Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 26, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,015 | |
Entity Registrant Name | LINCOLN NATIONAL CORP | |
Entity Central Index Key | 59,558 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 247,470,994 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Available-for-sale securities, at fair value: | ||
Fixed maturity securities (amortized cost: 2015 - $80,899; 2014 - $78,609) | $ 85,506 | $ 86,240 |
Variable interest entities' fixed maturity securities (amortized cost: 2015 - $595; 2014 - $587) | 598 | 598 |
Equity securities (cost: 2015 - $232; 2014 - $216) | 242 | 231 |
Trading securities | 1,914 | 2,065 |
Mortgage loans on real estate | 8,431 | 7,574 |
Real estate | 21 | 20 |
Policy loans | 2,647 | 2,670 |
Derivative investments | 2,020 | 1,860 |
Other investments | 1,820 | 1,709 |
Total investments | 103,199 | 102,967 |
Cash and invested cash | 3,772 | 3,919 |
Deferred acquisition costs and value of business acquired | 8,866 | 8,207 |
Premiums and fees receivable | 383 | 473 |
Accrued investment income | 1,116 | 1,049 |
Reinsurance recoverables | 5,559 | 5,730 |
Funds withheld reinsurance assets | 639 | 649 |
Goodwill | 2,273 | 2,273 |
Other assets | 3,450 | 2,845 |
Separate account assets | 120,275 | 125,265 |
Total assets | 249,532 | 253,377 |
Liabilities | ||
Future contract benefits | 20,523 | 20,057 |
Other contract holder funds | 76,451 | 75,512 |
Short-term debt | 250 | |
Long-term debt | 5,604 | 5,270 |
Reinsurance related embedded derivatives | 116 | 150 |
Funds withheld reinsurance liabilities | 676 | 764 |
Deferred gain on business sold through reinsurance | 116 | 171 |
Payables for collateral on investments | 5,297 | 4,409 |
Variable interest entities' liabilities | 2 | 13 |
Other liabilities | 6,071 | 5,776 |
Separate account liabilities | 120,275 | 125,265 |
Total liabilities | $ 235,131 | $ 237,637 |
Contingencies and Commitments (See Note 8) | ||
Stockholders Equity | ||
Preferred stock - 10,000,000 shares authorized | $ 0 | $ 0 |
Common stock - 800,000,000 shares authorized; 247,464,931 and 256,551,440 shares issued and outstanding as of September 30, 2015, and December 31, 2014, respectively | 6,380 | 6,622 |
Retained earnings | 6,358 | 6,022 |
Accumulated other comprehensive income (loss) | 1,663 | 3,096 |
Total stockholders' equity | 14,401 | 15,740 |
Total liabilities and stockholders' equity | $ 249,532 | $ 253,377 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Available-for-sale securities, at fair value: | ||
Fixed maturity securities (amortized cost) | $ 80,899 | $ 78,609 |
Variable interest entities' fixed maturity securities (amortized cost) | 595 | 587 |
Equity securities (cost) | $ 232 | $ 216 |
Stockholders Equity | ||
Preferred stock - shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock - shares authorized (in shares) | 800,000,000 | 800,000,000 |
Common stock - shares issued (in shares) | 247,464,931 | 256,551,440 |
Common stock - shares outstanding (in shares) | 247,464,931 | 256,551,440 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenues | ||||
Insurance premiums | $ 825 | $ 741 | $ 2,398 | $ 2,236 |
Fee income | 1,469 | 1,216 | 3,929 | 3,448 |
Net investment income | 1,254 | 1,212 | 3,627 | 3,627 |
Realized gain (loss): | ||||
Total other-than-temporary impairment losses on securities | (23) | (6) | (58) | (21) |
Portion of loss recognized in other comprehensive income | 5 | 2 | 20 | 10 |
Net other-than-temporary impairment losses on securities recognized in earnings | (18) | (4) | (38) | (11) |
Realized gain (loss), excluding other-than-temporary impairment losses on securities | 45 | 93 | 27 | 117 |
Total realized gain (loss) | 27 | 89 | (11) | 106 |
Amortization of deferred gain on business sold through reinsurance | 18 | 18 | 55 | 55 |
Other revenues | 123 | 135 | 402 | 397 |
Total revenues | 3,716 | 3,411 | 10,400 | 9,869 |
Expenses | ||||
Interest credited | 622 | 631 | 1,876 | 1,900 |
Benefits | 1,327 | 1,117 | 3,783 | 3,275 |
Commissions and other expenses | 1,432 | 995 | 3,459 | 2,929 |
Interest and debt expense | 67 | 67 | 204 | 201 |
Total expenses | 3,448 | 2,810 | 9,322 | 8,305 |
Income (loss) before taxes | 268 | 601 | 1,078 | 1,564 |
Federal income tax expense (benefit) | 41 | 162 | 207 | 398 |
Net income (loss) | 227 | 439 | 871 | 1,166 |
Other comprehensive income (loss), net of tax | (281) | (277) | (1,433) | 1,359 |
Comprehensive income (loss) | $ (54) | $ 162 | $ (562) | $ 2,525 |
Earnings (Loss) Per Common Share - Basic | ||||
Net income (loss) (in dollars per share) | $ 0.91 | $ 1.69 | $ 3.45 | $ 4.45 |
Earnings (Loss) Per Common Share - Diluted | ||||
Net income (loss) (in dollars per share) | $ 0.87 | $ 1.65 | $ 3.37 | $ 4.34 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) $ in Millions | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Balance as of beginning-of-year at Dec. 31, 2013 | $ 6,876 | $ 5,013 | $ 1,563 | |
Stock compensation/issued for benefit plans | 51 | |||
Retirement of common stock/cancellation of shares | (231) | (219) | ||
Net income (loss) | 1,166 | $ 1,166 | ||
Common stock dividends declared (2015 - $0.60; 2014 - $0.48) | (126) | |||
Other comprehensive income (loss), net of tax | 1,359 | 1,359 | ||
Balance as of end-of-period at Sep. 30, 2014 | 6,696 | 5,834 | 2,922 | 15,452 |
Balance as of beginning-of-year at Dec. 31, 2014 | 6,622 | 6,022 | 3,096 | 15,740 |
Stock compensation/issued for benefit plans | 74 | |||
Retirement of common stock/cancellation of shares | (316) | (384) | ||
Net income (loss) | 871 | 871 | ||
Common stock dividends declared (2015 - $0.60; 2014 - $0.48) | (151) | |||
Other comprehensive income (loss), net of tax | (1,433) | (1,433) | ||
Balance as of end-of-period at Sep. 30, 2015 | $ 6,380 | $ 6,358 | $ 1,663 | $ 14,401 |
Consolidated Statements Of Sto6
Consolidated Statements Of Stockholders' Equity (Parenthetical) - $ / shares | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Stockholders' Equity [Abstract] | ||
Common dividends declared per share | $ 0.60 | $ 0.48 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash Flows from Operating Activities | ||
Net income (loss) | $ 871 | $ 1,166 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Deferred acquisition costs, value of business acquired, deferred sales inducements and deferred front-end loads deferrals and interest, net of amortization | (52) | (346) |
Trading securities purchases, sales and maturities, net | 121 | 223 |
Change in premiums and fees receivable | 90 | (28) |
Change in accrued investment income | (67) | (100) |
Change in future contract benefits and other contract holder funds | 690 | 224 |
Change in reinsurance related assets and liabilities | (255) | 10 |
Change in federal income tax accruals | (14) | 198 |
Realized (gain) loss | 11 | (106) |
Amortization of deferred gain on business sold through reinsurance | (55) | (55) |
Other | 147 | (91) |
Net cash provided by (used in) operating activities | 1,487 | 1,095 |
Cash Flows from Investing Activities | ||
Purchases of available-for-sale securities | (6,122) | (6,127) |
Sales of available-for-sale securities | 635 | 498 |
Maturities of available-for-sale securities | 3,137 | 3,607 |
Purchases of other investments | (11,354) | (2,843) |
Sales or maturities of other investments | 10,666 | 2,597 |
Increase (decrease) in payables for collateral on investments | 889 | 615 |
Proceeds from sale of subsidiaries/businesses, net of cash disposed | 75 | |
Other | (73) | (69) |
Net cash provided by (used in) investing activities | (2,147) | (1,722) |
Cash Flows from Financing Activities | ||
Payment of long-term debt, including current maturities | (250) | (500) |
Issuance of long-term debt, net of issuance costs | 298 | |
Deposits of fixed account values, including the fixed portion of variable | 7,667 | 7,213 |
Withdrawals of fixed account values, including the fixed portion of variable | (4,534) | (4,162) |
Transfers to and from separate accounts, net | (1,859) | (1,914) |
Common stock issued for benefit plans and excess tax benefits | 44 | 23 |
Repurchase of common stock | (700) | (450) |
Dividends paid to common stockholders | (153) | (126) |
Net cash provided by (used in) financing activities | 513 | 84 |
Net increase (decrease) in cash and invested cash | (147) | (543) |
Cash and invested cash as of beginning-of-year | 3,919 | 2,364 |
Cash and invested cash as of end-of-period | $ 3,772 | $ 1,821 |
Nature Of Operations And Basis
Nature Of Operations And Basis Of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Nature Of Operations And Basis Of Presentation [Abstract] | |
Nature Of Operations And Basis Of Presentation | LINCOLN NATIONAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1 . Nature of Operations and Basis of Presentation Nature of Operations Lincoln National Corporation and its majority-owned subsidiaries (“LNC” or the “Company,” which also may be referred to as “we,” “our” or “us”) operate multiple insurance businesses through four business segments. See Note 13 for additional details. The collective group of businesses uses “Lincoln Financial Group” as its marketing identity. Through our business segments, we sell a wide range of wealth protection, accumulation and retirement income products and solutions. These products include fixed and indexed annuities, variable annuities, universal life insurance (“UL”), variable universal life insurance (“VUL”), linked-benefit UL , indexed universal life insurance (“IUL”), term life insurance, employer-sponsored retirement plans and services, and group life, disability and dental. Basis of Presentation The accompanying unaudited consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions for the Securities and Exchange Commission (“SEC”) Quarterly Report on Form 10-Q, including Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. Therefore, the information contained in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 (“ 2014 Form 10-K”), should be read in connection with the reading of these interim unaudited consolidated financial statements. Certain GAAP policies, which significantly affect the determination of financial position, results of operations and cash flows, are summarized in our 2014 Form 10-K. In the opinion of management, these statements include all normal recurring adjustments necessary for a fair presentation of the Company’s results. Operating results for the nine month period ended September 30, 20 15 , are not necessarily indicative of the results that may be expected for the full year ending December 3 1, 2015 . All material inter - company accounts and transactions have been eliminated in consolidation. |
New Accounting Standards
New Accounting Standards | 9 Months Ended |
Sep. 30, 2015 | |
New Accounting Standards [Abstract] | |
New Accounting Standards | 2. New Accounting Standards Adoption of New Accounting Standards The following table provides a description of our adoption of new Accounting Standard Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”) and the impact of the adoption on our financial statements: Standard Description Date of Adoption Effect on Financial Statements or Other Significant Matters ASU 2014-01, Accounting for Investments in Qualified Affordable Housing Projects This standard permits an entity to make an accounting policy to use the proportional amortization method of accounting to recognize investments in qualified affordable housing projects, if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). Entities that previously applied the effective yield method to investments in qualified affordable housing prior to the adoption of this standard may continue to apply the effective yield method to those pre-existing investments. January 1, 2015 The adoption of this ASU did not have an effect on our consolidated financial condition and results of operations. ASU 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings and Disclosures This standard eliminates a distinction in current GAAP related to certain repurchase agreements, and amends current GAAP to require repurchase-to-maturity transactions and linked repurchase financings to be accounted for as secured borrowings; consistent with the accounting for other repurchase agreements. The standard also includes new disclosure requirements related to transfers accounted for as sales that are economically similar to repurchase agreements and information about the types of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. The new disclosures are not required for comparative periods before the effective date. January 1, 2015, except for disclosures related to collateral pledged that were adopted for the interim period ended June 30, 2015 The adoption of this ASU did not have an effect on our consolidated financial condition and results of operations. Future Adoption of New Accounting Standards The following table provides a description of future adoptions of new accounting standards that may have an impact on our financial statements when adopted: Standard Description Projected Date of Adoption Effect on Financial Statements or Other Significant Matters ASU 2014-09, Revenue from Contracts with Customers & ASU 2015- 14, Revenue from Contracts with Customers; Deferral of the Effective Date This standard establishes the core principle of recognizing revenue to depict the transfer of promised goods and services. The amendments define a five-step process that systematically identifies the various components of the revenue recognition process, culminating with the recognition of revenue upon satisfaction of an entity’s performance obligation. Retrospecti ve application is required. After performing extensive outreach, the FASB decided to delay the effective date of ASU 2014-09 for one year. Early application is permitted but only for annual reporting periods beginning after December 15, 2016. January 1, 201 8 We will adopt the accounting guidance in this standard for non-insurance related products and services, and are currently evaluating the impact of adoption on our consolidated financial condition and results of operations. ASU 2014-16, Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share is More Akin to Debt or to Equity This standard clarifies that when considering the nature of the host contract in a hybrid financial instrument issued in the form of a share; an entity must consider all of the stated and implied substantive terms of the hybrid instrument, including the embedded derivative feature that is being considered for separate accounting from the host contract. Early adoption of this standard is permitted, and application is under a modified retrospective basis to existing hybrid financial instruments that are within the scope of the standard. January 1, 2016 We are currently evaluating the impact of adopting this standard on our consolidated financial condition and results of operations. ASU 2015-02, Amendments to the Consolidation Analysis This standard is intended to improve consolidation accounting guidance related to limited partnerships, limited liability corporations and securitization structures. The new standard includes changes to existing consolidation models that will eliminate the presumption that a general partner should consolidate a limited partnership, clarify when fees paid to a decision maker should be a factor in the variable interest entities (“VIEs”) consolidation evaluation and reduce the VIEs consolidation models from two to one by eliminating the indefinite deferral for certain investment funds. Early adoption is permitted, including adoption in an interim period. January 1, 2016 We are currently evaluating the impact of adopting this standard on our consolidated financial condition and results of operations. ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs Under current accounting guidance, debt issuance costs are recognized as a deferred charge in the balance sheet. This amendment requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of that debt. This standard does not change the recognition and measurement requirements related to debt issuance costs. Early adoption of this standard is permitted, and retrospective application is required for all periods presented in the financial statements. January 1, 2016 We will appropriately classify all of our debt issuance costs in accordance with this ASU as of the required effective date. ASU 2015-05, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement This standard clarifies the accounting requirements for recognizing cloud computing arrangements. If an entity purchases a software license through a cloud computing arrangement, the software license should be accounted for in a manner consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the arrangement should be accounted for as a service contract. Early adoption of this standard is permitted, and the amendments can be adopted either prospectively or retrospectively. January 1, 2016 We are currently evaluating the impact of adopting this standard on our consolidated financial condition and results of operations. Standard Description Projected Date of Adoption Effect on Financial Statements or Other Significant Matters ASU 2015-07, Disclosures for Certain Investments That Calculate Net Asset Value per Share (or its Equivalent) This standard removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. In addition, the standard also removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient, and limits those disclosures only to those investments for which the practical expedient has been elected. Early adoption is permitted, and the disclosures must be provided retrospectively for all periods presented in the financial statements. January 1, 2016 We are currently evaluating these disclosure changes and will appropriately amend our financial statement disclosures in accordance with this standard as of the adoption date. ASU 2015-09, Disclosures about Short-Duration Contracts This standard enhances the disclosure requirements related to short-duration insurance contracts. The new disclosure requirements focus on providing users of financial statements with more transparent information about an insurance entity’s (1) initial claims estimates and subsequent adjustments to those estimates, (2) methodologies and judgments in estimating claims, and (3) timing, frequency and severity of claims. Early application of this standard is permitted, and retrospective application is required for each comparative period presented, except for those requirements that apply only to the current period. Annual periods beginning January 1, 2016; interim and annual periods beginning January 1, 2017 We are currently evaluating these disclosure changes and will provide the additional disclosures upon adoption. ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements Given the absence of authoritative accounting guidance in ASU 2015-03 related to debt issuance costs for line-of-credit arrangements, this standard clarifies that the SEC Staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement. January 1, 2016 We are currently evaluating this SEC Staff Announcement in connection with our adoption of ASU 2015-03 and will make the necessary disclosures as of the effective date. |
Variable Interest Entities ("VI
Variable Interest Entities ("VIE's") | 9 Months Ended |
Sep. 30, 2015 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities ("VIE's") | 3. Var iable Interest Entities Consolidated VIEs See Note 4 in our 2014 Form 10-K for a detailed discussion of our consolidated VIEs, which information is incorporated herein by reference . The following summarizes information regarding the credit-linked note (“CLN”) structures (dollars in millions) as of September 30, 2015 : Amount and Date of Issuance $400 $200 December April 2006 2007 Original attachment point (subordination) Current attachment point (subordination) Maturity 12/20/2016 3/20/2017 Current rating of tranche BBB+ BB Current rating of underlying reference obligations AA - B AAA - CCC Number of defaults in underlying reference obligations Number of entities Number of countries The following summarizes the exposure of the CLN structures’ underlying reference obligations by industry and rating as of September 30, 2015 : AAA AA A BBB BB B CCC Total Industry Financial intermediaries Telecommunications Oil and gas Utilities Chemicals and plastics Drugs Retailers (except food and drug) Industrial equipment Sovereign Conglomerates Forest products Other Total Asset and liability information (dollars in millions) for the consolidated VIEs included on our Consolidated Balance Sheets was as follows: As of September 30, 2015 As of December 31, 2014 Number Number of Notional Carrying of Notional Carrying Instruments Amounts Value Instruments Amounts Value Assets Fixed maturity securities: Asset-backed credit card loans N/A $ - $ N/A $ - $ Total return swap - - Total assets (1) $ $ $ $ Liabilities Non-qualifying hedges: Credit default swaps $ $ $ $ Contingent forwards - - - - Total liabilities (2) $ $ $ $ (1) Reported in variable interest entities’ fixed maturity securities on our Consolidated Balance Sheets. (2) Reported in variable interest entities’ liabilities on our Consolidated Balance Sheets. For details related to the fixed maturity available-for-sale (“AFS”) securities underlying these VIEs, see Note 4 . As described more fully in Note 1 of our 2014 Form 10-K, we regularly review our investment holdings for other-than-temporary impairment (“OTTI”). Based upon this review, we believe that the AFS fixed maturity securities were not other-than-temporarily impaired as of September 30, 2015 . The gains (losses) for the consolidated VIEs (in millions) recorded on our Consolidated Statements of Comprehensive Income (Loss) were as follows: For the Three For the Nine Months Ended Months Ended September 30, September 30, 2015 2014 2015 2014 Non-Qualifying Hedges Credit default swaps $ $ ) $ $ Contingent forwards - - - - Total non-qualifying hedges (1) $ $ ) $ $ (1) Reported in realized gain (loss) on our Consolidated Statements of Comprehensive Income (Loss ). Unconsolidated VIEs See Note 4 in our 2014 Form 10-K for a detailed discussion of our unconsolidated VIEs, which information is incorporated herein by reference. Qualified Affordable Housing Projects We invest in certain limited partnerships (“LPs”) that operate qualified affordable housing projects that we have concluded are VIEs. We are not the primary beneficiary of these VIEs as we do not have the power to direct the most significant activities of the LPs. We receive returns from the LPs in the form of income tax credits and other tax benefits, which are recognized in federal income tax expense (benefit) on our Consolidated Statements of Comprehensive Income (Loss) and were less than $1 million for the nine months ended September 30, 2015 and 2014. The carrying amounts of our investments in qualified affordable housing projects are recognized in other investments on our Consolidated Balance Sheets and were $ 5 1 million and $ 60 million as of September 30, 2015 and December 31, 2014 , respectively. Our exposure to loss is limited to the capital we invest in the LPs, and we do not have any contingent commitments to provide additional capital funding to these LPs. There have been no indicators of impairment that would require us to recognize an impairment loss related to these LPs due to forfeiture, ineligibility of tax credits or for any other circumstances as of September 30, 2015. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2015 | |
Investments [Abstract] | |
Investments | 4 . Investments AFS Securities See Note 1 in our 2014 Form 10-K for information regarding our accounting policy relating to AFS securities, which also includes additional disclosures regarding our fair value measurements. The amortized cost, gross unrealized gains, losses and OTTI and fair value of AFS securities (in millions) were as follows: As of September 30, 2015 Amortized Gross Unrealized Fair Cost Gains Losses OTTI (1) Value Fixed maturity securities: Corporate bonds $ $ $ $ $ Asset-backed securities ("ABS") ) U.S. government bonds - Foreign government bonds - Residential mortgage-backed securities ("RMBS") ) Commercial mortgage-backed securities ("CMBS") ) Collateralized loan obligations ("CLOs") ) State and municipal bonds - Hybrid and redeemable preferred securities - VIEs’ fixed maturity securities - - Total fixed maturity securities ) Equity securities - Total AFS securities $ $ $ $ ) $ As of December 31, 2014 Amortized Gross Unrealized Fair Cost Gains Losses OTTI (1) Value Fixed maturity securities: Corporate bonds $ $ $ $ $ ABS ) U.S. government bonds - - Foreign government bonds - - RMBS ) CMBS CLOs - ) State and municipal bonds - Hybrid and redeemable preferred securities - VIEs’ fixed maturity securities - - Total fixed maturity securities ) Equity securities - - Total AFS securities $ $ $ $ ) $ (1) I ncludes unrealized gain s (losses) on impaired securities related to changes in the fair value of such securities subsequent to the impairment measurement date. Certain amounts reported in prior years’ consolidated financial statements have been reclassified to conform to the presentati on adopted in the current year. Specifically, we reclassified amounts related to subsequent changes in the fair value of AFS securities for which non-credit OTTI was previously recognized in other compr ehensive income (loss) (“OCI”) . Historically, these amounts were recognized through unrealized gain (loss) on AFS securities in the Consolidated Statements of Comprehensive Income (Loss). To better reflect the economic position of our AFS fixed maturity securities, these amounts are now recognized through unrealized OTTI on AFS securities in the Consolidated Statements of Comprehensive Income (Loss). These reclassifications had no effect on net income (loss) or stockholders’ equity for the prior years. The amortized cost and fair value of fixed maturity AFS securities by contractual maturities (in millions) as of September 30, 2015 , were as follows: Amortized Fair Cost Value Due in one year or less $ $ Due after one year through five years Due after five years through ten years Due after ten years Subtotal Structured securities (ABS, MBS, CLOs) Total fixed maturity AFS securities $ $ Actual maturities may differ from contractual maturities because issuers may have the right to call or pre-pay obligations. The fair value and gross unrealized losses, including the portion of OTTI recognized in OCI, of AFS securities (dollars in millions), aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows: As of September 30, 2015 Less Than or Equal Greater Than to Twelve Months Twelve Months Total Gross Gross Gross Unrealized Unrealized Unrealized Fair Losses and Fair Losses and Fair Losses and Value OTTI Value OTTI Value OTTI Fixed maturity securities: Corporate bonds $ $ $ $ $ $ ABS U.S. government bonds - - Foreign government bonds - - RMBS CMBS CLOs - State and municipal bonds Hybrid and redeemable preferred securities Total fixed maturity securities Equity securities - - Total AFS securities $ $ $ $ $ $ Total number of AFS securities in an unrealized loss position As of December 31, 2014 Less Than or Equal Greater Than to Twelve Months Twelve Months Total Gross Gross Gross Unrealized Unrealized Unrealized Fair Losses and Fair Losses and Fair Losses and Value OTTI Value OTTI Value OTTI Fixed maturity securities: Corporate bonds $ $ $ $ $ $ ABS RMBS CMBS CLOs State and municipal bonds - Hybrid and redeemable preferred securities - Total fixed maturity securities Equity securities - - Total AFS securities $ $ $ $ $ $ Total number of AFS securities in an unrealized loss position For information regarding our investments in VIEs, see Note 3 . The fair value, gross unrealized losses, the portion of OTTI recognized in OCI (in millions) and number of AFS securities where the fair value had declined and remained below amortized cost by greater than 20% were as follows: As of September 30, 2015 Number Fair Gross Unrealized of Value Losses OTTI Securities (1) Less than six months $ $ $ Six months or greater, but less than nine months - Nine months or greater, but less than twelve months Twelve months or greater Total $ $ $ As of December 31, 2014 Number Fair Gross Unrealized of Value Losses OTTI Securities (1) Less than six months $ $ $ - Six months or greater, but less than nine months - Twelve months or greater Total $ $ $ (1) We may reflect a security in more than one aging category based on various purchase dates. We regularly review our investment holdings for OTTI. Our gross unrealized losses, including the portion of OTTI recognized in OCI, o n AFS securities in creased by $ 941 million for the nine months ended September 30, 2015 . As discussed further below, we believe the unrealized loss position as of September 30, 2015 , did not represent OTTI as (i) we did not intend to sell the fixed maturity AFS securities; (ii) it is not more likely than not that we will be required to sell the fixed maturity AFS securities before recovery of their amortized cost basis; (iii) the estimated future cash flows were equal to or greater than the amortized cost basis of the debt securities; and (iv) we had the ability and intent to hold the equity AFS securities for a period of time sufficient for recovery. Based upon this evaluation as of September 30, 2015 , management believes we have the ability to generate adequate amounts of cash from our normal operations (e.g., insurance premiums and fees and investment income) to meet cash requirements with a prudent margin of safety without requiring the sale of our temporarily-impaired securities. As of September 30, 2015 , the unrealized losses associated with our corporate bond securities were attributable primarily to widening credit spreads and rising interest rates since purchase. We performed a detailed analysis of the financial performance of the underlying issuers and determined that we expected to recover the entire amortized cost for each security. As of September 30, 2015 , the unrealized losses associated with our mortgage-backed securities (“ MBS ”) and ABS were attributable primarily to credit spreads. We assessed credit impairment using a cash flow model that incorporates key assumptions including default rates, s everities and prepayment rates. We estimated losses for a security by forecasting the underlying loans in each transaction. The forecasted loan performance was used to project cash flows to the various tranches in the structure, as applicable. Our forecasted cash flows also considered, as applicable, independent industry analyst reports and forecasts, sector credit ratings and other independent market data. Based upon our assessment of the expected credit losses of the security given the performance of the underlying collateral compared to our subordination or other credit enhancement, we expected to recover the entire amortized cost basis of each temporarily impaired security . As of September 30, 2015 , the unrealized losses associated with our hybrid and redeemable preferred securities were attributable primarily to wider credit spreads caused by illiquidity in the market and subordination within the capital structure, as well as credit risk of underl ying issuers. For our hybrid and redeemable preferred securities, we evaluated the financial performance of the underlying issuers based upon credit performance and investment ratings and determined that we expected to recover the entire amortized cost of each security . Changes in the amount of credit loss of OTTI recognized in net income (loss) where the portion related to other factors was recognized in OCI (in millions) on fixed maturity AFS securities were as follows: For the Three For the Nine Months Ended Months Ended September 30, September 30, 2015 2014 2015 2014 Balance as of beginning-of-period $ $ $ $ Increases attributable to: Credit losses on securities for which an OTTI was not previously recognized - Credit losses on securities for which an OTTI was previously recognized Decreases attributable to: Securities sold, paid down or matured ) ) ) ) Balance as of end-of-period $ $ $ $ During the nine months ended September 30, 2015 and 2014 , we recorded credit losses on securities for which an OTTI was not previously recognized as we determined the cash flows expected to be collected would not be sufficient to recover the entire amortized cost basis of the debt security. The credit losses we recorded on securities for which an OTTI was not previously recognized were attributable primarily to one or a combination of the following reasons: • Failure of the issuer of the security to make scheduled payments; • Deterioration of creditworthiness of the issuer; • Deterioration of conditions specifically related to the security; • Deterioration of fundamentals of the industry in which the issuer operates; and • Deterioration of the rating of the security by a rating agency. We recognize the OTTI attributed to the noncredit portion as a separate component in OCI referred to as unrealized OTTI on AFS securities. Details of the amount of credit loss of OTTI recognized in net income (loss) for which a portion related to other factors was recognized in OCI (in millions), were as follows: As of September 30, 2015 Net Unrealized OTTI in Amortized Gain/(Loss) Fair Credit Cost Position Value Losses Corporate bonds $ $ ) $ $ ABS RMBS CMBS CLOs Total $ $ $ $ As of December 31, 2014 Net Unrealized OTTI in Amortized Gain/(Loss) Fair Credit Cost Position Value Losses Corporate bonds $ $ ) $ $ ABS RMBS CMBS ) CLOs Total $ $ $ $ Mortgage Loans on Real Estate See Note 1 in our 2014 Form 10-K for information regarding our accounting policy relating to mortgage loans on real estate. Mortgage loans on real estate principally