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Derivative Financial Instruments and Off-balance sheet Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2014
Derivative Financial Instruments and Off-balance sheet Financial Instruments  
Volume and fair value positions of derivative instruments and location in the Consolidated Statement of Financial Position

       The following table provides a summary of the volume and fair value positions of derivative instruments as well as their reporting location in the Consolidated Statement of Financial Position as of December 31, 2014.

($ in millions, except number of contracts)
    
   Volume (1)    
    
    
  
 
   Balance sheet location   Notional
amount		   Number
of
contracts		   Fair
value,
net		   Gross
asset		   Gross
liability		  

Asset derivatives

                                    

Derivatives designated as accounting hedging instruments

                                    

Foreign currency swap agreements

   Other investments   $ 85     n/a   $ 3   $ 3   $ —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Derivatives not designated as accounting hedging instruments

                                    

Interest rate contracts

                                    

Interest rate cap agreements

   Other investments     163     n/a     2     2     —  

Equity and index contracts

                                    

Options and warrants (2)

   Other investments     —     3,225     83     83     —  

Financial futures contracts

   Other assets     —     2,204     2     2     —  

Foreign currency contracts

                                    

Foreign currency forwards

   Other investments     471     n/a     (15 )   1     (16 )

Embedded derivative financial instruments

                                    

Other embedded derivative financial instruments

   Other investments     1,000     n/a     —     —     —  

Credit default contracts

                                    

Credit default swaps — buying protection

   Other investments     29     n/a     —     —     —  

Credit default swaps — selling protection

   Other investments     100     n/a     2     2     —  

Other contracts

                                    

Other contracts

   Other assets     3     n/a     1     1     —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Subtotal

         1,766     5,429     75     91     (16 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total asset derivatives

       $ 1,851     5,429   $ 78   $ 94   $ (16 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Liability derivatives

                                    

Derivatives designated as accounting hedging instruments

                                    

Foreign currency swap agreements

   Other liabilities & accrued expenses   $ 50     n/a   $ (1 ) $ —   $ (1 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Derivatives not designated as accounting hedging instruments

                                    

Interest rate contracts

                                    

Interest rate swap agreements

   Other liabilities & accrued expenses     85     n/a     1     1     —  

Interest rate cap agreements

   Other liabilities & accrued expenses     11     n/a     —     —     —  

Financial futures contracts

   Other liabilities & accrued expenses     —     700     —     —     —  

Equity and index contracts

                                    

Options and futures

   Other liabilities & accrued expenses     —     3,960     (23 )   —     (23 )

Foreign currency contracts

                                    

Foreign currency forwards

   Other liabilities & accrued expenses     228     n/a     (1 )   2     (3 )

Embedded derivative financial instruments

                                    

Guaranteed accumulation benefits

   Contractholder funds     615     n/a     (32 )   —     (32 )

Guaranteed withdrawal benefits

   Contractholder funds     425     n/a     (13 )   —     (13 )

Equity-indexed and forward starting options in life and annuity product contracts

   Contractholder funds     1,786     n/a     (278 )   —     (278 )

Other embedded derivative financial instruments

   Contractholder funds     85     n/a     —     —     —  

Credit default contracts

                                    

Credit default swaps — buying protection

   Other liabilities & accrued expenses     420     n/a     (6 )   1     (7 )

Credit default swaps — selling protection

   Other liabilities & accrued expenses     205     n/a     (8 )   2     (10 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Subtotal

         3,860     4,660     (360 )   6     (366 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total liability derivatives

         3,910     4,660     (361 ) $ 6   $ (367 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total derivatives

       $ 5,761     10,089   $ (283 )            
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(1)
Volume for OTC derivative contracts is represented by their notional amounts. Volume for exchange traded derivatives is represented by the number of contracts, which is the basis on which they are traded. (n/a = not applicable)
(2)
In addition to the number of contracts presented in the table, the Company held 220 stock rights and warrants. Stock rights and warrants can be converted to cash upon sale of those instruments or exercised for shares of common stock.

       The following table provides a summary of the volume and fair value positions of derivative instruments as well as their reporting location in the Consolidated Statement of Financial Position as of December 31, 2013.

($ in millions, except number of contracts)
    
    
    
    
    
    
  
 
    
   Volume (1)    
    
    
  
 
   Balance sheet location   Notional
amount		   Number
of
contracts		   Fair
value,
net		   Gross
asset		   Gross
liability		  

Asset derivatives

                                    

Derivatives designated as accounting hedging instruments

                                    

Foreign currency swap agreements

   Other investments   $ 16     n/a   $ 1   $ 1   $ —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Derivatives not designated as accounting hedging instruments

                                    

Interest rate contracts

                                    

Interest rate swaption agreements

   Other investments     1,420     n/a     —     —     —  

Interest rate cap agreements

   Other investments     61     n/a     2     2     —  

Financial futures contracts

   Other assets     —     550     —     —     —  

Equity and index contracts

                                    

