Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 23, 2013 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'GNW | ' |
Entity Registrant Name | 'GENWORTH FINANCIAL INC | ' |
Entity Central Index Key | '0001276520 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 494,259,563 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Assets | ' | ' | ||
Fixed maturity securities available-for-sale, at fair value | $59,086 | $62,161 | ||
Equity securities available-for-sale, at fair value | 379 | 518 | ||
Commercial mortgage loans | 5,858 | 5,872 | ||
Restricted commercial mortgage loans related to securitization entities | 290 | 341 | ||
Policy loans | 1,668 | 1,601 | ||
Other invested assets | 1,826 | 3,493 | ||
Restricted other invested assets related to securitization entities, at fair value | 392 | 393 | ||
Total investments | 69,499 | 74,379 | ||
Cash and cash equivalents | 3,554 | 3,632 | ||
Accrued investment income | 705 | 715 | ||
Deferred acquisition costs | 5,256 | 5,036 | ||
Intangible assets | 404 | 366 | ||
Goodwill | 867 | 868 | ||
Reinsurance recoverable | 17,224 | 17,230 | ||
Other assets | 668 | 710 | ||
Separate account assets | 9,957 | 9,937 | ||
Assets associated with discontinued operations | 0 | 439 | ||
Total assets | 108,134 | 113,312 | ||
Liabilities and stockholders' equity | ' | ' | ||
Future policy benefits | 33,612 | 33,505 | ||
Policyholder account balances | 25,266 | 26,262 | ||
Liability for policy and contract claims | 7,271 | 7,509 | ||
Unearned premiums | 4,160 | 4,333 | ||
Other liabilities ($78 and $133 other liabilities related to securitization entities) | 4,607 | 5,239 | ||
Borrowings related to securitization entities ($73 and $62 at fair value) | 297 | 336 | ||
Non-recourse funding obligations | 2,046 | 2,066 | ||
Long-term borrowings | 4,780 | 4,776 | ||
Deferred tax liability | 293 | 1,507 | ||
Separate account liabilities | 9,957 | 9,937 | ||
Liabilities associated with discontinued operations | 0 | 61 | ||
Total liabilities | 92,289 | 95,531 | ||
Commitments and contingencies | ' | ' | ||
Stockholders' equity: | ' | ' | ||
Class A common stock, $0.001 par value; 1.5 billion shares authorized; 583 million and 580 million shares issued as of September 30, 2013 and December 31, 2012, respectively; 494 million and 492 million shares outstanding as of September 30, 2013 and December 31, 2012, respectively | 1 | 1 | ||
Additional paid-in capital | 12,149 | 12,127 | ||
Net unrealized investment gains (losses): | ' | ' | ||
Net unrealized gains (losses) on securities not other-than-temporarily impaired | 1,106 | 2,692 | ||
Net unrealized gains (losses) on other-than-temporarily impaired securities | 3 | -54 | ||
Net unrealized investment gains (losses) | 1,109 | [1] | 2,638 | [1] |
Derivatives qualifying as hedges | 1,442 | [2] | 1,909 | [2] |
Foreign currency translation and other adjustments | 388 | 655 | ||
Total accumulated other comprehensive income (loss) | 2,939 | 5,202 | ||
Retained earnings | 2,215 | 1,863 | ||
Treasury stock, at cost (88 million shares as of September 30, 2013 and December 31, 2012) | -2,700 | -2,700 | ||
Total Genworth Financial, Inc.'s stockholders' equity | 14,604 | 16,493 | ||
Noncontrolling interests | 1,241 | 1,288 | ||
Total stockholders' equity | 15,845 | 17,781 | ||
Total liabilities and stockholders' equity | $108,134 | $113,312 | ||
[1] | Net of adjustments to deferred acquisition costs, present value of future profits, sales inducements and benefit reserves. See note 4 for additional information. | |||
[2] | See note 5 for additional information. |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Other liabilities, securitization entities | $78 | $133 |
Borrowings related to securitization entities, at fair value | $73 | $62 |
Class A Common Stock, par value | $0.00 | $0.00 |
Class A Common Stock, shares authorized | 1,500,000,000 | 1,500,000,000 |
Class A Common Stock, shares issued | 583,000,000 | 580,000,000 |
Class A Common Stock, shares outstanding | 494,000,000 | 492,000,000 |
Treasury stock, shares | 88,000,000 | 88,000,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues: | ' | ' | ' | ' |
Premiums | $1,291 | $1,313 | $3,838 | $3,721 |
Net investment income | 801 | 825 | 2,436 | 2,503 |
Net investment gains (losses) | -23 | 9 | -63 | 13 |
Insurance and investment product fees and other | 248 | 309 | 780 | 936 |
Total revenues | 2,317 | 2,456 | 6,991 | 7,173 |
Benefits and expenses: | ' | ' | ' | ' |
Benefits and other changes in policy reserves | 1,169 | 1,363 | 3,639 | 3,977 |
Interest credited | 184 | 193 | 552 | 582 |
Acquisition and operating expenses, net of deferrals | 407 | 443 | 1,253 | 1,322 |
Amortization of deferred acquisition costs and intangibles | 182 | 160 | 441 | 578 |
Goodwill impairment | 0 | 89 | 0 | 89 |
Interest expense | 124 | 126 | 371 | 352 |
Total benefits and expenses | 2,066 | 2,374 | 6,256 | 6,900 |
Income from continuing operations before income taxes | 251 | 82 | 735 | 273 |
Provision for income taxes | 105 | 23 | 254 | 65 |
Income from continuing operations | 146 | 59 | 481 | 208 |
Income (loss) from discontinued operations, net of taxes | 2 | 12 | -12 | 51 |
Net income | 148 | 71 | 469 | 259 |
Less: net income attributable to noncontrolling interests | 40 | 36 | 117 | 102 |
Net income available to Genworth Financial, Inc.'s common stockholders | 108 | 35 | 352 | 157 |
Income from continuing operations available to Genworth Financial, Inc.'s common stockholders per common share: | ' | ' | ' | ' |
Basic | $0.21 | $0.05 | $0.74 | $0.22 |
Diluted | $0.21 | $0.05 | $0.73 | $0.22 |
Net income available to Genworth Financial, Inc.'s common stockholders per common share: | ' | ' | ' | ' |
Basic | $0.22 | $0.07 | $0.71 | $0.32 |
Diluted | $0.22 | $0.07 | $0.71 | $0.32 |
Weighted-average common shares outstanding: | ' | ' | ' | ' |
Basic | 494 | 491.7 | 493.3 | 491.5 |
Diluted | 499.3 | 493.9 | 497.9 | 494.5 |
Supplemental disclosures: | ' | ' | ' | ' |
Total other-than-temporary impairments | -3 | -26 | -17 | -84 |
Portion of other-than-temporary impairments included in other comprehensive income (loss) | -2 | -3 | -5 | -1 |
Net other-than-temporary impairments | -5 | -29 | -22 | -85 |
Other investments gains (losses) | -18 | 38 | -41 | 98 |
Net investment gains (losses) | ($23) | $9 | ($63) | $13 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Net income | $148 | $71 | $469 | $259 | ||||
Other comprehensive income (loss), net of taxes: | ' | ' | ' | ' | ||||
Net unrealized gains (losses) on securities not other-than-temporarily impaired | -191 | 517 | -1,624 | 1,029 | ||||
Net unrealized gains (losses) on other-than-temporarily impaired securities | 5 | 28 | 57 | 44 | ||||
Derivatives qualifying as hedges | -139 | [1] | -76 | [1] | -467 | [1] | 2 | [1] |
Foreign currency translation and other adjustments | 144 | 148 | -313 | 145 | ||||
Total other comprehensive income (loss) | -181 | 617 | -2,347 | 1,220 | ||||
Total comprehensive income (loss) | -33 | 688 | -1,878 | 1,479 | ||||
Less: comprehensive income attributable to noncontrolling interests | 62 | 83 | 33 | 146 | ||||
Total comprehensive income (loss) available to Genworth Financial, Inc.'s common stockholders | ($95) | $605 | ($1,911) | $1,333 | ||||
[1] | See note 5 for additional information. |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement of Changes in Stockholders' Equity (USD $) | Total | Common stock | Additional paid-in capital | Accumulated other comprehensive income (loss) | Retained earnings | Treasury stock, at cost | Total Genworth Financial, Inc.'s stockholders' equity | Noncontrolling interests | |
In Millions, unless otherwise specified | |||||||||
Balances at Dec. 31, 2011 | $16,132 | $1 | $12,136 | $4,047 | $1,538 | ($2,700) | $15,022 | $1,110 | |
Comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income | 259 | 0 | 0 | 0 | 157 | 0 | 157 | 102 | |
Net unrealized gains (losses) on securities not other-than-temporarily impaired | 1,029 | 0 | 0 | 1,024 | 0 | 0 | 1,024 | 5 | |
Net unrealized gains (losses) on other-than-temporarily impaired securities | 44 | 0 | 0 | 44 | 0 | 0 | 44 | 0 | |
Derivatives qualifying as hedges | 2 | [1] | 0 | 0 | 2 | 0 | 0 | 2 | 0 |
Foreign currency translation and other adjustments | 145 | 0 | 0 | 106 | 0 | 0 | 106 | 39 | |
Total comprehensive income (loss) | 1,479 | ' | ' | ' | ' | ' | 1,333 | 146 | |
Dividends to noncontrolling interests | -36 | 0 | 0 | 0 | 0 | 0 | 0 | -36 | |
Stock-based compensation expense and exercises and other | 26 | 0 | 26 | 0 | 0 | 0 | 26 | 0 | |
Balances at Sep. 30, 2012 | 17,601 | 1 | 12,162 | 5,223 | 1,695 | -2,700 | 16,381 | 1,220 | |
Balances at Dec. 31, 2012 | 17,781 | 1 | 12,127 | 5,202 | 1,863 | -2,700 | 16,493 | 1,288 | |
Repurchase of subsidiary shares | -43 | 0 | 0 | 0 | 0 | 0 | 0 | -43 | |
Comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income | 469 | 0 | 0 | 0 | 352 | 0 | 352 | 117 | |
Net unrealized gains (losses) on securities not other-than-temporarily impaired | -1,624 | 0 | 0 | -1,586 | 0 | 0 | -1,586 | -38 | |
Net unrealized gains (losses) on other-than-temporarily impaired securities | 57 | 0 | 0 | 57 | 0 | 0 | 57 | 0 | |
Derivatives qualifying as hedges | -467 | [1] | 0 | 0 | -467 | 0 | 0 | -467 | 0 |
Foreign currency translation and other adjustments | -313 | 0 | 0 | -267 | 0 | 0 | -267 | -46 | |
Total comprehensive income (loss) | -1,878 | ' | ' | ' | ' | ' | -1,911 | 33 | |
Dividends to noncontrolling interests | -39 | 0 | 0 | 0 | 0 | 0 | 0 | -39 | |
Stock-based compensation expense and exercises and other | 24 | 0 | 22 | 0 | 0 | 0 | 22 | 2 | |
Balances at Sep. 30, 2013 | $15,845 | $1 | $12,149 | $2,939 | $2,215 | ($2,700) | $14,604 | $1,241 | |
[1] | See note 5 for additional information. |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $469 | $259 |
Less (income) loss from discontinued operations, net of taxes | 12 | -51 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' |
Amortization of fixed maturity discounts and premiums and limited partnerships | -64 | -59 |
Net investment losses (gains) | 63 | -13 |
Charges assessed to policyholders | -612 | -590 |
Acquisition costs deferred | -332 | -456 |
Amortization of deferred acquisition costs and intangibles | 441 | 578 |
Goodwill impairment | 0 | 89 |
Deferred income taxes | -120 | 12 |
Net increase (decrease) in trading securities, held-for-sale investments and derivative instruments | -15 | 66 |
Stock-based compensation expense | 27 | 20 |
Change in certain assets and liabilities: | ' | ' |
Accrued investment income and other assets | -66 | -153 |
Insurance reserves | 1,679 | 1,672 |
Current tax liabilities | 242 | -191 |
Other liabilities and other policy-related balances | -699 | -808 |
Cash from operating activities-discontinued operations | 68 | 52 |
Net cash from operating activities | 1,093 | 427 |
Cash flows from investing activities: | ' | ' |
Fixed maturity securities | 4,046 | 3,619 |
Commercial mortgage loans | 686 | 559 |
Restricted commercial mortgage loans related to securitization entities | 51 | 48 |
Proceeds from sales of investments: | ' | ' |
Fixed maturity and equity securities | 3,056 | 3,956 |
Purchases and originations of investments: | ' | ' |
Fixed maturity and equity securities | -7,872 | -8,932 |
Commercial mortgage loans | -667 | -339 |
Other invested assets, net | 80 | 531 |
Policy loans, net | -7 | -8 |
Proceeds from sale of a subsidiary, net of cash transferred | 370 | 77 |
Cash from investing activities-discontinued operations | -30 | -41 |
Net cash from investing activities | -287 | -530 |
Cash flows from financing activities: | ' | ' |
Deposits to universal life and investment contracts | 1,979 | 2,248 |
Withdrawals from universal life and investment contracts | -2,613 | -2,057 |
Redemption and repurchase of non-recourse funding obligations | -20 | -801 |
Proceeds from the issuance of long-term debt | 397 | 361 |
Repayment and repurchase of long-term debt | -365 | -222 |
Repayment of borrowings related to securitization entities | -51 | -53 |
Repurchase of subsidiary shares | -43 | 0 |
Dividends paid to noncontrolling interests | -39 | -36 |
Other, net | -53 | -68 |
Cash from financing activities-discontinued operations | -3 | -35 |
Net cash from financing activities | -811 | -663 |
Effect of exchange rate changes on cash and cash equivalents | -94 | 19 |
Net change in cash and cash equivalents | -99 | -747 |
Cash and cash equivalents at beginning of period | 3,653 | 4,488 |
Cash and cash equivalents at end of period | 3,554 | 3,741 |
Less cash and cash equivalents of discontinued operations at end of period | 0 | 21 |
Cash and cash equivalents of continuing operations at end of period | $3,554 | $3,720 |
Formation_of_Genworth_and_Basi
Formation of Genworth and Basis of Presentation | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Formation of Genworth and Basis of Presentation | ' | |||
(1) Formation of Genworth and Basis of Presentation | ||||
Genworth Holdings, Inc. (“Genworth Holdings”) (formerly known as Genworth Financial, Inc.) was incorporated in Delaware on October 23, 2003. On April 1, 2013, Genworth Holdings completed a holding company reorganization pursuant to which Genworth Holdings became a direct, 100% owned subsidiary of a new public holding company it had formed. The new public holding company was incorporated in Delaware on December 5, 2012, in connection with the reorganization, under the name Sub XLVI, Inc., and was renamed Genworth Financial, Inc. upon the completion of the reorganization. | ||||
To implement the reorganization, Genworth Holdings formed New Genworth and New Genworth, in turn, formed Sub XLII, Inc. (“Merger Sub”). The holding company structure was implemented pursuant to Section 251(g) of the General Corporation Law of the State of Delaware (“DGCL”) by the merger of Merger Sub with and into Genworth Holdings (the “Merger”). Genworth Holdings survived the Merger as a direct, wholly-owned subsidiary of New Genworth and each share of Genworth Holdings Class A Common Stock, par value $0.001 per share (“Genworth Holdings Class A Common Stock”), issued and outstanding immediately prior to the Merger and each share of Genworth Holdings Class A Common Stock held in the treasury of Genworth Holdings immediately prior to the Merger converted into one issued and outstanding or treasury, as applicable, share of New Genworth Class A Common Stock, par value $0.001 per share, having the same designations, rights, powers and preferences and the qualifications, limitations and restrictions as the Genworth Holdings Class A Common Stock being converted. | ||||
Immediately after the consummation of the Merger, New Genworth had the same authorized, outstanding and treasury capital stock as Genworth Holdings immediately prior to the Merger. Each share of New Genworth common stock outstanding immediately prior to the Merger was cancelled. | ||||
Pursuant to Section 251(g) of the DGCL, the Merger did not require a vote of the stockholders of Genworth Holdings. Effective upon the consummation of the Merger, New Genworth adopted an amended and restated certificate of incorporation and amended and restated bylaws that were identical to those of Genworth Holdings immediately prior to the consummation of the Merger (other than provisions regarding certain technical matters, as permitted by Section 251(g) of the DGCL). New Genworth’s directors and executive officers immediately after the consummation of the Merger were the same as the directors and executive officers of Genworth Holdings immediately prior to the consummation of the Merger. Immediately after the consummation of the Merger, New Genworth had, on a consolidated basis, the same assets, businesses and operations as Genworth Holdings had immediately prior to the consummation of the Merger. | ||||
On April 1, 2013, in connection with the reorganization, immediately following the consummation of the Merger, Genworth Holdings distributed to New Genworth (as its sole stockholder), through a dividend (the “Distribution”), the 84.6% membership interest in one of its subsidiaries (Genworth Mortgage Holdings, LLC (“GMHL”)) that it held directly, and 100% of the shares of another of its subsidiaries (Genworth Mortgage Holdings, Inc. (“GMHI”)), that held the remaining 15.4% of outstanding membership interests of GMHL. At the time of the Distribution, GMHL and GMHI together owned (directly or indirectly) 100% of the shares or other equity interests of all of the subsidiaries that conducted Genworth Holdings’ U.S. mortgage insurance business (these subsidiaries also owned the subsidiaries that conducted Genworth Holdings’ European mortgage insurance business). As part of the comprehensive U.S. mortgage insurance capital plan, on April 1, 2013, immediately prior to the Distribution, Genworth Holdings contributed $100 million to the U.S. mortgage insurance subsidiaries. | ||||
The accompanying condensed financial statements include on a consolidated basis the accounts of: (a) for the periods prior to April 1, 2013, Genworth Holdings and the affiliated companies in which it held a majority equity interest or where it was the primary beneficiary of a variable interest entity and (b) for the periods from and after April 1, 2013, New Genworth and the affiliated companies in which it held a majority voting interest or where it was the primary beneficiary of a variable interest entity. All intercompany accounts and transactions have been eliminated in consolidation. | ||||
References to “Genworth,” the “Company,” “we” or “our” in the accompanying condensed consolidated financial statements and these notes thereto have the following meanings, unless the context otherwise requires: | ||||
• | For periods prior to April 1, 2013: Genworth Holdings and its subsidiaries | |||
• | For periods from and after April 1, 2013: New Genworth and its subsidiaries | |||
We have the following operating segments: | ||||
• | U.S. Life Insurance. We offer and manage a variety of insurance and fixed annuity products. Our primary insurance products include life insurance, long-term care insurance and fixed annuities. | |||
• | International Mortgage Insurance. We are a leading provider of mortgage insurance products and related services in Canada and Australia and also participate in select European and other countries. Our products predominantly insure prime-based, individually underwritten residential mortgage loans, also known as flow mortgage insurance. We also selectively provide mortgage insurance on a structured, or bulk, basis that aids in the sale of mortgages to the capital markets and helps lenders manage capital and risk. Additionally, we offer services, analytical tools and technology that enable lenders to operate efficiently and manage risk. | |||
• | U.S. Mortgage Insurance. In the United States, we offer mortgage insurance products predominantly insuring prime-based, individually underwritten residential mortgage loans, also known as flow mortgage insurance. We selectively provide mortgage insurance on a bulk basis with essentially all of our bulk writings prime-based. Additionally, we offer services, analytical tools and technology that enable lenders to operate efficiently and manage risk. | |||
• | International Protection. We are a leading provider of payment protection coverages (referred to as lifestyle protection) in multiple European countries and have operations in select other countries. Our lifestyle protection insurance products primarily help consumers meet specified payment obligations should they become unable to pay due to accident, illness, involuntary unemployment, disability or death. | |||
• | Runoff. The Runoff segment includes the results of non-strategic products which are no longer actively sold. Our non-strategic products primarily include our variable annuity, variable life insurance, institutional, corporate-owned life insurance and other accident and health insurance products. Institutional products consist of: funding agreements, funding agreements backing notes (“FABNs”) and guaranteed investment contracts (“GICs”). In January 2011, we discontinued new sales of retail and group variable annuities while continuing to service our existing blocks of business. | |||
We also have Corporate and Other activities which include debt financing expenses that are incurred at the Genworth Holdings holding company level, unallocated corporate income and expenses, eliminations of inter-segment transactions and the results of other businesses that are managed outside of our operating segments. | ||||
On March 27, 2013, we announced that we had agreed to sell our wealth management business to AqGen Liberty Acquisition, Inc., a subsidiary of AqGen Liberty Holdings LLC, a partnership of Aquiline Capital Partners and Genstar Capital, for approximately $412 million. Historically, this business had been reported as a separate segment. As a result of the sale agreement, the financial statements and other disclosures herein have been revised to reclassify this business as discontinued operations and report its financial position, results of operations and cash flows separately for all periods presented. The sale closed on August 30, 2013 and we received net proceeds of approximately $360 million. Also included in discontinued operations was our tax and advisor unit, Genworth Financial Investment Services, which was part of our wealth management business until the closing of its sale on April 2, 2012. See note 10 for additional information related to discontinued operations. | ||||
The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Preparing financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect reported amounts and related disclosures. Actual results could differ from those estimates. These condensed consolidated financial statements include all adjustments (including normal recurring adjustments) considered necessary by management to present a fair statement of the financial position, results of operations and cash flows for the periods presented. The results reported in these condensed consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for the entire year. The condensed consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements and related notes contained in our Current Report on Form 8-K filed on May 30, 2013, which reflected the reclassification of our wealth management business as discontinued operations, adjustments to correct an error related to premium refund accrual in our U.S. mortgage insurance business, the addition of a footnote in the notes to the consolidated financial statements that provides required supplemental guarantor financial information related to certain guarantees we gave in connection with the reorganization in which we became the parent company to Genworth Holdings and the addition of certain disclosures about offsetting assets and liabilities required by newly adopted accounting guidance. Certain prior year amounts have been reclassified to conform to the current year presentation. |
Accounting_Changes
Accounting Changes | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Changes | ' |
(2) Accounting Changes | |
Accounting Pronouncements Recently Adopted | |
On July 17, 2013, we adopted new accounting guidance to provide additional flexibility in the benchmark interest rates used when applying hedge accounting. The new guidance permits the use of the Federal Funds Effective Swap Rate as a benchmark interest rate for hedge accounting purposes and removes certain restrictions on being able to apply hedge accounting for similar hedges using different benchmark interest rates. The adoption of this accounting guidance did not have a material impact on our consolidated financial statements. | |
On January 1, 2013, we adopted new accounting guidance for disclosures about offsetting assets and liabilities. This guidance requires an entity to disclose information about offsetting and related arrangements to enable users to understand the effect of those arrangements on its financial position. The adoption of this accounting guidance impacted our disclosures only and did not impact our consolidated results. | |
On January 1, 2013, we adopted new accounting guidance related to the presentation of the reclassification of items out of accumulated other comprehensive income into net income. The adoption of this accounting guidance impacted our disclosures only and did not impact our consolidated results. | |
Accounting Pronouncements Not Yet Adopted | |
In June 2013, the Financial Accounting Standards Board issued new accounting guidance on the scope, measurement and disclosure requirements for investment companies. The new guidance clarifies the characteristics of an investment company, provides comprehensive guidance for assessing whether an entity is an investment company, requires investment companies to measure noncontrolling ownership interest in other investment companies at fair value rather than using the equity method of accounting and requires additional disclosures. These new requirements will be effective for us on January 1, 2014 and are not expected to have a material impact on our consolidated financial statements. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
(3) Earnings Per Share | |||||||||||||||||
Basic and diluted earnings per share are calculated by dividing each income category presented below by the weighted-average basic and diluted shares outstanding for the periods indicated: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(Amounts in millions, except per share amounts) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Weighted-average shares used in basic earnings per common share calculations | 494 | 491.7 | 493.3 | 491.5 | |||||||||||||
Potentially dilutive securities: | |||||||||||||||||
Stock options, restricted stock units and stock appreciation rights | 5.3 | 2.2 | 4.6 | 3 | |||||||||||||
Weighted-average shares used in diluted earnings per common share calculations | 499.3 | 493.9 | 497.9 | 494.5 | |||||||||||||
Income from continuing operations: | |||||||||||||||||
Income from continuing operations | $ | 146 | $ | 59 | $ | 481 | $ | 208 | |||||||||
Less: income from continuing operations attributable to noncontrolling interests | 40 | 36 | 117 | 102 | |||||||||||||
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders | $ | 106 | $ | 23 | $ | 364 | $ | 106 | |||||||||
Basic per common share | $ | 0.21 | $ | 0.05 | $ | 0.74 | $ | 0.22 | |||||||||
Diluted per common share | $ | 0.21 | $ | 0.05 | $ | 0.73 | $ | 0.22 | |||||||||
Income (loss) from discontinued operations: | |||||||||||||||||
Income (loss) from discontinued operations, net of taxes | $ | 2 | $ | 12 | $ | (12 | ) | $ | 51 | ||||||||
Less: income from discontinued operations, net of taxes, attributable to noncontrolling interests | — | — | — | — | |||||||||||||
Income (loss) from discontinued operations, net of taxes, available to Genworth Financial, Inc.’s common stockholders | $ | 2 | $ | 12 | $ | (12 | ) | $ | 51 | ||||||||
Basic per common share | $ | — | $ | 0.02 | $ | (0.02 | ) | $ | 0.1 | ||||||||
Diluted per common share | $ | — | $ | 0.02 | $ | (0.02 | ) | $ | 0.1 | ||||||||
Net income: | |||||||||||||||||
Income from continuing operations | $ | 146 | $ | 59 | $ | 481 | $ | 208 | |||||||||
Income (loss) from discontinued operations, net of taxes | 2 | 12 | (12 | ) | 51 | ||||||||||||
Net income | 148 | 71 | 469 | 259 | |||||||||||||
Less: net income attributable to noncontrolling interests | 40 | 36 | 117 | 102 | |||||||||||||
Net income available to Genworth Financial, Inc.’s common stockholders | $ | 108 | $ | 35 | $ | 352 | $ | 157 | |||||||||
Basic per common share | $ | 0.22 | $ | 0.07 | $ | 0.71 | $ | 0.32 | |||||||||
Diluted per common share | $ | 0.22 | $ | 0.07 | $ | 0.71 | $ | 0.32 | |||||||||
Investments
Investments | 9 Months Ended | ||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||||
Investments | ' | ||||||||||||||||||||||||||||||||||||
(4) Investments | |||||||||||||||||||||||||||||||||||||
(a) Net Investment Income | |||||||||||||||||||||||||||||||||||||
Sources of net investment income were as follows for the periods indicated: | |||||||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Fixed maturity securities—taxable | $ | 651 | $ | 659 | $ | 1,979 | $ | 1,988 | |||||||||||||||||||||||||||||
Fixed maturity securities—non-taxable | 3 | 2 | 7 | 9 | |||||||||||||||||||||||||||||||||
Commercial mortgage loans | 81 | 87 | 244 | 256 | |||||||||||||||||||||||||||||||||
Restricted commercial mortgage loans related to securitization entities | 8 | 8 | 22 | 24 | |||||||||||||||||||||||||||||||||
Equity securities | 3 | 4 | 13 | 14 | |||||||||||||||||||||||||||||||||
Other invested assets | 41 | 48 | 128 | 157 | |||||||||||||||||||||||||||||||||
Policy loans | 33 | 31 | 97 | 93 | |||||||||||||||||||||||||||||||||
Cash, cash equivalents and short-term investments | 4 | 8 | 16 | 28 | |||||||||||||||||||||||||||||||||
Gross investment income before expenses and fees | 824 | 847 | 2,506 | 2,569 | |||||||||||||||||||||||||||||||||
Expenses and fees | (23 | ) | (22 | ) | (70 | ) | (66 | ) | |||||||||||||||||||||||||||||
Net investment income | $ | 801 | $ | 825 | $ | 2,436 | $ | 2,503 | |||||||||||||||||||||||||||||
(b) Net Investment Gains (Losses) | |||||||||||||||||||||||||||||||||||||
The following table sets forth net investment gains (losses) for the periods indicated: | |||||||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||||||||||
Realized gains | $ | 26 | $ | 28 | $ | 144 | $ | 112 | |||||||||||||||||||||||||||||
Realized losses | (38 | ) | (14 | ) | (151 | ) | (79 | ) | |||||||||||||||||||||||||||||
Net realized gains (losses) on available-for-sale securities | (12 | ) | 14 | (7 | ) | 33 | |||||||||||||||||||||||||||||||
Impairments: | |||||||||||||||||||||||||||||||||||||
Total other-than-temporary impairments | (3 | ) | (26 | ) | (17 | ) | (84 | ) | |||||||||||||||||||||||||||||
Portion of other-than-temporary impairments included in other comprehensive income (loss) | (2 | ) | (3 | ) | (5 | ) | (1 | ) | |||||||||||||||||||||||||||||
Net other-than-temporary impairments | (5 | ) | (29 | ) | (22 | ) | (85 | ) | |||||||||||||||||||||||||||||
Trading securities | (6 | ) | 14 | (15 | ) | 21 | |||||||||||||||||||||||||||||||
Commercial mortgage loans | 1 | 2 | 5 | 7 | |||||||||||||||||||||||||||||||||
Net gains (losses) related to securitization entities | 21 | 18 | 43 | 48 | |||||||||||||||||||||||||||||||||
Derivative instruments (1) | (19 | ) | (2 | ) | (63 | ) | (4 | ) | |||||||||||||||||||||||||||||
Contingent consideration adjustment | — | (8 | ) | — | (7 | ) | |||||||||||||||||||||||||||||||
Other | (3 | ) | — | (4 | ) | — | |||||||||||||||||||||||||||||||
Net investment gains (losses) | $ | (23 | ) | $ | 9 | $ | (63 | ) | $ | 13 | |||||||||||||||||||||||||||
-1 | See note 5 for additional information on the impact of derivative instruments included in net investment gains (losses). | ||||||||||||||||||||||||||||||||||||
We generally intend to hold securities in unrealized loss positions until they recover. However, from time to time, our intent on an individual security may change, based upon market or other unforeseen developments. In such instances, we sell securities in the ordinary course of managing our portfolio to meet diversification, credit quality, yield and liquidity requirements. If a loss is recognized from a sale subsequent to a balance sheet date due to these unexpected developments, the loss is recognized in the period in which we determined that we have the intent to sell the securities or it is more likely than not that we will be required to sell the securities prior to recovery. The aggregate fair value of securities sold at a loss during the three months ended September 30, 2013 and 2012 was $407 million and $228 million, respectively, which was approximately 93% and 96%, respectively, of book value. The aggregate fair value of securities sold at a loss during the nine months ended September 30, 2013 and 2012 was $1,293 million and $911 million, respectively, which was approximately 90% and 93%, respectively, of book value. | |||||||||||||||||||||||||||||||||||||
The following represents the activity for credit losses recognized in net income on debt securities where an other-than-temporary impairment was identified and a portion of other-than-temporary impairments was included in other comprehensive income (loss) (“OCI”) as of and for the periods indicated: | |||||||||||||||||||||||||||||||||||||
As of or for the | As of or for the | ||||||||||||||||||||||||||||||||||||
three months ended | nine months ended | ||||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 179 | $ | 588 | $ | 387 | $ | 646 | |||||||||||||||||||||||||||||
Additions: | |||||||||||||||||||||||||||||||||||||
Other-than-temporary impairments not previously recognized | 1 | 5 | 3 | 13 | |||||||||||||||||||||||||||||||||
Increases related to other-than-temporary impairments previously recognized | 2 | 10 | 9 | 42 | |||||||||||||||||||||||||||||||||
Reductions: | |||||||||||||||||||||||||||||||||||||
Securities sold, paid down or disposed | (76 | ) | (66 | ) | (293 | ) | (164 | ) | |||||||||||||||||||||||||||||
Ending balance | $ | 106 | $ | 537 | $ | 106 | $ | 537 | |||||||||||||||||||||||||||||
(c) Unrealized Investment Gains and Losses | |||||||||||||||||||||||||||||||||||||
Net unrealized gains and losses on available-for-sale investment securities reflected as a separate component of accumulated other comprehensive income (loss) were as follows as of the dates indicated: | |||||||||||||||||||||||||||||||||||||
(Amounts in millions) | September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||||||
Net unrealized gains (losses) on investment securities: | |||||||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | 2,786 | $ | 6,086 | |||||||||||||||||||||||||||||||||
Equity securities | 13 | 34 | |||||||||||||||||||||||||||||||||||
Other invested assets | (6 | ) | (8 | ) | |||||||||||||||||||||||||||||||||
Subtotal | 2,793 | 6,112 | |||||||||||||||||||||||||||||||||||
Adjustments to deferred acquisition costs, present value of future profits, sales inducements and benefit reserves | (1,008 | ) | (1,925 | ) | |||||||||||||||||||||||||||||||||
Income taxes, net | (622 | ) | (1,457 | ) | |||||||||||||||||||||||||||||||||
Net unrealized investment gains (losses) | 1,163 | 2,730 | |||||||||||||||||||||||||||||||||||
Less: net unrealized investment gains (losses) attributable to noncontrolling interests | 54 | 92 | |||||||||||||||||||||||||||||||||||
Net unrealized investment gains (losses) attributable to Genworth Financial, Inc. | $ | 1,109 | $ | 2,638 | |||||||||||||||||||||||||||||||||
The change in net unrealized gains (losses) on available-for-sale investment securities reported in accumulated other comprehensive income (loss) was as follows as of and for the periods indicated: | |||||||||||||||||||||||||||||||||||||
As of or for the | |||||||||||||||||||||||||||||||||||||
three months ended | |||||||||||||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,294 | $ | 2,016 | |||||||||||||||||||||||||||||||||
Unrealized gains (losses) arising during the period: | |||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) on investment securities | (411 | ) | 1,040 | ||||||||||||||||||||||||||||||||||
Adjustment to deferred acquisition costs | 23 | (39 | ) | ||||||||||||||||||||||||||||||||||
Adjustment to present value of future profits | 9 | 11 | |||||||||||||||||||||||||||||||||||
Adjustment to sales inducements | 3 | (17 | ) | ||||||||||||||||||||||||||||||||||
Adjustment to benefit reserves | 68 | (171 | ) | ||||||||||||||||||||||||||||||||||
Provision for income taxes | 111 | (288 | ) | ||||||||||||||||||||||||||||||||||
Change in unrealized gains (losses) on investment securities | (197 | ) | 536 | ||||||||||||||||||||||||||||||||||
Reclassification adjustments to net investment (gains) losses, net of taxes of $(6) | 11 | 9 | |||||||||||||||||||||||||||||||||||
Change in net unrealized investment gains (losses) | (186 | ) | 545 | ||||||||||||||||||||||||||||||||||
Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests | (1 | ) | 8 | ||||||||||||||||||||||||||||||||||
Ending balance | $ | 1,109 | $ | 2,553 | |||||||||||||||||||||||||||||||||
As of or for the | |||||||||||||||||||||||||||||||||||||
nine months ended | |||||||||||||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Beginning balance | $ | 2,638 | $ | 1,485 | |||||||||||||||||||||||||||||||||
Unrealized gains (losses) arising during the period: | |||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) on investment securities | (3,348 | ) | 2,157 | ||||||||||||||||||||||||||||||||||
Adjustment to deferred acquisition costs | 241 | (138 | ) | ||||||||||||||||||||||||||||||||||
Adjustment to present value of future profits | 80 | (11 | ) | ||||||||||||||||||||||||||||||||||
Adjustment to sales inducements | 41 | (31 | ) | ||||||||||||||||||||||||||||||||||
Adjustment to benefit reserves | 555 | (384 | ) | ||||||||||||||||||||||||||||||||||
Provision for income taxes | 845 | (553 | ) | ||||||||||||||||||||||||||||||||||
Change in unrealized gains (losses) on investment securities | (1,586 | ) | 1,040 | ||||||||||||||||||||||||||||||||||
Reclassification adjustments to net investment (gains) losses, net of taxes of $(10) and $(19) | 19 | 33 | |||||||||||||||||||||||||||||||||||
Change in net unrealized investment gains (losses) | (1,567 | ) | 1,073 | ||||||||||||||||||||||||||||||||||
Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests | (38 | ) | 5 | ||||||||||||||||||||||||||||||||||
Ending balance | $ | 1,109 | $ | 2,553 | |||||||||||||||||||||||||||||||||
(d) Fixed Maturity and Equity Securities | |||||||||||||||||||||||||||||||||||||
As of September 30, 2013, the amortized cost or cost, gross unrealized gains (losses) and fair value of our fixed maturity and equity securities classified as available-for-sale were as follows: | |||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Amortized | Gross unrealized gains | Gross unrealized losses | Fair | |||||||||||||||||||||||||||||||||
cost or | value | ||||||||||||||||||||||||||||||||||||
cost | Not other- | Other-than- | Not other- | Other-than- | |||||||||||||||||||||||||||||||||
than- | temporarily | than- | temporarily | ||||||||||||||||||||||||||||||||||
temporarily | impaired | temporarily | impaired | ||||||||||||||||||||||||||||||||||
impaired | impaired | ||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||
U.S. government, agencies and government-sponsored enterprises | $ | 5,007 | $ | 495 | $ | — | $ | (177 | ) | $ | — | $ | 5,325 | ||||||||||||||||||||||||
Tax-exempt | 287 | 7 | — | (31 | ) | — | 263 | ||||||||||||||||||||||||||||||
Government—non-U.S. | 2,119 | 124 | — | (11 | ) | — | 2,232 | ||||||||||||||||||||||||||||||
U.S. corporate | 23,249 | 1,872 | 18 | (357 | ) | — | 24,782 | ||||||||||||||||||||||||||||||
Corporate—non-U.S. | 14,703 | 751 | — | (178 | ) | — | 15,276 | ||||||||||||||||||||||||||||||
Residential mortgage-backed | 5,145 | 321 | 8 | (65 | ) | (12 | ) | 5,397 | |||||||||||||||||||||||||||||
Commercial mortgage-backed | 2,762 | 90 | 1 | (60 | ) | (3 | ) | 2,790 | |||||||||||||||||||||||||||||
Other asset-backed | 3,047 | 33 | — | (57 | ) | (2 | ) | 3,021 | |||||||||||||||||||||||||||||
Total fixed maturity securities | 56,319 | 3,693 | 27 | (936 | ) | (17 | ) | 59,086 | |||||||||||||||||||||||||||||
Equity securities | 366 | 29 | — | (16 | ) | — | 379 | ||||||||||||||||||||||||||||||
Total available-for-sale securities | $ | 56,685 | $ | 3,722 | $ | 27 | $ | (952 | ) | $ | (17 | ) | $ | 59,465 | |||||||||||||||||||||||
As of December 31, 2012, the amortized cost or cost, gross unrealized gains (losses) and fair value of our fixed maturity and equity securities classified as available-for-sale were as follows: | |||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Amortized | Gross unrealized gains | Gross unrealized losses | Fair | |||||||||||||||||||||||||||||||||
cost or | value | ||||||||||||||||||||||||||||||||||||
cost | Not other- | Other-than- | Not other- | Other-than- | |||||||||||||||||||||||||||||||||
than- | temporarily | than- | temporarily | ||||||||||||||||||||||||||||||||||
temporarily | impaired | temporarily | impaired | ||||||||||||||||||||||||||||||||||
impaired | impaired | ||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||
U.S. government, agencies and government-sponsored enterprises | $ | 4,484 | $ | 1,025 | $ | — | $ | (18 | ) | $ | — | $ | 5,491 | ||||||||||||||||||||||||
Tax-exempt | 308 | 16 | — | (30 | ) | — | 294 | ||||||||||||||||||||||||||||||
Government—non-U.S. | 2,173 | 250 | — | (1 | ) | — | 2,422 | ||||||||||||||||||||||||||||||
U.S. corporate | 22,873 | 3,317 | 19 | (104 | ) | — | 26,105 | ||||||||||||||||||||||||||||||
Corporate—non-U.S. | 14,577 | 1,262 | — | (47 | ) | — | 15,792 | ||||||||||||||||||||||||||||||
Residential mortgage-backed | 5,744 | 549 | 13 | (124 | ) | (101 | ) | 6,081 | |||||||||||||||||||||||||||||
Commercial mortgage-backed | 3,253 | 178 | 5 | (82 | ) | (21 | ) | 3,333 | |||||||||||||||||||||||||||||
Other asset-backed | 2,660 | 50 | — | (65 | ) | (2 | ) | 2,643 | |||||||||||||||||||||||||||||
Total fixed maturity securities | 56,072 | 6,647 | 37 | (471 | ) | (124 | ) | 62,161 | |||||||||||||||||||||||||||||
Equity securities | 483 | 41 | — | (6 | ) | — | 518 | ||||||||||||||||||||||||||||||
Total available-for-sale securities | $ | 56,555 | $ | 6,688 | $ | 37 | $ | (477 | ) | $ | (124 | ) | $ | 62,679 | |||||||||||||||||||||||
The following table presents the gross unrealized losses and fair values of our investment securities, aggregated by investment type and length of time that individual investment securities have been in a continuous unrealized loss position, as of September 30, 2013: | |||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||||
(Dollar amounts in millions) | Fair | Gross | Number of | Fair | Gross | Number of | Fair | Gross | Number of | ||||||||||||||||||||||||||||
value | unrealized | securities | value | unrealized | securities | value | unrealized | securities | |||||||||||||||||||||||||||||
losses | losses (1) | losses (2) | |||||||||||||||||||||||||||||||||||
Description of Securities | |||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||
U.S. government, agencies and government-sponsored enterprises | $ | 769 | $ | (134 | ) | 43 | $ | 134 | $ | (43 | ) | 1 | $ | 903 | $ | (177 | ) | 44 | |||||||||||||||||||
Tax-exempt | 36 | (2 | ) | 19 | 101 | (29 | ) | 9 | 137 | (31 | ) | 28 | |||||||||||||||||||||||||
Government—non-U.S. | 461 | (11 | ) | 53 | — | — | — | 461 | (11 | ) | 53 | ||||||||||||||||||||||||||
U.S. corporate | 4,655 | (280 | ) | 683 | 470 | (77 | ) | 45 | 5,125 | (357 | ) | 728 | |||||||||||||||||||||||||
Corporate—non-U.S. | 3,180 | (155 | ) | 393 | 248 | (23 | ) | 22 | 3,428 | (178 | ) | 415 | |||||||||||||||||||||||||
Residential mortgage-backed | 808 | (36 | ) | 128 | 196 | (41 | ) | 119 | 1,004 | (77 | ) | 247 | |||||||||||||||||||||||||
Commercial mortgage-backed | 656 | (38 | ) | 82 | 360 | (25 | ) | 63 | 1,016 | (63 | ) | 145 | |||||||||||||||||||||||||
Other asset-backed | 896 | (16 | ) | 126 | 146 | (43 | ) | 16 | 1,042 | (59 | ) | 142 | |||||||||||||||||||||||||
Subtotal, fixed maturity securities | 11,461 | (672 | ) | 1,527 | 1,655 | (281 | ) | 275 | 13,116 | (953 | ) | 1,802 | |||||||||||||||||||||||||
Equity securities | 133 | (16 | ) | 72 | — | — | — | 133 | (16 | ) | 72 | ||||||||||||||||||||||||||
Total for securities in an unrealized loss position | $ | 11,594 | $ | (688 | ) | 1,599 | $ | 1,655 | $ | (281 | ) | 275 | $ | 13,249 | $ | (969 | ) | 1,874 | |||||||||||||||||||
% Below cost—fixed maturity securities: | |||||||||||||||||||||||||||||||||||||
<20% Below cost | $ | 11,201 | $ | (595 | ) | 1,506 | $ | 1,294 | $ | (125 | ) | 196 | $ | 12,495 | $ | (720 | ) | 1,702 | |||||||||||||||||||
20%-50% Below cost | 260 | (77 | ) | 21 | 344 | (127 | ) | 49 | 604 | (204 | ) | 70 | |||||||||||||||||||||||||
>50% Below cost | — | — | — | 17 | (29 | ) | 30 | 17 | (29 | ) | 30 | ||||||||||||||||||||||||||
Total fixed maturity securities | 11,461 | (672 | ) | 1,527 | 1,655 | (281 | ) | 275 | 13,116 | (953 | ) | 1,802 | |||||||||||||||||||||||||
% Below cost—equity securities: | |||||||||||||||||||||||||||||||||||||
<20% Below cost | 132 | (15 | ) | 69 | — | — | — | 132 | (15 | ) | 69 | ||||||||||||||||||||||||||
20%-50% Below cost | 1 | (1 | ) | 3 | — | — | — | 1 | (1 | ) | 3 | ||||||||||||||||||||||||||
Total equity securities | 133 | (16 | ) | 72 | — | — | — | 133 | (16 | ) | 72 | ||||||||||||||||||||||||||
Total for securities in an unrealized loss position | $ | 11,594 | $ | (688 | ) | 1,599 | $ | 1,655 | $ | (281 | ) | 275 | $ | 13,249 | $ | (969 | ) | 1,874 | |||||||||||||||||||
Investment grade | $ | 10,978 | $ | (653 | ) | 1,435 | $ | 1,145 | $ | (203 | ) | 149 | $ | 12,123 | $ | (856 | ) | 1,584 | |||||||||||||||||||
Below investment grade (3) | 616 | (35 | ) | 164 | 510 | (78 | ) | 126 | 1,126 | (113 | ) | 290 | |||||||||||||||||||||||||
Total for securities in an unrealized loss position | $ | 11,594 | $ | (688 | ) | 1,599 | $ | 1,655 | $ | (281 | ) | 275 | $ | 13,249 | $ | (969 | ) | 1,874 | |||||||||||||||||||
(1) | Amounts included $16 million of unrealized losses on other-than-temporarily impaired securities. | ||||||||||||||||||||||||||||||||||||
(2) | Amounts included $17 million of unrealized losses on other-than-temporarily impaired securities. | ||||||||||||||||||||||||||||||||||||
(3) | Amounts that have been in a continuous loss position for 12 months or more included $16 million of unrealized losses on other-than-temporarily impaired securities. | ||||||||||||||||||||||||||||||||||||
As indicated in the table above, the majority of the securities in a continuous unrealized loss position for less than 12 months were investment grade and less than 20% below cost. These unrealized losses were primarily attributable to lower credit ratings since acquisition for corporate securities across various industry sectors. For securities that have been in a continuous unrealized loss for less than 12 months, the average fair value percentage below cost was approximately 6% as of September 30, 2013. | |||||||||||||||||||||||||||||||||||||
Fixed Maturity Securities In A Continuous Unrealized Loss Position For 12 Months Or More | |||||||||||||||||||||||||||||||||||||
Of the $125 million of unrealized losses on fixed maturity securities in a continuous unrealized loss for 12 months or more that were less than 20% below cost, the weighted-average rating was “BBB-” and approximately 66% of the unrealized losses were related to investment grade securities as of September 30, 2013. These unrealized losses were attributable to the lower credit ratings for these securities since acquisition, primarily associated with corporate and structured securities in the finance and insurance sector. The average fair value percentage below cost for these securities was approximately 9% as of September 30, 2013. See below for additional discussion related to fixed maturity securities that have been in a continuous loss position for 12 months or more with a fair value that was more than 20% below cost. | |||||||||||||||||||||||||||||||||||||
The following tables present the concentration of gross unrealized losses and fair values of fixed maturity securities that were more than 20% below cost and in a continuous loss position for 12 months or more by asset class as of September 30, 2013: | |||||||||||||||||||||||||||||||||||||
Investment Grade | |||||||||||||||||||||||||||||||||||||
20% to 50% | Greater than 50% | ||||||||||||||||||||||||||||||||||||
(Dollar amounts in millions) | Fair | Gross | % of total | Number of | Fair | Gross | % of total | Number of | |||||||||||||||||||||||||||||
value | unrealized | gross | securities | value | unrealized | gross | securities | ||||||||||||||||||||||||||||||
losses | unrealized | losses | unrealized | ||||||||||||||||||||||||||||||||||
losses | losses | ||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||
U.S. government, agencies and government-sponsored enterprises | $ | 134 | $ | (43 | ) | 4 | % | 1 | $ | — | $ | — | — | % | — | ||||||||||||||||||||||
Tax-exempt | 58 | (20 | ) | 2 | 6 | — | — | — | — | ||||||||||||||||||||||||||||
U.S. corporate | 23 | (7 | ) | 1 | 2 | — | — | — | — | ||||||||||||||||||||||||||||
Corporate—non-U.S. | 32 | (11 | ) | 1 | 7 | — | — | — | — | ||||||||||||||||||||||||||||
Structured securities: | |||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 2 | (2 | ) | — | 3 | 5 | (6 | ) | 1 | 7 | |||||||||||||||||||||||||||
Commercial mortgage-backed | 2 | (1 | ) | — | 2 | — | (1 | ) | — | 1 | |||||||||||||||||||||||||||
Other asset-backed | 60 | (29 | ) | 3 | 4 | — | — | — | — | ||||||||||||||||||||||||||||
Total structured securities | 64 | (32 | ) | 3 | 9 | 5 | (7 | ) | 1 | 8 | |||||||||||||||||||||||||||
Total | $ | 311 | $ | (113 | ) | 11 | % | 25 | $ | 5 | $ | (7 | ) | 1 | % | 8 | |||||||||||||||||||||
Below Investment Grade | |||||||||||||||||||||||||||||||||||||
20% to 50% | Greater than 50% | ||||||||||||||||||||||||||||||||||||
(Dollar amounts in millions) | Fair | Gross | % of total | Number of | Fair | Gross | % of total | Number of | |||||||||||||||||||||||||||||
value | unrealized | gross | securities | value | unrealized | gross | securities | ||||||||||||||||||||||||||||||
losses | unrealized | losses | unrealized | ||||||||||||||||||||||||||||||||||
losses | losses | ||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||
U.S. corporate | $ | 2 | $ | (1 | ) | — | % | 1 | $ | — | $ | — | — | % | — | ||||||||||||||||||||||
Structured securities: | |||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 21 | (9 | ) | 1 | 19 | 3 | (12 | ) | 1 | 19 | |||||||||||||||||||||||||||
Commercial mortgage-backed | 10 | (4 | ) | — | 4 | 1 | (1 | ) | — | 1 | |||||||||||||||||||||||||||
Other asset-backed | — | — | — | — | 8 | (9 | ) | 1 | 2 | ||||||||||||||||||||||||||||
Total structured securities | 31 | (13 | ) | 1 | 23 | 12 | (22 | ) | 2 | 22 | |||||||||||||||||||||||||||
Total | $ | 33 | $ | (14 | ) | 1 | % | 24 | $ | 12 | $ | (22 | ) | 2 | % | 22 | |||||||||||||||||||||
For all securities in an unrealized loss position, we expect to recover the amortized cost based on our estimate of cash flows to be collected. We do not intend to sell and it is not more likely than not that we will be required to sell these securities prior to recovering our amortized cost. See the following for further discussion of gross unrealized losses by asset class. | |||||||||||||||||||||||||||||||||||||
U. S. government, agencies and government-sponsored enterprises | |||||||||||||||||||||||||||||||||||||
As indicated in the table above, $43 million of gross unrealized losses were related to a U.S. government, agencies and government-sponsored enterprises security that has been in a continuous loss position for more than 12 months and was greater than 20% below cost. The unrealized losses for the U.S. government, agencies and government-sponsored enterprises security represents a long-term, zero coupon Treasury bond. An increase in Treasury yields since the bond was purchased resulted in a decrease in the market value of this security. We expect that this security will accrete up to par value over time. | |||||||||||||||||||||||||||||||||||||
Corporate Debt Securities | |||||||||||||||||||||||||||||||||||||
The following tables present the concentration of gross unrealized losses and fair values related to corporate debt fixed maturity securities that were more than 20% below cost and in a continuous loss position for 12 months or more by industry as of September 30, 2013: | |||||||||||||||||||||||||||||||||||||
Investment Grade | |||||||||||||||||||||||||||||||||||||
20% to 50% | Greater than 50% | ||||||||||||||||||||||||||||||||||||
(Dollar amounts in millions) | Fair | Gross | % of total | Number of | Fair | Gross | % of total | Number of | |||||||||||||||||||||||||||||
value | unrealized | gross | securities | value | unrealized | gross | securities | ||||||||||||||||||||||||||||||
losses | unrealized | losses | unrealized | ||||||||||||||||||||||||||||||||||
losses | losses | ||||||||||||||||||||||||||||||||||||
Industry: | |||||||||||||||||||||||||||||||||||||
Finance and insurance | $ | 55 | $ | (18 | ) | 2 | % | 9 | $ | — | $ | — | — | % | — | ||||||||||||||||||||||
Total | $ | 55 | $ | (18 | ) | 2 | % | 9 | $ | — | $ | — | — | % | — | ||||||||||||||||||||||
Below Investment Grade | |||||||||||||||||||||||||||||||||||||
20% to 50% | Greater than 50% | ||||||||||||||||||||||||||||||||||||
(Dollar amounts in millions) | Fair | Gross | % of total | Number of | Fair | Gross | % of total | Number of | |||||||||||||||||||||||||||||
value | unrealized | gross | securities | value | unrealized | gross | securities | ||||||||||||||||||||||||||||||
losses | unrealized | losses | unrealized | ||||||||||||||||||||||||||||||||||
losses | losses | ||||||||||||||||||||||||||||||||||||
Industry: | |||||||||||||||||||||||||||||||||||||
Finance and insurance | $ | 2 | $ | (1 | ) | — | % | 1 | $ | — | $ | — | — | % | — | ||||||||||||||||||||||
Total | $ | 2 | $ | (1 | ) | — | % | 1 | $ | — | $ | — | — | % | — | ||||||||||||||||||||||
The total unrealized losses of $19 million for corporate fixed maturity securities presented in the tables above related to issuers in the finance and insurance sector that were 20% below cost on average. Given the current market conditions, including current financial industry events and uncertainty around global economic conditions, the fair value of these debt securities has declined due to credit spreads that have widened since acquisition. In our examination of these securities, we considered all available evidence, including the issuers’ financial condition and current industry events to develop our conclusion on the amount and timing of the cash flows expected to be collected. Based on this evaluation, we determined that the unrealized losses on these debt securities represented temporary impairments as of September 30, 2013. Of the $19 million of unrealized losses related to the finance and insurance industry, $18 million related to financial hybrid securities on which a debt impairment model was employed. Most of our hybrid securities retained a credit rating of investment grade. The fair value of these hybrid securities has been impacted by credit spreads that have widened since acquisition and reflect uncertainty surrounding the extent and duration of government involvement, potential capital restructuring of these institutions, and continued but diminishing risk that income payments may be deferred. We continue to receive our contractual payments and expect to fully recover our amortized cost. | |||||||||||||||||||||||||||||||||||||
We expect that our investments in corporate securities will continue to perform in accordance with our expectations about the amount and timing of estimated cash flows. Although we do not anticipate such events, it is at least reasonably possible that issuers of our investments in corporate securities will perform worse than current expectations. Such events may lead us to recognize write-downs within our portfolio of corporate securities in the future. | |||||||||||||||||||||||||||||||||||||
Structured Securities | |||||||||||||||||||||||||||||||||||||
Of the $74 million of unrealized losses related to structured securities that have been in an unrealized loss position for 12 months or more and were more than 20% below cost, $11 million related to other-than-temporarily impaired securities where the unrealized losses represented the portion of the other-than-temporary impairment recognized in OCI. The extent and duration of the unrealized loss position on our structured securities was primarily due to the ongoing concern and uncertainty about the residential and commercial real estate market and unemployment, resulting in credit spreads that have widened since acquisition. Additionally, the fair value of certain structured securities has been significantly impacted from high risk premiums being incorporated into the valuation as a result of the amount of potential losses that may be absorbed by the security in the event of additional deterioration in the U.S. housing market. | |||||||||||||||||||||||||||||||||||||
While we considered the length of time each security had been in an unrealized loss position, the extent of the unrealized loss position and any significant declines in fair value subsequent to the balance sheet date in our evaluation of impairment for each of these individual securities, the primary factor in our evaluation of impairment is the expected performance for each of these securities. Our evaluation of expected performance is based on the historical performance of the associated securitization trust as well as the historical performance of the underlying collateral. Our examination of the historical performance of the securitization trust included consideration of the following factors for each class of securities issued by the trust: i) the payment history, including failure to make scheduled payments; ii) current payment status; iii) current and historical outstanding balances; iv) current levels of subordination and losses incurred to date; and v) characteristics of the underlying collateral. Our examination of the historical performance of the underlying collateral included: i) historical default rates, delinquency rates, voluntary and involuntary prepayments and severity of losses, including recent trends in this information; ii) current payment status; iii) loan to collateral value ratios, as applicable; iv) vintage; and v) other underlying characteristics such as current financial condition. | |||||||||||||||||||||||||||||||||||||
We used our assessment of the historical performance of both the securitization trust and the underlying collateral for each security, along with third-party sources, when available, to develop our best estimate of cash flows expected to be collected. These estimates reflect projections for future delinquencies, prepayments, defaults and losses for the assets that collateralize the securitization trust and are used to determine the expected cash flows for our security, based on the payment structure of the trust. Our projection of expected cash flows is primarily based on the expected performance of the underlying assets that collateralize the securitization trust and is not directly impacted by the rating of our security. While we consider the rating of the security as an indicator of the financial condition of the issuer, this factor does not have a significant impact on our expected cash flows for each security. In limited circumstances, our expected cash flows include expected payments from reliable financial guarantors where we believe the financial guarantor will have sufficient assets to pay claims under the financial guarantee when the cash flows from the securitization trust are not sufficient to make scheduled payments. We then discount the expected cash flows using the effective yield of each security to determine the present value of expected cash flows. | |||||||||||||||||||||||||||||||||||||
Based on this evaluation, the present value of expected cash flows was greater than or equal to the amortized cost for each security. Accordingly, we determined that the unrealized losses on each of our structured securities represented temporary impairments as of September 30, 2013. | |||||||||||||||||||||||||||||||||||||
Despite the considerable analysis and rigor employed on our structured securities, it is at least reasonably possible that the underlying collateral of these investments will perform worse than current market expectations. Such events may lead to adverse changes in cash flows on our holdings of structured securities and future write-downs within our portfolio of structured securities. | |||||||||||||||||||||||||||||||||||||
The following table presents the gross unrealized losses and fair values of our investment securities, aggregated by investment type and length of time that individual investment securities have been in a continuous unrealized loss position, as of December 31, 2012: | |||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||||
(Dollar amounts in millions) | Fair | Gross | Number of | Fair | Gross | Number | Fair | Gross | Number of | ||||||||||||||||||||||||||||
value | unrealized | securities | value | unrealized | of | value | unrealized | securities | |||||||||||||||||||||||||||||
losses | losses (1) | securities | losses (2) | ||||||||||||||||||||||||||||||||||
Description of Securities | |||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||
U.S. government, agencies and government-sponsored enterprises | $ | 655 | $ | (18 | ) | 19 | $ | — | $ | — | — | $ | 655 | $ | (18 | ) | 19 | ||||||||||||||||||||
Tax-exempt | — | — | — | 137 | (30 | ) | 13 | 137 | (30 | ) | 13 | ||||||||||||||||||||||||||
Government—non-U.S. | 103 | (1 | ) | 21 | — | — | — | 103 | (1 | ) | 21 | ||||||||||||||||||||||||||
U.S. corporate | 859 | (19 | ) | 154 | 646 | (85 | ) | 65 | 1,505 | (104 | ) | 219 | |||||||||||||||||||||||||
Corporate—non-U.S. | 665 | (9 | ) | 105 | 436 | (38 | ) | 41 | 1,101 | (47 | ) | 146 | |||||||||||||||||||||||||
Residential mortgage- | 152 | (1 | ) | 32 | 494 | (224 | ) | 278 | 646 | (225 | ) | 310 | |||||||||||||||||||||||||
backed | |||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 183 | (1 | ) | 20 | 749 | (102 | ) | 130 | 932 | (103 | ) | 150 | |||||||||||||||||||||||||
Other asset-backed | 282 | (1 | ) | 42 | 185 | (66 | ) | 18 | 467 | (67 | ) | 60 | |||||||||||||||||||||||||
Subtotal, fixed maturity securities | 2,899 | (50 | ) | 393 | 2,647 | (545 | ) | 545 | 5,546 | (595 | ) | 938 | |||||||||||||||||||||||||
Equity securities | 52 | (4 | ) | 32 | 14 | (2 | ) | 13 | 66 | (6 | ) | 45 | |||||||||||||||||||||||||
Total for securities in an unrealized loss position | $ | 2,951 | $ | (54 | ) | 425 | $ | 2,661 | $ | (547 | ) | 558 | $ | 5,612 | $ | (601 | ) | 983 | |||||||||||||||||||
% Below cost—fixed maturity securities: | |||||||||||||||||||||||||||||||||||||
<20% Below cost | $ | 2,899 | $ | (50 | ) | 393 | $ | 2,151 | $ | (194 | ) | 337 | $ | 5,050 | $ | (244 | ) | 730 | |||||||||||||||||||
20%-50% Below cost | — | — | — | 445 | (218 | ) | 128 | 445 | (218 | ) | 128 | ||||||||||||||||||||||||||
>50% Below cost | — | — | — | 51 | (133 | ) | 80 | 51 | (133 | ) | 80 | ||||||||||||||||||||||||||
Total fixed maturity securities | 2,899 | (50 | ) | 393 | 2,647 | (545 | ) | 545 | 5,546 | (595 | ) | 938 | |||||||||||||||||||||||||
% Below cost—equity securities: | |||||||||||||||||||||||||||||||||||||
<20% Below cost | 47 | (2 | ) | 29 | 12 | (1 | ) | 11 | 59 | (3 | ) | 40 | |||||||||||||||||||||||||
20%-50% Below cost | 5 | (2 | ) | 3 | 2 | (1 | ) | 2 | 7 | (3 | ) | 5 | |||||||||||||||||||||||||
Total equity securities | 52 | (4 | ) | 32 | 14 | (2 | ) | 13 | 66 | (6 | ) | 45 | |||||||||||||||||||||||||
Total for securities in an unrealized loss position | $ | 2,951 | $ | (54 | ) | 425 | $ | 2,661 | $ | (547 | ) | 558 | $ | 5,612 | $ | (601 | ) | 983 | |||||||||||||||||||
Investment grade | $ | 2,761 | $ | (43 | ) | 356 | $ | 1,616 | $ | (209 | ) | 235 | $ | 4,377 | $ | (252 | ) | 591 | |||||||||||||||||||
Below investment grade (3) | 190 | (11 | ) | 69 | 1,045 | (338 | ) | 323 | 1,235 | (349 | ) | 392 | |||||||||||||||||||||||||
Total for securities in an unrealized loss position | $ | 2,951 | $ | (54 | ) | 425 | $ | 2,661 | $ | (547 | ) | 558 | $ | 5,612 | $ | (601 | ) | 983 | |||||||||||||||||||
(1) | Amounts included $123 million of unrealized losses on other-than-temporarily impaired securities. | ||||||||||||||||||||||||||||||||||||
(2) | Amounts included $124 million of unrealized losses on other-than-temporarily impaired securities. | ||||||||||||||||||||||||||||||||||||
(3) | Amounts that have been in a continuous loss position for 12 months or more included $119 million of unrealized losses on other-than-temporarily impaired securities. | ||||||||||||||||||||||||||||||||||||
The scheduled maturity distribution of fixed maturity securities as of September 30, 2013 is set forth below. Actual maturities may differ from contractual maturities because issuers of securities may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Amortized | Fair | |||||||||||||||||||||||||||||||||||
cost or cost | value | ||||||||||||||||||||||||||||||||||||
Due one year or less | $ | 2,744 | $ | 2,772 | |||||||||||||||||||||||||||||||||
Due after one year through five years | 10,019 | 10,563 | |||||||||||||||||||||||||||||||||||
Due after five years through ten years | 12,142 | 12,570 | |||||||||||||||||||||||||||||||||||
Due after ten years | 20,460 | 21,973 | |||||||||||||||||||||||||||||||||||
Subtotal | 45,365 | 47,878 | |||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 5,145 | 5,397 | |||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 2,762 | 2,790 | |||||||||||||||||||||||||||||||||||
Other asset-backed | 3,047 | 3,021 | |||||||||||||||||||||||||||||||||||
Total | $ | 56,319 | $ | 59,086 | |||||||||||||||||||||||||||||||||
As of September 30, 2013, $5,529 million of our investments (excluding mortgage-backed and asset-backed securities) were subject to certain call provisions. | |||||||||||||||||||||||||||||||||||||
As of September 30, 2013, securities issued by utilities and energy, finance and insurance, and consumer—non-cyclical industry groups represented approximately 24%, 19% and 12%, respectively, of our domestic and foreign corporate fixed maturity securities portfolio. No other industry group comprised more than 10% of our investment portfolio. This portfolio is widely diversified among various geographic regions in the United States and internationally, and is not dependent on the economic stability of one particular region. | |||||||||||||||||||||||||||||||||||||
As of September 30, 2013, we did not hold any fixed maturity securities in any single issuer, other than securities issued or guaranteed by the U.S. government, which exceeded 10% of stockholders’ equity. | |||||||||||||||||||||||||||||||||||||
(e) Commercial Mortgage Loans | |||||||||||||||||||||||||||||||||||||
Our mortgage loans are collateralized by commercial properties, including multi-family residential buildings. The carrying value of commercial mortgage loans is stated at original cost net of prepayments, amortization and allowance for loan losses. | |||||||||||||||||||||||||||||||||||||
We diversify our commercial mortgage loans by both property type and geographic region. The following tables set forth the distribution across property type and geographic region for commercial mortgage loans as of the dates indicated: | |||||||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Carrying | % of | Carrying | % of | |||||||||||||||||||||||||||||||||
value | total | value | total | ||||||||||||||||||||||||||||||||||
Property type: | |||||||||||||||||||||||||||||||||||||
Retail | $ | 2,005 | 34 | % | $ | 1,895 | 32 | % | |||||||||||||||||||||||||||||
Office | 1,610 | 27 | 1,580 | 27 | |||||||||||||||||||||||||||||||||
Industrial | 1,571 | 27 | 1,603 | 27 | |||||||||||||||||||||||||||||||||
Apartments | 473 | 8 | 552 | 9 | |||||||||||||||||||||||||||||||||
Mixed use/other | 234 | 4 | 282 | 5 | |||||||||||||||||||||||||||||||||
Subtotal | 5,893 | 100 | % | 5,912 | 100 | % | |||||||||||||||||||||||||||||||
Unamortized balance of loan origination fees and costs | 1 | 2 | |||||||||||||||||||||||||||||||||||
Allowance for losses | (36 | ) | (42 | ) | |||||||||||||||||||||||||||||||||
Total | $ | 5,858 | $ | 5,872 | |||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Carrying | % of | Carrying | % of | |||||||||||||||||||||||||||||||||
value | total | value | total | ||||||||||||||||||||||||||||||||||
Geographic region: | |||||||||||||||||||||||||||||||||||||
Pacific | $ | 1,624 | 28 | % | $ | 1,553 | 26 | % | |||||||||||||||||||||||||||||
South Atlantic | 1,558 | 26 | 1,587 | 27 | |||||||||||||||||||||||||||||||||
Middle Atlantic | 792 | 13 | 739 | 13 | |||||||||||||||||||||||||||||||||
Mountain | 462 | 8 | 463 | 8 | |||||||||||||||||||||||||||||||||
East North Central | 384 | 7 | 468 | 8 | |||||||||||||||||||||||||||||||||
West North Central | 366 | 6 | 353 | 6 | |||||||||||||||||||||||||||||||||
New England | 327 | 6 | 343 | 6 | |||||||||||||||||||||||||||||||||
West South Central | 237 | 4 | 265 | 4 | |||||||||||||||||||||||||||||||||
East South Central | 143 | 2 | 141 | 2 | |||||||||||||||||||||||||||||||||
Subtotal | 5,893 | 100 | % | 5,912 | 100 | % | |||||||||||||||||||||||||||||||
Unamortized balance of loan origination fees and costs | 1 | 2 | |||||||||||||||||||||||||||||||||||
Allowance for losses | (36 | ) | (42 | ) | |||||||||||||||||||||||||||||||||
Total | $ | 5,858 | $ | 5,872 | |||||||||||||||||||||||||||||||||
The following tables set forth the aging of past due commercial mortgage loans by property type as of the dates indicated: | |||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||
(Amounts in millions) | 31 - 60 days | 61 - 90 days | Greater than | Total | Current | Total | |||||||||||||||||||||||||||||||
past due | past due | 90 days past | past due | ||||||||||||||||||||||||||||||||||
due | |||||||||||||||||||||||||||||||||||||
Property type: | |||||||||||||||||||||||||||||||||||||
Retail | $ | — | $ | — | $ | 10 | $ | 10 | $ | 1,995 | $ | 2,005 | |||||||||||||||||||||||||
Office | — | — | 9 | 9 | 1,601 | 1,610 | |||||||||||||||||||||||||||||||
Industrial | — | 16 | 1 | 17 | 1,554 | 1,571 | |||||||||||||||||||||||||||||||
Apartments | — | — | — | — | 473 | 473 | |||||||||||||||||||||||||||||||
Mixed use/other | — | — | — | — | 234 | 234 | |||||||||||||||||||||||||||||||
Total recorded investment | $ | — | $ | 16 | $ | 20 | $ | 36 | $ | 5,857 | $ | 5,893 | |||||||||||||||||||||||||
% of total commercial mortgage loans | — | % | — | % | 1 | % | 1 | % | 99 | % | 100 | % | |||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
(Amounts in millions) | 31 - 60 days | 61 - 90 days | Greater than | Total | Current | Total | |||||||||||||||||||||||||||||||
past due | past due | 90 days past | past due | ||||||||||||||||||||||||||||||||||
due | |||||||||||||||||||||||||||||||||||||
Property type: | |||||||||||||||||||||||||||||||||||||
Retail | $ | — | $ | 3 | $ | — | $ | 3 | $ | 1,892 | $ | 1,895 | |||||||||||||||||||||||||
Office | 2 | — | — | 2 | 1,578 | 1,580 | |||||||||||||||||||||||||||||||
Industrial | — | — | — | — | 1,603 | 1,603 | |||||||||||||||||||||||||||||||
Apartments | — | — | 4 | 4 | 548 | 552 | |||||||||||||||||||||||||||||||
Mixed use/other | 66 | — | — | 66 | 216 | 282 | |||||||||||||||||||||||||||||||
Total recorded investment | $ | 68 | $ | 3 | $ | 4 | $ | 75 | $ | 5,837 | $ | 5,912 | |||||||||||||||||||||||||
% of total commercial mortgage loans | 1 | % | — | % | — | % | 1 | % | 99 | % | 100 | % | |||||||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, we had no commercial mortgage loans that were past due for more than 90 days and still accruing interest. We did not have any commercial mortgage loans that were past due for less than 90 days on non-accrual status as of September 30, 2013 and December 31, 2012. | |||||||||||||||||||||||||||||||||||||
As of and for the nine months ended September 30, 2013 and the year ended December 31, 2012, we modified or extended 26 and 38 commercial mortgage loans, respectively, with a total carrying value of $146 million and $279 million, respectively. All of these modifications or extensions were based on current market interest rates, did not result in any forgiveness in the outstanding principal amount owed by the borrower and were not considered troubled debt restructurings. | |||||||||||||||||||||||||||||||||||||
The following table sets forth the allowance for credit losses and recorded investment in commercial mortgage loans as of or for the periods indicated: | |||||||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 38 | $ | 46 | $ | 42 | $ | 51 | |||||||||||||||||||||||||||||
Charge-offs | (1 | ) | (3 | ) | (3 | ) | (4 | ) | |||||||||||||||||||||||||||||
Recoveries | — | — | — | — | |||||||||||||||||||||||||||||||||
Provision | (1 | ) | 1 | (3 | ) | (3 | ) | ||||||||||||||||||||||||||||||
Ending balance | $ | 36 | $ | 44 | $ | 36 | $ | 44 | |||||||||||||||||||||||||||||
Ending allowance for individually impaired loans | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||
Ending allowance for loans not individually impaired that were evaluated collectively for impairment | $ | 36 | $ | 44 | $ | 36 | $ | 44 | |||||||||||||||||||||||||||||
Recorded investment: | |||||||||||||||||||||||||||||||||||||
Ending balance | $ | 5,893 | $ | 5,903 | $ | 5,893 | $ | 5,903 | |||||||||||||||||||||||||||||
Ending balance of individually impaired loans | $ | 2 | $ | 8 | $ | 2 | $ | 8 | |||||||||||||||||||||||||||||
Ending balance of loans not individually impaired that were evaluated collectively for impairment | $ | 5,891 | $ | 5,895 | $ | 5,891 | $ | 5,895 | |||||||||||||||||||||||||||||
As of September 30, 2013, we had individually impaired commercial mortgage loans included within the retail property type with a recorded investment of $1 million, an unpaid principal balance of $3 million, charge-offs of $2 million and an average recorded investment of $1 million. As of September 30, 2013, we also had individually impaired commercial mortgage loans included within the industrial property type with a recorded investment of $1 million, an unpaid principal balance of $2 million, charge-offs of $1 million and an average recorded investment of $1 million. As of December 31, 2012, we had no individually impaired commercial mortgage loans. | |||||||||||||||||||||||||||||||||||||
In evaluating the credit quality of commercial mortgage loans, we assess the performance of the underlying loans using both quantitative and qualitative criteria. Certain risks associated with commercial mortgage loans can be evaluated by reviewing both the loan-to-value and debt service coverage ratio to understand both the probability of the borrower not being able to make the necessary loan payments as well as the ability to sell the underlying property for an amount that would enable us to recover our unpaid principal balance in the event of default by the borrower. The average loan-to-value ratio is based on our most recent estimate of the fair value for the underlying property which is evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan. A lower loan-to-value indicates that our loan value is more likely to be recovered in the event of default by the borrower if the property was sold. The debt service coverage ratio is based on “normalized” annual net operating income of the property compared to the payments required under the terms of the loan. Normalization allows for the removal of annual one-time events such as capital expenditures, prepaid or late real estate tax payments or non-recurring third-party fees (such as legal, consulting or contract fees). This ratio is evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan. A higher debt service coverage ratio indicates the borrower is less likely to default on the loan. The debt service coverage ratio should not be used without considering other factors associated with the borrower, such as the borrower’s liquidity or access to other resources that may result in our expectation that the borrower will continue to make the future scheduled payments. | |||||||||||||||||||||||||||||||||||||
The following tables set forth the loan-to-value of commercial mortgage loans by property type as of the dates indicated: | |||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||
(Amounts in millions) | 0% - 50% | 51% - 60% | 61% - 75% | 76% - 100% | Greater | Total | |||||||||||||||||||||||||||||||
than 100% (1) | |||||||||||||||||||||||||||||||||||||
Property type: | |||||||||||||||||||||||||||||||||||||
Retail | $ | 557 | $ | 360 | $ | 957 | $ | 105 | $ | 26 | $ | 2,005 | |||||||||||||||||||||||||
Office | 385 | 199 | 768 | 190 | 68 | 1,610 | |||||||||||||||||||||||||||||||
Industrial | 444 | 215 | 740 | 151 | 21 | 1,571 | |||||||||||||||||||||||||||||||
Apartments | 190 | 100 | 146 | 36 | 1 | 473 | |||||||||||||||||||||||||||||||
Mixed use/other | 57 | 56 | 109 | 6 | 6 | 234 | |||||||||||||||||||||||||||||||
Total recorded investment | $ | 1,633 | $ | 930 | $ | 2,720 | $ | 488 | $ | 122 | $ | 5,893 | |||||||||||||||||||||||||
% of total | 28 | % | 16 | % | 46 | % | 8 | % | 2 | % | 100 | % | |||||||||||||||||||||||||
Weighted-average debt service coverage ratio | 2.19 | 1.77 | 1.72 | 1.11 | 0.64 | 1.78 | |||||||||||||||||||||||||||||||
(1) | Included $2 million of impaired loans, $10 million of loans past due and not individually impaired and $110 million of loans in good standing where borrowers continued to make timely payments, with a total weighted-average loan-to-value of 118%. | ||||||||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||
(Amounts in millions) | 0% - 50% | 51% - 60% | 61% - 75% | 76% - 100% | Greater | Total | |||||||||||||||||||||||||||||||
than 100% (1) | |||||||||||||||||||||||||||||||||||||
Property type: | |||||||||||||||||||||||||||||||||||||
Retail | $ | 548 | $ | 280 | $ | 874 | $ | 162 | $ | 31 | $ | 1,895 | |||||||||||||||||||||||||
Office | 323 | 237 | 688 | 288 | 44 | 1,580 | |||||||||||||||||||||||||||||||
Industrial | 462 | 242 | 671 | 188 | 40 | 1,603 | |||||||||||||||||||||||||||||||
Apartments | 167 | 140 | 201 | 29 | 15 | 552 | |||||||||||||||||||||||||||||||
Mixed use/other | 68 | 24 | 103 | 81 | 6 | 282 | |||||||||||||||||||||||||||||||
Total recorded investment | $ | 1,568 | $ | 923 | $ | 2,537 | $ | 748 | $ | 136 | $ | 5,912 | |||||||||||||||||||||||||
% of total | 27 | % | 16 | % | 42 | % | 13 | % | 2 | % | 100 | % | |||||||||||||||||||||||||
Weighted-average debt service coverage ratio | 2.13 | 1.73 | 2.09 | 1.18 | 2.48 | 1.95 | |||||||||||||||||||||||||||||||
(1) | Included $136 million of loans in good standing where borrowers continued to make timely payments, with a total weighted-average loan-to-value of 144%. | ||||||||||||||||||||||||||||||||||||
The following tables set forth the debt service coverage ratio for fixed rate commercial mortgage loans by property type as of the dates indicated: | |||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Less than 1.00 | 1.00 - 1.25 | 1.26 - 1.50 | 1.51 - 2.00 | Greater | Total | |||||||||||||||||||||||||||||||
than 2.00 | |||||||||||||||||||||||||||||||||||||
Property type: | |||||||||||||||||||||||||||||||||||||
Retail | $ | 107 | $ | 297 | $ | 371 | $ | 735 | $ | 393 | $ | 1,903 | |||||||||||||||||||||||||
Office | 138 | 183 | 211 | 632 | 370 | 1,534 | |||||||||||||||||||||||||||||||
Industrial | 167 | 118 | 267 | 709 | 305 | 1,566 | |||||||||||||||||||||||||||||||
Apartments | 12 | 25 | 105 | 168 | 163 | 473 | |||||||||||||||||||||||||||||||
Mixed use/other | 22 | 2 | 38 | 122 | 50 | 234 | |||||||||||||||||||||||||||||||
Total recorded investment | $ | 446 | $ | 625 | $ | 992 | $ | 2,366 | $ | 1,281 | $ | 5,710 | |||||||||||||||||||||||||
% of total | 8 | % | 11 | % | 17 | % | 42 | % | 22 | % | 100 | % | |||||||||||||||||||||||||
Weighted-average loan-to-value | 80 | % | 68 | % | 64 | % | 60 | % | 43 | % | 59 | % | |||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Less than 1.00 | 1.00 - 1.25 | 1.26 - 1.50 | 1.51 - 2.00 | Greater | Total | |||||||||||||||||||||||||||||||
than 2.00 | |||||||||||||||||||||||||||||||||||||
Property type: | |||||||||||||||||||||||||||||||||||||
Retail | $ | 87 | $ | 295 | $ | 391 | $ | 634 | $ | 384 | $ | 1,791 | |||||||||||||||||||||||||
Office | 148 | 174 | 312 | 559 | 303 | 1,496 | |||||||||||||||||||||||||||||||
Industrial | 164 | 148 | 311 | 629 | 345 | 1,597 | |||||||||||||||||||||||||||||||
Apartments | 9 | 62 | 90 | 279 | 112 | 552 | |||||||||||||||||||||||||||||||
Mixed use/other | 32 | 21 | 49 | 64 | 50 | 216 | |||||||||||||||||||||||||||||||
Total recorded investment | $ | 440 | $ | 700 | $ | 1,153 | $ | 2,165 | $ | 1,194 | $ | 5,652 | |||||||||||||||||||||||||
% of total | 8 | % | 12 | % | 20 | % | 39 | % | 21 | % | 100 | % | |||||||||||||||||||||||||
Weighted-average loan-to-value | 81 | % | 71 | % | 66 | % | 61 | % | 45 | % | 61 | % | |||||||||||||||||||||||||
The following tables set forth the debt service coverage ratio for floating rate commercial mortgage loans by property type as of the dates indicated: | |||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Less than 1.00 | 1.00 - 1.25 | 1.26 - 1.50 | 1.51 - 2.00 | Greater | Total | |||||||||||||||||||||||||||||||
than 2.00 | |||||||||||||||||||||||||||||||||||||
Property type: | |||||||||||||||||||||||||||||||||||||
Retail | $ | — | $ | — | $ | — | $ | — | $ | 102 | $ | 102 | |||||||||||||||||||||||||
Office | — | — | 8 | — | 68 | 76 | |||||||||||||||||||||||||||||||
Industrial | — | — | — | — | 5 | 5 | |||||||||||||||||||||||||||||||
Apartments | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Mixed use/other | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Total recorded investment | $ | — | $ | — | $ | 8 | $ | — | $ | 175 | $ | 183 | |||||||||||||||||||||||||
% of total | — | % | — | % | 4 | % | — | % | 96 | % | 100 | % | |||||||||||||||||||||||||
Weighted-average loan-to-value | — | % | — | % | 77 | % | — | % | 62 | % | 63 | % | |||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Less than 1.00 | 1.00 - 1.25 | 1.26 - 1.50 | 1.51 - 2.00 | Greater | Total | |||||||||||||||||||||||||||||||
than 2.00 | |||||||||||||||||||||||||||||||||||||
Property type: | |||||||||||||||||||||||||||||||||||||
Retail | $ | — | $ | — | $ | 1 | $ | — | $ | 103 | $ | 104 | |||||||||||||||||||||||||
Office | — | — | 8 | — | 76 | 84 | |||||||||||||||||||||||||||||||
Industrial | — | — | — | — | 6 | 6 | |||||||||||||||||||||||||||||||
Apartments | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Mixed use/other | — | — | — | — | 66 | 66 | |||||||||||||||||||||||||||||||
Total recorded investment | $ | — | $ | — | $ | 9 | $ | — | $ | 251 | $ | 260 | |||||||||||||||||||||||||
% of total | — | % | — | % | 3 | % | — | % | 97 | % | 100 | % | |||||||||||||||||||||||||
Weighted-average loan-to-value | — | % | — | % | 55 | % | — | % | 79 | % | 78 | % | |||||||||||||||||||||||||
(f) Restricted Commercial Mortgage Loans Related To Securitization Entities | |||||||||||||||||||||||||||||||||||||
The following tables set forth additional information regarding our restricted commercial mortgage loans related to securitization entities as of the dates indicated: | |||||||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Carrying | % of | Carrying | % of | |||||||||||||||||||||||||||||||||
value | total | value | total | ||||||||||||||||||||||||||||||||||
Property type: | |||||||||||||||||||||||||||||||||||||
Retail | $ | 118 | 41 | % | $ | 140 | 42 | % | |||||||||||||||||||||||||||||
Industrial | 68 | 23 | 81 | 24 | |||||||||||||||||||||||||||||||||
Office | 52 | 18 | 63 | 18 | |||||||||||||||||||||||||||||||||
Apartments | 50 | 17 | 53 | 15 | |||||||||||||||||||||||||||||||||
Mixed use/other | 3 | 1 | 5 | 1 | |||||||||||||||||||||||||||||||||
Subtotal | 291 | 100 | % | 342 | 100 | % | |||||||||||||||||||||||||||||||
Allowance for losses | (1 | ) | (1 | ) | |||||||||||||||||||||||||||||||||
Total | $ | 290 | $ | 341 | |||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Carrying | % of | Carrying | % of | |||||||||||||||||||||||||||||||||
value | total | value | total | ||||||||||||||||||||||||||||||||||
Geographic region: | |||||||||||||||||||||||||||||||||||||
South Atlantic | $ | 106 | 36 | % | $ | 126 | 37 | % | |||||||||||||||||||||||||||||
Pacific | 54 | 19 | 60 | 18 | |||||||||||||||||||||||||||||||||
Middle Atlantic | 49 | 17 | 55 | 16 | |||||||||||||||||||||||||||||||||
East North Central | 21 | 7 | 31 | 9 | |||||||||||||||||||||||||||||||||
Mountain | 20 | 7 | 21 | 6 | |||||||||||||||||||||||||||||||||
West North Central | 18 | 6 | 22 | 6 | |||||||||||||||||||||||||||||||||
East South Central | 13 | 5 | 16 | 5 | |||||||||||||||||||||||||||||||||
West South Central | 10 | 3 | 11 | 3 | |||||||||||||||||||||||||||||||||
Subtotal | 291 | 100 | % | 342 | 100 | % | |||||||||||||||||||||||||||||||
Allowance for losses | (1 | ) | (1 | ) | |||||||||||||||||||||||||||||||||
Total | $ | 290 | $ | 341 | |||||||||||||||||||||||||||||||||
As of September 30, 2013, the total recorded investment of our restricted commercial mortgage loans of $291 million was current. Of our restricted commercial mortgage loans as of December 31, 2012, $337 million were current and $5 million were past due for more than 90 days and still accruing interest. | |||||||||||||||||||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, the total recorded investment of restricted commercial mortgage loans of $291 million and $342 million, respectively, related to loans not individually impaired that were evaluated collectively for impairment. There was no provision for credit losses recorded during the three or nine months ended September 30, 2013 or 2012 related to restricted commercial mortgage loans. | |||||||||||||||||||||||||||||||||||||
In evaluating the credit quality of restricted commercial mortgage loans, we assess the performance of the underlying loans using both quantitative and qualitative criteria. The risks associated with restricted commercial mortgage loans can typically be evaluated by reviewing both the loan-to-value and debt service coverage ratio to understand both the probability of the borrower not being able to make the necessary loan payments as well as the ability to sell the underlying property for an amount that would enable us to recover our unpaid principal balance in the event of default by the borrower. The average loan-to-value ratio is based on our most recent estimate of the fair value for the underlying property which is evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan. A lower loan-to-value indicates that our loan value is more likely to be recovered in the event of default by the borrower if the property was sold. The debt service coverage ratio is based on “normalized” annual net operating income of the property compared to the payments required under the terms of the loan. Normalization allows for the removal of annual one-time events such as capital expenditures, prepaid or late real estate tax payments or non-recurring third-party fees (such as legal, consulting or contract fees). This ratio is evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan. A higher debt service coverage ratio indicates the borrower is less likely to default on the loan. The debt service coverage ratio should not be used without considering other factors associated with the borrower, such as the borrower’s liquidity or access to other resources that may result in our expectation that the borrower will continue to make the future scheduled payments. | |||||||||||||||||||||||||||||||||||||
The following tables set forth the loan-to-value of restricted commercial mortgage loans by property type as of the dates indicated: | |||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||
(Amounts in millions) | 0% - 50% | 51% - 60% | 61% - 75% | 76% - 100% | Greater | Total | |||||||||||||||||||||||||||||||
than 100% | |||||||||||||||||||||||||||||||||||||
Property type: | |||||||||||||||||||||||||||||||||||||
Retail | $ | 116 | $ | — | $ | — | $ | — | $ | 2 | $ | 118 | |||||||||||||||||||||||||
Industrial | 68 | — | — | — | — | 68 | |||||||||||||||||||||||||||||||
Office | 50 | — | 2 | — | — | 52 | |||||||||||||||||||||||||||||||
Apartments | 40 | — | 10 | — | — | 50 | |||||||||||||||||||||||||||||||
Mixed use/other | 3 | — | — | — | — | 3 | |||||||||||||||||||||||||||||||
Total recorded investment | $ | 277 | $ | — | $ | 12 | $ | — | $ | 2 | $ | 291 | |||||||||||||||||||||||||
% of total | 95 | % | — | % | 4 | % | — | % | 1 | % | 100 | % | |||||||||||||||||||||||||
Weighted-average debt service coverage ratio | 1.75 | — | 1.21 | — | 0.44 | 1.71 | |||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||
(Amounts in millions) | 0% - 50% | 51% - 60% | 61% - 75% | 76% - 100% | Greater | Total | |||||||||||||||||||||||||||||||
than 100% | |||||||||||||||||||||||||||||||||||||
Property type: | |||||||||||||||||||||||||||||||||||||
Retail | $ | 126 | $ | 4 | $ | 7 | $ | — | $ | 3 | $ | 140 | |||||||||||||||||||||||||
Industrial | 77 | — | 3 | 1 | — | 81 | |||||||||||||||||||||||||||||||
Office | 54 | 3 | — | 6 | — | 63 | |||||||||||||||||||||||||||||||
Apartments | 28 | 4 | 21 | — | — | 53 | |||||||||||||||||||||||||||||||
Mixed use/other | 5 | — | — | — | — | 5 | |||||||||||||||||||||||||||||||
Total recorded investment | $ | 290 | $ | 11 | $ | 31 | $ | 7 | $ | 3 | $ | 342 | |||||||||||||||||||||||||
% of total | 85 | % | 3 | % | 9 | % | 2 | % | 1 | % | 100 | % | |||||||||||||||||||||||||
Weighted-average debt service coverage ratio | 1.78 | 1.38 | 1.14 | 0.86 | 0.54 | 1.68 | |||||||||||||||||||||||||||||||
The following tables set forth the debt service coverage ratio for fixed rate restricted commercial mortgage loans by property type as of the dates indicated: | |||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Less than 1.00 | 1.00 - 1.25 | 1.26 - 1.50 | 1.51 - 2.00 | Greater | Total | |||||||||||||||||||||||||||||||
than 2.00 | |||||||||||||||||||||||||||||||||||||
Property type: | |||||||||||||||||||||||||||||||||||||
Retail | $ | 6 | $ | 6 | $ | 28 | $ | 32 | $ | 46 | $ | 118 | |||||||||||||||||||||||||
Industrial | 2 | 5 | 14 | 29 | 18 | 68 | |||||||||||||||||||||||||||||||
Office | 9 | 10 | 15 | 13 | 5 | 52 | |||||||||||||||||||||||||||||||
Apartments | — | 5 | 22 | 13 | 10 | 50 | |||||||||||||||||||||||||||||||
Mixed use/other | — | — | — | — | 3 | 3 | |||||||||||||||||||||||||||||||
