Allstate Life Insurance 10-Q 3 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 03, 2017
Document and Entity Information
Entity Registrant Name	ALLSTATE LIFE INSURANCE CO
Entity Central Index Key	352,736
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		23,800
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues
Premiums	$ 170	$ 147	$ 339	$ 296
Contract charges	177	180	356	362
Net investment income	473	416	877	816
Realized capital gains and losses:
Total other-than-temporary impairment (“OTTI”) losses	(13)	(21)	(41)	(56)
OTTI losses reclassified to (from) other comprehensive income	0	(1)	4	7
Net OTTI losses recognized in earnings	(13)	(22)	(37)	(49)
Sales and other realized capital gains and losses	9	21	32	2
Total realized capital gains and losses	(4)	(1)	(5)	(47)
Total revenues	816	742	1,567	1,427
Costs and expenses
Contract benefits	364	341	718	679
Interest credited to contractholder funds	161	172	322	350
Amortization of deferred policy acquisition costs	43	37	84	74
Operating costs and expenses	68	52	137	108
Restructuring and related charges	0	1	0	1
Interest expense	2	3	3	7
Total costs and expenses	638	606	1,264	1,219
Gain on disposition of operations	2	1	4	3
Income from operations before income tax expense	180	137	307	211
Income tax expense	60	43	101	65
Net income	120	94	206	146
Other comprehensive income, after-tax
Change in unrealized net capital gains and losses	118	233	183	474
Change in unrealized foreign currency translation adjustments	0	6	(3)	4
Other comprehensive income, after-tax	118	239	180	478
Comprehensive income	$ 238	$ 333	$ 386	$ 624

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Investments
Fixed income securities, at fair value (amortized cost $22,324 and $23,112)	$ 23,651	$ 24,222
Mortgage loans	3,793	3,938
Equity securities, at fair value (cost $1,419 and $1,429)	1,617	1,511
Limited partnership interests	2,946	2,776
Short-term, at fair value (amortized cost $505 and $566)	505	566
Policy loans	555	563
Other	1,231	1,491
Total investments	34,298	35,067
Cash	208	138
Deferred policy acquisition costs	1,161	1,187
Accrued investment income	269	273
Other assets	487	410
Separate Accounts	3,396	3,373
Total assets	42,563	43,239
Liabilities
Contractholder funds	19,013	19,470
Reserve for life-contingent contract benefits	11,326	11,322
Unearned premiums	5	5
Payable to affiliates, net	45	52
Other liabilities and accrued expenses	920	952
Deferred income taxes	1,389	1,191
Notes due to related parties	140	465
Separate Accounts	3,396	3,373
Total liabilities	36,234	36,830
Commitments and Contingent Liabilities (Note 7)
Shareholder’s equity
Common stock, $227 par value, 23,800 shares authorized and outstanding	5	5
Additional capital paid-in	2,024	1,990
Retained income	3,442	3,736
Unrealized net capital gains and losses:
Unrealized net capital gains and losses on fixed income securities with OTTI	37	39
Other unrealized net capital gains and losses	951	733
Unrealized adjustment to DAC, DSI and insurance reserves	(124)	(91)
Total unrealized net capital gains and losses	864	681
Unrealized foreign currency translation adjustments	(6)	(3)
Total accumulated other comprehensive income	858	678
Total shareholder’s equity	6,329	6,409
Total liabilities and shareholder’s equity	42,563	43,239
Series A
Shareholder’s equity
Redeemable preferred stock	0	0
Series B
Shareholder’s equity
Redeemable preferred stock	0	0
Affiliate
Investments
Reinsurance recoverables	442	452
Non-affiliate
Investments
Reinsurance recoverables	$ 2,302	$ 2,339

CONDENSED CONSOLIDATED STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Fixed income securities, at fair value, amortized cost (in dollars)	$ 22,324	$ 23,112
Equity securities, at fair value, cost (in dollars)	1,419	1,429
Short-term, at fair value, amortized cost (in dollars)	$ 505	$ 566
Common stock, par value (in dollars per share)	$ 227	$ 227
Common stock, shares authorized (in shares)	23,800	23,800
Common stock, shares outstanding (in shares)	23,800	23,800
Series A
Redeemable preferred stock, par value (in dollars per share)	$ 100	$ 100
Redeemable preferred stock, shares authorized (in shares)	1,500,000	1,500,000
Redeemable preferred stock, shares issued (in shares)	0	0
Series B
Redeemable preferred stock, par value (in dollars per share)	$ 100	$ 100
Redeemable preferred stock, shares authorized (in shares)	1,500,000	1,500,000
Redeemable preferred stock, shares issued (in shares)	0	0

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDER'S EQUITY - USD ($) $ in Millions	Total	Common stock	Additional capital paid-in	Retained income	Accumulated other comprehensive income
Balance, beginning of period at Dec. 31, 2015			$ 1,990	$ 3,417	$ 521
Increase (decrease) in equity
Gain on reinsurance with an affiliate			0
Net income	$ 146			146
Dividends				0
Change in unrealized net capital gains and losses	474				474
Change in unrealized foreign currency translation adjustments	4				4
Balance, end of period at Jun. 30, 2016	6,557	$ 5	1,990	3,563	999
Balance, beginning of period at Dec. 31, 2016	6,409		1,990	3,736	678
Increase (decrease) in equity
Gain on reinsurance with an affiliate			34
Net income	206			206
Dividends				(500)
Change in unrealized net capital gains and losses	183				183
Change in unrealized foreign currency translation adjustments	(3)				(3)
Balance, end of period at Jun. 30, 2017	$ 6,329	$ 5	$ 2,024	$ 3,442	$ 858

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities
Net income	$ 206	$ 146
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization and other non-cash items	(30)	(31)
Realized capital gains and losses	5	47
Gain on disposition of operations	(4)	(3)
Interest credited to contractholder funds	322	350
Changes in:
Policy benefits and other insurance reserves	(278)	(324)
Deferred policy acquisition costs	24	31
Reinsurance recoverables, net	18	13
Income taxes	85	48
Other operating assets and liabilities	(133)	(35)
Net cash provided by operating activities	215	242
Proceeds from sales
Fixed income securities	2,564	3,984
Equity securities	828	608
Limited partnership interests	240	168
Other investments	6	33
Investment collections
Fixed income securities	860	1,051
Mortgage loans	281	143
Other investments	89	59
Investment purchases
Fixed income securities	(2,683)	(4,054)
Equity securities	(815)	(624)
Limited partnership interests	(275)	(339)
Mortgage loans	(129)	(234)
Other investments	(116)	(109)
Change in short-term investments, net	56	(309)
Change in policy loans and other investments, net	(13)	(25)
Net cash provided by investing activities	893	352
Cash flows from financing activities
Contractholder fund deposits	408	425
Contractholder fund withdrawals	(925)	(982)
Dividends paid	(500)	0
Other	(21)	0
Net cash used in financing activities	(1,038)	(557)
Net increase in cash	70	37
Cash at beginning of period	138	104
Cash at end of period	$ 208	$ 141

General

General	6 Months Ended
	Jun. 30, 2017
General
General	General Basis of presentation The accompanying condensed consolidated financial statements include the accounts of Allstate Life Insurance Company (“ALIC”) and its wholly owned subsidiaries (collectively referred to as the “Company”). ALIC is wholly owned by Allstate Insurance Company (“AIC”), which is wholly owned by Allstate Insurance Holdings, LLC, a wholly owned subsidiary of The Allstate Corporation (the “Corporation”). These condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The condensed consolidated financial statements and notes as of June 30, 2017 and for the three-month and six -month periods ended June 30, 2017 and 2016 are unaudited. The condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring accruals) which are, in the opinion of management, necessary for the fair presentation of the financial position, results of operations and cash flows for the interim periods. These condensed consolidated financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . The results of operations for the interim periods should not be considered indicative of results to be expected for the full year. All significant intercompany accounts and transactions have been eliminated. Reinsurance transaction Effective January 1, 2017, ALIC entered into a coinsurance reinsurance agreement with AAC to assume certain term life insurance policies. In connection with the agreement, the Company recorded cash of $20 million , deferred policy acquisition costs (“DAC”) of $45 million , other assets of $11 million , reserve for life-contingent contract benefits of $24 million and deferred tax liabilities of $18 million . The $34 million gain on the transaction was recorded as an increase to additional capital paid-in since the transaction was between entities under common control. Redemption of surplus notes and notes due from related party In January 2017, all $325 million of surplus notes due to Kennett Capital, Inc. (“Kennett”), an unconsolidated affiliate of ALIC, were redeemed. In connection with the redemption, the related $325 million of notes due from Kennett (recorded as other investments) were terminated. These were recorded as non-cash transactions. External financing agreement In January 2017, ALIC Reinsurance Company (“ALIC Re”), a wholly owned subsidiary of ALIC, entered into a master transaction agreement with Bueller Financing LLC (“Bueller”), an external financing provider. In accordance with the agreement, Bueller issued a variable funding puttable note (“credit-linked note”) that will be held in a trust. The credit-linked note can be put back to Bueller for cash in the event certain ALIC Re statutory reserves and capital are depleted. The balance of the credit-linked note will vary based on the statutory reserve balance with a maximum value of $1.75 billion . The agreement has no impact on the GAAP-basis Condensed Consolidated Statement of Financial Position. Dividends The Company paid cash dividends of $300 million and $200 million to AIC in the first and second quarter of 2017, respectively. Total dividends paid were in excess of the $305 million that were allowed under Illinois insurance law based on the 2016 formula amount. The Company received approval from the Illinois Department of Insurance for the portion of the dividends in excess of this amount based on 2017 net income and capital and surplus determined in conformity with statutory accounting practices. Premiums and contract charges The following table summarizes premiums and contract charges by product. ($ in millions) Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Premiums Traditional life insurance $ 143 $ 125 $ 286 $ 251 Accident and health insurance 27 22 53 45 Total premiums 170 147 339 296 Contract charges Interest-sensitive life insurance 174 177 350 356 Fixed annuities 3 3 6 6 Total contract charges 177 180 356 362 Total premiums and contract charges $ 347 $ 327 $ 695 $ 658 Adopted accounting standard Transition to Equity Method Accounting Effective January 1, 2017, the Company adopted new FASB guidance amending the accounting requirements for transitioning to the equity method of accounting (“EMA”), including a transition from the cost method. The guidance requires the cost of acquiring an additional interest in an investee to be added to the existing carrying value to establish the initial basis of the EMA investment. Under the new guidance, no retroactive adjustment is required when an investment initially qualifies for EMA treatment. The guidance is applied prospectively to investments that qualify for EMA after application of the cost method of accounting. Accordingly, the adoption of this guidance had no impact on the Company’s results of operations or financial position. Pending accounting standards Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued guidance requiring equity investments, including equity securities and limited partnership interests, that are not accounted for under the equity method of accounting or result in consolidation to be measured at fair value with changes in fair value recognized in net income. Equity investments without readily determinable fair values may be measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. When a qualitative assessment of equity investments without readily determinable fair values indicates that impairment exists, the carrying value is required to be adjusted to fair value, if lower. The guidance clarifies that an entity should evaluate the realizability of a deferred tax asset related to available-for-sale fixed income securities in combination with the entity’s other deferred tax assets. The guidance also changes certain disclosure requirements. The guidance is effective for interim and annual periods beginning after December 15, 2017, and is to be applied through a cumulative-effect adjustment to beginning retained income as of the date of adoption. The new guidance related to equity investments without readily determinable fair values is applied prospectively as of the date of adoption. The most significant anticipated impacts, using values as of June 30, 2017 , relate to the change in accounting for equity securities where $198 million of pre-tax unrealized net capital gains would be reclassified from accumulated other comprehensive income to retained income and cost method limited partnership interests (excluding limited partnership interests accounted for on a cost recovery basis), where the carrying value would increase by approximately $83 million , pre-tax, with the offsetting adjustment recognized in retained income. Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued guidance which revises the credit loss recognition criteria for certain financial assets measured at amortized cost, including reinsurance recoverables. The new guidance replaces the existing incurred loss recognition model with an expected loss recognition model. The objective of the expected credit loss model is for the reporting entity to recognize its estimate of expected credit losses for affected financial assets in a valuation allowance deducted from the amortized cost basis of the related financial assets that results in presenting the net carrying value of the financial assets at the amount expected to be collected. The reporting entity must consider all available relevant information when estimating expected credit losses, including details about past events, current conditions, and reasonable and supportable forecasts over the life of an asset. Financial assets may be evaluated individually or on a pooled basis when they share similar risk characteristics. The measurement of credit losses for available-for-sale debt securities measured at fair value is not affected except that credit losses recognized are limited to the amount by which fair value is below amortized cost and the carrying value adjustment is recognized through a valuation allowance and not as a direct write-down. The guidance is effective for interim and annual periods beginning after December 15, 2019, and for most affected instruments must be adopted using a modified retrospective approach, with a cumulative effect adjustment recorded to beginning retained income. The Company is in the process of evaluating the impact of adoption.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2017
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Non-cash investing activities include $4 million and $99 million related to mergers and exchanges completed with equity securities, and modifications of certain mortgage loans and other investments for the six months ended June 30, 2017 and 2016 , respectively. Non-cash financing activities included $34 million related to debt acquired in conjunction with the purchase of an investment for the six months ended June 30 , 2016. Liabilities for collateral received in conjunction with the Company’s securities lending program and over-the-counter (“OTC”) and cleared derivatives are reported in other liabilities and accrued expenses or other investments. The accompanying cash flows are included in cash flows from operating activities in the Condensed Consolidated Statements of Cash Flows along with the activities resulting from management of the proceeds, which are as follows: ($ in millions) Six months ended June 30, 2017 2016 Net change in proceeds managed Net change in fixed income securities $ 9 $ — Net change in short-term investments 12 (45 ) Operating cash flow provided (used) $ 21 $ (45 ) Net change in liabilities Liabilities for collateral, beginning of period $ (550 ) $ (550 ) Liabilities for collateral, end of period (529 ) (595 ) Operating cash flow (used) provided $ (21 ) $ 45