Options and warrants (2)

   Other investments     3     10,035     263     263     —  

Financial futures contracts

   Other assets     —     1,432     1     1     —  

Foreign currency contracts

                                    

Foreign currency forwards

   Other investments     161     n/a     10     10     —  

Embedded derivative financial instruments

                                    

Credit default swaps

   Fixed income securities     12     n/a     (12 )   —     (12 )

Other embedded derivative financial instruments

   Other investments     1,000     n/a     —     —     —  

Credit default contracts

                                    

Credit default swaps — buying protection

   Other investments     2     n/a     —     —     —  

Credit default swaps — selling protection

   Other investments     105     n/a     2     2     —  

Other contracts

                                    

Other contracts

   Other assets     4     n/a     —     —     —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Subtotal

         2,768     12,017     266     278     (12 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total asset derivatives

       $ 2,784     12,017   $ 267   $ 279   $ (12 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Liability derivatives

                                    

Derivatives designated as accounting hedging instruments

                                    

Foreign currency swap agreements

   Other liabilities & accrued expenses   $ 132     n/a   $ (15 ) $ —   $ (15 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Derivatives not designated as accounting hedging instruments

                                    

Interest rate contracts

                                    

Interest rate swap agreements

   Other liabilities & accrued expenses     85     n/a     4     4     —  

Interest rate swaption agreements

   Other liabilities & accrued expenses     4,570     n/a     1     1     —  

Interest rate cap agreements

   Other liabilities & accrued expenses     262     n/a     4     4     —  

Equity and index contracts

                                    

Options

   Other liabilities & accrued expenses     55     10,035     (165 )   2     (167 )

Foreign currency contracts

                                    

Foreign currency forwards

   Other liabilities & accrued expenses     148     n/a     (3 )   2     (5 )

Embedded derivative financial instruments

                                    

Guaranteed accumulation benefits

   Contractholder funds     738     n/a     (43 )   —     (43 )

Guaranteed withdrawal benefits

   Contractholder funds     506     n/a     (13 )   —     (13 )

Equity-indexed and forward starting options in life and annuity product contracts

   Contractholder funds     1,693     n/a     (247 )   —     (247 )

 

   Liabilities held for sale     2,363     n/a     (246 )   —     (246 )

Other embedded derivative financial instruments

   Contractholder funds     85     n/a     (4 )   —     (4 )

Credit default contracts

                                    

Credit default swaps — buying protection

   Other liabilities & accrued expenses     397     n/a     (6 )   —     (6 )

Credit default swaps — selling protection

   Other liabilities & accrued expenses     185     n/a     (13 )   2     (15 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Subtotal

         11,087     10,035     (731 )   15     (746 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total liability derivatives

         11,219     10,035     (746 ) $ 15   $ (761 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total derivatives

       $ 14,003     22,052   $ (479 )            
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(1)
Volume for OTC derivative contracts is represented by their notional amounts. Volume for exchange traded derivatives is represented by the number of contracts, which is the basis on which they are traded. (n/a = not applicable)
(2)
In addition to the number of contracts presented in the table, the Company held 1,238,580 stock rights and warrants. Stock rights and warrants can be converted to cash upon sale of those instruments or exercised for shares of common stock.
Schedule of gross and net amount for the Company's OTC derivatives subject to enforceable master netting arrangements
($ in millions)
    
   Offsets    
    
    
  
 
   Gross
amount		   Counter-
party
netting		   Cash
collateral
(received)
pledged		   Net
amount on
balance sheet		   Securities
collateral
(received)
pledged		   Net
amount		  

December 31, 2014

                                      

Asset derivatives

   $ 12   $ (22 ) $ 17   $ 7   $ (4 ) $ 3  

Liability derivatives

     (35 )   22     —     (13 )   8     (5 )

December 31, 2013

                                      

Asset derivatives

   $ 28   $ (15 ) $ (9 ) $ 4   $ (4 ) $ —  

Liability derivatives

     (41 )   15     (4 )   (30 )   23     (7 )
Impacts on operations and AOCI from foreign currency contracts, cash flow hedges

 

 

($ in millions)

   2014   2013   2012  

Gain (loss) recognized in OCI on derivatives during the period

   $ 12   $ 3   $ (6 )

Loss recognized in OCI on derivatives during the term of the hedging relationship

     (2 )   (18 )   (22 )

Loss reclassified from AOCI into income (net investment income)

     (2 )   (1 )   —  

Loss reclassified from AOCI into income (realized capital gains and losses)

     (2 )   —     (1 )
Gains and losses from valuation, settlements, and hedge ineffectiveness, fair value hedges and derivatives not designated as hedges

 

 

($ in millions)
    
    
    
    
    
    
    
  
 
   Net
investment
income		   Realized
capital
gains and
losses		   Life and
annuity
contract
benefits		   Interest
credited to
contractholder
funds		   Operating
costs and
expenses		   Loss on
disposition
of
operations		   Total gain
(loss)
recognized
in net
income on
derivatives		  