Total recorded investment | $ | 17 | $ | 26 | $ | 79 | $ | 87 | $ | 82 | $ | 291 | |||||||||||||||||||||||||
% of total | 6 | % | 9 | % | 27 | % | 30 | % | 28 | % | 100 | % | |||||||||||||||||||||||||
Weighted-average loan-to-value | 55 | % | 31 | % | 39 | % | 29 | % | 25 | % | 32 | % | |||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Less than 1.00 | 1.00 - 1.25 | 1.26 - 1.50 | 1.51 - 2.00 | Greater | Total | |||||||||||||||||||||||||||||||
than 2.00 | |||||||||||||||||||||||||||||||||||||
Property type: | |||||||||||||||||||||||||||||||||||||
Retail | $ | 5 | $ | 16 | $ | 34 | $ | 36 | $ | 49 | $ | 140 | |||||||||||||||||||||||||
Industrial | 9 | 4 | 14 | 37 | 17 | 81 | |||||||||||||||||||||||||||||||
Office | 4 | 22 | 14 | 12 | 11 | 63 | |||||||||||||||||||||||||||||||
Apartments | — | 20 | 11 | 21 | 1 | 53 | |||||||||||||||||||||||||||||||
Mixed use/other | — | — | — | 2 | 3 | 5 | |||||||||||||||||||||||||||||||
Total recorded investment | $ | 18 | $ | 62 | $ | 73 | $ | 108 | $ | 81 | $ | 342 | |||||||||||||||||||||||||
% of total | 5 | % | 18 | % | 21 | % | 32 | % | 24 | % | 100 | % | |||||||||||||||||||||||||
Weighted-average loan-to-value | 51 | % | 53 | % | 37 | % | 31 | % | 29 | % | 37 | % | |||||||||||||||||||||||||
There were no floating rate restricted commercial mortgage loans as of September 30, 2013 or December 31, 2012. | |||||||||||||||||||||||||||||||||||||
(g) Restricted Other Invested Assets Related To Securitization Entities | |||||||||||||||||||||||||||||||||||||
We have consolidated securitization entities that hold certain investments that are recorded as restricted other invested assets related to securitization entities. The consolidated securitization entities hold certain investments as trading securities whereby the changes in fair value are recorded in current period income (loss). The trading securities comprise asset-backed securities, including residual interest in certain policy loan securitization entities and highly rated bonds that are primarily backed by credit card receivables. |
Derivative_Instruments
Derivative Instruments | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Derivative Instruments | ' | ||||||||||||||||||||||||||||
(5) Derivative Instruments | |||||||||||||||||||||||||||||
Our business activities routinely deal with fluctuations in interest rates, equity prices, currency exchange rates and other asset and liability prices. We use derivative instruments to mitigate or reduce certain of these risks. We have established policies for managing each of these risks, including prohibitions on derivatives market-making and other speculative derivatives activities. These policies require the use of derivative instruments in concert with other techniques to reduce or mitigate these risks. While we use derivatives to mitigate or reduce risks, certain derivatives do not meet the accounting requirements to be designated as hedging instruments and are denoted as “derivatives not designated as hedges” in the following disclosures. For derivatives that meet the accounting requirements to be designated as hedges, the following disclosures for these derivatives are denoted as “derivatives designated as hedges,” which include both cash flow and fair value hedges. | |||||||||||||||||||||||||||||
The following table sets forth our positions in derivative instruments as of the dates indicated: | |||||||||||||||||||||||||||||
Derivative assets | Derivative liabilities | ||||||||||||||||||||||||||||
Balance | Fair value | Balance | Fair value | ||||||||||||||||||||||||||
(Amounts in millions) | sheet classification | September 30, | December 31, | sheet classification | September 30, | December 31, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Derivatives designated as hedges | |||||||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||||
Interest rate swaps | Other invested assets | $ | 146 | $ | 414 | Other liabilities | $ | 410 | $ | 27 | |||||||||||||||||||
Inflation indexed swaps | Other invested assets | — | — | Other liabilities | 73 | 105 | |||||||||||||||||||||||
Foreign currency swaps | Other invested assets | 3 | 3 | Other liabilities | 1 | 1 | |||||||||||||||||||||||
Forward bond purchase commitments | Other invested assets | — | 53 | Other liabilities | 5 | — | |||||||||||||||||||||||
Total cash flow hedges | 149 | 470 | 489 | 133 | |||||||||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||||||||||
Interest rate swaps | Other invested assets | 1 | 12 | Other liabilities | — | — | |||||||||||||||||||||||
Foreign currency swaps | Other invested assets | — | 31 | Other liabilities | — | — | |||||||||||||||||||||||
Total fair value hedges | 1 | 43 | — | — | |||||||||||||||||||||||||
Total derivatives designated as hedges | 150 | 513 | 489 | 133 | |||||||||||||||||||||||||
Derivatives not designated as hedges | |||||||||||||||||||||||||||||
Interest rate swaps | Other invested assets | 357 | 603 | Other liabilities | 43 | 280 | |||||||||||||||||||||||
Interest rate swaps related to securitization entities | Restricted other invested assets | — | — | Other liabilities | 18 | 27 | |||||||||||||||||||||||
Credit default swaps | Other invested assets | 9 | 8 | Other liabilities | — | 1 | |||||||||||||||||||||||
Credit default swaps related to securitization entities | Restricted other invested assets | — | — | Other liabilities | 59 | 104 | |||||||||||||||||||||||
Equity index options | Other invested assets | 6 | 25 | Other liabilities | — | — | |||||||||||||||||||||||
Financial futures | Other invested assets | — | — | Other liabilities | — | — | |||||||||||||||||||||||
Equity return swaps | Other invested assets | — | — | Other liabilities | 5 | 8 | |||||||||||||||||||||||
Other foreign currency contracts | Other invested assets | 5 | — | Other liabilities | 4 | — | |||||||||||||||||||||||
GMWB embedded derivatives | Reinsurance recoverable (1) | 3 | 10 | Policyholder account balances (2) | 177 | 350 | |||||||||||||||||||||||
Fixed index annuity embedded derivatives | Other assets (3) | — | — | Policyholder account balances (3) | 83 | 27 | |||||||||||||||||||||||
Total derivatives not designated as hedges | 380 | 646 | 389 | 797 | |||||||||||||||||||||||||
Total derivatives | $ | 530 | $ | 1,159 | $ | 878 | $ | 930 | |||||||||||||||||||||
(1) | Represents embedded derivatives associated with the reinsured portion of our guaranteed minimum withdrawal benefits (“GMWB”) liabilities. | ||||||||||||||||||||||||||||
(2) | Represents the embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. | ||||||||||||||||||||||||||||
-3 | Represents the embedded derivatives associated with our fixed index annuity liabilities. | ||||||||||||||||||||||||||||
The fair value of derivative positions presented above was not offset by the respective collateral amounts retained or provided under these agreements. The amounts recognized for derivative counterparty collateral retained by us was recorded in other invested assets with a corresponding amount recorded in other liabilities to represent our obligation to return the collateral retained by us. | |||||||||||||||||||||||||||||
The activity associated with derivative instruments can generally be measured by the change in notional value over the periods presented. However, for GMWB and fixed index annuity embedded derivatives, the change between periods is best illustrated by the number of policies. The following tables represent activity associated with derivative instruments as of the dates indicated: | |||||||||||||||||||||||||||||
(Notional in millions) | Measurement | December 31, | Additions | Maturities/ | September 30, | ||||||||||||||||||||||||
2012 | terminations | 2013 | |||||||||||||||||||||||||||
Derivatives designated as hedges | |||||||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||||
Interest rate swaps | Notional | $ | 10,146 | $ | 9,614 | $ | (5,646 | ) | $ | 14,114 | |||||||||||||||||||
Inflation indexed swaps | Notional | 554 | 9 | (2 | ) | 561 | |||||||||||||||||||||||
Foreign currency swaps | Notional | 183 | 102 | (250 | ) | 35 | |||||||||||||||||||||||
Forward bond purchase commitments | Notional | 456 | — | (135 | ) | 321 | |||||||||||||||||||||||
Total cash flow hedges | 11,339 | 9,725 | (6,033 | ) | 15,031 | ||||||||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||||||||||
Interest rate swaps | Notional | 723 | — | (717 | ) | 6 | |||||||||||||||||||||||
Foreign currency swaps | Notional | 85 | — | (85 | ) | — | |||||||||||||||||||||||
Total fair value hedges | 808 | — | (802 | ) | 6 | ||||||||||||||||||||||||
Total derivatives designated as hedges | 12,147 | 9,725 | (6,835 | ) | 15,037 | ||||||||||||||||||||||||
Derivatives not designated as hedges | |||||||||||||||||||||||||||||
Interest rate swaps | Notional | 6,331 | 961 | (2,471 | ) | 4,821 | |||||||||||||||||||||||
Interest rate swaps related to securitization entities | Notional | 104 | — | (9 | ) | 95 | |||||||||||||||||||||||
Credit default swaps | Notional | 932 | 68 | (293 | ) | 707 | |||||||||||||||||||||||
Credit default swaps related to securitization entities | Notional | 312 | — | — | 312 | ||||||||||||||||||||||||
Equity index options | Notional | 936 | 912 | (1,055 | ) | 793 | |||||||||||||||||||||||
Financial futures | Notional | 1,692 | 3,851 | (4,301 | ) | 1,242 | |||||||||||||||||||||||
Equity return swaps | Notional | 186 | 128 | (214 | ) | 100 | |||||||||||||||||||||||
Other foreign currency contracts | Notional | — | 628 | (177 | ) | 451 | |||||||||||||||||||||||
Total derivatives not designated as hedges | 10,493 | 6,548 | (8,520 | ) | 8,521 | ||||||||||||||||||||||||
Total derivatives | $ | 22,640 | $ | 16,273 | $ | (15,355 | ) | $ | 23,558 | ||||||||||||||||||||
(Number of policies) | Measurement | December 31, | Additions | Maturities/ | September 30, | ||||||||||||||||||||||||
2012 | terminations | 2013 | |||||||||||||||||||||||||||
Derivatives not designated as hedges | |||||||||||||||||||||||||||||
GMWB embedded derivatives | Policies | 45,027 | — | (2,186 | ) | 42,841 | |||||||||||||||||||||||
Fixed index annuity embedded derivatives | Policies | 2,013 | 3,077 | (55 | ) | 5,035 | |||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||
Certain derivative instruments are designated as cash flow hedges. The changes in fair value of these instruments are recorded as a component of OCI. We designate and account for the following as cash flow hedges when they have met the effectiveness requirements: (i) various types of interest rate swaps to convert floating rate investments to fixed rate investments; (ii) various types of interest rate swaps to convert floating rate liabilities into fixed rate liabilities; (iii) receive U.S. dollar fixed on foreign currency swaps to hedge the foreign currency cash flow exposure of foreign currency denominated investments; (iv) forward starting interest rate swaps to hedge against changes in interest rates associated with future fixed rate bond purchases and/or interest income; (v) forward bond purchase commitments to hedge against the variability in the anticipated cash flows required to purchase future fixed rate bonds; and (vi) other instruments to hedge the cash flows of various forecasted transactions. | |||||||||||||||||||||||||||||
The following table provides information about the pre-tax income (loss) effects of cash flow hedges for the three months ended September 30, 2013: | |||||||||||||||||||||||||||||
(Amounts in millions) | Gain (loss) | Gain (loss) | Classification of gain | Gain (loss) | Classification of gain | ||||||||||||||||||||||||
recognized in OCI | reclassified into | (loss) reclassified into | recognized in | (loss) recognized in | |||||||||||||||||||||||||
net income | net income | net income (1) | net income | ||||||||||||||||||||||||||
from OCI | |||||||||||||||||||||||||||||
Interest rate swaps hedging assets | $ | (199 | ) | $ | 15 | Net investment income | $ | (2 | ) | Net investment gains (losses) | |||||||||||||||||||
Interest rate swaps hedging liabilities | 9 | — | Interest expense | — | Net investment gains (losses) | ||||||||||||||||||||||||
Inflation indexed swaps | (2 | ) | (3 | ) | Net investment income | — | Net investment gains (losses) | ||||||||||||||||||||||
Foreign currency swaps | (1 | ) | — | Interest expense | — | Net investment gains (losses) | |||||||||||||||||||||||
Forward bond purchase commitments | (11 | ) | — | Net investment income | — | Net investment gains (losses) | |||||||||||||||||||||||
Total | $ | (204 | ) | $ | 12 | $ | (2 | ) | |||||||||||||||||||||
(1) | Represents ineffective portion of cash flow hedges as there were no amounts excluded from the measurement of effectiveness. | ||||||||||||||||||||||||||||
The following table provides information about the pre-tax income (loss) effects of cash flow hedges for the three months ended September 30, 2012: | |||||||||||||||||||||||||||||
(Amounts in millions) | Gain (loss) | Gain (loss) | Classification of gain | Gain (loss) | Classification of gain | ||||||||||||||||||||||||
recognized in OCI | reclassified into | (loss) reclassified into | recognized in | (loss) recognized in | |||||||||||||||||||||||||
net income | net income | net income (1) | net income | ||||||||||||||||||||||||||
from OCI | |||||||||||||||||||||||||||||
Interest rate swaps hedging assets | $ | (83 | ) | $ | 9 | Net investment income | $ | (6 | ) | Net investment gains (losses) | |||||||||||||||||||
Interest rate swaps hedging assets | — | 1 | Net investment gains (losses) | — | Net investment gains (losses) | ||||||||||||||||||||||||
Inflation indexed swaps | (23 | ) | 3 | Net investment income | — | Net investment gains (losses) | |||||||||||||||||||||||
Foreign currency swaps | 1 | — | Interest expense | — | Net investment gains (losses) | ||||||||||||||||||||||||
Forward bond purchase commitments | 2 | — | Net investment income | — | Net investment gains (losses) | ||||||||||||||||||||||||
Total | $ | (103 | ) | $ | 13 | $ | (6 | ) | |||||||||||||||||||||
(1) | Represents ineffective portion of cash flow hedges as there were no amounts excluded from the measurement of effectiveness. | ||||||||||||||||||||||||||||
The following table provides information about the pre-tax income (loss) effects of cash flow hedges for the nine months ended September 30, 2013: | |||||||||||||||||||||||||||||
(Amounts in millions) | Gain (loss) | Gain (loss) | Classification of gain | Gain (loss) | Classification of gain | ||||||||||||||||||||||||
recognized in OCI | reclassified into | (loss) reclassified into | recognized in | (loss) recognized in | |||||||||||||||||||||||||
net income | net income | net income (1) | net income | ||||||||||||||||||||||||||
from OCI | |||||||||||||||||||||||||||||
Interest rate swaps hedging assets | $ | (702 | ) | $ | 34 | Net investment income | $ | (12 | ) | Net investment gains (losses) | |||||||||||||||||||
Interest rate swaps hedging assets | — | 1 | Net investment gains (losses) | — | Net investment gains (losses) | ||||||||||||||||||||||||
Interest rate swaps hedging liabilities | 31 | 1 | Interest expense | — | Net investment gains (losses) | ||||||||||||||||||||||||
Inflation indexed swaps | 32 | (5 | ) | Net investment income | — | Net investment gains (losses) | |||||||||||||||||||||||
Foreign currency swaps | (1 | ) | — | Interest expense | — | Net investment gains (losses) | |||||||||||||||||||||||
Forward bond purchase commitments | (50 | ) | — | Net investment income | — | Net investment gains (losses) | |||||||||||||||||||||||
Total | $ | (690 | ) | $ | 31 | $ | (12 | ) | |||||||||||||||||||||
(1) | Represents ineffective portion of cash flow hedges as there were no amounts excluded from the measurement of effectiveness. | ||||||||||||||||||||||||||||
The following table provides information about the pre-tax income (loss) effects of cash flow hedges for the nine months ended September 30, 2012: | |||||||||||||||||||||||||||||
(Amounts in millions) | Gain (loss) | Gain (loss) | Classification of gain | Gain (loss) | Classification of gain | ||||||||||||||||||||||||
recognized in OCI | reclassified into | (loss) reclassified into | recognized in | (loss) recognized in | |||||||||||||||||||||||||
net income | net income | net income (1) | net income | ||||||||||||||||||||||||||
from OCI | |||||||||||||||||||||||||||||
Interest rate swaps hedging assets | $ | 60 | $ | 28 | Net investment income | $ | (6 | ) | Net investment gains (losses) | ||||||||||||||||||||
Interest rate swaps hedging assets | — | 2 | Net investment gains (losses) | — | Net investment gains (losses) | ||||||||||||||||||||||||
Interest rate swaps hedging liabilities | — | 1 | Interest expense | — | Net investment gains (losses) | ||||||||||||||||||||||||
Inflation indexed swaps | (54 | ) | (6 | ) | Net investment income | — | Net investment gains (losses) | ||||||||||||||||||||||
Foreign currency swaps | 2 | — | Interest expense | — | Net investment gains (losses) | ||||||||||||||||||||||||
Forward bond purchase commitments | 22 | — | Net investment income | — | Net investment gains (losses) | ||||||||||||||||||||||||
Total | $ | 30 | $ | 25 | $ | (6 | ) | ||||||||||||||||||||||
(1) | Represents ineffective portion of cash flow hedges as there were no amounts excluded from the measurement of effectiveness. | ||||||||||||||||||||||||||||
The following tables provide a reconciliation of current period changes, net of applicable income taxes, for these designated derivatives presented in the separate component of stockholders’ equity labeled “derivatives qualifying as hedges,” for the periods indicated: | |||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | |||||||||||||||||||||||||||
Derivatives qualifying as effective accounting hedges as of July 1 | $ | 1,581 | $ | 2,087 | |||||||||||||||||||||||||
Current period increases (decreases) in fair value, net of deferred taxes of $73 and $31 | (131 | ) | (72 | ) | |||||||||||||||||||||||||
Reclassification to net (income), net of deferred taxes of $4 and $9 | (8 | ) | (4 | ) | |||||||||||||||||||||||||
Derivatives qualifying as effective accounting hedges as of September 30 | $ | 1,442 | $ | 2,011 | |||||||||||||||||||||||||
Nine months ended | |||||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | |||||||||||||||||||||||||||
Derivatives qualifying as effective accounting hedges as of January 1 | $ | 1,909 | $ | 2,009 | |||||||||||||||||||||||||
Current period increases (decreases) in fair value, net of deferred taxes of $244 and $(12) | (446 | ) | 18 | ||||||||||||||||||||||||||
Reclassification to net (income), net of deferred taxes of $10 and $9 | (21 | ) | (16 | ) | |||||||||||||||||||||||||
Derivatives qualifying as effective accounting hedges as of September 30 | $ | 1,442 | $ | 2,011 | |||||||||||||||||||||||||
The total of derivatives designated as cash flow hedges of $1,442 million, net of taxes, recorded in stockholders’ equity as of September 30, 2013 is expected to be reclassified to future net income, concurrently with and primarily offsetting changes in interest expense and interest income on floating rate instruments and interest income on future fixed rate bond purchases. Of this amount, $37 million, net of taxes, is expected to be reclassified to net income in the next 12 months. Actual amounts may vary from this amount as a result of market conditions. All forecasted transactions associated with qualifying cash flow hedges are expected to occur by 2047. No amounts were reclassified to net income during the nine months ended September 30, 2013 in connection with forecasted transactions that were no longer considered probable of occurring. | |||||||||||||||||||||||||||||
Fair Value Hedges | |||||||||||||||||||||||||||||
Certain derivative instruments are designated as fair value hedges. The changes in fair value of these instruments are recorded in net income. In addition, changes in the fair value attributable to the hedged portion of the underlying instrument are reported in net income. We designate and account for the following as fair value hedges when they have met the effectiveness requirements: (i) interest rate swaps to convert fixed rate investments to floating rate investments; (ii) interest rate swaps to convert fixed rate liabilities into floating rate liabilities; (iii) cross currency swaps to convert non-U.S. dollar fixed rate liabilities to floating rate U.S. dollar liabilities; and (iv) other instruments to hedge various fair value exposures of investments. | |||||||||||||||||||||||||||||
There were no pre-tax income (loss) effects of fair value hedges and related hedged items for the three months ended September 30, 2013. The following table provides information about the pre-tax income (loss) effects of fair value hedges and related hedged items for the three months ended September 30, 2012: | |||||||||||||||||||||||||||||
Derivative instrument | Hedged item | ||||||||||||||||||||||||||||
(Amounts in millions) | Gain (loss) | Classification | Other impacts | Classification | Gain (loss) | Classification | |||||||||||||||||||||||
recognized in | of gain (losses) | to net | of other | recognized in | of gain (losses) | ||||||||||||||||||||||||
net income | recognized in net | income | impacts to | net income | recognized in | ||||||||||||||||||||||||
income | net income | net income | |||||||||||||||||||||||||||
Interest rate swaps hedging liabilities | $ | (4 | ) | Net investment gains (losses) | $ | 8 | Interest credited | $ | 4 | Net investment gains (losses) | |||||||||||||||||||
Foreign currency swaps | — | Net investment gains (losses) | 1 | Interest credited | — | Net investment gains (losses) | |||||||||||||||||||||||
Total | $ | (4 | ) | $ | 9 | $ | 4 | ||||||||||||||||||||||
The following table provides information about the pre-tax income (loss) effects of fair value hedges and related hedged items for the nine months ended September 30, 2013: | |||||||||||||||||||||||||||||
Derivative instrument | Hedged item | ||||||||||||||||||||||||||||
(Amounts in millions) | Gain (loss) | Classification | Other impacts | Classification | Gain (loss) | Classification | |||||||||||||||||||||||
recognized in | of gain (losses) | to net | of other | recognized in | of gain (losses) | ||||||||||||||||||||||||
net income | recognized in net | income | impacts to | net income | recognized in | ||||||||||||||||||||||||
income | net income | net income | |||||||||||||||||||||||||||
Interest rate swaps hedging liabilities | $ | (11 | ) | Net investment gains (losses) | $ | 12 | Interest credited | $ | 11 | Net investment gains (losses) | |||||||||||||||||||
Foreign currency swaps | (31 | ) | Net investment gains (losses) | — | Interest credited | 31 | Net investment gains (losses) | ||||||||||||||||||||||
Total | $ | (42 | ) | $ | 12 | $ | 42 | ||||||||||||||||||||||
The following table provides information about the pre-tax income (loss) effects of fair value hedges and related hedged items for the nine months ended September 30, 2012: | |||||||||||||||||||||||||||||
Derivative instrument | Hedged item | ||||||||||||||||||||||||||||
(Amounts in millions) | Gain (loss) | Classification | Other impacts | Classification of | Gain (loss) | Classification | |||||||||||||||||||||||
recognized in | of gain (losses) | to net | other impacts to | recognized in | of gain (losses) | ||||||||||||||||||||||||
net income | recognized in net | income | net income | net income | recognized in net | ||||||||||||||||||||||||
income | income | ||||||||||||||||||||||||||||
Interest rate swaps hedging assets | $ | 1 | Net investment gains (losses) | $ | (3 | ) | Net investment income | $ | (1 | ) | Net investment gains (losses) | ||||||||||||||||||
Interest rate swaps hedging liabilities | (23 | ) | Net investment gains (losses) | 29 | Interest credited | 23 | Net investment gains (losses) | ||||||||||||||||||||||
Foreign currency swaps | (3 | ) | Net investment gains (losses) | 2 | Interest credited | 3 | Net investment gains (losses) | ||||||||||||||||||||||
Total | $ | (25 | ) | $ | 28 | $ | 25 | ||||||||||||||||||||||
The difference between the gain (loss) recognized for the derivative instrument and the hedged item presented above represents the net ineffectiveness of the fair value hedging relationships. The other impacts presented above represent the net income effects of the derivative instruments that are presented in the same location as the income (loss) activity from the hedged item. There were no amounts excluded from the measurement of effectiveness. | |||||||||||||||||||||||||||||
Derivatives Not Designated As Hedges | |||||||||||||||||||||||||||||
We also enter into certain non-qualifying derivative instruments such as: (i) interest rate swaps and financial futures to mitigate interest rate risk as part of managing regulatory capital positions; (ii) credit default swaps to enhance yield and reproduce characteristics of investments with similar terms and credit risk; (iii) equity index options, equity return swaps, interest rate swaps and financial futures to mitigate the risks associated with liabilities that have guaranteed minimum benefits and fixed index annuities; (iv) interest rate swaps where the hedging relationship does not qualify for hedge accounting; (v) credit default swaps to mitigate loss exposure to certain credit risk; (vi) foreign currency forward contracts and options to mitigate currency risk associated with investments and future dividends and other cash flows from certain foreign subsidiaries to our holding company; and (vii) equity index options to mitigate certain macroeconomic risks associated with certain foreign subsidiaries. Additionally, we provide GMWBs on certain variable annuities that are required to be bifurcated as embedded derivatives. We also offer fixed index annuity products and have reinsurance agreements with certain features that are required to be bifurcated as embedded derivatives. | |||||||||||||||||||||||||||||
We also have derivatives related to securitization entities where we were required to consolidate the related securitization entity as a result of our involvement in the structure. The counterparties for these derivatives typically only have recourse to the securitization entity. The interest rate swaps used for these entities are typically used to effectively convert the interest payments on the assets of the securitization entity to the same basis as the interest rate on the borrowings issued by the securitization entity. Credit default swaps are utilized in certain securitization entities to enhance the yield payable on the borrowings issued by the securitization entity and also include a settlement feature that allows the securitization entity to provide the par value of assets in the securitization entity for the amount of any losses incurred under the credit default swap. | |||||||||||||||||||||||||||||
The following table provides the pre-tax gain (loss) recognized in net income for the effects of derivatives not designated as hedges for the periods indicated: | |||||||||||||||||||||||||||||
Three months ended | Classification of gain (loss) | ||||||||||||||||||||||||||||
September 30, | recognized | ||||||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | in net income | ||||||||||||||||||||||||||
Interest rate swaps | $ | (3 | ) | $ | 1 | Net investment gains (losses) | |||||||||||||||||||||||
Interest rate swaps related to securitization entities | (1 | ) | (1 | ) | Net investment gains (losses) | ||||||||||||||||||||||||
Credit default swaps | 4 | 25 | Net investment gains (losses) | ||||||||||||||||||||||||||
Credit default swaps related to securitization entities | 24 | 20 | Net investment gains (losses) | ||||||||||||||||||||||||||
Equity index options | (13 | ) | (17 | ) | Net investment gains (losses) | ||||||||||||||||||||||||
Financial futures | (28 | ) | (70 | ) | Net investment gains (losses) | ||||||||||||||||||||||||
Equity return swaps | (18 | ) | (11 | ) | Net investment gains (losses) | ||||||||||||||||||||||||
Other foreign currency contracts | (2 | ) | (2 | ) | Net investment gains (losses) | ||||||||||||||||||||||||
Reinsurance embedded derivatives | — | (1 | ) | Net investment gains (losses) | |||||||||||||||||||||||||
GMWB embedded derivatives | 46 | 79 | Net investment gains (losses) | ||||||||||||||||||||||||||
Fixed index annuity embedded derivatives | (3 | ) | (1 | ) | Net investment gains (losses) | ||||||||||||||||||||||||
Total derivatives not designated as hedges | $ | 6 | $ | 22 | |||||||||||||||||||||||||
The following table provides the pre-tax gain (loss) recognized in net income for the effects of derivatives not designated as hedges for the periods indicated: | |||||||||||||||||||||||||||||
Nine months ended | Classification of gain (loss) | ||||||||||||||||||||||||||||
September 30, | recognized | ||||||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | in net income | ||||||||||||||||||||||||||
Interest rate swaps | $ | (8 | ) | $ | 18 | Net investment gains (losses) | |||||||||||||||||||||||
Interest rate swaps related to securitization entities | 8 | (4 | ) | Net investment gains (losses) | |||||||||||||||||||||||||
Credit default swaps | 10 | 47 | Net investment gains (losses) | ||||||||||||||||||||||||||
Credit default swaps related to securitization entities | 49 | 43 | Net investment gains (losses) | ||||||||||||||||||||||||||
Equity index options | (31 | ) | (46 | ) | Net investment gains (losses) | ||||||||||||||||||||||||
Financial futures | (181 | ) | (109 | ) | Net investment gains (losses) | ||||||||||||||||||||||||
Equity return swaps | (27 | ) | (25 | ) | Net investment gains (losses) | ||||||||||||||||||||||||
Other foreign currency contracts | 1 | (19 | ) | Net investment gains (losses) | |||||||||||||||||||||||||
Reinsurance embedded derivatives | — | 4 | Net investment gains (losses) | ||||||||||||||||||||||||||
GMWB embedded derivatives | 191 | 132 | Net investment gains (losses) | ||||||||||||||||||||||||||
Fixed index annuity embedded derivatives | (7 | ) | (2 | ) | Net investment gains (losses) | ||||||||||||||||||||||||
Total derivatives not designated as hedges | $ | 5 | $ | 39 | |||||||||||||||||||||||||
Derivative Counterparty Credit Risk | |||||||||||||||||||||||||||||
Most of our derivative arrangements with counterparties require the posting of collateral upon meeting certain net exposure thresholds. For derivatives related to securitization entities, there are no arrangements that require either party to provide collateral and the recourse of the derivative counterparty is typically limited to the assets held by the securitization entity and there is no recourse to any entity other than the securitization entity. | |||||||||||||||||||||||||||||
The following tables present additional information about derivative assets and liabilities subject to an enforceable master netting arrangement as of the dates indicated: | |||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||
Gross amounts not | |||||||||||||||||||||||||||||
offset in the | |||||||||||||||||||||||||||||
balance sheet | |||||||||||||||||||||||||||||
(Amounts in millions) | Gross | Gross amounts | Net amounts | Financial | Collateral | Over | Net | ||||||||||||||||||||||
amounts | offset in the | presented in the | instruments | pledged/ | collateralization | amount | |||||||||||||||||||||||
recognized | balance sheet | balance sheet | received | ||||||||||||||||||||||||||
Derivative assets (1) | $ | 564 | $ | — | $ | 564 | $ | (267 | ) | $ | (272 | ) | $ | 5 | $ | 30 | |||||||||||||
Derivative liabilities (2) | 559 | — | 559 | (267 | ) | (317 | ) | 30 | 5 | ||||||||||||||||||||
Net derivatives | $ | 5 | $ | — | $ | 5 | $ | — | $ | 45 | $ | (25 | ) | $ | 25 | ||||||||||||||
(1) | Included $37 million of accruals on derivatives classified as other assets and does not include amounts related to embedded derivatives. | ||||||||||||||||||||||||||||
(2) | Included $18 million of accruals on derivatives classified as other liabilities and does not include amounts related to embedded derivatives and derivatives related to securitization entities. | ||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Gross amounts not | |||||||||||||||||||||||||||||
offset in the | |||||||||||||||||||||||||||||
balance sheet | |||||||||||||||||||||||||||||
(Amounts in millions) | Gross | Gross amounts | Net amounts | Financial | Collateral | Over | Net | ||||||||||||||||||||||
amounts | offset in the | presented in the | instruments | pledged/ | collateralization | amount | |||||||||||||||||||||||
recognized | balance sheet | balance sheet | received | ||||||||||||||||||||||||||
Derivative assets (1) | $ | 1,196 | $ | — | $ | 1,196 | $ | (368 | ) | $ | (840 | ) | $ | 84 | $ | 72 | |||||||||||||
Derivative liabilities (2) | 432 | — | 432 | (368 | ) | (61 | ) | 9 | 12 | ||||||||||||||||||||
Net derivatives | $ | 764 | $ | — | $ | 764 | $ | — | $ | (779 | ) | $ | 75 | $ | 60 | ||||||||||||||
(1) | Included $47 million of accruals on derivatives classified as other assets and does not include amounts related to embedded derivatives. | ||||||||||||||||||||||||||||
(2) | Included $10 million of accruals on derivatives classified as other liabilities and does not include amounts related to embedded derivatives and derivatives related to securitization entities. | ||||||||||||||||||||||||||||
Except for derivatives related to securitization entities, almost all of our master swap agreements contain credit downgrade provisions that allow either party to assign or terminate derivative transactions if the other party’s long-term unsecured debt rating or financial strength rating is below the limit defined in the applicable agreement. If the downgrade provisions had been triggered as of September 30, 2013 and December 31, 2012, we could have been allowed to claim or required to disburse up to the net amounts shown in the last column of the charts above. The charts above exclude embedded derivatives and derivatives related to securitization entities as those derivatives are not subject to master netting arrangements. | |||||||||||||||||||||||||||||
Credit Derivatives | |||||||||||||||||||||||||||||
We sell protection under single name credit default swaps and credit default swap index tranches in combination with purchasing securities to replicate characteristics of similar investments based on the credit quality and term of the credit default swap. Credit default triggers for both indexed reference entities and single name reference entities follow the Credit Derivatives Physical Settlement Matrix published by the International Swaps and Derivatives Association. Under these terms, credit default triggers are defined as bankruptcy, failure to pay or restructuring, if applicable. Our maximum exposure to credit loss equals the notional value for credit default swaps. In the event of default for credit default swaps, we are typically required to pay the protection holder the full notional value less a recovery rate determined at auction. | |||||||||||||||||||||||||||||
In addition to the credit derivatives discussed above, we also have credit derivative instruments related to securitization entities that we consolidate. These derivatives represent a customized index of reference entities with specified attachment points for certain derivatives. The credit default triggers are similar to those described above. In the event of default, the securitization entity will provide the counterparty with the par value of assets held in the securitization entity for the amount of incurred loss on the credit default swap. The maximum exposure to loss for the securitization entity is the notional value of the derivatives. Certain losses on these credit default swaps would be absorbed by the third-party noteholders of the securitization entity and the remaining losses on the credit default swaps would be absorbed by our portion of the notes issued by the securitization entity. | |||||||||||||||||||||||||||||
The following table sets forth our credit default swaps where we sell protection on single name reference entities and the fair values as of the dates indicated: | |||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||
(Amounts in millions) | Notional | Assets | Liabilities | Notional | Assets | Liabilities | |||||||||||||||||||||||
value | value | ||||||||||||||||||||||||||||
Reference entity credit rating and maturity: | |||||||||||||||||||||||||||||
AAA | |||||||||||||||||||||||||||||
Matures in less than one year | $ | — | $ | — | $ | — | $ | 5 | $ | — | $ | — | |||||||||||||||||
AA | |||||||||||||||||||||||||||||
Matures in less than one year | — | — | — | 6 | — | — | |||||||||||||||||||||||
Matures after five years through ten years | — | — | — | 5 | — | — | |||||||||||||||||||||||
A | |||||||||||||||||||||||||||||
Matures in less than one year | — | — | — | 37 | — | — | |||||||||||||||||||||||
Matures after one year through five years | 15 | — | — | — | — | — | |||||||||||||||||||||||
Matures after five years through ten years | — | — | — | 10 | 1 | — | |||||||||||||||||||||||
BBB | |||||||||||||||||||||||||||||
Matures in less than one year | — | — | — | 68 | — | — | |||||||||||||||||||||||
Matures after one year through five years | 24 | 1 | — | — | — | — | |||||||||||||||||||||||
Matures after five years through ten years | — | — | — | 24 | — | — | |||||||||||||||||||||||
Total credit default swaps on single name reference entities | $ | 39 | $ | 1 | $ | — | $ | 155 | $ | 1 | $ | — | |||||||||||||||||
The following table sets forth our credit default swaps where we sell protection on credit default swap index tranches and the fair values as of the dates indicated: | |||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||
(Amounts in millions) | Notional | Assets | Liabilities | Notional | Assets | Liabilities | |||||||||||||||||||||||
value | value | ||||||||||||||||||||||||||||
Original index tranche attachment/detachment point and maturity: | |||||||||||||||||||||||||||||
7% - 15% matures after one year through five years (1) | $ | 100 | $ | 1 | $ | — | $ | 100 | $ | — | $ | 1 | |||||||||||||||||
9% - 12% matures in less than one year (2) | — | — | — | 50 | — | — | |||||||||||||||||||||||
9% - 12% matures after one year through five years (2) | 250 | 4 | — | 250 | 2 | — | |||||||||||||||||||||||
10% - 15% matures after one year through five years (3) | 250 | 3 | — | 250 | 4 | — | |||||||||||||||||||||||
15% - 30% matures after five years through ten years (4) | — | — | — | 127 | 1 | — | |||||||||||||||||||||||
Total credit default swap index tranches | 600 | 8 | — | 777 | 7 | 1 | |||||||||||||||||||||||
Customized credit default swap index tranches related to securitization entities: | |||||||||||||||||||||||||||||
Portion backing third-party borrowings maturing 2017 (5) | 12 | — | 2 | 12 | — | 5 | |||||||||||||||||||||||
Portion backing our interest maturing 2017 (6) | 300 | — | 57 | 300 | — | 99 | |||||||||||||||||||||||
Total customized credit default swap index tranches related to securitization entities | 312 | — | 59 | 312 | — | 104 | |||||||||||||||||||||||
Total credit default swaps on index tranches | $ | 912 | $ | 8 | $ | 59 | $ | 1,089 | $ | 7 | $ | 105 | |||||||||||||||||
(1) | The current attachment/detachment as of September 30, 2013 and December 31, 2012 was 7% – 15%. | ||||||||||||||||||||||||||||
(2) | The current attachment/detachment as of September 30, 2013 and December 31, 2012 was 9% – 12%. | ||||||||||||||||||||||||||||
(3) | The current attachment/detachment as of September 30, 2013 and December 31, 2012 was 10% – 15%. | ||||||||||||||||||||||||||||
(4) | The current attachment/detachment as of December 31, 2012 was 14.8% – 30.3%. | ||||||||||||||||||||||||||||
(5) | Original notional value was $39 million. | ||||||||||||||||||||||||||||
(6) | Original notional value was $300 million. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||||||||||||||||||||||||||||||
(6) Fair Value of Financial Instruments | |||||||||||||||||||||||||||||||||||||||||||||
Assets and liabilities that are reflected in the accompanying consolidated financial statements at fair value are not included in the following disclosure of fair value. Such items include cash and cash equivalents, investment securities, separate accounts, securities held as collateral and derivative instruments. Other financial assets and liabilities—those not carried at fair value—are discussed below. Apart from certain of our borrowings and certain marketable securities, few of the instruments discussed below are actively traded and their fair values must often be determined using models. The fair value estimates are made at a specific point in time, based upon available market information and judgments about the financial instruments, including estimates of the timing and amount of expected future cash flows and the credit standing of counterparties. Such estimates do not reflect any premium or discount that could result from offering for sale at one time our 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 value estimates cannot be substantiated by comparison to independent markets. | |||||||||||||||||||||||||||||||||||||||||||||
The basis on which we estimate fair value is as follows: | |||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage loans. Based on recent transactions and/or discounted future cash flows, using current market rates. Given the limited availability of data related to transactions for similar instruments, we typically classify these loans as Level 3. | |||||||||||||||||||||||||||||||||||||||||||||
Restricted commercial mortgage loans. Based on recent transactions and/or discounted future cash flows, using current market rates. Given the limited availability of data related to transactions for similar instruments, we typically classify these loans as Level 3. | |||||||||||||||||||||||||||||||||||||||||||||
Other invested assets. Based on comparable market transactions, discounted future cash flows, quoted market prices and/or estimates using the most recent data available for the related instrument. Primarily represents short-term investments and limited partnerships accounted for under the cost method. The fair value of short-term investments typically does not include significant unobservable inputs and approximate our amortized cost basis. As a result, short-term investments are classified as Level 2. Cost method limited partnerships typically include significant unobservable inputs as a result of being relatively illiquid with limited market activity for similar instruments and are classified as Level 3. | |||||||||||||||||||||||||||||||||||||||||||||
Long-term borrowings. We utilize available market data when determining fair value of long-term borrowings issued in the U.S. and Canada, which includes data on recent trades for the same or similar financial instruments. Accordingly, these instruments are classified as Level 2 measurements. In cases where market data is not available such as our Australian borrowings, we use broker quotes for which we consider the valuation methodology utilized by the third party, but the valuation typically includes significant unobservable inputs. Accordingly, we classify these borrowings where fair value is based on our consideration of broker quotes as Level 3 measurements. | |||||||||||||||||||||||||||||||||||||||||||||
Non-recourse funding obligations. We use an internal model to determine fair value using the current floating rate coupon and expected life/final maturity of the instrument discounted using the floating rate index and current market spread assumption, which is estimated based on recent transactions for these instruments or similar instruments as well as other market information or broker provided data. Given these instruments are private and very little market activity exists, our current market spread assumption is considered to have significant unobservable inputs in calculating fair value and, therefore, results in the fair value of these instruments being classified as Level 3. | |||||||||||||||||||||||||||||||||||||||||||||
Borrowings related to securitization entities. Based on market quotes or comparable market transactions. Some of these borrowings are publicly traded debt securities and are classified as Level 2. Certain borrowings are not publicly traded and are classified as Level 3. | |||||||||||||||||||||||||||||||||||||||||||||
Investment contracts. Based on expected future cash flows, discounted at current market rates for annuity contracts or institutional products. Given the significant unobservable inputs associated with policyholder behavior and current market rate assumptions used to discount the expected future cash flows, we classify these instruments as Level 3 except for certain funding agreement-backed notes that are traded in the marketplace as a security and are classified as Level 2. | |||||||||||||||||||||||||||||||||||||||||||||
The following represents our estimated fair value of financial assets and liabilities that are not required to be carried at fair value as of the dates indicated: | |||||||||||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||
Notional | Carrying | Fair value | |||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | amount | amount | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage loans | $ | (1) | $ | 5,858 | $ | 6,152 | $ | — | $ | — | $ | 6,152 | |||||||||||||||||||||||||||||||||
Restricted commercial mortgage loans | (1) | 290 | 324 | — | — | 324 | |||||||||||||||||||||||||||||||||||||||
Other invested assets | (1) | 315 | 327 | — | 213 | 114 | |||||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||
Long-term borrowings | (1) | 4,780 | 5,185 | — | 5,049 | 136 | |||||||||||||||||||||||||||||||||||||||
Non-recourse funding obligations | (1) | 2,046 | 1,461 | — | — | 1,461 | |||||||||||||||||||||||||||||||||||||||
Borrowings related to securitization entities | (1) | 224 | 242 | — | 191 | 51 | |||||||||||||||||||||||||||||||||||||||
Investment contracts | (1) | 17,137 | 17,804 | — | 85 | 17,719 | |||||||||||||||||||||||||||||||||||||||
Other firm commitments: | |||||||||||||||||||||||||||||||||||||||||||||
Commitments to fund limited partnerships | 67 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Ordinary course of business lending commitments | 66 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||||||||||
Notional | Carrying | Fair value | |||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | amount | amount | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage loans | $ | (1) | $ | 5,872 | $ | 6,378 | $ | — | $ | — | $ | 6,378 | |||||||||||||||||||||||||||||||||
Restricted commercial mortgage loans | (1) | 341 | 389 | — | — | 389 | |||||||||||||||||||||||||||||||||||||||
Other invested assets | (1) | 380 | 389 | — | 265 | 124 | |||||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||
Long-term borrowings | (1) | 4,776 | 4,950 | — | 4,800 | 150 | |||||||||||||||||||||||||||||||||||||||
Non-recourse funding obligations | (1) | 2,066 | 1,462 | — | — | 1,462 | |||||||||||||||||||||||||||||||||||||||
Borrowings related to securitization entities | (1) | 274 | 303 | — | 238 | 65 | |||||||||||||||||||||||||||||||||||||||
Investment contracts | (1) | 18,280 | 19,526 | — | 1,009 | 18,517 | |||||||||||||||||||||||||||||||||||||||
Other firm commitments: | |||||||||||||||||||||||||||||||||||||||||||||
Commitments to fund limited partnerships | 64 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Ordinary course of business lending commitments | 44 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
(1) | These financial instruments do not have notional amounts. | ||||||||||||||||||||||||||||||||||||||||||||
Recurring Fair Value Measurements | |||||||||||||||||||||||||||||||||||||||||||||
We have fixed maturity, equity and trading securities, derivatives, embedded derivatives, securities held as collateral, separate account assets and certain other financial instruments, which are carried at fair value. Below is a description of the valuation techniques and inputs used to determine fair value by class of instrument. | |||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity, equity and trading securities | |||||||||||||||||||||||||||||||||||||||||||||
The valuations of fixed maturity, equity and trading securities are determined using a market approach, income approach or a combination of the market and income approach depending on the type of instrument and availability of information. | |||||||||||||||||||||||||||||||||||||||||||||
We utilize certain third-party data providers when determining fair value. We consider information obtained from third-party pricing services (“pricing services”) as well as third-party broker provided prices, or broker quotes, in our determination of fair value. Additionally, we utilize internal models to determine the valuation of securities using an income approach where the inputs are based on third-party provided market inputs. While we consider the valuations provided by pricing services and broker quotes, management determines the fair value of our investment securities after considering all relevant and available information. We also use various methods to obtain an understanding of the valuation methodologies and procedures used by third-party data providers to ensure sufficient understanding to evaluate the valuation data received, including an understanding of the assumptions and inputs utilized to determine the appropriate fair value. For pricing services, we analyze the prices provided by our primary pricing services to other readily available pricing services and perform a detailed review of the assumptions and inputs from each pricing service to determine the appropriate fair value when pricing differences exceed certain thresholds. We also evaluate changes in fair value that are greater than 10% each month to further aid in our review of the accuracy of fair value measurements and our understanding of changes in fair value, with more detailed reviews performed by the asset managers responsible for the related asset class associated with the security being reviewed. | |||||||||||||||||||||||||||||||||||||||||||||
In general, we first obtain valuations from pricing services. If a price is not supplied by a pricing service, we will typically seek a broker quote. For certain private fixed maturity securities where we do not obtain valuations from pricing services, we utilize an internal model to determine fair value since transactions for identical securities are not readily observable and these securities are not typically valued by pricing services. For all securities, excluding certain private fixed maturity securities, if neither a pricing service nor broker quotes valuation is available, we determine fair value using internal models. | |||||||||||||||||||||||||||||||||||||||||||||
For pricing services, we obtain an understanding of the pricing methodologies and procedures for each type of instrument. In general, a pricing service does not provide a price for a security if sufficient information is not readily available to determine fair value or if such security is not in the specific sector or class covered by a particular pricing service. Given our understanding of the pricing methodologies and procedures of pricing services, the securities valued by pricing services are typically classified as Level 2 unless we determine the valuation process for a security or group of securities utilizes significant unobservable inputs, which would result in the valuation being classified as Level 3. | |||||||||||||||||||||||||||||||||||||||||||||
For private fixed maturity securities, we utilize an internal model to determine fair value and utilize public bond spreads by sector, rating and maturity to develop the market rate that would be utilized for a similar public bond. We then add an additional premium, which represents an unobservable input, to the public bond spread to adjust for the liquidity and other features of our private placements. We utilize the estimated market yield to discount the expected cash flows of the security to determine fair value. In certain instances, we utilize price caps for securities where the estimated market yield results in a valuation that may exceed the amount that would be received in a market transaction. We assign each security an internal rating to determine the appropriate public bond spread that should be utilized in the valuation. While we generally consider the public bond spreads by sector and maturity to be observable inputs, we evaluate the similarities of our private placement with the public bonds, any price caps utilized and whether external ratings are available for our private placement to determine whether the spreads utilized would be considered observable inputs. During the second quarter of 2012, we began classifying private securities without an external rating as Level 3. In general, increases (decreases) in credit spreads will decrease (increase) the fair value for our fixed maturity securities. To determine the significance of unobservable inputs, we calculate the impact on the valuation from the unobservable input and will classify a security as Level 3 when the impact on the valuation exceeds 10%. | |||||||||||||||||||||||||||||||||||||||||||||
For broker quotes, we consider the valuation methodology utilized by the third party, but the valuation typically includes significant unobservable inputs. Accordingly, we classify the securities where fair value is based on our consideration of broker quotes as Level 3 measurements. | |||||||||||||||||||||||||||||||||||||||||||||
For remaining securities priced using internal models, we maximize the use of observable inputs but typically utilize significant unobservable inputs to determine fair value. Accordingly, the valuations are typically classified as Level 3. | |||||||||||||||||||||||||||||||||||||||||||||
The following tables summarize the primary sources of data considered when determining fair value of each class of fixed maturity securities as of the dates indicated: | |||||||||||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||
U.S. government, agencies and government-sponsored enterprises: | |||||||||||||||||||||||||||||||||||||||||||||
Pricing services | $ | 5,320 | $ | — | $ | 5,320 | $ | — | |||||||||||||||||||||||||||||||||||||
Internal models | 5 | — | — | 5 | |||||||||||||||||||||||||||||||||||||||||
Total U.S. government, agencies and government-sponsored enterprises | 5,325 | — | 5,320 | 5 | |||||||||||||||||||||||||||||||||||||||||
Tax-exempt: | |||||||||||||||||||||||||||||||||||||||||||||
Pricing services | 263 | — | 263 | — | |||||||||||||||||||||||||||||||||||||||||
Total tax-exempt | 263 | — | 263 | — | |||||||||||||||||||||||||||||||||||||||||
Government—non-U.S.: | |||||||||||||||||||||||||||||||||||||||||||||
Pricing services | 2,209 | — | 2,209 | — | |||||||||||||||||||||||||||||||||||||||||
Internal models | 23 | — | 16 | 7 | |||||||||||||||||||||||||||||||||||||||||
Total government—non-U.S. | 2,232 | — | 2,225 | 7 | |||||||||||||||||||||||||||||||||||||||||
U.S. corporate: | |||||||||||||||||||||||||||||||||||||||||||||
Pricing services | 22,035 | — | 22,035 | — | |||||||||||||||||||||||||||||||||||||||||
Broker quotes | 138 | — | — | 138 | |||||||||||||||||||||||||||||||||||||||||
Internal models | 2,609 | — | 416 | 2,193 | |||||||||||||||||||||||||||||||||||||||||
Total U.S. corporate | 24,782 | — | 22,451 | 2,331 | |||||||||||||||||||||||||||||||||||||||||
Corporate—non-U.S.: | |||||||||||||||||||||||||||||||||||||||||||||
Pricing services | 13,194 | — | 13,194 | — | |||||||||||||||||||||||||||||||||||||||||
Broker quotes | 174 | — | — | 174 | |||||||||||||||||||||||||||||||||||||||||
Internal models | 1,908 | — | 199 | 1,709 | |||||||||||||||||||||||||||||||||||||||||
Total corporate—non-U.S. | 15,276 | — | 13,393 | 1,883 | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed: | |||||||||||||||||||||||||||||||||||||||||||||
Pricing services | 5,272 | — | 5,272 | — | |||||||||||||||||||||||||||||||||||||||||
Broker quotes | 74 | — | — | 74 | |||||||||||||||||||||||||||||||||||||||||
Internal models | 51 | — | — | 51 | |||||||||||||||||||||||||||||||||||||||||
Total residential mortgage-backed | 5,397 | — | 5,272 | 125 | |||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed: | |||||||||||||||||||||||||||||||||||||||||||||
Pricing services | 2,784 | — | 2,784 | — | |||||||||||||||||||||||||||||||||||||||||
Broker quotes | 1 | — | — | 1 | |||||||||||||||||||||||||||||||||||||||||
Internal models | 5 | — | — | 5 | |||||||||||||||||||||||||||||||||||||||||
Total commercial mortgage-backed | 2,790 | — | 2,784 | 6 | |||||||||||||||||||||||||||||||||||||||||
Other asset-backed: | |||||||||||||||||||||||||||||||||||||||||||||
Pricing services | 1,924 | — | 1,924 | — | |||||||||||||||||||||||||||||||||||||||||
Broker quotes | 1,066 | — | — | 1,066 | |||||||||||||||||||||||||||||||||||||||||
Internal models | 31 | — | — | 31 | |||||||||||||||||||||||||||||||||||||||||
Total other asset-backed | 3,021 | — | 1,924 | 1,097 | |||||||||||||||||||||||||||||||||||||||||
Total fixed maturity securities | $ | 59,086 | $ | — | $ | 53,632 | $ | 5,454 | |||||||||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||
U.S. government, agencies and government-sponsored enterprises: | |||||||||||||||||||||||||||||||||||||||||||||
Pricing services | $ | 5,482 | $ | — | $ | 5,482 | $ | — | |||||||||||||||||||||||||||||||||||||
Internal models | 9 | — | — | 9 | |||||||||||||||||||||||||||||||||||||||||
Total U.S. government, agencies and government-sponsored enterprises | 5,491 | — | 5,482 | 9 | |||||||||||||||||||||||||||||||||||||||||
Tax-exempt: | |||||||||||||||||||||||||||||||||||||||||||||
Pricing services | 294 | — | 294 | — | |||||||||||||||||||||||||||||||||||||||||
Total tax-exempt | 294 | — | 294 | — | |||||||||||||||||||||||||||||||||||||||||
Government—non-U.S.: | |||||||||||||||||||||||||||||||||||||||||||||
Pricing services | 2,413 | — | 2,413 | — | |||||||||||||||||||||||||||||||||||||||||
Internal models | 9 | — | — | 9 | |||||||||||||||||||||||||||||||||||||||||
Total government—non-U.S. | 2,422 | — | 2,413 | 9 | |||||||||||||||||||||||||||||||||||||||||
U.S. corporate: | |||||||||||||||||||||||||||||||||||||||||||||
Pricing services | 23,113 | — | 23,113 | — | |||||||||||||||||||||||||||||||||||||||||
Broker quotes | 121 | — | — | 121 | |||||||||||||||||||||||||||||||||||||||||
Internal models | 2,871 | — | 309 | 2,562 | |||||||||||||||||||||||||||||||||||||||||
Total U.S. corporate | 26,105 | — | 23,422 | 2,683 | |||||||||||||||||||||||||||||||||||||||||
Corporate—non-U.S.: | |||||||||||||||||||||||||||||||||||||||||||||
Pricing services | 13,635 | — | 13,635 | — | |||||||||||||||||||||||||||||||||||||||||
Broker quotes | 75 | — | — | 75 | |||||||||||||||||||||||||||||||||||||||||
Internal models | 2,082 | — | 174 | 1,908 | |||||||||||||||||||||||||||||||||||||||||
Total corporate—non-U.S. | 15,792 | — | 13,809 | 1,983 | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed: | |||||||||||||||||||||||||||||||||||||||||||||
Pricing services | 5,924 | — | 5,924 | — | |||||||||||||||||||||||||||||||||||||||||
Broker quotes | 98 | — | — | 98 | |||||||||||||||||||||||||||||||||||||||||
Internal models | 59 | — | — | 59 | |||||||||||||||||||||||||||||||||||||||||
Total residential mortgage-backed | 6,081 | — | 5,924 | 157 | |||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed: | |||||||||||||||||||||||||||||||||||||||||||||
Pricing services | 3,298 | — | 3,298 | — | |||||||||||||||||||||||||||||||||||||||||
Broker quotes | 18 | — | — | 18 | |||||||||||||||||||||||||||||||||||||||||
Internal models | 17 | — | — | 17 | |||||||||||||||||||||||||||||||||||||||||
Total commercial mortgage-backed | 3,333 | — | 3,298 | 35 | |||||||||||||||||||||||||||||||||||||||||
Other asset-backed: | |||||||||||||||||||||||||||||||||||||||||||||
Pricing services | 1,776 | — | 1,776 | — | |||||||||||||||||||||||||||||||||||||||||
Broker quotes | 829 | — | — | 829 | |||||||||||||||||||||||||||||||||||||||||
Internal models | 38 | — | 3 | 35 | |||||||||||||||||||||||||||||||||||||||||
Total other asset-backed | 2,643 | — | 1,779 | 864 | |||||||||||||||||||||||||||||||||||||||||
Total fixed maturity securities | $ | 62,161 | $ | — | $ | 56,421 | $ | 5,740 | |||||||||||||||||||||||||||||||||||||
The following tables summarize the primary sources of data considered when determining fair value of equity securities as of the dates indicated: | |||||||||||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||
Pricing services | $ | 294 | $ | 290 | $ | 4 | $ | — | |||||||||||||||||||||||||||||||||||||
Broker quotes | 1 | — | — | 1 | |||||||||||||||||||||||||||||||||||||||||
Internal models | 84 | — | — | 84 | |||||||||||||||||||||||||||||||||||||||||
Total equity securities | $ | 379 | $ | 290 | $ | 4 | $ | 85 | |||||||||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||
Pricing services | $ | 419 | $ | 417 | $ | 2 | $ | — | |||||||||||||||||||||||||||||||||||||
Broker quotes | 3 | — | — | 3 | |||||||||||||||||||||||||||||||||||||||||
Internal models | 96 | — | — | 96 | |||||||||||||||||||||||||||||||||||||||||
Total equity securities | $ | 518 | $ | 417 | $ | 2 | $ | 99 | |||||||||||||||||||||||||||||||||||||
The following tables summarize the primary sources of data considered when determining fair value of trading securities as of the dates indicated: | |||||||||||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||
Pricing services | $ | 244 | $ | — | $ | 244 | $ | — | |||||||||||||||||||||||||||||||||||||
Broker quotes | 34 | — | — | 34 | |||||||||||||||||||||||||||||||||||||||||
Total trading securities | $ | 278 | $ | — | $ | 244 | $ | 34 | |||||||||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||
Pricing services | $ | 480 | $ | — | $ | 480 | $ | — | |||||||||||||||||||||||||||||||||||||
Broker quotes | 76 | — | — | 76 | |||||||||||||||||||||||||||||||||||||||||
Total trading securities | $ | 556 | $ | — | $ | 480 | $ | 76 | |||||||||||||||||||||||||||||||||||||
Restricted other invested assets related to securitization entities | |||||||||||||||||||||||||||||||||||||||||||||
We have trading securities related to securitization entities that are classified as restricted other invested assets and are carried at fair value. The trading securities represent asset-backed securities. The valuation for trading securities is determined using a market approach and/or an income approach depending on the availability of information. For certain highly rated asset-backed securities, there is observable market information for transactions of the same or similar instruments, which is provided to us by a third-party pricing service and is classified as Level 2. For certain securities that are not actively traded, we determine fair value after considering third-party broker provided prices or discounted expected cash flows using current yields for similar securities and classify these valuations as Level 3. | |||||||||||||||||||||||||||||||||||||||||||||
Securities lending and derivative counterparty collateral | |||||||||||||||||||||||||||||||||||||||||||||
The fair value of securities held as collateral is primarily based on Level 2 inputs from market information for the collateral that is held on our behalf by the custodian. We determine fair value after considering prices obtained by third-party pricing services. | |||||||||||||||||||||||||||||||||||||||||||||
Contingent consideration | |||||||||||||||||||||||||||||||||||||||||||||
We have certain contingent purchase price payments and receivables related to acquisitions and sales that are recorded at fair value each period. Fair value is determined using an income approach whereby we project the expected performance of the business and compare our projections of the relevant performance metric to the thresholds established in the purchase or sale agreement to determine our expected payments or receipts. We then discount these expected amounts to calculate the fair value as of the valuation date. We evaluate the underlying projections used in determining fair value each period and update these underlying projections when there have been significant changes in our expectations of the future business performance. The inputs used to determine the discount rate and expected payments or receipts are primarily based on significant unobservable inputs and result in the fair value of the contingent consideration being classified as Level 3. An increase in the discount rate or a decrease in expected payments or receipts will result in a decrease in the fair value of contingent consideration. | |||||||||||||||||||||||||||||||||||||||||||||
Separate account assets | |||||||||||||||||||||||||||||||||||||||||||||
The fair value of separate account assets is based on the quoted prices of the underlying fund investments and, therefore, represents Level 1 pricing. | |||||||||||||||||||||||||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||||||||||||||||||||||||
We consider counterparty collateral arrangements and rights of set-off when evaluating our net credit risk exposure to our derivative counterparties. Accordingly, we are permitted to include consideration of these arrangements when determining whether any incremental adjustment should be made for both the counterparty’s and our non-performance risk in measuring fair value for our derivative instruments. As a result of these counterparty arrangements, we determined that any adjustment for credit risk would not be material and we do not record any incremental adjustment for our non-performance risk or the non-performance risk of the derivative counterparty for our derivative assets or liabilities. We determine fair value for our derivatives using an income approach with internal models based on relevant market inputs for each derivative instrument. We also compare the fair value determined using our internal model to the valuations provided by our derivative counterparties with any significant differences or changes in valuation being evaluated further by our derivatives professionals that are familiar with the instrument and market inputs used in the valuation. | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps. The valuation of interest rate swaps is determined using an income approach. The primary input into the valuation represents the forward interest rate swap curve, which is generally considered an observable input, and results in the derivative being classified as Level 2. For certain interest rate swaps, the inputs into the valuation also include the total returns of certain bonds that would primarily be considered an observable input and result in the derivative being classified as Level 2. For certain other swaps, there are features that provide an option to the counterparty to terminate the swap at specified dates. The interest rate volatility input used to value these options would be considered a significant unobservable input and results in the fair value measurement of the derivative being classified as Level 3. These options to terminate the swap by the counterparty are based on forward interest rate swap curves and volatility. As interest rate volatility increases, our valuation of the derivative changes unfavorably. | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps related to securitization entities. The valuation of interest rate swaps related to securitization entities is determined using an income approach. The primary input into the valuation represents the forward interest rate swap curve, which is generally considered an observable input, and results in the derivative being classified as Level 2. | |||||||||||||||||||||||||||||||||||||||||||||
Inflation indexed swaps. The valuation of inflation indexed swaps is determined using an income approach. The primary inputs into the valuation represent the forward interest rate swap curve, the current consumer price index and the forward consumer price index curve, which are generally considered observable inputs, and results in the derivative being classified as Level 2. | |||||||||||||||||||||||||||||||||||||||||||||
Foreign currency swaps. The valuation of foreign currency swaps is determined using an income approach. The primary inputs into the valuation represent the forward interest rate swap curve and foreign currency exchange rates, both of which are considered an observable input, and results in the derivative being classified as Level 2. | |||||||||||||||||||||||||||||||||||||||||||||
Credit default swaps. We have both single name credit default swaps and index tranche credit default swaps. For single name credit default swaps, we utilize an income approach to determine fair value based on using current market information for the credit spreads of the reference entity, which is considered observable inputs based on the reference entities of our derivatives and results in these derivatives being classified as Level 2. For index tranche credit default swaps, we utilize an income approach that utilizes current market information related to credit spreads and expected defaults and losses associated with the reference entities that comprise the respective index associated with each derivative. There are significant unobservable inputs associated with the timing and amount of losses from the reference entities as well as the timing or amount of losses, if any, that will be absorbed by our tranche. Accordingly, the index tranche credit default swaps are classified as Level 3. As credit spreads widen for the underlying issuers comprising the index, the change in our valuation of these credit default swaps will be unfavorable. | |||||||||||||||||||||||||||||||||||||||||||||
Credit default swaps related to securitization entities. Credit default swaps related to securitization entities represent customized index tranche credit default swaps and are valued using a similar methodology as described above for index tranche credit default swaps. We determine fair value of these credit default swaps after considering both the valuation methodology described above as well as the valuation provided by the derivative counterparty. In addition to the valuation methodology and inputs described for index tranche credit default swaps, these customized credit default swaps contain a feature that permits the securitization entity to provide the par value of underlying assets in the securitization entity to settle any losses under the credit default swap. The valuation of this settlement feature is dependent upon the valuation of the underlying assets and the timing and amount of any expected loss on the credit default swap, which is considered a significant unobservable input. Accordingly, these customized index tranche credit default swaps related to securitization entities are classified as Level 3. As credit spreads widen for the underlying issuers comprising the customized index, the change in our valuation of these credit default swaps will be unfavorable. | |||||||||||||||||||||||||||||||||||||||||||||
Equity index options. We have equity index options associated with various equity indices. The valuation of equity index options is determined using an income approach. The primary inputs into the valuation represent forward interest rate volatility and time value component associated with the optionality in the derivative, which are considered significant unobservable inputs in most instances. The equity index volatility surface is determined based on market information that is not readily observable and is developed based upon inputs received from several third-party sources. Accordingly, these options are classified as Level 3. As equity index volatility increases, our valuation of these options changes favorably. | |||||||||||||||||||||||||||||||||||||||||||||
Financial futures. The fair value of financial futures is based on the closing exchange prices. Accordingly, these financial futures are classified as Level 1. The period end valuation is zero as a result of settling the margins on these contracts on a daily basis. | |||||||||||||||||||||||||||||||||||||||||||||
Equity return swaps. The valuation of equity return swaps is determined using an income approach. The primary inputs into the valuation represent the forward interest rate swap curve and underlying equity index values, which are generally considered observable inputs, and results in the derivative being classified as Level 2. | |||||||||||||||||||||||||||||||||||||||||||||
Forward bond purchase commitments. The valuation of forward bond purchase commitments is determined using an income approach. The primary input into the valuation represents the current bond prices and interest rates, which are generally considered an observable input, and results in the derivative being classified as Level 2. | |||||||||||||||||||||||||||||||||||||||||||||
Other foreign currency contracts. We have certain foreign currency options classified as other foreign currency contracts. The valuation of foreign currency options is determined using an income approach. The primary inputs into the valuation represent the forward interest rate swap curve, foreign currency exchange rates, forward interest rate, foreign currency exchange rate volatility, foreign equity index volatility and time value component associated with the optionality in the derivative. As a result of the significant unobservable inputs associated with the forward interest rate, foreign currency exchange rate volatility and foreign equity index volatility inputs, the derivative is classified as Level 3. As foreign currency exchange rate volatility and foreign equity index volatility increases, the change in our valuation of these options will be favorable for purchase options and unfavorable for options sold. We also have foreign currency forward contracts where the valuation is determined using an income approach. The primary inputs into the valuation represent the forward foreign currency exchange rates, which are generally considered observable inputs and results in the derivative being classified as Level 2. | |||||||||||||||||||||||||||||||||||||||||||||
GMWB embedded derivatives | |||||||||||||||||||||||||||||||||||||||||||||
We are required to bifurcate an embedded derivative for certain features associated with annuity products and related reinsurance agreements where we provide a GMWB to the policyholder and are required to record the GMWB embedded derivative at fair value. The valuation of our GMWB embedded derivative is based on an income approach that incorporates inputs such as forward interest rates, equity index volatility, equity index and fund correlation, and policyholder assumptions such as utilization, lapse and mortality. In addition to these inputs, we also consider risk and expense margins when determining the projected cash flows that would be determined by another market participant. While the risk and expense margins are considered in determining fair value, these inputs do not have a significant impact on the valuation. We determine fair value using an internal model based on the various inputs noted above. The resulting fair value measurement from the model is reviewed by the product actuarial, risk and finance professionals each reporting period with changes in fair value also being compared to changes in derivatives and other instruments used to mitigate changes in fair value from certain market risks, such as equity index volatility and interest rates. | |||||||||||||||||||||||||||||||||||||||||||||
For GMWB liabilities, non-performance risk is integrated into the discount rate. Our discount rate used to determine fair value of our GMWB liabilities includes market credit spreads above U.S. Treasury rates to reflect an adjustment for the non-performance risk of the GMWB liabilities. As of September 30, 2013 and December 31, 2012, the impact of non-performance risk resulted in a lower fair value of our GMWB liabilities of $59 million and $89 million, respectively. | |||||||||||||||||||||||||||||||||||||||||||||
To determine the appropriate discount rate to reflect the non-performance risk of the GMWB liabilities, we evaluate the non-performance risk in our liabilities based on a hypothetical exit market transaction as there is no exit market for these types of liabilities. A hypothetical exit market can be viewed as a hypothetical transfer of the liability to another similarly rated insurance company which would closely resemble a reinsurance transaction. Another hypothetical exit market transaction can be viewed as a hypothetical transaction from the perspective of the GMWB policyholder. In determining the appropriate discount rate to incorporate non-performance risk of the GMWB liabilities, we also considered the impacts of state guarantees embedded in the related insurance product as a form of inseparable third-party guarantee. We believe that a hypothetical exit market participant would use a similar discount rate as described above to value the liabilities. | |||||||||||||||||||||||||||||||||||||||||||||
For equity index volatility, we determine the projected equity market volatility using both historical volatility and projected equity market volatility with more significance being placed on projected near-term volatility and recent historical data. Given the different attributes and market characteristics of GMWB liabilities compared to equity index options in the derivative market, the equity index volatility assumption for GMWB liabilities may be different from the volatility assumption for equity index options, especially for the longer dated points on the curve. | |||||||||||||||||||||||||||||||||||||||||||||
Equity index and fund correlations are determined based on historical price observations for the fund and equity index. | |||||||||||||||||||||||||||||||||||||||||||||
For policyholder assumptions, we use our expected lapse, mortality and utilization assumptions and update these assumptions for our actual experience, as necessary. For our lapse assumption, we adjust our base lapse assumption by policy based on a combination of the policyholder’s current account value and GMWB benefit. | |||||||||||||||||||||||||||||||||||||||||||||
We classify the GMWB valuation as Level 3 based on having significant unobservable inputs, with equity index volatility and non-performance risk being considered the more significant unobservable inputs. As equity index volatility increases, the fair value of the GMWB liabilities will increase. Any increase in non-performance risk would increase the discount rate and would decrease the fair value of the GMWB liability. Additionally, we consider lapse and utilization assumptions to be significant unobservable inputs. An increase in our lapse assumption would decrease the fair value of the GMWB liability, whereas an increase in our utilization rate would increase the fair value. | |||||||||||||||||||||||||||||||||||||||||||||
We evaluate the inputs and methodologies used to determine fair value based on how we expect a market participant would determine exit value. As stated above, there is no exit market or market participants for the GMWB embedded derivatives. Accordingly, we evaluate our inputs and resulting fair value based on a hypothetical exit market and hypothetical market participants. A hypothetical exit market could be viewed as a transaction that would closely resemble reinsurance. While reinsurance transactions for this type of product are not an observable input, we consider this type of hypothetical exit market, as appropriate, when evaluating our inputs and determining that our inputs are consistent with that of a hypothetical market participant. | |||||||||||||||||||||||||||||||||||||||||||||
Fixed index annuity embedded derivatives | |||||||||||||||||||||||||||||||||||||||||||||
We offer fixed indexed annuity products where interest is credited to the policyholder’s account balance based on equity index changes. This feature is required to be bifurcated as an embedded derivative and recorded at fair value. Fair value is determined using an income approach where the present value of the excess cash flows above the guaranteed cash flows is used to determine the value attributed to the equity index feature. The inputs used in determining the fair value include policyholder behavior (lapses and withdrawals), near-term equity index volatility, expected future interest credited, forward interest rates and an adjustment to the discount rate to incorporate non-performance risk and risk margins. As a result of our assumptions for policyholder behavior and expected future interest credited being considered significant unobservable inputs, we classify these instruments as Level 3. As lapses and withdrawals increase, the value of our embedded derivative liability will decrease. As expected future interest credited decreases, the value of our embedded derivative liability will decrease. | |||||||||||||||||||||||||||||||||||||||||||||
Borrowings related to securitization entities | |||||||||||||||||||||||||||||||||||||||||||||
We record certain borrowings related to securitization entities at fair value. The fair value of these borrowings is determined using either a market approach or income approach, depending on the instrument and availability of market information. Given the unique characteristics of the securitization entities that issued these borrowings as well as the lack of comparable instruments, we determine fair value considering the valuation of the underlying assets held by the securitization entities and any derivatives, as well as any unique characteristics of the borrowings that may impact the valuation. After considering all relevant inputs, we determine fair value of the borrowings using the net valuation of the underlying assets and derivatives that are backing the borrowings. Accordingly, these instruments are classified as Level 3. Increases in the valuation of the underlying assets or decreases in the derivative liabilities will result in an increase in the fair value of these borrowings. | |||||||||||||||||||||||||||||||||||||||||||||
The following tables set forth our assets and liabilities by class of instrument that are measured at fair value on a recurring basis as of the dates indicated: | |||||||||||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||||||
U.S. government, agencies and government-sponsored enterprises | $ | 5,325 | $ | — | $ | 5,320 | $ | 5 | |||||||||||||||||||||||||||||||||||||
Tax-exempt | 263 | — | 263 | — | |||||||||||||||||||||||||||||||||||||||||
Government—non-U.S. | 2,232 | — | 2,225 | 7 | |||||||||||||||||||||||||||||||||||||||||
U.S. corporate | 24,782 | — | 22,451 | 2,331 | |||||||||||||||||||||||||||||||||||||||||
Corporate—non-U.S. | 15,276 | — | 13,393 | 1,883 | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 5,397 | — | 5,272 | 125 | |||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 2,790 | — | 2,784 | 6 | |||||||||||||||||||||||||||||||||||||||||
Other asset-backed | 3,021 | — | 1,924 | 1,097 | |||||||||||||||||||||||||||||||||||||||||
Total fixed maturity securities | 59,086 | — | 53,632 | 5,454 | |||||||||||||||||||||||||||||||||||||||||
Equity securities | 379 | 290 | 4 | 85 | |||||||||||||||||||||||||||||||||||||||||
Other invested assets: | |||||||||||||||||||||||||||||||||||||||||||||
Trading securities | 278 | — | 244 | 34 | |||||||||||||||||||||||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | 504 | — | 504 | — | |||||||||||||||||||||||||||||||||||||||||
Foreign currency swaps | 3 | — | 3 | — | |||||||||||||||||||||||||||||||||||||||||
Credit default swaps | 9 | — | 1 | 8 | |||||||||||||||||||||||||||||||||||||||||
Equity index options | 6 | — | — | 6 | |||||||||||||||||||||||||||||||||||||||||
Other foreign currency contracts | 5 | — | 2 | 3 | |||||||||||||||||||||||||||||||||||||||||
Total derivative assets | 527 | — | 510 | 17 | |||||||||||||||||||||||||||||||||||||||||
Securities lending collateral | 154 | — | 154 | — | |||||||||||||||||||||||||||||||||||||||||
Derivatives counterparty collateral | 104 | — | 104 | — | |||||||||||||||||||||||||||||||||||||||||
Total other invested assets | 1,063 | — | 1,012 | 51 | |||||||||||||||||||||||||||||||||||||||||
Restricted other invested assets related to securitization entities | 392 | — | 180 | 212 | |||||||||||||||||||||||||||||||||||||||||
Reinsurance recoverable (1) | 3 | — | — | 3 | |||||||||||||||||||||||||||||||||||||||||
Separate account assets | 9,957 | 9,957 | — | — | |||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 70,880 | $ | 10,247 | $ | 54,828 | $ | 5,805 | |||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||
Policyholder account balances: | |||||||||||||||||||||||||||||||||||||||||||||
GMWB embedded derivatives (2) | $ | 177 | $ | — | $ | — | $ | 177 | |||||||||||||||||||||||||||||||||||||
Fixed index annuity embedded derivatives | 83 | — | — | 83 | |||||||||||||||||||||||||||||||||||||||||
Total policyholder account balances | 260 | — | — | 260 | |||||||||||||||||||||||||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | 453 | — | 453 | — | |||||||||||||||||||||||||||||||||||||||||
Interest rate swaps related to securitization entities | 18 | — | 18 | — | |||||||||||||||||||||||||||||||||||||||||
Inflation indexed swaps | 73 | — | 73 | — | |||||||||||||||||||||||||||||||||||||||||
Foreign currency swaps | 1 | — | 1 | — | |||||||||||||||||||||||||||||||||||||||||
Credit default swaps related to securitization entities | 59 | — | — | 59 | |||||||||||||||||||||||||||||||||||||||||
Equity return swaps | 5 | — | 5 | — | |||||||||||||||||||||||||||||||||||||||||
Forward bond purchase commitments | 5 | — | 5 | — | |||||||||||||||||||||||||||||||||||||||||
Other foreign currency contracts | 4 | — | 1 | 3 | |||||||||||||||||||||||||||||||||||||||||
Total derivative liabilities | 618 | — | 556 | 62 | |||||||||||||||||||||||||||||||||||||||||
Borrowings related to securitization entities | 73 | — | — | 73 | |||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 951 | $ | — | $ | 556 | $ | 395 | |||||||||||||||||||||||||||||||||||||
(1) | Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities. | ||||||||||||||||||||||||||||||||||||||||||||
-2 | Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. | ||||||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||||||
U.S. government, agencies and government-sponsored enterprises | $ | 5,491 | $ | — | $ | 5,482 | $ | 9 | |||||||||||||||||||||||||||||||||||||
Tax-exempt | 294 | — | 294 | — | |||||||||||||||||||||||||||||||||||||||||
Government—non-U.S. | 2,422 | — | 2,413 | 9 | |||||||||||||||||||||||||||||||||||||||||
U.S. corporate | 26,105 | — | 23,422 | 2,683 | |||||||||||||||||||||||||||||||||||||||||
Corporate—non-U.S. | 15,792 | — | 13,809 | 1,983 | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 6,081 | — | 5,924 | 157 | |||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 3,333 | — | 3,298 | 35 | |||||||||||||||||||||||||||||||||||||||||
Other asset-backed | 2,643 | — | 1,779 | 864 | |||||||||||||||||||||||||||||||||||||||||
Total fixed maturity securities | 62,161 | — | 56,421 | 5,740 | |||||||||||||||||||||||||||||||||||||||||
Equity securities | 518 | 417 | 2 | 99 | |||||||||||||||||||||||||||||||||||||||||
Other invested assets: | |||||||||||||||||||||||||||||||||||||||||||||
Trading securities | 556 | — | 480 | 76 | |||||||||||||||||||||||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | 1,029 | — | 1,027 | 2 | |||||||||||||||||||||||||||||||||||||||||
Foreign currency swaps | 34 | — | 34 | — | |||||||||||||||||||||||||||||||||||||||||
Credit default swaps | 8 | — | 1 | 7 | |||||||||||||||||||||||||||||||||||||||||
Equity index options | 25 | — | — | 25 | |||||||||||||||||||||||||||||||||||||||||
Forward bond purchase commitments | 53 | — | 53 | — | |||||||||||||||||||||||||||||||||||||||||
Total derivative assets | 1,149 | — | 1,115 | 34 | |||||||||||||||||||||||||||||||||||||||||
Securities lending collateral | 187 | — | 187 | — | |||||||||||||||||||||||||||||||||||||||||
Derivatives counterparty collateral | 261 | — | 261 | — | |||||||||||||||||||||||||||||||||||||||||
Total other invested assets | 2,153 | — | 2,043 | 110 | |||||||||||||||||||||||||||||||||||||||||
Restricted other invested assets related to securitization entities | 393 | — | 199 | 194 | |||||||||||||||||||||||||||||||||||||||||
Other assets (1) | 9 | — | — | 9 | |||||||||||||||||||||||||||||||||||||||||
Reinsurance recoverable (2) | 10 | — | — | 10 | |||||||||||||||||||||||||||||||||||||||||
Separate account assets | 9,937 | 9,937 | — | — | |||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 75,181 | $ | 10,354 | $ | 58,665 | $ | 6,162 | |||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||
Policyholder account balances: | |||||||||||||||||||||||||||||||||||||||||||||
GMWB embedded derivatives (3) | $ | 350 | $ | — | $ | — | $ | 350 | |||||||||||||||||||||||||||||||||||||
Fixed index annuity embedded derivatives | 27 | — | — | 27 | |||||||||||||||||||||||||||||||||||||||||
Total policyholder account balances | 377 | — | — | 377 | |||||||||||||||||||||||||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | 307 | — | 307 | — | |||||||||||||||||||||||||||||||||||||||||
Interest rate swaps related to securitization entities | 27 | — | 27 | — | |||||||||||||||||||||||||||||||||||||||||
Inflation indexed swaps | 105 | — | 105 | — | |||||||||||||||||||||||||||||||||||||||||
Foreign currency swaps | 1 | — | 1 | — | |||||||||||||||||||||||||||||||||||||||||
Credit default swaps | 1 | — | — | 1 | |||||||||||||||||||||||||||||||||||||||||
Credit default swaps related to securitization entities | 104 | — | — | 104 | |||||||||||||||||||||||||||||||||||||||||
Equity return swaps | 8 | — | 8 | — | |||||||||||||||||||||||||||||||||||||||||
Total derivative liabilities | 553 | — | 448 | 105 | |||||||||||||||||||||||||||||||||||||||||