Investments

Investments	6 Months Ended
	Jun. 30, 2017
Investments [Abstract]
Investments	Investments Fair values The amortized cost, gross unrealized gains and losses and fair value for fixed income securities are as follows: ($ in millions) Amortized Gross unrealized Fair cost Gains Losses value June 30, 2017 U.S. government and agencies $ 609 $ 45 $ (1 ) $ 653 Municipal 2,000 275 (5 ) 2,270 Corporate 18,639 1,015 (80 ) 19,574 Foreign government 286 26 — 312 Asset-backed securities (“ABS”) 405 6 (8 ) 403 Residential mortgage-backed securities (“RMBS”) 239 47 (1 ) 285 Commercial mortgage-backed securities (“CMBS”) 133 13 (7 ) 139 Redeemable preferred stock 13 2 — 15 Total fixed income securities $ 22,324 $ 1,429 $ (102 ) $ 23,651 December 31, 2016 U.S. government and agencies $ 968 $ 48 $ (2 ) $ 1,014 Municipal 2,017 264 (7 ) 2,274 Corporate 18,945 905 (169 ) 19,681 Foreign government 304 28 — 332 ABS 337 4 (10 ) 331 RMBS 294 42 (3 ) 333 CMBS 233 17 (9 ) 241 Redeemable preferred stock 14 2 — 16 Total fixed income securities $ 23,112 $ 1,310 $ (200 ) $ 24,222 Scheduled maturities The scheduled maturities for fixed income securities are as follows as of June 30, 2017 : ($ in millions) Amortized cost Fair value Due in one year or less $ 1,516 $ 1,527 Due after one year through five years 8,253 8,655 Due after five years through ten years 7,502 7,769 Due after ten years 4,276 4,873 21,547 22,824 ABS, RMBS and CMBS 777 827 Total $ 22,324 $ 23,651 Actual maturities may differ from those scheduled as a result of calls and make-whole payments by the issuers. ABS, RMBS and CMBS are shown separately because of the potential for prepayment of principal prior to contractual maturity dates. Net investment income Net investment income is as follows: ($ in millions) Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Fixed income securities $ 269 $ 274 $ 537 $ 544 Mortgage loans 45 47 94 94 Equity securities 14 14 29 21 Limited partnership interests 135 66 200 129 Short-term investments 2 1 3 3 Policy loans 7 8 15 16 Other 21 23 40 44 Investment income, before expense 493 433 918 851 Investment expense (20 ) (17 ) (41 ) (35 ) Net investment income $ 473 $ 416 $ 877 $ 816 Realized capital gains and losses Realized capital gains and losses by asset type are as follows: ($ in millions) Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Fixed income securities $ (6 ) $ (2 ) $ (13 ) $ (25 ) Mortgage loans — 1 — 1 Equity securities (4 ) (4 ) (4 ) (34 ) Limited partnership interests 10 — 23 13 Derivatives (4 ) 4 (9 ) (1 ) Other — — (2 ) (1 ) Realized capital gains and losses $ (4 ) $ (1 ) $ (5 ) $ (47 ) Realized capital gains and losses by transaction type are as follows: ($ in millions) Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Impairment write-downs $ (12 ) $ (18 ) $ (33 ) $ (42 ) Change in intent write-downs (1 ) (4 ) (4 ) (7 ) Net other-than-temporary impairment losses recognized in earnings (13 ) (22 ) (37 ) (49 ) Sales and other 13 20 41 6 Valuation and settlements of derivative instruments (4 ) 1 (9 ) (4 ) Realized capital gains and losses $ (4 ) $ (1 ) $ (5 ) $ (47 ) Gross gains of $22 million and $35 million and gross losses of $23 million and $22 million were realized on sales of fixed income and equity securities during the three months ended June 30, 2017 and 2016 , respectively. Gross gains of $55 million and $106 million and gross losses of $44 million and $111 million were realized on sales of fixed income and equity securities during the six months ended June 30, 2017 and 2016 , respectively. Other-than-temporary impairment losses by asset type are as follows: ($ in millions) Three months ended June 30, 2017 Three months ended June 30, 2016 Gross Included in OCI Net Gross Included in OCI Net Fixed income securities: Municipal $ (1 ) $ — $ (1 ) $ — $ — $ — ABS — — — (1 ) — (1 ) CMBS (3 ) — (3 ) — (1 ) (1 ) Total fixed income securities (4 ) — (4 ) (1 ) (1 ) (2 ) Equity securities (5 ) — (5 ) (17 ) — (17 ) Limited partnership interests (4 ) — (4 ) (3 ) — (3 ) Other-than-temporary impairment losses $ (13 ) $ — $ (13 ) $ (21 ) $ (1 ) $ (22 ) Six months ended June 30, 2017 Six months ended June 30, 2016 Gross Included in OCI Net Gross Included in OCI Net Fixed income securities: Municipal $ (1 ) $ — $ (1 ) $ — $ — $ — Corporate (7 ) 3 (4 ) (11 ) 6 (5 ) ABS — — — (4 ) — (4 ) RMBS — (2 ) (2 ) — — — CMBS (9 ) 3 (6 ) (4 ) 1 (3 ) Total fixed income securities (17 ) 4 (13 ) (19 ) 7 (12 ) Equity securities (15 ) — (15 ) (42 ) — (42 ) Limited partnership interests (7 ) — (7 ) 6 — 6 Other (2 ) — (2 ) (1 ) — (1 ) Other-than-temporary impairment losses $ (41 ) $ 4 $ (37 ) $ (56 ) $ 7 $ (49 ) The total amount of other-than-temporary impairment losses included in accumulated other comprehensive income at the time of impairment for fixed income securities, which were not included in earnings, are presented in the following table. The amounts exclude $121 million and $131 million as of June 30, 2017 and December 31, 2016 , respectively, of net unrealized gains related to changes in valuation of the fixed income securities subsequent to the impairment measurement date. ($ in millions) June 30, 2017 December 31, 2016 Municipal $ (5 ) $ (5 ) Corporate (3 ) (5 ) ABS (8 ) (11 ) RMBS (40 ) (43 ) CMBS (8 ) (7 ) Total $ (64 ) $ (71 ) Rollforwards of the cumulative credit losses recognized in earnings for fixed income securities held as of the end of the period are as follows: ($ in millions) Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Beginning balance $ (167 ) $ (175 ) $ (176 ) $ (200 ) Additional credit loss for securities previously other-than-temporarily impaired (3 ) (1 ) (6 ) (5 ) Additional credit loss for securities not previously other-than-temporarily impaired (1 ) (1 ) (7 ) (7 ) Reduction in credit loss for securities disposed or collected 11 9 29 44 Ending balance $ (160 ) $ (168 ) $ (160 ) $ (168 ) The Company uses its best estimate of future cash flows expected to be collected from the fixed income security, discounted at the security’s original or current effective rate, as appropriate, to calculate a recovery value and determine whether a credit loss exists. The determination of cash flow estimates is inherently subjective and methodologies may vary depending on facts and circumstances specific to the security. All reasonably available information relevant to the collectability of the security, including past events, current conditions, and reasonable and supportable assumptions and forecasts, are considered when developing the estimate of cash flows expected to be collected. That information generally includes, but is not limited to, the remaining payment terms of the security, prepayment speeds, foreign exchange rates, the financial condition and future earnings potential of the issue or issuer, expected defaults, expected recoveries, the value of underlying collateral, vintage, geographic concentration of underlying collateral, available reserves or escrows, current subordination levels, third party guarantees and other credit enhancements. Other information, such as industry analyst reports and forecasts, sector credit ratings, financial condition of the bond insurer for insured fixed income securities, and other market data relevant to the realizability of contractual cash flows, may also be considered. The estimated fair value of collateral will be used to estimate recovery value if the Company determines that the security is dependent on the liquidation of collateral for ultimate settlement. If the estimated recovery value is less than the amortized cost of the security, a credit loss exists and an other-than-temporary impairment for the difference between the estimated recovery value and amortized cost is recorded in earnings. The portion of the unrealized loss related to factors other than credit remains classified in accumulated other comprehensive income. If the Company determines that the fixed income security does not have sufficient cash flow or other information to estimate a recovery value for the security, the Company may conclude that the entire decline in fair value is deemed to be credit related and the loss is recorded in earnings. Unrealized net capital gains and losses Unrealized net capital gains and losses included in accumulated other comprehensive income are as follows: ($ in millions) Fair value Gross unrealized Unrealized net gains (losses) June 30, 2017 Gains Losses Fixed income securities $ 23,651 $ 1,429 $ (102 ) $ 1,327 Equity securities 1,617 216 (18 ) 198 Short-term investments 505 — — — Derivative instruments (1) 3 3 — 3 Equity method (“EMA”) limited partnerships (2) — Unrealized net capital gains and losses, pre-tax 1,528 Amounts recognized for: Insurance reserves (3) — DAC and DSI (4) (191 ) Amounts recognized (191 ) Deferred income taxes (473 ) Unrealized net capital gains and losses, after-tax $ 864 _______________ (1) Included in the fair value of derivative instruments is $(3) million classified as liabilities. (2) Unrealized net capital gains and losses for limited partnership interests represent the Company’s share of EMA limited partnerships’ other comprehensive income. Fair value and gross unrealized gains and losses are not applicable. (3) The insurance reserves adjustment represents the amount by which the reserve balance would increase if the net unrealized gains in the applicable product portfolios were realized and reinvested at current lower interest rates, resulting in a premium deficiency. Although the Company evaluates premium deficiencies on the combined performance of life insurance and immediate annuities with life contingencies, the adjustment, if any, primarily relates to structured settlement annuities with life contingencies, in addition to annuity buy-outs and certain payout annuities with life contingencies. (4) The DAC and DSI adjustment balance represents the amount by which the amortization of DAC and DSI would increase or decrease if the unrealized gains or losses in the respective product portfolios were realized. ($ in millions) Fair value Gross unrealized Unrealized net gains (losses) December 31, 2016 Gains Losses Fixed income securities $ 24,222 $ 1,310 $ (200 ) $ 1,110 Equity securities 1,511 117 (35 ) 82 Short-term investments 566 — — — Derivative instruments (1) 5 5 — 5 EMA limited partnerships (2 ) Unrealized net capital gains and losses, pre-tax 1,195 Amounts recognized for: Insurance reserves — DAC and DSI (140 ) Amounts recognized (140 ) Deferred income taxes (374 ) Unrealized net capital gains and losses, after-tax $ 681 _______________ (1) Included in the fair value of derivative instruments is $5 million classified as assets. Change in unrealized net capital gains and losses The change in unrealized net capital gains and losses for the six months ended June 30, 2017 is as follows: ($ in millions) Fixed income securities $ 217 Equity securities 116 Derivative instruments (2 ) EMA limited partnerships 2 Total 333 Amounts recognized for: Insurance reserves — DAC and DSI (51 ) Amounts recognized (51 ) Deferred income taxes (99 ) Increase in unrealized net capital gains and losses, after-tax $ 183 Portfolio monitoring The Company has a comprehensive portfolio monitoring process to identify and evaluate each fixed income and equity security whose carrying value may be other-than-temporarily impaired . For each fixed income security in an unrealized loss position, the Company assesses whether management with the appropriate authority has made the decision to sell or whether it is more likely than not the Company will be required to sell the security before recovery of the amortized cost basis for reasons such as liquidity, contractual or regulatory purposes. If a security meets either of these criteria, the security’s decline in fair value is considered other than temporary and is recorded in earnings. If the Company has not made the decision to sell the fixed income security and it is not more likely than not the Company will be required to sell the fixed income security before recovery of its amortized cost basis, the Company evaluates whether it expects to receive cash flows sufficient to recover the entire amortized cost basis of the security. The Company calculates the estimated recovery value by discounting the best estimate of future cash flows at the security’s original or current effective rate, as appropriate, and compares this to the amortized cost of the security. If the Company does not expect to receive cash flows sufficient to recover the entire amortized cost basis of the fixed income security, the credit loss component of the impairment is recorded in earnings, with the remaining amount of the unrealized loss related to other factors recognized in other comprehensive income. For equity securities, the Company considers various factors, including whether it has the intent and ability to hold the equity security for a period of time sufficient to recover its cost basis. Where the Company lacks the intent and ability to hold to recovery, or believes the recovery period is extended, the equity security’s decline in fair value is considered other than temporary and is recorded in earnings. For fixed income and equity securities managed by third parties, either the Company has contractually retained its decision making authority as it pertains to selling securities that are in an unrealized loss position or it recognizes any unrealized loss at the end of the period through a charge to earnings. The Company’s portfolio monitoring process includes a quarterly review of all securities to identify instances where the fair value of a security compared to its amortized cost (for fixed income securities) or cost (for equity securities) is below established thresholds. The process also includes the monitoring of other impairment indicators such as ratings, ratings downgrades and payment defaults. The securities identified, in addition to other securities for which the Company may have a concern, are evaluated for potential other-than-temporary impairment using all reasonably available information relevant to the collectability or recovery of the security. Inherent in the Company’s evaluation of other-than-temporary impairment for these fixed income and equity securities are assumptions and estimates about the financial condition and future earnings potential of the issue or issuer. Some of the factors that may be considered in evaluating whether a decline in fair value is other than temporary are: 1) the financial condition, near-term and long-term prospects of the issue or issuer, including relevant industry specific market conditions and trends, geographic location and implications of rating agency actions and offering prices; 2) the specific reasons that a security is in an unrealized loss position, including overall market conditions which could affect liquidity; and 3) the length of time and extent to which the fair value has been less than amortized cost or cost. The following table summarizes the gross unrealized losses and fair value of fixed income and equity securities by the length of time that individual securities have been in a continuous unrealized loss position. ($ in millions) Less than 12 months 12 months or more Total unrealized losses Number of issues Fair value Unrealized losses Number Fair Unrealized June 30, 2017 Fixed income securities U.S. government and agencies 13 $ 177 $ (1 ) — $ — $ — $ (1 ) Municipal 5 22 (2 ) 1 10 (3 ) (5 ) Corporate 421 3,063 (52 ) 29 224 (28 ) (80 ) ABS 27 161 (1 ) 8 23 (7 ) (8 ) RMBS 44 2 — 44 28 (1 ) (1 ) CMBS 5 23 (3 ) 4 13 (4 ) (7 ) Redeemable preferred stock 1 — — — — — — Total fixed income securities 516 3,448 (59 ) 86 298 (43 ) (102 ) Equity securities 107 133 (11 ) 35 40 (7 ) (18 ) Total fixed income and equity securities 623 $ 3,581 $ (70 ) 121 $ 338 $ (50 ) $ (120 ) Investment grade fixed income securities 417 $ 3,122 $ (47 ) 59 $ 206 $ (27 ) $ (74 ) Below investment grade fixed income securities 99 326 (12 ) 27 92 (16 ) (28 ) Total fixed income securities 516 $ 3,448 $ (59 ) 86 $ 298 $ (43 ) $ (102 ) December 31, 2016 Fixed income securities U.S. government and agencies 6 $ 104 $ (2 ) — $ — $ — $ (2 ) Municipal 8 44 (1 ) 3 18 (6 ) (7 ) Corporate 629 4,767 (118 ) 56 414 (51 ) (169 ) ABS 18 95 (1 ) 13 76 (9 ) (10 ) RMBS 47 3 — 50 38 (3 ) (3 ) CMBS 12 57 (4 ) 4 15 (5 ) (9 ) Redeemable preferred stock 1 — — — — — — Total fixed income securities 721 5,070 (126 ) 126 561 (74 ) (200 ) Equity securities 167 200 (19 ) 62 80 (16 ) (35 ) Total fixed income and equity securities 888 $ 5,270 $ (145 ) 188 $ 641 $ (90 ) $ (235 ) Investment grade fixed income securities 559 $ 4,348 $ (100 ) 75 $ 350 $ (47 ) $ (147 ) Below investment grade fixed income securities 162 722 (26 ) 51 211 (27 ) (53 ) Total fixed income securities 721 $ 5,070 $ (126 ) 126 $ 561 $ (74 ) $ (200 ) As of June 30, 2017 , $89 million of the $120 million unrealized losses are related to securities with an unrealized loss position less than 20% of amortized cost or cost, the degree of which suggests that these securities do not pose a high risk of being other-than-temporarily impaired. Of the $89 million , $58 million are related to unrealized losses on investment grade fixed income securities and $14 million are related to equity securities. Of the remaining $17 million , $8 million have been in an unrealized loss position for less than 12 months. Investment grade is defined as a security having a rating of Aaa, Aa, A or Baa from Moody’s, a rating of AAA, AA, A or BBB from S&P Global Ratings (“S&P”), a comparable rating from another nationally recognized rating agency, or a comparable internal rating if an externally provided rating is not available. Market prices for certain securities may have credit spreads which imply higher or lower credit quality than the current third party rating. Unrealized losses on investment grade securities are principally related to an increase in market yields which may include increased risk-free interest rates and/or wider credit spreads since the time of initial purchase. As of June 30, 2017 , the remaining $31 million of unrealized losses are related to securities in unrealized loss positions greater than or equal to 20% of amortized cost or cost. Investment grade fixed income securities comprising $16 million of these unrealized losses were evaluated based on factors such as discounted cash flows and the financial condition and near-term and long-term prospects of the issue or issuer and were determined to have adequate resources to fulfill contractual obligations. Of the $31 million , $11 million are related to below investment grade fixed income securities and $4 million are related to equity securities. Of these amounts, $5 million are related to below investment grade fixed income securities that had been in an unrealized loss position greater than or equal to 20% of amortized cost for a period of twelve or more consecutive months as of June 30, 2017 . ABS, RMBS and CMBS in an unrealized loss position were evaluated based on actual and projected collateral losses relative to the securities’ positions in the respective securitization trusts, security specific expectations of cash flows, and credit ratings. This evaluation also takes into consideration credit enhancement, measured in terms of (i) subordination from other classes of securities in the trust that are contractually obligated to absorb losses before the class of security the Company owns, and (ii) the expected impact of other structural features embedded in the securitization trust beneficial to the class of securities the Company owns, such as overcollateralization and excess spread. Municipal bonds in an unrealized loss position were evaluated based on the underlying credit quality of the primary obligor, obligation type and quality of the underlying assets. Unrealized losses on equity securities are primarily related to temporary equity market fluctuations of securities that are expected to recover. As of June 30, 2017 , the Company has not made the decision to sell and it is not more likely than not the Company will be required to sell fixed income securities with unrealized losses before recovery of the amortized cost basis. As of June 30, 2017 , the Company had the intent and ability to hold equity securities with unrealized losses for a period of time sufficient for them to recover. Limited partnerships As of June 30, 2017 and December 31, 2016 , the carrying value of equity method limited partnerships totaled $2.36 billion and $2.19 billion , respectively. The Company recognizes an impairment loss for equity method limited partnerships when evidence demonstrates that the loss is other than temporary. Evidence of a loss in value that is other than temporary may include the absence of an ability to recover the carrying amount of the investment or the inability of the investee to sustain a level of earnings that would justify the carrying amount of the investment. As of June 30, 2017 and December 31, 2016 , the carrying value for cost method limited partnerships was $583 million and $591 million , respectively. To determine if an other-than-temporary impairment has occurred, the Company evaluates whether an impairment indicator has occurred in the period that may have a significant adverse effect on the carrying value of the investment. Impairment indicators may include: significantly reduced valuations of the investments held by the limited partnerships; actual recent cash flows received being significantly less than expected cash flows; reduced valuations based on financing completed at a lower value; completed sale of a material underlying investment at a price significantly lower than expected; or any other adverse events since the last financial statements received that might affect the fair value of the investee’s capital. Additionally, the Company’s portfolio monitoring process includes a quarterly review of all cost method limited partnerships to identify instances where the net asset value is below established thresholds for certain periods of time, as well as investments that are performing below expectations, for further impairment consideration. If a cost method limited partnership is other-than-temporarily impaired, the carrying value is written down to fair value, generally estimated to be equivalent to the reported net asset value. Mortgage loans Mortgage loans are evaluated for impairment on a specific loan basis through a quarterly credit monitoring process and review of key credit quality indicators. Mortgage loans are considered impaired when it is probable that the Company will not collect the contractual principal and interest. Valuation allowances are established for impaired loans to reduce the carrying value to the fair value of the collateral less costs to sell or the present value of the loan’s expected future repayment cash flows discounted at the loan’s original effective interest rate. Impaired mortgage loans may not have a valuation allowance when the fair value of the collateral less costs to sell is higher than the carrying value. Valuation allowances are adjusted for subsequent changes in the fair value of the collateral less costs to sell or present value of the loan’s expected future repayment cash flows. Mortgage loans are charged off against their corresponding valuation allowances when there is no reasonable expectation of recovery. The impairment evaluation is non-statistical in respect to the aggregate portfolio but considers facts and circumstances attributable to each loan. It is not considered probable that additional impairment losses, beyond those identified on a specific loan basis, have been incurred as of June 30, 2017 . Accrual of income is suspended for mortgage loans that are in default or when full and timely collection of principal and interest payments is not probable. Cash receipts on mortgage loans on nonaccrual status are generally recorded as a reduction of carrying value. Debt service coverage ratio is considered a key credit quality indicator when mortgage loans are evaluated for impairment. Debt service coverage ratio represents the amount of estimated cash flows from the property available to the borrower to meet principal and interest payment obligations. Debt service coverage ratio estimates are updated annually or more frequently if conditions are warranted based on the Company’s credit monitoring process. The following table reflects the carrying value of non-impaired fixed rate mortgage loans summarized by debt service coverage ratio distribution. ($ in millions) June 30, 2017 December 31, 2016 Below 1.0 $ 18 $ 52 1.0 - 1.25 318 321 1.26 - 1.50 1,167 1,196 Above 1.50 2,285 2,364 Total non-impaired mortgage loans $ 3,788 $ 3,933 Mortgage loans with a debt service coverage ratio below 1.0 that are not considered impaired primarily relate to instances where the borrower has the financial capacity to fund the revenue shortfalls from the properties for the foreseeable term, the decrease in cash flows from the properties is considered temporary, or there are other risk mitigating circumstances such as additional collateral, escrow balances or borrower guarantees. The net carrying value of impaired mortgage loans is as follows: ($ in millions) June 30, 2017 December 31, 2016 Impaired mortgage loans with a valuation allowance $ 5 $ 5 Impaired mortgage loans without a valuation allowance — — Total impaired mortgage loans $ 5 $ 5 Valuation allowance on impaired mortgage loans $ 3 $ 3 The average balance of impaired loans was $5 million and $6 million for the six months ended June 30, 2017 and 2016 , respectively. The rollforward of the valuation allowance on impaired mortgage loans is as follows: ($ in millions) Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Beginning balance $ 3 $ 3 $ 3 $ 3 Charge offs — — — — Ending balance $ 3 $ 3 $ 3 $ 3 Payments on all mortgage loans were current as of June 30, 2017 and December 31, 2016 .