involve commercial real estate. The commercial loans are geographically diversified throughout the U.S. with the largest concentrations in California and Texas, which accounted for 22 % and 10 %, and 23 % and 9 %, respectively, of mortgage loans on real estate as of September 30, 2015 , and December 31, 2014 . The following provides the current and past due composition of our mortgage loans on real estate (in millions): As of As of September 30, December 31, 2015 2014 Current $ $ 60 to 90 days past due - - Greater than 90 days past due - Valuation allowance associated with impaired mortgage loans on real estate ) ) Unamortized premium (discount) Total carrying value $ $ The number of impaired mortgage loans on real estate, each of which had an associated specific valuation allowance, and the carrying value of impaired mortgag e loans on real estate (dollars in millions) were as follows: As of As of September 30, December 31, 2015 2014 Number of impaired mortgage loans on real estate Principal balance of impaired mortgage loans on real estate $ $ Valuation allowance associated with impaired mortgage loans on real estate ) ) Carrying value of impaired mortgage loans on real estate $ $ The changes in the valuation allowance associated with impaired mortgage loans on real estate (in millions) were as follows: As of As of September 30, December 31, 2015 2014 Balance as of beginning-of-year $ $ Additions - - Charge-offs, net of recoveries ) - Balance as of end-of-period $ $ Additional information related to impaired mortgage loans on real estate (in millions) was as follows: For the Three For the Nine Months Ended Months Ended September 30, September 30, 2015 2014 2015 2014 Average carrying value for impaired mortgage loans on real estate $ $ $ $ Interest income recognized on impaired mortgage loans on real estate - - Interest income collected on impaired mortgage loans on real estate - - As described in Note 1 in our 2014 Form 10-K, we use the loan-to-value and debt-service coverage ratios as credit quality indicators for our mortgage loans, which were as follows (dollars in millions): As of September 30, 2015 As of December 31, 2014 Debt- Debt- Service Service Carrying % of Coverage Carrying % of Coverage Value Total Ratio Value Total Ratio Less than 65% $ 2.05 $ 1.90 65% to 74% 1.61 1.55 75% to 100% 0.83 0.77 Greater than 100% 1.03 0.77 Total mortgage loans on real estate $ $ Alternative Investments As of September 30, 2015 , and December 31, 2014 , alternative investments included investments in 183 and 156 different partnerships, respectively, and the portfolio represented approximately 1 % of our overall invested assets. Realized Gain (Loss) Related to Certain Investments The detail of the realized gain (loss) related to certain investments (in millions) was as follows: For the Three For the Nine Months Ended Months Ended September 30, September 30, 2015 2014 2015 2014 Fixed maturity AFS securities: (1) Gross gains $ $ $ $ Gross losses ) ) ) ) Equity AFS securities: Gross gains Gross losses - - - - Gain (loss) on other investments - - ) Associated amortization of DAC, VOBA, DSI and DFEL and changes in other contract holder funds ) ) ) ) Total realized gain (loss) related to certain investments, pre-tax $ ) $ ) $ ) $ ) (1) These amounts are represented net of related fair value hedging activity. See Note 5 for more information. Details underlying write-downs taken as a result of OTTI (in millions) that were recognized in net income (loss) and included in realized gain (loss) on AFS securities above, and the portion of OTTI recognized in OCI (in millions) were as follows: For the Three For the Nine Months Ended Months Ended September 30, September 30, 2015 2014 2015 2014 OTTI Recognized in Net Income (Loss) Fixed maturity securities: Corporate bonds $ ) $ - $ ) $ - ABS ) ) ) ) RMBS ) ) ) ) CMBS - - - ) CRE CDOs - ) - ) Gross OTTI recognized in net income (loss) ) ) ) ) Associated amortization of DAC, VOBA, DSI and DFEL Net OTTI recognized in net income (loss), pre-tax $ ) $ ) ) ) Portion of OTTI Recognized in OCI Gross OTTI recognized in OCI $ $ $ $ Change in DAC, VOBA, DSI and DFEL - - ) ) Net portion of OTTI recognized in OCI, pre-tax $ $ $ $ Determination of Credit L osses on Corporate Bonds and ABS As of September 30, 2015 , and December 31, 2014 , we reviewed our corporate bond and ABS portfolios for potential shortfall in contractual principal and interest based on numerous subjective and objective inputs. The factors used to determine the amount of credit loss for each individual security, include, but are not limited to, near term risk, substantial discrepancy between book and market value, sector or company-specific volatility, negative operating trends and trading levels wider than peers. Credit ratings express opinions about the credit quality of a security. Securities rated investment grade, that is those rated BBB- or higher by Standard & Poor’s (“S&P”) Rating Services or Baa3 or higher by Moody’s Investors Service (“Moody’s”), are generally considered by the rating agencies and market participants to be low credit risk. As of September 30, 2015 , and December 31, 2014 , 96 % of the fair value of our corporate bond portfolio was rated investment grade. As of September 30, 2015 , and December 31, 2014 , the portion of our corporate bond portfolio rated below investment grade had an amortized cost of $ 3.5 billion and $3.3 billion, respectively, and a fair value of $ 3.3 billion and $ 3.2 billion, respectively. As of September 30, 2015 , and December 31, 2014 , 92 % and 88%, respectively, of the fair value of our ABS portfolio was rated investment grade. As of September 30, 2015 , and December 31, 2014 , the portion of our ABS portfolio rated below investment grade had an amortized cost of $ 182 million and $ 193 million, respectively, and fair value of $ 176 million. Based upon the analysis discussed above, we believe as of September 30, 2015 , and December 31, 2014 , that we would recover the amortized cost of each fixed maturity security. Determination of Credit Losses on MBS As of September 30, 2015 , and December 31, 2014 , default rates were projected by considering underlying MBS loan performance and collateral type. Projected default rates on existing delinquencies vary between approximately 10% to 100% depending on loan type and severity of delinquency status. In addition, we estimate the potential contributions of currently performing loans that may become delinquent in the future based on the change in delinquencies and loan liquidations experienced in the recent history. Finally, we develop a default rate timing curve by aggregating the defaults for all loans in the pool (delinquent loans, foreclosure and real estate owned and new delinquencies from currently performing loans) and the associated loan-level loss severities. We use certain available loan characteristics such as lien status, loan sizes and occupancy to estimate the loss severity of loans. Second lien loans are assigned 100% severity, if defaulted. For first lien loans, we assume a minimum of 30% severity with higher severity assumed for investor properties and further adjusted by housing price assumptions. With the default rate timing curve and loan-level loss severity, we derive the future expected credit losses. Payables for Collateral on Investments The carrying value of the payables for collateral on investments (in millions) included on our Consolidated Balance Sheets and the fair value of the related investments or collateral consisted of the following: As of September 30, 2015 As of December 31, 2014 Carrying Fair Carrying Fair Value Value Value Value Collateral payable for derivative investments (1) $ $ $ $ Securities pledged under securities lending agreements (2) Securities pledged under repurchase agreements (3) Investments pledged for Federal Home Loan Bank of Indianapolis (“FHLBI”) (4) Total payables for collateral on investments $ $ $ $ (1) We obtain collateral based upon contractual provisions with our counterparties. These agreements take into consideration the counterparties’ credit rating as compared to ours, the fair value of the derivative investments and specified thresholds that if exceeded result in the receipt of cash that is typically invested in cash and invested cash. See Note 5 for additional information. (2) Our pledged securities under securities lending agreements are included in fixed maturity AFS securities on our Consolidated Balance Sheets. We generally obtain collateral in an amount equal to 102 % and 105 % of the fair value of the domestic and foreign securities, respectively. We value collateral daily and obtain additional collateral when deemed appropriate. The cash received in our securities lending program is typically invested in cash and invested cash or fixed maturity AFS securities. (3) Our pledged securities under repurchase agreements are included in fixed maturity AFS securities on our Consolidated Balance Sheets. We obtain collateral in an amount equal to 95 % of the fair value of the securities, and our agreements with third parties contain contractual provisions to allow for additional collateral to be obtained when necessary. The cash received in our repurchase program is typically invested in fixed maturity AFS securities. (4) Our pledged investments for FHLBI are included in fixed maturity AFS securities and mortgage loans on real estate on our Consolidated Balance Sheets. The FHLBI overcollateralization requirements for the assets that we pledge are generally 105 % to 115 % of the fair value for fixed maturity AFS securities and 155 % to 175 % of the unpaid principal balance for mortgage loans on real estate. The cash received in these transactions is primarily invested in cash and invested cash or fixed maturity AFS securities. Increase (decrease) in payables for collateral on investments (in millions ) consisted of the following: For the Nine Months Ended September 30, 2015 2014 Collateral payable for derivative investments $ $ Securities pledged under securities lending agreements Securities pledged under repurchase agreements ) Securities pledged for TALF - ) Investments pledged for FHLBI Total increase (decrease) in payables for collateral on investments $ $ The remaining contractual maturities of repurchase agreements and securities lending transactions accounted for as secured borrowings were as follows: As of September 30, 2015 Overnight and Continuous Up to 30 Days 30 – 90 Days Greater Than 90 Days Total Repurchase Agreements ABS $ - $ - $ $ - $ Corporate bonds - - Total - - Securities Lending Corporate bonds - - - Foreign government bonds - - - Total - - - Total secured borrowings $ $ - $ $ $ Gross amount of recognized liabilities for repurchase agreements and securities lending: $ Amounts related to agreements not included in offsetting disclosures: $ - We accept collateral in the form of securities in connection with repurchase agreements that we are permitted to sell or re-pledge in certain cases. In such cases, we report the fair value of the collateral and a related obligation to return the collateral. As of September 30, 2015, the fair value of collateral received that we are permitted to sell or re-pledge was $ 151 million. We have not sold or re-pledged this collateral. Investment Commitments As of September 30, 2015 , our investment commitments were $ 1.2 billion, which included $ 658 million of LPs, $ 364 million of mortgage loans on real estate, and $ 203 million of private debt investments. Concentrations of Financial Instruments As of September 30, 2015 , and December 31, 2014 , our most significant investments in one issuer were our investments in securities issued by the Federal Home Loan Mortgage Corporation with a fair value of $ 1.9 billion and $ 2.2 billion, respectively , or 2 % of our invested assets portfolio, and our investments in securities issued by Fannie Mae with a fair value of $ 1.3 billion and $ 1.4 billion, respectively , or 1 % of our invested assets portfolio. As of September 30, 2015 , and December 31, 2014 , our most significant investments in one industry were our investment s in securities in the utilities industry with a fair value of $ 12.8 billion or 12 % and 13 %, respectively, of our invested assets portfolio, and our investment s in securities in the consumer non-cyclical industry with a fair value of $ 12.0 billion and $ 11.7 billion , respectively, or 12 % and 11 %, respectively, of our invested assets portfolio . These concentrations include both AFS and trading securities. |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments [Abstract] | |
Derivative Instruments | 5. Derivative Instruments We maintain an overall risk management strategy that incorporates the use of derivative instruments to minimize significant unplanned fluctuations in earnings that are caused by interest rate risk, foreign currency exchange risk, equity market risk, default risk, basis risk and credit risk. See Note 1 in our 2014 Form 10-K for a detailed discussion of the accounting treatment for derivative instruments. See Note 6 in our 2014 Form 10-K for a detailed discussion of our derivative instruments and use of them in our overall risk management strategy, which information is incorporated herein by reference. See Note 12 for additional disclosures related to the fair value of our derivative instruments and Note 3 for derivative instruments related to our consolidated VIEs. We have derivative instruments with off-balance-sheet risks whose notional or contract amounts exceed the credit exposure. Outstanding derivative instruments with off-balance-sheet risks (in millions) were as follows: As of September 30, 2015 As of December 31, 2014 Notional Fair Value Notional Fair Value Amounts Asset Liability Amounts Asset Liability Qualifying Hedges Cash flow hedges: Interest rate contracts (1) $ $ $ $ $ $ Foreign currency contracts (1) Total cash flow hedges Fair value hedges: Interest rate contracts (1) - Non-Qualifying Hedges Interest rate contracts (1) Foreign currency contracts (1) - - - - Equity market contracts (1) Credit contracts (2) - - Embedded derivatives: Guaranteed living benefit reserves (2) - - - - Reinsurance related (3) - - - - Indexed annuity and IUL contracts (4) - - - - Total derivative instruments $ $ $ $ $ $ (1) Reported in derivative investments and other liabilities on our Consolidated Balance Sheets. (2) Reported in other liabilities on our Consolidated Balance Sheets. (3) Reported in reinsurance related embedded derivatives on our Consolidated Balance Sheets. (4) Reported in future contract benefits on our Consolidated Balance Sheets. The maturity of the notional amounts of derivative instruments (in millions) was as follows: Remaining Life as of September 30, 2015 Less Than 1 – 5 6 – 10 11 – 30 Over 30 1 Year Years Years Years Years Total Interest rate contracts (1) $ $ $ $ $ $ Foreign currency contracts (2) - Equity market contracts Credit contracts - - - - Total derivative instruments with notional amounts $ $ $ $ $ $ (1) As of September 30, 2015 , the latest maturity date for which we were hedging our exposure to the variability in future cash flows for these instruments was April 2067 . (2) As of September 30, 2015 , the latest maturity date for which we were hedging our exposure to the variability in future cash flows for these instruments was December 2029 . The change in our unrealized gain (loss) on derivative instruments in accumulated OCI (“AOCI”) (in millions) was as follows: For the Nine Months Ended September 30, 2015 2014 Unrealized Gain (Loss) on Derivative Instruments Balance as of beginning-of-year $ $ Other comprehensive income (loss): Unrealized holding gains (losses) arising during the period: Cash flow hedges: Interest rate contracts ) ) Foreign currency contracts Change in foreign currency exchange rate adjustment Change in DAC, VOBA, DSI and DFEL Income tax benefit (expense) Less: Reclassification adjustment for gains (losses) included in net income (loss): Cash flow hedges: Interest rate contracts (1) ) ) Interest rate contracts (2) Foreign currency contracts (1) Associated amortization of DAC, VOBA, DSI and DFEL Income tax benefit (expense) Balance as of end-of-period $ $ (1) The OCI offset is reported within net investment income on our Consolidated Statements of Comprehensive Income (Loss). (2) The OCI offset is reported within interest and debt expense on our Consolidated Statements of Comprehensive Income (Loss). The gains (losses) on derivative instruments (in millions) recorded within income (loss) from continuing operations on our Consolidated Statements of Comprehensive Income (Loss) were as follows: For the Three For the Nine Months Ended Months Ended September 30, September 30, 2015 2014 2015 2014 Qualifying Hedges Cash flow hedges: Interest rate contracts (1) $ $ ) $ $ ) Interest rate contracts (2) - - - Foreign currency contracts (1) Total cash flow hedges ) ) Fair value hedges: Interest rate contracts (1) ) - ) - Interest rate contracts (2) Interest rate contracts (3) ) - ) - Total fair value hedges ) ) Non-Qualifying Hedges Interest rate contracts (3) Foreign currency contracts (3) ) ) Equity market contracts (3) ) Equity market contracts (4) ) ) ) Credit contracts (3) ) - ) - Embedded derivatives: Guaranteed living benefit reserves (3) ) ) ) ) Reinsurance related (3) ) Indexed annuity and IUL contracts (3) ) Total derivative instruments $ ) $ ) $ ) $ ) (1) Reported in net investment income on our Consolidated Statements of Comprehensive Income (Loss). (2) Reported in interest and debt expense on our Consolidated Statements of Comprehensive Income (Loss). (3) Reported in realized gain (loss) on our Consolidated Statements of Comprehensive Income (Loss). (4) Reported in commissions and other expenses on our Consolidated Statements of Comprehensive Income (Loss). Gains (losses) recognized as a component of OCI (in millions) on derivative instruments designated and qualifying as cash flow hedges were as follows: For the Three For the Nine Months Ended Months Ended September 30, September 30, 2015 2014 2015 2014 Offset to net investment income $ $ ) $ $ ) Offset to interest and debt expense - As of September 30, 2015 , $ 14 million of the deferred net gains ( losses ) on derivative instruments in A OCI were expected to be reclassified to earnings during the next 12 months. This reclassification would be due primarily to interest rate variances related to our interest rate swap agreements. For the nine months ended September 30, 2015 and 2014 , there were no material reclassifications to earnings due to hedged firm commitments no longer deemed probable or due to hedged forecasted transactions that had not occurred by the end of the originally specified time period. Information related to our open credit default swap s for which we are the seller (dollars in millions) was as follows: As of September 30, 2015 Credit Reason Nature Rating of Number Maximum for of Underlying of Fair Potential Maturity Entering Recourse Obligation (1) Instruments Value (2) Payout 12/20/2016 (3) (4) (5) BBB- $ ) $ 3/20/2017 (3) (4) (5) BBB- ) $ ) $ As of December 31, 2014 Credit Reason Nature Rating of Number Maximum for of Underlying of Fair Potential Maturity Entering Recourse Obligation (1) Instruments Value (2) Payout 12/20/2016 (3) (4) (5) BBB- $ ) $ 3/20/2017 (3) (4) (5) BBB- ) $ ) $ (1) Represents average credit ratings based on the midpoint of the applicable ratings among Moody’s, S&P and Fitch Ratings, as scaled to the corresponding S&P ratings. (2) Broker quotes are used to determine the market value of these credit default swaps. (3) These credit default swaps were sold to a counterparty of the consolidated VIEs discussed in Note 4 in our 2014 Form 10-K. (4) Credit default swaps were entered into in order to generate income by providing default protection in return for a quarterly payment. (5) Sellers do not have the right to demand indemnification or compensation from third parties in case of a loss (payment) on the contract. Details underlying the associated collateral of our open credit default sw aps for which we are the seller if credit risk - related contingent features were triggered (in millions), were as follows: As of As of September 30, December 31, 2015 2014 Maximum potential payout $ $ Less: Counterparty thresholds - - Maximum collateral potentially required to post $ $ Certain of our credit default swap agreements contain contractual provisions that allow for the netting of collateral with our counterparties related to all of our collateralized financing transactions that we have outstanding. If these netting agreements were not in place, we would have been required to post $ 7 million as of September 30, 2015 , after considering the fair values of the associated investments counterparties’ credit ratings as compared to ours and specified thresholds that once exceeded result in the payment of cash. Credit Risk We are exposed to credit loss in the event of non-performance by our counterparties on various derivative contracts and reflect assumptions regarding the credit or non-performance risk (“NPR”). The NPR is based upon assumptions for each counterparty’s credit spread over the estimated weighted average life of the counterparty exposure less collateral held. As of September 30, 2015 , the NPR adjustment was less than $ 1 million . The credit risk associated with such agreements is minimized by entering into agreements with financial institutions with long-standing, superior performance records. Additionally, we maintain a policy of requiring derivative contracts to be governed by an International Swaps and Derivatives Association (“ISDA”) Master Agreement. We are required to maintain minimum ratings as a matter of routine practice in negotiating ISDA agreements. Under some ISDA agreements, our insurance subsidiaries have agreed to maintain certain financial strength or claims-paying ratings. A downgrade below these levels could result in termination of derivative contracts, at which time any amounts payable by us would be dependent on the market value of the underlying derivative contracts. In certain transactions, we and the counterparty have entered into a credit support annex requiring either party to post collateral when net exposures exceed pre-determined thresholds. These thresholds vary by counterparty and credit rating. The amount of such exposure is essentially the net replacement cost or market value less collateral held for such agreements with each counterparty if the net market value is in our favor. As of September 30, 2015 , our exposure was $ 15 million. The amounts recognized (in millions) by S&P credit rating of each counterparty, for which we had the right to reclaim cash collateral or were obligated to return cash collateral, were as follows: As of September 30, 2015 As of December 31, 2014 Collateral Collateral Collateral Collateral Posted by Posted by Posted by Posted by S&P Counter- LNC Counter- LNC Credit Party (Held by Party (Held by Rating of (Held by Counter- (Held by Counter- Counterparty LNC) Party) LNC) Party) AA- $ $ - $ $ - A+ ) - A ) ) A- ) - BBB+ - - $ $ ) $ $ ) Balance Sheet Offsetting Information related to our deri vative instruments a nd the effects of offsetting on our Consolidated Balance Sheets (in millions) was as follows: As of September 30, 2015 Embedded Derivative Derivative Instruments Instruments Total Financial Assets Gross amount of recognized assets $ $ - $ Gross amounts offset ) - ) Net amount of assets - Gross amounts not offset: Cash collateral ) - ) Net amount $ ) $ - $ ) Financial Liabilities Gross amount of recognized liabilities $ $ $ Gross amounts offset ) - ) Net amount of liabilities Gross amounts not offset: Cash collateral ) - ) Net amount $ ) $ $ As of December 31, 2014 Embedded Derivative Derivative Instruments Instruments Total Financial Assets Gross amount of recognized assets $ $ - $ Gross amounts offset ) - ) Net amount of assets - Gross amounts not offset: Cash collateral ) - ) Net amount $ $ - $ Financial Liabilities Gross amount of recognized liabilities $ $ $ Gross amounts offset ) - ) Net amount of liabilities Gross amounts not offset: Cash collateral ) - ) Net amount $ ) $ $ |
Federal Income Taxes
Federal Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Federal Income Taxes [Abstract] | |
Federal Income Taxes | 6 . Federal Income Taxes The effective tax rate is the ratio of tax expense over pre-tax income (loss). The effective tax rate was 15% and 19% for the three and nine months ended September 30, 2015 , respectively. The effective tax rate was 27% and 25% for the three and nine months ended September 30, 2014, respectively. The effective tax rate on pre-tax income from continuing operations was lower than the prevailing corporate federal income tax rate. Differences in the effective rates and the U.S. statutory rate of 35 % were the result of certain tax preferred investment income, separate account dividends-received deductions, foreign tax credits and other tax preference items. The effective tax rate on pre-tax income from continuing operations was lower for the three and nine months ended September 30, 2015, compared to the corresponding period s in 2014 primarily due to a lower level of pre-tax income that caused the tax preference items to have a more significant impact in 2015. |
Guaranteed Benefit Features
Guaranteed Benefit Features | 9 Months Ended |
Sep. 30, 2015 | |
Guaranteed Benefit Features [Abstract] | |
Guaranteed Benefit Features | 7. Guaranteed Benefit Features Information on the guaranteed death benefit (“GDB”) features outstanding (dollars in millions) was as follows: As of As of September 30, December 31, 2015 (1) 2014 (1) Return of Net Deposits Total account value $ $ Net amount at risk (2) Average attained age of contract holders 62 years 62 years Minimum Return Total account value $ $ Net amount at risk (2) Average attained age of contract holders 74 years 74 years Guaranteed minimum return Anniversary Contract Value Total account value $ $ Net amount at risk (2) Average attained age of contract holders 69 years 68 years (1) Our variable contracts with guarantees may offer more than one type of guarantee in each contract; therefore, the amounts listed are not mutually exclusive. (2) Represents the amount of death benefit in excess of the account balance that is subject to market fluctuations. The determination of GDB liabilities is based on models that involve a range of scenarios and assumptions, including those regarding expected market rates of return and volatility, contract surrender rates and mortality experience. The following summarizes the balances of and changes in the liabilities for GDBs (in millions), which were recorded in future contract benefits on our Consolidated Balance Sheets: For the Nine Months Ended September 30, 2015 2014 Balance as of beginning-of-year $ $ Changes in reserves Benefits paid ) ) Balance as of end-of-period $ $ Variable Annuity Contracts Account balances of variable annuity contracts with guarantees (in millions) were invested in separate account investment options as follows: As of As of September 30, December 31, 2015 2014 Asset Type Domestic equity $ $ International equity Bonds Money market Total $ $ Percent of total variable annuity separate account values Secondary Guarantee Products Future contract benefits and other contract holder funds include reserves for our secondary guarantee products sold through our Life Insurance segment. These UL and VUL products with secondary guarantees represented 34 % of total life insurance in-force reserves as of September 30 , 201 5 , and 32% of total sales for the nine months ended September 30 , 201 5 . |
Contingencies and Commitments
Contingencies and Commitments | 9 Months Ended |
Sep. 30, 2015 | |
Contingencies and Commitments [Abstract] | |
Contingencies and Commitments | 8. Contingencies and Commitments Regulatory bodies, such as state insurance departments, the SEC and Financial Industry Regulatory Authority and other regulatory bodies, regularly make inquiries and conduct examinations or investigations concerning our compliance with, among other things, insurance laws, securities laws, laws governing the activities of broker-dealers, registered investment advisors and unclaimed property laws. LNC and its subsidiaries are involved in various pending or threatened legal or regulatory proceedings, including purported class actions, arising from the conduct of business both in the ordinary course and otherwise. In some of the matters, very large and/or indeterminate amounts, including punitive and treble damages, are sought. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction of the trial court. In addition, jurisdictions may permit plaintiffs to allege monetary damages in amounts well exceeding reasonably possible verdicts in the jurisdiction for similar matters. This variability in pleadings, together with the actual experiences of LNC in litigating or resolving through settlement numerous claims over an extended period of time, demonstrates to management that the monetary relief which may be specified in a lawsuit or claim bears little relevance to its merits or disposition value. Due to the unpredictable nature of litigation, the outcome of a litigation matter and the amount or range of potential loss at particular points in time is normally difficult to ascertain. Uncertainties can include how fact finders will evaluate documentary evidence and the credibility and effectiveness of witness testimony, and how trial and appellate courts will apply the law in the context of the pleadings or evidence presented, whether by motion practice, or at trial or on appeal. Disposition valuations are also subject to the uncertainty of how opposing parties and their counsel will themselves view the relevant evidence and applicable law. We establish liabilities for litigation and regulatory loss contingencies when information related to the loss contingencies shows both that it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. It is possible that some matters could require us to pay damages or make other expenditures or establish accruals in amounts that could not be estimated as of September 30 , 2015 . While the potential future charges could be material in the particular quarterly or annual periods in which they are recorded, based on information currently known by management, management does not believe any such charges are likely to have a material adverse effect on LNC’s financial condition. For some matters, the Company is able to estimate a reasonably possible range of loss. For such matters in which a loss is probable, an accrual has been made. For such matters where a loss is believed to be reasonably possible, but not probable, no accrual has been made. Accordingly, the estimate contained in this paragraph reflects two types of matters. For some matters included within this estimate, an accrual has been made, but there is a reasonable possibility that an exposure exists in excess of the amount accrued. In these cases, the estimate reflects the reasonably possible range of loss in excess of the accrued amount. For other matters included within this estimation, no accrual has been made because a loss, while potentially estimable, is believed to be reasonably possible but not probable. In these cases, the estimate reflects the reasonably possible loss or range of loss. As of September 30, 2015, we estimate the aggregate range of reasonably possible losses, including amounts in excess of amounts accrued for these matters as of such date, to be up to approximately $ 175 million. For other matters, we are not currently able to estimate the reasonably possible loss or range of loss. We are often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from other parties and investigation of factual allegations, rulings by the court on motions or appeals, analysis by experts and the progress of settlement negotiations. On a quarterly and annual basis, we review relevant information with respect to litigation contingencies and update our accruals, disclosures and estimates of reasonably possible losses or ranges of loss based on such reviews . On June 13, 2009, a single named plaintiff filed a putative national class action in the Circuit Court of Allen County (“Court”), Indiana, captioned Peter S. Bezich v. The Lincoln National Life Insurance Company (“ LNL ”) , No. 02C01-0906-PL73, asserting he was charged a cost of insurance fee that exceeded the applicable mortality charge, and that this fee breached the terms of the insurance contract. Solely to avoid the costs, risks and uncertainties inherent in litigation, and without admitting any liability or wrongdoing, we reached a settlement with the plaintiff resolving all claims related to this litigation. On September 9, 2015, the litigation was stayed pending court approval of the settlement for the entire class. Se e Note 13 in our 2014 Form 10 -K for additional discussion of comm itments and contingencies. |
Shares and Stockholders' Equity
Shares and Stockholders' Equity | 9 Months Ended |
Sep. 30, 2015 | |
Shares and Stockholders' Equity [Abstract] | |