Borrowings related to securitization entities | 62 | — | — | 62 | |||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 992 | $ | — | $ | 448 | $ | 544 | |||||||||||||||||||||||||||||||||||||
-1 | Represents contingent receivables associated with recent business dispositions. | ||||||||||||||||||||||||||||||||||||||||||||
-2 | Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities. | ||||||||||||||||||||||||||||||||||||||||||||
-3 | Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. | ||||||||||||||||||||||||||||||||||||||||||||
We review the fair value hierarchy classifications each reporting period. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers between levels at the beginning fair value for the reporting period in which the changes occur. Given the types of assets classified as Level 1, which primarily represents mutual fund investments, we typically do not have any transfers between Level 1 and Level 2 measurement categories and did not have any such transfers during any period presented. | |||||||||||||||||||||||||||||||||||||||||||||
Our assessment of whether or not there were significant unobservable inputs related to fixed maturity securities was based on our observations obtained through the course of managing our investment portfolio, including interaction with other market participants, observations related to the availability and consistency of pricing and/or rating, and understanding of general market activity such as new issuance and the level of secondary market trading for a class of securities. Additionally, we considered data obtained from third-party pricing sources to determine whether our estimated values incorporate significant unobservable inputs that would result in the valuation being classified as Level 3. | |||||||||||||||||||||||||||||||||||||||||||||
The following tables present additional information about assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of or for the dates indicated: | |||||||||||||||||||||||||||||||||||||||||||||
Beginning | Total realized and | Purchases | Sales | Issuances | Settlements | Transfer | Transfer | Ending | Total gains | ||||||||||||||||||||||||||||||||||||
balance | unrealized gains | into | out of | balance | (losses) | ||||||||||||||||||||||||||||||||||||||||
as of | (losses) | Level 3 | Level 3 | as of | included in | ||||||||||||||||||||||||||||||||||||||||
July 1, | September 30, | net income | |||||||||||||||||||||||||||||||||||||||||||
2013 | 2013 | attributable | |||||||||||||||||||||||||||||||||||||||||||
to assets | |||||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Included | Included | still held | ||||||||||||||||||||||||||||||||||||||||||
in net | in OCI | ||||||||||||||||||||||||||||||||||||||||||||
income | |||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||||||
U.S. government, agencies and government- sponsored enterprises | $ | 5 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5 | $ | — | |||||||||||||||||||||||
Government—non-U.S. | 8 | — | — | — | — | — | (1 | ) | — | — | 7 | — | |||||||||||||||||||||||||||||||||
U.S. corporate (1) | 2,459 | 5 | (3 | ) | 17 | (10 | ) | — | (83 | ) | 33 | (87 | ) | 2,331 | 4 | ||||||||||||||||||||||||||||||
Corporate—non-U.S. (1) | 1,846 | 1 | (9 | ) | 25 | (14 | ) | — | (42 | ) | 76 | — | 1,883 | 1 | |||||||||||||||||||||||||||||||
Residential mortgage- backed | 116 | (7 | ) | 8 | — | (1 | ) | — | (5 | ) | 14 | — | 125 | — | |||||||||||||||||||||||||||||||
Commercial mortgage- backed | 13 | (1 | ) | — | — | — | — | (6 | ) | 2 | (2 | ) | 6 | (1 | ) | ||||||||||||||||||||||||||||||
Other asset-backed (1) | 1,021 | 1 | (7 | ) | 50 | — | — | (18 | ) | 59 | (9 | ) | 1,097 | 1 | |||||||||||||||||||||||||||||||
Total fixed maturity securities | 5,468 | (1 | ) | (11 | ) | 92 | (25 | ) | — | (155 | ) | 184 | (98 | ) | 5,454 | 5 | |||||||||||||||||||||||||||||
Equity securities | 88 | — | 1 | — | (4 | ) | — | — | — | — | 85 | — | |||||||||||||||||||||||||||||||||
Other invested assets: | |||||||||||||||||||||||||||||||||||||||||||||
Trading securities | 34 | — | — | — | — | — | — | — | — | 34 | — | ||||||||||||||||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||||||||||||||||||||||
Credit default swaps | 6 | 4 | — | — | — | — | (2 | ) | — | — | 8 | 3 | |||||||||||||||||||||||||||||||||
Equity index options | 13 | (13 | ) | — | 6 | — | — | — | — | — | 6 | (14 | ) | ||||||||||||||||||||||||||||||||
Other foreign currency contracts | — | (1 | ) | — | 4 | — | — | — | — | — | 3 | (1 | ) | ||||||||||||||||||||||||||||||||
Total derivative assets | 19 | (10 | ) | — | 10 | — | — | (2 | ) | — | — | 17 | (12 | ) | |||||||||||||||||||||||||||||||
Total other invested assets | 53 | (10 | ) | — | 10 | — | — | (2 | ) | — | — | 51 | (12 | ) | |||||||||||||||||||||||||||||||
Restricted other invested assets related to securitization entities | 193 | — | — | — | — | — | — | 19 | — | 212 | — | ||||||||||||||||||||||||||||||||||
Reinsurance recoverable (2) | 3 | (1 | ) | — | — | — | 1 | — | — | — | 3 | (1 | ) | ||||||||||||||||||||||||||||||||
Total Level 3 assets | $ | 5,805 | $ | (12 | ) | $ | (10 | ) | $ | 102 | $ | (29 | ) | $ | 1 | $ | (157 | ) | $ | 203 | $ | (98 | ) | $ | 5,805 | $ | (8 | ) | |||||||||||||||||
(1) | The transfers into and out of Level 3 were primarily related to private fixed rate U.S. corporate, corporate—non-U.S. and structured securities. For private fixed rate U.S. corporate securities, the transfers into and out of Level 3 resulted from a change in the observability of the additional premium to the public bond spread to adjust for the liquidity and other features of our private placements and resulted in unobservable inputs having a significant impact on certain valuations for transfers in or no longer having significant impact on certain valuations for transfers out. For structured securities, the transfers into and out of Level 3 were attributable to the changes in the observability of inputs used in the valuation as a result of liquidity or marketability of certain instruments that had a significant impact on the primary pricing source used to value the instruments. | ||||||||||||||||||||||||||||||||||||||||||||
(2) | Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities. | ||||||||||||||||||||||||||||||||||||||||||||
Beginning | Total realized and | Purchases | Sales | Issuances | Settlements | Transfer | Transfer | Ending | Total gains | ||||||||||||||||||||||||||||||||||||
balance | unrealized gains | into | out of | balance | (losses) | ||||||||||||||||||||||||||||||||||||||||
as of | (losses) | Level 3 | Level 3 | as of | included in | ||||||||||||||||||||||||||||||||||||||||
July 1, | September 30, | net income | |||||||||||||||||||||||||||||||||||||||||||
2012 | 2012 | attributable | |||||||||||||||||||||||||||||||||||||||||||
to assets | |||||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Included | Included | still held | ||||||||||||||||||||||||||||||||||||||||||
in net | in OCI | ||||||||||||||||||||||||||||||||||||||||||||
income | |||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||||||
U.S. government, agencies and government- sponsored enterprises | $ | 10 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (1 | ) | $ | 9 | $ | — | ||||||||||||||||||||||
Government—non-U.S. | 9 | — | — | — | — | — | (1 | ) | — | — | 8 | — | |||||||||||||||||||||||||||||||||
U.S. corporate (1) | 2,849 | 5 | 34 | 58 | (4 | ) | — | (92 | ) | 36 | (137 | ) | 2,749 | 4 | |||||||||||||||||||||||||||||||
Corporate—non-U.S. (1) | 1,864 | 2 | 17 | 106 | — | — | (88 | ) | 8 | — | 1,909 | — | |||||||||||||||||||||||||||||||||
Residential mortgage- backed | 120 | — | 3 | 12 | (12 | ) | — | (9 | ) | 13 | (3 | ) | 124 | — | |||||||||||||||||||||||||||||||
Commercial mortgage- backed | 33 | — | — | — | — | — | — | — | — | 33 | — | ||||||||||||||||||||||||||||||||||
Other asset-backed | 597 | — | 10 | 66 | — | — | (25 | ) | 59 | (26 | ) | 681 | — | ||||||||||||||||||||||||||||||||
Total fixed maturity securities | 5,482 | 7 | 64 | 242 | (16 | ) | — | (215 | ) | 116 | (167 | ) | 5,513 | 4 | |||||||||||||||||||||||||||||||
Equity securities | 96 | — | — | 4 | (1 | ) | — | — | — | — | 99 | — | |||||||||||||||||||||||||||||||||
Other invested assets: | |||||||||||||||||||||||||||||||||||||||||||||
Trading securities | 274 | 6 | — | — | (63 | ) | — | (2 | ) | — | (31 | ) | 184 | 5 | |||||||||||||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | 3 | — | — | — | — | — | — | — | — | 3 | — | ||||||||||||||||||||||||||||||||||
Credit default swaps | 2 | 4 | — | — | — | — | (1 | ) | — | — | 5 | 4 | |||||||||||||||||||||||||||||||||
Equity index options | 27 | (17 | ) | — | 14 | — | — | — | — | — | 24 | (17 | ) | ||||||||||||||||||||||||||||||||
Total derivative assets | 32 | (13 | ) | — | 14 | — | — | (1 | ) | — | — | 32 | (13 | ) | |||||||||||||||||||||||||||||||
Total other invested assets | 306 | (7 | ) | — | 14 | (63 | ) | — | (3 | ) | — | (31 | ) | 216 | (8 | ) | |||||||||||||||||||||||||||||
Restricted other invested assets related to securitization entities | 192 | 2 | — | — | — | — | — | — | — | 194 | 1 | ||||||||||||||||||||||||||||||||||
Other assets (2) | 17 | (8 | ) | — | — | — | — | — | — | — | 9 | (8 | ) | ||||||||||||||||||||||||||||||||
Reinsurance recoverable (3) | 15 | (4 | ) | — | — | — | — | — | — | — | 11 | (4 | ) | ||||||||||||||||||||||||||||||||
Total Level 3 assets | $ | 6,108 | $ | (10 | ) | $ | 64 | $ | 260 | $ | (80 | ) | $ | — | $ | (218 | ) | $ | 116 | $ | (198 | ) | $ | 6,042 | $ | (15 | ) | ||||||||||||||||||
(1) | The transfers into and out of Level 3 were primarily related to private fixed rate U.S. corporate and corporate—non-U.S. securities and resulted from a change in the observability of the additional premium to the public bond spread to adjust for the liquidity and other features of our private placements and resulted in unobservable inputs having a significant impact on certain valuations for transfers in or no longer having significant impact on certain valuations for transfers out. | ||||||||||||||||||||||||||||||||||||||||||||
(2) | Represents contingent receivables associated with recent business dispositions. | ||||||||||||||||||||||||||||||||||||||||||||
(3) | Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities. | ||||||||||||||||||||||||||||||||||||||||||||
The following tables present additional information about assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of or for the dates indicated: | |||||||||||||||||||||||||||||||||||||||||||||
Beginning | Total realized and | Purchases | Sales | Issuances | Settlements | Transfer | Transfer | Ending | Total gains | ||||||||||||||||||||||||||||||||||||
balance | unrealized gains | into | out of | balance | (losses) | ||||||||||||||||||||||||||||||||||||||||
as of | (losses) | Level 3 | Level 3 | as of | included in | ||||||||||||||||||||||||||||||||||||||||
January 1, | September 30, | net income | |||||||||||||||||||||||||||||||||||||||||||
2013 | 2013 | attributable | |||||||||||||||||||||||||||||||||||||||||||
to assets | |||||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Included | Included | still held | ||||||||||||||||||||||||||||||||||||||||||
in net | in OCI | ||||||||||||||||||||||||||||||||||||||||||||
income | |||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||||||
U.S. government, agencies and government-sponsored enterprises | $ | 9 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (4 | ) | $ | — | $ | — | $ | 5 | $ | — | ||||||||||||||||||||||
Government—non-U.S. | 9 | — | — | — | — | — | (2 | ) | — | — | 7 | — | |||||||||||||||||||||||||||||||||
U.S. corporate (1) | 2,683 | 13 | (34 | ) | 110 | (131 | ) | — | (319 | ) | 145 | (136 | ) | 2,331 | 8 | ||||||||||||||||||||||||||||||
Corporate—non-U.S. (1) | 1,983 | 2 | (37 | ) | 94 | (33 | ) | — | (149 | ) | 76 | (53 | ) | 1,883 | 2 | ||||||||||||||||||||||||||||||
Residential mortgage- backed | 157 | (9 | ) | 9 | — | (6 | ) | — | (24 | ) | 14 | (16 | ) | 125 | — | ||||||||||||||||||||||||||||||
Commercial mortgage- backed | 35 | (5 | ) | (1 | ) | — | — | — | (32 | ) | 11 | (2 | ) | 6 | (4 | ) | |||||||||||||||||||||||||||||
Other asset-backed (1) | 864 | 4 | 8 | 174 | (44 | ) | — | (89 | ) | 189 | (9 | ) | 1,097 | 4 | |||||||||||||||||||||||||||||||
Total fixed maturity securities | 5,740 | 5 | (55 | ) | 378 | (214 | ) | — | (619 | ) | 435 | (216 | ) | 5,454 | 10 | ||||||||||||||||||||||||||||||
Equity securities | 99 | 2 | — | 1 | (17 | ) | — | — | — | — | 85 | — | |||||||||||||||||||||||||||||||||
Other invested assets: | |||||||||||||||||||||||||||||||||||||||||||||
Trading securities | 76 | 7 | — | — | (40 | ) | — | (9 | ) | — | — | 34 | 2 | ||||||||||||||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | 2 | (1 | ) | — | — | — | — | (1 | ) | — | — | — | (1 | ) | |||||||||||||||||||||||||||||||
Credit default swaps | 7 | 8 | — | — | — | — | (7 | ) | — | — | 8 | 6 | |||||||||||||||||||||||||||||||||
Equity index options | 25 | (30 | ) | — | 20 | — | — | (9 | ) | — | — | 6 | (30 | ) | |||||||||||||||||||||||||||||||
Other foreign currency contracts | — | (1 | ) | — | 4 | — | — | — | — | — | 3 | (1 | ) | ||||||||||||||||||||||||||||||||
Total derivative assets | 34 | (24 | ) | — | 24 | — | — | (17 | ) | — | — | 17 | (26 | ) | |||||||||||||||||||||||||||||||
Total other invested assets | 110 | (17 | ) | — | 24 | (40 | ) | — | (26 | ) | — | — | 51 | (24 | ) | ||||||||||||||||||||||||||||||
Restricted other invested assets related to securitization entities | 194 | (1 | ) | — | — | — | — | — | 19 | — | 212 | (1 | ) | ||||||||||||||||||||||||||||||||
Other assets (2) | 9 | — | — | — | — | — | (9 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||
Reinsurance recoverable (3) | 10 | (9 | ) | — | — | — | 2 | — | — | — | 3 | (9 | ) | ||||||||||||||||||||||||||||||||
Total Level 3 assets | $ | 6,162 | $ | (20 | ) | $ | (55 | ) | $ | 403 | $ | (271 | ) | $ | 2 | $ | (654 | ) | $ | 454 | $ | (216 | ) | $ | 5,805 | $ | (24 | ) | |||||||||||||||||
(1) | The transfers into and out of Level 3 were primarily related to private fixed rate U.S. corporate and corporate—non-U.S. securities and structured securities. For private fixed rate U.S. corporate and corporate—non-U.S. securities, the transfers into and out of Level 3 resulted from a change in the observability of the additional premium to the public bond spread to adjust for the liquidity and other features of our private placements and resulted in unobservable inputs having a significant impact on certain valuations for transfers in or no longer having significant impact on certain valuations for transfers out. For structured securities, the transfers into and out of Level 3 were attributable to the changes in the observability of inputs used in the valuation as a result of liquidity or marketability of certain instruments that had a significant impact on the primary pricing source used to value the instruments. | ||||||||||||||||||||||||||||||||||||||||||||
(2) | Represents contingent receivables associated with recent business dispositions. | ||||||||||||||||||||||||||||||||||||||||||||
(3) | Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities. | ||||||||||||||||||||||||||||||||||||||||||||
Beginning | Total realized and | Purchases | Sales | Issuances | Settlements | Transfer | Transfer | Ending | Total gains | ||||||||||||||||||||||||||||||||||||
balance | unrealized gains | into | out of | balance | (losses) | ||||||||||||||||||||||||||||||||||||||||
as of | (losses) | Level 3 | Level 3 | as of | included in | ||||||||||||||||||||||||||||||||||||||||
January 1, | September 30, | net income | |||||||||||||||||||||||||||||||||||||||||||
2012 | 2012 | attributable | |||||||||||||||||||||||||||||||||||||||||||
to assets | |||||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Included | Included | still held | ||||||||||||||||||||||||||||||||||||||||||
in net | in OCI | ||||||||||||||||||||||||||||||||||||||||||||
income | |||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||||||
U.S. government, agencies and government- sponsored enterprises | $ | 13 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 9 | $ | (13 | ) | $ | 9 | $ | — | ||||||||||||||||||||||
Government—non-U.S. | 10 | — | — | — | — | — | (2 | ) | — | — | 8 | — | |||||||||||||||||||||||||||||||||
U.S. corporate (1) | 2,511 | 8 | 63 | 88 | (22 | ) | — | (129 | ) | 725 | (495 | ) | 2,749 | 10 | |||||||||||||||||||||||||||||||
Corporate—non-U.S. (1) | 1,284 | 2 | 28 | 189 | (12 | ) | — | (127 | ) | 692 | (147 | ) | 1,909 | 1 | |||||||||||||||||||||||||||||||
Residential mortgage-backed | 95 | (1 | ) | 10 | 15 | (12 | ) | — | (23 | ) | 43 | (3 | ) | 124 | (1 | ) | |||||||||||||||||||||||||||||
Commercial mortgage-backed | 39 | — | 2 | — | — | — | (1 | ) | — | (7 | ) | 33 | — | ||||||||||||||||||||||||||||||||
Other asset-backed | 271 | 1 | 17 | 276 | (22 | ) | — | (60 | ) | 224 | (26 | ) | 681 | 1 | |||||||||||||||||||||||||||||||
Total fixed maturity securities | 4,223 | 10 | 120 | 568 | (68 | ) | — | (342 | ) | 1,693 | (691 | ) | 5,513 | 11 | |||||||||||||||||||||||||||||||
Equity securities | 98 | 1 | (2 | ) | 9 | (7 | ) | — | — | — | — | 99 | — | ||||||||||||||||||||||||||||||||
Other invested assets: | |||||||||||||||||||||||||||||||||||||||||||||
Trading securities | 264 | 11 | — | 24 | (70 | ) | — | (18 | ) | 4 | (31 | ) | 184 | 12 | |||||||||||||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | 5 | — | — | — | — | — | (2 | ) | — | — | 3 | — | |||||||||||||||||||||||||||||||||
Credit default swaps | — | 8 | — | — | — | — | (3 | ) | — | — | 5 | 8 | |||||||||||||||||||||||||||||||||
Equity index options | 39 | (46 | ) | — | 31 | — | — | — | — | — | 24 | (42 | ) | ||||||||||||||||||||||||||||||||
Other foreign currency contracts | 9 | (11 | ) | — | 3 | — | — | (1 | ) | — | — | — | (11 | ) | |||||||||||||||||||||||||||||||
Total derivative assets | 53 | (49 | ) | — | 34 | — | — | (6 | ) | — | — | 32 | (45 | ) | |||||||||||||||||||||||||||||||
Total other invested assets | 317 | (38 | ) | — | 58 | (70 | ) | — | (24 | ) | 4 | (31 | ) | 216 | (33 | ) | |||||||||||||||||||||||||||||
Restricted other invested assets related to securitization entities | 176 | 18 | — | 100 | (100 | ) | — | — | — | — | 194 | 13 | |||||||||||||||||||||||||||||||||
Other assets (2) | — | (7 | ) | — | — | — | 16 | — | — | — | 9 | (7 | ) | ||||||||||||||||||||||||||||||||
Reinsurance recoverable (3) | 16 | (7 | ) | — | — | — | 2 | — | — | — | 11 | (7 | ) | ||||||||||||||||||||||||||||||||
Total Level 3 assets | $ | 4,830 | $ | (23 | ) | $ | 118 | $ | 735 | $ | (245 | ) | $ | 18 | $ | (366 | ) | $ | 1,697 | $ | (722 | ) | $ | 6,042 | $ | (23 | ) | ||||||||||||||||||
(1) | The transfers into and out of Level 3 were primarily related to private fixed rate U.S. corporate and corporate—non-U.S. securities and resulted from a change in the observability of the additional premium to the public bond spread to adjust for the liquidity and other features of our private placements and resulted in unobservable inputs having a significant impact on certain valuations for transfers in or no longer having significant impact on certain valuations for transfers out. During the second quarter of 2012, we began classifying private securities without an external rating as Level 3, which resulted in a significant number of securities being transferred into Level 3. | ||||||||||||||||||||||||||||||||||||||||||||
(2) | Represents contingent receivables associated with recent business dispositions. | ||||||||||||||||||||||||||||||||||||||||||||
(3) | Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities. | ||||||||||||||||||||||||||||||||||||||||||||
The following table presents the gains and losses included in net income from assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value and the related income statement line item in which these gains and losses were presented for the periods indicated: | |||||||||||||||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||
Total realized and unrealized gains (losses) included in net income: | |||||||||||||||||||||||||||||||||||||||||||||
Net investment income | $ | 8 | $ | 8 | $ | 28 | $ | 22 | |||||||||||||||||||||||||||||||||||||
Net investment gains (losses) | (20 | ) | (18 | ) | (48 | ) | (45 | ) | |||||||||||||||||||||||||||||||||||||
Total | $ | (12 | ) | $ | (10 | ) | $ | (20 | ) | $ | (23 | ) | |||||||||||||||||||||||||||||||||
Total gains (losses) included in net income attributable to assets still held: | |||||||||||||||||||||||||||||||||||||||||||||
Net investment income | $ | 8 | $ | 4 | $ | 25 | $ | 17 | |||||||||||||||||||||||||||||||||||||
Net investment gains (losses) | (16 | ) | (19 | ) | (49 | ) | (40 | ) | |||||||||||||||||||||||||||||||||||||
Total | $ | (8 | ) | $ | (15 | ) | $ | (24 | ) | $ | (23 | ) | |||||||||||||||||||||||||||||||||
The amount presented for unrealized gains (losses) included in net income for available-for-sale securities represents impairments and accretion on certain fixed maturity securities. | |||||||||||||||||||||||||||||||||||||||||||||
The following tables present additional information about liabilities measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of or for the dates indicated: | |||||||||||||||||||||||||||||||||||||||||||||
Beginning | Total realized and | Purchases | Sales | Issuances | Settlements | Transfer | Transfer | Ending | Total (gains) | ||||||||||||||||||||||||||||||||||||
balance | unrealized (gains) | into | out of | balance | losses | ||||||||||||||||||||||||||||||||||||||||
as of | losses | Level 3 | Level 3 | as of | included in | ||||||||||||||||||||||||||||||||||||||||
July 1, | September 30, | net (income) | |||||||||||||||||||||||||||||||||||||||||||
2013 | 2013 | attributable | |||||||||||||||||||||||||||||||||||||||||||
to liabilities | |||||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Included | Included | still held | ||||||||||||||||||||||||||||||||||||||||||
in net | in OCI | ||||||||||||||||||||||||||||||||||||||||||||
(income) | |||||||||||||||||||||||||||||||||||||||||||||
Policyholder account balances: | |||||||||||||||||||||||||||||||||||||||||||||
GMWB embedded derivatives (1) | $ | 215 | $ | (47 | ) | $ | — | $ | — | $ | — | $ | 9 | $ | — | $ | — | $ | — | $ | 177 | $ | (47 | ) | |||||||||||||||||||||
Fixed index annuity embedded derivatives | 44 | 3 | — | — | — | 36 | — | — | — | 83 | 3 | ||||||||||||||||||||||||||||||||||
Total policyholder account balances | 259 | (44 | ) | — | — | — | 45 | — | — | — | 260 | (44 | ) | ||||||||||||||||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||||||||||||||||||||||
Credit default swaps related to securitization entities | 80 | (23 | ) | — | 2 | — | — | — | — | — | 59 | (23 | ) | ||||||||||||||||||||||||||||||||
Equity index options | 1 | — | — | — | — | — | (1 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||
Other foreign currency contracts | — | — | — | 3 | — | — | — | — | — | 3 | — | ||||||||||||||||||||||||||||||||||
Total derivative liabilities | 81 | (23 | ) | — | 5 | — | — | (1 | ) | — | — | 62 | (23 | ) | |||||||||||||||||||||||||||||||
Borrowings related to securitization entities | 74 | (1 | ) | — | — | — | — | — | — | — | 73 | (1 | ) | ||||||||||||||||||||||||||||||||
Total Level 3 liabilities | $ | 414 | $ | (68 | ) | $ | — | $ | 5 | $ | — | $ | 45 | $ | (1 | ) | $ | — | $ | — | $ | 395 | $ | (68 | ) | ||||||||||||||||||||
(1) | Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. | ||||||||||||||||||||||||||||||||||||||||||||
Beginning | Total realized and | Purchases | Sales | Issuances | Settlements | Transfer | Transfer | Ending | Total (gains) | ||||||||||||||||||||||||||||||||||||
balance | unrealized (gains) | into | out of | balance | losses | ||||||||||||||||||||||||||||||||||||||||
as of | losses | Level 3 | Level 3 | as of | included in | ||||||||||||||||||||||||||||||||||||||||
July 1, | September 30, | net (income) | |||||||||||||||||||||||||||||||||||||||||||
2012 | 2012 | attributable | |||||||||||||||||||||||||||||||||||||||||||
to liabilities | |||||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Included | Included | still held | ||||||||||||||||||||||||||||||||||||||||||
in net | in OCI | ||||||||||||||||||||||||||||||||||||||||||||
(income) | |||||||||||||||||||||||||||||||||||||||||||||
Policyholder account balances: | |||||||||||||||||||||||||||||||||||||||||||||
GMWB embedded derivatives (1) | $ | 453 | $ | (83 | ) | $ | — | $ | — | $ | — | $ | 10 | $ | — | $ | — | $ | — | $ | 380 | $ | (81 | ) | |||||||||||||||||||||
Fixed index annuity embedded derivatives | 10 | 1 | — | — | — | 10 | — | — | — | 21 | 1 | ||||||||||||||||||||||||||||||||||
Total policyholder account balances | 463 | (82 | ) | — | — | — | 20 | — | — | — | 401 | (80 | ) | ||||||||||||||||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||||||||||||||||||||||
Credit default swaps | 37 | (19 | ) | — | — | — | — | (9 | ) | — | — | 9 | (19 | ) | |||||||||||||||||||||||||||||||
Credit default swaps related to securitization entities | 155 | (20 | ) | — | 1 | — | — | — | — | — | 136 | (20 | ) | ||||||||||||||||||||||||||||||||
Total derivative liabilities | 192 | (39 | ) | — | 1 | — | — | (9 | ) | — | — | 145 | (39 | ) | |||||||||||||||||||||||||||||||
Borrowings related to securitization entities | 57 | 3 | — | — | — | — | — | — | — | 60 | 3 | ||||||||||||||||||||||||||||||||||
Total Level 3 liabilities | $ | 712 | $ | (118 | ) | $ | — | $ | 1 | $ | — | $ | 20 | $ | (9 | ) | $ | — | $ | — | $ | 606 | $ | (116 | ) | ||||||||||||||||||||
(1) | Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. | ||||||||||||||||||||||||||||||||||||||||||||
The following tables present additional information about liabilities measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of or for the dates indicated: | |||||||||||||||||||||||||||||||||||||||||||||
Beginning | Total realized and | Purchases | Sales | Issuances | Settlements | Transfer | Transfer | Ending | Total | ||||||||||||||||||||||||||||||||||||
balance | unrealized (gains) | into | out of | balance | (gains) | ||||||||||||||||||||||||||||||||||||||||
as of | losses | Level 3 | Level 3 | as of | losses | ||||||||||||||||||||||||||||||||||||||||
January 1, | September 30, | included in | |||||||||||||||||||||||||||||||||||||||||||
2013 | 2013 | net | |||||||||||||||||||||||||||||||||||||||||||
(income) | |||||||||||||||||||||||||||||||||||||||||||||
attributable | |||||||||||||||||||||||||||||||||||||||||||||
to liabilities | |||||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Included | Included | still held | ||||||||||||||||||||||||||||||||||||||||||
in net | in OCI | ||||||||||||||||||||||||||||||||||||||||||||
(income) | |||||||||||||||||||||||||||||||||||||||||||||
Policyholder account balances: | |||||||||||||||||||||||||||||||||||||||||||||
GMWB embedded derivatives (1) | $ | 350 | $ | (200 | ) | $ | — | $ | — | $ | — | $ | 27 | $ | — | $ | — | $ | — | $ | 177 | $ | (198 | ) | |||||||||||||||||||||
Fixed index annuity embedded derivatives | 27 | 7 | — | — | — | 49 | — | — | — | 83 | 7 | ||||||||||||||||||||||||||||||||||
Total policyholder account balances | 377 | (193 | ) | — | — | — | 76 | — | — | — | 260 | (191 | ) | ||||||||||||||||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||||||||||||||||||||||
Credit default swaps | 1 | (1 | ) | — | — | — | — | — | — | — | — | (1 | ) | ||||||||||||||||||||||||||||||||
Credit default swaps related to securitization entities | 104 | (49 | ) | — | 4 | — | — | — | — | — | 59 | (49 | ) | ||||||||||||||||||||||||||||||||
Equity index options | — | 1 | — | — | — | — | (1 | ) | — | — | — | 1 | |||||||||||||||||||||||||||||||||
Other foreign currency contracts | — | — | — | 3 | — | — | — | — | — | 3 | — | ||||||||||||||||||||||||||||||||||
Total derivative liabilities | 105 | (49 | ) | — | 7 | — | — | (1 | ) | — | — | 62 | (49 | ) | |||||||||||||||||||||||||||||||
Borrowings related to securitization entities | 62 | 11 | — | — | — | — | — | — | — | 73 | 11 | ||||||||||||||||||||||||||||||||||
Total Level 3 liabilities | $ | 544 | $ | (231 | ) | $ | — | $ | 7 | $ | — | $ | 76 | $ | (1 | ) | $ | — | $ | — | $ | 395 | $ | (229 | ) | ||||||||||||||||||||
(1) | Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. | ||||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Beginning | Total realized and | Purchases | Sales | Issuances | Settlements | Transfer | Transfer | Ending | Total (gains) | |||||||||||||||||||||||||||||||||||
balance | unrealized (gains) | into | out of | balance | losses | ||||||||||||||||||||||||||||||||||||||||
as of | losses | Level 3 | Level 3 | as of | included in | ||||||||||||||||||||||||||||||||||||||||
January 1, | September 30, | net (income) | |||||||||||||||||||||||||||||||||||||||||||
2012 | 2012 | attributable | |||||||||||||||||||||||||||||||||||||||||||
to liabilities | |||||||||||||||||||||||||||||||||||||||||||||
Included | Included | still held | |||||||||||||||||||||||||||||||||||||||||||
in net | in OCI | ||||||||||||||||||||||||||||||||||||||||||||
(income) | |||||||||||||||||||||||||||||||||||||||||||||
Policyholder account balances: | |||||||||||||||||||||||||||||||||||||||||||||
GMWB embedded derivatives (1) | $ | 492 | $ | (139 | ) | $ | — | $ | — | $ | — | $ | 27 | $ | — | $ | — | $ | — | $ | 380 | $ | (134 | ) | |||||||||||||||||||||
Fixed index annuity embedded derivatives | 4 | 2 | — | — | — | 15 | — | — | — | 21 | 2 | ||||||||||||||||||||||||||||||||||
Total policyholder account | 496 | (137 | ) | — | — | — | 42 | — | — | — | 401 | (132 | ) | ||||||||||||||||||||||||||||||||
balances | |||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||||||||||||||||||||||
Credit default swaps | 57 | (37 | ) | — | 2 | — | — | (13 | ) | — | — | 9 | (40 | ) | |||||||||||||||||||||||||||||||
Credit default swaps related to securitization | 177 | (43 | ) | — | 2 | — | — | — | — | — | 136 | (43 | ) | ||||||||||||||||||||||||||||||||
entities | |||||||||||||||||||||||||||||||||||||||||||||
Total derivative | 234 | (80 | ) | — | 4 | — | — | (13 | ) | — | — | 145 | (83 | ) | |||||||||||||||||||||||||||||||
liabilities | |||||||||||||||||||||||||||||||||||||||||||||
Borrowings related to securitization entities | 48 | 12 | — | — | — | — | — | — | — | 60 | 12 | ||||||||||||||||||||||||||||||||||
Total Level 3 liabilities | $ | 778 | $ | (205 | ) | $ | — | $ | 4 | $ | — | $ | 42 | $ | (13 | ) | $ | — | $ | — | $ | 606 | $ | (203 | ) | ||||||||||||||||||||
(1) | Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. | ||||||||||||||||||||||||||||||||||||||||||||
The following table presents the gains and losses included in net (income) from liabilities measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value and the related income statement line item in which these gains and losses were presented for the periods indicated: | |||||||||||||||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||
Total realized and unrealized (gains) losses included in net (income): | |||||||||||||||||||||||||||||||||||||||||||||
Net investment income | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||
Net investment (gains) losses | (68 | ) | (118 | ) | (231 | ) | (205 | ) | |||||||||||||||||||||||||||||||||||||
Total | $ | (68 | ) | $ | (118 | ) | $ | (231 | ) | $ | (205 | ) | |||||||||||||||||||||||||||||||||
Total (gains) losses included in net (income) attributable to liabilities still held: | |||||||||||||||||||||||||||||||||||||||||||||
Net investment income | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||
Net investment (gains) losses | (68 | ) | (116 | ) | (229 | ) | (203 | ) | |||||||||||||||||||||||||||||||||||||
Total | $ | (68 | ) | $ | (116 | ) | $ | (229 | ) | $ | (203 | ) | |||||||||||||||||||||||||||||||||
Purchases, sales, issuances and settlements represent the activity that occurred during the period that results in a change of the asset or liability but does not represent changes in fair value for the instruments held at the beginning of the period. Such activity primarily consists of purchases, sales and settlements of fixed maturity, equity and trading securities and purchases, issuances and settlements of derivative instruments. | |||||||||||||||||||||||||||||||||||||||||||||
Issuances and settlements presented for policyholder account balances represent the issuances and settlements of embedded derivatives associated with our GMWB liabilities where: issuances are characterized as the change in fair value associated with the product fees recognized that are attributed to the embedded derivative to equal the expected future benefit costs upon issuance and settlements are characterized as the change in fair value upon exercising the embedded derivative instrument, effectively representing a settlement of the embedded derivative instrument. We have shown these changes in fair value separately based on the classification of this activity as effectively issuing and settling the embedded derivative instrument with all remaining changes in the fair value of these embedded derivative instruments being shown separately in the category labeled “included in net (income)” in the tables presented above. | |||||||||||||||||||||||||||||||||||||||||||||
Certain classes of instruments classified as Level 3 are excluded below as a result of not being material or due to limitations in being able to obtain the underlying inputs used by certain third-party sources, such as broker quotes, used as an input in determining fair value. The following table presents a summary of the significant unobservable inputs used for certain fair value measurements that are based on internal models and classified as Level 3 as of September 30, 2013: | |||||||||||||||||||||||||||||||||||||||||||||
Range | |||||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Valuation technique | Fair value | Unobservable input | (weighted-average) | |||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||||||
U.S. corporate | Matrix pricing | $ | 2,191 | Credit spreads | 64bps - 575bps (207bps) | ||||||||||||||||||||||||||||||||||||||||
Corporate—non-U.S. | Matrix pricing | 1,709 | Credit spreads | 69bps - 420bps (190bps) | |||||||||||||||||||||||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||||||||||||||||||||||
Credit default swaps (1) | Discounted cash flows | 8 | Credit spreads | 3bps - 59bps (33bps) | |||||||||||||||||||||||||||||||||||||||||
Equity index options | Discounted cash flows | 6 | Equity index volatility | 15% - 25% (22%) | |||||||||||||||||||||||||||||||||||||||||
Other foreign currency contracts | Discounted cash flows | 3 | Foreign exchange rate volatility | 36% - 62% (42%) | |||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||
Policyholder account balances: | |||||||||||||||||||||||||||||||||||||||||||||
Withdrawal utilization rate | —% - 98% | ||||||||||||||||||||||||||||||||||||||||||||
Lapse rate | —% - 15% | ||||||||||||||||||||||||||||||||||||||||||||
Non-performance risk | 50bps - 90bps (79bps) | ||||||||||||||||||||||||||||||||||||||||||||
(credit spreads) | |||||||||||||||||||||||||||||||||||||||||||||
GMWB embedded derivatives (2) | Stochastic cash flow model | 177 | Equity index volatility | 16% - 25% (22%) | |||||||||||||||||||||||||||||||||||||||||
Fixed index annuity embedded derivatives | Option budget method | 83 | Expected future interest credited | 1% - 4% (2%) | |||||||||||||||||||||||||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||||||||||||||||||||||
Other foreign currency contracts | Discounted cash flows | 3 | Foreign exchange rate volatility | 32% - 40% (37%) | |||||||||||||||||||||||||||||||||||||||||
(1) | Unobservable input valuation based on the current market credit default swap premium. | ||||||||||||||||||||||||||||||||||||||||||||
(2) | Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies | ' |
(7) Commitments and Contingencies | |
(a) Litigation | |
We face the risk of litigation and regulatory investigations and actions in the ordinary course of operating our businesses, including the risk of class action lawsuits. Our pending legal and regulatory actions include proceedings specific to us and others generally applicable to business practices in the industries in which we operate. In our insurance operations, we are, have been, or may become subject to class actions and individual suits alleging, among other things, issues relating to sales or underwriting practices, increases to in-force long-term care insurance premiums, payment of contingent or other sales commissions, claims payments and procedures, product design, product disclosure, administration, additional premium charges for premiums paid on a periodic basis, denial or delay of benefits, charging excessive or impermissible fees on products, recommending unsuitable products to customers, our pricing structures and business practices in our mortgage insurance businesses, such as captive reinsurance arrangements with lenders and contract underwriting services, violations of the Real Estate Settlement and Procedures Act of 1974 (“RESPA”) or related state anti-inducement laws, and mortgage insurance policy rescissions and curtailments, and breaching fiduciary or other duties to customers, including but not limited to breach of customer information. Plaintiffs in class action and other lawsuits against us may seek very large or indeterminate amounts which may remain unknown for substantial periods of time. In our investment-related operations, we are subject to litigation involving commercial disputes with counterparties. We are also subject to litigation arising out of our general business activities such as our contractual and employment relationships. In addition, we are also subject to various regulatory inquiries, such as information requests, subpoenas, books and record examinations and market conduct and financial examinations from state, federal and international regulators and other authorities. A substantial legal liability or a significant regulatory action against us could have an adverse effect on our business, financial condition and results of operations. Moreover, even if we ultimately prevail in the litigation, regulatory action or investigation, we could suffer significant reputational harm, which could have an adverse effect on our business, financial condition or results of operations. | |
As previously disclosed, in January 2012, we, along with other mortgage insurance companies, received an information request from the Consumer Financial Protection Bureau (“CFPB”) requesting information from our U.S. mortgage insurance subsidiaries with respect to reinsurance arrangements, including captive reinsurance transactions, as part of the CFPB’s review of such arrangements in the mortgage insurance industry. The CFPB further sent to us and other mortgage insurance companies a Civil Investigative Demand, dated June 20, 2012 (the “CFPB Demand”), seeking production of specified documents and responses to questions set forth in the CFPB Demand. In April 2013, Genworth Mortgage Insurance Corporation (“GEMICO”), our principal U.S. mortgage insurance subsidiary, and other mortgage insurance companies agreed to settle with the CFPB to end the agency’s review. As part of the settlement, GEMICO (and its affiliates, officers, employees and certain other related parties) are enjoined from entering into or revising certain reinsurance arrangements and violating any provisions of RESPA for a period of 10 years and GEMICO paid approximately $4 million. | |
As previously disclosed, beginning in December 2011 and continuing through January 2013, one of our U.S. mortgage insurance subsidiaries was named along with several other mortgage insurance participants and mortgage lenders as a defendant in twelve putative class action lawsuits alleging that certain “captive reinsurance arrangements” were in violation of RESPA. The Barlee case was dismissed by the Court with prejudice as to our subsidiary and certain other defendants on February 27, 2013. In the Riddle case, the defendants’ motion to dismiss was denied, but the Court limited discovery at this stage to issues surrounding the statute of limitations. The Manners case was voluntarily dismissed by the plaintiffs in March 2013. In the Moriba BA case, the Court denied defendants’ motion to dismiss by order dated June 26, 2013. In the White case, plaintiffs filed a second amended complaint to address the deficiencies that the Court identified in previously dismissing the action. On July 22, 2013, our mortgage insurance subsidiary moved to dismiss the second amended complaint. In the Hill case, the defendants’ motion to dismiss was denied on June 27, 2013, but the Court limited discovery at this stage to issues surrounding the statute of limitations. In the Samp and Orange cases, the plaintiffs have appealed the dismissals to the U.S. Court of Appeals for the Ninth Circuit. The Menichino case was dismissed by the Court without prejudice as to our subsidiary and certain other defendants on July 19, 2013. In the Riddle case, on July 19, 2013, we moved for summary judgment dismissing the case. We intend to vigorously defend the remaining actions. | |
As previously disclosed, in April 2012, two of our U.S. mortgage insurance subsidiaries were named as respondents in two arbitrations, one brought by Bank of America, N.A. and one brought by Countrywide Home Loans, Inc. and Bank of America, N.A. as claimants. Claimants allege breach of contract and breach of the covenant of good faith and fair dealing, and seek a declaratory judgment relating to our subsidiaries’ mortgage insurance claims handling practices in connection with denying, curtailing or rescinding coverage of mortgage insurance. Claimants and our subsidiaries are engaged in settlement negotiations regarding a potential resolution of certain, and potentially all, aspects of the disputes. We currently believe we may be able to resolve this matter for significantly less than $834 million, the previously-disclosed amount of claimed damages in this matter. | |
At this time, we cannot determine or predict the ultimate outcome of any of the pending legal and regulatory matters specifically identified above or the likelihood of potential future legal and regulatory matters against us. In light of the inherent uncertainties involved in these matters, no amounts have been accrued. We also are not able to provide an estimate or range of possible losses related to these matters. | |
(b) Commitments | |
As of September 30, 2013, we were committed to fund $67 million in limited partnership investments, $58 million in U.S. commercial mortgage loans and $8 million in private placement investments. |
Borrowings_and_Other_Financing
Borrowings and Other Financings | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Borrowings and Other Financings | ' | ||||||||
(8) Borrowings and Other Financings | |||||||||
Revolving Credit Facility | |||||||||
On September 26, 2013, Genworth Holdings entered into a $300 million multicurrency revolving credit facility, which matures in September 2016, with a $100 million sublimit for letters of credit. The proceeds of the loans may be used for working capital and general corporate purposes. The obligations under the credit agreement are unsecured and payment of Genworth Holdings’ obligations is fully and unconditionally guaranteed by New Genworth. As of September 30, 2013, there were no amounts outstanding under the credit facility. | |||||||||
Long-Term Borrowings | |||||||||
The following table sets forth total long-term borrowings as of the dates indicated: | |||||||||
September 30, | December 31, | ||||||||
(Amounts in millions) | 2013 | 2012 | |||||||
5.75% Senior Notes, due 2014 (1) | $ | 485 | $ | 500 | |||||
4.59% Senior Notes, due 2015 (2) | 145 | 151 | |||||||
4.95% Senior Notes, due 2015 (1) | — | 350 | |||||||
8.625% Senior Notes, due 2016 (1) | 300 | 300 | |||||||
6.52% Senior Notes, due 2018 (1) | 600 | 600 | |||||||
5.68% Senior Notes, due 2020 (2) | 267 | 276 | |||||||
7.70% Senior Notes, due 2020 (1) | 400 | 400 | |||||||
7.20% Senior Notes, due 2021 (1) | 399 | 399 | |||||||
7.625% Senior Notes, due 2021 (1) | 759 | 760 | |||||||
Floating Rate Junior Notes, due 2021 (3) | 131 | 145 | |||||||
4.90% Senior Notes, due 2023 (1) | 399 | — | |||||||
6.50% Senior Notes, due 2034 (1) | 297 | 297 | |||||||
6.15% Junior Notes, due 2066 | 598 | 598 | |||||||
Total | $ | 4,780 | $ | 4,776 | |||||
(1) | We have the option to redeem all or a portion of the senior notes at any time with notice to the noteholders at a price equal to the greater of 100% of principal or the sum of the present value of the remaining scheduled payments of principal and interest discounted at the then-current treasury rate plus an applicable spread. | ||||||||
(2) | Senior notes issued by our majority-owned subsidiary, Genworth MI Canada Inc. | ||||||||
(3) | Subordinated floating rate notes issued by our indirect wholly-owned subsidiary, Genworth Financial Mortgage Insurance Pty Limited. | ||||||||
During 2013, Genworth Holdings repurchased $15 million aggregate principal amount of the 5.75% senior notes that mature in 2014, plus accrued and unpaid interest. In June 2013, Genworth Holdings repurchased $4 million aggregate principal amount of the 4.95% senior notes that mature in 2015 (the “2015 Notes”), plus accrued and unpaid interest. | |||||||||
In August 2013, Genworth Holdings issued $400 million aggregate principal amount of senior notes, with an interest rate of 4.90% per year payable semi-annually, and maturing in 2023 (“2023 Notes”). The 2023 Notes are Genworth Holdings’ direct, unsecured obligations and will rank equally in right of payment with all of its existing and future unsecured and unsubordinated obligations. The 2023 Notes are fully and unconditionally guaranteed on an unsecured and unsubordinated basis by New Genworth. The net proceeds of $395 million from the issuance of the 2023 Notes, together with cash on hand at Genworth Holdings, were used to redeem all $346 million of the remaining outstanding aggregate principal amount of Genworth Holdings’ 2015 Notes, plus accrued and unpaid interest on such notes, and a pre-tax make-whole expense of approximately $30 million. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Information | ' | ||||||||||||||||
(9) Segment Information | |||||||||||||||||
We currently operate through three divisions: U.S. Life Insurance, Global Mortgage Insurance and Corporate and Other. Under these divisions, there are five operating business segments. The U.S. Life Insurance Division includes the U.S. Life Insurance segment. The Global Mortgage Insurance Division includes the International Mortgage Insurance and U.S. Mortgage Insurance segments. The Corporate and Other Division includes the International Protection and Runoff segments and Corporate and Other activities. Our operating business segments are as follows: (1) U.S. Life Insurance, which includes our life insurance, long-term care insurance and fixed annuities businesses; (2) International Mortgage Insurance, which includes mortgage insurance-related products and services; (3) U.S. Mortgage Insurance, which includes mortgage insurance-related products and services; (4) International Protection Insurance, which includes our lifestyle protection insurance business; and (5) Runoff, which includes the results of non-strategic products which are no longer actively sold. Our non-strategic products primarily include our variable annuity, variable life insurance, institutional, corporate-owned life insurance and other accident and health insurance products. Institutional products consist of: funding agreements, FABNs and GICs. | |||||||||||||||||
We also have Corporate and Other activities which include debt financing expenses that are incurred at the Genworth Holdings holding company level, unallocated corporate income and expenses, eliminations of inter-segment transactions and the results of other businesses that are managed outside of our operating segments. Effective April 1, 2013 (immediately prior to the holding company reorganization), Genworth Holdings completed the sale of its reverse mortgage business (which had been part of Corporate and Other activities) for total proceeds of $22 million. The gain on the sale was not significant. | |||||||||||||||||
We use the same accounting policies and procedures to measure segment income (loss) and assets as our consolidated net income (loss) and assets. Our chief operating decision maker evaluates segment performance and allocates resources on the basis of “net operating income (loss).” We define net operating income (loss) as income (loss) from continuing operations excluding the after-tax effects of income attributable to noncontrolling interests, net investment gains (losses), goodwill impairments, gains (losses) on the sale of businesses and infrequent or unusual non-operating items. We exclude net investment gains (losses) and infrequent or unusual non-operating items because we do not consider them to be related to the operating performance of our segments and Corporate and Other activities. A component of our net investment gains (losses) is the result of impairments, the size and timing of which can vary significantly depending on market credit cycles. In addition, the size and timing of other investment gains (losses) can be subject to our discretion and are influenced by market opportunities, as well as asset-liability matching considerations. Goodwill impairments and gains (losses) on the sale of businesses are also excluded from net operating income (loss) because, in our opinion, they are not indicative of overall operating trends. Other non-operating items are also excluded from net operating income (loss) if, in our opinion, they are not indicative of overall operating trends. | |||||||||||||||||
There were no infrequent or unusual items excluded from net operating income (loss) during the periods presented other than a $13 million after-tax expense recorded in the second quarter of 2013 related to restructuring costs. In June 2013, we announced an expense reduction plan as we continue to work on improving the operating performance of our businesses resulting in a pre-tax non-operating charge of $20 million reflecting severance, outplacement and other associated costs. This plan eliminated approximately 400 positions, including 150 open positions that will not be filled, and will reduce related information technology and program spend. | |||||||||||||||||
While some of these items may be significant components of net income (loss) available to Genworth Financial, Inc.’s common stockholders in accordance with U.S. GAAP, we believe that net operating income (loss), and measures that are derived from or incorporate net operating income (loss), are appropriate measures that are useful to investors because they identify the income (loss) attributable to the ongoing operations of the business. Management also uses net operating income (loss) as a basis for determining awards and compensation for senior management and to evaluate performance on a basis comparable to that used by analysts. However, the items excluded from net operating income (loss) have occurred in the past and could, and in some cases will, recur in the future. Net operating income (loss) is not a substitute for net income (loss) available to Genworth Financial, Inc.’s common stockholders determined in accordance with U.S. GAAP. In addition, our definition of net operating income (loss) may differ from the definitions used by other companies. | |||||||||||||||||
The following is a summary of revenues for our segments and Corporate and Other activities for the periods indicated: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues: | |||||||||||||||||
U.S. Life Insurance segment: | |||||||||||||||||
Life insurance | $ | 492 | $ | 533 | $ | 1,488 | $ | 1,404 | |||||||||
Long-term care insurance | 846 | 809 | 2,447 | 2,381 | |||||||||||||
Fixed annuities | 249 | 284 | 776 | 838 | |||||||||||||
U.S. Life Insurance segment’s revenues | 1,587 | 1,626 | 4,711 | 4,623 | |||||||||||||
International Mortgage Insurance segment: | |||||||||||||||||
Canada | 190 | 197 | 576 | 591 | |||||||||||||
Australia | 131 | 140 | 418 | 421 | |||||||||||||
Other Countries | 8 | 13 | 29 | 45 | |||||||||||||
International Mortgage Insurance segment’s revenues | 329 | 350 | 1,023 | 1,057 | |||||||||||||
U.S. Mortgage Insurance segment’s revenues | 156 | 156 | 461 | 514 | |||||||||||||
International Protection segment’s revenues | 187 | 198 | 594 | 627 | |||||||||||||
Runoff segment’s revenues | 73 | 92 | 185 | 289 | |||||||||||||
Corporate and Other’s revenues | (15 | ) | 34 | 17 | 63 | ||||||||||||
Total revenues | $ | 2,317 | $ | 2,456 | $ | 6,991 | $ | 7,173 | |||||||||
The following is a summary of net operating income (loss) for our segments and Corporate and Other activities and a reconciliation of net operating income (loss) for our segments and Corporate and Other activities to net income for the periods indicated: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
U.S. Life Insurance segment: | |||||||||||||||||
Life insurance | $ | 54 | $ | 22 | $ | 117 | $ | 58 | |||||||||
Long-term care insurance | 41 | 45 | 87 | 94 | |||||||||||||
Fixed annuities | 16 | 19 | 71 | 62 | |||||||||||||
U.S. Life Insurance segment’s net operating income | 111 | 86 | 275 | 214 | |||||||||||||
International Mortgage Insurance segment: | |||||||||||||||||
Canada | 41 | 42 | 126 | 120 | |||||||||||||
Australia | 61 | 57 | 162 | 80 | |||||||||||||
Other Countries | (12 | ) | (5 | ) | (28 | ) | (23 | ) | |||||||||
International Mortgage Insurance segment’s net operating income | 90 | 94 | 260 | 177 | |||||||||||||
U.S. Mortgage Insurance segment’s net operating income (loss) | (3 | ) | (37 | ) | 31 | (106 | ) | ||||||||||
International Protection segment’s net operating income | 4 | 8 | 11 | 16 | |||||||||||||
Runoff segment’s net operating income (loss) | 25 | 9 | 47 | 38 | |||||||||||||
Corporate and Other’s net operating loss | (108 | ) | (49 | ) | (221 | ) | (144 | ) | |||||||||
Net operating income | 119 | 111 | 403 | 195 | |||||||||||||
Net investment gains (losses), net of taxes and other adjustments | (13 | ) | (2 | ) | (26 | ) | (3 | ) | |||||||||
Income (loss) from discontinued operations, net of taxes | 2 | 12 | (12 | ) | 51 | ||||||||||||
Expenses related to restructuring, net of taxes | — | — | (13 | ) | — | ||||||||||||
Goodwill impairment, net of taxes | — | (86 | ) | — | (86 | ) | |||||||||||
Net income available to Genworth Financial, Inc.’s common stockholders | 108 | 35 | 352 | 157 | |||||||||||||
Add: net income attributable to noncontrolling interests | 40 | 36 | 117 | 102 | |||||||||||||
Net income | $ | 148 | $ | 71 | $ | 469 | $ | 259 | |||||||||
The following is a summary of total assets for our segments and Corporate and Other activities as of the dates indicated: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
(Amounts in millions) | 2013 | 2012 | |||||||||||||||
Assets: | |||||||||||||||||
U.S. Life Insurance | $ | 76,994 | $ | 79,214 | |||||||||||||
International Mortgage Insurance | 9,424 | 10,063 | |||||||||||||||
U.S. Mortgage Insurance | 2,043 | 2,357 | |||||||||||||||
International Protection | 2,095 | 2,145 | |||||||||||||||
Runoff | 14,138 | 15,308 | |||||||||||||||
Corporate and Other | 3,440 | 3,786 | |||||||||||||||
Segment assets from continuing operations | 108,134 | 112,873 | |||||||||||||||
Assets associated with discontinued operations | — | 439 | |||||||||||||||
Total assets | $ | 108,134 | $ | 113,312 | |||||||||||||
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Income (Loss) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||
(10) Changes in Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||
The following tables show the changes in accumulated OCI, net of taxes, by component as of and for the periods indicated: | |||||||||||||||||||
(Amounts in millions) | Net | Derivatives | Foreign | Total | |||||||||||||||
unrealized | qualifying as | currency | |||||||||||||||||
investment | hedges (2) | translation | |||||||||||||||||
gains | and other | ||||||||||||||||||
(losses) (1) | adjustments | ||||||||||||||||||
Balances as of July 1, 2013 | $ | 1,294 | $ | 1,581 | $ | 267 | $ | 3,142 | |||||||||||
OCI before reclassifications | (197 | ) | (131 | ) | 144 | (184 | ) | ||||||||||||
Amounts reclassified from OCI | 11 | (8 | ) | — | 3 | ||||||||||||||
Current period OCI | (186 | ) | (139 | ) | 144 | (181 | ) | ||||||||||||
Balances as of September 30, 2013 before noncontrolling interests | 1,108 | 1,442 | 411 | 2,961 | |||||||||||||||
Less: change in OCI attributable to noncontrolling interests | (1 | ) | — | 23 | 22 | ||||||||||||||
Balances as of September 30, 2013 | $ | 1,109 | $ | 1,442 | $ | 388 | $ | 2,939 | |||||||||||
(1) | Net of adjustments to deferred acquisition costs, present value of future profits, sales inducements and benefit reserves. See note 4 for additional information. | ||||||||||||||||||
(2) | See note 5 for additional information. | ||||||||||||||||||
(Amounts in millions) | Net | Derivatives | Foreign | Total | |||||||||||||||
unrealized | qualifying as | currency | |||||||||||||||||
investment | hedges (2) | translation | |||||||||||||||||
gains | and other | ||||||||||||||||||
(losses) (1) | adjustments | ||||||||||||||||||
Balances as of July 1, 2012 | $ | 2,016 | $ | 2,087 | $ | 550 | $ | 4,653 | |||||||||||
OCI before reclassifications | 536 | (72 | ) | 148 | 612 | ||||||||||||||
Amounts reclassified from OCI | 9 | (4 | ) | — | 5 | ||||||||||||||
Current period OCI | 545 | (76 | ) | 148 | 617 | ||||||||||||||
Balances as of September 30, 2012 before noncontrolling interests | 2,561 | 2,011 | 698 | 5,270 | |||||||||||||||
Less: change in OCI attributable to noncontrolling interests | 8 | — | 39 | 47 | |||||||||||||||
Balances as of September 30, 2012 | $ | 2,553 | $ | 2,011 | $ | 659 | $ | 5,223 | |||||||||||
(1) | Net of adjustments to deferred acquisition costs, present value of future profits, sales inducements and benefit reserves. See note 4 for additional information. | ||||||||||||||||||
(2) | See note 5 for additional information. | ||||||||||||||||||
(Amounts in millions) | Net | Derivatives | Foreign | Total | |||||||||||||||
unrealized | qualifying as | currency | |||||||||||||||||
investment | hedges (2) | translation | |||||||||||||||||
gains | and other | ||||||||||||||||||
(losses) (1) | adjustments | ||||||||||||||||||
Balances as of January 1, 2013 | $ | 2,638 | $ | 1,909 | $ | 655 | $ | 5,202 | |||||||||||
OCI before reclassifications | (1,586 | ) | (446 | ) | (313 | ) | (2,345 | ) | |||||||||||
Amounts reclassified from OCI | 19 | (21 | ) | — | (2 | ) | |||||||||||||
Current period OCI | (1,567 | ) | (467 | ) | (313 | ) | (2,347 | ) | |||||||||||
Balances as of September 30, 2013 before noncontrolling interests | 1,071 | 1,442 | 342 | 2,855 | |||||||||||||||
Less: change in OCI attributable to noncontrolling interests | (38 | ) | — | (46 | ) | (84 | ) | ||||||||||||
Balances as of September 30, 2013 | $ | 1,109 | $ | 1,442 | $ | 388 | $ | 2,939 | |||||||||||
(1) | Net of adjustments to deferred acquisition costs, present value of future profits, sales inducements and benefit reserves. See note 4 for additional information. | ||||||||||||||||||
(2) | See note 5 for additional information. | ||||||||||||||||||
(Amounts in millions) | Net | Derivatives | Foreign | Total | |||||||||||||||
unrealized | qualifying as | currency | |||||||||||||||||
investment | hedges (2) | translation | |||||||||||||||||
gains | and other | ||||||||||||||||||
(losses) (1) | adjustments | ||||||||||||||||||
Balances as of January 1, 2012 | $ | 1,485 | $ | 2,009 | $ | 553 | $ | 4,047 | |||||||||||
OCI before reclassifications | 1,040 | 18 | 145 | 1,203 | |||||||||||||||
Amounts reclassified from OCI | 33 | (16 | ) | — | 17 | ||||||||||||||
Current period OCI | 1,073 | 2 | 145 | 1,220 | |||||||||||||||
Balances as of September 30, 2012 before noncontrolling interests | 2,558 | 2,011 | 698 | 5,267 | |||||||||||||||
Less: change in OCI attributable to noncontrolling interests | 5 | — | 39 | 44 | |||||||||||||||
Balances as of September 30, 2012 | $ | 2,553 | $ | 2,011 | $ | 659 | $ | 5,223 | |||||||||||
(1) | Net of adjustments to deferred acquisition costs, present value of future profits, sales inducements and benefit reserves. See note 4 for additional information. | ||||||||||||||||||
(2) | See note 5 for additional information. | ||||||||||||||||||
The foreign currency translation and other adjustments balance included $26 million and $20 million, respectively, net of taxes of $13 million and $11 million, respectively, related to a net unrecognized postretirement benefit obligation as of September 30, 2013 and 2012. Amount also included taxes of $50 million and $48 million, respectively, related to foreign currency translation adjustments as of September 30, 2013 and 2012. | |||||||||||||||||||
The following table shows reclassifications out of accumulated other comprehensive income (loss), net of taxes, for the periods presented: | |||||||||||||||||||
Amount reclassified from accumulated | |||||||||||||||||||
other comprehensive income | Affected line item in the | ||||||||||||||||||
Three months ended | Nine months ended | consolidated statements | |||||||||||||||||
September 30, | September 30, | of income | |||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
Net unrealized investment gains (losses): | |||||||||||||||||||
Unrealized gains (losses) on investments (1) | $ | 17 | $ | 15 | $ | 29 | $ | 52 | Net investment gains (losses) | ||||||||||
Provision for income taxes | (6 | ) | (6 | ) | (10 | ) | (19 | ) | Provision for income taxes | ||||||||||
Total | $ | 11 | $ | 9 | $ | 19 | $ | 33 | |||||||||||
Derivatives qualifying as hedges: | |||||||||||||||||||
Interest rate swaps hedging assets | $ | (15 | ) | $ | (9 | ) | $ | (34 | ) | $ | (28 | ) | Net investment income | ||||||
Interest rate swaps hedging assets | — | (1 | ) | (1 | ) | (2 | ) | Net investment gains (losses) | |||||||||||
Interest rate swaps hedging liabilities | — | — | (1 | ) | (1 | ) | Interest expense | ||||||||||||
Inflation indexed swaps | 3 | (3 | ) | 5 | 6 | Net investment income | |||||||||||||
Provision for income taxes | 4 | 9 | 10 | 9 | Provision for income taxes | ||||||||||||||
Total | $ | (8 | ) | $ | (4 | ) | $ | (21 | ) | $ | (16 | ) | |||||||
(1) | Amounts exclude adjustments to deferred acquisition costs, present value of future profits, sales inducements and benefit reserves. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Discontinued Operations | ' | ||||||||||||||||
(11) Discontinued Operations | |||||||||||||||||
The assets and liabilities associated with discontinued operations prior to the sale have been segregated in our consolidated balance sheets. The major assets and liability categories were as follows as of the dates indicated: | |||||||||||||||||
(Amounts in millions) | September 30, | December 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||||
Assets | |||||||||||||||||
Other invested assets | $ | — | $ | 10 | |||||||||||||
Cash and cash equivalents | — | 21 | |||||||||||||||
Intangible assets | — | 115 | |||||||||||||||
Goodwill | — | 260 | |||||||||||||||
Other assets | — | 33 | |||||||||||||||
Assets associated with discontinued operations | $ | — | $ | 439 | |||||||||||||
Liabilities | |||||||||||||||||
Other liabilities | $ | — | $ | 48 | |||||||||||||
Deferred tax liability | — | 13 | |||||||||||||||
Liabilities associated with discontinued operations | $ | — | $ | 61 | |||||||||||||
Summary operating results of discontinued operations were as follows for the periods indicated: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues | $ | 54 | $ | 82 | $ | 211 | $ | 313 | |||||||||
Income (loss) before income taxes | $ | 3 | $ | 19 | $ | (5 | ) | $ | 95 | ||||||||
Provision for income taxes | 1 | 7 | 7 | 44 | |||||||||||||
Income (loss) from discontinued operations, net of taxes | $ | 2 | $ | 12 | $ | (12 | ) | $ | 51 | ||||||||
During the three months ended March 31, 2013, in connection with the agreement to sell the wealth management business, we recognized a goodwill impairment of $13 million as a result of the carrying value for the business exceeding fair value. Additionally, we agreed to settle our contingent consideration liability related to our purchase of Altegris Capital, LLC in 2010 for approximately $40 million, which resulted in a loss of approximately $5 million from the change in fair value of this liability. In accordance with the accounting guidance for groups of assets that are held-for-sale, we recorded an additional loss of approximately $9 million to record the carrying value of the business at its fair value less costs to sell. During the three months ended September 30, 2013, we recognized an additional after-tax loss on the sale of $2 million at closing, which was based on carrying value and working capital at close, as well as expenses associated with the sale. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Condensed Consolidating Financial Information | ' | ||||||||||||||||||||
(12) Condensed Consolidating Financial Information | |||||||||||||||||||||
On April 1, 2013, in connection with the reorganization: (a) New Genworth provided a full and unconditional guarantee to the trustee of Genworth Holdings’ outstanding senior notes and the holders of the senior notes, on an unsecured unsubordinated basis, of the full and punctual payment of the principal of, premium, if any and interest on, and all other amounts payable under, each outstanding series of senior notes, and the full and punctual payment of all other amounts payable by Genworth Holdings under the senior notes indenture in respect of such senior notes and (b) New Genworth provided a full and unconditional guarantee to the trustee of Genworth Holdings’ outstanding subordinated notes and the holders of the subordinated notes, on an unsecured subordinated basis, of the full and punctual payment of the principal of, premium, if any and interest on, and all other amounts payable under, the outstanding subordinated notes, and the full and punctual payment of all other amounts payable by Genworth Holdings under the subordinated notes indenture in respect of the subordinated notes. On August 8, 2013, New Genworth provided a full and unconditional guarantee to the trustee of Genworth Holdings’ 2023 Notes and the holders of the 2023 Notes on an unsecured unsubordinated basis, of the full and punctual payment of the principal of, premium, if any and interest on, and all other amounts payable under, the 2023 Notes, and the full and punctual payment of all other amounts payable by Genworth Holdings under the senior notes indenture in respect of such 2023 Notes. | |||||||||||||||||||||
The following condensed consolidating financial information of New Genworth and its direct and indirect subsidiaries have been prepared pursuant to rules regarding the preparation of consolidating financial information of Regulation S-X. The condensed consolidating financial information has been prepared as if the guarantee had been in place during all periods presented herein. | |||||||||||||||||||||
The condensed consolidating financial information presents the condensed consolidating balance sheet information as of September 30, 2013 and December 31, 2012, the condensed consolidating income statement information and the condensed consolidating comprehensive income statement information for the three and nine months ended September 30, 2013 and 2012 and the condensed consolidating cash flow statement information for the nine months ended September 30, 2013 and 2012. | |||||||||||||||||||||
The condensed consolidating financial information reflects New Genworth (“Parent Guarantor”), Genworth Holdings (“Issuer”) and each of New Genworth’s other direct and indirect subsidiaries (“All Other Subsidiaries”) on a combined basis, none of which guarantee the senior notes or subordinated notes, as well as the eliminations necessary to present New Genworth’s financial information on a consolidated basis and total consolidated amounts. | |||||||||||||||||||||
The accompanying condensed consolidating financial information is presented based on the equity method of accounting for all periods presented. Under this method, investments in subsidiaries are recorded at cost and adjusted for the subsidiaries’ cumulative results of operations, capital contributions and distributions, and other changes in equity. Elimination entries include consolidating and eliminating entries for investments in subsidiaries and intercompany activity. | |||||||||||||||||||||
The following table presents the condensed consolidating balance sheet information as of September 30, 2013: | |||||||||||||||||||||
Parent | All Other | ||||||||||||||||||||
(Amounts in millions) | Guarantor | Issuer | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Assets | |||||||||||||||||||||
Investments | |||||||||||||||||||||
Fixed maturity securities available-for-sale, at fair value | $ | — | $ | 151 | $ | 59,135 | $ | (200 | ) | $ | 59,086 | ||||||||||
Equity securities available-for-sale, at fair value | — | — | 379 | — | 379 | ||||||||||||||||
Commercial mortgage loans | — | — | 5,858 | — | 5,858 | ||||||||||||||||
Restricted commercial mortgage loans related to securitization entities | — | — | 290 | — | 290 | ||||||||||||||||
Policy loans | — | — | 1,668 | — | 1,668 | ||||||||||||||||
Other invested assets | — | 63 | 1,763 | — | 1,826 | ||||||||||||||||
Restricted other invested assets related to securitization entities | — | — | 392 | — | 392 | ||||||||||||||||
Investments in subsidiaries | 14,576 | 15,307 | — | (29,883 | ) | — | |||||||||||||||
Total investments | 14,576 | 15,521 | 69,485 | (30,083 | ) | 69,499 | |||||||||||||||
Cash and cash equivalents | — | 1,164 | 2,390 | — | 3,554 | ||||||||||||||||
Accrued investment income | — | — | 705 | — | 705 | ||||||||||||||||
Deferred acquisition costs | — | — | 5,256 | — | 5,256 | ||||||||||||||||
Intangible assets | — | — | 404 | — | 404 | ||||||||||||||||
Goodwill | — | — | 867 | — | 867 | ||||||||||||||||
Reinsurance recoverable | — | — | 17,224 | — | 17,224 | ||||||||||||||||
Other assets | (3 | ) | 230 | 443 | (2 | ) | 668 | ||||||||||||||
Intercompany notes receivable | 11 | 248 | 392 | (651 | ) | — | |||||||||||||||
Separate account assets | — | — | 9,957 | — | 9,957 | ||||||||||||||||
Assets associated with discontinued operations | — | — | — | — | — | ||||||||||||||||
Total assets | $ | 14,584 | $ | 17,163 | $ | 107,123 | $ | (30,736 | ) | $ | 108,134 | ||||||||||
Liabilities and stockholders’ equity | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||
Future policy benefits | $ | — | $ | — | $ | 33,612 | $ | — | $ | 33,612 | |||||||||||
Policyholder account balances | — | — | 25,266 | — | 25,266 | ||||||||||||||||
Liability for policy and contract claims | — | — | 7,271 | — | 7,271 | ||||||||||||||||
Unearned premiums | — | — | 4,160 | — | 4,160 | ||||||||||||||||
Other liabilities | 3 | 330 | 4,275 | (1 | ) | 4,607 | |||||||||||||||
Intercompany notes payable | — | 602 | 249 | (851 | ) | — | |||||||||||||||
Borrowings related to securitization entities | — | — | 297 | — | 297 | ||||||||||||||||
Non-recourse funding obligations | — | — | 2,046 | — | 2,046 | ||||||||||||||||
Long-term borrowings | — | 4,237 | 543 | — | 4,780 | ||||||||||||||||
Deferred tax liability | (23 | ) | (730 | ) | 1,046 | — | 293 | ||||||||||||||
Separate account liabilities | — | — | 9,957 | — | 9,957 | ||||||||||||||||
Liabilities associated with discontinued operations | — | — | — | — | — | ||||||||||||||||
Total liabilities | (20 | ) | 4,439 | 88,722 | (852 | ) | 92,289 | ||||||||||||||
Stockholders’ equity: | |||||||||||||||||||||
Common stock | 1 | — | — | — | 1 | ||||||||||||||||
Additional paid-in capital | 12,149 | 9,315 | 16,996 | (26,311 | ) | 12,149 | |||||||||||||||
Accumulated other comprehensive income (loss) | 2,939 | 2,888 | 2,917 | (5,805 | ) | 2,939 | |||||||||||||||
Retained earnings | 2,215 | 521 | (2,758 | ) | 2,237 | 2,215 | |||||||||||||||
Treasury stock, at cost | (2,700 | ) | — | — | — | (2,700 | ) | ||||||||||||||
Total Genworth Financial, Inc.’s stockholders’ equity | 14,604 | 12,724 | 17,155 | (29,879 | ) | 14,604 | |||||||||||||||
Noncontrolling interests | — | — | 1,246 | (5 | ) | 1,241 | |||||||||||||||
Total stockholders’ equity | 14,604 | 12,724 | 18,401 | (29,884 | ) | 15,845 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 14,584 | $ | 17,163 | $ | 107,123 | $ | (30,736 | ) | $ | 108,134 | ||||||||||
The following table presents the condensed consolidating balance sheet information as of December 31, 2012: | |||||||||||||||||||||
Parent | All Other | ||||||||||||||||||||
(Amounts in millions) | Guarantor | Issuer | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Assets | |||||||||||||||||||||
Fixed maturity securities available-for-sale, at fair value | $ | — | $ | 151 | $ | 62,210 | $ | (200 | ) | $ | 62,161 | ||||||||||
Equity securities available-for-sale, at fair value | — | — | 518 | — | 518 | ||||||||||||||||
Commercial mortgage loans | — | — | 5,872 | — | 5,872 | ||||||||||||||||
Restricted commercial mortgage loans related to securitization entities | — | — | 341 | — | 341 | ||||||||||||||||
Policy loans | — | — | 1,601 | — | 1,601 | ||||||||||||||||
Other invested assets | — | 5 | 3,488 | — | 3,493 | ||||||||||||||||
Restricted other invested assets related to securitization entities | — | — | 393 | — | 393 | ||||||||||||||||
Investments in subsidiaries | 16,429 | 17,725 | — | (34,154 | ) | — | |||||||||||||||
Total investments | 16,429 | 17,881 | 74,423 | (34,354 | ) | 74,379 | |||||||||||||||
Cash and cash equivalents | — | 843 | 2,789 | — | 3,632 | ||||||||||||||||
Accrued investment income | — | — | 719 | (4 | ) | 715 | |||||||||||||||
Deferred acquisition costs | — | — | 5,036 | — | 5,036 | ||||||||||||||||
Intangible assets | — | — | 366 | — | 366 | ||||||||||||||||
Goodwill | — | — | 868 | — | 868 | ||||||||||||||||
Reinsurance recoverable | — | — | 17,230 | — | 17,230 | ||||||||||||||||
Other assets | 1 | 294 | 417 | (2 | ) | 710 | |||||||||||||||
Intercompany notes receivable | — | 254 | 488 | (742 | ) | — | |||||||||||||||
Separate account assets | — | — | 9,937 | — | 9,937 | ||||||||||||||||
Assets associated with discontinued operations | — | — | 439 | — | 439 | ||||||||||||||||
Total assets | $ | 16,430 | $ | 19,272 | $ | 112,712 | $ | (35,102 | ) | $ | 113,312 | ||||||||||
Liabilities and stockholders’ equity | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||
Future policy benefits | $ | — | $ | — | $ | 33,505 | $ | — | $ | 33,505 | |||||||||||
Policyholder account balances | — | — | 26,262 | — | 26,262 | ||||||||||||||||
Liability for policy and contract claims | — | — | 7,509 | — | 7,509 | ||||||||||||||||
Unearned premiums | — | — | 4,333 | — | 4,333 | ||||||||||||||||
Other liabilities | 1 | 342 | 4,901 | (5 | ) | 5,239 | |||||||||||||||
Intercompany notes payable | — | 688 | 254 | (942 | ) | — | |||||||||||||||
Borrowings related to securitization entities | — | — | 336 | — | 336 | ||||||||||||||||
Non-recourse funding obligations | — | — | 2,066 | — | 2,066 | ||||||||||||||||
Long-term borrowings | — | 4,203 | 573 | — | 4,776 | ||||||||||||||||
Deferred tax liability | (64 | ) | (672 | ) | 2,243 | — | 1,507 | ||||||||||||||
Separate account liabilities | — | — | 9,937 | — | 9,937 | ||||||||||||||||
Liabilities associated with discontinued operations | — | — | 61 | — | 61 | ||||||||||||||||
Total liabilities | (63 | ) | 4,561 | 91,980 | (947 | ) | 95,531 | ||||||||||||||
Stockholders’ equity: | |||||||||||||||||||||
Common stock | 1 | — | — | — | 1 | ||||||||||||||||
Additional paid-in capital | 12,127 | 9,311 | 16,777 | (26,088 | ) | 12,127 | |||||||||||||||
Accumulated other comprehensive income (loss) | 5,202 | 5,100 | 5,197 | (10,297 | ) | 5,202 | |||||||||||||||
Retained earnings | 1,863 | 300 | (2,535 | ) | 2,235 | 1,863 | |||||||||||||||
Treasury stock, at cost | (2,700 | ) | — | — | — | (2,700 | ) | ||||||||||||||
Total Genworth Financial, Inc.’s stockholders’ equity | 16,493 | 14,711 | 19,439 | (34,150 | ) | 16,493 | |||||||||||||||
Noncontrolling interests | — | — | 1,293 | (5 | ) | 1,288 | |||||||||||||||
Total stockholders’ equity | 16,493 | 14,711 | 20,732 | (34,155 | ) | 17,781 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 16,430 | $ | 19,272 | $ | 112,712 | $ | (35,102 | ) | $ | 113,312 | ||||||||||
The following table presents the condensed consolidating income statement information for the three months ended September 30, 2013: | |||||||||||||||||||||
(Amounts in millions) | Parent | Issuer | All Other | Eliminations | Consolidated | ||||||||||||||||
Guarantor | Subsidiaries | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||
Premiums | $ | — | $ | — | $ | 1,291 | $ | — | $ | 1,291 | |||||||||||
Net investment income | — | — | 804 | (3 | ) | 801 | |||||||||||||||
Net investment gains (losses) | — | (4 | ) | (19 | ) | — | (23 | ) | |||||||||||||
Insurance and investment product fees and other | — | — | 249 | (1 | ) | 248 | |||||||||||||||
Total revenues | — | (4 | ) | 2,325 | (4 | ) | 2,317 | ||||||||||||||
Benefits and expenses: | |||||||||||||||||||||
Benefits and other changes in policy reserves | — | — | 1,169 | — | 1,169 | ||||||||||||||||
Interest credited | — | — | 184 | — | 184 | ||||||||||||||||
Acquisition and operating expenses, net of deferrals | 8 | 31 | 368 | — | 407 | ||||||||||||||||
Amortization of deferred acquisition costs and intangibles | — | — | 182 | — | 182 | ||||||||||||||||
Interest expense | — | 82 | 46 | (4 | ) | 124 | |||||||||||||||
Total benefits and expenses | 8 | 113 | 1,949 | (4 | ) | 2,066 | |||||||||||||||
Income (loss) from continuing operations before income taxes and equity in income of subsidiaries | (8 | ) | (117 | ) | 376 | — | 251 | ||||||||||||||
Provision (benefit) for income taxes | 44 | (39 | ) | 100 | — | 105 | |||||||||||||||
Equity in income of subsidiaries | 160 | 251 | — | (411 | ) | — | |||||||||||||||
Income (loss) from continuing operations | 108 | 173 | 276 | (411 | ) | 146 | |||||||||||||||
Income (loss) from discontinued operations, net of taxes | — | (15 | ) | 17 | — | 2 | |||||||||||||||
Net income (loss) | 108 | 158 | 293 | (411 | ) | 148 | |||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | 40 | — | 40 | ||||||||||||||||
Net income (loss) available to Genworth Financial, Inc.’s common stockholders | $ | 108 | $ | 158 | $ | 253 | $ | (411 | ) | $ | 108 | ||||||||||
The following table presents the condensed consolidating income statement information for the three months ended September 30, 2012: | |||||||||||||||||||||
(Amounts in millions) | Parent | Issuer | All Other | Eliminations | Consolidated | ||||||||||||||||
Guarantor | Subsidiaries | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||
Premiums | $ | — | $ | — | $ | 1,313 | $ | — | $ | 1,313 | |||||||||||
Net investment income | — | 1 | 828 | (4 | ) | 825 | |||||||||||||||
Net investment gains (losses) | — | (6 | ) | 15 | — | 9 | |||||||||||||||
Insurance and investment product fees and other | — | (1 | ) | 312 | (2 | ) | 309 | ||||||||||||||
Total revenues | — | (6 | ) | 2,468 | (6 | ) | 2,456 | ||||||||||||||
Benefits and expenses: | |||||||||||||||||||||
Benefits and other changes in policy reserves | — | — | 1,363 | — | 1,363 | ||||||||||||||||
Interest credited | — | — | 193 | — | 193 | ||||||||||||||||
Acquisition and operating expenses, net of deferrals | 1 | 1 | 441 | — | 443 | ||||||||||||||||
Amortization of deferred acquisition costs and intangibles | — | — | 160 | — | 160 | ||||||||||||||||
Goodwill impairment | — | — | 89 | — | 89 | ||||||||||||||||
Interest expense | — | 81 | 51 | (6 | ) | 126 | |||||||||||||||
Total benefits and expenses | 1 | 82 | 2,297 | (6 | ) | 2,374 | |||||||||||||||
Income (loss) from continuing operations before income taxes and equity in income of subsidiaries | (1 | ) | (88 | ) | 171 | — | 82 | ||||||||||||||
Provision (benefit) for income taxes | (1 | ) | (24 | ) | 48 | — | 23 | ||||||||||||||
Equity in income of subsidiaries | 35 | 126 | — | (161 | ) | — | |||||||||||||||
Income (loss) from continuing operations | 35 | 62 | 123 | (161 | ) | 59 | |||||||||||||||
Income from discontinued operations, net of taxes | — | — | 12 | — | 12 | ||||||||||||||||
Net income (loss) | 35 | 62 | 135 | (161 | ) | 71 | |||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | 36 | — | 36 | ||||||||||||||||
Net income (loss) available to Genworth Financial, Inc.’s common stockholders | $ | 35 | $ | 62 | $ | 99 | $ | (161 | ) | $ | 35 | ||||||||||
The following table presents the condensed consolidating income statement information for the nine months ended September 30, 2013: | |||||||||||||||||||||
(Amounts in millions) | Parent | Issuer | All Other | Eliminations | Consolidated | ||||||||||||||||
Guarantor | Subsidiaries | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||
Premiums | $ | — | $ | — | $ | 3,838 | $ | — | $ | 3,838 | |||||||||||
Net investment income | (1 | ) | 1 | 2,446 | (10 | ) | 2,436 | ||||||||||||||
Net investment gains (losses) | — | (1 | ) | (62 | ) | — | (63 | ) | |||||||||||||
Insurance and investment product fees and other | — | — | 784 | (4 | ) | 780 | |||||||||||||||
Total revenues | (1 | ) | — | 7,006 | (14 | ) | 6,991 | ||||||||||||||
Benefits and expenses: | |||||||||||||||||||||
Benefits and other changes in policy reserves | — | — | 3,639 | — | 3,639 | ||||||||||||||||
Interest credited | — | — | 552 | — | 552 | ||||||||||||||||
Acquisition and operating expenses, net of deferrals | 18 | 32 | 1,203 | — | 1,253 | ||||||||||||||||
Amortization of deferred acquisition costs and intangibles | — | — | 441 | — | 441 | ||||||||||||||||
Interest expense | — | 241 | 144 | (14 | ) | 371 | |||||||||||||||
Total benefits and expenses | 18 | 273 | 5,979 | (14 | ) | 6,256 | |||||||||||||||
Income (loss) from continuing operations before income taxes and equity in income of subsidiaries | (19 | ) | (273 | ) | 1,027 | — | 735 | ||||||||||||||
Provision (benefit) for income taxes | 39 | (92 | ) | 307 | — | 254 | |||||||||||||||
Equity in income of subsidiaries | 410 | 567 | — | (977 | ) | — | |||||||||||||||
Income (loss) from continuing operations | 352 | 386 | 720 | (977 | ) | 481 | |||||||||||||||
Loss from discontinued operations, net of taxes | — | (29 | ) | 17 | — | (12 | ) | ||||||||||||||
Net income (loss) | 352 | 357 | 737 | (977 | ) | 469 | |||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | 117 | — | 117 | ||||||||||||||||
Net income (loss) available to Genworth Financial, Inc.’s common stockholders | $ | 352 | $ | 357 | $ | 620 | $ | (977 | ) | $ | 352 | ||||||||||
The following table presents the condensed consolidating income statement information for the nine months ended September 30, 2012: | |||||||||||||||||||||
(Amounts in millions) | Parent | Issuer | All Other | Eliminations | Consolidated | ||||||||||||||||
Guarantor | Subsidiaries | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||
Premiums | $ | — | $ | — | $ | 3,721 | $ | — | $ | 3,721 | |||||||||||
Net investment income | — | 1 | 2,513 | (11 | ) | 2,503 | |||||||||||||||
Net investment gains (losses) | — | (27 | ) | 40 | — | 13 | |||||||||||||||
Insurance and investment product fees and other | — | (2 | ) | 940 | (2 | ) | 936 | ||||||||||||||
Total revenues | — | (28 | ) | 7,214 | (13 | ) | 7,173 | ||||||||||||||
Benefits and expenses: | |||||||||||||||||||||
Benefits and other changes in policy reserves | — | — | 3,977 | — | 3,977 | ||||||||||||||||
Interest credited | — | — | 582 | — | 582 | ||||||||||||||||
Acquisition and operating expenses, net of deferrals | 6 | 1 | 1,315 | — | 1,322 | ||||||||||||||||
Amortization of deferred acquisition costs and intangibles | — | — | 578 | — | 578 | ||||||||||||||||
Goodwill impairment | — | — | 89 | — | 89 | ||||||||||||||||
Interest expense | — | 234 | 131 | (13 | ) | 352 | |||||||||||||||
Total benefits and expenses | 6 | 235 | 6,672 | (13 | ) | 6,900 | |||||||||||||||
Income (loss) from continuing operations before income taxes and equity in income of subsidiaries | (6 | ) | (263 | ) | 542 | — | 273 | ||||||||||||||
Provision (benefit) for income taxes | (2 | ) | (86 | ) | 153 | — | 65 | ||||||||||||||
Equity in income of subsidiaries | 161 | 401 | — | (562 | ) | — | |||||||||||||||
Income (loss) from continuing operations, net of taxes | 157 | 224 | 389 | (562 | ) | 208 | |||||||||||||||
Income from discontinued operations, net of taxes | — | — | 51 | — | 51 | ||||||||||||||||
Net income (loss) | 157 | 224 | 440 | (562 | ) | 259 | |||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | 102 | — | 102 | ||||||||||||||||
Net income (loss) available to Genworth Financial, Inc.’s common stockholders | $ | 157 | $ | 224 | $ | 338 | $ | (562 | ) | $ | 157 | ||||||||||
The following table presents the condensed consolidating comprehensive income statement information for the three months ended September 30, 2013: | |||||||||||||||||||||
(Amounts in millions) | Parent | Issuer | All Other | Eliminations | Consolidated | ||||||||||||||||
Guarantor | Subsidiaries | ||||||||||||||||||||
Net income | $ | 108 | $ | 158 | $ | 293 | $ | (411 | ) | $ | 148 | ||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||
Net unrealized gains (losses) on securities not other-than-temporarily impaired | (190 | ) | (183 | ) | (195 | ) | 377 | (191 | ) | ||||||||||||
Net unrealized gains (losses) on other-than-temporarily impaired securities | 5 | 5 | 5 | (10 | ) | 5 | |||||||||||||||
Derivatives qualifying as hedges | (139 | ) | (139 | ) | (144 | ) | 283 | (139 | ) | ||||||||||||
Foreign currency translation and other adjustments | 121 | 102 | 143 | (222 | ) | 144 | |||||||||||||||
Total other comprehensive income (loss) | (203 | ) | (215 | ) | (191 | ) | 428 | (181 | ) | ||||||||||||
Total comprehensive income (loss) | (95 | ) | (57 | ) | 102 | 17 | (33 | ) | |||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | 62 | — | 62 | ||||||||||||||||
Total comprehensive income (loss) available to Genworth Financial, Inc.’s common stockholders | $ | (95 | ) | $ | (57 | ) | $ | 40 | $ | 17 | $ | (95 | ) | ||||||||
The following table presents the condensed consolidating comprehensive income statement information for the three months ended September 30, 2012: | |||||||||||||||||||||
(Amounts in millions) | Parent | Issuer | All Other | Eliminations | Consolidated | ||||||||||||||||
Guarantor | Subsidiaries | ||||||||||||||||||||
Net income | $ | 35 | $ | 62 | $ | 135 | $ | (161 | ) | $ | 71 | ||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||
Net unrealized gains (losses) on securities not other-than-temporarily impaired | 509 | 489 | 517 | (998 | ) | 517 | |||||||||||||||
Net unrealized gains (losses) on other-than-temporarily impaired securities | 28 | 28 | 28 | (56 | ) | 28 | |||||||||||||||
Derivatives qualifying as hedges | (76 | ) | (76 | ) | (75 | ) | 151 | (76 | ) | ||||||||||||
Foreign currency translation and other adjustments | 109 | 90 | 148 | (199 | ) | 148 | |||||||||||||||
Total other comprehensive income (loss) | 570 | 531 | 618 | (1,102 | ) | 617 | |||||||||||||||
Total comprehensive income (loss) | 605 | 593 | 753 | (1,263 | ) | 688 | |||||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | 83 | — | 83 | ||||||||||||||||
Total comprehensive income (loss) available to Genworth Financial, Inc.’s common stockholders | $ | 605 | $ | 593 | $ | 670 | $ | (1,263 | ) | $ | 605 | ||||||||||
The following table presents the condensed consolidating comprehensive income statement information for the nine months ended September 30, 2013: | |||||||||||||||||||||
(Amounts in millions) | Parent | Issuer | All Other | Eliminations | Consolidated | ||||||||||||||||
Guarantor | Subsidiaries | ||||||||||||||||||||
Net income | $ | 352 | $ | 357 | $ | 737 | $ | (977 | ) | $ | 469 | ||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||
Net unrealized gains (losses) on securities not other-than-temporarily impaired | (1,586 | ) | (1,546 | ) | (1,624 | ) | 3,132 | (1,624 | ) | ||||||||||||
Net unrealized gains (losses) on other-than-temporarily impaired securities | 57 | 57 | 57 | (114 | ) | 57 | |||||||||||||||
Derivatives qualifying as hedges | (467 | ) | (467 | ) | (484 | ) | 951 | (467 | ) | ||||||||||||
Foreign currency translation and other adjustments | (267 | ) | (256 | ) | (313 | ) | 523 | (313 | ) | ||||||||||||
Total other comprehensive income (loss) | (2,263 | ) | (2,212 | ) | (2,364 | ) | 4,492 | (2,347 | ) | ||||||||||||
Total comprehensive income (loss) | (1,911 | ) | (1,855 | ) | (1,627 | ) | 3,515 | (1,878 | ) | ||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | 33 | — | 33 | ||||||||||||||||
Total comprehensive income (loss) available to Genworth Financial, Inc.’s common stockholders | $ | (1,911 | ) | $ | (1,855 | ) | $ | (1,660 | ) | $ | 3,515 | $ | (1,911 | ) | |||||||
The following table presents the condensed consolidating comprehensive income statement information for the nine months ended September 30, 2012: | |||||||||||||||||||||
(Amounts in millions) | Parent | Issuer | All Other | Eliminations | Consolidated | ||||||||||||||||
Guarantor | Subsidiaries | ||||||||||||||||||||
Net income | $ | 157 | $ | 224 | $ | 440 | $ | (562 | ) | $ | 259 | ||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||
Net unrealized gains (losses) on securities not other-than-temporarily impaired | 1,024 | 995 | 1,029 | (2,019 | ) | 1,029 | |||||||||||||||
Net unrealized gains (losses) on other-than-temporarily impaired securities | 44 | 44 | 44 | (88 | ) | 44 | |||||||||||||||
Derivatives qualifying as hedges | 2 | 2 | 4 | (6 | ) | 2 | |||||||||||||||
Foreign currency translation and other adjustments | 106 | 85 | 146 | (192 | ) | 145 | |||||||||||||||
Total other comprehensive income (loss) | 1,176 | 1,126 | 1,223 | (2,305 | ) | 1,220 | |||||||||||||||
