DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 24, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,016 | ||
Amendment Flag | false | ||
Entity Registrant Name | AXA EQUITABLE LIFE INSURANCE CO | ||
Entity Central Index Key | 727,920 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding | 2,000,000 | ||
Entity Public Float | $ 0 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Fixed maturities available for sale, at fair value (amortized cost of $32,123 and $31,201) | $ 32,570 | $ 31,893 |
Mortgage loans on real estate (net of valuation allowances of $8 and $6) | 9,757 | 7,171 |
Policy loans | 3,361 | 3,393 |
Other equity investments | 1,408 | 1,477 |
Trading securities, at fair value | 9,134 | 6,805 |
Other invested assets | 2,186 | 1,788 |
Total investments | 58,416 | 52,527 |
Cash and cash equivalents | 2,950 | 3,028 |
Cash and securities segregated, at fair value | 946 | 565 |
Broker-dealer related receivables | 2,100 | 1,971 |
Securities purchased under agreements to resell | 0 | 79 |
Deferred policy acquisition costs | 4,301 | 4,469 |
Goodwill and other intangible assets, net | 3,741 | 3,733 |
Amounts due from reinsurers | 4,635 | 4,466 |
Loans to affiliates | 703 | 1,087 |
Guaranteed minimum income benefit reinsurance asset, at fair value | 10,309 | 10,570 |
Other assets | 4,260 | 4,634 |
Separate Accounts’ assets | 111,403 | 107,497 |
Total Assets | 203,764 | 194,626 |
LIABILITIES | ||
Policyholders’ account balances | 38,782 | 33,033 |
Future policy benefits and other policyholders liabilities | 25,358 | 24,531 |
Broker-dealer related payables | 484 | 404 |
Securities sold under agreements to repurchase | 1,996 | 1,890 |
Customers related payables | 2,360 | 1,715 |
Amounts due to reinsurers | 125 | 131 |
Short-term debt | 513 | 584 |
Current and deferred income taxes | 3,816 | 4,647 |
Other liabilities | 2,108 | 2,586 |
Separate Accounts’ liabilities | 111,403 | 107,497 |
Total liabilities | 186,945 | 177,018 |
Redeemable Noncontrolling Interest | 403 | 13 |
AXA Equitable’s equity: | ||
Common stock, $1.25 par value, 2 million shares authorized, issued and outstanding | 2 | 2 |
Capital in excess of par value | 5,339 | 5,321 |
Retained earnings | 7,983 | 8,958 |
Accumulated other comprehensive income (loss) | 7 | 228 |
Total AXA Equitable’s equity | 13,331 | 14,509 |
Noncontrolling interest | 3,085 | 3,086 |
Total equity | 16,416 | 17,595 |
Total Liabilities, Redeemable Noncontrolling Interest and Equity | $ 203,764 | $ 194,626 |
CONSOLIDATED BALANCE SHEETS (PA
CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Fixed maturities available for sale, amortized cost | $ 32,236 | $ 31,235 |
Mortgage loans on real estate, valuation allowances | $ 6 | $ 37 |
Common stock par value (in dollars per share) | $ 1.25 | $ 1.25 |
Common stock authorized (in shares) | 2,000,000 | 2,000,000 |
Common stock issued (in shares) | 2,000,000 | 2,000,000 |
Common stock outstanding (in shares) | 2,000,000 | 2,000,000 |
Fixed maturities | ||
Fixed maturities available for sale, amortized cost | $ 32,123 | $ 31,201 |
CONSOLIDATED STATEMENTS OF EARN
CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
REVENUES | |||
Universal life and investment-type product policy fee income | $ 3,423 | $ 3,208 | $ 3,115 |
Premiums | 880 | 854 | 874 |
Net investment income (loss): | |||
Investment income (loss) from derivative instruments | (462) | (81) | 1,605 |
Other investment income (loss) | 2,318 | 2,057 | 2,210 |
Total net investment income (loss) | 1,856 | 1,976 | 3,815 |
Investment gains (losses), net: | |||
Total other-than-temporary impairment losses | (65) | (41) | (72) |
Portion of loss recognized in other comprehensive income (loss) | 0 | 0 | 0 |
Net impairment losses recognized | (65) | (41) | (72) |
Other investment gains (losses), net | 81 | 21 | 14 |
Total investment gains (losses), net | 16 | (20) | (58) |
Commissions, fees and other income | 3,791 | 3,942 | 3,930 |
Increase (decrease) in the fair value of the reinsurance contract asset | (261) | (141) | 3,964 |
Total revenues | 9,705 | 9,819 | 15,640 |
BENEFITS AND OTHER DEDUCTIONS | |||
Policyholders’ benefits | 2,893 | 2,799 | 3,708 |
Interest credited to policyholders’ account balances | 1,555 | 978 | 1,186 |
Compensation and benefits | 1,723 | 1,783 | 1,739 |
Commissions | 1,095 | 1,111 | 1,147 |
Distribution related payments | 372 | 394 | 413 |
Amortization of deferred sales commissions | (98) | (18) | 44 |
Interest expense | 16 | 20 | 53 |
Amortization of deferred policy acquisition costs, net | 162 | (331) | (413) |
Other operating costs and expenses | 1,458 | 1,415 | 1,692 |
Total benefits and other deductions | 9,274 | 8,169 | 9,525 |
Earnings (loss) from operations, before income taxes | 431 | 1,650 | 6,115 |
Income tax (expense) benefit | 113 | (186) | (1,695) |
Net earnings (loss) | 544 | 1,464 | 4,420 |
Less: net (earnings) loss attributable to the noncontrolling interest | (469) | (403) | (387) |
Net Earnings (Loss) Attributable to AXA Equitable | $ 75 | $ 1,061 | $ 4,033 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings (loss) | $ 544 | $ 1,464 | $ 4,420 |
Foreign currency translation adjustment | (18) | (25) | (21) |
Change in unrealized gains (losses), net of reclassification adjustment | (217) | (881) | 969 |
Changes in defined benefit plan related items not yet recognized in periodic benefit cost, net of reclassification adjustment | (3) | (4) | (23) |
Total other comprehensive income (loss), net of income taxes | (238) | (910) | 925 |
Comprehensive income (loss) | 306 | 554 | 5,345 |
Less: Comprehensive (income) loss attributable to noncontrolling interest | (452) | (388) | (358) |
Comprehensive Income (Loss) Attributable to AXA Equitable | $ (146) | $ 166 | $ 4,987 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions | Total | Parent | Common Stock | Additional Paid-in Capital | Retained Earnings | AOCI Attributable to Parent | Noncontrolling Interest |
Beginning of year at Dec. 31, 2013 | $ 2 | $ 5,934 | $ 5,205 | $ (603) | $ 2,903 | ||
Deferred tax on dividend of AB Units | (26) | ||||||
Non cash capital contribution from AXA Financial | 0 | ||||||
Transfer of unrecognized net actuarial loss of the AXA Equitable Qualified Pension Plan to AXA Financial | 0 | 0 | |||||
Repurchase of AB Holding units | (62) | ||||||
Net earnings (loss) | $ 4,420 | 4,033 | 387 | ||||
Dividends | (429) | (401) | |||||
Dividend of AB Units by AXA Equitable to AXA Financial | 48 | ||||||
Other comprehensive income (loss) | 925 | 954 | (29) | ||||
Other | 49 | 143 | |||||
End of year at Dec. 31, 2014 | 18,108 | $ 15,119 | 2 | 5,957 | 8,809 | 351 | 2,989 |
Deferred tax on dividend of AB Units | (35) | ||||||
Non cash capital contribution from AXA Financial | 137 | ||||||
Transfer of unrecognized net actuarial loss of the AXA Equitable Qualified Pension Plan to AXA Financial | (772) | 772 | |||||
Repurchase of AB Holding units | (154) | ||||||
Net earnings (loss) | 1,464 | 1,061 | 403 | ||||
Dividends | (912) | (414) | |||||
Dividend of AB Units by AXA Equitable to AXA Financial | 145 | ||||||
Other comprehensive income (loss) | (910) | (895) | (15) | ||||
Other | 34 | 132 | |||||
End of year at Dec. 31, 2015 | 17,595 | 14,509 | $ 2 | 5,321 | 8,958 | 228 | 3,086 |
Deferred tax on dividend of AB Units | 0 | ||||||
Non cash capital contribution from AXA Financial | 0 | ||||||
Transfer of unrecognized net actuarial loss of the AXA Equitable Qualified Pension Plan to AXA Financial | 0 | 0 | |||||
Repurchase of AB Holding units | (168) | ||||||
Net earnings (loss) | 544 | 75 | 464 | ||||
Dividends | (1,050) | (384) | |||||
Dividend of AB Units by AXA Equitable to AXA Financial | 0 | ||||||
Other comprehensive income (loss) | (238) | (221) | (17) | ||||
Other | 18 | 104 | |||||
End of year at Dec. 31, 2016 | $ 16,416 | $ 13,331 | $ 5,339 | $ 7,983 | $ 7 | $ 3,085 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net earnings (loss) | $ 544 | $ 1,464 | $ 4,420 |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | |||
Interest credited to policyholders’ account balances | 1,555 | 978 | 1,186 |
Universal life and investment-type product policy fee income | (3,423) | (3,208) | (3,115) |
Increase (decrease) in the fair value of the reinsurance contract asset | (261) | (141) | 3,964 |
(Income) loss related to derivative instruments | 462 | 81 | (1,605) |
Investment (gains) losses, net | (16) | 20 | 58 |
Realized and unrealized (gains) losses on trading securities | (41) | (43) | 22 |
Non-cash long term incentive compensation expense | 152 | 172 | 171 |
Amortization of deferred sales commission | 41 | 49 | 42 |
Other depreciation and amortization | (98) | (18) | 44 |
Amortization of deferred cost of reinsurance asset | 159 | 39 | 302 |
Amortization of other intangibles | 29 | 28 | 27 |
Net broker-dealer and customer related receivables/payables | 608 | (38) | (525) |
Reinsurance recoverable | (534) | (916) | (488) |
Segregated cash and securities, net | (381) | (89) | 505 |
Deferred policy acquisition costs | 162 | (331) | (413) |
Future policy benefits | 783 | 934 | 1,647 |
Current and deferred income taxes | (771) | 258 | 1,448 |
Accounts payable and accrued expenses | (66) | 38 | (259) |
Other, net | 31 | 111 | (98) |
Net cash provided by (used in) operating activities | (461) | (244) | (639) |
Cash flows from investing activities: | |||
Fixed maturities, available for sale | 7,154 | 4,368 | 3,157 |
Mortgage loans on real estate | 676 | 609 | 652 |
Trading account securities | 6,271 | 10,768 | 6,099 |
Other | 32 | 134 | 99 |
Fixed maturities, available for sale | 7,873 | 4,701 | 5,184 |
Mortgage loans on real estate | 3,261 | 1,311 | 1,432 |
Trading account securities | 8,691 | 12,501 | 7,014 |
Other | 250 | 132 | 135 |
Cash settlements related to derivative instruments | (102) | (529) | (999) |
Decrease in loans to affiliates | 384 | 0 | 0 |
Change in short-term investments | 205 | 363 | 5 |
Investment in capitalized software, leasehold improvements and EDP equipment | 85 | 71 | 83 |
Purchase of business, net of cash acquired | 21 | 0 | 61 |
Other, net | 409 | 203 | 157 |
Net cash provided by (used in) investing activities | (5,358) | (2,468) | (2,751) |
Cash flows from financing activities: | |||
Deposits | 9,342 | 5,757 | 6,011 |
Withdrawals | (2,874) | (2,861) | (2,867) |
Transfer (to) from Separate Accounts | 1,606 | 1,045 | 815 |
Change in short-term financings | (69) | 95 | 221 |
Change in collateralized pledged assets | (677) | (2) | (12) |
Change in collateralized pledged liabilities | 125 | (270) | 430 |
(Decrease) increase in overdrafts payable | (85) | 0 | 0 |
Repayment of Loans from Affiliates | 0 | 0 | (825) |
Repayment of long term debt | 0 | (200) | 0 |
Shareholder dividends paid | (1,050) | (767) | (382) |
Repurchase of AB Holding units | (236) | (214) | (90) |
Payments to noncontrolling interests | (385) | (414) | (401) |
Increase (decrease) in Securities sold under agreement to repurchase | 104 | 939 | 950 |
(Increase) decrease in securities purchased under agreement to resell | 79 | (79) | 0 |
Other, net | 8 | 5 | (7) |
Net cash provided by (used in) financing activities | 5,751 | 3,034 | 3,843 |
Effect of exchange rate changes on cash and cash equivalents | (10) | (10) | (20) |
Change in cash and cash equivalents | (78) | 312 | 433 |
Cash and cash equivalents, beginning of year | 3,028 | 2,716 | 2,283 |
Cash and Cash Equivalents, End of Year | 2,950 | 3,028 | 2,716 |
Supplemental cash flow information: | |||
Interest Paid | 11 | 19 | 72 |
Income Taxes (Refunded) Paid | 613 | (80) | 272 |
Variable Interest Entity, Primary Beneficiary | |||
Cash flows from financing activities: | |||
Payments to noncontrolling interests | $ (137) | $ 0 | $ 0 |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 31, 2016 | |
Organization [Abstract] | |
Organization | ORGANIZATION AXA Equitable Life Insurance Company (“AXA Equitable,” and collectively with its consolidated subsidiaries the “Company”) is a direct, wholly-owned subsidiary of AXA Equitable Financial Services, LLC (“AEFS”). AEFS is a direct, wholly-owned subsidiary of AXA Financial, Inc. (“AXA Financial,” and collectively with its consolidated subsidiaries, “AXA Financial Group”). AXA Financial is an indirect wholly-owned subsidiary of AXA S.A. (“AXA”), a French holding company for the AXA Group, a worldwide leader in financial protection. The Company conducts operations in two business segments: the Insurance and Investment Management segments. The Company’s management evaluates the performance of each of these segments independently. Insurance The Insurance segment offers a variety of term, variable and universal life insurance products, variable annuity products, employee benefit products and investment products including mutual funds principally to individuals and small and medium size businesses and professional and trade associations. This segment also includes Separate Accounts for individual insurance and annuity products. The Company’s insurance business is conducted principally by AXA Equitable and its indirect, wholly-owned insurance subsidiaries and AXA Equitable Funds Management Group (“AXA Equitable FMG”). Investment Management The Investment Management segment is principally comprised of the investment management business of AllianceBernstein L.P., a Delaware limited partnership (together with its consolidated subsidiaries “AB”). AB provides research, diversified investment management and related services globally to a broad range of clients. This segment also includes institutional Separate Accounts principally managed by AB that provide various investment options for large group pension clients, primarily defined benefit and contribution plans, through pooled or single group accounts. At December 31, 2016 and 2015 , the Company’s economic interest in AB was 29.0% and 28.6% , respectively. At December 31, 2016 and 2015 , respectively, AXA and its subsidiaries’ economic interest in AB (including AXA Financial Group) was approximately 63.7% and 62.8% . AXA Equitable is the parent of AllianceBernstein Corporation, the general partner (“General Partner”) of the limited partnership, as a result it consolidates AB in the Company’s consolidated financial statements. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The preparation of the accompanying consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions (including normal, recurring accruals) that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. The accompanying consolidated financial statements reflect all adjustments necessary in the opinion of management for a fair presentation of the consolidated financial position of the Company and its consolidated results of operations and cash flows for the periods presented. The accompanying consolidated financial statements include the accounts of AXA Equitable and its subsidiaries engaged in insurance related businesses (collectively, the “Insurance Group”); other subsidiaries, principally AB; and those investment companies, partnerships and joint ventures in which AXA Equitable or its subsidiaries has control and a majority economic interest as well as those variable interest entities (“VIEs”) that meet the requirements for consolidation. All significant intercompany transactions and balances have been eliminated in consolidation. The years “ 2016 ”, “ 2015 ” and “ 2014 ” refer to the years ended December 31, 2016 , 2015 and 2014 , respectively. Certain reclassifications have been made in the amounts presented for prior periods to conform those periods to the current presentation. Adoption of New Accounting Pronouncements In January 2017, the Financial Accounting Standards Board (“FASB”) issued new guidance that amends the definition of a business to provide a more robust framework for determining when a set of assets and activities is a business. The definition primarily adds clarity for evaluating whether certain transactions should be accounted for as acquisitions/dispositions of assets or businesses, the latter subject to guidance on business combinations, but also may interact with other areas of accounting where the defined term is used, such as in the application of guidance on consolidation and goodwill impairment. The new guidance is effective for fiscal years ending December 31, 2018. The Company elected to early adopt the new guidance for the year ending December 31, 2016 with no significant impact to the Company’s consolidated financial statements. In February 2015, the FASB issued a new consolidation standard that makes targeted amendments to the VIE assessment, including guidance specific to the analysis of fee arrangements and related party relationships, modifies the guidance for the evaluation of limited partnerships and similar entities for consolidation to eliminate the presumption of general partner control, and ends the deferral that had been granted to certain investment companies for applying previous VIE guidance. The Company adopted this new standard beginning January 1, 2016, having elected not to early-adopt in previous interim periods, and applied the guidance using a modified retrospective approach, thereby not requiring the restatement of prior year periods. The Company’s reevaluation of all legal entities under the new standard resulted in identification of additional VIEs and consolidation of certain investment products of the Investment Management segment that were not consolidated in accordance with previous guidance. See Consolidation of VIEs below. In May 2015, the FASB issued new guidance related to disclosures for investments in certain entities that calculate net asset value (“NAV”) per share (or its equivalent). Under the new guidance, investments measured at NAV, as a practical expedient for fair value, are excluded from the fair value hierarchy. Removing investments measured using the practical expedient from the fair value hierarchy was intended to eliminate the diversity in practice with respect to the categorization of these investments. The only criterion for categorizing investments in the fair value hierarchy is now the observability of the inputs. The amendment was effective retrospectively for interim and annual periods beginning after December 15, 2015. Implementation of this guidance did not have a material impact on the Company’s consolidated financial statements. In April 2015, the FASB issued new guidance, simplifying the presentation of debt issuance costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. The new guidance was effective retrospectively for interim and annual periods beginning after December 15, 2015. Implementation of this guidance did not have a material impact on the Company’s consolidated financial statements. In June 2014, the FASB issued new guidance for accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The new guidance was effective for interim and annual periods beginning after December 15, 2015. Implementation of this guidance did not have a material impact on the Company’s consolidated financial statements. In August 2014, the FASB issued new guidance which requires management to evaluate whether there is “substantial doubt” about the reporting entity’s ability to continue as a going concern and provide related footnote disclosures about those uncertainties, if they exist. The new guidance was effective for annual periods, ending after December 15, 2016 and interim periods thereafter. Implementation of this guidance did not have a material impact on the Company’s consolidated financial statements. In January 2014, the FASB issued new guidance that allows investors to elect to use the proportional amortization method to account for investments in qualified affordable housing projects if certain conditions are met. Under this method, which replaces the effective yield method, an investor amortizes the cost of its investment, in proportion to the tax credits and other tax benefits it receives, to income tax expense. The guidance also introduces disclosure requirements for all investments in qualified affordable housing projects, regardless of the accounting method used for those investments. The guidance was effective for annual periods beginning after December 15, 2014. Implementation of this guidance did not have a material impact on the Company’s consolidated financial statements. Future Adoption of New Accounting Pronouncements In January 2017, the FASB issued updated guidance to simplify the accounting for goodwill impairment. The revised guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The revised guidance will be applied prospectively, and is effective for fiscal year ending December 31, 2020. Early adoption is permitted for fiscal periods beginning after January 1, 2017. Management is currently evaluating the impact that adoption of this guidance will have on the Company’s consolidated financial statements. In October 2016, the FASB issued updated guidance on consolidation of interests held through related parties that are under common control, which alters how a decision maker needs to consider indirect interests in a VIE held through an entity under common control. The new guidance amends the recently adopted consolidation guidance analysis. Under the new guidance, if a decision maker is required to evaluate whether it is the primary beneficiary of a VIE, it will need to consider only its proportionate indirect interest in the VIE held through a common control party. The revised guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016, with early adoption permitted. Adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. In August 2016, the FASB issued new guidance to simplify elements of cash flow classification. The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The new guidance is effective for interim and annual periods beginning after December 15, 2017 and should be applied using a retrospective transition method. Management is currently evaluating the impact that adoption of this guidance will have on the Company’s consolidated financial statements. In June 2016, the FASB issued new guidance related to the accounting for credit losses on financial instruments. The new guidance introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. The new guidance is effective for interim and annual periods beginning after December 15, 2019 with early adoption permitted for annual periods beginning after December 15, 2018. Management is currently evaluating the impact that adoption of this guidance will have on the Company’s consolidated financial statements. In March 2016, the FASB issued new guidance simplifying the transition to the equity method of accounting. The amendment eliminates the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investments had been held. The amendment is effective for interim and annual periods beginning after December 15, 2016 and should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. The amendment is not expected to have a material impact on the Company’s consolidated financial statements. In March 2016, the FASB issued new guidance on improvements to employee share-based payment accounting. The amendment includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements including: income tax effects of share-based payments, minimum statutory tax withholding requirements and forfeitures. The amendment is effective for interim and annual periods beginning after December 15, 2016. The provisions will be applied using various transition approaches (prospective, retrospective and modified retrospective). Management is currently evaluating the impact that the adoption of this standard will have on the Company’s consolidated financial statements. In February 2016, the FASB issued revised guidance to lease accounting. The revised guidance will require lessees to recognize a right-of-use asset and a lease liability for virtually all of their leases. Lessor accounting will continue to be similar to the current model, but updated to align with certain changes to the lessee model. Extensive quantitative and qualitative disclosures, including significant judgments made by management, will be required to provide greater insight into the extent of revenue and expense recognized and expected to be recognized from existing contracts. The revised guidance is effective for interim and annual periods, beginning after December 15, 2018, with early adoption permitted. Management is currently evaluating the impact that adoption of this guidance will have on the Company’s consolidated financial statements. In May 2014, the FASB issued new revenue recognition guidance that is intended to improve and converge the financial reporting requirements for revenue from contracts with customers with International Financial Reporting Standards (“IFRS”). The new guidance applies to contracts that deliver goods or services to a customer, except when those contracts are for: insurance, leases, rights and obligations that are in the scope of certain financial instruments (i.e., derivative contracts) and guarantees other than product or service warranties. The new guidance is effective for interim and annual periods, beginning after December 15, 2017, with early adoption permitted for interim and annual periods beginning after December 15, 2016. Management is currently evaluating the impact that adoption of this guidance will have on the Company’s consolidated financial statements. Closed Block As a result of demutualization, the Closed Block was established in 1992 for the benefit of certain individual participating policies that were in force on that date. Assets, liabilities and earnings of the Closed Block are specifically identified to support its participating policyholders. Assets allocated to the Closed Block inure solely to the benefit of the Closed Block policyholders and will not revert to the benefit of AXA Equitable. No reallocation, transfer, borrowing or lending of assets can be made between the Closed Block and other portions of AXA Equitable’s General Account, any of its Separate Accounts or any affiliate of AXA Equitable without the approval of the New York State Department of Financial Services, (the “NYDFS”). Closed Block assets and liabilities are carried on the same basis as similar assets and liabilities held in the General Account. The excess of Closed Block liabilities over Closed Block assets (adjusted to exclude the impact of related amounts in AOCI) represents the expected maximum future post-tax earnings from the Closed Block that would be recognized in income from continuing operations over the period the policies and contracts in the Closed Block remain in force. As of January 1, 2001, the Company has developed an actuarial calculation of the expected timing of the Closed Block’s earnings. If the actual cumulative earnings from the Closed Block are greater than the expected cumulative earnings, only the expected earnings will be recognized in net income. Actual cumulative earnings in excess of expected cumulative earnings at any point in time are recorded as a policyholder dividend obligation because they will ultimately be paid to Closed Block policyholders as an additional policyholder dividend unless offset by future performance that is less favorable than originally expected. If a policyholder dividend obligation has been previously established and the actual Closed Block earnings in a subsequent period are less than the expected earnings for that period, the policyholder dividend obligation would be reduced (but not below zero). If, over the period the policies and contracts in the Closed Block remain in force, the actual cumulative earnings of the Closed Block are less than the expected cumulative earnings, only actual earnings would be recognized in income from continuing operations. If the Closed Block has insufficient funds to make guaranteed policy benefit payments, such payments will be made from assets outside the Closed Block. Many expenses related to Closed Block operations, including amortization of deferred policy acquisition costs (“DAC”), are charged to operations outside of the Closed Block; accordingly, net revenues of the Closed Block do not represent the actual profitability of the Closed Block operations. Operating costs and expenses outside of the Closed Block are, therefore, disproportionate to the business outside of the Closed Block. Investments The carrying values of fixed maturities classified as available-for-sale (“AFS”) are reported at fair value. Changes in fair value are reported in OCI. The amortized cost of fixed maturities is adjusted for impairments in value deemed to be other than temporary which are recognized in Investment gains (losses), net. The redeemable preferred stock investments that are reported in fixed maturities include real estate investment trusts (“REIT”), perpetual preferred stock, and redeemable preferred stock. These securities may not have a stated maturity, may not be cumulative and do not provide for mandatory redemption by the issuer. The Company determines the fair values of fixed maturities and equity securities based upon quoted prices in active markets, when available, or through the use of alternative approaches when market quotes are not readily accessible or available. These alternative approaches include matrix or model pricing and use of independent pricing services, each supported by reference to principal market trades or other observable market assumptions for similar securities. More specifically, the matrix pricing approach to fair value is a discounted cash flow methodology that incorporates market interest rates commensurate with the credit quality and duration of the investment. The Company’s management, with the assistance of its investment advisors, monitors the investment performance of its portfolio and reviews AFS securities with unrealized losses for other-than-temporary impairments (“OTTI”). Integral to this review is an assessment made each quarter, on a security-by-security basis, by the Company’s Investments Under Surveillance (“IUS”) Committee, of various indicators of credit deterioration to determine whether the investment security is expected to recover. This assessment includes, but is not limited to, consideration of the duration and severity of the unrealized loss, failure, if any, of the issuer of the security to make scheduled payments, actions taken by rating agencies, adverse conditions specifically related to the security or sector, the financial strength, liquidity, and continued viability of the issuer and, for equity securities only, the intent and ability to hold the investment until recovery, and results in identification of specific securities for which OTTI is recognized. If there is no intent to sell or likely requirement to dispose of the fixed maturity security before its recovery, only the credit loss component of any resulting OTTI is recognized in earnings (loss) and the remainder of the fair value loss is recognized in OCI. The amount of credit loss is the shortfall of the present value of the cash flows expected to be collected as compared to the amortized cost basis of the security. The present value is calculated by discounting management’s best estimate of projected future cash flows at the effective interest rate implicit in the debt security prior to impairment. Projections of future cash flows are based on assumptions regarding probability of default and estimates regarding the amount and timing of recoveries. These assumptions and estimates require use of management judgment and consider internal credit analyses as well as market observable data relevant to the collectability of the security. For mortgage- and asset-backed securities, projected future cash flows also include assumptions regarding prepayments and underlying collateral value. Policy loans are stated at unpaid principal balances. Partnerships, investment companies and joint venture interests that the Company has control of and has an economic interest in or those that meet the requirements for consolidation under accounting guidance for consolidation of VIEs are consolidated. Those that the Company does not have control of and does not have a majority economic interest in and those that do not meet the VIE requirements for consolidation are reported on the equity method of accounting and are reported in other equity investments. The Company records its interests in certain of these partnerships on a month or one quarter lag. Equity securities, which include common stock, and non-redeemable preferred stock classified as AFS securities, are carried at fair value and are included in other equity investments with changes in fair value reported in OCI. Trading securities, which include equity securities and fixed maturities, are carried at fair value based on quoted market prices, with unrealized gains (losses) reported in other investment income (loss) in the statements of Net earnings (loss). Corporate owned life insurance (“COLI”) has been purchased by AXA Equitable and certain subsidiaries on the lives of certain key employees (including former employees) and AXA Equitable and these subsidiaries are named as beneficiaries under these policies. COLI is carried at the cash surrender value of the policies. At December 31, 2016 and 2015 , the carrying value of COLI was $ 892 million and $864 million, respectively, and is reported in Other invested assets in the consolidated balance sheets. Short-term investments are reported at amortized cost that approximates fair value and are included in Other invested assets. Cash and cash equivalents includes cash on hand, demand deposits, money market accounts, overnight commercial paper and highly liquid debt instruments purchased with an original maturity of three months or less. Due to the short-term nature of these investments, the recorded value is deemed to approximate fair value. All securities owned, including United States government and agency securities, mortgage-backed securities, futures and forwards transactions, are reported in the consolidated financial statements on a trade date basis. Derivatives Derivatives are financial instruments whose values are derived from interest rates, foreign exchange rates, financial indices, values of securities or commodities, credit spreads, market volatility, expected returns, and liquidity. Values can also be affected by changes in estimates and assumptions, including those related to counterparty behavior and non-performance risk used in valuation models. Derivative financial instruments generally used by the Company include exchange traded equity, currency and interest rate futures contracts, total return and/or other equity swaps, interest rate swap and floor contracts, swaptions, variance swaps as well as equity options and may be exchange-traded or contracted in the over-the-counter market. All derivative positions are carried in the consolidated balance sheets at fair value, generally by obtaining quoted market prices or through the use of valuation models. Freestanding derivative contracts are reported in the consolidated balance sheets either as assets within “Other invested assets” or as liabilities within “Other liabilities.” The Company nets the fair value of all derivative financial instruments with counterparties for which an ISDA Master Agreement and related Credit Support Annex ("CSA") have been executed. The Company uses derivatives to manage asset/liability risk and has designated some of those economic relationships under the criteria to qualify for hedge accounting treatment. All changes in the fair value of the Company’s freestanding derivative positions not designated to hedge accounting relationships, including net receipts and payments, are included in “Investment income (loss) from derivative instruments” without considering changes in the fair value of the economically associated assets or liabilities. The Company is a party to financial instruments and other contracts that contain “embedded” derivative instruments. At inception, the Company assesses whether the economic characteristics of the embedded instrument are “clearly and closely related” to the economic characteristics of the remaining component of the “host contract” and whether a separate instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. When those criteria are satisfied, the resulting embedded derivative is bifurcated from the host contract, carried in the consolidated balance sheets at fair value, and changes in its fair value are recognized immediately and captioned in the consolidated statements of earnings (loss) according to the nature of the related host contract. For certain financial instruments that contain an embedded derivative that otherwise would need to be bifurcated and reported at fair value, the Company instead may elect to carry the entire instrument at fair value. Mortgage Loans on Real Estate (“mortgage loans”): Mortgage loans are stated at unpaid principal balances, net of unamortized discounts and valuation allowances. Valuation allowances are based on the present value of expected future cash flows discounted at the loan’s original effective interest rate or on its collateral value if the loan is collateral dependent. However, if foreclosure is or becomes probable, the collateral value measurement method is used. For commercial and agricultural mortgage loans, an allowance for credit loss is typically recommended when management believes it is probable that principal and interest will not be collected according to the contractual terms. Factors that influence management’s judgment in determining allowance for credit losses include the following: • Loan-to-value ratio – Derived from current loan balance divided by the fair market value of the property. An allowance for credit loss is typically recommended when the loan-to-value ratio is in excess of 100% . In the case where the loan-to-value is in excess of 100% , the allowance for credit loss is derived by taking the difference between the fair market value (less cost of sale) and the current loan balance. • Debt service coverage ratio – Derived from actual net operating income divided by annual debt service. If the ratio is below 1.0 x, then the income from the property does not support the debt. • Occupancy – Criteria varies by property type but low or below market occupancy is an indicator of sub-par property performance. • Lease expirations – The percentage of leases expiring in the upcoming 12 to 36 months are monitored as a decline in rent and/or occupancy may negatively impact the debt service coverage ratio. In the case of single-tenant properties or properties with large tenant exposure, the lease expiration is a material risk factor. • Maturity – Mortgage loans that are not fully amortizing and have upcoming maturities within the next 12 to 24 months are monitored in conjunction with the capital markets to determine the borrower’s ability to refinance the debt and/or pay off the balloon balance. • Borrower/tenant related issues – Financial concerns, potential bankruptcy, or words or actions that indicate imminent default or abandonment of property. • Payment status – current vs. delinquent – A history of delinquent payments may be a cause for concern. • Property condition – Significant deferred maintenance observed during the lenders annual site inspections. • Other – Any other factors such as current economic conditions may call into question the performance of the loan. Mortgage loans also are individually evaluated quarterly by the Company’s Investments Under Surveillance ("IUS") Committee for impairment, including an assessment of related collateral value. Commercial mortgages 60 days or more past due and agricultural mortgages 90 days or more past due, as well as all mortgages in the process of foreclosure, are identified as problem mortgages. Based on its monthly monitoring of mortgages, a class of potential problem mortgages are also identified, consisting of mortgage loans not currently classified as problems but for which management has doubts as to the ability of the borrower to comply with the present loan payment terms and which may result in the loan becoming a problem or being restructured. The decision whether to classify a performing mortgage loan as a potential problem involves significant subjective judgments by management as to likely future industry conditions and developments with respect to the borrower or the individual mortgaged property. For problem mortgage loans a valuation allowance is established to provide for the risk of credit losses inherent in the lending process. The allowance includes loan specific reserves for mortgage loans determined to be non-performing as a result of the loan review process. A non-performing loan is defined as a loan for which it is probable that amounts due according to the contractual terms of the loan agreement will not be collected. The loan specific portion of the loss allowance is based on the Company’s assessment as to ultimate collectability of loan principal and interest. Valuation allowances for a non-performing loan are recorded based on the present value of expected future cash flows discounted at the loan’s effective interest rate or based on the fair value of the collateral if the loan is collateral dependent. The valuation allowance for mortgage loans can increase or decrease from period to period based on such factors. Impaired mortgage loans without provision for losses are mortgage loans where the fair value of the collateral or the net present value of the expected future cash flows related to the loan equals or exceeds the recorded investment. Interest income earned on mortgage loans where the collateral value is used to measure impairment is recorded on a cash basis. Interest income on mortgage loans where the present value method is used to measure impairment is accrued on the net carrying value amount of the loan at the interest rate used to discount the cash flows. Changes in the present value attributable to changes in the amount or timing of expected cash flows are reported as investment gains or losses. Mortgage loans are placed on nonaccrual status once management believes the collection of accrued interest is doubtful. Once mortgage loans are classified as nonaccrual mortgage loans, interest income is recognized under the cash basis of accounting and the resumption of the interest accrual would commence only after all past due interest has been collected or the mortgage loan on real estate has been restructured to where the collection of interest is considered likely. At December 31, 2016 and 2015 , the carrying values of commercial mortgage loans that had been classified as nonaccrual mortgage loans were $ 34 million and $72 million , respectively. Troubled Debt Restructuring When a loan modification is determined to be a troubled debt restructuring (“TDR”), the impairment of the loan is re-measured by discounting the expected cash flows to be received based on the modified terms using the loan’s original effective yield, and the allowance for loss is adjusted accordingly. Subsequent to the modification, income is recognized prospectively based on the modified terms of the mortgage loans. Additionally, the loan continues to be subject to the credit review process noted above. Net Investment Income (Loss), Investment Gains (Losses), Net and Unrealized Investment Gains (Losses) Realized investment gains (losses) are determined by identification with the specific asset and are presented as a component of revenue. Changes in the valuation allowances are included in Investment gains (losses), net. Realized and unrealized holding gains (losses) on trading securities are reflected in Net investment income (loss). Unrealized investment gains (losses) on fixed maturities and equity securities designated as AFS held by the Company are accounted for as a separate component of Accumulated Other Comprehensive Income ("AOCI"), net of related deferred income taxes, amounts attributable to certain pension operations, Closed Blocks’ policyholders dividend obligation, insurance liability loss recognition and DAC related to universal life (“UL”) policies, investment-type products and participating traditional life policies. Changes in unrealized gains (losses) reflect changes in fair value of only those fixed maturities and equity securities classified as AFS and do not reflect any change in fair value of policyholders’ account balances and future policy benefits. Fair Value of Financial Instruments Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The accounting guidance established a fair value hierarchy that requires an entity to maxim |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | INVESTMENTS Fixed Maturities and Equity Securities The following table provides information relating to fixed maturities and equity securities classified as AFS: Available-for-Sale Securities by Classification Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value OTTI in AOCI (3) (In Millions) December 31, 2016 Fixed Maturity Securities: Public corporate $ 12,418 $ 675 $ 81 $ 13,012 $ — Private corporate 6,880 215 55 7,040 — U.S. Treasury, government and agency 10,739 221 624 10,336 — States and political subdivisions 432 63 2 493 — Foreign governments 375 29 14 390 — Commercial mortgage-backed 415 28 72 371 7 Residential mortgage-backed (1) 294 20 — 314 — Asset-backed (2) 51 10 1 60 3 Redeemable preferred stock 519 45 10 554 — Total Fixed Maturities 32,123 1,306 859 32,570 10 Equity securities 113 — — 113 — Total at December 31, 2016 $ 32,236 $ 1,306 $ 859 $ 32,683 $ 10 December 31, 2015: Fixed Maturity Securities: Public corporate $ 12,890 $ 688 $ 202 $ 13,376 $ — Private corporate 6,818 232 124 6,926 — U.S. Treasury, government and agency 8,800 280 305 8,775 — States and political subdivisions 437 68 1 504 — Foreign governments 397 36 18 415 — Commercial mortgage-backed 591 29 87 533 9 Residential mortgage-backed (1) 608 32 — 640 — Asset-backed (2) 68 10 1 77 3 Redeemable preferred stock 592 57 2 647 — Total Fixed Maturities 31,201 1,432 740 31,893 12 Equity securities 34 — 2 32 — Total at December 31, 2015 $ 31,235 $ 1,432 $ 742 $ 31,925 $ 12 (1) Includes publicly traded agency pass-through securities and collateralized mortgage obligations. (2) Includes credit-tranched securities collateralized by sub-prime mortgages and other asset types and credit tenant loans. (3) Amounts represent OTTI losses in AOCI, which were not included in earnings (loss) in accordance with current accounting guidance. The contractual maturities of AFS fixed maturities at December 31, 2016 are shown in the table below. Bonds not due at a single maturity date have been included in the table in the final year of maturity. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Available-for-Sale Fixed Maturities Contractual Maturities at December 31, 2016 Amortized Cost Fair Value (In Millions) Due in one year or less $ 1,537 $ 1,549 Due in years two through five 7,736 8,128 Due in years six through ten 8,898 9,005 Due after ten years 12,673 12,589 Subtotal 30,844 31,271 Commercial mortgage-backed securities 415 371 Residential mortgage-backed securities 294 314 Asset-backed securities 51 60 Redeemable preferred stocks 519 554 Total $ 32,123 $ 32,570 The following table shows proceeds from sales, gross gains (losses) from sales and OTTI for AFS fixed maturities during 2016 , 2015 and 2014 : December 31, 2016 2015 2014 (In Millions) Proceeds from sales $ 4,324 $ 979 $ 716 Gross gains on sales $ 111 $ 33 $ 21 Gross losses on sales $ (58 ) $ (8 ) $ (9 ) Total OTTI $ (65 ) $ (41 ) $ (72 ) Non-credit losses recognized in OCI — — — Credit losses recognized in earnings (loss) $ (65 ) $ (41 ) $ (72 ) The following table sets forth the amount of credit loss impairments on fixed maturity securities held by the Company at the dates indicated and the corresponding changes in such amounts. Fixed Maturities - Credit Loss Impairments 2016 2015 (In Millions) Balances at January 1, $ (198 ) $ (254 ) Previously recognized impairments on securities that matured, paid, prepaid or sold 73 97 Recognized impairments on securities impaired to fair value this period (1) (17 ) (11 ) Impairments recognized this period on securities not previously impaired (46 ) (22 ) Additional impairments this period on securities previously impaired (2 ) (8 ) Increases due to passage of time on previously recorded credit losses — — Accretion of previously recognized impairments due to increases in expected cash flows — — Balances at December 31, $ (190 ) $ (198 ) (1) Represents circumstances where the Company determined in the current period that it intends to sell the security or it is more likely than not that it will be required to sell the security before recovery of the security’s amortized cost. Net unrealized investment gains (losses) on fixed maturities and equity securities classified as AFS are included in the consolidated balance sheets as a component of AOCI. The table below presents these amounts as of the dates indicated: December 31, 2016 2015 (In Millions) AFS Securities: Fixed maturities: With OTTI loss $ 19 $ 16 All other 428 676 Equity securities — (2 ) Net Unrealized Gains (Losses) $ 447 $ 690 Changes in net unrealized investment gains (losses) recognized in AOCI include reclassification adjustments to reflect amounts realized in Net earnings (loss) for the current period that had been part of OCI in earlier periods. The tables that follow below present a rollforward of net unrealized investment gains (losses) recognized in AOCI, split between amounts related to fixed maturity securities on which an OTTI loss has been recognized, and all other: Net Unrealized Gains (Losses) on Fixed Maturities with OTTI Losses Net Unrealized Gain (Losses) on Investments DAC Policyholders Liabilities Deferred Income Tax Asset (Liability) AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses) (In Millions) Balance, January 1, 2016 $ 16 $ — $ (4 ) $ (5 ) $ 7 Net investment gains (losses) arising during the period (6 ) — — — (6 ) Reclassification adjustment for OTTI losses: Included in Net earnings (loss) 9 — — — 9 Excluded from Net earnings (loss) (1) — — — — — Impact of net unrealized investment gains (losses) on: DAC — (1 ) — — (1 ) Deferred income taxes — — — 2 2 Policyholders liabilities — — (6 ) — (6 ) Balance, December 31, 2016 $ 19 $ (1 ) $ (10 ) $ (3 ) $ 5 Balance, January 1, 2015 $ 10 $ — $ — $ (4 ) $ 6 Net investment gains (losses) arising during the period (7 ) — — — (7 ) Reclassification adjustment for OTTI losses: Included in Net earnings (loss) 13 — — — 13 Excluded from Net earnings (loss) (1) — — — — — Impact of net unrealized investment gains (losses) on: DAC — — — — — Deferred income taxes — — — (1 ) (1 ) Policyholders liabilities — — (4 ) — (4 ) Balance, December 31, 2015 $ 16 $ — $ (4 ) $ (5 ) $ 7 (1) Represents “transfers in” related to the portion of OTTI losses recognized during the period that were not recognized in earnings (loss) for securities with no prior OTTI loss. All Other Net Unrealized Investment Gains (Losses) in AOCI Net Unrealized Gains (Losses) on Investments DAC Policyholders Liabilities Deferred Income Tax Asset (Liability) AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses) (In Millions) Balance, January 1, 2016 $ 674 $ (82 ) $ (213 ) $ (133 ) $ 246 Net investment gains (losses) arising during the period (240 ) — — — (240 ) Reclassification adjustment for OTTI losses: Included in Net earnings (loss) (6 ) — — — (6 ) Excluded from Net earnings (loss) (1) — — — — — Impact of net unrealized investment gains (losses) on: DAC — (5 ) — — (5 ) Deferred income taxes — — — 80 80 Policyholders liabilities — — 24 — 24 Balance, December 31, 2016 $ 428 $ (87 ) $ (189 ) $ (53 ) $ 99 Balance, January 1, 2015 $ 2,231 $ (122 ) $ (368 ) $ (610 ) $ 1,131 Net investment gains (losses) arising during the period (1,562 ) — — — (1,562 ) Reclassification adjustment for OTTI losses: Included in Net earnings (loss) 5 — — — 5 Excluded from Net earnings (loss) (1) — — — — — Impact of net unrealized investment gains (losses) on: DAC — 40 — — 40 Deferred income taxes — — — 477 477 Policyholders liabilities — — 155 — 155 Balance, December 31, 2015 $ 674 $ (82 ) $ (213 ) $ (133 ) $ 246 (1) Represents “transfers out” related to the portion of OTTI losses during the period that were not recognized in earnings (loss) for securities with no prior OTTI loss. The following tables disclose the fair values and gross unrealized losses of the 794 issues at December 31, 2016 and the 810 issues at December 31, 2015 of fixed maturities that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the specified periods at the dates indicated: Less Than 12 Months 12 Months or Longer Total Fair Value Gross Fair Value Gross Fair Value Gross (In Millions) December 31, 2016: Fixed Maturity Securities: Public corporate $ 2,455 $ 75 $ 113 $ 6 $ 2,568 $ 81 Private corporate 1,483 38 277 17 1,760 55 U.S. Treasury, government and agency 5,356 624 — — 5,356 624 States and political subdivisions — — 18 2 18 2 Foreign governments 73 3 49 11 122 14 Commercial mortgage-backed 66 5 171 67 237 72 Residential mortgage-backed 47 — 4 — 51 — Asset-backed 4 — 8 1 12 1 Redeemable preferred stock 218 9 12 1 230 10 Total $ 9,702 $ 754 $ 652 $ 105 $ 10,354 $ 859 December 31, 2015: Fixed Maturity Securities: Public corporate $ 3,091 $ 129 $ 359 $ 73 $ 3,450 $ 202 Private corporate 1,926 102 184 22 2,110 124 U.S. Treasury, government and agency 3,538 305 — — 3,538 305 States and political subdivisions 19 1 — — 19 1 Foreign governments 73 7 39 11 112 18 Commercial mortgage-backed 67 2 261 85 328 87 Residential mortgage-backed 11 — 29 — 40 — Asset-backed 11 — 17 1 28 1 Redeemable preferred stock 43 — 40 2 83 2 Total $ 8,779 $ 546 $ 929 $ 194 $ 9,708 $ 740 The Company’s investments in fixed maturity securities do not include concentrations of credit risk of any single issuer greater than 10% of the consolidated equity of AXA Equitable, other than securities of the U.S. government, U.S. government agencies, and certain securities guaranteed by the U.S. government. The Company maintains a diversified portfolio of corporate securities across industries and issuers and does not have exposure to any single issuer in excess of 0.3 % of total investments. The largest exposures to a single issuer of corporate securities held at December 31, 2016 and 2015 were $ 169 million and $157 million , respectively. Corporate high yield securities, consisting primarily of public high yield bonds, are classified as other than investment grade by the various rating agencies, i.e., a rating below Baa 3 /BBB- or the National Association of Insurance Commissioners (“NAIC”) designation of 3 (medium grade), 4 or 5 (below investment grade) or 6 (in or near default). At December 31, 2016 and 2015 , respectively, approximately $ 1,574 million and $1,310 million , or 4.9 % and 4.2% , of the $ 32,123 million and $31,201 million aggregate amortized cost of fixed maturities held by the Company were considered to be other than investment grade. These securities had net unrealized losses of $ 28 million and $97 million at December 31, 2016 and 2015 , respectively. At December 31, 2016 and 2015 , respectively, the $ 105 million and $194 million of gross unrealized losses of twelve months or more were concentrated in corporate and commercial mortgage-backed securities. In accordance with the policy described in Note 2, the Company concluded that an adjustment to earnings for OTTI for these securities was not warranted at either December 31, 2016 or 2015 . As of December 31, 2016 , the Company did not intend to sell the securities nor will it likely be required to dispose of the securities before the anticipated recovery of their remaining amortized cost basis. The Company does not originate, purchase or warehouse residential mortgages and is not in the mortgage servicing business. The Company’s fixed maturity investment portfolio includes residential mortgage backed securities (“RMBS”) backed by subprime and Alt-A residential mortgages, comprised of loans made by banks or mortgage lenders to residential borrowers with lower credit ratings. The criteria used to categorize such subprime borrowers include Fair Isaac Credit Organization (“FICO”) scores, interest rates charged, debt-to-income ratios and loan-to-value ratios. Alt-A residential mortgages are mortgage loans where the risk profile falls between prime and subprime; borrowers typically have clean credit histories but the mortgage loan has an increased risk profile due to higher loan-to-value and debt-to-income ratios and/or inadequate documentation of the borrowers’ income. At December 31, 2016 and 2015 , respectively, the Company owned $ 6 million and $7 million in RMBS backed by subprime residential mortgage loans, and $ 5 million and $6 million in RMBS backed by Alt-A residential mortgage loans. RMBS backed by subprime and Alt-A residential mortgages are fixed income investments supporting General Account liabilities. At December 31, 2016 , the carrying value of fixed maturities that were non-income producing for the twelve months preceding that date was $ 5 million. At December 31, 2016 and 2015 , respectively, the amortized cost of the Company’s trading account securities was $ 9,177 million and $6,866 million with respective fair values of $ 9,134 million and $6,805 million . Also at December 31, 2016 and 2015 , respectively, Trading securities included the General Account’s investment in Separate Accounts which had carrying values of $ 63 million and $82 million and costs of $ 46 million and $72 million . Mortgage Loans The payment terms of mortgage loans may from time to time be restructured or modified. Troubled Debt Restructurings The investment in troubled debt restructured mortgage loans, based on amortized cost, amounted to $ 15 million and $16 million at December 31, 2016 and 2015 , respectively. Gross interest income on these loans included in net investment income (loss) totaled $ 0 million, $1 million and $1 million in 2016 , 2015 and 2014 , respectively. Gross interest income on restructured mortgage loans that would have been recorded in accordance with the original terms of such loans amounted to $ 0 million, $0 million and $4 million in 2016 , 2015 and 2014 , respectively. The TDR mortgage loan shown in the table below has been modified five times since 2011. The modifications extended the maturity from its original maturity of November 5, 2014 to March 5, 2017 and extended interest only payments through maturity. In November 2015, the recorded investment was reduced by $45 million in conjunction with the sale of majority of the underlying collateral and $32 million from a charge-off. The remaining $15 million mortgage loan balance reflects the value of the remaining underlying collateral and cash held in escrow, supporting the mortgage loan. Since the fair market value of the underlying real estate and cash held in escrow collateral is the primary factor in determining the allowance for credit losses, modifications of loan terms typically have no direct impact on the allowance for credit losses, and therefore, no impact on the financial statements. Troubled Debt Restructuring - Modifications December 31, 2016 Number Outstanding Recorded Investment of Loans Pre-Modification Post - Modification (Dollars In Millions) Commercial mortgage loans 1 $ 15 $ 15 There were no default payments on the above loan during 2016 . There were no agricultural troubled debt restructuring mortgage loans in 2016 . Valuation Allowances for Mortgage Loans: Allowance for credit losses for mortgage loans for 2016 , 2015 and 2014 are as follows: Commercial Mortgage Loans 2016 2015 2014 Allowance for credit losses: (In Millions) Beginning Balance, January 1, $ 6 $ 37 $ 42 Charge-offs — (32 ) (14 ) Recoveries (2 ) (1 ) — Provision 4 2 9 Ending Balance, December 31, $ 8 $ 6 $ 37 Ending Balance, December 31,: Individually Evaluated for Impairment $ 8 $ 6 $ 37 There were no allowances for credit losses for agricultural mortgage loans in 2016 , 2015 and 2014 . The following tables provide information relating to the loan-to-value and debt service coverage ratios for commercial and agricultural mortgage loans at December 31, 2016 and 2015 , respectively. The values used in these ratio calculations were developed as part of the periodic review of the commercial and agricultural mortgage loan portfolio, which includes an evaluation of the underlying collateral value. Mortgage Loans by Loan-to-Value and Debt Service Coverage Ratios December 31, 2016 Debt Service Coverage Ratio Loan-to-Value Ratio: (2) Greater than 2.0x 1.8x to 2.0x 1.5x to 1.8x 1.2x to 1.5x 1.0x to 1.2x Less than 1.0x Total Mortgage Loans (In Millions) Commercial Mortgage Loans (1) 0% - 50% $ 738 $ 95 $ 59 $ 56 $ — $ — $ 948 50% - 70% 3,217 430 673 1,100 76 — 5,496 70% - 90% 282 65 229 127 28 46 777 90% plus — — 28 15 — — 43 Total Commercial Mortgage Loans $ 4,237 $ 590 $ 989 $ 1,298 $ 104 $ 46 $ 7,264 Agricultural Mortgage Loans (1) 0% - 50% $ 254 $ 138 $ 296 $ 468 $ 286 $ 49 $ 1,491 50% - 70% 141 57 209 333 219 45 1,004 70% - 90% — — 2 4 — — 6 90% plus — — — — — — — Total Agricultural Mortgage Loans $ 395 $ 195 $ 507 $ 805 $ 505 $ 94 $ 2,501 Total Mortgage Loans (1) 0% - 50% $ 992 $ 233 $ 355 $ 524 $ 286 $ 49 $ 2,439 50% - 70% 3,358 487 882 1,433 295 45 6,500 70% - 90% 282 65 231 131 28 46 783 90% plus — — 28 15 — — 43 Total Mortgage Loans $ 4,632 $ 785 $ 1,496 $ 2,103 $ 609 $ 140 $ 9,765 (1) The debt service coverage ratio is calculated using the most recently reported net operating income results from property operations divided by annual debt service. (2) The loan-to-value ratio is derived from current loan balance divided by the fair market value of the property. The fair market value of the underlying commercial properties is updated annually. Mortgage Loans by Loan-to-Value and Debt Service Coverage Ratios December 31, 2015 Debt Service Coverage Ratio Loan-to-Value Ratio: (2) Greater than 2.0x 1.8x to 2.0x 1.5x to 1.8x 1.2x to 1.5x 1.0x to 1.2x Less than 1.0x Total Mortgage Loans (In Millions) Commercial Mortgage Loans (1) 0% - 50% $ 533 $ — $ 102 $ 12 $ 24 $ — $ 671 50% - 70% 1,392 353 741 853 77 — 3,416 70% - 90% 141 — 206 134 124 46 651 90% plus 63 — — 46 — — 109 Total Commercial Mortgage Loans $ 2,129 $ 353 $ 1,049 $ 1,045 $ 225 $ 46 $ 4,847 Agricultural Mortgage Loans (1) 0% - 50% $ 204 $ 116 $ 277 $ 432 $ 256 $ 51 $ 1,336 50% - 70% 146 80 192 298 225 47 988 70% - 90% — — 2 4 — — 6 90% plus — — — — — — — Total Agricultural Mortgage Loans $ 350 $ 196 $ 471 $ 734 $ 481 $ 98 $ 2,330 Total Mortgage Loans (1) 0% - 50% $ 737 $ 116 $ 379 $ 444 $ 280 $ 51 $ 2,007 50% - 70% 1,538 433 933 1,151 302 47 4,404 70% - 90% 141 — 208 138 124 46 657 90% plus 63 — — 46 — — 109 Total Mortgage Loans $ 2,479 $ 549 $ 1,520 $ 1,779 $ 706 $ 144 $ 7,177 (1) The debt service coverage ratio is calculated using the most recently reported net operating income results from property operations divided by annual debt service. (2) The loan-to-value ratio is derived from current loan balance divided by the fair market value of the property. The fair market value of the underlying commercial properties is updated annually. The following table provides information relating to the aging analysis of past due mortgage loans at December 31, 2016 and 2015 , respectively. Age Analysis of Past Due Mortgage Loan 30-59 Days 60-89 Days 90 Days Or > Total Current Total Financing Receivables Recorded Investment Or > 90 Days and Accruing (In Millions) December 31, 2016: Commercial $ — $ — $ — $ — $ 7,264 $ 7,264 $ — Agricultural 9 2 6 17 2,484 2,501 6 Total Mortgage Loans $ 9 $ 2 $ 6 $ 17 $ 9,748 $ 9,765 $ 6 December 31, 2015: Commercial $ — $ — $ 30 $ 30 $ 4,817 $ 4,847 $ — Agricultural 12 7 4 23 2,307 2,330 4 Total Mortgage Loans $ 12 $ 7 $ 34 $ 53 $ 7,124 $ 7,177 $ 4 The following table provides information relating to impaired mortgage loans at December 31, 2016 and 2015 , respectively. Impaired Mortgage Loans Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment (1) Interest Income Recognized (In Millions) December 31, 2016: With no related allowance recorded: Commercial mortgage loans - other $ 15 $ 15 $ — $ 22 $ — Agricultural mortgage loans — — — — — Total $ 15 $ 15 $ — $ 22 $ — With related allowance recorded: Commercial mortgage loans - other $ 27 $ 27 $ (8 ) $ 48 $ 2 Agricultural mortgage loans — — — — — Total $ 27 $ 27 $ (8 ) $ 48 $ 2 December 31, 2015: With no related allowance recorded: Commercial mortgage loans - other $ 46 $ 46 $ — $ 15 $ — Agricultural mortgage loans — — — — — Total $ 46 $ 46 $ — $ 15 $ — With related allowance recorded: Commercial mortgage loans - other $ 63 $ 63 $ (6 ) $ 137 $ 4 Agricultural mortgage loans — — — — — Total $ 63 $ 63 $ (6 ) $ 137 $ 4 (1) Represents a five-quarter average of recorded amortized cost. Equity Method Investments Included in other equity investments are limited partnership interests, real estate joint ventures and investment companies accounted for under the equity method with a total carrying value of $ 1,295 million and $1,363 million , respectively, at December 31, 2016 and 2015 . The Company’s total equity in net earnings (losses) for these limited partnership interests was $ 60 million, $71 million and $206 million , respectively, for 2016 , 2015 and 2014 . Derivatives and Offsetting Assets and Liabilities The Company uses derivatives as part of its overall asset/liability risk management primarily to reduce exposures to equity market and interest rate risks. Derivative hedging strategies are designed to reduce these risks from an economic perspective and are all executed within the framework of a Derivative Use Plan approved by the NYDFS. Operation of these hedging programs is based on models involving numerous estimates and assumptions, including, among others, mortality, lapse, surrender and withdrawal rates, election rates, fund performance, market volatility and interest rates. A wide range of derivative contracts are used in these hedging programs, including exchange traded equity, currency and interest rate futures contracts, total return and/or other equity swaps, interest rate swap and floor contracts, bond and bond-index total return swaps, swaptions, variance swaps and equity options as well as bond and repo transactions to support the hedging. The derivative contracts are collectively managed in an effort to reduce the economic impact of unfavorable changes in guaranteed benefits’ exposures attributable to movements in capital markets. Derivatives utilized to hedge exposure to Variable Annuities with Guarantee Features The Company has issued and continues to offer certain variable annuity products with GMDB, GMIB and GIB features. The Company had previously issued certain variable annuity products with GWBL, guaranteed minimum withdrawal benefit (“GMWB”) and GMAB features (collectively, “GWBL and Other Features”). The risk associated with the GMDB feature is that under-performance of the financial markets could result in GMDB benefits, in the event of death, being higher than what accumulated policyholders’ account balances would support. The risk associated with the GMIB feature is that under-performance of the financial markets could result in the present value of GMIB benefits, in the event of annuitization, being higher than what accumulated policyholders’ account balances would support, taking into account the relationship between current annuity purchase rates and the GMIB guaranteed annuity purchase rates. The risk associated with the GIB and GWBL and Other Features is that under-performance of the financial markets could result in the GIB and GWBL and Other Features’ benefits being higher than what accumulated policyholders’ account balances would support. For GMDB, GMIB, GIB and GWBL and Other Features, the Company retains certain risks including basis, credit spread and some volatility risk and risk associated with actual versus expected assumptions for mortality, lapse and surrender, withdrawal and contractholder election rates, among other things. The derivative contracts are managed to correlate with changes in the value of the GMDB, GMIB, GIB and GWBL and Other Features that result from financial markets movements. A portion of exposure to realized equity volatility is hedged using equity options and variance swaps and a portion of exposure to credit risk is hedged using total return swaps on fixed income indices. Additionally, the Company is party to total return swaps for which the reference U.S. Treasury securities are contemporaneously purchased from the market and sold to the swap counterparty. As these transactions result in a transfer of control of the U.S. Treasury securities to the swap counterparty, the Company derecognizes these securities with consequent gain or loss from the sale. The Company has also purchased reinsurance contracts to mitigate the risks associated with GMDB features and the impact of potential market fluctuations on future policyholder elections of GMIB features contained in certain annuity contracts issued by the Company. The Company has in place a hedge program utilizing interest rate swaps to partially protect the overall profitability of future variable annuity sales against declining interest rates. Derivatives utilized to hedge crediting rate exposure on SCS, SIO, MSO and IUL products/investment options The Company hedges crediting rates in the Structured Capital Strategies® (“SCS”) variable annuity, Structured Investment Option in the EQUI-VEST® variable annuity series (“SIO”), Market Stabilizer Option® (“MSO”) in the variable life insurance products and Indexed Universal Life (“IUL”) insurance products. These products permit the contract owner to participate in the performance of an index, ETF or commodity price movement up to a cap for a set period of time. They also contain a protection feature, in which the Company will absorb, up to a certain percentage, the loss of value in an index, ETF or commodity price, which varies by product segment. In order to support the returns associated with these features, the Company enters into derivative contracts whose payouts, in combination with fixed income investments, emulate those of the index, ETF or commodity price, subject to caps and buffers. Derivatives utilized to hedge risks associated with interest-rate risk arising from issuance of funding agreements The Company issues fixed and floating rate funding agreements, to fund originated non-recourse commercial real estate mortgage loans, the terms of which may result in short term economic interest rate risk between mortgage loan commitment and mortgage loan funding. The company uses forward interest-rate swaps to protect against interest rate fluctuations during this period. Realized gains and losses from the forward interest rate swaps are amortized over the life of the loan in interest credited to policyholder’s account balances. Derivatives utilized to hedge equity market risks associated with the General Account’s seed money investments in Separate Accounts, retail mutual funds and Separate Account fee revenue fluctuations The Company’s General Account seed money investments in Separate Account equity funds and retail mutual funds exposes the Company to market risk, including equity market risk, which is partially hedged through equity-index futures contracts to minimize such risk. Periodically, the Company enters into futures on equity indices to mitigate the impact on net earnings from Separate Account fee revenue fluctuations due to movements in the equity markets. These positions partially cover fees expected to be earned from the Company’s Separate Account products. Derivatives utilized for General Account Investment Portfolio Beginning in the second quarter of 2013, the Company implemented a strategy in its General Account investment portfolio to replicate the credit exposure of fixed maturity securities otherwise permissible for investment under its investment guidelines through the sale of credit default swaps (“CDSs”). Under the terms of these swaps, the Company receives quarterly fixed premiums that, together with any initial amount paid or received at trade inception, replicate the credit spread otherwise currently obtainable by purchasing the referenced entity’s bonds of similar maturity. These credit derivatives generally have remaining terms of five years or less and are recorded at fair value with changes in fair value, including the yield component that emerges from initial amounts paid or received, reported in Net investment income (loss). The Company manages its credit exposure taking into consideration both cash and derivatives based positions and selects the reference entities in its replicated credit exposures in a manner consistent with its selection of fixed maturities. In addition, the Company has transacted the sale of CDSs exclusively in single name reference entities of investment grade credit quality and with counterparties subject to collateral posting requirements. If there is an event of default by the reference entity or other such credit event as defined under the terms of the swap contract, the Company is obligated to perform under the credit derivative and, at the counterparty’s option, either pay the referenced amount of the contract less an auction-determined recovery amount or pay the referenced amount of the contract and receive in return the defaulted or similar security of the reference entity for recovery by sale at the contract settlement auction. To date, there have been no events of default or circumstances indicative of a deterioration in the credit quality of the named referenced entities to require or suggest that the Company will have to perform under these CDSs. The maximum potential amount of future payments the Company could be required to make under these credit derivatives is limited to the par value of the referenced securities which is the dollar-equivalent of the derivative notional amount. The Standard North American CDS Contract (“SNAC”) under which the Company executes these CDS sales transactions does not contain recourse provisions for recovery of amounts paid under the credit derivative. Periodically, the Company purchases 30-year, Treasury Inflation Protected Securities (“TIPS”) and other sovereign bonds, both inflation linked and non-inflation linked, as General Account investments and enters into asset or cross-currency basis swaps, to result in payment of the given bond’s coupons and principal at maturity in the bond’s specified currency to the swap counterparty, in return for fixed dollar amounts. These swaps, when considered in combination with the bonds, together result in a net position that is intended to replicate a dollar-denominated fixed-coupon cash bond with a yield higher than a term-equivalent U.S. Treasury bond. At December 31, 2016 and 2015, respectively, the Company’s unrealized gains (losses) related to this program were $(97) million and $(4) million and reported in AOCI. The Company implemented a strategy to hedge a portion of the credit exposure in its General Account investment portfolio by buying protection through a swap. These are swaps on the super senior tranche of the investment grade credit default swap index (“CDX index”). Under the terms of these swaps, the Company pays quarterly fixed premiums that, together with any initial amount paid or received at trade inception, serve as premiums paid to hedge the risk arising from multiple defaults of bonds referenced in the CDX index. These credit derivatives have terms of five years or less and are recorded at fair value with changes in fair value, including the yield component that emerges from initial amounts paid or received, reported in Net investment income (loss) from derivative instruments. During third quarter 2016, the Company implemented a program to mitigate its duration gap using total return swaps for which the reference U.S. Treasury securities are sold to the swap counterparty under arrangements economically similar to repurchase agreements. As these transactions result in a transfer of control of the U.S. Treasury securities to the swap counterparty, the Company derecognizes these securities with consequent gain or loss from the sale. In 2016, the Company derecognized approximately $995 million U.S. Treasury securities for which the Company received proceeds of approximately $1,007 million at inception of the total return swap contract. Under the terms of these swaps, the Company retains ongoing exposure to the total returns of the underlying U.S. Treasury securities in exchange for a financing cost. At December 31, 2016, the aggregate fair value of U.S. Treasury securities derecognized under this program was approximately $888 million . Reported in Other invested assets in the Company's balance sheet at December 31, 2016 is approximately $(154) million , representing the fair value o |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill And Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS The carrying value of goodwill related to AB totaled $3,584 million and $3,562 million at December 31, 2016 and 2015 , respectively. The Company annually tests goodwill for recoverability at December 31. The first step of the goodwill impairment test is used to identify potential impairment by comparing the fair value of its investment in AB, the reporting unit, to its carrying value. If the fair value of the reporting unit exceeds its carrying value, goodwill is not considered to be impaired and the second step of the impairment test is not performed. However, if the carrying value of the reporting unit exceeds its fair value, the second step of the goodwill impairment test is performed by measuring the amount of impairment loss only if the result indicates a potential impairment. The second step compares the implied fair value of the reporting unit to the aggregated fair values of its individual assets and liabilities to determine the amount of impairment, if any. The Company also assesses this goodwill for recoverability at each interim reporting period in consideration of facts and circumstances that may indicate a shortfall of the fair value of its investment in AB as compared to its carrying value and thereby require re-performance of its annual impairment testing. The Company primarily uses a discounted cash flow valuation technique to measure the fair value of its investment in AB for purpose of goodwill impairment testing. The cash flows used in this technique are sourced from AB’s current business plan and projected thereafter over the estimated life of the goodwill asset by applying an annual growth rate assumption. The present value amount that results from discounting these expected cash flows is then adjusted to reflect the noncontrolling interest in AB as well as taxes incurred at the Company level in order to determine the fair value of its investment in AB. At December 31, 2016 and 2015 , the Company determined that goodwill was not impaired as the fair value of its investment in AB exceeded its carrying value at each respective date. Similarly, no impairments resulted from the Company’s interim assessments of goodwill recoverability during the periods then ended. The gross carrying amount of AB related intangible assets was $625 million and $610 million at December 31, 2016 and 2015 , respectively and the accumulated amortization of these intangible assets was $468 million and $439 million at December 31, 2016 and 2015 , respectively. Amortization expense related to the AB intangible assets totaled $29 million, $28 million and $27 million for 2016 , 2015 and 2014 , respectively, and estimated amortization expense for each of the next five years is expected to be approximately $29 million. At December 31, 2016 and 2015 , respectively, net deferred sales commissions totaled $64 million and $99 million and are included within Other assets. The estimated amortization expense of deferred sales commissions, based on the December 31, 2016 net asset balance for each of the next five years is $32 million, $21 million, $8 million, $3 million and $ 0 million. The Company tests the deferred sales commission asset for impairment quarterly by comparing undiscounted future cash flows to the recorded value, net of accumulated amortization. Each quarter, significant assumptions used to estimate the future cash flows are updated to reflect management’s consideration of current market conditions on expectations made with respect to future market levels and redemption rates. As of December 31, 2016 , the Company determined that the deferred sales commission asset was not impaired. On September 23, 2016, AB acquired a 100% ownership interest in Ramius Alternative Solutions LLC (“RASL”), a global alternative investment management business that, as of the acquisition date, had approximately $2.5 billion in AUM. RASL offers a range of customized alternative investment and advisory solutions to a global institutional client base. On the acquisition date, AB made a cash payment of $21 million and recorded a contingent consideration payable of $12 million based on projected fee revenues over a five -year measurement period. The excess of the purchase price over the current fair value of identifiable net assets acquired resulted in the recognition of $22 million of goodwill. AB recorded $10 million of definite-lived intangible assets relating to investment management contracts. On June 20, 2014, AB acquired an approximate 82.0% ownership interest in CPH Capital Fondsmaeglerselskab A/S (“CPH”), a Danish asset management firm that managed approximately $3,000 million in global core equity assets for institutional investors, for a cash payment of $64 million and a contingent consideration payable of $9 million based on projected assets under management levels over a three -year measurement period. The excess of the purchase price over the fair value of identifiable assets acquired resulted in the recognition of $58 million of goodwill. AB recorded $24 million of finite-lived intangible assets relating to separately-managed account relationships and $4 million of indefinite-lived intangible assets relating to an acquired fund’s investment contract. AB also recorded redeemable non-controlling interest of $17 million relating to the fair value of the portion of CPH AB does not own. During 2015 and 2016, AB purchased additional shares of CPH, bringing AB’s ownership interest to 90.0% as of December 31, 2016. Capitalized Software Capitalized software, net of accumulated amortization, amounted to $170 million and $157 million at December 31, 2016 and 2015 , respectively. Amortization of capitalized software in 2016 , 2015 and 2014 were $52 million, $55 million and $50 million , respectively. |
CLOSED BLOCK
CLOSED BLOCK | 12 Months Ended |
Dec. 31, 2016 | |
Closed Block Disclosure [Abstract] | |
Closed Block | CLOSED BLOCK Summarized financial information for the AXA Equitable Closed Block is as follows: December 31, 2016 2015 (In Millions) CLOSED BLOCK LIABILITIES: Future policy benefits, policyholders’ account balances and other $ 7,179 $ 7,363 Policyholder dividend obligation 52 81 Other liabilities 43 100 Total Closed Block liabilities 7,274 7,544 ASSETS DESIGNATED TO THE CLOSED BLOCK: Fixed maturities, available for sale, at fair value (amortized cost of $3,884 and $4,426) 4,025 4,599 Mortgage loans on real estate 1,623 1,575 Policy loans 839 881 Cash and other invested assets 444 49 Other assets 181 258 Total assets designated to the Closed Block 7,112 7,362 Excess of Closed Block liabilities over assets designated to the Closed Block 162 182 Amounts included in accumulated other comprehensive income (loss): Net unrealized investment gains (losses), net of policyholder dividend obligation of $(52) and $(81) 100 103 Maximum Future Earnings To Be Recognized From Closed Block Assets and Liabilities $ 262 $ 285 AXA Equitable’s Closed Block revenues and expenses follow: 2016 2015 2014 (In Millions) REVENUES: Premiums and other income $ 238 $ 262 $ 273 Investment income (loss) 349 368 378 Net investment gains (losses) (1 ) 2 (4 ) Total revenues 586 632 647 BENEFITS AND OTHER DEDUCTIONS: Policyholders’ benefits and dividends 548 576 597 Other operating costs and expenses 4 4 4 Total benefits and other deductions 552 580 601 Net revenues, before income taxes 34 52 46 Income tax (expense) benefit (12 ) (18 ) (16 ) Net Revenues (Losses) $ 22 $ 34 $ 30 A reconciliation of AXA Equitable’s policyholder dividend obligation follows: December 31, 2016 2015 (In Millions) Balances, beginning of year $ 81 $ 201 Unrealized investment gains (losses) (29 ) (120 ) Balances, End of year $ 52 $ 81 |
CONTRACTHOLDER BONUS INTEREST C
CONTRACTHOLDER BONUS INTEREST CREDITS | 12 Months Ended |
Dec. 31, 2016 | |
Contractholder Bonus Interest Credits [Abstract] | |
Contractholder Bonus Interest Credits | CONTRACTHOLDER BONUS INTEREST CREDITS AND DEFERRED ACQUISITION COST Changes in the deferred asset for contractholder bonus interest credits are as follows: December 31, 2016 2015 (In Millions) Balance, beginning of year $ 534 $ 383 Contractholder bonus interest credits deferred 13 17 Other — 174 Amortization charged to income (43 ) (40 ) Balance, End of Year $ 504 $ 534 Changes in deferred acquisition costs at December 31, 2016 and 2015 were as follows: December 31, 2016 2015 (In Millions) Balance, beginning of year $ 4,469 $ 4,271 Capitalization of commissions, sales and issue expenses 594 615 Amortization (756 ) (284 ) Change in unrealized investment gains and losses (6 ) 41 Other — (174 ) Balance, End of Year $ 4,301 $ 4,469 |
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | FAIR VALUE DISCLOSURES Assets and liabilities measured at fair value on a recurring basis are summarized below. At December 31, 2016 and 2015 , no assets were required to be measured at fair value on a non-recurring basis. Fair value measurements are required on a non-recurring basis for certain assets, including goodwill and mortgage loans on real estate, only when an OTTI or other event occurs. When such fair value measurements are recorded, they must be classified and disclosed within the fair value hierarchy. Fair Value Measurements at December 31, 2016 Level 1 Level 2 Level 3 Total (In Millions) Assets Investments: Fixed maturities, available-for-sale: Public Corporate $ — $ 12,984 $ 28 $ 13,012 Private Corporate — 6,223 817 7,040 U.S. Treasury, government and agency — 10,336 — 10,336 States and political subdivisions — 451 42 493 Foreign governments — 390 — 390 Commercial mortgage-backed — 22 349 371 Residential mortgage-backed (1) — 314 — 314 Asset-backed (2) — 36 24 60 Redeemable preferred stock 218 335 1 554 Subtotal 218 31,091 1,261 32,570 Other equity investments 3 — 5 8 Trading securities 478 8,656 — 9,134 Other invested assets: Short-term investments — 574 — 574 Assets of consolidated VIEs 342 205 6 553 Swaps — (925 ) — (925 ) Credit Default Swaps — 5 — 5 Futures — — — — Options — 960 — 960 Floors — 11 — 11 Subtotal 342 830 6 1,178 Cash equivalents 1,529 — — 1,529 Segregated securities — 946 — 946 GMIB reinsurance contracts asset — — 10,309 10,309 Separate Accounts’ assets 108,085 2,818 313 111,216 Total Assets $ 110,655 $ 44,341 $ 11,894 $ 166,890 Liabilities GWBL and other features’ liability $ — $ — $ 164 $ 164 SCS, SIO, MSO and IUL indexed features’ liability — 887 — 887 Liabilities of consolidated VIEs 248 2 — 250 Contingent payment arrangements — — 18 18 Total Liabilities $ 248 $ 889 $ 182 $ 1,319 (1) Includes publicly traded agency pass-through securities and collateralized obligations. (2) Includes credit-tranched securities collateralized by sub-prime mortgages and other asset types and credit tenant loans. Fair Value Measurements at December 31, 2015 Level 1 Level 2 Level 3 Total (In Millions) Assets Investments: Fixed maturities, available-for-sale: Public Corporate $ — $ 13,345 $ 31 $ 13,376 Private Corporate — 6,537 389 6,926 U.S. Treasury, government and agency — 8,775 — 8,775 States and political subdivisions — 459 45 504 Foreign governments — 414 1 415 Commercial mortgage-backed — 30 503 533 Residential mortgage-backed (1) — 640 — 640 Asset-backed (2) — 37 40 77 Redeemable preferred stock 258 389 — 647 Subtotal 258 30,626 1,009 31,893 Other equity investments 97 — 49 146 Trading securities 654 6,151 — 6,805 Other invested assets: Short-term investments — 369 — 369 Swaps — 230 — 230 Credit Default Swaps — (22 ) — (22 ) Futures (1 ) — — (1 ) Options — 390 — 390 Floors — 61 — 61 Currency Contracts — 1 — 1 Subtotal (1 ) 1,029 — 1,028 Cash equivalents 2,150 — — 2,150 Segregated securities — 565 — 565 GMIB reinsurance contracts asset — — 10,570 10,570 Separate Accounts’ assets 104,058 2,964 313 107,335 Total Assets $ 107,216 $ 41,335 $ 11,941 $ 160,492 Liabilities GWBL and other features’ liability $ — $ — $ 184 $ 184 SCS, SIO, MSO and IUL indexed features’ liability — 310 — 310 Contingent payment arrangements — — 31 31 Total Liabilities $ — $ 310 $ 215 $ 525 (1) Includes publicly traded agency pass-through securities and collateralized obligations. (2) Includes credit-tranched securities collateralized by sub-prime mortgages and other asset types and credit tenant loans. At December 31, 2016 and 2015 , respectively, the fair value of public fixed maturities is approximately $ 24,918 million and $24,216 million or approximately 16.0 % and 16.2% of the Company’s total assets measured at fair value on a recurring basis (excluding GMIB reinsurance contracts and segregated securities measured at fair value on a recurring basis). The fair values of the Company’s public fixed maturity securities are generally based on prices obtained from independent valuation service providers and for which the Company maintains a vendor hierarchy by asset type based on historical pricing experience and vendor expertise. Although each security generally is priced by multiple independent valuation service providers, the Company ultimately uses the price received from the independent valuation service provider highest in the vendor hierarchy based on the respective asset type, with limited exception. To validate reasonableness, prices also are internally reviewed by those with relevant expertise through comparison with directly observed recent market trades. Consistent with the fair value hierarchy, public fixed maturity securities validated in this manner generally are reflected within Level 2, as they are primarily based on observable pricing for similar assets and/or other market observable inputs. If the pricing information received from independent valuation service providers is not reflective of market activity or other inputs observable in the market, the Company may challenge the price through a formal process in accordance with the terms of the respective independent valuation service provider agreement. If, as a result, it is determined that the independent valuation service provider is able to reprice the security in a manner agreed as more consistent with current market observations, the security remains within Level 2. Alternatively, a Level 3 classification may result if the pricing information then is sourced from another vendor, non-binding broker quotes, or internally-developed valuations for which the Company’s own assumptions about market-participant inputs would be used in pricing the security. At December 31, 2016 and 2015 , respectively, the fair value of private fixed maturities is approximately $ 7,652 million and $7,677 million or approximately 4.9% and 5.1% of the Company’s total assets measured at fair value on a recurring basis. The fair values of some of the Company’s private fixed maturities are determined from prices obtained from independent valuation service providers. Prices not obtained from an independent valuation service provider are determined by using a discounted cash flow model or a market comparable company valuation technique. In certain cases, these models use observable inputs with a discount rate based upon the average of spread surveys collected from private market intermediaries who are active in both primary and secondary transactions, taking into account, among other factors, the credit quality and industry sector of the issuer and the reduced liquidity associated with private placements. Generally, these securities have been reflected within Level 2. For certain private fixed maturities, the discounted cash flow model or a market comparable company valuation technique may also incorporate unobservable inputs, which reflect the Company’s own assumptions about the inputs market participants would use in pricing the asset. To the extent management determines that such unobservable inputs are significant to the fair value measurement of a security, a Level 3 classification generally is made. As disclosed in Note 3, at December 31, 2016 and 2015 , respectively, the net fair value of freestanding derivative positions is approximately $51 million and $659 million or approximately 8.2% and 64.1% of Other invested assets measured at fair value on a recurring basis. The fair values of the Company’s derivative positions are generally based on prices obtained either from independent valuation service providers or derived by applying market inputs from recognized vendors into industry standard pricing models. The majority of these derivative contracts are traded in the Over-The-Counter (“OTC”) derivative market and are classified in Level 2. The fair values of derivative assets and liabilities traded in the OTC market are determined using quantitative models that require use of the contractual terms of the derivative instruments and multiple market inputs, including interest rates, prices, and indices to generate continuous yield or pricing curves, including overnight index swap (“OIS”) curves, and volatility factors, which then are applied to value the positions. The predominance of market inputs is actively quoted and can be validated through external sources or reliably interpolated if less observable. If the pricing information received from independent valuation service providers is not reflective of market activity or other inputs observable in the market, the Company may challenge the price through a formal process in accordance with the terms of the respective independent valuation service provider agreement. If as a result it is determined that the independent valuation service provider is able to reprice the derivative instrument in a manner agreed as more consistent with current market observations, the position remains within Level 2. Alternatively, a Level 3 classification may result if the pricing information then is sourced from another vendor, non-binding broker quotes, or internally-developed valuations for which the Company’s own assumptions about market-participant inputs would be used in pricing the security. At December 31, 2016 and 2015 , respectively, investments classified as Level 1 comprise approximately 71.1% and 71.8% of assets measured at fair value on a recurring basis and primarily include redeemable preferred stock, trading securities, cash equivalents and Separate Accounts assets. Fair value measurements classified as Level 1 include exchange-traded prices of fixed maturities, equity securities and derivative contracts, and net asset values for transacting subscriptions and redemptions of mutual fund shares held by Separate Accounts. Cash equivalents classified as Level 1 include money market accounts, overnight commercial paper and highly liquid debt instruments purchased with an original maturity of three months or less, and are carried at cost as a proxy for fair value measurement due to their short-term nature. At December 31, 2016 and 2015 , respectively, investments classified as Level 2 comprise approximately 27.9% and 27.3% of assets measured at fair value on a recurring basis and primarily include U.S. government and agency securities and certain corporate