Shares and Stockholders' Equity | 9. Shares and Stockholders’ Equity Common Shares The changes in our common stock (number of shares) were as follows: For the Three For the Nine Months Ended Months Ended September 30, September 30, 2015 2014 2015 2014 Common Stock Balance as of beginning-of-period Stock issued for exercise of warrants Stock compensation/issued for benefit plans Retirement/cancellation of shares ) ) ) ) Balance as of end-of-period Common Stock as of End-of-Period Basic basis Diluted basis Our common stock is without par value. Average Shares A reconciliation of the denominator (number of shares) in the calculations of basic and diluted earnings (loss) per common share was as follows: For the Three For the Nine Months Ended Months Ended September 30, September 30, 2015 2014 2015 2014 Weighted-average shares, as used in basic calculation Shares to cover exercise of outstanding warrants Shares to cover non-vested stock Average stock options outstanding during the period Assumed acquisition of shares with assumed proceeds from exercising outstanding warrants ) ) ) ) Assumed acquisition of shares with assumed proceeds and benefits from exercising stock options (at average market price for the period) ) ) ) ) Shares repurchaseable from measured but unrecognized stock option expense ) ) ) ) Average deferred compensation shares Weighted-average shares, as used in diluted calculation In the event the average market price of LNC common stock exceeds the issue price of stock options and the options have a dilutive effect to our earnings per share (“EPS”), such options will be shown in the table above. We have participants in our deferred compensation plans who selected LNC stock as the measure for the investment return attributable to their deferral amounts. For the three and nine months ended September 30, 2015 and 2014, the effect of settling this obligation in LNC stock (“equity classification”) was more dilutive than the scenario of settling in cash (“liability classification”). Therefore, for our EPS calculation for these periods, we added these shares to the denominator and adjusted the numerator to present net income as if the shares had been accounted for under equity classification by removing the mark-to-market adjustment included in net income attributable to these deferred units of LNC stock. The amount of this adjustment was $ 7 million and $ 6 million for the three and nine months ended September 30, 2015, respectively, and $ (2) million for the three and nine months ended September 30, 2014, respectively. AOCI The following summarizes the components and changes in A OCI (in millions): For the Nine Months Ended September 30, 2015 2014 Unrealized Gain (Loss) on AFS Securities Balance as of beginning-of-year $ $ Unrealized holding gains (losses) arising during the period ) Change in foreign currency exchange rate adjustment ) ) Change in DAC, VOBA, DSI, future contract benefits and other contract holder funds ) Income tax benefit (expense) ) Less: Reclassification adjustment for gains (losses) included in net income (loss) Associated amortization of DAC, VOBA, DSI and DFEL ) ) Income tax benefit (expense) ) Balance as of end-of-period $ $ Unrealized OTTI on AFS Securities Balance as of beginning-of-year $ $ (Increases) attributable to: Gross OTTI recognized in OCI during the period ) ) Change in DAC, VOBA, DSI and DFEL Income tax benefit (expense) Decreases attributable to: Sales, maturities or other settlements of AFS securities Change in DAC, VOBA, DSI and DFEL ) ) Income tax benefit (expense) ) ) Balance as of end-of-period $ $ Unrealized Gain (Loss) on Derivative Instruments Balance as of beginning-of-year $ $ Unrealized holding gains (losses) arising during the period ) ) Change in foreign currency exchange rate adjustment Change in DAC, VOBA, DSI and DFEL Income tax benefit (expense) Less: Reclassification adjustment for gains (losses) included in net income (loss) ) ) Associated amortization of DAC, VOBA, DSI and DFEL Income tax benefit (expense) Balance as of end-of-period $ $ Foreign Currency Translation Adjustment Balance as of beginning-of-year $ ) $ ) Foreign currency translation adjustment arising during the period ) Balance as of end-of-period $ ) $ ) Funded Status of Employee Benefit Plans Balance as of beginning-of-year $ ) $ ) Adjustment arising during the period Income tax benefit (expense) ) - Balance as of end-of-period $ ) $ ) The following summarizes the reclassifications out of AOCI (in millions) and the associated line item in the Consolidated Statements of Comprehensive Income (Loss): For the Nine Months Ended September 30, 2015 2014 Unrealized Gain (Loss) on AFS Securities Gross reclassification $ $ Total realized gain (loss) Associated amortization of DAC, VOBA, DSI and DFEL ) ) Total realized gain (loss) Reclassification before income tax benefit (expense) ) Income (loss) from continuing operations before taxes Income tax benefit (expense) ) Federal income tax expense (benefit) Reclassification, net of income tax $ $ ) Net income (loss) Unrealized OTTI on AFS Securities Gross reclassification $ $ Total realized gain (loss) Change in DAC, VOBA, DSI and DFEL ) ) Total realized gain (loss) Reclassification before income tax benefit (expense) Income (loss) from continuing operations before taxes Income tax benefit (expense) ) ) Federal income tax expense (benefit) Reclassification, net of income tax $ $ Net income (loss) Unrealized Gain (Loss) on Derivative Instruments Gross reclassifications: Interest rate contracts $ ) $ ) Net investment income Interest rate contracts Interest and debt expense Foreign currency contracts Net investment income Total gross reclassifications ) ) Associated amortization of DAC, VOBA, DSI and DFEL Commissions and other expenses Reclassifications before income tax benefit (expense) ) ) Income (loss) from continuing operations before taxes Income tax benefit (expense) Federal income tax expense (benefit) Reclassification, net of income tax $ ) $ ) Net income (loss) |
Realized (Gain) Loss
Realized (Gain) Loss | 9 Months Ended |
Sep. 30, 2015 | |
Realized (Gain) Loss [Abstract] | |
Realized (Gain) Loss | 10. Realized Gain (Loss) Details underlying realized gain (loss) (in millions) reported on our Consolidated Statements of Comprehensive Income (Loss) were as follows: For the Three For the Nine Months Ended Months Ended September 30, September 30, 2015 2014 2015 2014 Total realized gain (loss) related to certain investments (1) $ ) $ ) $ ) $ ) Realized gain (loss) on the mark-to-market on certain instruments (2) ) ) ) ) Indexed annuity and IUL contracts net derivatives results: (3) Gross gain (loss) ) ) ) Associated amortization of DAC, VOBA, DSI and DFEL ) Variable annuity net derivatives results: (4) Gross gain (loss) Associated amortization of DAC, VOBA, DSI and DFEL ) ) ) ) Realized gain (loss) on sale of subsidiaries/businesses (5) - - ) - Total realized gain (loss) $ $ $ ) $ (1) See “Realized Gain (Loss) Related to Certain Investments” section in Note 4 . (2) Represents changes in the fair values of certain derivative investments (not including those associated with our variable and indexed annuity and IUL contracts net derivatives results), reinsurance related embedded derivatives and trading securities. (3) Represents the net difference between the change in the fair value of the S& P 500 Index ® call options that we hold and the change in the fair value of the embedded derivative liabilities of our indexed annuity and IUL contracts along with changes in the fair value of embedded derivative liabilities related to index call options we may purchase in the future to hedge contract holder index allocations applicable to future reset periods for our indexed annuity products. (4) Includes the net difference in the change in embedded derivative reserves of our guaranteed living benefits (“GLB”) riders and the change in the fair value of the derivative investments we own to hedge the change in embedded derivative reserves on our GLB riders and the benefit ratio unlocking on our GDB riders, including the cost of purchasing the hedging instruments. (5) See Note 3 in our 2014 Form 10-K for more information. |
Stock-Based Incentive Compensat
Stock-Based Incentive Compensation Plans | 9 Months Ended |
Sep. 30, 2015 | |
Stock-Based Incentive Compensation Plans [Abstract] | |
Stock based incentive compensation plans | 11 . Stock-Based Compensation Plans We sponsor stock-based compensation plans for our employees and directors and for the employees and agents of our subsidiaries that provide for the grant of stock options, performance shares (performance-vested shares as opposed to service-vested shares), stock a ppreciation rights (“SARs”), restricted stock units (“RSUs”) and deferred stock units (“DSUs”) . We issue new shares to satisfy option exercises. LNC stock-based awards granted were as follows: For the For the Three Nine Months Months Ended Ended September 30, September 30, 2015 2015 10-year LNC stock options - Performance shares - RSUs Non-employee: SARs - Agent stock options Director DSUs |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | 12 . Fair Value of Financial Instruments The carrying values and estimated fair values of our financial instruments (in millions) were as follows: As of September 30, 2015 As of December 31, 2014 Carrying Fair Carrying Fair Value Value Value Value Assets AFS securities: Fixed maturity securities $ $ $ $ VIEs’ fixed maturity securities Equity securities Trading securities Mortgage loans on real estate Derivative investments (1) Other investments Cash and invested cash Other assets – reinsurance recoverable Separate account assets Liabilities Future contract benefits – indexed annuity and IUL contracts embedded derivatives ) ) ) ) Other contract holder funds: Remaining guaranteed interest and similar contracts ) ) ) ) Account values of certain investment contracts ) ) ) ) Short-term debt - - ) ) Long-term debt ) ) ) ) Reinsurance related embedded derivatives ) ) ) ) VIEs’ liabilities – derivative instruments ) ) ) ) Other liabilities: Credit default swaps ) ) ) ) Derivative liabilities (1) ) ) ) ) GLB reserves embedded derivatives (2) ) ) ) ) (1) We have master netting agreements with each of our derivative counterparties, which allow for the netting of our derivative asset and liability positions by counterparty. (2) Portions of our GLB reserves embedded derivatives are ceded to third-party reinsurance counterparties. Refer to Note 5 for additional detail. Valuation Methodologies and Associated Inputs for Financial Instruments Not Carried at Fair Value The following discussion outlines the methodologies and assumptions used to determine the fair value of our financial instruments not carried at fair value on our Consolidated Balance Sheets. Considerable judgment is required to develop these assumptions used to measure fair value. Accordingly, the estimates shown are not necessarily indicative of the amounts that would be realized in a one-time, current market exchange of all of our financial instruments. Mortgage Loans on Real Estate The fair value of mortgage loans on real estate is established using a discounted cash flow method based on credit rating, maturity and future income. The ratings for mortgages in good standing are based on property type, location, market conditions, occupancy, debt-service coverage, loan-to-value, quality of tenancy, borrower and payment record. The fair value for impaired mortgage loans is based on the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s market price or the fair value of the collateral if the loan is collateral dependent. The inputs used to measure the fair value of our mortgage loans on real estate are classified as Level 2 within the fair value hierarchy. Other Investments The carrying value of our assets classified as other investments approximates fair value. Other investments include s primarily LPs and other privately held investments that are accounted for using the equity method of accounting and the carrying value is based on our proportional share of the net assets of the LPs. The inputs used to measure the fair value of our LPs and other privately held investments are classified as Level 3 within the fair value hierarchy. Other investments also includes securities that are not LPs or other privately held investments and the inputs used to measure the fair value of these securities are classified as Level 1 within the fair value hierarchy. Other Contract Holder Funds Other contract holder funds include remaining guaranteed interest and similar contracts and account values of certain investment contracts. The fair value for the remaining guaranteed interest and similar contracts is estimated using discounted cash flow calculations as of the balance sheet date. These calculations are based on interest rates currently offered on similar contracts with maturities that are consistent with those remaining for the contracts being valued. As of September 30, 2015 , and December 31, 2014 , the remaining guaranteed interest and similar contracts carrying value approximated fair value. The fair value of the account values of certain investment contracts is based on their approximate surrender value as of the balance sheet date. The inputs used to measure the fair value of our other contract holder funds are classified as Level 3 within the fair value hierarchy. Short-Term and Long-Term Debt The fair value of short -term and long-term debt is based on quoted market prices . The inputs used to measure the fair value of our short-term and long-term debt are classified as Level 2 within the fair value hierarchy. Financial Instruments Carried at Fair Value We did not have any assets or liabilities measured at fair value on a nonrecurring basis as of September 30, 2015 , or December 31, 2014 , and we noted no changes in our valuation met hodologies between these periods . The following summarizes our financial instruments carried at fair value (in millions) on a recurring basis by the fair value hierarchy levels described in “Summary of Significant Accounting Policies” in Note 1 of our 2014 Form 10-K: As of September 30, 2015 Quoted Prices in Active Markets for Significant Significant Identical Observable Unobservable Total Assets Inputs Inputs Fair (Level 1) (Level 2) (Level 3) Value Assets Investments: Fixed maturity AFS securities: Corporate bonds $ $ $ $ ABS - U.S. government bonds - Foreign government bonds - RMBS - CMBS - CLOs - State and municipal bonds - - Hybrid and redeemable preferred securities VIEs’ fixed maturity securities - - Equity AFS securities Trading securities Other investments - - Derivative investments (1) - Cash and invested cash - - Other assets – reinsurance recoverable - - Separate account assets - Total assets $ $ $ $ Liabilities Future contract benefits – indexed annuity and IUL contracts embedded derivatives $ - $ - $ ) $ ) Long-term debt - ) - ) Reinsurance related embedded derivatives - ) - ) VIEs’ liabilities – derivative instruments - - ) ) Other liabilities: Credit default swaps - - ) ) Derivative liabilities (1) - ) ) ) GLB reserves embedded derivatives - - ) ) Total liabilities $ - $ ) $ ) $ ) As of December 31, 2014 Quoted Prices in Active Markets for Significant Significant Identical Observable Unobservable Total Assets Inputs Inputs Fair (Level 1) (Level 2) (Level 3) Value Assets Investments: Fixed maturity AFS securities: Corporate bonds $ $ $ $ ABS - U.S. government bonds - Foreign government bonds - RMBS - CMBS - CLOs - State and municipal bonds - - Hybrid and redeemable preferred securities VIEs’ fixed maturity securities - - Equity AFS securities Trading securities - Other investments - - Derivative investments (1) - Cash and invested cash - - Other assets – reinsurance recoverable - - Separate account assets - Total assets $ $ $ $ Liabilities Future contract benefits – indexed annuity and IUL contracts embedded derivatives $ - $ - $ ) $ ) Long-term debt - ) - ) Reinsurance related embedded derivatives - ) - ) VIEs’ liabilities – derivative instruments - - ) ) Other liabilities: Credit default swaps - - ) ) Derivative liabilities (1) - ) ) ) GLB reserves embedded derivatives - - ) ) Total liabilities $ - $ ) $ ) $ ) (1) Derivative investment assets and liabilities presented within the fair value hierarchy are presented on a gross basis by derivative type and not on a master netting basis by counterparty. The following summarizes changes to our financial instruments carried at fair value (in millions) and classified within Level 3 of the fair value hierarchy. This summary excludes any effect of amortization of def erred acquisition costs (“DAC”), value of business acquired (“VOBA”), deferred sales inducements (“DSI”) and deferred front-end loads (“DFEL”) . The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology. For the Three Months Ended September 30, 2015 Gains Issuances, Transfers Items (Losses) Sales, Into or Included in Maturities, Out Beginning in OCI Settlements, of Ending Fair Net and Calls, Level 3, Fair Value Income Other (1) Net Net (2) Value Investments: (4) Fixed maturity AFS securities: Corporate bonds $ $ $ ) $ $ ) $ ABS - - - Foreign government bonds - ) - RMBS - - - - CMBS ) - CLOs - - Hybrid and redeemable preferred securities - ) - - Equity AFS securities - - Trading securities - Derivative investments ) - Other assets: (5) GLB reserves embedded derivatives ) - - - - Reinsurance recoverable - - - Future contract benefits – indexed annuity and IUL contracts embedded derivatives (5) ) - - ) VIEs’ liabilities – derivative instruments (6) ) - - - ) Other liabilities: Credit default swaps (7) ) ) - - - ) GLB reserves embedded derivatives (5) ) ) - - - ) Total, net $ $ ) $ $ $ ) $ For the Three Months Ended September 30, 2014 Gains Issuances, Transfers Items (Losses) Sales Into or Included in Maturities, Out Beginning in OCI Settlements, of Ending Fair Net and Calls, Level 3, Fair Value Income Other (1) Net Net (2) Value Investments: (4) Fixed maturity AFS securities: Corporate bonds $ $ $ ) $ $ ) $ ABS - - Foreign government bonds - - - - RMBS - - - - CMBS - ) - CLOs ) - Hybrid and redeemable preferred securities - - - - Equity AFS securities - - - - Trading securities ) ) Derivative investments ) - Other assets: (5) GLB reserves embedded derivatives ) - - - Reinsurance recoverable - - - Future contract benefits – indexed annuity and IUL contracts embedded derivatives (5) ) - - ) VIEs’ liabilities – derivative instruments (6) ) ) - - - ) Other liabilities: Credit default swaps (7) ) - - - - ) GLB reserves embedded derivatives (5) ) ) - - - ) Total, net $ $ ) $ $ $ ) $ For the Nine Months Ended September 30, 2015 Purchases, Gains Issuances, Transfers Items (Losses) Sales, Into or Included in Maturities, Out Beginning in OCI Settlements, of Ending Fair Net and Calls, Level 3, Fair Value Income Other (1) Net Net (2) Value Investments: (4) Fixed maturity AFS securities: Corporate bonds $ $ $ ) $ $ $ ABS - - - Foreign government bonds - - RMBS - - - - CMBS ) - CLOs - ) Hybrid and redeemable preferred securities ) ) - Equity AFS securities - ) Trading securities ) - Derivative investments ) ) - Other assets – reinsurance recoverable (5) - - - Future contract benefits – indexed annuity and universal life contracts embedded derivatives (5) ) - - ) VIEs’ liabilities – derivative instruments (6) ) - - - ) Other liabilities: Credit default swaps (7) ) ) - - - ) GLB reserves embedded derivatives (5) ) ) - - - ) Total, net $ $ ) $ ) $ $ $ For the Nine Months Ended September 30, 2014 Purchases, Gains Issuances, Transfers Items (Losses) Sales, Into or Included in Maturities, Out Beginning in OCI Settlements, of Ending Fair Net and Calls, Level 3, Fair Value Income Other (1) Net Net (2)(3) Value Investments: (4) Fixed maturity AFS securities: Corporate bonds $ $ $ $ $ ) $ ABS - - Foreign government bonds - - RMBS - - - - CMBS - ) CLOs ) State and municipal bonds - - ) - Hybrid and redeemable preferred securities - ) ) Equity AFS securities ) ) - Trading securities ) Derivative investments ) ) Other assets: (5) GLB reserves embedded derivatives - ) - - Reinsurance recoverable - - - Future contract benefits: (5) Indexed annuity and IUL contracts embedded derivatives ) ) - - ) GLB reserves embedded derivatives - - - ) - VIEs’ liabilities – derivative instruments (6) ) - - - ) Other liabilities: Credit default swaps (7) ) - - - ) GLB reserves embedded derivatives (5) ) ) - - - ) Total, net $ $ ) $ $ $ ) $ (1) The changes in fair value of the interest rate swaps are offset by an adjustment to derivative investments (see Note 5). (2) Transfers into or out of Level 3 for AFS and trading securities are displayed at amortized cost as of the beginning-of-period. For AFS and trading securities, the difference between beginning-of-period amortized cost and beginning-of-period fair value was included in OCI and earnings, respectively, in prior period s . (3) Transfers into or out of Level 3 for GLB reserves embedded derivatives between future contract benefits, other assets and other liabilities on our Consolidated Balance Sheets. (4) Amortization and accretion of premiums and discounts are included in net investment income on our Consolidated Statements of Comprehensive Income (Loss). Gains (losses) from sales, maturities, settlements and calls and OTTI are included in realized gain (loss) on our Consolidated Statements of Comprehensive Income (Loss). (5) Gains (losses) from sales, maturities, settlements and calls are included in realized gain (loss) on our Consolidated Statements of Comprehensive Income (Loss). (6) Gains (losses) from sales, maturities, settlements and calls are included in net investment income on our Consolidated Statements of Comprehensive Income (Loss). (7) The changes in fair value of the credit default swaps and contingency forwards are included in realized gain (loss) on our Consolidated Statements of Comprehensive Income (Loss). The following provides the components of the items included in issuances, sales, maturities, settlements and calls, net, excluding any effect of amortization of DAC, VOBA, DSI and DFEL and changes in future contract benefits, (in millions) as reported above: For the Three Months Ended September 30, 2015 Issuances Sales Maturities Settlements Calls Total Investments: Fixed maturity AFS securities: Corporate bonds $ $ ) $ - $ ) $ - $ ABS - - - - CMBS - - - ) - ) CLOs - - ) - Equity AFS securities ) - - - Derivative investments ) ) - - ) Future contract benefits – indexed annuity and IUL contracts embedded derivatives ) - - - Total, net $ $ ) $ ) $ $ - $ For the Three Months Ended September 30, 2014 Issuances Sales Maturities Settlements Calls Total Investments: Fixed maturity AFS securities: Corporate bonds $ $ ) $ ) $ ) $ ) $ CMBS - - - ) - ) CLOs - - ) - Trading securities - - - - Derivative investments ) ) - - ) Future contract benefits – indexed annuity and IUL contracts embedded derivatives ) - - - Total, net $ $ ) $ ) $ $ ) $ For the Nine Months Ended September 30, 2015 Issuances Sales Maturities Settlements Calls Total Investments: Fixed maturity AFS securities: Corporate bonds $ $ ) $ ) $ ) $ ) $ ABS - - - - CMBS - - - ) ) ) CLOs - - ) - Equity AFS securities ) - - - Derivative investments ) ) - - ) Future contract benefits – indexed annuity and IUL contracts embedded derivatives ) - - - Total, net $ $ ) $ ) $ $ ) $ For the Nine Months Ended September 30, 2014 Issuances Sales Maturities Settlements Calls Total Investments: Fixed maturity AFS securities: Corporate bonds $ $ ) $ ) $ ) $ ) $ CMBS - - - ) - ) CLOs - - ) - Hybrid and redeemable preferred securities - ) - - - ) Equity AFS securities - ) - - - ) Trading securities - - ) - Derivative investments ) ) - - ) Future contract benefits – indexed annuity and IUL contracts embedded derivatives ) - - - Total, net $ $ ) $ ) $ $ ) $ The following summarizes changes in unrealized gains (losses) included in net income, excluding any effect of amortization of DAC, VOBA, DSI and DFEL and changes in future contract benefits, related to financial instruments carried at fair value classified within Level 3 that we still held (in millions): For the Three For the Nine Months Ended Months Ended September 30, September 30, 2015 2014 2015 2014 Derivative investments (1) $ $ $ $ Embedded derivatives: (1) Indexed annuity and IUL contracts ) ) ) GLB reserves ) ) ) ) VIEs’ liabilities – derivative instruments (2) ) Credit default swaps (1) ) - ) Total, net $ ) $ $ ) $ ) (1) Included in realized gain (loss) on our Consolidated Statements of Comprehensive Income (Loss). (2) Included in net investment income on our Consolidated Statements of Comprehensive Income (Loss). T he following provides the components of the transfers in to and out of Level 3 (in millions) as reported above: For the Three For the Three Months Ended Months Ended September 30, 2015 September 30, 2014 Transfers Transfers Transfers Transfers Into Out of Into Out of Level 3 Level 3 Total Level 3 Level 3 Total Investments: Fixed maturity AFS securities: Corporate bonds $ - $ ) $ ) $ $ ) $ ) ABS - - - - Foreign government bonds - - - - Trading securities ) - ) ) Total, net $ $ ) $ ) $ $ ) $ ) For the Nine For the Nine Months Ended Months Ended September 30, 2015 September 30, 2014 Transfers Transfers Transfers Transfers Into Out of Into Out of Level 3 Level 3 Total Level 3 Level 3 Total Investments: Fixed maturity AFS securities: Corporate bonds $ $ ) $ $ $ ) $ ) ABS - - - ) Foreign government bonds - - CMBS - - - - CLOs ) ) ) State and municipal bonds - - - - ) ) Hybrid and redeemable preferred securities ) ) ) Equity AFS securities - ) ) - - - Trading securities ) ) ) Derivative investments - - - - ) ) Other assets – GLB reserves embedded derivatives - - - - Future contract benefits – GLB reserves embedded derivatives - - - - ) ) Total, net $ $ ) $ $ $ ) $ ) Transfers in to and out of Level 3 are generally the result of observable market information on a security no longer being available or becoming available to our pricing vendors. For the nine months ended September 30, 2015 and 2014 , transfers in and out of Level 3 were attributable primarily to the securities’ observable market information no longer being available or becoming available. Transfers in and out for GLB reserves embedded derivatives represent reclassifications between future contract benefits and other assets or other liabilities . Transfers in to and out of Levels 1 and 2 are generally the result of a change in the type of input used to measure the fair value of an asset or liability at the end of the reporting period. When quoted prices in active markets become available, transfers from Level 2 to Level 1 will result. When quoted prices in active markets become unavailable, but we are able to employ a valuation methodology using significant observable inputs, transfers from Level 1 to Level 2 will result. For the nine months ended September 30, 2015 , the transfers between Levels 1 and 2 of the fair value hierarchy was $ 172 million for our financial instruments carried at fair value which was attributable to quoted market prices being available . For the nine months ended September 30, 2014 , the transfers between Levels 1 and 2 of the fair value hierarchy were less than $1 million for our financial instruments carried at fair value. T he following summarizes the fair value (in millions), valuation techniques and significant unobservable inputs of the Level 3 fair value measurements as of September 30, 2015 : Fair Valuation Significant Assumption or Value Technique Unobservable Inputs Input Ranges Assets Investments: Fixed maturity AFS and trading securities: Corporate bonds $ Discounted cash flow Liquidity/duration adjustment (1) % - % ABS Discounted cash flow Liquidity/duration adjustment (1) % - % Foreign government bonds Discounted cash flow Liquidity/duration adjustment (1) % - % Hybrid and redeemable preferred securities Discounted cash flow Liquidity/duration adjustment (1) % - % Equity AFS and trading securities Discounted cash flow Liquidity/duration adjustment (1) % - % Other assets – reinsurance recoverable Discounted cash flow Long-term lapse rate (2) % - % Utilization of guaranteed withdrawals (3) % - % Claims utilization factor (4) % - % Premiums utilization factor (4) % - % NPR (5) % - % Mortality rate (6) (8) Volatility (7) % - % Liabilities Future contract benefits – indexed annuity and IUL contracts embedded derivatives ) Discounted cash flow Lapse rate (2) % - % Mortality rate (6) (8) Other liabilities – GLB reserves embedded derivatives ) Discounted cash flow Long-term lapse rate (2) % - % Utilization of guaranteed withdrawals (3) % - % Claims utilization factor (4) % - % Premiums utilization factor (4) % - % NPR (5) % - % Mortality rate (6) (8) Volatility (7) % - % (1) The liquidity /duration adjustment input represents an estimated market participant composite of adjustments attributable to liquidity premiums, expected durations, structures and credit quality that would be applied to the market observable information of an investment. (2) The lapse rate input represents the estimated probability of a contract surrendering during a year, and thereby forgoing any future benefits. The range for indexed annuity and IUL contracts represents the lapse rates during the surrender charge period. (3 ) The utilization of guaranteed withdrawals input represents the estimated percentage of contract holders that utilize the guaranteed withdrawal feature. (4 ) The utilization factors are applied to the present value of claims or premiums, as appropriate, in the GLB reserve calculation to estimate the impact of inefficient withdrawal behavior, including taking less than or more than the maximum guaranteed withdrawal. (5 ) The NPR input represents the estimated additional credit spread that market participants would apply to the market observable discount rate when pricing a contract. (6 ) The mortality rate input represents the estimated probability of when an individual belonging to a particular group, categorized according to age or some other factor such as gender, will die. (7 ) The volatility input represents overall volatilities assumed for the underlying variable annuity funds, which include a mixture of equity and fixed-income assets. Fair value of the variable annuity GLB embedded derivatives would increase if higher volatilities were used for valuation. (8 ) The mortality rate is based on a combination of company and industry experience, adjusted for improvement factors. From the table above, we have excluded Level 3 fair value measurements obtained from independent, third-party pricing sources. We do not develop the significant inputs used to measure the fair value of these assets and liabilities, and the information regarding the significant inputs is not readily available to us. Independent broker-quoted fair values are non-binding quotes developed by market makers or broker-dealers obtained from third-party sources recognized as market participants. The fair value of a broker-quoted asset or liability is based solely on the receipt of an updated quote from a single market maker or a broker-dealer recognized as a market participant as we do not adjust broker quotes when used as the fair value measurement for an asset or liability. Significant increases or decreases in any of the quotes received from a third-party broker-dealer may result in a significantly higher or lower fair value measurement. Changes in any of the significant inputs presented in the table above may result in a significant change in the fair value measurement of the asset or liability as follows: • Investments – An increase in the liquidity/duration adjustment input would result in a decrease in the fair value measurement. • Indexed annuity and IUL contracts embedded derivatives – An increase in the lapse rate or mortality rate inputs would result in a decrease in the fair value measurement. • GLB reserves embedded derivatives – Assuming our GLB reserves embedded derivatives are in a liability position: a n increase in our lapse rate, NPR or mortality rate inputs would result in a decreas e in the fair value measurement; and a n increase in the utilization of guarantee withdrawal or volatility inputs would result in an increase in the fair value measurement. For each category discussed above, the unobservable inputs are not inter-related; therefore, a directional change in one input will not affect the other inputs. As part of our on going valuation process, we assess the reasonableness of our valuation techniques or models and make adjustments as necessary. For more information, see “Summary of Significant Accounting Policies” in Note 1 of our 2014 Form 10-K . |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2015 | |
Segment Information [Abstract] | |