Total comprehensive income (loss) | 1,333 | 1,350 | 1,663 | (2,867 | ) | 1,479 | |||||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | 146 | — | 146 | ||||||||||||||||
Total comprehensive income (loss) available to Genworth Financial, Inc.’s common stockholders | $ | 1,333 | $ | 1,350 | $ | 1,517 | $ | (2,867 | ) | $ | 1,333 | ||||||||||
The following table presents the condensed consolidating cash flow statement information for the nine months ended September 30, 2013: | |||||||||||||||||||||
Parent | Issuer | All Other | Eliminations | Consolidated | |||||||||||||||||
Guarantor | Subsidiaries | ||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Net income | $ | 352 | $ | 357 | $ | 737 | $ | (977 | ) | $ | 469 | ||||||||||
Less income from discontinued operations, net of taxes | — | 29 | (17 | ) | — | 12 | |||||||||||||||
Adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||||||
Equity in income from subsidiaries | (410 | ) | (567 | ) | — | 977 | — | ||||||||||||||
Dividends from subsidiaries | 135 | 230 | (365 | ) | — | — | |||||||||||||||
Amortization of fixed maturity discounts and premiums and limited partnerships | — | (1 | ) | (63 | ) | — | (64 | ) | |||||||||||||
Net investment losses (gains) | — | 1 | 62 | — | 63 | ||||||||||||||||
Charges assessed to policyholders | — | — | (612 | ) | — | (612 | ) | ||||||||||||||
Acquisition costs deferred | — | — | (332 | ) | — | (332 | ) | ||||||||||||||
Amortization of deferred acquisition costs and intangibles | — | — | 441 | — | 441 | ||||||||||||||||
Deferred income taxes | 41 | (70 | ) | (91 | ) | — | (120 | ) | |||||||||||||
Net increase (decrease) in trading securities, held-for-sale investments and derivative instruments | — | — | (15 | ) | — | (15 | ) | ||||||||||||||
Stock-based compensation expense | 18 | — | 9 | — | 27 | ||||||||||||||||
Change in certain assets and liabilities: | |||||||||||||||||||||
Accrued investment income and other assets | 4 | 61 | (127 | ) | (4 | ) | (66 | ) | |||||||||||||
Insurance reserves | — | — | 1,679 | — | 1,679 | ||||||||||||||||
Current tax liabilities | (2 | ) | (8 | ) | 252 | — | 242 | ||||||||||||||
Other liabilities and other policy-related balances | 4 | 80 | (787 | ) | 4 | (699 | ) | ||||||||||||||
Cash from operating activities—discontinued operations | — | — | 68 | — | 68 | ||||||||||||||||
Net cash from operating activities | 142 | 112 | 839 | — | 1,093 | ||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Proceeds from maturities and repayments of investments: | |||||||||||||||||||||
Fixed maturity securities | — | — | 4,046 | — | 4,046 | ||||||||||||||||
Commercial mortgage loans | — | — | 686 | — | 686 | ||||||||||||||||
Restricted commercial mortgage loans related to securitization entities | — | — | 51 | — | 51 | ||||||||||||||||
Proceeds from sales of investments: | |||||||||||||||||||||
Fixed maturity and equity securities | — | — | 3,056 | — | 3,056 | ||||||||||||||||
Purchases and originations of investments: | |||||||||||||||||||||
Fixed maturity and equity securities | — | — | (7,872 | ) | — | (7,872 | ) | ||||||||||||||
Commercial mortgage loans | — | — | (667 | ) | — | (667 | ) | ||||||||||||||
Other invested assets, net | — | — | 80 | — | 80 | ||||||||||||||||
Policy loans, net | — | — | (7 | ) | — | (7 | ) | ||||||||||||||
Intercompany notes receivable | (11 | ) | 6 | 96 | (91 | ) | — | ||||||||||||||
Capital contributions to subsidiaries | (131 | ) | (22 | ) | 153 | — | — | ||||||||||||||
Proceeds from sale of a subsidiary, net of cash transferred | — | 345 | 25 | — | 370 | ||||||||||||||||
Cash from investing activities—discontinued operations | — | (30 | ) | — | — | (30 | ) | ||||||||||||||
Net cash from investing activities | (142 | ) | 299 | (353 | ) | (91 | ) | (287 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Deposits to universal life and investment contracts | — | — | 1,979 | — | 1,979 | ||||||||||||||||
Withdrawals from universal life and investment contracts | — | — | (2,613 | ) | — | (2,613 | ) | ||||||||||||||
Redemption and repurchase of non-recourse funding obligations | — | — | (20 | ) | — | (20 | ) | ||||||||||||||
Proceeds from the issuance of long-term debt | — | 397 | — | — | 397 | ||||||||||||||||
Repayment and repurchase of long-term debt | — | (365 | ) | — | — | (365 | ) | ||||||||||||||
Repayment of borrowings related to securitization entities | — | — | (51 | ) | — | (51 | ) | ||||||||||||||
Repurchase of subsidiary shares | — | — | (43 | ) | — | (43 | ) | ||||||||||||||
Dividends paid to noncontrolling interests | — | — | (39 | ) | — | (39 | ) | ||||||||||||||
Proceeds from intercompany notes payable | — | (86 | ) | (5 | ) | 91 | — | ||||||||||||||
Other, net | — | (36 | ) | (17 | ) | — | (53 | ) | |||||||||||||
Cash from financing activities—discontinued operations | — | — | (3 | ) | — | (3 | ) | ||||||||||||||
Net cash from financing activities | — | (90 | ) | (812 | ) | 91 | (811 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (94 | ) | — | (94 | ) | ||||||||||||||
Net change in cash and cash equivalents | — | 321 | (420 | ) | — | (99 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | — | 843 | 2,810 | — | 3,653 | ||||||||||||||||
Cash and cash equivalents at end of period | — | 1,164 | 2,390 | — | 3,554 | ||||||||||||||||
Less cash and cash equivalents of discontinued operations at end of period | — | — | — | — | — | ||||||||||||||||
Cash and cash equivalents of continuing operations at end of period | $ | — | $ | 1,164 | $ | 2,390 | $ | — | $ | 3,554 | |||||||||||
The following table presents the condensed consolidating cash flow statement information for the nine months ended September 30, 2012: | |||||||||||||||||||||
Parent | Issuer | All Other | Eliminations | Consolidated | |||||||||||||||||
Guarantor | Subsidiaries | ||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Net income | $ | 157 | $ | 224 | $ | 440 | $ | (562 | ) | $ | 259 | ||||||||||
Less income from discontinued operations, net of taxes | — | — | (51 | ) | — | (51 | ) | ||||||||||||||
Adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||||||
Equity in income from subsidiaries | (161 | ) | (401 | ) | — | 562 | — | ||||||||||||||
Dividends from subsidiaries | — | 354 | (354 | ) | — | — | |||||||||||||||
Amortization of fixed maturity discounts and premiums and limited partnerships | — | — | (59 | ) | — | (59 | ) | ||||||||||||||
Net investment losses (gains) | — | 27 | (40 | ) | — | (13 | ) | ||||||||||||||
Charges assessed to policyholders | — | — | (590 | ) | — | (590 | ) | ||||||||||||||
Acquisition costs deferred | — | — | (456 | ) | — | (456 | ) | ||||||||||||||
Amortization of deferred acquisition costs and intangibles | — | — | 578 | — | 578 | ||||||||||||||||
Goodwill impairment | — | — | 89 | — | 89 | ||||||||||||||||
Deferred income taxes | (2 | ) | (426 | ) | 440 | — | 12 | ||||||||||||||
Net increase (decrease) in trading securities, held- for-sale investments and derivative instruments | — | (20 | ) | 86 | — | 66 | |||||||||||||||
Stock-based compensation expense | 6 | 12 | 2 | — | 20 | ||||||||||||||||
Change in certain assets and liabilities: | |||||||||||||||||||||
Accrued investment income and other assets | — | (12 | ) | (144 | ) | 3 | (153 | ) | |||||||||||||
Insurance reserves | — | — | 1,672 | — | 1,672 | ||||||||||||||||
Current tax liabilities | — | 282 | (473 | ) | — | (191 | ) | ||||||||||||||
Other liabilities and other policy-related balances | — | 304 | (1,111 | ) | (1 | ) | (808 | ) | |||||||||||||
Cash from operating activities—discontinued operations | — | — | 52 | — | 52 | ||||||||||||||||
Net cash from operating activities | — | 344 | 81 | 2 | 427 | ||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Proceeds from maturities and repayments of investments: | |||||||||||||||||||||
Fixed maturity securities | — | — | 3,619 | — | 3,619 | ||||||||||||||||
Commercial mortgage loans | — | — | 559 | — | 559 | ||||||||||||||||
Restricted commercial mortgage loans related to securitization entities | — | — | 48 | — | 48 | ||||||||||||||||
Proceeds from sales of investments: | |||||||||||||||||||||
Fixed maturity and equity securities | — | 10 | 3,946 | — | 3,956 | ||||||||||||||||
Purchases and originations of investments: | |||||||||||||||||||||
Fixed maturity and equity securities | — | (150 | ) | (8,782 | ) | — | (8,932 | ) | |||||||||||||
Commercial mortgage loans | — | — | (339 | ) | — | (339 | ) | ||||||||||||||
Other invested assets, net | — | 30 | 503 | (2 | ) | 531 | |||||||||||||||
Policy loans, net | — | — | (8 | ) | — | (8 | ) | ||||||||||||||
Capital contributions to subsidiaries | — | (2 | ) | 2 | — | — | |||||||||||||||
Proceeds from sale of a subsidiary, net of cash transferred | — | — | 77 | — | 77 | ||||||||||||||||
Intercompany notes receivable | — | (40 | ) | (22 | ) | 62 | — | ||||||||||||||
Cash from investing activities—discontinued operations | — | (18 | ) | (23 | ) | — | (41 | ) | |||||||||||||
Net cash from investing activities | — | (170 | ) | (420 | ) | 60 | (530 | ) | |||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Deposits to universal life and investment contracts | — | — | 2,248 | — | 2,248 | ||||||||||||||||
Withdrawals from universal life and investment contracts | — | — | (2,057 | ) | — | (2,057 | ) | ||||||||||||||
Redemption and repurchase of non-recourse funding obligations | — | — | (801 | ) | — | (801 | ) | ||||||||||||||
Proceeds from the issuance of long-term debt | — | 361 | — | — | 361 | ||||||||||||||||
Repayment and repurchase of long-term debt | — | (222 | ) | — | — | (222 | ) | ||||||||||||||
Repayment of borrowings related to securitization entities | — | — | (53 | ) | — | (53 | ) | ||||||||||||||
Dividends paid to noncontrolling interests | — | — | (36 | ) | — | (36 | ) | ||||||||||||||
Proceeds from intercompany notes payable | — | 22 | 40 | (62 | ) | — | |||||||||||||||
Other, net | — | (37 | ) | (31 | ) | — | (68 | ) | |||||||||||||
Cash from financing activities—discontinued operations | — | — | (35 | ) | — | (35 | ) | ||||||||||||||
Net cash from financing activities | — | 124 | (725 | ) | (62 | ) | (663 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 19 | — | 19 | ||||||||||||||||
Net change in cash and cash equivalents | — | 298 | (1,045 | ) | — | (747 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | — | 907 | 3,581 | — | 4,488 | ||||||||||||||||
Cash and cash equivalents at end of period | — | 1,205 | 2,536 | — | 3,741 | ||||||||||||||||
Less cash and cash equivalents of discontinued operations at end of period | — | — | 21 | — | 21 | ||||||||||||||||
Cash and cash equivalents of continuing operations at end of period | $ | — | $ | 1,205 | $ | 2,515 | $ | — | $ | 3,720 | |||||||||||
Our insurance company subsidiaries are restricted by state and foreign laws and regulations as to the amount of dividends they may pay to their parent without regulatory approval in any year, the purpose of which is to protect affected insurance policyholders, depositors and investors. Any dividends in excess of limits are deemed “extraordinary” and require approval. Based on estimated statutory results as of December 31, 2012, in accordance with applicable dividend restrictions, our subsidiaries could pay dividends of approximately $1.1 billion to us in 2013 without obtaining regulatory approval, and the remaining net assets are considered restricted. While the $1.1 billion is unrestricted, we do not expect our insurance subsidiaries to pay dividends to us in 2013 at this level as they retain capital for growth and to meet capital requirements and desired thresholds. As of December 31, 2012, Genworth Financial’s and Genworth Holdings’ subsidiaries had restricted net assets of $15.4 billion and $16.7 billion, respectively. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings per Share | ' | ||||||||||||||||
Basic and diluted earnings per share are calculated by dividing each income category presented below by the weighted-average basic and diluted shares outstanding for the periods indicated: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(Amounts in millions, except per share amounts) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Weighted-average shares used in basic earnings per common share calculations | 494 | 491.7 | 493.3 | 491.5 | |||||||||||||
Potentially dilutive securities: | |||||||||||||||||
Stock options, restricted stock units and stock appreciation rights | 5.3 | 2.2 | 4.6 | 3 | |||||||||||||
Weighted-average shares used in diluted earnings per common share calculations | 499.3 | 493.9 | 497.9 | 494.5 | |||||||||||||
Income from continuing operations: | |||||||||||||||||
Income from continuing operations | $ | 146 | $ | 59 | $ | 481 | $ | 208 | |||||||||
Less: income from continuing operations attributable to noncontrolling interests | 40 | 36 | 117 | 102 | |||||||||||||
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders | $ | 106 | $ | 23 | $ | 364 | $ | 106 | |||||||||
Basic per common share | $ | 0.21 | $ | 0.05 | $ | 0.74 | $ | 0.22 | |||||||||
Diluted per common share | $ | 0.21 | $ | 0.05 | $ | 0.73 | $ | 0.22 | |||||||||
Income (loss) from discontinued operations: | |||||||||||||||||
Income (loss) from discontinued operations, net of taxes | $ | 2 | $ | 12 | $ | (12 | ) | $ | 51 | ||||||||
Less: income from discontinued operations, net of taxes, attributable to noncontrolling interests | — | — | — | — | |||||||||||||
Income (loss) from discontinued operations, net of taxes, available to Genworth Financial, Inc.’s common stockholders | $ | 2 | $ | 12 | $ | (12 | ) | $ | 51 | ||||||||
Basic per common share | $ | — | $ | 0.02 | $ | (0.02 | ) | $ | 0.1 | ||||||||
Diluted per common share | $ | — | $ | 0.02 | $ | (0.02 | ) | $ | 0.1 | ||||||||
Net income: | |||||||||||||||||
Income from continuing operations | $ | 146 | $ | 59 | $ | 481 | $ | 208 | |||||||||
Income (loss) from discontinued operations, net of taxes | 2 | 12 | (12 | ) | 51 | ||||||||||||
Net income | 148 | 71 | 469 | 259 | |||||||||||||
Less: net income attributable to noncontrolling interests | 40 | 36 | 117 | 102 | |||||||||||||
Net income available to Genworth Financial, Inc.’s common stockholders | $ | 108 | $ | 35 | $ | 352 | $ | 157 | |||||||||
Basic per common share | $ | 0.22 | $ | 0.07 | $ | 0.71 | $ | 0.32 | |||||||||
Diluted per common share | $ | 0.22 | $ | 0.07 | $ | 0.71 | $ | 0.32 | |||||||||
Investments_Tables
Investments (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||||
Net Investment Income | ' | ||||||||||||||||||||||||||||||||||||
Sources of net investment income were as follows for the periods indicated: | |||||||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Fixed maturity securities—taxable | $ | 651 | $ | 659 | $ | 1,979 | $ | 1,988 | |||||||||||||||||||||||||||||
Fixed maturity securities—non-taxable | 3 | 2 | 7 | 9 | |||||||||||||||||||||||||||||||||
Commercial mortgage loans | 81 | 87 | 244 | 256 | |||||||||||||||||||||||||||||||||
Restricted commercial mortgage loans related to securitization entities | 8 | 8 | 22 | 24 | |||||||||||||||||||||||||||||||||
Equity securities | 3 | 4 | 13 | 14 | |||||||||||||||||||||||||||||||||
Other invested assets | 41 | 48 | 128 | 157 | |||||||||||||||||||||||||||||||||
Policy loans | 33 | 31 | 97 | 93 | |||||||||||||||||||||||||||||||||
Cash, cash equivalents and short-term investments | 4 | 8 | 16 | 28 | |||||||||||||||||||||||||||||||||
Gross investment income before expenses and fees | 824 | 847 | 2,506 | 2,569 | |||||||||||||||||||||||||||||||||
Expenses and fees | (23 | ) | (22 | ) | (70 | ) | (66 | ) | |||||||||||||||||||||||||||||
Net investment income | $ | 801 | $ | 825 | $ | 2,436 | $ | 2,503 | |||||||||||||||||||||||||||||
Net Investment Gains (Losses) | ' | ||||||||||||||||||||||||||||||||||||
The following table sets forth net investment gains (losses) for the periods indicated: | |||||||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||||||||||
Realized gains | $ | 26 | $ | 28 | $ | 144 | $ | 112 | |||||||||||||||||||||||||||||
Realized losses | (38 | ) | (14 | ) | (151 | ) | (79 | ) | |||||||||||||||||||||||||||||
Net realized gains (losses) on available-for-sale securities | (12 | ) | 14 | (7 | ) | 33 | |||||||||||||||||||||||||||||||
Impairments: | |||||||||||||||||||||||||||||||||||||
Total other-than-temporary impairments | (3 | ) | (26 | ) | (17 | ) | (84 | ) | |||||||||||||||||||||||||||||
Portion of other-than-temporary impairments included in other comprehensive income (loss) | (2 | ) | (3 | ) | (5 | ) | (1 | ) | |||||||||||||||||||||||||||||
Net other-than-temporary impairments | (5 | ) | (29 | ) | (22 | ) | (85 | ) | |||||||||||||||||||||||||||||
Trading securities | (6 | ) | 14 | (15 | ) | 21 | |||||||||||||||||||||||||||||||
Commercial mortgage loans | 1 | 2 | 5 | 7 | |||||||||||||||||||||||||||||||||
Net gains (losses) related to securitization entities | 21 | 18 | 43 | 48 | |||||||||||||||||||||||||||||||||
Derivative instruments (1) | (19 | ) | (2 | ) | (63 | ) | (4 | ) | |||||||||||||||||||||||||||||
Contingent consideration adjustment | — | (8 | ) | — | (7 | ) | |||||||||||||||||||||||||||||||
Other | (3 | ) | — | (4 | ) | — | |||||||||||||||||||||||||||||||
Net investment gains (losses) | $ | (23 | ) | $ | 9 | $ | (63 | ) | $ | 13 | |||||||||||||||||||||||||||
-1 | See note 5 for additional information on the impact of derivative instruments included in net investment gains (losses). | ||||||||||||||||||||||||||||||||||||
Credit Losses Recognized in Net Income | ' | ||||||||||||||||||||||||||||||||||||
The following represents the activity for credit losses recognized in net income on debt securities where an other-than-temporary impairment was identified and a portion of other-than-temporary impairments was included in other comprehensive income (loss) (“OCI”) as of and for the periods indicated: | |||||||||||||||||||||||||||||||||||||
As of or for the | As of or for the | ||||||||||||||||||||||||||||||||||||
three months ended | nine months ended | ||||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 179 | $ | 588 | $ | 387 | $ | 646 | |||||||||||||||||||||||||||||
Additions: | |||||||||||||||||||||||||||||||||||||
Other-than-temporary impairments not previously recognized | 1 | 5 | 3 | 13 | |||||||||||||||||||||||||||||||||
Increases related to other-than-temporary impairments previously recognized | 2 | 10 | 9 | 42 | |||||||||||||||||||||||||||||||||
Reductions: | |||||||||||||||||||||||||||||||||||||
Securities sold, paid down or disposed | (76 | ) | (66 | ) | (293 | ) | (164 | ) | |||||||||||||||||||||||||||||
Ending balance | $ | 106 | $ | 537 | $ | 106 | $ | 537 | |||||||||||||||||||||||||||||
Unrealized Investment Gains and Losses | ' | ||||||||||||||||||||||||||||||||||||
Net unrealized gains and losses on available-for-sale investment securities reflected as a separate component of accumulated other comprehensive income (loss) were as follows as of the dates indicated: | |||||||||||||||||||||||||||||||||||||
(Amounts in millions) | September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||||||
Net unrealized gains (losses) on investment securities: | |||||||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | 2,786 | $ | 6,086 | |||||||||||||||||||||||||||||||||
Equity securities | 13 | 34 | |||||||||||||||||||||||||||||||||||
Other invested assets | (6 | ) | (8 | ) | |||||||||||||||||||||||||||||||||
Subtotal | 2,793 | 6,112 | |||||||||||||||||||||||||||||||||||
Adjustments to deferred acquisition costs, present value of future profits, sales inducements and benefit reserves | (1,008 | ) | (1,925 | ) | |||||||||||||||||||||||||||||||||
Income taxes, net | (622 | ) | (1,457 | ) | |||||||||||||||||||||||||||||||||
Net unrealized investment gains (losses) | 1,163 | 2,730 | |||||||||||||||||||||||||||||||||||
Less: net unrealized investment gains (losses) attributable to noncontrolling interests | 54 | 92 | |||||||||||||||||||||||||||||||||||
Net unrealized investment gains (losses) attributable to Genworth Financial, Inc. | $ | 1,109 | $ | 2,638 | |||||||||||||||||||||||||||||||||
Change in Net Unrealized Gains (Losses) on Available-for-Sale Investment Securities Reported in Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||||||||||||||
The change in net unrealized gains (losses) on available-for-sale investment securities reported in accumulated other comprehensive income (loss) was as follows as of and for the periods indicated: | |||||||||||||||||||||||||||||||||||||
As of or for the | |||||||||||||||||||||||||||||||||||||
three months ended | |||||||||||||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,294 | $ | 2,016 | |||||||||||||||||||||||||||||||||
Unrealized gains (losses) arising during the period: | |||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) on investment securities | (411 | ) | 1,040 | ||||||||||||||||||||||||||||||||||
Adjustment to deferred acquisition costs | 23 | (39 | ) | ||||||||||||||||||||||||||||||||||
Adjustment to present value of future profits | 9 | 11 | |||||||||||||||||||||||||||||||||||
Adjustment to sales inducements | 3 | (17 | ) | ||||||||||||||||||||||||||||||||||
Adjustment to benefit reserves | 68 | (171 | ) | ||||||||||||||||||||||||||||||||||
Provision for income taxes | 111 | (288 | ) | ||||||||||||||||||||||||||||||||||
Change in unrealized gains (losses) on investment securities | (197 | ) | 536 | ||||||||||||||||||||||||||||||||||
Reclassification adjustments to net investment (gains) losses, net of taxes of $(6) | 11 | 9 | |||||||||||||||||||||||||||||||||||
Change in net unrealized investment gains (losses) | (186 | ) | 545 | ||||||||||||||||||||||||||||||||||
Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests | (1 | ) | 8 | ||||||||||||||||||||||||||||||||||
Ending balance | $ | 1,109 | $ | 2,553 | |||||||||||||||||||||||||||||||||
As of or for the | |||||||||||||||||||||||||||||||||||||
nine months ended | |||||||||||||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Beginning balance | $ | 2,638 | $ | 1,485 | |||||||||||||||||||||||||||||||||
Unrealized gains (losses) arising during the period: | |||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) on investment securities | (3,348 | ) | 2,157 | ||||||||||||||||||||||||||||||||||
Adjustment to deferred acquisition costs | 241 | (138 | ) | ||||||||||||||||||||||||||||||||||
Adjustment to present value of future profits | 80 | (11 | ) | ||||||||||||||||||||||||||||||||||
Adjustment to sales inducements | 41 | (31 | ) | ||||||||||||||||||||||||||||||||||
Adjustment to benefit reserves | 555 | (384 | ) | ||||||||||||||||||||||||||||||||||
Provision for income taxes | 845 | (553 | ) | ||||||||||||||||||||||||||||||||||
Change in unrealized gains (losses) on investment securities | (1,586 | ) | 1,040 | ||||||||||||||||||||||||||||||||||
Reclassification adjustments to net investment (gains) losses, net of taxes of $(10) and $(19) | 19 | 33 | |||||||||||||||||||||||||||||||||||
Change in net unrealized investment gains (losses) | (1,567 | ) | 1,073 | ||||||||||||||||||||||||||||||||||
Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests | (38 | ) | 5 | ||||||||||||||||||||||||||||||||||
Ending balance | $ | 1,109 | $ | 2,553 | |||||||||||||||||||||||||||||||||
Fixed Maturity and Equity Securities | ' | ||||||||||||||||||||||||||||||||||||
As of September 30, 2013, the amortized cost or cost, gross unrealized gains (losses) and fair value of our fixed maturity and equity securities classified as available-for-sale were as follows: | |||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Amortized | Gross unrealized gains | Gross unrealized losses | Fair | |||||||||||||||||||||||||||||||||
cost or | value | ||||||||||||||||||||||||||||||||||||
cost | Not other- | Other-than- | Not other- | Other-than- | |||||||||||||||||||||||||||||||||
than- | temporarily | than- | temporarily | ||||||||||||||||||||||||||||||||||
temporarily | impaired | temporarily | impaired | ||||||||||||||||||||||||||||||||||
impaired | impaired | ||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||
U.S. government, agencies and government-sponsored enterprises | $ | 5,007 | $ | 495 | $ | — | $ | (177 | ) | $ | — | $ | 5,325 | ||||||||||||||||||||||||
Tax-exempt | 287 | 7 | — | (31 | ) | — | 263 | ||||||||||||||||||||||||||||||
Government—non-U.S. | 2,119 | 124 | — | (11 | ) | — | 2,232 | ||||||||||||||||||||||||||||||
U.S. corporate | 23,249 | 1,872 | 18 | (357 | ) | — | 24,782 | ||||||||||||||||||||||||||||||
Corporate—non-U.S. | 14,703 | 751 | — | (178 | ) | — | 15,276 | ||||||||||||||||||||||||||||||
Residential mortgage-backed | 5,145 | 321 | 8 | (65 | ) | (12 | ) | 5,397 | |||||||||||||||||||||||||||||
Commercial mortgage-backed | 2,762 | 90 | 1 | (60 | ) | (3 | ) | 2,790 | |||||||||||||||||||||||||||||
Other asset-backed | 3,047 | 33 | — | (57 | ) | (2 | ) | 3,021 | |||||||||||||||||||||||||||||
Total fixed maturity securities | 56,319 | 3,693 | 27 | (936 | ) | (17 | ) | 59,086 | |||||||||||||||||||||||||||||
Equity securities | 366 | 29 | — | (16 | ) | — | 379 | ||||||||||||||||||||||||||||||
Total available-for-sale securities | $ | 56,685 | $ | 3,722 | $ | 27 | $ | (952 | ) | $ | (17 | ) | $ | 59,465 | |||||||||||||||||||||||
As of December 31, 2012, the amortized cost or cost, gross unrealized gains (losses) and fair value of our fixed maturity and equity securities classified as available-for-sale were as follows: | |||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Amortized | Gross unrealized gains | Gross unrealized losses | Fair | |||||||||||||||||||||||||||||||||
cost or | value | ||||||||||||||||||||||||||||||||||||
cost | Not other- | Other-than- | Not other- | Other-than- | |||||||||||||||||||||||||||||||||
than- | temporarily | than- | temporarily | ||||||||||||||||||||||||||||||||||
temporarily | impaired | temporarily | impaired | ||||||||||||||||||||||||||||||||||
impaired | impaired | ||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||
U.S. government, agencies and government-sponsored enterprises | $ | 4,484 | $ | 1,025 | $ | — | $ | (18 | ) | $ | — | $ | 5,491 | ||||||||||||||||||||||||
Tax-exempt | 308 | 16 | — | (30 | ) | — | 294 | ||||||||||||||||||||||||||||||
Government—non-U.S. | 2,173 | 250 | — | (1 | ) | — | 2,422 | ||||||||||||||||||||||||||||||
U.S. corporate | 22,873 | 3,317 | 19 | (104 | ) | — | 26,105 | ||||||||||||||||||||||||||||||
Corporate—non-U.S. | 14,577 | 1,262 | — | (47 | ) | — | 15,792 | ||||||||||||||||||||||||||||||
Residential mortgage-backed | 5,744 | 549 | 13 | (124 | ) | (101 | ) | 6,081 | |||||||||||||||||||||||||||||
Commercial mortgage-backed | 3,253 | 178 | 5 | (82 | ) | (21 | ) | 3,333 | |||||||||||||||||||||||||||||
Other asset-backed | 2,660 | 50 | — | (65 | ) | (2 | ) | 2,643 | |||||||||||||||||||||||||||||
Total fixed maturity securities | 56,072 | 6,647 | 37 | (471 | ) | (124 | ) | 62,161 | |||||||||||||||||||||||||||||
Equity securities | 483 | 41 | — | (6 | ) | — | 518 | ||||||||||||||||||||||||||||||
Total available-for-sale securities | $ | 56,555 | $ | 6,688 | $ | 37 | $ | (477 | ) | $ | (124 | ) | $ | 62,679 | |||||||||||||||||||||||
Gross Unrealized Losses and Fair Values of Investment Securities | ' | ||||||||||||||||||||||||||||||||||||
The following table presents the gross unrealized losses and fair values of our investment securities, aggregated by investment type and length of time that individual investment securities have been in a continuous unrealized loss position, as of September 30, 2013: | |||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||||
(Dollar amounts in millions) | Fair | Gross | Number of | Fair | Gross | Number of | Fair | Gross | Number of | ||||||||||||||||||||||||||||
value | unrealized | securities | value | unrealized | securities | value | unrealized | securities | |||||||||||||||||||||||||||||
losses | losses (1) | losses (2) | |||||||||||||||||||||||||||||||||||
Description of Securities | |||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||
U.S. government, agencies and government-sponsored enterprises | $ | 769 | $ | (134 | ) | 43 | $ | 134 | $ | (43 | ) | 1 | $ | 903 | $ | (177 | ) | 44 | |||||||||||||||||||
Tax-exempt | 36 | (2 | ) | 19 | 101 | (29 | ) | 9 | 137 | (31 | ) | 28 | |||||||||||||||||||||||||
Government—non-U.S. | 461 | (11 | ) | 53 | — | — | — | 461 | (11 | ) | 53 | ||||||||||||||||||||||||||
U.S. corporate | 4,655 | (280 | ) | 683 | 470 | (77 | ) | 45 | 5,125 | (357 | ) | 728 | |||||||||||||||||||||||||
Corporate—non-U.S. | 3,180 | (155 | ) | 393 | 248 | (23 | ) | 22 | 3,428 | (178 | ) | 415 | |||||||||||||||||||||||||
Residential mortgage-backed | 808 | (36 | ) | 128 | 196 | (41 | ) | 119 | 1,004 | (77 | ) | 247 | |||||||||||||||||||||||||
Commercial mortgage-backed | 656 | (38 | ) | 82 | 360 | (25 | ) | 63 | 1,016 | (63 | ) | 145 | |||||||||||||||||||||||||
Other asset-backed | 896 | (16 | ) | 126 | 146 | (43 | ) | 16 | 1,042 | (59 | ) | 142 | |||||||||||||||||||||||||
Subtotal, fixed maturity securities | 11,461 | (672 | ) | 1,527 | 1,655 | (281 | ) | 275 | 13,116 | (953 | ) | 1,802 | |||||||||||||||||||||||||
Equity securities | 133 | (16 | ) | 72 | — | — | — | 133 | (16 | ) | 72 | ||||||||||||||||||||||||||
Total for securities in an unrealized loss position | $ | 11,594 | $ | (688 | ) | 1,599 | $ | 1,655 | $ | (281 | ) | 275 | $ | 13,249 | $ | (969 | ) | 1,874 | |||||||||||||||||||
% Below cost—fixed maturity securities: | |||||||||||||||||||||||||||||||||||||
<20% Below cost | $ | 11,201 | $ | (595 | ) | 1,506 | $ | 1,294 | $ | (125 | ) | 196 | $ | 12,495 | $ | (720 | ) | 1,702 | |||||||||||||||||||
20%-50% Below cost | 260 | (77 | ) | 21 | 344 | (127 | ) | 49 | 604 | (204 | ) | 70 | |||||||||||||||||||||||||
>50% Below cost | — | — | — | 17 | (29 | ) | 30 | 17 | (29 | ) | 30 | ||||||||||||||||||||||||||
Total fixed maturity securities | 11,461 | (672 | ) | 1,527 | 1,655 | (281 | ) | 275 | 13,116 | (953 | ) | 1,802 | |||||||||||||||||||||||||
% Below cost—equity securities: | |||||||||||||||||||||||||||||||||||||
<20% Below cost | 132 | (15 | ) | 69 | — | — | — | 132 | (15 | ) | 69 | ||||||||||||||||||||||||||
20%-50% Below cost | 1 | (1 | ) | 3 | — | — | — | 1 | (1 | ) | 3 | ||||||||||||||||||||||||||
Total equity securities | 133 | (16 | ) | 72 | — | — | — | 133 | (16 | ) | 72 | ||||||||||||||||||||||||||
Total for securities in an unrealized loss position | $ | 11,594 | $ | (688 | ) | 1,599 | $ | 1,655 | $ | (281 | ) | 275 | $ | 13,249 | $ | (969 | ) | 1,874 | |||||||||||||||||||
Investment grade | $ | 10,978 | $ | (653 | ) | 1,435 | $ | 1,145 | $ | (203 | ) | 149 | $ | 12,123 | $ | (856 | ) | 1,584 | |||||||||||||||||||
Below investment grade (3) | 616 | (35 | ) | 164 | 510 | (78 | ) | 126 | 1,126 | (113 | ) | 290 | |||||||||||||||||||||||||
Total for securities in an unrealized loss position | $ | 11,594 | $ | (688 | ) | 1,599 | $ | 1,655 | $ | (281 | ) | 275 | $ | 13,249 | $ | (969 | ) | 1,874 | |||||||||||||||||||
(1) | Amounts included $16 million of unrealized losses on other-than-temporarily impaired securities. | ||||||||||||||||||||||||||||||||||||
(2) | Amounts included $17 million of unrealized losses on other-than-temporarily impaired securities. | ||||||||||||||||||||||||||||||||||||
(3) | Amounts that have been in a continuous loss position for 12 months or more included $16 million of unrealized losses on other-than-temporarily impaired securities. | ||||||||||||||||||||||||||||||||||||
The following table presents the gross unrealized losses and fair values of our investment securities, aggregated by investment type and length of time that individual investment securities have been in a continuous unrealized loss position, as of December 31, 2012: | |||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||||
(Dollar amounts in millions) | Fair | Gross | Number of | Fair | Gross | Number | Fair | Gross | Number of | ||||||||||||||||||||||||||||
value | unrealized | securities | value | unrealized | of | value | unrealized | securities | |||||||||||||||||||||||||||||
losses | losses (1) | securities | losses (2) | ||||||||||||||||||||||||||||||||||
Description of Securities | |||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||
U.S. government, agencies and government-sponsored enterprises | $ | 655 | $ | (18 | ) | 19 | $ | — | $ | — | — | $ | 655 | $ | (18 | ) | 19 | ||||||||||||||||||||
Tax-exempt | — | — | — | 137 | (30 | ) | 13 | 137 | (30 | ) | 13 | ||||||||||||||||||||||||||
Government—non-U.S. | 103 | (1 | ) | 21 | — | — | — | 103 | (1 | ) | 21 | ||||||||||||||||||||||||||
U.S. corporate | 859 | (19 | ) | 154 | 646 | (85 | ) | 65 | 1,505 | (104 | ) | 219 | |||||||||||||||||||||||||
Corporate—non-U.S. | 665 | (9 | ) | 105 | 436 | (38 | ) | 41 | 1,101 | (47 | ) | 146 | |||||||||||||||||||||||||
Residential mortgage- | 152 | (1 | ) | 32 | 494 | (224 | ) | 278 | 646 | (225 | ) | 310 | |||||||||||||||||||||||||
backed | |||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 183 | (1 | ) | 20 | 749 | (102 | ) | 130 | 932 | (103 | ) | 150 | |||||||||||||||||||||||||
Other asset-backed | 282 | (1 | ) | 42 | 185 | (66 | ) | 18 | 467 | (67 | ) | 60 | |||||||||||||||||||||||||
Subtotal, fixed maturity securities | 2,899 | (50 | ) | 393 | 2,647 | (545 | ) | 545 | 5,546 | (595 | ) | 938 | |||||||||||||||||||||||||
Equity securities | 52 | (4 | ) | 32 | 14 | (2 | ) | 13 | 66 | (6 | ) | 45 | |||||||||||||||||||||||||
Total for securities in an unrealized loss position | $ | 2,951 | $ | (54 | ) | 425 | $ | 2,661 | $ | (547 | ) | 558 | $ | 5,612 | $ | (601 | ) | 983 | |||||||||||||||||||
% Below cost—fixed maturity securities: | |||||||||||||||||||||||||||||||||||||
<20% Below cost | $ | 2,899 | $ | (50 | ) | 393 | $ | 2,151 | $ | (194 | ) | 337 | $ | 5,050 | $ | (244 | ) | 730 | |||||||||||||||||||
20%-50% Below cost | — | — | — | 445 | (218 | ) | 128 | 445 | (218 | ) | 128 | ||||||||||||||||||||||||||
>50% Below cost | — | — | — | 51 | (133 | ) | 80 | 51 | (133 | ) | 80 | ||||||||||||||||||||||||||
Total fixed maturity securities | 2,899 | (50 | ) | 393 | 2,647 | (545 | ) | 545 | 5,546 | (595 | ) | 938 | |||||||||||||||||||||||||
% Below cost—equity securities: | |||||||||||||||||||||||||||||||||||||
<20% Below cost | 47 | (2 | ) | 29 | 12 | (1 | ) | 11 | 59 | (3 | ) | 40 | |||||||||||||||||||||||||
20%-50% Below cost | 5 | (2 | ) | 3 | 2 | (1 | ) | 2 | 7 | (3 | ) | 5 | |||||||||||||||||||||||||
Total equity securities | 52 | (4 | ) | 32 | 14 | (2 | ) | 13 | 66 | (6 | ) | 45 | |||||||||||||||||||||||||
Total for securities in an unrealized loss position | $ | 2,951 | $ | (54 | ) | 425 | $ | 2,661 | $ | (547 | ) | 558 | $ | 5,612 | $ | (601 | ) | 983 | |||||||||||||||||||
Investment grade | $ | 2,761 | $ | (43 | ) | 356 | $ | 1,616 | $ | (209 | ) | 235 | $ | 4,377 | $ | (252 | ) | 591 | |||||||||||||||||||
Below investment grade (3) | 190 | (11 | ) | 69 | 1,045 | (338 | ) | 323 | 1,235 | (349 | ) | 392 | |||||||||||||||||||||||||
Total for securities in an unrealized loss position | $ | 2,951 | $ | (54 | ) | 425 | $ | 2,661 | $ | (547 | ) | 558 | $ | 5,612 | $ | (601 | ) | 983 | |||||||||||||||||||
(1) | Amounts included $123 million of unrealized losses on other-than-temporarily impaired securities. | ||||||||||||||||||||||||||||||||||||
(2) | Amounts included $124 million of unrealized losses on other-than-temporarily impaired securities. | ||||||||||||||||||||||||||||||||||||
(3) | Amounts that have been in a continuous loss position for 12 months or more included $119 million of unrealized losses on other-than-temporarily impaired securities. | ||||||||||||||||||||||||||||||||||||
Fixed Maturity Securities More Than 20% Below Cost and in Continuous Loss Position for 12 Months or More by Asset Class | ' | ||||||||||||||||||||||||||||||||||||
The following tables present the concentration of gross unrealized losses and fair values of fixed maturity securities that were more than 20% below cost and in a continuous loss position for 12 months or more by asset class as of September 30, 2013: | |||||||||||||||||||||||||||||||||||||
Investment Grade | |||||||||||||||||||||||||||||||||||||
20% to 50% | Greater than 50% | ||||||||||||||||||||||||||||||||||||
(Dollar amounts in millions) | Fair | Gross | % of total | Number of | Fair | Gross | % of total | Number of | |||||||||||||||||||||||||||||
value | unrealized | gross | securities | value | unrealized | gross | securities | ||||||||||||||||||||||||||||||
losses | unrealized | losses | unrealized | ||||||||||||||||||||||||||||||||||
losses | losses | ||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||
U.S. government, agencies and government-sponsored enterprises | $ | 134 | $ | (43 | ) | 4 | % | 1 | $ | — | $ | — | — | % | — | ||||||||||||||||||||||
Tax-exempt | 58 | (20 | ) | 2 | 6 | — | — | — | — | ||||||||||||||||||||||||||||
U.S. corporate | 23 | (7 | ) | 1 | 2 | — | — | — | — | ||||||||||||||||||||||||||||
Corporate—non-U.S. | 32 | (11 | ) | 1 | 7 | — | — | — | — | ||||||||||||||||||||||||||||
Structured securities: | |||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 2 | (2 | ) | — | 3 | 5 | (6 | ) | 1 | 7 | |||||||||||||||||||||||||||
Commercial mortgage-backed | 2 | (1 | ) | — | 2 | — | (1 | ) | — | 1 | |||||||||||||||||||||||||||
Other asset-backed | 60 | (29 | ) | 3 | 4 | — | — | — | — | ||||||||||||||||||||||||||||
Total structured securities | 64 | (32 | ) | 3 | 9 | 5 | (7 | ) | 1 | 8 | |||||||||||||||||||||||||||
Total | $ | 311 | $ | (113 | ) | 11 | % | 25 | $ | 5 | $ | (7 | ) | 1 | % | 8 | |||||||||||||||||||||
Below Investment Grade | |||||||||||||||||||||||||||||||||||||
20% to 50% | Greater than 50% | ||||||||||||||||||||||||||||||||||||
(Dollar amounts in millions) | Fair | Gross | % of total | Number of | Fair | Gross | % of total | Number of | |||||||||||||||||||||||||||||
value | unrealized | gross | securities | value | unrealized | gross | securities | ||||||||||||||||||||||||||||||
losses | unrealized | losses | unrealized | ||||||||||||||||||||||||||||||||||
losses | losses | ||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||
U.S. corporate | $ | 2 | $ | (1 | ) | — | % | 1 | $ | — | $ | — | — | % | — | ||||||||||||||||||||||
Structured securities: | |||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 21 | (9 | ) | 1 | 19 | 3 | (12 | ) | 1 | 19 | |||||||||||||||||||||||||||
Commercial mortgage-backed | 10 | (4 | ) | — | 4 | 1 | (1 | ) | — | 1 | |||||||||||||||||||||||||||
Other asset-backed | — | — | — | — | 8 | (9 | ) | 1 | 2 | ||||||||||||||||||||||||||||
Total structured securities | 31 | (13 | ) | 1 | 23 | 12 | (22 | ) | 2 | 22 | |||||||||||||||||||||||||||
Total | $ | 33 | $ | (14 | ) | 1 | % | 24 | $ | 12 | $ | (22 | ) | 2 | % | 22 | |||||||||||||||||||||
Corporate Debt Securities More Than 20% Below Cost and in Continuous Loss Position for 12 Months or More by Industry | ' | ||||||||||||||||||||||||||||||||||||
The following tables present the concentration of gross unrealized losses and fair values related to corporate debt fixed maturity securities that were more than 20% below cost and in a continuous loss position for 12 months or more by industry as of September 30, 2013: | |||||||||||||||||||||||||||||||||||||
Investment Grade | |||||||||||||||||||||||||||||||||||||
20% to 50% | Greater than 50% | ||||||||||||||||||||||||||||||||||||
(Dollar amounts in millions) | Fair | Gross | % of total | Number of | Fair | Gross | % of total | Number of | |||||||||||||||||||||||||||||
value | unrealized | gross | securities | value | unrealized | gross | securities | ||||||||||||||||||||||||||||||
losses | unrealized | losses | unrealized | ||||||||||||||||||||||||||||||||||
losses | losses | ||||||||||||||||||||||||||||||||||||
Industry: | |||||||||||||||||||||||||||||||||||||
Finance and insurance | $ | 55 | $ | (18 | ) | 2 | % | 9 | $ | — | $ | — | — | % | — | ||||||||||||||||||||||
Total | $ | 55 | $ | (18 | ) | 2 | % | 9 | $ | — | $ | — | — | % | — | ||||||||||||||||||||||
Below Investment Grade | |||||||||||||||||||||||||||||||||||||
20% to 50% | Greater than 50% | ||||||||||||||||||||||||||||||||||||
(Dollar amounts in millions) | Fair | Gross | % of total | Number of | Fair | Gross | % of total | Number of | |||||||||||||||||||||||||||||
value | unrealized | gross | securities | value | unrealized | gross | securities | ||||||||||||||||||||||||||||||
losses | unrealized | losses | unrealized | ||||||||||||||||||||||||||||||||||
losses | losses | ||||||||||||||||||||||||||||||||||||
Industry: | |||||||||||||||||||||||||||||||||||||
Finance and insurance | $ | 2 | $ | (1 | ) | — | % | 1 | $ | — | $ | — | — | % | — | ||||||||||||||||||||||
Total | $ | 2 | $ | (1 | ) | — | % | 1 | $ | — | $ | — | — | % | — | ||||||||||||||||||||||
Maturity Distribution of Fixed Maturity Securities | ' | ||||||||||||||||||||||||||||||||||||
The scheduled maturity distribution of fixed maturity securities as of September 30, 2013 is set forth below. Actual maturities may differ from contractual maturities because issuers of securities may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Amortized | Fair | |||||||||||||||||||||||||||||||||||
cost or cost | value | ||||||||||||||||||||||||||||||||||||
Due one year or less | $ | 2,744 | $ | 2,772 | |||||||||||||||||||||||||||||||||
Due after one year through five years | 10,019 | 10,563 | |||||||||||||||||||||||||||||||||||
Due after five years through ten years | 12,142 | 12,570 | |||||||||||||||||||||||||||||||||||
Due after ten years | 20,460 | 21,973 | |||||||||||||||||||||||||||||||||||
Subtotal | 45,365 | 47,878 | |||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 5,145 | 5,397 | |||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 2,762 | 2,790 | |||||||||||||||||||||||||||||||||||
Other asset-backed | 3,047 | 3,021 | |||||||||||||||||||||||||||||||||||
Total | $ | 56,319 | $ | 59,086 | |||||||||||||||||||||||||||||||||
Commercial Mortgage Loans by Property Type | ' | ||||||||||||||||||||||||||||||||||||
The following tables set forth the distribution across property type and geographic region for commercial mortgage loans as of the dates indicated: | |||||||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Carrying | % of | Carrying | % of | |||||||||||||||||||||||||||||||||
value | total | value | total | ||||||||||||||||||||||||||||||||||
Property type: | |||||||||||||||||||||||||||||||||||||
Retail | $ | 2,005 | 34 | % | $ | 1,895 | 32 | % | |||||||||||||||||||||||||||||
Office | 1,610 | 27 | 1,580 | 27 | |||||||||||||||||||||||||||||||||
Industrial | 1,571 | 27 | 1,603 | 27 | |||||||||||||||||||||||||||||||||
Apartments | 473 | 8 | 552 | 9 | |||||||||||||||||||||||||||||||||
Mixed use/other | 234 | 4 | 282 | 5 | |||||||||||||||||||||||||||||||||
Subtotal | 5,893 | 100 | % | 5,912 | 100 | % | |||||||||||||||||||||||||||||||
Unamortized balance of loan origination fees and costs | 1 | 2 | |||||||||||||||||||||||||||||||||||
Allowance for losses | (36 | ) | (42 | ) | |||||||||||||||||||||||||||||||||
Total | $ | 5,858 | $ | 5,872 | |||||||||||||||||||||||||||||||||
Commercial Mortgage Loans by Geographic Region | ' | ||||||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Carrying | % of | Carrying | % of | |||||||||||||||||||||||||||||||||
value | total | value | total | ||||||||||||||||||||||||||||||||||
Geographic region: | |||||||||||||||||||||||||||||||||||||
Pacific | $ | 1,624 | 28 | % | $ | 1,553 | 26 | % | |||||||||||||||||||||||||||||
South Atlantic | 1,558 | 26 | 1,587 | 27 | |||||||||||||||||||||||||||||||||
Middle Atlantic | 792 | 13 | 739 | 13 | |||||||||||||||||||||||||||||||||
Mountain | 462 | 8 | 463 | 8 | |||||||||||||||||||||||||||||||||
East North Central | 384 | 7 | 468 | 8 | |||||||||||||||||||||||||||||||||
West North Central | 366 | 6 | 353 | 6 | |||||||||||||||||||||||||||||||||
New England | 327 | 6 | 343 | 6 | |||||||||||||||||||||||||||||||||
West South Central | 237 | 4 | 265 | 4 | |||||||||||||||||||||||||||||||||
East South Central | 143 | 2 | 141 | 2 | |||||||||||||||||||||||||||||||||
Subtotal | 5,893 | 100 | % | 5,912 | 100 | % | |||||||||||||||||||||||||||||||
Unamortized balance of loan origination fees and costs | 1 | 2 | |||||||||||||||||||||||||||||||||||
Allowance for losses | (36 | ) | (42 | ) | |||||||||||||||||||||||||||||||||
Total | $ | 5,858 | $ | 5,872 | |||||||||||||||||||||||||||||||||
Aging of Past Due Commercial Mortgage Loans by Property Type | ' | ||||||||||||||||||||||||||||||||||||
The following tables set forth the aging of past due commercial mortgage loans by property type as of the dates indicated: | |||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||
(Amounts in millions) | 31 - 60 days | 61 - 90 days | Greater than | Total | Current | Total | |||||||||||||||||||||||||||||||
past due | past due | 90 days past | past due | ||||||||||||||||||||||||||||||||||
due | |||||||||||||||||||||||||||||||||||||
Property type: | |||||||||||||||||||||||||||||||||||||
Retail | $ | — | $ | — | $ | 10 | $ | 10 | $ | 1,995 | $ | 2,005 | |||||||||||||||||||||||||
Office | — | — | 9 | 9 | 1,601 | 1,610 | |||||||||||||||||||||||||||||||
Industrial | — | 16 | 1 | 17 | 1,554 | 1,571 | |||||||||||||||||||||||||||||||
Apartments | — | — | — | — | 473 | 473 | |||||||||||||||||||||||||||||||
Mixed use/other | — | — | — | — | 234 | 234 | |||||||||||||||||||||||||||||||
Total recorded investment | $ | — | $ | 16 | $ | 20 | $ | 36 | $ | 5,857 | $ | 5,893 | |||||||||||||||||||||||||
% of total commercial mortgage loans | — | % | — | % | 1 | % | 1 | % | 99 | % | 100 | % | |||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
(Amounts in millions) | 31 - 60 days | 61 - 90 days | Greater than | Total | Current | Total | |||||||||||||||||||||||||||||||
past due | past due | 90 days past | past due | ||||||||||||||||||||||||||||||||||
due | |||||||||||||||||||||||||||||||||||||
Property type: | |||||||||||||||||||||||||||||||||||||
Retail | $ | — | $ | 3 | $ | — | $ | 3 | $ | 1,892 | $ | 1,895 | |||||||||||||||||||||||||
Office | 2 | — | — | 2 | 1,578 | 1,580 | |||||||||||||||||||||||||||||||
Industrial | — | — | — | — | 1,603 | 1,603 | |||||||||||||||||||||||||||||||
Apartments | — | — | 4 | 4 | 548 | 552 | |||||||||||||||||||||||||||||||
Mixed use/other | 66 | — | — | 66 | 216 | 282 | |||||||||||||||||||||||||||||||
Total recorded investment | $ | 68 | $ | 3 | $ | 4 | $ | 75 | $ | 5,837 | $ | 5,912 | |||||||||||||||||||||||||
% of total commercial mortgage loans | 1 | % | — | % | — | % | 1 | % | 99 | % | 100 | % | |||||||||||||||||||||||||
Allowance for Credit Losses and Recorded Investment in Commercial Mortgage Loans | ' | ||||||||||||||||||||||||||||||||||||
The following table sets forth the allowance for credit losses and recorded investment in commercial mortgage loans as of or for the periods indicated: | |||||||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 38 | $ | 46 | $ | 42 | $ | 51 | |||||||||||||||||||||||||||||
Charge-offs | (1 | ) | (3 | ) | (3 | ) | (4 | ) | |||||||||||||||||||||||||||||
Recoveries | — | — | — | — | |||||||||||||||||||||||||||||||||
Provision | (1 | ) | 1 | (3 | ) | (3 | ) | ||||||||||||||||||||||||||||||
Ending balance | $ | 36 | $ | 44 | $ | 36 | $ | 44 | |||||||||||||||||||||||||||||
Ending allowance for individually impaired loans | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||
Ending allowance for loans not individually impaired that were evaluated collectively for impairment | $ | 36 | $ | 44 | $ | 36 | $ | 44 | |||||||||||||||||||||||||||||
Recorded investment: | |||||||||||||||||||||||||||||||||||||
Ending balance | $ | 5,893 | $ | 5,903 | $ | 5,893 | $ | 5,903 | |||||||||||||||||||||||||||||
Ending balance of individually impaired loans | $ | 2 | $ | 8 | $ | 2 | $ | 8 | |||||||||||||||||||||||||||||
Ending balance of loans not individually impaired that were evaluated collectively for impairment | $ | 5,891 | $ | 5,895 | $ | 5,891 | $ | 5,895 | |||||||||||||||||||||||||||||
Average Loan-to-Value of Commercial Mortgage Loans by Property Type | ' | ||||||||||||||||||||||||||||||||||||
The following tables set forth the loan-to-value of commercial mortgage loans by property type as of the dates indicated: | |||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||
(Amounts in millions) | 0% - 50% | 51% - 60% | 61% - 75% | 76% - 100% | Greater | Total | |||||||||||||||||||||||||||||||
than 100% (1) | |||||||||||||||||||||||||||||||||||||
Property type: | |||||||||||||||||||||||||||||||||||||
Retail | $ | 557 | $ | 360 | $ | 957 | $ | 105 | $ | 26 | $ | 2,005 | |||||||||||||||||||||||||
Office | 385 | 199 | 768 | 190 | 68 | 1,610 | |||||||||||||||||||||||||||||||
Industrial | 444 | 215 | 740 | 151 | 21 | 1,571 | |||||||||||||||||||||||||||||||
Apartments | 190 | 100 | 146 | 36 | 1 | 473 | |||||||||||||||||||||||||||||||
Mixed use/other | 57 | 56 | 109 | 6 | 6 | 234 | |||||||||||||||||||||||||||||||
Total recorded investment | $ | 1,633 | $ | 930 | $ | 2,720 | $ | 488 | $ | 122 | $ | 5,893 | |||||||||||||||||||||||||
% of total | 28 | % | 16 | % | 46 | % | 8 | % | 2 | % | 100 | % | |||||||||||||||||||||||||
Weighted-average debt service coverage ratio | 2.19 | 1.77 | 1.72 | 1.11 | 0.64 | 1.78 | |||||||||||||||||||||||||||||||
(1) | Included $2 million of impaired loans, $10 million of loans past due and not individually impaired and $110 million of loans in good standing where borrowers continued to make timely payments, with a total weighted-average loan-to-value of 118%. | ||||||||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||
(Amounts in millions) | 0% - 50% | 51% - 60% | 61% - 75% | 76% - 100% | Greater | Total | |||||||||||||||||||||||||||||||
than 100% (1) | |||||||||||||||||||||||||||||||||||||
Property type: | |||||||||||||||||||||||||||||||||||||
Retail | $ | 548 | $ | 280 | $ | 874 | $ | 162 | $ | 31 | $ | 1,895 | |||||||||||||||||||||||||
Office | 323 | 237 | 688 | 288 | 44 | 1,580 | |||||||||||||||||||||||||||||||
Industrial | 462 | 242 | 671 | 188 | 40 | 1,603 | |||||||||||||||||||||||||||||||
Apartments | 167 | 140 | 201 | 29 | 15 | 552 | |||||||||||||||||||||||||||||||
Mixed use/other | 68 | 24 | 103 | 81 | 6 | 282 | |||||||||||||||||||||||||||||||
Total recorded investment | $ | 1,568 | $ | 923 | $ | 2,537 | $ | 748 | $ | 136 | $ | 5,912 | |||||||||||||||||||||||||
% of total | 27 | % | 16 | % | 42 | % | 13 | % | 2 | % | 100 | % | |||||||||||||||||||||||||
Weighted-average debt service coverage ratio | 2.13 | 1.73 | 2.09 | 1.18 | 2.48 | 1.95 | |||||||||||||||||||||||||||||||
(1) | Included $136 million of loans in good standing where borrowers continued to make timely payments, with a total weighted-average loan-to-value of 144%. | ||||||||||||||||||||||||||||||||||||
Debt Service Coverage Ratio for Fixed Rate Commercial Mortgage Loans by Property Type | ' | ||||||||||||||||||||||||||||||||||||
The following tables set forth the debt service coverage ratio for fixed rate commercial mortgage loans by property type as of the dates indicated: | |||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Less than 1.00 | 1.00 - 1.25 | 1.26 - 1.50 | 1.51 - 2.00 | Greater | Total | |||||||||||||||||||||||||||||||
than 2.00 | |||||||||||||||||||||||||||||||||||||
Property type: | |||||||||||||||||||||||||||||||||||||
Retail | $ | 107 | $ | 297 | $ | 371 | $ | 735 | $ | 393 | $ | 1,903 | |||||||||||||||||||||||||
Office | 138 | 183 | 211 | 632 | 370 | 1,534 | |||||||||||||||||||||||||||||||
Industrial | 167 | 118 | 267 | 709 | 305 | 1,566 | |||||||||||||||||||||||||||||||
Apartments | 12 | 25 | 105 | 168 | 163 | 473 | |||||||||||||||||||||||||||||||
Mixed use/other | 22 | 2 | 38 | 122 | 50 | 234 | |||||||||||||||||||||||||||||||
Total recorded investment | $ | 446 | $ | 625 | $ | 992 | $ | 2,366 | $ | 1,281 | $ | 5,710 | |||||||||||||||||||||||||
% of total | 8 | % | 11 | % | 17 | % | 42 | % | 22 | % | 100 | % | |||||||||||||||||||||||||
Weighted-average loan-to-value | 80 | % | 68 | % | 64 | % | 60 | % | 43 | % | 59 | % | |||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Less than 1.00 | 1.00 - 1.25 | 1.26 - 1.50 | 1.51 - 2.00 | Greater | Total | |||||||||||||||||||||||||||||||
than 2.00 | |||||||||||||||||||||||||||||||||||||
Property type: | |||||||||||||||||||||||||||||||||||||
Retail | $ | 87 | $ | 295 | $ | 391 | $ | 634 | $ | 384 | $ | 1,791 | |||||||||||||||||||||||||
Office | 148 | 174 | 312 | 559 | 303 | 1,496 | |||||||||||||||||||||||||||||||
Industrial | 164 | 148 | 311 | 629 | 345 | 1,597 | |||||||||||||||||||||||||||||||
Apartments | 9 | 62 | 90 | 279 | 112 | 552 | |||||||||||||||||||||||||||||||
Mixed use/other | 32 | 21 | 49 | 64 | 50 | 216 | |||||||||||||||||||||||||||||||
Total recorded investment | $ | 440 | $ | 700 | $ | 1,153 | $ | 2,165 | $ | 1,194 | $ | 5,652 | |||||||||||||||||||||||||
% of total | 8 | % | 12 | % | 20 | % | 39 | % | 21 | % | 100 | % | |||||||||||||||||||||||||
Weighted-average loan-to-value | 81 | % | 71 | % | 66 | % | 61 | % | 45 | % | 61 | % | |||||||||||||||||||||||||
Debt Service Coverage Ratio for Floating Rate Commercial Mortgage Loans by Property Type | ' | ||||||||||||||||||||||||||||||||||||
The following tables set forth the debt service coverage ratio for floating rate commercial mortgage loans by property type as of the dates indicated: | |||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Less than 1.00 | 1.00 - 1.25 | 1.26 - 1.50 | 1.51 - 2.00 | Greater | Total | |||||||||||||||||||||||||||||||
than 2.00 | |||||||||||||||||||||||||||||||||||||
Property type: | |||||||||||||||||||||||||||||||||||||
Retail | $ | — | $ | — | $ | — | $ | — | $ | 102 | $ | 102 | |||||||||||||||||||||||||
Office | — | — | 8 | — | 68 | 76 | |||||||||||||||||||||||||||||||
Industrial | — | — | — | — | 5 | 5 | |||||||||||||||||||||||||||||||
Apartments | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Mixed use/other | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Total recorded investment | $ | — | $ | — | $ | 8 | $ | — | $ | 175 | $ | 183 | |||||||||||||||||||||||||
% of total | — | % | — | % | 4 | % | — | % | 96 | % | 100 | % | |||||||||||||||||||||||||
Weighted-average loan-to-value | — | % | — | % | 77 | % | — | % | 62 | % | 63 | % | |||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Less than 1.00 | 1.00 - 1.25 | 1.26 - 1.50 | 1.51 - 2.00 | Greater | Total | |||||||||||||||||||||||||||||||
than 2.00 | |||||||||||||||||||||||||||||||||||||
Property type: | |||||||||||||||||||||||||||||||||||||
Retail | $ | — | $ | — | $ | 1 | $ | — | $ | 103 | $ | 104 | |||||||||||||||||||||||||
Office | — | — | 8 | — | 76 | 84 | |||||||||||||||||||||||||||||||
Industrial | — | — | — | — | 6 | 6 | |||||||||||||||||||||||||||||||
Apartments | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Mixed use/other | — | — | — | — | 66 | 66 | |||||||||||||||||||||||||||||||
Total recorded investment | $ | — | $ | — | $ | 9 | $ | — | $ | 251 | $ | 260 | |||||||||||||||||||||||||
% of total | — | % | — | % | 3 | % | — | % | 97 | % | 100 | % | |||||||||||||||||||||||||
Weighted-average loan-to-value | — | % | — | % | 55 | % | — | % | 79 | % | 78 | % | |||||||||||||||||||||||||
Restricted Commercial Mortgage Loans by Property Type | ' | ||||||||||||||||||||||||||||||||||||
The following tables set forth additional information regarding our restricted commercial mortgage loans related to securitization entities as of the dates indicated: | |||||||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Carrying | % of | Carrying | % of | |||||||||||||||||||||||||||||||||
value | total | value | total | ||||||||||||||||||||||||||||||||||
Property type: | |||||||||||||||||||||||||||||||||||||
Retail | $ | 118 | 41 | % | $ | 140 | 42 | % | |||||||||||||||||||||||||||||
Industrial | 68 | 23 | 81 | 24 | |||||||||||||||||||||||||||||||||
Office | 52 | 18 | 63 | 18 | |||||||||||||||||||||||||||||||||
Apartments | 50 | 17 | 53 | 15 | |||||||||||||||||||||||||||||||||
Mixed use/other | 3 | 1 | 5 | 1 | |||||||||||||||||||||||||||||||||
Subtotal | 291 | 100 | % | 342 | 100 | % | |||||||||||||||||||||||||||||||
Allowance for losses | (1 | ) | (1 | ) | |||||||||||||||||||||||||||||||||
Total | $ | 290 | $ | 341 | |||||||||||||||||||||||||||||||||
Restricted Commercial Mortgage Loans by Geographic Region | ' | ||||||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Carrying | % of | Carrying | % of | |||||||||||||||||||||||||||||||||
value | total | value | total | ||||||||||||||||||||||||||||||||||
Geographic region: | |||||||||||||||||||||||||||||||||||||
South Atlantic | $ | 106 | 36 | % | $ | 126 | 37 | % | |||||||||||||||||||||||||||||
Pacific | 54 | 19 | 60 | 18 | |||||||||||||||||||||||||||||||||
Middle Atlantic | 49 | 17 | 55 | 16 | |||||||||||||||||||||||||||||||||
East North Central | 21 | 7 | 31 | 9 | |||||||||||||||||||||||||||||||||
Mountain | 20 | 7 | 21 | 6 | |||||||||||||||||||||||||||||||||
West North Central | 18 | 6 | 22 | 6 | |||||||||||||||||||||||||||||||||
East South Central | 13 | 5 | 16 | 5 | |||||||||||||||||||||||||||||||||
West South Central | 10 | 3 | 11 | 3 | |||||||||||||||||||||||||||||||||
Subtotal | 291 | 100 | % | 342 | 100 | % | |||||||||||||||||||||||||||||||
Allowance for losses | (1 | ) | (1 | ) | |||||||||||||||||||||||||||||||||
Total | $ | 290 | $ | 341 | |||||||||||||||||||||||||||||||||
Average Loan-to-Value of Restricted Commercial Mortgage Loans by Property Type | ' | ||||||||||||||||||||||||||||||||||||
The following tables set forth the loan-to-value of restricted commercial mortgage loans by property type as of the dates indicated: | |||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||
(Amounts in millions) | 0% - 50% | 51% - 60% | 61% - 75% | 76% - 100% | Greater | Total | |||||||||||||||||||||||||||||||
than 100% | |||||||||||||||||||||||||||||||||||||
Property type: | |||||||||||||||||||||||||||||||||||||
Retail | $ | 116 | $ | — | $ | — | $ | — | $ | 2 | $ | 118 | |||||||||||||||||||||||||
Industrial | 68 | — | — | — | — | 68 | |||||||||||||||||||||||||||||||
Office | 50 | — | 2 | — | — | 52 | |||||||||||||||||||||||||||||||
Apartments | 40 | — | 10 | — | — | 50 | |||||||||||||||||||||||||||||||
Mixed use/other | 3 | — | — | — | — | 3 | |||||||||||||||||||||||||||||||
Total recorded investment | $ | 277 | $ | — | $ | 12 | $ | — | $ | 2 | $ | 291 | |||||||||||||||||||||||||
% of total | 95 | % | — | % | 4 | % | — | % | 1 | % | 100 | % | |||||||||||||||||||||||||
Weighted-average debt service coverage ratio | 1.75 | — | 1.21 | — | 0.44 | 1.71 | |||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||
(Amounts in millions) | 0% - 50% | 51% - 60% | 61% - 75% | 76% - 100% | Greater | Total | |||||||||||||||||||||||||||||||
than 100% | |||||||||||||||||||||||||||||||||||||
Property type: | |||||||||||||||||||||||||||||||||||||
Retail | $ | 126 | $ | 4 | $ | 7 | $ | — | $ | 3 | $ | 140 | |||||||||||||||||||||||||
Industrial | 77 | — | 3 | 1 | — | 81 | |||||||||||||||||||||||||||||||
Office | 54 | 3 | — | 6 | — | 63 | |||||||||||||||||||||||||||||||
Apartments | 28 | 4 | 21 | — | — | 53 | |||||||||||||||||||||||||||||||
Mixed use/other | 5 | — | — | — | — | 5 | |||||||||||||||||||||||||||||||
Total recorded investment | $ | 290 | $ | 11 | $ | 31 | $ | 7 | $ | 3 | $ | 342 | |||||||||||||||||||||||||
% of total | 85 | % | 3 | % | 9 | % | 2 | % | 1 | % | 100 | % | |||||||||||||||||||||||||
Weighted-average debt service coverage ratio | 1.78 | 1.38 | 1.14 | 0.86 | 0.54 | 1.68 | |||||||||||||||||||||||||||||||
Debt Service Coverage Ratio for Fixed Rate Restricted Commercial Mortgage Loans by Property Type | ' | ||||||||||||||||||||||||||||||||||||
The following tables set forth the debt service coverage ratio for fixed rate restricted commercial mortgage loans by property type as of the dates indicated: | |||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Less than 1.00 | 1.00 - 1.25 | 1.26 - 1.50 | 1.51 - 2.00 | Greater | Total | |||||||||||||||||||||||||||||||
than 2.00 | |||||||||||||||||||||||||||||||||||||
Property type: | |||||||||||||||||||||||||||||||||||||
Retail | $ | 6 | $ | 6 | $ | 28 | $ | 32 | $ | 46 | $ | 118 | |||||||||||||||||||||||||
Industrial | 2 | 5 | 14 | 29 | 18 | 68 | |||||||||||||||||||||||||||||||
Office | 9 | 10 | 15 | 13 | 5 | 52 | |||||||||||||||||||||||||||||||
Apartments | — | 5 | 22 | 13 | 10 | 50 | |||||||||||||||||||||||||||||||
Mixed use/other | — | — | — | — | 3 | 3 | |||||||||||||||||||||||||||||||
Total recorded investment | $ | 17 | $ | 26 | $ | 79 | $ | 87 | $ | 82 | $ | 291 | |||||||||||||||||||||||||
% of total | 6 | % | 9 | % | 27 | % | 30 | % | 28 | % | 100 | % | |||||||||||||||||||||||||
Weighted-average loan-to-value | 55 | % | 31 | % | 39 | % | 29 | % | 25 | % | 32 | % | |||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Less than 1.00 | 1.00 - 1.25 | 1.26 - 1.50 | 1.51 - 2.00 | Greater | Total | |||||||||||||||||||||||||||||||
than 2.00 | |||||||||||||||||||||||||||||||||||||
Property type: | |||||||||||||||||||||||||||||||||||||
Retail | $ | 5 | $ | 16 | $ | 34 | $ | 36 | $ | 49 | $ | 140 | |||||||||||||||||||||||||
Industrial | 9 | 4 | 14 | 37 | 17 | 81 | |||||||||||||||||||||||||||||||
Office | 4 | 22 | 14 | 12 | 11 | 63 | |||||||||||||||||||||||||||||||
Apartments | — | 20 | 11 | 21 | 1 | 53 | |||||||||||||||||||||||||||||||
Mixed use/other | — | — | — | 2 | 3 | 5 | |||||||||||||||||||||||||||||||
Total recorded investment | $ | 18 | $ | 62 | $ | 73 | $ | 108 | $ | 81 | $ | 342 | |||||||||||||||||||||||||
% of total | 5 | % | 18 | % | 21 | % | 32 | % | 24 | % | 100 | % | |||||||||||||||||||||||||
Weighted-average loan-to-value | 51 | % | 53 | % | 37 | % | 31 | % | 29 | % | 37 | % | |||||||||||||||||||||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Schedule Of Positions in Derivative Instruments | ' | ||||||||||||||||||||||||||||
The following table sets forth our positions in derivative instruments as of the dates indicated: | |||||||||||||||||||||||||||||
Derivative assets | Derivative liabilities | ||||||||||||||||||||||||||||
Balance | Fair value | Balance | Fair value | ||||||||||||||||||||||||||
(Amounts in millions) | sheet classification | September 30, | December 31, | sheet classification | September 30, | December 31, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Derivatives designated as hedges | |||||||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||||
Interest rate swaps | Other invested assets | $ | 146 | $ | 414 | Other liabilities | $ | 410 | $ | 27 | |||||||||||||||||||
Inflation indexed swaps | Other invested assets | — | — | Other liabilities | 73 | 105 | |||||||||||||||||||||||
Foreign currency swaps | Other invested assets | 3 | 3 | Other liabilities | 1 | 1 | |||||||||||||||||||||||
Forward bond purchase commitments | Other invested assets | — | 53 | Other liabilities | 5 | — | |||||||||||||||||||||||
Total cash flow hedges | 149 | 470 | 489 | 133 | |||||||||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||||||||||
Interest rate swaps | Other invested assets | 1 | 12 | Other liabilities | — | — | |||||||||||||||||||||||
Foreign currency swaps | Other invested assets | — | 31 | Other liabilities | — | — | |||||||||||||||||||||||
Total fair value hedges | 1 | 43 | — | — | |||||||||||||||||||||||||
Total derivatives designated as hedges | 150 | 513 | 489 | 133 | |||||||||||||||||||||||||
Derivatives not designated as hedges | |||||||||||||||||||||||||||||
Interest rate swaps | Other invested assets | 357 | 603 | Other liabilities | 43 | 280 | |||||||||||||||||||||||
Interest rate swaps related to securitization entities | Restricted other invested assets | — | — | Other liabilities | 18 | 27 | |||||||||||||||||||||||
Credit default swaps | Other invested assets | 9 | 8 | Other liabilities | — | 1 | |||||||||||||||||||||||
Credit default swaps related to securitization entities | Restricted other invested assets | — | — | Other liabilities | 59 | 104 | |||||||||||||||||||||||
Equity index options | Other invested assets | 6 | 25 | Other liabilities | — | — | |||||||||||||||||||||||
Financial futures | Other invested assets | — | — | Other liabilities | — | — | |||||||||||||||||||||||
Equity return swaps | Other invested assets | — | — | Other liabilities | 5 | 8 | |||||||||||||||||||||||
Other foreign currency contracts | Other invested assets | 5 | — | Other liabilities | 4 | — | |||||||||||||||||||||||
GMWB embedded derivatives | Reinsurance recoverable (1) | 3 | 10 | Policyholder account balances (2) | 177 | 350 | |||||||||||||||||||||||
Fixed index annuity embedded derivatives | Other assets (3) | — | — | Policyholder account balances (3) | 83 | 27 | |||||||||||||||||||||||
Total derivatives not designated as hedges | 380 | 646 | 389 | 797 | |||||||||||||||||||||||||
Total derivatives | $ | 530 | $ | 1,159 | $ | 878 | $ | 930 | |||||||||||||||||||||
(1) | Represents embedded derivatives associated with the reinsured portion of our guaranteed minimum withdrawal benefits (“GMWB”) liabilities. | ||||||||||||||||||||||||||||
(2) | Represents the embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. | ||||||||||||||||||||||||||||
-3 | Represents the embedded derivatives associated with our fixed index annuity liabilities. | ||||||||||||||||||||||||||||
Activity Associated with Derivative Instruments | ' | ||||||||||||||||||||||||||||
The following tables represent activity associated with derivative instruments as of the dates indicated: | |||||||||||||||||||||||||||||
(Notional in millions) | Measurement | December 31, | Additions | Maturities/ | September 30, | ||||||||||||||||||||||||
2012 | terminations | 2013 | |||||||||||||||||||||||||||
Derivatives designated as hedges | |||||||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||||
Interest rate swaps | Notional | $ | 10,146 | $ | 9,614 | $ | (5,646 | ) | $ | 14,114 | |||||||||||||||||||
Inflation indexed swaps | Notional | 554 | 9 | (2 | ) | 561 | |||||||||||||||||||||||
Foreign currency swaps | Notional | 183 | 102 | (250 | ) | 35 | |||||||||||||||||||||||
Forward bond purchase commitments | Notional | 456 | — | (135 | ) | 321 | |||||||||||||||||||||||
Total cash flow hedges | 11,339 | 9,725 | (6,033 | ) | 15,031 | ||||||||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||||||||||
Interest rate swaps | Notional | 723 | — | (717 | ) | 6 | |||||||||||||||||||||||
Foreign currency swaps | Notional | 85 | — | (85 | ) | — | |||||||||||||||||||||||
Total fair value hedges | 808 | — | (802 | ) | 6 | ||||||||||||||||||||||||
Total derivatives designated as hedges | 12,147 | 9,725 | (6,835 | ) | 15,037 | ||||||||||||||||||||||||
Derivatives not designated as hedges | |||||||||||||||||||||||||||||
Interest rate swaps | Notional | 6,331 | 961 | (2,471 | ) | 4,821 | |||||||||||||||||||||||
Interest rate swaps related to securitization entities | Notional | 104 | — | (9 | ) | 95 | |||||||||||||||||||||||
Credit default swaps | Notional | 932 | 68 | (293 | ) | 707 | |||||||||||||||||||||||
Credit default swaps related to securitization entities | Notional | 312 | — | — | 312 | ||||||||||||||||||||||||
Equity index options | Notional | 936 | 912 | (1,055 | ) | 793 | |||||||||||||||||||||||
Financial futures | Notional | 1,692 | 3,851 | (4,301 | ) | 1,242 | |||||||||||||||||||||||
Equity return swaps | Notional | 186 | 128 | (214 | ) | 100 | |||||||||||||||||||||||
Other foreign currency contracts | Notional | — | 628 | (177 | ) | 451 | |||||||||||||||||||||||
Total derivatives not designated as hedges | 10,493 | 6,548 | (8,520 | ) | 8,521 | ||||||||||||||||||||||||
Total derivatives | $ | 22,640 | $ | 16,273 | $ | (15,355 | ) | $ | 23,558 | ||||||||||||||||||||
(Number of policies) | Measurement | December 31, | Additions | Maturities/ | September 30, | ||||||||||||||||||||||||
2012 | terminations | 2013 | |||||||||||||||||||||||||||
Derivatives not designated as hedges | |||||||||||||||||||||||||||||
GMWB embedded derivatives | Policies | 45,027 | — | (2,186 | ) | 42,841 | |||||||||||||||||||||||
Fixed index annuity embedded derivatives | Policies | 2,013 | 3,077 | (55 | ) | 5,035 | |||||||||||||||||||||||
Schedule of Pre-Tax Income (Loss) Effects of Cash Flow Hedges | ' | ||||||||||||||||||||||||||||
The following table provides information about the pre-tax income (loss) effects of cash flow hedges for the three months ended September 30, 2013: | |||||||||||||||||||||||||||||
(Amounts in millions) | Gain (loss) | Gain (loss) | Classification of gain | Gain (loss) | Classification of gain | ||||||||||||||||||||||||
recognized in OCI | reclassified into | (loss) reclassified into | recognized in | (loss) recognized in | |||||||||||||||||||||||||
net income | net income | net income (1) | net income | ||||||||||||||||||||||||||
from OCI | |||||||||||||||||||||||||||||
Interest rate swaps hedging assets | $ | (199 | ) | $ | 15 | Net investment income | $ | (2 | ) | Net investment gains (losses) | |||||||||||||||||||
Interest rate swaps hedging liabilities | 9 | — | Interest expense | — | Net investment gains (losses) | ||||||||||||||||||||||||
Inflation indexed swaps | (2 | ) | (3 | ) | Net investment income | — | Net investment gains (losses) | ||||||||||||||||||||||
Foreign currency swaps | (1 | ) | — | Interest expense | — | Net investment gains (losses) | |||||||||||||||||||||||
Forward bond purchase commitments | (11 | ) | — | Net investment income | — | Net investment gains (losses) | |||||||||||||||||||||||
Total | $ | (204 | ) | $ | 12 | $ | (2 | ) | |||||||||||||||||||||
(1) | Represents ineffective portion of cash flow hedges as there were no amounts excluded from the measurement of effectiveness. | ||||||||||||||||||||||||||||
The following table provides information about the pre-tax income (loss) effects of cash flow hedges for the three months ended September 30, 2012: | |||||||||||||||||||||||||||||
(Amounts in millions) | Gain (loss) | Gain (loss) | Classification of gain | Gain (loss) | Classification of gain | ||||||||||||||||||||||||
recognized in OCI | reclassified into | (loss) reclassified into | recognized in | (loss) recognized in | |||||||||||||||||||||||||
net income | net income | net income (1) | net income | ||||||||||||||||||||||||||
from OCI | |||||||||||||||||||||||||||||
Interest rate swaps hedging assets | $ | (83 | ) | $ | 9 | Net investment income | $ | (6 | ) | Net investment gains (losses) | |||||||||||||||||||
Interest rate swaps hedging assets | — | 1 | Net investment gains (losses) | — | Net investment gains (losses) | ||||||||||||||||||||||||
Inflation indexed swaps | (23 | ) | 3 | Net investment income | — | Net investment gains (losses) | |||||||||||||||||||||||
Foreign currency swaps | 1 | — | Interest expense | — | Net investment gains (losses) | ||||||||||||||||||||||||
Forward bond purchase commitments | 2 | — | Net investment income | — | Net investment gains (losses) | ||||||||||||||||||||||||
Total | $ | (103 | ) | $ | 13 | $ | (6 | ) | |||||||||||||||||||||
(1) | Represents ineffective portion of cash flow hedges as there were no amounts excluded from the measurement of effectiveness. | ||||||||||||||||||||||||||||
The following table provides information about the pre-tax income (loss) effects of cash flow hedges for the nine months ended September 30, 2013: | |||||||||||||||||||||||||||||
(Amounts in millions) | Gain (loss) | Gain (loss) | Classification of gain | Gain (loss) | Classification of gain | ||||||||||||||||||||||||
recognized in OCI | reclassified into | (loss) reclassified into | recognized in | (loss) recognized in | |||||||||||||||||||||||||
net income | net income | net income (1) | net income | ||||||||||||||||||||||||||
from OCI | |||||||||||||||||||||||||||||
Interest rate swaps hedging assets | $ | (702 | ) | $ | 34 | Net investment income | $ | (12 | ) | Net investment gains (losses) | |||||||||||||||||||
Interest rate swaps hedging assets | — | 1 | Net investment gains (losses) | — | Net investment gains (losses) | ||||||||||||||||||||||||
Interest rate swaps hedging liabilities | 31 | 1 | Interest expense | — | Net investment gains (losses) | ||||||||||||||||||||||||
Inflation indexed swaps | 32 | (5 | ) | Net investment income | — | Net investment gains (losses) | |||||||||||||||||||||||
Foreign currency swaps | (1 | ) | — | Interest expense | — | Net investment gains (losses) | |||||||||||||||||||||||
Forward bond purchase commitments | (50 | ) | — | Net investment income | — | Net investment gains (losses) | |||||||||||||||||||||||
Total | $ | (690 | ) | $ | 31 | $ | (12 | ) | |||||||||||||||||||||
(1) | Represents ineffective portion of cash flow hedges as there were no amounts excluded from the measurement of effectiveness. | ||||||||||||||||||||||||||||
The following table provides information about the pre-tax income (loss) effects of cash flow hedges for the nine months ended September 30, 2012: | |||||||||||||||||||||||||||||
(Amounts in millions) | Gain (loss) | Gain (loss) | Classification of gain | Gain (loss) | Classification of gain | ||||||||||||||||||||||||
recognized in OCI | reclassified into | (loss) reclassified into | recognized in | (loss) recognized in | |||||||||||||||||||||||||
net income | net income | net income (1) | net income | ||||||||||||||||||||||||||
from OCI | |||||||||||||||||||||||||||||
Interest rate swaps hedging assets | $ | 60 | $ | 28 | Net investment income | $ | (6 | ) | Net investment gains (losses) | ||||||||||||||||||||
Interest rate swaps hedging assets | — | 2 | Net investment gains (losses) | — | Net investment gains (losses) | ||||||||||||||||||||||||
Interest rate swaps hedging liabilities | — | 1 | Interest expense | — | Net investment gains (losses) | ||||||||||||||||||||||||
Inflation indexed swaps | (54 | ) | (6 | ) | Net investment income | — | Net investment gains (losses) | ||||||||||||||||||||||
Foreign currency swaps | 2 | — | Interest expense | — | Net investment gains (losses) | ||||||||||||||||||||||||
Forward bond purchase commitments | 22 | — | Net investment income | — | Net investment gains (losses) | ||||||||||||||||||||||||
Total | $ | 30 | $ | 25 | $ | (6 | ) | ||||||||||||||||||||||
(1) | Represents ineffective portion of cash flow hedges as there were no amounts excluded from the measurement of effectiveness. | ||||||||||||||||||||||||||||
Reconciliation of Current Period Changes, Net of Applicable Income Taxes, for Derivatives Qualifying as Hedges | ' | ||||||||||||||||||||||||||||
The following tables provide a reconciliation of current period changes, net of applicable income taxes, for these designated derivatives presented in the separate component of stockholders’ equity labeled “derivatives qualifying as hedges,” for the periods indicated: | |||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | |||||||||||||||||||||||||||
Derivatives qualifying as effective accounting hedges as of July 1 | $ | 1,581 | $ | 2,087 | |||||||||||||||||||||||||
Current period increases (decreases) in fair value, net of deferred taxes of $73 and $31 | (131 | ) | (72 | ) | |||||||||||||||||||||||||
Reclassification to net (income), net of deferred taxes of $4 and $9 | (8 | ) | (4 | ) | |||||||||||||||||||||||||
Derivatives qualifying as effective accounting hedges as of September 30 | $ | 1,442 | $ | 2,011 | |||||||||||||||||||||||||
Nine months ended | |||||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | |||||||||||||||||||||||||||
Derivatives qualifying as effective accounting hedges as of January 1 | $ | 1,909 | $ | 2,009 | |||||||||||||||||||||||||
Current period increases (decreases) in fair value, net of deferred taxes of $244 and $(12) | (446 | ) | 18 | ||||||||||||||||||||||||||
Reclassification to net (income), net of deferred taxes of $10 and $9 | (21 | ) | (16 | ) | |||||||||||||||||||||||||
Derivatives qualifying as effective accounting hedges as of September 30 | $ | 1,442 | $ | 2,011 | |||||||||||||||||||||||||
Schedule of Pre-Tax Income (Loss) Effects of Fair Value Hedges and Related Hedged Items | ' | ||||||||||||||||||||||||||||
The following table provides information about the pre-tax income (loss) effects of fair value hedges and related hedged items for the three months ended September 30, 2012: | |||||||||||||||||||||||||||||
Derivative instrument | Hedged item | ||||||||||||||||||||||||||||
(Amounts in millions) | Gain (loss) | Classification | Other impacts | Classification | Gain (loss) | Classification | |||||||||||||||||||||||
recognized in | of gain (losses) | to net | of other | recognized in | of gain (losses) | ||||||||||||||||||||||||
net income | recognized in net | income | impacts to | net income | recognized in | ||||||||||||||||||||||||
income | net income | net income | |||||||||||||||||||||||||||
Interest rate swaps hedging liabilities | $ | (4 | ) | Net investment gains (losses) | $ | 8 | Interest credited | $ | 4 | Net investment gains (losses) | |||||||||||||||||||
Foreign currency swaps | — | Net investment gains (losses) | 1 | Interest credited | — | Net investment gains (losses) | |||||||||||||||||||||||
Total | $ | (4 | ) | $ | 9 | $ | 4 | ||||||||||||||||||||||
The following table provides information about the pre-tax income (loss) effects of fair value hedges and related hedged items for the nine months ended September 30, 2013: | |||||||||||||||||||||||||||||
Derivative instrument | Hedged item | ||||||||||||||||||||||||||||
(Amounts in millions) | Gain (loss) | Classification | Other impacts | Classification | Gain (loss) | Classification | |||||||||||||||||||||||
recognized in | of gain (losses) | to net | of other | recognized in | of gain (losses) | ||||||||||||||||||||||||
net income | recognized in net | income | impacts to | net income | recognized in | ||||||||||||||||||||||||
income | net income | net income | |||||||||||||||||||||||||||
Interest rate swaps hedging liabilities | $ | (11 | ) | Net investment gains (losses) | $ | 12 | Interest credited | $ | 11 | Net investment gains (losses) | |||||||||||||||||||
Foreign currency swaps | (31 | ) | Net investment gains (losses) | — | Interest credited | 31 | Net investment gains (losses) | ||||||||||||||||||||||
Total | $ | (42 | ) | $ | 12 | $ | 42 | ||||||||||||||||||||||
The following table provides information about the pre-tax income (loss) effects of fair value hedges and related hedged items for the nine months ended September 30, 2012: | |||||||||||||||||||||||||||||
Derivative instrument | Hedged item | ||||||||||||||||||||||||||||
(Amounts in millions) | Gain (loss) | Classification | Other impacts | Classification of | Gain (loss) | Classification | |||||||||||||||||||||||
recognized in | of gain (losses) | to net | other impacts to | recognized in | of gain (losses) | ||||||||||||||||||||||||
net income | recognized in net | income | net income | net income | recognized in net | ||||||||||||||||||||||||
income | income | ||||||||||||||||||||||||||||
Interest rate swaps hedging assets | $ | 1 | Net investment gains (losses) | $ | (3 | ) | Net investment income | $ | (1 | ) | Net investment gains (losses) | ||||||||||||||||||
Interest rate swaps hedging liabilities | (23 | ) | Net investment gains (losses) | 29 | Interest credited | 23 | Net investment gains (losses) | ||||||||||||||||||||||
Foreign currency swaps | (3 | ) | Net investment gains (losses) | 2 | Interest credited | 3 | Net investment gains (losses) | ||||||||||||||||||||||
Total | $ | (25 | ) | $ | 28 | $ | 25 | ||||||||||||||||||||||
Schedule of Pre-Tax Gain (Loss) Recognized in Net Income for Effects of Derivatives Not Designated as Hedges | ' | ||||||||||||||||||||||||||||
The following table provides the pre-tax gain (loss) recognized in net income for the effects of derivatives not designated as hedges for the periods indicated: | |||||||||||||||||||||||||||||
Three months ended | Classification of gain (loss) | ||||||||||||||||||||||||||||
September 30, | recognized | ||||||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | in net income | ||||||||||||||||||||||||||
Interest rate swaps | $ | (3 | ) | $ | 1 | Net investment gains (losses) | |||||||||||||||||||||||
Interest rate swaps related to securitization entities | (1 | ) | (1 | ) | Net investment gains (losses) | ||||||||||||||||||||||||
Credit default swaps | 4 | 25 | Net investment gains (losses) | ||||||||||||||||||||||||||
Credit default swaps related to securitization entities | 24 | 20 | Net investment gains (losses) | ||||||||||||||||||||||||||
Equity index options | (13 | ) | (17 | ) | Net investment gains (losses) | ||||||||||||||||||||||||
Financial futures | (28 | ) | (70 | ) | Net investment gains (losses) | ||||||||||||||||||||||||
Equity return swaps | (18 | ) | (11 | ) | Net investment gains (losses) | ||||||||||||||||||||||||
Other foreign currency contracts | (2 | ) | (2 | ) | Net investment gains (losses) | ||||||||||||||||||||||||
Reinsurance embedded derivatives | — | (1 | ) | Net investment gains (losses) | |||||||||||||||||||||||||
GMWB embedded derivatives | 46 | 79 | Net investment gains (losses) | ||||||||||||||||||||||||||
Fixed index annuity embedded derivatives | (3 | ) | (1 | ) | Net investment gains (losses) | ||||||||||||||||||||||||
Total derivatives not designated as hedges | $ | 6 | $ | 22 | |||||||||||||||||||||||||
The following table provides the pre-tax gain (loss) recognized in net income for the effects of derivatives not designated as hedges for the periods indicated: | |||||||||||||||||||||||||||||
Nine months ended | Classification of gain (loss) | ||||||||||||||||||||||||||||
September 30, | recognized | ||||||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | in net income | ||||||||||||||||||||||||||
Interest rate swaps | $ | (8 | ) | $ | 18 | Net investment gains (losses) | |||||||||||||||||||||||
Interest rate swaps related to securitization entities | 8 | (4 | ) | Net investment gains (losses) | |||||||||||||||||||||||||
Credit default swaps | 10 | 47 | Net investment gains (losses) | ||||||||||||||||||||||||||
Credit default swaps related to securitization entities | 49 | 43 | Net investment gains (losses) | ||||||||||||||||||||||||||
Equity index options | (31 | ) | (46 | ) | Net investment gains (losses) | ||||||||||||||||||||||||
Financial futures | (181 | ) | (109 | ) | Net investment gains (losses) | ||||||||||||||||||||||||
Equity return swaps | (27 | ) | (25 | ) | Net investment gains (losses) | ||||||||||||||||||||||||
Other foreign currency contracts | 1 | (19 | ) | Net investment gains (losses) | |||||||||||||||||||||||||
Reinsurance embedded derivatives | — | 4 | Net investment gains (losses) | ||||||||||||||||||||||||||
GMWB embedded derivatives | 191 | 132 | Net investment gains (losses) | ||||||||||||||||||||||||||
Fixed index annuity embedded derivatives | (7 | ) | (2 | ) | Net investment gains (losses) | ||||||||||||||||||||||||
Total derivatives not designated as hedges | $ | 5 | $ | 39 | |||||||||||||||||||||||||
Derivative Assets and Liabilities Subject to Master Netting Arrangement | ' | ||||||||||||||||||||||||||||
The following tables present additional information about derivative assets and liabilities subject to an enforceable master netting arrangement as of the dates indicated: | |||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||
Gross amounts not | |||||||||||||||||||||||||||||
offset in the | |||||||||||||||||||||||||||||
balance sheet | |||||||||||||||||||||||||||||
(Amounts in millions) | Gross | Gross amounts | Net amounts | Financial | Collateral | Over | Net | ||||||||||||||||||||||
amounts | offset in the | presented in the | instruments | pledged/ | collateralization | amount | |||||||||||||||||||||||
recognized | balance sheet | balance sheet | received | ||||||||||||||||||||||||||
Derivative assets (1) | $ | 564 | $ | — | $ | 564 | $ | (267 | ) | $ | (272 | ) | $ | 5 | $ | 30 | |||||||||||||
Derivative liabilities (2) | 559 | — | 559 | (267 | ) | (317 | ) | 30 | 5 | ||||||||||||||||||||
Net derivatives | $ | 5 | $ | — | $ | 5 | $ | — | $ | 45 | $ | (25 | ) | $ | 25 | ||||||||||||||
(1) | Included $37 million of accruals on derivatives classified as other assets and does not include amounts related to embedded derivatives. | ||||||||||||||||||||||||||||
(2) | Included $18 million of accruals on derivatives classified as other liabilities and does not include amounts related to embedded derivatives and derivatives related to securitization entities. | ||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Gross amounts not | |||||||||||||||||||||||||||||
offset in the | |||||||||||||||||||||||||||||
balance sheet | |||||||||||||||||||||||||||||
(Amounts in millions) | Gross | Gross amounts | Net amounts | Financial | Collateral | Over | Net | ||||||||||||||||||||||
amounts | offset in the | presented in the | instruments | pledged/ | collateralization | amount | |||||||||||||||||||||||
recognized | balance sheet | balance sheet | received | ||||||||||||||||||||||||||
Derivative assets (1) | $ | 1,196 | $ | — | $ | 1,196 | $ | (368 | ) | $ | (840 | ) | $ | 84 | $ | 72 | |||||||||||||
Derivative liabilities (2) | 432 | — | 432 | (368 | ) | (61 | ) | 9 | 12 | ||||||||||||||||||||
Net derivatives | $ | 764 | $ | — | $ | 764 | $ | — | $ | (779 | ) | $ | 75 | $ | 60 | ||||||||||||||
(1) | Included $47 million of accruals on derivatives classified as other assets and does not include amounts related to embedded derivatives. | ||||||||||||||||||||||||||||
(2) | Included $10 million of accruals on derivatives classified as other liabilities and does not include amounts related to embedded derivatives and derivatives related to securitization entities. | ||||||||||||||||||||||||||||
Schedule of Credit Default Swaps Where We Sell Protection on Single Name Reference Entities and Fair Values | ' | ||||||||||||||||||||||||||||
The following table sets forth our credit default swaps where we sell protection on single name reference entities and the fair values as of the dates indicated: | |||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||
(Amounts in millions) | Notional | Assets | Liabilities | Notional | Assets | Liabilities | |||||||||||||||||||||||
value | value | ||||||||||||||||||||||||||||
Reference entity credit rating and maturity: | |||||||||||||||||||||||||||||
AAA | |||||||||||||||||||||||||||||
Matures in less than one year | $ | — | $ | — | $ | — | $ | 5 | $ | — | $ | — | |||||||||||||||||
AA | |||||||||||||||||||||||||||||
Matures in less than one year | — | — | — | 6 | — | — | |||||||||||||||||||||||
Matures after five years through ten years | — | — | — | 5 | — | — | |||||||||||||||||||||||
A | |||||||||||||||||||||||||||||
Matures in less than one year | — | — | — | 37 | — | — | |||||||||||||||||||||||
Matures after one year through five years | 15 | — | — | — | — | — | |||||||||||||||||||||||
Matures after five years through ten years | — | — | — | 10 | 1 | — | |||||||||||||||||||||||
BBB | |||||||||||||||||||||||||||||
Matures in less than one year | — | — | — | 68 | — | — | |||||||||||||||||||||||
Matures after one year through five years | 24 | 1 | — | — | — | — | |||||||||||||||||||||||
Matures after five years through ten years | — | — | — | 24 | — | — | |||||||||||||||||||||||
Total credit default swaps on single name reference entities | $ | 39 | $ | 1 | $ | — | $ | 155 | $ | 1 | $ | — | |||||||||||||||||
Schedule of Credit Default Swaps Where We Sell Protection on Credit Default Swap Index Tranches and Fair Values | ' | ||||||||||||||||||||||||||||
The following table sets forth our credit default swaps where we sell protection on credit default swap index tranches and the fair values as of the dates indicated: | |||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||
(Amounts in millions) | Notional | Assets | Liabilities | Notional | Assets | Liabilities | |||||||||||||||||||||||
value | value | ||||||||||||||||||||||||||||
Original index tranche attachment/detachment point and maturity: | |||||||||||||||||||||||||||||
7% - 15% matures after one year through five years (1) | $ | 100 | $ | 1 | $ | — | $ | 100 | $ | — | $ | 1 | |||||||||||||||||
9% - 12% matures in less than one year (2) | — | — | — | 50 | — | — | |||||||||||||||||||||||
9% - 12% matures after one year through five years (2) | 250 | 4 | — | 250 | 2 | — | |||||||||||||||||||||||
10% - 15% matures after one year through five years (3) | 250 | 3 | — | 250 | 4 | — | |||||||||||||||||||||||
15% - 30% matures after five years through ten years (4) | — | — | — | 127 | 1 | — | |||||||||||||||||||||||
Total credit default swap index tranches | 600 | 8 | — | 777 | 7 | 1 | |||||||||||||||||||||||
Customized credit default swap index tranches related to securitization entities: | |||||||||||||||||||||||||||||
Portion backing third-party borrowings maturing 2017 (5) | 12 | — | 2 | 12 | — | 5 | |||||||||||||||||||||||
Portion backing our interest maturing 2017 (6) | 300 | — | 57 | 300 | — | 99 | |||||||||||||||||||||||
Total customized credit default swap index tranches related to securitization entities | 312 | — | 59 | 312 | — | 104 | |||||||||||||||||||||||
Total credit default swaps on index tranches | $ | 912 | $ | 8 | $ | 59 | $ | 1,089 | $ | 7 | $ | 105 | |||||||||||||||||
(1) | The current attachment/detachment as of September 30, 2013 and December 31, 2012 was 7% – 15%. | ||||||||||||||||||||||||||||
(2) | The current attachment/detachment as of September 30, 2013 and December 31, 2012 was 9% – 12%. | ||||||||||||||||||||||||||||
(3) | The current attachment/detachment as of September 30, 2013 and December 31, 2012 was 10% – 15%. | ||||||||||||||||||||||||||||
(4) | The current attachment/detachment as of December 31, 2012 was 14.8% – 30.3%. | ||||||||||||||||||||||||||||
(5) | Original notional value was $39 million. | ||||||||||||||||||||||||||||
(6) | Original notional value was $300 million. |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||
Fair Value Financial Instruments Not Required to be Carried at Fair Value | ' | ||||||||||||||||||||||||||||||||||||||||||||
The following represents our estimated fair value of financial assets and liabilities that are not required to be carried at fair value as of the dates indicated: | |||||||||||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||