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value of Assets and Liabilities	Fair Value of Assets and Liabilities Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The hierarchy for inputs used in determining fair value maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Assets and liabilities recorded on the Condensed Consolidated Statements of Financial Position at fair value are categorized in the fair value hierarchy based on the observability of inputs to the valuation techniques as follows: Level 1: Assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that the Company can access. Level 2: Assets and liabilities whose values are based on the following: (a) Quoted prices for similar assets or liabilities in active markets; (b) Quoted prices for identical or similar assets or liabilities in markets that are not active; or (c) Valuation models whose inputs are observable, directly or indirectly, for substantially the full term of the asset or liability. Level 3: Assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Unobservable inputs reflect the Company’s estimates of the assumptions that market participants would use in valuing the assets and liabilities. The availability of observable inputs varies by instrument. In situations where fair value is based on internally developed pricing models or inputs that are unobservable in the market, the determination of fair value requires more judgment. The degree of judgment exercised by the Company in determining fair value is typically greatest for instruments categorized in Level 3. In many instances, valuation inputs used to measure fair value fall into different levels of the fair value hierarchy. The category level in the fair value hierarchy is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company uses prices and inputs that are current as of the measurement date, including during periods of market disruption. In periods of market disruption, the ability to observe prices and inputs may be reduced for many instruments. The Company is responsible for the determination of fair value and the supporting assumptions and methodologies. The Company gains assurance that assets and liabilities are appropriately valued through the execution of various processes and controls designed to ensure the overall reasonableness and consistent application of valuation methodologies, including inputs and assumptions, and compliance with accounting standards. For fair values received from third parties or internally estimated, the Company’s processes and controls are designed to ensure that the valuation methodologies are appropriate and consistently applied, the inputs and assumptions are reasonable and consistent with the objective of determining fair value, and the fair values are accurately recorded. For example, on a continuing basis, the Company assesses the reasonableness of individual fair values that have stale security prices or that exceed certain thresholds as compared to previous fair values received from valuation service providers or brokers or derived from internal models. The Company performs procedures to understand and assess the methodologies, processes and controls of valuation service providers. In addition, the Company may validate the reasonableness of fair values by comparing information obtained from valuation service providers or brokers to other third party valuation sources for selected securities. The Company performs ongoing price validation procedures such as back-testing of actual sales, which corroborate the various inputs used in internal models to market observable data. When fair value determinations are expected to be more variable, the Company validates them through reviews by members of management who have relevant expertise and who are independent of those charged with executing investment transactions. The Company has two types of situations where investments are classified as Level 3 in the fair value hierarchy. The first is where specific inputs significant to the fair value estimation models are not market observable. This primarily occurs in the Company’s use of broker quotes to value certain securities where the inputs have not been corroborated to be market observable, and the use of valuation models that use significant non-market observable inputs. The second situation where the Company classifies securities in Level 3 is where quotes continue to be received from independent third-party valuation service providers and all significant inputs are market observable; however, there has been a significant decrease in the volume and level of activity for the asset when compared to normal market activity such that the degree of market observability has declined to a point where categorization as a Level 3 measurement is considered appropriate. The indicators considered in determining whether a significant decrease in the volume and level of activity for a specific asset has occurred include the level of new issuances in the primary market, trading volume in the secondary market, the level of credit spreads over historical levels, applicable bid-ask spreads, and price consensus among market participants and other pricing sources. Certain assets are not carried at fair value on a recurring basis, including investments such as mortgage loans, limited partnership interests, bank loans, agent loans and policy loans. Accordingly, such investments are only included in the fair value hierarchy disclosure when the investment is subject to remeasurement at fair value after initial recognition and the resulting remeasurement is reflected in the condensed consolidated financial statements. In determining fair value, the Company principally uses the market approach which generally utilizes market transaction data for the same or similar instruments. To a lesser extent, the Company uses the income approach which involves determining fair values from discounted cash flow methodologies. For the majority of Level 2 and Level 3 valuations, a combination of the market and income approaches is used. Summary of significant valuation techniques for assets and liabilities measured at fair value on a recurring basis Level 1 measurements • Fixed income securities: Comprise certain U.S. Treasury fixed income securities. Valuation is based on unadjusted quoted prices for identical assets in active markets that the Company can access. • Equity securities: Comprise actively traded, exchange-listed equity securities. Valuation is based on unadjusted quoted prices for identical assets in active markets that the Company can access. • Short-term: Comprise U.S. Treasury bills valued based on unadjusted quoted prices for identical assets in active markets that the Company can access and actively traded money market funds that have daily quoted net asset values for identical assets that the Company can access. • Separate account assets: Comprise actively traded mutual funds that have daily quoted net asset values for identical assets that the Company can access. Net asset values for the actively traded mutual funds in which the separate account assets are invested are obtained daily from the fund managers. Level 2 measurements • Fixed income securities: U.S. government and agencies: The primary inputs to the valuation include quoted prices for identical or similar assets in markets that are not active, contractual cash flows, benchmark yields and credit spreads. Municipal: The primary inputs to the valuation include quoted prices for identical or similar assets in markets that are not active, contractual cash flows, benchmark yields and credit spreads. Corporate - public: The primary inputs to the valuation include quoted prices for identical or similar assets in markets that are not active, contractual cash flows, benchmark yields and credit spreads. Corporate - privately placed: Valued using a discounted cash flow model that is widely accepted in the financial services industry and uses market observable inputs and inputs derived principally from, or corroborated by, observable market data. The primary inputs to the discounted cash flow model include an interest rate yield curve, as well as published credit spreads for similar assets in markets that are not active that incorporate the credit quality and industry sector of the issuer. Foreign government: The primary inputs to the valuation include quoted prices for identical or similar assets in markets that are not active, contractual cash flows, benchmark yields and credit spreads. ABS - collateralized debt obligations (“CDO”) and ABS - consumer and other: The primary inputs to the valuation include quoted prices for identical or similar assets in markets that are not active, contractual cash flows, benchmark yields, prepayment speeds, collateral performance and credit spreads. Certain ABS - CDO and ABS - consumer and other are valued based on non-binding broker quotes whose inputs have been corroborated to be market observable. RMBS: The primary inputs to the valuation include quoted prices for identical or similar assets in markets that are not active, contractual cash flows, benchmark yields, prepayment speeds, collateral performance and credit spreads. CMBS: The primary inputs to the valuation include quoted prices for identical or similar assets in markets that are not active, contractual cash flows, benchmark yields, collateral performance and credit spreads. Redeemable preferred stock: The primary inputs to the valuation include quoted prices for identical or similar assets in markets that are not active, contractual cash flows, benchmark yields, underlying stock prices and credit spreads. • Equity securities: The primary inputs to the valuation include quoted prices or quoted net asset values for identical or similar assets in markets that are not active. • Short-term: The primary inputs to the valuation include quoted prices for identical or similar assets in markets that are not active, contractual cash flows, benchmark yields and credit spreads. For certain short-term investments, amortized cost is used as the best estimate of fair value. • Other investments: Free-standing exchange listed derivatives that are not actively traded are valued based on quoted prices for identical instruments in markets that are not active. OTC derivatives, including interest rate swaps, foreign currency swaps, foreign exchange forward contracts, certain options and certain credit default swaps, are valued using models that rely on inputs such as interest rate yield curves, implied volatilities, currency rates, and credit spreads that are observable for substantially the full term of the contract. The valuation techniques underlying the models are widely accepted in the financial services industry and do not involve significant judgment. Level 3 measurements • Fixed income securities: Municipal: Comprise municipal bonds that are not rated by third party credit rating agencies. The primary inputs to the valuation of these municipal bonds include quoted prices for identical or similar assets in markets that exhibit less liquidity relative to those markets supporting Level 2 fair value measurements, contractual cash flows, benchmark yields and credit spreads. Also included are municipal bonds valued based on non-binding broker quotes where the inputs have not been corroborated to be market observable and municipal bonds in default valued based on the present value of expected cash flows. Corporate - public and Corporate - privately placed: Primarily valued based on non-binding broker quotes where the inputs have not been corroborated to be market observable. Other inputs include an interest rate yield curve, as well as published credit spreads for similar assets that incorporate the credit quality and industry sector of the issuer. ABS - CDO, ABS - consumer and other, and CMBS: Valued based on non-binding broker quotes received from brokers who are familiar with the investments and where the inputs have not been corroborated to be market observable. • Equity securities: The primary inputs to the valuation include quoted prices or quoted net asset values for identical or similar assets in markets that exhibit less liquidity relative to those markets supporting Level 2 fair value measurements. • Other investments: Certain OTC derivatives, such as interest rate caps, certain credit default swaps and certain options (including swaptions), are valued using models that are widely accepted in the financial services industry. These are categorized as Level 3 as a result of the significance of non-market observable inputs such as volatility. Other primary inputs include interest rate yield curves and credit spreads. • Contractholder funds: Derivatives embedded in certain life and annuity contracts are valued internally using models widely accepted in the financial services industry that determine a single best estimate of fair value for the embedded derivatives within a block of contractholder liabilities. The models primarily use stochastically determined cash flows based on the contractual elements of embedded derivatives, projected option cost and applicable market data, such as interest rate yield curves and equity index volatility assumptions. These are categorized as Level 3 as a result of the significance of non-market observable inputs. Assets and liabilities measured at fair value on a non-recurring basis Mortgage loans written-down to fair value in connection with recognizing impairments are valued based on the fair value of the underlying collateral less costs to sell. Limited partnership interests written-down to fair value in connection with recognizing other-than-temporary impairments are generally valued using net asset values. The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring and non-recurring basis as of June 30, 2017 . ($ in millions) Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Counterparty and cash collateral netting Balance as of June 30, 2017 Assets Fixed income securities: U.S. government and agencies $ 286 $ 367 $ — $ 653 Municipal — 2,210 60 2,270 Corporate - public — 13,439 36 13,475 Corporate - privately placed — 5,849 250 6,099 Foreign government — 312 — 312 ABS - CDO — 39 24 63 ABS - consumer and other — 277 63 340 RMBS — 285 — 285 CMBS — 139 — 139 Redeemable preferred stock — 15 — 15 Total fixed income securities 286 22,932 433 23,651 Equity securities 1,538 4 75 1,617 Short-term investments 92 413 — 505 Other investments: Free-standing derivatives — 105 1 $ (6 ) 100 Separate account assets 3,396 — — 3,396 Total recurring basis assets 5,312 23,454 509 (6 ) 29,269 Non-recurring basis (1) — — 8 8 Total assets at fair value $ 5,312 $ 23,454 $ 517 $ (6 ) $ 29,277 % of total assets at fair value 18.1 % 80.1 % 1.8 % — % 100 % Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ — $ — $ (284 ) $ (284 ) Other liabilities: Free-standing derivatives — (46 ) — $ 2 (44 ) Total liabilities at fair value $ — $ (46 ) $ (284 ) $ 2 $ (328 ) % of total liabilities at fair value — % 14.0 % 86.6 % (0.6 )% 100 % ____________ (1) Includes $8 million of limited partnership interests written-down to fair value in connection with recognizing other-than-temporary impairments. The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring and non-recurring basis as of December 31, 2016 . ($ in millions) Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Counterparty and cash collateral netting Balance as of December 31, 2016 Assets Fixed income securities: U.S. government and agencies $ 619 $ 395 $ — $ 1,014 Municipal — 2,215 59 2,274 Corporate - public — 13,475 47 13,522 Corporate - privately placed — 5,895 264 6,159 Foreign government — 332 — 332 ABS - CDO — 102 27 129 ABS - consumer and other — 160 42 202 RMBS — 333 — 333 CMBS — 241 — 241 Redeemable preferred stock — 16 — 16 Total fixed income securities 619 23,164 439 24,222 Equity securities 1,432 3 76 1,511 Short-term investments 166 400 — 566 Other investments: Free-standing derivatives — 101 1 $ (6 ) 96 Separate account assets 3,373 — — 3,373 Other assets — — 1 1 Total recurring basis assets 5,590 23,668 517 (6 ) 29,769 Non-recurring basis (1) — — 9 9 Total assets at fair value $ 5,590 $ 23,668 $ 526 $ (6 ) $ 29,778 % of total assets at fair value 18.7 % 79.5 % 1.8 % — % 100 % Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ — $ — $ (289 ) $ (289 ) Other liabilities: Free-standing derivatives — (39 ) (3 ) $ 2 (40 ) Total liabilities at fair value $ — $ (39 ) $ (292 ) $ 2 $ (329 ) % of total liabilities at fair value — % 11.9 % 88.7 % (0.6 )% 100 % ____________ (1) Includes $9 million of limited partnership interests written-down to fair value in connection with recognizing other-than-temporary impairments. The following table summarizes quantitative information about the significant unobservable inputs used in Level 3 fair value measurements. ($ in millions) Fair value Valuation technique Unobservable input Range Weighted average June 30, 2017 Derivatives embedded in life and annuity contracts – Equity-indexed and forward starting options $ (249 ) Stochastic cash flow model Projected option cost 1.0 - 2.2% 1.74 % December 31, 2016 Derivatives embedded in life and annuity contracts – Equity-indexed and forward starting options $ (246 ) Stochastic cash flow model Projected option cost 1.0 - 2.2% 1.75 % The embedded derivatives are equity-indexed and forward starting options in certain life and annuity products that provide customers with interest crediting rates based on the performance of the S&P 500. If the projected option cost increased (decreased), it would result in a higher (lower) liability fair value. As of June 30, 2017 and December 31, 2016 , Level 3 fair value measurements of fixed income securities total $433 million and $439 million , respectively, and include $276 million and $296 million , respectively, of securities valued based on non-binding broker quotes where the inputs have not been corroborated to be market observable. The Company does not develop the unobservable inputs used in measuring fair value; therefore, these are not included in the table above. However, an increase (decrease) in credit spreads for fixed income securities valued based on non-binding broker quotes would result in a lower (higher) fair value. The following table presents the rollforward of Level 3 assets and liabilities held at fair value on a recurring basis during the three months ended June 30, 2017 . ($ in millions) Total gains (losses) included in: Balance as of March 31, 2017 Net income (1) OCI Transfers into Level 3 Transfers out of Level 3 Assets Fixed income securities: Municipal $ 60 $ — $ — $ — $ — Corporate - public 36 — — — — Corporate - privately placed 268 5 (7 ) 11 — ABS - CDO 32 1 — 1 (9 ) ABS - consumer and other 47 — — — (3 ) Total fixed income securities 443 6 (7 ) 12 (12 ) Equity securities 80 1 2 — — Free-standing derivatives, net (1 ) 2 — — — Total recurring Level 3 assets $ 522 $ 9 $ (5 ) $ 12 $ (12 ) Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ (285 ) $ — $ — $ — $ — Total recurring Level 3 liabilities $ (285 ) $ — $ — $ — $ — Purchases Sales Issues Settlements Balance as of June 30, 2017 Assets Fixed income securities: Municipal $ — $ — $ — $ — $ 60 Corporate - public — — — — 36 Corporate - privately placed 3 (29 ) — (1 ) 250 ABS - CDO — — — (1 ) 24 ABS - consumer and other 21 — — (2 ) 63 Total fixed income securities 24 (29 ) — (4 ) 433 Equity securities — (8 ) — — 75 Free-standing derivatives, net — — — — 1 (2) Total recurring Level 3 assets $ 24 $ (37 ) $ — $ (4 ) $ 509 Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ — $ — $ — $ 1 $ (284 ) Total recurring Level 3 liabilities $ — $ — $ — $ 1 $ (284 ) ____________ (1) The effect to net income totals $9 million and is reported in the Condensed Consolidated Statements of Operations and Comprehensive Income as follows: $7 million in realized capital gains and losses, $2 million in net investment income, $(1) million in interest credited to contractholder funds and $1 million in contract benefits. (2) Comprises $1 million of assets. The following table presents the rollforward of Level 3 assets and liabilities held at fair value on a recurring basis during the six months ended June 30, 2017 . ($ in millions) Total gains (losses) included in: Balance as of December 31, 2016 Net income (1) OCI Transfers into Level 3 Transfers out of Level 3 Assets Fixed income securities: Municipal $ 59 $ — $ 1 $ — $ — Corporate - public 47 1 — — (10 ) Corporate - privately placed 264 5 (2 ) 11 — ABS - CDO 27 — 2 4 (9 ) ABS - consumer and other 42 — — — (5 ) Total fixed income securities 439 6 1 15 (24 ) Equity securities 76 6 2 — — Free-standing derivatives, net (2 ) 3 — — — Other assets 1 (1 ) — — — Total recurring Level 3 assets $ 514 $ 14 $ 3 $ 15 $ (24 ) Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ (289 ) $ 3 $ — $ — $ — Total recurring Level 3 liabilities $ (289 ) $ 3 $ — $ — $ — Purchases Sales Issues Settlements Balance as of June 30, 2017 Assets Fixed income securities: Municipal $ — $ — $ — $ — $ 60 Corporate - public — — — (2 ) 36 Corporate - privately placed 3 (29 ) — (2 ) 250 ABS - CDO 5 — — (5 ) 24 ABS - consumer and other 29 — — (3 ) 63 Total fixed income securities 37 (29 ) — (12 ) 433 Equity securities — (9 ) — — 75 Free-standing derivatives, net — — — — 1 (2) Other assets — — — — — Total recurring Level 3 assets $ 37 $ (38 ) $ — $ (12 ) $ 509 Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ — $ — $ (1 ) $ 3 $ (284 ) Total recurring Level 3 liabilities $ — $ — $ (1 ) $ 3 $ (284 ) ____________ (1) The effect to net income totals $17 million and is reported in the Condensed Consolidated Statements of Operations and Comprehensive Income as follows: $8 million in realized capital gains and losses, $7 million in net investment income, $(6) million in interest credited to contractholder funds and $8 million in contract benefits. (2) Comprises $1 million of assets. The following table presents the rollforward of Level 3 assets and liabilities held at fair value on a recurring basis during the three months ended June 30, 2016 . ($ in millions) Total gains (losses) included in: Balance as of March 31, 2016 Net income (1) OCI Transfers into Level 3 Transfers out of Level 3 Assets Fixed income securities: Municipal $ 66 $ — $ 3 $ 6 $ — Corporate - public 38 — — — — Corporate - privately placed 497 3 8 16 (60 ) ABS - CDO 50 — 3 6 (1 ) ABS - consumer and other 43 — (1 ) 3 — Total fixed income securities 694 3 13 31 (61 ) Equity securities 56 (4 ) — — — Free-standing derivatives, net (8 ) 1 — — — Other assets 1 — — — — Total recurring Level 3 assets $ 743 $ — $ 13 $ 31 $ (61 ) Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ (313 ) $ 7 $ — $ — $ — Total recurring Level 3 liabilities $ (313 ) $ 7 $ — $ — $ — Purchases Sales Issues Settlements Balance as of June 30, 2016 Assets Fixed income securities: Municipal $ — $ (5 ) $ — $ — $ 70 Corporate - public 3 — — — 41 Corporate - privately placed 12 — — (2 ) 474 ABS - CDO — — — (25 ) 33 ABS - consumer and other — — — (1 ) 44 Total fixed income securities 15 (5 ) — (28 ) 662 Equity securities — — — — 52 Free-standing derivatives, net — — — — (7 ) (2) Other assets — — — — 1 Total recurring Level 3 assets $ 15 $ (5 ) $ — $ (28 ) $ 708 Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ — $ — $ — $ 2 $ (304 ) Total recurring Level 3 liabilities $ — $ — $ — $ 2 $ (304 ) __________ (1) The effect to net income totals $7 million and is reported in the Condensed Consolidated Statements of Operations and Comprehensive Income as follows: $(4) million in realized capital gains and losses, $4 million in net investment income, $(7) million in interest credited to contractholder funds and $14 million in contract benefits. (2) Comprises $1 million of assets and $8 million of liabilities. The following table presents the rollforward of Level 3 assets and liabilities held at fair value on a recurring basis during the six months ended June 30, 2016 . ($ in millions) Total gains (losses)included in: Balance as of December 31, 2015 Net income (1) OCI Transfers into Level 3 Transfers out of Level 3 Assets Fixed income securities: Municipal $ 78 $ 11 $ (5 ) $ 6 $ — Corporate - public 44 — 1 1 (7 ) Corporate - privately placed 447 4 12 16 (65 ) ABS - CDO 53 — 2 8 (1 ) ABS - consumer and other 44 — (2 ) 3 — Total fixed income securities 666 15 8 34 (73 ) Equity securities 60 (16 ) 3 — — Free-standing derivatives, net (7 ) — — — — Other assets 1 — — — — Total recurring Level 3 assets $ 720 $ (1 ) $ 11 $ 34 $ (73 ) Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ (299 ) $ (8 ) $ — $ — $ — Total recurring Level 3 liabilities $ (299 ) $ (8 ) $ — $ — $ — Purchases Sales Issues Settlements Balance as of June 30, 2016 Assets Fixed income securities: Municipal $ — $ (20 ) $ — $ — $ 70 Corporate - public 3 — — (1 ) 41 Corporate - privately placed 67 — — (7 ) 474 ABS - CDO — (1 ) — (28 ) 33 ABS - consumer and other — — — (1 ) 44 Total fixed income securities 70 (21 ) — (37 ) 662 Equity securities 5 — — — 52 Free-standing derivatives, net — — — — (7 ) (2) Other assets — — — — 1 Total recurring Level 3 assets $ 75 $ (21 ) $ — $ (37 ) $ 708 Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ — $ — $ (1 ) $ 4 $ (304 ) Total recurring Level 3 liabilities $ — $ — $ (1 ) $ 4 $ (304 ) __________ (1) The effect to net income totals $(9) million and is reported in the Condensed Consolidated Statements of Operations and Comprehensive Income as follows: $(8) million in realized capital gains and losses, $7 million in net investment income, $(6) million in interest credited to contractholder funds and $(2) million in contract benefits. (2) Comprises $1 million of assets and $8 million of liabilities. Transfers between level categorizations may occur due to changes in the availability of market observable inputs, which generally are caused by changes in market conditions such as liquidity, trading volume or bid-ask spreads. Transfers between level categorizations may also occur due to changes in the valuation source. For example, in situations where a fair value quote is not provided by the Company’s independent third-party valuation service provider and as a result the price is stale or has been replaced with a broker quote whose inputs have not been corroborated to be market observable, the security is transferred into Level 3. Transfers in and out of level categorizations are reported as having occurred at the beginning of the quarter in which the transfer occurred. Therefore, for all transfers into Level 3, all realized and changes in unrealized gains and losses in the quarter of transfer are reflected in the Level 3 rollforward table. There were no transfers between Level 1 and Level 2 during the three months and six months ended June 30, 2017 or 2016 . Transfers into Level 3 during the three months and six months ended June 30, 2017 and 2016 included situations where a fair value quote was not provided by the Company’s independent third-party valuation service provider and as a result the price was stale or had been replaced with a broker quote where the inputs had not been corroborated to be market observable resulting in the security being classified as Level 3. Transfers out of Level 3 during the three months and six months ended June 30, 2017 and 2016 included situations where a broker quote was used in the prior period and a fair value quote became available from the Company’s independent third-party valuation service provider in the current period. A quote utilizing the new pricing source was not available as of the prior period, and any gains or losses related to the change in valuation source for individual securities were not significant. The following table provides the change in unrealized gains and losses included in net income for Level 3 assets and liabilities held as of June 30 . ($ in millions) Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Assets Fixed income securities: Corporate $ — $ 3 $ — $ 1 Equity securities 2 (4 ) 7 (16 ) Free-standing derivatives, net 2 1 3 — Other assets — — (1 ) — Total recurring Level 3 assets $ 4 $ — $ 9 $ (15 ) Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ — $ 7 $ 3 $ (8 ) Total recurring Level 3 liabilities $ — $ 7 $ 3 $ (8 ) The amounts in the table above represent the change in unrealized gains and losses included in net income for the period of time that the asset or liability was determined to be in Level 3. These gains and losses total $4 million for the three months ended June 30, 2017 and are reported as follows: $2 million in realized capital gains and losses, $2 million in net investment income, $(1) million in interest credited to contractholder funds and $1 million in contract benefits. These gains and losses total $7 million for the three months ended June 30, 2016 and are reported as follows: $(4) million in realized capital gains and losses, $4 million in net investment income, $(7) million in interest credited to contractholder funds and $14 million in contract benefits. These gains and losses total $12 million for the six months ended June 30, 2017 and are reported as follows: $3 million in realized capital gains and losses, $7 million in net investment income, $(6) million in interest credited to contractholder funds and $8 million in contract benefits. These gains and losses total $(23) million for the six months ended June 30, 2016 and are reported as follows: $(22) million in realized capital gains and losses, $7 million in net investment income, $(6) million in interest credited to contractholder funds and $(2) million in contract benefits. Presented below are the carrying values and fair value estimates of financial instruments not carried at fair value. Financial assets ($ in millions) June 30, 2017 December 31, 2016 Carrying value Fair value Carrying value Fair value Mortgage loans $ 3,793 $ 3,920 $ 3,938 $ 3,963 Cost method limited partnerships 583 683 591 681 Bank loans 478 479 467 467 Agent loans 499 495 467 467 Notes due from related party — — 325 325 The fair value of mortgage loans is based on discounted contractual cash flows or, if the loans are impaired due to credit reasons, the fair value of collateral less costs to sell. Risk adjusted discount rates are selected using current rates at which similar loans would be made to borrowers with similar characteristics, using similar types of properties as collateral. The fair value of cost method limited partnerships is determined using reported net asset values. The fair value of bank loans, which are reported in other investments, is based on broker quotes from brokers familiar with the loans and current market conditions. The fair value of agent loans, which are reported in other investments, is based on discounted cash flow calculations. Risk adjusted discount rates are selected using current rates at which similar loans would be made to borrowers with similar characteristics. As of December 31, 2016, the fair value of notes due from related party, which were reported in other investments, was based on discounted cash flow calculations using current interest rates for instruments with comparable terms. Since the notes could be called at par value, their fair value was not greater than par value. The fair value measurements for mortgage loans, cost method limited partnerships, bank loans, agent loans, notes due from related party and assets held for sale are categorized as Level 3. Financial liabilities ($ in millions) June 30, 2017 December 31, 2016 Carrying value Fai

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The Company uses derivatives for risk reduction and to increase investment portfolio returns through asset replication. Risk reduction activity is focused on managing the risks with certain assets and liabilities arising from the potential adverse impacts from changes in risk-free interest rates, changes in equity market valuations, increases in credit spreads and foreign currency fluctuations. Asset replication refers to the “synthetic” creation of assets through the use of derivatives. The Company replicates fixed income securities using a combination of a credit default swap or a foreign currency forward contract and one or more highly rated fixed income securities, primarily investment grade host bonds, to synthetically replicate the economic characteristics of one or more cash market securities. The Company replicates equity securities using futures and options to increase equity exposure. The Company utilizes several derivative strategies to manage risk. Asset-liability management is a risk management strategy that is principally employed to balance the respective interest-rate sensitivities of the Company’s assets and liabilities. Depending upon the attributes of the assets acquired and liabilities issued, derivative instruments such as interest rate swaps, caps, swaptions and futures are utilized to change the interest rate characteristics of existing assets and liabilities to ensure the relationship is maintained within specified ranges and to reduce exposure to rising or falling interest rates. Credit default swaps are typically used to mitigate the credit risk within the Company’s fixed income portfolio. Futures and options are used for hedging the equity exposure contained in the Company’s equity indexed life and annuity product contracts that offer equity returns to contractholders. In addition, the Company uses equity index futures and options to offset valuation losses in the equity portfolio during periods of declining equity market values. Foreign currency swaps and forwards are primarily used by the Company to reduce the foreign currency risk associated with holding foreign currency denominated investments. The Company also has derivatives embedded in non-derivative host contracts that are required to be separated from the host contracts and accounted for at fair value with changes in fair value of embedded derivatives reported in net income. The Company’s primary embedded derivatives are equity options in life and annuity product contracts, which provide equity returns to contractholders. When derivatives meet specific criteria, they may be designated as accounting hedges and accounted for as fair value, cash flow, foreign currency fair value or foreign currency cash flow hedges. The Company designates certain investment risk transfer reinsurance agreements as fair value hedges when the hedging instrument is highly effective in offsetting the risk of changes in the fair value of the hedged item. The Company designates certain of its foreign currency swap contracts as cash flow hedges when the hedging instrument is highly effective in offsetting the exposure of variations in cash flows for the hedged risk that could affect net income. Amounts are reclassified to net investment income or realized capital gains and losses as the hedged item affects net income. The notional amounts specified in the contracts are used to calculate the exchange of contractual payments under the agreements and are generally not representative of the potential for gain or loss on these agreements. However, the notional amounts specified in credit default swaps where the Company has sold credit protection represent the maximum amount of potential loss, assuming no recoveries. Fair value, which is equal to the carrying value, is the estimated amount that the Company would receive or pay to terminate the derivative contracts at the reporting date. The carrying value amounts for OTC derivatives are further adjusted for the effects, if any, of enforceable master netting agreements and are presented on a net basis, by counterparty agreement, in the Condensed Consolidated Statements of Financial Position. For certain exchange traded and cleared derivatives, margin deposits are required as well as daily cash settlements of margin accounts. As of June 30, 2017 , the Company pledged $12 million in the form of margin deposits. For those derivatives which qualify for fair value hedge accounting, net income includes the changes in the fair value of both the derivative instrument and the hedged risk, and therefore reflects any hedging ineffectiveness. For cash flow hedges, gains and losses are amortized from accumulated other comprehensive income and are reported in net income in the same period the forecasted transactions being hedged impact net income. Non-hedge accounting is generally used for “portfolio” level hedging strategies where the terms of the individual hedged items do not meet the strict homogeneity requirements to permit the application of hedge accounting. For non-hedge derivatives, net income includes changes in fair value and accrued periodic settlements, when applicable. With the exception of non-hedge derivatives used for asset replication and non-hedge embedded derivatives, all of the Company’s derivatives are evaluated for their ongoing effectiveness as either accounting hedge or non-hedge derivative financial instruments on at least a quarterly basis. The following table provides a summary of the volume and fair value positions of derivative instruments as well as their reporting location in the Condensed Consolidated Statement of Financial Position as of June 30, 2017 . ($ in millions, except number of contracts) Volume (1) Balance sheet location Notional amount Number of contracts Fair value, net Gross asset Gross liability Asset derivatives Derivatives not designated as accounting hedging instruments Interest rate contracts Interest rate cap agreements Other investments $ 22 n/a $ — $ — $ — Equity and index contracts Options Other investments 180 4,857 100 101 (1 ) Credit default contracts Credit default swaps – buying protection Other investments 3 n/a — — — Credit default swaps – selling protection Other investments 80 n/a 1 1 — Other contracts Other contracts Other assets 3 n/a — — — Total asset derivatives $ 288 4,857 $ 101 $ 102 $ (1 ) Liability derivatives Derivatives designated as accounting hedging instruments Foreign currency swap agreements Other liabilities & accrued expenses $ 49 n/a $ 2 $ 2 $ — Derivatives not designated as accounting hedging instruments Interest rate contracts Interest rate cap agreements Other liabilities & accrued expenses 37 n/a 1 1 — Equity and index contracts Options and futures Other liabilities & accrued expenses — 4,870 (38 ) — (38 ) Foreign currency contracts Foreign currency forwards Other liabilities & accrued expenses 241 n/a (4 ) 1 (5 ) Embedded derivative financial instruments Guaranteed accumulation benefits Contractholder funds 246 n/a (28 ) — (28 ) Guaranteed withdrawal benefits Contractholder funds 282 n/a (7 ) — (7 ) Equity-indexed and forward starting options in life and annuity product contracts Contractholder funds 1,729 n/a (249 ) — (249 ) Credit default contracts Credit default swaps – buying protection Other liabilities & accrued expenses 24 n/a (2 ) — (2 ) Credit default swaps – selling protection Other liabilities & accrued expenses 101 n/a — — — Subtotal 2,660 4,870 (327 ) 2 (329 ) Total liability derivatives 2,709 4,870 (325 ) $ 4 $ (329 ) Total derivatives $ 2,997 9,727 $ (224 ) ___________ (1) Volume for OTC and cleared derivative contracts is represented by their notional amounts. Volume for exchange traded derivatives is represented by the number of contracts, which is the basis on which they are traded. (n/a = not applicable) The following table provides a summary of the volume and fair value positions of derivative instruments as well as their reporting location in the Consolidated Statement of Financial Position as of December 31, 2016 . ($ in millions, except number of contracts) Volume (1) Balance sheet location Notional amount Number of contracts Fair value, net Gross asset Gross liability Asset derivatives Derivatives designated as accounting hedging instruments Foreign currency swap agreements Other investments $ 49 n/a $ 5 $ 5 $ — Derivatives not designated as accounting hedging instruments Interest rate contracts Interest rate cap agreements Other investments 65 n/a 1 1 — Equity and index contracts Options Other investments — 3,917 87 87 — Financial futures contracts Other assets — 6 — — — Foreign currency contracts Foreign currency forwards Other investments 173 n/a 7 8 (1 ) Credit default contracts Credit default swaps – buying protection Other investments 25 n/a (1 ) — (1 ) Credit default swaps – selling protection Other investments 80 n/a 1 1 — Other contracts Other contracts Other assets 3 n/a 1 1 — Subtotal 346 3,923 96 98 (2 ) Total asset derivatives $ 395 3,923 $ 101 $ 103 $ (2 ) Liability derivatives Equity and index contracts Options and futures Other liabilities & accrued expenses $ — 3,928 $ (37 ) $ — $ (37 ) Embedded derivative financial instruments Guaranteed accumulation benefits Contractholder funds 391 n/a (34 ) — (34 ) Guaranteed withdrawal benefits Contractholder funds 290 n/a (9 ) — (9 ) Equity-indexed and forward starting options in life and annuity product contracts Contractholder funds 1,737 n/a (246 ) — (246 ) Credit default contracts Credit default swaps – buying protection Other liabilities & accrued expenses 6 n/a — — — Credit default swaps – selling protection Other liabilities & accrued expenses 100 n/a (3 ) — (3 ) Subtotal 2,524 3,928 (329 ) — (329 ) Total liability derivatives 2,524 3,928 (329 ) $ — $ (329 ) Total derivatives $ 2,919 7,851 $ (228 ) ____________ (1) Volume for OTC and cleared derivative contracts is represented by their notional amounts. Volume for exchange traded derivatives is represented by the number of contracts, which is the basis on which they are traded. (n/a = not applicable) The following table provides gross and net amounts for the Company’s OTC derivatives, all of which are subject to enforceable master netting agreements. ($ in millions) Offsets Gross amount Counter- party netting Cash collateral (received) pledged Net amount on balance sheet Securities collateral (received) pledged Net amount June 30, 2017 Asset derivatives $ 7 $ (5 ) $ (1 ) $ 1 $ — $ 1 Liability derivatives (8 ) 5 (3 ) (6 ) 3 (3 ) December 31, 2016 Asset derivatives $ 14 $ (2 ) $ (4 ) $ 8 $ (1 ) $ 7 Liability derivatives (5 ) 2 — (3 ) 4 1 The following table provides a summary of the impacts of the Company’s foreign currency contracts in cash flow hedging relationships. Amortization of net gains from accumulated other comprehensive income related to cash flow hedges is expected to be a gain of $3 million during the next twelve months. There was no hedge ineffectiveness reported in realized gains and losses for the three months and six months ended June 30, 2017 or 2016 . ($ in millions) Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Gain (loss) recognized in OCI on derivatives during the period $ — $ 1 $ (2 ) $ (2 ) Gain recognized in OCI on derivatives during the term of the hedging relationship 3 5 3 5 Gain reclassified from AOCI into income (realized capital gains and losses) — 3 — 3 The following tables present gains and losses from valuation and settlements reported on derivatives not designated as accounting hedging instruments in the Condensed Consolidated Statements of Operations and Comprehensive Income. For the three months and six months ended June 30, 2017 and 2016 , the Company had no derivatives used in fair value hedging relationships. ($ in millions) Realized capital gains and losses Contract benefits Interest credited to contractholder funds Total gain (loss) recognized in net income on derivatives Three months ended June 30, 2017 Equity and index contracts $ — $ — $ 9 $ 9 Embedded derivative financial instruments — 1 — 1 Foreign currency contracts (5 ) — — (5 ) Credit default contracts 1 — — 1 Total $ (4 ) $ 1 $ 9 $ 6 Six months ended June 30, 2017 Equity and index contracts $ (2 ) $ — $ 22 $ 20 Embedded derivative financial instruments — 8 (4 ) 4 Foreign currency contracts (9 ) — — (9 ) Credit default contracts 2 — — 2 Total $ (9 ) $ 8 $ 18 $ 17 Three months ended June 30, 2016 Interest rate contracts $ (1 ) $ — $ — $ (1 ) Equity and index contracts (1 ) — 2 1 Embedded derivative financial instruments — 14 (5 ) 9 Foreign currency contracts 3 — — 3 Total $ 1 $ 14 $ (3 ) $ 12 Six months ended June 30, 2016 Interest rate contracts $ (1 ) $ — $ — $ (1 ) Equity and index contracts (1 ) — (5 ) (6 ) Embedded derivative financial instruments — (2 ) (3 ) (5 ) Foreign currency contracts (1 ) — — (1 ) Credit default contracts (1 ) — — (1 ) Total $ (4 ) $ (2 ) $ (8 ) $ (14 ) The Company manages its exposure to credit risk by utilizing highly rated counterparties, establishing risk control limits, executing legally enforceable master netting agreements (“MNAs”) and obtaining collateral where appropriate. The Company uses MNAs for OTC derivative transactions that permit either party to net payments due for transactions and collateral is either pledged or obtained when certain predetermined exposure limits are exceeded. As of June 30, 2017 , counterparties pledged $4 million in cash to the Company, and the Company pledged $3 million in cash and securities to counterparties which includes $2 million of collateral posted under MNAs for contracts containing credit-risk-contingent provisions that are in a liability position and $1 million of collateral posted under MNAs for contracts without credit-risk-contingent features. The Company has not incurred any losses on derivative financial instruments due to counterparty nonperformance. Other derivatives, including futures and certain option contracts, are traded on organized exchanges which require margin deposits and guarantee the execution of trades, thereby mitigating any potential credit risk. Counterparty credit exposure represents the Company’s potential loss if all of the counterparties concurrently fail to perform under the contractual terms of the contracts and all collateral, if any, becomes worthless. This exposure is measured by the fair value of OTC derivative contracts with a positive fair value at the reporting date reduced by the effect, if any, of legally enforceable master netting agreements. The following table summarizes the counterparty credit exposure by counterparty credit rating as it relates to the Company’s OTC derivatives. ($ in millions) June 30, 2017 December 31, 2016 Rating (1) Number of counter-parties Notional amount (2) Credit exposure (2) Exposure, net of collateral (2) Number of counter- parties Notional amount (2) Credit exposure (2) Exposure, net of collateral (2) A+ 4 $ 250 $ 4 $ — 5 $ 312 $ 12 $ 9 __________ (1) Rating is the lower of S&P or Moody’s ratings. (2) Only OTC derivatives with a net positive fair value are included for each counterparty. Market risk is the risk that the Company will incur losses due to adverse changes in market rates and prices. Market risk exists for all of the derivative financial instruments the Company currently holds, as these instruments may become less valuable due to adverse changes in market conditions. To limit this risk, the Company’s senior management has established risk control limits. In addition, changes in fair value of the derivative financial instruments that the Company uses for risk management purposes are generally offset by the change in the fair value or cash flows of the hedged risk component of the related assets, liabilities or forecasted transactions. Certain of the Company’s derivative instruments contain credit-risk-contingent termination events, cross-default provisions and credit support annex agreements. Credit-risk-contingent termination events allow the counterparties to terminate the derivative agreement or a specific trade on certain dates if AIC’s, ALIC’s or Allstate Life Insurance Company of New York’s (“ALNY”) financial strength credit ratings by Moody’s or S&P fall below a certain level. Credit-risk-contingent cross-default provisions allow the counterparties to terminate the derivative agreement if the Company defaults by pre-determined threshold amounts on certain debt instruments. Credit-risk-contingent credit support annex agreements specify the amount of collateral the Company must post to counterparties based on AIC’s, ALIC’s or ALNY’s financial strength credit ratings by Moody’s or S&P, or in the event AIC, ALIC or ALNY are no longer rated by either Moody’s or S&P. The following summarizes the fair value of derivative instruments with termination, cross-default or collateral credit-risk-contingent features that are in a liability position, as well as the fair value of assets and collateral that are netted against the liability in accordance with provisions within legally enforceable MNAs. ($ in millions) June 30, 2017 December 31, 2016 Gross liability fair value of contracts containing credit-risk-contingent features $ 7 $ 2 Gross asset fair value of contracts containing credit-risk-contingent features and subject to MNAs (2 ) (2 ) Collateral posted under MNAs for contracts containing credit-risk-contingent features (2 ) — Maximum amount of additional exposure for contracts with credit-risk-contingent features if all features were triggered concurrently $ 3 $ — Credit derivatives - selling protection A credit default swap (“CDS”) is a derivative instrument, representing an agreement between two parties to exchange the credit risk of a specified entity (or a group of entities), or an index based on the credit risk of a group of entities (all commonly referred to as the “reference entity” or a portfolio of “reference entities”), in return for a periodic premium. In selling protection, CDS are used to replicate fixed income securities and to complement the cash market when credit exposure to certain issuers is not available or when the derivative alternative is less expensive than the cash market alternative. CDS typically have a five -year term. The following table shows the CDS notional amounts by credit rating and fair value of protection sold. ($ in millions) Notional amount AA A BBB BB and lower Total Fair value June 30, 2017 Single name Corporate debt $ — $ — $ — $ 1 $ 1 $ — First-to-default Basket Municipal — — 100 — 100 — Index Corporate debt 1 17 49 13 80 1 Total $ 1 $ 17 $ 149 $ 14 $ 181 $ 1 December 31, 2016 First-to-default Basket Municipal $ — $ — $ 100 $ — $ 100 $ (3 ) Index Corporate debt 1 19 50 10 80 1 Total $ 1 $ 19 $ 150 $ 10 $ 180 $ (2 ) In selling protection with CDS, the Company sells credit protection on an identified single name, a basket of names in a first-to-default (“FTD”) structure or credit derivative index (“CDX”) that is generally investment grade, and in return receives periodic premiums through expiration or termination of the agreement. With single name CDS, this premium or credit spread generally corresponds to the difference between the yield on the reference entity’s public fixed maturity cash instruments and swap rates at the time the agreement is executed. With a FTD basket, because of the additional credit risk inherent in a basket of named reference entities, the premium generally corresponds to a high proportion of the sum of the credit spreads of the names in the basket and the correlation between the names. CDX is utilized to take a position on multiple (generally 125 ) reference entities. Credit events are typically defined as bankruptcy, failure to pay, or restructuring, depending on the nature of the reference entities. If a credit event occurs, the Company settles with the counterparty, either through physical settlement or cash settlement. In a physical settlement, a reference asset is delivered by the buyer of protection to the Company, in exchange for cash payment at par, whereas in a cash settlement, the Company pays the difference between par and the prescribed value of the reference asset. When a credit event occurs in a single name or FTD basket (for FTD, the first credit event occurring for any one name in the basket), the contract terminates at the time of settlement. For CDX, the reference entity’s name incurring the credit event is removed from the index while the contract continues until expiration. The maximum payout on a CDS is the contract notional amount. A physical settlement may afford the Company with recovery rights as the new owner of the asset. The Company monitors risk associated with credit derivatives through individual name credit limits at both a credit derivative and a combined cash instrument/credit derivative level. The ratings of individual names for which protection has been sold are also monitored.