Segment Information | 13 . Segment Information We provide products and services and report results through our Annuities, Retirement Plan Services, Life Insurance and Group Protection segments. We also have Other Operations, which includes the financial data for operations that are not directly related to the business segments. Our reporting segments reflect the manner by which our chief operating decision makers view and manage the business. See Note 22 of our 2014 Form 10-K for a brief description of these segments and Other Operations. Segment operating revenues and income (loss) from operations are internal measures used by our management and Board of Directors to evaluate and assess the results of our segments. Income (loss) from operations is GAAP net income excluding the after-tax effects of the following items, as applicable: • Realized gains and losses associated with the following (“excluded realized gain (loss)”): ▪ Sales or disposals and impairments of securities; ▪ Changes in the fair value of derivatives, embedded derivatives within certain reinsurance arrangements and trading securities; ▪ Changes in the fair value of the derivatives we own to hedge our GDB riders within our variable annuities; ▪ Changes in the fair value of the embedded derivatives of our GLB riders accounted for at fair value, net of the change in the fair value of the derivatives we own to hedge them; and ▪ Changes in the fair value of the embedded derivative liabilities related to index call options we may purchase in the future to hedge contract holder index allocations applicable to future reset periods for our indexed annuity products accounted for at fair value; • Changes in reserves resulting from benefit ratio unlocking on our GDB and GLB riders; • Income (loss) from reserve changes, net of related amortization, on business sold through reinsurance; • Gains (losses) on early extinguishment of debt; • Losses from the impairment of intangible assets; • Income (loss) from discontinued operations; and • Income (loss) from the initial adoption of new accounting standards. Operating revenues represent GAAP revenues excluding the pre-tax effects of the following items, as applicable: • Excluded realized gain (loss); • Revenue adjustments from the initial adoption of new accounting standards; • Amortization of DFEL arising from changes in GDB and GLB benefit ratio unlocking; and • Amortization of deferred gains arising from r eserve changes on business sold through reinsurance. We use our prevailing corporate federal income tax rate of 35 % while taking into account any permanent differences for events recognized differently in our financial statements and federal income tax returns when reconciling our non-GAAP measures to the most comparable GAAP measure. Operating revenues and income (loss) from operations do not replace revenues and net income as the GAAP measures of our consolidated results of operations. Segment information (in millions) was as follows: For the Three For the Nine Months Ended Months Ended September 30, September 30, 2015 2014 2015 2014 Revenues Operating revenues: Annuities $ $ $ $ Retirement Plan Services Life Insurance Group Protection Other Operations Excluded realized gain (loss), pre-tax ) ) ) Amortization of deferred gain arising from reserve changes on business sold through reinsurance, pre-tax Amortization of DFEL associated with benefit ratio unlocking, pre-tax ) - ) - Total revenues $ $ $ $ For the Three For the Nine Months Ended Months Ended September 30, September 30, 2015 2014 2015 2014 Net Income (Loss) Income (loss) from operations: Annuities $ $ $ $ Retirement Plan Services Life Insurance Group Protection Other Operations ) ) ) ) Excluded realized gain (loss), after-tax ) ) ) Income (loss) from reserve changes (net of related amortization) on business sold through reinsurance, after-tax - - Benefit ratio unlocking, after-tax ) ) ) Net income (loss) $ $ $ $ |
Variable Interest Entities ("21
Variable Interest Entities ("VIE's") (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Variable Interest Entities [Abstract] | |
CLN Structures Summary Information | Amount and Date of Issuance $400 $200 December April 2006 2007 Original attachment point (subordination) Current attachment point (subordination) Maturity 12/20/2016 3/20/2017 Current rating of tranche BBB+ BB Current rating of underlying reference obligations AA - B AAA - CCC Number of defaults in underlying reference obligations Number of entities Number of countries |
CLN Structures' Underlying Collateral By Industry And Rating | AAA AA A BBB BB B CCC Total Industry Financial intermediaries Telecommunications Oil and gas Utilities Chemicals and plastics Drugs Retailers (except food and drug) Industrial equipment Sovereign Conglomerates Forest products Other Total |
Consolidated Variable Interest Entity Asset and Liability information | As of September 30, 2015 As of December 31, 2014 Number Number of Notional Carrying of Notional Carrying Instruments Amounts Value Instruments Amounts Value Assets Fixed maturity securities: Asset-backed credit card loans N/A $ - $ N/A $ - $ Total return swap - - Total assets (1) $ $ $ $ Liabilities Non-qualifying hedges: Credit default swaps $ $ $ $ Contingent forwards - - - - Total liabilities (2) $ $ $ $ (1) Reported in variable interest entities’ fixed maturity securities on our Consolidated Balance Sheets. (2) Reported in variable interest entities’ liabilities on our Consolidated Balance Sheets. |
Consolidated Variable Interest Entity Settlement Payments and Mark-to-Market Adjustments | For the Three For the Nine Months Ended Months Ended September 30, September 30, 2015 2014 2015 2014 Non-Qualifying Hedges Credit default swaps $ $ ) $ $ Contingent forwards - - - - Total non-qualifying hedges (1) $ $ ) $ $ (1) Reported in realized gain (loss) on our Consolidated Statements of Comprehensive Income (Loss ). |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments [Abstract] | |
Reconciliation Of Available-For-Sale Securities From Cost Basis To Fair Value | As of September 30, 2015 Amortized Gross Unrealized Fair Cost Gains Losses OTTI (1) Value Fixed maturity securities: Corporate bonds $ $ $ $ $ Asset-backed securities ("ABS") ) U.S. government bonds - Foreign government bonds - Residential mortgage-backed securities ("RMBS") ) Commercial mortgage-backed securities ("CMBS") ) Collateralized loan obligations ("CLOs") ) State and municipal bonds - Hybrid and redeemable preferred securities - VIEs’ fixed maturity securities - - Total fixed maturity securities ) Equity securities - Total AFS securities $ $ $ $ ) $ As of December 31, 2014 Amortized Gross Unrealized Fair Cost Gains Losses OTTI (1) Value Fixed maturity securities: Corporate bonds $ $ $ $ $ ABS ) U.S. government bonds - - Foreign government bonds - - RMBS ) CMBS CLOs - ) State and municipal bonds - Hybrid and redeemable preferred securities - VIEs’ fixed maturity securities - - Total fixed maturity securities ) Equity securities - - Total AFS securities $ $ $ $ ) $ (1) I ncludes unrealized gain s (losses) on impaired securities related to changes in the fair value of such securities subsequent to the impairment measurement date. |
Available-For-Sale Securities By Contractual Maturities | Amortized Fair Cost Value Due in one year or less $ $ Due after one year through five years Due after five years through ten years Due after ten years Subtotal Structured securities (ABS, MBS, CLOs) Total fixed maturity AFS securities $ $ |
Fair Value And Gross Unrealized Losses In A Continuous Unrealized Loss Position | As of September 30, 2015 Less Than or Equal Greater Than to Twelve Months Twelve Months Total Gross Gross Gross Unrealized Unrealized Unrealized Fair Losses and Fair Losses and Fair Losses and Value OTTI Value OTTI Value OTTI Fixed maturity securities: Corporate bonds $ $ $ $ $ $ ABS U.S. government bonds - - Foreign government bonds - - RMBS CMBS CLOs - State and municipal bonds Hybrid and redeemable preferred securities Total fixed maturity securities Equity securities - - Total AFS securities $ $ $ $ $ $ Total number of AFS securities in an unrealized loss position As of December 31, 2014 Less Than or Equal Greater Than to Twelve Months Twelve Months Total Gross Gross Gross Unrealized Unrealized Unrealized Fair Losses and Fair Losses and Fair Losses and Value OTTI Value OTTI Value OTTI Fixed maturity securities: Corporate bonds $ $ $ $ $ $ ABS RMBS CMBS CLOs State and municipal bonds - Hybrid and redeemable preferred securities - Total fixed maturity securities Equity securities - - Total AFS securities $ $ $ $ $ $ Total number of AFS securities in an unrealized loss position |
Schedule Of Available-For-Sale Securites Whose Value Is Below Amortized Cost | As of September 30, 2015 Number Fair Gross Unrealized of Value Losses OTTI Securities (1) Less than six months $ $ $ Six months or greater, but less than nine months - Nine months or greater, but less than twelve months Twelve months or greater Total $ $ $ As of December 31, 2014 Number Fair Gross Unrealized of Value Losses OTTI Securities (1) Less than six months $ $ $ - Six months or greater, but less than nine months - Twelve months or greater Total $ $ $ (1) We may reflect a security in more than one aging category based on various purchase dates. |
Schedule Of Changes In Amount Of Credit Losses Of OTTI Recognized In Net Income (Loss) | For the Three For the Nine Months Ended Months Ended September 30, September 30, 2015 2014 2015 2014 Balance as of beginning-of-period $ $ $ $ Increases attributable to: Credit losses on securities for which an OTTI was not previously recognized - Credit losses on securities for which an OTTI was previously recognized Decreases attributable to: Securities sold, paid down or matured ) ) ) ) Balance as of end-of-period $ $ $ $ |
Schedule of Details Of The Amount Of Credit Losses Of OTTI Recognized In Net Income (Loss) | As of September 30, 2015 Net Unrealized OTTI in Amortized Gain/(Loss) Fair Credit Cost Position Value Losses Corporate bonds $ $ ) $ $ ABS RMBS CMBS CLOs Total $ $ $ $ As of December 31, 2014 Net Unrealized OTTI in Amortized Gain/(Loss) Fair Credit Cost Position Value Losses Corporate bonds $ $ ) $ $ ABS RMBS CMBS ) CLOs Total $ $ $ $ |
Composition Of Current And Past Due Mortgage Loans On Real Estate | As of As of September 30, December 31, 2015 2014 Current $ $ 60 to 90 days past due - - Greater than 90 days past due - Valuation allowance associated with impaired mortgage loans on real estate ) ) Unamortized premium (discount) Total carrying value $ $ |
Schedule Of Impaired Mortgage Loans | As of As of September 30, December 31, 2015 2014 Number of impaired mortgage loans on real estate Principal balance of impaired mortgage loans on real estate $ $ Valuation allowance associated with impaired mortgage loans on real estate ) ) Carrying value of impaired mortgage loans on real estate $ $ |
Schedule of changes in the valuation allowance associated with impaired mortgage loans on real estate | As of As of September 30, December 31, 2015 2014 Balance as of beginning-of-year $ $ Additions - - Charge-offs, net of recoveries ) - Balance as of end-of-period $ $ |
Schedule Of Average Carrying Value Of Impaired Mortgage Loans | For the Three For the Nine Months Ended Months Ended September 30, September 30, 2015 2014 2015 2014 Average carrying value for impaired mortgage loans on real estate $ $ $ $ Interest income recognized on impaired mortgage loans on real estate - - Interest income collected on impaired mortgage loans on real estate - - |
Credit Quality Indicators For Mortgage Loans | As of September 30, 2015 As of December 31, 2014 Debt- Debt- Service Service Carrying % of Coverage Carrying % of Coverage Value Total Ratio Value Total Ratio Less than 65% $ 2.05 $ 1.90 65% to 74% 1.61 1.55 75% to 100% 0.83 0.77 Greater than 100% 1.03 0.77 Total mortgage loans on real estate $ $ |
Realized Gain (Loss) Related To Certain Investments | For the Three For the Nine Months Ended Months Ended September 30, September 30, 2015 2014 2015 2014 Fixed maturity AFS securities: (1) Gross gains $ $ $ $ Gross losses ) ) ) ) Equity AFS securities: Gross gains Gross losses - - - - Gain (loss) on other investments - - ) Associated amortization of DAC, VOBA, DSI and DFEL and changes in other contract holder funds ) ) ) ) Total realized gain (loss) related to certain investments, pre-tax $ ) $ ) $ ) $ ) (1) These amounts are represented net of related fair value hedging activity. See Note 5 for more information. |
OTTI Recognized In Net Income (Loss) And OCI | For the Three For the Nine Months Ended Months Ended September 30, September 30, 2015 2014 2015 2014 OTTI Recognized in Net Income (Loss) Fixed maturity securities: Corporate bonds $ ) $ - $ ) $ - ABS ) ) ) ) RMBS ) ) ) ) CMBS - - - ) CRE CDOs - ) - ) Gross OTTI recognized in net income (loss) ) ) ) ) Associated amortization of DAC, VOBA, DSI and DFEL Net OTTI recognized in net income (loss), pre-tax $ ) $ ) ) ) Portion of OTTI Recognized in OCI Gross OTTI recognized in OCI $ $ $ $ Change in DAC, VOBA, DSI and DFEL - - ) ) Net portion of OTTI recognized in OCI, pre-tax $ $ $ $ |
Payables For Collateral On Investments | As of September 30, 2015 As of December 31, 2014 Carrying Fair Carrying Fair Value Value Value Value Collateral payable for derivative investments (1) $ $ $ $ Securities pledged under securities lending agreements (2) Securities pledged under repurchase agreements (3) Investments pledged for Federal Home Loan Bank of Indianapolis (“FHLBI”) (4) Total payables for collateral on investments $ $ $ $ (1) We obtain collateral based upon contractual provisions with our counterparties. These agreements take into consideration the counterparties’ credit rating as compared to ours, the fair value of the derivative investments and specified thresholds that if exceeded result in the receipt of cash that is typically invested in cash and invested cash. See Note 5 for additional information. (2) Our pledged securities under securities lending agreements are included in fixed maturity AFS securities on our Consolidated Balance Sheets. We generally obtain collateral in an amount equal to 102 % and 105 % of the fair value of the domestic and foreign securities, respectively. We value collateral daily and obtain additional collateral when deemed appropriate. The cash received in our securities lending program is typically invested in cash and invested cash or fixed maturity AFS securities. (3) Our pledged securities under repurchase agreements are included in fixed maturity AFS securities on our Consolidated Balance Sheets. We obtain collateral in an amount equal to 95 % of the fair value of the securities, and our agreements with third parties contain contractual provisions to allow for additional collateral to be obtained when necessary. The cash received in our repurchase program is typically invested in fixed maturity AFS securities. (4) Our pledged investments for FHLBI are included in fixed maturity AFS securities and mortgage loans on real estate on our Consolidated Balance Sheets. The FHLBI overcollateralization requirements for the assets that we pledge are generally 105 % to 115 % of the fair value for fixed maturity AFS securities and 155 % to 175 % of the unpaid principal balance for mortgage loans on real estate. The cash received in these transactions is primarily invested in cash and invested cash or fixed maturity AFS securities. |
Schedule Of Increase (Decrease) In Payables For Collateral On Investments | For the Nine Months Ended September 30, 2015 2014 Collateral payable for derivative investments $ $ Securities pledged under securities lending agreements Securities pledged under repurchase agreements ) Securities pledged for TALF - ) Investments pledged for FHLBI Total increase (decrease) in payables for collateral on investments $ $ |
Schedule Of Securities Pledged By Contractual Maturity | As of September 30, 2015 Overnight and Continuous Up to 30 Days 30 – 90 Days Greater Than 90 Days Total Repurchase Agreements ABS $ - $ - $ $ - $ Corporate bonds - - Total - - Securities Lending Corporate bonds - - - Foreign government bonds - - - Total - - - Total secured borrowings $ $ - $ $ $ Gross amount of recognized liabilities for repurchase agreements and securities lending: $ Amounts related to agreements not included in offsetting disclosures: $ - |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments [Abstract] | |
Outstanding Derivative Instruments With Off-Balance-Sheet Risks | As of September 30, 2015 As of December 31, 2014 Notional Fair Value Notional Fair Value Amounts Asset Liability Amounts Asset Liability Qualifying Hedges Cash flow hedges: Interest rate contracts (1) $ $ $ $ $ $ Foreign currency contracts (1) Total cash flow hedges Fair value hedges: Interest rate contracts (1) - Non-Qualifying Hedges Interest rate contracts (1) Foreign currency contracts (1) - - - - Equity market contracts (1) Credit contracts (2) - - Embedded derivatives: Guaranteed living benefit reserves (2) - - - - Reinsurance related (3) - - - - Indexed annuity and IUL contracts (4) - - - - Total derivative instruments $ $ $ $ $ $ (1) Reported in derivative investments and other liabilities on our Consolidated Balance Sheets. (2) Reported in other liabilities on our Consolidated Balance Sheets. (3) Reported in reinsurance related embedded derivatives on our Consolidated Balance Sheets. (4) Reported in future contract benefits on our Consolidated Balance Sheets. |
Maturity Of The Notional Amounts Of Derivative Financial Instruments | Remaining Life as of September 30, 2015 Less Than 1 – 5 6 – 10 11 – 30 Over 30 1 Year Years Years Years Years Total Interest rate contracts (1) $ $ $ $ $ $ Foreign currency contracts (2) - Equity market contracts Credit contracts - - - - Total derivative instruments with notional amounts $ $ $ $ $ $ (1) As of September 30, 2015 , the latest maturity date for which we were hedging our exposure to the variability in future cash flows for these instruments was April 2067 . (2) As of September 30, 2015 , the latest maturity date for which we were hedging our exposure to the variability in future cash flows for these instruments was December 2029 . |
Change In Our Unrealized Gain On Derivative Instruments In Accumulated OCI | For the Nine Months Ended September 30, 2015 2014 Unrealized Gain (Loss) on Derivative Instruments Balance as of beginning-of-year $ $ Other comprehensive income (loss): Unrealized holding gains (losses) arising during the period: Cash flow hedges: Interest rate contracts ) ) Foreign currency contracts Change in foreign currency exchange rate adjustment Change in DAC, VOBA, DSI and DFEL Income tax benefit (expense) Less: Reclassification adjustment for gains (losses) included in net income (loss): Cash flow hedges: Interest rate contracts (1) ) ) Interest rate contracts (2) Foreign currency contracts (1) Associated amortization of DAC, VOBA, DSI and DFEL Income tax benefit (expense) Balance as of end-of-period $ $ (1) The OCI offset is reported within net investment income on our Consolidated Statements of Comprehensive Income (Loss). (2) The OCI offset is reported within interest and debt expense on our Consolidated Statements of Comprehensive Income (Loss). |
Gains (Losses) On Derivative Instruments Recorded Within Income (Loss) From Continuing Operations | For the Three For the Nine Months Ended Months Ended September 30, September 30, 2015 2014 2015 2014 Qualifying Hedges Cash flow hedges: Interest rate contracts (1) $ $ ) $ $ ) Interest rate contracts (2) - - - Foreign currency contracts (1) Total cash flow hedges ) ) Fair value hedges: Interest rate contracts (1) ) - ) - Interest rate contracts (2) Interest rate contracts (3) ) - ) - Total fair value hedges ) ) Non-Qualifying Hedges Interest rate contracts (3) Foreign currency contracts (3) ) ) Equity market contracts (3) ) Equity market contracts (4) ) ) ) Credit contracts (3) ) - ) - Embedded derivatives: Guaranteed living benefit reserves (3) ) ) ) ) Reinsurance related (3) ) Indexed annuity and IUL contracts (3) ) Total derivative instruments $ ) $ ) $ ) $ ) (1) Reported in net investment income on our Consolidated Statements of Comprehensive Income (Loss). (2) Reported in interest and debt expense on our Consolidated Statements of Comprehensive Income (Loss). (3) Reported in realized gain (loss) on our Consolidated Statements of Comprehensive Income (Loss). (4) Reported in commissions and other expenses on our Consolidated Statements of Comprehensive Income (Loss). |
Gains (Losses) On Derivative Instruments Designated As Cash Flow Hedges | For the Three For the Nine Months Ended Months Ended September 30, September 30, 2015 2014 2015 2014 Offset to net investment income $ $ ) $ $ ) Offset to interest and debt expense - |
Open Credit Default Swap Liabilities | As of September 30, 2015 Credit Reason Nature Rating of Number Maximum for of Underlying of Fair Potential Maturity Entering Recourse Obligation (1) Instruments Value (2) Payout 12/20/2016 (3) (4) (5) BBB- $ ) $ 3/20/2017 (3) (4) (5) BBB- ) $ ) $ As of December 31, 2014 Credit Reason Nature Rating of Number Maximum for of Underlying of Fair Potential Maturity Entering Recourse Obligation (1) Instruments Value (2) Payout 12/20/2016 (3) (4) (5) BBB- $ ) $ 3/20/2017 (3) (4) (5) BBB- ) $ ) $ (1) Represents average credit ratings based on the midpoint of the applicable ratings among Moody’s, S&P and Fitch Ratings, as scaled to the corresponding S&P ratings. (2) Broker quotes are used to determine the market value of these credit default swaps. (3) These credit default swaps were sold to a counterparty of the consolidated VIEs discussed in Note 4 in our 2014 Form 10-K. (4) Credit default swaps were entered into in order to generate income by providing default protection in return for a quarterly payment. (5) Sellers do not have the right to demand indemnification or compensation from third parties in case of a loss (payment) on the contract. |
Collateral Support Agreements | As of As of September 30, December 31, 2015 2014 Maximum potential payout $ $ Less: Counterparty thresholds - - Maximum collateral potentially required to post $ $ |
Schedule Of Collateral Amounts With Rights To Reclaim Or Obligation To Return Cash | As of September 30, 2015 As of December 31, 2014 Collateral Collateral Collateral Collateral Posted by Posted by Posted by Posted by S&P Counter- LNC Counter- LNC Credit Party (Held by Party (Held by Rating of (Held by Counter- (Held by Counter- Counterparty LNC) Party) LNC) Party) AA- $ $ - $ $ - A+ ) - A ) ) A- ) - BBB+ - - $ $ ) $ $ ) |
Schedule Of Offsetting Assets And Liabilities | As of September 30, 2015 Embedded Derivative Derivative Instruments Instruments Total Financial Assets Gross amount of recognized assets $ $ - $ Gross amounts offset ) - ) Net amount of assets - Gross amounts not offset: Cash collateral ) - ) Net amount $ ) $ - $ ) Financial Liabilities Gross amount of recognized liabilities $ $ $ Gross amounts offset ) - ) Net amount of liabilities Gross amounts not offset: Cash collateral ) - ) Net amount $ ) $ $ As of December 31, 2014 Embedded Derivative Derivative Instruments Instruments Total Financial Assets Gross amount of recognized assets $ $ - $ Gross amounts offset ) - ) Net amount of assets - Gross amounts not offset: Cash collateral ) - ) Net amount $ $ - $ Financial Liabilities Gross amount of recognized liabilities $ $ $ Gross amounts offset ) - ) Net amount of liabilities Gross amounts not offset: Cash collateral ) - ) Net amount $ ) $ $ |
Guaranteed Benefit Features (Ta
Guaranteed Benefit Features (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Guaranteed Benefit Features [Abstract] | |
Information On Guaranteed Death Benefit Features | As of As of September 30, December 31, 2015 (1) 2014 (1) Return of Net Deposits Total account value $ $ Net amount at risk (2) Average attained age of contract holders 62 years 62 years Minimum Return Total account value $ $ Net amount at risk (2) Average attained age of contract holders 74 years 74 years Guaranteed minimum return Anniversary Contract Value Total account value $ $ Net amount at risk (2) Average attained age of contract holders 69 years 68 years (1) Our variable contracts with guarantees may offer more than one type of guarantee in each contract; therefore, the amounts listed are not mutually exclusive. (2) Represents the amount of death benefit in excess of the account balance that is subject to market fluctuations. |
Summary Of Guaranteed Death Benefit Liabilities | For the Nine Months Ended September 30, 2015 2014 Balance as of beginning-of-year $ $ Changes in reserves Benefits paid ) ) Balance as of end-of-period $ $ |
Account Balances Of Variable Annuity Contracts With Guarantees Invested In Separate Accounts | As of As of September 30, December 31, 2015 2014 Asset Type Domestic equity $ $ International equity Bonds Money market Total $ $ Percent of total variable annuity separate account values |
Shares and Stockholders' Equi25
Shares and Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Shares and Stockholders' Equity [Abstract] | |
Changes In Common stock (Number Of Shares) | For the Three For the Nine Months Ended Months Ended September 30, September 30, 2015 2014 2015 2014 Common Stock Balance as of beginning-of-period Stock issued for exercise of warrants Stock compensation/issued for benefit plans Retirement/cancellation of shares ) ) ) ) Balance as of end-of-period Common Stock as of End-of-Period Basic basis Diluted basis |
Reconciliation Of The Denominator Calculations Of Basic And Diluted EPS | For the Three For the Nine Months Ended Months Ended September 30, September 30, 2015 2014 2015 2014 Weighted-average shares, as used in basic calculation Shares to cover exercise of outstanding warrants Shares to cover non-vested stock Average stock options outstanding during the period Assumed acquisition of shares with assumed proceeds from exercising outstanding warrants ) ) ) ) Assumed acquisition of shares with assumed proceeds and benefits from exercising stock options (at average market price for the period) ) ) ) ) Shares repurchaseable from measured but unrecognized stock option expense ) ) ) ) Average deferred compensation shares Weighted-average shares, as used in diluted calculation |
Components And Changes In Accumulated OCI | For the Nine Months Ended September 30, 2015 2014 Unrealized Gain (Loss) on AFS Securities Balance as of beginning-of-year $ $ Unrealized holding gains (losses) arising during the period ) Change in foreign currency exchange rate adjustment ) ) Change in DAC, VOBA, DSI, future contract benefits and other contract holder funds ) Income tax benefit (expense) ) Less: Reclassification adjustment for gains (losses) included in net income (loss) Associated amortization of DAC, VOBA, DSI and DFEL ) ) Income tax benefit (expense) ) Balance as of end-of-period $ $ Unrealized OTTI on AFS Securities Balance as of beginning-of-year $ $ (Increases) attributable to: Gross OTTI recognized in OCI during the period ) ) Change in DAC, VOBA, DSI and DFEL Income tax benefit (expense) Decreases attributable to: Sales, maturities or other settlements of AFS securities Change in DAC, VOBA, DSI and DFEL ) ) Income tax benefit (expense) ) ) Balance as of end-of-period $ $ Unrealized Gain (Loss) on Derivative Instruments Balance as of beginning-of-year $ $ Unrealized holding gains (losses) arising during the period ) ) Change in foreign currency exchange rate adjustment Change in DAC, VOBA, DSI and DFEL Income tax benefit (expense) Less: Reclassification adjustment for gains (losses) included in net income (loss) ) ) Associated amortization of DAC, VOBA, DSI and DFEL Income tax benefit (expense) Balance as of end-of-period $ $ Foreign Currency Translation Adjustment Balance as of beginning-of-year $ ) $ ) Foreign currency translation adjustment arising during the period ) Balance as of end-of-period $ ) $ ) Funded Status of Employee Benefit Plans Balance as of beginning-of-year $ ) $ ) Adjustment arising during the period Income tax benefit (expense) ) - Balance as of end-of-period $ ) $ ) |
Schedule of Reclassifications Out Of AOCI | For the Nine Months Ended September 30, 2015 2014 Unrealized Gain (Loss) on AFS Securities Gross reclassification $ $ Total realized gain (loss) Associated amortization of DAC, VOBA, DSI and DFEL ) ) Total realized gain (loss) Reclassification before income tax benefit (expense) ) Income (loss) from continuing operations before taxes Income tax benefit (expense) ) Federal income tax expense (benefit) Reclassification, net of income tax $ $ ) Net income (loss) Unrealized OTTI on AFS Securities Gross reclassification $ $ Total realized gain (loss) Change in DAC, VOBA, DSI and DFEL ) ) Total realized gain (loss) Reclassification before income tax benefit (expense) Income (loss) from continuing operations before taxes Income tax benefit (expense) ) ) Federal income tax expense (benefit) Reclassification, net of income tax $ $ Net income (loss) Unrealized Gain (Loss) on Derivative Instruments Gross reclassifications: Interest rate contracts $ ) $ ) Net investment income Interest rate contracts Interest and debt expense Foreign currency contracts Net investment income Total gross reclassifications ) ) Associated amortization of DAC, VOBA, DSI and DFEL Commissions and other expenses Reclassifications before income tax benefit (expense) ) ) Income (loss) from continuing operations before taxes Income tax benefit (expense) Federal income tax expense (benefit) Reclassification, net of income tax $ ) $ ) Net income (loss) |
Realized Gain (Loss) (Tables)
Realized Gain (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Realized (Gain) Loss [Abstract] | |
Details underlying realized (gain) loss | For the Three For the Nine Months Ended Months Ended September 30, September 30, 2015 2014 2015 2014 Total realized gain (loss) related to certain investments (1) $ ) $ ) $ ) $ ) Realized gain (loss) on the mark-to-market on certain instruments (2) ) ) ) ) Indexed annuity and IUL contracts net derivatives results: (3) Gross gain (loss) ) ) ) Associated amortization of DAC, VOBA, DSI and DFEL ) Variable annuity net derivatives results: (4) Gross gain (loss) Associated amortization of DAC, VOBA, DSI and DFEL ) ) ) ) Realized gain (loss) on sale of subsidiaries/businesses (5) - - ) - Total realized gain (loss) $ $ $ ) $ (1) See “Realized Gain (Loss) Related to Certain Investments” section in Note 4 . (2) Represents changes in the fair values of certain derivative investments (not including those associated with our variable and indexed annuity and IUL contracts net derivatives results), reinsurance related embedded derivatives and trading securities. (3) Represents the net difference between the change in the fair value of the S& P 500 Index ® call options that we hold and the change in the fair value of the embedded derivative liabilities of our indexed annuity and IUL contracts along with changes in the fair value of embedded derivative liabilities related to index call options we may purchase in the future to hedge contract holder index allocations applicable to future reset periods for our indexed annuity products. (4) Includes the net difference in the change in embedded derivative reserves of our guaranteed living benefits (“GLB”) riders and the change in the fair value of the derivative investments we own to hedge the change in embedded derivative reserves on our GLB riders and the benefit ratio unlocking on our GDB riders, including the cost of purchasing the hedging instruments. (5) See Note 3 in our 2014 Form 10-K for more information. |
Stock-Based Incentive Compens27
Stock-Based Incentive Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Stock-Based Incentive Compensation Plans [Abstract] | |
Stock Based Awards Granted Table | For the For the Three Nine Months Months Ended Ended September 30, September 30, 2015 2015 10-year LNC stock options - Performance shares - RSUs Non-employee: SARs - Agent stock options Director DSUs |
Fair Value of Financial Instr28
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Of Financial Instruments [Abstract] | |
Carrying And Estimated Fair Values Of Financial Instruments | As of September 30, 2015 As of December 31, 2014 Carrying Fair Carrying Fair Value Value Value Value Assets AFS securities: Fixed maturity securities $ $ $ $ VIEs’ fixed maturity securities Equity securities Trading securities Mortgage loans on real estate Derivative investments (1) Other investments Cash and invested cash Other assets – reinsurance recoverable Separate account assets Liabilities Future contract benefits – indexed annuity and IUL contracts embedded derivatives ) ) ) ) Other contract holder funds: Remaining guaranteed interest and similar contracts ) ) ) ) Account values of certain investment contracts ) ) ) ) Short-term debt - - ) ) Long-term debt ) ) ) ) Reinsurance related embedded derivatives ) ) ) ) VIEs’ liabilities – derivative instruments ) ) ) ) Other liabilities: Credit default swaps ) ) ) ) Derivative liabilities (1) ) ) ) ) GLB reserves embedded derivatives (2) ) ) ) ) (1) We have master netting agreements with each of our derivative counterparties, which allow for the netting of our derivative asset and liability positions by counterparty. (2) Portions of our GLB reserves embedded derivatives are ceded to third-party reinsurance counterparties. Refer to Note 5 for additional detail. |
Fair Value Of Assets And Liabilities On A Recurring Basis | As of September 30, 2015 Quoted Prices in Active Markets for Significant Significant Identical Observable Unobservable Total Assets Inputs Inputs Fair (Level 1) (Level 2) (Level 3) Value Assets Investments: Fixed maturity AFS securities: Corporate bonds $ $ $ $ ABS - U.S. government bonds - Foreign government bonds - RMBS - CMBS - CLOs - State and municipal bonds - - Hybrid and redeemable preferred securities VIEs’ fixed maturity securities - - Equity AFS securities Trading securities Other investments - - Derivative investments (1) - Cash and invested cash - - Other assets – reinsurance recoverable - - Separate account assets - Total assets $ $ $ $ Liabilities Future contract benefits – indexed annuity and IUL contracts embedded derivatives $ - $ - $ ) $ ) Long-term debt - ) - ) Reinsurance related embedded derivatives - ) - ) VIEs’ liabilities – derivative instruments - - ) ) Other liabilities: Credit default swaps - - ) ) Derivative liabilities (1) - ) ) ) GLB reserves embedded derivatives - - ) ) Total liabilities $ - $ ) $ ) $ ) As of December 31, 2014 Quoted Prices in Active Markets for Significant Significant Identical Observable Unobservable Total Assets Inputs Inputs Fair (Level 1) (Level 2) (Level 3) Value Assets Investments: Fixed maturity AFS securities: Corporate bonds $ $ $ $ ABS - U.S. government bonds - Foreign government bonds - RMBS - CMBS - CLOs - State and municipal bonds - - Hybrid and redeemable preferred securities VIEs’ fixed maturity securities - - Equity AFS securities Trading securities - Other investments - - Derivative investments (1) - Cash and invested cash - - Other assets – reinsurance recoverable - - Separate account assets - Total assets $ $ $ $ Liabilities Future contract benefits – indexed annuity and IUL contracts embedded derivatives $ - $ - $ ) $ ) Long-term debt - ) - ) Reinsurance related embedded derivatives - ) - ) VIEs’ liabilities – derivative instruments - - ) ) Other liabilities: Credit default swaps - - ) ) Derivative liabilities (1) - ) ) ) GLB reserves embedded derivatives - - ) ) Total liabilities $ - $ ) $ ) $ ) (1) Derivative investment assets and liabilities presented within the fair value hierarchy are presented on a gross basis by derivative type and not on a master netting basis by counterparty. |