Notional | Carrying | Fair value | |||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | amount | amount | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage loans | $ | (1) | $ | 5,858 | $ | 6,152 | $ | — | $ | — | $ | 6,152 | |||||||||||||||||||||||||||||||||
Restricted commercial mortgage loans | (1) | 290 | 324 | — | — | 324 | |||||||||||||||||||||||||||||||||||||||
Other invested assets | (1) | 315 | 327 | — | 213 | 114 | |||||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||
Long-term borrowings | (1) | 4,780 | 5,185 | — | 5,049 | 136 | |||||||||||||||||||||||||||||||||||||||
Non-recourse funding obligations | (1) | 2,046 | 1,461 | — | — | 1,461 | |||||||||||||||||||||||||||||||||||||||
Borrowings related to securitization entities | (1) | 224 | 242 | — | 191 | 51 | |||||||||||||||||||||||||||||||||||||||
Investment contracts | (1) | 17,137 | 17,804 | — | 85 | 17,719 | |||||||||||||||||||||||||||||||||||||||
Other firm commitments: | |||||||||||||||||||||||||||||||||||||||||||||
Commitments to fund limited partnerships | 67 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Ordinary course of business lending commitments | 66 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||||||||||
Notional | Carrying | Fair value | |||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | amount | amount | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage loans | $ | (1) | $ | 5,872 | $ | 6,378 | $ | — | $ | — | $ | 6,378 | |||||||||||||||||||||||||||||||||
Restricted commercial mortgage loans | (1) | 341 | 389 | — | — | 389 | |||||||||||||||||||||||||||||||||||||||
Other invested assets | (1) | 380 | 389 | — | 265 | 124 | |||||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||
Long-term borrowings | (1) | 4,776 | 4,950 | — | 4,800 | 150 | |||||||||||||||||||||||||||||||||||||||
Non-recourse funding obligations | (1) | 2,066 | 1,462 | — | — | 1,462 | |||||||||||||||||||||||||||||||||||||||
Borrowings related to securitization entities | (1) | 274 | 303 | — | 238 | 65 | |||||||||||||||||||||||||||||||||||||||
Investment contracts | (1) | 18,280 | 19,526 | — | 1,009 | 18,517 | |||||||||||||||||||||||||||||||||||||||
Other firm commitments: | |||||||||||||||||||||||||||||||||||||||||||||
Commitments to fund limited partnerships | 64 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Ordinary course of business lending commitments | 44 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
(1) | These financial instruments do not have notional amounts. | ||||||||||||||||||||||||||||||||||||||||||||
Primary Sources Considered when Determining Fair Value of Each Class of Fixed Maturity Securities | ' | ||||||||||||||||||||||||||||||||||||||||||||
The following tables summarize the primary sources of data considered when determining fair value of each class of fixed maturity securities as of the dates indicated: | |||||||||||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||
U.S. government, agencies and government-sponsored enterprises: | |||||||||||||||||||||||||||||||||||||||||||||
Pricing services | $ | 5,320 | $ | — | $ | 5,320 | $ | — | |||||||||||||||||||||||||||||||||||||
Internal models | 5 | — | — | 5 | |||||||||||||||||||||||||||||||||||||||||
Total U.S. government, agencies and government-sponsored enterprises | 5,325 | — | 5,320 | 5 | |||||||||||||||||||||||||||||||||||||||||
Tax-exempt: | |||||||||||||||||||||||||||||||||||||||||||||
Pricing services | 263 | — | 263 | — | |||||||||||||||||||||||||||||||||||||||||
Total tax-exempt | 263 | — | 263 | — | |||||||||||||||||||||||||||||||||||||||||
Government—non-U.S.: | |||||||||||||||||||||||||||||||||||||||||||||
Pricing services | 2,209 | — | 2,209 | — | |||||||||||||||||||||||||||||||||||||||||
Internal models | 23 | — | 16 | 7 | |||||||||||||||||||||||||||||||||||||||||
Total government—non-U.S. | 2,232 | — | 2,225 | 7 | |||||||||||||||||||||||||||||||||||||||||
U.S. corporate: | |||||||||||||||||||||||||||||||||||||||||||||
Pricing services | 22,035 | — | 22,035 | — | |||||||||||||||||||||||||||||||||||||||||
Broker quotes | 138 | — | — | 138 | |||||||||||||||||||||||||||||||||||||||||
Internal models | 2,609 | — | 416 | 2,193 | |||||||||||||||||||||||||||||||||||||||||
Total U.S. corporate | 24,782 | — | 22,451 | 2,331 | |||||||||||||||||||||||||||||||||||||||||
Corporate—non-U.S.: | |||||||||||||||||||||||||||||||||||||||||||||
Pricing services | 13,194 | — | 13,194 | — | |||||||||||||||||||||||||||||||||||||||||
Broker quotes | 174 | — | — | 174 | |||||||||||||||||||||||||||||||||||||||||
Internal models | 1,908 | — | 199 | 1,709 | |||||||||||||||||||||||||||||||||||||||||
Total corporate—non-U.S. | 15,276 | — | 13,393 | 1,883 | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed: | |||||||||||||||||||||||||||||||||||||||||||||
Pricing services | 5,272 | — | 5,272 | — | |||||||||||||||||||||||||||||||||||||||||
Broker quotes | 74 | — | — | 74 | |||||||||||||||||||||||||||||||||||||||||
Internal models | 51 | — | — | 51 | |||||||||||||||||||||||||||||||||||||||||
Total residential mortgage-backed | 5,397 | — | 5,272 | 125 | |||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed: | |||||||||||||||||||||||||||||||||||||||||||||
Pricing services | 2,784 | — | 2,784 | — | |||||||||||||||||||||||||||||||||||||||||
Broker quotes | 1 | — | — | 1 | |||||||||||||||||||||||||||||||||||||||||
Internal models | 5 | — | — | 5 | |||||||||||||||||||||||||||||||||||||||||
Total commercial mortgage-backed | 2,790 | — | 2,784 | 6 | |||||||||||||||||||||||||||||||||||||||||
Other asset-backed: | |||||||||||||||||||||||||||||||||||||||||||||
Pricing services | 1,924 | — | 1,924 | — | |||||||||||||||||||||||||||||||||||||||||
Broker quotes | 1,066 | — | — | 1,066 | |||||||||||||||||||||||||||||||||||||||||
Internal models | 31 | — | — | 31 | |||||||||||||||||||||||||||||||||||||||||
Total other asset-backed | 3,021 | — | 1,924 | 1,097 | |||||||||||||||||||||||||||||||||||||||||
Total fixed maturity securities | $ | 59,086 | $ | — | $ | 53,632 | $ | 5,454 | |||||||||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||
U.S. government, agencies and government-sponsored enterprises: | |||||||||||||||||||||||||||||||||||||||||||||
Pricing services | $ | 5,482 | $ | — | $ | 5,482 | $ | — | |||||||||||||||||||||||||||||||||||||
Internal models | 9 | — | — | 9 | |||||||||||||||||||||||||||||||||||||||||
Total U.S. government, agencies and government-sponsored enterprises | 5,491 | — | 5,482 | 9 | |||||||||||||||||||||||||||||||||||||||||
Tax-exempt: | |||||||||||||||||||||||||||||||||||||||||||||
Pricing services | 294 | — | 294 | — | |||||||||||||||||||||||||||||||||||||||||
Total tax-exempt | 294 | — | 294 | — | |||||||||||||||||||||||||||||||||||||||||
Government—non-U.S.: | |||||||||||||||||||||||||||||||||||||||||||||
Pricing services | 2,413 | — | 2,413 | — | |||||||||||||||||||||||||||||||||||||||||
Internal models | 9 | — | — | 9 | |||||||||||||||||||||||||||||||||||||||||
Total government—non-U.S. | 2,422 | — | 2,413 | 9 | |||||||||||||||||||||||||||||||||||||||||
U.S. corporate: | |||||||||||||||||||||||||||||||||||||||||||||
Pricing services | 23,113 | — | 23,113 | — | |||||||||||||||||||||||||||||||||||||||||
Broker quotes | 121 | — | — | 121 | |||||||||||||||||||||||||||||||||||||||||
Internal models | 2,871 | — | 309 | 2,562 | |||||||||||||||||||||||||||||||||||||||||
Total U.S. corporate | 26,105 | — | 23,422 | 2,683 | |||||||||||||||||||||||||||||||||||||||||
Corporate—non-U.S.: | |||||||||||||||||||||||||||||||||||||||||||||
Pricing services | 13,635 | — | 13,635 | — | |||||||||||||||||||||||||||||||||||||||||
Broker quotes | 75 | — | — | 75 | |||||||||||||||||||||||||||||||||||||||||
Internal models | 2,082 | — | 174 | 1,908 | |||||||||||||||||||||||||||||||||||||||||
Total corporate—non-U.S. | 15,792 | — | 13,809 | 1,983 | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed: | |||||||||||||||||||||||||||||||||||||||||||||
Pricing services | 5,924 | — | 5,924 | — | |||||||||||||||||||||||||||||||||||||||||
Broker quotes | 98 | — | — | 98 | |||||||||||||||||||||||||||||||||||||||||
Internal models | 59 | — | — | 59 | |||||||||||||||||||||||||||||||||||||||||
Total residential mortgage-backed | 6,081 | — | 5,924 | 157 | |||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed: | |||||||||||||||||||||||||||||||||||||||||||||
Pricing services | 3,298 | — | 3,298 | — | |||||||||||||||||||||||||||||||||||||||||
Broker quotes | 18 | — | — | 18 | |||||||||||||||||||||||||||||||||||||||||
Internal models | 17 | — | — | 17 | |||||||||||||||||||||||||||||||||||||||||
Total commercial mortgage-backed | 3,333 | — | 3,298 | 35 | |||||||||||||||||||||||||||||||||||||||||
Other asset-backed: | |||||||||||||||||||||||||||||||||||||||||||||
Pricing services | 1,776 | — | 1,776 | — | |||||||||||||||||||||||||||||||||||||||||
Broker quotes | 829 | — | — | 829 | |||||||||||||||||||||||||||||||||||||||||
Internal models | 38 | — | 3 | 35 | |||||||||||||||||||||||||||||||||||||||||
Total other asset-backed | 2,643 | — | 1,779 | 864 | |||||||||||||||||||||||||||||||||||||||||
Total fixed maturity securities | $ | 62,161 | $ | — | $ | 56,421 | $ | 5,740 | |||||||||||||||||||||||||||||||||||||
Primary Sources Considered when Determining Fair Value of Equity Securities | ' | ||||||||||||||||||||||||||||||||||||||||||||
The following tables summarize the primary sources of data considered when determining fair value of equity securities as of the dates indicated: | |||||||||||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||
Pricing services | $ | 294 | $ | 290 | $ | 4 | $ | — | |||||||||||||||||||||||||||||||||||||
Broker quotes | 1 | — | — | 1 | |||||||||||||||||||||||||||||||||||||||||
Internal models | 84 | — | — | 84 | |||||||||||||||||||||||||||||||||||||||||
Total equity securities | $ | 379 | $ | 290 | $ | 4 | $ | 85 | |||||||||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||
Pricing services | $ | 419 | $ | 417 | $ | 2 | $ | — | |||||||||||||||||||||||||||||||||||||
Broker quotes | 3 | — | — | 3 | |||||||||||||||||||||||||||||||||||||||||
Internal models | 96 | — | — | 96 | |||||||||||||||||||||||||||||||||||||||||
Total equity securities | $ | 518 | $ | 417 | $ | 2 | $ | 99 | |||||||||||||||||||||||||||||||||||||
Primary Sources Considered when Determining Fair Value of Trading Securities | ' | ||||||||||||||||||||||||||||||||||||||||||||
The following tables summarize the primary sources of data considered when determining fair value of trading securities as of the dates indicated: | |||||||||||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||
Pricing services | $ | 244 | $ | — | $ | 244 | $ | — | |||||||||||||||||||||||||||||||||||||
Broker quotes | 34 | — | — | 34 | |||||||||||||||||||||||||||||||||||||||||
Total trading securities | $ | 278 | $ | — | $ | 244 | $ | 34 | |||||||||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||
Pricing services | $ | 480 | $ | — | $ | 480 | $ | — | |||||||||||||||||||||||||||||||||||||
Broker quotes | 76 | — | — | 76 | |||||||||||||||||||||||||||||||||||||||||
Total trading securities | $ | 556 | $ | — | $ | 480 | $ | 76 | |||||||||||||||||||||||||||||||||||||
Assets and Liabilities that are Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||||||||||||||||||||||||||||||
The following tables set forth our assets and liabilities by class of instrument that are measured at fair value on a recurring basis as of the dates indicated: | |||||||||||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||||||
U.S. government, agencies and government-sponsored enterprises | $ | 5,325 | $ | — | $ | 5,320 | $ | 5 | |||||||||||||||||||||||||||||||||||||
Tax-exempt | 263 | — | 263 | — | |||||||||||||||||||||||||||||||||||||||||
Government—non-U.S. | 2,232 | — | 2,225 | 7 | |||||||||||||||||||||||||||||||||||||||||
U.S. corporate | 24,782 | — | 22,451 | 2,331 | |||||||||||||||||||||||||||||||||||||||||
Corporate—non-U.S. | 15,276 | — | 13,393 | 1,883 | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 5,397 | — | 5,272 | 125 | |||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 2,790 | — | 2,784 | 6 | |||||||||||||||||||||||||||||||||||||||||
Other asset-backed | 3,021 | — | 1,924 | 1,097 | |||||||||||||||||||||||||||||||||||||||||
Total fixed maturity securities | 59,086 | — | 53,632 | 5,454 | |||||||||||||||||||||||||||||||||||||||||
Equity securities | 379 | 290 | 4 | 85 | |||||||||||||||||||||||||||||||||||||||||
Other invested assets: | |||||||||||||||||||||||||||||||||||||||||||||
Trading securities | 278 | — | 244 | 34 | |||||||||||||||||||||||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | 504 | — | 504 | — | |||||||||||||||||||||||||||||||||||||||||
Foreign currency swaps | 3 | — | 3 | — | |||||||||||||||||||||||||||||||||||||||||
Credit default swaps | 9 | — | 1 | 8 | |||||||||||||||||||||||||||||||||||||||||
Equity index options | 6 | — | — | 6 | |||||||||||||||||||||||||||||||||||||||||
Other foreign currency contracts | 5 | — | 2 | 3 | |||||||||||||||||||||||||||||||||||||||||
Total derivative assets | 527 | — | 510 | 17 | |||||||||||||||||||||||||||||||||||||||||
Securities lending collateral | 154 | — | 154 | — | |||||||||||||||||||||||||||||||||||||||||
Derivatives counterparty collateral | 104 | — | 104 | — | |||||||||||||||||||||||||||||||||||||||||
Total other invested assets | 1,063 | — | 1,012 | 51 | |||||||||||||||||||||||||||||||||||||||||
Restricted other invested assets related to securitization entities | 392 | — | 180 | 212 | |||||||||||||||||||||||||||||||||||||||||
Reinsurance recoverable (1) | 3 | — | — | 3 | |||||||||||||||||||||||||||||||||||||||||
Separate account assets | 9,957 | 9,957 | — | — | |||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 70,880 | $ | 10,247 | $ | 54,828 | $ | 5,805 | |||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||
Policyholder account balances: | |||||||||||||||||||||||||||||||||||||||||||||
GMWB embedded derivatives (2) | $ | 177 | $ | — | $ | — | $ | 177 | |||||||||||||||||||||||||||||||||||||
Fixed index annuity embedded derivatives | 83 | — | — | 83 | |||||||||||||||||||||||||||||||||||||||||
Total policyholder account balances | 260 | — | — | 260 | |||||||||||||||||||||||||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | 453 | — | 453 | — | |||||||||||||||||||||||||||||||||||||||||
Interest rate swaps related to securitization entities | 18 | — | 18 | — | |||||||||||||||||||||||||||||||||||||||||
Inflation indexed swaps | 73 | — | 73 | — | |||||||||||||||||||||||||||||||||||||||||
Foreign currency swaps | 1 | — | 1 | — | |||||||||||||||||||||||||||||||||||||||||
Credit default swaps related to securitization entities | 59 | — | — | 59 | |||||||||||||||||||||||||||||||||||||||||
Equity return swaps | 5 | — | 5 | — | |||||||||||||||||||||||||||||||||||||||||
Forward bond purchase commitments | 5 | — | 5 | — | |||||||||||||||||||||||||||||||||||||||||
Other foreign currency contracts | 4 | — | 1 | 3 | |||||||||||||||||||||||||||||||||||||||||
Total derivative liabilities | 618 | — | 556 | 62 | |||||||||||||||||||||||||||||||||||||||||
Borrowings related to securitization entities | 73 | — | — | 73 | |||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 951 | $ | — | $ | 556 | $ | 395 | |||||||||||||||||||||||||||||||||||||
(1) | Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities. | ||||||||||||||||||||||||||||||||||||||||||||
-2 | Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. | ||||||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||||||
U.S. government, agencies and government-sponsored enterprises | $ | 5,491 | $ | — | $ | 5,482 | $ | 9 | |||||||||||||||||||||||||||||||||||||
Tax-exempt | 294 | — | 294 | — | |||||||||||||||||||||||||||||||||||||||||
Government—non-U.S. | 2,422 | — | 2,413 | 9 | |||||||||||||||||||||||||||||||||||||||||
U.S. corporate | 26,105 | — | 23,422 | 2,683 | |||||||||||||||||||||||||||||||||||||||||
Corporate—non-U.S. | 15,792 | — | 13,809 | 1,983 | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 6,081 | — | 5,924 | 157 | |||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 3,333 | — | 3,298 | 35 | |||||||||||||||||||||||||||||||||||||||||
Other asset-backed | 2,643 | — | 1,779 | 864 | |||||||||||||||||||||||||||||||||||||||||
Total fixed maturity securities | 62,161 | — | 56,421 | 5,740 | |||||||||||||||||||||||||||||||||||||||||
Equity securities | 518 | 417 | 2 | 99 | |||||||||||||||||||||||||||||||||||||||||
Other invested assets: | |||||||||||||||||||||||||||||||||||||||||||||
Trading securities | 556 | — | 480 | 76 | |||||||||||||||||||||||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | 1,029 | — | 1,027 | 2 | |||||||||||||||||||||||||||||||||||||||||
Foreign currency swaps | 34 | — | 34 | — | |||||||||||||||||||||||||||||||||||||||||
Credit default swaps | 8 | — | 1 | 7 | |||||||||||||||||||||||||||||||||||||||||
Equity index options | 25 | — | — | 25 | |||||||||||||||||||||||||||||||||||||||||
Forward bond purchase commitments | 53 | — | 53 | — | |||||||||||||||||||||||||||||||||||||||||
Total derivative assets | 1,149 | — | 1,115 | 34 | |||||||||||||||||||||||||||||||||||||||||
Securities lending collateral | 187 | — | 187 | — | |||||||||||||||||||||||||||||||||||||||||
Derivatives counterparty collateral | 261 | — | 261 | — | |||||||||||||||||||||||||||||||||||||||||
Total other invested assets | 2,153 | — | 2,043 | 110 | |||||||||||||||||||||||||||||||||||||||||
Restricted other invested assets related to securitization entities | 393 | — | 199 | 194 | |||||||||||||||||||||||||||||||||||||||||
Other assets (1) | 9 | — | — | 9 | |||||||||||||||||||||||||||||||||||||||||
Reinsurance recoverable (2) | 10 | — | — | 10 | |||||||||||||||||||||||||||||||||||||||||
Separate account assets | 9,937 | 9,937 | — | — | |||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 75,181 | $ | 10,354 | $ | 58,665 | $ | 6,162 | |||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||
Policyholder account balances: | |||||||||||||||||||||||||||||||||||||||||||||
GMWB embedded derivatives (3) | $ | 350 | $ | — | $ | — | $ | 350 | |||||||||||||||||||||||||||||||||||||
Fixed index annuity embedded derivatives | 27 | — | — | 27 | |||||||||||||||||||||||||||||||||||||||||
Total policyholder account balances | 377 | — | — | 377 | |||||||||||||||||||||||||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | 307 | — | 307 | — | |||||||||||||||||||||||||||||||||||||||||
Interest rate swaps related to securitization entities | 27 | — | 27 | — | |||||||||||||||||||||||||||||||||||||||||
Inflation indexed swaps | 105 | — | 105 | — | |||||||||||||||||||||||||||||||||||||||||
Foreign currency swaps | 1 | — | 1 | — | |||||||||||||||||||||||||||||||||||||||||
Credit default swaps | 1 | — | — | 1 | |||||||||||||||||||||||||||||||||||||||||
Credit default swaps related to securitization entities | 104 | — | — | 104 | |||||||||||||||||||||||||||||||||||||||||
Equity return swaps | 8 | — | 8 | — | |||||||||||||||||||||||||||||||||||||||||
Total derivative liabilities | 553 | — | 448 | 105 | |||||||||||||||||||||||||||||||||||||||||
Borrowings related to securitization entities | 62 | — | — | 62 | |||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 992 | $ | — | $ | 448 | $ | 544 | |||||||||||||||||||||||||||||||||||||
-1 | Represents contingent receivables associated with recent business dispositions. | ||||||||||||||||||||||||||||||||||||||||||||
-2 | Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities. | ||||||||||||||||||||||||||||||||||||||||||||
-3 | Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. | ||||||||||||||||||||||||||||||||||||||||||||
Assets Measured at Fair Value on Recurring Basis and Utilized Significant Unobservable (Level 3) Inputs to Determine Fair Value | ' | ||||||||||||||||||||||||||||||||||||||||||||
The following tables present additional information about assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of or for the dates indicated: | |||||||||||||||||||||||||||||||||||||||||||||
Beginning | Total realized and | Purchases | Sales | Issuances | Settlements | Transfer | Transfer | Ending | Total gains | ||||||||||||||||||||||||||||||||||||
balance | unrealized gains | into | out of | balance | (losses) | ||||||||||||||||||||||||||||||||||||||||
as of | (losses) | Level 3 | Level 3 | as of | included in | ||||||||||||||||||||||||||||||||||||||||
July 1, | September 30, | net income | |||||||||||||||||||||||||||||||||||||||||||
2013 | 2013 | attributable | |||||||||||||||||||||||||||||||||||||||||||
to assets | |||||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Included | Included | still held | ||||||||||||||||||||||||||||||||||||||||||
in net | in OCI | ||||||||||||||||||||||||||||||||||||||||||||
income | |||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||||||
U.S. government, agencies and government- sponsored enterprises | $ | 5 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5 | $ | — | |||||||||||||||||||||||
Government—non-U.S. | 8 | — | — | — | — | — | (1 | ) | — | — | 7 | — | |||||||||||||||||||||||||||||||||
U.S. corporate (1) | 2,459 | 5 | (3 | ) | 17 | (10 | ) | — | (83 | ) | 33 | (87 | ) | 2,331 | 4 | ||||||||||||||||||||||||||||||
Corporate—non-U.S. (1) | 1,846 | 1 | (9 | ) | 25 | (14 | ) | — | (42 | ) | 76 | — | 1,883 | 1 | |||||||||||||||||||||||||||||||
Residential mortgage- backed | 116 | (7 | ) | 8 | — | (1 | ) | — | (5 | ) | 14 | — | 125 | — | |||||||||||||||||||||||||||||||
Commercial mortgage- backed | 13 | (1 | ) | — | — | — | — | (6 | ) | 2 | (2 | ) | 6 | (1 | ) | ||||||||||||||||||||||||||||||
Other asset-backed (1) | 1,021 | 1 | (7 | ) | 50 | — | — | (18 | ) | 59 | (9 | ) | 1,097 | 1 | |||||||||||||||||||||||||||||||
Total fixed maturity securities | 5,468 | (1 | ) | (11 | ) | 92 | (25 | ) | — | (155 | ) | 184 | (98 | ) | 5,454 | 5 | |||||||||||||||||||||||||||||
Equity securities | 88 | — | 1 | — | (4 | ) | — | — | — | — | 85 | — | |||||||||||||||||||||||||||||||||
Other invested assets: | |||||||||||||||||||||||||||||||||||||||||||||
Trading securities | 34 | — | — | — | — | — | — | — | — | 34 | — | ||||||||||||||||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||||||||||||||||||||||
Credit default swaps | 6 | 4 | — | — | — | — | (2 | ) | — | — | 8 | 3 | |||||||||||||||||||||||||||||||||
Equity index options | 13 | (13 | ) | — | 6 | — | — | — | — | — | 6 | (14 | ) | ||||||||||||||||||||||||||||||||
Other foreign currency contracts | — | (1 | ) | — | 4 | — | — | — | — | — | 3 | (1 | ) | ||||||||||||||||||||||||||||||||
Total derivative assets | 19 | (10 | ) | — | 10 | — | — | (2 | ) | — | — | 17 | (12 | ) | |||||||||||||||||||||||||||||||
Total other invested assets | 53 | (10 | ) | — | 10 | — | — | (2 | ) | — | — | 51 | (12 | ) | |||||||||||||||||||||||||||||||
Restricted other invested assets related to securitization entities | 193 | — | — | — | — | — | — | 19 | — | 212 | — | ||||||||||||||||||||||||||||||||||
Reinsurance recoverable (2) | 3 | (1 | ) | — | — | — | 1 | — | — | — | 3 | (1 | ) | ||||||||||||||||||||||||||||||||
Total Level 3 assets | $ | 5,805 | $ | (12 | ) | $ | (10 | ) | $ | 102 | $ | (29 | ) | $ | 1 | $ | (157 | ) | $ | 203 | $ | (98 | ) | $ | 5,805 | $ | (8 | ) | |||||||||||||||||
(1) | The transfers into and out of Level 3 were primarily related to private fixed rate U.S. corporate, corporate—non-U.S. and structured securities. For private fixed rate U.S. corporate securities, the transfers into and out of Level 3 resulted from a change in the observability of the additional premium to the public bond spread to adjust for the liquidity and other features of our private placements and resulted in unobservable inputs having a significant impact on certain valuations for transfers in or no longer having significant impact on certain valuations for transfers out. For structured securities, the transfers into and out of Level 3 were attributable to the changes in the observability of inputs used in the valuation as a result of liquidity or marketability of certain instruments that had a significant impact on the primary pricing source used to value the instruments. | ||||||||||||||||||||||||||||||||||||||||||||
(2) | Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities. | ||||||||||||||||||||||||||||||||||||||||||||
Beginning | Total realized and | Purchases | Sales | Issuances | Settlements | Transfer | Transfer | Ending | Total gains | ||||||||||||||||||||||||||||||||||||
balance | unrealized gains | into | out of | balance | (losses) | ||||||||||||||||||||||||||||||||||||||||
as of | (losses) | Level 3 | Level 3 | as of | included in | ||||||||||||||||||||||||||||||||||||||||
July 1, | September 30, | net income | |||||||||||||||||||||||||||||||||||||||||||
2012 | 2012 | attributable | |||||||||||||||||||||||||||||||||||||||||||
to assets | |||||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Included | Included | still held | ||||||||||||||||||||||||||||||||||||||||||
in net | in OCI | ||||||||||||||||||||||||||||||||||||||||||||
income | |||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||||||
U.S. government, agencies and government- sponsored enterprises | $ | 10 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (1 | ) | $ | 9 | $ | — | ||||||||||||||||||||||
Government—non-U.S. | 9 | — | — | — | — | — | (1 | ) | — | — | 8 | — | |||||||||||||||||||||||||||||||||
U.S. corporate (1) | 2,849 | 5 | 34 | 58 | (4 | ) | — | (92 | ) | 36 | (137 | ) | 2,749 | 4 | |||||||||||||||||||||||||||||||
Corporate—non-U.S. (1) | 1,864 | 2 | 17 | 106 | — | — | (88 | ) | 8 | — | 1,909 | — | |||||||||||||||||||||||||||||||||
Residential mortgage- backed | 120 | — | 3 | 12 | (12 | ) | — | (9 | ) | 13 | (3 | ) | 124 | — | |||||||||||||||||||||||||||||||
Commercial mortgage- backed | 33 | — | — | — | — | — | — | — | — | 33 | — | ||||||||||||||||||||||||||||||||||
Other asset-backed | 597 | — | 10 | 66 | — | — | (25 | ) | 59 | (26 | ) | 681 | — | ||||||||||||||||||||||||||||||||
Total fixed maturity securities | 5,482 | 7 | 64 | 242 | (16 | ) | — | (215 | ) | 116 | (167 | ) | 5,513 | 4 | |||||||||||||||||||||||||||||||
Equity securities | 96 | — | — | 4 | (1 | ) | — | — | — | — | 99 | — | |||||||||||||||||||||||||||||||||
Other invested assets: | |||||||||||||||||||||||||||||||||||||||||||||
Trading securities | 274 | 6 | — | — | (63 | ) | — | (2 | ) | — | (31 | ) | 184 | 5 | |||||||||||||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | 3 | — | — | — | — | — | — | — | — | 3 | — | ||||||||||||||||||||||||||||||||||
Credit default swaps | 2 | 4 | — | — | — | — | (1 | ) | — | — | 5 | 4 | |||||||||||||||||||||||||||||||||
Equity index options | 27 | (17 | ) | — | 14 | — | — | — | — | — | 24 | (17 | ) | ||||||||||||||||||||||||||||||||
Total derivative assets | 32 | (13 | ) | — | 14 | — | — | (1 | ) | — | — | 32 | (13 | ) | |||||||||||||||||||||||||||||||
Total other invested assets | 306 | (7 | ) | — | 14 | (63 | ) | — | (3 | ) | — | (31 | ) | 216 | (8 | ) | |||||||||||||||||||||||||||||
Restricted other invested assets related to securitization entities | 192 | 2 | — | — | — | — | — | — | — | 194 | 1 | ||||||||||||||||||||||||||||||||||
Other assets (2) | 17 | (8 | ) | — | — | — | — | — | — | — | 9 | (8 | ) | ||||||||||||||||||||||||||||||||
Reinsurance recoverable (3) | 15 | (4 | ) | — | — | — | — | — | — | — | 11 | (4 | ) | ||||||||||||||||||||||||||||||||
Total Level 3 assets | $ | 6,108 | $ | (10 | ) | $ | 64 | $ | 260 | $ | (80 | ) | $ | — | $ | (218 | ) | $ | 116 | $ | (198 | ) | $ | 6,042 | $ | (15 | ) | ||||||||||||||||||
(1) | The transfers into and out of Level 3 were primarily related to private fixed rate U.S. corporate and corporate—non-U.S. securities and resulted from a change in the observability of the additional premium to the public bond spread to adjust for the liquidity and other features of our private placements and resulted in unobservable inputs having a significant impact on certain valuations for transfers in or no longer having significant impact on certain valuations for transfers out. | ||||||||||||||||||||||||||||||||||||||||||||
(2) | Represents contingent receivables associated with recent business dispositions. | ||||||||||||||||||||||||||||||||||||||||||||
(3) | Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities. | ||||||||||||||||||||||||||||||||||||||||||||
The following tables present additional information about assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of or for the dates indicated: | |||||||||||||||||||||||||||||||||||||||||||||
Beginning | Total realized and | Purchases | Sales | Issuances | Settlements | Transfer | Transfer | Ending | Total gains | ||||||||||||||||||||||||||||||||||||
balance | unrealized gains | into | out of | balance | (losses) | ||||||||||||||||||||||||||||||||||||||||
as of | (losses) | Level 3 | Level 3 | as of | included in | ||||||||||||||||||||||||||||||||||||||||
January 1, | September 30, | net income | |||||||||||||||||||||||||||||||||||||||||||
2013 | 2013 | attributable | |||||||||||||||||||||||||||||||||||||||||||
to assets | |||||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Included | Included | still held | ||||||||||||||||||||||||||||||||||||||||||
in net | in OCI | ||||||||||||||||||||||||||||||||||||||||||||
income | |||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||||||
U.S. government, agencies and government-sponsored enterprises | $ | 9 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (4 | ) | $ | — | $ | — | $ | 5 | $ | — | ||||||||||||||||||||||
Government—non-U.S. | 9 | — | — | — | — | — | (2 | ) | — | — | 7 | — | |||||||||||||||||||||||||||||||||
U.S. corporate (1) | 2,683 | 13 | (34 | ) | 110 | (131 | ) | — | (319 | ) | 145 | (136 | ) | 2,331 | 8 | ||||||||||||||||||||||||||||||
Corporate—non-U.S. (1) | 1,983 | 2 | (37 | ) | 94 | (33 | ) | — | (149 | ) | 76 | (53 | ) | 1,883 | 2 | ||||||||||||||||||||||||||||||
Residential mortgage- backed | 157 | (9 | ) | 9 | — | (6 | ) | — | (24 | ) | 14 | (16 | ) | 125 | — | ||||||||||||||||||||||||||||||
Commercial mortgage- backed | 35 | (5 | ) | (1 | ) | — | — | — | (32 | ) | 11 | (2 | ) | 6 | (4 | ) | |||||||||||||||||||||||||||||
Other asset-backed (1) | 864 | 4 | 8 | 174 | (44 | ) | — | (89 | ) | 189 | (9 | ) | 1,097 | 4 | |||||||||||||||||||||||||||||||
Total fixed maturity securities | 5,740 | 5 | (55 | ) | 378 | (214 | ) | — | (619 | ) | 435 | (216 | ) | 5,454 | 10 | ||||||||||||||||||||||||||||||
Equity securities | 99 | 2 | — | 1 | (17 | ) | — | — | — | — | 85 | — | |||||||||||||||||||||||||||||||||
Other invested assets: | |||||||||||||||||||||||||||||||||||||||||||||
Trading securities | 76 | 7 | — | — | (40 | ) | — | (9 | ) | — | — | 34 | 2 | ||||||||||||||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | 2 | (1 | ) | — | — | — | — | (1 | ) | — | — | — | (1 | ) | |||||||||||||||||||||||||||||||
Credit default swaps | 7 | 8 | — | — | — | — | (7 | ) | — | — | 8 | 6 | |||||||||||||||||||||||||||||||||
Equity index options | 25 | (30 | ) | — | 20 | — | — | (9 | ) | — | — | 6 | (30 | ) | |||||||||||||||||||||||||||||||
Other foreign currency contracts | — | (1 | ) | — | 4 | — | — | — | — | — | 3 | (1 | ) | ||||||||||||||||||||||||||||||||
Total derivative assets | 34 | (24 | ) | — | 24 | — | — | (17 | ) | — | — | 17 | (26 | ) | |||||||||||||||||||||||||||||||
Total other invested assets | 110 | (17 | ) | — | 24 | (40 | ) | — | (26 | ) | — | — | 51 | (24 | ) | ||||||||||||||||||||||||||||||
Restricted other invested assets related to securitization entities | 194 | (1 | ) | — | — | — | — | — | 19 | — | 212 | (1 | ) | ||||||||||||||||||||||||||||||||
Other assets (2) | 9 | — | — | — | — | — | (9 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||
Reinsurance recoverable (3) | 10 | (9 | ) | — | — | — | 2 | — | — | — | 3 | (9 | ) | ||||||||||||||||||||||||||||||||
Total Level 3 assets | $ | 6,162 | $ | (20 | ) | $ | (55 | ) | $ | 403 | $ | (271 | ) | $ | 2 | $ | (654 | ) | $ | 454 | $ | (216 | ) | $ | 5,805 | $ | (24 | ) | |||||||||||||||||
(1) | The transfers into and out of Level 3 were primarily related to private fixed rate U.S. corporate and corporate—non-U.S. securities and structured securities. For private fixed rate U.S. corporate and corporate—non-U.S. securities, the transfers into and out of Level 3 resulted from a change in the observability of the additional premium to the public bond spread to adjust for the liquidity and other features of our private placements and resulted in unobservable inputs having a significant impact on certain valuations for transfers in or no longer having significant impact on certain valuations for transfers out. For structured securities, the transfers into and out of Level 3 were attributable to the changes in the observability of inputs used in the valuation as a result of liquidity or marketability of certain instruments that had a significant impact on the primary pricing source used to value the instruments. | ||||||||||||||||||||||||||||||||||||||||||||
(2) | Represents contingent receivables associated with recent business dispositions. | ||||||||||||||||||||||||||||||||||||||||||||
(3) | Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities. | ||||||||||||||||||||||||||||||||||||||||||||
Beginning | Total realized and | Purchases | Sales | Issuances | Settlements | Transfer | Transfer | Ending | Total gains | ||||||||||||||||||||||||||||||||||||
balance | unrealized gains | into | out of | balance | (losses) | ||||||||||||||||||||||||||||||||||||||||
as of | (losses) | Level 3 | Level 3 | as of | included in | ||||||||||||||||||||||||||||||||||||||||
January 1, | September 30, | net income | |||||||||||||||||||||||||||||||||||||||||||
2012 | 2012 | attributable | |||||||||||||||||||||||||||||||||||||||||||
to assets | |||||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Included | Included | still held | ||||||||||||||||||||||||||||||||||||||||||
in net | in OCI | ||||||||||||||||||||||||||||||||||||||||||||
income | |||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||||||
U.S. government, agencies and government- sponsored enterprises | $ | 13 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 9 | $ | (13 | ) | $ | 9 | $ | — | ||||||||||||||||||||||
Government—non-U.S. | 10 | — | — | — | — | — | (2 | ) | — | — | 8 | — | |||||||||||||||||||||||||||||||||
U.S. corporate (1) | 2,511 | 8 | 63 | 88 | (22 | ) | — | (129 | ) | 725 | (495 | ) | 2,749 | 10 | |||||||||||||||||||||||||||||||
Corporate—non-U.S. (1) | 1,284 | 2 | 28 | 189 | (12 | ) | — | (127 | ) | 692 | (147 | ) | 1,909 | 1 | |||||||||||||||||||||||||||||||
Residential mortgage-backed | 95 | (1 | ) | 10 | 15 | (12 | ) | — | (23 | ) | 43 | (3 | ) | 124 | (1 | ) | |||||||||||||||||||||||||||||
Commercial mortgage-backed | 39 | — | 2 | — | — | — | (1 | ) | — | (7 | ) | 33 | — | ||||||||||||||||||||||||||||||||
Other asset-backed | 271 | 1 | 17 | 276 | (22 | ) | — | (60 | ) | 224 | (26 | ) | 681 | 1 | |||||||||||||||||||||||||||||||
Total fixed maturity securities | 4,223 | 10 | 120 | 568 | (68 | ) | — | (342 | ) | 1,693 | (691 | ) | 5,513 | 11 | |||||||||||||||||||||||||||||||
Equity securities | 98 | 1 | (2 | ) | 9 | (7 | ) | — | — | — | — | 99 | — | ||||||||||||||||||||||||||||||||
Other invested assets: | |||||||||||||||||||||||||||||||||||||||||||||
Trading securities | 264 | 11 | — | 24 | (70 | ) | — | (18 | ) | 4 | (31 | ) | 184 | 12 | |||||||||||||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | 5 | — | — | — | — | — | (2 | ) | — | — | 3 | — | |||||||||||||||||||||||||||||||||
Credit default swaps | — | 8 | — | — | — | — | (3 | ) | — | — | 5 | 8 | |||||||||||||||||||||||||||||||||
Equity index options | 39 | (46 | ) | — | 31 | — | — | — | — | — | 24 | (42 | ) | ||||||||||||||||||||||||||||||||
Other foreign currency contracts | 9 | (11 | ) | — | 3 | — | — | (1 | ) | — | — | — | (11 | ) | |||||||||||||||||||||||||||||||
Total derivative assets | 53 | (49 | ) | — | 34 | — | — | (6 | ) | — | — | 32 | (45 | ) | |||||||||||||||||||||||||||||||
Total other invested assets | 317 | (38 | ) | — | 58 | (70 | ) | — | (24 | ) | 4 | (31 | ) | 216 | (33 | ) | |||||||||||||||||||||||||||||
Restricted other invested assets related to securitization entities | 176 | 18 | — | 100 | (100 | ) | — | — | — | — | 194 | 13 | |||||||||||||||||||||||||||||||||
Other assets (2) | — | (7 | ) | — | — | — | 16 | — | — | — | 9 | (7 | ) | ||||||||||||||||||||||||||||||||
Reinsurance recoverable (3) | 16 | (7 | ) | — | — | — | 2 | — | — | — | 11 | (7 | ) | ||||||||||||||||||||||||||||||||
Total Level 3 assets | $ | 4,830 | $ | (23 | ) | $ | 118 | $ | 735 | $ | (245 | ) | $ | 18 | $ | (366 | ) | $ | 1,697 | $ | (722 | ) | $ | 6,042 | $ | (23 | ) | ||||||||||||||||||
(1) | The transfers into and out of Level 3 were primarily related to private fixed rate U.S. corporate and corporate—non-U.S. securities and resulted from a change in the observability of the additional premium to the public bond spread to adjust for the liquidity and other features of our private placements and resulted in unobservable inputs having a significant impact on certain valuations for transfers in or no longer having significant impact on certain valuations for transfers out. During the second quarter of 2012, we began classifying private securities without an external rating as Level 3, which resulted in a significant number of securities being transferred into Level 3. | ||||||||||||||||||||||||||||||||||||||||||||
(2) | Represents contingent receivables associated with recent business dispositions. | ||||||||||||||||||||||||||||||||||||||||||||
(3) | Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities. | ||||||||||||||||||||||||||||||||||||||||||||
Gains and Losses Included in Net Income from Assets and Liabilities Recorded at Fair Value | ' | ||||||||||||||||||||||||||||||||||||||||||||
The following table presents the gains and losses included in net income from assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value and the related income statement line item in which these gains and losses were presented for the periods indicated: | |||||||||||||||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||
Total realized and unrealized gains (losses) included in net income: | |||||||||||||||||||||||||||||||||||||||||||||
Net investment income | $ | 8 | $ | 8 | $ | 28 | $ | 22 | |||||||||||||||||||||||||||||||||||||
Net investment gains (losses) | (20 | ) | (18 | ) | (48 | ) | (45 | ) | |||||||||||||||||||||||||||||||||||||
Total | $ | (12 | ) | $ | (10 | ) | $ | (20 | ) | $ | (23 | ) | |||||||||||||||||||||||||||||||||
Total gains (losses) included in net income attributable to assets still held: | |||||||||||||||||||||||||||||||||||||||||||||
Net investment income | $ | 8 | $ | 4 | $ | 25 | $ | 17 | |||||||||||||||||||||||||||||||||||||
Net investment gains (losses) | (16 | ) | (19 | ) | (49 | ) | (40 | ) | |||||||||||||||||||||||||||||||||||||
Total | $ | (8 | ) | $ | (15 | ) | $ | (24 | ) | $ | (23 | ) | |||||||||||||||||||||||||||||||||
The following table presents the gains and losses included in net (income) from liabilities measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value and the related income statement line item in which these gains and losses were presented for the periods indicated: | |||||||||||||||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||
Total realized and unrealized (gains) losses included in net (income): | |||||||||||||||||||||||||||||||||||||||||||||
Net investment income | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||
Net investment (gains) losses | (68 | ) | (118 | ) | (231 | ) | (205 | ) | |||||||||||||||||||||||||||||||||||||
Total | $ | (68 | ) | $ | (118 | ) | $ | (231 | ) | $ | (205 | ) | |||||||||||||||||||||||||||||||||
Total (gains) losses included in net (income) attributable to liabilities still held: | |||||||||||||||||||||||||||||||||||||||||||||
Net investment income | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||
Net investment (gains) losses | (68 | ) | (116 | ) | (229 | ) | (203 | ) | |||||||||||||||||||||||||||||||||||||
Total | $ | (68 | ) | $ | (116 | ) | $ | (229 | ) | $ | (203 | ) | |||||||||||||||||||||||||||||||||
Liabilities Measured at Fair Value on Recurring Basis and Utilized Significant Unobservable (Level 3) Inputs to Determine Fair Value | ' | ||||||||||||||||||||||||||||||||||||||||||||
The following tables present additional information about liabilities measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of or for the dates indicated: | |||||||||||||||||||||||||||||||||||||||||||||
Beginning | Total realized and | Purchases | Sales | Issuances | Settlements | Transfer | Transfer | Ending | Total (gains) | ||||||||||||||||||||||||||||||||||||
balance | unrealized (gains) | into | out of | balance | losses | ||||||||||||||||||||||||||||||||||||||||
as of | losses | Level 3 | Level 3 | as of | included in | ||||||||||||||||||||||||||||||||||||||||
July 1, | September 30, | net (income) | |||||||||||||||||||||||||||||||||||||||||||
2013 | 2013 | attributable | |||||||||||||||||||||||||||||||||||||||||||
to liabilities | |||||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Included | Included | still held | ||||||||||||||||||||||||||||||||||||||||||
in net | in OCI | ||||||||||||||||||||||||||||||||||||||||||||
(income) | |||||||||||||||||||||||||||||||||||||||||||||
Policyholder account balances: | |||||||||||||||||||||||||||||||||||||||||||||
GMWB embedded derivatives (1) | $ | 215 | $ | (47 | ) | $ | — | $ | — | $ | — | $ | 9 | $ | — | $ | — | $ | — | $ | 177 | $ | (47 | ) | |||||||||||||||||||||
Fixed index annuity embedded derivatives | 44 | 3 | — | — | — | 36 | — | — | — | 83 | 3 | ||||||||||||||||||||||||||||||||||
Total policyholder account balances | 259 | (44 | ) | — | — | — | 45 | — | — | — | 260 | (44 | ) | ||||||||||||||||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||||||||||||||||||||||
Credit default swaps related to securitization entities | 80 | (23 | ) | — | 2 | — | — | — | — | — | 59 | (23 | ) | ||||||||||||||||||||||||||||||||
Equity index options | 1 | — | — | — | — | — | (1 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||
Other foreign currency contracts | — | — | — | 3 | — | — | — | — | — | 3 | — | ||||||||||||||||||||||||||||||||||
Total derivative liabilities | 81 | (23 | ) | — | 5 | — | — | (1 | ) | — | — | 62 | (23 | ) | |||||||||||||||||||||||||||||||
Borrowings related to securitization entities | 74 | (1 | ) | — | — | — | — | — | — | — | 73 | (1 | ) | ||||||||||||||||||||||||||||||||
Total Level 3 liabilities | $ | 414 | $ | (68 | ) | $ | — | $ | 5 | $ | — | $ | 45 | $ | (1 | ) | $ | — | $ | — | $ | 395 | $ | (68 | ) | ||||||||||||||||||||
(1) | Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. | ||||||||||||||||||||||||||||||||||||||||||||
Beginning | Total realized and | Purchases | Sales | Issuances | Settlements | Transfer | Transfer | Ending | Total (gains) | ||||||||||||||||||||||||||||||||||||
balance | unrealized (gains) | into | out of | balance | losses | ||||||||||||||||||||||||||||||||||||||||
as of | losses | Level 3 | Level 3 | as of | included in | ||||||||||||||||||||||||||||||||||||||||
July 1, | September 30, | net (income) | |||||||||||||||||||||||||||||||||||||||||||
2012 | 2012 | attributable | |||||||||||||||||||||||||||||||||||||||||||
to liabilities | |||||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Included | Included | still held | ||||||||||||||||||||||||||||||||||||||||||
in net | in OCI | ||||||||||||||||||||||||||||||||||||||||||||
(income) | |||||||||||||||||||||||||||||||||||||||||||||
Policyholder account balances: | |||||||||||||||||||||||||||||||||||||||||||||
GMWB embedded derivatives (1) | $ | 453 | $ | (83 | ) | $ | — | $ | — | $ | — | $ | 10 | $ | — | $ | — | $ | — | $ | 380 | $ | (81 | ) | |||||||||||||||||||||
Fixed index annuity embedded derivatives | 10 | 1 | — | — | — | 10 | — | — | — | 21 | 1 | ||||||||||||||||||||||||||||||||||
Total policyholder account balances | 463 | (82 | ) | — | — | — | 20 | — | — | — | 401 | (80 | ) | ||||||||||||||||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||||||||||||||||||||||
Credit default swaps | 37 | (19 | ) | — | — | — | — | (9 | ) | — | — | 9 | (19 | ) | |||||||||||||||||||||||||||||||
Credit default swaps related to securitization entities | 155 | (20 | ) | — | 1 | — | — | — | — | — | 136 | (20 | ) | ||||||||||||||||||||||||||||||||
Total derivative liabilities | 192 | (39 | ) | — | 1 | — | — | (9 | ) | — | — | 145 | (39 | ) | |||||||||||||||||||||||||||||||
Borrowings related to securitization entities | 57 | 3 | — | — | — | — | — | — | — | 60 | 3 | ||||||||||||||||||||||||||||||||||
Total Level 3 liabilities | $ | 712 | $ | (118 | ) | $ | — | $ | 1 | $ | — | $ | 20 | $ | (9 | ) | $ | — | $ | — | $ | 606 | $ | (116 | ) | ||||||||||||||||||||
(1) | Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. | ||||||||||||||||||||||||||||||||||||||||||||
The following tables present additional information about liabilities measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of or for the dates indicated: | |||||||||||||||||||||||||||||||||||||||||||||
Beginning | Total realized and | Purchases | Sales | Issuances | Settlements | Transfer | Transfer | Ending | Total | ||||||||||||||||||||||||||||||||||||
balance | unrealized (gains) | into | out of | balance | (gains) | ||||||||||||||||||||||||||||||||||||||||
as of | losses | Level 3 | Level 3 | as of | losses | ||||||||||||||||||||||||||||||||||||||||
January 1, | September 30, | included in | |||||||||||||||||||||||||||||||||||||||||||
2013 | 2013 | net | |||||||||||||||||||||||||||||||||||||||||||
(income) | |||||||||||||||||||||||||||||||||||||||||||||
attributable | |||||||||||||||||||||||||||||||||||||||||||||
to liabilities | |||||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Included | Included | still held | ||||||||||||||||||||||||||||||||||||||||||
in net | in OCI | ||||||||||||||||||||||||||||||||||||||||||||
(income) | |||||||||||||||||||||||||||||||||||||||||||||
Policyholder account balances: | |||||||||||||||||||||||||||||||||||||||||||||
GMWB embedded derivatives (1) | $ | 350 | $ | (200 | ) | $ | — | $ | — | $ | — | $ | 27 | $ | — | $ | — | $ | — | $ | 177 | $ | (198 | ) | |||||||||||||||||||||
Fixed index annuity embedded derivatives | 27 | 7 | — | — | — | 49 | — | — | — | 83 | 7 | ||||||||||||||||||||||||||||||||||
Total policyholder account balances | 377 | (193 | ) | — | — | — | 76 | — | — | — | 260 | (191 | ) | ||||||||||||||||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||||||||||||||||||||||
Credit default swaps | 1 | (1 | ) | — | — | — | — | — | — | — | — | (1 | ) | ||||||||||||||||||||||||||||||||
Credit default swaps related to securitization entities | 104 | (49 | ) | — | 4 | — | — | — | — | — | 59 | (49 | ) | ||||||||||||||||||||||||||||||||
Equity index options | — | 1 | — | — | — | — | (1 | ) | — | — | — | 1 | |||||||||||||||||||||||||||||||||
Other foreign currency contracts | — | — | — | 3 | — | — | — | — | — | 3 | — | ||||||||||||||||||||||||||||||||||
Total derivative liabilities | 105 | (49 | ) | — | 7 | — | — | (1 | ) | — | — | 62 | (49 | ) | |||||||||||||||||||||||||||||||
Borrowings related to securitization entities | 62 | 11 | — | — | — | — | — | — | — | 73 | 11 | ||||||||||||||||||||||||||||||||||
Total Level 3 liabilities | $ | 544 | $ | (231 | ) | $ | — | $ | 7 | $ | — | $ | 76 | $ | (1 | ) | $ | — | $ | — | $ | 395 | $ | (229 | ) | ||||||||||||||||||||
(1) | Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. | ||||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Beginning | Total realized and | Purchases | Sales | Issuances | Settlements | Transfer | Transfer | Ending | Total (gains) | |||||||||||||||||||||||||||||||||||
balance | unrealized (gains) | into | out of | balance | losses | ||||||||||||||||||||||||||||||||||||||||
as of | losses | Level 3 | Level 3 | as of | included in | ||||||||||||||||||||||||||||||||||||||||
January 1, | September 30, | net (income) | |||||||||||||||||||||||||||||||||||||||||||
2012 | 2012 | attributable | |||||||||||||||||||||||||||||||||||||||||||
to liabilities | |||||||||||||||||||||||||||||||||||||||||||||
Included | Included | still held | |||||||||||||||||||||||||||||||||||||||||||
in net | in OCI | ||||||||||||||||||||||||||||||||||||||||||||
(income) | |||||||||||||||||||||||||||||||||||||||||||||
Policyholder account balances: | |||||||||||||||||||||||||||||||||||||||||||||
GMWB embedded derivatives (1) | $ | 492 | $ | (139 | ) | $ | — | $ | — | $ | — | $ | 27 | $ | — | $ | — | $ | — | $ | 380 | $ | (134 | ) | |||||||||||||||||||||
Fixed index annuity embedded derivatives | 4 | 2 | — | — | — | 15 | — | — | — | 21 | 2 | ||||||||||||||||||||||||||||||||||
Total policyholder account | 496 | (137 | ) | — | — | — | 42 | — | — | — | 401 | (132 | ) | ||||||||||||||||||||||||||||||||
balances | |||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||||||||||||||||||||||
Credit default swaps | 57 | (37 | ) | — | 2 | — | — | (13 | ) | — | — | 9 | (40 | ) | |||||||||||||||||||||||||||||||
Credit default swaps related to securitization | 177 | (43 | ) | — | 2 | — | — | — | — | — | 136 | (43 | ) | ||||||||||||||||||||||||||||||||
entities | |||||||||||||||||||||||||||||||||||||||||||||
Total derivative | 234 | (80 | ) | — | 4 | — | — | (13 | ) | — | — | 145 | (83 | ) | |||||||||||||||||||||||||||||||
liabilities | |||||||||||||||||||||||||||||||||||||||||||||
Borrowings related to securitization entities | 48 | 12 | — | — | — | — | — | — | — | 60 | 12 | ||||||||||||||||||||||||||||||||||
Total Level 3 liabilities | $ | 778 | $ | (205 | ) | $ | — | $ | 4 | $ | — | $ | 42 | $ | (13 | ) | $ | — | $ | — | $ | 606 | $ | (203 | ) | ||||||||||||||||||||
(1) | Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. | ||||||||||||||||||||||||||||||||||||||||||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information | ' | ||||||||||||||||||||||||||||||||||||||||||||
The following table presents a summary of the significant unobservable inputs used for certain fair value measurements that are based on internal models and classified as Level 3 as of September 30, 2013: | |||||||||||||||||||||||||||||||||||||||||||||
Range | |||||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | Valuation technique | Fair value | Unobservable input | (weighted-average) | |||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||||||
U.S. corporate | Matrix pricing | $ | 2,191 | Credit spreads | 64bps - 575bps (207bps) | ||||||||||||||||||||||||||||||||||||||||
Corporate—non-U.S. | Matrix pricing | 1,709 | Credit spreads | 69bps - 420bps (190bps) | |||||||||||||||||||||||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||||||||||||||||||||||
Credit default swaps (1) | Discounted cash flows | 8 | Credit spreads | 3bps - 59bps (33bps) | |||||||||||||||||||||||||||||||||||||||||
Equity index options | Discounted cash flows | 6 | Equity index volatility | 15% - 25% (22%) | |||||||||||||||||||||||||||||||||||||||||
Other foreign currency contracts | Discounted cash flows | 3 | Foreign exchange rate volatility | 36% - 62% (42%) | |||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||
Policyholder account balances: | |||||||||||||||||||||||||||||||||||||||||||||
Withdrawal utilization rate | —% - 98% | ||||||||||||||||||||||||||||||||||||||||||||
Lapse rate | —% - 15% | ||||||||||||||||||||||||||||||||||||||||||||
Non-performance risk | 50bps - 90bps (79bps) | ||||||||||||||||||||||||||||||||||||||||||||
(credit spreads) | |||||||||||||||||||||||||||||||||||||||||||||
GMWB embedded derivatives (2) | Stochastic cash flow model | 177 | Equity index volatility | 16% - 25% (22%) | |||||||||||||||||||||||||||||||||||||||||
Fixed index annuity embedded derivatives | Option budget method | 83 | Expected future interest credited | 1% - 4% (2%) | |||||||||||||||||||||||||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||||||||||||||||||||||
Other foreign currency contracts | Discounted cash flows | 3 | Foreign exchange rate volatility | 32% - 40% (37%) | |||||||||||||||||||||||||||||||||||||||||
(1) | Unobservable input valuation based on the current market credit default swap premium. | ||||||||||||||||||||||||||||||||||||||||||||
(2) | Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. |
Borrowings_and_Other_Financing1
Borrowings and Other Financings (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Schedule of Long Term Borrowings | ' | ||||||||
The following table sets forth total long-term borrowings as of the dates indicated: | |||||||||
September 30, | December 31, | ||||||||
(Amounts in millions) | 2013 | 2012 | |||||||
5.75% Senior Notes, due 2014 (1) | $ | 485 | $ | 500 | |||||
4.59% Senior Notes, due 2015 (2) | 145 | 151 | |||||||
4.95% Senior Notes, due 2015 (1) | — | 350 | |||||||
8.625% Senior Notes, due 2016 (1) | 300 | 300 | |||||||
6.52% Senior Notes, due 2018 (1) | 600 | 600 | |||||||
5.68% Senior Notes, due 2020 (2) | 267 | 276 | |||||||
7.70% Senior Notes, due 2020 (1) | 400 | 400 | |||||||
7.20% Senior Notes, due 2021 (1) | 399 | 399 | |||||||
7.625% Senior Notes, due 2021 (1) | 759 | 760 | |||||||
Floating Rate Junior Notes, due 2021 (3) | 131 | 145 | |||||||
4.90% Senior Notes, due 2023 (1) | 399 | — | |||||||
6.50% Senior Notes, due 2034 (1) | 297 | 297 | |||||||
6.15% Junior Notes, due 2066 | 598 | 598 | |||||||
Total | $ | 4,780 | $ | 4,776 | |||||
(1) | We have the option to redeem all or a portion of the senior notes at any time with notice to the noteholders at a price equal to the greater of 100% of principal or the sum of the present value of the remaining scheduled payments of principal and interest discounted at the then-current treasury rate plus an applicable spread. | ||||||||
(2) | Senior notes issued by our majority-owned subsidiary, Genworth MI Canada Inc. | ||||||||
(3) | Subordinated floating rate notes issued by our indirect wholly-owned subsidiary, Genworth Financial Mortgage Insurance Pty Limited. |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Summary of Revenues for Segments and Corporate and Other Activities | ' | ||||||||||||||||
The following is a summary of revenues for our segments and Corporate and Other activities for the periods indicated: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues: | |||||||||||||||||
U.S. Life Insurance segment: | |||||||||||||||||
Life insurance | $ | 492 | $ | 533 | $ | 1,488 | $ | 1,404 | |||||||||
Long-term care insurance | 846 | 809 | 2,447 | 2,381 | |||||||||||||
Fixed annuities | 249 | 284 | 776 | 838 | |||||||||||||
U.S. Life Insurance segment’s revenues | 1,587 | 1,626 | 4,711 | 4,623 | |||||||||||||
International Mortgage Insurance segment: | |||||||||||||||||
Canada | 190 | 197 | 576 | 591 | |||||||||||||
Australia | 131 | 140 | 418 | 421 | |||||||||||||
Other Countries | 8 | 13 | 29 | 45 | |||||||||||||
International Mortgage Insurance segment’s revenues | 329 | 350 | 1,023 | 1,057 | |||||||||||||
U.S. Mortgage Insurance segment’s revenues | 156 | 156 | 461 | 514 | |||||||||||||
International Protection segment’s revenues | 187 | 198 | 594 | 627 | |||||||||||||
Runoff segment’s revenues | 73 | 92 | 185 | 289 | |||||||||||||
Corporate and Other’s revenues | (15 | ) | 34 | 17 | 63 | ||||||||||||
Total revenues | $ | 2,317 | $ | 2,456 | $ | 6,991 | $ | 7,173 | |||||||||
Summary of Net Operating Income (Loss) for Segments and Corporate and Other Activities | ' | ||||||||||||||||
The following is a summary of net operating income (loss) for our segments and Corporate and Other activities and a reconciliation of net operating income (loss) for our segments and Corporate and Other activities to net income for the periods indicated: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
U.S. Life Insurance segment: | |||||||||||||||||
Life insurance | $ | 54 | $ | 22 | $ | 117 | $ | 58 | |||||||||
Long-term care insurance | 41 | 45 | 87 | 94 | |||||||||||||
Fixed annuities | 16 | 19 | 71 | 62 | |||||||||||||
U.S. Life Insurance segment’s net operating income | 111 | 86 | 275 | 214 | |||||||||||||
International Mortgage Insurance segment: | |||||||||||||||||
Canada | 41 | 42 | 126 | 120 | |||||||||||||
Australia | 61 | 57 | 162 | 80 | |||||||||||||
Other Countries | (12 | ) | (5 | ) | (28 | ) | (23 | ) | |||||||||
International Mortgage Insurance segment’s net operating income | 90 | 94 | 260 | 177 | |||||||||||||
U.S. Mortgage Insurance segment’s net operating income (loss) | (3 | ) | (37 | ) | 31 | (106 | ) | ||||||||||
International Protection segment’s net operating income | 4 | 8 | 11 | 16 | |||||||||||||
Runoff segment’s net operating income (loss) | 25 | 9 | 47 | 38 | |||||||||||||
Corporate and Other’s net operating loss | (108 | ) | (49 | ) | (221 | ) | (144 | ) | |||||||||
Net operating income | 119 | 111 | 403 | 195 | |||||||||||||
Net investment gains (losses), net of taxes and other adjustments | (13 | ) | (2 | ) | (26 | ) | (3 | ) | |||||||||
Income (loss) from discontinued operations, net of taxes | 2 | 12 | (12 | ) | 51 | ||||||||||||
Expenses related to restructuring, net of taxes | — | — | (13 | ) | — | ||||||||||||
Goodwill impairment, net of taxes | — | (86 | ) | — | (86 | ) | |||||||||||
Net income available to Genworth Financial, Inc.’s common stockholders | 108 | 35 | 352 | 157 | |||||||||||||
Add: net income attributable to noncontrolling interests | 40 | 36 | 117 | 102 | |||||||||||||
Net income | $ | 148 | $ | 71 | $ | 469 | $ | 259 | |||||||||
Summary of Total Assets for Segments and Corporate and Other Activities | ' | ||||||||||||||||
The following is a summary of total assets for our segments and Corporate and Other activities as of the dates indicated: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
(Amounts in millions) | 2013 | 2012 | |||||||||||||||
Assets: | |||||||||||||||||
U.S. Life Insurance | $ | 76,994 | $ | 79,214 | |||||||||||||
International Mortgage Insurance | 9,424 | 10,063 | |||||||||||||||
U.S. Mortgage Insurance | 2,043 | 2,357 | |||||||||||||||
International Protection | 2,095 | 2,145 | |||||||||||||||
Runoff | 14,138 | 15,308 | |||||||||||||||
Corporate and Other | 3,440 | 3,786 | |||||||||||||||
Segment assets from continuing operations | 108,134 | 112,873 | |||||||||||||||
Assets associated with discontinued operations | — | 439 | |||||||||||||||
Total assets | $ | 108,134 | $ | 113,312 | |||||||||||||
Changes_in_Accumulated_Other_C1
Changes in Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Component of Changes in Accumulated OCI, net of Taxes | ' | ||||||||||||||||||
The following tables show the changes in accumulated OCI, net of taxes, by component as of and for the periods indicated: | |||||||||||||||||||
(Amounts in millions) | Net | Derivatives | Foreign | Total | |||||||||||||||
unrealized | qualifying as | currency | |||||||||||||||||
investment | hedges (2) | translation | |||||||||||||||||
gains | and other | ||||||||||||||||||
(losses) (1) | adjustments | ||||||||||||||||||
Balances as of July 1, 2013 | $ | 1,294 | $ | 1,581 | $ | 267 | $ | 3,142 | |||||||||||
OCI before reclassifications | (197 | ) | (131 | ) | 144 | (184 | ) | ||||||||||||
Amounts reclassified from OCI | 11 | (8 | ) | — | 3 | ||||||||||||||
Current period OCI | (186 | ) | (139 | ) | 144 | (181 | ) | ||||||||||||
Balances as of September 30, 2013 before noncontrolling interests | 1,108 | 1,442 | 411 | 2,961 | |||||||||||||||
Less: change in OCI attributable to noncontrolling interests | (1 | ) | — | 23 | 22 | ||||||||||||||
Balances as of September 30, 2013 | $ | 1,109 | $ | 1,442 | $ | 388 | $ | 2,939 | |||||||||||
(1) | Net of adjustments to deferred acquisition costs, present value of future profits, sales inducements and benefit reserves. See note 4 for additional information. | ||||||||||||||||||
(2) | See note 5 for additional information. | ||||||||||||||||||
(Amounts in millions) | Net | Derivatives | Foreign | Total | |||||||||||||||
unrealized | qualifying as | currency | |||||||||||||||||
investment | hedges (2) | translation | |||||||||||||||||
gains | and other | ||||||||||||||||||
(losses) (1) | adjustments | ||||||||||||||||||
Balances as of July 1, 2012 | $ | 2,016 | $ | 2,087 | $ | 550 | $ | 4,653 | |||||||||||
OCI before reclassifications | 536 | (72 | ) | 148 | 612 | ||||||||||||||
Amounts reclassified from OCI | 9 | (4 | ) | — | 5 | ||||||||||||||
Current period OCI | 545 | (76 | ) | 148 | 617 | ||||||||||||||
Balances as of September 30, 2012 before noncontrolling interests | 2,561 | 2,011 | 698 | 5,270 | |||||||||||||||
Less: change in OCI attributable to noncontrolling interests | 8 | — | 39 | 47 | |||||||||||||||
Balances as of September 30, 2012 | $ | 2,553 | $ | 2,011 | $ | 659 | $ | 5,223 | |||||||||||
(1) | Net of adjustments to deferred acquisition costs, present value of future profits, sales inducements and benefit reserves. See note 4 for additional information. | ||||||||||||||||||
(2) | See note 5 for additional information. | ||||||||||||||||||
(Amounts in millions) | Net | Derivatives | Foreign | Total | |||||||||||||||
unrealized | qualifying as | currency | |||||||||||||||||
investment | hedges (2) | translation | |||||||||||||||||
gains | and other | ||||||||||||||||||
(losses) (1) | adjustments | ||||||||||||||||||
Balances as of January 1, 2013 | $ | 2,638 | $ | 1,909 | $ | 655 | $ | 5,202 | |||||||||||
OCI before reclassifications | (1,586 | ) | (446 | ) | (313 | ) | (2,345 | ) | |||||||||||
Amounts reclassified from OCI | 19 | (21 | ) | — | (2 | ) | |||||||||||||
Current period OCI | (1,567 | ) | (467 | ) | (313 | ) | (2,347 | ) | |||||||||||
Balances as of September 30, 2013 before noncontrolling interests | 1,071 | 1,442 | 342 | 2,855 | |||||||||||||||
Less: change in OCI attributable to noncontrolling interests | (38 | ) | — | (46 | ) | (84 | ) | ||||||||||||
Balances as of September 30, 2013 | $ | 1,109 | $ | 1,442 | $ | 388 | $ | 2,939 | |||||||||||
(1) | Net of adjustments to deferred acquisition costs, present value of future profits, sales inducements and benefit reserves. See note 4 for additional information. | ||||||||||||||||||
(2) | See note 5 for additional information. | ||||||||||||||||||
(Amounts in millions) | Net | Derivatives | Foreign | Total | |||||||||||||||
unrealized | qualifying as | currency | |||||||||||||||||
investment | hedges (2) | translation | |||||||||||||||||
gains | and other | ||||||||||||||||||
(losses) (1) | adjustments | ||||||||||||||||||
Balances as of January 1, 2012 | $ | 1,485 | $ | 2,009 | $ | 553 | $ | 4,047 | |||||||||||
OCI before reclassifications | 1,040 | 18 | 145 | 1,203 | |||||||||||||||
Amounts reclassified from OCI | 33 | (16 | ) | — | 17 | ||||||||||||||
Current period OCI | 1,073 | 2 | 145 | 1,220 | |||||||||||||||
Balances as of September 30, 2012 before noncontrolling interests | 2,558 | 2,011 | 698 | 5,267 | |||||||||||||||
Less: change in OCI attributable to noncontrolling interests | 5 | — | 39 | 44 | |||||||||||||||
Balances as of September 30, 2012 | $ | 2,553 | $ | 2,011 | $ | 659 | $ | 5,223 | |||||||||||
(1) | Net of adjustments to deferred acquisition costs, present value of future profits, sales inducements and benefit reserves. See note 4 for additional information. | ||||||||||||||||||
(2) | See note 5 for additional information. | ||||||||||||||||||
Reclassifications out of Accumulated Other Comprehensive Income (Loss) net of Taxes | ' | ||||||||||||||||||
The following table shows reclassifications out of accumulated other comprehensive income (loss), net of taxes, for the periods presented: | |||||||||||||||||||
Amount reclassified from accumulated | |||||||||||||||||||
other comprehensive income | Affected line item in the | ||||||||||||||||||
Three months ended | Nine months ended | consolidated statements | |||||||||||||||||
September 30, | September 30, | of income | |||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
Net unrealized investment gains (losses): | |||||||||||||||||||
Unrealized gains (losses) on investments (1) | $ | 17 | $ | 15 | $ | 29 | $ | 52 | Net investment gains (losses) | ||||||||||
Provision for income taxes | (6 | ) | (6 | ) | (10 | ) | (19 | ) | Provision for income taxes | ||||||||||
Total | $ | 11 | $ | 9 | $ | 19 | $ | 33 | |||||||||||
Derivatives qualifying as hedges: | |||||||||||||||||||
Interest rate swaps hedging assets | $ | (15 | ) | $ | (9 | ) | $ | (34 | ) | $ | (28 | ) | Net investment income | ||||||
Interest rate swaps hedging assets | — | (1 | ) | (1 | ) | (2 | ) | Net investment gains (losses) | |||||||||||
Interest rate swaps hedging liabilities | — | — | (1 | ) | (1 | ) | Interest expense | ||||||||||||
Inflation indexed swaps | 3 | (3 | ) | 5 | 6 | Net investment income | |||||||||||||
Provision for income taxes | 4 | 9 | 10 | 9 | Provision for income taxes | ||||||||||||||
Total | $ | (8 | ) | $ | (4 | ) | $ | (21 | ) | $ | (16 | ) | |||||||
(1) | Amounts exclude adjustments to deferred acquisition costs, present value of future profits, sales inducements and benefit reserves. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Schedule of Discontinued Operations Balance Sheet and Income Statement | ' | ||||||||||||||||
The major assets and liability categories were as follows as of the dates indicated: | |||||||||||||||||
(Amounts in millions) | September 30, | December 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||||
Assets | |||||||||||||||||
Other invested assets | $ | — | $ | 10 | |||||||||||||
Cash and cash equivalents | — | 21 | |||||||||||||||
Intangible assets | — | 115 | |||||||||||||||
Goodwill | — | 260 | |||||||||||||||
Other assets | — | 33 | |||||||||||||||
Assets associated with discontinued operations | $ | — | $ | 439 | |||||||||||||
Liabilities | |||||||||||||||||
Other liabilities | $ | — | $ | 48 | |||||||||||||
Deferred tax liability | — | 13 | |||||||||||||||
Liabilities associated with discontinued operations | $ | — | $ | 61 | |||||||||||||
Summary operating results of discontinued operations were as follows for the periods indicated: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues | $ | 54 | $ | 82 | $ | 211 | $ | 313 | |||||||||
Income (loss) before income taxes | $ | 3 | $ | 19 | $ | (5 | ) | $ | 95 | ||||||||
Provision for income taxes | 1 | 7 | 7 | 44 | |||||||||||||
Income (loss) from discontinued operations, net of taxes | $ | 2 | $ | 12 | $ | (12 | ) | $ | 51 | ||||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Condensed Consolidating Balance Sheet | ' | ||||||||||||||||||||
The following table presents the condensed consolidating balance sheet information as of September 30, 2013: | |||||||||||||||||||||
Parent | All Other | ||||||||||||||||||||
(Amounts in millions) | Guarantor | Issuer | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Assets | |||||||||||||||||||||
Investments | |||||||||||||||||||||
Fixed maturity securities available-for-sale, at fair value | $ | — | $ | 151 | $ | 59,135 | $ | (200 | ) | $ | 59,086 | ||||||||||
Equity securities available-for-sale, at fair value | — | — | 379 | — | 379 | ||||||||||||||||
Commercial mortgage loans | — | — | 5,858 | — | 5,858 | ||||||||||||||||
Restricted commercial mortgage loans related to securitization entities | — | — | 290 | — | 290 | ||||||||||||||||
Policy loans | — | — | 1,668 | — | 1,668 | ||||||||||||||||
Other invested assets | — | 63 | 1,763 | — | 1,826 | ||||||||||||||||
Restricted other invested assets related to securitization entities | — | — | 392 | — | 392 | ||||||||||||||||
Investments in subsidiaries | 14,576 | 15,307 | — | (29,883 | ) | — | |||||||||||||||
Total investments | 14,576 | 15,521 | 69,485 | (30,083 | ) | 69,499 | |||||||||||||||
Cash and cash equivalents | — | 1,164 | 2,390 | — | 3,554 | ||||||||||||||||
Accrued investment income | — | — | 705 | — | 705 | ||||||||||||||||
Deferred acquisition costs | — | — | 5,256 | — | 5,256 | ||||||||||||||||
Intangible assets | — | — | 404 | — | 404 | ||||||||||||||||
Goodwill | — | — | 867 | — | 867 | ||||||||||||||||
Reinsurance recoverable | — | — | 17,224 | — | 17,224 | ||||||||||||||||
Other assets | (3 | ) | 230 | 443 | (2 | ) | 668 | ||||||||||||||
Intercompany notes receivable | 11 | 248 | 392 | (651 | ) | — | |||||||||||||||
Separate account assets | — | — | 9,957 | — | 9,957 | ||||||||||||||||
Assets associated with discontinued operations | — | — | — | — | — | ||||||||||||||||
Total assets | $ | 14,584 | $ | 17,163 | $ | 107,123 | $ | (30,736 | ) | $ | 108,134 | ||||||||||
Liabilities and stockholders’ equity | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||
Future policy benefits | $ | — | $ | — | $ | 33,612 | $ | — | $ | 33,612 | |||||||||||
Policyholder account balances | — | — | 25,266 | — | 25,266 | ||||||||||||||||
Liability for policy and contract claims | — | — | 7,271 | — | 7,271 | ||||||||||||||||
Unearned premiums | — | — | 4,160 | — | 4,160 | ||||||||||||||||
Other liabilities | 3 | 330 | 4,275 | (1 | ) | 4,607 | |||||||||||||||
Intercompany notes payable | — | 602 | 249 | (851 | ) | — | |||||||||||||||
Borrowings related to securitization entities | — | — | 297 | — | 297 | ||||||||||||||||
Non-recourse funding obligations | — | — | 2,046 | — | 2,046 | ||||||||||||||||
Long-term borrowings | — | 4,237 | 543 | — | 4,780 | ||||||||||||||||
Deferred tax liability | (23 | ) | (730 | ) | 1,046 | — | 293 | ||||||||||||||
Separate account liabilities | — | — | 9,957 | — | 9,957 | ||||||||||||||||
Liabilities associated with discontinued operations | — | — | — | — | — | ||||||||||||||||
Total liabilities | (20 | ) | 4,439 | 88,722 | (852 | ) | 92,289 | ||||||||||||||
Stockholders’ equity: | |||||||||||||||||||||
Common stock | 1 | — | — | — | 1 | ||||||||||||||||
Additional paid-in capital | 12,149 | 9,315 | 16,996 | (26,311 | ) | 12,149 | |||||||||||||||
Accumulated other comprehensive income (loss) | 2,939 | 2,888 | 2,917 | (5,805 | ) | 2,939 | |||||||||||||||
Retained earnings | 2,215 | 521 | (2,758 | ) | 2,237 | 2,215 | |||||||||||||||
Treasury stock, at cost | (2,700 | ) | — | — | — | (2,700 | ) | ||||||||||||||
Total Genworth Financial, Inc.’s stockholders’ equity | 14,604 | 12,724 | 17,155 | (29,879 | ) | 14,604 | |||||||||||||||
Noncontrolling interests | — | — | 1,246 | (5 | ) | 1,241 | |||||||||||||||
Total stockholders’ equity | 14,604 | 12,724 | 18,401 | (29,884 | ) | 15,845 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 14,584 | $ | 17,163 | $ | 107,123 | $ | (30,736 | ) | $ | 108,134 | ||||||||||
The following table presents the condensed consolidating balance sheet information as of December 31, 2012: | |||||||||||||||||||||
Parent | All Other | ||||||||||||||||||||
(Amounts in millions) | Guarantor | Issuer | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Assets | |||||||||||||||||||||
Fixed maturity securities available-for-sale, at fair value | $ | — | $ | 151 | $ | 62,210 | $ | (200 | ) | $ | 62,161 | ||||||||||
Equity securities available-for-sale, at fair value | — | — | 518 | — | 518 | ||||||||||||||||
Commercial mortgage loans | — | — | 5,872 | — | 5,872 | ||||||||||||||||
Restricted commercial mortgage loans related to securitization entities | — | — | 341 | — | 341 | ||||||||||||||||
Policy loans | — | — | 1,601 | — | 1,601 | ||||||||||||||||
Other invested assets | — | 5 | 3,488 | — | 3,493 | ||||||||||||||||
Restricted other invested assets related to securitization entities | — | — | 393 | — | 393 | ||||||||||||||||
Investments in subsidiaries | 16,429 | 17,725 | — | (34,154 | ) | — | |||||||||||||||
Total investments | 16,429 | 17,881 | 74,423 | (34,354 | ) | 74,379 | |||||||||||||||
Cash and cash equivalents | — | 843 | 2,789 | — | 3,632 | ||||||||||||||||
Accrued investment income | — | — | 719 | (4 | ) | 715 | |||||||||||||||
Deferred acquisition costs | — | — | 5,036 | — | 5,036 | ||||||||||||||||
Intangible assets | — | — | 366 | — | 366 | ||||||||||||||||
Goodwill | — | — | 868 | — | 868 | ||||||||||||||||
Reinsurance recoverable | — | — | 17,230 | — | 17,230 | ||||||||||||||||
Other assets | 1 | 294 | 417 | (2 | ) | 710 | |||||||||||||||
Intercompany notes receivable | — | 254 | 488 | (742 | ) | — | |||||||||||||||
Separate account assets | — | — | 9,937 | — | 9,937 | ||||||||||||||||
Assets associated with discontinued operations | — | — | 439 | — | 439 | ||||||||||||||||
Total assets | $ | 16,430 | $ | 19,272 | $ | 112,712 | $ | (35,102 | ) | $ | 113,312 | ||||||||||
Liabilities and stockholders’ equity | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||
Future policy benefits | $ | — | $ | — | $ | 33,505 | $ | — | $ | 33,505 | |||||||||||
Policyholder account balances | — | — | 26,262 | — | 26,262 | ||||||||||||||||
Liability for policy and contract claims | — | — | 7,509 | — | 7,509 | ||||||||||||||||
Unearned premiums | — | — | 4,333 | — | 4,333 | ||||||||||||||||
Other liabilities | 1 | 342 | 4,901 | (5 | ) | 5,239 | |||||||||||||||
Intercompany notes payable | — | 688 | 254 | (942 | ) | — | |||||||||||||||
Borrowings related to securitization entities | — | — | 336 | — | 336 | ||||||||||||||||
Non-recourse funding obligations | — | — | 2,066 | — | 2,066 | ||||||||||||||||
Long-term borrowings | — | 4,203 | 573 | — | 4,776 | ||||||||||||||||
Deferred tax liability | (64 | ) | (672 | ) | 2,243 | — | 1,507 | ||||||||||||||
Separate account liabilities | — | — | 9,937 | — | 9,937 | ||||||||||||||||
Liabilities associated with discontinued operations | — | — | 61 | — | 61 | ||||||||||||||||
Total liabilities | (63 | ) | 4,561 | 91,980 | (947 | ) | 95,531 | ||||||||||||||
Stockholders’ equity: | |||||||||||||||||||||
Common stock | 1 | — | — | — | 1 | ||||||||||||||||
Additional paid-in capital | 12,127 | 9,311 | 16,777 | (26,088 | ) | 12,127 | |||||||||||||||
Accumulated other comprehensive income (loss) | 5,202 | 5,100 | 5,197 | (10,297 | ) | 5,202 | |||||||||||||||
Retained earnings | 1,863 | 300 | (2,535 | ) | 2,235 | 1,863 | |||||||||||||||
Treasury stock, at cost | (2,700 | ) | — | — | — | (2,700 | ) | ||||||||||||||
Total Genworth Financial, Inc.’s stockholders’ equity | 16,493 | 14,711 | 19,439 | (34,150 | ) | 16,493 | |||||||||||||||
Noncontrolling interests | — | — | 1,293 | (5 | ) | 1,288 | |||||||||||||||
Total stockholders’ equity | 16,493 | 14,711 | 20,732 | (34,155 | ) | 17,781 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 16,430 | $ | 19,272 | $ | 112,712 | $ | (35,102 | ) | $ | 113,312 | ||||||||||
Condensed Consolidating Income Statement | ' | ||||||||||||||||||||
The following table presents the condensed consolidating income statement information for the three months ended September 30, 2013: | |||||||||||||||||||||
(Amounts in millions) | Parent | Issuer | All Other | Eliminations | Consolidated | ||||||||||||||||
Guarantor | Subsidiaries | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||
Premiums | $ | — | $ | — | $ | 1,291 | $ | — | $ | 1,291 | |||||||||||
Net investment income | — | — | 804 | (3 | ) | 801 | |||||||||||||||
Net investment gains (losses) | — | (4 | ) | (19 | ) | — | (23 | ) | |||||||||||||
Insurance and investment product fees and other | — | — | 249 | (1 | ) | 248 | |||||||||||||||
Total revenues | — | (4 | ) | 2,325 | (4 | ) | 2,317 | ||||||||||||||
Benefits and expenses: | |||||||||||||||||||||
Benefits and other changes in policy reserves | — | — | 1,169 | — | 1,169 | ||||||||||||||||
Interest credited | — | — | 184 | — | 184 | ||||||||||||||||
Acquisition and operating expenses, net of deferrals | 8 | 31 | 368 | — | 407 | ||||||||||||||||
Amortization of deferred acquisition costs and intangibles | — | — | 182 | — | 182 | ||||||||||||||||
Interest expense | — | 82 | 46 | (4 | ) | 124 | |||||||||||||||
Total benefits and expenses | 8 | 113 | 1,949 | (4 | ) | 2,066 | |||||||||||||||
Income (loss) from continuing operations before income taxes and equity in income of subsidiaries | (8 | ) | (117 | ) | 376 | — | 251 | ||||||||||||||
Provision (benefit) for income taxes | 44 | (39 | ) | 100 | — | 105 | |||||||||||||||
Equity in income of subsidiaries | 160 | 251 | — | (411 | ) | — | |||||||||||||||
Income (loss) from continuing operations | 108 | 173 | 276 | (411 | ) | 146 | |||||||||||||||
Income (loss) from discontinued operations, net of taxes | — | (15 | ) | 17 | — | 2 | |||||||||||||||
Net income (loss) | 108 | 158 | 293 | (411 | ) | 148 | |||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | 40 | — | 40 | ||||||||||||||||
Net income (loss) available to Genworth Financial, Inc.’s common stockholders | $ | 108 | $ | 158 | $ | 253 | $ | (411 | ) | $ | 108 | ||||||||||
The following table presents the condensed consolidating income statement information for the three months ended September 30, 2012: | |||||||||||||||||||||
(Amounts in millions) | Parent | Issuer | All Other | Eliminations | Consolidated | ||||||||||||||||
Guarantor | Subsidiaries | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||
Premiums | $ | — | $ | — | $ | 1,313 | $ | — | $ | 1,313 | |||||||||||
Net investment income | — | 1 | 828 | (4 | ) | 825 | |||||||||||||||
Net investment gains (losses) | — | (6 | ) | 15 | — | 9 | |||||||||||||||
Insurance and investment product fees and other | — | (1 | ) | 312 | (2 | ) | 309 | ||||||||||||||
Total revenues | — | (6 | ) | 2,468 | (6 | ) | 2,456 | ||||||||||||||
Benefits and expenses: | |||||||||||||||||||||
Benefits and other changes in policy reserves | — | — | 1,363 | — | 1,363 | ||||||||||||||||
Interest credited | — | — | 193 | — | 193 | ||||||||||||||||
Acquisition and operating expenses, net of deferrals | 1 | 1 | 441 | — | 443 | ||||||||||||||||
Amortization of deferred acquisition costs and intangibles | — | — | 160 | — | 160 | ||||||||||||||||
Goodwill impairment | — | — | 89 | — | 89 | ||||||||||||||||
Interest expense | — | 81 | 51 | (6 | ) | 126 | |||||||||||||||
Total benefits and expenses | 1 | 82 | 2,297 | (6 | ) | 2,374 | |||||||||||||||
Income (loss) from continuing operations before income taxes and equity in income of subsidiaries | (1 | ) | (88 | ) | 171 | — | 82 | ||||||||||||||
Provision (benefit) for income taxes | (1 | ) | (24 | ) | 48 | — | 23 | ||||||||||||||
Equity in income of subsidiaries | 35 | 126 | — | (161 | ) | — | |||||||||||||||
Income (loss) from continuing operations | 35 | 62 | 123 | (161 | ) | 59 | |||||||||||||||
Income from discontinued operations, net of taxes | — | — | 12 | — | 12 | ||||||||||||||||
Net income (loss) | 35 | 62 | 135 | (161 | ) | 71 | |||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | 36 | — | 36 | ||||||||||||||||
Net income (loss) available to Genworth Financial, Inc.’s common stockholders | $ | 35 | $ | 62 | $ | 99 | $ | (161 | ) | $ | 35 | ||||||||||
The following table presents the condensed consolidating income statement information for the nine months ended September 30, 2013: | |||||||||||||||||||||
(Amounts in millions) | Parent | Issuer | All Other | Eliminations | Consolidated | ||||||||||||||||
Guarantor | Subsidiaries | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||
Premiums | $ | — | $ | — | $ | 3,838 | $ | — | $ | 3,838 | |||||||||||
Net investment income | (1 | ) | 1 | 2,446 | (10 | ) | 2,436 | ||||||||||||||
Net investment gains (losses) | — | (1 | ) | (62 | ) | — | (63 | ) | |||||||||||||
Insurance and investment product fees and other | — | — | 784 | (4 | ) | 780 | |||||||||||||||
Total revenues | (1 | ) | — | 7,006 | (14 | ) | 6,991 | ||||||||||||||
Benefits and expenses: | |||||||||||||||||||||
Benefits and other changes in policy reserves | — | — | 3,639 | — | 3,639 | ||||||||||||||||
Interest credited | — | — | 552 | — | 552 | ||||||||||||||||
Acquisition and operating expenses, net of deferrals | 18 | 32 | 1,203 | — | 1,253 | ||||||||||||||||
Amortization of deferred acquisition costs and intangibles | — | — | 441 | — | 441 | ||||||||||||||||
Interest expense | — | 241 | 144 | (14 | ) | 371 | |||||||||||||||
Total benefits and expenses | 18 | 273 | 5,979 | (14 | ) | 6,256 | |||||||||||||||
Income (loss) from continuing operations before income taxes and equity in income of subsidiaries | (19 | ) | (273 | ) | 1,027 | — | 735 | ||||||||||||||
Provision (benefit) for income taxes | 39 | (92 | ) | 307 | — | 254 | |||||||||||||||
Equity in income of subsidiaries | 410 | 567 | — | (977 | ) | — | |||||||||||||||
Income (loss) from continuing operations | 352 | 386 | 720 | (977 | ) | 481 | |||||||||||||||
Loss from discontinued operations, net of taxes | — | (29 | ) | 17 | — | (12 | ) | ||||||||||||||
Net income (loss) | 352 | 357 | 737 | (977 | ) | 469 | |||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | 117 | — | 117 | ||||||||||||||||
Net income (loss) available to Genworth Financial, Inc.’s common stockholders | $ | 352 | $ | 357 | $ | 620 | $ | (977 | ) | $ | 352 | ||||||||||
The following table presents the condensed consolidating income statement information for the nine months ended September 30, 2012: | |||||||||||||||||||||
(Amounts in millions) | Parent | Issuer | All Other | Eliminations | Consolidated | ||||||||||||||||
Guarantor | Subsidiaries | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||
Premiums | $ | — | $ | — | $ | 3,721 | $ | — | $ | 3,721 | |||||||||||
Net investment income | — | 1 | 2,513 | (11 | ) | 2,503 | |||||||||||||||
Net investment gains (losses) | — | (27 | ) | 40 | — | 13 | |||||||||||||||
Insurance and investment product fees and other | — | (2 | ) | 940 | (2 | ) | 936 | ||||||||||||||
Total revenues | — | (28 | ) | 7,214 | (13 | ) | 7,173 | ||||||||||||||
Benefits and expenses: | |||||||||||||||||||||
Benefits and other changes in policy reserves | — | — | 3,977 | — | 3,977 | ||||||||||||||||
Interest credited | — | — | 582 | — | 582 | ||||||||||||||||
Acquisition and operating expenses, net of deferrals | 6 | 1 | 1,315 | — | 1,322 | ||||||||||||||||
Amortization of deferred acquisition costs and intangibles | — | — | 578 | — | 578 | ||||||||||||||||
Goodwill impairment | — | — | 89 | — | 89 | ||||||||||||||||
Interest expense | — | 234 | 131 | (13 | ) | 352 | |||||||||||||||
Total benefits and expenses | 6 | 235 | 6,672 | (13 | ) | 6,900 | |||||||||||||||
Income (loss) from continuing operations before income taxes and equity in income of subsidiaries | (6 | ) | (263 | ) | 542 | — | 273 | ||||||||||||||
Provision (benefit) for income taxes | (2 | ) | (86 | ) | 153 | — | 65 | ||||||||||||||
Equity in income of subsidiaries | 161 | 401 | — | (562 | ) | — | |||||||||||||||
Income (loss) from continuing operations, net of taxes | 157 | 224 | 389 | (562 | ) | 208 | |||||||||||||||
Income from discontinued operations, net of taxes | — | — | 51 | — | 51 | ||||||||||||||||
Net income (loss) | 157 | 224 | 440 | (562 | ) | 259 | |||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | 102 | — | 102 | ||||||||||||||||
Net income (loss) available to Genworth Financial, Inc.’s common stockholders | $ | 157 | $ | 224 | $ | 338 | $ | (562 | ) | $ | 157 | ||||||||||
Condensed Consolidating Statement of Comprehensive Income | ' | ||||||||||||||||||||
The following table presents the condensed consolidating comprehensive income statement information for the three months ended September 30, 2013: | |||||||||||||||||||||
(Amounts in millions) | Parent | Issuer | All Other | Eliminations | Consolidated | ||||||||||||||||
Guarantor | Subsidiaries | ||||||||||||||||||||
Net income | $ | 108 | $ | 158 | $ | 293 | $ | (411 | ) | $ | 148 | ||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||
Net unrealized gains (losses) on securities not other-than-temporarily impaired | (190 | ) | (183 | ) | (195 | ) | 377 | (191 | ) | ||||||||||||
Net unrealized gains (losses) on other-than-temporarily impaired securities | 5 | 5 | 5 | (10 | ) | 5 | |||||||||||||||
Derivatives qualifying as hedges | (139 | ) | (139 | ) | (144 | ) | 283 | (139 | ) | ||||||||||||
Foreign currency translation and other adjustments | 121 | 102 | 143 | (222 | ) | 144 | |||||||||||||||
Total other comprehensive income (loss) | (203 | ) | (215 | ) | (191 | ) | 428 | (181 | ) | ||||||||||||
Total comprehensive income (loss) | (95 | ) | (57 | ) | 102 | 17 | (33 | ) | |||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | 62 | — | 62 | ||||||||||||||||
Total comprehensive income (loss) available to Genworth Financial, Inc.’s common stockholders | $ | (95 | ) | $ | (57 | ) | $ | 40 | $ | 17 | $ | (95 | ) | ||||||||
The following table presents the condensed consolidating comprehensive income statement information for the three months ended September 30, 2012: | |||||||||||||||||||||
(Amounts in millions) | Parent | Issuer | All Other | Eliminations | Consolidated | ||||||||||||||||
Guarantor | Subsidiaries | ||||||||||||||||||||
Net income | $ | 35 | $ | 62 | $ | 135 | $ | (161 | ) | $ | 71 | ||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||
Net unrealized gains (losses) on securities not other-than-temporarily impaired | 509 | 489 | 517 | (998 | ) | 517 | |||||||||||||||
Net unrealized gains (losses) on other-than-temporarily impaired securities | 28 | 28 | 28 | (56 | ) | 28 | |||||||||||||||
Derivatives qualifying as hedges | (76 | ) | (76 | ) | (75 | ) | 151 | (76 | ) | ||||||||||||
Foreign currency translation and other adjustments | 109 | 90 | 148 | (199 | ) | 148 | |||||||||||||||
Total other comprehensive income (loss) | 570 | 531 | 618 | (1,102 | ) | 617 | |||||||||||||||
Total comprehensive income (loss) | 605 | 593 | 753 | (1,263 | ) | 688 | |||||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | 83 | — | 83 | ||||||||||||||||
Total comprehensive income (loss) available to Genworth Financial, Inc.’s common stockholders | $ | 605 | $ | 593 | $ | 670 | $ | (1,263 | ) | $ | 605 | ||||||||||
The following table presents the condensed consolidating comprehensive income statement information for the nine months ended September 30, 2013: | |||||||||||||||||||||
(Amounts in millions) | Parent | Issuer | All Other | Eliminations | Consolidated | ||||||||||||||||
Guarantor | Subsidiaries | ||||||||||||||||||||
Net income | $ | 352 | $ | 357 | $ | 737 | $ | (977 | ) | $ | 469 | ||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||
Net unrealized gains (losses) on securities not other-than-temporarily impaired | (1,586 | ) | (1,546 | ) | (1,624 | ) | 3,132 | (1,624 | ) | ||||||||||||
Net unrealized gains (losses) on other-than-temporarily impaired securities | 57 | 57 | 57 | (114 | ) | 57 | |||||||||||||||
Derivatives qualifying as hedges | (467 | ) | (467 | ) | (484 | ) | 951 | (467 | ) | ||||||||||||
Foreign currency translation and other adjustments | (267 | ) | (256 | ) | (313 | ) | 523 | (313 | ) | ||||||||||||
Total other comprehensive income (loss) | (2,263 | ) | (2,212 | ) | (2,364 | ) | 4,492 | (2,347 | ) | ||||||||||||
Total comprehensive income (loss) | (1,911 | ) | (1,855 | ) | (1,627 | ) | 3,515 | (1,878 | ) | ||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | 33 | — | 33 | ||||||||||||||||
Total comprehensive income (loss) available to Genworth Financial, Inc.’s common stockholders | $ | (1,911 | ) | $ | (1,855 | ) | $ | (1,660 | ) | $ | 3,515 | $ | (1,911 | ) | |||||||
The following table presents the condensed consolidating comprehensive income statement information for the nine months ended September 30, 2012: | |||||||||||||||||||||
(Amounts in millions) | Parent | Issuer | All Other | Eliminations | Consolidated | ||||||||||||||||
Guarantor | Subsidiaries | ||||||||||||||||||||
Net income | $ | 157 | $ | 224 | $ | 440 | $ | (562 | ) | $ | 259 | ||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||
Net unrealized gains (losses) on securities not other-than-temporarily impaired | 1,024 | 995 | 1,029 | (2,019 | ) | 1,029 | |||||||||||||||
Net unrealized gains (losses) on other-than-temporarily impaired securities | 44 | 44 | 44 | (88 | ) | 44 | |||||||||||||||
Derivatives qualifying as hedges | 2 | 2 | 4 | (6 | ) | 2 | |||||||||||||||
Foreign currency translation and other adjustments | 106 | 85 | 146 | (192 | ) | 145 | |||||||||||||||
Total other comprehensive income (loss) | 1,176 | 1,126 | 1,223 | (2,305 | ) | 1,220 | |||||||||||||||
Total comprehensive income (loss) | 1,333 | 1,350 | 1,663 | (2,867 | ) | 1,479 | |||||||||||||||
Less: comprehensive income attributable to noncontrolling interests | — | — | 146 | — | 146 | ||||||||||||||||
Total comprehensive income (loss) available to Genworth Financial, Inc.’s common stockholders | $ | 1,333 | $ | 1,350 | $ | 1,517 | $ | (2,867 | ) | $ | 1,333 | ||||||||||
Condensed Consolidating Statement of Cash Flows | ' | ||||||||||||||||||||
The following table presents the condensed consolidating cash flow statement information for the nine months ended September 30, 2013: | |||||||||||||||||||||
Parent | Issuer | All Other | Eliminations | Consolidated | |||||||||||||||||
Guarantor | Subsidiaries | ||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Net income | $ | 352 | $ | 357 | $ | 737 | $ | (977 | ) | $ | 469 | ||||||||||
Less income from discontinued operations, net of taxes | — | 29 | (17 | ) | — | 12 | |||||||||||||||
Adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||||||
Equity in income from subsidiaries | (410 | ) | (567 | ) | — | 977 | — | ||||||||||||||
Dividends from subsidiaries | 135 | 230 | (365 | ) | — | — | |||||||||||||||
Amortization of fixed maturity discounts and premiums and limited partnerships | — | (1 | ) | (63 | ) | — | (64 | ) | |||||||||||||
Net investment losses (gains) | — | 1 | 62 | — | 63 | ||||||||||||||||
Charges assessed to policyholders | — | — | (612 | ) | — | (612 | ) | ||||||||||||||
Acquisition costs deferred | — | — | (332 | ) | — | (332 | ) | ||||||||||||||
Amortization of deferred acquisition costs and intangibles | — | — | 441 | — | 441 | ||||||||||||||||
Deferred income taxes | 41 | (70 | ) | (91 | ) | — | (120 | ) | |||||||||||||
Net increase (decrease) in trading securities, held-for-sale investments and derivative instruments | — | — | (15 | ) | — | (15 | ) | ||||||||||||||
Stock-based compensation expense | 18 | — | 9 | — | 27 | ||||||||||||||||
Change in certain assets and liabilities: | |||||||||||||||||||||
Accrued investment income and other assets | 4 | 61 | (127 | ) | (4 | ) | (66 | ) | |||||||||||||
Insurance reserves | — | — | 1,679 | — | 1,679 | ||||||||||||||||
Current tax liabilities | (2 | ) | (8 | ) | 252 | — | 242 | ||||||||||||||
