maturity of three months or less, and are carried at cost as a proxy for fair value measurement due to their short-term nature.

At September 30, 2011 and December 31, 2010, respectively, investments classified as Level 2 comprise approximately 35.5% and 31.5% of invested assets measured at fair value on a recurring basis and primarily include U.S. government and agency securities and certain corporate debt securities, such as private fixed maturities. As market quotes generally are not readily available or accessible for these securities, their fair value measures are determined utilizing relevant information generated by market transactions involving comparable securities and often are based on model pricing techniques that effectively discount prospective cash flows to present value using appropriate sector-adjusted credit spreads commensurate with the security's duration, also taking into consideration issuer-specific credit quality and liquidity. These valuation methodologies have been studied and evaluated by AXA Financial Group and the resulting prices determined to be representative of exit values. Segregated securities classified as Level 2 are U.S. Treasury Bills segregated by AllianceBernstein in a special reserve bank custody account for the exclusive benefit of brokerage customers, as required by Rule 15c3-3 of the Exchange Act and for which fair values are based on quoted yields in secondary markets.

Observable inputs generally used to measure the fair value of securities classified as Level 2 include benchmark yields, reported secondary trades, broker-dealer quotes, issuer spreads, benchmark securities, bids, offers, and reference data. Additional observable inputs are used when available, and as may be appropriate, for certain security types, such as prepayment, default, and collateral information for the purpose of measuring the fair value of mortgage- and asset-backed securities. At September 30, 2011 and December 31, 2010, respectively, approximately $2,865 million and $2,553 million of AAA-rated mortgage- and asset-backed securities are classified as Level 2 for which the observability of market inputs to their pricing models is supported by sufficient, albeit more recently contracted, market activity in these sectors.

As disclosed in Note 3, at September 30, 2011 and December 31, 2010, respectively, the net fair value of freestanding derivative positions is approximately $2,420 million and $305 million, or approximately 60.5% and 16.4% of Other invested assets measured at fair value on a recurring basis. The majority of these derivative contracts are traded in the OTC derivative market and are classified in Level 2. The fair values of derivative assets and liabilities traded in the OTC market are determined using quantitative models that require use of the contractual terms of the derivative instruments and multiple market inputs, including interest rates, prices, and indices to generate continuous yield or pricing curves and volatility factors, which then are applied to value the positions. The predominance of market inputs is actively quoted and can be validated through external sources or reliably interpolated if less observable.

The credit risk of the counterparty and of AXA Financial Group are considered in determining the fair values of all OTC derivative asset and liability positions, respectively, after taking into account the effects of master netting agreements and collateral arrangements. Each reporting period, AXA Financial Group values its derivative positions using the standard swap curve and evaluates whether to adjust the embedded credit spread to reflect changes in counterparty or its own credit standing. As a result, AXA Financial Group reduced the fair value of its OTC derivative asset exposures by $12 million at September 30, 2011 to recognize incremental counterparty non-performance risk. The unadjusted swap curve was determined to be reflective of the non-performance risk of AXA Financial Group for purpose of determining the fair value of its OTC liability positions at September 30, 2011.

At September 30, 2011 and December 31, 2010, respectively, investments classified as Level 3 comprise approximately 1.5% and 1.5% of invested assets measured at fair value on a recurring basis and primarily include corporate debt securities, such as private fixed maturities. Determinations to classify fair value measures within Level 3 of the valuation hierarchy generally are based upon the significance of the unobservable factors to the overall fair value measurement. Included in the Level 3 classification at September 30, 2011 and December 31, 2010, respectively, were approximately $356 million and $337 million of fixed maturities with indicative pricing obtained from brokers that otherwise could not be corroborated to market observable data. AXA Financial Group applies various due-diligence procedures, as considered appropriate, to validate these non-binding broker quotes for reasonableness, based on its understanding of the markets, including use of internally-developed assumptions about inputs a market participant would use to price the security. In addition, approximately $1,205 million and $1,493 million of mortgage- and asset-backed securities, including CMBS, are classified as Level 3 at September 30, 2011 and December 31, 2010, respectively. At September 30, 2011, AXA Financial Group continued to apply a risk-adjusted present value technique to estimate the fair value of CMBS securities below the senior AAA tranche due to ongoing insufficient frequency and volume of observable trading activity in these securities.  In applying this valuation methodology, AXA Financial Group adjusted the projected cash flows of these securities for origination year, default metrics, and level of subordination, with the objective of maximizing observable inputs, and weighted the result with a 10% attribution to pricing sourced from a third party service whose process placed significant reliance on market trading activity.