Fair Value Measured On A Recurring Basis Reconciliation | For the Three Months Ended September 30, 2015 Gains Issuances, Transfers Items (Losses) Sales, Into or Included in Maturities, Out Beginning in OCI Settlements, of Ending Fair Net and Calls, Level 3, Fair Value Income Other (1) Net Net (2) Value Investments: (4) Fixed maturity AFS securities: Corporate bonds $ $ $ ) $ $ ) $ ABS - - - Foreign government bonds - ) - RMBS - - - - CMBS ) - CLOs - - Hybrid and redeemable preferred securities - ) - - Equity AFS securities - - Trading securities - Derivative investments ) - Other assets: (5) GLB reserves embedded derivatives ) - - - - Reinsurance recoverable - - - Future contract benefits – indexed annuity and IUL contracts embedded derivatives (5) ) - - ) VIEs’ liabilities – derivative instruments (6) ) - - - ) Other liabilities: Credit default swaps (7) ) ) - - - ) GLB reserves embedded derivatives (5) ) ) - - - ) Total, net $ $ ) $ $ $ ) $ For the Three Months Ended September 30, 2014 Gains Issuances, Transfers Items (Losses) Sales Into or Included in Maturities, Out Beginning in OCI Settlements, of Ending Fair Net and Calls, Level 3, Fair Value Income Other (1) Net Net (2) Value Investments: (4) Fixed maturity AFS securities: Corporate bonds $ $ $ ) $ $ ) $ ABS - - Foreign government bonds - - - - RMBS - - - - CMBS - ) - CLOs ) - Hybrid and redeemable preferred securities - - - - Equity AFS securities - - - - Trading securities ) ) Derivative investments ) - Other assets: (5) GLB reserves embedded derivatives ) - - - Reinsurance recoverable - - - Future contract benefits – indexed annuity and IUL contracts embedded derivatives (5) ) - - ) VIEs’ liabilities – derivative instruments (6) ) ) - - - ) Other liabilities: Credit default swaps (7) ) - - - - ) GLB reserves embedded derivatives (5) ) ) - - - ) Total, net $ $ ) $ $ $ ) $ For the Nine Months Ended September 30, 2015 Purchases, Gains Issuances, Transfers Items (Losses) Sales, Into or Included in Maturities, Out Beginning in OCI Settlements, of Ending Fair Net and Calls, Level 3, Fair Value Income Other (1) Net Net (2) Value Investments: (4) Fixed maturity AFS securities: Corporate bonds $ $ $ ) $ $ $ ABS - - - Foreign government bonds - - RMBS - - - - CMBS ) - CLOs - ) Hybrid and redeemable preferred securities ) ) - Equity AFS securities - ) Trading securities ) - Derivative investments ) ) - Other assets – reinsurance recoverable (5) - - - Future contract benefits – indexed annuity and universal life contracts embedded derivatives (5) ) - - ) VIEs’ liabilities – derivative instruments (6) ) - - - ) Other liabilities: Credit default swaps (7) ) ) - - - ) GLB reserves embedded derivatives (5) ) ) - - - ) Total, net $ $ ) $ ) $ $ $ For the Nine Months Ended September 30, 2014 Purchases, Gains Issuances, Transfers Items (Losses) Sales, Into or Included in Maturities, Out Beginning in OCI Settlements, of Ending Fair Net and Calls, Level 3, Fair Value Income Other (1) Net Net (2)(3) Value Investments: (4) Fixed maturity AFS securities: Corporate bonds $ $ $ $ $ ) $ ABS - - Foreign government bonds - - RMBS - - - - CMBS - ) CLOs ) State and municipal bonds - - ) - Hybrid and redeemable preferred securities - ) ) Equity AFS securities ) ) - Trading securities ) Derivative investments ) ) Other assets: (5) GLB reserves embedded derivatives - ) - - Reinsurance recoverable - - - Future contract benefits: (5) Indexed annuity and IUL contracts embedded derivatives ) ) - - ) GLB reserves embedded derivatives - - - ) - VIEs’ liabilities – derivative instruments (6) ) - - - ) Other liabilities: Credit default swaps (7) ) - - - ) GLB reserves embedded derivatives (5) ) ) - - - ) Total, net $ $ ) $ $ $ ) $ (1) The changes in fair value of the interest rate swaps are offset by an adjustment to derivative investments (see Note 5). (2) Transfers into or out of Level 3 for AFS and trading securities are displayed at amortized cost as of the beginning-of-period. For AFS and trading securities, the difference between beginning-of-period amortized cost and beginning-of-period fair value was included in OCI and earnings, respectively, in prior period s . (3) Transfers into or out of Level 3 for GLB reserves embedded derivatives between future contract benefits, other assets and other liabilities on our Consolidated Balance Sheets. (4) Amortization and accretion of premiums and discounts are included in net investment income on our Consolidated Statements of Comprehensive Income (Loss). Gains (losses) from sales, maturities, settlements and calls and OTTI are included in realized gain (loss) on our Consolidated Statements of Comprehensive Income (Loss). (5) Gains (losses) from sales, maturities, settlements and calls are included in realized gain (loss) on our Consolidated Statements of Comprehensive Income (Loss). (6) Gains (losses) from sales, maturities, settlements and calls are included in net investment income on our Consolidated Statements of Comprehensive Income (Loss). (7) The changes in fair value of the credit default swaps and contingency forwards are included in realized gain (loss) on our Consolidated Statements of Comprehensive Income (Loss). |
Schedule Of Investment Holdings Movements | For the Three Months Ended September 30, 2015 Issuances Sales Maturities Settlements Calls Total Investments: Fixed maturity AFS securities: Corporate bonds $ $ ) $ - $ ) $ - $ ABS - - - - CMBS - - - ) - ) CLOs - - ) - Equity AFS securities ) - - - Derivative investments ) ) - - ) Future contract benefits – indexed annuity and IUL contracts embedded derivatives ) - - - Total, net $ $ ) $ ) $ $ - $ For the Three Months Ended September 30, 2014 Issuances Sales Maturities Settlements Calls Total Investments: Fixed maturity AFS securities: Corporate bonds $ $ ) $ ) $ ) $ ) $ CMBS - - - ) - ) CLOs - - ) - Trading securities - - - - Derivative investments ) ) - - ) Future contract benefits – indexed annuity and IUL contracts embedded derivatives ) - - - Total, net $ $ ) $ ) $ $ ) $ For the Nine Months Ended September 30, 2015 Issuances Sales Maturities Settlements Calls Total Investments: Fixed maturity AFS securities: Corporate bonds $ $ ) $ ) $ ) $ ) $ ABS - - - - CMBS - - - ) ) ) CLOs - - ) - Equity AFS securities ) - - - Derivative investments ) ) - - ) Future contract benefits – indexed annuity and IUL contracts embedded derivatives ) - - - Total, net $ $ ) $ ) $ $ ) $ For the Nine Months Ended September 30, 2014 Issuances Sales Maturities Settlements Calls Total Investments: Fixed maturity AFS securities: Corporate bonds $ $ ) $ ) $ ) $ ) $ CMBS - - - ) - ) CLOs - - ) - Hybrid and redeemable preferred securities - ) - - - ) Equity AFS securities - ) - - - ) Trading securities - - ) - Derivative investments ) ) - - ) Future contract benefits – indexed annuity and IUL contracts embedded derivatives ) - - - Total, net $ $ ) $ ) $ $ ) $ |
Changes In Unrealized Gains (Losses) Within Level 3 Financial Instruments Carried At Fair Value And Still Held | For the Three For the Nine Months Ended Months Ended September 30, September 30, 2015 2014 2015 2014 Derivative investments (1) $ $ $ $ Embedded derivatives: (1) Indexed annuity and IUL contracts ) ) ) GLB reserves ) ) ) ) VIEs’ liabilities – derivative instruments (2) ) Credit default swaps (1) ) - ) Total, net $ ) $ $ ) $ ) (1) Included in realized gain (loss) on our Consolidated Statements of Comprehensive Income (Loss). (2) Included in net investment income on our Consolidated Statements of Comprehensive Income (Loss). |
Components Of The Transfers In And Out Of Level 3 | For the Three For the Three Months Ended Months Ended September 30, 2015 September 30, 2014 Transfers Transfers Transfers Transfers Into Out of Into Out of Level 3 Level 3 Total Level 3 Level 3 Total Investments: Fixed maturity AFS securities: Corporate bonds $ - $ ) $ ) $ $ ) $ ) ABS - - - - Foreign government bonds - - - - Trading securities ) - ) ) Total, net $ $ ) $ ) $ $ ) $ ) For the Nine For the Nine Months Ended Months Ended September 30, 2015 September 30, 2014 Transfers Transfers Transfers Transfers Into Out of Into Out of Level 3 Level 3 Total Level 3 Level 3 Total Investments: Fixed maturity AFS securities: Corporate bonds $ $ ) $ $ $ ) $ ) ABS - - - ) Foreign government bonds - - CMBS - - - - CLOs ) ) ) State and municipal bonds - - - - ) ) Hybrid and redeemable preferred securities ) ) ) Equity AFS securities - ) ) - - - Trading securities ) ) ) Derivative investments - - - - ) ) Other assets – GLB reserves embedded derivatives - - - - Future contract benefits – GLB reserves embedded derivatives - - - - ) ) Total, net $ $ ) $ $ $ ) $ ) |
Fair Value Inputs Quantitative Information | Fair Valuation Significant Assumption or Value Technique Unobservable Inputs Input Ranges Assets Investments: Fixed maturity AFS and trading securities: Corporate bonds $ Discounted cash flow Liquidity/duration adjustment (1) % - % ABS Discounted cash flow Liquidity/duration adjustment (1) % - % Foreign government bonds Discounted cash flow Liquidity/duration adjustment (1) % - % Hybrid and redeemable preferred securities Discounted cash flow Liquidity/duration adjustment (1) % - % Equity AFS and trading securities Discounted cash flow Liquidity/duration adjustment (1) % - % Other assets – reinsurance recoverable Discounted cash flow Long-term lapse rate (2) % - % Utilization of guaranteed withdrawals (3) % - % Claims utilization factor (4) % - % Premiums utilization factor (4) % - % NPR (5) % - % Mortality rate (6) (8) Volatility (7) % - % Liabilities Future contract benefits – indexed annuity and IUL contracts embedded derivatives ) Discounted cash flow Lapse rate (2) % - % Mortality rate (6) (8) Other liabilities – GLB reserves embedded derivatives ) Discounted cash flow Long-term lapse rate (2) % - % Utilization of guaranteed withdrawals (3) % - % Claims utilization factor (4) % - % Premiums utilization factor (4) % - % NPR (5) % - % Mortality rate (6) (8) Volatility (7) % - % (1) The liquidity /duration adjustment input represents an estimated market participant composite of adjustments attributable to liquidity premiums, expected durations, structures and credit quality that would be applied to the market observable information of an investment. (2) The lapse rate input represents the estimated probability of a contract surrendering during a year, and thereby forgoing any future benefits. The range for indexed annuity and IUL contracts represents the lapse rates during the surrender charge period. (3 ) The utilization of guaranteed withdrawals input represents the estimated percentage of contract holders that utilize the guaranteed withdrawal feature. (4 ) The utilization factors are applied to the present value of claims or premiums, as appropriate, in the GLB reserve calculation to estimate the impact of inefficient withdrawal behavior, including taking less than or more than the maximum guaranteed withdrawal. (5 ) The NPR input represents the estimated additional credit spread that market participants would apply to the market observable discount rate when pricing a contract. (6 ) The mortality rate input represents the estimated probability of when an individual belonging to a particular group, categorized according to age or some other factor such as gender, will die. (7 ) The volatility input represents overall volatilities assumed for the underlying variable annuity funds, which include a mixture of equity and fixed-income assets. Fair value of the variable annuity GLB embedded derivatives would increase if higher volatilities were used for valuation. (8 ) The mortality rate is based on a combination of company and industry experience, adjusted for improvement factors. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Information [Abstract] | |
Reconciliation Of Revenue From Segments To Consolidated | For the Three For the Nine Months Ended Months Ended September 30, September 30, 2015 2014 2015 2014 Revenues Operating revenues: Annuities $ $ $ $ Retirement Plan Services Life Insurance Group Protection Other Operations Excluded realized gain (loss), pre-tax ) ) ) Amortization of deferred gain arising from reserve changes on business sold through reinsurance, pre-tax Amortization of DFEL associated with benefit ratio unlocking, pre-tax ) - ) - Total revenues $ $ $ $ |
Reconciliation Of Income (Loss) From Operations By Segment To Consolidated Net Income (Loss) | For the Three For the Nine Months Ended Months Ended September 30, September 30, 2015 2014 2015 2014 Net Income (Loss) Income (loss) from operations: Annuities $ $ $ $ Retirement Plan Services Life Insurance Group Protection Other Operations ) ) ) ) Excluded realized gain (loss), after-tax ) ) ) Income (loss) from reserve changes (net of related amortization) on business sold through reinsurance, after-tax - - Benefit ratio unlocking, after-tax ) ) ) Net income (loss) $ $ $ $ |
Variable Interest Entities ("30
Variable Interest Entities ("VIE's") (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Variable Interest Entities [Abstract] | ||
Maximum exposure to loss related to unconsolidated VIE's | $ 51 | $ 60 |
Variable Interest Entities ("31
Variable Interest Entities ("VIE's") (CLN Structures Summary Information ) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($)item | |
Credit Linked Note Structure December 2006 [Member] | |
Credit Linked Notes Structures Summary Information [Line Items] | |
Amount of Issuance | $ | $ 400 |
Date of Issuance | December 2,006 |
Original attachment point (subordination) | 5.50% |
Current attachment point (subordination) | 4.21% |
Maturity | Dec. 20, 2016 |
Current rating of tranche | BBB+ |
Current rating of underlying reference obligations, high end of range | AA |
Current rating of underlying reference obligations, low end of range | B |
Number of defaults in underlying reference obligations | 3 |
Number of entities | 123 |
Number of countries | 20 |
Credit Linked Note Structure April 2007 [Member] | |
Credit Linked Notes Structures Summary Information [Line Items] | |
Amount of Issuance | $ | $ 200 |
Date of Issuance | April 2,007 |
Original attachment point (subordination) | 2.05% |
Current attachment point (subordination) | 1.48% |
Maturity | Mar. 20, 2017 |
Current rating of tranche | BB |
Current rating of underlying reference obligations, high end of range | AAA |
Current rating of underlying reference obligations, low end of range | CCC |
Number of defaults in underlying reference obligations | 2 |
Number of entities | 99 |
Number of countries | 21 |
Variable Interest Entities ("32
Variable Interest Entities ("VIE's") (CLN Structures' Underlying Collateral By Industry And Rating) (Details) | Sep. 30, 2015 |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 100.00% |
AAA [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.60% |
AA [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 13.50% |
A [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 35.70% |
BBB [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 38.50% |
BB [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 10.20% |
B [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 1.20% |
CCC [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.30% |
Financial Intermediaries [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 10.50% |
Financial Intermediaries [Member] | AAA [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Financial Intermediaries [Member] | AA [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 2.10% |
Financial Intermediaries [Member] | A [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 5.40% |
Financial Intermediaries [Member] | BBB [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 3.00% |
Financial Intermediaries [Member] | BB [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Financial Intermediaries [Member] | B [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Financial Intermediaries [Member] | CCC [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Telecommunications [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 11.00% |
Telecommunications [Member] | AAA [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Telecommunications [Member] | AA [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Telecommunications [Member] | A [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 3.00% |
Telecommunications [Member] | BBB [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 6.60% |
Telecommunications [Member] | BB [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.90% |
Telecommunications [Member] | B [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.50% |
Telecommunications [Member] | CCC [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Oil And Gas [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 8.00% |
Oil And Gas [Member] | AAA [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.30% |
Oil And Gas [Member] | AA [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 2.10% |
Oil And Gas [Member] | A [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 1.30% |
Oil And Gas [Member] | BBB [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 3.40% |
Oil And Gas [Member] | BB [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.90% |
Oil And Gas [Member] | B [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Oil And Gas [Member] | CCC [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Utilities [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 4.60% |
Utilities [Member] | AAA [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Utilities [Member] | AA [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Utilities [Member] | A [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 1.60% |
Utilities [Member] | BBB [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 3.00% |
Utilities [Member] | BB [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Utilities [Member] | B [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Utilities [Member] | CCC [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Chemicals And Plastics [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 3.80% |
Chemicals And Plastics [Member] | AAA [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Chemicals And Plastics [Member] | AA [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Chemicals And Plastics [Member] | A [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 2.30% |
Chemicals And Plastics [Member] | BBB [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 1.20% |
Chemicals And Plastics [Member] | BB [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.30% |
Chemicals And Plastics [Member] | B [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Chemicals And Plastics [Member] | CCC [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Drugs [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 3.70% |
Drugs [Member] | AAA [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.30% |
Drugs [Member] | AA [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 1.60% |
Drugs [Member] | A [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 1.80% |
Drugs [Member] | BBB [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Drugs [Member] | BB [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Drugs [Member] | B [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Drugs [Member] | CCC [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Retailers (Except Food And Drug) [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 3.50% |
Retailers (Except Food And Drug) [Member] | AAA [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Retailers (Except Food And Drug) [Member] | AA [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Retailers (Except Food And Drug) [Member] | A [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 2.10% |
Retailers (Except Food And Drug) [Member] | BBB [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.90% |
Retailers (Except Food And Drug) [Member] | BB [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.50% |
Retailers (Except Food And Drug) [Member] | B [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Retailers (Except Food And Drug) [Member] | CCC [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Industrial Equipment [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 2.80% |
Industrial Equipment [Member] | AAA [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Industrial Equipment [Member] | AA [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Industrial Equipment [Member] | A [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 2.10% |
Industrial Equipment [Member] | BBB [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.70% |
Industrial Equipment [Member] | BB [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Industrial Equipment [Member] | B [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Industrial Equipment [Member] | CCC [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Sovereign [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 3.20% |
Sovereign [Member] | AAA [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Sovereign [Member] | AA [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 1.20% |
Sovereign [Member] | A [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 1.00% |
Sovereign [Member] | BBB [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.70% |
Sovereign [Member] | BB [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.30% |
Sovereign [Member] | B [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Sovereign [Member] | CCC [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Conglomerates [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 3.20% |
Conglomerates [Member] | AAA [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Conglomerates [Member] | AA [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 2.30% |
Conglomerates [Member] | A [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.90% |
Conglomerates [Member] | BBB [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Conglomerates [Member] | BB [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Conglomerates [Member] | B [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Conglomerates [Member] | CCC [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Forest Products [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 3.00% |
Forest Products [Member] | AAA [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Forest Products [Member] | AA [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Forest Products [Member] | A [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.50% |
Forest Products [Member] | BBB [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 1.10% |
Forest Products [Member] | BB [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 1.40% |
Forest Products [Member] | B [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Forest Products [Member] | CCC [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Other [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 42.70% |
Other [Member] | AAA [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.00% |
Other [Member] | AA [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 4.20% |
Other [Member] | A [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 13.70% |
Other [Member] | BBB [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 17.90% |
Other [Member] | BB [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 5.90% |
Other [Member] | B [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.70% |
Other [Member] | CCC [Member] | |
Credit Linked Notes By Industry And Ratings [Line Items] | |
Credit linked note by industry percentage | 0.30% |
Variable Interest Entities ("33
Variable Interest Entities ("VIE's") (Consolidated Variable Interest Entity Asset and Liability Information) (Details) $ in Millions | Sep. 30, 2015USD ($)item | Dec. 31, 2014USD ($)item | |
Assets [Member] | |||
Disclosure Of Variable Interest Entities Assets And Liabilities [Line Items] | |||
Number of Instruments | item | [1] | 1 | 1 |
Notional Amounts | [1] | $ 459 | $ 423 |
Carrying Value | [1] | $ 598 | $ 598 |
Assets [Member] | Total Return Swap [Member] | |||
Disclosure Of Variable Interest Entities Assets And Liabilities [Line Items] | |||
Number of Instruments | item | 1 | 1 | |
Notional Amounts | $ 459 | $ 423 | |
Carrying Value | |||
Liabilities [Member] | |||
Disclosure Of Variable Interest Entities Assets And Liabilities [Line Items] | |||
Number of Instruments | item | [2] | 4 | 4 |
Notional Amounts | [2] | $ 600 | $ 600 |
Carrying Value | [2] | $ 2 | $ 13 |
Liabilities [Member] | Credit Default Swaps [Member] | Derivative Instruments Not Designated And Not Qualifying As Hedging Instruments [Member] | |||
Disclosure Of Variable Interest Entities Assets And Liabilities [Line Items] | |||
Number of Instruments | item | 2 | 2 | |
Notional Amounts | $ 600 | $ 600 | |
Carrying Value | $ 2 | $ 13 | |
Liabilities [Member] | Contingent Forwards [Member] | Derivative Instruments Not Designated And Not Qualifying As Hedging Instruments [Member] | |||
Disclosure Of Variable Interest Entities Assets And Liabilities [Line Items] | |||
Number of Instruments | item | 2 | 2 | |
Notional Amounts | |||
Carrying Value | |||
Fixed Maturity Securities [Member] | Assets [Member] | Asset-backed credit card loan securities [Member] | |||
Disclosure Of Variable Interest Entities Assets And Liabilities [Line Items] | |||
Number of Instruments | item | |||
Notional Amounts | |||
Carrying Value | $ 598 | $ 598 | |
[1] | Reported in variable interest entities' fixed maturity securities on our Consolidated Balance Sheets. | ||
[2] | Reported in variable interest entities' liabilities on our Consolidated Balance Sheets. |
Variable Interest Entities ("34
Variable Interest Entities ("VIE's") (Consolidated Variable Interest Entity Settlement Payments and Mark-to-Market Adjustments) (Details) - Derivative Instruments Not Designated And Not Qualifying As Hedging Instruments [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Consolidated Variable Interest Entity Settlement Payments And Mark To Market Adjustments [Line Items] | |||||
Gains (losses) for consolidated variable interest entities | [1] | $ 1 | $ (7) | $ 11 | $ 10 |
Credit Default Swaps [Member] | |||||
Consolidated Variable Interest Entity Settlement Payments And Mark To Market Adjustments [Line Items] | |||||
Gains (losses) for consolidated variable interest entities | $ 1 | $ (7) | $ 11 | $ 10 | |
Contingent Forwards [Member] | |||||
Consolidated Variable Interest Entity Settlement Payments And Mark To Market Adjustments [Line Items] | |||||
Gains (losses) for consolidated variable interest entities | |||||
[1] | Reported in realized gain (loss) on our Consolidated Statements of Comprehensive Income (Loss). |
Investments (Narrative) (Detail
Investments (Narrative) (Details) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015USD ($)item | Dec. 31, 2014USD ($)item | |
Increase (decrease) in gross AFS securities unrealized losses | $ 941 | |
Number of partnerships in alternative investment portfolio | item | 183 | 156 |
Alternative investments as a percentage of overall invested assets | 1.00% | 1.00% |
Fair value of collateral received that we are permitted to sell or re-pledge | $ 151 | |
Investment commitments | 1,200 | |
Investment commitments for limited partnerships | 658 | |
Investment commitments for mortgage loans on real estate | 364 | |
Investment commitments for private placements | $ 203 | |
California [Member] | ||
Largest mortgage loan concentration in geographic region | 22.00% | 23.00% |
Texas [Member] | ||
Largest mortgage loan concentration in geographic region | 10.00% | 9.00% |
Federal Home Loan Mortgage Corporation [Member] | ||
Fair value | $ 1,900 | $ 2,200 |
Concentration risk, percentage | 2.00% | 2.00% |
Fannie Mae [Member] | ||
Fair value | $ 1,300 | $ 1,400 |
Concentration risk, percentage | 1.00% | 1.00% |
Utilities Industry [Member] | ||
Fair value | $ 12,800 | $ 12,800 |
Concentration risk, percentage | 12.00% | 13.00% |
Consumer Non-Cyclical Industry [Member] | ||
Fair value | $ 12,000 | $ 11,700 |
Concentration risk, percentage | 12.00% | 11.00% |
Corporate Bonds [Member] | ||
Percentage of fair value rated as investment grade | 96.00% | 96.00% |
Amortized cost of portfolio rated below investment grade | $ 3,500 | $ 3,300 |
Fair value of portfolio rated below investment grade | $ 3,300 | $ 3,200 |
ABS [Member] | ||
Percentage of fair value rated as investment grade | 92.00% | 88.00% |
Amortized cost of portfolio rated below investment grade | $ 182 | $ 193 |
Fair value of portfolio rated below investment grade | $ 176 | $ 176 |
MBS [Member] | ||
Projected default rate on existing delinquencies on MBS (low end of range) | 10.00% | 10.00% |
Projected default rate on existing delinquencies on MBS (high end of range) | 100.00% | 100.00% |
Severity of second lien loans | 100.00% | 100.00% |
Severity of first lien loans | 30.00% | 30.00% |
Investments (Reconciliation Of
Investments (Reconciliation Of Available-For-Sale Securities From Cost Basis To Fair Value) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | |
Amortized cost, gross unrealized gains, losses, OTTI and fair value of AFS securities | |||
Amortized cost | $ 81,726 | $ 79,412 | |
Gross unrealized gains | 6,071 | 8,164 | |
Gross unrealized losses | 1,476 | 524 | |
Gross Unrealized OTTI | [1] | (25) | (17) |
Fair value | 86,346 | 87,069 | |
Equity AFS Securities [Member] | |||
Amortized cost, gross unrealized gains, losses, OTTI and fair value of AFS securities | |||
Amortized cost | 232 | 216 | |
Gross unrealized gains | 15 | 15 | |
Gross unrealized losses | 5 | ||
Fair value | 242 | 231 | |
Fixed Maturity AFS Securities [Member] | |||
Amortized cost, gross unrealized gains, losses, OTTI and fair value of AFS securities | |||
Amortized cost | 81,494 | 79,196 | |
Gross unrealized gains | 6,056 | 8,149 | |
Gross unrealized losses | 1,471 | 524 | |
Gross Unrealized OTTI | [1] | (25) | (17) |
Fair value | 86,104 | 86,838 | |
Corporate Bonds [Member] | Fixed Maturity AFS Securities [Member] | |||
Amortized cost, gross unrealized gains, losses, OTTI and fair value of AFS securities | |||
Amortized cost | 69,836 | 67,153 | |
Gross unrealized gains | 4,836 | 6,711 | |
Gross unrealized losses | 1,374 | 443 | |
Gross Unrealized OTTI | [1] | 7 | 5 |
Fair value | 73,291 | 73,416 | |
ABS [Member] | Fixed Maturity AFS Securities [Member] | |||
Amortized cost, gross unrealized gains, losses, OTTI and fair value of AFS securities | |||
Amortized cost | 1,089 | 1,087 | |
Gross unrealized gains | 53 | 56 | |
Gross unrealized losses | 15 | 20 | |
Gross Unrealized OTTI | [1] | (14) | (7) |
Fair value | 1,141 | 1,130 | |
U.S. Government Bonds [Member] | Fixed Maturity AFS Securities [Member] | |||
Amortized cost, gross unrealized gains, losses, OTTI and fair value of AFS securities | |||
Amortized cost | 386 | 379 | |
Gross unrealized gains | 53 | 56 | |
Gross unrealized losses | 1 | ||
Fair value | 438 | 435 | |
Foreign Government Bonds [Member] | Fixed Maturity AFS Securities [Member] | |||
Amortized cost, gross unrealized gains, losses, OTTI and fair value of AFS securities | |||
Amortized cost | 466 | 473 | |
Gross unrealized gains | 67 | 68 | |
Gross unrealized losses | 1 | ||
Fair value | 532 | 541 | |
RMBS [Member] | Fixed Maturity AFS Securities [Member] | |||
Amortized cost, gross unrealized gains, losses, OTTI and fair value of AFS securities | |||
Amortized cost | 3,638 | 3,979 | |
Gross unrealized gains | 217 | 242 | |
Gross unrealized losses | 21 | 14 | |
Gross Unrealized OTTI | [1] | (15) | (19) |
Fair value | 3,849 | 4,226 | |
CMBS [Member] | Fixed Maturity AFS Securities [Member] | |||
Amortized cost, gross unrealized gains, losses, OTTI and fair value of AFS securities | |||
Amortized cost | 388 | 554 | |
Gross unrealized gains | 15 | 23 | |
Gross unrealized losses | 1 | 1 | |
Gross Unrealized OTTI | [1] | (1) | 6 |
Fair value | 403 | 570 | |
CLOs [Member] | Fixed Maturity AFS Securities [Member] | |||
Amortized cost, gross unrealized gains, losses, OTTI and fair value of AFS securities | |||
Amortized cost | 511 | 375 | |
Gross unrealized gains | 3 | ||
Gross unrealized losses | 1 | 2 | |
Gross Unrealized OTTI | [1] | (2) | (2) |
Fair value | 515 | 375 | |
State And Municipal Bonds [Member] | Fixed Maturity AFS Securities [Member] | |||
Amortized cost, gross unrealized gains, losses, OTTI and fair value of AFS securities | |||
Amortized cost | 3,778 | 3,723 | |
Gross unrealized gains | 716 | 874 | |
Gross unrealized losses | 14 | 4 | |
Fair value | 4,480 | 4,593 | |
Hybrid And Redeemable Preferred Securities [Member] | Fixed Maturity AFS Securities [Member] | |||
Amortized cost, gross unrealized gains, losses, OTTI and fair value of AFS securities | |||
Amortized cost | 807 | 886 | |
Gross unrealized gains | 93 | 108 | |
Gross unrealized losses | 43 | 40 | |
Fair value | 857 | 954 | |
VIEs' Fixed Maturity Securities [Member] | Fixed Maturity AFS Securities [Member] | |||
Amortized cost, gross unrealized gains, losses, OTTI and fair value of AFS securities | |||
Amortized cost | 595 | 587 | |
Gross unrealized gains | 3 | 11 | |
Fair value | $ 598 | $ 598 | |
[1] | Includes unrealized gains (losses) on impaired securities related to changes in the fair value of such securities subsequent to the impairment measurement date. |
Investments (Available-For-Sale
Investments (Available-For-Sale Securities By Contractual Maturities) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Available-for-sale Securities, Debt Maturities, Amortized Cost | ||
Due in one year or less | $ 2,785 | |
Due after one year through five years | 17,706 | |
Due after five years through ten years | 20,552 | |
Due after ten years | 34,230 | |