debt securities, such as public and private fixed maturities. As market quotes generally are not readily available or accessible for these securities, their fair value measures are determined utilizing relevant information generated by market transactions involving comparable securities and often are based on model pricing techniques that effectively discount prospective cash flows to present value using appropriate sector-adjusted credit spreads commensurate with the security’s duration, also taking into consideration issuer-specific credit quality and liquidity. Segregated securities classified as Level 2 are U.S. Treasury Bills segregated by AB in a special reserve bank custody account for the exclusive benefit of brokerage customers, as required by Rule 15c3-3 of the Exchange Act and for which fair values are based on quoted yields in secondary markets. Observable inputs generally used to measure the fair value of securities classified as Level 2 include benchmark yields, reported secondary trades, issuer spreads, benchmark securities and other reference data. Additional observable inputs are used when available, and as may be appropriate, for certain security types, such as prepayment, default, and collateral information for the purpose of measuring the fair value of mortgage- and asset-backed securities. At December 31, 2016 and 2015 , respectively, approximately $340 million and $673 million of AAA-rated mortgage- and asset-backed securities are classified as Level 2 for which the observability of market inputs to their pricing models is supported by sufficient, albeit more recently contracted, market activity in these sectors. The Company’s SCS and EQUI-VEST variable annuity products, the IUL product, and in the MSO fund available in some life contracts offer investment options which permit the contract owner to participate in the performance of an index, ETF or commodity price. These investment options, which depending on the product and on the index selected can currently have 1 , 3 , or 5 year terms, provide for participation in the performance of specified indices, ETF or commodity price movement up to a segment-specific declared maximum rate. Under certain conditions that vary by product, e.g. holding these segments for the full term, these segments also shield policyholders from some or all negative investment performance associated with these indices, ETF or commodity prices. These investment options have defined formulaic liability amounts, and the current values of the option component of these segment reserves are accounted for as Level 2 embedded derivatives. The fair values of these embedded derivatives are based on prices obtained from independent valuation service providers. At December 31, 2016 and 2015 , respectively, investments classified as Level 3 comprise approximately 1.0% and 0.9% of assets measured at fair value on a recurring basis and primarily include commercial mortgage-backed securities (“CMBS”) and corporate debt securities, such as private fixed maturities. Determinations to classify fair value measures within Level 3 of the valuation hierarchy generally are based upon the significance of the unobservable factors to the overall fair value measurement. Included in the Level 3 classification at December 31, 2016 and 2015 , respectively, were approximately $111 million and $119 million of fixed maturities with indicative pricing obtained from brokers that otherwise could not be corroborated to market observable data. The Company applies various due-diligence procedures, as considered appropriate, to validate these non-binding broker quotes for reasonableness, based on its understanding of the markets, including use of internally-developed assumptions about inputs a market participant would use to price the security. In addition, approximately $373 million and $543 million of mortgage- and asset-backed securities, including CMBS, are classified as Level 3 at December 31, 2016 and 2015 , respectively. The Company utilizes prices obtained from an independent valuation service vendor to measure fair value of CMBS securities. The Company also issues certain benefits on its variable annuity products that are accounted for as derivatives and are also considered Level 3. The GMWB feature allows the policyholder to withdraw at minimum, over the life of the contract, an amount based on the contract’s benefit base. The GWBL feature allows the policyholder to withdraw, each year for the life of the contract, a specified annual percentage of an amount based on the contract’s benefit base. The GMAB feature increases the contract account value at the end of a specified period to a GMAB base. The GIB feature provides a lifetime annuity based on predetermined annuity purchase rates if and when the contract account value is depleted. This lifetime annuity is based on predetermined annuity purchase rates applied to a GIB base. Level 3 also includes the GMIB reinsurance contract asset which is accounted for as derivative contracts. The GMIB reinsurance contract asset’s fair value reflects the present value of reinsurance premiums and recoveries and risk margins over a range of market consistent economic scenarios while the GIB and GWBL and other features related liability reflects the present value of expected future payments (benefits) less fees, adjusted for risk margins, attributable to the GIB and GWBL and other features over a range of market-consistent economic scenarios. The valuations of both the GMIB reinsurance contract asset and GIB and GWBL and other features’ liability incorporate significant non-observable assumptions related to policyholder behavior, risk margins and projections of equity Separate Account funds. The credit risks of the counterparty and of the Company are considered in determining the fair values of its GMIB reinsurance contract asset and GIB and GWBL and other features’ liability positions, respectively, after taking into account the effects of collateral arrangements. Incremental adjustment to the swap curve, adjusted for non-performance risk, is made to the resulting fair values of the GMIB reinsurance contract asset to reflect change in the claims-paying ratings of counterparties to the reinsurance treaties. After giving consideration to collateral arrangements, the Company reduced the fair value of its GMIB reinsurance contract asset by $139 million and $123 million at December 31, 2016 and 2015 , respectively, to recognize incremental counterparty non-performance risk. The unadjusted swap curve was determined to reflect a level of general swap market counterparty risk; therefore, no adjustment was made for purpose of determining the fair value of the GIB and GWBL and other features’ liability embedded derivative at December 31, 2016 . Equity and fixed income volatilities were modeled to reflect the current market volatility. In second quarter 2014, the Company refined the fair value calculation of the GMIB reinsurance contract asset and GWBL, GIB and GMAB liabilities, utilizing scenarios that explicitly reflect risk free bond and equity components separately (previously aggregated and including counterparty risk premium embedded in swap rates) and stochastic interest rates for projecting and discounting cash flows (previously a single yield curve). The net impacts of these refinements were a $510 million increase to the GMIB reinsurance contract asset and a $37 million increase in the GWBL, GIB and GMAB liability which are reported in the Company’s consolidated statements of Earnings (Loss) as Increase (decrease) in the fair value of the reinsurance contract asset and Policyholders’ benefits, respectively. The Company’s Level 3 liabilities include contingent payment arrangements associated with acquisitions in 2010, 2013 and 2014 by AB. At each reporting date, AB estimates the fair values of the contingent consideration expected to be paid based upon probability-weighted AUM and revenue projections, using unobservable market data inputs, which are included in Level 3 of the valuation hierarchy. As of December 31, 2016, five of the Company’s consolidated VIEs that are open-end Luxembourg funds hold $6 million of investments that are classified as Level 3. They primarily consist of corporate bonds that are vendor priced with no ratings available, bank loans, non-agency collateralized mortgage obligations and asset-backed securities. In 2016, AFS fixed maturities with fair values of $62 million were transferred out of Level 3 and into Level 2 principally due to the availability of trading activity and/or market observable inputs to measure and validate their fair values. In addition, AFS fixed maturities with fair value of $25 million were transferred from Level 2 into the Level 3 classification. During the third quarter of 2016, one of AB’s private securities went public and, due to a trading restriction period, $56 million was transferred from a Level 3 to a Level 2 classification. These transfers in the aggregate represent approximately 0.9% of total equity at December 31, 2016 . In 2015, AFS fixed maturities with fair values of $125 million were transferred out of Level 3 and into Level 2 principally due to the availability of trading activity and/or market observable inputs to measure and validate their fair values. In addition, AFS fixed maturities with fair value of $99 million were transferred from Level 2 into the Level 3 classification. These transfers in the aggregate represent approximately 1.3% of total equity at December 31, 2015 . The table below presents a reconciliation for all Level 3 assets and liabilities at December 31, 2016 , 2015 and 2014 respectively. Level 3 Instruments Fair Value Measurements Corporate State and Political Sub-divisions Foreign Govts Commercial Mortgage- backed Residential Mortgage- backed Asset- backed (In Millions) Balance, January 1, 2016 $ 420 $ 45 $ 1 $ 503 $ — $ 40 Total gains (losses), realized and unrealized, included in: Earnings (loss) as: Net investment income (loss) — — — — — — Investment gains (losses), net 1 — — (67 ) — — Subtotal 1 — — (67 ) — — Other comprehensive income (loss) 7 (2 ) — 14 — 1 Purchases 572 — — — — — Sales (142 ) (1 ) — (87 ) — (8 ) Transfers into Level 3 (1) 25 — — — — — Transfers out of Level 3 (1) (38 ) — (1 ) (14 ) — (9 ) Balance, December 31, 2016 $ 845 $ 42 $ — $ 349 $ — $ 24 Balance, January 1, 2015 $ 380 $ 47 $ — $ 715 $ 2 $ 53 Total gains (losses), realized and unrealized, included in: Earnings (loss) as: Net investment income (loss) 3 — — 1 — — Investment gains (losses), net 2 — — (38 ) — — Subtotal 5 — — (37 ) — — Other comprehensive income (loss) (25 ) (1 ) — 64 — (4 ) Purchases 60 — 1 — — — Sales (38 ) (1 ) — (175 ) (2 ) (9 ) Transfers into Level 3 (1) 99 — — — — — Transfers out of Level 3 (1) (61 ) — — (64 ) — — Balance, December 31, 2015 $ 420 $ 45 $ 1 $ 503 $ — $ 40 Level 3 Instruments Fair Value Measurements Corporate State and Political Sub-divisions Foreign Govts Commercial Mortgage- backed Residential Mortgage- backed Asset- backed (In Millions) Balance, January 1, 2014 $ 291 $ 46 $ — $ 700 $ 4 $ 83 Total gains (losses), realized and unrealized, included in: Earnings (loss) as: Net investment income (loss) 2 — — 2 — — Investment gains (losses), net 3 — — (89 ) — — Subtotal 5 — — (87 ) — — Other comprehensive income (loss) 6 2 — 135 — 7 Purchases 162 — — — — — Sales (30 ) (1 ) — (20 ) (2 ) (37 ) Transfers into Level 3 (1) 15 — — — — — Transfers out of Level 3 (1) (69 ) — — (13 ) — — Balance, December 31, 2014 $ 380 $ 47 $ — $ 715 $ 2 $ 53 Redeem Other Equity Investments (2) GMIB Reinsurance Asset Separate Accounts Assets GWBL and Other Features Liability Contingent Payment Arrangement (In Millions) Balance, January 1, 2016 $ — $ 49 $ 10,570 $ 313 $ 184 31 Total gains (losses), realized and unrealized, included in: Earnings (loss) as: Net investment income (loss) — — — — — — Investment gains (losses), net — — — 19 — — Increase (decrease) in the fair value of reinsurance contracts — — (419 ) — — — Policyholders’ benefits — — — — (245 ) — Subtotal — — (419 ) 19 (245 ) — Other comprehensive income (loss) — (2 ) — — — — Purchases (3) 1 — 223 10 225 11 Sales (4) — — (65 ) — — — Settlements (5) — — — (7 ) — (24 ) Activities related to VIEs — 20 — — — — Transfers into Level 3 (1) — — — 1 — — Transfers out of Level 3 (1) — (56 ) — (23 ) — — Balance, December 31, 2016 $ 1 $ 11 $ 10,309 $ 313 $ 164 $ 18 Balance, January 1, 2015 $ — $ 61 $ 10,711 $ 260 $ 128 42 Total gains (losses), realized and unrealized, included in: Earnings (loss) as: Net investment income (loss) — — — — — — Investment gains (losses), net — 5 — 36 — — Increase (decrease) in the fair value of reinsurance contracts — — (327 ) — — — Policyholders’ benefits — — — — (130 ) — Subtotal — 5 (327 ) 36 (130 ) — Other comprehensive income(loss) — 2 — — — Purchases (3) — 1 228 26 186 — Sales (4) — (20 ) (42 ) (2 ) — (11 ) Settlements (5) — — — (5 ) — — Transfers into Level 3 (1) — — — — — — Transfers out of Level 3 (1) — — — (2 ) — — Balance, December 31, 2015 $ — $ 49 $ 10,570 $ 313 $ 184 $ 31 Redeem Other (2) GMIB Separate GWBL Contingent Payment Arrangement (In Millions) Balance, January 1, 2014 $ 15 $ 52 $ 6,747 $ 237 $ — $ 38 Total gains (losses), realized and unrealized, included in: Earnings (loss) as: Net investment income (loss) — 3 — — — — Investment gains (losses), net — 1 — 15 — — Increase (decrease) in the fair value of reinsurance contracts — — 3,774 — — — Policyholders’ benefits — — — — (8 ) — Subtotal — 4 3,774 15 (8 ) — Other comprehensive income (loss) — — — — — Purchases (3) — 8 225 16 136 9 Sales (4) (15 ) (1 ) (35 ) (3 ) — (5 ) Settlements (5) — — — (5 ) — — Transfers into Level 3 (1) — — — — — — Transfers out of Level 3 (1) — (2 ) — — — — Balance, December 31, 2014 $ — $ 61 $ 10,711 $ 260 $ 128 $ 42 (1) Transfers into/out of Level 3 classification are reflected at beginning-of-period fair values. (2) Includes Level 3 amounts for Trading securities and consolidated VIE investments. (3) For the GMIB reinsurance contract asset and GWBL and other features reserves, represents premiums. (4) For the GMIB reinsurance contract asset, represents recoveries from reinsurers and for GWBL and other features reserves represents benefits paid. (5) For contingent payment arrangements, it represents payments under the arrangement. The table below details changes in unrealized gains (losses) for 2016 and 2015 by category for Level 3 assets and liabilities still held at December 31, 2016 and 2015 , respectively: Earnings (Loss) Net Investment Income (Loss) Investment Gains (Losses), Net Increase (Decrease) in the Fair Value of Reinsurance Contracts Policy- holders’ Benefits OCI (In Millions) Level 3 Instruments Full Year 2016 Still Held at December 31, 2016 Change in unrealized gains (losses): Fixed maturities, available-for-sale: Corporate $ — $ — $ — $ — $ 11 State and political subdivisions — — — — (1 ) Commercial mortgage-backed — — — — 9 Asset-backed — — — — 1 Other fixed maturities, available-for-sale — — — — — Subtotal $ — $ — $ — $ — $ 20 GMIB reinsurance contracts — — (261 ) — — Separate Accounts’ assets (1) — 20 — — — GWBL and other features’ liability — — — (20 ) — Total $ — $ 20 $ (261 ) $ (20 ) $ 20 Level 3 Instruments Full Year 2015 Still Held at December 31, 2015 Change in unrealized gains (losses): Fixed maturities, available-for-sale: Corporate $ — $ — $ — $ — $ (25 ) State and political subdivisions — — — — (2 ) Commercial mortgage-backed — — — — 61 Asset-backed — — — — (4 ) Other fixed maturities, available-for-sale — — — — — Subtotal $ — $ — $ — $ — $ 30 GMIB reinsurance contracts — — (141 ) — — Separate Accounts’ assets (1) — 36 — — — GWBL and other features’ liability — — — 184 — Total $ — $ 36 $ (141 ) $ 184 $ 30 (1) there is an investment expense that offsets this investment gain (loss) The following table discloses quantitative information about Level 3 fair value measurements by category for assets and liabilities as of December 31, 2016 and 2015 , respectively. Quantitative Information about Level 3 Fair Value Measurements December 31, 2016 Fair Value Valuation Technique Significant Unobservable Input Range Assets: (In Millions) Investments: Fixed maturities, available-for-sale: Corporate $ 55 Matrix pricing model Spread over the industry-specific benchmark yield curve 0 bps - 565 bps 636 Market comparable companies EBITDA multiples Discount rate Cash flow Multiples 4.3x - 25.6x Asset-backed 2 Matrix pricing model Spread over U.S. Treasury curve 25 bps - 687 bps Separate Accounts’ assets 295 Third party appraisal Capitalization rate Exit capitalization rate Discount rate 4.8% 3 Discounted cash flow Spread over U.S. Treasury curve Discount factor 273 bps - 512 bps GMIB reinsurance contract asset 10,309 Discounted cash flow Lapse Rates Withdrawal rates GMIB Utilization Rates Non-performance risk Volatility rates—Equity 1.5% - 5.7% Liabilities: GWBL and other features liability 164 Discounted cash flow Lapse Rates Withdrawal rates Volatility rates—Equity 1.0% - 11.0% Quantitative Information about Level 3 Fair Value Measurements December 31, 2015 Fair Value Valuation Technique Significant Unobservable Input Range Assets: (In Millions) Investments: Fixed maturities, available-for-sale: Corporate $ 61 Matrix pricing model Spread over the industry-specific benchmark yield curve 50 bps - 565 bps 154 Market comparable companies EBITDA multiples 7.8x - 19.1x Asset-backed 3 Matrix pricing model Spread over U.S. Treasury curve 30 bps - 687 bps Other equity investments 10 Market comparable companies Revenue multiple 2.5x - 4.8x Separate Accounts’ assets 271 Third party appraisal Capitalization rate Exit capitalization rate Discount rate 4.9% 7 Discounted cash flow Spread over U.S. Treasury curve Gross domestic product rate Discount factor 280 bps - 411 bps GMIB reinsurance contract asset 10,570 Discounted cash flow Lapse Rates Withdrawal rates GMIB Utilization Rates Non-performance risk Volatility rates - Equity 0.6% - 5.7% Liabilities: GWBL and other features liability 120 Discounted cash flow Lapse Rates Withdrawal rates Volatility rates - Equity 1.0% - 5.7% Excluded from the tables above at December 31, 2016 and 2015 , respectively, are approximately $594 million and $865 million Level 3 fair value measurements of investments for which the underlying quantitative inputs are not developed by the Company and are not readily available. The fair value measurements of these Level 3 investments comprise approximately 37.5% and 63.1% of total assets classified as Level 3 and represent only 0.4% and 0.6% of total assets measured at fair value on a recurring basis at December 31, 2016 and 2015 respectively. These investments primarily consist of certain privately placed debt securities with limited trading activity, including commercial mortgage-, residential mortgage- and asset-backed instruments, and their fair values generally reflect unadjusted prices obtained from independent valuation service providers and indicative, non-binding quotes obtained from third-party broker-dealers recognized as market participants. Significant increases or decreases in the fair value amounts received from these pricing sources may result in the Company’s reporting significantly higher or lower fair value measurements for these Level 3 investments. Included in the tables above at December 31, 2016 and 2015 , respectively, are approximately $691 million and $215 million fair value of privately placed, available-for-sale corporate debt securities classified as Level 3. The fair value of private placement securities is determined by application of a matrix pricing model or a market comparable company value technique, representing approximately 81.8% and 51.2% of the total fair value of Level 3 securities in the corporate fixed maturities asset class. The significant unobservable input to the matrix pricing model valuation technique is the spread over the industry-specific benchmark yield curve. Generally, an increase or decrease in spreads would lead to directionally inverse movement in the fair value measurements of these securities. The significant unobservable input to the market comparable company valuation technique is the discount rate. Generally, a significant increase (decrease) in the discount rate would result in significantly lower (higher) fair value measurements of these securities. Residential mortgage-backed securities classified as Level 3 primarily consist of non-agency paper with low trading activity. Included in the tables above at December 31, 2016 and 2015 , there were no Level 3 securities that were determined by application of a matrix pricing model and for which the spread over the U.S. Treasury curve is the most significant unobservable input to the pricing result. Generally, a change in spreads would lead to directionally inverse movement in the fair value measurements of these securities. Asset-backed securities classified as Level 3 primarily consist of non-agency mortgage loan trust certificates, including subprime and Alt-A paper, credit tenant loans, and equipment financings. Included in the tables above at December 31, 2016 and 2015 , are approximately 8.3% and 7.5% , respectively, of the total fair value of these Level 3 securities that is determined by application of a matrix pricing model and for which the spread over the U.S. Treasury curve is the most significant unobservable input to the pricing result. Significant increases (decreases) in spreads would result in significantly lower (higher) fair value measurements. Included in other equity investments classified as Level 3 are reporting entities’ venture capital securities in the Technology, Media and Telecommunications industries. The fair value measurements of these securities include significant unobservable inputs including an enterprise value to revenue multiples and a discount rate to account for liquidity and various risk factors. Significant increases (decreases) in the enterprise value to revenue multiple inputs in isolation would result in a significantly higher (lower) fair value measurement. Significant increases (decreases) in the discount rate would result in a significantly lower (higher) fair value measurement. Separate Accounts’ assets classified as Level 3 in the table at December 31, 2016 and 2015 , primarily |
GMDB, GMIB, GIB, GWBL AND OTHER
GMDB, GMIB, GIB, GWBL AND OTHER FEATURES AND NO LAPSE GUARANTEE FEATURES | 12 Months Ended |
Dec. 31, 2016 | |
Insurance [Abstract] | |
GMDB, GMIB, GIB, GWBL and Other Features and No Lapse Guarantee Features | GMDB, GMIB, GIB, GWBL AND OTHER FEATURES AND NO LAPSE GUARANTEE FEATURES A) Variable Annuity Contracts – GMDB, GMIB, GIB and GWBL and Other Features The Company has certain variable annuity contracts with GMDB, GMIB, GIB and GWBL and other features in-force that guarantee one of the following: • Return of Premium: the benefit is the greater of current account value or premiums paid (adjusted for withdrawals); • Ratchet: the benefit is the greatest of current account value, premiums paid (adjusted for withdrawals), or the highest account value on any anniversary up to contractually specified ages (adjusted for withdrawals); • Roll-Up: the benefit is the greater of current account value or premiums paid (adjusted for withdrawals) accumulated at contractually specified interest rates up to specified ages; • Combo: the benefit is the greater of the ratchet benefit or the roll-up benefit, which may include either a five year or an annual reset; or • Withdrawal: the withdrawal is guaranteed up to a maximum amount per year for life. The following table summarizes the GMDB and GMIB liabilities, before reinsurance ceded, reflected in the Balance Sheet in future policy benefits and other policyholders’ liabilities: GMDB GMIB Total (In Millions) Balance at January 1, 2014 $ 1,626 4,203 $ 5,829 Paid guarantee benefits (231 ) (220 ) (451 ) Other changes in reserve 334 1,661 1,995 Balance at December 31, 2014 1,729 5,644 7,373 Paid guarantee benefits (313 ) (89 ) (402 ) Other changes in reserve 1,570 (258 ) 1,312 Balance at December 31, 2015 2,986 5,297 8,283 Paid guarantee benefits (357 ) (280 ) (637 ) Other changes in reserve 583 560 1,143 Balance at December 31, 2016 $ 3,212 $ 5,577 $ 8,789 Related GMDB reinsurance ceded amounts were: GMDB (In Millions) Balance at January 1, 2014 $ 791 Paid guarantee benefits (114 ) Other changes in reserve 155 Balance at December 31, 2014 832 Paid guarantee benefits (148 ) Other changes in reserve 746 Balance at December 31, 2015 1,430 Paid guarantee benefits (174 ) Other changes in reserve 302 Balance at December 31, 2016 $ 1,558 The GMIB reinsurance contracts are considered derivatives and are reported at fair value. The December 31, 2016 values for variable annuity contracts in force on such date with GMDB and GMIB features are presented in the following table. For contracts with the GMDB feature, the net amount at risk in the event of death is the amount by which the GMDB benefits exceed related account values. For contracts with the GMIB feature, the net amount at risk in the event of annuitization is the amount by which the present value of the GMIB benefits exceeds related account values, taking into account the relationship between current annuity purchase rates and the GMIB guaranteed annuity purchase rates. Since variable annuity contracts with GMDB guarantees may also offer GMIB guarantees in the same contract, the GMDB and GMIB amounts listed are not mutually exclusive: Return of Premium Ratchet Roll-Up Combo Total (Dollars In Millions) GMDB: Account values invested in: General Account $ 13,642 $ 121 $ 72 $ 220 $ 14,055 Separate Accounts $ 40,736 $ 8,905 $ 3,392 $ 33,857 $ 86,890 Net amount at risk, gross $ 237 $ 154 $ 2,285 $ 16,620 $ 19,296 Net amount at risk, net of amounts reinsured $ 237 $ 108 $ 1,556 $ 7,152 $ 9,053 Average attained age of contractholders 51.2 65.8 72.3 67.1 55.1 Percentage of contractholders over age 70 9.2 % 37.1 % 60.4 % 40.6 % 17.1 % Range of contractually specified interest rates N/A N/A 3%-6% 3%-6.5% 3%-6.5% GMIB: Account values invested in: General Account N/A N/A $ 33 $ 321 $ 354 Separate Accounts N/A N/A $ 18,170 $ 39,678 $ 57,848 Net amount at risk, gross N/A N/A $ 1,084 $ 6,664 $ 7,748 Net amount at risk, net of amounts reinsured N/A N/A $ 334 $ 1,675 $ 2,009 Weighted average years remaining until annuitization N/A N/A 1.6 1.3 1.3 Range of contractually specified interest rates N/A N/A 3%-6% 3%-6.5% 3%-6.5% For more information about the reinsurance programs of the Company’s GMDB and GMIB exposure, see “Reinsurance” in Note 9. The liability for SCS, SIO, MSO and IUL indexed features and the GIB and GWBL and other features, not included above, was $ 1,051 million and $494 million at December 31, 2016 and 2015 , respectively, which are accounted for as embedded derivatives. The liability for GIB, GWBL and other features reflects the present value of expected future payments (benefits) less the fees attributable to these features over a range of market consistent economic scenarios. • Variable Annuity Inforce management. The Company continues to proactively manage its variable annuity in-force business. Since 2012, the Company has initiated several programs to purchase from certain contractholders the GMDB and GMIB riders contained in their Accumulator® contracts. In March 2016, a program to give contractholders an option to elect a full buyout of their rider or a new partial ( 50% ) buyout of their rider expired. The Company believes that buyout programs are mutually beneficial to both the Company and contractholders who no longer need or want all or part of the GMDB or GMIB rider. To reflect the actual payments and reinsurance credit received from the buyout program that expired in March 2016 the Company recognized a $4 million increase to Net earnings in 2016. For additional information, see “Accounting for VA Guarantee Features” in Note 2. B) Separate Account Investments by Investment Category Underlying GMDB and GMIB Features The total account values of variable annuity contracts with GMDB and GMIB features include amounts allocated to the guaranteed interest option, which is part of the General Account and variable investment options that invest through Separate Accounts in variable insurance trusts. The following table presents the aggregate fair value of assets, by major investment category, held by Separate Accounts that support variable annuity contracts with GMDB and GMIB benefits and guarantees. The investment performance of the assets impacts the related account values and, consequently, the net amount of risk associated with the GMDB and GMIB benefits and guarantees. Since variable annuity contracts with GMDB benefits and guarantees may also offer GMIB benefits and guarantees in each contract, the GMDB and GMIB amounts listed are not mutually exclusive: Investment in Variable Insurance Trust Mutual Funds December 31, 2016 2015 (In Millions) GMDB: Equity $ 69,625 $ 66,230 Fixed income 2,483 2,686 Balanced 14,434 15,350 Other 348 374 Total $ 86,890 $ 84,640 GMIB: Equity $ 45,931 $ 43,874 Fixed income 1,671 1,819 Balanced 10,097 10,696 Other 149 170 Total $ 57,848 $ 56,559 C) Hedging Programs for GMDB, GMIB, GIB and GWBL and Other Features Beginning in 2003, AXA Equitable established a program intended to hedge certain risks associated first with the GMDB feature and, beginning in 2004, with the GMIB feature of the Accumulator® series of variable annuity products. The program has also been extended to cover other guaranteed benefits as they have been made available. This program utilizes derivative contracts, such as exchange-traded equity, currency and interest rate futures contracts, total return and/or equity swaps, interest rate swap and floor contracts, swaptions, variance swaps as well as equity options, that collectively are managed in an effort to reduce the economic impact of unfavorable changes in guaranteed benefits’ exposures attributable to movements in the capital markets. At the present time, this program hedges certain economic risks on products sold from 2001 forward, to the extent such risks are not reinsured. At December 31, 2016 , the total account value and net amount at risk of the hedged variable annuity contracts were $ 51,961 million and $ 7,954 million, respectively, with the GMDB feature and $ 38,559 million and $ 3,285 million, respectively, with the GMIB and GIB feature. These programs do not qualify for hedge accounting treatment. Therefore, gains (losses) on the derivatives contracts used in these programs, including current period changes in fair value, are recognized in net investment income (loss) in the period in which they occur, and may contribute to earnings (loss) volatility. D) Variable and Interest-Sensitive Life Insurance Policies – No Lapse Guarantee The no lapse guarantee feature contained in variable and interest-sensitive life insurance policies keeps them in force in situations where the policy value is not sufficient to cover monthly charges then due. The no lapse guarantee remains in effect so long as the policy meets a contractually specified premium funding test and certain other requirements. The following table summarizes the no lapse guarantee liabilities, reflected in the General Account in Future policy benefits and other policyholders’ liabilities, the related reinsurance reserve ceded, reflected in Amounts due from reinsurers and deferred cost of reinsurance, reflected in Other assets in the Consolidated balance sheets. Direct Liability Reinsurance Ceded Net (In Millions) Balance at January 1, 2014 $ 829 $ (441 ) $ 388 Other changes in reserves 135 (114 ) 21 Balance at December 31, 2014 964 (555 ) 409 Other changes in reserves 120 16 136 Balance at December 31, 2015 1,084 (539 ) 545 Other changes in reserves 118 (84 ) 34 Balance at December 31, 2016 $ 1,202 $ (623 ) $ 579 |
REINSURANCE AGREEMENTS
REINSURANCE AGREEMENTS | 12 Months Ended |
Dec. 31, 2016 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance Agreements | REINSURANCE AGREEMENTS The Company assumes and cedes reinsurance with other insurance companies. The Company evaluates the financial condition of its reinsurers to minimize its exposure to significant losses from reinsurer insolvencies. Ceded reinsurance does not relieve the originating insurer of liability. The Company reinsures most of its new variable life, UL and term life policies on an excess of retention basis. The Company generally retains up to $25 million on each single-life policy and $30 million on each second-to-die policy, with the excess 100% reinsured. The Company also reinsures the entire risk on certain substandard underwriting risks and in certain other cases. At December 31, 2016 , the Company had reinsured with non-affiliates and affiliates in the aggregate approximately 3.8 % and 49.3 %, respectively, of its current exposure to the GMDB obligation on annuity contracts in-force and, subject to certain maximum amounts or caps in any one period, approximately 18.0 % and 56.0 %, respectively, of its current liability exposure resulting from the GMIB feature. For additional information, see Note 8. Based on management’s estimates of future contract cash flows and experience, the fair values of the GMIB reinsurance contracts, considered derivatives at December 31, 2016 and 2015 were $ 10,309 million and $10,570 million , respectively. The increases (decreases) in fair value were $ (261) million, $(141) million and $3,964 million for 2016 , 2015 and 2014 , respectively. At December 31, 2016 and 2015 , respectively, third-party reinsurance recoverables related to insurance contracts amounted to $ 2,458 million and $2,458 million , of which $ 2,381 million and $2,005 million related to three specific reinsurers, which were Zurich Insurance Company Ltd. (AA - rating), Chubb Tempest Reinsurance Ltd. (AA rating) and Connecticut General Life Insurance Company (AA- rating). At December 31, 2016 and 2015 , affiliated reinsurance recoverables related to insurance contracts amounted to $ 2,177 million and $2,009 million , respectively. A contingent liability exists with respect to reinsurance should the reinsurers be unable to meet their obligations. Reinsurance payables related to insurance contracts were $ 125 million and $131 million , at December 31, 2016 and 2015 , respectively. The Company cedes substantially all of its group life and health business to a third party insurer. Insurance liabilities ceded totaled $ 82 million and $92 million at December 31, 2016 and 2015 , respectively. The Company also cedes a portion of its extended term insurance and paid-up life insurance and substantially all of its individual disability income business through various coinsurance agreements. The Company has also assumed accident, health, annuity, aviation and space risks by participating in or reinsuring various reinsurance pools and arrangements. In addition to the sale of insurance products, AXA Equitable currently acts as a professional retrocessionaire by assuming life reinsurance from professional reinsurers. Reinsurance assumed reserves at December 31, 2016 and 2015 were $ 734 million and $744 million , respectively. For affiliated reinsurance agreements see “Related Party Transactions” in Note 11. The following table summarizes the effect of reinsurance: 2016 2015 2014 (In Millions) Direct premiums $ 850 $ 820 $ 844 Reinsurance assumed 206 207 211 Reinsurance ceded (176 ) (173 ) (181 ) Premiums $ 880 $ 854 $ 874 Universal Life and Investment-type Product Policy Fee Income Ceded $ 640 $ 645 $ 630 Policyholders’ Benefits Ceded $ 942 $ 527 $ 726 Individual Disability Income and Major Medical Claim reserves and associated liabilities for individual DI and major medical policies were $1,918 million and $1,789 million before ceded reserves of $1,849 million and $1,709 million at December 31, 2016 and 2015 , respectively. At December 31, 2016 and 2015 , respectively, $ 1,676 million and $1,652 million of DI reserves and associated liabilities were ceded through indemnity reinsurance agreements with a singular reinsurance group, rated AA-. Net incurred benefits (benefits paid plus changes in claim reserves) and benefits paid for individual DI and major medical policies are summarized below: 2016 2015 2014 (In Millions) Incurred benefits related to current year $ 7 $ 11 $ 14 Incurred benefits related to prior years 15 22 16 Total Incurred Benefits $ 22 $ 33 $ 30 Benefits paid related to current year $ 17 $ 18 $ 20 Benefits paid related to prior years 15 13 11 Total Benefits Paid $ 32 $ 31 $ 31 |
SHORT-TERM DEBT
SHORT-TERM DEBT | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Short-Term Debt | SHORT-TERM DEBT As of December 31, 2016 and 2015, the Company had $513 million and $584 million , respectively, in commercial paper outstanding with weighted average interest rates of approximately 0.9% and 0.5% , respectively, all of which is related to AB. AB has a $1,000 million committed, unsecured senior revolving credit facility (“AB Credit Facility”) with a group of commercial banks and other lenders. The AB Credit Facility provides for possible increases in the principal amount by up to an aggregate incremental amount of $250 million , any such increase being subject to the consent of the affected lenders. The AB Credit Facility is available for AB and SCB LLC’s business purposes, including the support of AB’s $1,000 million commercial paper program. Both AB and SCB LLC can draw directly under the AB Credit Facility and management may draw on the AB Credit Facility from time to time. AB has agreed to guarantee the obligations of SCB LLC under the AB Credit Facility. The AB Credit Facility contains affirmative, negative and financial covenants, which are customary for facilities of this type, including, among other things, restrictions on dispositions of assets, restrictions on liens, a minimum interest coverage ratio and a maximum leverage ratio. As of December 31, 2016 , AB and SCB LLC were in compliance with these covenants. The AB Credit Facility also includes customary events of default (with customary grace periods, as applicable), including provisions under which, upon the occurrence of an event of default, all outstanding loans may be accelerated and/or lender’s commitments may be terminated. Also, under such provisions, upon the occurrence of certain insolvency- or bankruptcy-related events of default, all amounts payable under the AB Credit Facility automatically would become immediately due and payable, and the lender’s commitments automatically would terminate. On October 22, 2014, as part of an amendment and restatement, the maturity date of the AB Credit Facility was extended from January 17, 2017 to October 22, 2019. There were no other significant changes included in the amendment. On December 1, 2016, AB entered into a $200 million , unsecured 364 -day senior revolving credit facility (the “AB Revolver”) with a leading international bank and the other lending institutions that may be party thereto. The AB Revolver is available for AB's and SCB LLC's business purposes, including the provision of additional liquidity to meet funding requirements primarily related to SCB LLC's operations. Both AB and SCB LLC can draw directly under the AB Revolver and management expects to draw on the AB Revolver from time to time. AB has agreed to guarantee the obligations of SCB LLC under the AB Revolver. The AB Revolver contains affirmative, negative and financial covenants which are identical to those of the AB Credit Facility. As of December 31, 2016, AB had no amounts outstanding under the AB Revolver. As of December 31, 2016 and 2015 , AB and SCB LLC had no amounts outstanding under the AB Credit Facility. During 2016 and 2015 , AB and SCB LLC did not draw upon the AB Credit Facility. In addition, SCB LLC has four uncommitted lines of credit with three financial institutions. Three of these lines of credit permit SCB LLC to borrow up to an aggregate of approximately $225 million , with AB named as an additional borrower, while one line has no stated limit. As of December 31, 2016 and 2015 , SCB LLC had no bank loans outstanding. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS Loans to Affiliates. In September 2007, AXA issued a $650 million 5.4% Senior Unsecured Note to AXA Equitable. The note pays interest semi-annually and was scheduled to mature on September 30, 2012. In March 2011, the maturity date of the note was extended to December 30, 2020 and the interest rate was increased to 5.7% . In June 2009, AXA Equitable sold real estate property valued at $1,100 million to a non-insurance subsidiary of AXA Financial in exchange for $700 million in cash and $400 million in 8.0% ten year term mortgage notes on the property reported in Loans to affiliates in the consolidated balance sheets. In November 2014, this loan was refinanced and a new $382 million , seven year term loan with an interest rate of 4.0% was issued. In January 2016, the property was sold and a portion of the proceeds was used to repay the $382 million term loan outstanding and a $65 million prepayment penalty. In third quarter 2013, AXA Equitable purchased, at fair value, AXARE Arizona Company’s (“AXA Arizona”) $50 million note receivable from AXA for $54 million . AXA Arizona is a wholly-owned subsidiary of AXA Financial. This note pays interest semi-annually at an interest rate of 5.4% and matures on December 15, 2020. Loans from Affiliates. In 2005, AXA Equitable issued a surplus note to AXA Financial in the amount of $325 million with an interest rate of 6.0% which was scheduled to mature on December 1, 2035. In December 2014, AXA Equitable repaid this note at par value plus interest accrued of $1 million to AXA Financial. In December 2008, AXA Equitable issued a $500 million callable 7.1% surplus note to AXA Financial. The note paid interest semi-annually and was scheduled to mature on December 1, 2018. In June 2014, AXA Equitable repaid this note at par value plus interest accrued of $3 million to AXA Financial. Expense reimbursements and cost sharing agreements. The Company provides personnel services, employee benefits, facilities, supplies and equipment under service agreements with AXA Financial, certain AXA Financial subsidiaries and affiliates to conduct their business. In addition, the Company, along with other AXA affiliates, participates in certain intercompany cost sharing and service agreements including technology and professional development arrangements. The associated costs related to the service and cost sharing agreements are allocated based on methods that management believes are reasonable, including a review of the nature of such costs and activities performed to support each company. Affiliated distribution expense. AXA Equitable pays commissions and fees to AXA Distribution Holding and its subsidiaries (“AXA Distribution”) for sales of insurance products. The commissions and fees paid to AXA Distribution are based on various selling agreements. Affiliated distribution revenue. AXA Distributors, a subsidiary of AXA Equitable, receives commissions and fee revenue from MONY America for sales of its insurance products. The commissions and fees earned from MONY America are based on the various selling agreements. Affiliated investment advisory and administrative fees . FMG, a subsidiary of AXA Equitable, provides investments advisory and administrative services to EQAT, VIP Trust, 1290 Funds and other AXA affiliated trusts. Investment advisory and administrative fees earned are calculated as a percentage of assets under management and are recorded as revenue as the related services are performed. Affiliated investment advisory and administrative expenses . AXA Investment Managers (“AXA IM”), AXA Real Estate Investment Managers (“AXA REIM”) and AXA Rosenberg provide sub-advisory services to the Company’s retail mutual funds and certain investments of the Company’s General Account. Fees paid to these affiliates are based on investment advisory service agreements with each affiliate. The table below summarizes the expenses reimbursed to/from the Company and Commission and fees received/paid by the Company for 2016, 2015 and 2014: 2016 2015 2014 (In Millions) Expenses paid or accrued for by the Company: Paid or accrued expenses for services provided by AXA, AXA Financial and Affiliates $ 188 $ 164 $ 173 Paid or accrued commission and fee expenses for sale of insurance products by AXA Distribution 587 603 616 Paid or accrued expenses for investment management services provided by AXA IM, AXA REIM and AXA Rosenberg 2 1 1 Total affiliated expenses paid or accrued for 777 768 790 Revenue received or accrued for by the Company: Amounts received or accrued for cost sharing services provided to AXA, AXA Financial and affiliates 531 491 482 Amounts received or accrued for commissions and fees earned for sale of MONY America's insurance products 11 13 2 Amounts received or accrued for investment management and administrative services provided to EQAT, VIP Trust, 1290 Funds and Other AXA Trusts 674 707 711 Total affiliated revenue received or accrued for $ 1,216 $ 1,211 $ 1,195 Insurance Related Transactions. The Company has implemented capital management actions to mitigate statutory reserve strain for certain level term and UL policies with secondary guarantees and GMDB and GMIB riders on the Accumulator ® products through reinsurance transactions with AXA RE Arizona. The Company currently reinsures to AXA Arizona, a 100% quota share of all liabilities for variable annuities with enhanced GMDB and GMIB riders issued on or after January 1, 2006 and in-force on September 30, 2008. AXA Arizona also reinsures a 90% quota share of level premium term insurance issued by AXA Equitable on or after March 1, 2003 through December 31, 2008 and lapse protection riders under UL insurance policies issued by AXA Equitable on or after June 1, 2003 through June 30, 2007. The reinsurance arrangements with AXA Arizona provide important capital management benefits to AXA Equitable. At December 31, 2016 and 2015 , the Company’s GMIB reinsurance asset with AXA Arizona had carrying values of $ 8,574 million and $8,741 million , respectively, and is reported in Guaranteed minimum income benefit reinsurance asset, at fair value in the consolidated balance sheets. Ceded premiums and universal life and policy fee income in 2016 , 2015 and 2014 related to the UL and no lapse guarantee riders totaled approximately $ 447 million, $453 million and $453 million , respectively. Ceded claims paid in 2016 , 2015 and 2014 were $ 65 million, $54 million and $83 million , respectively. AXA Equitable receives statutory reserve credits for reinsurance treaties with AXA Arizona to the extent that AXA Arizona holds assets in an irrevocable trust (the “Trust”) ($ 9,376 million at December 31, 2016 ) and/or letters of credit ($ 3,660 million at December 31, 2016 ). These letters of credit are guaranteed by AXA. Under the reinsurance transactions, AXA Arizona is permitted to transfer assets from the Trust under certain circumstances. The level of statutory reserves held by AXA Arizona fluctuate based on market movements, mortality experience and policyholder behavior. Increasing reserve requirements may necessitate that additional assets be placed in trust and/or securing additional letters of credit, which could adversely impact AXA Arizona’s liquidity. Various AXA affiliates, including AXA Equitable, cede a portion of their life, health and catastrophe insurance business through reinsurance agreements to AXA Global Life, an affiliate. AXA Global Life, in turn, retrocedes a quota share portion of these risks prior to 2008 to AXA Equitable on a one-year term basis. AXA Life Insurance Company Ltd (Japan), an AXA subsidiary, cedes a portion of their annuity business to AXA Equitable. Various AXA Financial affiliates cede a portion of their life business through excess of retention treaties to AXA Equitable on a yearly renewal term basis. Premiums earned from the above mentioned affiliated reinsurance transactions in 2016 , 2015 and 2014 totaled approximately $ 20 million, $21 million and $22 million , respectively. Claims and expenses paid in 2016 , 2015 and 2014 were $ 6 million, $5 million and $10 million , respectively. In April 2015, AXA entered into a mortality catastrophe bond based on general population mortality in each of France, Japan and the U.S. The purpose of the bond is to protect AXA against a severe worldwide pandemic. AXA Equitable entered into a stop loss reinsurance agreement with AXA Global Life to protect AXA Equitable with respect to a deterioration in its claim experience following the occurrence of an extreme mortality event. Premiums and expenses associated with the reinsurance agreement were $4 million in both 2016 and 2015. Commissions, fees and other income includes certain revenues for services provided to mutual funds managed by AB. These revenues are described below: 2016 2015 2014 (In Millions) Investment advisory and services fees $ 999 $ 1,056 $ 1,062 Distribution revenues 372 415 433 Other revenues - shareholder servicing fees 76 85 91 Other revenues - other 6 5 6 Other Transactions . Effective December 31, 2015, primary liability for the obligations of AXA Equitable under the AXA Equitable Qualified Pension Plan (“AXA Equitable QP”) was transferred from AXA Equitable to AXA Financial under terms of an Assumption Agreement. For additional information regarding this transaction see “Employee Benefit Plans” in Note 12. In 2016, AXA Equitable sold artwork to AXA Financial and recognized a $20 million gain on the sale. AXA Equitable used the proceeds received from this sale to make a $21 million donation to AXA Foundation, Inc. (the “Foundation”). The Foundation was organized for the purpose of distributing grants to various tax-exempt charitable organizations and administering various matching gift programs for AXA Equitable, its subsidiaries and affiliates. In 2016, AXA Equitable and Saum Sing LLC (“Saum Sing”), an affiliate, formed Broad Vista Partners LLC (“Broad Vista”), AXA Equitable owns 70% and Saum Sing owns 30% of Broad Vista. On June 30, 2016, Broad Vista entered into a real estate joint venture with a third party and AXA Equitable invested approximately $25 million , reported in Other equity investments in the consolidated balance sheets. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS AXA Equitable Retirement Plans AXA Equitable sponsors the AXA Equitable 401(k) Plan, a qualified defined contribution plan for eligible employees and financial professionals. The plan provides for both a company contribution and a discretionary profit-sharing contribution. Expenses associated with this 401(k) Plan were $ 16 million, $18 million and $18 million in 2016, 2015 and 2014, respectively. AXA Equitable also sponsors the AXA Equitable Retirement Plan (the “AXA Equitable QP”), a frozen qualified defined benefit pension plan covering its eligible employees and financial professionals. This pension plan is non-contributory and its benefits are generally based on a cash balance formula and/or, for certain participants, years of service and average earnings over a specified period in the plan. Effective December 31, 2015, primary liability for the obligations of AXA Equitable under the AXA Equitable QP was transferred from AXA Equitable to AXA Financial under the terms of an Assumption Agreement (the “Assumption Transaction”). Immediately preceding the Assumption Transaction, the AXA Equitable QP had plan assets (held in a trust for the exclusive benefit of plan participants) with market value of approximately $2,236 million and liabilities of approximately $2,447 million . The assumption by AXA Financial and resulting extinguishment of AXA Equitable’s primary liability for its obligations under the AXA Equitable QP was recognized by AXA Equitable as a capital contribution in the amount of $211 million ( $137 million , net of tax), reflecting the non-cash settlement of its net unfunded liability for the AXA Equitable QP at December 31, 2015. In addition, approximately $1,193 million ( $772 million , net of tax) unrecognized net actuarial losses related to the AXA Equitable QP and accumulated in AOCI were also transferred to AXA Financial due to the Assumption Transaction. AXA Equitable remains secondarily liable for its obligations under the AXA Equitable QP and would recognize such liability in the event AXA Financial does not perform under the terms of the Assumption Agreement. AB Retirement Plans AB maintains the Profit Sharing Plan for Employees of AB, a tax-qualified retirement plan for U.S. employees. Employer contributions under this plan are discretionary and generally are limited to the amount deductible for Federal income tax purposes. AB also maintains a qualified, non-contributory, defined benefit retirement plan covering current and former employees who were employed by AB in the United States prior to October 2, 2000. AB’s benefits are based on years of credited service and average final base salary. AB uses a December 31 measurement date for its pension plans. The funding policy of AB for its qualified pension plan is to satisfy its funding obligations each year in an amount not less than the minimum required by the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended by the Pension Protection Act of 2006 (the “Pension Act”), and not greater than the maximum it can deduct for Federal income tax purposes . AB did not make a contribution to the AB Retirement Plan during 2016. AB currently estimates that it will contribute $4 million to the AB Retirement Plan during 2017. Contribution estimates, which are subject to change, are based on regulatory requirements, future market conditions and assumptions used for actuarial computations of the AB Retirement Plan’s obligations and assets. AB Management, at the present time, has not determined the amount, if any, of additional future contributions that may be required. Net Periodic Pension Expense Components of net periodic pension expense for the Company’s qualified plans were as follows: 2016 2015 2014 (In Millions) Service cost $ — $ 8 $ 9 Interest cost 6 93 107 Expected return on assets (5 ) (159 ) (155 ) Actuarial (gain) loss 1 1 1 Net amortization — 110 111 Net Periodic Pension Expense $ 2 $ 53 $ 73 Changes in PBO Changes in the PBO of the Company’s qualified plans were comprised of: December 31, 2016 2015 (In Millions) Projected benefit obligation, beginning of year $ 129 $ 2,657 Service cost — — Interest cost 6 93 Actuarial (gains) losses 2 (6 ) Benefits paid (5 ) (169 ) Plan amendments and curtailments — 1 Projected Benefit Obligation 132 2,576 Transfer to AXA Financial — (2,447 ) Projected Benefit Obligation, End of Year $ 132 $ 129 Changes in Plan Assets/Funded Status The following table discloses the changes in plan assets and the funded status of the Company’s qualified pension plans. The fair value of plan assets supporting the AXA Equitable QP liability was not impacted by the Assumption Transaction and the payment of plan benefits will continue to be made from the plan assets held in trust for the exclusive benefit of plan participants. December 31, 2016 2015 (In Millions) Pension plan assets at fair value, beginning of year $ 86 $ 2,473 Actual return on plan assets 4 24 Contributions — — Benefits paid and fees (3 ) (175 ) Pension plan assets at fair value, end of year 87 2,322 PBO (immediately preceding the Transfer to AXA Financial in 2015) 132 2,576 Excess of PBO Over Pension Plan Assets (immediately preceding the Transfer to AXA Financial in 2015) (45 ) (254 ) Transfer to AXA Financial $ — $ 211 Excess of PBO Over Pension Plan Assets, end of year $ (45 ) $ (43 ) Amounts recognized in the accompanying consolidated balance sheets to reflect the funded status of these plans were accrued pension costs of $ 45 million and $43 million at December 31, 2016 and 2015 , respectively. The aggregate PBO/accumulated benefit obligation (“ABO”) and fair value of pension plan assets for plans with PBOs/ABOs in excess of those assets were $ 132 million and $ 87 million, respectively, at December 31, 2016 and $2,576 million and $2,322 million, respectively, at December 31, 2015 . Unrecognized Net Actuarial (Gain) Loss The following table discloses the amounts included in AOCI at December 31, 2016 and 2015 that have not yet been recognized by AXA Equitable as components of net periodic pension cost. December 31, 2016 2015 (In Millions) Unrecognized net actuarial gain (loss) $ (51 ) $ (49 ) Unrecognized prior service (cost) credit (1 ) (1 ) Total $ (52 ) $ (50 ) The estimated net actuarial gain (loss) and prior service (cost) credit expected to be reclassified from AOCI and recognized as components of net periodic pension cost over the next year are approximately $ (1.4) million and $ (23,000) , respectively. Pension Plan Assets The fair values of qualified pension plan assets are measured and ascribed to levels within the fair value hierarchy in a manner consistent with the invested assets of the Company that are measured at fair value on a recurring basis. See Note 2 for a description of the fair value hierarchy. At December 31, 2016 and 2015, the total fair value of plan assets for the qualified pension plans was approximately $87 million and $86 million, respectively, all supporting the AB qualified retirement plan. December 31, 2016 2015 Fixed Maturities 18.0 % 24.0 % Equity Securities 61.0 56.0 Other 21.0 20.0 Total 100.0 % 100.0 % December 31, 2016: Level 1 Level 2 Level 3 Total Asset Categories (In Millions) Common and preferred equity $ 21 $ — $ — $ 21 Mutual funds 47 — — 47 Total assets in the fair value hierarchy 68 — — 68 Investments measured at net assets value — — — 19 Investments at fair value $ 68 $ — $ — $ 87 December 31, 2015: Asset Categories Common and preferred equity $ 22 $ — $ — $ 22 Mutual funds 45 — — 45 Total assets in the fair value hierarchy 67 — — 67 Investments measured at net assets value — — — 19 Investments at fair value $ 67 $ — $ — $ 86 Plan asset guidelines for the AB qualified retirement plan specify an allocation weighting of 30% to 60% for return seeking investments (target of 40% ), 10% to 30% for risk mitigating investments (target of 15% ), 0% to 25% for diversifying investments (target of 17% ) and 18% to 38% for dynamic asset allocation (target of 28% ). Investments in mutual funds, hedge funds (and other alternative investments), and other commingled investment vehicles are permitted under the guidelines. Investments are permitted in overlay portfolios (regulated mutual funds) to complement the long-term strategic asset allocation. This portfolio overlay strategy is designed to manage short-term portfolio risk and mitigate the effect of extreme outcomes. Discount Rate and Other Assumptions In 2015 and 2014 the discount rate assumptions used by AXA Equitable to measure the benefits obligations and related net periodic cost of the AXA Equitable QP reflect the rates at which those benefits could be effectively settled. Projected nominal cash outflows to fund expected annual benefits payments under the AXA Equitable QP were discounted using a published high-quality bond yield curve for which AXA Equitable replaced its reference to the Citigroup-AA curve with the Citigroup Above-Median-AA curve beginning in 2014, thereby reducing the PBO of AXA Equitable’s qualified pension plan and the related charge to equity to adjust the funded status of the plan by $25 million in 2014. At December 31, 2015, AXA Equitable refined its calculation of the discount rate to use the discrete single equivalent discount rate for each plan as compared to its previous use of an aggregate, weighted average practical expedient. Use of the discrete approach at December 31, 2015 produced a discount rate for the AXA Equitable QP of 3.98% as compared to a 4.00% aggregate rate, thereby increasing the net unfunded PBO of the AXA Equitable QP immediately preceding the Assumption Transaction by approximately $4 million in 2015. In fourth quarter 2015, the Society of Actuaries (SOA) released MP-2015, an update to the mortality projection scale issued last year by the SOA, indicating that while mortality data continued to show longer lives, longevity was increasing at a slower rate and lagging behind that previously suggested. For the year ended December 31, 2015 valuations of its defined benefits plans, AXA Equitable considered this new data as well as observations made from current practice regarding how best to estimate improved trends in life expectancies. As a result, AXA Equitable concluded to change the mortality projection scale used to measure and report its defined benefit obligations from 125% Scale AA to Scale BB, representing a reasonable “fit” to the results of the AXA Equitable QP mortality experience study and more aligned to current thinking in practice with respect to projections of mortality improvements. Adoption of that change increased the net unfunded PBO of the AXA Equitable QP immediately preceding the Assumption Transaction by approximately $83 million . At December 31, 2014, AXA Equitable modified its then-current use of Scale AA by adopting 125% Scale AA and introduced additional refinements to its projection of assumed mortality, including use of a full generational approach, thereby increasing the year-end 2014 valuation of the AXA Equitable QP PBO by approximately $54 million . The following table discloses assumptions used to measure the Company’s pension benefit obligations and net periodic pension cost at and for the years ended December 31, 2016 and 2015 . As described above, AXA Equitable refined its calculation of the discount rate for the year ended December 31, 2015 valuation of its defined benefits plans to use the discrete single equivalent discount rate for each plan as compared to its previous use of an aggregate, weighted average practical expedient. December 31, 2016 2015 Discount rates: AXA Equitable QP, immediately preceding Transfer to AXA Financial N/A 3.98 % Other AXA Equitable defined benefit plans 3.48 % 3.66 % AB Qualified Retirement Plan 4.75 % 4.3 % Periodic cost 3.7 % 3.6 % Rates of compensation increase: Benefit obligation N/A 6.00 % Periodic cost N/A 6.46 % Expected long-term rates of return on pension plan assets (periodic cost) 6.5 % 6.75 % The expected long-term rate of return assumption on plan assets is based upon the target asset allocation of the plan portfolio and is determined using forward-looking assumptions in the context of historical returns and volatilities for each asset class. Prior to 1987, participants’ benefits under the AXA Equitable QP were funded through the purchase of non-participating annuity contracts from AXA Equitable. Benefit payments under these contracts were approximately $6 million and $10 million for 2015 and 2014, respectively. Future Benefits The following table provides an estimate of future benefits expected to be paid in each of the next five years, beginning January 1, 2017, and in the aggregate for the five years thereafter, all of which are subsequent to the Assumption Transaction. These estimates are based on the same assumptions used to measure the respective benefit obligations at December 31, 2016 and include benefits attributable to estimated future employee service. Pension Benefits (In Millions) 2017 $ 4 2018 6 2019 6 2020 5 2021 6 Years 2022-2026 38 AXA Financial Assumptions In addition to the Assumption Transaction, since December 31, 1999, AXA Financial has legally assumed primary liability from AXA Equitable for all current and future liabilities of AXA Equitable under certain employee benefit plans that provide participants with medical, life insurance, and deferred compensation benefits; AXA Equitable remains secondarily liable. AXA Equitable reimburses AXA Financial, Inc. for costs associated with all of these plans, as described in Note 11. |
SHARE-BASED AND OTHER COMPENSAT
SHARE-BASED AND OTHER COMPENSATION PROGRAMS | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based and Other Compensation Programs | SHARE-BASED AND OTHER COMPENSATION PROGRAMS AXA and AXA Financial sponsor various share-based compensation plans for eligible employees, financial professionals and non-officer directors of AXA Financial and its subsidiaries, including the Company. AB also sponsors its own unit option plans for certain of its employees. Compensations costs for 2016 , 2015 and 2014 for share-based payment arrangements as further described herein are as follows: 2016 2015 2014 (In Millions) Performance Units/Shares $ 17 $ 18 $ 10 Stock Options 1 1 1 AXA Shareplan 14 16 10 Restricted Units 154 174 171 Other Compensation plans (1) 1 2 — Total Compensation Expenses $ 187 $ 211 $ 192 (1) Other compensation plans include Stock Appreciation Rights, Restricted Stock and AXA Miles. U.S. employees are granted AXA ordinary share options under the Stock Option Plan for AXA Financial Employees and Associates (the “Stock Option Plan”) and are granted AXA performance shares under the AXA International Performance Shares Plan (the “Performance Share Plan”). Prior to 2013 they were granted performance units under the AXA Performance Unit Plan. Non-officer directors of AXA Financial and certain subsidiaries (including AXA Equitable) are granted restricted AXA ordinary shares (prior to 2011, AXA ADRs) and unrestricted AXA ordinary shares (prior to March 15, 2010, AXA ADRs) annually under The Equity Plan for Directors. They also were granted ADR stock options in years prior to 2014. Performance Units and Performance Shares 2016 Grant . On June 6, 2016, under the terms of the Performance Share Plan, AXA awarded approximately 1.9 million unearned performance shares to employees of AXA Equitable. The extent to which 2016-2018 cumulative performance targets measuring the performance of AXA and the insurance related businesses of AXA Financial Group are achieved will determine the number of performance shares earned, which may vary between 0% and 130% of the number of performance shares at stake. The performance shares earned during this performance period will vest and be settled on the fourth anniversary of the award date. The plan will settle in AXA ordinary shares to all participants. In 2016, the expense associated with the June 6, 2016 grant of performance shares was approximately $ 10 million. Settlement of 2013 Grant in 2016 . On March 22, 2016, share distributions totaling approximately $55 million were made to active and former AXA Equitable employees in settlement of approximately 2.3 million performance shares earned under the terms of the 2013 Performance Share Plan. 2015 Grant . On June 19, 2015, under the terms of the 2015 Performance Share Plan, AXA awarded approximately 1.7 million unearned performance shares to employees of AXA Equitable. The extent to which 2015-2017 cumulative performance targets measuring the performance of AXA and the insurance related businesses of AXA Financial Group are achieved will determine the number of performance shares earned, which may vary in linear formula between 0% and 130% of the number of performance shares at stake. The performance shares earned during this performance period will vest and be settled on the fourth anniversary of the award date. The plan will settle in shares to all participants. In 2016 and 2015 the expense associated with the June 19, 2015 grant of performance shares were $ 4 million and $8 million , respectively. Settlement of 2012 Grant in 2015. On April 2, 2015, cash distributions of approximately $53 million were made to active and former AXA Equitable employees in settlement of approximately 2.3 million performance units earned under the terms of the AXA Performance Unit Plan 2012. 2014 Grant . On March 24, 2014, under the terms of the 2014 Performance Share Plan, AXA awarded approximately 1.5 million unearned performance shares to employees of AXA Equitable. The extent to which 2014-2016 cumulative performance targets measuring the performance of AXA and the insurance-related businesses of AXA Financial Group are achieved will determine the number of performance shares earned, which may vary in linear formula between 0% and 130% of the number of performance shares at stake. The first tranche of the performance shares will vest and be settled on the third anniversary of the award date; the second tranche of these performance shares will vest and be settled on the fourth anniversary of the award date. The plan will settle in shares to all participants. In 2016, 2015 and 2014 the expense associated with the March 24, 2014 grant of performance shares was approximately $ 4 million, $4 million , and $9 million respectively. Settlement of 2011 Grant in 2014. On April 3, 2014, cash distributions of approximately $26 million were made to active and former AXA Equitable employees in settlement of 1.0 million performance units earned under the terms of the AXA Performance Unit Plan 2011. The fair values of awards made under these programs are measured at the grant date by reference to the closing price of the AXA ordinary share, and the result, as adjusted for achievement of performance targets and pre-vesting forfeitures, generally is attributed over the shorter of the requisite service period, the performance period, if any, or to the date at which retirement eligibility is achieved and subsequent service no longer is required for continued vesting of the award. Remeasurements of fair value for subsequent price changes until settlement are made only for performance unit awards as they are settled in cash. Approximately 2 million outstanding performance shares are at risk to achievement of 2017 performance criteria, primarily representing all of the performance shares granted June 19, 2015 and the second tranche of performance shares granted March 24, 2014, for which cumulative average 2015-2017 and 2014-2016 performance targets will determine the number of performance shares earned under those awards, respectively. Stock Options 2016 Grant. On June 6, 2016, 0.6 million options to purchase AXA ordinary shares were granted to employees of AXA Equitable under the terms of the Stock Option Plan at an exercise price of 21.52 euros. All of those options have a five -year graded vesting schedule, with one-third vesting on each of the third, fourth, and fifth anniversaries of the grant date. Of the total options awarded on June 6, 2016, 0.3 million are further subject to conditional vesting terms that require the AXA ordinary share price to outperform the Euro Stoxx Insurance Index over a specified period. All of the options granted on June 6, 2016 have a ten -year term. The weighted average grant date fair value per option award was estimated at 1.85 euros using a Black-Scholes options pricing model with modification to measure the value of the conditional vesting feature. Key assumptions used in the valuation included expected volatility of 26.6% , a weighted average expected term of 8.1 years, an expected dividend yield of 6.49% and a risk-free interest rate of 0.33% . The total fair value of these options (net of expected forfeitures) of approximately $1 million is charged to expense over the shorter of the vesting term or the period up to the date at which the participant becomes retirement eligible. In 2016, the Company recognized expenses associated with the June 6, 2015 grant of options of approximately $0.6 million . 2015 Grant . On June 19, 2015, approximately 0.4 million options to purchase AXA ordinary shares were granted to employees of AXA Equitable under the terms of the Stock Option Plan at an exercise price of 22.90 euros. All of those options have a five -year graded vesting schedule, with one-third vesting on each of the third, fourth, and fifth anniversaries of the grant date. Of the total options awarded on June 19, 2015, 0.2 million are further subject to conditional vesting terms that require the AXA ordinary share price to outperform the Euro Stoxx Insurance Index over a specified period. All of the options granted on June 19, 2015 have a ten -year term. The weighted average grant date fair value per option award was estimated at 1.58 euros using a Black-Scholes options pricing model with modification to measure the value of the conditional vesting feature. Key assumptions used in the valuation included expected volatility of 23.68% , a weighted average expected term of 8.2 years, an expected dividend yield of 6.29% and a risk-free interest rate of 0.92% . The total fair value of these options (net of expected forfeitures) of approximately $1 million is charged to expense over the shorter of the vesting term or the period up to the date at which the participant becomes retirement eligible. In 2016 and 2015, the Company recognized expenses associated with the June 19, 2015 grant of options of approximately $ 0.1 million and $0.3 million, respectively. 2014 Grant . On March 24, 2014, 0.4 million options to purchase AXA ordinary shares were granted to employees of AXA Equitable under the terms of the Stock Option Plan at an exercise price of 18.68 euros All of those options have a five -year graded vesting schedule, with one-third vesting on each of the third, fourth, and fifth anniversaries of the grant date. Of the total options awarded on March 24, 2014, 0.2 million are further subject to conditional vesting terms that require the AXA ordinary share price to outperform the Euro Stoxx Insurance Index over a specified period. All of the options granted on March 24, 2014 have a ten -year term. The weighted average grant date fair value per option award was estimated at $2.89 using a Black-Scholes options pricing model with modification to measure the value of the conditional vesting feature. Key assumptions used in the valuation included expected volatility of 29.24% , a weighted average expected term of 8.2 years , an expected dividend yield of 6.38% and a risk-free interest rate of 1.54% . The total fair value of these options (net of expected forfeitures) of approximately $1 million is charged to expense over the shorter of the vesting term or the period up to the date at which the participant becomes retirement eligible. In 2016 , 2015 and 2014 the Company recognized expenses associated with the March 24, 2014 grant of options of approximately $ 0.2 million , $0.2 million and $0.3 million , respectively. Shares Authorized There is no limitation in the Stock Option Plan or the Equity Plan for Directors on the number of shares that may be issued pursuant to option or other grants. A summary of the activity in the AXA, AXA Financial and AB option plans during 2016 follows: Options Outstanding AXA Ordinary Shares AXA ADRs (3) AB Holding Units Number Outstanding (In 000’s) Weighted Average Exercise Price Number Outstanding (In 000’s) Weighted Average Exercise Price Number Outstanding (In 000’s) Weighted Average Exercise Price Options Outstanding at January 1, 2016 12,602.1 € 21.39 41.0 $ 27.28 5,398.5 $ 47.59 Options granted 594.3 € 21.52 — $ — 54.5 $ 22.6 Options exercised (568.2 ) € 14.93 — $ — (358.3 ) $ 17.1 Options forfeited, net € — — $ — — $ — Options expired/reinstated (3,092.0 ) 27.8 3.9 26.06 (9.7 ) $ 65.0 Options Outstanding at December 31, 2016 9,536.2 € 21.02 44.9 $ 24.90 5,085.0 $ 49.5 Aggregate Intrinsic Value (1) € 30,077.2 (2) $ 252.9 — Weighted Average Remaining Contractual Term (in years) 3.1 1.89 2.00 Options Exercisable at December 31, 2016 7,169.4 € 20.43 44.8 $ 24.90 4,700.9 $ 47.6 Aggregate Intrinsic Value (1) € 26,793.5 $ 252.9 — Weighted Average Remaining Contractual Term (in years) 3.74 1.89 2.00 (1) Aggregate intrinsic value, presented in millions, is calculated as the excess of the closing market price on December 31, 2016 of the respective underlying shares over the strike prices of the option awards. (2) The aggregate intrinsic value on options outstanding, exercisable and expected to vest is negative and is therefore presented as zero. (3) AXA ordinary shares will be delivered to participants in lieu of AXA ADRs at exercise or maturity. No stock options were exercised in 2016 . The intrinsic value related to exercises of stock options during 2015 and 2014 were approximately $ 0.2 million and $3 million respectively, resulting in amounts currently deductible for tax purposes of approximately $ 0.1 million, and $1 million , respectively, for the periods then ended. In 2015 and 2014 , windfall tax benefits of approximately $ 0.1 million and $1 million , respectively, resulted from exercises of stock option awards. At December 31, 2016 , AXA Financial held 22,974 AXA ordinary shares in treasury at a weighted average cost of $ 23.95 per share, which were designated to fund future exercises of outstanding stock options. For the purpose of estimating the fair value of stock option awards, the Company applies the Black-Scholes model and attributes the result over the requisite service period using the graded-vesting method. A Monte-Carlo simulation approach was used to model the fair value of the conditional vesting feature of the awards of options to purchase AXA ordinary shares. Shown below are the relevant input assumptions used to derive the fair values of options awarded in 2016 , 2015 and 2014 , respectively. AXA Ordinary Shares AB Holding Units 2016 2015 2014 2016 2015 2014 Dividend yield 6.49 % 6.29 % 6.38 % 7.1 % 7.1 % 8.4 % Expected volatility 26.6 % 23.68 % 29.24 % 31.0 % 32.1 % 48.9 % Risk-free interest rates 0.33 % 0.92 % 1.54 % 1.3 % 1.5 % 1.5 % Expected life in years 8.1 8.2 8.2 6.0 6.0 6.0 Weighted average fair value per option at grant date $ 2.06 $ 1.73 $ 2.89 $ 2.75 $ 4.13 $ 4.78 As of December 31, 2016 , approximately $ 1 million of unrecognized compensation cost related to unvested stock option awards, net of estimated pre-vesting forfeitures, is expected to be recognized by the Company over a weighted average period of 3.22 years. Restricted Awards Under The Equity Plan for Directors, AXA Financial grants non-officer directors of AXA Financial and certain subsidiaries (including AXA Equitable) restricted AXA ordinary shares. Likewise, AB awards restricted AB Holding units to independent members of its General Partner. In addition, under its Century Club Plan, awards of restricted AB Holding units that vest ratably over three years are made to eligible AB employees whose primary responsibilities are to assist in the distribution of company-sponsored mutual funds. AXA Equitable has also granted restricted AXA ordinary share units (“RSUs”) to certain executives. The RSUs are phantom AXA ordinary shares that, once vested, entitle the recipient to a cash payment based on the average closing price of the AXA ordinary share over the twenty trading days immediately preceding the vesting date. For 2016 , 2015 and 2014 , respectively, the Company recognized compensation costs of $ 154 million, $174 million and $171 million for outstanding restricted stock and RSUs. The fair values of awards made under these programs are measured at the grant date by reference to the closing price of the unrestricted shares, and the result generally is attributed over the shorter of the requisite service period, the performance period, if any, or to the date at which retirement eligibility is achieved and subsequent service no longer is required for continued vesting of the award. Remeasurements of fair value for subsequent price changes until settlement are made only for RSUs. At December 31, 2016 , approximately 19.2 million restricted AXA ordinary shares and AB Holding unit awards remain unvested. At December 31, 2016 , approximately $ 39 million of unrecognized compensation cost related to these unvested awards, net of estimated pre-vesting forfeitures, is expected to be recognized over a weighted average period of 2.6 years. The following table summarizes restricted AXA ordinary share activity for 2016 . In addition, approximately 84,611 RSUs were granted during 2016 with graded vesting over a 4 -year service period. Shares of Restricted Stock Weighted Average Grant Date Fair Value Unvested as of January 1, 2016 34,010 $ 18.43 Granted 13,909 $ 22.63 Vested 11,613 $ 23.81 Unvested as of December 31, 2016 36,306 $ 24.46 Unrestricted Awards Under the Equity Plan for Directors, AXA Financial provides a stock retainer to non-officer directors of AXA Financial and certain subsidiaries (including AXA Equitable). Pursuant to the terms of the retainer, the non-officer directors receive AXA ordinary shares valued at $55,000 each year, paid on a semi-annual basis. These shares are not subject to any vesting requirement or other restriction. AXA Shareplan 2016 AXA Shareplan. In 2016, eligible employees of participating AXA Financial subsidiaries were offered the opportunity to purchase newly issued AXA ordinary shares, subject to plan limits, under the terms of AXA Shareplan 2016. Eligible employees could have reserved a share purchase during the reservation period from August 29, 2016 through September 9, 2016 and could have canceled their reservation or elected to make a purchase for the first time during the retraction/subscription period from October 17, 2016 through October 19, 2016. The U.S. dollar purchase price was determined by applying the U.S. dollar/Euro forward exchange rate on October 13, 2016 to the discounted formula subscription price in Euros. Investment Option A permitted participants to purchase AXA ordinary shares at a 20% formula discounted price of 15.53 euros/per share. Investment Option B permitted participants to purchase AXA ordinary shares at an 8.63% formula discounted price of 17.73 euros/per share on a leveraged basis with a guaranteed return of initial investment plus a portion of any appreciation in the undiscounted value of the total shares purchased. For purposes of determining the amount of any appreciation, the AXA ordinary share price will be measured over a fifty-two week period preceding the scheduled end date of AXA Shareplan 2016, which is July 1, 2021. All subscriptions became binding and irrevocable on October 19, 2016. The Company recognized compensation expense of $ 14 million , $16 million and $10 million in 2016 , 2015 and 2014 in connection with each respective year’s offering of AXA stock under the AXA Shareplan, representing the aggregate discount provided to AXA Equitable participants for their purchase of AXA stock under each of those plans, as adjusted for the post-vesting, five -year holding period. AXA Equitable participants in AXA Shareplan 2016 , 2015 and 2014 primarily invested under Investment Option B for the purchase of approximately $6 million, $5 million and $5 million AXA ordinary shares, respectively. AXA Miles Program 2012 On March 16, 2012, under the terms of the AXA Miles Program 2012, AXA granted 50 AXA Miles to every employee and eligible financial professional of AXA Group for the purpose of enhancing long-term employee-shareholder engagement. Each AXA Mile represents a phantom share of AXA stock that will convert to an actual AXA ordinary share at the end of a four -year vesting period provided the employee or financial professional remains in the employ of the company or has retired from service. Half of each AXA Miles grant, or 25 AXA Miles, were subject to an additional vesting condition that required improvement in at least one of two AXA performance metrics in 2012 as compared to 2011. This vesting condition has been satisfied. On March 16, 2016, AXA ordinary share distributions totaling approximately $4 million were made to active and former AXA Equitable employees in settlement of approximately 0.2 million AXA Miles earned under the terms of the AXA Miles Program 2012. AB Long-term Incentive Compensation Plans AB maintains several unfunded long-term incentive compensation plans for the benefit of certain eligible employees and executives. The AB Capital Accumulation Plan was frozen on December 31, 1987 and no additional awards have been made, however, ACMC, LLC (“ACMC”), an indirect, wholly-owned subsidiary of AXA Equitable, is obligated to make capital contributions to AB in amounts equal to benefits paid under this plan as well as other assumed contractual unfunded deferred compensation arrangements covering certain executives. Prior to changes implemented by AB in fourth quarter 2011, as further described below, compensation expense for the remaining active plans was recognized on a straight-line basis over the applicable vesting period. Prior to 2009, participants in these plans designated the percentages of their awards to be allocated among notional investments in Holding units or certain investment products (primarily mutual funds) sponsored by AB. Beginning in 2009, annual awards granted under the Amended and Restated AB Incentive Compensation Award Program were in the form of restricted Holding units. In fourth quarter 2011, AB implemented changes to AB’s employee long-term incentive compensation award. AB amended all outstanding year-end deferred incentive compensation awards of active employees (i.e., those employees employed as of December 31, 2011), so that employees who terminate their employment or are terminated without cause may continue to vest, so long as the employees do not violate the agreements and covenants set forth in the applicable award agreement, including restrictions on competition, employee and client solicitation, and a claw-back for failing to follow existing risk management policies. This amendment resulted in the immediate recognition in the fourth quarter of the cost of all unamortized deferred incentive compensation on outstanding awards from prior years that would otherwise have been expensed in future periods. In addition, awards granted in 2012 contain the same vesting provisions and, accordingly, the Company’s annual incentive compensation expense reflect 100% of the expense associated with the deferred incentive compensation awarded in each year. This approach to expense recognition closely matches the economic cost of awarding deferred incentive compensation to the period in which the related service is performed. AB engages in open-market purchases of AB Holding L.P. (“AB Holding”) units (“Holding units”) to help fund anticipated obligations under its incentive compensation award program, for purchases of Holding units from employees and other corporate purposes. During 2016 and 2015 , AB purchased 10.5 million and 8.5 million Holding units for $ 237 million and $218 million respectively. These amounts reflect open-market purchases of 7.9 million and 5.8 million Holding units for $ 176 million and $151 million , respectively, with the remainder relating to purchases of Holding units from employees to allow them to fulfill statutory tax withholding requirements at the time of distribution of long-term incentive compensation awards, offset by Holding units purchased by employees as part of a distribution reinvestment election. During 2016 , AB granted to employees and eligible directors 7.0 million restricted AB Holding unit awards (including 6.1 million granted in December for 2016 year-end awards). During 2015 , AB granted to employees and eligible directors 7.4 million restricted AB Holding awards (including 7.0 million granted in December 2015 for year-end awards). During 2016 and 2015, AB Holding issued 0.4 million and 0.5 million Holding units, respectively, upon exercise of options to buy AB Holding units. AB Holding used the proceeds of $ 6 million and $9 million , respectively, received from employees as payment in cash for the exercise price to purchase the equivalent number of newly-issued Holding units. Effective July 1, 2013, management of AB and AB Holding retired all unallocated Holding units in AB’s consolidated rabbi trust. To retire such units, AB delivered the unallocated Holding units held in its consolidated rabbi trust to AB Holding in exchange for the same amount of AB units. Each entity then retired its respective units. As a result, on July 1, 2013, each of AB’s and AB Holding’s units outstanding decreased by approximately 13.1 million units. AB and AB Holding intend to retire additional units as AB purchases Holding units on the open market or from employees to allow them to fulfill statutory tax withholding requirements at the time of distribution of long-term incentive compensation awards, if such units are not required to fund new employee awards in the near future. If a sufficient number of Holding units is not available in the rabbi trust to fund new awards, AB Holding will issue new Holding units in exchange for newly-issued AB units, as was done in December 2013. The cost of the 2016 awards made in the form of restricted Holding units was measured, recognized, and disclosed as a share-based compensation program. On July 1, 2010, the AB 2010 Long Term Incentive Plan (“2010 Plan”), as amended, was established, under which various types of Holding unit-based awards have been available for grant to its employees and eligible directors, including restricted or phantom restricted Holding unit awards, Holding unit appreciation rights and performance awards, and options to buy Holding units. The 2010 Plan will expire on June 30, 2020 and no awards under the 2010 Plan will be made after that date. Under the 2010 Plan, the aggregate number of Holding units with respect to which awards may be granted is 60 million , including no more than 30 million newly-issued Holding units. As of December 31, 2016 , 0.4 million options to buy Holding units had been granted and 51.9 million Holding units net of forfeitures, were subject to other Holding unit awards made under the 2010 Plan. Holding unit-based awards (including options) in respect of 7.7 million Holding units were available for grant as of December 31, 2016 . |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES A summary of the income tax (expense) benefit in the consolidated statements of earnings (loss) follows: 2016 2015 2014 (In Millions) Income tax (expense) benefit: Current (expense) benefit $ (274 ) $ (19 ) $ (552 ) Deferred (expense) benefit 387 (167 ) (1,143 ) Total $ 113 $ (186 ) $ (1,695 ) The Federal income taxes attributable to consolidated operations are different from the amounts determined by multiplying the earnings before income taxes and noncontrolling interest by the expected Federal income tax rate of 35.0% . The sources of the difference and their tax effects are as follows: 2016 2015 2014 (In Millions) Expected income tax (expense) benefit $ (152 ) $ (578 ) $ (2,140 ) Noncontrolling interest 135 124 119 Separate Accounts investment activity 160 181 116 Non-taxable investment income (loss) 15 8 12 Tax audit interest (22 ) 1 (6 ) State income taxes (8 ) 1 (4 ) AB Federal and foreign taxes (15 ) 2 4 Tax settlement — 77 212 Other — (2 ) (8 ) Income tax (expense) benefit $ 113 $ (186 ) $ (1,695 ) In second quarter 2015, the Company recognized a tax benefit of $77 million related to settlement with the IRS on the appeal of proposed adjustments to the Company’s 2004 and 2005 Federal corporate income tax returns. In second quarter 2014, the Company recognized a tax benefit of $212 million related to settlement of the IRS audit for tax years 2006 and 2007. In February 2014, the IRS released Revenue Ruling 2014-7, eliminating the IRS’ previous guidance related to the methodology to be followed in calculating the Separate Account dividends received deduction (“DRD”). However, there remains the possibility that the IRS and the U.S. Treasury will address, through subsequent guidance, the issues previously raised related to the calculation of the DRD. The ultimate timing and substance of any such guidance is unknown. It is also possible that the calculation of the Separate Account DRD will be addressed in future legislation. Any such guidance or legislation could result in the elimination or reduction on either a retroactive or prospective basis of the Separate Account DRD tax benefit that the Company receives. As of December 31, 2016 and 2015, the Company had a current tax liability of $218 million and $592 million respectively. The components of the net deferred income taxes are as follows: December 31, 2016 December 31, 2015 Assets Liabilities Assets Liabilities (In Millions) Compensation and related benefits $ 88 $ — $ 93 $ — Reserves and reinsurance — 1,786 — 1,740 DAC — 1,197 — 1,253 Unrealized investment gains or losses — 23 — 134 Investments — 1,062 — 1,437 Net operating losses and credits 394 — 424 — Other 5 — — 25 Total $ 487 $ 4,068 $ 517 $ 4,589 As of December 31, 2016 , the Company had $ 394 million of AMT credits which do not expire. The Company does not provide income taxes on the undistributed earnings of non-U.S. corporate subsidiaries except to the extent that such earnings are not permanently invested outside the United States. As of December 31, 2016 , $ 195 million of accumulated undistributed earnings of non-U.S. corporate subsidiaries were permanently invested outside the United States. At existing applicable income tax rates, additional taxes of approximately $ 79 million would need to be provided if such earnings were remitted. At December 31, 2016 and 2015 , of the total amount of unrecognized tax benefits $ 394 million and $344 million , respectively, would affect the effective rate. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in tax expense. Interest and penalties included in the amounts of unrecognized tax benefits at December 31, 2016 and 2015 were $ 67 million and $52 million , respectively. For 2016 , 2015 and 2014 , respectively, there were $ 15 million, $(25) million and $(43) million in interest expense related to unrecognized tax benefits. A reconciliation of unrecognized tax benefits (excluding interest and penalties) follows: 2016 2015 2014 (In Millions) Balance at January 1, $ 418 $ 475 $ 592 Additions for tax positions of prior years 39 44 56 Reductions for tax positions of prior years — (101 ) (181 ) Additions for tax positions of current year — — 8 Balance at December 31, $ 457 $ 418 $ 475 During the second quarter of 2015, the Company reached a settlement with the IRS on the appeal of proposed adjustments to the Company’s 2004 and 2005 Federal corporate income tax returns. In 2015, the IRS commenced their examination of the 2008 and 2009 tax years, with prior years no longer subject to examination. It is reasonably possible that the total amounts of unrecognized tax benefit will change within the next 12 months due to the conclusion of IRS proceedings and the addition of new issues for open tax years. The possible change in the amount of unrecognized tax benefits cannot be estimated at this time. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) AOCI represents cumulative gains (losses) on items that are not reflected in earnings (loss). The balances for the past three years follow: December 31, 2016 2015 2014 (In Millions) Unrealized gains (losses) on investments $ 44 $ 261 $ 1,142 Foreign currency translation adjustments (77 ) (59 ) (34 ) Defined benefit pension plans (46 ) (43 ) (811 ) Total accumulated other comprehensive income (loss) (79 ) 159 297 Less: Accumulated other comprehensive (income) loss attributable to noncontrolling interest 86 69 54 Accumulated Other Comprehensive Income (Loss) Attributable to AXA Equitable $ 7 $ 228 $ 351 Immediately preceding the Assumption Transaction, the AXA Equitable QP had approximately $1,193 million unrecognized net actuarial losses in AOCI that were transferred to AXA Financial, resulting in an increase in AOCI and a decrease in additional paid in capital of $1,193 million ( $772 million net of tax), the net impact to AXA Equitable’s consolidated Shareholder’s Equity was $0 million. The components of OCI for the past three years, net of tax, follow: 2016 2015 2014 (In Millions) Foreign currency translation adjustments: Foreign currency translation gains (losses) arising during the period $ (18 ) $ (25 ) $ (21 ) (Gains) losses reclassified into net earnings (loss) during the period — — — Foreign currency translation adjustment (18 ) (25 ) (21 ) Change in net unrealized gains (losses) on investments: Net unrealized gains (losses) arising during the year (160 ) (1,020 ) 1,043 (Gains) losses reclassified into net earnings (loss) during the year (1) 2 12 37 Net unrealized gains (losses) on investments (158 ) (1,008 ) 1,080 Adjustments for policyholders liabilities, DAC, insurance liability loss recognition and other (59 ) 127 (111 ) Change in unrealized gains (losses), net of adjustments and (net of deferred income tax expense (benefit) of $(96), $(480) and $529) (217 ) (881 ) 969 Change in defined benefit plans: Net gain (loss) arising during the year — — (95 ) Prior service cost arising during the year — — — Less: reclassification adjustments to net earnings (loss) for: (2) Amortization of net (gains) losses included in net periodic cost (3 ) (4 ) 72 Amortization of net prior service credit included in net periodic cost — — — Change in defined benefit plans (net of deferred income tax expense (benefit) of $0, $(2) and $(15)) (3 ) (4 ) (23 ) Total other comprehensive income (loss), net of income taxes (238 ) (910 ) 925 Less: Other comprehensive (income) loss attributable to noncontrolling interest 17 15 29 Other Comprehensive Income (Loss) Attributable to AXA Equitable $ (221 ) $ (895 ) $ 954 (1) See “Reclassification adjustments” in Note 3. Reclassification amounts presented net of income tax expense (benefit) of $ (1) million, $(6) million and $(19) million for 2016 , 2015 and 2014 , respectively. (2) These AOCI components are included in the computation of net periodic costs (see “Employee Benefit Plans” in Note 12). Reclassification amounts presented net of income tax expense (benefit) of $ 0 million, $2 million and $(39) million for 2016 , 2015 and 2014 , respectively. Investment gains and losses reclassified from AOCI to net earnings (loss) primarily consist of realized gains (losses) on sales and OTTI of AFS securities and are included in Total investment gains (losses), net on the consolidated statements of earnings (loss). Amounts reclassified from AOCI to net earnings (loss) as related to defined benefit plans primarily consist of amortizations of net (gains) losses and net prior service cost (credit) recognized as a component of net periodic cost and reported in Compensation and benefit expenses in the consolidated statements of earnings (loss). Amounts presented in the table above are net of tax. |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | COMMITMENTS AND CONTINGENT LIABILITIES Leases The Company has entered into operating leases for office space and certain other assets, principally information technology equipment and office furniture and equipment. Future minimum payments under non-cancelable operating leases for 2017 and the four successive years are $ 218 million, $ 207 million, $ 194 million, $ 168 million, $ 159 million and $ 446 million thereafter. Minimum future sublease rental income on these non-cancelable operating leases for 2017 and the four successive years is $ 32 million, $ 33 million, $ 32 million, $ 16 million, $ 14 million and $ 44 million thereafter. Obligations under Funding Agreements Entering into FHLBNY membership, borrowings and funding agreements requires the ownership of FHLBNY stock and the pledge of assets as collateral, AXA Equitable has purchased FHLBNY stock of $ 109 million and pledged collateral with a carrying value of $3,885 million , as of December 31, 2016. AXA Equitable issues short-term funding agreements to the FHLBNY and uses the funds for asset liability and cash management purposes. AXA Equitable issues long term funding agreements to the FHLBNY and uses the funds for spread lending purposes. Funding agreements are reported in Policyholders' account balances in the consolidated balance sheets. For other instruments used for asset/liability and cash management purposes, see “Derivative and offsetting assets and liabilities” included in Note 3. The table below summarizes AXA Equitable's activity of funding agreements with the FHLBNY. Outstanding balance at end of year Maturity of Outstanding balance Issued during the Year Repaid during the year December 31, 2016: (In Millions) Short-term FHLBNY funding agreements $ 500 less than one month $ 6,000 $ 6,000 Long-term FHLBNY funding agreements $ 58 less than 4 years $ 58 $ — $ 862 Less than 5 years $ 862 $ — $ 818 great than five years $ 818 $ — Total long term funding agreements $ 1,738 $ 1,738 $ — Total FHLBNY funding agreements at December 31, 2016 $ 2,238 $ 7,738 $ 6,000 December 31, 2015: Short-term FHLBNY funding agreements $ 500 less than one month $ 6,000 $ 6,000 Restructuring As part of the Company’s on-going efforts to reduce costs and operate more efficiently, from time to time, management has approved and initiated plans to reduce headcount and relocate certain operations. In 2016 , 2015 and 2014 , respectively, AXA Equitable recorded $ 21 million, $3 million and $42 million pre-tax charges related to severance and lease costs. The amounts recorded in 2014 included pre-tax charges of $25 million , respectively, related to the reduction in office space in the Company’s 1290 Avenue of the Americas, New York, NY headquarters. The restructuring costs and liabilities associated with the Company’s initiatives were as follows: December 31, 2016 2015 2014 (In Millions) Balance, beginning of year $ 89 $ 113 $ 122 Additions 35 10 21 Cash payments (18 ) (32 ) (24 ) Other reductions — (2 ) (6 ) Balance, End of Year $ 106 $ 89 $ 113 In an effort to further reduce its global real estate footprint, AB completed a comprehensive review of its worldwide office locations and began implementing a global space consolidation plan in 2012. This resulted in the sublease of office space primarily in New York as well as offices in England, Australia and various U.S. locations. In 2016, AB recorded new real estate charges of $18 million , resulting from new charges of $23 million relating to the further consolidation of office space at AB's New York offices, offset by changes in estimates related to previously recorded real estate charges of $5 million , which reflects the shortening of the lease term of AB's corporate headquarters from 2029 to 2024. Real estate charges are recorded in Other operating costs and expenses in the Company’s consolidated Statements of earnings (loss). Guarantees and Other Commitments The Company provides certain guarantees or commitments to affiliates and others. At December 31, 2016 , these arrangements include commitments by the Company to provide equity financing of $ 697 million (including $249 million with affiliates) to certain limited partnerships and real estate joint ventures under certain conditions. Management believes the Company will not incur material losses as a result of these commitments. AXA Equitable is the obligor under certain structured settlement agreements it had entered into with unaffiliated insurance companies and beneficiaries. To satisfy its obligations under these agreements, AXA Equitable owns single premium annuities issued by previously wholly owned life insurance subsidiaries. AXA Equitable has directed payment under these annuities to be made directly to the beneficiaries under the structured settlement agreements. A contingent liability exists with respect to these agreements should the previously wholly owned subsidiaries be unable to meet their obligations. Management believes the need for AXA Equitable to satisfy those obligations is remote. The Company had $ 18 million of undrawn letters of credit related to reinsurance at December 31, 2016 . The Company had $ 883 million of commitments under existing mortgage loan agreements at December 31, 2016 . AB maintains a guarantee in connection with the AB Credit Facility. If SCB LLC is unable to meet its obligations, AB will pay the obligations when due or on demand. In addition, AB maintains guarantees totaling $425 million for the four of SCB LLC’s four uncommitted lines of credit. AB maintains a guarantee with a commercial bank, under which it guarantees the obligations in the ordinary course of business of SCB LLC, Sanford C. Bernstein Limited (“SCBL”) and AllianceBernstein Holdings (Cayman) Ltd. (“AB Cayman”). AB also maintains three additional guarantees with other commercial banks under which it guarantees approximately $366 million of obligations for SCBL. In the event that SCB LLC, SCBL or AB Cayman is unable to meet its obligations, AB will pay the obligations when due or on demand. During 2009, AB entered into a subscription agreement under which it committed to invest up to $35 million , as amended in 2011, in a venture capital fund over a six-year period. As of December 31, 2016 AB had funded $ 34 million of this commitment. During 2010, as general partner of the AB U.S. Real Estate L.P. (the “Real Estate Fund”), AB committed to invest $25 million in the Real Estate Fund. As of December 31, 2016 , AB had funded $ 21 million of this commitment. During 2012, AB entered into an investment agreement under which it committed to invest up to $8 million in an oil and gas fund over a three-year period. As of December 31, 2016 , AB had funded $ 6 million of this commitment. AB has not been required to perform under any of the above agreements and currently have no liability in connection with these agreements. |
LITIGATION
LITIGATION | 12 Months Ended |
Dec. 31, 2016 | |
Litigation [Abstract] | |
Litigation | LITIGATION Insurance Litigation In July 2011, a derivative action was filed in the United States District Court of the District of New Jersey entitled Mary Ann Sivolella v. AXA Equitable Life Insurance Company and AXA Equitable Funds Management Group, LLC (“Sivolella Litigation”) and a substantially similar action was filed in January 2013 entitled Sanford et al. v. AX Equitable FMG (“Sanford Litigation”). These lawsuits were filed on behalf of a total of twelve mutual funds and, among other things, seek recovery under (i) Section 36(b) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), for alleged excessive fees paid to AXA Equitable and AXA Equitable Funds Management Group, LLC (“AXA Equitable FMG”) for investment management services and administrative services and (ii) a variety of other theories including unjust enrichment. The Sivolella Litigation and the Sanford Litigation were consolidated and a 25 -day trial commenced in January 2016 and concluded in February 2016. In August 2016, the Court issued its decision in favor of AXA Equitable and AXA Equitable FMG, finding that the Plaintiffs had failed to meet their burden to demonstrate that AXA Equitable and AXA Equitable FMG breached their fiduciary duty in violation of Section 36(b) of the Investment Company Act or show any actual damages. In September 2016, the Plaintiffs filed a motion to amend the District Court’s trial opinion and to amend or make new findings of fact and/or conclusions of law. In December 2016, the Court issued an order denying the motion to amend and Plaintiffs filed a notice to appeal the District Court’s decision to the U.S. Court of Appeals for the Third Circuit. In April 2014, a lawsuit was filed in the United States District Court for the Southern District of New York, now entitled Ross v. AXA Equitable Life Insurance Company . The lawsuit is a putative class action on behalf of all persons and entities that, between 2011 and March 11, 2014, directly or indirectly, purchased, renewed or paid premiums on life insurance policies issued by AXA Equitable (the “Policies”). The complaint alleges that AXA Equitable did not disclose in its New York statutory annual statements or elsewhere that the collateral for certain reinsurance transactions with affiliated reinsurance companies was supported by parental guarantees, an omission that allegedly caused AXA Equitable to misrepresent its “financial condition” and “legal reserve system.” The lawsuit seeks recovery under Section 4226 of the New York Insurance Law of all premiums paid by the class for the Policies during the relevant period. In July 2015, the Court granted AXA Equitable’s motion to dismiss for lack of subject matter jurisdiction. In April 2015, a second action in the United States District Court for the Southern District of New York was filed on behalf of a putative class of variable annuity holders with “Guaranteed Benefits Insurance Riders,” entitled Calvin W. Yarbrough, on behalf of himself and all others similarly situated v. AXA Equitable Life Insurance Company . The new action covers the same class period, makes substantially the same allegations, and seeks the same relief as the Ross action. In October 2015, the Court, on its own, dismissed the Yarbrough litigation on similar grounds as the Ross litigation. In December 2015, the Second Circuit denied the plaintiffs motion to consolidate their appeals but ordered that the appeals be heard together before a single panel of judges. In February 2017, the Second Circuit affirmed the decisions of the district court in favor of AXA Equitable. In November 2014, a lawsuit was filed in the Superior Court of New Jersey, Camden County entitled Arlene Shuster, on behalf of herself and all others similarly situated v. AXA Equitable Life Insurance Company . This lawsuit is a putative class action on behalf of all AXA Equitable variable life insurance policyholders who allocated funds from their policy accounts to investments in AXA Equitable’s separate accounts, which were subsequently subjected to volatility-management strategy, and who suffered injury as a result thereof. The action asserts that AXA Equitable breached its variable life insurance contracts by implementing the volatility management strategy. In February 2016, the Court dismissed the complaint. In March 2016, the Plaintiff filed a notice of appeal. In August 2015, another lawsuit was filed in Connecticut Superior Court, Judicial Division of New Haven entitled Richard T. O’Donnell, on behalf of himself and all other similarly situated v. AXA Equitable Life Insurance Company . This lawsuit is a putative class action on behalf of all persons who purchased variable annuities from AXA Equitable which subsequently became subject to the volatility management strategy and who suffered injury as a result thereof. Plaintiff asserts a claim for breach of contract alleging that AXA Equitable implemented the volatility management strategy in violation of applicable law. In November 2015, the Connecticut Federal District Court transferred this action to the United States District Court for the Southern District of New York. In February 2016, a lawsuit was filed in the United States District Court for the Southern District of New York entitled Brach Family Foundation, Inc. v. AXA Equitable Life Insurance Company . This lawsuit is a putative class action brought on behalf of all owners of UL policies subject to AXA Equitable’s cost of insurance (“COI”) increase. In early 2016, AXA Equitable raised COI rates for certain UL policies issued between 2004 and 2007, which had both issue ages 70 and above and a current face value amount of $1 million and above. The current complaint alleges a claim for breach of contract and a claim that the AXA Equitable made misrepresentations in violation of Section 4226 of the New York Insurance Law (“Section 4226”). Plaintiff seeks (a) with respect to its breach of contract claim, compensatory damages, costs, and, pre- and post-judgment interest, and (b) with respect to its claim concerning Section 4226, a penalty in the amount of premiums paid by the Plaintiff and the putative class. AXA Equitable’s response to the complaint was filed in February 2017. Additionally, a separate putative class action and five individual actions challenging the COI increase have been filed against AXA Equitable. AllianceBernstein Litigation During the first quarter of 2012, AB received a legal letter of claim (the “Letter of Claim”) sent on behalf of Philips Pension Trustees Limited and Philips Electronics UK Limited (“Philips”), a former pension fund client, alleging that AB Limited (one of AB’s subsidiaries organized in the United Kingdom) was negligent and failed to meet certain applicable standards of care with respect to the initial investment in, and management of, a £500 million portfolio of U.S. mortgage-backed securities. Philips has alleged damages ranging between $177 million and $234 million , plus compound interest on an alleged $125 million of realized losses in the portfolio. On January 2, 2014, Philips filed a claim form (“Claim”) in the High Court of Justice in London, England, which formally commenced litigation with respect to the allegations in the Letter of Claim. By agreement dated November 26, 2016, the terms of which are confidential, this matter was settled. AB’s contribution to the settlement amount was paid by AB’s relevant insurance carriers. _______________________________________________________________________________ Although the outcome of litigation and regulatory matters generally cannot be predicted with certainty, management intends to vigorously defend against the allegations made by the plaintiffs in the actions described above and believes that the ultimate resolution of the matters described therein involving AXA Equitable and/or its subsidiaries should not have a material adverse effect on the consolidated financial position of AXA Equitable. Management cannot make an estimate of loss, if any, or predict whether or not any of the matters described above will have a material adverse effect on AXA Equitable’s consolidated results of operations in any particular period. In addition to the matters described above, a number of lawsuits, claims, assessments and regulatory inquiries have been filed or commenced against life and health insurers and asset managers in the jurisdictions in which AXA Equitable and its respective subsidiaries do business. These actions and proceedings involve, among other things, insurers’ sales practices, alleged agent misconduct, alleged failure to properly supervise agents, contract administration, product design, features and accompanying disclosure, cost of insurance increases, the use of captive reinsurers, payments of death benefits and the reporting and escheatment of unclaimed property, alleged breach of fiduciary duties, alleged mismanagement of client funds and other matters. In addition, a number of lawsuits, claims, assessments and regulatory inquiries have been filed or commenced against businesses in the jurisdictions in which AXA Equitable and its subsidiaries do business, including actions and proceedings related to alleged discrimination, alleged breaches of fiduciary duties in connection with qualified pension plans and other general business-related matters. Some of the matters have resulted in the award of substantial fines and judgments, including material amounts of punitive damages, or in substantial settlements. Courts, juries and regulators often have substantial discretion in awarding damage awards and fines, including punitive damages. AXA Equitable and its subsidiaries from time to time are involved in such actions and proceedings. While the ultimate outcome of such matters cannot be predicted with certainty, in the opinion of management no such matter is likely to have a material adverse effect on AXA Equitable’s consolidated financial position or results of operations. However, it should be noted that the frequency of large damage awards, including large punitive damage awards and regulatory fines that bear little or no relation to actual economic damages incurred, continues to create the potential for an unpredictable judgment in any given matter. |
INSURANCE GROUP STATUTORY FINAN
INSURANCE GROUP STATUTORY FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2016 | |
Insurance Group Statutory Financial Information [Abstract] | |
Insurance Group Statutory Financial Information | INSURANCE GROUP STATUTORY FINANCIAL INFORMATION AXA Equitable is restricted as to the amounts it may pay as dividends to AXA Financial. Under New York Insurance law, a domestic life insurer may not, without prior approval of the NYDFS, pay a dividend to its shareholders exceeding an amount calculated based on a statutory formula. This formula would permit AXA Equitable to pay shareholder dividends not greater than approximately $ 1,185 million during 2017. Payment of dividends exceeding this amount requires the insurer to file a notice of its intent to declare such dividends with the NYDFS who then has 30 days to disapprove the distribution. For 2016 , 2015 and 2014 , respectively, AXA Equitable’s statutory net income (loss) totaled $ 679 million, $2,038 million and $1,664 million . Statutory surplus, capital stock and Asset Valuation Reserve (“AVR”) totaled $ 5,278 million and $5,895 million at December 31, 2016 and 2015 , respectively. In 2016 , AXA Equitable paid $ 1,050 million in shareholder dividends. In 2015 , AXA Equitable paid $767 million in shareholder dividends and transferred approximately 10.0 million in Units of AB (fair value of $ 245 million) in the form of a dividend to AEFS. In 2014 , AXA Equitable paid $382 million in shareholder dividends. At December 31, 2016 , AXA Equitable, in accordance with various government and state regulations, had $ 57 million of securities on deposit with such government or state agencies. In 2015, AXA Equitable repaid $200 million of third party surplus notes at maturity. In 2014, AXA Equitable, with the approval of the NYDFS, repaid at par value plus accrued interest of $825 million of outstanding surplus notes to AXA Financial. At December 31, 2016 and for the year then ended, there were no differences in net income (loss) and capital and surplus resulting from practices prescribed and permitted by NYDFS and those prescribed by NAIC Accounting Practices and Procedures effective at December 31, 2016 . The NYDFS is completing its periodic statutory examinations of the books, records and accounts of AXA Equitable for the years 2011 through 2015, but has not yet issued its final report. Accounting practices used to prepare statutory financial statements for regulatory filings of stock life insurance companies differ in certain instances from U.S. GAAP. The differences between statutory surplus and capital stock determined in accordance with Statutory Accounting Principles (“SAP”) and total equity under U.S. GAAP are primarily: (a) the inclusion in SAP of an AVR intended to stabilize surplus from fluctuations in the value of the investment portfolio; (b) future policy benefits and policyholders’ account balances under SAP differ from U.S. GAAP due to differences between actuarial assumptions and reserving methodologies; (c) certain policy acquisition costs are expensed under SAP but deferred under U.S. GAAP and amortized over future periods to achieve a matching of revenues and expenses; (d) under SAP, Federal income taxes are provided on the basis of amounts currently payable with limited recognition of deferred tax assets while under U.S. GAAP, deferred taxes are recorded for temporary differences between the financial statements and tax basis of assets and liabilities where the probability of realization is reasonably assured; (e) the valuation of assets under SAP and U.S. GAAP differ due to different investment valuation and depreciation methodologies, as well as the deferral of interest-related realized capital gains and losses on fixed income investments; (f) the valuation of the investment in AB and AB Holding under SAP reflects a portion of the market value appreciation rather than the equity in the underlying net assets as required under U.S. GAAP; (g) reporting the surplus notes as a component of surplus in SAP but as a liability in U.S. GAAP; (h) computer software development costs are capitalized under U.S. GAAP but expensed under SAP; (i) certain assets, primarily prepaid assets, are not admissible under SAP but are admissible under U.S. GAAP, (j) the fair valuing of all acquired assets and liabilities including intangible assets are required for U.S. GAAP purchase accounting and (k) cost of reinsurance which is recognized as expense under SAP and amortized over the life of the underlying reinsured policies under U.S. GAAP. |
BUSINESS SEGMENT INFORMATION
BUSINESS SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Business Segment Information | BUSINESS SEGMENT INFORMATION The following tables reconcile segment revenues and earnings (loss) from operations before income taxes to total revenues and earnings (loss) as reported on the consolidated statements of earnings (loss) and segment assets to total assets on the consolidated balance sheets, respectively. 2016 2015 2014 (In Millions) Segment revenues: Insurance (1) $ 6,703 $ 6,822 $ 12,656 Investment Management (2) 3,029 3,025 3,011 Consolidation/elimination (27 ) (28 ) (27 ) Total Revenues $ 9,705 $ 9,819 $ 15,640 (1) Includes investment expenses charged by AB of approximately $ 50 million, $45 million and $40 million for 2016 , 2015 and 2014 , respectively, for services provided to the Company. (2) Intersegment investment advisory and other fees of approximately $ 77 million, $73 million and $67 million for 2016 , 2015 and 2014 , respectively, are included in total revenues of the Investment Management segment. 2016 2015 2014 (In Millions) Segment earnings (loss) from operations, before income taxes: Insurance $ (274 ) $ 1,033 $ 5,512 Investment Management (1) 706 618 603 Consolidation/elimination (1 ) (1 ) — Total Earnings (Loss) from Operations, before Income Taxes $ 431 $ 1,650 $ 6,115 (1) Net of interest expenses incurred on securities borrowed. December 31, 2016 2015 (In Millions) Segment assets: Insurance $ 190,628 $ 182,738 Investment Management (1) 13,139 11,895 Consolidation/elimination (3 ) (7 ) Total Assets $ 203,764 $ 194,626 (1) In accordance with SEC regulations, the Investment Management segment includes securities with a fair value of $ 893 million and $460 million which have been segregated in a special reserve bank custody account at December 31, 2016 and 2015 , respectively, for the exclusive benefit of securities broker-dealer or brokerage customers under the Exchange Act. They also include cash held in several special bank accounts for the exclusive benefit of customers. As of December 31, 2016 and December 31, 2015 , $ 53 million and $55 million , respectively, of cash were segregated in these bank accounts. |
QUARTERLY RESULTS OF OPERATIONS
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Information | QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) The quarterly results of operations for 2016 and 2015 are summarized below: Three Months Ended March 31 June 30 September 30 December 31 (In Millions) 2016 Total Revenues $ 5,034 $ 4,297 $ 2,216 $ (1,842 ) Total benefits and other deductions $ 2,580 $ 2,721 $ 2,246 $ 1,727 Net earnings (loss) $ 1,720 $ 1,061 $ 22 $ (2,259 ) 2015 Total Revenues $ 3,567 $ 220 $ 5,714 $ 318 Total benefits and other deductions $ 2,437 $ 1,973 $ 2,375 $ 1,384 Net earnings (loss) $ 854 $ (1,025 ) $ 2,275 $ (640 ) |
SCHEDULE I - SUMMARY OF INVESTM
SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Investments, Other than Investments in Related Parties [Abstract] | |
Schedule I - Summary of Investments - Other than Investments in Related Parties | SCHEDULE I SUMMARY OF INVESTMENTS—OTHER THAN INVESTMENTS IN RELATED PARTIES DECEMBER 31, 2016 Type of Investment Cost (A) Fair Value Carrying Value (In Millions) Fixed Maturities: U.S. government, agencies and authorities $ 10,739 $ 10,336 $ 10,336 State, municipalities and political subdivisions 432 493 493 Foreign governments 365 378 378 Public utilities 3,437 3,617 3,617 All other corporate bonds 16,663 17,224 17,224 Redeemable preferred stocks 487 522 522 Total fixed maturities 32,123 32,570 32,570 Equity securities: Common stocks: Industrial, miscellaneous and all other (B) 113 113 113 Mortgage loans on real estate 9,765 9,608 9,757 Policy loans 3,361 4,257 3,361 Other limited partnership interests and equity investments (B) 1,295 1,295 1,295 Trading securities 9,177 9,134 9,134 Other invested assets 2,186 2,186 2,186 Total Investments $ 58,020 $ 59,163 $ 58,416 (A) Cost for fixed maturities represents original cost, reduced by repayments and writedowns and adjusted for amortization of premiums or accretion of discount; cost for equity securities represents original cost reduced by writedowns; cost for other limited partnership interests represents original cost adjusted for equity in earnings and reduced by distributions. (B) Included in Other Equity Investments. |
SCHEDULE III - SUPPLEMENTARY IN
SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION | 12 Months Ended |
Dec. 31, 2016 | |
Supplementary Insurance Information [Abstract] | |
Schedule III - Supplementary Insurance Information | SCHEDULE III SUPPLEMENTARY INSURANCE INFORMATION AT AND FOR THE YEAR ENDED DECEMBER 31, 2016 Segment Deferred Policy Acquisition Costs Policyholders’ Account Balances Future Policy Benefits and other Policyholders’ Funds Policy Charges And Premium Revenue Net Investment Income (Loss) (1) Policyholders’ Benefits and Interest Credited Amortization of Deferred Policy Acquisition Costs Other Operating Expense (2) (In Millions) Insurance $ 4,301 $ 38,782 $ 25,358 $ 4,303 $ 1,671 $ 4,448 $ 162 $ 2,367 Investment Management — — — — 135 — — 2,323 Consolidation/ Elimination — — — — 50 — — (26 ) Total $ 4,301 $ 38,782 $ 25,358 $ 4,303 $ 1,856 $ 4,448 $ 162 $ 4,664 (1) Net investment income (loss) is based upon specific identification of portfolios within segments. (2) Operating expenses are principally incurred directly by a segment. AXA EQUITABLE LIFE INSURANCE COMPANY SCHEDULE III SUPPLEMENTARY INSURANCE INFORMATION AT AND FOR THE YEAR ENDED DECEMBER 31, 2015 Segment Deferred Policy Acquisition Costs Policyholders’ Account Balances Future Policy Benefits and other Policyholders’ Funds Policy Charges And Premium Revenue Net Investment Income (Loss) (1) Policyholders’ Benefits and Interest Credited Amortization of Deferred Policy Acquisition Costs Other Operating Expense (2) (In Millions) Insurance $ 4,469 $ 33,033 $ 24,531 $ 4,062 $ 1,898 $ 3,777 $ (331 ) $ 2,343 Investment Management — — — — 33 — — 2,407 Consolidation/ Elimination — — — — 45 — — (27 ) Total $ 4,469 $ 33,033 $ 24,531 $ 4,062 $ 1,976 $ 3,777 $ (331 ) $ 4,723 (1) Net investment income (loss) is based upon specific identification of portfolios within segments. (2) Operating expenses are principally incurred directly by a segment. AXA EQUITABLE LIFE INSURANCE COMPANY SCHEDULE III SUPPLEMENTARY INSURANCE INFORMATION AT AND FOR THE YEAR ENDED DECEMBER 31, 2014 Segment Deferred Policy Acquisition Costs Policyholders’ Account Balances Future Policy Benefits and other Policyholders’ Funds Policy Charges And Premium Revenue Net Investment Income (Loss)(1) Policyholders’ Benefits and Interest Credited Amortization of Deferred Policy Acquisition Costs Other Operating Expense(2) (In Millions) Insurance $ 4,271 $ 31,848 $ 23,484 $ 3,989 $ 3,760 $ 4,894 $ (413 ) $ 2,663 Investment Management — — — — 15 — — 2,408 Consolidation/ Elimination — — — — 40 — — (27 ) Total $ 4,271 $ 31,848 $ 23,484 $ 3,989 $ 3,815 $ 4,894 $ (413 ) $ 5,044 (1) Net investment income (loss) is based upon specific identification of portfolios within segments. (2) Operating expenses are principally incurred directly by a segment. |
SCHEDULE IV - REINSURANCE
SCHEDULE IV - REINSURANCE | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract] | |
Schedule IV - Reinsurance | SCHEDULE IV REINSURANCE (A) AT OR FOR THE YEARS ENDED DECEMBER 31, 2016 , 2015 AND 2014 Gross Amount Ceded to Other Companies Assumed from Other Companies Net Amount Percentage of Amount Assumed to Net (Dollars In Millions) 2016 Life Insurance In-Force $ 399,230 $ 78,760 $ 31,722 $ 352,192 9.0 % Premiums: Life insurance and annuities $ 790 $ 135 $ 197 $ 852 23.1 % Accident and health 60 41 9 28 32.1 % Total Premiums $ 850 $ 176 $ 206 $ 880 23.4 % 2015 Life Insurance In-Force $ 406,240 $ 82,927 $ 31,427 $ 354,740 8.9 % Premiums: Life insurance and annuities $ 753 $ 128 $ 197 $ 822 24.0 % Accident and health 67 45 10 32 31.3 % Total Premiums $ 820 $ 173 $ 207 $ 854 24.2 % 2014 Life Insurance In-Force $ 412,215 $ 87,177 $ 31,767 $ 356,805 8.9 % Premiums: Life insurance and annuities $ 775 $ 132 $ 199 $ 842 23.6 % Accident and health 69 49 12 32 37.5 % Total Premiums $ 844 $ 181 $ 211 $ 874 24.1 % (A) Includes amounts related to the discontinued group life and health business. |
SIGNIFICANT ACCOUNTING POLICI31
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The preparation of the accompanying consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions (including normal, recurring accruals) that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. The accompanying consolidated financial statements reflect all adjustments necessary in the opinion of management for a fair presentation of the consolidated financial position of the Company and its consolidated results of operations and cash flows for the periods presented. The accompanying consolidated financial statements include the accounts of AXA Equitable and its subsidiaries engaged in insurance related businesses (collectively, the “Insurance Group”); other subsidiaries, principally AB; and those investment companies, partnerships and joint ventures in which AXA Equitable or its subsidiaries has control and a majority economic interest as well as those variable interest entities (“VIEs”) that meet the requirements for consolidation. All significant intercompany transactions and balances have been eliminated in consolidation. The years “ 2016 ”, “ 2015 ” and “ 2014 ” refer to the years ended December 31, 2016 , 2015 and 2014 , respectively. Certain reclassifications have been made in the amounts presented for prior periods to conform those periods to the current presentation. |
Adoption of New and Future Accounting Pronouncements | Adoption of New Accounting Pronouncements In January 2017, the Financial Accounting Standards Board (“FASB”) issued new guidance that amends the definition of a business to provide a more robust framework for determining when a set of assets and activities is a business. The definition primarily adds clarity for evaluating whether certain transactions should be accounted for as acquisitions/dispositions of assets or businesses, the latter subject to guidance on business combinations, but also may interact with other areas of accounting where the defined term is used, such as in the application of guidance on consolidation and goodwill impairment. The new guidance is effective for fiscal years ending December 31, 2018. The Company elected to early adopt the new guidance for the year ending December 31, 2016 with no significant impact to the Company’s consolidated financial statements. In February 2015, the FASB issued a new consolidation standard that makes targeted amendments to the VIE assessment, including guidance specific to the analysis of fee arrangements and related party relationships, modifies the guidance for the evaluation of limited partnerships and similar entities for consolidation to eliminate the presumption of general partner control, and ends the deferral that had been granted to certain investment companies for applying previous VIE guidance. The Company adopted this new standard beginning January 1, 2016, having elected not to early-adopt in previous interim periods, and applied the guidance using a modified retrospective approach, thereby not requiring the restatement of prior year periods. The Company’s reevaluation of all legal entities under the new standard resulted in identification of additional VIEs and consolidation of certain investment products of the Investment Management segment that were not consolidated in accordance with previous guidance. See Consolidation of VIEs below. In May 2015, the FASB issued new guidance related to disclosures for investments in certain entities that calculate net asset value (“NAV”) per share (or its equivalent). Under the new guidance, investments measured at NAV, as a practical expedient for fair value, are excluded from the fair value hierarchy. Removing investments measured using the practical expedient from the fair value hierarchy was intended to eliminate the diversity in practice with respect to the categorization of these investments. The only criterion for categorizing investments in the fair value hierarchy is now the observability of the inputs. The amendment was effective retrospectively for interim and annual periods beginning after December 15, 2015. Implementation of this guidance did not have a material impact on the Company’s consolidated financial statements. In April 2015, the FASB issued new guidance, simplifying the presentation of debt issuance costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. The new guidance was effective retrospectively for interim and annual periods beginning after December 15, 2015. Implementation of this guidance did not have a material impact on the Company’s consolidated financial statements. In June 2014, the FASB issued new guidance for accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The new guidance was effective for interim and annual periods beginning after December 15, 2015. Implementation of this guidance did not have a material impact on the Company’s consolidated financial statements. In August 2014, the FASB issued new guidance which requires management to evaluate whether there is “substantial doubt” about the reporting entity’s ability to continue as a going concern and provide related footnote disclosures about those uncertainties, if they exist. The new guidance was effective for annual periods, ending after December 15, 2016 and interim periods thereafter. Implementation of this guidance did not have a material impact on the Company’s consolidated financial statements. In January 2014, the FASB issued new guidance that allows investors to elect to use the proportional amortization method to account for investments in qualified affordable housing projects if certain conditions are met. Under this method, which replaces the effective yield method, an investor amortizes the cost of its investment, in proportion to the tax credits and other tax benefits it receives, to income tax expense. The guidance also introduces disclosure requirements for all investments in qualified affordable housing projects, regardless of the accounting method used for those investments. The guidance was effective for annual periods beginning after December 15, 2014. Implementation of this guidance did not have a material impact on the Company’s consolidated financial statements. Future Adoption of New Accounting Pronouncements In January 2017, the FASB issued updated guidance to simplify the accounting for goodwill impairment. The revised guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The revised guidance will be applied prospectively, and is effective for fiscal year ending December 31, 2020. Early adoption is permitted for fiscal periods beginning after January 1, 2017. Management is currently evaluating the impact that adoption of this guidance will have on the Company’s consolidated financial statements. In October 2016, the FASB issued updated guidance on consolidation of interests held through related parties that are under common control, which alters how a decision maker needs to consider indirect interests in a VIE held through an entity under common control. The new guidance amends the recently adopted consolidation guidance analysis. Under the new guidance, if a decision maker is required to evaluate whether it is the primary beneficiary of a VIE, it will need to consider only its proportionate indirect interest in the VIE held through a common control party. The revised guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016, with early adoption permitted. Adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. In August 2016, the FASB issued new guidance to simplify elements of cash flow classification. The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The new guidance is effective for interim and annual periods beginning after December 15, 2017 and should be applied using a retrospective transition method. Management is currently evaluating the impact that adoption of this guidance will have on the Company’s consolidated financial statements. In June 2016, the FASB issued new guidance related to the accounting for credit losses on financial instruments. The new guidance introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. The new guidance is effective for interim and annual periods beginning after December 15, 2019 with early adoption permitted for annual periods beginning after December 15, 2018. Management is currently evaluating the impact that adoption of this guidance will have on the Company’s consolidated financial statements. In March 2016, the FASB issued new guidance simplifying the transition to the equity method of accounting. The amendment eliminates the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investments had been held. The amendment is effective for interim and annual periods beginning after December 15, 2016 and should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. The amendment is not expected to have a material impact on the Company’s consolidated financial statements. In March 2016, the FASB issued new guidance on improvements to employee share-based payment accounting. The amendment includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements including: income tax effects of share-based payments, minimum statutory tax withholding requirements and forfeitures. The amendment is effective for interim and annual periods beginning after December 15, 2016. The provisions will be applied using various transition approaches (prospective, retrospective and modified retrospective). Management is currently evaluating the impact that the adoption of this standard will have on the Company’s consolidated financial statements. In February 2016, the FASB issued revised guidance to lease accounting. The revised guidance will require lessees to recognize a right-of-use asset and a lease liability for virtually all of their leases. Lessor accounting will continue to be similar to the current model, but updated to align with certain changes to the lessee model. Extensive quantitative and qualitative disclosures, including significant judgments made by management, will be required to provide greater insight into the extent of revenue and expense recognized and expected to be recognized from existing contracts. The revised guidance is effective for interim and annual periods, beginning after December 15, 2018, with early adoption permitted. Management is currently evaluating the impact that adoption of this guidance will have on the Company’s consolidated financial statements. In May 2014, the FASB issued new revenue recognition guidance that is intended to improve and converge the financial reporting requirements for revenue from contracts with customers with International Financial Reporting Standards (“IFRS”). The new guidance applies to contracts that deliver goods or services to a customer, except when those contracts are for: insurance, leases, rights and obligations that are in the scope of certain financial instruments (i.e., derivative contracts) and guarantees other than product or service warranties. The new guidance is effective for interim and annual periods, beginning after December 15, 2017, with early adoption permitted for interim and annual periods beginning after December 15, 2016. Management is currently evaluating the impact that adoption of this guidance will have on the Company’s consolidated financial statements. |
Closed Block | Closed Block As a result of demutualization, the Closed Block was established in 1992 for the benefit of certain individual participating policies that were in force on that date. Assets, liabilities and earnings of the Closed Block are specifically identified to support its participating policyholders. Assets allocated to the Closed Block inure solely to the benefit of the Closed Block policyholders and will not revert to the benefit of AXA Equitable. No reallocation, transfer, borrowing or lending of assets can be made between the Closed Block and other portions of AXA Equitable’s General Account, any of its Separate Accounts or any affiliate of AXA Equitable without the approval of the New York State Department of Financial Services, (the “NYDFS”). Closed Block assets and liabilities are carried on the same basis as similar assets and liabilities held in the General Account. The excess of Closed Block liabilities over Closed Block assets (adjusted to exclude the impact of related amounts in AOCI) represents the expected maximum future post-tax earnings from the Closed Block that would be recognized in income from continuing operations over the period the policies and contracts in the Closed Block remain in force. As of January 1, 2001, the Company has developed an actuarial calculation of the expected timing of the Closed Block’s earnings. If the actual cumulative earnings from the Closed Block are greater than the expected cumulative earnings, only the expected earnings will be recognized in net income. Actual cumulative earnings in excess of expected cumulative earnings at any point in time are recorded as a policyholder dividend obligation because they will ultimately be paid to Closed Block policyholders as an additional policyholder dividend unless offset by future performance that is less favorable than originally expected. If a policyholder dividend obligation has been previously established and the actual Closed Block earnings in a subsequent period are less than the expected earnings for that period, the policyholder dividend obligation would be reduced (but not below zero). If, over the period the policies and contracts in the Closed Block remain in force, the actual cumulative earnings of the Closed Block are less than the expected cumulative earnings, only actual earnings would be recognized in income from continuing operations. If the Closed Block has insufficient funds to make guaranteed policy benefit payments, such payments will be made from assets outside the Closed Block. Many expenses related to Closed Block operations, including amortization of deferred policy acquisition costs (“DAC”), are charged to operations outside of the Closed Block; accordingly, net revenues of the Closed Block do not represent the actual profitability of the Closed Block operations. Operating costs and expenses outside of the Closed Block are, therefore, disproportionate to the business outside of the Closed Block. |