Other liabilities and other policy-related balances | 4 | 80 | (787 | ) | 4 | (699 | ) | ||||||||||||||
Cash from operating activities—discontinued operations | — | — | 68 | — | 68 | ||||||||||||||||
Net cash from operating activities | 142 | 112 | 839 | — | 1,093 | ||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Proceeds from maturities and repayments of investments: | |||||||||||||||||||||
Fixed maturity securities | — | — | 4,046 | — | 4,046 | ||||||||||||||||
Commercial mortgage loans | — | — | 686 | — | 686 | ||||||||||||||||
Restricted commercial mortgage loans related to securitization entities | — | — | 51 | — | 51 | ||||||||||||||||
Proceeds from sales of investments: | |||||||||||||||||||||
Fixed maturity and equity securities | — | — | 3,056 | — | 3,056 | ||||||||||||||||
Purchases and originations of investments: | |||||||||||||||||||||
Fixed maturity and equity securities | — | — | (7,872 | ) | — | (7,872 | ) | ||||||||||||||
Commercial mortgage loans | — | — | (667 | ) | — | (667 | ) | ||||||||||||||
Other invested assets, net | — | — | 80 | — | 80 | ||||||||||||||||
Policy loans, net | — | — | (7 | ) | — | (7 | ) | ||||||||||||||
Intercompany notes receivable | (11 | ) | 6 | 96 | (91 | ) | — | ||||||||||||||
Capital contributions to subsidiaries | (131 | ) | (22 | ) | 153 | — | — | ||||||||||||||
Proceeds from sale of a subsidiary, net of cash transferred | — | 345 | 25 | — | 370 | ||||||||||||||||
Cash from investing activities—discontinued operations | — | (30 | ) | — | — | (30 | ) | ||||||||||||||
Net cash from investing activities | (142 | ) | 299 | (353 | ) | (91 | ) | (287 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Deposits to universal life and investment contracts | — | — | 1,979 | — | 1,979 | ||||||||||||||||
Withdrawals from universal life and investment contracts | — | — | (2,613 | ) | — | (2,613 | ) | ||||||||||||||
Redemption and repurchase of non-recourse funding obligations | — | — | (20 | ) | — | (20 | ) | ||||||||||||||
Proceeds from the issuance of long-term debt | — | 397 | — | — | 397 | ||||||||||||||||
Repayment and repurchase of long-term debt | — | (365 | ) | — | — | (365 | ) | ||||||||||||||
Repayment of borrowings related to securitization entities | — | — | (51 | ) | — | (51 | ) | ||||||||||||||
Repurchase of subsidiary shares | — | — | (43 | ) | — | (43 | ) | ||||||||||||||
Dividends paid to noncontrolling interests | — | — | (39 | ) | — | (39 | ) | ||||||||||||||
Proceeds from intercompany notes payable | — | (86 | ) | (5 | ) | 91 | — | ||||||||||||||
Other, net | — | (36 | ) | (17 | ) | — | (53 | ) | |||||||||||||
Cash from financing activities—discontinued operations | — | — | (3 | ) | — | (3 | ) | ||||||||||||||
Net cash from financing activities | — | (90 | ) | (812 | ) | 91 | (811 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (94 | ) | — | (94 | ) | ||||||||||||||
Net change in cash and cash equivalents | — | 321 | (420 | ) | — | (99 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | — | 843 | 2,810 | — | 3,653 | ||||||||||||||||
Cash and cash equivalents at end of period | — | 1,164 | 2,390 | — | 3,554 | ||||||||||||||||
Less cash and cash equivalents of discontinued operations at end of period | — | — | — | — | — | ||||||||||||||||
Cash and cash equivalents of continuing operations at end of period | $ | — | $ | 1,164 | $ | 2,390 | $ | — | $ | 3,554 | |||||||||||
The following table presents the condensed consolidating cash flow statement information for the nine months ended September 30, 2012: | |||||||||||||||||||||
Parent | Issuer | All Other | Eliminations | Consolidated | |||||||||||||||||
Guarantor | Subsidiaries | ||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Net income | $ | 157 | $ | 224 | $ | 440 | $ | (562 | ) | $ | 259 | ||||||||||
Less income from discontinued operations, net of taxes | — | — | (51 | ) | — | (51 | ) | ||||||||||||||
Adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||||||
Equity in income from subsidiaries | (161 | ) | (401 | ) | — | 562 | — | ||||||||||||||
Dividends from subsidiaries | — | 354 | (354 | ) | — | — | |||||||||||||||
Amortization of fixed maturity discounts and premiums and limited partnerships | — | — | (59 | ) | — | (59 | ) | ||||||||||||||
Net investment losses (gains) | — | 27 | (40 | ) | — | (13 | ) | ||||||||||||||
Charges assessed to policyholders | — | — | (590 | ) | — | (590 | ) | ||||||||||||||
Acquisition costs deferred | — | — | (456 | ) | — | (456 | ) | ||||||||||||||
Amortization of deferred acquisition costs and intangibles | — | — | 578 | — | 578 | ||||||||||||||||
Goodwill impairment | — | — | 89 | — | 89 | ||||||||||||||||
Deferred income taxes | (2 | ) | (426 | ) | 440 | — | 12 | ||||||||||||||
Net increase (decrease) in trading securities, held- for-sale investments and derivative instruments | — | (20 | ) | 86 | — | 66 | |||||||||||||||
Stock-based compensation expense | 6 | 12 | 2 | — | 20 | ||||||||||||||||
Change in certain assets and liabilities: | |||||||||||||||||||||
Accrued investment income and other assets | — | (12 | ) | (144 | ) | 3 | (153 | ) | |||||||||||||
Insurance reserves | — | — | 1,672 | — | 1,672 | ||||||||||||||||
Current tax liabilities | — | 282 | (473 | ) | — | (191 | ) | ||||||||||||||
Other liabilities and other policy-related balances | — | 304 | (1,111 | ) | (1 | ) | (808 | ) | |||||||||||||
Cash from operating activities—discontinued operations | — | — | 52 | — | 52 | ||||||||||||||||
Net cash from operating activities | — | 344 | 81 | 2 | 427 | ||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Proceeds from maturities and repayments of investments: | |||||||||||||||||||||
Fixed maturity securities | — | — | 3,619 | — | 3,619 | ||||||||||||||||
Commercial mortgage loans | — | — | 559 | — | 559 | ||||||||||||||||
Restricted commercial mortgage loans related to securitization entities | — | — | 48 | — | 48 | ||||||||||||||||
Proceeds from sales of investments: | |||||||||||||||||||||
Fixed maturity and equity securities | — | 10 | 3,946 | — | 3,956 | ||||||||||||||||
Purchases and originations of investments: | |||||||||||||||||||||
Fixed maturity and equity securities | — | (150 | ) | (8,782 | ) | — | (8,932 | ) | |||||||||||||
Commercial mortgage loans | — | — | (339 | ) | — | (339 | ) | ||||||||||||||
Other invested assets, net | — | 30 | 503 | (2 | ) | 531 | |||||||||||||||
Policy loans, net | — | — | (8 | ) | — | (8 | ) | ||||||||||||||
Capital contributions to subsidiaries | — | (2 | ) | 2 | — | — | |||||||||||||||
Proceeds from sale of a subsidiary, net of cash transferred | — | — | 77 | — | 77 | ||||||||||||||||
Intercompany notes receivable | — | (40 | ) | (22 | ) | 62 | — | ||||||||||||||
Cash from investing activities—discontinued operations | — | (18 | ) | (23 | ) | — | (41 | ) | |||||||||||||
Net cash from investing activities | — | (170 | ) | (420 | ) | 60 | (530 | ) | |||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Deposits to universal life and investment contracts | — | — | 2,248 | — | 2,248 | ||||||||||||||||
Withdrawals from universal life and investment contracts | — | — | (2,057 | ) | — | (2,057 | ) | ||||||||||||||
Redemption and repurchase of non-recourse funding obligations | — | — | (801 | ) | — | (801 | ) | ||||||||||||||
Proceeds from the issuance of long-term debt | — | 361 | — | — | 361 | ||||||||||||||||
Repayment and repurchase of long-term debt | — | (222 | ) | — | — | (222 | ) | ||||||||||||||
Repayment of borrowings related to securitization entities | — | — | (53 | ) | — | (53 | ) | ||||||||||||||
Dividends paid to noncontrolling interests | — | — | (36 | ) | — | (36 | ) | ||||||||||||||
Proceeds from intercompany notes payable | — | 22 | 40 | (62 | ) | — | |||||||||||||||
Other, net | — | (37 | ) | (31 | ) | — | (68 | ) | |||||||||||||
Cash from financing activities—discontinued operations | — | — | (35 | ) | — | (35 | ) | ||||||||||||||
Net cash from financing activities | — | 124 | (725 | ) | (62 | ) | (663 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 19 | — | 19 | ||||||||||||||||
Net change in cash and cash equivalents | — | 298 | (1,045 | ) | — | (747 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | — | 907 | 3,581 | — | 4,488 | ||||||||||||||||
Cash and cash equivalents at end of period | — | 1,205 | 2,536 | — | 3,741 | ||||||||||||||||
Less cash and cash equivalents of discontinued operations at end of period | — | — | 21 | — | 21 | ||||||||||||||||
Cash and cash equivalents of continuing operations at end of period | $ | — | $ | 1,205 | $ | 2,515 | $ | — | $ | 3,720 | |||||||||||
Formation_of_Genworth_and_Basi1
Formation of Genworth and Basis of Presentation - Additional Information (Detail) (USD $) | 1 Months Ended | ||||
In Millions, except Per Share data, unless otherwise specified | Aug. 30, 2013 | Mar. 27, 2013 | Apr. 02, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Class A Common Stock, par value | ' | ' | ' | $0.00 | $0.00 |
Capital contributions | ' | ' | $100 | ' | ' |
Proceeds from sale of business | ' | 412 | ' | ' | ' |
Net proceeds from sale of business | $360 | ' | ' | ' | ' |
Genworth Holdings | ' | ' | ' | ' | ' |
Percentage of subsidiary equity ownership | ' | ' | 100.00% | ' | ' |
Class A Common Stock, par value | ' | ' | $0.00 | ' | ' |
New Genworth | ' | ' | ' | ' | ' |
Class A Common Stock, par value | ' | ' | $0.00 | ' | ' |
Genworth Mortgage Holdings, LLC | ' | ' | ' | ' | ' |
Percentage of subsidiary equity ownership | ' | ' | 15.40% | ' | ' |
Percentage of subsidiary common shares distributed as a dividend | ' | ' | 84.60% | ' | ' |
Genworth Mortgage Holdings, Inc. | ' | ' | ' | ' | ' |
Percentage of subsidiary common shares distributed as a dividend | ' | ' | 100.00% | ' | ' |
Genworth Holdings/U.S. Mortgage Insurance Business | ' | ' | ' | ' | ' |
Percentage of subsidiary equity ownership | ' | ' | 100.00% | ' | ' |
Earnings_per_Share_Detail
Earnings per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings (Loss) Per Share [Abstract] | ' | ' | ' | ' |
Weighted-average shares used in basic earnings per common share calculations | 494 | 491.7 | 493.3 | 491.5 |
Stock options, restricted stock units and stock appreciation rights | 5.3 | 2.2 | 4.6 | 3 |
Weighted-average shares used in diluted earnings per common share calculations | 499.3 | 493.9 | 497.9 | 494.5 |
Income from continuing operations: | ' | ' | ' | ' |
Income from continuing operations | $146 | $59 | $481 | $208 |
Less: income from continuing operations attributable to noncontrolling interests | 40 | 36 | 117 | 102 |
Income from continuing operations available to Genworth Financial, Inc.'s common stockholders | 106 | 23 | 364 | 106 |
Basic per common share | $0.21 | $0.05 | $0.74 | $0.22 |
Diluted per common share | $0.21 | $0.05 | $0.73 | $0.22 |
Income (loss) from discontinued operations: | ' | ' | ' | ' |
Income (loss) from discontinued operations, net of taxes | 2 | 12 | -12 | 51 |
Less: income from discontinued operations, net of taxes, attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Income (loss) from discontinued operations, net of taxes, available to Genworth Financial, Inc.'s common stockholders | 2 | 12 | -12 | 51 |
Basic per common share | $0 | $0.02 | ($0.02) | $0.10 |
Diluted per common share | $0 | $0.02 | ($0.02) | $0.10 |
Net income: | ' | ' | ' | ' |
Income from continuing operations | 146 | 59 | 481 | 208 |
Income (loss) from discontinued operations, net of taxes | 2 | 12 | -12 | 51 |
Net income | 148 | 71 | 469 | 259 |
Less: net income attributable to noncontrolling interests | 40 | 36 | 117 | 102 |
Net income available to Genworth Financial, Inc.'s common stockholders | $108 | $35 | $352 | $157 |
Basic per common share | $0.22 | $0.07 | $0.71 | $0.32 |
Diluted per common share | $0.22 | $0.07 | $0.71 | $0.32 |
Net_Investment_Income_Detail
Net Investment Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net Investment Income [Line Items] | ' | ' | ' | ' |
Gross investment income before expenses and fees | $824 | $847 | $2,506 | $2,569 |
Expenses and fees | -23 | -22 | -70 | -66 |
Net investment income | 801 | 825 | 2,436 | 2,503 |
Fixed maturity securities - taxable | ' | ' | ' | ' |
Net Investment Income [Line Items] | ' | ' | ' | ' |
Gross investment income before expenses and fees | 651 | 659 | 1,979 | 1,988 |
Fixed maturity securities - non-taxable | ' | ' | ' | ' |
Net Investment Income [Line Items] | ' | ' | ' | ' |
Gross investment income before expenses and fees | 3 | 2 | 7 | 9 |
Commercial mortgage loans | ' | ' | ' | ' |
Net Investment Income [Line Items] | ' | ' | ' | ' |
Gross investment income before expenses and fees | 81 | 87 | 244 | 256 |
Restricted commercial mortgage loans related to securitization entities | ' | ' | ' | ' |
Net Investment Income [Line Items] | ' | ' | ' | ' |
Gross investment income before expenses and fees | 8 | 8 | 22 | 24 |
Equity securities | ' | ' | ' | ' |
Net Investment Income [Line Items] | ' | ' | ' | ' |
Gross investment income before expenses and fees | 3 | 4 | 13 | 14 |
Other invested assets | ' | ' | ' | ' |
Net Investment Income [Line Items] | ' | ' | ' | ' |
Gross investment income before expenses and fees | 41 | 48 | 128 | 157 |
Policy loans | ' | ' | ' | ' |
Net Investment Income [Line Items] | ' | ' | ' | ' |
Gross investment income before expenses and fees | 33 | 31 | 97 | 93 |
Cash, cash equivalents and short-term investments | ' | ' | ' | ' |
Net Investment Income [Line Items] | ' | ' | ' | ' |
Gross investment income before expenses and fees | $4 | $8 | $16 | $28 |
Net_Investment_Gains_Losses_De
Net Investment Gains (Losses) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Investments [Abstract] | ' | ' | ' | ' | ||||
Realized gains | $26 | $28 | $144 | $112 | ||||
Realized losses | -38 | -14 | -151 | -79 | ||||
Net realized gains (losses) on available-for-sale securities | -12 | 14 | -7 | 33 | ||||
Total other-than-temporary impairments | -3 | -26 | -17 | -84 | ||||
Portion of other-than-temporary impairments included in other comprehensive income (loss) | -2 | -3 | -5 | -1 | ||||
Net other-than-temporary impairments | -5 | -29 | -22 | -85 | ||||
Trading securities | -6 | 14 | -15 | 21 | ||||
Commercial mortgage loans | 1 | 2 | 5 | 7 | ||||
Net gains (losses) related to securitization entities | 21 | 18 | 43 | 48 | ||||
Derivative instruments | -19 | [1] | -2 | [1] | -63 | [1] | -4 | [1] |
Contingent consideration adjustment | 0 | -8 | 0 | -7 | ||||
Other | -3 | 0 | -4 | 0 | ||||
Net investment gains (losses) | ($23) | $9 | ($63) | $13 | ||||
[1] | See note 5 for additional information on the impact of derivative instruments included in net investment gains (losses). |
Investments_Additional_Informa
Investments - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | ||
Loan | Loan | Loan | |||||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ||
Aggregate fair value of securities sold | $407 | $228 | $1,293 | $911 | ' | ||
Aggregate fair value of securities sold, percentage of book value | 93.00% | 96.00% | 90.00% | 93.00% | ' | ||
Gross unrealized losses | ' | ' | 969 | [1] | ' | 601 | [2] |
Investments subject to call provisions | 5,529 | ' | 5,529 | ' | ' | ||
Percentage of investment portfolio by which no other industry group exceeded | ' | ' | 10.00% | ' | ' | ||
Percentage of stockholders' equity by which no single issuer of fixed maturity securities exceeded | ' | ' | '10 | ' | ' | ||
Commercial mortgage loans outstanding more than 90 days, interest accruing | 0 | ' | 0 | ' | 0 | ||
Commercial mortgage loans on nonaccrual status, past due less than 90 days | 0 | ' | 0 | ' | 0 | ||
Commercial mortgage loans modified or extended, number of loans | 26 | ' | 26 | ' | 38 | ||
Commercial mortgage loans modified or extended, carrying value | 146 | ' | 146 | ' | 279 | ||
Commercial mortgage loans, recorded investment | 5,893 | ' | 5,893 | ' | 5,912 | ||
Restricted commercial mortgage loans | ' | ' | ' | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ||
Commercial mortgage loans outstanding more than 90 days, interest accruing | ' | ' | ' | ' | 5 | ||
Commercial mortgage loans, current | 291 | ' | 291 | ' | 337 | ||
Commercial mortgage loans not individually impaired, collectively evaluated for impairment | 291 | ' | 291 | ' | 342 | ||
Commercial mortgage loans, recorded investment | 291 | ' | 291 | ' | 342 | ||
Provision for credit losses | 0 | 0 | 0 | 0 | ' | ||
Restricted commercial mortgage loans | Floating rate commercial mortgage loans | ' | ' | ' | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ||
Commercial mortgage loans, recorded investment | 0 | ' | 0 | ' | 0 | ||
Investment grade | ' | ' | ' | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ||
Gross unrealized losses | ' | ' | 856 | [1] | ' | 252 | [2] |
Retail | ' | ' | ' | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ||
Recorded investment | 1 | ' | 1 | ' | ' | ||
Unpaid principal balance | 3 | ' | 3 | ' | ' | ||
Charge-offs | ' | ' | 2 | ' | ' | ||
Average recorded investment | ' | ' | 1 | ' | ' | ||
Commercial mortgage loans, recorded investment | 2,005 | ' | 2,005 | ' | 1,895 | ||
Industrial | ' | ' | ' | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ||
Recorded investment | 1 | ' | 1 | ' | ' | ||
Unpaid principal balance | 2 | ' | 2 | ' | ' | ||
Charge-offs | ' | ' | 1 | ' | ' | ||
Average recorded investment | ' | ' | 1 | ' | ' | ||
Commercial mortgage loans, recorded investment | 1,571 | ' | 1,571 | ' | 1,603 | ||
Less Than Twelve Months | ' | ' | ' | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ||
Average fair value percentage below cost for securities in a continuous loss position | 6.00% | ' | 6.00% | ' | ' | ||
Gross unrealized losses | ' | ' | 688 | ' | 54 | ||
Less Than Twelve Months | Investment grade | ' | ' | ' | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ||
Gross unrealized losses | ' | ' | 653 | ' | 43 | ||
Less Than Twelve Months | Less Than 20 Percent Below Cost | Investment grade | ' | ' | ' | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ||
Stated percentage below cost of securities in unrealized loss position | 20.00% | ' | 20.00% | ' | ' | ||
12 Months Or More | ' | ' | ' | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ||
Gross unrealized losses | ' | ' | 281 | [3] | ' | 547 | [4] |
12 Months Or More | Investment grade | ' | ' | ' | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ||
Gross unrealized losses | ' | ' | 203 | [3] | ' | 209 | [4] |
Fixed maturity securities | ' | ' | ' | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ||
Gross unrealized losses | ' | ' | 953 | [1] | ' | 595 | [2] |
Fixed maturity securities | Finance and insurance | ' | ' | ' | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ||
Percent of investment portfolio, greater than 10% | ' | ' | 19.00% | ' | ' | ||
Fixed maturity securities | Utilities and energy | ' | ' | ' | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ||
Percent of investment portfolio, greater than 10% | ' | ' | 24.00% | ' | ' | ||
Fixed maturity securities | Consumer-non-cyclical | ' | ' | ' | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ||
Percent of investment portfolio, greater than 10% | ' | ' | 12.00% | ' | ' | ||
Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | ' | ' | ' | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ||
Gross unrealized losses | ' | ' | 177 | [1] | ' | 18 | [2] |
Fixed maturity securities | Less Than 20 Percent Below Cost | ' | ' | ' | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ||
Gross unrealized losses | ' | ' | 720 | [1] | ' | 244 | [2] |
Fixed maturity securities | Less Than Twelve Months | ' | ' | ' | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ||
Gross unrealized losses | ' | ' | 672 | ' | 50 | ||
Fixed maturity securities | Less Than Twelve Months | U.S. government, agencies and government-sponsored enterprises | ' | ' | ' | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ||
Gross unrealized losses | ' | ' | 134 | ' | 18 | ||
Fixed maturity securities | Less Than Twelve Months | Less Than 20 Percent Below Cost | ' | ' | ' | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ||
Gross unrealized losses | ' | ' | 595 | ' | 50 | ||
Fixed maturity securities | 12 Months Or More | ' | ' | ' | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ||
Gross unrealized losses | ' | ' | 281 | [3] | ' | 545 | [4] |
Fixed maturity securities | 12 Months Or More | U.S. government, agencies and government-sponsored enterprises | ' | ' | ' | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ||
Gross unrealized losses | ' | ' | 43 | [3] | ' | 0 | [4] |
Fixed maturity securities | 12 Months Or More | Less Than 20 Percent Below Cost | ' | ' | ' | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ||
Stated percentage below cost of securities in unrealized loss position | 20.00% | ' | 20.00% | ' | ' | ||
Gross unrealized losses | ' | ' | 125 | [3] | ' | 194 | [4] |
Average fair value percentage below cost for securities in a continuous loss position | 9.00% | ' | 9.00% | ' | ' | ||
Fixed maturity securities | 12 Months Or More | Less Than 20 Percent Below Cost | Investment grade | ' | ' | ' | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ||
Percentage of total unrealized losses for securities in a continuous loss position | 66.00% | ' | 66.00% | ' | ' | ||
Fixed maturity securities | 12 Months Or More | More Than 20% Below Cost | ' | ' | ' | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ||
Stated percentage below cost of securities in unrealized loss position | 20.00% | ' | 20.00% | ' | ' | ||
Fixed maturity securities | 12 Months Or More | More Than 20% Below Cost | U.S. government, agencies and government-sponsored enterprises | ' | ' | ' | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ||
Stated percentage below cost of securities in unrealized loss position | 20.00% | ' | 20.00% | ' | ' | ||
Gross unrealized losses | ' | ' | 43 | ' | ' | ||
Corporate Debt Securities | 12 Months Or More | More Than 20% Below Cost | ' | ' | ' | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ||
Stated percentage below cost of securities in unrealized loss position | 20.00% | ' | 20.00% | ' | ' | ||
Corporate Debt Securities | 12 Months Or More | More Than 20% Below Cost | Finance and insurance | ' | ' | ' | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ||
Average fair value percentage below cost for securities in a continuous loss position | 20.00% | ' | 20.00% | ' | ' | ||
Gross unrealized losses | ' | ' | 19 | ' | ' | ||
Corporate Debt Securities | 12 Months Or More | More Than 20% Below Cost | Finance and insurance | Financial Hybrid Securities | ' | ' | ' | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ||
Gross unrealized losses | ' | ' | 18 | ' | ' | ||
Structured Securities | 12 Months Or More | More Than 20% Below Cost | ' | ' | ' | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ||
Stated percentage below cost of securities in unrealized loss position | 20.00% | ' | 20.00% | ' | ' | ||
Gross unrealized losses | ' | ' | 74 | ' | ' | ||
Unrealized losses on other than temporarily impaired securities, non-credit portion, securities in a loss position | $11 | ' | $11 | ' | ' | ||
[1] | Amounts included $17 million of unrealized losses on other-than-temporarily impaired securities. | ||||||
[2] | Amounts included $124 million of unrealized losses on other-than-temporarily impaired securities. | ||||||
[3] | Amounts included $16 million of unrealized losses on other-than-temporarily impaired securities. | ||||||
[4] | Amounts included $123 million of unrealized losses on other-than-temporarily impaired securities. |
Credit_Losses_Recognized_in_Ne
Credit Losses Recognized in Net Income on Debt Securities (Detail) (Debt Securities, USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Debt Securities | ' | ' | ' | ' |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' | ' | ' |
Cumulative credit losses, beginning balance | $179 | $588 | $387 | $646 |
Other-than-temporary impairments not previously recognized | 1 | 5 | 3 | 13 |
Increases related to other-than-temporary impairments previously recognized | 2 | 10 | 9 | 42 |
Securities sold, paid down or disposed | -76 | -66 | -293 | -164 |
Cumulative credit losses, ending balance | $106 | $537 | $106 | $537 |
Net_Unrealized_Gains_and_Losse
Net Unrealized Gains and Losses on Available-for-Sale Investment Securities Reflected as Separate Component of Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | ||||||
In Millions, unless otherwise specified | Net Unrealized Gains (Losses) On Investment Securities | Net Unrealized Gains (Losses) On Investment Securities | ||||||||||||
Components of Net Unrealized Investment Gains Losses Included in Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Fixed maturity securities | ' | ' | ' | ' | ' | ' | $2,786 | $6,086 | ||||||
Equity securities | ' | ' | ' | ' | ' | ' | 13 | 34 | ||||||
Other invested assets | ' | ' | ' | ' | ' | ' | -6 | -8 | ||||||
Subtotal | ' | ' | ' | ' | ' | ' | 2,793 | 6,112 | ||||||
Adjustments to deferred acquisition costs, present value of future profits, sales inducements and benefit reserves | -1,008 | ' | -1,925 | ' | ' | ' | ' | ' | ||||||
Income taxes, net | -622 | ' | -1,457 | ' | ' | ' | ' | ' | ||||||
Net unrealized investment gains (losses) including noncontrolling interests | 1,163 | ' | 2,730 | ' | ' | ' | ' | ' | ||||||
Less: net unrealized investment gains (losses) attributable to noncontrolling interests | 54 | ' | 92 | ' | ' | ' | ' | ' | ||||||
Net unrealized investment gains (losses) | $1,109 | [1] | $1,294 | [1] | $2,638 | [1] | $2,553 | [1] | $2,016 | [1] | $1,485 | [1] | ' | ' |
[1] | Net of adjustments to deferred acquisition costs, present value of future profits, sales inducements and benefit reserves. See note 4 for additional information. |
Change_in_Net_Unrealized_Gains
Change in Net Unrealized Gains (Losses) on Available-for-Sale Securities Reported in Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Investments [Abstract] | ' | ' | ' | ' | ||||
Net unrealized investment gains (losses), beginning of period | $1,294 | [1] | $2,016 | [1] | $2,638 | [1] | $1,485 | [1] |
Unrealized gains (losses) on investment securities | -411 | 1,040 | -3,348 | 2,157 | ||||
Adjustment to deferred acquisition costs | 23 | -39 | 241 | -138 | ||||
Adjustment to present value of future profits | 9 | 11 | 80 | -11 | ||||
Adjustment to sales inducements | 3 | -17 | 41 | -31 | ||||
Adjustment to benefit reserves | 68 | -171 | 555 | -384 | ||||
Provision for income taxes | 111 | -288 | 845 | -553 | ||||
Change in unrealized gains (losses) on investment securities | -197 | [1] | 536 | [1] | -1,586 | [1] | 1,040 | [1] |
Reclassification adjustments to net investment (gains) losses, net of taxes | 11 | [1] | 9 | [1] | 19 | [1] | 33 | [1] |
Change in net unrealized investment gains (losses) | -186 | [1] | 545 | [1] | -1,567 | [1] | 1,073 | [1] |
Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests | -1 | [1] | 8 | [1] | -38 | [1] | 5 | [1] |
Net unrealized investment gains (losses), end of period | $1,109 | [1] | $2,553 | [1] | $1,109 | [1] | $2,553 | [1] |
[1] | Net of adjustments to deferred acquisition costs, present value of future profits, sales inducements and benefit reserves. See note 4 for additional information. |
Change_in_Net_Unrealized_Gains1
Change in Net Unrealized Gains (Losses) on Available-for-Sale Securities Reported in Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Components of Net Unrealized Investment Gains Losses Included in Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Reclassification adjustments to net investment (gains) losses, taxes | ($6) | ($6) | ($10) | ($19) |
Amortized_Cost_or_Cost_Gross_U
Amortized Cost or Cost, Gross Unrealized Gains (Losses) and Fair Value of Fixed Maturity and Equity Securities Classified as Available-for-Sale (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Schedule of Investments [Line Items] | ' | ' |
Amortized cost or cost, fixed maturity securities | $56,319 | ' |
Fair value, fixed maturity securities | 59,086 | 62,161 |
Fair value, equity securities | 379 | 518 |
Amortized cost or cost, total | 56,685 | 56,555 |
Fair value, total | 59,465 | 62,679 |
Fixed maturity securities | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized cost or cost, fixed maturity securities | 56,319 | 56,072 |
Fair value, fixed maturity securities | 59,086 | 62,161 |
Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized cost or cost, fixed maturity securities | 5,007 | 4,484 |
Fair value, fixed maturity securities | 5,325 | 5,491 |
Fixed maturity securities | Tax-exempt | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized cost or cost, fixed maturity securities | 287 | 308 |
Fair value, fixed maturity securities | 263 | 294 |
Fixed maturity securities | Government - non-U.S. | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized cost or cost, fixed maturity securities | 2,119 | 2,173 |
Fair value, fixed maturity securities | 2,232 | 2,422 |
Fixed maturity securities | U.S. corporate | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized cost or cost, fixed maturity securities | 23,249 | 22,873 |
Fair value, fixed maturity securities | 24,782 | 26,105 |
Fixed maturity securities | Corporate - non-U.S. | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized cost or cost, fixed maturity securities | 14,703 | 14,577 |
Fair value, fixed maturity securities | 15,276 | 15,792 |
Fixed maturity securities | Residential mortgage-backed | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized cost or cost, fixed maturity securities | 5,145 | 5,744 |
Fair value, fixed maturity securities | 5,397 | 6,081 |
Fixed maturity securities | Commercial mortgage-backed | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized cost or cost, fixed maturity securities | 2,762 | 3,253 |
Fair value, fixed maturity securities | 2,790 | 3,333 |
Fixed maturity securities | Other asset-backed | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized cost or cost, fixed maturity securities | 3,047 | 2,660 |
Fair value, fixed maturity securities | 3,021 | 2,643 |
Equity securities | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized cost or cost, equity securities | 366 | 483 |
Fair value, equity securities | 379 | 518 |
Not other-than-temporary impairments | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Gross unrealized gains | 3,722 | 6,688 |
Gross unrealized losses | -952 | -477 |
Not other-than-temporary impairments | Fixed maturity securities | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Gross unrealized gains | 3,693 | 6,647 |
Gross unrealized losses | -936 | -471 |
Not other-than-temporary impairments | Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Gross unrealized gains | 495 | 1,025 |
Gross unrealized losses | -177 | -18 |
Not other-than-temporary impairments | Fixed maturity securities | Tax-exempt | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Gross unrealized gains | 7 | 16 |
Gross unrealized losses | -31 | -30 |
Not other-than-temporary impairments | Fixed maturity securities | Government - non-U.S. | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Gross unrealized gains | 124 | 250 |
Gross unrealized losses | -11 | -1 |
Not other-than-temporary impairments | Fixed maturity securities | U.S. corporate | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Gross unrealized gains | 1,872 | 3,317 |
Gross unrealized losses | -357 | -104 |
Not other-than-temporary impairments | Fixed maturity securities | Corporate - non-U.S. | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Gross unrealized gains | 751 | 1,262 |
Gross unrealized losses | -178 | -47 |
Not other-than-temporary impairments | Fixed maturity securities | Residential mortgage-backed | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Gross unrealized gains | 321 | 549 |
Gross unrealized losses | -65 | -124 |
Not other-than-temporary impairments | Fixed maturity securities | Commercial mortgage-backed | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Gross unrealized gains | 90 | 178 |
Gross unrealized losses | -60 | -82 |
Not other-than-temporary impairments | Fixed maturity securities | Other asset-backed | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Gross unrealized gains | 33 | 50 |
Gross unrealized losses | -57 | -65 |
Not other-than-temporary impairments | Equity securities | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Gross unrealized gains | 29 | 41 |
Gross unrealized losses | -16 | -6 |
Other-than-temporary impairments | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Gross unrealized gains | 27 | 37 |
Gross unrealized losses | -17 | -124 |
Other-than-temporary impairments | Fixed maturity securities | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Gross unrealized gains | 27 | 37 |
Gross unrealized losses | -17 | -124 |
Other-than-temporary impairments | Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Other-than-temporary impairments | Fixed maturity securities | Tax-exempt | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Other-than-temporary impairments | Fixed maturity securities | Government - non-U.S. | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Other-than-temporary impairments | Fixed maturity securities | U.S. corporate | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Gross unrealized gains | 18 | 19 |
Gross unrealized losses | 0 | 0 |
Other-than-temporary impairments | Fixed maturity securities | Corporate - non-U.S. | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Other-than-temporary impairments | Fixed maturity securities | Residential mortgage-backed | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Gross unrealized gains | 8 | 13 |
Gross unrealized losses | -12 | -101 |
Other-than-temporary impairments | Fixed maturity securities | Commercial mortgage-backed | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Gross unrealized gains | 1 | 5 |
Gross unrealized losses | -3 | -21 |
Other-than-temporary impairments | Fixed maturity securities | Other asset-backed | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | -2 | -2 |
Other-than-temporary impairments | Equity securities | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | $0 | $0 |
Gross_Unrealized_Losses_and_Fa
Gross Unrealized Losses and Fair Value of Investment Securities (Detail) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | ||
Securities | Securities | |||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | $13,249 | $5,612 | ||
Gross unrealized losses | -969 | [1] | -601 | [2] |
Number of securities in a continuous loss position | 1,874 | 983 | ||
Less Than Twelve Months | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 11,594 | 2,951 | ||
Gross unrealized losses | -688 | -54 | ||
Number of securities in a continuous loss position | 1,599 | 425 | ||
12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 1,655 | 2,661 | ||
Gross unrealized losses | -281 | [3] | -547 | [4] |
Number of securities in a continuous loss position | 275 | 558 | ||
Investment grade | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 12,123 | 4,377 | ||
Gross unrealized losses | -856 | [1] | -252 | [2] |
Number of securities in a continuous loss position | 1,584 | 591 | ||
Investment grade | Less Than Twelve Months | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 10,978 | 2,761 | ||
Gross unrealized losses | -653 | -43 | ||
Number of securities in a continuous loss position | 1,435 | 356 | ||
Investment grade | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 1,145 | 1,616 | ||
Gross unrealized losses | -203 | [3] | -209 | [4] |
Number of securities in a continuous loss position | 149 | 235 | ||
Below investment grade | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 1,126 | [5] | 1,235 | [6] |
Gross unrealized losses | -113 | [1],[5] | -349 | [2],[6] |
Number of securities in a continuous loss position | 290 | [5] | 392 | [6] |
Below investment grade | Less Than Twelve Months | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 616 | [5] | 190 | [6] |
Gross unrealized losses | -35 | [5] | -11 | [6] |
Number of securities in a continuous loss position | 164 | [5] | 69 | [6] |
Below investment grade | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 510 | [5] | 1,045 | [6] |
Gross unrealized losses | -78 | [3],[5] | -338 | [4],[6] |
Number of securities in a continuous loss position | 126 | [5] | 323 | [6] |
Fixed maturity securities | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 13,116 | 5,546 | ||
Gross unrealized losses | -953 | [1] | -595 | [2] |
Number of securities in a continuous loss position | 1,802 | 938 | ||
Fixed maturity securities | Less Than Twelve Months | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 11,461 | 2,899 | ||
Gross unrealized losses | -672 | -50 | ||
Number of securities in a continuous loss position | 1,527 | 393 | ||
Fixed maturity securities | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 1,655 | 2,647 | ||
Gross unrealized losses | -281 | [3] | -545 | [4] |
Number of securities in a continuous loss position | 275 | 545 | ||
Fixed maturity securities | Less Than 20 Percent Below Cost | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 12,495 | 5,050 | ||
Gross unrealized losses | -720 | [1] | -244 | [2] |
Number of securities in a continuous loss position | 1,702 | 730 | ||
Fixed maturity securities | Less Than 20 Percent Below Cost | Less Than Twelve Months | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 11,201 | 2,899 | ||
Gross unrealized losses | -595 | -50 | ||
Number of securities in a continuous loss position | 1,506 | 393 | ||
Fixed maturity securities | Less Than 20 Percent Below Cost | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 1,294 | 2,151 | ||
Gross unrealized losses | -125 | [3] | -194 | [4] |
Number of securities in a continuous loss position | 196 | 337 | ||
Fixed maturity securities | 20 To 50 percent below cost | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 604 | 445 | ||
Gross unrealized losses | -204 | [1] | -218 | [2] |
Number of securities in a continuous loss position | 70 | 128 | ||
Fixed maturity securities | 20 To 50 percent below cost | Less Than Twelve Months | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 260 | 0 | ||
Gross unrealized losses | -77 | 0 | ||
Number of securities in a continuous loss position | 21 | 0 | ||
Fixed maturity securities | 20 To 50 percent below cost | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 344 | 445 | ||
Gross unrealized losses | -127 | [3] | -218 | [4] |
Number of securities in a continuous loss position | 49 | 128 | ||
Fixed maturity securities | Greater than 50% below cost | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 17 | 51 | ||
Gross unrealized losses | -29 | [1] | -133 | [2] |
Number of securities in a continuous loss position | 30 | 80 | ||
Fixed maturity securities | Greater than 50% below cost | Less Than Twelve Months | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 0 | 0 | ||
Gross unrealized losses | 0 | 0 | ||
Number of securities in a continuous loss position | 0 | 0 | ||
Fixed maturity securities | Greater than 50% below cost | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 17 | 51 | ||
Gross unrealized losses | -29 | [3] | -133 | [4] |
Number of securities in a continuous loss position | 30 | 80 | ||
Fixed maturity securities | Investment grade | 20 To 50 percent below cost | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 311 | ' | ||
Gross unrealized losses | -113 | ' | ||
Number of securities in a continuous loss position | 25 | ' | ||
Percentage of total gross unrealized losses for securities in a continuous loss position | 11.00% | ' | ||
Fixed maturity securities | Investment grade | Greater than 50% below cost | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 5 | ' | ||
Gross unrealized losses | -7 | ' | ||
Number of securities in a continuous loss position | 8 | ' | ||
Percentage of total gross unrealized losses for securities in a continuous loss position | 1.00% | ' | ||
Fixed maturity securities | Below investment grade | 20 To 50 percent below cost | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 33 | ' | ||
Gross unrealized losses | -14 | ' | ||
Number of securities in a continuous loss position | 24 | ' | ||
Percentage of total gross unrealized losses for securities in a continuous loss position | 1.00% | ' | ||
Fixed maturity securities | Below investment grade | Greater than 50% below cost | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 12 | ' | ||
Gross unrealized losses | -22 | ' | ||
Number of securities in a continuous loss position | 22 | ' | ||
Percentage of total gross unrealized losses for securities in a continuous loss position | 2.00% | ' | ||
Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 903 | 655 | ||
Gross unrealized losses | -177 | [1] | -18 | [2] |
Number of securities in a continuous loss position | 44 | 19 | ||
Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | Less Than Twelve Months | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 769 | 655 | ||
Gross unrealized losses | -134 | -18 | ||
Number of securities in a continuous loss position | 43 | 19 | ||
Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 134 | 0 | ||
Gross unrealized losses | -43 | [3] | 0 | [4] |
Number of securities in a continuous loss position | 1 | 0 | ||
Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | Investment grade | 20 To 50 percent below cost | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 134 | ' | ||
Gross unrealized losses | -43 | ' | ||
Number of securities in a continuous loss position | 1 | ' | ||
Percentage of total gross unrealized losses for securities in a continuous loss position | 4.00% | ' | ||
Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | Investment grade | Greater than 50% below cost | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 0 | ' | ||
Gross unrealized losses | 0 | ' | ||
Number of securities in a continuous loss position | 0 | ' | ||
Percentage of total gross unrealized losses for securities in a continuous loss position | 0.00% | ' | ||
Fixed maturity securities | Tax-exempt | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 137 | 137 | ||
Gross unrealized losses | -31 | [1] | -30 | [2] |
Number of securities in a continuous loss position | 28 | 13 | ||
Fixed maturity securities | Tax-exempt | Less Than Twelve Months | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 36 | 0 | ||
Gross unrealized losses | -2 | 0 | ||
Number of securities in a continuous loss position | 19 | 0 | ||
Fixed maturity securities | Tax-exempt | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 101 | 137 | ||
Gross unrealized losses | -29 | [3] | -30 | [4] |
Number of securities in a continuous loss position | 9 | 13 | ||
Fixed maturity securities | Tax-exempt | Investment grade | 20 To 50 percent below cost | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 58 | ' | ||
Gross unrealized losses | -20 | ' | ||
Number of securities in a continuous loss position | 6 | ' | ||
Percentage of total gross unrealized losses for securities in a continuous loss position | 2.00% | ' | ||
Fixed maturity securities | Tax-exempt | Investment grade | Greater than 50% below cost | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 0 | ' | ||
Gross unrealized losses | 0 | ' | ||
Number of securities in a continuous loss position | 0 | ' | ||
Percentage of total gross unrealized losses for securities in a continuous loss position | 0.00% | ' | ||
Fixed maturity securities | Government - non-U.S. | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 461 | 103 | ||
Gross unrealized losses | -11 | [1] | -1 | [2] |
Number of securities in a continuous loss position | 53 | 21 | ||
Fixed maturity securities | Government - non-U.S. | Less Than Twelve Months | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 461 | 103 | ||
Gross unrealized losses | -11 | -1 | ||
Number of securities in a continuous loss position | 53 | 21 | ||
Fixed maturity securities | Government - non-U.S. | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 0 | 0 | ||
Gross unrealized losses | 0 | [3] | 0 | [4] |
Number of securities in a continuous loss position | 0 | 0 | ||
Fixed maturity securities | U.S. corporate | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 5,125 | 1,505 | ||
Gross unrealized losses | -357 | [1] | -104 | [2] |
Number of securities in a continuous loss position | 728 | 219 | ||
Fixed maturity securities | U.S. corporate | Less Than Twelve Months | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 4,655 | 859 | ||
Gross unrealized losses | -280 | -19 | ||
Number of securities in a continuous loss position | 683 | 154 | ||
Fixed maturity securities | U.S. corporate | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 470 | 646 | ||
Gross unrealized losses | -77 | [3] | -85 | [4] |
Number of securities in a continuous loss position | 45 | 65 | ||
Fixed maturity securities | U.S. corporate | Investment grade | 20 To 50 percent below cost | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 23 | ' | ||
Gross unrealized losses | -7 | ' | ||
Number of securities in a continuous loss position | 2 | ' | ||
Percentage of total gross unrealized losses for securities in a continuous loss position | 1.00% | ' | ||
Fixed maturity securities | U.S. corporate | Investment grade | Greater than 50% below cost | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 0 | ' | ||
Gross unrealized losses | 0 | ' | ||
Number of securities in a continuous loss position | 0 | ' | ||
Percentage of total gross unrealized losses for securities in a continuous loss position | 0.00% | ' | ||
Fixed maturity securities | U.S. corporate | Below investment grade | 20 To 50 percent below cost | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 2 | ' | ||
Gross unrealized losses | -1 | ' | ||
Number of securities in a continuous loss position | 1 | ' | ||
Percentage of total gross unrealized losses for securities in a continuous loss position | 0.00% | ' | ||
Fixed maturity securities | U.S. corporate | Below investment grade | Greater than 50% below cost | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 0 | ' | ||
Gross unrealized losses | 0 | ' | ||
Number of securities in a continuous loss position | 0 | ' | ||
Percentage of total gross unrealized losses for securities in a continuous loss position | 0.00% | ' | ||
Fixed maturity securities | Corporate - non-U.S. | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 3,428 | 1,101 | ||
Gross unrealized losses | -178 | [1] | -47 | [2] |
Number of securities in a continuous loss position | 415 | 146 | ||
Fixed maturity securities | Corporate - non-U.S. | Less Than Twelve Months | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 3,180 | 665 | ||
Gross unrealized losses | -155 | -9 | ||
Number of securities in a continuous loss position | 393 | 105 | ||
Fixed maturity securities | Corporate - non-U.S. | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 248 | 436 | ||
Gross unrealized losses | -23 | [3] | -38 | [4] |
Number of securities in a continuous loss position | 22 | 41 | ||
Fixed maturity securities | Corporate - non-U.S. | Investment grade | 20 To 50 percent below cost | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 32 | ' | ||
Gross unrealized losses | -11 | ' | ||
Number of securities in a continuous loss position | 7 | ' | ||
Percentage of total gross unrealized losses for securities in a continuous loss position | 1.00% | ' | ||
Fixed maturity securities | Corporate - non-U.S. | Investment grade | Greater than 50% below cost | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 0 | ' | ||
Gross unrealized losses | 0 | ' | ||
Number of securities in a continuous loss position | 0 | ' | ||
Percentage of total gross unrealized losses for securities in a continuous loss position | 0.00% | ' | ||
Fixed maturity securities | Residential mortgage-backed | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 1,004 | 646 | ||
Gross unrealized losses | -77 | [1] | -225 | [2] |
Number of securities in a continuous loss position | 247 | 310 | ||
Fixed maturity securities | Residential mortgage-backed | Less Than Twelve Months | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 808 | 152 | ||
Gross unrealized losses | -36 | -1 | ||
Number of securities in a continuous loss position | 128 | 32 | ||
Fixed maturity securities | Residential mortgage-backed | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 196 | 494 | ||
Gross unrealized losses | -41 | [3] | -224 | [4] |
Number of securities in a continuous loss position | 119 | 278 | ||
Fixed maturity securities | Commercial mortgage-backed | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 1,016 | 932 | ||
Gross unrealized losses | -63 | [1] | -103 | [2] |
Number of securities in a continuous loss position | 145 | 150 | ||
Fixed maturity securities | Commercial mortgage-backed | Less Than Twelve Months | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 656 | 183 | ||
Gross unrealized losses | -38 | -1 | ||
Number of securities in a continuous loss position | 82 | 20 | ||
Fixed maturity securities | Commercial mortgage-backed | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 360 | 749 | ||
Gross unrealized losses | -25 | [3] | -102 | [4] |
Number of securities in a continuous loss position | 63 | 130 | ||
Fixed maturity securities | Other asset-backed | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 1,042 | 467 | ||
Gross unrealized losses | -59 | [1] | -67 | [2] |
Number of securities in a continuous loss position | 142 | 60 | ||
Fixed maturity securities | Other asset-backed | Less Than Twelve Months | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 896 | 282 | ||
Gross unrealized losses | -16 | -1 | ||
Number of securities in a continuous loss position | 126 | 42 | ||
Fixed maturity securities | Other asset-backed | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 146 | 185 | ||
Gross unrealized losses | -43 | [3] | -66 | [4] |
Number of securities in a continuous loss position | 16 | 18 | ||
Equity securities | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 133 | 66 | ||
Gross unrealized losses | -16 | [1] | -6 | [2] |
Number of securities in a continuous loss position | 72 | 45 | ||
Equity securities | Less Than Twelve Months | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 133 | 52 | ||
Gross unrealized losses | -16 | -4 | ||
Number of securities in a continuous loss position | 72 | 32 | ||
Equity securities | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 0 | 14 | ||
Gross unrealized losses | 0 | [3] | -2 | [4] |
Number of securities in a continuous loss position | 0 | 13 | ||
Equity securities | Less Than 20 Percent Below Cost | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 132 | 59 | ||
Gross unrealized losses | -15 | [1] | -3 | [2] |
Number of securities in a continuous loss position | 69 | 40 | ||
Equity securities | Less Than 20 Percent Below Cost | Less Than Twelve Months | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 132 | 47 | ||
Gross unrealized losses | -15 | -2 | ||
Number of securities in a continuous loss position | 69 | 29 | ||
Equity securities | Less Than 20 Percent Below Cost | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 0 | 12 | ||
Gross unrealized losses | 0 | [3] | -1 | [4] |
Number of securities in a continuous loss position | 0 | 11 | ||
Equity securities | 20 To 50 percent below cost | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 1 | 7 | ||
Gross unrealized losses | -1 | [1] | -3 | [2] |
Number of securities in a continuous loss position | 3 | 5 | ||
Equity securities | 20 To 50 percent below cost | Less Than Twelve Months | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 1 | 5 | ||
Gross unrealized losses | -1 | -2 | ||
Number of securities in a continuous loss position | 3 | 3 | ||
Equity securities | 20 To 50 percent below cost | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 0 | 2 | ||
Gross unrealized losses | 0 | [3] | -1 | [4] |
Number of securities in a continuous loss position | 0 | 2 | ||
Structured Securities | Investment grade | 20 To 50 percent below cost | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 64 | ' | ||
Gross unrealized losses | -32 | ' | ||
Number of securities in a continuous loss position | 9 | ' | ||
Percentage of total gross unrealized losses for securities in a continuous loss position | 3.00% | ' | ||
Structured Securities | Investment grade | Greater than 50% below cost | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 5 | ' | ||
Gross unrealized losses | -7 | ' | ||
Number of securities in a continuous loss position | 8 | ' | ||
Percentage of total gross unrealized losses for securities in a continuous loss position | 1.00% | ' | ||
Structured Securities | Below investment grade | 20 To 50 percent below cost | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 31 | ' | ||
Gross unrealized losses | -13 | ' | ||
Number of securities in a continuous loss position | 23 | ' | ||
Percentage of total gross unrealized losses for securities in a continuous loss position | 1.00% | ' | ||
Structured Securities | Below investment grade | Greater than 50% below cost | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 12 | ' | ||
Gross unrealized losses | -22 | ' | ||
Number of securities in a continuous loss position | 22 | ' | ||
Percentage of total gross unrealized losses for securities in a continuous loss position | 2.00% | ' | ||
Structured Securities | Residential mortgage-backed | Investment grade | 20 To 50 percent below cost | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 2 | ' | ||
Gross unrealized losses | -2 | ' | ||
Number of securities in a continuous loss position | 3 | ' | ||
Percentage of total gross unrealized losses for securities in a continuous loss position | 0.00% | ' | ||
Structured Securities | Residential mortgage-backed | Investment grade | Greater than 50% below cost | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 5 | ' | ||
Gross unrealized losses | -6 | ' | ||
Number of securities in a continuous loss position | 7 | ' | ||
Percentage of total gross unrealized losses for securities in a continuous loss position | 1.00% | ' | ||
Structured Securities | Residential mortgage-backed | Below investment grade | 20 To 50 percent below cost | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 21 | ' | ||
Gross unrealized losses | -9 | ' | ||
Number of securities in a continuous loss position | 19 | ' | ||
Percentage of total gross unrealized losses for securities in a continuous loss position | 1.00% | ' | ||
Structured Securities | Residential mortgage-backed | Below investment grade | Greater than 50% below cost | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 3 | ' | ||
Gross unrealized losses | -12 | ' | ||
Number of securities in a continuous loss position | 19 | ' | ||
Percentage of total gross unrealized losses for securities in a continuous loss position | 1.00% | ' | ||
Structured Securities | Commercial mortgage-backed | Investment grade | 20 To 50 percent below cost | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 2 | ' | ||
Gross unrealized losses | -1 | ' | ||
Number of securities in a continuous loss position | 2 | ' | ||
Percentage of total gross unrealized losses for securities in a continuous loss position | 0.00% | ' | ||
Structured Securities | Commercial mortgage-backed | Investment grade | Greater than 50% below cost | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 0 | ' | ||
Gross unrealized losses | -1 | ' | ||
Number of securities in a continuous loss position | 1 | ' | ||
Percentage of total gross unrealized losses for securities in a continuous loss position | 0.00% | ' | ||
Structured Securities | Commercial mortgage-backed | Below investment grade | 20 To 50 percent below cost | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 10 | ' | ||
Gross unrealized losses | -4 | ' | ||
Number of securities in a continuous loss position | 4 | ' | ||
Percentage of total gross unrealized losses for securities in a continuous loss position | 0.00% | ' | ||
Structured Securities | Commercial mortgage-backed | Below investment grade | Greater than 50% below cost | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 1 | ' | ||
Gross unrealized losses | -1 | ' | ||
Number of securities in a continuous loss position | 1 | ' | ||
Percentage of total gross unrealized losses for securities in a continuous loss position | 0.00% | ' | ||
Structured Securities | Other asset-backed | Investment grade | 20 To 50 percent below cost | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 60 | ' | ||
Gross unrealized losses | -29 | ' | ||
Number of securities in a continuous loss position | 4 | ' | ||
Percentage of total gross unrealized losses for securities in a continuous loss position | 3.00% | ' | ||
Structured Securities | Other asset-backed | Investment grade | Greater than 50% below cost | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 0 | ' | ||
Gross unrealized losses | 0 | ' | ||
Number of securities in a continuous loss position | 0 | ' | ||
Percentage of total gross unrealized losses for securities in a continuous loss position | 0.00% | ' | ||
Structured Securities | Other asset-backed | Below investment grade | 20 To 50 percent below cost | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 0 | ' | ||
Gross unrealized losses | 0 | ' | ||
Number of securities in a continuous loss position | 0 | ' | ||
Percentage of total gross unrealized losses for securities in a continuous loss position | 0.00% | ' | ||
Structured Securities | Other asset-backed | Below investment grade | Greater than 50% below cost | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 8 | ' | ||
Gross unrealized losses | -9 | ' | ||
Number of securities in a continuous loss position | 2 | ' | ||
Percentage of total gross unrealized losses for securities in a continuous loss position | 1.00% | ' | ||
Corporate Debt Securities | Investment grade | 20 To 50 percent below cost | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 55 | ' | ||
Gross unrealized losses | -18 | ' | ||
Number of securities in a continuous loss position | 9 | ' | ||
Percentage of total gross unrealized losses for securities in a continuous loss position | 2.00% | ' | ||
Corporate Debt Securities | Investment grade | 20 To 50 percent below cost | 12 Months Or More | Finance and insurance | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 55 | ' | ||
Gross unrealized losses | -18 | ' | ||
Number of securities in a continuous loss position | 9 | ' | ||
Percentage of total gross unrealized losses for securities in a continuous loss position | 2.00% | ' | ||
Corporate Debt Securities | Investment grade | Greater than 50% below cost | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 0 | ' | ||
Gross unrealized losses | 0 | ' | ||
Number of securities in a continuous loss position | 0 | ' | ||
Percentage of total gross unrealized losses for securities in a continuous loss position | 0.00% | ' | ||
Corporate Debt Securities | Investment grade | Greater than 50% below cost | 12 Months Or More | Finance and insurance | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 0 | ' | ||
Gross unrealized losses | 0 | ' | ||
Number of securities in a continuous loss position | 0 | ' | ||
Percentage of total gross unrealized losses for securities in a continuous loss position | 0.00% | ' | ||
Corporate Debt Securities | Below investment grade | 20 To 50 percent below cost | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 2 | ' | ||
Gross unrealized losses | -1 | ' | ||
Number of securities in a continuous loss position | 1 | ' | ||
Percentage of total gross unrealized losses for securities in a continuous loss position | 0.00% | ' | ||
Corporate Debt Securities | Below investment grade | 20 To 50 percent below cost | 12 Months Or More | Finance and insurance | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 2 | ' | ||
Gross unrealized losses | -1 | ' | ||
Number of securities in a continuous loss position | 1 | ' | ||
Percentage of total gross unrealized losses for securities in a continuous loss position | 0.00% | ' | ||
Corporate Debt Securities | Below investment grade | Greater than 50% below cost | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 0 | ' | ||
Gross unrealized losses | 0 | ' | ||
Number of securities in a continuous loss position | 0 | ' | ||
Percentage of total gross unrealized losses for securities in a continuous loss position | 0.00% | ' | ||
Corporate Debt Securities | Below investment grade | Greater than 50% below cost | 12 Months Or More | Finance and insurance | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Fair value | 0 | ' | ||
Gross unrealized losses | $0 | ' | ||
Number of securities in a continuous loss position | 0 | ' | ||
Percentage of total gross unrealized losses for securities in a continuous loss position | 0.00% | ' | ||
[1] | Amounts included $17 million of unrealized losses on other-than-temporarily impaired securities. | |||
[2] | Amounts included $124 million of unrealized losses on other-than-temporarily impaired securities. | |||
[3] | Amounts included $16 million of unrealized losses on other-than-temporarily impaired securities. | |||
[4] | Amounts included $123 million of unrealized losses on other-than-temporarily impaired securities. | |||
[5] | Amounts that have been in a continuous loss position for 12 months or more included $16 million of unrealized losses on other-than-temporarily impaired securities. | |||
[6] | Amounts that have been in a continuous loss position for 12 months or more included $119 million of unrealized losses on other-than-temporarily impaired securities. |
Gross_Unrealized_Losses_and_Fa1
Gross Unrealized Losses and Fair Value of Investment Securities (Parenthetical) (Detail) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Gross unrealized losses | $969 | [1] | $601 | [2] |
12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Gross unrealized losses | 281 | [3] | 547 | [4] |
Below investment grade | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Gross unrealized losses | 113 | [1],[5] | 349 | [2],[6] |
Below investment grade | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Gross unrealized losses | 78 | [3],[5] | 338 | [4],[6] |
Other-than-temporary impairments | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Gross unrealized losses | 17 | 124 | ||
Other-than-temporary impairments | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Gross unrealized losses | 16 | 123 | ||
Other-than-temporary impairments | Below investment grade | 12 Months Or More | ' | ' | ||
Available for Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ||
Gross unrealized losses | $16 | $119 | ||
[1] | Amounts included $17 million of unrealized losses on other-than-temporarily impaired securities. | |||
[2] | Amounts included $124 million of unrealized losses on other-than-temporarily impaired securities. | |||
[3] | Amounts included $16 million of unrealized losses on other-than-temporarily impaired securities. | |||
[4] | Amounts included $123 million of unrealized losses on other-than-temporarily impaired securities. | |||
[5] | Amounts that have been in a continuous loss position for 12 months or more included $16 million of unrealized losses on other-than-temporarily impaired securities. | |||
[6] | Amounts that have been in a continuous loss position for 12 months or more included $119 million of unrealized losses on other-than-temporarily impaired securities. |
Scheduled_Maturity_Distributio
Scheduled Maturity Distribution of Fixed Maturity Securities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Amortized cost or cost | ' | ' |
Due one year or less | $2,744 | ' |
Due after one year through five years | 10,019 | ' |
Due after five years through ten years | 12,142 | ' |
Due after ten years | 20,460 | ' |
Subtotal | 45,365 | ' |
Total | 56,319 | ' |
Fair value | ' | ' |
Due one year or less | 2,772 | ' |
Due after one year through five years | 10,563 | ' |
Due after five years through ten years | 12,570 | ' |
Due after ten years | 21,973 | ' |
Subtotal | 47,878 | ' |
Total | 59,086 | 62,161 |
Residential mortgage-backed | ' | ' |
Amortized cost or cost | ' | ' |
Fixed maturity securities | 5,145 | ' |
Fair value | ' | ' |
Fixed maturity securities | 5,397 | ' |
Commercial mortgage-backed | ' | ' |
Amortized cost or cost | ' | ' |
Fixed maturity securities | 2,762 | ' |
Fair value | ' | ' |
Fixed maturity securities | 2,790 | ' |
Other asset-backed | ' | ' |
Amortized cost or cost | ' | ' |
Fixed maturity securities | 3,047 | ' |
Fair value | ' | ' |
Fixed maturity securities | $3,021 | ' |
Distribution_Across_Property_T
Distribution Across Property Type and Geographic Region for Commercial Mortgage Loans (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | $5,893 | $5,912 |
Unamortized balance of loan origination fees and costs | 1 | 2 |
% of total | 100.00% | 100.00% |
Allowance for losses | -36 | -42 |
Total | 5,858 | 5,872 |
Commercial Mortgage Loan | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 5,893 | 5,912 |
Unamortized balance of loan origination fees and costs | 1 | 2 |
% of total | 100.00% | 100.00% |
Allowance for losses | -36 | -42 |
Total | 5,858 | 5,872 |
Pacific | Commercial Mortgage Loan | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 1,624 | 1,553 |
% of total | 28.00% | 26.00% |
South Atlantic | Commercial Mortgage Loan | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 1,558 | 1,587 |
% of total | 26.00% | 27.00% |
Middle Atlantic | Commercial Mortgage Loan | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 792 | 739 |
% of total | 13.00% | 13.00% |
Mountain | Commercial Mortgage Loan | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 462 | 463 |
% of total | 8.00% | 8.00% |
East North Central | Commercial Mortgage Loan | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 384 | 468 |
% of total | 7.00% | 8.00% |
West North Central | Commercial Mortgage Loan | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 366 | 353 |
% of total | 6.00% | 6.00% |
New England | Commercial Mortgage Loan | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 327 | 343 |
% of total | 6.00% | 6.00% |
West South Central | Commercial Mortgage Loan | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 237 | 265 |
% of total | 4.00% | 4.00% |
East South Central | Commercial Mortgage Loan | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 143 | 141 |
% of total | 2.00% | 2.00% |
Retail | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 2,005 | 1,895 |
% of total | 34.00% | 32.00% |
Office | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 1,610 | 1,580 |
% of total | 27.00% | 27.00% |
Industrial | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 1,571 | 1,603 |
% of total | 27.00% | 27.00% |
Apartments | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 473 | 552 |
% of total | 8.00% | 9.00% |
Mixed use/other | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | $234 | $282 |
% of total | 4.00% | 5.00% |
Aging_of_Past_Due_Commercial_M
Aging of Past Due Commercial Mortgage Loans by Property Type (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | $5,893 | $5,912 |
% of total | 100.00% | 100.00% |
Retail | ' | ' |
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 2,005 | 1,895 |
% of total | 34.00% | 32.00% |
Office | ' | ' |
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 1,610 | 1,580 |
% of total | 27.00% | 27.00% |
Industrial | ' | ' |
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 1,571 | 1,603 |
% of total | 27.00% | 27.00% |
Apartments | ' | ' |
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 473 | 552 |
% of total | 8.00% | 9.00% |
Mixed use/other | ' | ' |
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 234 | 282 |
% of total | 4.00% | 5.00% |
31-60 days past due | ' | ' |
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 68 |
% of total | 0.00% | 1.00% |
31-60 days past due | Retail | ' | ' |
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 0 |
31-60 days past due | Office | ' | ' |
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 2 |
31-60 days past due | Industrial | ' | ' |
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 0 |
31-60 days past due | Apartments | ' | ' |
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 0 |
31-60 days past due | Mixed use/other | ' | ' |
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 66 |
61-90 days past due | ' | ' |
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 16 | 3 |
% of total | 0.00% | 0.00% |
61-90 days past due | Retail | ' | ' |
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 3 |
61-90 days past due | Office | ' | ' |
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 0 |
61-90 days past due | Industrial | ' | ' |
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 16 | 0 |
61-90 days past due | Apartments | ' | ' |
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 0 |
61-90 days past due | Mixed use/other | ' | ' |
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 0 |
Greater than 90 days past due | ' | ' |
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 20 | 4 |
% of total | 1.00% | 0.00% |
Greater than 90 days past due | Retail | ' | ' |
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 10 | 0 |
Greater than 90 days past due | Office | ' | ' |
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 9 | 0 |
Greater than 90 days past due | Industrial | ' | ' |
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 1 | 0 |
Greater than 90 days past due | Apartments | ' | ' |
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 4 |
Greater than 90 days past due | Mixed use/other | ' | ' |
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 0 |
Total past due | ' | ' |
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 36 | 75 |
% of total | 1.00% | 1.00% |
Total past due | Retail | ' | ' |
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 10 | 3 |
Total past due | Office | ' | ' |
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 9 | 2 |
Total past due | Industrial | ' | ' |
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 17 | 0 |
Total past due | Apartments | ' | ' |
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 4 |
Total past due | Mixed use/other | ' | ' |
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 66 |
Current | ' | ' |
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 5,857 | 5,837 |
% of total | 99.00% | 99.00% |
Current | Retail | ' | ' |
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 1,995 | 1,892 |
Current | Office | ' | ' |
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 1,601 | 1,578 |
Current | Industrial | ' | ' |
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 1,554 | 1,603 |
Current | Apartments | ' | ' |
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 473 | 548 |
Current | Mixed use/other | ' | ' |
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | $234 | $216 |
Allowance_for_Credit_Losses_an
Allowance for Credit Losses and Recorded Investment in Commercial Mortgage Loans (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
In Millions, unless otherwise specified | Allowance for Credit Losses | Allowance for Credit Losses | Allowance for Credit Losses | Allowance for Credit Losses | Commercial Mortgage Loans Recorded Investment | Commercial Mortgage Loans Recorded Investment | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | $36 | $42 | $38 | $46 | $42 | $51 | ' | ' |
Charge-offs | ' | ' | -1 | -3 | -3 | -4 | ' | ' |
Recoveries | ' | ' | 0 | 0 | 0 | 0 | ' | ' |
Provision | ' | ' | -1 | 1 | -3 | -3 | ' | ' |
Ending balance | 36 | 42 | 36 | 44 | 36 | 44 | ' | ' |
Ending allowance for individually impaired loans | ' | ' | 0 | 0 | 0 | 0 | ' | ' |
Ending allowance for loans not individually impaired that were evaluated collectively for impairment | ' | ' | 36 | 44 | 36 | 44 | ' | ' |
Ending balance | 5,893 | 5,912 | ' | ' | ' | ' | 5,893 | 5,903 |
Ending balance of individually impaired loans | ' | ' | ' | ' | ' | ' | 2 | 8 |
Ending balance of loans not individually impaired that were evaluated collectively for impairment | ' | ' | ' | ' | ' | ' | $5,891 | $5,895 |
LoantoValue_of_Commercial_Mort
Loan-to-Value of Commercial Mortgage Loans by Property Type (Detail) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | $5,893 | $5,912 | ||
% of total | 100.00% | 100.00% | ||
Weighted-average debt service coverage ratio | 1.78 | 1.95 | ||
Retail | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 2,005 | 1,895 | ||
% of total | 34.00% | 32.00% | ||
Office | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 1,610 | 1,580 | ||
% of total | 27.00% | 27.00% | ||
Industrial | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 1,571 | 1,603 | ||
% of total | 27.00% | 27.00% | ||
Apartments | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 473 | 552 | ||
% of total | 8.00% | 9.00% | ||
Mixed use/other | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 234 | 282 | ||
% of total | 4.00% | 5.00% | ||
0% - 50% | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 1,633 | 1,568 | ||
% of total | 28.00% | 27.00% | ||
Weighted-average debt service coverage ratio | 2.19 | 2.13 | ||
0% - 50% | Retail | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 557 | 548 | ||
0% - 50% | Office | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 385 | 323 | ||
0% - 50% | Industrial | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 444 | 462 | ||
0% - 50% | Apartments | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 190 | 167 | ||
0% - 50% | Mixed use/other | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 57 | 68 | ||
51% - 60% | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 930 | 923 | ||
% of total | 16.00% | 16.00% | ||
Weighted-average debt service coverage ratio | 1.77 | 1.73 | ||
51% - 60% | Retail | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 360 | 280 | ||
51% - 60% | Office | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 199 | 237 | ||
51% - 60% | Industrial | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 215 | 242 | ||
51% - 60% | Apartments | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 100 | 140 | ||
51% - 60% | Mixed use/other | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 56 | 24 | ||
61% - 75% | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 2,720 | 2,537 | ||
% of total | 46.00% | 42.00% | ||
Weighted-average debt service coverage ratio | 1.72 | 2.09 | ||
61% - 75% | Retail | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 957 | 874 | ||
61% - 75% | Office | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 768 | 688 | ||
61% - 75% | Industrial | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 740 | 671 | ||
61% - 75% | Apartments | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 146 | 201 | ||
61% - 75% | Mixed use/other | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 109 | 103 | ||
76% - 100% | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 488 | 748 | ||
% of total | 8.00% | 13.00% | ||
Weighted-average debt service coverage ratio | 1.11 | 1.18 | ||
76% - 100% | Retail | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 105 | 162 | ||
76% - 100% | Office | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 190 | 288 | ||
76% - 100% | Industrial | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 151 | 188 | ||
76% - 100% | Apartments | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 36 | 29 | ||
76% - 100% | Mixed use/other | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 6 | 81 | ||
Greater than 100% | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 122 | [1] | 136 | [2] |
% of total | 2.00% | [1] | 2.00% | [2] |
Weighted-average debt service coverage ratio | 0.64 | [1] | 2.48 | [2] |
Greater than 100% | Retail | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 26 | [1] | 31 | [2] |
Greater than 100% | Office | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 68 | [1] | 44 | [2] |
Greater than 100% | Industrial | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 21 | [1] | 40 | [2] |
Greater than 100% | Apartments | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 1 | [1] | 15 | [2] |
Greater than 100% | Mixed use/other | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | $6 | [1] | $6 | [2] |
[1] | Included $2 million of impaired loans, $10 million of loans past due and not individually impaired and $110 million of loans in good standing where borrowers continued to make timely payments, with a total weighted-average loan-to-value of 118%. | |||
[2] | Included $136 million of loans in good standing where borrowers continued to make timely payments, with a total weighted-average loan-to-value of 144%. |
LoantoValue_of_Commercial_Mort1
Loan-to-Value of Commercial Mortgage Loans by Property Type (Parenthetical) (Detail) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 5,893 | 5,912 | ||
Greater than 100% | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 122 | [1] | 136 | [2] |
Greater than 100% | Impaired Loans | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 2 | ' | ||
Greater than 100% | Loans Past Due and Not Individually Impaired | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 10 | ' | ||
Greater than 100% | Loans in Good Standing | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 110 | 136 | ||
Greater than 100% | Loans in Good Standing | Weighted Average Loan-To-Value | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Weighted-average loan-to-value | 118.00% | 144.00% | ||
[1] | Included $2 million of impaired loans, $10 million of loans past due and not individually impaired and $110 million of loans in good standing where borrowers continued to make timely payments, with a total weighted-average loan-to-value of 118%. | |||
[2] | Included $136 million of loans in good standing where borrowers continued to make timely payments, with a total weighted-average loan-to-value of 144%. |
Debt_Service_Coverage_Ratio_fo
Debt Service Coverage Ratio for Fixed Rate Commercial Mortgage Loans by Property Type (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | $5,893 | $5,912 |
% of total | 100.00% | 100.00% |
Fixed Rate Commercial Mortgage Loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 5,710 | 5,652 |
% of total | 100.00% | 100.00% |
Weighted-average loan-to-value | 59.00% | 61.00% |
Retail | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 2,005 | 1,895 |
% of total | 34.00% | 32.00% |
Retail | Fixed Rate Commercial Mortgage Loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 1,903 | 1,791 |
Office | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 1,610 | 1,580 |
% of total | 27.00% | 27.00% |
Office | Fixed Rate Commercial Mortgage Loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 1,534 | 1,496 |
Industrial | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 1,571 | 1,603 |
% of total | 27.00% | 27.00% |
Industrial | Fixed Rate Commercial Mortgage Loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 1,566 | 1,597 |
Apartments | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 473 | 552 |
% of total | 8.00% | 9.00% |
Apartments | Fixed Rate Commercial Mortgage Loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 473 | 552 |
Mixed use/other | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 234 | 282 |
% of total | 4.00% | 5.00% |
Mixed use/other | Fixed Rate Commercial Mortgage Loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 234 | 216 |
Less than 1.00 | Fixed Rate Commercial Mortgage Loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 446 | 440 |
% of total | 8.00% | 8.00% |
Weighted-average loan-to-value | 80.00% | 81.00% |
Less than 1.00 | Retail | Fixed Rate Commercial Mortgage Loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 107 | 87 |
Less than 1.00 | Office | Fixed Rate Commercial Mortgage Loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 138 | 148 |
Less than 1.00 | Industrial | Fixed Rate Commercial Mortgage Loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 167 | 164 |
Less than 1.00 | Apartments | Fixed Rate Commercial Mortgage Loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 12 | 9 |
Less than 1.00 | Mixed use/other | Fixed Rate Commercial Mortgage Loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 22 | 32 |
1.00 - 1.25 | Fixed Rate Commercial Mortgage Loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 625 | 700 |
% of total | 11.00% | 12.00% |
Weighted-average loan-to-value | 68.00% | 71.00% |
1.00 - 1.25 | Retail | Fixed Rate Commercial Mortgage Loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 297 | 295 |
1.00 - 1.25 | Office | Fixed Rate Commercial Mortgage Loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 183 | 174 |
1.00 - 1.25 | Industrial | Fixed Rate Commercial Mortgage Loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 118 | 148 |
1.00 - 1.25 | Apartments | Fixed Rate Commercial Mortgage Loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 25 | 62 |
1.00 - 1.25 | Mixed use/other | Fixed Rate Commercial Mortgage Loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 2 | 21 |
1.26 - 1.50 | Fixed Rate Commercial Mortgage Loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 992 | 1,153 |
% of total | 17.00% | 20.00% |
Weighted-average loan-to-value | 64.00% | 66.00% |
1.26 - 1.50 | Retail | Fixed Rate Commercial Mortgage Loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 371 | 391 |
1.26 - 1.50 | Office | Fixed Rate Commercial Mortgage Loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 211 | 312 |
1.26 - 1.50 | Industrial | Fixed Rate Commercial Mortgage Loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 267 | 311 |
1.26 - 1.50 | Apartments | Fixed Rate Commercial Mortgage Loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 105 | 90 |
1.26 - 1.50 | Mixed use/other | Fixed Rate Commercial Mortgage Loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 38 | 49 |
1.51 - 2.00 | Fixed Rate Commercial Mortgage Loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 2,366 | 2,165 |
% of total | 42.00% | 39.00% |
Weighted-average loan-to-value | 60.00% | 61.00% |
1.51 - 2.00 | Retail | Fixed Rate Commercial Mortgage Loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 735 | 634 |
1.51 - 2.00 | Office | Fixed Rate Commercial Mortgage Loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 632 | 559 |
1.51 - 2.00 | Industrial | Fixed Rate Commercial Mortgage Loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 709 | 629 |
1.51 - 2.00 | Apartments | Fixed Rate Commercial Mortgage Loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 168 | 279 |
1.51 - 2.00 | Mixed use/other | Fixed Rate Commercial Mortgage Loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 122 | 64 |
Greater than 2.00 | Fixed Rate Commercial Mortgage Loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 1,281 | 1,194 |
% of total | 22.00% | 21.00% |
Weighted-average loan-to-value | 43.00% | 45.00% |
Greater than 2.00 | Retail | Fixed Rate Commercial Mortgage Loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 393 | 384 |
Greater than 2.00 | Office | Fixed Rate Commercial Mortgage Loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 370 | 303 |
Greater than 2.00 | Industrial | Fixed Rate Commercial Mortgage Loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 305 | 345 |
Greater than 2.00 | Apartments | Fixed Rate Commercial Mortgage Loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 163 | 112 |
Greater than 2.00 | Mixed use/other | Fixed Rate Commercial Mortgage Loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | $50 | $50 |
Debt_Service_Coverage_Ratio_fo1
Debt Service Coverage Ratio for Floating Rate Commercial Mortgage Loans by Property Type (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | $5,893 | $5,912 |
% of total | 100.00% | 100.00% |
Floating rate commercial mortgage loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 183 | 260 |
% of total | 100.00% | 100.00% |
Weighted-average loan-to-value | 63.00% | 78.00% |
Retail | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 2,005 | 1,895 |
% of total | 34.00% | 32.00% |
Retail | Floating rate commercial mortgage loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 102 | 104 |
Office | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 1,610 | 1,580 |
% of total | 27.00% | 27.00% |
Office | Floating rate commercial mortgage loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 76 | 84 |
Industrial | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 1,571 | 1,603 |
% of total | 27.00% | 27.00% |
Industrial | Floating rate commercial mortgage loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 5 | 6 |
Apartments | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 473 | 552 |
% of total | 8.00% | 9.00% |
Apartments | Floating rate commercial mortgage loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 0 |
Mixed use/other | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 234 | 282 |
% of total | 4.00% | 5.00% |
Mixed use/other | Floating rate commercial mortgage loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 66 |
Less than 1.00 | Floating rate commercial mortgage loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 0 |
% of total | 0.00% | 0.00% |
Weighted-average loan-to-value | 0.00% | 0.00% |
Less than 1.00 | Retail | Floating rate commercial mortgage loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 0 |
Less than 1.00 | Office | Floating rate commercial mortgage loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 0 |
Less than 1.00 | Industrial | Floating rate commercial mortgage loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 0 |
Less than 1.00 | Apartments | Floating rate commercial mortgage loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 0 |
Less than 1.00 | Mixed use/other | Floating rate commercial mortgage loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 0 |
1.00 - 1.25 | Floating rate commercial mortgage loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 0 |
% of total | 0.00% | 0.00% |
Weighted-average loan-to-value | 0.00% | 0.00% |
1.00 - 1.25 | Retail | Floating rate commercial mortgage loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 0 |
1.00 - 1.25 | Office | Floating rate commercial mortgage loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 0 |
1.00 - 1.25 | Industrial | Floating rate commercial mortgage loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 0 |
1.00 - 1.25 | Apartments | Floating rate commercial mortgage loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 0 |
1.00 - 1.25 | Mixed use/other | Floating rate commercial mortgage loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 0 |
1.26 - 1.50 | Floating rate commercial mortgage loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 8 | 9 |
% of total | 4.00% | 3.00% |
Weighted-average loan-to-value | 77.00% | 55.00% |
1.26 - 1.50 | Retail | Floating rate commercial mortgage loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 1 |
1.26 - 1.50 | Office | Floating rate commercial mortgage loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 8 | 8 |
1.26 - 1.50 | Industrial | Floating rate commercial mortgage loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 0 |
1.26 - 1.50 | Apartments | Floating rate commercial mortgage loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 0 |
1.26 - 1.50 | Mixed use/other | Floating rate commercial mortgage loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 0 |
1.51 - 2.00 | Floating rate commercial mortgage loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 0 |
% of total | 0.00% | 0.00% |
Weighted-average loan-to-value | 0.00% | 0.00% |
1.51 - 2.00 | Retail | Floating rate commercial mortgage loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 0 |
1.51 - 2.00 | Office | Floating rate commercial mortgage loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 0 |
1.51 - 2.00 | Industrial | Floating rate commercial mortgage loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 0 |
1.51 - 2.00 | Apartments | Floating rate commercial mortgage loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 0 |
1.51 - 2.00 | Mixed use/other | Floating rate commercial mortgage loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 0 |
Greater than 2.00 | Floating rate commercial mortgage loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 175 | 251 |
% of total | 96.00% | 97.00% |
Weighted-average loan-to-value | 62.00% | 79.00% |
Greater than 2.00 | Retail | Floating rate commercial mortgage loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 102 | 103 |
Greater than 2.00 | Office | Floating rate commercial mortgage loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 68 | 76 |
Greater than 2.00 | Industrial | Floating rate commercial mortgage loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 5 | 6 |
Greater than 2.00 | Apartments | Floating rate commercial mortgage loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 0 |
Greater than 2.00 | Mixed use/other | Floating rate commercial mortgage loans | ' | ' |
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | $0 | $66 |
Restricted_Commercial_Mortgage
Restricted Commercial Mortgage Loans by Property Type (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | $291 | $342 |
Allowance for losses | -1 | -1 |
% of total | 100.00% | 100.00% |
Total | 290 | 341 |
Retail | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 118 | 140 |
% of total | 41.00% | 42.00% |
Industrial | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 68 | 81 |
% of total | 23.00% | 24.00% |
Office | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 52 | 63 |
% of total | 18.00% | 18.00% |
Apartments | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 50 | 53 |
% of total | 17.00% | 15.00% |
Mixed use/other | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | $3 | $5 |
% of total | 1.00% | 1.00% |
Restricted_Commercial_Mortgage1