Level 3 also includes the GMIB reinsurance asset and the GWBL features' liability, which are accounted for as derivative contracts. The GMIB reinsurance asset's fair value reflects the present value of reinsurance premiums and recoveries and risk margins over a range of market consistent economic scenarios while the GWBL related liability reflects the present value of expected future payments (benefits) less fees, adjusted for risk margins, attributable to the GWBL feature over a range of market-consistent economic scenarios. The valuations of both the GMIB asset and GWBL features' liability incorporate significant non-observable assumptions related to policyholder behavior, risk margins and projections of equity Separate Account funds consistent with the S&P 500 Index. Using methodology similar to that described for measuring non-performance risk of OTC derivative exposures, incremental adjustment is made to the resulting fair values of the GMIB asset to reflect change in the claims-paying ratings of counterparties to the reinsurance treaties and of AXA Equitable, respectively. After giving consideration to collateral arrangements, AXA Financial Group reduced the fair value of its GMIB asset by $42 million at September 30, 2011 to recognize incremental counterparty non-performance risk. The unadjusted swap curve was determined to be reflective of the AA quality claims-paying rating of AXA Equitable, therefore, no incremental adjustment was made for non-performance risk for purpose of determining the fair value of the GWBL features' liability embedded derivative at September 30, 2011.

In the first nine months of 2011, AFS fixed maturities with fair values of $79 million and $0 million were transferred out of Level 3 and into Level 2 and out of Level 2 and into Level 1, respectively, principally due to the availability of trading activity and/or market observable inputs to measure and validate their fair values. In addition, AFS fixed maturities with fair value of $41 million were transferred into the Level 3 classification. These transfers in the aggregate represent approximately 0.67% of total equity at September 30, 2011. In the second quarter of 2011, the trading restriction period for one of AXA Financial Group's public securities lapsed, and as a result $21 million was transferred from a Level 2 classification to a Level 1 classification.

In the first nine months of 2010, AFS fixed maturities with fair values of $282 million and $60 million were transferred out of Level 3 and into Level 2 and out of Level 2 and into Level 1, respectively, principally due to the availability of trading activity and/or market observable inputs to measure and validate their fair values. In addition, AFS fixed maturities with fair value of $70 million were transferred into the Level 3 classification. These transfers in the aggregate represent approximately 2.4% of total equity at September 30, 2010.

The table below presents a reconciliation for all Level 3 assets and liabilities for the third quarter and first nine months of 2011 and 2010, respectively:

Level 3 Instruments
Fair Value Measurements
								State and				Commercial		Residential
								Political		Foreign		Mortgage-		Mortgage-		Asset-
						Corporate		Subdivisions		Govts		backed		backed		backed
						(In Millions)
Balance, July 1, 2011						$	533	$	49	$	20	$	1,192	$	-	$	134
	Total gains (losses), realized and
		unrealized, included in:
		Earnings (loss) as:
			Net investment income (loss)				1		-		-		-		-		-
			Investment gains (losses), net				-		-		-		-		-		-
			Increase (decrease) in the fair value
				of the reinsurance contracts			-		-		-		-		-		-
					Subtotal		1		-		-		-		-		-
		Other comprehensive income (loss)					(8)		3		-		(115)		-		(2)
Purchases							122		-		-		-		-		-
Issuances							-		-		-		-		-		-
Sales							(17)		-		-		(2)		-		(6)
Settlements							-		-		-		-		-		-
Transfers into Level 3(2)							32		-		-		-		2		2
Transfers out of Level 3(2)							(52)		-		-		-		-		-
Balance, September 30, 2011						$	611	$	52	$	20	$	1,075	$	2	$	128
Balance, July 1, 2010						$	586	$	50	$	1	$	1,474	$	-	$	169
	Total gains (losses), realized and
		unrealized, included in:
		Earnings (loss) as:
			Net investment income (loss)				1		-		-		1		-		-
			Investment gains (losses), net				(1)		-		-		(169)		-		-
			Increase (decrease) in the fair value
				of the reinsurance contracts			-		-		-		-		-		-
					Subtotal		-		-		-		(168)		-		-
		Other comprehensive income (loss)					10		2		1		191		-		4
Purchases/issuances							15		-		-		-		-		-
Sales/settlements							(15)		-		-		(9)		-		(8)
Transfers into/out of Level 3(2)							(82)		-		19		-		-		-
Balance, September 30, 2010						$	514	$	52	$	21	$	1,488	$	-	$	165

• There were no U.S. Treasury, government and agency classified as Level 3 at September 30, 2011 and 2010.
• Transfers into/out of Level 3 classification are reflected at beginning-of-period fair values.