Investments | Investments The carrying values of fixed maturities classified as available-for-sale (“AFS”) are reported at fair value. Changes in fair value are reported in OCI. The amortized cost of fixed maturities is adjusted for impairments in value deemed to be other than temporary which are recognized in Investment gains (losses), net. The redeemable preferred stock investments that are reported in fixed maturities include real estate investment trusts (“REIT”), perpetual preferred stock, and redeemable preferred stock. These securities may not have a stated maturity, may not be cumulative and do not provide for mandatory redemption by the issuer. The Company determines the fair values of fixed maturities and equity securities based upon quoted prices in active markets, when available, or through the use of alternative approaches when market quotes are not readily accessible or available. These alternative approaches include matrix or model pricing and use of independent pricing services, each supported by reference to principal market trades or other observable market assumptions for similar securities. More specifically, the matrix pricing approach to fair value is a discounted cash flow methodology that incorporates market interest rates commensurate with the credit quality and duration of the investment. The Company’s management, with the assistance of its investment advisors, monitors the investment performance of its portfolio and reviews AFS securities with unrealized losses for other-than-temporary impairments (“OTTI”). Integral to this review is an assessment made each quarter, on a security-by-security basis, by the Company’s Investments Under Surveillance (“IUS”) Committee, of various indicators of credit deterioration to determine whether the investment security is expected to recover. This assessment includes, but is not limited to, consideration of the duration and severity of the unrealized loss, failure, if any, of the issuer of the security to make scheduled payments, actions taken by rating agencies, adverse conditions specifically related to the security or sector, the financial strength, liquidity, and continued viability of the issuer and, for equity securities only, the intent and ability to hold the investment until recovery, and results in identification of specific securities for which OTTI is recognized. If there is no intent to sell or likely requirement to dispose of the fixed maturity security before its recovery, only the credit loss component of any resulting OTTI is recognized in earnings (loss) and the remainder of the fair value loss is recognized in OCI. The amount of credit loss is the shortfall of the present value of the cash flows expected to be collected as compared to the amortized cost basis of the security. The present value is calculated by discounting management’s best estimate of projected future cash flows at the effective interest rate implicit in the debt security prior to impairment. Projections of future cash flows are based on assumptions regarding probability of default and estimates regarding the amount and timing of recoveries. These assumptions and estimates require use of management judgment and consider internal credit analyses as well as market observable data relevant to the collectability of the security. For mortgage- and asset-backed securities, projected future cash flows also include assumptions regarding prepayments and underlying collateral value. Policy loans are stated at unpaid principal balances. Partnerships, investment companies and joint venture interests that the Company has control of and has an economic interest in or those that meet the requirements for consolidation under accounting guidance for consolidation of VIEs are consolidated. Those that the Company does not have control of and does not have a majority economic interest in and those that do not meet the VIE requirements for consolidation are reported on the equity method of accounting and are reported in other equity investments. The Company records its interests in certain of these partnerships on a month or one quarter lag. Equity securities, which include common stock, and non-redeemable preferred stock classified as AFS securities, are carried at fair value and are included in other equity investments with changes in fair value reported in OCI. Trading securities, which include equity securities and fixed maturities, are carried at fair value based on quoted market prices, with unrealized gains (losses) reported in other investment income (loss) in the statements of Net earnings (loss). Corporate owned life insurance (“COLI”) has been purchased by AXA Equitable and certain subsidiaries on the lives of certain key employees (including former employees) and AXA Equitable and these subsidiaries are named as beneficiaries under these policies. COLI is carried at the cash surrender value of the policies. At December 31, 2016 and 2015 , the carrying value of COLI was $ 892 million and $864 million, respectively, and is reported in Other invested assets in the consolidated balance sheets. Short-term investments are reported at amortized cost that approximates fair value and are included in Other invested assets. Cash and cash equivalents includes cash on hand, demand deposits, money market accounts, overnight commercial paper and highly liquid debt instruments purchased with an original maturity of three months or less. Due to the short-term nature of these investments, the recorded value is deemed to approximate fair value. All securities owned, including United States government and agency securities, mortgage-backed securities, futures and forwards transactions, are reported in the consolidated financial statements on a trade date basis. |
Derivatives | Derivatives Derivatives are financial instruments whose values are derived from interest rates, foreign exchange rates, financial indices, values of securities or commodities, credit spreads, market volatility, expected returns, and liquidity. Values can also be affected by changes in estimates and assumptions, including those related to counterparty behavior and non-performance risk used in valuation models. Derivative financial instruments generally used by the Company include exchange traded equity, currency and interest rate futures contracts, total return and/or other equity swaps, interest rate swap and floor contracts, swaptions, variance swaps as well as equity options and may be exchange-traded or contracted in the over-the-counter market. All derivative positions are carried in the consolidated balance sheets at fair value, generally by obtaining quoted market prices or through the use of valuation models. Freestanding derivative contracts are reported in the consolidated balance sheets either as assets within “Other invested assets” or as liabilities within “Other liabilities.” The Company nets the fair value of all derivative financial instruments with counterparties for which an ISDA Master Agreement and related Credit Support Annex ("CSA") have been executed. The Company uses derivatives to manage asset/liability risk and has designated some of those economic relationships under the criteria to qualify for hedge accounting treatment. All changes in the fair value of the Company’s freestanding derivative positions not designated to hedge accounting relationships, including net receipts and payments, are included in “Investment income (loss) from derivative instruments” without considering changes in the fair value of the economically associated assets or liabilities. The Company is a party to financial instruments and other contracts that contain “embedded” derivative instruments. At inception, the Company assesses whether the economic characteristics of the embedded instrument are “clearly and closely related” to the economic characteristics of the remaining component of the “host contract” and whether a separate instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. When those criteria are satisfied, the resulting embedded derivative is bifurcated from the host contract, carried in the consolidated balance sheets at fair value, and changes in its fair value are recognized immediately and captioned in the consolidated statements of earnings (loss) according to the nature of the related host contract. For certain financial instruments that contain an embedded derivative that otherwise would need to be bifurcated and reported at fair value, the Company instead may elect to carry the entire instrument at fair value. |
Mortgage Loans on Real Estate (mortgage loans) | Mortgage Loans on Real Estate (“mortgage loans”): Mortgage loans are stated at unpaid principal balances, net of unamortized discounts and valuation allowances. Valuation allowances are based on the present value of expected future cash flows discounted at the loan’s original effective interest rate or on its collateral value if the loan is collateral dependent. However, if foreclosure is or becomes probable, the collateral value measurement method is used. For commercial and agricultural mortgage loans, an allowance for credit loss is typically recommended when management believes it is probable that principal and interest will not be collected according to the contractual terms. Factors that influence management’s judgment in determining allowance for credit losses include the following: • Loan-to-value ratio – Derived from current loan balance divided by the fair market value of the property. An allowance for credit loss is typically recommended when the loan-to-value ratio is in excess of 100% . In the case where the loan-to-value is in excess of 100% , the allowance for credit loss is derived by taking the difference between the fair market value (less cost of sale) and the current loan balance. • Debt service coverage ratio – Derived from actual net operating income divided by annual debt service. If the ratio is below 1.0 x, then the income from the property does not support the debt. • Occupancy – Criteria varies by property type but low or below market occupancy is an indicator of sub-par property performance. • Lease expirations – The percentage of leases expiring in the upcoming 12 to 36 months are monitored as a decline in rent and/or occupancy may negatively impact the debt service coverage ratio. In the case of single-tenant properties or properties with large tenant exposure, the lease expiration is a material risk factor. • Maturity – Mortgage loans that are not fully amortizing and have upcoming maturities within the next 12 to 24 months are monitored in conjunction with the capital markets to determine the borrower’s ability to refinance the debt and/or pay off the balloon balance. • Borrower/tenant related issues – Financial concerns, potential bankruptcy, or words or actions that indicate imminent default or abandonment of property. • Payment status – current vs. delinquent – A history of delinquent payments may be a cause for concern. • Property condition – Significant deferred maintenance observed during the lenders annual site inspections. • Other – Any other factors such as current economic conditions may call into question the performance of the loan. Mortgage loans also are individually evaluated quarterly by the Company’s Investments Under Surveillance ("IUS") Committee for impairment, including an assessment of related collateral value. Commercial mortgages 60 days or more past due and agricultural mortgages 90 days or more past due, as well as all mortgages in the process of foreclosure, are identified as problem mortgages. Based on its monthly monitoring of mortgages, a class of potential problem mortgages are also identified, consisting of mortgage loans not currently classified as problems but for which management has doubts as to the ability of the borrower to comply with the present loan payment terms and which may result in the loan becoming a problem or being restructured. The decision whether to classify a performing mortgage loan as a potential problem involves significant subjective judgments by management as to likely future industry conditions and developments with respect to the borrower or the individual mortgaged property. For problem mortgage loans a valuation allowance is established to provide for the risk of credit losses inherent in the lending process. The allowance includes loan specific reserves for mortgage loans determined to be non-performing as a result of the loan review process. A non-performing loan is defined as a loan for which it is probable that amounts due according to the contractual terms of the loan agreement will not be collected. The loan specific portion of the loss allowance is based on the Company’s assessment as to ultimate collectability of loan principal and interest. Valuation allowances for a non-performing loan are recorded based on the present value of expected future cash flows discounted at the loan’s effective interest rate or based on the fair value of the collateral if the loan is collateral dependent. The valuation allowance for mortgage loans can increase or decrease from period to period based on such factors. Impaired mortgage loans without provision for losses are mortgage loans where the fair value of the collateral or the net present value of the expected future cash flows related to the loan equals or exceeds the recorded investment. Interest income earned on mortgage loans where the collateral value is used to measure impairment is recorded on a cash basis. Interest income on mortgage loans where the present value method is used to measure impairment is accrued on the net carrying value amount of the loan at the interest rate used to discount the cash flows. Changes in the present value attributable to changes in the amount or timing of expected cash flows are reported as investment gains or losses. Mortgage loans are placed on nonaccrual status once management believes the collection of accrued interest is doubtful. Once mortgage loans are classified as nonaccrual mortgage loans, interest income is recognized under the cash basis of accounting and the resumption of the interest accrual would commence only after all past due interest has been collected or the mortgage loan on real estate has been restructured to where the collection of interest is considered likely. At December 31, 2016 and 2015 , the carrying values of commercial mortgage loans that had been classified as nonaccrual mortgage loans were $ 34 million and $72 million , respectively. |
Troubled Debt Restructuring | Troubled Debt Restructuring When a loan modification is determined to be a troubled debt restructuring (“TDR”), the impairment of the loan is re-measured by discounting the expected cash flows to be received based on the modified terms using the loan’s original effective yield, and the allowance for loss is adjusted accordingly. Subsequent to the modification, income is recognized prospectively based on the modified terms of the mortgage loans. Additionally, the loan continues to be subject to the credit review process noted above. |
Net Investment Income (Loss), Investment Gains (Losses), Net and Unrealized Investment Gains (Losses) | Net Investment Income (Loss), Investment Gains (Losses), Net and Unrealized Investment Gains (Losses) Realized investment gains (losses) are determined by identification with the specific asset and are presented as a component of revenue. Changes in the valuation allowances are included in Investment gains (losses), net. Realized and unrealized holding gains (losses) on trading securities are reflected in Net investment income (loss). Unrealized investment gains (losses) on fixed maturities and equity securities designated as AFS held by the Company are accounted for as a separate component of Accumulated Other Comprehensive Income ("AOCI"), net of related deferred income taxes, amounts attributable to certain pension operations, Closed Blocks’ policyholders dividend obligation, insurance liability loss recognition and DAC related to universal life (“UL”) policies, investment-type products and participating traditional life policies. Changes in unrealized gains (losses) reflect changes in fair value of only those fixed maturities and equity securities classified as AFS and do not reflect any change in fair value of policyholders’ account balances and future policy benefits. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The accounting guidance established a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value, and identifies three levels of inputs that may be used to measure fair value: Level 1 Unadjusted quoted prices for identical instruments in active markets. Level 1 fair values generally are supported by market transactions that occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar instruments, quoted prices in markets that are not active, and inputs to model-derived valuations that are directly observable or can be corroborated by observable market data. Level 3 Unobservable inputs supported by little or no market activity and often requiring significant management judgment or estimation, such as an entity’s own assumptions about the cash flows or other significant components of value that market participants would use in pricing the asset or liability. The Company uses unadjusted quoted market prices to measure fair value for those instruments that are actively traded in financial markets. In cases where quoted market prices are not available, fair values are measured using present value or other valuation techniques. The fair value determinations are made at a specific point in time, based on available market information and judgments about the financial instrument, including estimates of the timing and amount of expected future cash flows and the credit standing of counterparties. Such adjustments do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument, nor do they consider the tax impact of the realization of unrealized gains or losses. In many cases, the fair value cannot be substantiated by direct comparison to independent markets, nor can the disclosed value be realized in immediate settlement of the instrument. Management is responsible for the determination of the value of investments carried at fair value and the supporting methodologies and assumptions. Under the terms of various service agreements, the Company often utilizes independent valuation service providers to gather, analyze, and interpret market information and derive fair values based upon relevant methodologies and assumptions for individual securities. These independent valuation service providers typically obtain data about market transactions and other key valuation model inputs from multiple sources and, through the use of widely accepted valuation models, provide a single fair value measurement for individual securities for which a fair value has been requested. As further described below with respect to specific asset classes, these inputs include, but are not limited to, market prices for recent trades and transactions in comparable securities, benchmark yields, interest rate yield curves, credit spreads, quoted prices for similar securities, and other market-observable information, as applicable. Specific attributes of the security being valued also are considered, including its term, interest rate, credit rating, industry sector, and when applicable, collateral quality and other security- or issuer-specific information. When insufficient market observable information is available upon which to measure fair value, the Company either will request brokers knowledgeable about these securities to provide a non-binding quote or will employ internal valuation models. Fair values received from independent valuation service providers and brokers and those internally modeled or otherwise estimated are assessed for reasonableness. To validate reasonableness, prices also are internally reviewed by those with relevant expertise through comparison with directly observed recent market trades. |
Recognition of Insurance Income and Related Expenses | Recognition of Insurance Income and Related Expenses Deposits related to UL and investment-type contracts are reported as deposits to policyholders’ account balances. Revenues from these contracts consist of fees assessed during the period against policyholders’ account balances for mortality charges, policy administration charges and surrender charges. Policy benefits and claims that are charged to expense include benefit claims incurred in the period in excess of related policyholders’ account balances. Premiums from participating and non-participating traditional life and annuity policies with life contingencies generally are recognized in income when due. Benefits and expenses are matched with such income so as to result in the recognition of profits over the life of the contracts. This match is accomplished by means of the provision for liabilities for future policy benefits and the deferral and subsequent amortization of DAC. For contracts with a single premium or a limited number of premium payments due over a significantly shorter period than the total period over which benefits are provided, premiums are recorded as revenue when due with any excess profit deferred and recognized in income in a constant relationship to insurance in-force or, for annuities, the amount of expected future benefit payments. Premiums from individual health contracts are recognized as income over the period to which the premiums relate in proportion to the amount of insurance protection provided. |
DAC | DAC Acquisition costs that vary with and are primarily related to the acquisition of new and renewal insurance business, reflecting incremental direct costs of contract acquisition with independent third parties or employees that are essential to the contract transaction, as well as the portion of employee compensation, including payroll fringe benefits and other costs directly related to underwriting, policy issuance and processing, medical inspection, and contract selling for successfully negotiated contracts including commissions, underwriting, agency and policy issue expenses, are deferred. DAC is subject to recoverability testing at the time of policy issue and loss recognition testing at the end of each accounting period. After the initial establishment of reserves, premium deficiency and loss recognition tests are performed each period end using best estimate assumptions as of the testing date without provisions for adverse deviation. When the liabilities for future policy benefits plus the present value of expected future gross premiums for the aggregate product group are insufficient to provide for expected future policy benefits and expenses for that line of business (i.e., reserves net of any DAC asset), DAC would first be written off and thereafter, if required, a premium deficiency reserve would be established by a charge to earnings. In accordance with the guidance for the accounting and reporting by insurance enterprises for certain long-duration contracts and participating contracts and for realized gains and losses from the sale of investments, current and expected future profit margins for products covered by this guidance are examined regularly in determining the amortization of DAC. DAC associated with certain variable annuity products is amortized based on estimated assessments, with DAC on the remainder of variable annuities, UL and investment-type products amortized over the expected total life of the contract group as a constant percentage of estimated gross profits arising principally from investment results, Separate Account fees, mortality and expense margins and surrender charges based on historical and anticipated future experience, updated at the end of each accounting period. When estimated gross profits are expected to be negative for multiple years of a contract life, DAC is amortized using the present value of estimated assessments. The effect on the amortization of DAC of revisions to estimated gross profits or assessments is reflected in earnings (loss) in the period such estimated gross profits or assessments are revised. A decrease in expected gross profits or assessments would accelerate DAC amortization. Conversely, an increase in expected gross profits or assessments would slow DAC amortization. The effect on the DAC assets that would result from realization of unrealized gains (losses) is recognized with an offset to AOCI in consolidated equity as of the balance sheet date. A significant assumption in the amortization of DAC on variable annuities and, to a lesser extent, on variable and interest-sensitive life insurance relates to projected future Separate Account performance. Management sets estimated future gross profit or assessment assumptions related to Separate Account performance using a long-term view of expected average market returns by applying a reversion to the mean approach, a commonly used industry practice. This future return approach influences the projection of fees earned, as well as other sources of estimated gross profits. Returns that are higher than expectations for a given period produce higher than expected account balances, increase the fees earned resulting in higher expected future gross profits and lower DAC amortization for the period. The opposite occurs when returns are lower than expected. In applying this approach to develop estimates of future returns, it is assumed that the market will return to an average gross long-term return estimate, developed with reference to historical long-term equity market performance. In second quarter 2015, based upon management’s current expectations of interest rates and future fund growth, the Company updated its Reversion to the Mean (“RTM”) assumption from 9.0% to 7.0% . The average gross long-term return measurement start date was also updated to December 31, 2014. Management has set limitations as to maximum and minimum future rate of return assumptions, as well as a limitation on the duration of use of these maximum or minimum rates of return. At December 31, 2016 , the average gross short-term and long-term annual return estimate on variable and interest-sensitive life insurance and variable annuities was 7.0 % ( 4.67 % net of product weighted average Separate Account fees), and the gross maximum and minimum short-term annual rate of return limitations were 15.0 % ( 12.67 % net of product weighted average Separate Account fees) and 0.0 % ( -2.33 % net of product weighted average Separate Account fees), respectively. The maximum duration over which these rate limitations may be applied is 5 years . This approach will continue to be applied in future periods. These assumptions of long-term growth are subject to assessment of the reasonableness of resulting estimates of future return assumptions. If actual market returns continue at levels that would result in assuming future market returns of 15.0% for more than 5 years in order to reach the average gross long-term return estimate, the application of the 5 year maximum duration limitation would result in an acceleration of DAC amortization. Conversely, actual market returns resulting in assumed future market returns of 0.0% for more than 5 years would result in a required deceleration of DAC amortization. In addition, projections of future mortality assumptions related to variable and interest-sensitive life products are based on a long-term average of actual experience. This assumption is updated quarterly to reflect recent experience as it emerges. Improvement of life mortality in future periods from that currently projected would result in future deceleration of DAC amortization. Conversely, deterioration of life mortality in future periods from that currently projected would result in future acceleration of DAC amortization. Other significant assumptions underlying gross profit estimates for UL and investment type products relate to contract persistency and General Account investment spread. For participating traditional life policies (substantially all of which are in the Closed Block), DAC is amortized over the expected total life of the contract group as a constant percentage based on the present value of the estimated gross margin amounts expected to be realized over the life of the contracts using the expected investment yield. At December 31, 2016 , the average rate of assumed investment yields, excluding policy loans, was 5.1% grading to 4.5% over 10 years . Estimated gross margins include anticipated premiums and investment results less claims and administrative expenses, changes in the net level premium reserve and expected annual policyholder dividends. The effect on the accumulated amortization of DAC of revisions to estimated gross margins is reflected in earnings in the period such estimated gross margins are revised. The effect on the DAC assets that would result from realization of unrealized gains (losses) is recognized with an offset to AOCI in consolidated equity as of the balance sheet date. Many of the factors that affect gross margins are included in the determination of the Company’s dividends to these policyholders. DAC adjustments related to participating traditional life policies do not create significant volatility in results of operations as the Closed Block recognizes a cumulative policyholder dividend obligation expense in “Policyholders’ dividends,” for the excess of actual cumulative earnings over expected cumulative earnings as determined at the time of demutualization. DAC associated with non-participating traditional life policies is amortized in proportion to anticipated premiums. Assumptions as to anticipated premiums are estimated at the date of policy issue and are consistently applied during the life of the contracts. Deviations from estimated experience are reflected in earnings (loss) in the period such deviations occur. For these contracts, the amortization periods generally are for the total life of the policy. DAC related to these policies is subject to recoverability testing as part of the Company’s premium deficiency testing. If a premium deficiency exists, DAC is reduced by the amount of the deficiency or to zero through a charge to current period earnings (loss). If the deficiency exceeds the DAC balance, the reserve for future policy benefits is increased by the excess, reflected in earnings (loss) in the period such deficiency occurs. |
Contractholder Bonus Interest Credits | Contractholder Bonus Interest Credits Contractholder bonus interest credits are offered on certain deferred annuity products in the form of either immediate bonus interest credited or enhanced interest crediting rates for a period of time. The interest crediting expense associated with these contractholder bonus interest credits is deferred and amortized over the lives of the underlying contracts in a manner consistent with the amortization of DAC. Unamortized balances are included in Other assets. |
Policyholder's Account Balances and Future Policy Benefits | Policyholders’ Account Balances and Future Policy Benefits Policyholders’ account balances for UL and investment-type contracts are equal to the policy account values. The policy account values represent an accumulation of gross premium payments plus credited interest less expense and mortality charges and withdrawals. The Company has issued and continues to offer certain variable annuity products with guaranteed minimum death benefits (“GMDB”) and Guaranteed income benefit (“GIB”) features. The Company previously issued certain variable annuity products with guaranteed withdrawal benefit for life (“GWBL”), guaranteed minimum withdrawal benefit (“GMWB”) and guaranteed minimum accumulation benefit (“GMAB”) features (collectively, “GWBL and other features”). The Company also issues certain variable annuity products that contain a guaranteed minimum income benefit (“GMIB”) feature which, if elected by the policyholder after a stipulated waiting period from contract issuance, guarantees a minimum lifetime annuity based on predetermined annuity purchase rates that may be in excess of what the contract account value can purchase at then-current annuity purchase rates. This minimum lifetime annuity is based on predetermined annuity purchase rates applied to a GMIB base. Reserves for GMDB and GMIB obligations are calculated on the basis of actuarial assumptions related to projected benefits and related contract charges generally over the lives of the contracts. The determination of this estimated liability is based on models that involve numerous estimates and subjective judgments, including those regarding expected market rates of return and volatility, contract surrender and withdrawal rates, mortality experience, and, for contracts with the GMIB feature, GMIB election rates. Assumptions regarding Separate Account performance used for purposes of this calculation are set using a long-term view of expected average market returns by applying a reversion to the mean approach, consistent with that used for DAC amortization. There can be no assurance that actual experience will be consistent with management’s estimates. For reinsurance contracts other than those covering GMIB exposure, reinsurance recoverable balances are calculated using methodologies and assumptions that are consistent with those used to calculate the direct liabilities. For participating traditional life policies, future policy benefit liabilities are calculated using a net level premium method on the basis of actuarial assumptions equal to guaranteed mortality and dividend fund interest rates. The liability for annual dividends represents the accrual of annual dividends earned. Terminal dividends are accrued in proportion to gross margins over the life of the contract. For non-participating traditional life insurance policies, future policy benefit liabilities are estimated using a net level premium method on the basis of actuarial assumptions as to mortality, persistency and interest established at policy issue. Assumptions established at policy issue as to mortality and persistency are based on the Company’s experience that, together with interest and expense assumptions, includes a margin for adverse deviation. Benefit liabilities for traditional annuities during the accumulation period are equal to accumulated contractholders’ fund balances and, after annuitization, are equal to the present value of expected future payments. Interest rates used in establishing such liabilities range from 5.0% to 6.3% (weighted average of 5.1% ) for approximately 99.0% of life insurance liabilities and from 1.6% to 5.5% (weighted average of 4.3% ) for annuity liabilities. Individual health benefit liabilities for active lives are estimated using the net level premium method and assumptions as to future morbidity, withdrawals and interest. Benefit liabilities for disabled lives are estimated using the present value of benefits method and experience assumptions as to claim terminations, expenses and interest. While management believes its disability income (“DI”) reserves have been calculated on a reasonable basis and are adequate, there can be no assurance reserves will be sufficient to provide for future liabilities. When the liabilities for future policy benefits plus the present value of expected future gross premiums for a product are insufficient to provide for expected future policy benefits and expenses for that product, DAC is written off and thereafter, if required, a premium deficiency reserve is established by a charge to earnings. Funding agreements are reported in Policyholders’ account balances in the consolidated balance sheets. As a member of the Federal Home Loan Bank of New York (“FHLBNY”), AXA Equitable has access to collateralized borrowings. AXA Equitable may also issue funding agreements to the FHLBNY. Both the collateralized borrowings and funding agreements would require AXA Equitable to pledge qualified mortgage-backed assets and/or government securities as collateral. |
Accounting for Variable Annuities with GMDB and GMIB Features | Accounting for Variable Annuities with GMDB and GMIB Features Future claims exposure on products with GMDB and GMIB features are sensitive to movements in the equity markets and interest rates. The Company has in place various hedging programs utilizing derivatives that are designed to mitigate the impact of movements in equity markets and interest rates. These various hedging programs do not qualify for hedge accounting treatment. As a result, changes in the value of the derivatives will be recognized in the period in which they occur while offsetting changes in reserves and deferred policy acquisition costs DAC will be recognized over time in accordance with policies described below under “Policyholders’ Account Balances and Future Policy Benefits” and “DAC”. These differences in recognition contribute to earnings volatility. GMIB reinsurance contracts are used to cede to affiliated and non-affiliated reinsurers a portion of the exposure on variable annuity products that offer the GMIB feature. The GMIB reinsurance contracts are accounted for as derivatives and are reported at fair value. Gross reserves for GMIB are calculated on the basis of assumptions related to projected benefits and related contract charges over the lives of the contracts and therefore will not immediately reflect the offsetting impact on future claims exposure resulting from the same capital market and/or interest rate fluctuations that cause gains or losses on the fair value of the GMIB reinsurance contracts. The changes in the fair value of the GMIB reinsurance contracts are recorded in the period in which they occur while offsetting changes in gross reserves and DAC for GMIB are recognized over time in accordance with policies described below under “Policyholders’ Account Balances and Future Policy Benefits” and “DAC”. These differences in recognition contribute to earnings volatility. |
Policyholders Dividends | Policyholders’ Dividends The amount of policyholders’ dividends to be paid (including dividends on policies included in the Closed Block) is determined annually by AXA Equitable’s board of directors. The aggregate amount of policyholders’ dividends is related to actual interest, mortality, morbidity and expense experience for the year and judgment as to the appropriate level of statutory surplus to be retained by AXA Equitable. At December 31, 2016 , participating policies, including those in the Closed Block, represent approximately 5.0 % ($ 17,491 million) of directly written life insurance in-force, net of amounts ceded. |
Separate Accounts | Separate Accounts Generally, Separate Accounts established under New York State Insurance Law are not chargeable with liabilities that arise from any other business of AXA Equitable. Separate Accounts assets are subject to General Account claims only to the extent Separate Accounts assets exceed Separate Accounts liabilities. Assets and liabilities of the Separate Accounts represent the net deposits and accumulated net investment earnings (loss) less fees, held primarily for the benefit of contractholders, and for which the Company does not bear the investment risk. Separate Accounts’ assets and liabilities are shown on separate lines in the consolidated balance sheets. Assets held in Separate Accounts are reported at quoted market values or, where quoted values are not readily available or accessible for these securities, their fair value measures most often are determined through the use of model pricing that effectively discounts prospective cash flows to present value using appropriate sector-adjusted credit spreads commensurate with the security’s duration, also taking into consideration issuer-specific credit quality and liquidity. Investment performance (including investment income, net investment gains (losses) and changes in unrealized gains (losses)) and the corresponding amounts credited to contractholders of such Separate Accounts are offset within the same line in the consolidated statements of earnings (loss). For 2016 , 2015 and 2014 , investment results of such Separate Accounts were gains (losses) of $ 8,222 million, $1,148 million and $5,959 million , respectively. Deposits to Separate Accounts are reported as increases in Separate Accounts assets and liabilities and are not reported in revenues. Mortality, policy administration and surrender charges on all policies including those funded by Separate Accounts are included in revenues. The Company reports the General Account’s interests in Separate Accounts as Other equity investments in the consolidated balance sheets. |
Recognition of Investment Advisory and Administrative Services Revenues and Related Expenses | Recognition of Investment Advisory and Administrative Services Revenues and Related Expenses AXA Equitable FMG performs investment advisory and administrative services to investment companies, currently AXA Premier VIP Trust (“VIP Trust”), EQ Advisors Trust (“EQAT”), 1290 Funds, AXA Allocation Funds Trusts and AXA Offshore Multimanager Funds Trust (“Other AXA Trusts”). AXA Equitable FMG has entered into sub-advisory agreements with affiliated and unaffiliated registered investment advisers to provide sub-advisory services to AXA Equitable FMG with respect to certain portfolios of EQAT and the Other AXA Trusts. AXA Equitable FMG’s administrative services include, among others, fund accounting and compliance services. AXA Equitable FMG has entered into a sub-administration agreement with JPMorgan Chase Bank, N.A. to provide certain sub-administration services to AXA Equitable FMG as instructed by AXA Equitable FMG. AXA Equitable FMG earns fees related to these services; the fees are calculated as a percentage of assets under management and are recorded in Commissions, fees and other income in the Consolidated statements of earnings (loss) as the related services are performed. Sub-advisory and sub-administrative expenses associated with the services are calculated and recorded as the related services are performed in Other operating costs and expenses in the Consolidated statements of earnings (loss). |
Recognition of Investment Management Revenues and Related Expenses | Recognition of Investment Management Revenues and Related Expenses Commissions, fees and other income principally include the Investment Management segment’s investment advisory and service fees, distribution revenues and institutional research services revenue. Investment advisory and service base fees, generally calculated as a percentage, referred to as basis points (“BPs”), of assets under management, are recorded as revenue as the related services are performed; they include brokerage transactions charges received by Sanford C. Bernstein & Co. LLC (“SCB LLC”) for certain retail, private client and institutional investment client transactions. Certain investment advisory contracts, including those associated with hedge funds, provide for a performance-based fee, in addition to or in lieu of a base fee which is calculated as either a percentage of absolute investment results or a percentage of the investment results in excess of a stated benchmark over a specified period of time. Performance-based fees are recorded as a component of revenue at the end of each contract’s measurement period. Institutional research services revenue consists of brokerage transaction charges received by SCB LLC and Sanford C. Bernstein Limited (“SCBL”) for independent research and brokerage-related services provided to institutional investors. Brokerage transaction charges earned and related expenses are recorded on a trade date basis. Distribution revenues and shareholder servicing fees are accrued as earned. Commissions paid to financial intermediaries in connection with the sale of shares of open-end AB sponsored mutual funds sold without a front-end sales charge (“back-end load shares”) are capitalized as deferred sales commissions and amortized over periods not exceeding five and one-half years for U.S. fund shares and four years for non-U.S. fund shares, the periods of time during which the deferred sales commissions are generally recovered. These commissions are recovered from distribution services fees received from those funds and from contingent deferred sales commissions (“CDSC”) received from shareholders of those funds upon the redemption of their shares. CDSC cash recoveries are recorded as reductions of unamortized deferred sales commissions when received. Effective January 31, 2009, back-end load shares are no longer offered to new investors by AB’s U.S. funds. Management tests the deferred sales commission asset for recoverability quarterly and determined that the balance as of December 31, 2016 was not impaired. AB’s management determines recoverability by estimating undiscounted future cash flows to be realized from this asset, as compared to its recorded amount, as well as the estimated remaining life of the deferred sales commission asset over which undiscounted future cash flows are expected to be received. Undiscounted future cash flows consist of ongoing distribution services fees and CDSC. Distribution services fees are calculated as a percentage of average assets under management related to back-end load shares. CDSC are based on the lower of cost or current value, at the time of redemption, of back-end load shares redeemed and the point at which redeemed during the applicable minimum holding period under the mutual fund distribution system. Significant assumptions utilized to estimate future average assets under management and undiscounted future cash flows from back-end load shares include expected future market levels and redemption rates. Market assumptions are selected using a long-term view of expected average market returns based on historical returns of broad market indices. Future redemption rate assumptions are determined by reference to actual redemption experience over the five-year, three-year and one-year periods and current quarterly periods ended December 31, 2016 . These assumptions are updated periodically. Estimates of undiscounted future cash flows and the remaining life of the deferred sales commission asset are made from these assumptions and the aggregate undiscounted cash flows are compared to the recorded value of the deferred sales commission asset. If AB’s management determines in the future that the deferred sales commission asset is not recoverable, an impairment condition would exist and a loss would be measured as the amount by which the recorded amount of the asset exceeds its estimated fair value. Estimated fair value is determined using AB’s management’s best estimate of future cash flows discounted to a present value amount. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill represents the excess of the purchase price over the fair value of identifiable net assets of acquired companies, and relates principally to the acquisition of SCB Inc., an investment research and management company formerly known as Sanford C. Bernstein Inc. (“Bernstein Acquisition”) and the purchase of units of the limited partnership interest in AB (“AB Units”). In accordance with the guidance for Goodwill and Other Intangible Assets, goodwill is tested annually for impairment and at interim periods if events or circumstances indicate an impairment could have occurred. Intangible assets related to the Bernstein Acquisition and purchases of AB Units include values assigned to contracts of businesses acquired based on their estimated fair value at the time of acquisition, less accumulated amortization. These intangible assets are generally amortized on a straight-line basis over their estimated useful life of approximately 20 years . All intangible assets are periodically reviewed for impairment as events or changes in circumstances indicate that the carrying value may not be recoverable. If the carrying value exceeds fair value, additional impairment tests are performed to measure the amount of the impairment loss, if any. |