2014

                                            

Interest rate contracts

   $ —   $ (10 ) $ —   $ —   $ —   $ (4 ) $ (14 )

Equity and index contracts

     —     (18 )   —     38     9     —     29  

Embedded derivative financial instruments

     —     —     15     (14 )   —     —     1  

Foreign currency contracts

     —     (9 )   —     —     (8 )   —     (17 )

Credit default contracts

     —     1     —     —     —     —     1  

Other contracts

     —     —     —     (2 )   —     —     (2 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ —   $ (36 ) $ 15   $ 22   $ 1   $ (4 ) $ (2 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

2013

                                            

Interest rate contracts

   $ —   $ 4   $ —   $ —   $ —   $ (6 ) $ (2 )

Equity and index contracts

     —     (12 )   —     94     34     —     116  

Embedded derivative financial instruments

     —     (1 )   74     (75 )   —     —     (2 )

Foreign currency contracts

     —     (9 )   —     —     7     —     (2 )

Credit default contracts

     —     8     —     —     —     —     8  

Other contracts

     —     —     —     (3 )   —     —     (3 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ —   $ (10 ) $ 74   $ 16   $ 41   $ (6 ) $ 115  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

2012

                                            

Derivatives in fair value accounting hedging relationships

                                            

Interest rate contracts

   $ (1 ) $ —   $ —   $ —   $ —   $ —   $ (1 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Derivatives not designated as accounting hedging instruments

                                            

Interest rate contracts

     —     (1 )   —     —     —     —     (1 )

Equity and index contracts

     —     (4 )   —     56     17     —     69  

Embedded derivative financial instruments

     —     21     36     134     —     —     191  

Foreign currency contracts

     —     (1 )   —     —     7     —     6  

Credit default contracts

     —     9     —     —     —     —     9  

Other contracts

     —     —     —     3     —     —     3  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Subtotal

     —     24     36     193     24     —     277  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ (1 ) $ 24   $ 36   $ 193   $ 24   $ —   $ 276  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Counterparty credit exposure by counterparty credit rating

 

 

($ in millions)
   2014   2013  
Rating (1)
  Number
of
counter-
parties		   Notional
amount (2)		   Credit
exposure (2)		   Exposure,
net of
collateral (2)		   Number
of
counter-
parties		   Notional
amount (2)		   Credit
exposure (2)		   Exposure,
net of
collateral (2)		  

A+

     1   $ 164   $ 2   $ 1     1   $ 22   $ 1   $ 1  

A

     3     118     3     2     5     1,628     9     2  

A–

     1     8     —     —     1     24     1     —  

BBB+

     1     11     —     —     1     33     3     —  

BBB

     1     52     —     —     1     76     1     —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

     7   $ 353   $ 5   $ 3     9   $ 1,783   $ 15   $ 3  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(1)
Rating is the lower of S&P or Moody's ratings.
(2)
Only OTC derivatives with a net positive fair value are included for each counterparty.
Derivative instruments with credit features in a liability position, including fair value of assets and collateral netted against the liability

 

 

($ in millions)
   2014   2013  

Gross liability fair value of contracts containing credit-risk-contingent features

   $ 16   $ 28  

Gross asset fair value of contracts containing credit-risk-contingent features and subject to MNAs

     (4 )   (11 )

Collateral posted under MNAs for contracts containing credit-risk-contingent features

     (7 )   (14 )
​ ​ ​ ​ ​ ​ ​ ​

Maximum amount of additional exposure for contracts with credit-risk-contingent features if all features were triggered concurrently

   $ 5   $ 3  
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
CDS notional amounts by credit rating and fair value of protection sold

 

 

 
   Notional amount    
  
($ in millions)
    
    
  
   
    
    
   BB and
lower		    
   Fair
value		  
 
   AA   A   BBB   Total  

December 31, 2014

                                      

Single name

                                      

Corporate debt

   $ 20   $ 15   $ 90   $ —   $ 125   $ 1  

First-to-default Basket

                                      

Municipal

     —     100     —     —     100     (9 )

Index

                                      

Corporate debt

     —     22     52     6     80     2  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 20   $ 137   $ 142   $ 6   $ 305   $ (6 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

December 31, 2013

                                      

Single name

                                      

Corporate debt

   $ 20   $ 25   $ 65   $ —   $ 110   $ 2  

First-to-default Basket

                                      

Municipal

     —     100     —     —     100     (15 )

Index

                                      

Corporate debt

     1     20     55     4     80     2  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 21   $ 145   $ 120   $ 4   $ 290   $ (11 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Contractual amounts of off-balance-sheet financial instruments

 

 

($ in millions)
   2014   2013  

Commitments to invest in limited partnership interests

   $ 2,429   $ 2,846  

Commitments to extend mortgage loans

     49     1  

Private placement commitments

     98     43  

Other loan commitments

     46     26