								State and				Commercial		Residential
								Political		Foreign		Mortgage-		Mortgage-		Asset-
						Corporate		Subdivisions		Govts		backed		backed		backed
						(In Millions)
Balance, January 1, 2011						$	445	$	49	$	21	$	1,325	$	-	$	167
	Total gains (losses), realized and
		unrealized, included in:
		Earnings (loss) as:
			Net investment income (loss)				2		-		-		2		-		-
			Investment gains (losses), net				-		-		-		(21)		-		1
			Increase (decrease) in the fair value
				of the reinsurance contracts			-		-		-		-		-		-
					Subtotal		2		-		-		(19)		-		1
		Other comprehensive income (loss)					(11)		4		(1)		(47)		-		1
Purchases							222		-		-		-		-		-
Issuances							-		-		-		-		-		-
Sales							(31)		(1)		-		(184)		-		(24)
Settlements							-		-		-		-		-		-
Transfers into Level 3(2)							37		-		-		-		2		2
Transfers out of Level 3(2)							(53)		-		-		-		-		(19)
Balance, September 30, 2011						$	611	$	52	$	20	$	1,075	$	2	$	128
Balance, January 1, 2010						$	636	$	53	$	21	$	1,782	$	-	$	238
	Total gains (losses), realized and
		unrealized, included in:
		Earnings (loss) as:
			Net investment income (loss)				2		-		-		2		-		-
			Investment gains (losses), net				(2)		-		-		(256)		-		-
			Increase (decrease) in the fair value
				of the reinsurance contracts			-		-		-		-		-		-
					Subtotal		-		-		-		(254)		-		-
		Other comprehensive income (loss)					28		6		-		99		-		9
Purchases/issuances							52		-		-		-		-		-
Sales/settlements							(59)		(1)		-		(136)		-		(32)
Transfers into/out of Level 3(2)							(143)		(6)		-		(3)		-		(50)
Balance, September 30, 2010						$	514	$	52	$	21	$	1,488	$	-	$	165

• There were no U.S. Treasury, government and agency classified as Level 3 at September 30, 2011 and 2010.
• Transfers into/out of Level 3 classification are reflected at beginning-of-period fair values.

						Redeem-										GWBL
						able		Other		Other		GMIB		Separate		and Other
						Preferred		Equity		Invested		Reinsurance		Accounts		Features
						Stock		Investments(1)		Assets		Asset		Assets		Liability
						(In Millions)
Balance, July 1, 2011						$	3	$	75	$	-	$	1,156	$	220	$	35
	Total gains (losses), realized and
		unrealized, included in:
		Earnings (loss) as:
			Net investment income (loss)				-		-		8		-		3		-
			Investment gains (losses), net				-		-		-		-		-		-
			Increase (decrease) in the fair value
				of the reinsurance contracts			-		-		-		1,155		-		-
			Policyholders' benefits				-		-		-		-		-		205
					Subtotal		-		-		8		1,155		3		205
		Other comprehensive income (loss)					-		(1)		-		-		-		-
Purchases							-		-		-		13		2		4
Issuances							-		-		-		-		-		-
Sales							-		(1)		-		(12)		(9)		-
Settlements							-		-		-		-		-		-
Transfers into Level 3(2)							-		-		-		-		-		-
Transfers out of Level 3(2)							-		-		-		-		-		-
Balance, September 30, 2011						$	3	$	73	$	8	$	2,312	$	216	$	244
Balance, July 1, 2010						$	10	$	18	$	12	$	1,567	$	205	$	179
	Total gains (losses), realized and
		unrealized, included in:
		Earnings (loss) as:
			Net investment income (loss)				-		-		-		-		-		-
			Investment gains (losses), net				-		-		-		-		4		-
			Increase (decrease) in the fair value
				of the reinsurance contracts			-		-		-		304		-		-
			Policyholders' benefits				-		-		-		-		-		42
					Subtotal		-		-		-		304		4		42
		Other comprehensive income (loss)					-		-		-		-		-		-
Purchases/issuances							-		-		-		4		-		2
Sales/settlements							-		-		-		-		(3)		-
Transfers into/out of Level 3(2)							-		(16)		(12)		-		5		-
Balance, September 30, 2010						$	10	$	2	$	-	$	1,875	$	211	$	223

• Includes Trading securities' Level 3 amount.
• Transfers into/out of Level 3 classification are reflected at beginning-of-period fair values.