Other Accounting Policies | Internal-use Software Capitalized internal-use software, included in Other assets in the consolidated balance sheets, is amortized on a straight-line basis over the estimated useful life of the software that ranges between three and five years. If an impairment is determined to have occurred, software capitalization is accelerated for the remaining balance deemed to be impaired. Income Taxes AXA Financial and certain of its consolidated subsidiaries and affiliates, including the Company, file a consolidated Federal income tax return. The Company provides for Federal and state income taxes currently payable, as well as those deferred due to temporary differences between the financial reporting and tax bases of assets and liabilities. Current Federal income taxes are charged or credited to operations based upon amounts estimated to be payable or recoverable as a result of taxable operations for the current year. Deferred income tax assets and liabilities are recognized based on the difference between financial statement carrying amounts and income tax bases of assets and liabilities using enacted income tax rates and laws. Valuation allowances are established when management determines, based on available information, that it is more likely than not that deferred tax assets will not be realized. Under accounting for uncertainty in income taxes guidance, the Company determines whether it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit can be recorded in the consolidated financial statements. Tax positions are then measured at the largest amount of benefit that is greater than 50% likely of being realized upon settlement. AB is a private partnership for Federal income tax purposes and, accordingly, is not subject to Federal and state corporate income taxes. However, AB is subject to a 4.0% New York City unincorporated business tax (“UBT”). Domestic corporate subsidiaries of AB are subject to Federal, state and local income taxes. Foreign corporate subsidiaries are generally subject to taxes in the foreign jurisdictions where they are located. The Company provides Federal and state income taxes on the undistributed earnings of non-U.S. corporate subsidiaries except to the extent that such earnings are permanently invested outside the United States. |
Accounting and Consolidation of VIE's | Accounting and Consolidation of VIE’s For all new investment products and entities developed by the Company (other than Collateralized Debt Obligations (“CDOs”)), the Company first determines whether the entity is a VIE, which involves determining an entity’s variability and variable interests, identifying the holders of the equity investment at risk and assessing the five characteristics of a VIE. Once an entity has been determined to be a VIE, the Company then identifies the primary beneficiary of the VIE. If the Company is deemed to be the primary beneficiary of the VIE, then the Company consolidates the entity. The Company provides seed capital to its investment teams to develop new products and services for their clients. The Company’s original seed investment typically represents all or a majority of the equity investment in the new product is temporary in nature. The Company evaluates its seed investments on a quarterly basis and consolidates such investments as required pursuant to U.S. GAAP. Management of the Company reviews quarterly its investment management agreements and its investments in, and other financial arrangements with, certain entities that hold client assets under management (“AUM”) to determine the entities that the Company is required to consolidate under this guidance. These entities include certain mutual fund products, hedge funds, structured products, group trusts, collective investment trusts and limited partnerships. A VIE must be consolidated by its primary beneficiary, which generally is defined as the party that has a controlling financial interest in the VIE. The Company is deemed to have a controlling financial interest in a VIE if it has (i) the power to direct the activities of the VIE that most significantly affect the VIE’s economic performance, and (ii) the obligation to absorb losses of the VIE or the right to receive income from the VIE that potentially could be significant to the VIE. For purposes of evaluating (ii) above, fees paid to the Company as a decision maker or service provider are excluded if the fees are compensation for services provided commensurate with the level of effort required to be performed and the arrangement includes only customary terms, conditions or amounts present in arrangements for similar services negotiated at arm’s length. If the Company has a variable interest in an entity that is determined not to be a VIE, the entity then is evaluated for consolidation under the voting interest entity (“VOE”) model. For limited partnerships and similar entities, the Company is deemed to have a controlling financial interest in a VOE, and would be required to consolidate the entity, if the Company owns a majority of the entity’s kick-out rights through voting limited partnership interests and other limited partners do not hold substantive participating rights (or other rights that would indicate that the Company does not control the entity). For entities other than limited partnerships, the Company is deemed to have a controlling financial interest in a VOE if it owns a majority voting interest in the entity. The analysis performed to identify variable interests held, determine whether entities are VIEs or VOEs, and evaluate whether the Company has a controlling financial interest in such entities requires the exercise of judgment and is updated on a continuous basis as circumstances change or new entities are developed. The primary beneficiary evaluation generally is performed qualitatively based on all facts and circumstances, including consideration of economic interests in the VIE held directly and indirectly through related parties and entities under common control, as well as quantitatively, as appropriate. At December 31, 2016 , the Insurance segment’s General Account held approximately $1,209 million of investment assets in the form of equity interests issued by non-corporate legal entities determined under the new guidance to be VIEs, such as limited partnerships and limited liability companies, including hedge funds, private equity funds, and real estate-related funds. As an equity investor, the Insurance segment is considered to have a variable interest in each of these VIEs as a result of its participation in the risks and/or rewards these funds were designed to create by their defined portfolio objectives and strategies. Primarily through qualitative assessment, including consideration of related party interests and/or other financial arrangements, if any, the Insurance segment was not identified as primary beneficiary of any of these VIEs, largely due to its inability to direct the activities that most significantly impact their economic performance. Consequently, the Company continues to reflect these equity interests in the consolidated balance sheet as Other equity investments and to apply the equity method of accounting for these positions. The net assets of these non-consolidated VIEs are approximately $157,986 million . The Company’s maximum exposure to loss from its direct involvement with these VIEs is the carrying value of its investment of $1,209 million and approximately $697 million of unfunded commitments at December 31, 2016 . The Company has no further economic interest in these VIEs in the form of guarantees, derivatives, credit enhancements or similar instruments and obligations. As a result of adopting the new guidance, the Company identified for consolidation under the VIE model three investment funds sponsored by AB. In addition, the Company identified as a VIE an AB private equity fund previously consolidated at December 31, 2015 under the VOE model. The assets of these consolidated VIEs are presented within other invested assets and cash and cash equivalents and liabilities of these consolidated VIEs are presented within other liabilities on the face of the Company’s consolidated balance sheet at December 31, 2016 ; ownership interests not held by the Company relating to these consolidated VIEs are presented either as redeemable or non-redeemable non-controlling interest, as appropriate. In 2016 , subsequent to the initial adoption of the VIEs guidance, AB consolidated six additional investment funds that were classified as VIEs in which AB obtained a controlling financial interest due to its investment in those funds and deconsolidated a VIE of which AB no longer was the primary beneficiary due to the redemption of its seed money from the fund. At the time of adoption of the new consolidation guidance, AXA financial consolidated total assets of $265 million , total liabilities of $14 million and redeemable non-controlling interest of $251 million in the consolidated balance sheet. As of December 31, 2016 AXA financial consolidated $933 million of assets, liabilities of $293 million and redeemable non-controlling interest of $392 million associated with the consolidation of VIEs. As of December 31, 2016 , the net assets of investment products sponsored by AB that are non-consolidated VIEs are approximately $43,700 million and the Company’s maximum exposure to loss from its direct involvement with these VIEs is its investment of $13 million at December 31, 2016 . The Company has no further commitments to or economic interest in these VIEs. |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-sale Securities | The following table provides information relating to fixed maturities and equity securities classified as AFS: Available-for-Sale Securities by Classification Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value OTTI in AOCI (3) (In Millions) December 31, 2016 Fixed Maturity Securities: Public corporate $ 12,418 $ 675 $ 81 $ 13,012 $ — Private corporate 6,880 215 55 7,040 — U.S. Treasury, government and agency 10,739 221 624 10,336 — States and political subdivisions 432 63 2 493 — Foreign governments 375 29 14 390 — Commercial mortgage-backed 415 28 72 371 7 Residential mortgage-backed (1) 294 20 — 314 — Asset-backed (2) 51 10 1 60 3 Redeemable preferred stock 519 45 10 554 — Total Fixed Maturities 32,123 1,306 859 32,570 10 Equity securities 113 — — 113 — Total at December 31, 2016 $ 32,236 $ 1,306 $ 859 $ 32,683 $ 10 December 31, 2015: Fixed Maturity Securities: Public corporate $ 12,890 $ 688 $ 202 $ 13,376 $ — Private corporate 6,818 232 124 6,926 — U.S. Treasury, government and agency 8,800 280 305 8,775 — States and political subdivisions 437 68 1 504 — Foreign governments 397 36 18 415 — Commercial mortgage-backed 591 29 87 533 9 Residential mortgage-backed (1) 608 32 — 640 — Asset-backed (2) 68 10 1 77 3 Redeemable preferred stock 592 57 2 647 — Total Fixed Maturities 31,201 1,432 740 31,893 12 Equity securities 34 — 2 32 — Total at December 31, 2015 $ 31,235 $ 1,432 $ 742 $ 31,925 $ 12 (1) Includes publicly traded agency pass-through securities and collateralized mortgage obligations. (2) Includes credit-tranched securities collateralized by sub-prime mortgages and other asset types and credit tenant loans. (3) Amounts represent OTTI losses in AOCI, which were not included in earnings (loss) in accordance with current accounting guidance. |
Investments Classified by Contractual Maturity Date | The contractual maturities of AFS fixed maturities at December 31, 2016 are shown in the table below. Bonds not due at a single maturity date have been included in the table in the final year of maturity. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Available-for-Sale Fixed Maturities Contractual Maturities at December 31, 2016 Amortized Cost Fair Value (In Millions) Due in one year or less $ 1,537 $ 1,549 Due in years two through five 7,736 8,128 Due in years six through ten 8,898 9,005 Due after ten years 12,673 12,589 Subtotal 30,844 31,271 Commercial mortgage-backed securities 415 371 Residential mortgage-backed securities 294 314 Asset-backed securities 51 60 Redeemable preferred stocks 519 554 Total $ 32,123 $ 32,570 |
Available For Sale Fixed Maturities Proceeds Gross Gains And Gross Losses From Sales And Other Than Temporary Impairments | The following table shows proceeds from sales, gross gains (losses) from sales and OTTI for AFS fixed maturities during 2016 , 2015 and 2014 : December 31, 2016 2015 2014 (In Millions) Proceeds from sales $ 4,324 $ 979 $ 716 Gross gains on sales $ 111 $ 33 $ 21 Gross losses on sales $ (58 ) $ (8 ) $ (9 ) Total OTTI $ (65 ) $ (41 ) $ (72 ) Non-credit losses recognized in OCI — — — Credit losses recognized in earnings (loss) $ (65 ) $ (41 ) $ (72 ) |
Fixed Maturities Credit Loss Impairments | The following table sets forth the amount of credit loss impairments on fixed maturity securities held by the Company at the dates indicated and the corresponding changes in such amounts. Fixed Maturities - Credit Loss Impairments 2016 2015 (In Millions) Balances at January 1, $ (198 ) $ (254 ) Previously recognized impairments on securities that matured, paid, prepaid or sold 73 97 Recognized impairments on securities impaired to fair value this period (1) (17 ) (11 ) Impairments recognized this period on securities not previously impaired (46 ) (22 ) Additional impairments this period on securities previously impaired (2 ) (8 ) Increases due to passage of time on previously recorded credit losses — — Accretion of previously recognized impairments due to increases in expected cash flows — — Balances at December 31, $ (190 ) $ (198 ) (1) Represents circumstances where the Company determined in the current period that it intends to sell the security or it is more likely than not that it will be required to sell the security before recovery of the security’s amortized cost. |
Unrealized Gain (Loss) on Investments | Net unrealized investment gains (losses) on fixed maturities and equity securities classified as AFS are included in the consolidated balance sheets as a component of AOCI. The table below presents these amounts as of the dates indicated: December 31, 2016 2015 (In Millions) AFS Securities: Fixed maturities: With OTTI loss $ 19 $ 16 All other 428 676 Equity securities — (2 ) Net Unrealized Gains (Losses) $ 447 $ 690 |
Unrealized Gain (Loss) On Investments With Other Than Temporary Impairment | Net Unrealized Gains (Losses) on Fixed Maturities with OTTI Losses Net Unrealized Gain (Losses) on Investments DAC Policyholders Liabilities Deferred Income Tax Asset (Liability) AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses) (In Millions) Balance, January 1, 2016 $ 16 $ — $ (4 ) $ (5 ) $ 7 Net investment gains (losses) arising during the period (6 ) — — — (6 ) Reclassification adjustment for OTTI losses: Included in Net earnings (loss) 9 — — — 9 Excluded from Net earnings (loss) (1) — — — — — Impact of net unrealized investment gains (losses) on: DAC — (1 ) — — (1 ) Deferred income taxes — — — 2 2 Policyholders liabilities — — (6 ) — (6 ) Balance, December 31, 2016 $ 19 $ (1 ) $ (10 ) $ (3 ) $ 5 Balance, January 1, 2015 $ 10 $ — $ — $ (4 ) $ 6 Net investment gains (losses) arising during the period (7 ) — — — (7 ) Reclassification adjustment for OTTI losses: Included in Net earnings (loss) 13 — — — 13 Excluded from Net earnings (loss) (1) — — — — — Impact of net unrealized investment gains (losses) on: DAC — — — — — Deferred income taxes — — — (1 ) (1 ) Policyholders liabilities — — (4 ) — (4 ) Balance, December 31, 2015 $ 16 $ — $ (4 ) $ (5 ) $ 7 (1) Represents “transfers in” related to the portion of OTTI losses recognized during the period that were not recognized in earnings (loss) for securities with no prior OTTI loss. |
Other Net Unrealized Investment Gains Losses In Accumulated Other Comprehensive Income | All Other Net Unrealized Investment Gains (Losses) in AOCI Net Unrealized Gains (Losses) on Investments DAC Policyholders Liabilities Deferred Income Tax Asset (Liability) AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses) (In Millions) Balance, January 1, 2016 $ 674 $ (82 ) $ (213 ) $ (133 ) $ 246 Net investment gains (losses) arising during the period (240 ) — — — (240 ) Reclassification adjustment for OTTI losses: Included in Net earnings (loss) (6 ) — — — (6 ) Excluded from Net earnings (loss) (1) — — — — — Impact of net unrealized investment gains (losses) on: DAC — (5 ) — — (5 ) Deferred income taxes — — — 80 80 Policyholders liabilities — — 24 — 24 Balance, December 31, 2016 $ 428 $ (87 ) $ (189 ) $ (53 ) $ 99 Balance, January 1, 2015 $ 2,231 $ (122 ) $ (368 ) $ (610 ) $ 1,131 Net investment gains (losses) arising during the period (1,562 ) — — — (1,562 ) Reclassification adjustment for OTTI losses: Included in Net earnings (loss) 5 — — — 5 Excluded from Net earnings (loss) (1) — — — — — Impact of net unrealized investment gains (losses) on: DAC — 40 — — 40 Deferred income taxes — — — 477 477 Policyholders liabilities — — 155 — 155 Balance, December 31, 2015 $ 674 $ (82 ) $ (213 ) $ (133 ) $ 246 (1) Represents “transfers out” related to the portion of OTTI losses during the period that were not recognized in earnings (loss) for securities with no prior OTTI loss. |
Schedule of Unrealized Loss on Investments | The following tables disclose the fair values and gross unrealized losses of the 794 issues at December 31, 2016 and the 810 issues at December 31, 2015 of fixed maturities that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the specified periods at the dates indicated: Less Than 12 Months 12 Months or Longer Total Fair Value Gross Fair Value Gross Fair Value Gross (In Millions) December 31, 2016: Fixed Maturity Securities: Public corporate $ 2,455 $ 75 $ 113 $ 6 $ 2,568 $ 81 Private corporate 1,483 38 277 17 1,760 55 U.S. Treasury, government and agency 5,356 624 — — 5,356 624 States and political subdivisions — — 18 2 18 2 Foreign governments 73 3 49 11 122 14 Commercial mortgage-backed 66 5 171 67 237 72 Residential mortgage-backed 47 — 4 — 51 — Asset-backed 4 — 8 1 12 1 Redeemable preferred stock 218 9 12 1 230 10 Total $ 9,702 $ 754 $ 652 $ 105 $ 10,354 $ 859 December 31, 2015: Fixed Maturity Securities: Public corporate $ 3,091 $ 129 $ 359 $ 73 $ 3,450 $ 202 Private corporate 1,926 102 184 22 2,110 124 U.S. Treasury, government and agency 3,538 305 — — 3,538 305 States and political subdivisions 19 1 — — 19 1 Foreign governments 73 7 39 11 112 18 Commercial mortgage-backed 67 2 261 85 328 87 Residential mortgage-backed 11 — 29 — 40 — Asset-backed 11 — 17 1 28 1 Redeemable preferred stock 43 — 40 2 83 2 Total $ 8,779 $ 546 $ 929 $ 194 $ 9,708 $ 740 |
Troubled Debt Restructuring on Financing Receivables | Troubled Debt Restructuring - Modifications December 31, 2016 Number Outstanding Recorded Investment of Loans Pre-Modification Post - Modification (Dollars In Millions) Commercial mortgage loans 1 $ 15 $ 15 |
Allowance for Credit Losses on Financing Receivable | Allowance for credit losses for mortgage loans for 2016 , 2015 and 2014 are as follows: Commercial Mortgage Loans 2016 2015 2014 Allowance for credit losses: (In Millions) Beginning Balance, January 1, $ 6 $ 37 $ 42 Charge-offs — (32 ) (14 ) Recoveries (2 ) (1 ) — Provision 4 2 9 Ending Balance, December 31, $ 8 $ 6 $ 37 Ending Balance, December 31,: Individually Evaluated for Impairment $ 8 $ 6 $ 37 |
Debt Service Coverage Ratio | The following tables provide information relating to the loan-to-value and debt service coverage ratios for commercial and agricultural mortgage loans at December 31, 2016 and 2015 , respectively. The values used in these ratio calculations were developed as part of the periodic review of the commercial and agricultural mortgage loan portfolio, which includes an evaluation of the underlying collateral value. Mortgage Loans by Loan-to-Value and Debt Service Coverage Ratios December 31, 2016 Debt Service Coverage Ratio Loan-to-Value Ratio: (2) Greater than 2.0x 1.8x to 2.0x 1.5x to 1.8x 1.2x to 1.5x 1.0x to 1.2x Less than 1.0x Total Mortgage Loans (In Millions) Commercial Mortgage Loans (1) 0% - 50% $ 738 $ 95 $ 59 $ 56 $ — $ — $ 948 50% - 70% 3,217 430 673 1,100 76 — 5,496 70% - 90% 282 65 229 127 28 46 777 90% plus — — 28 15 — — 43 Total Commercial Mortgage Loans $ 4,237 $ 590 $ 989 $ 1,298 $ 104 $ 46 $ 7,264 Agricultural Mortgage Loans (1) 0% - 50% $ 254 $ 138 $ 296 $ 468 $ 286 $ 49 $ 1,491 50% - 70% 141 57 209 333 219 45 1,004 70% - 90% — — 2 4 — — 6 90% plus — — — — — — — Total Agricultural Mortgage Loans $ 395 $ 195 $ 507 $ 805 $ 505 $ 94 $ 2,501 Total Mortgage Loans (1) 0% - 50% $ 992 $ 233 $ 355 $ 524 $ 286 $ 49 $ 2,439 50% - 70% 3,358 487 882 1,433 295 45 6,500 70% - 90% 282 65 231 131 28 46 783 90% plus — — 28 15 — — 43 Total Mortgage Loans $ 4,632 $ 785 $ 1,496 $ 2,103 $ 609 $ 140 $ 9,765 (1) The debt service coverage ratio is calculated using the most recently reported net operating income results from property operations divided by annual debt service. (2) The loan-to-value ratio is derived from current loan balance divided by the fair market value of the property. The fair market value of the underlying commercial properties is updated annually. Mortgage Loans by Loan-to-Value and Debt Service Coverage Ratios December 31, 2015 Debt Service Coverage Ratio Loan-to-Value Ratio: (2) Greater than 2.0x 1.8x to 2.0x 1.5x to 1.8x 1.2x to 1.5x 1.0x to 1.2x Less than 1.0x Total Mortgage Loans (In Millions) Commercial Mortgage Loans (1) 0% - 50% $ 533 $ — $ 102 $ 12 $ 24 $ — $ 671 50% - 70% 1,392 353 741 853 77 — 3,416 70% - 90% 141 — 206 134 124 46 651 90% plus 63 — — 46 — — 109 Total Commercial Mortgage Loans $ 2,129 $ 353 $ 1,049 $ 1,045 $ 225 $ 46 $ 4,847 Agricultural Mortgage Loans (1) 0% - 50% $ 204 $ 116 $ 277 $ 432 $ 256 $ 51 $ 1,336 50% - 70% 146 80 192 298 225 47 988 70% - 90% — — 2 4 — — 6 90% plus — — — — — — — Total Agricultural Mortgage Loans $ 350 $ 196 $ 471 $ 734 $ 481 $ 98 $ 2,330 Total Mortgage Loans (1) 0% - 50% $ 737 $ 116 $ 379 $ 444 $ 280 $ 51 $ 2,007 50% - 70% 1,538 433 933 1,151 302 47 4,404 70% - 90% 141 — 208 138 124 46 657 90% plus 63 — — 46 — — 109 Total Mortgage Loans $ 2,479 $ 549 $ 1,520 $ 1,779 $ 706 $ 144 $ 7,177 (1) The debt service coverage ratio is calculated using the most recently reported net operating income results from property operations divided by annual debt service. (2) The loan-to-value ratio is derived from current loan balance divided by the fair market value of the property. The fair market value of the underlying commercial properties is updated annually. |
Age Analysis Of Past Due Mortgage Loans | The following table provides information relating to the aging analysis of past due mortgage loans at December 31, 2016 and 2015 , respectively. Age Analysis of Past Due Mortgage Loan 30-59 Days 60-89 Days 90 Days Or > Total Current Total Financing Receivables Recorded Investment Or > 90 Days and Accruing (In Millions) December 31, 2016: Commercial $ — $ — $ — $ — $ 7,264 $ 7,264 $ — Agricultural 9 2 6 17 2,484 2,501 6 Total Mortgage Loans $ 9 $ 2 $ 6 $ 17 $ 9,748 $ 9,765 $ 6 December 31, 2015: Commercial $ — $ — $ 30 $ 30 $ 4,817 $ 4,847 $ — Agricultural 12 7 4 23 2,307 2,330 4 Total Mortgage Loans $ 12 $ 7 $ 34 $ 53 $ 7,124 $ 7,177 $ 4 |
Impaired Mortgage Loans | The following table provides information relating to impaired mortgage loans at December 31, 2016 and 2015 , respectively. Impaired Mortgage Loans Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment (1) Interest Income Recognized (In Millions) December 31, 2016: With no related allowance recorded: Commercial mortgage loans - other $ 15 $ 15 $ — $ 22 $ — Agricultural mortgage loans — — — — — Total $ 15 $ 15 $ — $ 22 $ — With related allowance recorded: Commercial mortgage loans - other $ 27 $ 27 $ (8 ) $ 48 $ 2 Agricultural mortgage loans — — — — — Total $ 27 $ 27 $ (8 ) $ 48 $ 2 December 31, 2015: With no related allowance recorded: Commercial mortgage loans - other $ 46 $ 46 $ — $ 15 $ — Agricultural mortgage loans — — — — — Total $ 46 $ 46 $ — $ 15 $ — With related allowance recorded: Commercial mortgage loans - other $ 63 $ 63 $ (6 ) $ 137 $ 4 Agricultural mortgage loans — — — — — Total $ 63 $ 63 $ (6 ) $ 137 $ 4 (1) Represents a five-quarter average of recorded amortized cost. |
Real Estate Investment Financial Statements, Disclosure | The tables below present quantitative disclosures about the Company’s derivative instruments, including those embedded in other contracts required to be accounted for as derivative instruments. Derivative Instruments by Category At or For the Year Ended December 31, 2016 Fair Value Notional Amount Asset Derivatives Liability Derivatives Gains (Losses) Reported In Earnings (Loss) (In Millions) Freestanding derivatives: Equity contracts: (1) Futures $ 5,086 $ 1 $ 1 $ (826 ) Swaps 3,529 13 67 (290 ) Options 11,465 2,114 1,154 727 Interest rate contracts: (1) Floors 1,500 11 — 4 Swaps 18,933 246 1,163 (224 ) Futures 6,926 — — — Swaptions — — — 87 Credit contracts: (1) Credit default swaps 2,757 20 15 15 Other freestanding contracts: (1) Foreign currency Contracts 730 52 6 45 Margin — 107 6 — Collateral — 712 748 — Net investment income (loss) (462 ) Embedded derivatives: GMIB reinsurance contracts — 10,309 — (261 ) GIB and GWBL and other features (2) — — 164 (20 ) SCS, SIO, MSO and IUL indexed features (3) — — 887 (754 ) Balances, December 31, 2016 $ 50,926 $ 13,585 $ 4,211 $ (1,497 ) (1) Reported in Other invested assets in the consolidated balance sheets. (2) Reported in Future policy benefits and other policyholders’ liabilities in the consolidated balance sheets. (3) SCS and SIO indexed features are reported in Policyholders’ account balances; MSO and IUL indexed features are reported in Future policyholders’ benefits and other policyholders’ liabilities in the consolidated balance sheets. |
Schedule of Derivative Instruments | Derivative Instruments by Category At or For the Year Ended December 31, 2015 Fair Value Notional Amount Asset Derivatives Liability Derivatives Gains (Losses) Reported In Earnings (Loss) (In Millions) Freestanding derivatives: Equity contracts: (1) Futures $ 7,089 $ 2 $ 3 $ (84 ) Swaps 1,359 8 21 (45 ) Options 7,358 1,042 652 14 Interest rate contracts: (1) Floors 1,800 61 — 12 Swaps 13,718 351 108 (8 ) Futures 8,685 — — (81 ) Swaptions — — — 118 Credit contracts: (1) Credit default swaps 2,442 16 38 (14 ) Other freestanding contracts: (1) Foreign currency Contracts 263 5 4 7 Net investment income (loss) (81 ) Embedded derivatives: GMIB reinsurance contracts — 10,570 — (141 ) GIB and GWBL and other features (2) — — 184 (56 ) SCS, SIO, MSO and IUL indexed features (3) — — 310 (38 ) Balances, December 31, 2015 $ 42,714 $ 12,055 $ 1,320 $ (316 ) (1) Reported in Other invested assets in the consolidated balance sheets. (2) Reported in Future policy benefits and other policyholders’ liabilities in the consolidated balance sheets. (3) SCS and SIO indexed features are reported in Policyholders’ account balances; MSO and IUL indexed features are reported in Future policyholders’ benefits and other policyholders’ liabilities in the consolidated balance sheets. |
Offsetting Assets And Liabilities | The following table presents information about the Insurance segment’s offsetting of financial assets and liabilities and derivative instruments at December 31, 2015 . Offsetting of Financial Assets and Liabilities and Derivative Instruments At December 31, 2015 Gross Amounts Recognized Gross Amounts Offset in the Balance Sheets Net Amounts Presented in the Balance Sheets (In Millions) ASSETS (1) Description Derivatives: Equity contracts $ 1,049 $ 673 $ 376 Interest rate contracts 389 104 285 Credit contracts 14 37 (23 ) Total Derivatives, subject to an ISDA Master Agreement 1,452 814 638 Total Derivatives, not subject to an ISDA Master Agreement 20 — 20 Total Derivatives 1,472 814 658 Other financial instruments (2) (4) 1,271 — 1,271 Other invested assets (2) $ 2,743 $ 814 $ 1,929 Securities purchased under agreement to resell $ 79 $ — $ 79 Gross Amounts Recognized Gross Amounts Offset in the Balance Sheets Net Amounts Presented in the Balance Sheets (In Millions) LIABILITIES (3) Description Derivatives: Equity contracts $ 673 $ 673 $ — Interest rate contracts 104 104 — Credit contracts 37 37 — Total Derivatives, subject to an ISDA Master Agreement 814 814 — Total Derivatives, not subject to an ISDA Master Agreement — — — Total Derivatives 814 814 — Other non-financial liabilities 2,586 — 2,586 Other liabilities $ 3,400 $ 814 $ 2,586 Securities sold under agreement to repurchase $ 1,890 $ — $ 1,890 (1) Excludes Investment Management segment’s $13 million net derivative assets, $6 million long exchange traded options and $75 million of securities borrowed. (2) Includes $141 million related to accrued interest related to derivative instruments reported in other assets on the consolidated balance sheets. (3) Excludes Investment Management segment’s $12 million net derivative liabilities, $1 million short exchange traded options and $10 million of securities loaned. (4) Includes margin of $ (2) million related to derivative instruments. The following table presents information about the Insurance Segment’s offsetting of financial assets and liabilities and derivative instruments at December 31, 2016 . Offsetting of Financial Assets and Liabilities and Derivative Instruments At December 31, 2016 Gross Amounts Recognized Gross Amounts Offset in the Balance Sheets Net Amounts Presented in the Balance Sheets (In Millions) ASSETS (1) Description Derivatives: Equity contracts $ 2,128 $ 1,219 $ 909 Interest rate contracts 253 1,162 (909 ) Credit contracts 20 14 6 Currency 48 1 47 Margin 107 6 101 Collateral 712 747 (35 ) Total Derivatives, subject to an ISDA Master Agreement 3,268 3,149 119 Total Derivatives, not subject to an ISDA Master Agreement 4 — 4 Total Derivatives 3,272 3,149 123 Other financial instruments 2,063 — 2,063 Other invested assets $ 5,335 $ 3,149 $ 2,186 Securities purchased under agreement to resell $ — — $ — Gross Amounts Recognized Gross Amounts Offset in the Balance Sheets Net Amounts Presented in the Balance Sheets (In Millions) LIABILITIES (2) Description Derivatives: Equity contracts $ 1,219 $ 1,219 $ — Interest rate contracts 1,162 1,162 — Credit contracts 14 14 — Currency 1 1 — Margin 6 6 — Collateral 747 747 — Total Derivatives, subject to an ISDA Master Agreement 3,149 3,149 — Total Derivatives, not subject to an ISDA Master Agreement — — — Total Derivatives 3,149 3,149 — Other non-financial liabilities 2,108 — 2,108 Other liabilities $ 5,257 $ 3,149 $ 2,108 Securities sold under agreement to repurchase (3) $ 1,992 $ — $ 1,992 (1) Excludes Investment Management segment’s $ 13 million net derivative assets (including derivative assets of consolidated VIEs), $ 3 million long exchange traded options and $ 83 million of securities borrowed. (2) Excludes Investment Management segment’s $11 million net derivative liabilities (including derivative liabilities of consolidated VIEs), $1 million short exchange traded options. (3) Excludes expense of $4 million in securities sold under agreement to repurchase. |
Collateral Arrangements By Counterparty Not Offset In Consolidated Balance Sheets | The following table presents information about the Insurance segment’s gross collateral amounts that are not offset in the consolidated balance sheets at December 31, 2015 . Gross Collateral Amounts Not Offset in the Consolidated Balance Sheets At December 31, 2015 Net Amounts Presented in the Balance Sheets Collateral (Received)/Held Financial Instruments Cash Net Amounts (In Millions) ASSETS (1) Counterparty A $ 52 $ — $ (52 ) $ — Counterparty B 9 — (7 ) 2 Counterparty C 61 — (58 ) 3 Counterparty D 222 — (218 ) 4 Counterparty E 53 — (53 ) — Counterparty F (2 ) — 2 — Counterparty G 129 — (129 ) — Counterparty H 16 (11 ) (5 ) — Counterparty I 44 — (39 ) 5 Counterparty J 19 — (13 ) 6 Counterparty K 17 — (17 ) — Counterparty L 7 — (7 ) — Counterparty M 11 — (10 ) 1 Counterparty N 20 — — 20 Counterparty Q — — — — Counterparty T (3 ) — 3 — Counterparty U — — 1 1 Counterparty V 3 — (3 ) — Total Derivatives $ 658 $ (11 ) $ (605 ) $ 42 Other financial instruments (2) (4) 1,271 — — 1,271 Other invested assets (2) $ 1,929 $ (11 ) $ (605 ) $ 1,313 Counterparty M $ 28 $ (28 ) $ — $ — Counterparty V $ 51 $ (51 ) $ — $ — Securities purchased under agreement to resell $ 79 $ (79 ) $ — $ — LIABILITIES (3) Counterparty D $ 234 $ (234 ) $ — — Counterparty C 1,033 (1,016 ) (17 ) — Counterparty M 623 (611 ) (12 ) — Securities sold under agreement to repurchase $ 1,890 $ (1,861 ) $ (29 ) $ — (1) Excludes Investment Management segment’s cash collateral received of $2 million related to derivative assets and $75 million related to securities borrowed. (2) Includes $141 million of accrued interest related to derivative instruments reported in other assets on the consolidated balance sheets. (3) Excludes Investment Management segment’s cash collateral pledged of $12 million related to derivative liabilities and $10 million related to securities loaned. (4) Includes margin of $ (2) million related to derivative instruments. The following table presents information about the Insurance segment’s gross collateral amounts that are not offset in the consolidated balance sheets at December 31, 2016 . Collateral Amounts Offset in the Consolidated Balance Sheets At December 31, 2016 Fair Value of Assets Collateral (Received)/Held Financial Instruments Cash Net Amounts (In Millions) ASSETS (1) Counterparty A $ 46 $ — $ (48 ) $ (2 ) Counterparty B (128 ) — 132 4 Counterparty C (116 ) — 138 22 Counterparty D 182 — (176 ) 6 Counterparty E (65 ) — 83 18 Counterparty F (3 ) — 16 13 Counterparty G 219 — (214 ) 5 Counterparty H 104 — (110 ) (6 ) Counterparty I (188 ) — 203 15 Counterparty J (93 ) — 115 22 Counterparty K 92 — (96 ) (4 ) Counterparty L (3 ) — 3 — Counterparty M (105 ) — 120 15 Counterparty N 4 — — 4 Counterparty Q 10 — (11 ) (1 ) Counterparty T — — 2 2 Counterparty U 1 — 10 11 Counterparty V 96 — (101 ) (5 ) Total Derivatives $ 53 $ — $ 66 $ 119 Other financial instruments 2,067 — — 2,067 Other invested assets $ 2,120 $ — $ 66 $ 2,186 Net Amounts Presented in the Balance Sheets Collateral (Received)/Held Financial Instruments Cash Net Amounts (In Millions) LIABILITIES (2) Counterparty D $ 767 $ (767 ) $ — — Counterparty M 410 (410 ) — — Counterparty C 302 (296 ) (2 ) 4 Counterparty W 513 (513 ) — — Securities sold under agreement to repurchase (3) $ 1,992 $ (1,986 ) $ (2 ) $ 4 (1) Excludes Investment Management segment’s cash collateral received of $ 1 million related to derivative assets (including those related to derivative assets of consolidated VIEs) and $ 83 million related to securities borrowed. (2) Excludes Investment Management segment’s cash collateral pledged of $ 8 million related to derivative liabilities (including those related to derivative liabilities of consolidated VIEs). (3) Excludes expense of $4 million in securities sold under agreement to repurchase. |
Transfer Of Financial Assets Accounted For As Sales | The following table presents information about repurchase agreements accounted for as secured borrowings in the consolidated balance sheets at December 31, 2016 . Repurchase Agreement Accounted for as Secured Borrowings (1) At December 31, 2016 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 days 30-90 days Greater Than Total (In Millions) Securities sold under agreement to repurchase (2) U.S. Treasury and agency securities $ — $ 1,992 $ — $ — $ 1,992 Total $ — $ 1,992 $ — $ — $ 1,992 (1) Excludes Investment Management segment’s $ 83 million of securities borrowed. Repurchase Agreement Accounted for as Secured Borrowings (1) At December 31, 2015 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 days 30-90 days Greater Than Total (In Millions) Securities sold under agreement to repurchase U.S. Treasury and agency securities $ — $ 1,865 $ 25 $ — $ 1,890 Total $ — $ 1,865 $ 25 $ — $ 1,890 Securities purchased under agreement to resell Corporate securities $ — $ 79 $ — $ — $ 79 Total $ — $ 79 $ — $ — $ 79 (1) Excludes Investment Management segment’s $75 million of securities borrowed and $10 million of securities loaned. |
Investment Income | The following table breaks out Net investment income (loss) by asset category: 2016 2015 2014 (In Millions) Fixed maturities $ 1,418 $ 1,420 $ 1,431 Mortgage loans on real estate 461 338 306 Repurchase agreement 1 1 — Other equity investments 170 84 200 Policy loans 210 213 216 Derivative investments (462 ) (81 ) 1,605 Trading securities 80 17 63 Other investment income 44 40 49 Gross investment income (loss) 1,922 2,032 3,870 Investment expenses (66 ) (56 ) (55 ) Net Investment Income (Loss) $ 1,856 $ 1,976 $ 3,815 |
Trading Securities | Net Investment Income (Loss) from Trading Securities Twelve Months Ended December 31, December 31, December 31, (In Millions) Net investment gains (losses) recognized during the period on securities held at the end of the period $ (19 ) $ (63 ) $ — Net investment gains (losses) recognized on securities sold during the period (22 ) 20 22 Unrealized and realized gains (losses) on trading securities (41 ) (43 ) 22 Interest and dividend income from trading securities 121 60 41 Net investment income (loss) from trading securities $ 80 $ 17 $ 63 |
Investment Gains Losses Net Including Changes In Valuation Allowances | Investment gains (losses), net including changes in the valuation allowances and OTTI are as follows: 2016 2015 2014 (In Millions) Fixed maturities $ (3 ) $ (17 ) $ (54 ) Mortgage loans on real estate (2 ) (1 ) (3 ) Other equity investments (2 ) (5 ) (2 ) Other 23 3 1 Investment Gains (Losses), Net $ 16 $ (20 ) $ (58 ) |
CLOSED BLOCK (Tables)
CLOSED BLOCK (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Closed Block Disclosure [Abstract] | |
Schedule of Closed Block Assets and Liabilities | Summarized financial information for the AXA Equitable Closed Block is as follows: December 31, 2016 2015 (In Millions) CLOSED BLOCK LIABILITIES: Future policy benefits, policyholders’ account balances and other $ 7,179 $ 7,363 Policyholder dividend obligation 52 81 Other liabilities 43 100 Total Closed Block liabilities 7,274 7,544 ASSETS DESIGNATED TO THE CLOSED BLOCK: Fixed maturities, available for sale, at fair value (amortized cost of $3,884 and $4,426) 4,025 4,599 Mortgage loans on real estate 1,623 1,575 Policy loans 839 881 Cash and other invested assets 444 49 Other assets 181 258 Total assets designated to the Closed Block 7,112 7,362 Excess of Closed Block liabilities over assets designated to the Closed Block 162 182 Amounts included in accumulated other comprehensive income (loss): Net unrealized investment gains (losses), net of policyholder dividend obligation of $(52) and $(81) 100 103 Maximum Future Earnings To Be Recognized From Closed Block Assets and Liabilities $ 262 $ 285 |
Closed Block Operations, Net Results | AXA Equitable’s Closed Block revenues and expenses follow: 2016 2015 2014 (In Millions) REVENUES: Premiums and other income $ 238 $ 262 $ 273 Investment income (loss) 349 368 378 Net investment gains (losses) (1 ) 2 (4 ) Total revenues 586 632 647 BENEFITS AND OTHER DEDUCTIONS: Policyholders’ benefits and dividends 548 576 597 Other operating costs and expenses 4 4 4 Total benefits and other deductions 552 580 601 Net revenues, before income taxes 34 52 46 Income tax (expense) benefit (12 ) (18 ) (16 ) Net Revenues (Losses) $ 22 $ 34 $ 30 |
Closed Block Dividend Obligation | A reconciliation of AXA Equitable’s policyholder dividend obligation follows: December 31, 2016 2015 (In Millions) Balances, beginning of year $ 81 $ 201 Unrealized investment gains (losses) (29 ) (120 ) Balances, End of year $ 52 $ 81 |
CONTRACTHOLDER BONUS INTEREST34
CONTRACTHOLDER BONUS INTEREST CREDITS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Contractholder Bonus Interest Credits [Abstract] | |
Contractholder Bonus Interest Credits | Changes in the deferred asset for contractholder bonus interest credits are as follows: December 31, 2016 2015 (In Millions) Balance, beginning of year $ 534 $ 383 Contractholder bonus interest credits deferred 13 17 Other — 174 Amortization charged to income (43 ) (40 ) Balance, End of Year $ 504 $ 534 Changes in deferred acquisition costs at December 31, 2016 and 2015 were as follows: December 31, 2016 2015 (In Millions) Balance, beginning of year $ 4,469 $ 4,271 Capitalization of commissions, sales and issue expenses 594 615 Amortization (756 ) (284 ) Change in unrealized investment gains and losses (6 ) 41 Other — (174 ) Balance, End of Year $ 4,301 $ 4,469 |
FAIR VALUE DISCLOSURES (Tables)
FAIR VALUE DISCLOSURES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | Fair Value Measurements at December 31, 2016 Level 1 Level 2 Level 3 Total (In Millions) Assets Investments: Fixed maturities, available-for-sale: Public Corporate $ — $ 12,984 $ 28 $ 13,012 Private Corporate — 6,223 817 7,040 U.S. Treasury, government and agency — 10,336 — 10,336 States and political subdivisions — 451 42 493 Foreign governments — 390 — 390 Commercial mortgage-backed — 22 349 371 Residential mortgage-backed (1) — 314 — 314 Asset-backed (2) — 36 24 60 Redeemable preferred stock 218 335 1 554 Subtotal 218 31,091 1,261 32,570 Other equity investments 3 — 5 8 Trading securities 478 8,656 — 9,134 Other invested assets: Short-term investments — 574 — 574 Assets of consolidated VIEs 342 205 6 553 Swaps — (925 ) — (925 ) Credit Default Swaps — 5 — 5 Futures — — — — Options — 960 — 960 Floors — 11 — 11 Subtotal 342 830 6 1,178 Cash equivalents 1,529 — — 1,529 Segregated securities — 946 — 946 GMIB reinsurance contracts asset — — 10,309 10,309 Separate Accounts’ assets 108,085 2,818 313 111,216 Total Assets $ 110,655 $ 44,341 $ 11,894 $ 166,890 Liabilities GWBL and other features’ liability $ — $ — $ 164 $ 164 SCS, SIO, MSO and IUL indexed features’ liability — 887 — 887 Liabilities of consolidated VIEs 248 2 — 250 Contingent payment arrangements — — 18 18 Total Liabilities $ 248 $ 889 $ 182 $ 1,319 (1) Includes publicly traded agency pass-through securities and collateralized obligations. (2) Includes credit-tranched securities collateralized by sub-prime mortgages and other asset types and credit tenant loans. Fair Value Measurements at December 31, 2015 Level 1 Level 2 Level 3 Total (In Millions) Assets Investments: Fixed maturities, available-for-sale: Public Corporate $ — $ 13,345 $ 31 $ 13,376 Private Corporate — 6,537 389 6,926 U.S. Treasury, government and agency — 8,775 — 8,775 States and political subdivisions — 459 45 504 Foreign governments — 414 1 415 Commercial mortgage-backed — 30 503 533 Residential mortgage-backed (1) — 640 — 640 Asset-backed (2) — 37 40 77 Redeemable preferred stock 258 389 — 647 Subtotal 258 30,626 1,009 31,893 Other equity investments 97 — 49 146 Trading securities 654 6,151 — 6,805 Other invested assets: Short-term investments — 369 — 369 Swaps — 230 — 230 Credit Default Swaps — (22 ) — (22 ) Futures (1 ) — — (1 ) Options — 390 — 390 Floors — 61 — 61 Currency Contracts — 1 — 1 Subtotal (1 ) 1,029 — 1,028 Cash equivalents 2,150 — — 2,150 Segregated securities — 565 — 565 GMIB reinsurance contracts asset — — 10,570 10,570 Separate Accounts’ assets 104,058 2,964 313 107,335 Total Assets $ 107,216 $ 41,335 $ 11,941 $ 160,492 Liabilities GWBL and other features’ liability $ — $ — $ 184 $ 184 SCS, SIO, MSO and IUL indexed features’ liability — 310 — 310 Contingent payment arrangements — — 31 31 Total Liabilities $ — $ 310 $ 215 $ 525 (1) Includes publicly traded agency pass-through securities and collateralized obligations. (2) Includes credit-tranched securities collateralized by sub-prime mortgages and other asset types and credit tenant loans. |
Reconciliation of Assets and Liabilities at Level 3 | Level 3 Instruments Fair Value Measurements Corporate State and Political Sub-divisions Foreign Govts Commercial Mortgage- backed Residential Mortgage- backed Asset- backed (In Millions) Balance, January 1, 2016 $ 420 $ 45 $ 1 $ 503 $ — $ 40 Total gains (losses), realized and unrealized, included in: Earnings (loss) as: Net investment income (loss) — — — — — — Investment gains (losses), net 1 — — (67 ) — — Subtotal 1 — — (67 ) — — Other comprehensive income (loss) 7 (2 ) — 14 — 1 Purchases 572 — — — — — Sales (142 ) (1 ) — (87 ) — (8 ) Transfers into Level 3 (1) 25 — — — — — Transfers out of Level 3 (1) (38 ) — (1 ) (14 ) — (9 ) Balance, December 31, 2016 $ 845 $ 42 $ — $ 349 $ — $ 24 Balance, January 1, 2015 $ 380 $ 47 $ — $ 715 $ 2 $ 53 Total gains (losses), realized and unrealized, included in: Earnings (loss) as: Net investment income (loss) 3 — — 1 — — Investment gains (losses), net 2 — — (38 ) — — Subtotal 5 — — (37 ) — — Other comprehensive income (loss) (25 ) (1 ) — 64 — (4 ) Purchases 60 — 1 — — — Sales (38 ) (1 ) — (175 ) (2 ) (9 ) Transfers into Level 3 (1) 99 — — — — — Transfers out of Level 3 (1) (61 ) — — (64 ) — — Balance, December 31, 2015 $ 420 $ 45 $ 1 $ 503 $ — $ 40 Level 3 Instruments Fair Value Measurements Corporate State and Political Sub-divisions Foreign Govts Commercial Mortgage- backed Residential Mortgage- backed Asset- backed (In Millions) Balance, January 1, 2014 $ 291 $ 46 $ — $ 700 $ 4 $ 83 Total gains (losses), realized and unrealized, included in: Earnings (loss) as: Net investment income (loss) 2 — — 2 — — Investment gains (losses), net 3 — — (89 ) — — Subtotal 5 — — (87 ) — — Other comprehensive income (loss) 6 2 — 135 — 7 Purchases 162 — — — — — Sales (30 ) (1 ) — (20 ) (2 ) (37 ) Transfers into Level 3 (1) 15 — — — — — Transfers out of Level 3 (1) (69 ) — — (13 ) — — Balance, December 31, 2014 $ 380 $ 47 $ — $ 715 $ 2 $ 53 Redeem Other Equity Investments (2) GMIB Reinsurance Asset Separate Accounts Assets GWBL and Other Features Liability Contingent Payment Arrangement (In Millions) Balance, January 1, 2016 $ — $ 49 $ 10,570 $ 313 $ 184 31 Total gains (losses), realized and unrealized, included in: Earnings (loss) as: Net investment income (loss) — — — — — — Investment gains (losses), net — — — 19 — — Increase (decrease) in the fair value of reinsurance contracts — — (419 ) — — — Policyholders’ benefits — — — — (245 ) — Subtotal — — (419 ) 19 (245 ) — Other comprehensive income (loss) — (2 ) — — — — Purchases (3) 1 — 223 10 225 11 Sales (4) — — (65 ) — — — Settlements (5) — — — (7 ) — (24 ) Activities related to VIEs — 20 — — — — Transfers into Level 3 (1) — — — 1 — — Transfers out of Level 3 (1) — (56 ) — (23 ) — — Balance, December 31, 2016 $ 1 $ 11 $ 10,309 $ 313 $ 164 $ 18 Balance, January 1, 2015 $ — $ 61 $ 10,711 $ 260 $ 128 42 Total gains (losses), realized and unrealized, included in: Earnings (loss) as: Net investment income (loss) — — — — — — Investment gains (losses), net — 5 — 36 — — Increase (decrease) in the fair value of reinsurance contracts — — (327 ) — — — Policyholders’ benefits — — — — (130 ) — Subtotal — 5 (327 ) 36 (130 ) — Other comprehensive income(loss) — 2 — — — Purchases (3) — 1 228 26 186 — Sales (4) — (20 ) (42 ) (2 ) — (11 ) Settlements (5) — — — (5 ) — — Transfers into Level 3 (1) — — — — — — Transfers out of Level 3 (1) — — — (2 ) — — Balance, December 31, 2015 $ — $ 49 $ 10,570 $ 313 $ 184 $ 31 Redeem Other (2) GMIB Separate GWBL Contingent Payment Arrangement (In Millions) Balance, January 1, 2014 $ 15 $ 52 $ 6,747 $ 237 $ — $ 38 Total gains (losses), realized and unrealized, included in: Earnings (loss) as: Net investment income (loss) — 3 — — — — Investment gains (losses), net — 1 — 15 — — Increase (decrease) in the fair value of reinsurance contracts — — 3,774 — — — Policyholders’ benefits — — — — (8 ) — Subtotal — 4 3,774 15 (8 ) — Other comprehensive income (loss) — — — — — Purchases (3) — 8 225 16 136 9 Sales (4) (15 ) (1 ) (35 ) (3 ) — (5 ) Settlements (5) — — — (5 ) — — Transfers into Level 3 (1) — — — — — — Transfers out of Level 3 (1) — (2 ) — — — — Balance, December 31, 2014 $ — $ 61 $ 10,711 $ 260 $ 128 $ 42 (1) Transfers into/out of Level 3 classification are reflected at beginning-of-period fair values. (2) Includes Level 3 amounts for Trading securities and consolidated VIE investments. (3) For the GMIB reinsurance contract asset and GWBL and other features reserves, represents premiums. (4) For the GMIB reinsurance contract asset, represents recoveries from reinsurers and for GWBL and other features reserves represents benefits paid. (5) For contingent payment arrangements, it represents payments under the arrangement. The table below details changes in unrealized gains (losses) for 2016 and 2015 by category for Level 3 assets and liabilities still held at December 31, 2016 and 2015 , respectively: Earnings (Loss) Net Investment Income (Loss) Investment Gains (Losses), Net Increase (Decrease) in the Fair Value of Reinsurance Contracts Policy- holders’ Benefits OCI (In Millions) Level 3 Instruments Full Year 2016 Still Held at December 31, 2016 Change in unrealized gains (losses): Fixed maturities, available-for-sale: Corporate $ — $ — $ — $ — $ 11 State and political subdivisions — — — — (1 ) Commercial mortgage-backed — — — — 9 Asset-backed — — — — 1 Other fixed maturities, available-for-sale — — — — — Subtotal $ — $ — $ — $ — $ 20 GMIB reinsurance contracts — — (261 ) — — Separate Accounts’ assets (1) — 20 — — — GWBL and other features’ liability — — — (20 ) — Total $ — $ 20 $ (261 ) $ (20 ) $ 20 Level 3 Instruments Full Year 2015 Still Held at December 31, 2015 Change in unrealized gains (losses): Fixed maturities, available-for-sale: Corporate $ — $ — $ — $ — $ (25 ) State and political subdivisions — — — — (2 ) Commercial mortgage-backed — — — — 61 Asset-backed — — — — (4 ) Other fixed maturities, available-for-sale — — — — — Subtotal $ — $ — $ — $ — $ 30 GMIB reinsurance contracts — — (141 ) — — Separate Accounts’ assets (1) — 36 — — — GWBL and other features’ liability — — — 184 — Total $ — $ 36 $ (141 ) $ 184 $ 30 |