Reinsurance

Reinsurance	6 Months Ended
	Jun. 30, 2017
Reinsurance Disclosures [Abstract]
Reinsurance	Reinsurance The effects of reinsurance on premiums and contract charges are as follows: ($ in millions) Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Direct $ 183 $ 177 $ 363 $ 354 Assumed Affiliate 55 35 108 69 Non-affiliate 193 202 391 405 Ceded Affiliate (13 ) (13 ) (26 ) (26 ) Non-affiliate (71 ) (74 ) (141 ) (144 ) Premiums and contract charges, net of reinsurance $ 347 $ 327 $ 695 $ 658 The effects of reinsurance on contract benefits are as follows: ($ in millions) Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Direct $ 257 $ 257 $ 516 $ 513 Assumed Affiliate 34 20 63 41 Non-affiliate 147 145 263 278 Ceded Affiliate (8 ) (9 ) (16 ) (18 ) Non-affiliate (66 ) (72 ) (108 ) (135 ) Contract benefits, net of reinsurance $ 364 $ 341 $ 718 $ 679 The effects of reinsurance on interest credited to contractholder funds are as follows: ($ in millions) Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Direct $ 140 $ 154 $ 276 $ 315 Assumed Affiliate 2 2 4 4 Non-affiliate 31 27 64 52 Ceded Affiliate (6 ) (5 ) (11 ) (10 ) Non-affiliate (6 ) (6 ) (11 ) (11 ) Interest credited to contractholder funds, net of reinsurance $ 161 $ 172 $ 322 $ 350

Guarantees and Contingent Liabi

Guarantees and Contingent Liabilities	6 Months Ended
	Jun. 30, 2017
Guarantees [Abstract]
Guarantees and Contingent Liabilities	Guarantees and Contingent Liabilities Guarantees In the normal course of business, the Company provides standard indemnifications to contractual counterparties in connection with numerous transactions, including acquisitions and divestitures. The types of indemnifications typically provided include indemnifications for breaches of representations and warranties, taxes and certain other liabilities, such as third party lawsuits. The indemnification clauses are often standard contractual terms and are entered into in the normal course of business based on an assessment that the risk of loss would be remote. The terms of the indemnifications vary in duration and nature. In many cases, the maximum obligation is not explicitly stated and the contingencies triggering the obligation to indemnify have not occurred and are not expected to occur. Consequently, the maximum amount of the obligation under such indemnifications is not determinable. Historically, the Company has not made any material payments pursuant to these obligations. Related to the sale of LBL on April 1, 2014, the Company agreed to indemnify Resolution Life Holdings, Inc. in connection with certain representations, warranties and covenants of the Company, and certain liabilities specifically excluded from the transaction, subject to specific contractual limitations regarding the Company’s maximum obligation. Management does not believe these indemnifications will have a material effect on results of operations, cash flows or financial position of the Company. Related to the disposal through reinsurance of substantially all of the Company’s variable annuity business to Prudential in 2006, the Company and the Corporation have agreed to indemnify Prudential for certain pre-closing contingent liabilities (including extra-contractual liabilities of the Company and liabilities specifically excluded from the transaction) that the Company has agreed to retain. In addition, the Company and the Corporation will each indemnify Prudential for certain post-closing liabilities that may arise from the acts of the Company and its agents, including certain liabilities arising from the Company’s provision of transition services. The reinsurance agreements contain no limitations or indemnifications with regard to insurance risk transfer, and transferred all of the future risks and responsibilities for performance on the underlying variable annuity contracts to Prudential, including those related to benefit guarantees. Management does not believe this agreement will have a material effect on results of operations, cash flows or financial position of the Company. The aggregate liability balance related to all guarantees was not material as of June 30, 2017 . Regulation and Compliance The Company is subject to extensive laws, regulations and regulatory actions. From time to time, regulatory authorities or legislative bodies seek to impose additional regulations regarding agent and broker compensation, regulate the nature of and amount of investments, impose fines and penalties for unintended errors or mistakes, and otherwise expand overall regulation of insurance products and the insurance industry. In addition, the Company is subject to laws and regulations administered and enforced by federal agencies and other organizations, including but not limited to the Securities and Exchange Commission, the Financial Industry Regulatory Authority, the Department of Labor, and the U.S. Department of Justice. The Company has established procedures and policies to facilitate compliance with laws and regulations, to foster prudent business operations, and to support financial reporting. The Company routinely reviews its practices to validate compliance with laws and regulations and with internal procedures and policies. As a result of these reviews, from time to time the Company may decide to modify some of its procedures and policies. Such modifications, and the reviews that led to them, may be accompanied by payments being made and costs being incurred. The ultimate changes and eventual effects of these actions on the Company’s business, if any, are uncertain. In June 2017, the Company entered into a Global Resolution Agreement (“GRA”) to resolve the unclaimed property examination that a third-party auditor conducted of the Company on behalf of participating state treasurers. The GRA will not become effective until at least two-thirds of the participating states become signatory states. Under the terms of the GRA, the Company denied any wrongdoing. Pursuant to the GRA, the third-party auditor acting on behalf of the signatory states will compare matching criteria, including the Social Security Death Master File, to identify deceased insureds and contract holders where a valid claim has not been made. The Company had already implemented broad search procedures in order to identify potential claims, and as a result, it is not anticipated the auditor will identify a significant number of potential claims not already identified by the Company. The Company continues to be examined by certain state insurance departments for compliance with unclaimed property laws. It is possible that this examination may result in additional payments of abandoned funds to states and to changes in the Company’s practices and procedures for the identification of escheatable funds, which could impact benefit payments and reserves, among other consequences; however, it is not likely to have a material effect on the condensed consolidated financial statements of the Company.

Other Comprehensive Income

Other Comprehensive Income	6 Months Ended
	Jun. 30, 2017
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Other Comprehensive Income	Other Comprehensive Income The components of other comprehensive income on a pre-tax and after-tax basis are as follows: ($ in millions) Three months ended June 30, 2017 2016 Pre- tax Tax After- tax Pre- tax Tax After- tax Unrealized net holding gains and losses arising during the period, net of related offsets $ 178 $ (62 ) $ 116 $ 351 $ (123 ) $ 228 Less: reclassification adjustment of realized capital gains and losses (3 ) 1 (2 ) (8 ) 3 (5 ) Unrealized net capital gains and losses 181 (63 ) 118 359 (126 ) 233 Unrealized foreign currency translation adjustments — — — 9 (3 ) 6 Other comprehensive income $ 181 $ (63 ) $ 118 $ 368 $ (129 ) $ 239 Six months ended June 30, 2017 2016 Pre- tax Tax After- tax Pre- tax Tax After- tax Unrealized net holding gains and losses arising during the period, net of related offsets $ 281 $ (99 ) $ 182 $ 674 $ (236 ) $ 438 Less: reclassification adjustment of realized capital gains and losses (1 ) — (1 ) (55 ) 19 (36 ) Unrealized net capital gains and losses 282 (99 ) 183 729 (255 ) 474 Unrealized foreign currency translation adjustments (5 ) 2 (3 ) 6 (2 ) 4 Other comprehensive income $ 277 $ (97 ) $ 180 $ 735 $ (257 ) $ 478

General (Tables)

General (Tables)	6 Months Ended
	Jun. 30, 2017
General
Summary of premiums and contract charges by product	The following table summarizes premiums and contract charges by product. ($ in millions) Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Premiums Traditional life insurance $ 143 $ 125 $ 286 $ 251 Accident and health insurance 27 22 53 45 Total premiums 170 147 339 296 Contract charges Interest-sensitive life insurance 174 177 350 356 Fixed annuities 3 3 6 6 Total contract charges 177 180 356 362 Total premiums and contract charges $ 347 $ 327 $ 695 $ 658

Supplemental Cash Flow Inform16

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2017
Supplemental Cash Flow Information [Abstract]
Schedule of supplemental cash flow information from collateralized securities received	The accompanying cash flows are included in cash flows from operating activities in the Condensed Consolidated Statements of Cash Flows along with the activities resulting from management of the proceeds, which are as follows: ($ in millions) Six months ended June 30, 2017 2016 Net change in proceeds managed Net change in fixed income securities $ 9 $ — Net change in short-term investments 12 (45 ) Operating cash flow provided (used) $ 21 $ (45 ) Net change in liabilities Liabilities for collateral, beginning of period $ (550 ) $ (550 ) Liabilities for collateral, end of period (529 ) (595 ) Operating cash flow (used) provided $ (21 ) $ 45

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2017
Investments [Abstract]
Schedule for fixed income securities at amortized cost, gross unrealized gains and losses and fair value	The amortized cost, gross unrealized gains and losses and fair value for fixed income securities are as follows: ($ in millions) Amortized Gross unrealized Fair cost Gains Losses value June 30, 2017 U.S. government and agencies $ 609 $ 45 $ (1 ) $ 653 Municipal 2,000 275 (5 ) 2,270 Corporate 18,639 1,015 (80 ) 19,574 Foreign government 286 26 — 312 Asset-backed securities (“ABS”) 405 6 (8 ) 403 Residential mortgage-backed securities (“RMBS”) 239 47 (1 ) 285 Commercial mortgage-backed securities (“CMBS”) 133 13 (7 ) 139 Redeemable preferred stock 13 2 — 15 Total fixed income securities $ 22,324 $ 1,429 $ (102 ) $ 23,651 December 31, 2016 U.S. government and agencies $ 968 $ 48 $ (2 ) $ 1,014 Municipal 2,017 264 (7 ) 2,274 Corporate 18,945 905 (169 ) 19,681 Foreign government 304 28 — 332 ABS 337 4 (10 ) 331 RMBS 294 42 (3 ) 333 CMBS 233 17 (9 ) 241 Redeemable preferred stock 14 2 — 16 Total fixed income securities $ 23,112 $ 1,310 $ (200 ) $ 24,222
Schedule for fixed income securities based on contractual maturities	The scheduled maturities for fixed income securities are as follows as of June 30, 2017 : ($ in millions) Amortized cost Fair value Due in one year or less $ 1,516 $ 1,527 Due after one year through five years 8,253 8,655 Due after five years through ten years 7,502 7,769 Due after ten years 4,276 4,873 21,547 22,824 ABS, RMBS and CMBS 777 827 Total $ 22,324 $ 23,651
Schedule of net investment income	Net investment income is as follows: ($ in millions) Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Fixed income securities $ 269 $ 274 $ 537 $ 544 Mortgage loans 45 47 94 94 Equity securities 14 14 29 21 Limited partnership interests 135 66 200 129 Short-term investments 2 1 3 3 Policy loans 7 8 15 16 Other 21 23 40 44 Investment income, before expense 493 433 918 851 Investment expense (20 ) (17 ) (41 ) (35 ) Net investment income $ 473 $ 416 $ 877 $ 816
Schedule of realized capital gains and losses by asset type	Realized capital gains and losses by asset type are as follows: ($ in millions) Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Fixed income securities $ (6 ) $ (2 ) $ (13 ) $ (25 ) Mortgage loans — 1 — 1 Equity securities (4 ) (4 ) (4 ) (34 ) Limited partnership interests 10 — 23 13 Derivatives (4 ) 4 (9 ) (1 ) Other — — (2 ) (1 ) Realized capital gains and losses $ (4 ) $ (1 ) $ (5 ) $ (47 )
Schedule of realized capital gains and losses by transaction type	Realized capital gains and losses by transaction type are as follows: ($ in millions) Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Impairment write-downs $ (12 ) $ (18 ) $ (33 ) $ (42 ) Change in intent write-downs (1 ) (4 ) (4 ) (7 ) Net other-than-temporary impairment losses recognized in earnings (13 ) (22 ) (37 ) (49 ) Sales and other 13 20 41 6 Valuation and settlements of derivative instruments (4 ) 1 (9 ) (4 ) Realized capital gains and losses $ (4 ) $ (1 ) $ (5 ) $ (47 )
Schedule of other-than-temporary impairment losses by asset type	Other-than-temporary impairment losses by asset type are as follows: ($ in millions) Three months ended June 30, 2017 Three months ended June 30, 2016 Gross Included in OCI Net Gross Included in OCI Net Fixed income securities: Municipal $ (1 ) $ — $ (1 ) $ — $ — $ — ABS — — — (1 ) — (1 ) CMBS (3 ) — (3 ) — (1 ) (1 ) Total fixed income securities (4 ) — (4 ) (1 ) (1 ) (2 ) Equity securities (5 ) — (5 ) (17 ) — (17 ) Limited partnership interests (4 ) — (4 ) (3 ) — (3 ) Other-than-temporary impairment losses $ (13 ) $ — $ (13 ) $ (21 ) $ (1 ) $ (22 ) Six months ended June 30, 2017 Six months ended June 30, 2016 Gross Included in OCI Net Gross Included in OCI Net Fixed income securities: Municipal $ (1 ) $ — $ (1 ) $ — $ — $ — Corporate (7 ) 3 (4 ) (11 ) 6 (5 ) ABS — — — (4 ) — (4 ) RMBS — (2 ) (2 ) — — — CMBS (9 ) 3 (6 ) (4 ) 1 (3 ) Total fixed income securities (17 ) 4 (13 ) (19 ) 7 (12 ) Equity securities (15 ) — (15 ) (42 ) — (42 ) Limited partnership interests (7 ) — (7 ) 6 — 6 Other (2 ) — (2 ) (1 ) — (1 ) Other-than-temporary impairment losses $ (41 ) $ 4 $ (37 ) $ (56 ) $ 7 $ (49 )
Schedule of other-than-temporary impairment losses on fixed income securities included in accumulated other comprehensive income	The total amount of other-than-temporary impairment losses included in accumulated other comprehensive income at the time of impairment for fixed income securities, which were not included in earnings, are presented in the following table. The amounts exclude $121 million and $131 million as of June 30, 2017 and December 31, 2016 , respectively, of net unrealized gains related to changes in valuation of the fixed income securities subsequent to the impairment measurement date. ($ in millions) June 30, 2017 December 31, 2016 Municipal $ (5 ) $ (5 ) Corporate (3 ) (5 ) ABS (8 ) (11 ) RMBS (40 ) (43 ) CMBS (8 ) (7 ) Total $ (64 ) $ (71 )
Schedule of rollforwards of the cumulative credit losses recognized in earnings for fixed income securities held	Rollforwards of the cumulative credit losses recognized in earnings for fixed income securities held as of the end of the period are as follows: ($ in millions) Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Beginning balance $ (167 ) $ (175 ) $ (176 ) $ (200 ) Additional credit loss for securities previously other-than-temporarily impaired (3 ) (1 ) (6 ) (5 ) Additional credit loss for securities not previously other-than-temporarily impaired (1 ) (1 ) (7 ) (7 ) Reduction in credit loss for securities disposed or collected 11 9 29 44 Ending balance $ (160 ) $ (168 ) $ (160 ) $ (168 )
Schedule of unrealized net capital gains and losses included in accumulated other comprehensive income	Unrealized net capital gains and losses included in accumulated other comprehensive income are as follows: ($ in millions) Fair value Gross unrealized Unrealized net gains (losses) June 30, 2017 Gains Losses Fixed income securities $ 23,651 $ 1,429 $ (102 ) $ 1,327 Equity securities 1,617 216 (18 ) 198 Short-term investments 505 — — — Derivative instruments (1) 3 3 — 3 Equity method (“EMA”) limited partnerships (2) — Unrealized net capital gains and losses, pre-tax 1,528 Amounts recognized for: Insurance reserves (3) — DAC and DSI (4) (191 ) Amounts recognized (191 ) Deferred income taxes (473 ) Unrealized net capital gains and losses, after-tax $ 864 _______________ (1) Included in the fair value of derivative instruments is $(3) million classified as liabilities. (2) Unrealized net capital gains and losses for limited partnership interests represent the Company’s share of EMA limited partnerships’ other comprehensive income. Fair value and gross unrealized gains and losses are not applicable. (3) The insurance reserves adjustment represents the amount by which the reserve balance would increase if the net unrealized gains in the applicable product portfolios were realized and reinvested at current lower interest rates, resulting in a premium deficiency. Although the Company evaluates premium deficiencies on the combined performance of life insurance and immediate annuities with life contingencies, the adjustment, if any, primarily relates to structured settlement annuities with life contingencies, in addition to annuity buy-outs and certain payout annuities with life contingencies. (4) The DAC and DSI adjustment balance represents the amount by which the amortization of DAC and DSI would increase or decrease if the unrealized gains or losses in the respective product portfolios were realized. ($ in millions) Fair value Gross unrealized Unrealized net gains (losses) December 31, 2016 Gains Losses Fixed income securities $ 24,222 $ 1,310 $ (200 ) $ 1,110 Equity securities 1,511 117 (35 ) 82 Short-term investments 566 — — — Derivative instruments (1) 5 5 — 5 EMA limited partnerships (2 ) Unrealized net capital gains and losses, pre-tax 1,195 Amounts recognized for: Insurance reserves — DAC and DSI (140 ) Amounts recognized (140 ) Deferred income taxes (374 ) Unrealized net capital gains and losses, after-tax $ 681 _______________ (1) Included in the fair value of derivative instruments is $5 million classified as assets.
Schedule of change in unrealized net capital gains and losses	The change in unrealized net capital gains and losses for the six months ended June 30, 2017 is as follows: ($ in millions) Fixed income securities $ 217 Equity securities 116 Derivative instruments (2 ) EMA limited partnerships 2 Total 333 Amounts recognized for: Insurance reserves — DAC and DSI (51 ) Amounts recognized (51 ) Deferred income taxes (99 ) Increase in unrealized net capital gains and losses, after-tax $ 183
Summary of gross unrealized losses and fair value of fixed income and equity securities by length of time	The following table summarizes the gross unrealized losses and fair value of fixed income and equity securities by the length of time that individual securities have been in a continuous unrealized loss position. ($ in millions) Less than 12 months 12 months or more Total unrealized losses Number of issues Fair value Unrealized losses Number Fair Unrealized June 30, 2017 Fixed income securities U.S. government and agencies 13 $ 177 $ (1 ) — $ — $ — $ (1 ) Municipal 5 22 (2 ) 1 10 (3 ) (5 ) Corporate 421 3,063 (52 ) 29 224 (28 ) (80 ) ABS 27 161 (1 ) 8 23 (7 ) (8 ) RMBS 44 2 — 44 28 (1 ) (1 ) CMBS 5 23 (3 ) 4 13 (4 ) (7 ) Redeemable preferred stock 1 — — — — — — Total fixed income securities 516 3,448 (59 ) 86 298 (43 ) (102 ) Equity securities 107 133 (11 ) 35 40 (7 ) (18 ) Total fixed income and equity securities 623 $ 3,581 $ (70 ) 121 $ 338 $ (50 ) $ (120 ) Investment grade fixed income securities 417 $ 3,122 $ (47 ) 59 $ 206 $ (27 ) $ (74 ) Below investment grade fixed income securities 99 326 (12 ) 27 92 (16 ) (28 ) Total fixed income securities 516 $ 3,448 $ (59 ) 86 $ 298 $ (43 ) $ (102 ) December 31, 2016 Fixed income securities U.S. government and agencies 6 $ 104 $ (2 ) — $ — $ — $ (2 ) Municipal 8 44 (1 ) 3 18 (6 ) (7 ) Corporate 629 4,767 (118 ) 56 414 (51 ) (169 ) ABS 18 95 (1 ) 13 76 (9 ) (10 ) RMBS 47 3 — 50 38 (3 ) (3 ) CMBS 12 57 (4 ) 4 15 (5 ) (9 ) Redeemable preferred stock 1 — — — — — — Total fixed income securities 721 5,070 (126 ) 126 561 (74 ) (200 ) Equity securities 167 200 (19 ) 62 80 (16 ) (35 ) Total fixed income and equity securities 888 $ 5,270 $ (145 ) 188 $ 641 $ (90 ) $ (235 ) Investment grade fixed income securities 559 $ 4,348 $ (100 ) 75 $ 350 $ (47 ) $ (147 ) Below investment grade fixed income securities 162 722 (26 ) 51 211 (27 ) (53 ) Total fixed income securities 721 $ 5,070 $ (126 ) 126 $ 561 $ (74 ) $ (200 )
Summary of carrying value of non-impaired fixed and variable rate mortgage loans by debt service coverage ratio distribution	The following table reflects the carrying value of non-impaired fixed rate mortgage loans summarized by debt service coverage ratio distribution. ($ in millions) June 30, 2017 December 31, 2016 Below 1.0 $ 18 $ 52 1.0 - 1.25 318 321 1.26 - 1.50 1,167 1,196 Above 1.50 2,285 2,364 Total non-impaired mortgage loans $ 3,788 $ 3,933
Schedule of net carrying value of impaired mortgage loans	The net carrying value of impaired mortgage loans is as follows: ($ in millions) June 30, 2017 December 31, 2016 Impaired mortgage loans with a valuation allowance $ 5 $ 5 Impaired mortgage loans without a valuation allowance — — Total impaired mortgage loans $ 5 $ 5 Valuation allowance on impaired mortgage loans $ 3 $ 3
Schedule of rollforward of the valuation allowance on impaired mortgage loans	The rollforward of the valuation allowance on impaired mortgage loans is as follows: ($ in millions) Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Beginning balance $ 3 $ 3 $ 3 $ 3 Charge offs — — — — Ending balance $ 3 $ 3 $ 3 $ 3