						Redeem-										GWBL
						able		Other		Other		GMIB		Separate		and Other
						Preferred		Equity		Invested		Reinsurance		Accounts		Features
						Stock		Investments(1)		Assets		Asset		Assets		Liability
						(In Millions)
Balance, January 1, 2011						$	10	$	77	$	-	$	1,223	$	207	$	38
	Total gains (losses), realized and
		unrealized, included in:
		Earnings (loss) as:
			Net investment income (loss)				-		-		8		-		12		-
			Investment gains (losses), net				-		2		-		-		-		-
			Increase (decrease) in the fair value
				of the reinsurance contracts			-		-		-		1,075		-		-
			Policyholders' benefits				-		-		-		-		-		194
					Subtotal		-		2		8		1,075		12		194
		Other comprehensive income (loss)					-		(2)		-		-		-		-
Purchases							-		3		-		40		9		12
Issuances							-		-		-		-		-		-
Sales							-		(7)		-		(26)		(10)		-
Settlements							-		-		-		-		(2)		-
Transfers into Level 3(2)							-		-		-		-		-		-
Transfers out of Level 3(2)							(7)		-		-		-		-		-
Balance, September 30, 2011						$	3	$	73	$	8	$	2,312	$	216	$	244
Balance, January 1, 2010						$	36	$	2	$	300	$	981	$	230	$	55
	Total gains (losses), realized and
		unrealized, included in:
		Earnings (loss) as:
			Net investment income (loss)				-		-		-		-		-		-
			Investment gains (losses), net				8		-		-		-		(18)		-
			Increase (decrease) in the fair value
				of the reinsurance contracts			-		-		-		879		-		-
			Policyholders' benefits				-		-		-		-		-		157
					Subtotal		8		-		-		879		(18)		157
		Other comprehensive income (loss)					3		-		-		-		-		-
Purchases/issuances							-		-		-		15		1		11
Sales/settlements							(27)		-		(300)		-		(7)		-
Transfers into/out of Level 3(2)							(10)		-		-		-		5		-
Balance, September 30, 2010						$	10	$	2	$	-	$	1,875	$	211	$	223

• Includes Trading securities' Level 3 amount.
• Transfers into/out of Level 3 classification are reflected at beginning-of-period fair values.

The table below details changes in unrealized gains (losses) for the third quarter and first nine monthsof 2011 and 2010 by category for Level 3 assets and liabilities still held at September 30, 2011 and 2010, respectively:

					Earnings (Loss)
									Increase
					Net		Investment		(Decrease) in
					Investment		Gains		Fair Value of				Policy-
					Income		(Losses),		Reinsurance				holders'
					(Loss)		Net		Contracts		OCI		Benefits
					(In Millions)
Level 3 Instruments
Third Quarter 2011
Still Held at September 30, 2011:(1)
	Change in unrealized gains (losses):
		Fixed maturities, available-for-sale:
			Corporate		$	-	$	-	$	-	$	(8)	$	-
			Commercial mortgage-backed			-		-		-		(115)		-
			Asset-backed			-		-		-		(2)		-
			Redeemable preferred stock			-		-		-		-		-
			Other fixed maturities, available-for-sale			-		-		-		3		-
				Subtotal	$	-	$	-	$	-	$	(122)	$	-
		Other invested assets				8		-		-		-		-
		GMIB reinsurance contracts				-		-		1,156		-		-
		Separate Accounts’ assets				-		4		-		-		-
		GWBL and other features’ liability				-		-		-		-		(209)
				Total	$	8	$	4	$	1,156	$	(122)	$	(209)
Level 3 Instruments
Third Quarter 2010
Still Held at September 30, 2010:(1)
	Change in unrealized gains (losses):
		Fixed maturities, available-for-sale:
			Corporate		$	-	$	-	$	-	$	10	$	-
			State and political subdivisions			-		-		-		2		-
			Commercial mortgage-backed			-		-		-		191		-
			Asset-backed			-		-		-		3		-
			Redeemable preferred stock			-		-		-		-		-
			Other fixed maturities, available-for-sale			-		-		-		-		-
				Subtotal	$	-	$	-	$	-	$	206	$	-
		Other invested assets				-		-		-		-		-
		GMIB reinsurance contracts				-		-		308		-		-
		Separate Accounts’ assets				-		2		-		-		-
		GWBL and other features’ liability				-		-		-		-		(44)
				Total	$	-	$	2	$	308	$	206	$	(44)