Amortized cost | 81,726 | $ 79,412 |
Available-for-sale Securities, Debt Maturities, Fair Value | ||
Due in one year or less | 2,833 | |
Due after one year through five years | 18,845 | |
Due after five years through ten years | 20,899 | |
Due after ten years | 37,021 | |
Fair Value | 86,346 | 87,069 |
Fixed Maturity Securities Excluding MBS and CDOs [Member] | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost | ||
Amortized cost | 75,273 | |
Available-for-sale Securities, Debt Maturities, Fair Value | ||
Fair Value | 79,598 | |
Fixed Maturity AFS Securities [Member] | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost | ||
Amortized cost | 81,494 | 79,196 |
Available-for-sale Securities, Debt Maturities, Fair Value | ||
Fair Value | 86,104 | 86,838 |
Structured Securities [Member] | Fixed Maturity AFS Securities [Member] | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost | ||
Amortized cost | 6,221 | |
Available-for-sale Securities, Debt Maturities, Fair Value | ||
Fair Value | 6,506 | |
CLOs [Member] | Fixed Maturity AFS Securities [Member] | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost | ||
Amortized cost | 511 | 375 |
Available-for-sale Securities, Debt Maturities, Fair Value | ||
Fair Value | $ 515 | $ 375 |
Investments (Fair Value And Gro
Investments (Fair Value And Gross Unrealized Losses In A Continuous Unrealized Loss Position) (Details) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015USD ($)security | Dec. 31, 2014USD ($)security | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ||
Less Than or Equal to Twelve Months | $ 17,147 | $ 5,642 |
Greater Than Twelve Months | 2,287 | 5,320 |
Continuous Unrealized Loss Position, Total | 19,434 | 10,962 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses and OTTI | ||
Less Than or Equal to Twelve Months | 1,170 | 219 |
Greater Than Twelve Months | 344 | 354 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | $ 1,514 | $ 573 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security | 1,575 | 1,019 |
Equity AFS Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ||
Less Than or Equal to Twelve Months | $ 48 | $ 37 |
Greater Than Twelve Months | ||
Continuous Unrealized Loss Position, Total | $ 48 | 37 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses and OTTI | ||
Less Than or Equal to Twelve Months | $ 5 | 1 |
Greater Than Twelve Months | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | $ 5 | 1 |
Fixed Maturity Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ||
Less Than or Equal to Twelve Months | 17,099 | 5,605 |
Greater Than Twelve Months | 2,287 | 5,320 |
Continuous Unrealized Loss Position, Total | 19,386 | 10,925 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses and OTTI | ||
Less Than or Equal to Twelve Months | 1,165 | 218 |
Greater Than Twelve Months | 344 | 354 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 1,509 | 572 |
Corporate Bonds [Member] | Fixed Maturity Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ||
Less Than or Equal to Twelve Months | 15,865 | 4,799 |
Greater Than Twelve Months | 1,569 | 4,465 |
Continuous Unrealized Loss Position, Total | 17,434 | 9,264 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses and OTTI | ||
Less Than or Equal to Twelve Months | 1,132 | 207 |
Greater Than Twelve Months | 254 | 244 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 1,386 | 451 |
ABS [Member] | Fixed Maturity Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ||
Less Than or Equal to Twelve Months | 119 | 91 |
Greater Than Twelve Months | 271 | 323 |
Continuous Unrealized Loss Position, Total | 390 | 414 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses and OTTI | ||
Less Than or Equal to Twelve Months | 2 | 2 |
Greater Than Twelve Months | 27 | 41 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 29 | 43 |
U.S. Government Bonds [Member] | Fixed Maturity Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ||
Less Than or Equal to Twelve Months | 14 | |
Continuous Unrealized Loss Position, Total | 14 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses and OTTI | ||
Less Than or Equal to Twelve Months | 1 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 1 | |
Foreign Government Bonds [Member] | Fixed Maturity Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ||
Less Than or Equal to Twelve Months | 37 | |
Continuous Unrealized Loss Position, Total | 37 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses and OTTI | ||
Less Than or Equal to Twelve Months | 1 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 1 | |
RMBS [Member] | Fixed Maturity Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ||
Less Than or Equal to Twelve Months | 639 | 447 |
Greater Than Twelve Months | 210 | 241 |
Continuous Unrealized Loss Position, Total | 849 | 688 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses and OTTI | ||
Less Than or Equal to Twelve Months | 15 | 7 |
Greater Than Twelve Months | 13 | 14 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 28 | 21 |
CMBS [Member] | Fixed Maturity Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ||
Less Than or Equal to Twelve Months | 112 | 121 |
Greater Than Twelve Months | 11 | 19 |
Continuous Unrealized Loss Position, Total | 123 | 140 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses and OTTI | ||
Less Than or Equal to Twelve Months | 2 | 1 |
Greater Than Twelve Months | 4 | 10 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 6 | 11 |
CLOs [Member] | Fixed Maturity Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ||
Less Than or Equal to Twelve Months | 96 | 110 |
Greater Than Twelve Months | 50 | 70 |
Continuous Unrealized Loss Position, Total | 146 | 180 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses and OTTI | ||
Less Than or Equal to Twelve Months | 1 | 1 |
Greater Than Twelve Months | 1 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 1 | 2 |
State And Municipal Bonds [Member] | Fixed Maturity Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ||
Less Than or Equal to Twelve Months | 159 | 6 |
Greater Than Twelve Months | 28 | 26 |
Continuous Unrealized Loss Position, Total | 187 | 32 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses and OTTI | ||
Less Than or Equal to Twelve Months | 10 | |
Greater Than Twelve Months | 4 | 4 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 14 | 4 |
Hybrid And Redeemable Preferred Securities [Member] | Fixed Maturity Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ||
Less Than or Equal to Twelve Months | 58 | 31 |
Greater Than Twelve Months | 148 | 176 |
Continuous Unrealized Loss Position, Total | 206 | 207 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Gross Unrealized Losses and OTTI | ||
Less Than or Equal to Twelve Months | 1 | |
Greater Than Twelve Months | 42 | 40 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | $ 43 | $ 40 |
Investments (Schedule Of Availa
Investments (Schedule Of Available-For-Sale Securities Whose Value Is Below Amortized Cost) (Details) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015USD ($)security | Dec. 31, 2014USD ($)security | ||
Available For Sale Securities In Unrealized Loss Position With Loss Severity Greater Than 20 Percent [Line Items] | |||
Fair Value | $ 86,346 | $ 87,069 | |
Continuous Unrealized Loss Position, Total | 19,434 | 10,962 | |
Fair Value Decline, Greater Than 20% [Member] | |||
Available For Sale Securities In Unrealized Loss Position With Loss Severity Greater Than 20 Percent [Line Items] | |||
Fair Value | 1,137 | 298 | |
Gross Unrealized Losses | 507 | 123 | |
Gross Unrealized OTTI | $ 24 | $ 33 | |
Number of Securities | security | [1] | 172 | 97 |
Fair Value Decline, Greater Than 20% [Member] | Less Than Six Months [Member] | |||
Available For Sale Securities In Unrealized Loss Position With Loss Severity Greater Than 20 Percent [Line Items] | |||
Fair Value | $ 932 | $ 48 | |
Gross Unrealized Losses | 397 | $ 19 | |
Gross Unrealized OTTI | $ 3 | ||
Number of Securities | security | [1] | 103 | 12 |
Fair Value Decline, Greater Than 20% [Member] | Six Months Or Greater, But Less Than Nine Months [Member] | |||
Available For Sale Securities In Unrealized Loss Position With Loss Severity Greater Than 20 Percent [Line Items] | |||
Fair Value | $ 45 | $ 8 | |
Gross Unrealized Losses | $ 31 | $ 7 | |
Number of Securities | security | [1] | 3 | 3 |
Fair Value Decline, Greater Than 20% [Member] | Nine months or greater, but less than twelve months | |||
Available For Sale Securities In Unrealized Loss Position With Loss Severity Greater Than 20 Percent [Line Items] | |||
Fair Value | $ 8 | ||
Gross Unrealized Losses | 5 | ||
Gross Unrealized OTTI | $ 2 | ||
Number of Securities | security | [1] | 7 | |
Fair Value Decline, Greater Than 20% [Member] | Twelve Months Or Greater [Member] | |||
Available For Sale Securities In Unrealized Loss Position With Loss Severity Greater Than 20 Percent [Line Items] | |||
Fair Value | $ 152 | $ 242 | |
Gross Unrealized Losses | 74 | 97 | |
Gross Unrealized OTTI | $ 19 | $ 33 | |
Number of Securities | security | [1] | 59 | 82 |
[1] | We may reflect a security in more than one aging category based on various purchase dates. |
Investments (Schedule Of Change
Investments (Schedule Of Changes in Amount Of Credit Losses Of OTTI Recognized In Net Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Investments [Abstract] | ||||
Balance as of beginning of period | $ 374 | $ 389 | $ 380 | $ 404 |
Increases attributable to: | ||||
Credit losses on securities for which an OTTI was not previously recognized | 1 | 16 | 2 | |
Credit losses on securities for which an OTTI was previously recognized | 5 | 4 | 12 | 12 |
Decreases attributable to: | ||||
Securities sold | (1) | (17) | (30) | (41) |
Balance as of end of period | $ 378 | $ 377 | $ 378 | $ 377 |
Investments (Schedule of Detail
Investments (Schedule of Details Of The Amount Of Credit Losses Of OTTI Recognized In Net Income (Loss)) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||||
Amortized Cost | $ 669 | $ 763 | ||||
Net Unrealized Gain/(Loss) Position | 25 | 17 | ||||
Fair Value | 694 | 780 | ||||
OTTI in Credit Losses | 378 | 380 | $ 374 | $ 377 | $ 389 | $ 404 |
Corporate Bonds [Member] | ||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||||
Amortized Cost | 32 | 38 | ||||
Net Unrealized Gain/(Loss) Position | (7) | (5) | ||||
Fair Value | 25 | 33 | ||||
OTTI in Credit Losses | 25 | 20 | ||||
ABS [Member] | ||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||||
Amortized Cost | 203 | 221 | ||||
Net Unrealized Gain/(Loss) Position | 14 | 7 | ||||
Fair Value | 217 | 228 | ||||
OTTI in Credit Losses | 107 | 103 | ||||
RMBS [Member] | ||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||||
Amortized Cost | 385 | 447 | ||||
Net Unrealized Gain/(Loss) Position | 15 | 19 | ||||
Fair Value | 400 | 466 | ||||
OTTI in Credit Losses | 193 | 190 | ||||
CMBS [Member] | ||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||||
Amortized Cost | 37 | 46 | ||||
Net Unrealized Gain/(Loss) Position | 1 | (6) | ||||
Fair Value | 38 | 40 | ||||
OTTI in Credit Losses | 48 | 62 | ||||
CLOs [Member] | ||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||||
Amortized Cost | 12 | 11 | ||||
Net Unrealized Gain/(Loss) Position | 2 | 2 | ||||
Fair Value | 14 | 13 | ||||
OTTI in Credit Losses | $ 5 | $ 5 |
Investments (Composition Of Cur
Investments (Composition Of Current And Past Due Mortgage Loans On Real Estate) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Mortgage Loans On Real Estate Aging [Abstract] | |||
Current | $ 8,430 | $ 7,565 | |
Greater than 90 days past due | 8 | ||
Valuation allowance associated with impaired mortgage loans on real estate | (2) | (3) | $ (3) |
Unamortized premium (discount) | 3 | 4 | |
Total carrying value | $ 8,431 | $ 7,574 |
Investments (Schedule Of Impair
Investments (Schedule Of Impaired Mortgage Loans) (Details) $ in Millions | Sep. 30, 2015USD ($)item | Dec. 31, 2014USD ($)item | Dec. 31, 2013USD ($) |
Information about impaired mortgage loans on real estate | |||
Number of impaired mortgage loans on real estate | item | 2 | 3 | |
Principal balance of impaired mortgage loans on real estate | $ 8 | $ 26 | |
Valuation allowance associated with impaired mortgage loans on real estate | (2) | (3) | $ (3) |
Carrying value of impaired mortgage loans on real estate | $ 6 | $ 23 |
Investments (Changes In The Val
Investments (Changes In The Valuation Allowance Of Impaired Mortgage Loans On Real Estate (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Allowance for Losses | ||
Balance as of beginning-of-year | $ 3 | $ 3 |
Additions | ||
Charge-offs, net of recoveries | $ (1) | |
Balance as of end-of-period | $ 2 | $ 3 |
Investments (Average Carrying V
Investments (Average Carrying Value On The Impaired Mortgage Loans On Real Estate) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Information about impaired mortgage loans on real estate | ||||
Average carrying value for impaired loans on real estate | $ 14 | $ 24 | $ 20 | $ 24 |
Interest income recognized on impaired mortgage loans on real estate | 1 | 1 | ||
Interest income collected on impaired mortgage loans on real estate | $ 1 | $ 1 |
Investments (Credit Quality Ind
Investments (Credit Quality Indicators For Mortgage Loans) (Details) $ in Millions | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) |
Mortgage Loans Credit Quality [Line Items] | ||
Principal amount of mortgage loans on real estate | $ 8,431 | $ 7,574 |
Percentage of total mortgage loans on real estate | 100.00% | 100.00% |
Loan-To-Value Ratio, Less Than 65% [Member] | ||
Mortgage Loans Credit Quality [Line Items] | ||
Principal amount of mortgage loans on real estate | $ 7,432 | $ 6,596 |
Percentage of total mortgage loans on real estate | 88.10% | 87.10% |
Debt-service coverage ratio | 2.05 | 1.90 |
Loan-To-Value Ratio, 65% To 74% [Member] | ||
Mortgage Loans Credit Quality [Line Items] | ||
Principal amount of mortgage loans on real estate | $ 655 | $ 631 |
Percentage of total mortgage loans on real estate | 7.80% | 8.30% |
Debt-service coverage ratio | 1.61 | 1.55 |
Loan-To-Value Ratio, 75% To 100% [Member] | ||
Mortgage Loans Credit Quality [Line Items] | ||
Principal amount of mortgage loans on real estate | $ 338 | $ 316 |
Percentage of total mortgage loans on real estate | 4.00% | 4.20% |
Debt-service coverage ratio | 0.83 | 0.77 |
Loan-To-Value Ratio, Greater Than 100% [Member] | ||
Mortgage Loans Credit Quality [Line Items] | ||
Principal amount of mortgage loans on real estate | $ 6 | $ 31 |
Percentage of total mortgage loans on real estate | 0.10% | 0.40% |
Debt-service coverage ratio | 1.03 | 0.77 |
Investments (Realized Gain (Los
Investments (Realized Gain (Loss) Related To Certain Investments) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Realized gain (loss) related to certain investments | |||||
Gain (loss) on other investments | $ (7) | $ 3 | |||
Associated amortization expense of DAC, VOBA, DSI and DFEL and changes in other contract holder funds | $ (5) | $ (7) | (21) | (24) | |
Total realized gain (loss) related to certain investments | [1] | (26) | (7) | (51) | (11) |
Equity AFS Securities [Member] | |||||
Realized gain (loss) related to certain investments | |||||
AFS securities. Gross gains | $ 1 | $ 2 | $ 2 | $ 5 | |
AFS securities. Gross losses | |||||
Fixed Maturity AFS Securities [Member] | |||||
Realized gain (loss) related to certain investments | |||||
AFS securities. Gross gains | [2] | $ 1 | $ 4 | $ 26 | $ 23 |
AFS securities. Gross losses | [2] | $ (23) | $ (6) | $ (51) | $ (18) |
[1] | See "Realized Gain (Loss) Related to Certain Investments" section in Note 4. | ||||
[2] | These amounts are represented net of related fair value hedging activity. See Note 5 for more information. |
Investments (OTTI Recognized In
Investments (OTTI Recognized In Net Income (Loss) And OCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
OTTI Recognized in Net Income (Loss) | ||||
Gross OTTI recognized in net income (loss) | $ (20) | $ (5) | $ (42) | $ (14) |
Associated amortization expense of DAC, VOBA, DSI and DFEL | 2 | 1 | 4 | 3 |
Net OTTI recognized in net income (loss), pre-tax | (18) | (4) | (38) | (11) |
Portion of OTTI Recognized in OCI | ||||
Gross OTTI recognized in OCI | 5 | 2 | 23 | 11 |
Change in DAC, VOBA, DSI and DFEL | (3) | (1) | ||
Net portion of OTTI recognized in OCI, pre-tax | 5 | 2 | 20 | 10 |
Fixed Maturity Securities [Member] | Corporate Bonds [Member] | ||||
OTTI Recognized in Net Income (Loss) | ||||
Gross OTTI recognized in net income (loss) | (16) | (31) | ||
Fixed Maturity Securities [Member] | ABS [Member] | ||||
OTTI Recognized in Net Income (Loss) | ||||
Gross OTTI recognized in net income (loss) | (1) | (2) | (6) | (7) |
Fixed Maturity Securities [Member] | RMBS [Member] | ||||
OTTI Recognized in Net Income (Loss) | ||||
Gross OTTI recognized in net income (loss) | $ (3) | (1) | $ (5) | (4) |
Fixed Maturity Securities [Member] | CMBS [Member] | ||||
OTTI Recognized in Net Income (Loss) | ||||
Gross OTTI recognized in net income (loss) | (1) | |||
Fixed Maturity Securities [Member] | CRE CDOs [Member] | ||||
OTTI Recognized in Net Income (Loss) | ||||
Gross OTTI recognized in net income (loss) | $ (2) | $ (2) |
Investments (Payables For Colla
Investments (Payables For Collateral On Investments) (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2014 | ||
Carrying Value Of Payables For Collateral On Investments [Abstract] | |||
Collateral payable held for derivative investments | [1] | $ 2,037 | $ 1,673 |
Securities pledged under securities lending agreements | [2] | 229 | 204 |
Securities pledged under reverse repurchase agreements | [3] | 926 | 607 |
Investments pledged for Federal Home Loan Bank of Indianapolis ('FHLBI') | [4] | 2,105 | 1,925 |
Total payables for collateral on investments | 5,297 | 4,409 | |
Fair Value Of Related Investments Or Collateral [Abstract] | |||
Collateral payable held for derivative investments | [1] | 2,037 | 1,673 |
Securities pledged under securities lending agreements | [2] | 221 | 196 |
Securities pledged under reverse repurchase agreements | [3] | 1,001 | 666 |
Investments pledged for Federal Home Loan Bank of Indianapolis('FHLBI') | [4] | 3,014 | 3,151 |
Total payables for collateral on investments | $ 6,273 | $ 5,686 | |
Percentage of the fair value of domestic securities obtained as collateral under securities lending agreements. | 102.00% | ||
Percentage of the fair value of foreign securities obtained as collateral under securities lending agreements. | 105.00% | ||
Percentage of the fair value of securities obtained as collateral under reverse repurchase agreements. | 95.00% | ||
Minimum [Member] | |||
Fair Value Of Related Investments Or Collateral [Abstract] | |||
Percentage of the fair value of FHLBI securities obtained as collateral under securities pledged for FHLBI for AFS Securities | 105.00% | ||
Percentage of the fair value of FHLBI securities obtained as collateral under securities pledged for FHLBI for mortgage loan | 155.00% | ||
Maximum [Member] | |||
Fair Value Of Related Investments Or Collateral [Abstract] | |||
Percentage of the fair value of FHLBI securities obtained as collateral under securities pledged for FHLBI for AFS Securities | 115.00% | ||
Percentage of the fair value of FHLBI securities obtained as collateral under securities pledged for FHLBI for mortgage loan | 175.00% | ||
[1] | We obtain collateral based upon contractual provisions with our counterparties. These agreements take into consideration the counterparties' credit rating as compared to ours, the fair value of the derivative investments and specified thresholds that if exceeded result in the receipt of cash that is typically invested in cash and invested cash. See Note 5 for additional information. | ||
[2] | Our pledged securities under securities lending agreements are included in fixed maturity AFS securities on our Consolidated Balance Sheets. We generally obtain collateral in an amount equal to 102% and 105% of the fair value of the domestic and foreign securities, respectively. We value collateral daily and obtain additional collateral when deemed appropriate. The cash received in our securities lending program is typically invested in cash and invested cash or fixed maturity AFS securities. | ||
[3] | Our pledged securities under repurchase agreements are included in fixed maturity AFS securities on our Consolidated Balance Sheets. We obtain collateral in an amount equal to 95% of the fair value of the securities, and our agreements with third parties contain contractual provisions to allow for additional collateral to be obtained when necessary. The cash received in our repurchase program is typically invested in fixed maturity AFS securities. | ||
[4] | Our pledged investments for FHLBI are included in fixed maturity AFS securities and mortgage loans on real estate on our Consolidated Balance Sheets. The FHLBI overcollateralization requirements for the assets that we pledge are generally 105% to 115% of the fair value for fixed maturity AFS securities and 155% to 175% of the unpaid principal balance for mortgage loans on real estate. The cash received in these transactions is primarily invested in cash and invested cash or fixed maturity AFS securities. |
Investments (Schedule Of Increa
Investments (Schedule Of Increase (Decrease) In Payables For Collateral On Investments) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Increase (decrease) in payables for collateral on investments | ||
Collateral payable held for derivative investments | $ 364 | $ 638 |
Securities pledged under securities lending agreements | 25 | 13 |
Securities pledged under reverse repurchase agreements | 319 | (325) |
Securities pledged for TALF | (36) | |
Securities pledged for FHLBI | 180 | 325 |
Total increase (decrease) in payables for collateral on investments | $ 888 | $ 615 |
Investments (Schedule of Securi
Investments (Schedule of Securities Pledged by Contractual Maturity) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | |
Repurchase Agreements and Repurchase-to-Maturity | [1] | $ 926 | $ 607 |
Securities Lending Transactions | [2] | 229 | $ 204 |
Total borrowings | 1,155 | ||
Gross amount of recognized liabilities for repurchase | $ 1,155 | ||
Amounts related to agreements not included in offsetting | |||
ABS [Member] | |||
Repurchase Agreements and Repurchase-to-Maturity | $ 500 | ||
Corporate Bonds [Member] | |||
Repurchase Agreements and Repurchase-to-Maturity | 426 | ||
Securities Lending Transactions | 227 | ||
Foreign Government Bonds [Member] | |||
Securities Lending Transactions | 2 | ||
Overnight and Continuous [Member] | |||
Securities Lending Transactions | 229 | ||
Total borrowings | 229 | ||
Overnight and Continuous [Member] | Corporate Bonds [Member] | |||
Securities Lending Transactions | 227 | ||
Overnight and Continuous [Member] | Foreign Government Bonds [Member] | |||
Securities Lending Transactions | 2 | ||
30 to 90 Days [Member] | |||
Repurchase Agreements and Repurchase-to-Maturity | 775 | ||
Total borrowings | 775 | ||
30 to 90 Days [Member] | ABS [Member] | |||
Repurchase Agreements and Repurchase-to-Maturity | 500 | ||
30 to 90 Days [Member] | Corporate Bonds [Member] | |||
Repurchase Agreements and Repurchase-to-Maturity | 275 | ||
Greater than 90 days [Member] | |||
Repurchase Agreements and Repurchase-to-Maturity | 151 | ||
Total borrowings | 151 | ||
Greater than 90 days [Member] | Corporate Bonds [Member] | |||
Repurchase Agreements and Repurchase-to-Maturity | $ 151 | ||
[1] | Our pledged securities under repurchase agreements are included in fixed maturity AFS securities on our Consolidated Balance Sheets. We obtain collateral in an amount equal to 95% of the fair value of the securities, and our agreements with third parties contain contractual provisions to allow for additional collateral to be obtained when necessary. The cash received in our repurchase program is typically invested in fixed maturity AFS securities. | ||
[2] | Our pledged securities under securities lending agreements are included in fixed maturity AFS securities on our Consolidated Balance Sheets. We generally obtain collateral in an amount equal to 102% and 105% of the fair value of the domestic and foreign securities, respectively. We value collateral daily and obtain additional collateral when deemed appropriate. The cash received in our securities lending program is typically invested in cash and invested cash or fixed maturity AFS securities. |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Derivative Instruments [Abstract] | |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 14 |
Collateral Requirement If Netting Agreements Not In Place | 7 |
Exposure Associated With Collateralization Events | $ 15 |
Derivative Instruments (Outstan
Derivative Instruments (Outstanding Derivative Instruments With Off-Balance-Sheet Risks) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | |
Outstanding derivative instruments with off-balance-sheet risks | |||
Notional Amounts | $ 98,358 | ||
Interest Rate Contract [Member] | |||
Outstanding derivative instruments with off-balance-sheet risks | |||
Notional Amounts | [1] | 70,430 | |
Foreign Currency Contract [Member] | |||
Outstanding derivative instruments with off-balance-sheet risks | |||
Notional Amounts | [2] | 946 | |
Equity Market Contract [Member] | |||
Outstanding derivative instruments with off-balance-sheet risks | |||
Notional Amounts | 26,879 | ||
Credit Contract [Member] | |||
Outstanding derivative instruments with off-balance-sheet risks | |||
Notional Amounts | 103 | ||
Total Derivative Instruments [Member] | |||
Outstanding derivative instruments with off-balance-sheet risks | |||
Notional Amounts | 98,358 | $ 83,976 | |
Asset Fair Value | 2,851 | 2,587 | |
Liability Fair Value | 3,358 | 2,301 | |
Derivative investments [Member] | Interest Rate Contract [Member] | Derivative Instruments Not Designated And Not Qualifying As Hedging Instruments [Member] | |||
Outstanding derivative instruments with off-balance-sheet risks | |||
Notional Amounts | [3] | 66,085 | 54,401 |
Asset Fair Value | [3] | 1,295 | 989 |
Liability Fair Value | [3] | 383 | 342 |
Derivative investments [Member] | Foreign Currency Contract [Member] | Derivative Instruments Not Designated And Not Qualifying As Hedging Instruments [Member] | |||
Outstanding derivative instruments with off-balance-sheet risks | |||
Notional Amounts | [3] | 229 | 68 |
Derivative investments [Member] | Equity Market Contract [Member] | Derivative Instruments Not Designated And Not Qualifying As Hedging Instruments [Member] | |||
Outstanding derivative instruments with off-balance-sheet risks | |||
Notional Amounts | [3] | 26,879 | 24,310 |
Asset Fair Value | [3] | 941 | 886 |
Liability Fair Value | [3] | 244 | 243 |
Derivative investments [Member] | Cash Flow Hedges [Member] | Designated as Hedging Instrument [Member] | |||
Outstanding derivative instruments with off-balance-sheet risks | |||
Notional Amounts | 3,533 | 4,196 | |
Asset Fair Value | 323 | 453 | |
Liability Fair Value | 64 | 219 | |
Derivative investments [Member] | Cash Flow Hedges [Member] | Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | |||
Outstanding derivative instruments with off-balance-sheet risks | |||
Notional Amounts | [3] | 2,816 | 3,554 |
Asset Fair Value | [3] | 244 | 408 |
Liability Fair Value | [3] | 59 | 198 |
Derivative investments [Member] | Cash Flow Hedges [Member] | Foreign Currency Contract [Member] | Designated as Hedging Instrument [Member] | |||
Outstanding derivative instruments with off-balance-sheet risks | |||
Notional Amounts | [3] | 717 | 642 |
Asset Fair Value | [3] | 79 | 45 |
Liability Fair Value | [3] | 5 | 21 |
Derivative investments [Member] | Fair Value Hedges [Member] | Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | |||
Outstanding derivative instruments with off-balance-sheet risks | |||
Notional Amounts | [3] | 1,529 | 875 |
Asset Fair Value | [3] | 292 | 259 |
Liability Fair Value | [3] | 214 | |
Other Liabilities [Member] | Credit Contract [Member] | Derivative Instruments Not Designated And Not Qualifying As Hedging Instruments [Member] | |||
Outstanding derivative instruments with off-balance-sheet risks | |||
Notional Amounts | [4] | 103 | 126 |
Liability Fair Value | [4] | 7 | 3 |
Other Liabilities [Member] | GLB Embedded Derivative Reserves [Member] | Derivative Instruments Not Designated And Not Qualifying As Hedging Instruments [Member] | |||
Outstanding derivative instruments with off-balance-sheet risks | |||
Liability Fair Value | [4] | 1,287 | 174 |
Reinsurance Related Embedded Derivatives [Member] | Reinsurance Related [Member] | Derivative Instruments Not Designated And Not Qualifying As Hedging Instruments [Member] | |||
Outstanding derivative instruments with off-balance-sheet risks | |||
Liability Fair Value | [5] | 116 | 150 |
Future contract benefits [Member] | Indexed Annuity and IUL Contracts [Member] | Derivative Instruments Not Designated And Not Qualifying As Hedging Instruments [Member] | |||
Outstanding derivative instruments with off-balance-sheet risks | |||
Liability Fair Value | [6] | $ 1,043 | $ 1,170 |
[1] | As of September 30, 2015, the latest maturity date for which we were hedging our exposure to the variability in future cash flows for these instruments was April 2067. | ||
[2] | As of September 30, 2015, the latest maturity date for which we were hedging our exposure to the variability in future cash flows for these instruments was December 2029. | ||
[3] | Reported in derivative investments and other liabilities on our Consolidated Balance Sheets. | ||
[4] | Reported in other liabilities on our Consolidated Balance Sheets. | ||
[5] | Reported in reinsurance related embedded derivatives on our Consolidated Balance Sheets. | ||
[6] | Reported in future contract benefits on our Consolidated Balance Sheets. |
Derivative Instruments (Maturit
Derivative Instruments (Maturity Of The Notional Amounts Of Derivative Financial Instruments) (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2015USD ($) | ||
Maturity of the notional amounts of derivative financial instruments | ||
Remaining Life Less Than 1 Year | $ 27,310 | |
Remaining Life - 1 - 5 Years | 39,604 | |
Remaining Life - 6 - 10 Years | 16,098 | |
Remaining Life - 11 - 30 Years | 13,802 | |
Remaining Life Over - 30 Years | 1,544 | |
Remaining Life - Total Years | 98,358 | |
Interest Rate Contract [Member] | ||
Maturity of the notional amounts of derivative financial instruments | ||
Remaining Life Less Than 1 Year | 10,290 | [1] |
Remaining Life - 1 - 5 Years | 32,810 | [1] |
Remaining Life - 6 - 10 Years | 12,499 | [1] |
Remaining Life - 11 - 30 Years | 13,548 | [1] |
Remaining Life Over - 30 Years | 1,283 | [1] |
Remaining Life - Total Years | $ 70,430 | [1] |
Derivative maturity date | Apr. 1, 2067 | |
Foreign Currency Contract [Member] | ||
Maturity of the notional amounts of derivative financial instruments | ||
Remaining Life Less Than 1 Year | $ 289 | [2] |
Remaining Life - 1 - 5 Years | 138 | [2] |
Remaining Life - 6 - 10 Years | 283 | [2] |
Remaining Life - 11 - 30 Years | $ 236 | [2] |
Remaining Life Over - 30 Years | [2] | |
Remaining Life - Total Years | $ 946 | [2] |
Derivative maturity date | Dec. 1, 2029 | |
Equity Market Contract [Member] | ||
Maturity of the notional amounts of derivative financial instruments | ||
Remaining Life Less Than 1 Year | $ 16,731 | |
Remaining Life - 1 - 5 Years | 6,553 | |
Remaining Life - 6 - 10 Years | 3,316 | |
Remaining Life - 11 - 30 Years | 18 | |
Remaining Life Over - 30 Years | 261 | |
Remaining Life - Total Years | $ 26,879 | |
Credit Contract [Member] | ||
Maturity of the notional amounts of derivative financial instruments | ||
Remaining Life Less Than 1 Year | ||
Remaining Life - 1 - 5 Years | $ 103 | |
Remaining Life - 6 - 10 Years | ||
Remaining Life - 11 - 30 Years | ||
Remaining Life Over - 30 Years | ||
Remaining Life - Total Years | $ 103 | |
[1] | As of September 30, 2015, the latest maturity date for which we were hedging our exposure to the variability in future cash flows for these instruments was April 2067. | |
[2] | As of September 30, 2015, the latest maturity date for which we were hedging our exposure to the variability in future cash flows for these instruments was December 2029. |
Derivative Instruments (Change
Derivative Instruments (Change In Our Unrealized Gain On Derivative Instruments In Accumulated OCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Change in our unrealized gain on derivative instruments in accumulated OCI | |||||
Balance as of beginning-of-year | $ 3,096 | ||||
Federal income tax expense (benefit) | $ 41 | $ 162 | 207 | $ 398 | |
Balance as of end-of-period | 1,663 | 1,663 | |||
Unrealized Gain (Loss) on Derivative Instruments [Member] | |||||
Change in our unrealized gain on derivative instruments in accumulated OCI | |||||
Balance as of beginning-of-year | 139 | 256 | |||
Change in foreign currency exchange rate adjustment | 35 | 25 | |||
Change in DAC, VOBA, DSI and DFEL | 1 | 2 | |||
Income tax benefit (expense) | 57 | 23 | |||
Reclassification adjustment for gains (losses) included in net income (loss) | (187) | (12) | |||
Associated amortization of DAC, VOBA, DSI and DFEL | 2 | 1 | |||
Federal income tax expense (benefit) | 65 | 4 | |||
Balance as of end-of-period | $ 152 | $ 221 | 152 | 221 | |
Unrealized Gain (Loss) on Derivative Instruments [Member] | Cash Flow Hedges [Member] | Interest Rate Contract [Member] | |||||
Change in our unrealized gain on derivative instruments in accumulated OCI | |||||
Unrealized holding gains (losses) arising during the period | (255) | (115) | |||
Unrealized Gain (Loss) on Derivative Instruments [Member] | Cash Flow Hedges [Member] | Interest Rate Contract [Member] | Net Investment Income [Member] | |||||