Fair Value of Assets and Liab18

Fair Value of Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Summary of assets and liabilities measured at fair value on a recurring and non-recurring basis	The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring and non-recurring basis as of June 30, 2017 . ($ in millions) Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Counterparty and cash collateral netting Balance as of June 30, 2017 Assets Fixed income securities: U.S. government and agencies $ 286 $ 367 $ — $ 653 Municipal — 2,210 60 2,270 Corporate - public — 13,439 36 13,475 Corporate - privately placed — 5,849 250 6,099 Foreign government — 312 — 312 ABS - CDO — 39 24 63 ABS - consumer and other — 277 63 340 RMBS — 285 — 285 CMBS — 139 — 139 Redeemable preferred stock — 15 — 15 Total fixed income securities 286 22,932 433 23,651 Equity securities 1,538 4 75 1,617 Short-term investments 92 413 — 505 Other investments: Free-standing derivatives — 105 1 $ (6 ) 100 Separate account assets 3,396 — — 3,396 Total recurring basis assets 5,312 23,454 509 (6 ) 29,269 Non-recurring basis (1) — — 8 8 Total assets at fair value $ 5,312 $ 23,454 $ 517 $ (6 ) $ 29,277 % of total assets at fair value 18.1 % 80.1 % 1.8 % — % 100 % Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ — $ — $ (284 ) $ (284 ) Other liabilities: Free-standing derivatives — (46 ) — $ 2 (44 ) Total liabilities at fair value $ — $ (46 ) $ (284 ) $ 2 $ (328 ) % of total liabilities at fair value — % 14.0 % 86.6 % (0.6 )% 100 % ____________ (1) Includes $8 million of limited partnership interests written-down to fair value in connection with recognizing other-than-temporary impairments. The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring and non-recurring basis as of December 31, 2016 . ($ in millions) Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Counterparty and cash collateral netting Balance as of December 31, 2016 Assets Fixed income securities: U.S. government and agencies $ 619 $ 395 $ — $ 1,014 Municipal — 2,215 59 2,274 Corporate - public — 13,475 47 13,522 Corporate - privately placed — 5,895 264 6,159 Foreign government — 332 — 332 ABS - CDO — 102 27 129 ABS - consumer and other — 160 42 202 RMBS — 333 — 333 CMBS — 241 — 241 Redeemable preferred stock — 16 — 16 Total fixed income securities 619 23,164 439 24,222 Equity securities 1,432 3 76 1,511 Short-term investments 166 400 — 566 Other investments: Free-standing derivatives — 101 1 $ (6 ) 96 Separate account assets 3,373 — — 3,373 Other assets — — 1 1 Total recurring basis assets 5,590 23,668 517 (6 ) 29,769 Non-recurring basis (1) — — 9 9 Total assets at fair value $ 5,590 $ 23,668 $ 526 $ (6 ) $ 29,778 % of total assets at fair value 18.7 % 79.5 % 1.8 % — % 100 % Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ — $ — $ (289 ) $ (289 ) Other liabilities: Free-standing derivatives — (39 ) (3 ) $ 2 (40 ) Total liabilities at fair value $ — $ (39 ) $ (292 ) $ 2 $ (329 ) % of total liabilities at fair value — % 11.9 % 88.7 % (0.6 )% 100 % ____________ (1) Includes $9 million of limited partnership interests written-down to fair value in connection with recognizing other-than-temporary impairments.
Summary of quantitative information about the significant unobservable inputs used in Level 3 fair value measurements	The following table summarizes quantitative information about the significant unobservable inputs used in Level 3 fair value measurements. ($ in millions) Fair value Valuation technique Unobservable input Range Weighted average June 30, 2017 Derivatives embedded in life and annuity contracts – Equity-indexed and forward starting options $ (249 ) Stochastic cash flow model Projected option cost 1.0 - 2.2% 1.74 % December 31, 2016 Derivatives embedded in life and annuity contracts – Equity-indexed and forward starting options $ (246 ) Stochastic cash flow model Projected option cost 1.0 - 2.2% 1.75 %
Schedule of rollforward of Level 3 assets and liabilities held at fair value on a recurring basis	The following table presents the rollforward of Level 3 assets and liabilities held at fair value on a recurring basis during the three months ended June 30, 2017 . ($ in millions) Total gains (losses) included in: Balance as of March 31, 2017 Net income (1) OCI Transfers into Level 3 Transfers out of Level 3 Assets Fixed income securities: Municipal $ 60 $ — $ — $ — $ — Corporate - public 36 — — — — Corporate - privately placed 268 5 (7 ) 11 — ABS - CDO 32 1 — 1 (9 ) ABS - consumer and other 47 — — — (3 ) Total fixed income securities 443 6 (7 ) 12 (12 ) Equity securities 80 1 2 — — Free-standing derivatives, net (1 ) 2 — — — Total recurring Level 3 assets $ 522 $ 9 $ (5 ) $ 12 $ (12 ) Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ (285 ) $ — $ — $ — $ — Total recurring Level 3 liabilities $ (285 ) $ — $ — $ — $ — Purchases Sales Issues Settlements Balance as of June 30, 2017 Assets Fixed income securities: Municipal $ — $ — $ — $ — $ 60 Corporate - public — — — — 36 Corporate - privately placed 3 (29 ) — (1 ) 250 ABS - CDO — — — (1 ) 24 ABS - consumer and other 21 — — (2 ) 63 Total fixed income securities 24 (29 ) — (4 ) 433 Equity securities — (8 ) — — 75 Free-standing derivatives, net — — — — 1 (2) Total recurring Level 3 assets $ 24 $ (37 ) $ — $ (4 ) $ 509 Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ — $ — $ — $ 1 $ (284 ) Total recurring Level 3 liabilities $ — $ — $ — $ 1 $ (284 ) ____________ (1) The effect to net income totals $9 million and is reported in the Condensed Consolidated Statements of Operations and Comprehensive Income as follows: $7 million in realized capital gains and losses, $2 million in net investment income, $(1) million in interest credited to contractholder funds and $1 million in contract benefits. (2) Comprises $1 million of assets. The following table presents the rollforward of Level 3 assets and liabilities held at fair value on a recurring basis during the six months ended June 30, 2017 . ($ in millions) Total gains (losses) included in: Balance as of December 31, 2016 Net income (1) OCI Transfers into Level 3 Transfers out of Level 3 Assets Fixed income securities: Municipal $ 59 $ — $ 1 $ — $ — Corporate - public 47 1 — — (10 ) Corporate - privately placed 264 5 (2 ) 11 — ABS - CDO 27 — 2 4 (9 ) ABS - consumer and other 42 — — — (5 ) Total fixed income securities 439 6 1 15 (24 ) Equity securities 76 6 2 — — Free-standing derivatives, net (2 ) 3 — — — Other assets 1 (1 ) — — — Total recurring Level 3 assets $ 514 $ 14 $ 3 $ 15 $ (24 ) Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ (289 ) $ 3 $ — $ — $ — Total recurring Level 3 liabilities $ (289 ) $ 3 $ — $ — $ — Purchases Sales Issues Settlements Balance as of June 30, 2017 Assets Fixed income securities: Municipal $ — $ — $ — $ — $ 60 Corporate - public — — — (2 ) 36 Corporate - privately placed 3 (29 ) — (2 ) 250 ABS - CDO 5 — — (5 ) 24 ABS - consumer and other 29 — — (3 ) 63 Total fixed income securities 37 (29 ) — (12 ) 433 Equity securities — (9 ) — — 75 Free-standing derivatives, net — — — — 1 (2) Other assets — — — — — Total recurring Level 3 assets $ 37 $ (38 ) $ — $ (12 ) $ 509 Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ — $ — $ (1 ) $ 3 $ (284 ) Total recurring Level 3 liabilities $ — $ — $ (1 ) $ 3 $ (284 ) ____________ (1) The effect to net income totals $17 million and is reported in the Condensed Consolidated Statements of Operations and Comprehensive Income as follows: $8 million in realized capital gains and losses, $7 million in net investment income, $(6) million in interest credited to contractholder funds and $8 million in contract benefits. (2) Comprises $1 million of assets. The following table presents the rollforward of Level 3 assets and liabilities held at fair value on a recurring basis during the three months ended June 30, 2016 . ($ in millions) Total gains (losses) included in: Balance as of March 31, 2016 Net income (1) OCI Transfers into Level 3 Transfers out of Level 3 Assets Fixed income securities: Municipal $ 66 $ — $ 3 $ 6 $ — Corporate - public 38 — — — — Corporate - privately placed 497 3 8 16 (60 ) ABS - CDO 50 — 3 6 (1 ) ABS - consumer and other 43 — (1 ) 3 — Total fixed income securities 694 3 13 31 (61 ) Equity securities 56 (4 ) — — — Free-standing derivatives, net (8 ) 1 — — — Other assets 1 — — — — Total recurring Level 3 assets $ 743 $ — $ 13 $ 31 $ (61 ) Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ (313 ) $ 7 $ — $ — $ — Total recurring Level 3 liabilities $ (313 ) $ 7 $ — $ — $ — Purchases Sales Issues Settlements Balance as of June 30, 2016 Assets Fixed income securities: Municipal $ — $ (5 ) $ — $ — $ 70 Corporate - public 3 — — — 41 Corporate - privately placed 12 — — (2 ) 474 ABS - CDO — — — (25 ) 33 ABS - consumer and other — — — (1 ) 44 Total fixed income securities 15 (5 ) — (28 ) 662 Equity securities — — — — 52 Free-standing derivatives, net — — — — (7 ) (2) Other assets — — — — 1 Total recurring Level 3 assets $ 15 $ (5 ) $ — $ (28 ) $ 708 Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ — $ — $ — $ 2 $ (304 ) Total recurring Level 3 liabilities $ — $ — $ — $ 2 $ (304 ) __________ (1) The effect to net income totals $7 million and is reported in the Condensed Consolidated Statements of Operations and Comprehensive Income as follows: $(4) million in realized capital gains and losses, $4 million in net investment income, $(7) million in interest credited to contractholder funds and $14 million in contract benefits. (2) Comprises $1 million of assets and $8 million of liabilities. The following table presents the rollforward of Level 3 assets and liabilities held at fair value on a recurring basis during the six months ended June 30, 2016 . ($ in millions) Total gains (losses)included in: Balance as of December 31, 2015 Net income (1) OCI Transfers into Level 3 Transfers out of Level 3 Assets Fixed income securities: Municipal $ 78 $ 11 $ (5 ) $ 6 $ — Corporate - public 44 — 1 1 (7 ) Corporate - privately placed 447 4 12 16 (65 ) ABS - CDO 53 — 2 8 (1 ) ABS - consumer and other 44 — (2 ) 3 — Total fixed income securities 666 15 8 34 (73 ) Equity securities 60 (16 ) 3 — — Free-standing derivatives, net (7 ) — — — — Other assets 1 — — — — Total recurring Level 3 assets $ 720 $ (1 ) $ 11 $ 34 $ (73 ) Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ (299 ) $ (8 ) $ — $ — $ — Total recurring Level 3 liabilities $ (299 ) $ (8 ) $ — $ — $ — Purchases Sales Issues Settlements Balance as of June 30, 2016 Assets Fixed income securities: Municipal $ — $ (20 ) $ — $ — $ 70 Corporate - public 3 — — (1 ) 41 Corporate - privately placed 67 — — (7 ) 474 ABS - CDO — (1 ) — (28 ) 33 ABS - consumer and other — — — (1 ) 44 Total fixed income securities 70 (21 ) — (37 ) 662 Equity securities 5 — — — 52 Free-standing derivatives, net — — — — (7 ) (2) Other assets — — — — 1 Total recurring Level 3 assets $ 75 $ (21 ) $ — $ (37 ) $ 708 Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ — $ — $ (1 ) $ 4 $ (304 ) Total recurring Level 3 liabilities $ — $ — $ (1 ) $ 4 $ (304 ) __________ (1) The effect to net income totals $(9) million and is reported in the Condensed Consolidated Statements of Operations and Comprehensive Income as follows: $(8) million in realized capital gains and losses, $7 million in net investment income, $(6) million in interest credited to contractholder funds and $(2) million in contract benefits. (2) Comprises $1 million of assets and $8 million of liabilities.
Schedule of change in unrealized gains and losses included in net income for Level 3 assets and liabilities held	The following table provides the change in unrealized gains and losses included in net income for Level 3 assets and liabilities held as of June 30 . ($ in millions) Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Assets Fixed income securities: Corporate $ — $ 3 $ — $ 1 Equity securities 2 (4 ) 7 (16 ) Free-standing derivatives, net 2 1 3 — Other assets — — (1 ) — Total recurring Level 3 assets $ 4 $ — $ 9 $ (15 ) Liabilities Contractholder funds: Derivatives embedded in life and annuity contracts $ — $ 7 $ 3 $ (8 ) Total recurring Level 3 liabilities $ — $ 7 $ 3 $ (8 )
Schedule of carrying values and fair value estimates of financial instruments not carried at fair value	Financial assets ($ in millions) June 30, 2017 December 31, 2016 Carrying value Fair value Carrying value Fair value Mortgage loans $ 3,793 $ 3,920 $ 3,938 $ 3,963 Cost method limited partnerships 583 683 591 681 Bank loans 478 479 467 467 Agent loans 499 495 467 467 Notes due from related party — — 325 325 Financial liabilities ($ in millions) June 30, 2017 December 31, 2016 Carrying value Fair value Carrying value Fair value Contractholder funds on investment contracts $ 10,810 $ 11,405 $ 11,276 $ 11,972 Liability for collateral 529 529 550 550 Notes due to related parties 140 143 465 465