Restricted Commercial Mortgage Loans by Geographic Region (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | $291 | $342 |
Allowance for losses | -1 | -1 |
% of total | 100.00% | 100.00% |
Total | 290 | 341 |
South Atlantic | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 106 | 126 |
% of total | 36.00% | 37.00% |
Pacific | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 54 | 60 |
% of total | 19.00% | 18.00% |
Middle Atlantic | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 49 | 55 |
% of total | 17.00% | 16.00% |
East North Central | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 21 | 31 |
% of total | 7.00% | 9.00% |
Mountain | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 20 | 21 |
% of total | 7.00% | 6.00% |
West North Central | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 18 | 22 |
% of total | 6.00% | 6.00% |
East South Central | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 13 | 16 |
% of total | 5.00% | 5.00% |
West South Central | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | $10 | $11 |
% of total | 3.00% | 3.00% |
LoantoValue_of_Restricted_Comm
Loan-to-Value of Restricted Commercial Mortgage Loans by Property Type (Detail) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | $5,893 | $5,912 | ||
% of total | 100.00% | 100.00% | ||
Weighted-average debt service coverage ratio | 1.78 | 1.95 | ||
Retail | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 2,005 | 1,895 | ||
% of total | 34.00% | 32.00% | ||
Industrial | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 1,571 | 1,603 | ||
% of total | 27.00% | 27.00% | ||
Office | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 1,610 | 1,580 | ||
% of total | 27.00% | 27.00% | ||
Apartments | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 473 | 552 | ||
% of total | 8.00% | 9.00% | ||
Mixed use/other | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 234 | 282 | ||
% of total | 4.00% | 5.00% | ||
Restricted commercial mortgage loans related to securitization entities | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 291 | 342 | ||
% of total | 100.00% | 100.00% | ||
Weighted-average debt service coverage ratio | 1.71 | 1.68 | ||
Restricted commercial mortgage loans related to securitization entities | Retail | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 118 | 140 | ||
Restricted commercial mortgage loans related to securitization entities | Industrial | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 68 | 81 | ||
Restricted commercial mortgage loans related to securitization entities | Office | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 52 | 63 | ||
Restricted commercial mortgage loans related to securitization entities | Apartments | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 50 | 53 | ||
Restricted commercial mortgage loans related to securitization entities | Mixed use/other | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 3 | 5 | ||
0% - 50% | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 1,633 | 1,568 | ||
% of total | 28.00% | 27.00% | ||
Weighted-average debt service coverage ratio | 2.19 | 2.13 | ||
0% - 50% | Retail | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 557 | 548 | ||
0% - 50% | Industrial | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 444 | 462 | ||
0% - 50% | Office | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 385 | 323 | ||
0% - 50% | Apartments | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 190 | 167 | ||
0% - 50% | Mixed use/other | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 57 | 68 | ||
0% - 50% | Restricted commercial mortgage loans related to securitization entities | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 277 | 290 | ||
% of total | 95.00% | 85.00% | ||
Weighted-average debt service coverage ratio | 1.75 | 1.78 | ||
0% - 50% | Restricted commercial mortgage loans related to securitization entities | Retail | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 116 | 126 | ||
0% - 50% | Restricted commercial mortgage loans related to securitization entities | Industrial | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 68 | 77 | ||
0% - 50% | Restricted commercial mortgage loans related to securitization entities | Office | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 50 | 54 | ||
0% - 50% | Restricted commercial mortgage loans related to securitization entities | Apartments | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 40 | 28 | ||
0% - 50% | Restricted commercial mortgage loans related to securitization entities | Mixed use/other | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 3 | 5 | ||
51% - 60% | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 930 | 923 | ||
% of total | 16.00% | 16.00% | ||
Weighted-average debt service coverage ratio | 1.77 | 1.73 | ||
51% - 60% | Retail | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 360 | 280 | ||
51% - 60% | Industrial | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 215 | 242 | ||
51% - 60% | Office | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 199 | 237 | ||
51% - 60% | Apartments | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 100 | 140 | ||
51% - 60% | Mixed use/other | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 56 | 24 | ||
51% - 60% | Restricted commercial mortgage loans related to securitization entities | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 0 | 11 | ||
% of total | 0.00% | 3.00% | ||
Weighted-average debt service coverage ratio | 0 | 1.38 | ||
51% - 60% | Restricted commercial mortgage loans related to securitization entities | Retail | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 0 | 4 | ||
51% - 60% | Restricted commercial mortgage loans related to securitization entities | Industrial | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 0 | 0 | ||
51% - 60% | Restricted commercial mortgage loans related to securitization entities | Office | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 0 | 3 | ||
51% - 60% | Restricted commercial mortgage loans related to securitization entities | Apartments | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 0 | 4 | ||
51% - 60% | Restricted commercial mortgage loans related to securitization entities | Mixed use/other | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 0 | 0 | ||
61% - 75% | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 2,720 | 2,537 | ||
% of total | 46.00% | 42.00% | ||
Weighted-average debt service coverage ratio | 1.72 | 2.09 | ||
61% - 75% | Retail | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 957 | 874 | ||
61% - 75% | Industrial | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 740 | 671 | ||
61% - 75% | Office | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 768 | 688 | ||
61% - 75% | Apartments | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 146 | 201 | ||
61% - 75% | Mixed use/other | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 109 | 103 | ||
61% - 75% | Restricted commercial mortgage loans related to securitization entities | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 12 | 31 | ||
% of total | 4.00% | 9.00% | ||
Weighted-average debt service coverage ratio | 1.21 | 1.14 | ||
61% - 75% | Restricted commercial mortgage loans related to securitization entities | Retail | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 0 | 7 | ||
61% - 75% | Restricted commercial mortgage loans related to securitization entities | Industrial | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 0 | 3 | ||
61% - 75% | Restricted commercial mortgage loans related to securitization entities | Office | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 2 | 0 | ||
61% - 75% | Restricted commercial mortgage loans related to securitization entities | Apartments | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 10 | 21 | ||
61% - 75% | Restricted commercial mortgage loans related to securitization entities | Mixed use/other | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 0 | 0 | ||
76% - 100% | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 488 | 748 | ||
% of total | 8.00% | 13.00% | ||
Weighted-average debt service coverage ratio | 1.11 | 1.18 | ||
76% - 100% | Retail | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 105 | 162 | ||
76% - 100% | Industrial | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 151 | 188 | ||
76% - 100% | Office | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 190 | 288 | ||
76% - 100% | Apartments | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 36 | 29 | ||
76% - 100% | Mixed use/other | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 6 | 81 | ||
76% - 100% | Restricted commercial mortgage loans related to securitization entities | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 0 | 7 | ||
% of total | 0.00% | 2.00% | ||
Weighted-average debt service coverage ratio | 0 | 0.86 | ||
76% - 100% | Restricted commercial mortgage loans related to securitization entities | Retail | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 0 | 0 | ||
76% - 100% | Restricted commercial mortgage loans related to securitization entities | Industrial | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 0 | 1 | ||
76% - 100% | Restricted commercial mortgage loans related to securitization entities | Office | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 0 | 6 | ||
76% - 100% | Restricted commercial mortgage loans related to securitization entities | Apartments | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 0 | 0 | ||
76% - 100% | Restricted commercial mortgage loans related to securitization entities | Mixed use/other | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 0 | 0 | ||
Greater than 100% | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 122 | [1] | 136 | [2] |
% of total | 2.00% | [1] | 2.00% | [2] |
Weighted-average debt service coverage ratio | 0.64 | [1] | 2.48 | [2] |
Greater than 100% | Retail | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 26 | [1] | 31 | [2] |
Greater than 100% | Industrial | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 21 | [1] | 40 | [2] |
Greater than 100% | Office | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 68 | [1] | 44 | [2] |
Greater than 100% | Apartments | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 1 | [1] | 15 | [2] |
Greater than 100% | Mixed use/other | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 6 | [1] | 6 | [2] |
Greater than 100% | Restricted commercial mortgage loans related to securitization entities | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 2 | 3 | ||
% of total | 1.00% | 1.00% | ||
Weighted-average debt service coverage ratio | 0.44 | 0.54 | ||
Greater than 100% | Restricted commercial mortgage loans related to securitization entities | Retail | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 2 | 3 | ||
Greater than 100% | Restricted commercial mortgage loans related to securitization entities | Industrial | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 0 | 0 | ||
Greater than 100% | Restricted commercial mortgage loans related to securitization entities | Office | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 0 | 0 | ||
Greater than 100% | Restricted commercial mortgage loans related to securitization entities | Apartments | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | 0 | 0 | ||
Greater than 100% | Restricted commercial mortgage loans related to securitization entities | Mixed use/other | ' | ' | ||
Commercial Mortgage Loans by Credit Quality Indicator [Line Items] | ' | ' | ||
Commercial mortgage loans, recorded investment | $0 | $0 | ||
[1] | Included $2 million of impaired loans, $10 million of loans past due and not individually impaired and $110 million of loans in good standing where borrowers continued to make timely payments, with a total weighted-average loan-to-value of 118%. | |||
[2] | Included $136 million of loans in good standing where borrowers continued to make timely payments, with a total weighted-average loan-to-value of 144%. |
Debt_Service_Coverage_Ratio_fo2
Debt Service Coverage Ratio for Fixed Rate Restricted Commercial Mortgage Loans by Property Type (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | $5,893 | $5,912 |
% of total | 100.00% | 100.00% |
Retail | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 2,005 | 1,895 |
% of total | 34.00% | 32.00% |
Industrial | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 1,571 | 1,603 |
% of total | 27.00% | 27.00% |
Office | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 1,610 | 1,580 |
% of total | 27.00% | 27.00% |
Apartments | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 473 | 552 |
% of total | 8.00% | 9.00% |
Mixed use/other | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 234 | 282 |
% of total | 4.00% | 5.00% |
Fixed Rate Restricted Commercial Mortgage Loans | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 291 | 342 |
% of total | 100.00% | 100.00% |
Weighted-average loan-to-value | 32.00% | 37.00% |
Fixed Rate Restricted Commercial Mortgage Loans | Retail | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 118 | 140 |
Fixed Rate Restricted Commercial Mortgage Loans | Industrial | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 68 | 81 |
Fixed Rate Restricted Commercial Mortgage Loans | Office | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 52 | 63 |
Fixed Rate Restricted Commercial Mortgage Loans | Apartments | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 50 | 53 |
Fixed Rate Restricted Commercial Mortgage Loans | Mixed use/other | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 3 | 5 |
Less than 1.00 | Fixed Rate Restricted Commercial Mortgage Loans | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 17 | 18 |
% of total | 6.00% | 5.00% |
Weighted-average loan-to-value | 55.00% | 51.00% |
Less than 1.00 | Fixed Rate Restricted Commercial Mortgage Loans | Retail | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 6 | 5 |
Less than 1.00 | Fixed Rate Restricted Commercial Mortgage Loans | Industrial | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 2 | 9 |
Less than 1.00 | Fixed Rate Restricted Commercial Mortgage Loans | Office | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 9 | 4 |
Less than 1.00 | Fixed Rate Restricted Commercial Mortgage Loans | Apartments | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 0 |
Less than 1.00 | Fixed Rate Restricted Commercial Mortgage Loans | Mixed use/other | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 0 |
1.00 - 1.25 | Fixed Rate Restricted Commercial Mortgage Loans | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 26 | 62 |
% of total | 9.00% | 18.00% |
Weighted-average loan-to-value | 31.00% | 53.00% |
1.00 - 1.25 | Fixed Rate Restricted Commercial Mortgage Loans | Retail | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 6 | 16 |
1.00 - 1.25 | Fixed Rate Restricted Commercial Mortgage Loans | Industrial | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 5 | 4 |
1.00 - 1.25 | Fixed Rate Restricted Commercial Mortgage Loans | Office | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 10 | 22 |
1.00 - 1.25 | Fixed Rate Restricted Commercial Mortgage Loans | Apartments | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 5 | 20 |
1.00 - 1.25 | Fixed Rate Restricted Commercial Mortgage Loans | Mixed use/other | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 0 |
1.26 - 1.50 | Fixed Rate Restricted Commercial Mortgage Loans | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 79 | 73 |
% of total | 27.00% | 21.00% |
Weighted-average loan-to-value | 39.00% | 37.00% |
1.26 - 1.50 | Fixed Rate Restricted Commercial Mortgage Loans | Retail | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 28 | 34 |
1.26 - 1.50 | Fixed Rate Restricted Commercial Mortgage Loans | Industrial | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 14 | 14 |
1.26 - 1.50 | Fixed Rate Restricted Commercial Mortgage Loans | Office | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 15 | 14 |
1.26 - 1.50 | Fixed Rate Restricted Commercial Mortgage Loans | Apartments | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 22 | 11 |
1.26 - 1.50 | Fixed Rate Restricted Commercial Mortgage Loans | Mixed use/other | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 0 |
1.51 - 2.00 | Fixed Rate Restricted Commercial Mortgage Loans | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 87 | 108 |
% of total | 30.00% | 32.00% |
Weighted-average loan-to-value | 29.00% | 31.00% |
1.51 - 2.00 | Fixed Rate Restricted Commercial Mortgage Loans | Retail | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 32 | 36 |
1.51 - 2.00 | Fixed Rate Restricted Commercial Mortgage Loans | Industrial | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 29 | 37 |
1.51 - 2.00 | Fixed Rate Restricted Commercial Mortgage Loans | Office | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 13 | 12 |
1.51 - 2.00 | Fixed Rate Restricted Commercial Mortgage Loans | Apartments | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 13 | 21 |
1.51 - 2.00 | Fixed Rate Restricted Commercial Mortgage Loans | Mixed use/other | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 0 | 2 |
Greater than 2.00 | Fixed Rate Restricted Commercial Mortgage Loans | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 82 | 81 |
% of total | 28.00% | 24.00% |
Weighted-average loan-to-value | 25.00% | 29.00% |
Greater than 2.00 | Fixed Rate Restricted Commercial Mortgage Loans | Retail | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 46 | 49 |
Greater than 2.00 | Fixed Rate Restricted Commercial Mortgage Loans | Industrial | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 18 | 17 |
Greater than 2.00 | Fixed Rate Restricted Commercial Mortgage Loans | Office | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 5 | 11 |
Greater than 2.00 | Fixed Rate Restricted Commercial Mortgage Loans | Apartments | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | 10 | 1 |
Greater than 2.00 | Fixed Rate Restricted Commercial Mortgage Loans | Mixed use/other | ' | ' |
Distribution of Commercial Mortgage Loans [Line Items] | ' | ' |
Commercial mortgage loans, recorded investment | $3 | $3 |
Schedule_of_Positions_in_Deriv
Schedule of Positions in Derivative Instruments (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Derivative [Line Items] | ' | ' | ||
Derivative assets, fair value | $530 | $1,159 | ||
Derivative liabilities, fair value | 878 | 930 | ||
Designated As Hedging Instrument | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative assets, fair value | 150 | 513 | ||
Derivative liabilities, fair value | 489 | 133 | ||
Designated As Hedging Instrument | Cash Flow Hedges | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative assets, fair value | 149 | 470 | ||
Derivative liabilities, fair value | 489 | 133 | ||
Designated As Hedging Instrument | Cash Flow Hedges | Interest rate swaps | Other invested assets | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative assets, fair value | 146 | 414 | ||
Designated As Hedging Instrument | Cash Flow Hedges | Interest rate swaps | Other liabilities | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative liabilities, fair value | 410 | 27 | ||
Designated As Hedging Instrument | Cash Flow Hedges | Inflation indexed swaps | Other invested assets | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative assets, fair value | 0 | 0 | ||
Designated As Hedging Instrument | Cash Flow Hedges | Inflation indexed swaps | Other liabilities | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative liabilities, fair value | 73 | 105 | ||
Designated As Hedging Instrument | Cash Flow Hedges | Foreign currency swaps | Other invested assets | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative assets, fair value | 3 | 3 | ||
Designated As Hedging Instrument | Cash Flow Hedges | Foreign currency swaps | Other liabilities | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative liabilities, fair value | 1 | 1 | ||
Designated As Hedging Instrument | Cash Flow Hedges | Forward bond purchase commitments | Other invested assets | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative assets, fair value | 0 | 53 | ||
Designated As Hedging Instrument | Cash Flow Hedges | Forward bond purchase commitments | Other liabilities | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative liabilities, fair value | 5 | 0 | ||
Designated As Hedging Instrument | Fair value hedges | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative assets, fair value | 1 | 43 | ||
Derivative liabilities, fair value | 0 | 0 | ||
Designated As Hedging Instrument | Fair value hedges | Interest rate swaps | Other invested assets | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative assets, fair value | 1 | 12 | ||
Designated As Hedging Instrument | Fair value hedges | Interest rate swaps | Other liabilities | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative liabilities, fair value | 0 | 0 | ||
Designated As Hedging Instrument | Fair value hedges | Foreign currency swaps | Other invested assets | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative assets, fair value | 0 | 31 | ||
Designated As Hedging Instrument | Fair value hedges | Foreign currency swaps | Other liabilities | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative liabilities, fair value | 0 | 0 | ||
Derivatives not designated as hedges | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative assets, fair value | 380 | 646 | ||
Derivative liabilities, fair value | 389 | 797 | ||
Derivatives not designated as hedges | Interest rate swaps | Other invested assets | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative assets, fair value | 357 | 603 | ||
Derivatives not designated as hedges | Interest rate swaps | Other liabilities | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative liabilities, fair value | 43 | 280 | ||
Derivatives not designated as hedges | Interest rate swaps related to securitization entities | Restricted other invested assets | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative assets, fair value | 0 | 0 | ||
Derivatives not designated as hedges | Interest rate swaps related to securitization entities | Other liabilities | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative liabilities, fair value | 18 | 27 | ||
Derivatives not designated as hedges | Credit default swaps | Other invested assets | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative assets, fair value | 9 | 8 | ||
Derivatives not designated as hedges | Credit default swaps | Other liabilities | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative liabilities, fair value | 0 | 1 | ||
Derivatives not designated as hedges | Credit default swaps related to securitization entities | Restricted other invested assets | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative assets, fair value | 0 | 0 | ||
Derivatives not designated as hedges | Credit default swaps related to securitization entities | Other liabilities | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative liabilities, fair value | 59 | 104 | ||
Derivatives not designated as hedges | Equity index options | Other invested assets | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative assets, fair value | 6 | 25 | ||
Derivatives not designated as hedges | Equity index options | Other liabilities | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative liabilities, fair value | 0 | 0 | ||
Derivatives not designated as hedges | Financial futures | Other invested assets | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative assets, fair value | 0 | 0 | ||
Derivatives not designated as hedges | Financial futures | Other liabilities | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative liabilities, fair value | 0 | 0 | ||
Derivatives not designated as hedges | Equity return swaps | Other invested assets | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative assets, fair value | 0 | 0 | ||
Derivatives not designated as hedges | Equity return swaps | Other liabilities | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative liabilities, fair value | 5 | 8 | ||
Derivatives not designated as hedges | Other foreign currency contracts | Other invested assets | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative assets, fair value | 5 | 0 | ||
Derivatives not designated as hedges | Other foreign currency contracts | Other liabilities | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative liabilities, fair value | 4 | 0 | ||
Derivatives not designated as hedges | GMWB embedded derivatives | Reinsurance recoverable | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative assets, fair value | 3 | [1] | 10 | [1] |
Derivatives not designated as hedges | GMWB embedded derivatives | Policyholder account balances | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative liabilities, fair value | 177 | [2] | 350 | [2] |
Derivatives not designated as hedges | Fixed index annuity embedded derivatives | Other assets | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative assets, fair value | 0 | [3] | 0 | [3] |
Derivatives not designated as hedges | Fixed index annuity embedded derivatives | Policyholder account balances | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative liabilities, fair value | $83 | [3] | $27 | [3] |
[1] | Represents embedded derivatives associated with the reinsured portion of our guaranteed minimum withdrawal benefits ("GMWB") liabilities. | |||
[2] | Represents the embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. | |||
[3] | Represents the embedded derivatives associated with our fixed index annuity liabilities. |
Activity_Associated_with_Deriv
Activity Associated with Derivative Instruments (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Derivative [Line Items] | ' |
Notional amount, beginning balance | $22,640 |
Additions | 16,273 |
Maturities/ terminations | -15,355 |
Notional amount, end balance | 23,558 |
Derivatives Designated As Hedges | ' |
Derivative [Line Items] | ' |
Notional amount, beginning balance | 12,147 |
Additions | 9,725 |
Maturities/ terminations | -6,835 |
Notional amount, end balance | 15,037 |
Derivatives Designated As Hedges | Cash Flow Hedges | ' |
Derivative [Line Items] | ' |
Notional amount, beginning balance | 11,339 |
Additions | 9,725 |
Maturities/ terminations | -6,033 |
Notional amount, end balance | 15,031 |
Derivatives Designated As Hedges | Cash Flow Hedges | Interest rate swaps | ' |
Derivative [Line Items] | ' |
Notional amount, beginning balance | 10,146 |
Additions | 9,614 |
Maturities/ terminations | -5,646 |
Notional amount, end balance | 14,114 |
Derivatives Designated As Hedges | Cash Flow Hedges | Inflation indexed swaps | ' |
Derivative [Line Items] | ' |
Notional amount, beginning balance | 554 |
Additions | 9 |
Maturities/ terminations | -2 |
Notional amount, end balance | 561 |
Derivatives Designated As Hedges | Cash Flow Hedges | Foreign currency swaps | ' |
Derivative [Line Items] | ' |
Notional amount, beginning balance | 183 |
Additions | 102 |
Maturities/ terminations | -250 |
Notional amount, end balance | 35 |
Derivatives Designated As Hedges | Cash Flow Hedges | Forward bond purchase commitments | ' |
Derivative [Line Items] | ' |
Notional amount, beginning balance | 456 |
Additions | 0 |
Maturities/ terminations | -135 |
Notional amount, end balance | 321 |
Derivatives Designated As Hedges | Fair value hedges | ' |
Derivative [Line Items] | ' |
Notional amount, beginning balance | 808 |
Additions | 0 |
Maturities/ terminations | -802 |
Notional amount, end balance | 6 |
Derivatives Designated As Hedges | Fair value hedges | Interest rate swaps | ' |
Derivative [Line Items] | ' |
Notional amount, beginning balance | 723 |
Additions | 0 |
Maturities/ terminations | -717 |
Notional amount, end balance | 6 |
Derivatives Designated As Hedges | Fair value hedges | Foreign currency swaps | ' |
Derivative [Line Items] | ' |
Notional amount, beginning balance | 85 |
Additions | 0 |
Maturities/ terminations | -85 |
Notional amount, end balance | 0 |
Derivatives not designated as hedges | ' |
Derivative [Line Items] | ' |
Notional amount, beginning balance | 10,493 |
Additions | 6,548 |
Maturities/ terminations | -8,520 |
Notional amount, end balance | 8,521 |
Derivatives not designated as hedges | GMWB embedded derivatives | ' |
Derivative [Line Items] | ' |
Notional amount, beginning balance | 45,027 |
Additions | 0 |
Maturities/ terminations | -2,186 |
Notional amount, end balance | 42,841 |
Derivatives not designated as hedges | Fixed index annuity embedded derivatives | ' |
Derivative [Line Items] | ' |
Notional amount, beginning balance | 2,013 |
Additions | 3,077 |
Maturities/ terminations | -55 |
Notional amount, end balance | 5,035 |
Derivatives not designated as hedges | Interest rate swaps | ' |
Derivative [Line Items] | ' |
Notional amount, beginning balance | 6,331 |
Additions | 961 |
Maturities/ terminations | -2,471 |
Notional amount, end balance | 4,821 |
Derivatives not designated as hedges | Interest rate swaps related to securitization entities | ' |
Derivative [Line Items] | ' |
Notional amount, beginning balance | 104 |
Additions | 0 |
Maturities/ terminations | -9 |
Notional amount, end balance | 95 |
Derivatives not designated as hedges | Credit default swaps | ' |
Derivative [Line Items] | ' |
Notional amount, beginning balance | 932 |
Additions | 68 |
Maturities/ terminations | -293 |
Notional amount, end balance | 707 |
Derivatives not designated as hedges | Credit default swaps related to securitization entities | ' |
Derivative [Line Items] | ' |
Notional amount, beginning balance | 312 |
Additions | 0 |
Maturities/ terminations | 0 |
Notional amount, end balance | 312 |
Derivatives not designated as hedges | Equity index options | ' |
Derivative [Line Items] | ' |
Notional amount, beginning balance | 936 |
Additions | 912 |
Maturities/ terminations | -1,055 |
Notional amount, end balance | 793 |
Derivatives not designated as hedges | Financial futures | ' |
Derivative [Line Items] | ' |
Notional amount, beginning balance | 1,692 |
Additions | 3,851 |
Maturities/ terminations | -4,301 |
Notional amount, end balance | 1,242 |
Derivatives not designated as hedges | Equity return swaps | ' |
Derivative [Line Items] | ' |
Notional amount, beginning balance | 186 |
Additions | 128 |
Maturities/ terminations | -214 |
Notional amount, end balance | 100 |
Derivatives not designated as hedges | Other foreign currency contracts | ' |
Derivative [Line Items] | ' |
Notional amount, beginning balance | 0 |
Additions | 628 |
Maturities/ terminations | -177 |
Notional amount, end balance | $451 |
Schedule_of_PreTax_Income_Loss
Schedule of Pre-Tax Income (Loss) Effects of Cash Flow Hedges (Detail) (Cash Flow Hedges, USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' | ||||
Gain (loss) recognized in OCI | ($204) | ($103) | ($690) | $30 | ||||
Gain (loss) reclassified into net income from OCI | 12 | 13 | 31 | 25 | ||||
Gain (loss) recognized in net income | -2 | [1] | -6 | [1] | -12 | [1] | -6 | [1] |
Interest Rate Swaps Hedging Assets | Net Investment Income | ' | ' | ' | ' | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' | ||||
Gain (loss) recognized in OCI | -199 | -83 | -702 | 60 | ||||
Gain (loss) reclassified into net income from OCI | 15 | 9 | 34 | 28 | ||||
Interest Rate Swaps Hedging Assets | Net Investment Gains (Losses) | ' | ' | ' | ' | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' | ||||
Gain (loss) recognized in OCI | ' | 0 | 0 | 0 | ||||
Gain (loss) reclassified into net income from OCI | ' | 1 | 1 | 2 | ||||
Gain (loss) recognized in net income | -2 | [1] | -6 | [1] | -12 | [1] | -6 | [1] |
Interest Rate Swaps Hedging Liabilities | Net Investment Gains (Losses) | ' | ' | ' | ' | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' | ||||
Gain (loss) recognized in net income | 0 | [1] | ' | 0 | [1] | 0 | [1] | |
Interest Rate Swaps Hedging Liabilities | Interest Expense | ' | ' | ' | ' | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' | ||||
Gain (loss) recognized in OCI | 9 | ' | 31 | 0 | ||||
Gain (loss) reclassified into net income from OCI | 0 | ' | 1 | 1 | ||||
Forward bond purchase commitments | Net Investment Income | ' | ' | ' | ' | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' | ||||
Gain (loss) recognized in OCI | -11 | 2 | -50 | 22 | ||||
Gain (loss) reclassified into net income from OCI | 0 | 0 | 0 | 0 | ||||
Forward bond purchase commitments | Net Investment Gains (Losses) | ' | ' | ' | ' | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' | ||||
Gain (loss) recognized in net income | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Inflation indexed swaps | Net Investment Income | ' | ' | ' | ' | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' | ||||
Gain (loss) recognized in OCI | -2 | -23 | 32 | -54 | ||||
Gain (loss) reclassified into net income from OCI | -3 | 3 | -5 | -6 | ||||
Inflation indexed swaps | Net Investment Gains (Losses) | ' | ' | ' | ' | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' | ||||
Gain (loss) recognized in net income | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Foreign currency swaps | Net Investment Gains (Losses) | ' | ' | ' | ' | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' | ||||
Gain (loss) recognized in net income | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Foreign currency swaps | Interest Expense | ' | ' | ' | ' | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' | ||||
Gain (loss) recognized in OCI | -1 | 1 | -1 | 2 | ||||
Gain (loss) reclassified into net income from OCI | 0 | 0 | 0 | 0 | ||||
Gain Or Loss Recognized In Net Income | Interest Rate Swaps Hedging Assets | Net Investment Gains (Losses) | ' | ' | ' | ' | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' | ||||
Gain (loss) recognized in net income | ' | $0 | [1] | $0 | [1] | $0 | [1] | |
[1] | Represents ineffective portion of cash flow hedges as there were no amounts excluded from the measurement of effectiveness. |
Reconciliation_of_Current_Peri
Reconciliation of Current Period Changes, Net of Applicable Income Taxes, for Derivatives Qualifying as Hedges (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Derivative Instruments [Abstract] | ' | ' | ' | ' | ||||
Derivatives qualifying as effective accounting hedges, beginning of period | $1,581 | [1] | $2,087 | [1] | $1,909 | [1] | $2,009 | [1] |
Current period increases (decreases) in fair value, net of deferred taxes | -131 | [1] | -72 | [1] | -446 | [1] | 18 | [1] |
Reclassification to net (income), net of deferred taxes | -8 | [1] | -4 | [1] | -21 | [1] | -16 | [1] |
Derivatives qualifying as effective accounting hedges, end of period | $1,442 | [1] | $2,011 | [1] | $1,442 | [1] | $2,011 | [1] |
[1] | See note 5 for additional information. |
Reconciliation_of_Current_Peri1
Reconciliation of Current Period Changes, Net of Applicable Income Taxes, for Derivatives Qualifying as Hedges (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' |
Current period increases (decreases) in fair value, deferred taxes | $73 | $31 | $244 | ($12) |
Reclassification to net (income), deferred taxes | $4 | $9 | $10 | $9 |
Derivative_Instruments_Additio
Derivative Instruments - Additional Information (Detail) (USD $) | 9 Months Ended | |||||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | ||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ||||||
Derivatives designated as cash flow hedges gain (loss), amount expected to be reclassified to future net income, net of tax | $1,442 | [1] | $1,581 | [1] | $1,909 | [1] | $2,011 | [1] | $2,087 | [1] | $2,009 | [1] |
Year by which all forecasted transactions associated with qualifying cash flow hedges are expected to occur | '2047 | ' | ' | ' | ' | ' | ||||||
Derivatives designated as cash flow hedges gain (loss), amount expected to be reclassified to net income in the next 12 months, net of tax | $37 | ' | ' | ' | ' | ' | ||||||
[1] | See note 5 for additional information. |
Schedule_of_PreTax_Income_Loss1
Schedule of Pre-Tax Income (Loss) Effects of Fair Value Hedges and Related Hedged Items (Detail) (Fair value hedges, USD $) | 3 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivative [Line Items] | ' | ' | ' |
Gain (loss) recognized in net income | ($4) | ($42) | ($25) |
Hedged item, gain (loss) recognized in net income | 4 | 42 | 25 |
Other impacts to net income | 9 | 12 | 28 |
Interest Rate Swaps Hedging Assets | Net Investment Gains (Losses) | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Gain (loss) recognized in net income | ' | ' | 1 |
Hedged item, gain (loss) recognized in net income | ' | ' | -1 |
Interest Rate Swaps Hedging Assets | Net Investment Income | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Other impacts to net income | ' | ' | -3 |
Interest Rate Swaps Hedging Liabilities | Net Investment Gains (Losses) | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Gain (loss) recognized in net income | -4 | -11 | -23 |
Hedged item, gain (loss) recognized in net income | 4 | 11 | 23 |
Interest Rate Swaps Hedging Liabilities | Interest credited | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Other impacts to net income | 8 | 12 | 29 |
Foreign currency swaps | Net Investment Gains (Losses) | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Gain (loss) recognized in net income | 0 | -31 | -3 |
Hedged item, gain (loss) recognized in net income | 0 | 31 | 3 |
Foreign currency swaps | Interest credited | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Other impacts to net income | $1 | $0 | $2 |
Schedule_of_PreTax_Gain_Loss_R
Schedule of Pre-Tax Gain (Loss) Recognized in Net Income for Effects of Derivatives not Designated as Hedges (Detail) (Derivatives not designated as hedges, USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivative [Line Items] | ' | ' | ' | ' |
Pre-tax gain (loss) recognized in net income (loss) | $6 | $22 | $5 | $39 |
Interest rate swaps | Net Investment Gains (Losses) | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Pre-tax gain (loss) recognized in net income (loss) | -3 | 1 | -8 | 18 |
Interest rate swaps related to securitization entities | Net Investment Gains (Losses) | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Pre-tax gain (loss) recognized in net income (loss) | -1 | -1 | 8 | -4 |
Credit default swaps | Net Investment Gains (Losses) | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Pre-tax gain (loss) recognized in net income (loss) | 4 | 25 | 10 | 47 |
Credit default swaps related to securitization entities | Net Investment Gains (Losses) | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Pre-tax gain (loss) recognized in net income (loss) | 24 | 20 | 49 | 43 |
Equity index options | Net Investment Gains (Losses) | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Pre-tax gain (loss) recognized in net income (loss) | -13 | -17 | -31 | -46 |
Financial futures | Net Investment Gains (Losses) | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Pre-tax gain (loss) recognized in net income (loss) | -28 | -70 | -181 | -109 |
Equity return swaps | Net Investment Gains (Losses) | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Pre-tax gain (loss) recognized in net income (loss) | -18 | -11 | -27 | -25 |
Other foreign currency contracts | Net Investment Gains (Losses) | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Pre-tax gain (loss) recognized in net income (loss) | -2 | -2 | 1 | -19 |
Reinsurance embedded derivatives | Net Investment Gains (Losses) | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Pre-tax gain (loss) recognized in net income (loss) | 0 | -1 | 0 | 4 |
GMWB embedded derivatives | Net Investment Gains (Losses) | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Pre-tax gain (loss) recognized in net income (loss) | 46 | 79 | 191 | 132 |
Fixed index annuity embedded derivatives | Net Investment Gains (Losses) | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Pre-tax gain (loss) recognized in net income (loss) | ($3) | ($1) | ($7) | ($2) |
Additional_Information_about_D
Additional Information about Derivative Assets and Liabilities Subject to Enforceable Master Netting Arrangement (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Derivative [Line Items] | ' | ' | ||
Gross amounts recognized, derivatives assets | $530 | $1,159 | ||
Gross amounts recognized, derivatives liabilities | 878 | 930 | ||
Subject to enforceable master netting arrangement | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Gross amounts recognized, net derivatives | 5 | 764 | ||
Gross amounts offset in the balance sheet, net derivatives | 0 | 0 | ||
Net amounts presented in the balance sheet | 5 | 764 | ||
Gross amounts not offset in the balance sheet, financial instruments, net derivatives | 0 | 0 | ||
Gross amounts not offset in the balance sheet, collateral pledged/received | 45 | -779 | ||
Over collateralization | -25 | 75 | ||
Net amount | 25 | 60 | ||
Derivative assets | Subject to enforceable master netting arrangement | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Gross amounts recognized, derivatives assets | 564 | [1] | 1,196 | [2] |
Gross amounts offset in the balance sheet, derivatives assets | 0 | [1] | 0 | [2] |
Net amounts presented in the balance sheet, derivatives assets | 564 | [1] | 1,196 | [2] |
Gross amounts not offset in the balance sheet, financial instruments, derivative assets | -267 | [1] | -368 | [2] |
Gross amounts not offset in the balance sheet, collateral pledged/received | -272 | [1] | -840 | [2] |
Over collateralization | 5 | [1] | 84 | [2] |
Net amount, derivatives assets | 30 | [1] | 72 | [2] |
Derivative liabilities | Subject to enforceable master netting arrangement | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Gross amounts recognized, derivatives liabilities | 559 | [3] | 432 | [4] |
Gross amounts offset in the balance sheet, derivatives liabilities | 0 | [3] | 0 | [4] |
Net amounts presented in the balance sheet, derivatives liabilities | 559 | [3] | 432 | [4] |
Gross amounts not offset in the balance sheet, financial instruments, derivative liabilities | -267 | [3] | -368 | [4] |
Gross amounts not offset in the balance sheet, collateral pledged/received | -317 | [3] | -61 | [4] |
Over collateralization | 30 | [3] | 9 | [4] |
Net amount, derivatives liabilities | $5 | [3] | $12 | [4] |
[1] | Included $37 million of accruals on derivatives classified as other assets and does not include amounts related to embedded derivatives. | |||
[2] | Included $47 million of accruals on derivatives classified as other assets and does not include amounts related to embedded derivatives. | |||
[3] | Included $18 million of accruals on derivatives classified as other liabilities and does not include amounts related to embedded derivatives and derivatives related to securitization entities. | |||
[4] | Included $10 million of accruals on derivatives classified as other liabilities and does not include amounts related to embedded derivatives and derivatives related to securitization entities. |
Additional_Information_about_D1
Additional Information about Derivative Assets and Liabilities Subject to Enforceable Master Netting Arrangement (Parenthetical) (Detail) (Subject to enforceable master netting arrangement, USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Derivative assets | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Net amounts presented in the balance sheet, accruals on derivative assets | $564 | [1] | $1,196 | [2] |
Derivative assets | Other assets | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Net amounts presented in the balance sheet, accruals on derivative assets | 37 | 47 | ||
Derivative liabilities | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Net amounts presented in the balance sheet, accruals on derivative liabilities | 559 | [3] | 432 | [4] |
Derivative liabilities | Other liabilities | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Net amounts presented in the balance sheet, accruals on derivative liabilities | $18 | $10 | ||
[1] | Included $37 million of accruals on derivatives classified as other assets and does not include amounts related to embedded derivatives. | |||
[2] | Included $47 million of accruals on derivatives classified as other assets and does not include amounts related to embedded derivatives. | |||
[3] | Included $18 million of accruals on derivatives classified as other liabilities and does not include amounts related to embedded derivatives and derivatives related to securitization entities. | |||
[4] | Included $10 million of accruals on derivatives classified as other liabilities and does not include amounts related to embedded derivatives and derivatives related to securitization entities. |
Derivative_Instruments_Schedul
Derivative Instruments Schedule of Credit Default Swaps where we Sell Protection on Single Name Reference Entities and Fair Values (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Notional value | $23,558 | $22,640 |
Credit default swaps | Single Name Reference Entities | ' | ' |
Derivative [Line Items] | ' | ' |
Notional value | 39 | 155 |
Assets | 1 | 1 |
Liabilities | 0 | 0 |
Credit default swaps | Single Name Reference Entities | AAA | Matures Less Than One Year | ' | ' |
Derivative [Line Items] | ' | ' |
Notional value | 0 | 5 |
Assets | 0 | 0 |
Liabilities | 0 | 0 |
Credit default swaps | Single Name Reference Entities | AA | Matures Less Than One Year | ' | ' |
Derivative [Line Items] | ' | ' |
Notional value | 0 | 6 |
Assets | 0 | 0 |
Liabilities | 0 | 0 |
Credit default swaps | Single Name Reference Entities | AA | Matures After Five Years Through Ten Years | ' | ' |
Derivative [Line Items] | ' | ' |
Notional value | 0 | 5 |
Assets | 0 | 0 |
Liabilities | 0 | 0 |
Credit default swaps | Single Name Reference Entities | A | Matures Less Than One Year | ' | ' |
Derivative [Line Items] | ' | ' |
Notional value | 0 | 37 |
Assets | 0 | 0 |
Liabilities | 0 | 0 |
Credit default swaps | Single Name Reference Entities | A | Matures After One Year Through Five Years | ' | ' |
Derivative [Line Items] | ' | ' |
Notional value | 15 | 0 |
Assets | 0 | 0 |
Liabilities | 0 | 0 |
Credit default swaps | Single Name Reference Entities | A | Matures After Five Years Through Ten Years | ' | ' |
Derivative [Line Items] | ' | ' |
Notional value | 0 | 10 |
Assets | 0 | 1 |
Liabilities | 0 | 0 |
Credit default swaps | Single Name Reference Entities | BBB | Matures Less Than One Year | ' | ' |
Derivative [Line Items] | ' | ' |
Notional value | 0 | 68 |
Assets | 0 | 0 |
Liabilities | 0 | 0 |
Credit default swaps | Single Name Reference Entities | BBB | Matures After One Year Through Five Years | ' | ' |
Derivative [Line Items] | ' | ' |
Notional value | 24 | 0 |
Assets | 1 | 0 |
Liabilities | 0 | 0 |
Credit default swaps | Single Name Reference Entities | BBB | Matures After Five Years Through Ten Years | ' | ' |
Derivative [Line Items] | ' | ' |
Notional value | 0 | 24 |
Assets | 0 | 0 |
Liabilities | $0 | $0 |
Schedule_of_Credit_Default_Swa
Schedule of Credit Default Swaps where we Sell Protection on Credit Default Swap Index Tranches and Fair Values (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Derivative [Line Items] | ' | ' | ||
Notional value | $23,558 | $22,640 | ||
Credit default swaps | Original Index Tranche Attachment/Detachment Point And Maturity | Index Tranches | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Notional value | 600 | 777 | ||
Assets | 8 | 7 | ||
Liabilities | 0 | 1 | ||
Credit default swaps | Original Index Tranche Attachment/Detachment Point And Maturity | Index Tranches | Matures After One Year Through Five Years | 7% - 15% | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Notional value | 100 | [1] | 100 | [1] |
Assets | 1 | [1] | 0 | [1] |
Liabilities | 0 | [1] | 1 | [1] |
Credit default swaps | Original Index Tranche Attachment/Detachment Point And Maturity | Index Tranches | Matures After One Year Through Five Years | 9% - 12% | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Notional value | 250 | [2] | 250 | [2] |
Assets | 4 | [2] | 2 | [2] |
Liabilities | 0 | [2] | 0 | [2] |
Credit default swaps | Original Index Tranche Attachment/Detachment Point And Maturity | Index Tranches | Matures After One Year Through Five Years | 10% - 15% | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Notional value | 250 | [3] | 250 | [3] |
Assets | 3 | [3] | 4 | [3] |
Liabilities | 0 | [3] | 0 | [3] |
Credit default swaps | Original Index Tranche Attachment/Detachment Point And Maturity | Index Tranches | Matures Less Than One Year | 9% - 12% | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Notional value | 0 | [2] | 50 | [2] |
Assets | 0 | [2] | 0 | [2] |
Liabilities | 0 | [2] | 0 | [2] |
Credit default swaps | Original Index Tranche Attachment/Detachment Point And Maturity | Index Tranches | Matures After Five Years Through Ten Years | 15% - 30% | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Notional value | 0 | [4] | 127 | [4] |
Assets | 0 | [4] | 1 | [4] |
Liabilities | 0 | [4] | 0 | [4] |
Credit default swaps | Securitization Entities | Index Tranches | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Notional value | 312 | 312 | ||
Assets | 0 | 0 | ||
Liabilities | 59 | 104 | ||
Credit default swaps | Securitization Entities | Index Tranches | Portion Backing Third-Party Borrowings Maturing 2017 | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Notional value | 12 | [5] | 12 | [5] |
Assets | 0 | [5] | 0 | [5] |
Liabilities | 2 | [5] | 5 | [5] |
Credit default swaps | Securitization Entities | Index Tranches | Portion Backing Interest Maturing 2017 | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Notional value | 300 | [6] | 300 | [6] |
Assets | 0 | [6] | 0 | [6] |
Liabilities | 57 | [6] | 99 | [6] |
Total Credit Default Swaps on Index Tranches | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Notional value | 912 | 1,089 | ||
Assets | 8 | 7 | ||
Liabilities | $59 | $105 | ||
[1] | The current attachment/detachment as of September 30, 2013 and December 31, 2012 was 7% - 15%. | |||
[2] | The current attachment/detachment as of September 30, 2013 and December 31, 2012 was 9% - 12%. | |||
[3] | The current attachment/detachment as of September 30, 2013 and December 31, 2012 was 10% - 15%. | |||
[4] | The current attachment/detachment as of December 31, 2012 was 14.8% - 30.3%. | |||
[5] | Original notional value was $39 million. | |||
[6] | Original notional value was $300 million. |
Schedule_of_Credit_Default_Swa1
Schedule of Credit Default Swaps where we Sell Protection on Credit Default Swap Index Tranches and Fair Values (Parenthetical) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | ||||||||||||
In Millions, unless otherwise specified | Original Index Tranche Attachment/Detachment Point And Maturity | Original Index Tranche Attachment/Detachment Point And Maturity | Original Index Tranche Attachment/Detachment Point And Maturity | Original Index Tranche Attachment/Detachment Point And Maturity | Original Index Tranche Attachment/Detachment Point And Maturity | Original Index Tranche Attachment/Detachment Point And Maturity | Original Index Tranche Attachment/Detachment Point And Maturity | Original Index Tranche Attachment/Detachment Point And Maturity | Original Index Tranche Attachment/Detachment Point And Maturity | Original Index Tranche Attachment/Detachment Point And Maturity | Securitization Entities | Securitization Entities | Securitization Entities | Securitization Entities | Securitization Entities | Securitization Entities | Securitization Entities | Securitization Entities | ||||||||||||||
Index Tranches | Index Tranches | 7% - 15% | 7% - 15% | 9% - 12% | 9% - 12% | 10% - 15% | 10% - 15% | 15% - 30% | 15% - 30% | Index Tranches | Index Tranches | Index Tranches | Index Tranches | Index Tranches | Index Tranches | Original Amount | Original Amount | |||||||||||||||
Credit default swaps | Credit default swaps | Index Tranches | Index Tranches | Index Tranches | Index Tranches | Index Tranches | Index Tranches | Index Tranches | Index Tranches | Credit default swaps | Credit default swaps | Portion Backing Third-Party Borrowings Maturing 2017 | Portion Backing Third-Party Borrowings Maturing 2017 | Portion Backing Interest Maturing 2017 | Portion Backing Interest Maturing 2017 | Portion Backing Third-Party Borrowings Maturing 2017 | Portion Backing Interest Maturing 2017 | |||||||||||||||
Matures After One Year Through Five Years | Matures After One Year Through Five Years | Matures After One Year Through Five Years | Matures After One Year Through Five Years | Matures After One Year Through Five Years | Matures After One Year Through Five Years | Matures After Five Years Through Ten Years | Matures After Five Years Through Ten Years | Credit default swaps | Credit default swaps | Credit default swaps | Credit default swaps | |||||||||||||||||||||
Credit default swaps | Credit default swaps | Credit default swaps | Credit default swaps | Credit default swaps | Credit default swaps | Credit default swaps | Credit default swaps | |||||||||||||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Current attachment percentage | ' | ' | ' | ' | 7.00% | 7.00% | 9.00% | 9.00% | 10.00% | 10.00% | ' | 14.80% | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Current detachment percentage | ' | ' | ' | ' | 15.00% | 15.00% | 12.00% | 12.00% | 15.00% | 15.00% | ' | 30.30% | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Notional value | $23,558 | $22,640 | $600 | $777 | $100 | [1] | $100 | [1] | $250 | [2] | $250 | [2] | $250 | [3] | $250 | [3] | $0 | [4] | $127 | [4] | $312 | $312 | $12 | [5] | $12 | [5] | $300 | [6] | $300 | [6] | $39 | $300 |
[1] | The current attachment/detachment as of September 30, 2013 and December 31, 2012 was 7% - 15%. | |||||||||||||||||||||||||||||||
[2] | The current attachment/detachment as of September 30, 2013 and December 31, 2012 was 9% - 12%. | |||||||||||||||||||||||||||||||
[3] | The current attachment/detachment as of September 30, 2013 and December 31, 2012 was 10% - 15%. | |||||||||||||||||||||||||||||||
[4] | The current attachment/detachment as of December 31, 2012 was 14.8% - 30.3%. | |||||||||||||||||||||||||||||||
[5] | Original notional value was $39 million. | |||||||||||||||||||||||||||||||
[6] | Original notional value was $300 million. |
Fair_Value_Financial_Instrumen
Fair Value Financial Instruments Not Required to Be Carried at Fair Value (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Commercial mortgage loans | $5,858 | $5,872 | ||
Restricted commercial mortgage loans | 290 | 341 | ||
Other invested assets | 1,826 | 3,493 | ||
Long-term borrowings | 4,780 | 4,776 | ||
Non-recourse funding obligations | 2,046 | 2,066 | ||
Notional amount | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Commercial mortgage loans | 0 | [1] | 0 | [1] |
Restricted commercial mortgage loans | 0 | [1] | 0 | [1] |
Other invested assets | 0 | [1] | 0 | [1] |
Long-term borrowings | 0 | [1] | 0 | [1] |
Non-recourse funding obligations | 0 | [1] | 0 | [1] |
Borrowings related to securitization entities | 0 | [1] | 0 | [1] |
Investment contracts | 0 | [1] | 0 | [1] |
Commitments to fund limited partnerships | 67 | 64 | ||
Ordinary course of business lending commitments | 66 | 44 | ||
Carrying value | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Commercial mortgage loans | 5,858 | 5,872 | ||
Restricted commercial mortgage loans | 290 | 341 | ||
Other invested assets | 315 | 380 | ||
Long-term borrowings | 4,780 | 4,776 | ||
Non-recourse funding obligations | 2,046 | 2,066 | ||
Borrowings related to securitization entities | 224 | 274 | ||
Investment contracts | 17,137 | 18,280 | ||
Commitments to fund limited partnerships | 0 | 0 | ||
Ordinary course of business lending commitments | 0 | 0 | ||
Fair value | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Commercial mortgage loans | 6,152 | 6,378 | ||
Restricted commercial mortgage loans | 324 | 389 | ||
Other invested assets | 327 | 389 | ||
Long-term borrowings | 5,185 | 4,950 | ||
Non-recourse funding obligations | 1,461 | 1,462 | ||
Borrowings related to securitization entities | 242 | 303 | ||
Investment contracts | 17,804 | 19,526 | ||
Commitments to fund limited partnerships | 0 | 0 | ||
Ordinary course of business lending commitments | 0 | 0 | ||
Level 1 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Commercial mortgage loans | 0 | 0 | ||
Restricted commercial mortgage loans | 0 | 0 | ||
Other invested assets | 0 | 0 | ||
Long-term borrowings | 0 | 0 | ||
Non-recourse funding obligations | 0 | 0 | ||
Borrowings related to securitization entities | 0 | 0 | ||
Investment contracts | 0 | 0 | ||
Commitments to fund limited partnerships | 0 | 0 | ||
Ordinary course of business lending commitments | 0 | 0 | ||
Level 2 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Commercial mortgage loans | 0 | 0 | ||
Restricted commercial mortgage loans | 0 | 0 | ||
Other invested assets | 213 | 265 | ||
Long-term borrowings | 5,049 | 4,800 | ||
Non-recourse funding obligations | 0 | 0 | ||
Borrowings related to securitization entities | 191 | 238 | ||
Investment contracts | 85 | 1,009 | ||
Commitments to fund limited partnerships | 0 | 0 | ||
Ordinary course of business lending commitments | 0 | 0 | ||
Level 3 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Commercial mortgage loans | 6,152 | 6,378 | ||
Restricted commercial mortgage loans | 324 | 389 | ||
Other invested assets | 114 | 124 | ||
Long-term borrowings | 136 | 150 | ||
Non-recourse funding obligations | 1,461 | 1,462 | ||
Borrowings related to securitization entities | 51 | 65 | ||
Investment contracts | 17,719 | 18,517 | ||
Commitments to fund limited partnerships | 0 | 0 | ||
Ordinary course of business lending commitments | $0 | $0 | ||
[1] | These financial instruments do not have notional amounts. |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Additional Information (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Fair Value of Financial Instruments [Line Items] | ' | ' |
Minimum impact on valuation of unobservable input on private fixed maturity securities | 10.00% | ' |
Period end valuation | 0 | ' |
GMWB non-performance risk impact | $59 | $89 |
Minimum | ' | ' |
Fair Value of Financial Instruments [Line Items] | ' | ' |
Percentage of changes in fair value of fixed maturity, equity and trading securities each month | 10.00% | ' |
Primary_Sources_Considered_whe
Primary Sources Considered when Determining Fair Value of Each Class of Fixed Maturity Securities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value | $59,086 | $62,161 |
Fixed maturity securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value | 59,086 | 62,161 |
Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pricing services | 5,320 | 5,482 |
Internal models | 5 | 9 |
Fair value | 5,325 | 5,491 |
Fixed maturity securities | Tax-exempt | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pricing services | 263 | 294 |
Fair value | 263 | 294 |
Fixed maturity securities | Government - non-U.S. | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pricing services | 2,209 | 2,413 |
Internal models | 23 | 9 |
Fair value | 2,232 | 2,422 |
Fixed maturity securities | U.S. corporate | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pricing services | 22,035 | 23,113 |
Broker quotes | 138 | 121 |
Internal models | 2,609 | 2,871 |
Fair value | 24,782 | 26,105 |
Fixed maturity securities | Corporate - non-U.S. | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pricing services | 13,194 | 13,635 |
Broker quotes | 174 | 75 |
Internal models | 1,908 | 2,082 |
Fair value | 15,276 | 15,792 |
Fixed maturity securities | Residential mortgage-backed | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pricing services | 5,272 | 5,924 |
Broker quotes | 74 | 98 |
Internal models | 51 | 59 |
Fair value | 5,397 | 6,081 |
Fixed maturity securities | Commercial mortgage-backed | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pricing services | 2,784 | 3,298 |
Broker quotes | 1 | 18 |
Internal models | 5 | 17 |
Fair value | 2,790 | 3,333 |
Fixed maturity securities | Other asset-backed | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pricing services | 1,924 | 1,776 |
Broker quotes | 1,066 | 829 |
Internal models | 31 | 38 |
Fair value | 3,021 | 2,643 |
Level 1 | Fixed maturity securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value | 0 | 0 |
Level 1 | Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pricing services | 0 | 0 |
Internal models | 0 | 0 |
Fair value | 0 | 0 |
Level 1 | Fixed maturity securities | Tax-exempt | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pricing services | 0 | 0 |
Fair value | 0 | 0 |
Level 1 | Fixed maturity securities | Government - non-U.S. | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pricing services | 0 | 0 |
Internal models | 0 | 0 |
Fair value | 0 | 0 |
Level 1 | Fixed maturity securities | U.S. corporate | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pricing services | 0 | 0 |
Broker quotes | 0 | 0 |
Internal models | 0 | 0 |
Fair value | 0 | 0 |
Level 1 | Fixed maturity securities | Corporate - non-U.S. | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pricing services | 0 | 0 |
Broker quotes | 0 | 0 |
Internal models | 0 | 0 |
Fair value | 0 | 0 |
Level 1 | Fixed maturity securities | Residential mortgage-backed | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pricing services | 0 | 0 |
Broker quotes | 0 | 0 |
Internal models | 0 | 0 |
Fair value | 0 | 0 |
Level 1 | Fixed maturity securities | Commercial mortgage-backed | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pricing services | 0 | 0 |
Broker quotes | 0 | 0 |
Internal models | 0 | 0 |
Fair value | 0 | 0 |
Level 1 | Fixed maturity securities | Other asset-backed | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pricing services | 0 | 0 |
Broker quotes | 0 | 0 |
Internal models | 0 | 0 |
Fair value | 0 | 0 |
Level 2 | Fixed maturity securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value | 53,632 | 56,421 |
Level 2 | Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pricing services | 5,320 | 5,482 |
Internal models | 0 | 0 |
Fair value | 5,320 | 5,482 |
Level 2 | Fixed maturity securities | Tax-exempt | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pricing services | 263 | 294 |
Fair value | 263 | 294 |
Level 2 | Fixed maturity securities | Government - non-U.S. | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pricing services | 2,209 | 2,413 |
Internal models | 16 | 0 |
Fair value | 2,225 | 2,413 |
Level 2 | Fixed maturity securities | U.S. corporate | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pricing services | 22,035 | 23,113 |
Broker quotes | 0 | 0 |
Internal models | 416 | 309 |
Fair value | 22,451 | 23,422 |
Level 2 | Fixed maturity securities | Corporate - non-U.S. | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pricing services | 13,194 | 13,635 |
Broker quotes | 0 | 0 |
Internal models | 199 | 174 |
Fair value | 13,393 | 13,809 |
Level 2 | Fixed maturity securities | Residential mortgage-backed | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pricing services | 5,272 | 5,924 |
Broker quotes | 0 | 0 |
Internal models | 0 | 0 |
Fair value | 5,272 | 5,924 |
Level 2 | Fixed maturity securities | Commercial mortgage-backed | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pricing services | 2,784 | 3,298 |
Broker quotes | 0 | 0 |
Internal models | 0 | 0 |
Fair value | 2,784 | 3,298 |
Level 2 | Fixed maturity securities | Other asset-backed | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pricing services | 1,924 | 1,776 |
Broker quotes | 0 | 0 |
Internal models | 0 | 3 |
Fair value | 1,924 | 1,779 |
Level 3 | Fixed maturity securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value | 5,454 | 5,740 |
Level 3 | Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pricing services | 0 | 0 |
Internal models | 5 | 9 |
Fair value | 5 | 9 |
Level 3 | Fixed maturity securities | Tax-exempt | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pricing services | 0 | 0 |
Fair value | 0 | 0 |
Level 3 | Fixed maturity securities | Government - non-U.S. | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pricing services | 0 | 0 |
Internal models | 7 | 9 |
Fair value | 7 | 9 |
Level 3 | Fixed maturity securities | U.S. corporate | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pricing services | 0 | 0 |
Broker quotes | 138 | 121 |
Internal models | 2,193 | 2,562 |
Fair value | 2,331 | 2,683 |
Level 3 | Fixed maturity securities | Corporate - non-U.S. | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pricing services | 0 | 0 |
Broker quotes | 174 | 75 |
Internal models | 1,709 | 1,908 |
Fair value | 1,883 | 1,983 |
Level 3 | Fixed maturity securities | Residential mortgage-backed | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pricing services | 0 | 0 |
Broker quotes | 74 | 98 |
Internal models | 51 | 59 |
Fair value | 125 | 157 |
Level 3 | Fixed maturity securities | Commercial mortgage-backed | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pricing services | 0 | 0 |
Broker quotes | 1 | 18 |
Internal models | 5 | 17 |
Fair value | 6 | 35 |
Level 3 | Fixed maturity securities | Other asset-backed | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pricing services | 0 | 0 |
Broker quotes | 1,066 | 829 |
Internal models | 31 | 35 |
Fair value | $1,097 | $864 |
Primary_Sources_Considered_whe1
Primary Sources Considered when Determining Fair Value of Equity Securities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value | $379 | $518 |
Equity securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pricing services | 294 | 419 |
Broker quotes | 1 | 3 |
Internal models | 84 | 96 |
Fair value | 379 | 518 |
Level 1 | Equity securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pricing services | 290 | 417 |
Broker quotes | 0 | 0 |
Internal models | 0 | 0 |
Fair value | 290 | 417 |
Level 2 | Equity securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pricing services | 4 | 2 |
Broker quotes | 0 | 0 |
Internal models | 0 | 0 |
Fair value | 4 | 2 |
Level 3 | Equity securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pricing services | 0 | 0 |
Broker quotes | 1 | 3 |
Internal models | 84 | 96 |
Fair value | $85 | $99 |
Primary_Sources_Considered_whe2
Primary Sources Considered when Determining Fair Value of Trading Securities (Detail) (Trading Securities, USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pricing services | $244 | $480 |
Broker quotes | 34 | 76 |
Fair value | 278 | 556 |
Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pricing services | 0 | 0 |
Broker quotes | 0 | 0 |
Fair value | 0 | 0 |
Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pricing services | 244 | 480 |
Broker quotes | 0 | 0 |
Fair value | 244 | 480 |
Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pricing services | 0 | 0 |
Broker quotes | 34 | 76 |
Fair value | $34 | $76 |
Assets_and_Liabilities_that_ar
Assets and Liabilities that are Measured at Fair Value on Recurring Basis (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Available-for-sale debt securities | $59,086 | $62,161 | ||
Available-for-sale equity securities | 379 | 518 | ||
Securities lending collateral | 154 | 187 | ||
Derivatives counterparty collateral | 104 | 261 | ||
Total other invested assets | 1,063 | 2,153 | ||
Restricted other invested assets related to securitization entities | 392 | 393 | ||
Other assets | ' | 9 | [1] | |
Reinsurance recoverable | 3 | [2] | 10 | [2] |
Separate account assets | 9,957 | 9,937 | ||
Total assets | 70,880 | 75,181 | ||
Policyholder account balances | 260 | 377 | ||
Borrowings related to securitization entities | 73 | 62 | ||
Total liabilities | 951 | 992 | ||
Trading Securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Trading securities | 278 | 556 | ||
GMWB embedded derivatives | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Policyholder account balances | 177 | [3] | 350 | [3] |
Fixed index annuity embedded derivatives | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Policyholder account balances | 83 | 27 | ||
Fixed maturity securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Available-for-sale debt securities | 59,086 | 62,161 | ||
Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Available-for-sale debt securities | 5,325 | 5,491 | ||
Fixed maturity securities | Tax-exempt | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Available-for-sale debt securities | 263 | 294 | ||
Fixed maturity securities | Government - non-U.S. | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Available-for-sale debt securities | 2,232 | 2,422 | ||
Fixed maturity securities | U.S. corporate | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Available-for-sale debt securities | 24,782 | 26,105 | ||
Fixed maturity securities | Corporate - non-U.S. | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Available-for-sale debt securities | 15,276 | 15,792 | ||
Fixed maturity securities | Residential mortgage-backed | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Available-for-sale debt securities | 5,397 | 6,081 | ||
Fixed maturity securities | Commercial mortgage-backed | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Available-for-sale debt securities | 2,790 | 3,333 | ||
Fixed maturity securities | Other asset-backed | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Available-for-sale debt securities | 3,021 | 2,643 | ||
Equity securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Available-for-sale equity securities | 379 | 518 | ||
Derivative assets | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 527 | 1,149 | ||
Derivative assets | Interest rate swaps | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 504 | 1,029 | ||
Derivative assets | Foreign currency swaps | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 3 | 34 | ||
Derivative assets | Credit default swaps | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 9 | 8 | ||
Derivative assets | Equity index options | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 6 | 25 | ||
Derivative assets | Forward bond purchase commitments | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Assets | ' | 53 | ||
Derivative assets | Other foreign currency contracts | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 5 | ' | ||
Derivative liabilities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities | 618 | 553 | ||
Derivative liabilities | Interest rate swaps | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities | 453 | 307 | ||
Derivative liabilities | Foreign currency swaps | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities | 1 | 1 | ||
Derivative liabilities | Credit default swaps | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities | ' | 1 | ||
Derivative liabilities | Equity return swaps | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities | 5 | 8 | ||
Derivative liabilities | Forward bond purchase commitments | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities | 5 | ' | ||
Derivative liabilities | Other foreign currency contracts | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities | 4 | ' | ||
Derivative liabilities | Interest rate swaps related to securitization entities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities | 18 | 27 | ||
Derivative liabilities | Inflation indexed swaps | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities | 73 | 105 | ||
Derivative liabilities | Credit default swaps related to securitization entities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities | 59 | 104 | ||
Level 1 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Securities lending collateral | 0 | 0 | ||
Derivatives counterparty collateral | 0 | 0 | ||
Total other invested assets | 0 | 0 | ||
Restricted other invested assets related to securitization entities | 0 | 0 | ||
Other assets | ' | 0 | [1] | |
Reinsurance recoverable | 0 | [2] | 0 | [2] |
Separate account assets | 9,957 | 9,937 | ||
Total assets | 10,247 | 10,354 | ||
Policyholder account balances | 0 | 0 | ||
Borrowings related to securitization entities | 0 | 0 | ||
Total liabilities | 0 | 0 | ||
Level 1 | Trading Securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Trading securities | 0 | 0 | ||
Level 1 | GMWB embedded derivatives | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Policyholder account balances | 0 | [3] | 0 | [3] |
Level 1 | Fixed index annuity embedded derivatives | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Policyholder account balances | 0 | 0 | ||
Level 1 | Fixed maturity securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Available-for-sale debt securities | 0 | 0 | ||
Level 1 | Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Available-for-sale debt securities | 0 | 0 | ||
Level 1 | Fixed maturity securities | Tax-exempt | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Available-for-sale debt securities | 0 | 0 | ||
Level 1 | Fixed maturity securities | Government - non-U.S. | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Available-for-sale debt securities | 0 | 0 | ||
Level 1 | Fixed maturity securities | U.S. corporate | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Available-for-sale debt securities | 0 | 0 | ||
Level 1 | Fixed maturity securities | Corporate - non-U.S. | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Available-for-sale debt securities | 0 | 0 | ||
Level 1 | Fixed maturity securities | Residential mortgage-backed | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Available-for-sale debt securities | 0 | 0 | ||
Level 1 | Fixed maturity securities | Commercial mortgage-backed | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Available-for-sale debt securities | 0 | 0 | ||
Level 1 | Fixed maturity securities | Other asset-backed | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Available-for-sale debt securities | 0 | 0 | ||
Level 1 | Equity securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Available-for-sale equity securities | 290 | 417 | ||
Level 1 | Derivative assets | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 0 | 0 | ||
Level 1 | Derivative assets | Interest rate swaps | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 0 | 0 | ||
Level 1 | Derivative assets | Foreign currency swaps | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 0 | 0 | ||
Level 1 | Derivative assets | Credit default swaps | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 0 | 0 | ||
Level 1 | Derivative assets | Equity index options | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 0 | 0 | ||
Level 1 | Derivative assets | Forward bond purchase commitments | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Assets | ' | 0 | ||
Level 1 | Derivative assets | Other foreign currency contracts | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 0 | ' | ||
Level 1 | Derivative liabilities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities | 0 | 0 | ||
Level 1 | Derivative liabilities | Interest rate swaps | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities | 0 | 0 | ||
Level 1 | Derivative liabilities | Foreign currency swaps | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities | 0 | 0 | ||
Level 1 | Derivative liabilities | Credit default swaps | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities | ' | 0 | ||
Level 1 | Derivative liabilities | Equity return swaps | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities | 0 | 0 | ||
Level 1 | Derivative liabilities | Forward bond purchase commitments | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities | 0 | ' | ||
Level 1 | Derivative liabilities | Other foreign currency contracts | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities | 0 | ' | ||
Level 1 | Derivative liabilities | Interest rate swaps related to securitization entities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities | 0 | 0 | ||
Level 1 | Derivative liabilities | Inflation indexed swaps | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities | 0 | 0 | ||
Level 1 | Derivative liabilities | Credit default swaps related to securitization entities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities | 0 | 0 | ||
Level 2 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Securities lending collateral | 154 | 187 | ||
Derivatives counterparty collateral | 104 | 261 | ||
Total other invested assets | 1,012 | 2,043 | ||
Restricted other invested assets related to securitization entities | 180 | 199 | ||
Other assets | ' | 0 | [1] | |
Reinsurance recoverable | 0 | [2] | 0 | [2] |
Separate account assets | 0 | 0 | ||
Total assets | 54,828 | 58,665 | ||
Policyholder account balances | 0 | 0 | ||
Borrowings related to securitization entities | 0 | 0 | ||
Total liabilities | 556 | 448 | ||
Level 2 | Trading Securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Trading securities | 244 | 480 | ||
Level 2 | GMWB embedded derivatives | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Policyholder account balances | 0 | [3] | 0 | [3] |
Level 2 | Fixed index annuity embedded derivatives | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Policyholder account balances | 0 | 0 | ||
Level 2 | Fixed maturity securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Available-for-sale debt securities | 53,632 | 56,421 | ||
Level 2 | Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Available-for-sale debt securities | 5,320 | 5,482 | ||
Level 2 | Fixed maturity securities | Tax-exempt | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Available-for-sale debt securities | 263 | 294 | ||
Level 2 | Fixed maturity securities | Government - non-U.S. | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Available-for-sale debt securities | 2,225 | 2,413 | ||
Level 2 | Fixed maturity securities | U.S. corporate | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Available-for-sale debt securities | 22,451 | 23,422 | ||
Level 2 | Fixed maturity securities | Corporate - non-U.S. | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Available-for-sale debt securities | 13,393 | 13,809 | ||
Level 2 | Fixed maturity securities | Residential mortgage-backed | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Available-for-sale debt securities | 5,272 | 5,924 | ||
Level 2 | Fixed maturity securities | Commercial mortgage-backed | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Available-for-sale debt securities | 2,784 | 3,298 | ||
Level 2 | Fixed maturity securities | Other asset-backed | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Available-for-sale debt securities | 1,924 | 1,779 | ||
Level 2 | Equity securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Available-for-sale equity securities | 4 | 2 | ||
Level 2 | Derivative assets | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 510 | 1,115 | ||
Level 2 | Derivative assets | Interest rate swaps | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 504 | 1,027 | ||
Level 2 | Derivative assets | Foreign currency swaps | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 3 | 34 | ||
Level 2 | Derivative assets | Credit default swaps | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 1 | 1 | ||
Level 2 | Derivative assets | Equity index options | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 0 | 0 | ||
Level 2 | Derivative assets | Forward bond purchase commitments | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Assets | ' | 53 | ||
Level 2 | Derivative assets | Other foreign currency contracts | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 2 | ' | ||
Level 2 | Derivative liabilities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities | 556 | 448 | ||
Level 2 | Derivative liabilities | Interest rate swaps | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities | 453 | 307 | ||
Level 2 | Derivative liabilities | Foreign currency swaps | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities | 1 | 1 | ||
Level 2 | Derivative liabilities | Credit default swaps | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities | ' | 0 | ||
Level 2 | Derivative liabilities | Equity return swaps | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities | 5 | 8 | ||
Level 2 | Derivative liabilities | Forward bond purchase commitments | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities | 5 | ' | ||
Level 2 | Derivative liabilities | Other foreign currency contracts | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities | 1 | ' | ||
Level 2 | Derivative liabilities | Interest rate swaps related to securitization entities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities | 18 | 27 | ||
Level 2 | Derivative liabilities | Inflation indexed swaps | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities | 73 | 105 | ||
Level 2 | Derivative liabilities | Credit default swaps related to securitization entities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities | 0 | 0 | ||
Level 3 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Securities lending collateral | 0 | 0 | ||
Derivatives counterparty collateral | 0 | 0 | ||
Total other invested assets | 51 | 110 | ||
Restricted other invested assets related to securitization entities | 212 | 194 | ||
Other assets | ' | 9 | [1] | |
Reinsurance recoverable | 3 | [2] | 10 | [2] |
Separate account assets | 0 | 0 | ||
Total assets | 5,805 | 6,162 | ||
Policyholder account balances | 260 | 377 | ||
Borrowings related to securitization entities | 73 | 62 | ||
Total liabilities | 395 | 544 | ||
Level 3 | Trading Securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Trading securities | 34 | 76 | ||
Level 3 | GMWB embedded derivatives | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Policyholder account balances | 177 | [3] | 350 | [3] |
Level 3 | Fixed index annuity embedded derivatives | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Policyholder account balances | 83 | 27 | ||
Level 3 | Fixed maturity securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Available-for-sale debt securities | 5,454 | 5,740 | ||
Level 3 | Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Available-for-sale debt securities | 5 | 9 | ||
Level 3 | Fixed maturity securities | Tax-exempt | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Available-for-sale debt securities | 0 | 0 | ||
Level 3 | Fixed maturity securities | Government - non-U.S. | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Available-for-sale debt securities | 7 | 9 | ||
Level 3 | Fixed maturity securities | U.S. corporate | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Available-for-sale debt securities | 2,331 | 2,683 | ||
Level 3 | Fixed maturity securities | Corporate - non-U.S. | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Available-for-sale debt securities | 1,883 | 1,983 | ||
Level 3 | Fixed maturity securities | Residential mortgage-backed | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Available-for-sale debt securities | 125 | 157 | ||
Level 3 | Fixed maturity securities | Commercial mortgage-backed | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Available-for-sale debt securities | 6 | 35 | ||
Level 3 | Fixed maturity securities | Other asset-backed | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Available-for-sale debt securities | 1,097 | 864 | ||
Level 3 | Equity securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Available-for-sale equity securities | 85 | 99 | ||
Level 3 | Derivative assets | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 17 | 34 | ||
Level 3 | Derivative assets | Interest rate swaps | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 0 | 2 | ||
Level 3 | Derivative assets | Foreign currency swaps | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 0 | 0 | ||
Level 3 | Derivative assets | Credit default swaps | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 8 | 7 | ||
Level 3 | Derivative assets | Equity index options | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 6 | 25 | ||
Level 3 | Derivative assets | Forward bond purchase commitments | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Assets | ' | 0 | ||
Level 3 | Derivative assets | Other foreign currency contracts | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 3 | ' | ||
Level 3 | Derivative liabilities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities | 62 | 105 | ||
Level 3 | Derivative liabilities | Interest rate swaps | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities | 0 | 0 | ||
Level 3 | Derivative liabilities | Foreign currency swaps | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities | 0 | 0 | ||
Level 3 | Derivative liabilities | Credit default swaps | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities | ' | 1 | ||
Level 3 | Derivative liabilities | Equity return swaps | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities | 0 | 0 | ||
Level 3 | Derivative liabilities | Forward bond purchase commitments | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities | 0 | ' | ||
Level 3 | Derivative liabilities | Other foreign currency contracts | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities | 3 | ' | ||
Level 3 | Derivative liabilities | Interest rate swaps related to securitization entities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities | 0 | 0 | ||
Level 3 | Derivative liabilities | Inflation indexed swaps | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities | 0 | 0 | ||
Level 3 | Derivative liabilities | Credit default swaps related to securitization entities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative Liabilities | $59 | $104 | ||
[1] | Represents contingent receivables associated with recent business dispositions. | |||
[2] | Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities. | |||
[3] | Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. |
Assets_Measured_at_Fair_Value_
Assets Measured at Fair Value on Recurring Basis and Utilized Significant Unobservable (Level 3) Inputs to Determine Fair Value (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ||||
Beginning balance | $5,805 | $6,108 | $6,162 | $4,830 | ||||
Total realized and unrealized gains (losses), Included in net income | -12 | -10 | -20 | -23 | ||||
Total realized and unrealized gains (losses), Included in OCI | -10 | 64 | -55 | 118 | ||||
Purchases | 102 | 260 | 403 | 735 | ||||
Sales | -29 | -80 | -271 | -245 | ||||
Issuances | 1 | 0 | 2 | 18 | ||||
Settlements | -157 | -218 | -654 | -366 | ||||
Transfer into Level 3 | 203 | 116 | 454 | 1,697 | ||||
Transfer out of Level 3 | -98 | -198 | -216 | -722 | ||||
Ending balance | 5,805 | 6,042 | 5,805 | 6,042 | ||||
Total gains (losses) included in net income attributable to assets still held | -8 | -15 | -24 | -23 | ||||
Restricted other invested assets related to securitization entities | ' | ' | ' | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ||||
Beginning balance | 193 | 192 | 194 | 176 | ||||
Total realized and unrealized gains (losses), Included in net income | 0 | 2 | -1 | 18 | ||||
Total realized and unrealized gains (losses), Included in OCI | 0 | 0 | 0 | 0 | ||||
Purchases | 0 | 0 | 0 | 100 | ||||
Sales | 0 | 0 | 0 | -100 | ||||
Issuances | 0 | 0 | 0 | 0 | ||||
Settlements | 0 | 0 | 0 | 0 | ||||
Transfer into Level 3 | 19 | 0 | 19 | 0 | ||||
Transfer out of Level 3 | 0 | 0 | 0 | 0 | ||||
Ending balance | 212 | 194 | 212 | 194 | ||||
Total gains (losses) included in net income attributable to assets still held | 0 | 1 | -1 | 13 | ||||
Other assets | ' | ' | ' | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ||||
Beginning balance | ' | 17 | [1] | 9 | [1] | 0 | [1] | |
Total realized and unrealized gains (losses), Included in net income | ' | -8 | [1] | 0 | [1] | -7 | [1] | |
Total realized and unrealized gains (losses), Included in OCI | ' | 0 | [1] | 0 | [1] | 0 | [1] | |
Purchases | ' | 0 | [1] | 0 | [1] | 0 | [1] | |
Sales | ' | 0 | [1] | 0 | [1] | 0 | [1] | |
Issuances | ' | 0 | [1] | 0 | [1] | 16 | [1] | |
Settlements | ' | 0 | [1] | -9 | [1] | 0 | [1] | |
Transfer into Level 3 | ' | 0 | [1] | 0 | [1] | 0 | [1] | |
Transfer out of Level 3 | ' | 0 | [1] | 0 | [1] | 0 | [1] | |
Ending balance | 0 | [1] | 9 | [1] | 0 | [1] | 9 | [1] |
Total gains (losses) included in net income attributable to assets still held | ' | -8 | [1] | 0 | [1] | -7 | [1] | |
Reinsurance recoverable | ' | ' | ' | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ||||
Beginning balance | 3 | [2] | 15 | [2] | 10 | [2] | 16 | [2] |
Total realized and unrealized gains (losses), Included in net income | -1 | [2] | -4 | [2] | -9 | [2] | -7 | [2] |
Total realized and unrealized gains (losses), Included in OCI | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] |
Purchases | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] |
Sales | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] |
Issuances | 1 | [2] | 0 | [2] | 2 | [2] | 2 | [2] |
Settlements | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] |
Transfer into Level 3 | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] |
Transfer out of Level 3 | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] |
Ending balance | 3 | [2] | 11 | [2] | 3 | [2] | 11 | [2] |
Total gains (losses) included in net income attributable to assets still held | -1 | [2] | -4 | [2] | -9 | [2] | -7 | [2] |
Fixed maturity securities | ' | ' | ' | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ||||
Beginning balance | 5,468 | 5,482 | 5,740 | 4,223 | ||||
Total realized and unrealized gains (losses), Included in net income | -1 | 7 | 5 | 10 | ||||
Total realized and unrealized gains (losses), Included in OCI | -11 | 64 | -55 | 120 | ||||
Purchases | 92 | 242 | 378 | 568 | ||||
Sales | -25 | -16 | -214 | -68 | ||||
Issuances | 0 | 0 | 0 | 0 | ||||
Settlements | -155 | -215 | -619 | -342 | ||||