Change in our unrealized gain on derivative instruments in accumulated OCI | |||||
Reclassification adjustment for gains (losses) included in net income (loss) | [1] | (193) | (19) | ||
Unrealized Gain (Loss) on Derivative Instruments [Member] | Cash Flow Hedges [Member] | Interest Rate Contract [Member] | Interest Expense [Member] | |||||
Change in our unrealized gain on derivative instruments in accumulated OCI | |||||
Reclassification adjustment for gains (losses) included in net income (loss) | [2] | 1 | 3 | ||
Unrealized Gain (Loss) on Derivative Instruments [Member] | Cash Flow Hedges [Member] | Foreign Currency Contract [Member] | |||||
Change in our unrealized gain on derivative instruments in accumulated OCI | |||||
Unrealized holding gains (losses) arising during the period | 55 | 23 | |||
Unrealized Gain (Loss) on Derivative Instruments [Member] | Cash Flow Hedges [Member] | Foreign Currency Contract [Member] | Net Investment Income [Member] | |||||
Change in our unrealized gain on derivative instruments in accumulated OCI | |||||
Reclassification adjustment for gains (losses) included in net income (loss) | [1] | $ 5 | $ 4 | ||
[1] | The OCI offset is reported within net investment income on our Consolidated Statements of Comprehensive Income (Loss). | ||||
[2] | The OCI offset is reported within interest and debt expense on our Consolidated Statements of Comprehensive Income (Loss). |
Derivative Instruments (Gains (
Derivative Instruments (Gains (Losses) On Derivative Instruments Recorded Within Income (Loss) From Continuing Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Gains (losses) | |||||
Gains (losses) | $ (294) | $ (1) | $ (627) | $ (307) | |
Designated as Hedging Instrument [Member] | Cash Flow Hedges [Member] | |||||
Gains (losses) | |||||
Gains (losses) | 3 | (3) | 11 | (15) | |
Designated as Hedging Instrument [Member] | Fair Value Hedges [Member] | |||||
Gains (losses) | |||||
Gains (losses) | (43) | 9 | (212) | 27 | |
Designated as Hedging Instrument [Member] | Net Investment Income [Member] | Cash Flow Hedges [Member] | Interest Rate Contract [Member] | |||||
Gains (losses) | |||||
Gains (losses) | [1] | 1 | (7) | 5 | (18) |
Designated as Hedging Instrument [Member] | Net Investment Income [Member] | Cash Flow Hedges [Member] | Foreign Currency Contract [Member] | |||||
Gains (losses) | |||||
Gains (losses) | [1] | 2 | 4 | 5 | 3 |
Designated as Hedging Instrument [Member] | Net Investment Income [Member] | Fair Value Hedges [Member] | Interest Rate Contract [Member] | |||||
Gains (losses) | |||||
Gains (losses) | [1] | (7) | (22) | ||
Designated as Hedging Instrument [Member] | Interest Expense [Member] | Cash Flow Hedges [Member] | Interest Rate Contract [Member] | |||||
Gains (losses) | |||||
Gains (losses) | [2] | 1 | |||
Designated as Hedging Instrument [Member] | Interest Expense [Member] | Fair Value Hedges [Member] | Interest Rate Contract [Member] | |||||
Gains (losses) | |||||
Gains (losses) | [2] | 8 | 9 | 24 | 27 |
Designated as Hedging Instrument [Member] | Realized Gain (Loss) [Member] | Fair Value Hedges [Member] | Interest Rate Contract [Member] | |||||
Gains (losses) | |||||
Gains (losses) | [3] | (44) | (214) | ||
Derivative Instruments Not Designated And Not Qualifying As Hedging Instruments [Member] | Realized Gain (Loss) [Member] | Interest Rate Contract [Member] | |||||
Gains (losses) | |||||
Gains (losses) | [3] | 625 | 91 | 435 | 706 |
Derivative Instruments Not Designated And Not Qualifying As Hedging Instruments [Member] | Realized Gain (Loss) [Member] | Foreign Currency Contract [Member] | |||||
Gains (losses) | |||||
Gains (losses) | [3] | (6) | 3 | (12) | 4 |
Derivative Instruments Not Designated And Not Qualifying As Hedging Instruments [Member] | Realized Gain (Loss) [Member] | Equity Market Contract [Member] | |||||
Gains (losses) | |||||
Gains (losses) | [3] | 491 | 247 | 201 | (164) |
Derivative Instruments Not Designated And Not Qualifying As Hedging Instruments [Member] | Realized Gain (Loss) [Member] | Credit Contract [Member] | |||||
Gains (losses) | |||||
Gains (losses) | [3] | (5) | (4) | ||
Derivative Instruments Not Designated And Not Qualifying As Hedging Instruments [Member] | Realized Gain (Loss) [Member] | GLB Embedded Derivative Reserves [Member] | |||||
Gains (losses) | |||||
Gains (losses) | [3] | (1,439) | (365) | (1,113) | (704) |
Derivative Instruments Not Designated And Not Qualifying As Hedging Instruments [Member] | Realized Gain (Loss) [Member] | Reinsurance Related [Member] | |||||
Gains (losses) | |||||
Gains (losses) | [3] | 4 | 14 | 34 | (33) |
Derivative Instruments Not Designated And Not Qualifying As Hedging Instruments [Member] | Realized Gain (Loss) [Member] | Indexed Annuity and IUL Contracts [Member] | |||||
Gains (losses) | |||||
Gains (losses) | [3] | 86 | 6 | 39 | (134) |
Derivative Instruments Not Designated And Not Qualifying As Hedging Instruments [Member] | Commissions and other expenses [Member] | Equity Market Contract [Member] | |||||
Gains (losses) | |||||
Gains (losses) | [4] | $ (10) | $ (3) | $ (6) | $ 6 |
[1] | Reported in net investment income on our Consolidated Statements of Comprehensive Income (Loss). | ||||
[2] | Reported in interest and debt expense on our Consolidated Statements of Comprehensive Income (Loss). | ||||
[3] | Reported in realized gain (loss) on our Consolidated Statements of Comprehensive Income (Loss). | ||||
[4] | Reported in commissions and other expenses on our Consolidated Statements of Comprehensive Income (Loss). |
Derivative Instruments (Gains57
Derivative Instruments (Gains (Losses) On Derivative Instruments Designated As Cash Flow Hedges) (Details) - Cash Flow Hedges [Member] - Other Comprehensive Income (Loss) [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Gains (losses) on derivative instruments designated and qualifying as cash flow hedges | ||||
Offset to net investment income | $ 3 | $ (3) | $ 10 | $ (15) |
Offset to interest and debt expense | $ 1 | $ 1 | $ 3 |
Derivative Instruments (Open Cr
Derivative Instruments (Open Credit Default Swap Liabilities) (Details) - Open Credit Default Swap Liabilities [Member] $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015USD ($)item | Dec. 31, 2014USD ($)item | ||
Summary Of Credit Derivatives | |||
Number of instruments | item | 5 | 6 | |
Fair value | [1] | $ (7) | $ (3) |
Maximum potential payout | $ 103 | $ 126 | |
BBB- Average Credit Rating [Member] | 12/20/2016 Maturity [Member] | |||
Summary Of Credit Derivatives | |||
Credit rating of underlying obligation | [2] | BBB- | BBB- |
Number of instruments | item | 2 | 3 | |
Fair value | [1] | $ (2) | $ (2) |
Maximum potential payout | $ 45 | $ 68 | |
BBB- Average Credit Rating [Member] | 3/20/2017 Maturity [Member] | |||
Summary Of Credit Derivatives | |||
Credit rating of underlying obligation | [2] | BBB- | BBB- |
Number of instruments | item | 3 | 3 | |
Fair value | [1] | $ (5) | $ (1) |
Maximum potential payout | $ 58 | $ 58 | |
[1] | Broker quotes are used to determine the market value of these credit default swaps. | ||
[2] | Represents average credit ratings based on the midpoint of the applicable ratings among Moody’s, S&P and Fitch Ratings, as scaled to the corresponding S&P ratings. |
Derivative Instruments (Collate
Derivative Instruments (Collateral Support Agreements) (Details) - Open Credit Default Swap Liabilities [Member] - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Credit risk related contingent features collateral | ||
Maximum potential payout | $ 103 | $ 126 |
Less: Counterparty thresholds | ||
Maximum collateral potentially required to post | $ 103 | $ 126 |
Derivative Instruments (Schedul
Derivative Instruments (Schedule Of Collateral Amounts With Rights To Reclaim Or Obligation To Return Cash) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Collateral Posted by Counter-Party (Held by LNC) | $ 2,037 | $ 1,534 |
Collateral Posted by LNC (Held by Counter-Party) | 126 | 85 |
AA- [Member] | ||
Collateral Posted by Counter-Party (Held by LNC) | $ 145 | $ 64 |
Collateral Posted by LNC (Held by Counter-Party) | ||
A plus [Member] | ||
Collateral Posted by Counter-Party (Held by LNC) | $ 198 | $ 47 |
Collateral Posted by LNC (Held by Counter-Party) | 2 | |
A [Member] | ||
Collateral Posted by Counter-Party (Held by LNC) | 1,512 | $ 1,163 |
Collateral Posted by LNC (Held by Counter-Party) | 79 | 85 |
A- [Member] | ||
Collateral Posted by Counter-Party (Held by LNC) | 175 | $ 233 |
Collateral Posted by LNC (Held by Counter-Party) | 45 | |
BBB+ [Member] | ||
Collateral Posted by Counter-Party (Held by LNC) | $ 7 | $ 27 |
Collateral Posted by LNC (Held by Counter-Party) |
Derivative Instruments (Balance
Derivative Instruments (Balance Sheet Offsetting) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Financial Assets | ||
Derivative Instruments, Gross amount of recognized assets | $ 2,812 | $ 2,537 |
Derivative Instruments, Gross amounts offset | (792) | (677) |
Derivative Instruments, Net amount of assets | 2,020 | 1,860 |
Derivative Instruments, Cash collateral | (2,037) | (1,534) |
Derivative Instruments, Net amount | $ (17) | 326 |
Embedded Derivative Instruments, Gross amount of recognized assets | ||
Embedded Derivative Instruments, Gross amounts offset | ||
Embedded Derivative Instruments, Net amount of assets | ||
Embedded Derivative Instruments, Cash collateral | ||
Embedded Derivative Instruments, Net amount | ||
Total, Gross amount of recognized assets | $ 2,812 | 2,537 |
Total, Gross amounts offset | (792) | (677) |
Total, Net amount of assets | 2,020 | 1,860 |
Total, Cash collateral | (2,037) | (1,534) |
Total, Net amount | (17) | 326 |
Financial Liabilities | ||
Derivative Instruments, Gross amount of recognized liabilities | 119 | 130 |
Derivative Instruments, Gross amounts offset | (38) | (50) |
Derivative Instruments, Net amount of liabilities | 81 | 80 |
Derivative Instruments, Cash collateral | (126) | (85) |
Derivative Instruments, Net amount | (45) | (5) |
Embedded Derivative Instruments, Gross amount of recognized liabilities | $ 2,446 | 1,494 |
Embedded Derivative Instruments, Gross amounts offset | ||
Embedded Derivative Instruments, Net amount of liabilities | $ 2,446 | 1,494 |
Embedded Derivative Instruments, Cash collateral | ||
Embedded Derivative Instruments, Net amount | $ 2,446 | 1,494 |
Total, Gross amount of recognized liabilities | 2,565 | 1,624 |
Total, Gross amounts offset | (38) | (50) |
Total, Net amount of liabilities | 2,527 | 1,574 |
Total, Cash collateral | (126) | (85) |
Total, Net amount | $ 2,401 | $ 1,489 |
Federal Income Taxes (Details)
Federal Income Taxes (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Federal Income Taxes [Abstract] | ||||
Effective tax rate | 15.00% | 27.00% | 19.00% | 25.00% |
Federal rate | 35.00% | 35.00% | 35.00% | 35.00% |
Guaranteed Benefit Features (Na
Guaranteed Benefit Features (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2015 | |
Guaranteed Benefit Features [Abstract] | |
Percent of permanent life insurance in force | 34.00% |
Percent of permanent life insurance sales | 32.00% |
Guaranteed Benefit Features (In
Guaranteed Benefit Features (Information On Guaranteed Death Benefit Features) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | ||
Return of Net Deposits [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Total Account Value | [1] | $ 83,385 | $ 85,917 |
Net Amount At Risk | [1],[2] | $ 1,296 | $ 183 |
Average attained age of contract holders | [1] | 62 years | 62 years |
Minimum Return [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Total Account Value | [1] | $ 111 | $ 135 |
Net Amount At Risk | [1],[2] | $ 27 | $ 25 |
Average attained age of contract holders | [1] | 74 years | 74 years |
Guaranteed minimum return | [1] | 5.00% | 5.00% |
Anniversary Contract Value [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Total Account Value | [1] | $ 24,124 | $ 26,021 |
Net Amount At Risk | [1],[2] | $ 1,881 | $ 597 |
Average attained age of contract holders | [1] | 69 years | 68 years |
[1] | Our variable contracts with guarantees may offer more than one type of guarantee in each contract; therefore, the amounts listed are not mutually exclusive. | ||
[2] | Represents the amount of death benefit in excess of the account balance that is subject to market fluctuations. |
Guaranteed Benefit Features (Su
Guaranteed Benefit Features (Summary Of Guaranteed Death Benefit Liabilities) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Guaranteed Benefit Features [Abstract] | ||
Balance as of beginning-of-year | $ 89 | $ 73 |
Changes in reserves | 59 | 26 |
Benefits paid | (17) | (13) |
Balance as of end-of-period | $ 131 | $ 86 |
Guaranteed Benefit Features (Ac
Guaranteed Benefit Features (Account Balances Of Variable Annuity Contracts With Guarantees Invested In Separate Accounts) (Details) - Variable Annuity [Member] - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Account Balances Of Variable Annuity Contracts With Guarantees Invested In Separate Accounts [Line Items] | ||
Total | $ 103,664 | $ 107,866 |
Percent of total variable annuity separate account values | 99.00% | 99.00% |
Domestic equity [Member] | ||
Account Balances Of Variable Annuity Contracts With Guarantees Invested In Separate Accounts [Line Items] | ||
Total | $ 46,446 | $ 49,569 |
International equity [Member] | ||
Account Balances Of Variable Annuity Contracts With Guarantees Invested In Separate Accounts [Line Items] | ||
Total | 17,826 | 18,791 |
Bonds [Member] | ||
Account Balances Of Variable Annuity Contracts With Guarantees Invested In Separate Accounts [Line Items] | ||
Total | 26,551 | 26,808 |
Money Market [Member] | ||
Account Balances Of Variable Annuity Contracts With Guarantees Invested In Separate Accounts [Line Items] | ||
Total | $ 12,841 | $ 12,698 |
Contingencies and Commitments (
Contingencies and Commitments (Narrative) (Details) $ in Millions | Sep. 30, 2015USD ($) |
Pending Litigation [Member] | |
Loss Contingency, Range of Possible Loss, Maximum | $ 175 |
Shares and Stockholders' Equi68
Shares and Stockholders' Equity (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Shares and Stockholders' Equity [Abstract] | ||||
Net Income Adjustment For Deferred Units of LNC Stock | $ 7 | $ (2) | $ 6 | $ (2) |
Shares and Stockholders' Equi69
Shares and Stockholders' Equity (Changes In Common stock (Number Of Shares)) (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Changes In Preferred And Common Stock Number Of Shares [Line Items] | ||||
Balance as of beginning-of-period | 256,551,440 | |||
Balance as of end-of-period | 247,464,931 | 247,464,931 | ||
Common stock as of end-of-period: | ||||
Basic basis | 247,464,931 | 259,786,446 | 247,464,931 | 259,786,446 |
Diluted basis | 251,220,934 | 265,527,521 | 251,220,934 | 265,527,521 |
Common Stock [Member] | ||||
Changes In Preferred And Common Stock Number Of Shares [Line Items] | ||||
Balance as of beginning-of-period | 250,918,893 | 260,831,708 | 256,551,440 | 262,896,701 |
Common Stock Issued For Exercise Of Warrants | 188,530 | 1,199,609 | 1,168,966 | 4,299,088 |
Stock compensation/issued for benefit plans | 40,031 | 601,359 | 2,028,913 | 1,501,167 |
Retirement/cancellation of shares | (3,682,523) | (2,846,230) | (12,284,388) | (8,910,510) |
Balance as of end-of-period | 247,464,931 | 259,786,446 | 247,464,931 | 259,786,446 |
Shares and Stockholders' Equi70
Shares and Stockholders' Equity (Reconciliation Of The Denominator Calculations Of Basic And Diluted EPS) (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Reconciliation of the denominator (number of shares) in the calculations of basic and diluted earnings (loss) per common share | ||||
Weighted-average shares, as used in basic calculation | 249,227,641 | 260,371,956 | 252,167,909 | 261,785,387 |
Shares to cover exercise of outstanding warrants | 1,219,729 | 3,485,992 | 1,476,038 | 4,929,079 |
Shares to cover non-vested stock | 1,229,031 | 1,499,529 | 1,314,445 | 1,476,448 |
Average stock options outstanding during the period | 2,646,184 | 3,863,508 | 3,388,172 | 3,810,763 |
Assumed acquisition of shares with assumed proceeds from exercising outstanding warrants | (236,042) | (689,803) | (275,928) | (1,026,460) |
Assumed acquisition of shares with assumed proceeds and benefits from exercising stock options (at average market price for the period) | (1,870,146) | (2,720,155) | (2,424,332) | (2,657,408) |
Shares repurchaseable from measured but unrecognized stock option expense | (33,847) | (63,286) | (53,413) | (84,600) |
Average deferred compensation shares | 1,028,061 | 1,037,370 | 1,024,369 | 1,036,683 |
Weighted-average shares, as used in diluted calculation | 253,210,611 | 266,785,111 | 256,617,260 | 269,269,892 |
Shares and Stockholders' Equi71
Shares and Stockholders' Equity (Components And Changes In Accumulated OCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Components And Changes In Accumulated Other Comprehensive Income [Line Items] | ||||
Balance as of beginning-of-year | $ 3,096 | |||
Increases Attributable To | ||||
Gross OTTI recognized in OCI | $ (5) | $ (2) | (23) | $ (11) |
Less: | ||||
Balance as of end-of-period | 1,663 | 1,663 | ||
Unrealized Gain (Loss) On AFS Securities [Member] | ||||
Components And Changes In Accumulated Other Comprehensive Income [Line Items] | ||||
Balance as of beginning-of-year | 3,175 | 1,500 | ||
Unrealized holding gains (losses) arising during the period | (2,870) | 3,100 | ||
Change in foreign currency exchange rate adjustment | (35) | (21) | ||
Change in DAC, VOBA, DSI, future contract benefits and other contract holder funds | 841 | (983) | ||
Income tax benefit (expense) | 713 | (734) | ||
Less: | ||||
Reclassification adjustment for gains (losses) included in net income (loss) | 175 | 10 | ||
Associated amortization of DAC, VOBA, DSI, and DFEL | (23) | (25) | ||
Income tax benefit (expense) | (53) | 5 | ||
Less: | ||||
Balance as of end-of-period | 1,725 | 2,872 | 1,725 | 2,872 |
Unrealized OTTI On AFS Securities [Member] | ||||
Components And Changes In Accumulated Other Comprehensive Income [Line Items] | ||||
Balance as of beginning-of-year | 64 | 31 | ||
Increases Attributable To | ||||
Gross OTTI recognized in OCI | (23) | (11) | ||
Change in DAC, VOBA, DSI and DFEL | 3 | 1 | ||
Income tax benefit (expense) | 7 | 4 | ||
Decreases attributable to | ||||
Sales, maturities or other settlements of AFS securities | 31 | 55 | ||
Change in DAC, VOBA, DSI, and DFEL | (13) | (7) | ||
Income tax benefit (expense) | (6) | (17) | ||
Less: | ||||
Balance as of end-of-period | 63 | 56 | 63 | 56 |
Unrealized Gain (Loss) on Derivative Instruments [Member] | ||||
Components And Changes In Accumulated Other Comprehensive Income [Line Items] | ||||
Balance as of beginning-of-year | 139 | 256 | ||
Change in foreign currency exchange rate adjustment | 35 | 25 | ||
Decreases attributable to | ||||
Unrealized holding gains (losses) arising during the year | (200) | (92) | ||
Change in DAC, VOBA, DSI and DFEL | 1 | 2 | ||
Income tax benefit (expense) | 57 | 23 | ||
Less: | ||||
Reclassification adjustment for gains (losses) included in net income (loss) | (187) | (12) | ||
Associated amortization of DAC, VOBA, DSI and DFEL | 2 | 1 | ||
Income tax benefit (expense) | 65 | 4 | ||
Balance as of end-of-period | 152 | 221 | 152 | 221 |
Foreign Currency Translation Adjustment [Member] | ||||
Components And Changes In Accumulated Other Comprehensive Income [Line Items] | ||||
Balance as of beginning-of-year | (3) | (5) | ||
Change in foreign currency exchange rate adjustment | 1 | (5) | ||
Less: | ||||
Balance as of end-of-period | (2) | (10) | (2) | (10) |
Funded Status Of Employee Benefit Plans [Member] | ||||
Components And Changes In Accumulated Other Comprehensive Income [Line Items] | ||||
Balance as of beginning-of-year | (279) | (219) | ||
Less: | ||||
Adjustment arising during the period | 5 | 2 | ||
Income tax benefit (expense) | (1) | |||
Balance as of end-of-period | $ (275) | $ (217) | $ (275) | $ (217) |
Shares And Stockholders' Equi72
Shares And Stockholders' Equity (Schedule of Reclassifications Out Of AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total realized gain (loss) | $ 27 | $ 89 | $ (11) | $ 106 |
Net investment income | 1,254 | 1,212 | 3,627 | 3,627 |
Interest and debt expense | 67 | 67 | 204 | 201 |
Commissions and other expenses | 1,432 | 995 | 3,459 | 2,929 |
Income (loss) from continuing operations before taxes | 268 | 601 | 1,078 | 1,564 |
Federal income tax expense (benefit) | 41 | 162 | 207 | 398 |
Net income (loss) | $ 227 | $ 439 | 871 | 1,166 |
Unrealized Gain (Loss) On AFS Securities [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income (loss) from continuing operations before taxes | 152 | (15) | ||
Federal income tax expense (benefit) | (53) | 5 | ||
Net income (loss) | 99 | (10) | ||
Unrealized OTTI On AFS Securities [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income (loss) from continuing operations before taxes | 18 | 48 | ||
Federal income tax expense (benefit) | (6) | (17) | ||
Net income (loss) | 12 | 31 | ||
Unrealized Gain (Loss) on Derivative Instruments [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income (loss) from continuing operations before taxes | (185) | (11) | ||
Federal income tax expense (benefit) | 65 | 4 | ||
Net income (loss) | (120) | (7) | ||
Gross Reclassification [Member] | Unrealized Gain (Loss) On AFS Securities [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total realized gain (loss) | 175 | 10 | ||
Gross Reclassification [Member] | Unrealized OTTI On AFS Securities [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total realized gain (loss) | 31 | 55 | ||
Gross Reclassification [Member] | Unrealized Gain (Loss) on Derivative Instruments [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Nonoperating income expense | (187) | (12) | ||
Gross Reclassification [Member] | Unrealized Gain (Loss) on Derivative Instruments [Member] | Interest Rate Contract [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net investment income | (193) | (19) | ||
Interest and debt expense | 1 | 3 | ||
Gross Reclassification [Member] | Unrealized Gain (Loss) on Derivative Instruments [Member] | Foreign Currency Contract [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net investment income | 5 | 4 | ||
Change In DAC, VOBA, DSI, And DFEL [Member] | Unrealized Gain (Loss) On AFS Securities [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total realized gain (loss) | (23) | (25) | ||
Change In DAC, VOBA, DSI, And DFEL [Member] | Unrealized OTTI On AFS Securities [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total realized gain (loss) | (13) | (7) | ||
Change In DAC, VOBA, DSI, And DFEL [Member] | Unrealized Gain (Loss) on Derivative Instruments [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Commissions and other expenses | $ 2 | $ 1 |
Realized (Gain) Loss (Details)
Realized (Gain) Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Details underlying realized gain (loss) | |||||
Total realized gain loss related to certain investments | [1] | $ (26) | $ (7) | $ (51) | $ (11) |
Realized gain (loss) on the mark-to-market on certain instruments | [2] | (16) | (18) | (27) | (31) |
Indexed annuity and universal life net derivative results: | |||||
Gross gain (loss) | [3] | (32) | 21 | (64) | (18) |
Associated amortization of DAC, VOBA, DSI, and DFEL | [3] | 6 | (6) | 12 | 3 |
Variable annuity net derivatives results: | |||||
Gross gain (loss) | [4] | 119 | 116 | 149 | 182 |
Associated amortization of DAC, VOBA, DSI, and DFEL | [4] | (24) | (17) | (27) | (19) |
Realized gain (loss) on sale of subsidiaries/businesses | [5] | (3) | |||
Total realized gain (loss) | $ 27 | $ 89 | $ (11) | $ 106 | |
[1] | See "Realized Gain (Loss) Related to Certain Investments" section in Note 4. | ||||
[2] | Represents changes in the fair values of certain derivative investments (not including those associated with our variable and indexed annuity and IUL contracts net derivatives results), reinsurance related embedded derivatives and trading securities. | ||||
[3] | Represents the net difference between the change in the fair value of the S&P 500 Index ® call options that we hold and the change in the fair value of the embedded derivative liabilities of our indexed annuity and IUL contracts along with changes in the fair value of embedded derivative liabilities related to index call options we may purchase in the future to hedge contract holder index allocations applicable to future reset periods for our indexed annuity products. | ||||
[4] | Includes the net difference in the change in embedded derivative reserves of our guaranteed living benefits ("GLB") riders and the change in the fair value of the derivative investments we own to hedge the change in embedded derivative reserves on our GLB riders and the benefit ratio unlocking on our GDB riders, including the cost of purchasing the hedging instruments. | ||||
[5] | See Note 3 in our 2014 Form 10-K for more information. |
Stock-Based Incentive Compens74
Stock-Based Incentive Compensation Plans (Details) - shares | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | |
Stock options [Member] | ||
Share-based compensation arrangement by share-based payment award [Line Items] | ||
Shares granted | 502,664 | |
Performance Shares [Member] | ||
Share-based compensation arrangement by share-based payment award [Line Items] | ||
Shares granted | 161,255 | |
Restricted Stock Units [Member] | ||
Share-based compensation arrangement by share-based payment award [Line Items] | ||
Shares granted | 20,086 | 465,524 |
Non-employee Stock Appreciation Rights [Member] | ||
Share-based compensation arrangement by share-based payment award [Line Items] | ||
Shares granted | 48,451 | |
Non-employee Agent Stock Options [Member] | ||
Share-based compensation arrangement by share-based payment award [Line Items] | ||
Shares granted | 50 | 90,239 |
Non-employee Director Deferred Stock Units [Member] | ||
Share-based compensation arrangement by share-based payment award [Line Items] | ||
Shares granted | 9,545 | 25,081 |
Fair Value of Financial Instr75
Fair Value of Financial Instruments (Carrying and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | |
AFS securities: | |||
AFS Fixed Maturity Securities | $ 85,506 | $ 86,240 | |
AFS Equity securities | 242 | 231 | |
Trading securities | 1,914 | 2,065 | |
Mortgage loans on real estate | 8,431 | 7,574 | |
Derivative investments | 2,020 | 1,860 | |
Other investments | 1,820 | 1,709 | |
Carrying Value [Member] | |||
AFS securities: | |||
AFS Equity securities | 242 | 231 | |
Trading securities | 1,914 | 2,065 | |
Mortgage loans on real estate | 8,431 | 7,574 | |
Derivative investments | [1] | 2,020 | 1,860 |
Other investments | 1,820 | 1,709 | |
Cash and invested cash | 3,772 | 3,919 | |
Other assets - reinsurance recoverable | 294 | 154 | |
Separate account assets | 120,275 | 125,265 | |
Future contract benefits: | |||
Indexed annuity and IUL contracts embedded derivatives | (1,043) | (1,170) | |
Other contract holder funds: | |||
Remaining guaranteed interest and similar contracts | (697) | (699) | |
Account values of certain investment contracts | (30,214) | (29,156) | |
Short-term debt | (250) | ||
Long-term debt | (5,604) | (5,270) | |
Reinsurance related embedded derivatives | (116) | (150) | |
VIEs' liabilities - derivative instruments | (2) | (13) | |
Other liabilities - credit default swaps | (7) | (3) | |
Other liabilities - derivative liabilities | [1] | (74) | (77) |
Other liabilities - GLB reserves embedded derivatives | [2] | (1,287) | (174) |
Fair Value [Member] | |||
AFS securities: | |||
AFS Equity securities | 242 | 231 | |
Trading securities | 1,914 | 2,065 | |
Mortgage loans on real estate | 8,857 | 8,038 | |
Derivative investments | [1] | 2,020 | 1,860 |
Other investments | 1,820 | 1,709 | |
Cash and invested cash | 3,772 | 3,919 | |
Other assets - reinsurance recoverable | 294 | 154 | |
Separate account assets | 120,275 | 125,265 | |
Future contract benefits: | |||
Indexed annuity and IUL contracts embedded derivatives | (1,043) | (1,170) | |
Other contract holder funds: | |||
Remaining guaranteed interest and similar contracts | (697) | (699) | |
Account values of certain investment contracts | (34,226) | (33,079) | |
Short-term debt | (253) | ||
Long-term debt | (5,647) | (5,707) | |
Reinsurance related embedded derivatives | (116) | (150) | |
VIEs' liabilities - derivative instruments | (2) | (13) | |
Other liabilities - credit default swaps | (7) | (3) | |
Other liabilities - derivative liabilities | [1] | (74) | (77) |
Other liabilities - GLB reserves embedded derivatives | [2] | (1,287) | (174) |
VIEs' Fixed Maturity Securities [Member] | Carrying Value [Member] | |||
AFS securities: | |||
AFS Fixed Maturity Securities | 598 | 598 | |
VIEs' Fixed Maturity Securities [Member] | Fair Value [Member] | |||
AFS securities: | |||
AFS Fixed Maturity Securities | 598 | 598 | |
Fixed Maturity AFS Securities [Member] | Carrying Value [Member] | |||
AFS securities: | |||
AFS Fixed Maturity Securities | 85,506 | 86,240 | |
Fixed Maturity AFS Securities [Member] | Fair Value [Member] | |||
AFS securities: | |||
AFS Fixed Maturity Securities | $ 85,506 | $ 86,240 | |
[1] | We have master netting agreements with each of our derivative counterparties, which allow for the netting of our derivative asset and liability positions by counterparty. | ||
[2] | Portions of our GLB reserves embedded derivatives are ceded to third-party reinsurance counterparties. Refer to Note 5 for additional detail. |
Fair Value of Financial Instr76
Fair Value of Financial Instruments (Fair Value of Assets and Liabilities on a Recurring Basis) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | $ 215,603 | $ 221,209 | |
Liabilities measured at fair value | (4,563) | (3,517) | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 1,944 | 2,203 | |
Significant Observable Inputs (Level 2) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 209,219 | 214,857 | |
Liabilities measured at fair value | (1,960) | (1,915) | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 4,440 | 4,149 | |
Liabilities measured at fair value | (2,603) | (1,602) | |
Corporate Bonds [Member] | Fixed Maturity AFS Securities [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 73,291 | 73,416 | |
Corporate Bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Maturity AFS Securities [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 62 | 63 | |
Corporate Bonds [Member] | Significant Observable Inputs (Level 2) [Member] | Fixed Maturity AFS Securities [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 71,227 | 71,400 | |
Corporate Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fixed Maturity AFS Securities [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 2,002 | 1,953 | |
ABS [Member] | Fixed Maturity AFS Securities [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 1,141 | 1,130 | |
ABS [Member] | Significant Observable Inputs (Level 2) [Member] | Fixed Maturity AFS Securities [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 1,095 | 1,097 | |
ABS [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fixed Maturity AFS Securities [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 46 | 33 | |
U.S. Government Bonds [Member] | Fixed Maturity AFS Securities [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 438 | 435 | |
U.S. Government Bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Maturity AFS Securities [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 420 | 399 | |
U.S. Government Bonds [Member] | Significant Observable Inputs (Level 2) [Member] | Fixed Maturity AFS Securities [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 18 | 36 | |
Foreign Government Bonds [Member] | Fixed Maturity AFS Securities [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 532 | 541 | |
Foreign Government Bonds [Member] | Significant Observable Inputs (Level 2) [Member] | Fixed Maturity AFS Securities [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 417 | 432 | |
Foreign Government Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fixed Maturity AFS Securities [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 115 | 109 | |
RMBS [Member] | Fixed Maturity AFS Securities [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 3,849 | 4,226 | |
RMBS [Member] | Significant Observable Inputs (Level 2) [Member] | Fixed Maturity AFS Securities [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 3,848 | 4,225 | |
RMBS [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fixed Maturity AFS Securities [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 1 | 1 | |
CMBS [Member] | Fixed Maturity AFS Securities [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 403 | 570 | |
CMBS [Member] | Significant Observable Inputs (Level 2) [Member] | Fixed Maturity AFS Securities [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 392 | 555 | |
CMBS [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fixed Maturity AFS Securities [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 11 | 15 | |
CLOs [Member] | Fixed Maturity AFS Securities [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 515 | 375 | |
CLOs [Member] | Significant Observable Inputs (Level 2) [Member] | Fixed Maturity AFS Securities [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 38 | 7 | |
CLOs [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fixed Maturity AFS Securities [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 477 | 368 | |
State And Municipal Bonds [Member] | Fixed Maturity AFS Securities [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 4,480 | 4,593 | |
State And Municipal Bonds [Member] | Significant Observable Inputs (Level 2) [Member] | Fixed Maturity AFS Securities [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 4,480 | 4,593 | |