Derivative Financial Instrume19

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of volume and fair value positions of derivative instruments and reporting location in the Condensed Consolidated Statement of Financial Position	The following table provides a summary of the volume and fair value positions of derivative instruments as well as their reporting location in the Condensed Consolidated Statement of Financial Position as of June 30, 2017 . ($ in millions, except number of contracts) Volume (1) Balance sheet location Notional amount Number of contracts Fair value, net Gross asset Gross liability Asset derivatives Derivatives not designated as accounting hedging instruments Interest rate contracts Interest rate cap agreements Other investments $ 22 n/a $ — $ — $ — Equity and index contracts Options Other investments 180 4,857 100 101 (1 ) Credit default contracts Credit default swaps – buying protection Other investments 3 n/a — — — Credit default swaps – selling protection Other investments 80 n/a 1 1 — Other contracts Other contracts Other assets 3 n/a — — — Total asset derivatives $ 288 4,857 $ 101 $ 102 $ (1 ) Liability derivatives Derivatives designated as accounting hedging instruments Foreign currency swap agreements Other liabilities & accrued expenses $ 49 n/a $ 2 $ 2 $ — Derivatives not designated as accounting hedging instruments Interest rate contracts Interest rate cap agreements Other liabilities & accrued expenses 37 n/a 1 1 — Equity and index contracts Options and futures Other liabilities & accrued expenses — 4,870 (38 ) — (38 ) Foreign currency contracts Foreign currency forwards Other liabilities & accrued expenses 241 n/a (4 ) 1 (5 ) Embedded derivative financial instruments Guaranteed accumulation benefits Contractholder funds 246 n/a (28 ) — (28 ) Guaranteed withdrawal benefits Contractholder funds 282 n/a (7 ) — (7 ) Equity-indexed and forward starting options in life and annuity product contracts Contractholder funds 1,729 n/a (249 ) — (249 ) Credit default contracts Credit default swaps – buying protection Other liabilities & accrued expenses 24 n/a (2 ) — (2 ) Credit default swaps – selling protection Other liabilities & accrued expenses 101 n/a — — — Subtotal 2,660 4,870 (327 ) 2 (329 ) Total liability derivatives 2,709 4,870 (325 ) $ 4 $ (329 ) Total derivatives $ 2,997 9,727 $ (224 ) ___________ (1) Volume for OTC and cleared derivative contracts is represented by their notional amounts. Volume for exchange traded derivatives is represented by the number of contracts, which is the basis on which they are traded. (n/a = not applicable) The following table provides a summary of the volume and fair value positions of derivative instruments as well as their reporting location in the Consolidated Statement of Financial Position as of December 31, 2016 . ($ in millions, except number of contracts) Volume (1) Balance sheet location Notional amount Number of contracts Fair value, net Gross asset Gross liability Asset derivatives Derivatives designated as accounting hedging instruments Foreign currency swap agreements Other investments $ 49 n/a $ 5 $ 5 $ — Derivatives not designated as accounting hedging instruments Interest rate contracts Interest rate cap agreements Other investments 65 n/a 1 1 — Equity and index contracts Options Other investments — 3,917 87 87 — Financial futures contracts Other assets — 6 — — — Foreign currency contracts Foreign currency forwards Other investments 173 n/a 7 8 (1 ) Credit default contracts Credit default swaps – buying protection Other investments 25 n/a (1 ) — (1 ) Credit default swaps – selling protection Other investments 80 n/a 1 1 — Other contracts Other contracts Other assets 3 n/a 1 1 — Subtotal 346 3,923 96 98 (2 ) Total asset derivatives $ 395 3,923 $ 101 $ 103 $ (2 ) Liability derivatives Equity and index contracts Options and futures Other liabilities & accrued expenses $ — 3,928 $ (37 ) $ — $ (37 ) Embedded derivative financial instruments Guaranteed accumulation benefits Contractholder funds 391 n/a (34 ) — (34 ) Guaranteed withdrawal benefits Contractholder funds 290 n/a (9 ) — (9 ) Equity-indexed and forward starting options in life and annuity product contracts Contractholder funds 1,737 n/a (246 ) — (246 ) Credit default contracts Credit default swaps – buying protection Other liabilities & accrued expenses 6 n/a — — — Credit default swaps – selling protection Other liabilities & accrued expenses 100 n/a (3 ) — (3 ) Subtotal 2,524 3,928 (329 ) — (329 ) Total liability derivatives 2,524 3,928 (329 ) $ — $ (329 ) Total derivatives $ 2,919 7,851 $ (228 ) ____________ (1) Volume for OTC and cleared derivative contracts is represented by their notional amounts. Volume for exchange traded derivatives is represented by the number of contracts, which is the basis on which they are traded. (n/a = not applicable)
Schedule of gross and net amounts about the Company's OTC derivatives subject to enforceable master netting arrangements, assets	The following table provides gross and net amounts for the Company’s OTC derivatives, all of which are subject to enforceable master netting agreements. ($ in millions) Offsets Gross amount Counter- party netting Cash collateral (received) pledged Net amount on balance sheet Securities collateral (received) pledged Net amount June 30, 2017 Asset derivatives $ 7 $ (5 ) $ (1 ) $ 1 $ — $ 1 Liability derivatives (8 ) 5 (3 ) (6 ) 3 (3 ) December 31, 2016 Asset derivatives $ 14 $ (2 ) $ (4 ) $ 8 $ (1 ) $ 7 Liability derivatives (5 ) 2 — (3 ) 4 1
Schedule of gross and net amounts about the Company's OTC derivatives subject to enforceable master netting arrangements, liabilities	The following table provides gross and net amounts for the Company’s OTC derivatives, all of which are subject to enforceable master netting agreements. ($ in millions) Offsets Gross amount Counter- party netting Cash collateral (received) pledged Net amount on balance sheet Securities collateral (received) pledged Net amount June 30, 2017 Asset derivatives $ 7 $ (5 ) $ (1 ) $ 1 $ — $ 1 Liability derivatives (8 ) 5 (3 ) (6 ) 3 (3 ) December 31, 2016 Asset derivatives $ 14 $ (2 ) $ (4 ) $ 8 $ (1 ) $ 7 Liability derivatives (5 ) 2 — (3 ) 4 1
Summary of impacts on operations and AOCI from foreign currency contracts, cash flow hedges	The following table provides a summary of the impacts of the Company’s foreign currency contracts in cash flow hedging relationships. Amortization of net gains from accumulated other comprehensive income related to cash flow hedges is expected to be a gain of $3 million during the next twelve months. There was no hedge ineffectiveness reported in realized gains and losses for the three months and six months ended June 30, 2017 or 2016 . ($ in millions) Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Gain (loss) recognized in OCI on derivatives during the period $ — $ 1 $ (2 ) $ (2 ) Gain recognized in OCI on derivatives during the term of the hedging relationship 3 5 3 5 Gain reclassified from AOCI into income (realized capital gains and losses) — 3 — 3
Schedule of gains and losses from valuation, settlements, and hedge ineffectiveness, fair value hedges and derivatives not designated as hedges	The following tables present gains and losses from valuation and settlements reported on derivatives not designated as accounting hedging instruments in the Condensed Consolidated Statements of Operations and Comprehensive Income. For the three months and six months ended June 30, 2017 and 2016 , the Company had no derivatives used in fair value hedging relationships. ($ in millions) Realized capital gains and losses Contract benefits Interest credited to contractholder funds Total gain (loss) recognized in net income on derivatives Three months ended June 30, 2017 Equity and index contracts $ — $ — $ 9 $ 9 Embedded derivative financial instruments — 1 — 1 Foreign currency contracts (5 ) — — (5 ) Credit default contracts 1 — — 1 Total $ (4 ) $ 1 $ 9 $ 6 Six months ended June 30, 2017 Equity and index contracts $ (2 ) $ — $ 22 $ 20 Embedded derivative financial instruments — 8 (4 ) 4 Foreign currency contracts (9 ) — — (9 ) Credit default contracts 2 — — 2 Total $ (9 ) $ 8 $ 18 $ 17 Three months ended June 30, 2016 Interest rate contracts $ (1 ) $ — $ — $ (1 ) Equity and index contracts (1 ) — 2 1 Embedded derivative financial instruments — 14 (5 ) 9 Foreign currency contracts 3 — — 3 Total $ 1 $ 14 $ (3 ) $ 12 Six months ended June 30, 2016 Interest rate contracts $ (1 ) $ — $ — $ (1 ) Equity and index contracts (1 ) — (5 ) (6 ) Embedded derivative financial instruments — (2 ) (3 ) (5 ) Foreign currency contracts (1 ) — — (1 ) Credit default contracts (1 ) — — (1 ) Total $ (4 ) $ (2 ) $ (8 ) $ (14 )
Summary of counterparty credit exposure by counterparty credit rating	The following table summarizes the counterparty credit exposure by counterparty credit rating as it relates to the Company’s OTC derivatives. ($ in millions) June 30, 2017 December 31, 2016 Rating (1) Number of counter-parties Notional amount (2) Credit exposure (2) Exposure, net of collateral (2) Number of counter- parties Notional amount (2) Credit exposure (2) Exposure, net of collateral (2) A+ 4 $ 250 $ 4 $ — 5 $ 312 $ 12 $ 9 __________ (1) Rating is the lower of S&P or Moody’s ratings. (2) Only OTC derivatives with a net positive fair value are included for each counterparty.
Summary of derivative instruments with credit features in a liability position, including fair value of assets and collateral netted against the liability	The following summarizes the fair value of derivative instruments with termination, cross-default or collateral credit-risk-contingent features that are in a liability position, as well as the fair value of assets and collateral that are netted against the liability in accordance with provisions within legally enforceable MNAs. ($ in millions) June 30, 2017 December 31, 2016 Gross liability fair value of contracts containing credit-risk-contingent features $ 7 $ 2 Gross asset fair value of contracts containing credit-risk-contingent features and subject to MNAs (2 ) (2 ) Collateral posted under MNAs for contracts containing credit-risk-contingent features (2 ) — Maximum amount of additional exposure for contracts with credit-risk-contingent features if all features were triggered concurrently $ 3 $ —
Schedule of CDS notional amounts by credit rating and fair value of protection sold	The following table shows the CDS notional amounts by credit rating and fair value of protection sold. ($ in millions) Notional amount AA A BBB BB and lower Total Fair value June 30, 2017 Single name Corporate debt $ — $ — $ — $ 1 $ 1 $ — First-to-default Basket Municipal — — 100 — 100 — Index Corporate debt 1 17 49 13 80 1 Total $ 1 $ 17 $ 149 $ 14 $ 181 $ 1 December 31, 2016 First-to-default Basket Municipal $ — $ — $ 100 $ — $ 100 $ (3 ) Index Corporate debt 1 19 50 10 80 1 Total $ 1 $ 19 $ 150 $ 10 $ 180 $ (2 )

Reinsurance (Tables)

Reinsurance (Tables)	6 Months Ended
	Jun. 30, 2017
Reinsurance Disclosures [Abstract]
Effects of reinsurance on premiums and contract charges	The effects of reinsurance on premiums and contract charges are as follows: ($ in millions) Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Direct $ 183 $ 177 $ 363 $ 354 Assumed Affiliate 55 35 108 69 Non-affiliate 193 202 391 405 Ceded Affiliate (13 ) (13 ) (26 ) (26 ) Non-affiliate (71 ) (74 ) (141 ) (144 ) Premiums and contract charges, net of reinsurance $ 347 $ 327 $ 695 $ 658
Effects of reinsurance on contract benefits	The effects of reinsurance on contract benefits are as follows: ($ in millions) Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Direct $ 257 $ 257 $ 516 $ 513 Assumed Affiliate 34 20 63 41 Non-affiliate 147 145 263 278 Ceded Affiliate (8 ) (9 ) (16 ) (18 ) Non-affiliate (66 ) (72 ) (108 ) (135 ) Contract benefits, net of reinsurance $ 364 $ 341 $ 718 $ 679
Effects of reinsurance on interest credited to contractholder funds	The effects of reinsurance on interest credited to contractholder funds are as follows: ($ in millions) Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Direct $ 140 $ 154 $ 276 $ 315 Assumed Affiliate 2 2 4 4 Non-affiliate 31 27 64 52 Ceded Affiliate (6 ) (5 ) (11 ) (10 ) Non-affiliate (6 ) (6 ) (11 ) (11 ) Interest credited to contractholder funds, net of reinsurance $ 161 $ 172 $ 322 $ 350

Other Comprehensive Income (Tab

Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2017
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Schedule of components of other comprehensive income on a pre-tax and after-tax basis	The components of other comprehensive income on a pre-tax and after-tax basis are as follows: ($ in millions) Three months ended June 30, 2017 2016 Pre- tax Tax After- tax Pre- tax Tax After- tax Unrealized net holding gains and losses arising during the period, net of related offsets $ 178 $ (62 ) $ 116 $ 351 $ (123 ) $ 228 Less: reclassification adjustment of realized capital gains and losses (3 ) 1 (2 ) (8 ) 3 (5 ) Unrealized net capital gains and losses 181 (63 ) 118 359 (126 ) 233 Unrealized foreign currency translation adjustments — — — 9 (3 ) 6 Other comprehensive income $ 181 $ (63 ) $ 118 $ 368 $ (129 ) $ 239 Six months ended June 30, 2017 2016 Pre- tax Tax After- tax Pre- tax Tax After- tax Unrealized net holding gains and losses arising during the period, net of related offsets $ 281 $ (99 ) $ 182 $ 674 $ (236 ) $ 438 Less: reclassification adjustment of realized capital gains and losses (1 ) — (1 ) (55 ) 19 (36 ) Unrealized net capital gains and losses 282 (99 ) 183 729 (255 ) 474 Unrealized foreign currency translation adjustments (5 ) 2 (3 ) 6 (2 ) 4 Other comprehensive income $ 277 $ (97 ) $ 180 $ 735 $ (257 ) $ 478

General (Details)

General (Details) - USD ($)	Jan. 01, 2017	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2017	Jun. 30, 2016	Jan. 31, 2017	Dec. 31, 2016
Premiums and contract charges by product
Notes due to related parties		$ 140,000,000		$ 140,000,000			$ 465,000,000
Dividends		200,000,000	$ 300,000,000
Dividend, threshold restriction				305,000,000
Equity securities		198,000,000		198,000,000			82,000,000
Limited partnership interests		2,946,000,000		2,946,000,000			2,776,000,000
Accounting Standards Update 2016-01
Premiums and contract charges by product
Equity securities		198,000,000		198,000,000
Equity method limited partnerships
Premiums and contract charges by product
Limited partnership interests		2,360,000,000		2,360,000,000			$ 2,190,000,000
Equity method limited partnerships | Accounting Standards Update 2016-01
Premiums and contract charges by product
Limited partnership interests		83,000,000		83,000,000
Additional capital paid-in
Premiums and contract charges by product
Gain on reinsurance transaction with an affiliate				34,000,000	$ 0
AAC | Affiliate
Premiums and contract charges by product
Proceeds from reinsurance	$ 20,000,000
Deferred policy acquisition costs, additions	45,000,000
Additions to other assets, amount	11,000,000
Reinsurance, reserve for life-contingent contract benefits	24,000,000
Deferred tax liabilities	18,000,000
AAC | Additional capital paid-in | Affiliate
Premiums and contract charges by product
Gain on reinsurance transaction with an affiliate	$ 34,000,000
Kennett Capital Inc | Subsidiary Issuer | Affiliate
Premiums and contract charges by product
Notes due to related parties						$ 325,000,000
Hybrid Instrument | ALIC Reinsurance Company | Subsidiary of Common Parent
Premiums and contract charges by product
Credit derivative, maximum exposure		$ 1,750,000,000		$ 1,750,000,000

General Premiums and Contract C

General Premiums and Contract Charges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Premiums and contract charges by product
Premiums	$ 170	$ 147	$ 339	$ 296
Contract charges	177	180	356	362
Premiums and contract charges, net of reinsurance	347	327	695	658
Traditional life insurance
Premiums and contract charges by product
Premiums	143	125	286	251
Accident and health insurance
Premiums and contract charges by product
Premiums	27	22	53	45
Interest-sensitive life insurance
Premiums and contract charges by product
Contract charges	174	177	350	356
Fixed annuities
Premiums and contract charges by product
Contract charges	$ 3	$ 3	$ 6	$ 6

Supplemental Cash Flow Inform24

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Supplemental Cash Flow Information [Abstract]
Non-cash modifications of certain mortgage loans, fixed income securities, limited partnerships and other investments, as well as mergers completed with equity securities	$ 4	$ 99
Liabilities assumed		34
Net change in proceeds managed
Net change in fixed income securities	9	0
Net change in short-term investments	12	(45)
Operating cash flow provided (used)	21	(45)
Net change in liabilities
Liabilities for collateral, beginning of period	(550)	(550)
Liabilities for collateral, end of period	(529)	(595)
Operating cash flow (used) provided	$ (21)	$ 45

Investments- Fair Values (Detai

Investments- Fair Values (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	$ 22,324	$ 23,112
Gross unrealized gains	1,429	1,310
Gross unrealized losses	(102)	(200)
Fair value	23,651	24,222
U.S. government and agencies
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	609	968
Gross unrealized gains	45	48
Gross unrealized losses	(1)	(2)
Fair value	653	1,014
Municipal
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	2,000	2,017
Gross unrealized gains	275	264
Gross unrealized losses	(5)	(7)
Fair value	2,270	2,274
Corporate
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	18,639	18,945
Gross unrealized gains	1,015	905
Gross unrealized losses	(80)	(169)
Fair value	19,574	19,681
Foreign government
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	286	304
Gross unrealized gains	26	28
Gross unrealized losses	0	0
Fair value	312	332
ABS
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	405	337
Gross unrealized gains	6	4
Gross unrealized losses	(8)	(10)
Fair value	403	331
RMBS
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	239	294
Gross unrealized gains	47	42
Gross unrealized losses	(1)	(3)
Fair value	285	333
CMBS
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	133	233
Gross unrealized gains	13	17
Gross unrealized losses	(7)	(9)
Fair value	139	241
Redeemable preferred stock
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	13	14
Gross unrealized gains	2	2
Gross unrealized losses	0	0
Fair value	$ 15	$ 16

Investments- Scheduled Maturiti

Investments- Scheduled Maturities (Details 2) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Amortized cost
Due in one year or less	$ 1,516
Due after one year through five years	8,253
Due after five years through ten years	7,502
Due after ten years	4,276
Subtotal	21,547
ABS, RMBS and CMBS	777
Amortized cost	22,324	$ 23,112
Fair value
Due in one year or less	1,527
Due after one year through five years	8,655
Due after five years through ten years	7,769
Due after ten years	4,873
Subtotal	22,824
ABS, RMBS and CMBS	827
Fair value	$ 23,651	$ 24,222

Investments- Net Investment Inc

Investments- Net Investment Income (Details 3) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Net investment income
Investment income, before expense	$ 493	$ 433	$ 918	$ 851
Investment expense	(20)	(17)	(41)	(35)
Net investment income	473	416	877	816
Fixed income securities
Net investment income
Investment income, before expense	269	274	537	544
Mortgage loans
Net investment income
Investment income, before expense	45	47	94	94
Equity securities
Net investment income
Investment income, before expense	14	14	29	21
Limited partnership interests
Net investment income
Investment income, before expense	135	66	200	129
Short-term investments
Net investment income
Investment income, before expense	2	1	3	3
Policy loans
Net investment income
Investment income, before expense	7	8	15	16
Other
Net investment income
Investment income, before expense	$ 21	$ 23	$ 40	$ 44

Investments- Realized Capital G

Investments- Realized Capital Gains and Losses (Details 4) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Realized capital gains and losses by asset type
Realized capital gains and losses	$ (4)	$ (1)	$ (5)	$ (47)
Fixed income securities
Realized capital gains and losses by asset type
Realized capital gains and losses	(6)	(2)	(13)	(25)
Mortgage loans
Realized capital gains and losses by asset type
Realized capital gains and losses	0	1	0	1
Equity securities
Realized capital gains and losses by asset type
Realized capital gains and losses	(4)	(4)	(4)	(34)
Limited partnership interests
Realized capital gains and losses by asset type
Realized capital gains and losses	10	0	23	13
Derivatives
Realized capital gains and losses by asset type
Realized capital gains and losses	(4)	4	(9)	(1)
Other
Realized capital gains and losses by asset type
Realized capital gains and losses	$ 0	$ 0	$ (2)	$ (1)

Investments- Realized Capital29

Investments- Realized Capital Gains and Losses by Transaction Type (Details 5) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Investments [Abstract]
Impairment write-downs	$ (12)	$ (18)	$ (33)	$ (42)
Change in intent write-downs	(1)	(4)	(4)	(7)
Net other-than-temporary impairment losses recognized in earnings	(13)	(22)	(37)	(49)
Sales and other	13	20	41	6
Valuation and settlements of derivative instruments	(4)	1	(9)	(4)
Total realized capital gains and losses	(4)	(1)	(5)	(47)
Fixed income securities
Investments [Abstract]
Net other-than-temporary impairment losses recognized in earnings	(4)	(2)	(13)	(12)
Total realized capital gains and losses	(6)	(2)	(13)	(25)
Schedule of Available for Sale Securities
Gross gains on sales of fixed income securities	22	35	55	106
Gross losses on sales of fixed income securities	$ 23	$ 22	$ 44	$ 111

Investments- Other-than-tempora

Investments- Other-than-temporary impairment losses (Details 6) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Other-than-temporary impairment losses
Total other-than-temporary impairment (“OTTI”) losses	$ (13)	$ (21)	$ (41)	$ (56)
Included in OCI	0	(1)	4	7
Net OTTI losses recognized in earnings	(13)	(22)	(37)	(49)
Fixed income securities
Other-than-temporary impairment losses
Total other-than-temporary impairment (“OTTI”) losses	(4)	(1)	(17)	(19)
Included in OCI	0	(1)	4	7
Net OTTI losses recognized in earnings	(4)	(2)	(13)	(12)
Municipal
Other-than-temporary impairment losses
Total other-than-temporary impairment (“OTTI”) losses	(1)	0	(1)	0
Included in OCI	0	0	0	0
Net OTTI losses recognized in earnings	(1)	0	(1)	0
Corporate
Other-than-temporary impairment losses
Total other-than-temporary impairment (“OTTI”) losses			(7)	(11)
Included in OCI			3	6
Net OTTI losses recognized in earnings			(4)	(5)
ABS
Other-than-temporary impairment losses
Total other-than-temporary impairment (“OTTI”) losses	0	(1)	0	(4)
Included in OCI	0	0	0	0
Net OTTI losses recognized in earnings	0	(1)	0	(4)
RMBS
Other-than-temporary impairment losses
Total other-than-temporary impairment (“OTTI”) losses			0	0
Included in OCI			(2)	0
Net OTTI losses recognized in earnings			(2)	0
CMBS
Other-than-temporary impairment losses
Total other-than-temporary impairment (“OTTI”) losses	(3)	0	(9)	(4)
Included in OCI	0	(1)	3	1
Net OTTI losses recognized in earnings	(3)	(1)	(6)	(3)
Equity securities
Other-than-temporary impairment losses
Total other-than-temporary impairment (“OTTI”) losses	(5)	(17)	(15)	(42)
Included in OCI	0	0	0	0
Net OTTI losses recognized in earnings	(5)	(17)	(15)	(42)
Limited partnership interests
Other-than-temporary impairment losses
Total other-than-temporary impairment (“OTTI”) losses	(4)	(3)	(7)	6
Included in OCI	0	0	0	0
Net OTTI losses recognized in earnings	$ (4)	$ (3)	(7)	6
Other
Other-than-temporary impairment losses
Total other-than-temporary impairment (“OTTI”) losses			(2)	(1)
Included in OCI			0	0
Net OTTI losses recognized in earnings			$ (2)	$ (1)

Investments- Other-than-tempo31

Investments- Other-than-temporary losses included in AOCI (Details 7) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Investments [Abstract]
Net unrealized gains related to changes in valuation of fixed income securities subsequent to impairment measurement date	$ 121	$ 131
Other-than-temporary impairment losses included in accumulated other comprehensive income
Amount of other-than-temporary impairment losses included in accumulated other comprehensive income for fixed income securities, not included in earnings	(64)	(71)
Municipal
Other-than-temporary impairment losses included in accumulated other comprehensive income
Amount of other-than-temporary impairment losses included in accumulated other comprehensive income for fixed income securities, not included in earnings	(5)	(5)
Corporate
Other-than-temporary impairment losses included in accumulated other comprehensive income
Amount of other-than-temporary impairment losses included in accumulated other comprehensive income for fixed income securities, not included in earnings	(3)	(5)
ABS
Other-than-temporary impairment losses included in accumulated other comprehensive income
Amount of other-than-temporary impairment losses included in accumulated other comprehensive income for fixed income securities, not included in earnings	(8)	(11)
RMBS
Other-than-temporary impairment losses included in accumulated other comprehensive income
Amount of other-than-temporary impairment losses included in accumulated other comprehensive income for fixed income securities, not included in earnings	(40)	(43)
CMBS
Other-than-temporary impairment losses included in accumulated other comprehensive income
Amount of other-than-temporary impairment losses included in accumulated other comprehensive income for fixed income securities, not included in earnings	$ (8)	$ (7)

Investments- Rollforward of Cum

Investments- Rollforward of Cumulative Credit Losses (Details 8) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Credit Losses on Fixed Income Securities
Beginning balance	$ (167)	$ (175)	$ (176)	$ (200)
Additional credit loss for securities previously other-than-temporarily impaired	(3)	(1)	(6)	(5)
Additional credit loss for securities not previously other-than-temporarily impaired	(1)	(1)	(7)	(7)
Reduction in credit loss for securities disposed or collected	11	9	29	44
Ending balance	$ (160)	$ (168)	$ (160)	$ (168)

Investments- Unrealized Net Cap

Investments- Unrealized Net Capital Gains and Losses (Details 9) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Fair value
Fixed income securities	$ 23,651	$ 24,222
Equity securities	1,617	1,511
Short-term investments	505	566
Derivative instruments	3	5
Gross unrealized Gains
Fixed income securities	1,429	1,310
Equity securities	216	117
Short-term investments	0	0
Derivative instruments	3	5
Gross unrealized Losses
Fixed income securities	(102)	(200)
Equity securities	(18)	(35)
Short-term investments	0	0
Derivative instruments	0	0
Unrealized net gains (losses)
Fixed income securities	1,327	1,110
Equity securities	198	82
Short-term investments	0	0
Derivative instruments	3	5
Equity method ("EMA") limited partnerships	0	(2)
Unrealized net capital gains and losses, pre-tax	1,528	1,195
Amount recognized for:
Insurance reserves	0	0
DAC and DSI	(191)	(140)
Amounts recognized	(191)	(140)
Deferred income taxes	(473)	(374)
Total unrealized net capital gains and losses	864	681
Fair value of derivative securities classified as liabilities, with unrealized net gains (losses) in AOCI	$ (3)
Fair value of derivative securities classified as assets, with unrealized net gains (losses) in AOCI		$ 5

Investments- Change in Unrealiz

Investments- Change in Unrealized Net Capital Gains and Losses (Details 10) $ in Millions	6 Months Ended
	Jun. 30, 2017USD ($)
Change in Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss)
Change in unrealized net capital gains and losses	$ 333
Amount recognized for:
Insurance reserves	0
DAC and DSI	(51)
Amounts recognized	(51)
Deferred income taxes	(99)
Increase in unrealized net capital gains and losses, after-tax	183
Fixed income securities
Change in Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss)
Change in unrealized net capital gains and losses	217
Equity securities
Change in Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss)
Change in unrealized net capital gains and losses	116
Derivative instruments
Change in Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss)
Change in unrealized net capital gains and losses	(2)
Limited partnership interests
Change in Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss)
Change in unrealized net capital gains and losses	$ 2