Transfer into Level 3 | 184 | 116 | 435 | 1,693 | ||||
Transfer out of Level 3 | -98 | -167 | -216 | -691 | ||||
Ending balance | 5,454 | 5,513 | 5,454 | 5,513 | ||||
Total gains (losses) included in net income attributable to assets still held | 5 | 4 | 10 | 11 | ||||
Fixed maturity securities | U.S. government, agencies and government-sponsored enterprises | ' | ' | ' | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ||||
Beginning balance | 5 | 10 | 9 | 13 | ||||
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | 0 | 0 | ||||
Total realized and unrealized gains (losses), Included in OCI | 0 | 0 | 0 | 0 | ||||
Purchases | 0 | 0 | 0 | 0 | ||||
Sales | 0 | 0 | 0 | 0 | ||||
Issuances | 0 | 0 | 0 | 0 | ||||
Settlements | 0 | 0 | -4 | 0 | ||||
Transfer into Level 3 | 0 | 0 | 0 | 9 | ||||
Transfer out of Level 3 | 0 | -1 | 0 | -13 | ||||
Ending balance | 5 | 9 | 5 | 9 | ||||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | ||||
Fixed maturity securities | Government - non-U.S. | ' | ' | ' | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ||||
Beginning balance | 8 | 9 | 9 | 10 | ||||
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | 0 | 0 | ||||
Total realized and unrealized gains (losses), Included in OCI | 0 | 0 | 0 | 0 | ||||
Purchases | 0 | 0 | 0 | 0 | ||||
Sales | 0 | 0 | 0 | 0 | ||||
Issuances | 0 | 0 | 0 | 0 | ||||
Settlements | -1 | -1 | -2 | -2 | ||||
Transfer into Level 3 | 0 | 0 | 0 | 0 | ||||
Transfer out of Level 3 | 0 | 0 | 0 | 0 | ||||
Ending balance | 7 | 8 | 7 | 8 | ||||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | ||||
Fixed maturity securities | U.S. corporate | ' | ' | ' | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ||||
Beginning balance | 2,459 | [3] | 2,849 | [4] | 2,683 | [5] | 2,511 | [6] |
Total realized and unrealized gains (losses), Included in net income | 5 | [3] | 5 | [4] | 13 | [5] | 8 | [6] |
Total realized and unrealized gains (losses), Included in OCI | -3 | [3] | 34 | [4] | -34 | [5] | 63 | [6] |
Purchases | 17 | [3] | 58 | [4] | 110 | [5] | 88 | [6] |
Sales | -10 | [3] | -4 | [4] | -131 | [5] | -22 | [6] |
Issuances | 0 | [3] | 0 | [4] | 0 | [5] | 0 | [6] |
Settlements | -83 | [3] | -92 | [4] | -319 | [5] | -129 | [6] |
Transfer into Level 3 | 33 | [3] | 36 | [4] | 145 | [5] | 725 | [6] |
Transfer out of Level 3 | -87 | [3] | -137 | [4] | -136 | [5] | -495 | [6] |
Ending balance | 2,331 | [3],[5] | 2,749 | [4],[6] | 2,331 | [3],[5] | 2,749 | [4],[6] |
Total gains (losses) included in net income attributable to assets still held | 4 | [3] | 4 | [4] | 8 | [5] | 10 | [6] |
Fixed maturity securities | Corporate - non-U.S. | ' | ' | ' | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ||||
Beginning balance | 1,846 | [3] | 1,864 | [4] | 1,983 | [5] | 1,284 | [6] |
Total realized and unrealized gains (losses), Included in net income | 1 | [3] | 2 | [4] | 2 | [5] | 2 | [6] |
Total realized and unrealized gains (losses), Included in OCI | -9 | [3] | 17 | [4] | -37 | [5] | 28 | [6] |
Purchases | 25 | [3] | 106 | [4] | 94 | [5] | 189 | [6] |
Sales | -14 | [3] | 0 | [4] | -33 | [5] | -12 | [6] |
Issuances | 0 | [3] | 0 | [4] | 0 | [5] | 0 | [6] |
Settlements | -42 | [3] | -88 | [4] | -149 | [5] | -127 | [6] |
Transfer into Level 3 | 76 | [3] | 8 | [4] | 76 | [5] | 692 | [6] |
Transfer out of Level 3 | 0 | [3] | 0 | [4] | -53 | [5] | -147 | [6] |
Ending balance | 1,883 | [3],[5] | 1,909 | [4],[6] | 1,883 | [3],[5] | 1,909 | [4],[6] |
Total gains (losses) included in net income attributable to assets still held | 1 | [3] | 0 | [4] | 2 | [5] | 1 | [6] |
Fixed maturity securities | Residential mortgage-backed | ' | ' | ' | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ||||
Beginning balance | 116 | 120 | 157 | 95 | ||||
Total realized and unrealized gains (losses), Included in net income | -7 | 0 | -9 | -1 | ||||
Total realized and unrealized gains (losses), Included in OCI | 8 | 3 | 9 | 10 | ||||
Purchases | 0 | 12 | 0 | 15 | ||||
Sales | -1 | -12 | -6 | -12 | ||||
Issuances | 0 | 0 | 0 | 0 | ||||
Settlements | -5 | -9 | -24 | -23 | ||||
Transfer into Level 3 | 14 | 13 | 14 | 43 | ||||
Transfer out of Level 3 | 0 | -3 | -16 | -3 | ||||
Ending balance | 125 | 124 | 125 | 124 | ||||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | -1 | ||||
Fixed maturity securities | Commercial mortgage-backed | ' | ' | ' | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ||||
Beginning balance | 13 | 33 | 35 | 39 | ||||
Total realized and unrealized gains (losses), Included in net income | -1 | 0 | -5 | 0 | ||||
Total realized and unrealized gains (losses), Included in OCI | 0 | 0 | -1 | 2 | ||||
Purchases | 0 | 0 | 0 | 0 | ||||
Sales | 0 | 0 | 0 | 0 | ||||
Issuances | 0 | 0 | 0 | 0 | ||||
Settlements | -6 | 0 | -32 | -1 | ||||
Transfer into Level 3 | 2 | 0 | 11 | 0 | ||||
Transfer out of Level 3 | -2 | 0 | -2 | -7 | ||||
Ending balance | 6 | 33 | 6 | 33 | ||||
Total gains (losses) included in net income attributable to assets still held | -1 | 0 | -4 | 0 | ||||
Fixed maturity securities | Other asset-backed | ' | ' | ' | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ||||
Beginning balance | 1,021 | [3] | 597 | 864 | [5] | 271 | ||
Total realized and unrealized gains (losses), Included in net income | 1 | [3] | 0 | 4 | [5] | 1 | ||
Total realized and unrealized gains (losses), Included in OCI | -7 | [3] | 10 | 8 | [5] | 17 | ||
Purchases | 50 | [3] | 66 | 174 | [5] | 276 | ||
Sales | 0 | [3] | 0 | -44 | [5] | -22 | ||
Issuances | 0 | [3] | 0 | 0 | [5] | 0 | ||
Settlements | -18 | [3] | -25 | -89 | [5] | -60 | ||
Transfer into Level 3 | 59 | [3] | 59 | 189 | [5] | 224 | ||
Transfer out of Level 3 | -9 | [3] | -26 | -9 | [5] | -26 | ||
Ending balance | 1,097 | [3],[5] | 681 | 1,097 | [3],[5] | 681 | ||
Total gains (losses) included in net income attributable to assets still held | 1 | [3] | 0 | 4 | [5] | 1 | ||
Equity securities | ' | ' | ' | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ||||
Beginning balance | 88 | 96 | 99 | 98 | ||||
Total realized and unrealized gains (losses), Included in net income | 0 | 0 | 2 | 1 | ||||
Total realized and unrealized gains (losses), Included in OCI | 1 | 0 | 0 | -2 | ||||
Purchases | 0 | 4 | 1 | 9 | ||||
Sales | -4 | -1 | -17 | -7 | ||||
Issuances | 0 | 0 | 0 | 0 | ||||
Settlements | 0 | 0 | 0 | 0 | ||||
Transfer into Level 3 | 0 | 0 | 0 | 0 | ||||
Transfer out of Level 3 | 0 | 0 | 0 | 0 | ||||
Ending balance | 85 | 99 | 85 | 99 | ||||
Total gains (losses) included in net income attributable to assets still held | 0 | 0 | 0 | 0 | ||||
Other invested assets | ' | ' | ' | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ||||
Beginning balance | 53 | 306 | 110 | 317 | ||||
Total realized and unrealized gains (losses), Included in net income | -10 | -7 | -17 | -38 | ||||
Total realized and unrealized gains (losses), Included in OCI | 0 | 0 | 0 | 0 | ||||
Purchases | 10 | 14 | 24 | 58 | ||||
Sales | 0 | -63 | -40 | -70 | ||||
Issuances | 0 | 0 | 0 | 0 | ||||
Settlements | -2 | -3 | -26 | -24 | ||||
Transfer into Level 3 | 0 | 0 | 0 | 4 | ||||
Transfer out of Level 3 | 0 | -31 | 0 | -31 | ||||
Ending balance | 51 | 216 | 51 | 216 | ||||
Total gains (losses) included in net income attributable to assets still held | -12 | -8 | -24 | -33 | ||||
Other invested assets | Derivative assets | ' | ' | ' | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ||||
Beginning balance | 19 | 32 | 34 | 53 | ||||
Total realized and unrealized gains (losses), Included in net income | -10 | -13 | -24 | -49 | ||||
Total realized and unrealized gains (losses), Included in OCI | 0 | 0 | 0 | 0 | ||||
Purchases | 10 | 14 | 24 | 34 | ||||
Sales | 0 | 0 | 0 | 0 | ||||
Issuances | 0 | 0 | 0 | 0 | ||||
Settlements | -2 | -1 | -17 | -6 | ||||
Transfer into Level 3 | 0 | 0 | 0 | 0 | ||||
Transfer out of Level 3 | 0 | 0 | 0 | 0 | ||||
Ending balance | 17 | 32 | 17 | 32 | ||||
Total gains (losses) included in net income attributable to assets still held | -12 | -13 | -26 | -45 | ||||
Other invested assets | Trading Securities | ' | ' | ' | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ||||
Beginning balance | 34 | 274 | 76 | 264 | ||||
Total realized and unrealized gains (losses), Included in net income | 0 | 6 | 7 | 11 | ||||
Total realized and unrealized gains (losses), Included in OCI | 0 | 0 | 0 | 0 | ||||
Purchases | 0 | 0 | 0 | 24 | ||||
Sales | 0 | -63 | -40 | -70 | ||||
Issuances | 0 | 0 | 0 | 0 | ||||
Settlements | 0 | -2 | -9 | -18 | ||||
Transfer into Level 3 | 0 | 0 | 0 | 4 | ||||
Transfer out of Level 3 | 0 | -31 | 0 | -31 | ||||
Ending balance | 34 | 184 | 34 | 184 | ||||
Total gains (losses) included in net income attributable to assets still held | 0 | 5 | 2 | 12 | ||||
Other invested assets | Interest rate swaps | Derivative assets | ' | ' | ' | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ||||
Beginning balance | ' | 3 | 2 | 5 | ||||
Total realized and unrealized gains (losses), Included in net income | ' | 0 | -1 | 0 | ||||
Total realized and unrealized gains (losses), Included in OCI | ' | 0 | 0 | 0 | ||||
Purchases | ' | 0 | 0 | 0 | ||||
Sales | ' | 0 | 0 | 0 | ||||
Issuances | ' | 0 | 0 | 0 | ||||
Settlements | ' | 0 | -1 | -2 | ||||
Transfer into Level 3 | ' | 0 | 0 | 0 | ||||
Transfer out of Level 3 | ' | 0 | 0 | 0 | ||||
Ending balance | 0 | 3 | 0 | 3 | ||||
Total gains (losses) included in net income attributable to assets still held | ' | 0 | -1 | 0 | ||||
Other invested assets | Credit default swaps | Derivative assets | ' | ' | ' | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ||||
Beginning balance | 6 | 2 | 7 | 0 | ||||
Total realized and unrealized gains (losses), Included in net income | 4 | 4 | 8 | 8 | ||||
Total realized and unrealized gains (losses), Included in OCI | 0 | 0 | 0 | 0 | ||||
Purchases | 0 | 0 | 0 | 0 | ||||
Sales | 0 | 0 | 0 | 0 | ||||
Issuances | 0 | 0 | 0 | 0 | ||||
Settlements | -2 | -1 | -7 | -3 | ||||
Transfer into Level 3 | 0 | 0 | 0 | 0 | ||||
Transfer out of Level 3 | 0 | 0 | 0 | 0 | ||||
Ending balance | 8 | 5 | 8 | 5 | ||||
Total gains (losses) included in net income attributable to assets still held | 3 | 4 | 6 | 8 | ||||
Other invested assets | Equity index options | Derivative assets | ' | ' | ' | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ||||
Beginning balance | 13 | 27 | 25 | 39 | ||||
Total realized and unrealized gains (losses), Included in net income | -13 | -17 | -30 | -46 | ||||
Total realized and unrealized gains (losses), Included in OCI | 0 | 0 | 0 | 0 | ||||
Purchases | 6 | 14 | 20 | 31 | ||||
Sales | 0 | 0 | 0 | 0 | ||||
Issuances | 0 | 0 | 0 | 0 | ||||
Settlements | 0 | 0 | -9 | 0 | ||||
Transfer into Level 3 | 0 | 0 | 0 | 0 | ||||
Transfer out of Level 3 | 0 | 0 | 0 | 0 | ||||
Ending balance | 6 | 24 | 6 | 24 | ||||
Total gains (losses) included in net income attributable to assets still held | -14 | -17 | -30 | -42 | ||||
Other invested assets | Other foreign currency contracts | Derivative assets | ' | ' | ' | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ||||
Beginning balance | 0 | ' | 0 | 9 | ||||
Total realized and unrealized gains (losses), Included in net income | -1 | ' | -1 | -11 | ||||
Total realized and unrealized gains (losses), Included in OCI | 0 | ' | 0 | 0 | ||||
Purchases | 4 | ' | 4 | 3 | ||||
Sales | 0 | ' | 0 | 0 | ||||
Issuances | 0 | ' | 0 | 0 | ||||
Settlements | 0 | ' | 0 | -1 | ||||
Transfer into Level 3 | 0 | ' | 0 | 0 | ||||
Transfer out of Level 3 | 0 | ' | 0 | 0 | ||||
Ending balance | 3 | 0 | 3 | 0 | ||||
Total gains (losses) included in net income attributable to assets still held | ($1) | ' | ($1) | ($11) | ||||
[1] | Represents contingent receivables associated with recent business dispositions. | |||||||
[2] | Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities. | |||||||
[3] | The transfers into and out of Level 3 were primarily related to private fixed rate U.S. corporate, corporate-non-U.S. and structured securities. For private fixed rate U.S. corporate securities, the transfers into and out of Level 3 resulted from a change in the observability of the additional premium to the public bond spread to adjust for the liquidity and other features of our private placements and resulted in unobservable inputs having a significant impact on certain valuations for transfers in or no longer having significant impact on certain valuations for transfers out. For structured securities, the transfers into and out of Level 3 were attributable to the changes in the observability of inputs used in the valuation as a result of liquidity or marketability of certain instruments that had a significant impact on the primary pricing source used to value the instruments. | |||||||
[4] | The transfers into and out of Level 3 were primarily related to private fixed rate U.S. corporate and corporate-non-U.S. securities and resulted from a change in the observability of the additional premium to the public bond spread to adjust for the liquidity and other features of our private placements and resulted in unobservable inputs having a significant impact on certain valuations for transfers in or no longer having significant impact on certain valuations for transfers out. | |||||||
[5] | The transfers into and out of Level 3 were primarily related to private fixed rate U.S. corporate and corporate-non-U.S. securities and structured securities. For private fixed rate U.S. corporate and corporate-non-U.S. securities, the transfers into and out of Level 3 resulted from a change in the observability of the additional premium to the public bond spread to adjust for the liquidity and other features of our private placements and resulted in unobservable inputs having a significant impact on certain valuations for transfers in or no longer having significant impact on certain valuations for transfers out. For structured securities, the transfers into and out of Level 3 were attributable to the changes in the observability of inputs used in the valuation as a result of liquidity or marketability of certain instruments that had a significant impact on the primary pricing source used to value the instruments. | |||||||
[6] | The transfers into and out of Level 3 were primarily related to private fixed rate U.S. corporate and corporate-non-U.S. securities and resulted from a change in the observability of the additional premium to the public bond spread to adjust for the liquidity and other features of our private placements and resulted in unobservable inputs having a significant impact on certain valuations for transfers in or no longer having significant impact on certain valuations for transfers out. During the second quarter of 2012, we began classifying private securities without an external rating as Level 3, which resulted in a significant number of securities being transferred into Level 3. |
Gains_and_Losses_Included_in_N
Gains and Losses Included in Net Income from Assets and Liabilities Recorded at Fair Value (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Fair value of financial instruments [Abstract] | ' | ' | ' | ' |
Total realized and unrealized gains (losses) included in net income, assets | ($12) | ($10) | ($20) | ($23) |
Total gains (losses) included in net income attributable to assets still held, assets | -8 | -15 | -24 | -23 |
Total realized and unrealized (gains) losses included in net (income), liabilities | -68 | -118 | -231 | -205 |
Total (gains) losses included in net (income) attributable to liabilities still held, liabilities | -68 | -116 | -229 | -203 |
Net Investment Income | ' | ' | ' | ' |
Fair value of financial instruments [Abstract] | ' | ' | ' | ' |
Total realized and unrealized gains (losses) included in net income, assets | 8 | 8 | 28 | 22 |
Total gains (losses) included in net income attributable to assets still held, assets | 8 | 4 | 25 | 17 |
Total realized and unrealized (gains) losses included in net (income), liabilities | 0 | 0 | 0 | 0 |
Total (gains) losses included in net (income) attributable to liabilities still held, liabilities | 0 | 0 | 0 | 0 |
Net Investment Gains (Losses) | ' | ' | ' | ' |
Fair value of financial instruments [Abstract] | ' | ' | ' | ' |
Total realized and unrealized gains (losses) included in net income, assets | -20 | -18 | -48 | -45 |
Total gains (losses) included in net income attributable to assets still held, assets | -16 | -19 | -49 | -40 |
Total realized and unrealized (gains) losses included in net (income), liabilities | -68 | -118 | -231 | -205 |
Total (gains) losses included in net (income) attributable to liabilities still held, liabilities | ($68) | ($116) | ($229) | ($203) |
Liabilities_Measured_at_Fair_V
Liabilities Measured at Fair Value on Recurring Basis and Utilized Significant Unobservable (Level 3) Inputs to Determine Fair Value (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ||||
Beginning balance | $414 | $712 | $544 | $778 | ||||
Total realized and unrealized (gains) losses included in net (income) | -68 | -118 | -231 | -205 | ||||
Total realized and unrealized (gains) losses included in OCI | 0 | 0 | 0 | 0 | ||||
Purchases | 5 | 1 | 7 | 4 | ||||
Sales | 0 | 0 | 0 | 0 | ||||
Issuances | 45 | 20 | 76 | 42 | ||||
Settlements | -1 | -9 | -1 | -13 | ||||
Transfer into Level 3 | 0 | 0 | 0 | 0 | ||||
Transfer out of Level 3 | 0 | 0 | 0 | 0 | ||||
Ending balance | 395 | 606 | 395 | 606 | ||||
Total (gains) losses included in net (income) attributable to liabilities still held | -68 | -116 | -229 | -203 | ||||
Derivative liabilities | ' | ' | ' | ' | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ||||
Beginning balance | 81 | 192 | 105 | 234 | ||||
Total realized and unrealized (gains) losses included in net (income) | -23 | -39 | -49 | -80 | ||||
Total realized and unrealized (gains) losses included in OCI | 0 | 0 | 0 | 0 | ||||
Purchases | 5 | 1 | 7 | 4 | ||||
Sales | 0 | 0 | 0 | 0 | ||||
Issuances | 0 | 0 | 0 | 0 | ||||
Settlements | -1 | -9 | -1 | -13 | ||||
Transfer into Level 3 | 0 | 0 | 0 | 0 | ||||
Transfer out of Level 3 | 0 | 0 | 0 | 0 | ||||
Ending balance | 62 | 145 | 62 | 145 | ||||
Total (gains) losses included in net (income) attributable to liabilities still held | -23 | -39 | -49 | -83 | ||||
Policyholder account balances | ' | ' | ' | ' | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ||||
Beginning balance | 259 | 463 | 377 | 496 | ||||
Total realized and unrealized (gains) losses included in net (income) | -44 | -82 | -193 | -137 | ||||
Total realized and unrealized (gains) losses included in OCI | 0 | 0 | 0 | 0 | ||||
Purchases | 0 | 0 | 0 | 0 | ||||
Sales | 0 | 0 | 0 | 0 | ||||
Issuances | 45 | 20 | 76 | 42 | ||||
Settlements | 0 | 0 | 0 | 0 | ||||
Transfer into Level 3 | 0 | 0 | 0 | 0 | ||||
Transfer out of Level 3 | 0 | 0 | 0 | 0 | ||||
Ending balance | 260 | 401 | 260 | 401 | ||||
Total (gains) losses included in net (income) attributable to liabilities still held | -44 | -80 | -191 | -132 | ||||
Policyholder account balances | GMWB embedded derivatives | ' | ' | ' | ' | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ||||
Beginning balance | 215 | [1] | 453 | [1] | 350 | [1] | 492 | [1] |
Total realized and unrealized (gains) losses included in net (income) | -47 | [1] | -83 | [1] | -200 | [1] | -139 | [1] |
Total realized and unrealized (gains) losses included in OCI | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Purchases | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Sales | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Issuances | 9 | [1] | 10 | [1] | 27 | [1] | 27 | [1] |
Settlements | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Transfer into Level 3 | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Transfer out of Level 3 | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Ending balance | 177 | [1] | 380 | [1] | 177 | [1] | 380 | [1] |
Total (gains) losses included in net (income) attributable to liabilities still held | -47 | [1] | -81 | [1] | -198 | [1] | -134 | [1] |
Policyholder account balances | Fixed index annuity embedded derivatives | ' | ' | ' | ' | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ||||
Beginning balance | 44 | 10 | 27 | 4 | ||||
Total realized and unrealized (gains) losses included in net (income) | 3 | 1 | 7 | 2 | ||||
Total realized and unrealized (gains) losses included in OCI | 0 | 0 | 0 | 0 | ||||
Purchases | 0 | 0 | 0 | 0 | ||||
Sales | 0 | 0 | 0 | 0 | ||||
Issuances | 36 | 10 | 49 | 15 | ||||
Settlements | 0 | 0 | 0 | 0 | ||||
Transfer into Level 3 | 0 | 0 | 0 | 0 | ||||
Transfer out of Level 3 | 0 | 0 | 0 | 0 | ||||
Ending balance | 83 | 21 | 83 | 21 | ||||
Total (gains) losses included in net (income) attributable to liabilities still held | 3 | 1 | 7 | 2 | ||||
Credit default swaps | Derivative liabilities | ' | ' | ' | ' | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ||||
Beginning balance | ' | 37 | 1 | 57 | ||||
Total realized and unrealized (gains) losses included in net (income) | ' | -19 | -1 | -37 | ||||
Total realized and unrealized (gains) losses included in OCI | ' | 0 | 0 | 0 | ||||
Purchases | ' | 0 | 0 | 2 | ||||
Sales | ' | 0 | 0 | 0 | ||||
Issuances | ' | 0 | 0 | 0 | ||||
Settlements | ' | -9 | 0 | -13 | ||||
Transfer into Level 3 | ' | 0 | 0 | 0 | ||||
Transfer out of Level 3 | ' | 0 | 0 | 0 | ||||
Ending balance | 0 | 9 | 0 | 9 | ||||
Total (gains) losses included in net (income) attributable to liabilities still held | ' | -19 | -1 | -40 | ||||
Credit default swaps related to securitization entities | Derivative liabilities | ' | ' | ' | ' | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ||||
Beginning balance | 80 | 155 | 104 | 177 | ||||
Total realized and unrealized (gains) losses included in net (income) | -23 | -20 | -49 | -43 | ||||
Total realized and unrealized (gains) losses included in OCI | 0 | 0 | 0 | 0 | ||||
Purchases | 2 | 1 | 4 | 2 | ||||
Sales | 0 | 0 | 0 | 0 | ||||
Issuances | 0 | 0 | 0 | 0 | ||||
Settlements | 0 | 0 | 0 | 0 | ||||
Transfer into Level 3 | 0 | 0 | 0 | 0 | ||||
Transfer out of Level 3 | 0 | 0 | 0 | 0 | ||||
Ending balance | 59 | 136 | 59 | 136 | ||||
Total (gains) losses included in net (income) attributable to liabilities still held | -23 | -20 | -49 | -43 | ||||
Equity index options | Derivative liabilities | ' | ' | ' | ' | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ||||
Beginning balance | 1 | ' | 0 | ' | ||||
Total realized and unrealized (gains) losses included in net (income) | 0 | ' | 1 | ' | ||||
Total realized and unrealized (gains) losses included in OCI | 0 | ' | 0 | ' | ||||
Purchases | 0 | ' | 0 | ' | ||||
Sales | 0 | ' | 0 | ' | ||||
Issuances | 0 | ' | 0 | ' | ||||
Settlements | -1 | ' | -1 | ' | ||||
Transfer into Level 3 | 0 | ' | 0 | ' | ||||
Transfer out of Level 3 | 0 | ' | 0 | ' | ||||
Ending balance | 0 | ' | 0 | ' | ||||
Total (gains) losses included in net (income) attributable to liabilities still held | 0 | ' | 1 | ' | ||||
Other foreign currency contracts | Derivative liabilities | ' | ' | ' | ' | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ||||
Beginning balance | 0 | ' | 0 | ' | ||||
Total realized and unrealized (gains) losses included in net (income) | 0 | ' | 0 | ' | ||||
Total realized and unrealized (gains) losses included in OCI | 0 | ' | 0 | ' | ||||
Purchases | 3 | ' | 3 | ' | ||||
Sales | 0 | ' | 0 | ' | ||||
Issuances | 0 | ' | 0 | ' | ||||
Settlements | 0 | ' | 0 | ' | ||||
Transfer into Level 3 | 0 | ' | 0 | ' | ||||
Transfer out of Level 3 | 0 | ' | 0 | ' | ||||
Ending balance | 3 | ' | 3 | ' | ||||
Total (gains) losses included in net (income) attributable to liabilities still held | 0 | ' | 0 | ' | ||||
Borrowings related to securitization entities | ' | ' | ' | ' | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ||||
Beginning balance | 74 | 57 | 62 | 48 | ||||
Total realized and unrealized (gains) losses included in net (income) | -1 | 3 | 11 | 12 | ||||
Total realized and unrealized (gains) losses included in OCI | 0 | 0 | 0 | 0 | ||||
Purchases | 0 | 0 | 0 | 0 | ||||
Sales | 0 | 0 | 0 | 0 | ||||
Issuances | 0 | 0 | 0 | 0 | ||||
Settlements | 0 | 0 | 0 | 0 | ||||
Transfer into Level 3 | 0 | 0 | 0 | 0 | ||||
Transfer out of Level 3 | 0 | 0 | 0 | 0 | ||||
Ending balance | 73 | 60 | 73 | 60 | ||||
Total (gains) losses included in net (income) attributable to liabilities still held | ($1) | $3 | $11 | $12 | ||||
[1] | Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. |
Summary_of_Significant_Unobser
Summary of Significant Unobservable Inputs Used for Fair Value Measurements Classified As Level 3 (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | ||
In Millions, unless otherwise specified | Derivative assets | Derivative assets | Derivative assets | Derivative liabilities | Internal Models | Internal Models | Internal Models | Internal Models | ||||
Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | GMWB embedded derivatives | Fixed index annuity embedded derivatives | |||||
Credit default swaps | Equity index options | Other foreign currency contracts | Other foreign currency contracts | U.S. corporate | Corporate - non-U.S. | Level 3 | Level 3 | |||||
Policyholder account balances | Policyholder account balances | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Valuation technique | ' | ' | 'Discounted cash flows | [1] | 'Discounted cash flows | 'Discounted cash flows | 'Discounted cash flows | 'Matrix pricing | 'Matrix pricing | 'Stochastic cash flow model | [2] | 'Option budget method |
Fixed maturity securities available-for-sale, at fair value | $59,086 | $62,161 | ' | ' | ' | ' | $2,191 | $1,709 | ' | ' | ||
Derivative assets, fair value | ' | ' | 8 | [1] | 6 | 3 | ' | ' | ' | ' | ' | |
Policyholder account balances | 260 | 377 | ' | ' | ' | ' | ' | ' | 177 | [2] | 83 | |
Derivative liabilities, fair value | ' | ' | ' | ' | ' | $3 | ' | ' | ' | ' | ||
Fair value input, foreign exchange rate volatility, lower limit | ' | ' | ' | ' | 36.00% | 32.00% | ' | ' | ' | ' | ||
Fair value input, foreign exchange rate volatility, upper limit | ' | ' | ' | ' | 62.00% | 40.00% | ' | ' | ' | ' | ||
Fair value input, foreign exchange rate volatility, weighted-average | ' | ' | ' | ' | 42.00% | 37.00% | ' | ' | ' | ' | ||
Fair value, withdrawal utilization rate, lower limit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Fair value, withdrawal utilization rate, upper limit | ' | ' | ' | ' | ' | ' | ' | ' | 98.00% | ' | ||
Fair value, lapse rate, lower limit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Fair value, lapse rate, upper limit | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ||
Fair value input, credit spreads, lower limit | ' | ' | 0.03% | [1] | ' | ' | ' | 0.64% | 0.69% | 0.50% | ' | |
Fair value input, credit spreads, upper limit | ' | ' | 0.59% | [1] | ' | ' | ' | 5.75% | 4.20% | 0.90% | ' | |
Fair value input, credit spreads, weighted-average | ' | ' | 0.33% | [1] | ' | ' | ' | 2.07% | 1.90% | 0.79% | ' | |
Fair value input, equity index volatility, lower limit | ' | ' | ' | 15.00% | ' | ' | ' | ' | 16.00% | [2] | ' | |
Fair value input, equity index volatility, upper limit | ' | ' | ' | 25.00% | ' | ' | ' | ' | 25.00% | [2] | ' | |
Fair value input, equity index volatility, weighted-average | ' | ' | ' | 22.00% | ' | ' | ' | ' | 22.00% | [2] | ' | |
Fair value, expected future interest credited, lower limit | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ||
Fair value, expected future interest credited, upper limit | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ||
Fair value, expected future interest credited, weighted-average | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ||
[1] | Unobservable input valuation based on the current market credit default swap premium. | |||||||||||
[2] | Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Apr. 30, 2013 | Sep. 30, 2013 |
Commitments and Contingencies Disclosure [Line Items] | ' | ' |
Loss contingency settlement payment | $4 | ' |
loss contingency settlement payment period | '10 years | ' |
Damages sought | ' | 834 |
Commitment to fund limited partnership investments | ' | 67 |
Commitment to fund U.S. commercial mortgage loan investments | ' | 58 |
Commitment to fund private placement investments | ' | $8 |
Borrowings_and_Other_Financing2
Borrowings and Other Financings - Additional Information (Detail) (USD $) | 9 Months Ended | 1 Months Ended | 1 Months Ended | 9 Months Ended | ||||||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Aug. 31, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Aug. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 26, 2013 | Sep. 26, 2013 | ||||||
5.75% Senior Notes, Due 2014 | 5.75% Senior Notes, Due 2014 | 4.95% Senior Notes, Due 2015 | 4.95% Senior Notes, Due 2015 | 4.95% Senior Notes, Due 2015 | 4.95% Senior Notes, Due 2015 | 4.90% Senior Notes, Due 2023 | 4.90% Senior Notes, Due 2023 | 4.90% Senior Notes, Due 2023 | Short-term borrowings | Short-term borrowings | Letter of Credit | |||||||||
Revolving Credit Facility Maturing September 2016 | Revolving Credit Facility Maturing September 2016 | Revolving Credit Facility Maturing September 2016 | ||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300 | $100 | ||||||
Line of credit facility, expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Sep-16 | ' | ' | ||||||
Amount outstanding, credit facility | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Repayment and repurchase of long-term debt | 365 | 222 | 15 | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Interest rate | ' | ' | 5.75% | [1] | 5.75% | [1] | ' | 4.95% | ' | [1] | 4.95% | [1] | 4.90% | 4.90% | [1] | ' | [1] | ' | ' | ' |
Debt instrument, maturity year | ' | ' | '2014 | [1] | '2014 | [1] | ' | '2015 | ' | [1] | '2015 | [1] | '2023 | '2023 | [1] | ' | [1] | ' | ' | ' |
Issued notes, aggregate principal amount | ' | ' | ' | ' | ' | ' | ' | ' | 400 | ' | ' | ' | ' | ' | ||||||
Issued senior notes, net proceeds | ' | ' | ' | ' | ' | ' | ' | ' | 395 | ' | ' | ' | ' | ' | ||||||
Early repayment of senior debt | ' | ' | ' | ' | 346 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Pre-tax make-whole expense | ' | ' | ' | ' | $30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
[1] | We have the option to redeem all or a portion of the senior notes at any time with notice to the noteholders at a price equal to the greater of 100% of principal or the sum of the present value of the remaining scheduled payments of principal and interest discounted at the then-current treasury rate plus an applicable spread. |
Schedule_of_Long_Term_Borrowin
Schedule of Long Term Borrowings (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Debt Instrument [Line Items] | ' | ' | ||
Long-term borrowings | $4,780 | $4,776 | ||
5.75% Senior Notes, Due 2014 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term borrowings | 485 | [1] | 500 | [1] |
4.95% Senior Notes, Due 2015 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term borrowings | ' | [1] | 350 | [1] |
8.625% Senior Notes, Due 2016 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term borrowings | 300 | [1] | 300 | [1] |
6.52% Senior Notes, Due 2018 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term borrowings | 600 | [1] | 600 | [1] |
7.70% Senior Notes, Due 2020 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term borrowings | 400 | [1] | 400 | [1] |
7.20% Senior Notes, Due 2021 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term borrowings | 399 | [1] | 399 | [1] |
7.625% Senior Notes, Due 2021 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term borrowings | 759 | [1] | 760 | [1] |
4.90% Senior Notes, Due 2023 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term borrowings | 399 | [1] | ' | [1] |
6.50% Senior Notes, Due 2034 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term borrowings | 297 | [1] | 297 | [1] |
6.15% Junior Notes, Due 2066 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term borrowings | 598 | 598 | ||
Genworth MI Canada Inc. | 4.59% Senior Notes, Due 2015 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term borrowings | 145 | [2] | 151 | [2] |
Genworth MI Canada Inc. | 5.68% Senior Notes, Due 2020 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term borrowings | 267 | [2] | 276 | [2] |
Genworth Financial Mortgage Insurance Pty Limited | Floating Rate Junior Notes, due 2021 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term borrowings | $131 | [3] | $145 | [3] |
[1] | We have the option to redeem all or a portion of the senior notes at any time with notice to the noteholders at a price equal to the greater of 100% of principal or the sum of the present value of the remaining scheduled payments of principal and interest discounted at the then-current treasury rate plus an applicable spread. | |||
[2] | Senior notes issued by our majority-owned subsidiary, Genworth MI Canada Inc. | |||
[3] | Subordinated floating rate notes issued by our indirect wholly-owned subsidiary, Genworth Financial Mortgage Insurance Pty Limited. |
Schedule_of_Long_Term_Borrowin1
Schedule of Long Term Borrowings (Parenthetical) (Detail) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Aug. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||
5.75% Senior Notes, Due 2014 | 5.75% Senior Notes, Due 2014 | 4.95% Senior Notes, Due 2015 | 4.95% Senior Notes, Due 2015 | 4.95% Senior Notes, Due 2015 | 8.625% Senior Notes, Due 2016 | 8.625% Senior Notes, Due 2016 | 6.52% Senior Notes, Due 2018 | 6.52% Senior Notes, Due 2018 | 7.70% Senior Notes, Due 2020 | 7.70% Senior Notes, Due 2020 | 7.20% Senior Notes, Due 2021 | 7.20% Senior Notes, Due 2021 | 7.625% Senior Notes, Due 2021 | 7.625% Senior Notes, Due 2021 | 4.90% Senior Notes, Due 2023 | 4.90% Senior Notes, Due 2023 | 4.90% Senior Notes, Due 2023 | 6.50% Senior Notes, Due 2034 | 6.50% Senior Notes, Due 2034 | 6.15% Junior Notes, Due 2066 | 6.15% Junior Notes, Due 2066 | Genworth MI Canada Inc. | Genworth MI Canada Inc. | Genworth MI Canada Inc. | Genworth MI Canada Inc. | Genworth Financial Mortgage Insurance Pty Limited | Genworth Financial Mortgage Insurance Pty Limited | ||||||||||||||||||||||||||
4.59% Senior Notes, Due 2015 | 4.59% Senior Notes, Due 2015 | 5.68% Senior Notes, Due 2020 | 5.68% Senior Notes, Due 2020 | Floating Rate Junior Notes, due 2021 | Floating Rate Junior Notes, due 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||
Interest rate | ' | 5.75% | [1] | 5.75% | [1] | ' | [1] | 4.95% | 4.95% | [1] | 8.63% | [1] | 8.63% | [1] | 6.52% | [1] | 6.52% | [1] | 7.70% | [1] | 7.70% | [1] | 7.20% | [1] | 7.20% | [1] | 7.63% | [1] | 7.63% | [1] | 4.90% | [1] | 4.90% | ' | [1] | 6.50% | [1] | 6.50% | [1] | 6.15% | 6.15% | 4.59% | [2] | 4.59% | [2] | 5.68% | [2] | 5.68% | [2] | ' | ' | ||
Debt instrument, maturity year | ' | '2014 | [1] | '2014 | [1] | ' | [1] | '2015 | '2015 | [1] | '2016 | [1] | '2016 | [1] | '2018 | [1] | '2018 | [1] | '2020 | [1] | '2020 | [1] | '2021 | [1] | '2021 | [1] | '2021 | [1] | '2021 | [1] | '2023 | [1] | '2023 | ' | [1] | '2034 | [1] | '2034 | [1] | '2066 | '2066 | '2015 | [2] | '2015 | [2] | '2020 | [2] | '2020 | [2] | '2021 | [3] | '2021 | [3] |
Senior notes redemption option | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||
[1] | We have the option to redeem all or a portion of the senior notes at any time with notice to the noteholders at a price equal to the greater of 100% of principal or the sum of the present value of the remaining scheduled payments of principal and interest discounted at the then-current treasury rate plus an applicable spread. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Senior notes issued by our majority-owned subsidiary, Genworth MI Canada Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Subordinated floating rate notes issued by our indirect wholly-owned subsidiary, Genworth Financial Mortgage Insurance Pty Limited. |
Segment_Information_Additional
Segment Information - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | |||||
In Millions, unless otherwise specified | Jun. 30, 2013 | Mar. 27, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Apr. 02, 2013 | Jun. 30, 2013 |
Position | Segment | Reverse Mortgage Business | Open Positions Not Filled | ||||||
Position | |||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operating segments | ' | ' | ' | ' | ' | 5 | ' | ' | ' |
Proceeds from sale of business | ' | $412 | ' | ' | ' | ' | ' | $22 | ' |
Expenses related to reorganization, net of taxes | ' | ' | 0 | 13 | 0 | 13 | 0 | ' | ' |
Number of positions eliminated | 400 | ' | ' | ' | ' | ' | ' | ' | 150 |
Pre-tax non-operating charge for severance, outplacement and other associated costs | $20 | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Revenues_for_Segmen
Summary of Revenues for Segments and Corporate and Other Activities (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | $2,317 | $2,456 | $6,991 | $7,173 |
Life Insurance | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 492 | 533 | 1,488 | 1,404 |
Long-term Care Insurance | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 846 | 809 | 2,447 | 2,381 |
Fixed Annuities | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 249 | 284 | 776 | 838 |
U.S. Life Insurance | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 1,587 | 1,626 | 4,711 | 4,623 |
Canada Mortgage Insurance | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 190 | 197 | 576 | 591 |
Australia Mortgage Insurance | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 131 | 140 | 418 | 421 |
Other Countries | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 8 | 13 | 29 | 45 |
International Mortgage Insurance | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 329 | 350 | 1,023 | 1,057 |
U.S. Mortgage Insurance | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 156 | 156 | 461 | 514 |
International Protection | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 187 | 198 | 594 | 627 |
Runoff | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 73 | 92 | 185 | 289 |
Corporate and Other | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | ($15) | $34 | $17 | $63 |
Summary_of_Net_Operating_Incom
Summary of Net Operating Income (Loss) for Segments and Corporate and Other Activities (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net operating income (loss) | $119 | ' | $111 | $403 | $195 |
Net investment gains (losses), net of taxes and other adjustments | -13 | ' | -2 | -26 | -3 |
Income (loss) from discontinued operations, net of taxes | 2 | ' | 12 | -12 | 51 |
Expenses related to restructuring, net of taxes | 0 | -13 | 0 | -13 | 0 |
Goodwill impairment, net of taxes | 0 | ' | -86 | 0 | -86 |
Net income available to Genworth Financial, Inc.'s common stockholders | 108 | ' | 35 | 352 | 157 |
Add: net income attributable to noncontrolling interests | 40 | ' | 36 | 117 | 102 |
Net income | 148 | ' | 71 | 469 | 259 |
Life Insurance | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net operating income (loss) | 54 | ' | 22 | 117 | 58 |
Long-term Care Insurance | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net operating income (loss) | 41 | ' | 45 | 87 | 94 |
Fixed Annuities | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net operating income (loss) | 16 | ' | 19 | 71 | 62 |
U.S. Life Insurance | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net operating income (loss) | 111 | ' | 86 | 275 | 214 |
Canada Mortgage Insurance | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net operating income (loss) | 41 | ' | 42 | 126 | 120 |
Australia Mortgage Insurance | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net operating income (loss) | 61 | ' | 57 | 162 | 80 |
Other Countries | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net operating income (loss) | -12 | ' | -5 | -28 | -23 |
International Mortgage Insurance | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net operating income (loss) | 90 | ' | 94 | 260 | 177 |
U.S. Mortgage Insurance | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net operating income (loss) | -3 | ' | -37 | 31 | -106 |
International Protection | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net operating income (loss) | 4 | ' | 8 | 11 | 16 |
Runoff | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net operating income (loss) | 25 | ' | 9 | 47 | 38 |
Corporate and Other | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net operating income (loss) | ($108) | ' | ($49) | ($221) | ($144) |
Summary_of_Total_Assets_for_Se
Summary of Total Assets for Segments and Corporate and Other Activities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Total assets | $108,134 | $113,312 |
Segment, Continuing Operations | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 108,134 | 112,873 |
Segment, Continuing Operations | U.S. Life Insurance | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 76,994 | 79,214 |
Segment, Continuing Operations | International Mortgage Insurance | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 9,424 | 10,063 |
Segment, Continuing Operations | U.S. Mortgage Insurance | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 2,043 | 2,357 |
Segment, Continuing Operations | International Protection | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 2,095 | 2,145 |
Segment, Continuing Operations | Runoff | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 14,138 | 15,308 |
Segment, Continuing Operations | Corporate and Other | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 3,440 | 3,786 |
Segment, Discontinued Operations | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | $0 | $439 |
Component_of_Changes_in_Accumu
Component of Changes in Accumulated OCI, net of Taxes (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ' | ' | ' | ' | ||||
Net unrealized investment gains (losses), beginning of period | $1,294 | [1] | $2,016 | [1] | $2,638 | [1] | $1,485 | [1] |
Net unrealized investment gains (losses), OCI before reclassifications | -197 | [1] | 536 | [1] | -1,586 | [1] | 1,040 | [1] |
Net unrealized investment gains (losses), amounts reclassified from OCI | 11 | [1] | 9 | [1] | 19 | [1] | 33 | [1] |
Net unrealized investment gains (losses), current period OCI | -186 | [1] | 545 | [1] | -1,567 | [1] | 1,073 | [1] |
Net unrealized investment gains (losses), before noncontrolling interest | 1,108 | [1] | 2,561 | [1] | 1,071 | [1] | 2,558 | [1] |
Less: Net unrealized investment gains (losses), change in OCI attributable to noncontrolling interests | -1 | [1] | 8 | [1] | -38 | [1] | 5 | [1] |
Net unrealized investment gains (losses), end of period | 1,109 | [1] | 2,553 | [1] | 1,109 | [1] | 2,553 | [1] |
Derivatives qualifying as effective accounting hedges, beginning of period | 1,581 | [2] | 2,087 | [2] | 1,909 | [2] | 2,009 | [2] |
Derivatives qualifying as hedges, OCI before reclassifications | -131 | [2] | -72 | [2] | -446 | [2] | 18 | [2] |
Derivatives qualifying as hedges, amounts reclassified from OCI | -8 | [2] | -4 | [2] | -21 | [2] | -16 | [2] |
Derivatives qualifying as hedges, current period OCI | -139 | [2] | -76 | [2] | -467 | [2] | 2 | [2] |
Derivatives qualifying as hedges, before noncontrolling interests | 1,442 | [2] | 2,011 | [2] | 1,442 | [2] | 2,011 | [2] |
Less: Derivatives qualifying as hedges, change in OCI attributable to noncontrolling interests | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] |
Derivatives qualifying as effective accounting hedges, end of period | 1,442 | [2] | 2,011 | [2] | 1,442 | [2] | 2,011 | [2] |
Foreign currency translation and other adjustments, beginning balances | 267 | 550 | 655 | 553 | ||||
Foreign currency translation and other adjustments, OCI before reclassifications | 144 | 148 | -313 | 145 | ||||
Foreign currency translation and other adjustments, amounts reclassified from OCI | 0 | 0 | 0 | 0 | ||||
Foreign currency translation and other adjustments, current period OCI | 144 | 148 | -313 | 145 | ||||
Foreign currency translation and other adjustments, before noncontrolling interests | 411 | 698 | 342 | 698 | ||||
Less: Foreign currency translation and other adjustments, change in OCI attributable to noncontrolling interests | 23 | 39 | -46 | 39 | ||||
Foreign currency translation and other adjustments, ending balances | 388 | 659 | 388 | 659 | ||||
Accumulated other comprehensive income (loss), beginning balances | 3,142 | 4,653 | 5,202 | 4,047 | ||||
OCI before reclassifications | -184 | 612 | -2,345 | 1,203 | ||||
Amounts reclassified from OCI | 3 | 5 | -2 | 17 | ||||
Total other comprehensive income (loss) | -181 | 617 | -2,347 | 1,220 | ||||
Accumulated other comprehensive income (loss), before noncontrolling interests | 2,961 | 5,270 | 2,855 | 5,267 | ||||
Less: change in OCI attributable to noncontrolling interests | 22 | 47 | -84 | 44 | ||||
Accumulated other comprehensive income (loss), ending balances | $2,939 | $5,223 | $2,939 | $5,223 | ||||
[1] | Net of adjustments to deferred acquisition costs, present value of future profits, sales inducements and benefit reserves. See note 4 for additional information. | |||||||
[2] | See note 5 for additional information. |
Changes_in_Other_Comprehensive
Changes in Other Comprehensive Income (Loss) - Additional Information (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ' | ' |
Unrecognized postretirement benefit obligation, current period OCI | $26 | $20 |
Unrecognized postretirement benefit obligation, current period OCI, tax | 13 | 11 |
Foreign currency translation and other adjustments, current period OCI, tax | $50 | $48 |
Reclassifications_out_of_Accum
Reclassifications out of Accumulated Other Comprehensive Income (Loss) net of Taxes (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ' | ' | ' | ' | ||||
Net unrealized investment gains (losses), amounts reclassified from OCI, provision for income taxes | $6 | $6 | $10 | $19 | ||||
Net unrealized investment gains (losses), amounts reclassified from OCI | 11 | [1] | 9 | [1] | 19 | [1] | 33 | [1] |
Derivatives qualifying as hedges, amounts reclassified from OCI | -8 | [2] | -4 | [2] | -21 | [2] | -16 | [2] |
Unrealized gains (losses) on investment | Net Investment Gains (Losses) | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ' | ' | ' | ' | ||||
Net unrealized investment gains (losses), amounts reclassified from OCI, before tax | 17 | [3] | 15 | [3] | 29 | [3] | 52 | [3] |
Provision for income taxes | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ' | ' | ' | ' | ||||
Net unrealized investment gains (losses), amounts reclassified from OCI, provision for income taxes | -6 | -6 | -10 | -19 | ||||
Derivatives qualifying as hedges, amounts reclassified from OCI | 4 | 9 | 10 | 9 | ||||
Interest Rate Swaps Hedging Assets | Net Investment Gains (Losses) | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ' | ' | ' | ' | ||||
Derivatives qualifying as hedges, amounts reclassified from OCI | 0 | -1 | -1 | -2 | ||||
Interest Rate Swaps Hedging Assets | Net Investment Income | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ' | ' | ' | ' | ||||
Derivatives qualifying as hedges, amounts reclassified from OCI | -15 | -9 | -34 | -28 | ||||
Interest Rate Swaps Hedging Liabilities | Interest Expense | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ' | ' | ' | ' | ||||
Derivatives qualifying as hedges, amounts reclassified from OCI | 0 | 0 | -1 | -1 | ||||
Inflation indexed swaps | Net Investment Income | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ' | ' | ' | ' | ||||
Derivatives qualifying as hedges, amounts reclassified from OCI | $3 | ($3) | $5 | $6 | ||||
[1] | Net of adjustments to deferred acquisition costs, present value of future profits, sales inducements and benefit reserves. See note 4 for additional information. | |||||||
[2] | See note 5 for additional information. | |||||||
[3] | Amounts exclude adjustments to deferred acquisition costs, present value of future profits, sales inducements and benefit reserves. |
Assets_and_Liabilities_Associa
Assets and Liabilities Associated with Discontinued Operations (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Millions, unless otherwise specified | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Other invested assets | $0 | $10 | ' |
Cash and cash equivalents | 0 | 21 | 21 |
Intangible assets | 0 | 115 | ' |
Goodwill | 0 | 260 | ' |
Other assets | 0 | 33 | ' |
Assets associated with discontinued operations | 0 | 439 | ' |
Other liabilities | 0 | 48 | ' |
Deferred tax liability | 0 | 13 | ' |
Liabilities associated with discontinued operations | $0 | $61 | ' |
Summary_Operating_Results_of_D
Summary Operating Results of Discontinued Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Revenues | $54 | $82 | $211 | $313 |
Income (loss) before income taxes | 3 | 19 | -5 | 95 |
Provision for income taxes | 1 | 7 | 7 | 44 |
Income (loss) from discontinued operations, net of taxes | $2 | $12 | ($12) | $51 |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 |
Contingent Consideration Liability | Fair Value Less Costs to Sell Adjustment | Closing | Goodwill Impairment Loss | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Loss on sale of discontinued operations, net of taxes | ($5) | ($9) | ($2) | ($13) |
Business acquisition contingent consideration liability | $40 | ' | ' | ' |
Condensed_Consolidating_Balanc
Condensed Consolidating Balance Sheet (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||||
Assets | ' | ' | ' | ' | ' | ' |
Fixed maturity securities available-for-sale, at fair value | $59,086 | ' | $62,161 | ' | ' | ' |
Equity securities available-for-sale, at fair value | 379 | ' | 518 | ' | ' | ' |
Commercial mortgage loans | 5,858 | ' | 5,872 | ' | ' | ' |
Restricted commercial mortgage loans related to securitization entities | 290 | ' | 341 | ' | ' | ' |
Policy loans | 1,668 | ' | 1,601 | ' | ' | ' |
Other invested assets | 1,826 | ' | 3,493 | ' | ' | ' |
Restricted other invested assets related to securitization entities | 392 | ' | 393 | ' | ' | ' |
Investments in subsidiaries | 0 | ' | 0 | ' | ' | ' |
Total investments | 69,499 | ' | 74,379 | ' | ' | ' |
Cash and cash equivalents | 3,554 | ' | 3,632 | 3,720 | ' | ' |
Accrued investment income | 705 | ' | 715 | ' | ' | ' |
Deferred acquisition costs | 5,256 | ' | 5,036 | ' | ' | ' |
Intangible assets | 404 | ' | 366 | ' | ' | ' |
Goodwill | 867 | ' | 868 | ' | ' | ' |
Reinsurance recoverable | 17,224 | ' | 17,230 | ' | ' | ' |
Other assets | 668 | ' | 710 | ' | ' | ' |
Intercompany notes receivable | 0 | ' | 0 | ' | ' | ' |
Separate account assets | 9,957 | ' | 9,937 | ' | ' | ' |
Assets associated with discontinued operations | 0 | ' | 439 | ' | ' | ' |
Total assets | 108,134 | ' | 113,312 | ' | ' | ' |
Liabilities and stockholders' equity | ' | ' | ' | ' | ' | ' |
Future policy benefits | 33,612 | ' | 33,505 | ' | ' | ' |
Policyholder account balances | 25,266 | ' | 26,262 | ' | ' | ' |
Liability for policy and contract claims | 7,271 | ' | 7,509 | ' | ' | ' |
Unearned premiums | 4,160 | ' | 4,333 | ' | ' | ' |
Other liabilities | 4,607 | ' | 5,239 | ' | ' | ' |
Intercompany notes payable | 0 | ' | 0 | ' | ' | ' |
Borrowings related to securitization entities | 297 | ' | 336 | ' | ' | ' |
Non-recourse funding obligations | 2,046 | ' | 2,066 | ' | ' | ' |
Long-term borrowings | 4,780 | ' | 4,776 | ' | ' | ' |
Deferred tax liability | 293 | ' | 1,507 | ' | ' | ' |
Separate account liabilities | 9,957 | ' | 9,937 | ' | ' | ' |
Liabilities associated with discontinued operations | 0 | ' | 61 | ' | ' | ' |
Total liabilities | 92,289 | ' | 95,531 | ' | ' | ' |
Stockholders' equity: | ' | ' | ' | ' | ' | ' |
Common stock | 1 | ' | 1 | ' | ' | ' |
Additional paid-in capital | 12,149 | ' | 12,127 | ' | ' | ' |
Accumulated other comprehensive income (loss) | 2,939 | 3,142 | 5,202 | 5,223 | 4,653 | 4,047 |
Retained earnings | 2,215 | ' | 1,863 | ' | ' | ' |
Treasury stock, at cost | -2,700 | ' | -2,700 | ' | ' | ' |
Total Genworth Financial, Inc.'s stockholders' equity | 14,604 | ' | 16,493 | ' | ' | ' |
Noncontrolling interests | 1,241 | ' | 1,288 | ' | ' | ' |
Total stockholders' equity | 15,845 | ' | 17,781 | 17,601 | ' | 16,132 |
Total liabilities and stockholders' equity | 108,134 | ' | 113,312 | ' | ' | ' |
Parent Guarantor | ' | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' | ' |
Fixed maturity securities available-for-sale, at fair value | 0 | ' | 0 | ' | ' | ' |
Equity securities available-for-sale, at fair value | 0 | ' | 0 | ' | ' | ' |
Commercial mortgage loans | 0 | ' | 0 | ' | ' | ' |
Restricted commercial mortgage loans related to securitization entities | 0 | ' | 0 | ' | ' | ' |
Policy loans | 0 | ' | 0 | ' | ' | ' |
Other invested assets | 0 | ' | 0 | ' | ' | ' |
Restricted other invested assets related to securitization entities | 0 | ' | 0 | ' | ' | ' |
Investments in subsidiaries | 14,576 | ' | 16,429 | ' | ' | ' |
Total investments | 14,576 | ' | 16,429 | ' | ' | ' |
Cash and cash equivalents | 0 | ' | 0 | 0 | ' | ' |
Accrued investment income | 0 | ' | 0 | ' | ' | ' |
Deferred acquisition costs | 0 | ' | 0 | ' | ' | ' |
Intangible assets | 0 | ' | 0 | ' | ' | ' |
Goodwill | 0 | ' | 0 | ' | ' | ' |
Reinsurance recoverable | 0 | ' | 0 | ' | ' | ' |
Other assets | -3 | ' | 1 | ' | ' | ' |
Intercompany notes receivable | 11 | ' | 0 | ' | ' | ' |
Separate account assets | 0 | ' | 0 | ' | ' | ' |
Assets associated with discontinued operations | 0 | ' | 0 | ' | ' | ' |
Total assets | 14,584 | ' | 16,430 | ' | ' | ' |
Liabilities and stockholders' equity | ' | ' | ' | ' | ' | ' |
Future policy benefits | 0 | ' | 0 | ' | ' | ' |
Policyholder account balances | 0 | ' | 0 | ' | ' | ' |
Liability for policy and contract claims | 0 | ' | 0 | ' | ' | ' |
Unearned premiums | 0 | ' | 0 | ' | ' | ' |
Other liabilities | 3 | ' | 1 | ' | ' | ' |
Intercompany notes payable | 0 | ' | 0 | ' | ' | ' |
Borrowings related to securitization entities | 0 | ' | 0 | ' | ' | ' |
Non-recourse funding obligations | 0 | ' | 0 | ' | ' | ' |
Long-term borrowings | 0 | ' | 0 | ' | ' | ' |
Deferred tax liability | -23 | ' | -64 | ' | ' | ' |
Separate account liabilities | 0 | ' | 0 | ' | ' | ' |
Liabilities associated with discontinued operations | 0 | ' | 0 | ' | ' | ' |
Total liabilities | -20 | ' | -63 | ' | ' | ' |
Stockholders' equity: | ' | ' | ' | ' | ' | ' |
Common stock | 1 | ' | 1 | ' | ' | ' |
Additional paid-in capital | 12,149 | ' | 12,127 | ' | ' | ' |
Accumulated other comprehensive income (loss) | 2,939 | ' | 5,202 | ' | ' | ' |
Retained earnings | 2,215 | ' | 1,863 | ' | ' | ' |
Treasury stock, at cost | -2,700 | ' | -2,700 | ' | ' | ' |
Total Genworth Financial, Inc.'s stockholders' equity | 14,604 | ' | 16,493 | ' | ' | ' |
Noncontrolling interests | 0 | ' | 0 | ' | ' | ' |
Total stockholders' equity | 14,604 | ' | 16,493 | ' | ' | ' |
Total liabilities and stockholders' equity | 14,584 | ' | 16,430 | ' | ' | ' |
Issuer | ' | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' | ' |
Fixed maturity securities available-for-sale, at fair value | 151 | ' | 151 | ' | ' | ' |
Equity securities available-for-sale, at fair value | 0 | ' | 0 | ' | ' | ' |
Commercial mortgage loans | 0 | ' | 0 | ' | ' | ' |
Restricted commercial mortgage loans related to securitization entities | 0 | ' | 0 | ' | ' | ' |
Policy loans | 0 | ' | 0 | ' | ' | ' |
Other invested assets | 63 | ' | 5 | ' | ' | ' |
Restricted other invested assets related to securitization entities | 0 | ' | 0 | ' | ' | ' |
Investments in subsidiaries | 15,307 | ' | 17,725 | ' | ' | ' |
Total investments | 15,521 | ' | 17,881 | ' | ' | ' |
Cash and cash equivalents | 1,164 | ' | 843 | 1,205 | ' | ' |
Accrued investment income | 0 | ' | 0 | ' | ' | ' |
Deferred acquisition costs | 0 | ' | 0 | ' | ' | ' |
Intangible assets | 0 | ' | 0 | ' | ' | ' |
Goodwill | 0 | ' | 0 | ' | ' | ' |
Reinsurance recoverable | 0 | ' | 0 | ' | ' | ' |
Other assets | 230 | ' | 294 | ' | ' | ' |
Intercompany notes receivable | 248 | ' | 254 | ' | ' | ' |
Separate account assets | 0 | ' | 0 | ' | ' | ' |
Assets associated with discontinued operations | 0 | ' | 0 | ' | ' | ' |
Total assets | 17,163 | ' | 19,272 | ' | ' | ' |
Liabilities and stockholders' equity | ' | ' | ' | ' | ' | ' |
Future policy benefits | 0 | ' | 0 | ' | ' | ' |
Policyholder account balances | 0 | ' | 0 | ' | ' | ' |
Liability for policy and contract claims | 0 | ' | 0 | ' | ' | ' |
Unearned premiums | 0 | ' | 0 | ' | ' | ' |
Other liabilities | 330 | ' | 342 | ' | ' | ' |
Intercompany notes payable | 602 | ' | 688 | ' | ' | ' |
Borrowings related to securitization entities | 0 | ' | 0 | ' | ' | ' |
Non-recourse funding obligations | 0 | ' | 0 | ' | ' | ' |
Long-term borrowings | 4,237 | ' | 4,203 | ' | ' | ' |
Deferred tax liability | -730 | ' | -672 | ' | ' | ' |
Separate account liabilities | 0 | ' | 0 | ' | ' | ' |
Liabilities associated with discontinued operations | 0 | ' | 0 | ' | ' | ' |
Total liabilities | 4,439 | ' | 4,561 | ' | ' | ' |
Stockholders' equity: | ' | ' | ' | ' | ' | ' |
Common stock | 0 | ' | 0 | ' | ' | ' |
Additional paid-in capital | 9,315 | ' | 9,311 | ' | ' | ' |
Accumulated other comprehensive income (loss) | 2,888 | ' | 5,100 | ' | ' | ' |
Retained earnings | 521 | ' | 300 | ' | ' | ' |
Treasury stock, at cost | 0 | ' | 0 | ' | ' | ' |
Total Genworth Financial, Inc.'s stockholders' equity | 12,724 | ' | 14,711 | ' | ' | ' |
Noncontrolling interests | 0 | ' | 0 | ' | ' | ' |
Total stockholders' equity | 12,724 | ' | 14,711 | ' | ' | ' |
Total liabilities and stockholders' equity | 17,163 | ' | 19,272 | ' | ' | ' |
All Other Subsidiaries | ' | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' | ' |
Fixed maturity securities available-for-sale, at fair value | 59,135 | ' | 62,210 | ' | ' | ' |
Equity securities available-for-sale, at fair value | 379 | ' | 518 | ' | ' | ' |
Commercial mortgage loans | 5,858 | ' | 5,872 | ' | ' | ' |
Restricted commercial mortgage loans related to securitization entities | 290 | ' | 341 | ' | ' | ' |
Policy loans | 1,668 | ' | 1,601 | ' | ' | ' |
Other invested assets | 1,763 | ' | 3,488 | ' | ' | ' |
Restricted other invested assets related to securitization entities | 392 | ' | 393 | ' | ' | ' |
Investments in subsidiaries | 0 | ' | 0 | ' | ' | ' |
Total investments | 69,485 | ' | 74,423 | ' | ' | ' |
Cash and cash equivalents | 2,390 | ' | 2,789 | 2,515 | ' | ' |
Accrued investment income | 705 | ' | 719 | ' | ' | ' |
Deferred acquisition costs | 5,256 | ' | 5,036 | ' | ' | ' |
Intangible assets | 404 | ' | 366 | ' | ' | ' |
Goodwill | 867 | ' | 868 | ' | ' | ' |
Reinsurance recoverable | 17,224 | ' | 17,230 | ' | ' | ' |
Other assets | 443 | ' | 417 | ' | ' | ' |
Intercompany notes receivable | 392 | ' | 488 | ' | ' | ' |
Separate account assets | 9,957 | ' | 9,937 | ' | ' | ' |
Assets associated with discontinued operations | 0 | ' | 439 | ' | ' | ' |
Total assets | 107,123 | ' | 112,712 | ' | ' | ' |
Liabilities and stockholders' equity | ' | ' | ' | ' | ' | ' |
Future policy benefits | 33,612 | ' | 33,505 | ' | ' | ' |
Policyholder account balances | 25,266 | ' | 26,262 | ' | ' | ' |
Liability for policy and contract claims | 7,271 | ' | 7,509 | ' | ' | ' |
Unearned premiums | 4,160 | ' | 4,333 | ' | ' | ' |
Other liabilities | 4,275 | ' | 4,901 | ' | ' | ' |
Intercompany notes payable | 249 | ' | 254 | ' | ' | ' |
Borrowings related to securitization entities | 297 | ' | 336 | ' | ' | ' |
Non-recourse funding obligations | 2,046 | ' | 2,066 | ' | ' | ' |
Long-term borrowings | 543 | ' | 573 | ' | ' | ' |
Deferred tax liability | 1,046 | ' | 2,243 | ' | ' | ' |
Separate account liabilities | 9,957 | ' | 9,937 | ' | ' | ' |
Liabilities associated with discontinued operations | 0 | ' | 61 | ' | ' | ' |
Total liabilities | 88,722 | ' | 91,980 | ' | ' | ' |
Stockholders' equity: | ' | ' | ' | ' | ' | ' |
Common stock | 0 | ' | 0 | ' | ' | ' |
Additional paid-in capital | 16,996 | ' | 16,777 | ' | ' | ' |
Accumulated other comprehensive income (loss) | 2,917 | ' | 5,197 | ' | ' | ' |
Retained earnings | -2,758 | ' | -2,535 | ' | ' | ' |
Treasury stock, at cost | 0 | ' | 0 | ' | ' | ' |
Total Genworth Financial, Inc.'s stockholders' equity | 17,155 | ' | 19,439 | ' | ' | ' |
Noncontrolling interests | 1,246 | ' | 1,293 | ' | ' | ' |
Total stockholders' equity | 18,401 | ' | 20,732 | ' | ' | ' |
Total liabilities and stockholders' equity | 107,123 | ' | 112,712 | ' | ' | ' |
Eliminations | ' | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' | ' |
Fixed maturity securities available-for-sale, at fair value | -200 | ' | -200 | ' | ' | ' |
Equity securities available-for-sale, at fair value | 0 | ' | 0 | ' | ' | ' |
Commercial mortgage loans | 0 | ' | 0 | ' | ' | ' |
Restricted commercial mortgage loans related to securitization entities | 0 | ' | 0 | ' | ' | ' |
Policy loans | 0 | ' | 0 | ' | ' | ' |
Other invested assets | 0 | ' | 0 | ' | ' | ' |
Restricted other invested assets related to securitization entities | 0 | ' | 0 | ' | ' | ' |
Investments in subsidiaries | -29,883 | ' | -34,154 | ' | ' | ' |
Total investments | -30,083 | ' | -34,354 | ' | ' | ' |
Cash and cash equivalents | 0 | ' | 0 | 0 | ' | ' |
Accrued investment income | 0 | ' | -4 | ' | ' | ' |
Deferred acquisition costs | 0 | ' | 0 | ' | ' | ' |
Intangible assets | 0 | ' | 0 | ' | ' | ' |
Goodwill | 0 | ' | 0 | ' | ' | ' |
Reinsurance recoverable | 0 | ' | 0 | ' | ' | ' |
Other assets | -2 | ' | -2 | ' | ' | ' |
Intercompany notes receivable | -651 | ' | -742 | ' | ' | ' |
Separate account assets | 0 | ' | 0 | ' | ' | ' |
Assets associated with discontinued operations | 0 | ' | 0 | ' | ' | ' |
Total assets | -30,736 | ' | -35,102 | ' | ' | ' |
Liabilities and stockholders' equity | ' | ' | ' | ' | ' | ' |
Future policy benefits | 0 | ' | 0 | ' | ' | ' |
Policyholder account balances | 0 | ' | 0 | ' | ' | ' |
Liability for policy and contract claims | 0 | ' | 0 | ' | ' | ' |
Unearned premiums | 0 | ' | 0 | ' | ' | ' |
Other liabilities | -1 | ' | -5 | ' | ' | ' |
Intercompany notes payable | -851 | ' | -942 | ' | ' | ' |
Borrowings related to securitization entities | 0 | ' | 0 | ' | ' | ' |
Non-recourse funding obligations | 0 | ' | 0 | ' | ' | ' |
Long-term borrowings | 0 | ' | 0 | ' | ' | ' |
Deferred tax liability | 0 | ' | 0 | ' | ' | ' |
Separate account liabilities | 0 | ' | 0 | ' | ' | ' |
Liabilities associated with discontinued operations | 0 | ' | 0 | ' | ' | ' |
Total liabilities | -852 | ' | -947 | ' | ' | ' |
Stockholders' equity: | ' | ' | ' | ' | ' | ' |
Common stock | 0 | ' | 0 | ' | ' | ' |
Additional paid-in capital | -26,311 | ' | -26,088 | ' | ' | ' |
Accumulated other comprehensive income (loss) | -5,805 | ' | -10,297 | ' | ' | ' |
Retained earnings | 2,237 | ' | 2,235 | ' | ' | ' |
Treasury stock, at cost | 0 | ' | 0 | ' | ' | ' |
Total Genworth Financial, Inc.'s stockholders' equity | -29,879 | ' | -34,150 | ' | ' | ' |
Noncontrolling interests | -5 | ' | -5 | ' | ' | ' |
Total stockholders' equity | -29,884 | ' | -34,155 | ' | ' | ' |
Total liabilities and stockholders' equity | ($30,736) | ' | ($35,102) | ' | ' | ' |
Condensed_Consolidating_Income
Condensed Consolidating Income Statement (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues: | ' | ' | ' | ' |
Premiums | $1,291 | $1,313 | $3,838 | $3,721 |
Net investment income | 801 | 825 | 2,436 | 2,503 |
Net investment gains (losses) | -23 | 9 | -63 | 13 |
Insurance and investment product fees and other | 248 | 309 | 780 | 936 |
Total revenues | 2,317 | 2,456 | 6,991 | 7,173 |
Benefits and expenses: | ' | ' | ' | ' |
Benefits and other changes in policy reserves | 1,169 | 1,363 | 3,639 | 3,977 |
Interest credited | 184 | 193 | 552 | 582 |
Acquisition and operating expenses, net of deferrals | 407 | 443 | 1,253 | 1,322 |
Amortization of deferred acquisition costs and intangibles | 182 | 160 | 441 | 578 |
Goodwill impairment | 0 | 89 | 0 | 89 |
Interest expense | 124 | 126 | 371 | 352 |
Total benefits and expenses | 2,066 | 2,374 | 6,256 | 6,900 |
Income (loss) from continuing operations before income taxes and equity in income of subsidiaries | 251 | 82 | 735 | 273 |
Provision (benefit) for income taxes | 105 | 23 | 254 | 65 |
Equity in income of subsidiaries | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations | 146 | 59 | 481 | 208 |
Income (loss) from discontinued operations, net of taxes | 2 | 12 | -12 | 51 |
Net income (loss) | 148 | 71 | 469 | 259 |
Less: net income attributable to noncontrolling interests | 40 | 36 | 117 | 102 |
Net income (loss) available to Genworth Financial, Inc.'s common stockholders | 108 | 35 | 352 | 157 |
Parent Guarantor | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Premiums | 0 | 0 | 0 | 0 |
Net investment income | 0 | 0 | -1 | 0 |
Net investment gains (losses) | 0 | 0 | 0 | 0 |
Insurance and investment product fees and other | 0 | 0 | 0 | 0 |
Total revenues | 0 | 0 | -1 | 0 |
Benefits and expenses: | ' | ' | ' | ' |
Benefits and other changes in policy reserves | 0 | 0 | 0 | 0 |
Interest credited | 0 | 0 | 0 | 0 |
Acquisition and operating expenses, net of deferrals | 8 | 1 | 18 | 6 |
Amortization of deferred acquisition costs and intangibles | 0 | 0 | 0 | 0 |
Goodwill impairment | ' | 0 | ' | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Total benefits and expenses | 8 | 1 | 18 | 6 |
Income (loss) from continuing operations before income taxes and equity in income of subsidiaries | -8 | -1 | -19 | -6 |
Provision (benefit) for income taxes | 44 | -1 | 39 | -2 |
Equity in income of subsidiaries | 160 | 35 | 410 | 161 |
Income (loss) from continuing operations | 108 | 35 | 352 | 157 |
Income (loss) from discontinued operations, net of taxes | 0 | 0 | 0 | 0 |
Net income (loss) | 108 | 35 | 352 | 157 |
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income (loss) available to Genworth Financial, Inc.'s common stockholders | 108 | 35 | 352 | 157 |
Issuer | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Premiums | 0 | 0 | 0 | 0 |
Net investment income | 0 | 1 | 1 | 1 |
Net investment gains (losses) | -4 | -6 | -1 | -27 |
Insurance and investment product fees and other | 0 | -1 | 0 | -2 |
Total revenues | -4 | -6 | 0 | -28 |
Benefits and expenses: | ' | ' | ' | ' |
Benefits and other changes in policy reserves | 0 | 0 | 0 | 0 |
Interest credited | 0 | 0 | 0 | 0 |
Acquisition and operating expenses, net of deferrals | 31 | 1 | 32 | 1 |
Amortization of deferred acquisition costs and intangibles | 0 | 0 | 0 | 0 |
Goodwill impairment | ' | 0 | ' | 0 |
Interest expense | 82 | 81 | 241 | 234 |
Total benefits and expenses | 113 | 82 | 273 | 235 |
Income (loss) from continuing operations before income taxes and equity in income of subsidiaries | -117 | -88 | -273 | -263 |
Provision (benefit) for income taxes | -39 | -24 | -92 | -86 |
Equity in income of subsidiaries | 251 | 126 | 567 | 401 |
Income (loss) from continuing operations | 173 | 62 | 386 | 224 |
Income (loss) from discontinued operations, net of taxes | -15 | 0 | -29 | 0 |
Net income (loss) | 158 | 62 | 357 | 224 |
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income (loss) available to Genworth Financial, Inc.'s common stockholders | 158 | 62 | 357 | 224 |
All Other Subsidiaries | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Premiums | 1,291 | 1,313 | 3,838 | 3,721 |
Net investment income | 804 | 828 | 2,446 | 2,513 |
Net investment gains (losses) | -19 | 15 | -62 | 40 |
Insurance and investment product fees and other | 249 | 312 | 784 | 940 |
Total revenues | 2,325 | 2,468 | 7,006 | 7,214 |
Benefits and expenses: | ' | ' | ' | ' |
Benefits and other changes in policy reserves | 1,169 | 1,363 | 3,639 | 3,977 |
Interest credited | 184 | 193 | 552 | 582 |
Acquisition and operating expenses, net of deferrals | 368 | 441 | 1,203 | 1,315 |
Amortization of deferred acquisition costs and intangibles | 182 | 160 | 441 | 578 |
Goodwill impairment | ' | 89 | ' | 89 |
Interest expense | 46 | 51 | 144 | 131 |
Total benefits and expenses | 1,949 | 2,297 | 5,979 | 6,672 |
Income (loss) from continuing operations before income taxes and equity in income of subsidiaries | 376 | 171 | 1,027 | 542 |
Provision (benefit) for income taxes | 100 | 48 | 307 | 153 |
Equity in income of subsidiaries | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations | 276 | 123 | 720 | 389 |
Income (loss) from discontinued operations, net of taxes | 17 | 12 | 17 | 51 |
Net income (loss) | 293 | 135 | 737 | 440 |
Less: net income attributable to noncontrolling interests | 40 | 36 | 117 | 102 |
Net income (loss) available to Genworth Financial, Inc.'s common stockholders | 253 | 99 | 620 | 338 |
Eliminations | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Premiums | 0 | 0 | 0 | 0 |
Net investment income | -3 | -4 | -10 | -11 |
Net investment gains (losses) | 0 | 0 | 0 | 0 |
Insurance and investment product fees and other | -1 | -2 | -4 | -2 |
Total revenues | -4 | -6 | -14 | -13 |
Benefits and expenses: | ' | ' | ' | ' |
Benefits and other changes in policy reserves | 0 | 0 | 0 | 0 |
Interest credited | 0 | 0 | 0 | 0 |
Acquisition and operating expenses, net of deferrals | 0 | 0 | 0 | 0 |
Amortization of deferred acquisition costs and intangibles | 0 | 0 | 0 | 0 |
Goodwill impairment | ' | 0 | ' | 0 |
Interest expense | -4 | -6 | -14 | -13 |
Total benefits and expenses | -4 | -6 | -14 | -13 |
Income (loss) from continuing operations before income taxes and equity in income of subsidiaries | 0 | 0 | 0 | 0 |
Provision (benefit) for income taxes | 0 | 0 | 0 | 0 |
Equity in income of subsidiaries | -411 | -161 | -977 | -562 |
Income (loss) from continuing operations | -411 | -161 | -977 | -562 |
Income (loss) from discontinued operations, net of taxes | 0 | 0 | 0 | 0 |
Net income (loss) | -411 | -161 | -977 | -562 |
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income (loss) available to Genworth Financial, Inc.'s common stockholders | ($411) | ($161) | ($977) | ($562) |
Condensed_Consolidating_Statem
Condensed Consolidating Statement of Comprehensive Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Net income | $148 | $71 | $469 | $259 | ||||
Other comprehensive income (loss): | ' | ' | ' | ' | ||||
Net unrealized gains (losses) on securities not other-than-temporarily impaired | -191 | 517 | -1,624 | 1,029 | ||||
Net unrealized gains (losses) on other-than-temporarily impaired securities | 5 | 28 | 57 | 44 | ||||
Derivatives qualifying as hedges | -139 | [1] | -76 | [1] | -467 | [1] | 2 | [1] |
Foreign currency translation and other adjustments | 144 | 148 | -313 | 145 | ||||
Total other comprehensive income (loss) | -181 | 617 | -2,347 | 1,220 | ||||
Total comprehensive income (loss) | -33 | 688 | -1,878 | 1,479 | ||||
Less: comprehensive income attributable to noncontrolling interests | 62 | 83 | 33 | 146 | ||||
Total comprehensive income (loss) available to Genworth Financial, Inc.'s common stockholders | -95 | 605 | -1,911 | 1,333 | ||||
Parent Guarantor | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Net income | 108 | 35 | 352 | 157 | ||||
Other comprehensive income (loss): | ' | ' | ' | ' | ||||
Net unrealized gains (losses) on securities not other-than-temporarily impaired | -190 | 509 | -1,586 | 1,024 | ||||
Net unrealized gains (losses) on other-than-temporarily impaired securities | 5 | 28 | 57 | 44 | ||||
Derivatives qualifying as hedges | -139 | -76 | -467 | 2 | ||||
Foreign currency translation and other adjustments | 121 | 109 | -267 | 106 | ||||
Total other comprehensive income (loss) | -203 | 570 | -2,263 | 1,176 | ||||
Total comprehensive income (loss) | -95 | 605 | -1,911 | 1,333 | ||||
Less: comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||||
Total comprehensive income (loss) available to Genworth Financial, Inc.'s common stockholders | -95 | 605 | -1,911 | 1,333 | ||||
Issuer | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Net income | 158 | 62 | 357 | 224 | ||||
Other comprehensive income (loss): | ' | ' | ' | ' | ||||
Net unrealized gains (losses) on securities not other-than-temporarily impaired | -183 | 489 | -1,546 | 995 | ||||
Net unrealized gains (losses) on other-than-temporarily impaired securities | 5 | 28 | 57 | 44 | ||||
Derivatives qualifying as hedges | -139 | -76 | -467 | 2 | ||||
Foreign currency translation and other adjustments | 102 | 90 | -256 | 85 | ||||
Total other comprehensive income (loss) | -215 | 531 | -2,212 | 1,126 | ||||
Total comprehensive income (loss) | -57 | 593 | -1,855 | 1,350 | ||||
Less: comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||||
Total comprehensive income (loss) available to Genworth Financial, Inc.'s common stockholders | -57 | 593 | -1,855 | 1,350 | ||||
All Other Subsidiaries | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Net income | 293 | 135 | 737 | 440 | ||||
Other comprehensive income (loss): | ' | ' | ' | ' | ||||
Net unrealized gains (losses) on securities not other-than-temporarily impaired | -195 | 517 | -1,624 | 1,029 | ||||
Net unrealized gains (losses) on other-than-temporarily impaired securities | 5 | 28 | 57 | 44 | ||||
Derivatives qualifying as hedges | -144 | -75 | -484 | 4 | ||||
Foreign currency translation and other adjustments | 143 | 148 | -313 | 146 | ||||
Total other comprehensive income (loss) | -191 | 618 | -2,364 | 1,223 | ||||
Total comprehensive income (loss) | 102 | 753 | -1,627 | 1,663 | ||||
Less: comprehensive income attributable to noncontrolling interests | 62 | 83 | 33 | 146 | ||||
Total comprehensive income (loss) available to Genworth Financial, Inc.'s common stockholders | 40 | 670 | -1,660 | 1,517 | ||||
Eliminations | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Net income | -411 | -161 | -977 | -562 | ||||
Other comprehensive income (loss): | ' | ' | ' | ' | ||||
Net unrealized gains (losses) on securities not other-than-temporarily impaired | 377 | -998 | 3,132 | -2,019 | ||||
Net unrealized gains (losses) on other-than-temporarily impaired securities | -10 | -56 | -114 | -88 | ||||
Derivatives qualifying as hedges | 283 | 151 | 951 | -6 | ||||
Foreign currency translation and other adjustments | -222 | -199 | 523 | -192 | ||||
Total other comprehensive income (loss) | 428 | -1,102 | 4,492 | -2,305 | ||||
Total comprehensive income (loss) | 17 | -1,263 | 3,515 | -2,867 | ||||
Less: comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||||
Total comprehensive income (loss) available to Genworth Financial, Inc.'s common stockholders | $17 | ($1,263) | $3,515 | ($2,867) | ||||
[1] | See note 5 for additional information. |
Condensed_Consolidating_Statem1
Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $469 | $259 |
Less income from discontinued operations, net of taxes | 12 | -51 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' |
Equity in income from subsidiaries | 0 | 0 |
Dividends from subsidiaries | 0 | 0 |
Amortization of fixed maturity discounts and premiums and limited partnerships | -64 | -59 |
Net investment losses (gains) | 63 | -13 |
Charges assessed to policyholders | -612 | -590 |
Acquisition costs deferred | -332 | -456 |
Amortization of deferred acquisition costs and intangibles | 441 | 578 |
Goodwill impairment | 0 | 89 |
Deferred income taxes | -120 | 12 |
Net increase (decrease) in trading securities, held-for-sale investments and derivative instruments | -15 | 66 |
Stock-based compensation expense | 27 | 20 |
Change in certain assets and liabilities: | ' | ' |
Accrued investment income and other assets | -66 | -153 |
Insurance reserves | 1,679 | 1,672 |
Current tax liabilities | 242 | -191 |
Other liabilities and other policy-related balances | -699 | -808 |
Cash from operating activities-discontinued operations | 68 | 52 |
Net cash from operating activities | 1,093 | 427 |
Cash flows from investing activities: | ' | ' |
Fixed maturity securities | 4,046 | 3,619 |
Commercial mortgage loans | 686 | 559 |
Restricted commercial mortgage loans related to securitization entities | 51 | 48 |
Proceeds from sales of investments: | ' | ' |
Fixed maturity and equity securities | 3,056 | 3,956 |
Purchases and originations of investments: | ' | ' |
Fixed maturity and equity securities | -7,872 | -8,932 |
Commercial mortgage loans | -667 | -339 |
Other invested assets, net | 80 | 531 |
Policy loans, net | -7 | -8 |
Intercompany notes receivable | 0 | 0 |
Capital contributions to subsidiaries | 0 | 0 |
Proceeds from sale of a subsidiary, net of cash transferred | 370 | 77 |
Cash from investing activities-discontinued operations | -30 | -41 |
Net cash from investing activities | -287 | -530 |
Cash flows from financing activities: | ' | ' |
Deposits to universal life and investment contracts | 1,979 | 2,248 |
Withdrawals from universal life and investment contracts | -2,613 | -2,057 |
Redemption and repurchase of non-recourse funding obligations | -20 | -801 |
Proceeds from the issuance of long-term debt | 397 | 361 |
Repayment and repurchase of long-term debt | -365 | -222 |
Repayment of borrowings related to securitization entities | -51 | -53 |
Repurchase of subsidiary shares | -43 | 0 |
Dividends paid to noncontrolling interests | -39 | -36 |
Proceeds from intercompany notes payable | 0 | 0 |
Other, net | -53 | -68 |
Cash from financing activities-discontinued operations | -3 | -35 |
Net cash from financing activities | -811 | -663 |
Effect of exchange rate changes on cash and cash equivalents | -94 | 19 |
Net change in cash and cash equivalents | -99 | -747 |
Cash and cash equivalents at beginning of period | 3,653 | 4,488 |
Cash and cash equivalents at end of period | 3,554 | 3,741 |
Less cash and cash equivalents of discontinued operations at end of period | 0 | 21 |
Cash and cash equivalents of continuing operations at end of period | 3,554 | 3,720 |
Parent Guarantor | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income | 352 | 157 |
Less income from discontinued operations, net of taxes | 0 | 0 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' |
Equity in income from subsidiaries | -410 | -161 |
Dividends from subsidiaries | 135 | 0 |
Amortization of fixed maturity discounts and premiums and limited partnerships | 0 | 0 |
Net investment losses (gains) | 0 | 0 |
Charges assessed to policyholders | 0 | 0 |
Acquisition costs deferred | 0 | 0 |
Amortization of deferred acquisition costs and intangibles | 0 | 0 |
Goodwill impairment | ' | 0 |
Deferred income taxes | 41 | -2 |
Net increase (decrease) in trading securities, held-for-sale investments and derivative instruments | 0 | 0 |
Stock-based compensation expense | 18 | 6 |
Change in certain assets and liabilities: | ' | ' |
Accrued investment income and other assets | 4 | 0 |
Insurance reserves | 0 | 0 |
Current tax liabilities | -2 | 0 |
Other liabilities and other policy-related balances | 4 | 0 |
Cash from operating activities-discontinued operations | 0 | 0 |
Net cash from operating activities | 142 | 0 |
Cash flows from investing activities: | ' | ' |
Fixed maturity securities | 0 | 0 |
Commercial mortgage loans | 0 | 0 |
Restricted commercial mortgage loans related to securitization entities | 0 | 0 |
Proceeds from sales of investments: | ' | ' |
Fixed maturity and equity securities | 0 | 0 |
Purchases and originations of investments: | ' | ' |
Fixed maturity and equity securities | 0 | 0 |
Commercial mortgage loans | 0 | 0 |
Other invested assets, net | 0 | 0 |
Policy loans, net | 0 | 0 |
Intercompany notes receivable | -11 | 0 |
Capital contributions to subsidiaries | -131 | 0 |
Proceeds from sale of a subsidiary, net of cash transferred | 0 | 0 |
Cash from investing activities-discontinued operations | 0 | 0 |
Net cash from investing activities | -142 | 0 |
Cash flows from financing activities: | ' | ' |
Deposits to universal life and investment contracts | 0 | 0 |
Withdrawals from universal life and investment contracts | 0 | 0 |
Redemption and repurchase of non-recourse funding obligations | 0 | 0 |
Proceeds from the issuance of long-term debt | 0 | 0 |
Repayment and repurchase of long-term debt | 0 | 0 |
Repayment of borrowings related to securitization entities | 0 | 0 |
Repurchase of subsidiary shares | 0 | ' |
Dividends paid to noncontrolling interests | 0 | 0 |
Proceeds from intercompany notes payable | 0 | 0 |
Other, net | 0 | 0 |
Cash from financing activities-discontinued operations | 0 | 0 |
Net cash from financing activities | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net change in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Less cash and cash equivalents of discontinued operations at end of period | 0 | 0 |
Cash and cash equivalents of continuing operations at end of period | 0 | 0 |
Issuer | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income | 357 | 224 |
Less income from discontinued operations, net of taxes | 29 | 0 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' |
Equity in income from subsidiaries | -567 | -401 |
Dividends from subsidiaries | 230 | 354 |
Amortization of fixed maturity discounts and premiums and limited partnerships | -1 | 0 |
Net investment losses (gains) | 1 | 27 |
Charges assessed to policyholders | 0 | 0 |
Acquisition costs deferred | 0 | 0 |
Amortization of deferred acquisition costs and intangibles | 0 | 0 |
Goodwill impairment | ' | 0 |
Deferred income taxes | -70 | -426 |
Net increase (decrease) in trading securities, held-for-sale investments and derivative instruments | 0 | -20 |
Stock-based compensation expense | 0 | 12 |
Change in certain assets and liabilities: | ' | ' |
Accrued investment income and other assets | 61 | -12 |
Insurance reserves | 0 | 0 |
Current tax liabilities | -8 | 282 |
Other liabilities and other policy-related balances | 80 | 304 |
Cash from operating activities-discontinued operations | 0 | 0 |
Net cash from operating activities | 112 | 344 |
Cash flows from investing activities: | ' | ' |
Fixed maturity securities | 0 | 0 |
Commercial mortgage loans | 0 | 0 |
Restricted commercial mortgage loans related to securitization entities | 0 | 0 |
Proceeds from sales of investments: | ' | ' |
Fixed maturity and equity securities | 0 | 10 |
Purchases and originations of investments: | ' | ' |
Fixed maturity and equity securities | 0 | -150 |
Commercial mortgage loans | 0 | 0 |
Other invested assets, net | 0 | 30 |
Policy loans, net | 0 | 0 |
Intercompany notes receivable | 6 | -40 |
Capital contributions to subsidiaries | -22 | -2 |
Proceeds from sale of a subsidiary, net of cash transferred | 345 | 0 |
Cash from investing activities-discontinued operations | -30 | -18 |
Net cash from investing activities | 299 | -170 |
Cash flows from financing activities: | ' | ' |
Deposits to universal life and investment contracts | 0 | 0 |
Withdrawals from universal life and investment contracts | 0 | 0 |
Redemption and repurchase of non-recourse funding obligations | 0 | 0 |
Proceeds from the issuance of long-term debt | 397 | 361 |
Repayment and repurchase of long-term debt | -365 | -222 |
Repayment of borrowings related to securitization entities | 0 | 0 |
Repurchase of subsidiary shares | 0 | ' |
Dividends paid to noncontrolling interests | 0 | 0 |
Proceeds from intercompany notes payable | -86 | 22 |
Other, net | -36 | -37 |
Cash from financing activities-discontinued operations | 0 | 0 |
Net cash from financing activities | -90 | 124 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net change in cash and cash equivalents | 321 | 298 |
Cash and cash equivalents at beginning of period | 843 | 907 |
Cash and cash equivalents at end of period | 1,164 | 1,205 |
Less cash and cash equivalents of discontinued operations at end of period | 0 | 0 |
Cash and cash equivalents of continuing operations at end of period | 1,164 | 1,205 |
All Other Subsidiaries | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income | 737 | 440 |
Less income from discontinued operations, net of taxes | -17 | -51 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' |
Equity in income from subsidiaries | 0 | 0 |
Dividends from subsidiaries | -365 | -354 |
Amortization of fixed maturity discounts and premiums and limited partnerships | -63 | -59 |
Net investment losses (gains) | 62 | -40 |
Charges assessed to policyholders | -612 | -590 |
Acquisition costs deferred | -332 | -456 |
Amortization of deferred acquisition costs and intangibles | 441 | 578 |
Goodwill impairment | ' | 89 |
Deferred income taxes | -91 | 440 |
Net increase (decrease) in trading securities, held-for-sale investments and derivative instruments | -15 | 86 |
Stock-based compensation expense | 9 | 2 |
Change in certain assets and liabilities: | ' | ' |
Accrued investment income and other assets | -127 | -144 |
Insurance reserves | 1,679 | 1,672 |
Current tax liabilities | 252 | -473 |
Other liabilities and other policy-related balances | -787 | -1,111 |
Cash from operating activities-discontinued operations | 68 | 52 |
Net cash from operating activities | 839 | 81 |
Cash flows from investing activities: | ' | ' |
Fixed maturity securities | 4,046 | 3,619 |
Commercial mortgage loans | 686 | 559 |
Restricted commercial mortgage loans related to securitization entities | 51 | 48 |
Proceeds from sales of investments: | ' | ' |
Fixed maturity and equity securities | 3,056 | 3,946 |
Purchases and originations of investments: | ' | ' |
Fixed maturity and equity securities | -7,872 | -8,782 |
Commercial mortgage loans | -667 | -339 |
Other invested assets, net | 80 | 503 |
Policy loans, net | -7 | -8 |
Intercompany notes receivable | 96 | -22 |
Capital contributions to subsidiaries | 153 | 2 |
Proceeds from sale of a subsidiary, net of cash transferred | 25 | 77 |
Cash from investing activities-discontinued operations | 0 | -23 |
Net cash from investing activities | -353 | -420 |
Cash flows from financing activities: | ' | ' |
Deposits to universal life and investment contracts | 1,979 | 2,248 |
Withdrawals from universal life and investment contracts | -2,613 | -2,057 |
Redemption and repurchase of non-recourse funding obligations | -20 | -801 |
Proceeds from the issuance of long-term debt | 0 | 0 |
Repayment and repurchase of long-term debt | 0 | 0 |
Repayment of borrowings related to securitization entities | -51 | -53 |
Repurchase of subsidiary shares | -43 | ' |
Dividends paid to noncontrolling interests | -39 | -36 |
Proceeds from intercompany notes payable | -5 | 40 |
Other, net | -17 | -31 |
Cash from financing activities-discontinued operations | -3 | -35 |
Net cash from financing activities | -812 | -725 |
Effect of exchange rate changes on cash and cash equivalents | -94 | 19 |
Net change in cash and cash equivalents | -420 | -1,045 |
Cash and cash equivalents at beginning of period | 2,810 | 3,581 |
Cash and cash equivalents at end of period | 2,390 | 2,536 |
Less cash and cash equivalents of discontinued operations at end of period | 0 | 21 |
Cash and cash equivalents of continuing operations at end of period | 2,390 | 2,515 |
Eliminations | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income | -977 | -562 |
Less income from discontinued operations, net of taxes | 0 | 0 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' |
Equity in income from subsidiaries | 977 | 562 |
Dividends from subsidiaries | 0 | 0 |
Amortization of fixed maturity discounts and premiums and limited partnerships | 0 | 0 |
Net investment losses (gains) | 0 | 0 |
Charges assessed to policyholders | 0 | 0 |
Acquisition costs deferred | 0 | 0 |
Amortization of deferred acquisition costs and intangibles | 0 | 0 |
Goodwill impairment | ' | 0 |
Deferred income taxes | 0 | 0 |
Net increase (decrease) in trading securities, held-for-sale investments and derivative instruments | 0 | 0 |
Stock-based compensation expense | 0 | 0 |
Change in certain assets and liabilities: | ' | ' |
Accrued investment income and other assets | -4 | 3 |
Insurance reserves | 0 | 0 |
Current tax liabilities | 0 | 0 |
Other liabilities and other policy-related balances | 4 | -1 |
Cash from operating activities-discontinued operations | 0 | 0 |
Net cash from operating activities | 0 | 2 |
Cash flows from investing activities: | ' | ' |
Fixed maturity securities | 0 | 0 |
Commercial mortgage loans | 0 | 0 |
Restricted commercial mortgage loans related to securitization entities | 0 | 0 |
Proceeds from sales of investments: | ' | ' |
Fixed maturity and equity securities | 0 | 0 |
Purchases and originations of investments: | ' | ' |
Fixed maturity and equity securities | 0 | 0 |
Commercial mortgage loans | 0 | 0 |
Other invested assets, net | 0 | -2 |
Policy loans, net | 0 | 0 |
Intercompany notes receivable | -91 | 62 |
Capital contributions to subsidiaries | 0 | 0 |
Proceeds from sale of a subsidiary, net of cash transferred | 0 | 0 |
Cash from investing activities-discontinued operations | 0 | 0 |
Net cash from investing activities | -91 | 60 |
Cash flows from financing activities: | ' | ' |
Deposits to universal life and investment contracts | 0 | 0 |
Withdrawals from universal life and investment contracts | 0 | 0 |
Redemption and repurchase of non-recourse funding obligations | 0 | 0 |
Proceeds from the issuance of long-term debt | 0 | 0 |
Repayment and repurchase of long-term debt | 0 | 0 |
Repayment of borrowings related to securitization entities | 0 | 0 |
Repurchase of subsidiary shares | 0 | ' |
Dividends paid to noncontrolling interests | 0 | 0 |
Proceeds from intercompany notes payable | 91 | -62 |
Other, net | 0 | 0 |
Cash from financing activities-discontinued operations | 0 | 0 |
Net cash from financing activities | 91 | -62 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net change in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Less cash and cash equivalents of discontinued operations at end of period | 0 | 0 |
Cash and cash equivalents of continuing operations at end of period | $0 | $0 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information - Additional Information (Detail) (USD $) | Dec. 31, 2012 |
In Billions, unless otherwise specified | |
Condensed Financial Statements, Captions [Line Items] | ' |
Amount of dividend our subsidiaries could pay in 2013 without obtaining regulatory approval | $1.10 |
Genworth Financial's Subsidiaries | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Restricted net assets | 15.4 |
Genworth Holdings' Subsidiaries | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Restricted net assets | $16.70 |