• There were no Equity securities classified as AFS, Other equity investments, Cash equivalents or Segregated securities at September 30, 2011 and 2010.

					Earnings (Loss)
									Increase
					Net		Investment		(Decrease) in
					Investment		Gains		Fair Value of				Policy-
					Income		(Losses),		Reinsurance				holders'
					(Loss)		Net		Contracts		OCI		Benefits
					(In Millions)
Level 3 Instruments
First Nine Months of 2011
Still Held at September 30, 2011:(1)
	Change in unrealized gains (losses):
		Fixed maturities, available-for-sale:
			Corporate		$	-	$	-	$	-	$	(10)	$	-
			Commercial mortgage-backed			-		-		-		(56)		-
			Asset-backed			-		-		-		-		-
			Redeemable preferred stock			-		-		-		-		-
			Other fixed maturities, available-for-sale			-		-		-		3		-
				Subtotal	$	-	$	-	$	-	$	(63)	$	-
		Other invested assets				8		-		-		-		-
		GMIB reinsurance contracts				-		-		1,089		-		-
		Separate Accounts’ assets				-		12		-		-		-
		GWBL and other features’ liability				-		-		-		-		(206)
				Total	$	8	$	12	$	1,089	$	(63)	$	(206)
Level 3 Instruments
First Nine Months of 2010
Still Held at September 30, 2010:(1)
	Change in unrealized gains (losses):
		Fixed maturities, available-for-sale:
			Corporate		$	-	$	-	$	-	$	27	$	-
			State and political subdivisions			-		-		-		6		-
			Commercial mortgage-backed			-		-		-		98		-
			Asset-backed			-		-		-		9		-
			Redeemable preferred stock			-		-		-		3		-
			Other fixed maturities, available-for-sale			-		-		-		-		-
				Subtotal	$	-	$	-	$	-	$	143	$	-
		Other invested assets				-		-		-		-		-
		GMIB reinsurance contracts				-		-		894		-		-
		Separate Accounts’ assets				-		(18)		-		-		-
		GWBL and other features’ liability				-		-		-		-		(168)
				Total	$	-	$	(18)	$	894	$	143	$	(168)

• There were no Equity securities classified as AFS, Other equity investments, Cash equivalents or Segregated securities at September 30, 2011 and 2010.

Fair value measurements are required on a non-recurring basis for certain assets, including goodwill, mortgage loans on real estate, equity real estate held for production of income, and equity real estate held for sale, only when an OTTI or other event occurs. When such fair value measurements are recorded, they must be classified and disclosed within the fair value hierarchy. At September 30, 2011 and December 31, 2010, no assets were required to be measured at fair value on a non-recurring basis.

The carrying values and fair values at September 30, 2011 and December 31, 2010 for financial instruments not otherwise disclosed in Note 3 are presented in the table below. Certain financial instruments are exempt from the requirements for fair value disclosure, such as insurance liabilities other than financial guarantees and investment contracts and pension and other postretirement obligations.

		September 30, 2011				December 31, 2010
		Carrying		Fair		Carrying		Fair
		Value		Value		Value		Value
		(In Millions)
Consolidated:
	Mortgage loans on real estate	$	5,316	$	5,519	$	4,826	$	4,950
	Other limited partnership interests		1,794		1,794		1,556		1,556
	Loans to affiliates		1,277		1,325		1,280		1,292
	Policyholders liabilities: Investment contracts		3,088		3,337		3,179		3,262
	Long-term debt		658		707		659		697
Closed Blocks:
	Mortgage loans on real estate	$	1,935	$	2,010	$	1,733	$	1,778
	Other equity investments		1		1		1		1
	SCNILC liability		6		6		7		7