Investments- Portfolio Monitori

Investments- Portfolio Monitoring (Details 11) $ in Millions	Jun. 30, 2017USD ($)security	Dec. 31, 2016USD ($)security
Fixed income and equity securities
Less than 12 months
Number of issues, continuous unrealized loss position for less than 12 months | security	623	888
Fair value, continuous unrealized loss position for less than 12 months	$ 3,581	$ 5,270
Unrealized losses, continuous unrealized loss position for less than 12 months	$ (70)	$ (145)
12 months or more
Number of issues, continuous unrealized loss position for 12 months or more (in Security) | security	121	188
Fair value, continuous unrealized loss position for 12 months or more	$ 338	$ 641
Unrealized losses, continuous unrealized loss position for 12 months or more	(50)	(90)
Total unrealized losses
Total unrealized losses	$ (120)	$ (235)
Fixed income securities
Less than 12 months
Number of issues, continuous unrealized loss position for less than 12 months | security	516	721
Fair value, continuous unrealized loss position for less than 12 months	$ 3,448	$ 5,070
Unrealized losses, continuous unrealized loss position for less than 12 months	$ (59)	$ (126)
12 months or more
Number of issues, continuous unrealized loss position for 12 months or more (in Security) | security	86	126
Fair value, continuous unrealized loss position for 12 months or more	$ 298	$ 561
Unrealized losses, continuous unrealized loss position for 12 months or more	(43)	(74)
Total unrealized losses
Gross unrealized losses	$ (102)	$ (200)
U.S. government and agencies
Less than 12 months
Number of issues, continuous unrealized loss position for less than 12 months | security	13	6
Fair value, continuous unrealized loss position for less than 12 months	$ 177	$ 104
Unrealized losses, continuous unrealized loss position for less than 12 months	$ (1)	$ (2)
12 months or more
Number of issues, continuous unrealized loss position for 12 months or more (in Security) | security	0	0
Fair value, continuous unrealized loss position for 12 months or more	$ 0	$ 0
Unrealized losses, continuous unrealized loss position for 12 months or more	0	0
Total unrealized losses
Gross unrealized losses	$ (1)	$ (2)
Municipal
Less than 12 months
Number of issues, continuous unrealized loss position for less than 12 months | security	5	8
Fair value, continuous unrealized loss position for less than 12 months	$ 22	$ 44
Unrealized losses, continuous unrealized loss position for less than 12 months	$ (2)	$ (1)
12 months or more
Number of issues, continuous unrealized loss position for 12 months or more (in Security) | security	1	3
Fair value, continuous unrealized loss position for 12 months or more	$ 10	$ 18
Unrealized losses, continuous unrealized loss position for 12 months or more	(3)	(6)
Total unrealized losses
Gross unrealized losses	$ (5)	$ (7)
Corporate
Less than 12 months
Number of issues, continuous unrealized loss position for less than 12 months | security	421	629
Fair value, continuous unrealized loss position for less than 12 months	$ 3,063	$ 4,767
Unrealized losses, continuous unrealized loss position for less than 12 months	$ (52)	$ (118)
12 months or more
Number of issues, continuous unrealized loss position for 12 months or more (in Security) | security	29	56
Fair value, continuous unrealized loss position for 12 months or more	$ 224	$ 414
Unrealized losses, continuous unrealized loss position for 12 months or more	(28)	(51)
Total unrealized losses
Gross unrealized losses	$ (80)	$ (169)
ABS
Less than 12 months
Number of issues, continuous unrealized loss position for less than 12 months | security	27	18
Fair value, continuous unrealized loss position for less than 12 months	$ 161	$ 95
Unrealized losses, continuous unrealized loss position for less than 12 months	$ (1)	$ (1)
12 months or more
Number of issues, continuous unrealized loss position for 12 months or more (in Security) | security	8	13
Fair value, continuous unrealized loss position for 12 months or more	$ 23	$ 76
Unrealized losses, continuous unrealized loss position for 12 months or more	(7)	(9)
Total unrealized losses
Gross unrealized losses	$ (8)	$ (10)
RMBS
Less than 12 months
Number of issues, continuous unrealized loss position for less than 12 months | security	44	47
Fair value, continuous unrealized loss position for less than 12 months	$ 2	$ 3
Unrealized losses, continuous unrealized loss position for less than 12 months	$ 0	$ 0
12 months or more
Number of issues, continuous unrealized loss position for 12 months or more (in Security) | security	44	50
Fair value, continuous unrealized loss position for 12 months or more	$ 28	$ 38
Unrealized losses, continuous unrealized loss position for 12 months or more	(1)	(3)
Total unrealized losses
Gross unrealized losses	$ (1)	$ (3)
CMBS
Less than 12 months
Number of issues, continuous unrealized loss position for less than 12 months | security	5	12
Fair value, continuous unrealized loss position for less than 12 months	$ 23	$ 57
Unrealized losses, continuous unrealized loss position for less than 12 months	$ (3)	$ (4)
12 months or more
Number of issues, continuous unrealized loss position for 12 months or more (in Security) | security	4	4
Fair value, continuous unrealized loss position for 12 months or more	$ 13	$ 15
Unrealized losses, continuous unrealized loss position for 12 months or more	(4)	(5)
Total unrealized losses
Gross unrealized losses	$ (7)	$ (9)
Redeemable preferred stock
Less than 12 months
Number of issues, continuous unrealized loss position for less than 12 months | security	1	1
Fair value, continuous unrealized loss position for less than 12 months	$ 0	$ 0
Unrealized losses, continuous unrealized loss position for less than 12 months	$ 0	$ 0
12 months or more
Number of issues, continuous unrealized loss position for 12 months or more (in Security) | security	0	0
Fair value, continuous unrealized loss position for 12 months or more	$ 0	$ 0
Unrealized losses, continuous unrealized loss position for 12 months or more	0	0
Total unrealized losses
Gross unrealized losses	$ 0	$ 0
Equity securities
Less than 12 months
Number of issues, continuous unrealized loss position for less than 12 months | security	107	167
Fair value, continuous unrealized loss position for less than 12 months	$ 133	$ 200
Unrealized losses, continuous unrealized loss position for less than 12 months	$ (11)	$ (19)
12 months or more
Number of issues, continuous unrealized loss position for 12 months or more (in Security) | security	35	62
Fair value, continuous unrealized loss position for 12 months or more	$ 40	$ 80
Unrealized losses, continuous unrealized loss position for 12 months or more	(7)	(16)
Total unrealized losses
Gross unrealized losses on equity securities	$ (18)	$ (35)
Investment grade fixed income securities
Less than 12 months
Number of issues, continuous unrealized loss position for less than 12 months | security	417	559
Fair value, continuous unrealized loss position for less than 12 months	$ 3,122	$ 4,348
Unrealized losses, continuous unrealized loss position for less than 12 months	$ (47)	$ (100)
12 months or more
Number of issues, continuous unrealized loss position for 12 months or more (in Security) | security	59	75
Fair value, continuous unrealized loss position for 12 months or more	$ 206	$ 350
Unrealized losses, continuous unrealized loss position for 12 months or more	(27)	(47)
Total unrealized losses
Total unrealized losses	$ (74)	$ (147)
Below investment grade fixed income securities
Less than 12 months
Number of issues, continuous unrealized loss position for less than 12 months | security	99	162
Fair value, continuous unrealized loss position for less than 12 months	$ 326	$ 722
Unrealized losses, continuous unrealized loss position for less than 12 months	$ (12)	$ (26)
12 months or more
Number of issues, continuous unrealized loss position for 12 months or more (in Security) | security	27	51
Fair value, continuous unrealized loss position for 12 months or more	$ 92	$ 211
Unrealized losses, continuous unrealized loss position for 12 months or more	(16)	(27)
Total unrealized losses
Total unrealized losses	$ (28)	$ (53)

Investments (Details 12)

Investments (Details 12) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Other details of unrealized loss
Unrealized losses related to securities with unrealized loss position less than 20% of amortized cost or cost	$ 89
Unrealized losses related to securities with unrealized loss position greater than or equal to 20% of amortized cost or cost	31
Limited partnership interests	2,946	$ 2,776
Equity method limited partnerships
Other details of unrealized loss
Limited partnership interests	2,360	2,190
Fixed income and equity securities
Other details of unrealized loss
Available for sale securities unrealized losses	(120)	(235)
Investment grade fixed income securities
Other details of unrealized loss
Unrealized losses related to securities with unrealized loss position less than 20% of amortized cost or cost	58
Available for sale securities unrealized losses	(74)	(147)
Unrealized losses related to securities with unrealized loss position greater than or equal to 20% of amortized cost or cost	16
Equity securities
Other details of unrealized loss
Unrealized losses related to securities with unrealized loss position less than 20% of amortized cost or cost	14
Below investment grade fixed income securities
Other details of unrealized loss
Unrealized losses related to securities with unrealized loss position less than 20% of amortized cost or cost	17
Available for sale securities unrealized losses	(28)	(53)
Available for sale securities, unrealized losses having loss of less than twenty percent, less than 12 months	8
Unrealized losses related to securities with unrealized loss position greater than or equal to 20% of amortized cost or cost	4
Unrealized losses related to securities with unrealized loss position greater than 20% of cost or amortized cost, unrealized loss position of 12 or more consecutive months	5
Below investment grade equity securities
Other details of unrealized loss
Unrealized losses related to securities with unrealized loss position greater than or equal to 20% of amortized cost or cost	11
Carrying value | Cost method limited partnership interests
Other details of unrealized loss
Limited partnership interests	$ 583	$ 591

Investments- Carrying Value of

Investments- Carrying Value of Non-impaired Fixed Rate and Variable Rate Mortgage Loans (Details 13) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Dec. 31, 2016
Net carrying value of impaired mortgage loans
Impaired mortgage loans with a valuation allowance					$ 5	$ 5
Impaired mortgage loans without a valuation allowance					0	0
Total impaired mortgage loans					5	5
Valuation allowance on impaired mortgage loans	$ 3	$ 3	$ 3	$ 3	3	3
Rollforward of the valuation allowance on impaired mortgage loans
Beginning balance	3	3	3	3
Charge offs	0	0	0	0
Ending balance	$ 3	$ 3	3	3
Non-impaired mortgage loans
Carrying value of non-impaired fixed rate and variable rate mortgage loans by debt service coverage ratio distribution
Fixed rate mortgage loans					3,788	3,933
Non-impaired mortgage loans | Below 1.0
Carrying value of non-impaired fixed rate and variable rate mortgage loans by debt service coverage ratio distribution
Fixed rate mortgage loans					18	52
Non-impaired mortgage loans | 1.0 - 1.25
Carrying value of non-impaired fixed rate and variable rate mortgage loans by debt service coverage ratio distribution
Fixed rate mortgage loans					318	321
Non-impaired mortgage loans | 1.26 - 1.50
Carrying value of non-impaired fixed rate and variable rate mortgage loans by debt service coverage ratio distribution
Fixed rate mortgage loans					1,167	1,196
Non-impaired mortgage loans | Above 1.50
Carrying value of non-impaired fixed rate and variable rate mortgage loans by debt service coverage ratio distribution
Fixed rate mortgage loans					$ 2,285	$ 2,364
Mortgage loans
Average carrying value and interest income recognized on impaired mortgage loans
Average balance impaired mortgage loans			$ 5	$ 6

Fair Value of Assets and Liab38

Fair Value of Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016
Assets
Fixed income securities	$ 23,651	$ 24,222
Equity securities	1,617	1,511
Short-term investments	505	566
Other investments: Free-standing derivatives	1		$ 1
Separate account assets	3,396	3,373
Derivative asset, fair value, gross liability and obligation to return cash, offset	$ (6)	$ (6)
% of total assets at fair value	0.00%	0.00%
Liabilities
Other liabilities: Free-standing derivatives			$ (8)
Free standing derivative liabilities derivative liability, fair value, gross asset and right to reclaim cash, offset	$ 2	$ 2
% of total liabilities at fair value	(0.60%)	(0.60%)
U.S. government and agencies
Assets
Fixed income securities	$ 653	$ 1,014
Municipal
Assets
Fixed income securities	2,270	2,274
Foreign government
Assets
Fixed income securities	312	332
RMBS
Assets
Fixed income securities	285	333
CMBS
Assets
Fixed income securities	139	241
Redeemable preferred stock
Assets
Fixed income securities	15	16
Quoted prices in active markets for identical assets (Level 1)
Assets
Total assets at fair value	$ 5,312	$ 5,590
% of total assets at fair value	18.10%	18.70%
Liabilities
Total liabilities at fair value	$ 0	$ 0
% of total liabilities at fair value	0.00%	0.00%
Significant other observable inputs (Level 2)
Assets
Total assets at fair value	$ 23,454	$ 23,668
% of total assets at fair value	80.10%	79.50%
Liabilities
Total liabilities at fair value	$ (46)	$ (39)
% of total liabilities at fair value	14.00%	11.90%
Significant unobservable inputs (Level 3)
Assets
Total assets at fair value	$ 517	$ 526
% of total assets at fair value	1.80%	1.80%
Liabilities
Total liabilities at fair value	$ (284)	$ (292)
% of total liabilities at fair value	86.60%	88.70%
Recurring basis
Assets
Other investments: Free-standing derivatives, gross liability and obligation to return cash, offset	$ (6)	$ (6)
Derivative asset, fair value, gross liability and obligation to return cash, offset	(6)	(6)
Liabilities
Free standing derivative liabilities derivative liability, fair value, gross asset and right to reclaim cash, offset	2	2
Recurring basis | Quoted prices in active markets for identical assets (Level 1)
Assets
Fixed income securities	286	619
Equity securities	1,538	1,432
Short-term investments	92	166
Other investments: Free-standing derivatives	0	0
Separate account assets	3,396	3,373
Other assets		0
Total assets at fair value	5,312	5,590
Liabilities
Other liabilities: Free-standing derivatives	0	0
Recurring basis | Quoted prices in active markets for identical assets (Level 1) | U.S. government and agencies
Assets
Fixed income securities	286	619
Recurring basis | Quoted prices in active markets for identical assets (Level 1) | Municipal
Assets
Fixed income securities	0	0
Recurring basis | Quoted prices in active markets for identical assets (Level 1) | Corporate - public
Assets
Fixed income securities	0	0
Recurring basis | Quoted prices in active markets for identical assets (Level 1) | Corporate - privately placed
Assets
Fixed income securities	0	0
Recurring basis | Quoted prices in active markets for identical assets (Level 1) | Foreign government
Assets
Fixed income securities	0	0
Recurring basis | Quoted prices in active markets for identical assets (Level 1) | ABS - CDO
Assets
Fixed income securities	0	0
Recurring basis | Quoted prices in active markets for identical assets (Level 1) | ABS - consumer and other
Assets
Fixed income securities	0	0
Recurring basis | Quoted prices in active markets for identical assets (Level 1) | RMBS
Assets
Fixed income securities	0	0
Recurring basis | Quoted prices in active markets for identical assets (Level 1) | CMBS
Assets
Fixed income securities	0	0
Recurring basis | Quoted prices in active markets for identical assets (Level 1) | Redeemable preferred stock
Assets
Fixed income securities	0	0
Recurring basis | Significant other observable inputs (Level 2)
Assets
Fixed income securities	22,932	23,164
Equity securities	4	3
Short-term investments	413	400
Other investments: Free-standing derivatives	105	101
Separate account assets	0	0
Other assets		0
Total assets at fair value	23,454	23,668
Liabilities
Other liabilities: Free-standing derivatives	(46)	(39)
Recurring basis | Significant other observable inputs (Level 2) | U.S. government and agencies
Assets
Fixed income securities	367	395
Recurring basis | Significant other observable inputs (Level 2) | Municipal
Assets
Fixed income securities	2,210	2,215
Recurring basis | Significant other observable inputs (Level 2) | Corporate - public
Assets
Fixed income securities	13,439	13,475
Recurring basis | Significant other observable inputs (Level 2) | Corporate - privately placed
Assets
Fixed income securities	5,849	5,895
Recurring basis | Significant other observable inputs (Level 2) | Foreign government
Assets
Fixed income securities	312	332
Recurring basis | Significant other observable inputs (Level 2) | ABS - CDO
Assets
Fixed income securities	39	102
Recurring basis | Significant other observable inputs (Level 2) | ABS - consumer and other
Assets
Fixed income securities	277	160
Recurring basis | Significant other observable inputs (Level 2) | RMBS
Assets
Fixed income securities	285	333
Recurring basis | Significant other observable inputs (Level 2) | CMBS
Assets
Fixed income securities	139	241
Recurring basis | Significant other observable inputs (Level 2) | Redeemable preferred stock
Assets
Fixed income securities	15	16
Recurring basis | Significant unobservable inputs (Level 3)
Assets
Fixed income securities	433	439
Equity securities	75	76
Short-term investments	0	0
Other investments: Free-standing derivatives	1	1
Separate account assets	0	0
Other assets		1
Total assets at fair value	509	517
Liabilities
Other liabilities: Free-standing derivatives	0	(3)
Recurring basis | Significant unobservable inputs (Level 3) | U.S. government and agencies
Assets
Fixed income securities	0	0
Recurring basis | Significant unobservable inputs (Level 3) | Municipal
Assets
Fixed income securities	60	59
Recurring basis | Significant unobservable inputs (Level 3) | Corporate - public
Assets
Fixed income securities	36	47
Recurring basis | Significant unobservable inputs (Level 3) | Corporate - privately placed
Assets
Fixed income securities	250	264
Recurring basis | Significant unobservable inputs (Level 3) | Foreign government
Assets
Fixed income securities	0	0
Recurring basis | Significant unobservable inputs (Level 3) | ABS - CDO
Assets
Fixed income securities	24	27
Recurring basis | Significant unobservable inputs (Level 3) | ABS - consumer and other
Assets
Fixed income securities	63	42
Recurring basis | Significant unobservable inputs (Level 3) | RMBS
Assets
Fixed income securities	0	0
Recurring basis | Significant unobservable inputs (Level 3) | CMBS
Assets
Fixed income securities	0	0
Recurring basis | Significant unobservable inputs (Level 3) | Redeemable preferred stock
Assets
Fixed income securities	0	0
Non-recurring basis | Quoted prices in active markets for identical assets (Level 1)
Assets
Total assets at fair value	0	0
Non-recurring basis | Significant other observable inputs (Level 2)
Assets
Total assets at fair value	0	0
Non-recurring basis | Significant unobservable inputs (Level 3)
Assets
Total assets at fair value	8	9
Contractholder funds: Derivatives embedded in life and annuity contracts | Recurring basis | Quoted prices in active markets for identical assets (Level 1)
Liabilities
Contractholder funds: Derivatives embedded in life and annuity contracts	0	0
Contractholder funds: Derivatives embedded in life and annuity contracts | Recurring basis | Significant other observable inputs (Level 2)
Liabilities
Contractholder funds: Derivatives embedded in life and annuity contracts	0	0
Contractholder funds: Derivatives embedded in life and annuity contracts | Recurring basis | Significant unobservable inputs (Level 3)
Liabilities
Contractholder funds: Derivatives embedded in life and annuity contracts	(284)	(289)
Fair value
Assets
Total assets at fair value	$ 29,277	$ 29,778
% of total assets at fair value	100.00%	100.00%
Liabilities
Total liabilities at fair value	$ (328)	$ (329)
% of total liabilities at fair value	100.00%	100.00%
Limited partnership interests	$ 8	$ 9
Fair value | Recurring basis
Assets
Fixed income securities	23,651	24,222
Equity securities	1,617	1,511
Short-term investments	505	566
Other investments: Free-standing derivatives	100	96
Separate account assets	3,396	3,373
Other assets		1
Total assets at fair value	29,269	29,769
Liabilities
Other liabilities: Free-standing derivatives	(44)	(40)
Fair value | Recurring basis | U.S. government and agencies
Assets
Fixed income securities	653	1,014
Fair value | Recurring basis | Municipal
Assets
Fixed income securities	2,270	2,274
Fair value | Recurring basis | Corporate - public
Assets
Fixed income securities	13,475	13,522
Fair value | Recurring basis | Corporate - privately placed
Assets
Fixed income securities	6,099	6,159
Fair value | Recurring basis | Foreign government
Assets
Fixed income securities	312	332
Fair value | Recurring basis | ABS - CDO
Assets
Fixed income securities	63	129
Fair value | Recurring basis | ABS - consumer and other
Assets
Fixed income securities	340	202
Fair value | Recurring basis | RMBS
Assets
Fixed income securities	285	333
Fair value | Recurring basis | CMBS
Assets
Fixed income securities	139	241
Fair value | Recurring basis | Redeemable preferred stock
Assets
Fixed income securities	15	16
Fair value | Non-recurring basis
Assets
Total assets at fair value	8	9
Fair value | Contractholder funds: Derivatives embedded in life and annuity contracts | Recurring basis
Liabilities
Contractholder funds: Derivatives embedded in life and annuity contracts	$ (284)	$ (289)

Fair Value of Assets and Liab39

Fair Value of Assets and Liabilities (Level 3 Fair Value Measurement) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Quantitative information about the significant unobservable inputs
Fixed income securities	$ 23,651	$ 24,222
Significant unobservable inputs (Level 3)
Quantitative information about the significant unobservable inputs
Assets, fair value disclosure	517	526
Significant unobservable inputs (Level 3) | Derivatives embedded in life and annuity contracts - Equity-indexed and forward starting options | Stochastic cash flow model
Quantitative information about the significant unobservable inputs
Fair value	$ (249)	$ (246)
Weighted average projected option cost (as a percent)	1.74%	1.75%
Significant unobservable inputs (Level 3) | Derivatives embedded in life and annuity contracts - Equity-indexed and forward starting options | Minimum | Stochastic cash flow model
Quantitative information about the significant unobservable inputs
Projected option cost (as a percent)	1.00%	1.00%
Significant unobservable inputs (Level 3) | Derivatives embedded in life and annuity contracts - Equity-indexed and forward starting options | Maximum | Stochastic cash flow model
Quantitative information about the significant unobservable inputs
Projected option cost (as a percent)	2.20%	2.20%
Significant unobservable inputs (Level 3) | Fixed Income Securities Valued Based on Nonbinding Broker Quotes
Quantitative information about the significant unobservable inputs
Assets, fair value disclosure	$ 276	$ 296
Recurring basis | Significant unobservable inputs (Level 3)
Quantitative information about the significant unobservable inputs
Fixed income securities	433	439
Assets, fair value disclosure	$ 509	$ 517

Fair Value of Assets and Liab40

Fair Value of Assets and Liabilities (Level 3 Assets and Liabilities) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Assets
Balance at beginning of period	$ 522	$ 743	$ 514	$ 720
Total gains (losses) included in: Net income	9	0	14	(1)
Total gains (losses) included in: OCI	(5)	13	3	11
Transfers into Level 3	12	31	15	34
Transfers out of Level 3	(12)	(61)	(24)	(73)
Purchases	24	15	37	75
Sales	(37)	(5)	(38)	(21)
Issues	0	0	0	0
Settlements	(4)	(28)	(12)	(37)
Balance at end of period	509	708	509	708
Liabilities
Balance at beginning of period	(285)	(313)	(289)	(299)
Total gains (losses) included in: net income	0	7	3	(8)
Total gains (losses) included in: OCI	0	0	0	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Issues	0	0	(1)	(1)
Settlements	1	2	3	4
Balance at end of period	(284)	(304)	(284)	(304)
Fixed income securities
Assets
Balance at beginning of period	443	694	439	666
Total gains (losses) included in: Net income	6	3	6	15
Total gains (losses) included in: OCI	(7)	13	1	8
Transfers into Level 3	12	31	15	34
Transfers out of Level 3	(12)	(61)	(24)	(73)
Purchases	24	15	37	70
Sales	(29)	(5)	(29)	(21)
Issues	0	0	0	0
Settlements	(4)	(28)	(12)	(37)
Balance at end of period	433	662	433	662
Municipal
Assets
Balance at beginning of period	60	66	59	78
Total gains (losses) included in: Net income	0	0	0	11
Total gains (losses) included in: OCI	0	3	1	(5)
Transfers into Level 3	0	6	0	6
Transfers out of Level 3	0	0	0	0
Purchases	0	0	0	0
Sales	0	(5)	0	(20)
Issues	0	0	0	0
Settlements	0	0	0	0
Balance at end of period	60	70	60	70
Corporate - public
Assets
Balance at beginning of period	36	38	47	44
Total gains (losses) included in: Net income	0	0	1	0
Total gains (losses) included in: OCI	0	0	0	1
Transfers into Level 3	0	0	0	1
Transfers out of Level 3	0	0	(10)	(7)
Purchases	0	3	0	3
Sales	0	0	0	0
Issues	0	0	0	0
Settlements	0	0	(2)	(1)
Balance at end of period	36	41	36	41
Corporate - privately placed
Assets
Balance at beginning of period	268	497	264	447
Total gains (losses) included in: Net income	5	3	5	4
Total gains (losses) included in: OCI	(7)	8	(2)	12
Transfers into Level 3	11	16	11	16
Transfers out of Level 3	0	(60)	0	(65)
Purchases	3	12	3	67
Sales	(29)	0	(29)	0
Issues	0	0	0	0
Settlements	(1)	(2)	(2)	(7)
Balance at end of period	250	474	250	474
ABS - CDO
Assets
Balance at beginning of period	32	50	27	53
Total gains (losses) included in: Net income	1	0	0	0
Total gains (losses) included in: OCI	0	3	2	2
Transfers into Level 3	1	6	4	8
Transfers out of Level 3	(9)	(1)	(9)	(1)
Purchases	0	0	5	0
Sales	0	0	0	(1)
Issues	0	0	0	0
Settlements	(1)	(25)	(5)	(28)
Balance at end of period	24	33	24	33
ABS - consumer and other
Assets
Balance at beginning of period	47	43	42	44
Total gains (losses) included in: Net income	0	0	0	0
Total gains (losses) included in: OCI	0	(1)	0	(2)
Transfers into Level 3	0	3	0	3
Transfers out of Level 3	(3)	0	(5)	0
Purchases	21	0	29	0
Sales	0	0	0	0
Issues	0	0	0	0
Settlements	(2)	(1)	(3)	(1)
Balance at end of period	63	44	63	44
Equity securities
Assets
Balance at beginning of period	80	56	76	60
Total gains (losses) included in: Net income	1	(4)	6	(16)
Total gains (losses) included in: OCI	2	0	2	3
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Purchases	0	0	0	5
Sales	(8)	0	(9)	0
Issues	0	0	0	0
Settlements	0	0	0	0
Balance at end of period	75	52	75	52
Free-standing derivatives, net
Assets
Balance at beginning of period	(1)	(8)	(2)	(7)
Total gains (losses) included in: Net income	2	1	3	0
Total gains (losses) included in: OCI	0	0	0	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Issues	0	0	0	0
Settlements	0	0	0	0
Balance at end of period	1	(7)	1	(7)
Other assets
Assets
Balance at beginning of period		1	1	1
Total gains (losses) included in: Net income		0	(1)	0
Total gains (losses) included in: OCI		0	0	0
Transfers into Level 3		0	0	0
Transfers out of Level 3		0	0	0
Purchases		0	0	0
Sales		0	0	0
Issues		0	0	0
Settlements		0	0	0
Balance at end of period	0	1	0	1
Contractholder funds: Derivatives embedded in life and annuity contracts
Liabilities
Balance at beginning of period	(285)	(313)	(289)	(299)
Total gains (losses) included in: net income	0	7	3	(8)
Total gains (losses) included in: OCI	0	0	0	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Issues	0	0	(1)	(1)
Settlements	1	2	3	4
Balance at end of period	$ (284)	$ (304)	$ (284)	$ (304)