Hybrid And Redeemable Preferred Securities [Member] | Fixed Maturity AFS Securities [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 857 | 954 | |
Hybrid And Redeemable Preferred Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Maturity AFS Securities [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 46 | 45 | |
Hybrid And Redeemable Preferred Securities [Member] | Significant Observable Inputs (Level 2) [Member] | Fixed Maturity AFS Securities [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 717 | 854 | |
Hybrid And Redeemable Preferred Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fixed Maturity AFS Securities [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 94 | 55 | |
VIEs' Fixed Maturity Securities [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 598 | 598 | |
VIEs' Fixed Maturity Securities [Member] | Significant Observable Inputs (Level 2) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 598 | 598 | |
Equity AFS Securities [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 242 | 231 | |
Equity AFS Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 7 | 7 | |
Equity AFS Securities [Member] | Significant Observable Inputs (Level 2) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 74 | 67 | |
Equity AFS Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 161 | 157 | |
Trading Securities [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 1,914 | 2,065 | |
Trading Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 161 | ||
Trading Securities [Member] | Significant Observable Inputs (Level 2) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 1,677 | 1,992 | |
Trading Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 76 | 73 | |
Other Investments [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 151 | 150 | |
Other Investments [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 151 | 150 | |
Derivative Investments [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | [1] | 2,851 | 2,587 |
Derivative Investments [Member] | Significant Observable Inputs (Level 2) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | [1] | 1,688 | 1,356 |
Derivative Investments [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | [1] | 1,163 | 1,231 |
Cash And Invested Cash [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 3,772 | 3,919 | |
Cash And Invested Cash [Member] | Significant Observable Inputs (Level 2) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 3,772 | 3,919 | |
GLB Embedded Derivative Reserves [Member] | Other Liabilities [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Liabilities measured at fair value | (1,287) | (174) | |
GLB Embedded Derivative Reserves [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other Liabilities [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Liabilities measured at fair value | (1,287) | (174) | |
Other Assets Reinsurance Recoverable [Member] | Other Assets [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 294 | 154 | |
Other Assets Reinsurance Recoverable [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other Assets [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 294 | 154 | |
Separate Account Assets [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 120,275 | 125,265 | |
Separate Account Assets [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 1,097 | 1,539 | |
Separate Account Assets [Member] | Significant Observable Inputs (Level 2) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Assets measured at fair value | 119,178 | 123,726 | |
Indexed Annuity and IUL Contracts [Member] | Future contract benefits [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Liabilities measured at fair value | (1,043) | (1,170) | |
Indexed Annuity and IUL Contracts [Member] | Significant Unobservable Inputs (Level 3) [Member] | Future contract benefits [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Liabilities measured at fair value | (1,043) | (1,170) | |
Long-term Debt [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Liabilities measured at fair value | (1,203) | (1,203) | |
Long-term Debt [Member] | Significant Observable Inputs (Level 2) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Liabilities measured at fair value | (1,203) | (1,203) | |
Reinsurance Related Embedded Derivatives [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Liabilities measured at fair value | (116) | (150) | |
Reinsurance Related Embedded Derivatives [Member] | Significant Observable Inputs (Level 2) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Liabilities measured at fair value | (116) | (150) | |
VIE's Liabilities - Derivative Instruments [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Liabilities measured at fair value | (2) | (13) | |
VIE's Liabilities - Derivative Instruments [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Liabilities measured at fair value | (2) | (13) | |
Credit Default Swaps [Member] | Other Liabilities [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Liabilities measured at fair value | (7) | (3) | |
Credit Default Swaps [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other Liabilities [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Liabilities measured at fair value | (7) | (3) | |
Derivative Financial Instruments, Liabilities [Member] | Other Liabilities [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Liabilities measured at fair value | [1] | (905) | (804) |
Derivative Financial Instruments, Liabilities [Member] | Significant Observable Inputs (Level 2) [Member] | Other Liabilities [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Liabilities measured at fair value | [1] | (641) | (562) |
Derivative Financial Instruments, Liabilities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other Liabilities [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Liabilities measured at fair value | [1] | $ (264) | $ (242) |
[1] | Derivative investment assets and liabilities presented within the fair value hierarchy are presented on a gross basis by derivative type and not on a master netting basis by counterparty. |
Fair Value of Financial Instr77
Fair Value of Financial Instruments (Fair Value Measured On A Recurring Basis Reconciliation) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |||
Level 3 Unobservable Input Reconciliation | ||||||
Beginning Fair Value | $ 2,803 | $ 3,353 | $ 2,547 | $ 3,730 | ||
Items Included in Net Income | (1,001) | (63) | (730) | (634) | ||
Gains (Losses) in OCI and Other | [1] | 18 | 4 | (137) | 306 | |
Issuances, Sales, Maturities, Settlements, Calls, Net | 77 | 74 | 105 | 132 | ||
Transfers In or Out of Level 3, Net | [2] | (60) | (245) | 52 | (411) | [3] |
Ending Fair Value | 1,837 | 3,123 | 1,837 | 3,123 | ||
Corporate Bonds [Member] | Fixed Maturity AFS Securities [Member] | ||||||
Level 3 Unobservable Input Reconciliation | ||||||
Beginning Fair Value | [4] | 2,039 | 2,197 | 1,953 | 1,701 | |
Items Included in Net Income | [4] | 3 | 1 | 6 | 9 | |
Gains (Losses) in OCI and Other | [1],[4] | (34) | (34) | (123) | 39 | |
Issuances, Sales, Maturities, Settlements, Calls, Net | [4] | 60 | 51 | 150 | 202 | |
Transfers In or Out of Level 3, Net | [2],[4] | (66) | (266) | 16 | (2) | [3] |
Ending Fair Value | [4] | 2,002 | 1,949 | 2,002 | 1,949 | |
ABS [Member] | Fixed Maturity AFS Securities [Member] | ||||||
Level 3 Unobservable Input Reconciliation | ||||||
Beginning Fair Value | [4] | $ 33 | $ 7 | $ 33 | 10 | |
Items Included in Net Income | [4] | |||||
Gains (Losses) in OCI and Other | [1],[4] | $ 1 | 2 | |||
Issuances, Sales, Maturities, Settlements, Calls, Net | [4] | $ 13 | $ 13 | |||
Transfers In or Out of Level 3, Net | [2],[4] | $ 26 | 22 | [3] | ||
Ending Fair Value | [4] | $ 46 | 34 | $ 46 | 34 | |
Foreign Government Bonds [Member] | Fixed Maturity AFS Securities [Member] | ||||||
Level 3 Unobservable Input Reconciliation | ||||||
Beginning Fair Value | [4] | $ 114 | $ 108 | 109 | 79 | |
Items Included in Net Income | [4] | |||||
Gains (Losses) in OCI and Other | [1],[4] | $ (3) | 2 | 4 | ||
Issuances, Sales, Maturities, Settlements, Calls, Net | [4] | |||||
Transfers In or Out of Level 3, Net | [2],[4] | $ 4 | 4 | 25 | [3] | |
Ending Fair Value | [4] | 115 | $ 108 | 115 | 108 | |
RMBS [Member] | Fixed Maturity AFS Securities [Member] | ||||||
Level 3 Unobservable Input Reconciliation | ||||||
Beginning Fair Value | [4] | $ 1 | $ 1 | $ 1 | $ 1 | |
Items Included in Net Income | [4] | |||||
Gains (Losses) in OCI and Other | [1],[4] | |||||
Issuances, Sales, Maturities, Settlements, Calls, Net | [4] | |||||
Transfers In or Out of Level 3, Net | [2],[4] | [3] | ||||
Ending Fair Value | [4] | $ 1 | $ 1 | $ 1 | $ 1 | |
CMBS [Member] | Fixed Maturity AFS Securities [Member] | ||||||
Level 3 Unobservable Input Reconciliation | ||||||
Beginning Fair Value | [4] | 12 | $ 19 | 15 | 20 | |
Items Included in Net Income | [4] | 1 | 3 | |||
Gains (Losses) in OCI and Other | [1],[4] | 2 | $ 1 | 6 | 1 | |
Issuances, Sales, Maturities, Settlements, Calls, Net | [4] | $ (4) | $ (2) | (13) | (9) | |
Transfers In or Out of Level 3, Net | [2],[4] | 6 | [3] | |||
Ending Fair Value | [4] | $ 11 | $ 18 | 11 | 18 | |
CLOs [Member] | Fixed Maturity AFS Securities [Member] | ||||||
Level 3 Unobservable Input Reconciliation | ||||||
Beginning Fair Value | [4] | $ 461 | 210 | 368 | 179 | |
Items Included in Net Income | [4] | (2) | (3) | |||
Gains (Losses) in OCI and Other | [1],[4] | $ 1 | 1 | 4 | 5 | |
Issuances, Sales, Maturities, Settlements, Calls, Net | [4] | $ 15 | $ 45 | 117 | 69 | |
Transfers In or Out of Level 3, Net | [2],[4] | (12) | 4 | [3] | ||
Ending Fair Value | [4] | $ 477 | $ 254 | 477 | 254 | |
State And Municipal Bonds [Member] | Fixed Maturity AFS Securities [Member] | ||||||
Level 3 Unobservable Input Reconciliation | ||||||
Beginning Fair Value | [4] | 28 | ||||
Gains (Losses) in OCI and Other | [1],[4] | 1 | ||||
Transfers In or Out of Level 3, Net | [2],[3],[4] | (29) | ||||
Hybrid And Redeemable Preferred Securities [Member] | Fixed Maturity AFS Securities [Member] | ||||||
Level 3 Unobservable Input Reconciliation | ||||||
Beginning Fair Value | [4] | $ 96 | $ 52 | 55 | 66 | |
Items Included in Net Income | [4] | (1) | ||||
Gains (Losses) in OCI and Other | [1],[4] | $ (2) | (3) | 1 | ||
Issuances, Sales, Maturities, Settlements, Calls, Net | [4] | (5) | ||||
Transfers In or Out of Level 3, Net | [2],[4] | 43 | (10) | [3] | ||
Ending Fair Value | [4] | $ 94 | $ 52 | 94 | 52 | |
Equity AFS Securities [Member] | ||||||
Level 3 Unobservable Input Reconciliation | ||||||
Beginning Fair Value | [4] | 141 | $ 158 | 157 | 161 | |
Items Included in Net Income | [4] | $ 1 | 2 | 3 | ||
Gains (Losses) in OCI and Other | [1],[4] | (1) | ||||
Issuances, Sales, Maturities, Settlements, Calls, Net | [4] | $ 19 | 3 | (5) | ||
Transfers In or Out of Level 3, Net | [2],[4] | (1) | ||||
Ending Fair Value | [4] | $ 161 | $ 158 | 161 | 158 | |
Trading Securities [Member] | ||||||
Level 3 Unobservable Input Reconciliation | ||||||
Beginning Fair Value | [4] | 72 | 67 | 73 | 52 | |
Items Included in Net Income | [4] | 1 | 1 | 2 | 4 | |
Gains (Losses) in OCI and Other | [1],[4] | $ 1 | (2) | (1) | 4 | |
Issuances, Sales, Maturities, Settlements, Calls, Net | [4] | 8 | 10 | |||
Transfers In or Out of Level 3, Net | [2],[4] | $ 2 | (5) | 2 | (1) | [3] |
Ending Fair Value | [4] | 76 | 69 | 76 | 69 | |
Derivative Investments [Member] | ||||||
Level 3 Unobservable Input Reconciliation | ||||||
Beginning Fair Value | [4] | 740 | 780 | 989 | 1,266 | |
Items Included in Net Income | [4] | 158 | 278 | 185 | 128 | |
Gains (Losses) in OCI and Other | [1],[4] | 53 | 37 | (22) | 250 | |
Issuances, Sales, Maturities, Settlements, Calls, Net | [4] | $ (52) | $ (72) | (253) | (195) | |
Transfers In or Out of Level 3, Net | [2],[4] | (426) | [3] | |||
Ending Fair Value | [4] | $ 899 | $ 1,023 | $ 899 | 1,023 | |
GLB Embedded Derivative Reserves [Member] | Other Assets [Member] | ||||||
Level 3 Unobservable Input Reconciliation | ||||||
Beginning Fair Value | [5] | 254 | 932 | |||
Items Included in Net Income | [5] | $ (254) | $ (340) | (652) | ||
Gains (Losses) in OCI and Other | [1],[5] | |||||
Issuances, Sales, Maturities, Settlements, Calls, Net | [5] | |||||
Transfers In or Out of Level 3, Net | [2],[5] | 1,244 | [3] | |||
Ending Fair Value | [5] | $ 592 | 592 | |||
GLB Embedded Derivative Reserves [Member] | Future contract benefits [Member] | ||||||
Level 3 Unobservable Input Reconciliation | ||||||
Beginning Fair Value | [5] | 1,244 | ||||
Transfers In or Out of Level 3, Net | [2],[3],[5] | (1,244) | ||||
GLB Embedded Derivative Reserves [Member] | Other Liabilities [Member] | ||||||
Level 3 Unobservable Input Reconciliation | ||||||
Beginning Fair Value | [5] | $ (102) | (54) | $ (174) | (27) | |
Items Included in Net Income | [5] | $ (1,185) | $ (25) | (1,113) | (52) | |
Gains (Losses) in OCI and Other | [1],[5] | |||||
Issuances, Sales, Maturities, Settlements, Calls, Net | [5] | |||||
Transfers In or Out of Level 3, Net | [2],[5] | |||||
Ending Fair Value | [5] | $ (1,287) | $ (79) | (1,287) | (79) | |
Other Assets Reinsurance Recoverable [Member] | Other Assets [Member] | ||||||
Level 3 Unobservable Input Reconciliation | ||||||
Beginning Fair Value | [5] | 102 | 54 | 154 | 27 | |
Items Included in Net Income | [5] | 192 | 25 | 140 | 52 | |
Ending Fair Value | [5] | 294 | 79 | 294 | 79 | |
Indexed Annuity and IUL Contracts [Member] | Future contract benefits [Member] | ||||||
Level 3 Unobservable Input Reconciliation | ||||||
Beginning Fair Value | [5] | (1,155) | (1,167) | (1,170) | (1,048) | |
Items Included in Net Income | [5] | $ 86 | $ 6 | 39 | (134) | |
Gains (Losses) in OCI and Other | [1],[5] | |||||
Issuances, Sales, Maturities, Settlements, Calls, Net | [5] | $ 26 | $ 44 | 88 | 65 | |
Transfers In or Out of Level 3, Net | [2],[5] | |||||
Ending Fair Value | [5] | $ (1,043) | $ (1,117) | (1,043) | (1,117) | |
VIE's Liabilities - Derivative Instruments [Member] | ||||||
Level 3 Unobservable Input Reconciliation | ||||||
Beginning Fair Value | [6] | (3) | (10) | (13) | (27) | |
Items Included in Net Income | [6] | $ 1 | $ (7) | 11 | 10 | |
Gains (Losses) in OCI and Other | [1],[6] | |||||
Issuances, Sales, Maturities, Settlements, Calls, Net | [6] | |||||
Transfers In or Out of Level 3, Net | [2],[6] | |||||
Ending Fair Value | [6] | $ (2) | $ (17) | (2) | (17) | |
Credit Default Swaps [Member] | Other Liabilities [Member] | ||||||
Level 3 Unobservable Input Reconciliation | ||||||
Beginning Fair Value | [7] | (2) | $ (1) | (3) | (2) | |
Items Included in Net Income | [7] | $ (5) | (4) | 1 | ||
Gains (Losses) in OCI and Other | [1],[7] | |||||
Issuances, Sales, Maturities, Settlements, Calls, Net | [7] | |||||
Transfers In or Out of Level 3, Net | [2],[7] | |||||
Ending Fair Value | [7] | $ (7) | $ (1) | $ (7) | $ (1) | |
[1] | The changes in fair value of the interest rate swaps are offset by an adjustment to derivative investments (see Note 5). | |||||
[2] | Transfers into or out of Level 3 for AFS and trading securities are displayed at amortized cost as of the beginning-of-period. For AFS and trading securities, the difference between beginning-of-period amortized cost and beginning-of-period fair value was included in OCI and earnings, respectively, in prior periods. | |||||
[3] | Transfers into or out of Level 3 for GLB reserves embedded derivatives between future contract benefits, other assets and other liabilities on our Consolidated Balance Sheets. | |||||
[4] | Amortization and accretion of premiums and discounts are included in net investment income on our Consolidated Statements of Comprehensive Income (Loss). Gains (losses) from sales, maturities, settlements and calls and OTTI are included in realized gain (loss) on our Consolidated Statements of Comprehensive Income (Loss). | |||||
[5] | Gains (losses) from sales, maturities, settlements and calls are included in realized gain (loss) on our Consolidated Statements of Comprehensive Income (Loss). | |||||
[6] | Gains (losses) from sales, maturities, settlements and calls are included in net investment income on our Consolidated Statements of Comprehensive Income (Loss). | |||||
[7] | The changes in fair value of the credit default swaps and contingency forwards are included in realized gain (loss) on our Consolidated Statements of Comprehensive Income (Loss). |
Fair Value of Financial Instr78
Fair Value of Financial Instruments (Schedule Of Investment Holdings Movements) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract] | ||||
Issuances | $ 197 | $ 265 | $ 568 | $ 709 |
Sales | (45) | (123) | (188) | (134) |
Maturities | (76) | (24) | (284) | (355) |
Settlements | 1 | 10 | 28 | 30 |
Calls | (54) | (19) | (118) | |
Total | 77 | 74 | 105 | 132 |
Corporate Bonds [Member] | Fixed Maturity AFS Securities [Member] | ||||
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract] | ||||
Issuances | 93 | 144 | 287 | 521 |
Sales | (3) | (17) | (24) | (74) |
Maturities | (13) | (15) | (86) | |
Settlements | (30) | (9) | (80) | (41) |
Calls | (54) | (18) | (118) | |
Total | 60 | 51 | 150 | 202 |
ABS [Member] | Fixed Maturity AFS Securities [Member] | ||||
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract] | ||||
Issuances | 13 | 13 | ||
Total | 13 | 13 | ||
CMBS [Member] | Fixed Maturity AFS Securities [Member] | ||||
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract] | ||||
Settlements | (4) | (2) | (12) | (9) |
Calls | (1) | |||
Total | (4) | (2) | (13) | (9) |
CLOs [Member] | Fixed Maturity AFS Securities [Member] | ||||
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract] | ||||
Issuances | 30 | 79 | 139 | 110 |
Settlements | (15) | (34) | (22) | (41) |
Total | 15 | 45 | 117 | 69 |
Hybrid And Redeemable Preferred Securities [Member] | Fixed Maturity AFS Securities [Member] | ||||
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract] | ||||
Sales | (5) | |||
Total | (5) | |||
Equity AFS Securities [Member] | ||||
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract] | ||||
Issuances | 33 | 43 | ||
Sales | (14) | (40) | (5) | |
Total | 19 | 3 | (5) | |
Trading Securities [Member] | ||||
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract] | ||||
Issuances | 8 | 14 | ||
Settlements | (4) | |||
Total | 8 | 10 | ||
Derivative Investments [Member] | ||||
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract] | ||||
Issuances | 52 | 45 | 140 | 124 |
Sales | (28) | (106) | (124) | (50) |
Maturities | (76) | (11) | (269) | (269) |
Total | (52) | (72) | (253) | (195) |
Indexed Annuity and IUL Contracts [Member] | Future contract benefits [Member] | ||||
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract] | ||||
Issuances | (24) | (11) | (54) | (60) |
Settlements | 50 | 55 | 142 | 125 |
Total | $ 26 | $ 44 | $ 88 | $ 65 |
Fair Value of Financial Instr79
Fair Value of Financial Instruments (Changes In Unrealized Gains (Losses) Within Level 3 Financial Instruments Carried At Fair Value And Still Held) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Changes in unrealized gains (losses) within Level 3 financial instruments carried at fair value and still held | |||||
Change in unrealized gains (losses) included in net income | $ (1,174) | $ 100 | $ (596) | $ (171) | |
Derivative Investments [Member] | Realized Gain (Loss) [Member] | |||||
Changes in unrealized gains (losses) within Level 3 financial instruments carried at fair value and still held | |||||
Change in unrealized gains (losses) included in net income | [1] | 162 | 262 | 177 | 84 |
Indexed Annuity and IUL Contracts [Member] | Realized Gain (Loss) [Member] | |||||
Changes in unrealized gains (losses) within Level 3 financial instruments carried at fair value and still held | |||||
Change in unrealized gains (losses) included in net income | [1] | (35) | 20 | (69) | (19) |
GLB Embedded Derivative Reserves [Member] | Realized Gain (Loss) [Member] | |||||
Changes in unrealized gains (losses) within Level 3 financial instruments carried at fair value and still held | |||||
Change in unrealized gains (losses) included in net income | [1] | (1,297) | (175) | (712) | (247) |
VIE's Liabilities - Derivative Instruments [Member] | Net Investment Income [Member] | |||||
Changes in unrealized gains (losses) within Level 3 financial instruments carried at fair value and still held | |||||
Change in unrealized gains (losses) included in net income | [2] | 1 | $ (7) | 12 | 10 |
Credit Default Swaps [Member] | Realized Gain (Loss) [Member] | |||||
Changes in unrealized gains (losses) within Level 3 financial instruments carried at fair value and still held | |||||
Change in unrealized gains (losses) included in net income | [1] | $ (5) | $ (4) | $ 1 | |
[1] | Included in realized gain (loss) on our Consolidated Statements of Comprehensive Income (Loss). | ||||
[2] | Included in net investment income on our Consolidated Statements of Comprehensive Income (Loss). |
Fair Value of Financial Instr80
Fair Value of Financial Instruments (Components Of The Transfers In And Out Of Level 3) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfers In to Level 3 | $ 7 | $ 40 | $ 218 | $ 1,749 |
Transfers Out of Level 3 | (67) | (285) | (166) | (2,160) |
Transfers In or Out of Level 3, Net | (60) | (245) | 52 | (411) |
Transfers between Levels 1 and 2 | 172 | |||
Corporate Bonds [Member] | Fixed Maturity AFS Securities [Member] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfers In to Level 3 | 14 | 159 | 418 | |
Transfers Out of Level 3 | (66) | (280) | (143) | (420) |
Transfers In or Out of Level 3, Net | (66) | (266) | 16 | (2) |
ABS [Member] | Fixed Maturity AFS Securities [Member] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfers In to Level 3 | 26 | 26 | ||
Transfers Out of Level 3 | (4) | |||
Transfers In or Out of Level 3, Net | 26 | 22 | ||
Foreign Government Bonds [Member] | Fixed Maturity AFS Securities [Member] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfers In to Level 3 | 4 | 4 | 25 | |
Transfers In or Out of Level 3, Net | 4 | 4 | 25 | |
CMBS [Member] | Fixed Maturity AFS Securities [Member] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfers In to Level 3 | 6 | |||
Transfers In or Out of Level 3, Net | 6 | |||
CLOs [Member] | Fixed Maturity AFS Securities [Member] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfers In to Level 3 | 4 | 8 | ||
Transfers Out of Level 3 | (16) | (4) | ||
Transfers In or Out of Level 3, Net | (12) | 4 | ||
State And Municipal Bonds [Member] | Fixed Maturity AFS Securities [Member] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfers Out of Level 3 | (29) | |||
Transfers In or Out of Level 3, Net | (29) | |||
Hybrid And Redeemable Preferred Securities [Member] | Fixed Maturity AFS Securities [Member] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfers In to Level 3 | 48 | 12 | ||
Transfers Out of Level 3 | (5) | (22) | ||
Transfers In or Out of Level 3, Net | 43 | (10) | ||
Equity AFS Securities [Member] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfers Out of Level 3 | (1) | |||
Transfers In or Out of Level 3, Net | (1) | |||
Trading Securities [Member] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfers In to Level 3 | 3 | 3 | 10 | |
Transfers Out of Level 3 | (1) | (5) | (1) | (11) |
Transfers In or Out of Level 3, Net | $ 2 | $ (5) | $ 2 | (1) |
Derivative Investments [Member] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfers Out of Level 3 | (426) | |||
Transfers In or Out of Level 3, Net | (426) | |||
GLB Embedded Derivative Reserves [Member] | Other Assets [Member] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfers In to Level 3 | 1,244 | |||
Transfers In or Out of Level 3, Net | 1,244 | |||
GLB Embedded Derivative Reserves [Member] | Future contract benefits [Member] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Transfers Out of Level 3 | (1,244) | |||
Transfers In or Out of Level 3, Net | $ (1,244) |
Fair Value of Financial Instr81
Fair Value of Financial Instruments (Fair Value Inputs Quantitative Information) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Assets Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | $ 215,603 | $ 221,209 |
Liabilities Fair Value Disclosure [Abstract] | ||
Liabilities measured at fair value | (4,563) | (3,517) |
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | 4,440 | 4,149 |
Liabilities Fair Value Disclosure [Abstract] | ||
Liabilities measured at fair value | (2,603) | $ (1,602) |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Corporate Bonds [Member] | Fixed Maturity AFS Securities [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | 1,307 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | ABS [Member] | Fixed Maturity AFS Securities [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | 25 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Foreign Government Bonds [Member] | Fixed Maturity AFS Securities [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | 77 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Hybrid And Redeemable Preferred Securities [Member] | Fixed Maturity AFS Securities [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | 20 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Equity AFS Securities [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | 27 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Other Assets Reinsurance Recoverable [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Assets Fair Value Disclosure | 294 | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Other Liabilities GLB Reserves Embedded Derivatives [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Liabilities measured at fair value | (1,287) | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Future Contract Benefits - Indexed Annuity and IUL Contracts Embedded Derivatives [Member] | Future contract benefits [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Liabilities measured at fair value | $ (1,043) | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Minimum [Member] | Corporate Bonds [Member] | Fixed Maturity AFS Securities [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Liquidity Duration Adjustment | 0.60% | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Minimum [Member] | ABS [Member] | Fixed Maturity AFS Securities [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Liquidity Duration Adjustment | 3.40% | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Minimum [Member] | Foreign Government Bonds [Member] | Fixed Maturity AFS Securities [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Liquidity Duration Adjustment | 2.10% | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Minimum [Member] | Hybrid And Redeemable Preferred Securities [Member] | Fixed Maturity AFS Securities [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Liquidity Duration Adjustment | 1.90% | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Minimum [Member] | Equity AFS Securities [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Liquidity Duration Adjustment | 4.30% | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Minimum [Member] | Other Assets Reinsurance Recoverable [Member] | ||
Fair Value Inputs [Abstract] | ||
Lapse Rate | 1.00% | |
Utilization of guaranteed withdrawal | 90.00% | |
Claims Utilization Factor | 60.00% | |
Premiums Utilization Factor | 70.00% | |
NPR | 0.05% | |
Volatility | 1.00% | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Minimum [Member] | Other Liabilities GLB Reserves Embedded Derivatives [Member] | ||
Fair Value Inputs [Abstract] | ||
Lapse Rate | 1.00% | |
Utilization of guaranteed withdrawal | 90.00% | |
Claims Utilization Factor | 60.00% | |
Premiums Utilization Factor | 70.00% | |
NPR | 0.05% | |
Volatility | 1.00% | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Minimum [Member] | Future Contract Benefits - Indexed Annuity and IUL Contracts Embedded Derivatives [Member] | Future contract benefits [Member] | ||
Fair Value Inputs [Abstract] | ||
Lapse Rate | 1.00% | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Maximum [Member] | Corporate Bonds [Member] | Fixed Maturity AFS Securities [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Liquidity Duration Adjustment | 10.90% | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Maximum [Member] | ABS [Member] | Fixed Maturity AFS Securities [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Liquidity Duration Adjustment | 3.40% | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Maximum [Member] | Foreign Government Bonds [Member] | Fixed Maturity AFS Securities [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Liquidity Duration Adjustment | 4.60% | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Maximum [Member] | Hybrid And Redeemable Preferred Securities [Member] | Fixed Maturity AFS Securities [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Liquidity Duration Adjustment | 1.90% | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Maximum [Member] | Equity AFS Securities [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Liquidity Duration Adjustment | 6.00% | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Maximum [Member] | Other Assets Reinsurance Recoverable [Member] | ||
Fair Value Inputs [Abstract] | ||
Lapse Rate | 30.00% | |
Utilization of guaranteed withdrawal | 100.00% | |
Claims Utilization Factor | 100.00% | |
Premiums Utilization Factor | 120.00% | |
NPR | 0.49% | |
Volatility | 29.00% | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Maximum [Member] | Other Liabilities GLB Reserves Embedded Derivatives [Member] | ||
Fair Value Inputs [Abstract] | ||
Lapse Rate | 30.00% | |
Utilization of guaranteed withdrawal | 100.00% | |
Claims Utilization Factor | 100.00% | |
Premiums Utilization Factor | 120.00% | |
NPR | 0.49% | |
Volatility | 29.00% | |
Significant Unobservable Inputs (Level 3) [Member] | Discounted Cash Flow Valuation Technique [Member] | Maximum [Member] | Future Contract Benefits - Indexed Annuity and IUL Contracts Embedded Derivatives [Member] | Future contract benefits [Member] | ||
Fair Value Inputs [Abstract] | ||
Lapse Rate | 15.00% |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Information [Abstract] | ||||
Federal rate | 35.00% | 35.00% | 35.00% | 35.00% |
Segment Information (Reconcilia
Segment Information (Reconciliation Of Revenue From Segments To Consolidated) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule Of Segment Reporting And Reconcilliation [Line Items] | ||||
Total revenues | $ 3,716 | $ 3,411 | $ 10,400 | $ 9,869 |
Annuities Segment [Member] | ||||
Schedule Of Segment Reporting And Reconcilliation [Line Items] | ||||
Total revenues | 1,060 | 944 | 3,041 | 2,779 |
Retirement Plan Services Segment [Member] | ||||
Schedule Of Segment Reporting And Reconcilliation [Line Items] | ||||
Total revenues | 282 | 272 | 826 | 813 |
Life Insurance Segment [Member] | ||||
Schedule Of Segment Reporting And Reconcilliation [Line Items] | ||||
Total revenues | 1,727 | 1,446 | 4,600 | 4,146 |
Group Protection Segment [Member] | ||||
Schedule Of Segment Reporting And Reconcilliation [Line Items] | ||||
Total revenues | 570 | 598 | 1,792 | 1,829 |
Other Operations [Member] | ||||
Schedule Of Segment Reporting And Reconcilliation [Line Items] | ||||
Total revenues | 96 | 103 | 287 | 315 |
Excluded realized gain (loss), tax, reconciling item [Member] | ||||
Schedule Of Segment Reporting And Reconcilliation [Line Items] | ||||
Total revenues | (18) | 47 | (146) | (15) |
Amortization of deferred gain arising from reserve changes on business sold through reinsurance, pre-tax [Member] | ||||
Schedule Of Segment Reporting And Reconcilliation [Line Items] | ||||
Total revenues | 1 | $ 1 | 2 | $ 2 |
Amortization Of DFEL Associated With Benefit Ratio Unlocking, Pre-Tax [Member] | ||||
Schedule Of Segment Reporting And Reconcilliation [Line Items] | ||||
Total revenues | $ (2) | $ (2) |
Segment Information (Reconcil84
Segment Information (Reconciliation Of Income (Loss) From Operations By Segment To Consolidated Net Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Reconciliation of Net Income (Loss) from Segments to Consolidated [Abstract] | ||||
Net income (loss) | $ 227 | $ 439 | $ 871 | $ 1,166 |
Annuities Segment [Member] | ||||
Reconciliation of Net Income (Loss) from Segments to Consolidated [Abstract] | ||||
Income (loss) from continuing operations | 259 | 245 | 753 | 688 |
Retirement Plan Services Segment [Member] | ||||
Reconciliation of Net Income (Loss) from Segments to Consolidated [Abstract] | ||||
Income (loss) from continuing operations | 42 | 40 | 107 | 118 |
Life Insurance Segment [Member] | ||||
Reconciliation of Net Income (Loss) from Segments to Consolidated [Abstract] | ||||
Income (loss) from continuing operations | 36 | 150 | 251 | 418 |
Group Protection Segment [Member] | ||||
Reconciliation of Net Income (Loss) from Segments to Consolidated [Abstract] | ||||
Income (loss) from continuing operations | 17 | 8 | 29 | 29 |
Other Operations [Member] | ||||
Reconciliation of Net Income (Loss) from Segments to Consolidated [Abstract] | ||||
Income (loss) from continuing operations | (65) | (29) | (127) | (80) |
Excluded realized gain (loss), tax, reconciling item [Member] | ||||
Reconciliation of Net Income (Loss) from Segments to Consolidated [Abstract] | ||||
Income (loss) from continuing operations | (11) | 31 | (95) | (10) |
Income (loss) from reserve changes (net of related amortization) on business sold through reinsurance, after-tax [Member] | ||||
Reconciliation of Net Income (Loss) from Segments to Consolidated [Abstract] | ||||
Income (loss) from continuing operations | 1 | 1 | ||
Benefit ratio unlocking, tax, reconciling item [Member] | ||||
Reconciliation of Net Income (Loss) from Segments to Consolidated [Abstract] | ||||
Income (loss) from continuing operations | $ (51) | $ (6) | $ (48) | $ 2 |