Fair Value of Assets and Liab41

Fair Value of Assets and Liabilities (Level 3 Assets and Liabilities)(Footnotes to Table) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value, assets and liabilities gain (loss) included in earnings	$ 9	$ 7	$ 17	$ (9)
Total gains (losses) included in: Net income	9	0	14	(1)
Other investments: Free-standing derivatives	1	1	1	1
Free-standing derivatives, liabilities		8		8
Realized capital gains and losses
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total gains (losses) included in: Net income	7	(4)	8	(8)
Gains (losses) for Level 3 assets and liabilities still held at the balance sheet date	2	(4)	3	(22)
Net investment income
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total gains (losses) included in: Net income	2	4	7	7
Gains (losses) for Level 3 assets and liabilities still held at the balance sheet date	2	4	7	7
Interest credited to contractholder funds
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total gains (losses) included in: Net income	(1)	(7)	(6)	(6)
Gains (losses) for Level 3 assets and liabilities still held at the balance sheet date	(1)	(7)	(6)	(6)
Contract benefits
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Gains (losses) for Level 3 assets and liabilities still held at the balance sheet date	$ 1	$ 14	$ 8	$ (2)

Fair Value of Assets and Liab42

Fair Value of Assets and Liabilities (Change In Unrealized Gains and Losses included in Net Income for Level 3) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Gains (losses) included in net income for Level 3 assets and liabilities:
Total recurring Level 3 assets	$ 4	$ 0	$ 9	$ (15)
Total recurring Level 3 liabilities	0	7	3	(8)
Fair value, assets and liabilities gain (loss) included in earnings	9	7	17	(9)
Gain (loss) on investments
Gains (losses) included in net income for Level 3 assets and liabilities:
Fair value, assets and liabilities gain (loss) included in earnings	4	7	12	(23)
Realized capital gains and losses
Gains (losses) included in net income for Level 3 assets and liabilities:
Gains (losses) for Level 3 assets and liabilities still held at the balance sheet date	2	(4)	3	(22)
Net investment income
Gains (losses) included in net income for Level 3 assets and liabilities:
Gains (losses) for Level 3 assets and liabilities still held at the balance sheet date	2	4	7	7
Interest credited to contractholder funds
Gains (losses) included in net income for Level 3 assets and liabilities:
Gains (losses) for Level 3 assets and liabilities still held at the balance sheet date	(1)	(7)	(6)	(6)
Contract benefits
Gains (losses) included in net income for Level 3 assets and liabilities:
Gains (losses) for Level 3 assets and liabilities still held at the balance sheet date	1	14	8	(2)
Contractholder funds: Derivatives embedded in life and annuity contracts
Gains (losses) included in net income for Level 3 assets and liabilities:
Total recurring Level 3 liabilities	0	7	3	(8)
Corporate
Gains (losses) included in net income for Level 3 assets and liabilities:
Total recurring Level 3 assets	0	3	0	1
Equity securities
Gains (losses) included in net income for Level 3 assets and liabilities:
Total recurring Level 3 assets	2	(4)	7	(16)
Free-standing derivatives, net
Gains (losses) included in net income for Level 3 assets and liabilities:
Total recurring Level 3 assets	2	1	3	0
Other assets
Gains (losses) included in net income for Level 3 assets and liabilities:
Total recurring Level 3 assets	$ 0	$ 0	$ (1)	$ 0

Fair Value of Assets and Liab43

Fair Value of Assets and Liabilities (Carrying Values and Fair Value Estimates of Financial Instruments) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Financial assets
Mortgage loans	$ 3,793	$ 3,938
Financial liabilities
Liability for collateral	529	550	$ 595	$ 550
Notes due to related parties	140	465
Carrying value
Financial assets
Mortgage loans	3,793	3,938
Cost method limited partnerships	583	591
Bank loans	478	467
Agent loans	499	467
Notes due from related party	0	325
Financial liabilities
Contractholder funds on investment contracts	10,810	11,276
Liability for collateral	529	550
Notes due to related parties	140	465
Fair value
Financial assets
Mortgage loans	3,920	3,963
Cost method limited partnerships	683	681
Bank loans	479	467
Agent loans	495	467
Notes due from related party	0	325
Financial liabilities
Contractholder funds on investment contracts	11,405	11,972
Liability for collateral	529	550
Notes due to related parties	$ 143	$ 465

Derivative Financial Instrume44

Derivative Financial Instruments (Details)	6 Months Ended
	Jun. 30, 2017USD ($)contract	Dec. 31, 2016USD ($)contract
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Assumed recoveries under sale of credit protection	$ 0
Securities pledged in the form of margin deposits	12,000,000
Derivatives, Fair Value
Total asset derivatives, Notional amount	288,000,000	$ 395,000,000
Total liability derivatives, Notional amount	2,709,000,000	2,524,000,000
Total derivatives, Notional amount	$ 2,997,000,000	$ 2,919,000,000
Total asset derivatives, Number of contracts | contract	4,857	3,923
Total liability derivatives, Number of contracts | contract	4,870	3,928
Total derivatives, Number of contracts | contract	9,727	7,851
Total asset derivatives	$ 101,000,000	$ 101,000,000
Total liability derivatives	(325,000,000)	(329,000,000)
Total derivatives, Fair value, net	(224,000,000)	(228,000,000)
Asset derivatives, Gross asset	102,000,000	103,000,000
Asset derivatives, Gross liability	(1,000,000)	(2,000,000)
Liability derivatives, Gross asset	4,000,000	0
Liability derivatives, Gross liability	(329,000,000)	(329,000,000)
Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total asset derivatives, Notional amount		346,000,000
Total liability derivatives, Notional amount	$ 2,660,000,000	$ 2,524,000,000
Total asset derivatives, Number of contracts | contract		3,923
Total liability derivatives, Number of contracts | contract	4,870	3,928
Total asset derivatives		$ 96,000,000
Total liability derivatives	$ (327,000,000)	(329,000,000)
Asset derivatives, Gross asset		98,000,000
Asset derivatives, Gross liability		(2,000,000)
Liability derivatives, Gross asset	2,000,000	0
Liability derivatives, Gross liability	(329,000,000)	(329,000,000)
Foreign currency swap agreements | Derivatives designated as accounting hedging instruments | Other investments
Derivatives, Fair Value
Total asset derivatives, Notional amount		49,000,000
Total asset derivatives		5,000,000
Asset derivatives, Gross asset		5,000,000
Asset derivatives, Gross liability		0
Foreign currency swap agreements | Derivatives designated as accounting hedging instruments | Other liabilities & accrued expenses
Derivatives, Fair Value
Total liability derivatives, Notional amount	49,000,000
Total liability derivatives	2,000,000
Liability derivatives, Gross asset	2,000,000
Liability derivatives, Gross liability	0
Interest rate cap agreements | Derivatives not designated as accounting hedging instruments | Other investments
Derivatives, Fair Value
Total asset derivatives, Notional amount	22,000,000	65,000,000
Total asset derivatives	0	1,000,000
Asset derivatives, Gross asset	0	1,000,000
Asset derivatives, Gross liability	0	0
Interest rate cap agreements | Derivatives not designated as accounting hedging instruments | Other liabilities & accrued expenses
Derivatives, Fair Value
Total liability derivatives, Notional amount	37,000,000
Total liability derivatives	1,000,000
Liability derivatives, Gross asset	1,000,000
Liability derivatives, Gross liability	0
Options | Derivatives not designated as accounting hedging instruments | Other investments
Derivatives, Fair Value
Total asset derivatives, Notional amount	$ 180,000,000	$ 0
Total asset derivatives, Number of contracts | contract	4,857	3,917
Total asset derivatives	$ 100,000,000	$ 87,000,000
Asset derivatives, Gross asset	101,000,000	87,000,000
Asset derivatives, Gross liability	(1,000,000)	0
Financial futures contracts | Derivatives not designated as accounting hedging instruments | Other assets
Derivatives, Fair Value
Total asset derivatives, Notional amount		$ 0
Total asset derivatives, Number of contracts | contract		6
Total asset derivatives		$ 0
Asset derivatives, Gross asset		0
Asset derivatives, Gross liability		0
Foreign currency forwards | Derivatives not designated as accounting hedging instruments | Other investments
Derivatives, Fair Value
Total asset derivatives, Notional amount		173,000,000
Total asset derivatives		7,000,000
Asset derivatives, Gross asset		8,000,000
Asset derivatives, Gross liability		(1,000,000)
Foreign currency forwards | Derivatives not designated as accounting hedging instruments | Other liabilities & accrued expenses
Derivatives, Fair Value
Total liability derivatives, Notional amount	241,000,000
Total liability derivatives	(4,000,000)
Liability derivatives, Gross asset	1,000,000
Liability derivatives, Gross liability	(5,000,000)
Credit default swaps – buying protection | Derivatives not designated as accounting hedging instruments | Other investments
Derivatives, Fair Value
Total asset derivatives, Notional amount	3,000,000	25,000,000
Total asset derivatives	0	(1,000,000)
Asset derivatives, Gross asset	0	0
Asset derivatives, Gross liability	0	(1,000,000)
Credit default swaps – buying protection | Derivatives not designated as accounting hedging instruments | Other liabilities & accrued expenses
Derivatives, Fair Value
Total liability derivatives, Notional amount	24,000,000	6,000,000
Total liability derivatives	(2,000,000)	0
Liability derivatives, Gross asset	0	0
Liability derivatives, Gross liability	(2,000,000)	0
Credit default swaps – selling protection | Derivatives not designated as accounting hedging instruments | Other investments
Derivatives, Fair Value
Total asset derivatives, Notional amount	80,000,000	80,000,000
Total asset derivatives	1,000,000	1,000,000
Asset derivatives, Gross asset	1,000,000	1,000,000
Asset derivatives, Gross liability	0	0
Credit default swaps – selling protection | Derivatives not designated as accounting hedging instruments | Other liabilities & accrued expenses
Derivatives, Fair Value
Total liability derivatives, Notional amount	101,000,000	100,000,000
Total liability derivatives	0	(3,000,000)
Liability derivatives, Gross asset	0	0
Liability derivatives, Gross liability	0	(3,000,000)
Other contracts | Derivatives not designated as accounting hedging instruments | Other assets
Derivatives, Fair Value
Total asset derivatives, Notional amount	3,000,000	3,000,000
Total asset derivatives	0	1,000,000
Asset derivatives, Gross asset	0	1,000,000
Asset derivatives, Gross liability	0	0
Options and futures | Derivatives not designated as accounting hedging instruments | Other liabilities & accrued expenses
Derivatives, Fair Value
Total liability derivatives, Notional amount	$ 0	$ 0
Total liability derivatives, Number of contracts | contract	4,870	3,928
Total liability derivatives	$ (38,000,000)	$ (37,000,000)
Liability derivatives, Gross asset	0	0
Liability derivatives, Gross liability	(38,000,000)	(37,000,000)
Guaranteed accumulation benefits | Derivatives not designated as accounting hedging instruments | Contractholder funds
Derivatives, Fair Value
Total liability derivatives, Notional amount	246,000,000	391,000,000
Total liability derivatives	(28,000,000)	(34,000,000)
Liability derivatives, Gross asset	0	0
Liability derivatives, Gross liability	(28,000,000)	(34,000,000)
Guaranteed withdrawal benefits | Derivatives not designated as accounting hedging instruments | Contractholder funds
Derivatives, Fair Value
Total liability derivatives, Notional amount	282,000,000	290,000,000
Total liability derivatives	(7,000,000)	(9,000,000)
Liability derivatives, Gross asset	0	0
Liability derivatives, Gross liability	(7,000,000)	(9,000,000)
Equity-indexed and forward starting options in life and annuity product contracts | Derivatives not designated as accounting hedging instruments | Contractholder funds
Derivatives, Fair Value
Total liability derivatives, Notional amount	1,729,000,000	1,737,000,000
Total liability derivatives	(249,000,000)	(246,000,000)
Liability derivatives, Gross asset	0	0
Liability derivatives, Gross liability	$ (249,000,000)	$ (246,000,000)

Derivative Financial Instrume45

Derivative Financial Instruments (Details 2) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Asset derivatives
Gross amount	$ 102	$ 103
Counter- party netting	(1)	(2)
Total asset derivatives	101	101
Liability derivatives
Gross amount	(329)	(329)
Counter- party netting	4	0
Total liability derivatives	(325)	(329)
OTC derivatives
Asset derivatives
Gross amount	7	14
Counter- party netting	(5)	(2)
Cash collateral (received) pledged	(1)	(4)
Total asset derivatives	1	8
Securities collateral (received) pledged	0	(1)
Net amount	1	7
Liability derivatives
Gross amount	(8)	(5)
Counter- party netting	5	2
Cash collateral (received) pledged	(3)	0
Total liability derivatives	(6)	(3)
Securities collateral (received) pledged	3	4
Net amount	$ (3)	$ 1

Derivative Financial Instrume46

Derivative Financial Instruments (Details 3) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Derivative Instruments, Gain (Loss)
Cash flow hedge gain to be reclassified from AOCI during the next twelve months	$ 3,000,000		$ 3,000,000
Hedge ineffectiveness in realized gains	0	$ 0	0	$ 0
Gain (loss) recognized in OCI on derivatives during the period	0	1,000,000	(2,000,000)	(2,000,000)
Gain recognized in OCI on derivatives during the term of the hedging relationship	3,000,000	5,000,000	3,000,000	5,000,000
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	6,000,000	12,000,000	17,000,000	(14,000,000)
Realized capital gains and losses
Derivative Instruments, Gain (Loss)
Gain reclassified from AOCI into income (realized capital gains and losses)	0	3,000,000	0	3,000,000
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	(4,000,000)	1,000,000	(9,000,000)	(4,000,000)
Contract benefits
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	1,000,000	14,000,000	8,000,000	(2,000,000)
Interest credited to contractholder funds
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	9,000,000	(3,000,000)	18,000,000	(8,000,000)
Interest rate contracts
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives		(1,000,000)		(1,000,000)
Interest rate contracts | Realized capital gains and losses
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives		(1,000,000)		(1,000,000)
Interest rate contracts | Contract benefits
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives		0		0
Interest rate contracts | Interest credited to contractholder funds
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives		0		0
Equity and index contracts
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	9,000,000	1,000,000	20,000,000	(6,000,000)
Equity and index contracts | Realized capital gains and losses
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	0	(1,000,000)	(2,000,000)	(1,000,000)
Equity and index contracts | Contract benefits
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	0	0	0	0
Equity and index contracts | Interest credited to contractholder funds
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	9,000,000	2,000,000	22,000,000	(5,000,000)
Embedded derivative financial instruments
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	1,000,000	9,000,000	4,000,000	(5,000,000)
Embedded derivative financial instruments | Realized capital gains and losses
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	0	0	0	0
Embedded derivative financial instruments | Contract benefits
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	1,000,000	14,000,000	8,000,000	(2,000,000)
Embedded derivative financial instruments | Interest credited to contractholder funds
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	0	(5,000,000)	(4,000,000)	(3,000,000)
Foreign currency contracts
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	(5,000,000)	3,000,000	(9,000,000)	(1,000,000)
Foreign currency contracts | Realized capital gains and losses
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	(5,000,000)	3,000,000	(9,000,000)	(1,000,000)
Foreign currency contracts | Contract benefits
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	0	0	0	0
Foreign currency contracts | Interest credited to contractholder funds
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	0	$ 0	0	0
Credit default contracts
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	1,000,000		2,000,000	(1,000,000)
Credit default contracts | Realized capital gains and losses
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	1,000,000		2,000,000	(1,000,000)
Credit default contracts | Contract benefits
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	0		0	0
Credit default contracts | Interest credited to contractholder funds
Derivative Instruments, Gain (Loss)
Derivatives not designated as accounting hedging instruments, total gain (loss) recognized in net income on derivatives	$ 0		$ 0	$ 0

Derivative Financial Instrume47

Derivative Financial Instruments (Details 4) $ in Millions	Jun. 30, 2017USD ($)party	Dec. 31, 2016USD ($)party
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash and securities pledged as collateral by counterparties	$ 4
Securities pledged as collateral to counterparties	3
Collateral already posted, without credit-risk-contingent features	1
Credit Derivatives
Gross liability fair value of contracts containing credit-risk-contingent features	7	$ 2
Gross asset fair value of contracts containing credit-risk-contingent features and subject to MNAs	(2)	(2)
Collateral posted under MNAs for contracts containing credit-risk-contingent features	(2)	0
Maximum amount of additional exposure for contracts with credit-risk-contingent features if all features were triggered concurrently	$ 3	$ 0
A+
Credit Derivatives
Number of counter-parties (in Party) | party	4	5
Notional amount	$ 250	$ 312
Credit exposure	4	12
Exposure, net of collateral	$ 0	$ 9

Derivative Financial Instrume48

Derivative Financial Instruments (Details 5) $ in Millions	6 Months Ended
	Jun. 30, 2017USD ($)entity	Dec. 31, 2016USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Term of credit default swaps (in years)	5 years
Credit Derivatives
Notional amount	$ 2,997	$ 2,919
The number of reference entities generally included in a CDX index | entity	125
Credit default contracts
Credit Derivatives
Notional amount	$ 181	180
Fair value	1	(2)
Credit default contracts | Single name | Corporate debt
Credit Derivatives
Notional amount	1
Fair value	0
Credit default contracts | First-to-default Basket | Municipal
Credit Derivatives
Notional amount	100	100
Fair value	0	(3)
Credit default contracts | Index | Corporate debt
Credit Derivatives
Notional amount	80	80
Fair value	1	1
AA | Credit default contracts
Credit Derivatives
Notional amount	1	1
AA | Credit default contracts | Single name | Corporate debt
Credit Derivatives
Notional amount	0
AA | Credit default contracts | First-to-default Basket | Municipal
Credit Derivatives
Notional amount	0	0
AA | Credit default contracts | Index | Corporate debt
Credit Derivatives
Notional amount	1	1
A | Credit default contracts
Credit Derivatives
Notional amount	17	19
A | Credit default contracts | Single name | Corporate debt
Credit Derivatives
Notional amount	0
A | Credit default contracts | First-to-default Basket | Municipal
Credit Derivatives
Notional amount	0	0
A | Credit default contracts | Index | Corporate debt
Credit Derivatives
Notional amount	17	19
BBB | Credit default contracts
Credit Derivatives
Notional amount	149	150
BBB | Credit default contracts | Single name | Corporate debt
Credit Derivatives
Notional amount	0
BBB | Credit default contracts | First-to-default Basket | Municipal
Credit Derivatives
Notional amount	100	100
BBB | Credit default contracts | Index | Corporate debt
Credit Derivatives
Notional amount	49	50
BB and lower | Credit default contracts
Credit Derivatives
Notional amount	14	10
BB and lower | Credit default contracts | Single name | Corporate debt
Credit Derivatives
Notional amount	1
BB and lower | Credit default contracts | First-to-default Basket | Municipal
Credit Derivatives
Notional amount	0	0
BB and lower | Credit default contracts | Index | Corporate debt
Credit Derivatives
Notional amount	$ 13	$ 10

Reinsurance (Details)

Reinsurance (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Effects of reinsurance on revenue
Direct	$ 183	$ 177	$ 363	$ 354
Premiums and contract charges, net of reinsurance	347	327	695	658
Effects of reinsurance on cost and expenses
Direct	257	257	516	513
Contract benefits, net of reinsurance	364	341	718	679
Effects of reinsurance on interest credited to contractholder funds [Abstract]
Direct	140	154	276	315
Interest credited to contractholder funds, net of reinsurance	161	172	322	350
Affiliate
Effects of reinsurance on revenue
Assumed	55	35	108	69
Ceded	(13)	(13)	(26)	(26)
Effects of reinsurance on cost and expenses
Assumed	34	20	63	41
Ceded	(8)	(9)	(16)	(18)
Effects of reinsurance on interest credited to contractholder funds [Abstract]
Assumed	2	2	4	4
Ceded	(6)	(5)	(11)	(10)
Non-affiliate
Effects of reinsurance on revenue
Assumed	193	202	391	405
Ceded	(71)	(74)	(141)	(144)
Effects of reinsurance on cost and expenses
Assumed	147	145	263	278
Ceded	(66)	(72)	(108)	(135)
Effects of reinsurance on interest credited to contractholder funds [Abstract]
Assumed	31	27	64	52
Ceded	$ (6)	$ (6)	$ (11)	$ (11)

Other Comprehensive Income (Det

Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Pre- tax
Unrealized net holding gains and losses arising during the period, net of related offsets	$ 178	$ 351	$ 281	$ 674
Less: reclassification adjustment of realized capital gains and losses	(3)	(8)	(1)	(55)
Unrealized net capital gains and losses	181	359	282	729
Unrealized foreign currency translation adjustments	0	9	(5)	6
Other comprehensive income	181	368	277	735
Tax
Unrealized net holding gains and losses arising during the period, net of related offsets	(62)	(123)	(99)	(236)
Less: reclassification adjustment of realized capital gains and losses	1	3	0	19
Unrealized net capital gains and losses	(63)	(126)	(99)	(255)
Unrealized foreign currency translation adjustments	0	(3)	2	(2)
Other comprehensive income	(63)	(129)	(97)	(257)
After- tax
Unrealized net holding gains and losses arising during the period, net of related offsets	116	228	182	438
Less: reclassification adjustment of realized capital gains and losses	(2)	(5)	(1)	(36)
Unrealized net capital gains and losses	118	233	183	474
Unrealized foreign currency translation adjustments	0	6	(3)	4
Other comprehensive income, after-tax	$ 118	$ 239	$ 180	$ 478