Quantitative Information About Level 3 Fair Value Measurement | The following table discloses quantitative information about Level 3 fair value measurements by category for assets and liabilities as of December 31, 2016 and 2015 , respectively. Quantitative Information about Level 3 Fair Value Measurements December 31, 2016 Fair Value Valuation Technique Significant Unobservable Input Range Assets: (In Millions) Investments: Fixed maturities, available-for-sale: Corporate $ 55 Matrix pricing model Spread over the industry-specific benchmark yield curve 0 bps - 565 bps 636 Market comparable companies EBITDA multiples Discount rate Cash flow Multiples 4.3x - 25.6x Asset-backed 2 Matrix pricing model Spread over U.S. Treasury curve 25 bps - 687 bps Separate Accounts’ assets 295 Third party appraisal Capitalization rate Exit capitalization rate Discount rate 4.8% 3 Discounted cash flow Spread over U.S. Treasury curve Discount factor 273 bps - 512 bps GMIB reinsurance contract asset 10,309 Discounted cash flow Lapse Rates Withdrawal rates GMIB Utilization Rates Non-performance risk Volatility rates—Equity 1.5% - 5.7% Liabilities: GWBL and other features liability 164 Discounted cash flow Lapse Rates Withdrawal rates Volatility rates—Equity 1.0% - 11.0% Quantitative Information about Level 3 Fair Value Measurements December 31, 2015 Fair Value Valuation Technique Significant Unobservable Input Range Assets: (In Millions) Investments: Fixed maturities, available-for-sale: Corporate $ 61 Matrix pricing model Spread over the industry-specific benchmark yield curve 50 bps - 565 bps 154 Market comparable companies EBITDA multiples 7.8x - 19.1x Asset-backed 3 Matrix pricing model Spread over U.S. Treasury curve 30 bps - 687 bps Other equity investments 10 Market comparable companies Revenue multiple 2.5x - 4.8x Separate Accounts’ assets 271 Third party appraisal Capitalization rate Exit capitalization rate Discount rate 4.9% 7 Discounted cash flow Spread over U.S. Treasury curve Gross domestic product rate Discount factor 280 bps - 411 bps GMIB reinsurance contract asset 10,570 Discounted cash flow Lapse Rates Withdrawal rates GMIB Utilization Rates Non-performance risk Volatility rates - Equity 0.6% - 5.7% Liabilities: GWBL and other features liability 120 Discounted cash flow Lapse Rates Withdrawal rates Volatility rates - Equity 1.0% - 5.7% |
Fair Value Disclosure Financial Instruments Not Carried At Fair Value | The carrying values and fair values at December 31, 2016 and 2015 for financial instruments not otherwise disclosed in Notes 3 and 12 are presented in the table below. Certain financial instruments are exempt from the requirements for fair value disclosure, such as insurance liabilities other than financial guarantees and investment contracts, limited partnerships accounted for under the equity method and pension and other postretirement obligations. Carrying Value Fair Value Level 1 Level 2 Level 3 Total (In Millions) December 31, 2016: Mortgage loans on real estate $ 9,757 $ — $ — $ 9,608 $ 9,608 Loans to affiliates 703 — 775 — 775 Policyholders liabilities: Investment contracts 2,226 — — 2,337 2,337 Funding Agreements 2,255 — 2,202 — 2,202 Policy loans 3,361 — — 4,257 4,257 Short-term debt 513 — 513 — 513 Separate Account Liabilities 6,194 — — 6,194 6,194 December 31, 2015: Mortgage loans on real estate $ 7,171 $ — $ — $ 7,257 7,257 Loans to affiliates 1,087 — 795 390 1,185 Policyholders liabilities: Investment contracts 7,325 — — 7,430 7,430 Funding Agreements 500 — 500 — 500 Policy loans 3,393 — — 4,343 4,343 Short-term debt 584 — 584 — 584 Separate Account Liabilities 5,124 — — 5,124 5,124 |
GMDB, GMIB, GIB, GWBL AND OTH36
GMDB, GMIB, GIB, GWBL AND OTHER FEATURES AND NO LAPSE GUARANTEE FEATURES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Insurance [Abstract] | |
Variable Annuity Contracts- GMDB GMIB | The following table summarizes the GMDB and GMIB liabilities, before reinsurance ceded, reflected in the Balance Sheet in future policy benefits and other policyholders’ liabilities: GMDB GMIB Total (In Millions) Balance at January 1, 2014 $ 1,626 4,203 $ 5,829 Paid guarantee benefits (231 ) (220 ) (451 ) Other changes in reserve 334 1,661 1,995 Balance at December 31, 2014 1,729 5,644 7,373 Paid guarantee benefits (313 ) (89 ) (402 ) Other changes in reserve 1,570 (258 ) 1,312 Balance at December 31, 2015 2,986 5,297 8,283 Paid guarantee benefits (357 ) (280 ) (637 ) Other changes in reserve 583 560 1,143 Balance at December 31, 2016 $ 3,212 $ 5,577 $ 8,789 |
Guaranteed Minimum Death Benefit Reinsurance Ceded | Related GMDB reinsurance ceded amounts were: GMDB (In Millions) Balance at January 1, 2014 $ 791 Paid guarantee benefits (114 ) Other changes in reserve 155 Balance at December 31, 2014 832 Paid guarantee benefits (148 ) Other changes in reserve 746 Balance at December 31, 2015 1,430 Paid guarantee benefits (174 ) Other changes in reserve 302 Balance at December 31, 2016 $ 1,558 |
Schedule of Net Amount of Risk by Product and Guarantee | The December 31, 2016 values for variable annuity contracts in force on such date with GMDB and GMIB features are presented in the following table. For contracts with the GMDB feature, the net amount at risk in the event of death is the amount by which the GMDB benefits exceed related account values. For contracts with the GMIB feature, the net amount at risk in the event of annuitization is the amount by which the present value of the GMIB benefits exceeds related account values, taking into account the relationship between current annuity purchase rates and the GMIB guaranteed annuity purchase rates. Since variable annuity contracts with GMDB guarantees may also offer GMIB guarantees in the same contract, the GMDB and GMIB amounts listed are not mutually exclusive: Return of Premium Ratchet Roll-Up Combo Total (Dollars In Millions) GMDB: Account values invested in: General Account $ 13,642 $ 121 $ 72 $ 220 $ 14,055 Separate Accounts $ 40,736 $ 8,905 $ 3,392 $ 33,857 $ 86,890 Net amount at risk, gross $ 237 $ 154 $ 2,285 $ 16,620 $ 19,296 Net amount at risk, net of amounts reinsured $ 237 $ 108 $ 1,556 $ 7,152 $ 9,053 Average attained age of contractholders 51.2 65.8 72.3 67.1 55.1 Percentage of contractholders over age 70 9.2 % 37.1 % 60.4 % 40.6 % 17.1 % Range of contractually specified interest rates N/A N/A 3%-6% 3%-6.5% 3%-6.5% GMIB: Account values invested in: General Account N/A N/A $ 33 $ 321 $ 354 Separate Accounts N/A N/A $ 18,170 $ 39,678 $ 57,848 Net amount at risk, gross N/A N/A $ 1,084 $ 6,664 $ 7,748 Net amount at risk, net of amounts reinsured N/A N/A $ 334 $ 1,675 $ 2,009 Weighted average years remaining until annuitization N/A N/A 1.6 1.3 1.3 Range of contractually specified interest rates N/A N/A 3%-6% 3%-6.5% 3%-6.5% |
Schedule of Fair Value of Separate Accounts by Major Category of Investment | The following table presents the aggregate fair value of assets, by major investment category, held by Separate Accounts that support variable annuity contracts with GMDB and GMIB benefits and guarantees. The investment performance of the assets impacts the related account values and, consequently, the net amount of risk associated with the GMDB and GMIB benefits and guarantees. Since variable annuity contracts with GMDB benefits and guarantees may also offer GMIB benefits and guarantees in each contract, the GMDB and GMIB amounts listed are not mutually exclusive: Investment in Variable Insurance Trust Mutual Funds December 31, 2016 2015 (In Millions) GMDB: Equity $ 69,625 $ 66,230 Fixed income 2,483 2,686 Balanced 14,434 15,350 Other 348 374 Total $ 86,890 $ 84,640 GMIB: Equity $ 45,931 $ 43,874 Fixed income 1,671 1,819 Balanced 10,097 10,696 Other 149 170 Total $ 57,848 $ 56,559 |
No Lapse Guarantee Liabilities | The following table summarizes the no lapse guarantee liabilities, reflected in the General Account in Future policy benefits and other policyholders’ liabilities, the related reinsurance reserve ceded, reflected in Amounts due from reinsurers and deferred cost of reinsurance, reflected in Other assets in the Consolidated balance sheets. Direct Liability Reinsurance Ceded Net (In Millions) Balance at January 1, 2014 $ 829 $ (441 ) $ 388 Other changes in reserves 135 (114 ) 21 Balance at December 31, 2014 964 (555 ) 409 Other changes in reserves 120 16 136 Balance at December 31, 2015 1,084 (539 ) 545 Other changes in reserves 118 (84 ) 34 Balance at December 31, 2016 $ 1,202 $ (623 ) $ 579 |
REINSURANCE AGREEMENTS (Tables)
REINSURANCE AGREEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Reinsurance Disclosures [Abstract] | |
Schedule Of Effect Of Reinsurance | The following table summarizes the effect of reinsurance: 2016 2015 2014 (In Millions) Direct premiums $ 850 $ 820 $ 844 Reinsurance assumed 206 207 211 Reinsurance ceded (176 ) (173 ) (181 ) Premiums $ 880 $ 854 $ 874 Universal Life and Investment-type Product Policy Fee Income Ceded $ 640 $ 645 $ 630 Policyholders’ Benefits Ceded $ 942 $ 527 $ 726 |
Schedule Of Net Incurred Benefits And Benefits Paid For Individual DI And Major Medical Policies | Net incurred benefits (benefits paid plus changes in claim reserves) and benefits paid for individual DI and major medical policies are summarized below: 2016 2015 2014 (In Millions) Incurred benefits related to current year $ 7 $ 11 $ 14 Incurred benefits related to prior years 15 22 16 Total Incurred Benefits $ 22 $ 33 $ 30 Benefits paid related to current year $ 17 $ 18 $ 20 Benefits paid related to prior years 15 13 11 Total Benefits Paid $ 32 $ 31 $ 31 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The table below summarizes the expenses reimbursed to/from the Company and Commission and fees received/paid by the Company for 2016, 2015 and 2014: 2016 2015 2014 (In Millions) Expenses paid or accrued for by the Company: Paid or accrued expenses for services provided by AXA, AXA Financial and Affiliates $ 188 $ 164 $ 173 Paid or accrued commission and fee expenses for sale of insurance products by AXA Distribution 587 603 616 Paid or accrued expenses for investment management services provided by AXA IM, AXA REIM and AXA Rosenberg 2 1 1 Total affiliated expenses paid or accrued for 777 768 790 Revenue received or accrued for by the Company: Amounts received or accrued for cost sharing services provided to AXA, AXA Financial and affiliates 531 491 482 Amounts received or accrued for commissions and fees earned for sale of MONY America's insurance products 11 13 2 Amounts received or accrued for investment management and administrative services provided to EQAT, VIP Trust, 1290 Funds and Other AXA Trusts 674 707 711 Total affiliated revenue received or accrued for $ 1,216 $ 1,211 $ 1,195 |
Schedule Of Commission Fees And Other Income Revenues For Services Related To Mutual Funds Managed By Subsidiary | Commissions, fees and other income includes certain revenues for services provided to mutual funds managed by AB. These revenues are described below: 2016 2015 2014 (In Millions) Investment advisory and services fees $ 999 $ 1,056 $ 1,062 Distribution revenues 372 415 433 Other revenues - shareholder servicing fees 76 85 91 Other revenues - other 6 5 6 Other Transactions . Effective December 31, 2015, primary liability for the obligations of AXA Equitable under the AXA Equitable Qualified Pension Plan (“AXA Equitable QP”) was transferred from AXA Equitable to AXA Financial under terms of an Assumption Agreement. For additional information regarding this transaction see “Employee Benefit Plans” in Note 12. In 2016, AXA Equitable sold artwork to AXA Financial and recognized a $20 million gain on the sale. AXA Equitable used the proceeds received from this sale to make a $21 million donation to AXA Foundation, Inc. (the “Foundation”). The Foundation was organized for the purpose of distributing grants to various tax-exempt charitable organizations and administering various matching gift programs for AXA Equitable, its subsidiaries and affiliates. In 2016, AXA Equitable and Saum Sing LLC (“Saum Sing”), an affiliate, formed Broad Vista Partners LLC (“Broad Vista”), AXA Equitable owns 70% and Saum Sing owns 30% of Broad Vista. On June 30, 2016, Broad Vista entered into a real estate joint venture with a third party and AXA Equitable invested approximately $25 million , reported in Other equity investments in the consolidated balance sheets. |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans Net Periodic Pension Expense | Components of net periodic pension expense for the Company’s qualified plans were as follows: 2016 2015 2014 (In Millions) Service cost $ — $ 8 $ 9 Interest cost 6 93 107 Expected return on assets (5 ) (159 ) (155 ) Actuarial (gain) loss 1 1 1 Net amortization — 110 111 Net Periodic Pension Expense $ 2 $ 53 $ 73 |
Schedule of Accumulated and Projected Benefit Obligations | Changes in the PBO of the Company’s qualified plans were comprised of: December 31, 2016 2015 (In Millions) Projected benefit obligation, beginning of year $ 129 $ 2,657 Service cost — — Interest cost 6 93 Actuarial (gains) losses 2 (6 ) Benefits paid (5 ) (169 ) Plan amendments and curtailments — 1 Projected Benefit Obligation 132 2,576 Transfer to AXA Financial — (2,447 ) Projected Benefit Obligation, End of Year $ 132 $ 129 |
Schedule of Net Funded Status | The following table discloses the changes in plan assets and the funded status of the Company’s qualified pension plans. The fair value of plan assets supporting the AXA Equitable QP liability was not impacted by the Assumption Transaction and the payment of plan benefits will continue to be made from the plan assets held in trust for the exclusive benefit of plan participants. December 31, 2016 2015 (In Millions) Pension plan assets at fair value, beginning of year $ 86 $ 2,473 Actual return on plan assets 4 24 Contributions — — Benefits paid and fees (3 ) (175 ) Pension plan assets at fair value, end of year 87 2,322 PBO (immediately preceding the Transfer to AXA Financial in 2015) 132 2,576 Excess of PBO Over Pension Plan Assets (immediately preceding the Transfer to AXA Financial in 2015) (45 ) (254 ) Transfer to AXA Financial $ — $ 211 Excess of PBO Over Pension Plan Assets, end of year $ (45 ) $ (43 ) |
Schedule of Net Periodic Benefit Cost Not yet Recognized | The following table discloses the amounts included in AOCI at December 31, 2016 and 2015 that have not yet been recognized by AXA Equitable as components of net periodic pension cost. December 31, 2016 2015 (In Millions) Unrecognized net actuarial gain (loss) $ (51 ) $ (49 ) Unrecognized prior service (cost) credit (1 ) (1 ) Total $ (52 ) $ (50 ) |
Schedule of Allocation of Plan Assets | December 31, 2016 2015 Fixed Maturities 18.0 % 24.0 % Equity Securities 61.0 56.0 Other 21.0 20.0 Total 100.0 % 100.0 % |
Schedule of Fair Values of Plan Assets Within Fair Value Hierarchy | December 31, 2016: Level 1 Level 2 Level 3 Total Asset Categories (In Millions) Common and preferred equity $ 21 $ — $ — $ 21 Mutual funds 47 — — 47 Total assets in the fair value hierarchy 68 — — 68 Investments measured at net assets value — — — 19 Investments at fair value $ 68 $ — $ — $ 87 December 31, 2015: Asset Categories Common and preferred equity $ 22 $ — $ — $ 22 Mutual funds 45 — — 45 Total assets in the fair value hierarchy 67 — — 67 Investments measured at net assets value — — — 19 Investments at fair value $ 67 $ — $ — $ 86 |
Schedule or Description of Weighted Average Discount Rate | The following table discloses assumptions used to measure the Company’s pension benefit obligations and net periodic pension cost at and for the years ended December 31, 2016 and 2015 . As described above, AXA Equitable refined its calculation of the discount rate for the year ended December 31, 2015 valuation of its defined benefits plans to use the discrete single equivalent discount rate for each plan as compared to its previous use of an aggregate, weighted average practical expedient. December 31, 2016 2015 Discount rates: AXA Equitable QP, immediately preceding Transfer to AXA Financial N/A 3.98 % Other AXA Equitable defined benefit plans 3.48 % 3.66 % AB Qualified Retirement Plan 4.75 % 4.3 % Periodic cost 3.7 % 3.6 % Rates of compensation increase: Benefit obligation N/A 6.00 % Periodic cost N/A 6.46 % Expected long-term rates of return on pension plan assets (periodic cost) 6.5 % 6.75 % |
Schedule of Expected Benefit Payments | The following table provides an estimate of future benefits expected to be paid in each of the next five years, beginning January 1, 2017, and in the aggregate for the five years thereafter, all of which are subsequent to the Assumption Transaction. These estimates are based on the same assumptions used to measure the respective benefit obligations at December 31, 2016 and include benefits attributable to estimated future employee service. Pension Benefits (In Millions) 2017 $ 4 2018 6 2019 6 2020 5 2021 6 Years 2022-2026 38 |
SHARE-BASED AND OTHER COMPENS40
SHARE-BASED AND OTHER COMPENSATION PROGRAMS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of compensation costs | Compensations costs for 2016 , 2015 and 2014 for share-based payment arrangements as further described herein are as follows: 2016 2015 2014 (In Millions) Performance Units/Shares $ 17 $ 18 $ 10 Stock Options 1 1 1 AXA Shareplan 14 16 10 Restricted Units 154 174 171 Other Compensation plans (1) 1 2 — Total Compensation Expenses $ 187 $ 211 $ 192 (1) Other compensation plans include Stock Appreciation Rights, Restricted Stock and AXA Miles. |
Summary of stock option activity | A summary of the activity in the AXA, AXA Financial and AB option plans during 2016 follows: Options Outstanding AXA Ordinary Shares AXA ADRs (3) AB Holding Units Number Outstanding (In 000’s) Weighted Average Exercise Price Number Outstanding (In 000’s) Weighted Average Exercise Price Number Outstanding (In 000’s) Weighted Average Exercise Price Options Outstanding at January 1, 2016 12,602.1 € 21.39 41.0 $ 27.28 5,398.5 $ 47.59 Options granted 594.3 € 21.52 — $ — 54.5 $ 22.6 Options exercised (568.2 ) € 14.93 — $ — (358.3 ) $ 17.1 Options forfeited, net € — — $ — — $ — Options expired/reinstated (3,092.0 ) 27.8 3.9 26.06 (9.7 ) $ 65.0 Options Outstanding at December 31, 2016 9,536.2 € 21.02 44.9 $ 24.90 5,085.0 $ 49.5 Aggregate Intrinsic Value (1) € 30,077.2 (2) $ 252.9 — Weighted Average Remaining Contractual Term (in years) 3.1 1.89 2.00 Options Exercisable at December 31, 2016 7,169.4 € 20.43 44.8 $ 24.90 4,700.9 $ 47.6 Aggregate Intrinsic Value (1) € 26,793.5 $ 252.9 — Weighted Average Remaining Contractual Term (in years) 3.74 1.89 2.00 (1) Aggregate intrinsic value, presented in millions, is calculated as the excess of the closing market price on December 31, 2016 of the respective underlying shares over the strike prices of the option awards. (2) The aggregate intrinsic value on options outstanding, exercisable and expected to vest is negative and is therefore presented as zero. (3) AXA ordinary shares will be delivered to participants in lieu of AXA ADRs at exercise or maturity. |
Schedule of share-based payment award, valuation assumptions | Shown below are the relevant input assumptions used to derive the fair values of options awarded in 2016 , 2015 and 2014 , respectively. AXA Ordinary Shares AB Holding Units 2016 2015 2014 2016 2015 2014 Dividend yield 6.49 % 6.29 % 6.38 % 7.1 % 7.1 % 8.4 % Expected volatility 26.6 % 23.68 % 29.24 % 31.0 % 32.1 % 48.9 % Risk-free interest rates 0.33 % 0.92 % 1.54 % 1.3 % 1.5 % 1.5 % Expected life in years 8.1 8.2 8.2 6.0 6.0 6.0 Weighted average fair value per option at grant date $ 2.06 $ 1.73 $ 2.89 $ 2.75 $ 4.13 $ 4.78 |
Schedule of share-based compensation, restricted stock units award activity | The following table summarizes restricted AXA ordinary share activity for 2016 . In addition, approximately 84,611 RSUs were granted during 2016 with graded vesting over a 4 -year service period. Shares of Restricted Stock Weighted Average Grant Date Fair Value Unvested as of January 1, 2016 34,010 $ 18.43 Granted 13,909 $ 22.63 Vested 11,613 $ 23.81 Unvested as of December 31, 2016 36,306 $ 24.46 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Summary of income tax expense (benefit) | A summary of the income tax (expense) benefit in the consolidated statements of earnings (loss) follows: 2016 2015 2014 (In Millions) Income tax (expense) benefit: Current (expense) benefit $ (274 ) $ (19 ) $ (552 ) Deferred (expense) benefit 387 (167 ) (1,143 ) Total $ 113 $ (186 ) $ (1,695 ) |
Schedule of effective income tax rate reconciliation | The Federal income taxes attributable to consolidated operations are different from the amounts determined by multiplying the earnings before income taxes and noncontrolling interest by the expected Federal income tax rate of 35.0% . The sources of the difference and their tax effects are as follows: 2016 2015 2014 (In Millions) Expected income tax (expense) benefit $ (152 ) $ (578 ) $ (2,140 ) Noncontrolling interest 135 124 119 Separate Accounts investment activity 160 181 116 Non-taxable investment income (loss) 15 8 12 Tax audit interest (22 ) 1 (6 ) State income taxes (8 ) 1 (4 ) AB Federal and foreign taxes (15 ) 2 4 Tax settlement — 77 212 Other — (2 ) (8 ) Income tax (expense) benefit $ 113 $ (186 ) $ (1,695 ) |
Schedule of net deferred income taxes | The components of the net deferred income taxes are as follows: December 31, 2016 December 31, 2015 Assets Liabilities Assets Liabilities (In Millions) Compensation and related benefits $ 88 $ — $ 93 $ — Reserves and reinsurance — 1,786 — 1,740 DAC — 1,197 — 1,253 Unrealized investment gains or losses — 23 — 134 Investments — 1,062 — 1,437 Net operating losses and credits 394 — 424 — Other 5 — — 25 Total $ 487 $ 4,068 $ 517 $ 4,589 |
Unrecognized tax benefits reconciliation | A reconciliation of unrecognized tax benefits (excluding interest and penalties) follows: 2016 2015 2014 (In Millions) Balance at January 1, $ 418 $ 475 $ 592 Additions for tax positions of prior years 39 44 56 Reductions for tax positions of prior years — (101 ) (181 ) Additions for tax positions of current year — — 8 Balance at December 31, $ 457 $ 418 $ 475 |
ACCUMULATED OTHER COMPREHENSI42
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | AOCI represents cumulative gains (losses) on items that are not reflected in earnings (loss). The balances for the past three years follow: December 31, 2016 2015 2014 (In Millions) Unrealized gains (losses) on investments $ 44 $ 261 $ 1,142 Foreign currency translation adjustments (77 ) (59 ) (34 ) Defined benefit pension plans (46 ) (43 ) (811 ) Total accumulated other comprehensive income (loss) (79 ) 159 297 Less: Accumulated other comprehensive (income) loss attributable to noncontrolling interest 86 69 54 Accumulated Other Comprehensive Income (Loss) Attributable to AXA Equitable $ 7 $ 228 $ 351 |
Comprehensive Income (Loss) | The components of OCI for the past three years, net of tax, follow: 2016 2015 2014 (In Millions) Foreign currency translation adjustments: Foreign currency translation gains (losses) arising during the period $ (18 ) $ (25 ) $ (21 ) (Gains) losses reclassified into net earnings (loss) during the period — — — Foreign currency translation adjustment (18 ) (25 ) (21 ) Change in net unrealized gains (losses) on investments: Net unrealized gains (losses) arising during the year (160 ) (1,020 ) 1,043 (Gains) losses reclassified into net earnings (loss) during the year (1) 2 12 37 Net unrealized gains (losses) on investments (158 ) (1,008 ) 1,080 Adjustments for policyholders liabilities, DAC, insurance liability loss recognition and other (59 ) 127 (111 ) Change in unrealized gains (losses), net of adjustments and (net of deferred income tax expense (benefit) of $(96), $(480) and $529) (217 ) (881 ) 969 Change in defined benefit plans: Net gain (loss) arising during the year — — (95 ) Prior service cost arising during the year — — — Less: reclassification adjustments to net earnings (loss) for: (2) Amortization of net (gains) losses included in net periodic cost (3 ) (4 ) 72 Amortization of net prior service credit included in net periodic cost — — — Change in defined benefit plans (net of deferred income tax expense (benefit) of $0, $(2) and $(15)) (3 ) (4 ) (23 ) Total other comprehensive income (loss), net of income taxes (238 ) (910 ) 925 Less: Other comprehensive (income) loss attributable to noncontrolling interest 17 15 29 Other Comprehensive Income (Loss) Attributable to AXA Equitable $ (221 ) $ (895 ) $ 954 (1) See “Reclassification adjustments” in Note 3. Reclassification amounts presented net of income tax expense (benefit) of $ (1) million, $(6) million and $(19) million for 2016 , 2015 and 2014 , respectively. (2) These AOCI components are included in the computation of net periodic costs (see “Employee Benefit Plans” in Note 12). Reclassification amounts presented net of income tax expense (benefit) of $ 0 million, $2 million and $(39) million for 2016 , 2015 and 2014 , respectively. |
COMMITMENTS AND CONTINGENT LI43
COMMITMENTS AND CONTINGENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Activity of Funding Agreements with FHLBNY | The table below summarizes AXA Equitable's activity of funding agreements with the FHLBNY. Outstanding balance at end of year Maturity of Outstanding balance Issued during the Year Repaid during the year December 31, 2016: (In Millions) Short-term FHLBNY funding agreements $ 500 less than one month $ 6,000 $ 6,000 Long-term FHLBNY funding agreements $ 58 less than 4 years $ 58 $ — $ 862 Less than 5 years $ 862 $ — $ 818 great than five years $ 818 $ — Total long term funding agreements $ 1,738 $ 1,738 $ — Total FHLBNY funding agreements at December 31, 2016 $ 2,238 $ 7,738 $ 6,000 December 31, 2015: Short-term FHLBNY funding agreements $ 500 less than one month $ 6,000 $ 6,000 |
Restructuring and Related Costs | The restructuring costs and liabilities associated with the Company’s initiatives were as follows: December 31, 2016 2015 2014 (In Millions) Balance, beginning of year $ 89 $ 113 $ 122 Additions 35 10 21 Cash payments (18 ) (32 ) (24 ) Other reductions — (2 ) (6 ) Balance, End of Year $ 106 $ 89 $ 113 |
BUSINESS SEGMENT INFORMATION (T
BUSINESS SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables reconcile segment revenues and earnings (loss) from operations before income taxes to total revenues and earnings (loss) as reported on the consolidated statements of earnings (loss) and segment assets to total assets on the consolidated balance sheets, respectively. 2016 2015 2014 (In Millions) Segment revenues: Insurance (1) $ 6,703 $ 6,822 $ 12,656 Investment Management (2) 3,029 3,025 3,011 Consolidation/elimination (27 ) (28 ) (27 ) Total Revenues $ 9,705 $ 9,819 $ 15,640 (1) Includes investment expenses charged by AB of approximately $ 50 million, $45 million and $40 million for 2016 , 2015 and 2014 , respectively, for services provided to the Company. (2) Intersegment investment advisory and other fees of approximately $ 77 million, $73 million and $67 million for 2016 , 2015 and 2014 , respectively, are included in total revenues of the Investment Management segment. 2016 2015 2014 (In Millions) Segment earnings (loss) from operations, before income taxes: Insurance $ (274 ) $ 1,033 $ 5,512 Investment Management (1) 706 618 603 Consolidation/elimination (1 ) (1 ) — Total Earnings (Loss) from Operations, before Income Taxes $ 431 $ 1,650 $ 6,115 (1) Net of interest expenses incurred on securities borrowed. December 31, 2016 2015 (In Millions) Segment assets: Insurance $ 190,628 $ 182,738 Investment Management (1) 13,139 11,895 Consolidation/elimination (3 ) (7 ) Total Assets $ 203,764 $ 194,626 |
QUARTERLY RESULTS OF OPERATIO45
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Information | The quarterly results of operations for 2016 and 2015 are summarized below: Three Months Ended March 31 June 30 September 30 December 31 (In Millions) 2016 Total Revenues $ 5,034 $ 4,297 $ 2,216 $ (1,842 ) Total benefits and other deductions $ 2,580 $ 2,721 $ 2,246 $ 1,727 Net earnings (loss) $ 1,720 $ 1,061 $ 22 $ (2,259 ) 2015 Total Revenues $ 3,567 $ 220 $ 5,714 $ 318 Total benefits and other deductions $ 2,437 $ 1,973 $ 2,375 $ 1,384 Net earnings (loss) $ 854 $ (1,025 ) $ 2,275 $ (640 ) |
ORGANIZATIONS (Details)
ORGANIZATIONS (Details) - segment | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Organization Basis Of Presentation [Line Items] | ||
Number of Operating Segments | 2 | |
AXA Equitable | ||
Organization Basis Of Presentation [Line Items] | ||
Economic Interest In AllianceBernstein | 29.00% | 28.60% |
Parent | ||
Organization Basis Of Presentation [Line Items] | ||
Economic Interest In AllianceBernstein | 63.70% | 62.80% |
SIGNIFICANT ACCOUNTING POLICI47
SIGNIFICANT ACCOUNTING POLICIES - VIEs (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2016USD ($)fund | Dec. 31, 2015USD ($) | |
Variable Interest Entity [Line Items] | ||
Carrying value of COLI | $ 892 | $ 864 |
Other equity investments | 1,408 | 1,477 |
Assets | 203,764 | 194,626 |
Liabilities | 186,945 | 177,018 |
Redeemable Noncontrolling Interest | 403 | 13 |
Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure | ||
Variable Interest Entity [Line Items] | ||
Assets | 933 | |
Liabilities | 293 | |
Redeemable Noncontrolling Interest | 392 | |
Insurance | ||
Variable Interest Entity [Line Items] | ||
Assets | 190,628 | 182,738 |
Investment Management | ||
Variable Interest Entity [Line Items] | ||
Assets | 13,139 | $ 11,895 |
Investment Management | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Nonconsolidated VIE, carrying amount, assets | 43,700 | |
Maximum loss exposure, amount | $ 13 | |
Investment Management | Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Number of investment funds | fund | 3 | |
Adjustments for New Accounting Pronouncement | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Unused commitments | $ 697 | |
Adjustments for New Accounting Pronouncement | Variable Interest Entity, Not Primary Beneficiary | Other Equity Investments | ||
Variable Interest Entity [Line Items] | ||
Nonconsolidated VIE, carrying amount, assets | 157,986 | |
Maximum loss exposure, amount | 1,209 | |
Adjustments for New Accounting Pronouncement | Insurance | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Other equity investments | 1,209 | |
Accounting Standards Update 2015-02 | Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure | ||
Variable Interest Entity [Line Items] | ||
Assets | 265 | |
Liabilities | 14 | |
Redeemable Noncontrolling Interest | $ 251 |
SIGNIFICANT ACCOUNTING POLICI48
SIGNIFICANT ACCOUNTING POLICIES - MORTGAGES REAL ESTATE (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Mortgage Loans on Real Estate, Write-down or Reserve, Management Judgment Factor [Line Items] | ||
Loan-to-Value Ratio for Allowance to be Recommended | 100.00% | |
Debt Service Coverage Ratio Threshold | 1 | |
Minimum | ||
Mortgage Loans on Real Estate, Write-down or Reserve, Management Judgment Factor [Line Items] | ||
Lease Expiration Period | 12 months | |
Mortgage Loan Maturity Period for Monitoring | 12 months | |
Maximum | ||
Mortgage Loans on Real Estate, Write-down or Reserve, Management Judgment Factor [Line Items] | ||
Lease Expiration Period | 36 months | |
Mortgage Loan Maturity Period for Monitoring | 24 months | |
Commercial Mortgages | ||
Mortgage Loans on Real Estate, Write-down or Reserve, Management Judgment Factor [Line Items] | ||
Number of Days Past Due for Impairment Evaluation | 60 days | |
Agricultural Mortgages | ||
Mortgage Loans on Real Estate, Write-down or Reserve, Management Judgment Factor [Line Items] | ||
Number of Days Past Due for Impairment Evaluation | 90 days | |
Commercial Real Estate Portfolio Segment | ||
Mortgage Loans on Real Estate, Write-down or Reserve, Management Judgment Factor [Line Items] | ||
Recorded Investment, Nonaccrual Status | $ 34 | $ 72 |
SIGNIFICANT ACCOUNTING POLICI49
SIGNIFICANT ACCOUNTING POLICIES - DAC (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||
Mean (RTM) assumption | 7.00% | 9.00% | |
Average annual rate of return, gross | 7.00% | ||
Average annual rate of return, net | 4.67% | ||
Future annual rate of return, gross, maximum | 15.00% | ||
Future annual rate of return, net, maximum | 12.67% | ||
Future annual rate of return, gross, minimum | 0.00% | ||
Future annual rate of return, net, minimum | (2.33%) | ||
Future annual rate of return assumption duration maximum | 5 years | ||
Assumed average investment yield excluding policy loans, high end | 5.10% | ||
Assumed average investment yield excluding policy loans, low end | 4.50% | ||
Period used In assumed average investment yield excluding policy loans | 10 years |
SIGNIFICANT ACCOUNTING POLICI50
SIGNIFICANT ACCOUNTING POLICIES - OTHER (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Liability For Future Policy Benefits Assumptions [Line Items] | |||
Unincorporated business tax (UBT) rate, percent | 4.00% | ||
Policyholders Dividend Policy [Abstract] | |||
Percent of dividend paying policies | 5.00% | ||
Carrying amount of dividend paying policies | $ 17,491 | ||
Separate Accounts Disclosure [Abstract] | |||
Gain (loss) recognized on assets transferred to separate account | $ 8,222 | $ 1,148 | $ 5,959 |
Goodwill and Intangible Asset Impairment [Abstract] | |||
Intangible asset, useful life | 20 years | ||
State and Local Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Unincorporated business tax (UBT) rate, percent | 4.00% | ||
Life Insurance Liabilities | |||
Liability For Future Policy Benefits Assumptions [Line Items] | |||
Percentage of life insurance liabilities calculate within traditional life interest rate range | 99.00% | ||
Minimum | Life Insurance Liabilities | |||
Liability For Future Policy Benefits Assumptions [Line Items] | |||
Liability for future policy benefits, interest rate | 5.00% | ||
Minimum | Annuity Liabilities | |||
Liability For Future Policy Benefits Assumptions [Line Items] | |||
Liability for policyholder contract deposits, interest rate | 1.60% | ||
Maximum | Life Insurance Liabilities | |||
Liability For Future Policy Benefits Assumptions [Line Items] | |||
Liability for future policy benefits, interest rate | 6.30% | ||
Maximum | Annuity Liabilities | |||
Liability For Future Policy Benefits Assumptions [Line Items] | |||
Liability for policyholder contract deposits, interest rate | 5.50% | ||
Weighted Average | Life Insurance Liabilities | |||
Liability For Future Policy Benefits Assumptions [Line Items] | |||
Liability for future policy benefits, interest rate | 5.10% | ||
Weighted Average | Annuity Liabilities | |||
Liability For Future Policy Benefits Assumptions [Line Items] | |||
Liability for policyholder contract deposits, interest rate | 4.30% |
SIGNIFICANT ACCOUNTING POLICI51
SIGNIFICANT ACCOUNTING POLICIES - ASSUMPTION UPDATES (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2016 | |
Change in Accounting Estimate [Line Items] | ||||
Policyholders’ benefits | $ 2,893 | $ 2,799 | $ 3,708 | |
Amortization of deferred policy acquisition costs, net | 756 | 284 | ||
Earnings (loss) from operations, before income taxes | 431 | 1,650 | 6,115 | |
Face value amount threshold for rate increase | 1 | |||
Net earnings (loss) | 544 | $ 1,464 | 4,420 | |
Mean (RTM) assumption | 9.00% | 7.00% | ||
Increase (decrease) in the fair value of the reinsurance contract asset | (261) | $ (141) | $ 3,964 | |
2016 Assumption Updates | ||||
Change in Accounting Estimate [Line Items] | ||||
Policyholders’ benefits | (77) | |||
Amortization of deferred policy acquisition costs, net | 289 | |||
Fees and commissions | 22 | |||
Earnings (loss) from operations, before income taxes | (189) | |||
Net earnings (loss) | (123) | |||
Increase in Cost of Insurance | ||||
Change in Accounting Estimate [Line Items] | ||||
Earnings (loss) from operations, before income taxes | 71 | |||
Net earnings (loss) | 46 | |||
Long-term Lapses, Partial Withdrawal Rates and Election Assumptions Updates | GMIB | ||||
Change in Accounting Estimate [Line Items] | ||||
Policyholders’ benefits | (637) | |||
Amortization of deferred policy acquisition costs, net | (17) | |||
Earnings (loss) from operations, before income taxes | (92) | |||
Net earnings (loss) | (60) | |||
Increase (decrease) in the fair value of the reinsurance contract asset | (746) | |||
Update RTM Assumptions | ||||
Change in Accounting Estimate [Line Items] | ||||
Earnings (loss) from operations, before income taxes | (685) | |||
Net earnings (loss) | $ (445) | |||
Mean (RTM) assumption | 7.00% | 9.00% | ||
Update RTM Assumptions | GMIB | ||||
Change in Accounting Estimate [Line Items] | ||||
Policyholders’ benefits | $ 723 | |||
Amortization of deferred policy acquisition costs, net | (67) | |||
Update RTM Assumptions | Variable and Interest Sensitive Life | ||||
Change in Accounting Estimate [Line Items] | ||||
Policyholders’ benefits | 29 | |||
Long Term Lapse Assumption | GMIB | ||||
Change in Accounting Estimate [Line Items] | ||||
Policyholders’ benefits | (65) | |||
Amortization of deferred policy acquisition costs, net | (13) | |||
Earnings (loss) from operations, before income taxes | (164) | |||
Net earnings (loss) | (107) | |||
Increase (decrease) in the fair value of the reinsurance contract asset | (216) | |||
Impact of Lump Sum Payment Option | ||||
Change in Accounting Estimate [Line Items] | ||||
Earnings (loss) from operations, before income taxes | (208) | |||
Net earnings (loss) | (135) | |||
Impact of Lump Sum Payment Option | GMIB | ||||
Change in Accounting Estimate [Line Items] | ||||
Policyholders’ benefits | (55) | |||
Increase (decrease) in the fair value of the reinsurance contract asset | $ (263) | |||
Lapse Assumptions Updates | ||||
Change in Accounting Estimate [Line Items] | ||||
Earnings (loss) from operations, before income taxes | $ 46 | |||
Net earnings (loss) | 30 | |||
Lapse Assumptions Updates | GMIB | ||||
Change in Accounting Estimate [Line Items] | ||||
Policyholders’ benefits | 16 | |||
Increase (decrease) in the fair value of the reinsurance contract asset | 62 | |||
Risk Free Bond and Equity Components Update | ||||
Change in Accounting Estimate [Line Items] | ||||
Earnings (loss) from operations, before income taxes | 473 | |||
Net earnings (loss) | 307 | |||
Risk Free Bond and Equity Components Update | GMIB | ||||
Change in Accounting Estimate [Line Items] | ||||
Increase (decrease) in the fair value of the reinsurance contract asset | 510 | |||
Increase (decrease) in fair value of policy liability | $ 37 | |||
Change in Estimates | 2016 Assumption Updates | ||||
Change in Accounting Estimate [Line Items] | ||||
Earnings (loss) from operations, before income taxes | $ (49) |
SIGNIFICANT ACCOUNTING POLICI52
SIGNIFICANT ACCOUNTING POLICIES - OUT OF PERIOD ADJUSTMENTS (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quantifying Misstatement in Current Year Financial Statements [Line Items] | |||||||||||
Total Revenues | $ (1,842) | $ 2,216 | $ 4,297 | $ 5,034 | $ 318 | $ 5,714 | $ 220 | $ 3,567 | $ 9,705 | $ 9,819 | $ 15,640 |
Benefits and other deductions | 1,727 | $ 2,246 | $ 2,721 | $ 2,580 | 1,384 | $ 2,375 | $ 1,973 | $ 2,437 | 9,274 | 8,169 | 9,525 |
Income tax expense (benefit) | (113) | 186 | 1,695 | ||||||||
Earnings (loss) from operations, before income taxes | 431 | 1,650 | 6,115 | ||||||||
Net earnings (loss) | 544 | 1,464 | 4,420 | ||||||||
Equity | $ 16,416 | $ 17,595 | 16,416 | 17,595 | 18,108 | ||||||
Change in Estimates | Initial Fee Liability Amortization and Cost of Insurance | Universal Life and Investment Type Products | |||||||||||
Quantifying Misstatement in Current Year Financial Statements [Line Items] | |||||||||||
Total Revenues | (4) | (112) | |||||||||
Benefits and other deductions | 40 | (51) | |||||||||
Income tax expense (benefit) | 38 | ||||||||||
Income (loss) attributable to noncontrolling interest | (27) | ||||||||||
Earnings (loss) from operations, before income taxes | (44) | (61) | |||||||||
Net earnings (loss) | $ 67 | $ (40) | 73 | ||||||||
Equity | $ 1 |
INVESTMENTS (AVAILABLE FOR SALE
INVESTMENTS (AVAILABLE FOR SALE SECURITIES) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | $ 32,236 | $ 31,235 | |
Gross Unrealized Gains | 1,306 | 1,432 | |
Gross Unrealized Losses | 859 | 742 | |
Fair Value | 32,683 | 31,925 | |
OTTI in AOCI | 10 | 12 | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | |||
Subtotal, Fair Value | 32,570 | 31,893 | |
Available For Sale Fixed Maturities Proceeds Gross Gains And Gross Losses From Sales And Other Than Temporary Impairments [Abstract] | |||
Proceeds from sales | 4,324 | 979 | $ 716 |
Gross gains on sales | 111 | 33 | 21 |
Gross losses on sales | (58) | (8) | (9) |
Total other-than-temporary impairment losses | (65) | (41) | (72) |
Non-credit losses recognized in OCI | 0 | 0 | 0 |
Net impairment losses recognized | (65) | (41) | (72) |
Fixed Maturities - Credit Loss Impairments | |||
Recognized impairments on securities impaired to fair value this period | (17) | (11) | |
Increases due to passage of time on previously recorded credit losses | 0 | 0 | |
Accretion of previously recognized impairments due to increases in expected cash flows | 0 | 0 | |
Public corporate | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 12,418 | 12,890 | |
Gross Unrealized Gains | 675 | 688 | |
Gross Unrealized Losses | 81 | 202 | |
Fair Value | 13,012 | 13,376 | |
OTTI in AOCI | 0 | 0 | |
Private corporate | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 6,880 | 6,818 | |
Gross Unrealized Gains | 215 | 232 | |
Gross Unrealized Losses | 55 | 124 | |
Fair Value | 7,040 | 6,926 | |
OTTI in AOCI | 0 | 0 | |
U.S. Treasury, government and agency | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 10,739 | 8,800 | |
Gross Unrealized Gains | 221 | 280 | |
Gross Unrealized Losses | 624 | 305 | |
Fair Value | 10,336 | 8,775 | |
OTTI in AOCI | 0 | 0 | |
States and political subdivisions | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 432 | 437 | |
Gross Unrealized Gains | 63 | 68 | |
Gross Unrealized Losses | 2 | 1 | |
Fair Value | 493 | 504 | |
OTTI in AOCI | 0 | 0 | |
Foreign governments | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 375 | 397 | |
Gross Unrealized Gains | 29 | 36 | |
Gross Unrealized Losses | 14 | 18 | |
Fair Value | 390 | 415 | |
OTTI in AOCI | 0 | 0 | |
Commercial mortgage-backed | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 415 | 591 | |
Gross Unrealized Gains | 28 | 29 | |
Gross Unrealized Losses | 72 | 87 | |
Fair Value | 371 | 533 | |
OTTI in AOCI | 7 | 9 | |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | |||
Amortized Cost Basis, without Single Maturity Date | 415 | ||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | |||
Fair Value, without Single Maturity Date | 371 | ||
Residential mortgage-backed | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 294 | 608 | |
Gross Unrealized Gains | 20 | 32 | |
Gross Unrealized Losses | 0 | 0 | |
Fair Value | 314 | 640 | |
OTTI in AOCI | 0 | 0 | |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | |||
Amortized Cost Basis, without Single Maturity Date | 294 | ||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | |||
Fair Value, without Single Maturity Date | 314 | ||
Asset-backed | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 51 | 68 | |
Gross Unrealized Gains | 10 | 10 | |
Gross Unrealized Losses | 1 | 1 | |
Fair Value | 60 | 77 | |
OTTI in AOCI | 3 | 3 | |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | |||
Amortized Cost Basis, without Single Maturity Date | 51 | ||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | |||
Fair Value, without Single Maturity Date | 60 | ||
Redeemable preferred stock | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 519 | 592 | |
Gross Unrealized Gains | 45 | 57 | |
Gross Unrealized Losses | 10 | 2 | |
Fair Value | 554 | 647 | |
OTTI in AOCI | 0 | 0 | |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | |||
Amortized Cost Basis, without Single Maturity Date | 519 | ||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | |||
Fair Value, without Single Maturity Date | 554 | ||
Fixed maturities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 32,123 | 31,201 | |
Gross Unrealized Gains | 1,306 | 1,432 | |
Gross Unrealized Losses | 859 | 740 | |
Fair Value | 32,570 | 31,893 | |
OTTI in AOCI | 10 | 12 | |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | |||
Due in one year or less, Amortized Cost | 1,537 | ||
Due in years two through five, Amortized Cost | 7,736 | ||
Due in years six through ten, Amortized Cost | 8,898 | ||
Due after ten years, Amortized Cost | 12,673 | ||
Subtotal, Amortized Cost Basis | 30,844 | ||
Amortized Cost Basis, without Single Maturity Date | 32,123 | ||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | |||
Due in one year or less, Fair Value | 1,549 | ||
Due in years two through five, Fair Value | 8,128 | ||
Due in years six through ten, Fair Value | 9,005 | ||
Due after ten years, Fair Value | 12,589 | ||
Subtotal, Fair Value | 31,271 | ||
Fair Value, without Single Maturity Date | 32,570 | ||
Fixed Maturities - Credit Loss Impairments | |||
Balance beginning of period | (198) | (254) | |
Previously recognized impairments on securities that matured, paid, prepaid or sold | 73 | 97 | |
Impairments recognized this period on securities not previously impaired | (46) | (22) | |
Additional impairments this period on securities previously impaired | (2) | (8) | |
Balances at December 31, | (190) | (198) | $ (254) |
Equity securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 113 | 34 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 0 | 2 | |
Fair Value | 113 | 32 | |
OTTI in AOCI | $ 0 | $ 0 |
INVESTMENTS (NET UNREALIZED INV
INVESTMENTS (NET UNREALIZED INVESTMENTS) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Net unrealized gains (losses) arising during the year | $ (160) | $ (1,020) | $ 1,043 |
DAC | (6) | 41 | |
Balance, end of the period | 28 | ||
Fixed maturities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Balance, beginning of the period | 690 | ||
Balance, end of the period | 447 | 690 | |
Unrealized Investment Gains Losses With Otti Losses | Net Unrealized Gains (Losses) On Investments | Fixed maturities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Balance, beginning of the period | 16 | 10 | |
Net unrealized gains (losses) arising during the year | (6) | (7) | |
Included in Net earnings (loss) | 9 | 13 | |
Excluded from Net earnings (loss) | 0 | 0 | |
Balance, end of the period | 19 | 16 | 10 |
Unrealized Investment Gains Losses With Otti Losses | DAC | Fixed maturities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Balance, beginning of the period | 0 | 0 | |
DAC | (1) | 0 | |
Balance, end of the period | (1) | 0 | 0 |
Unrealized Investment Gains Losses With Otti Losses | Policyholders Liabilities | Fixed maturities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Balance, beginning of the period | (4) | 0 | |
Policyholders liabilities | (6) | (4) | |
Balance, end of the period | (10) | (4) | 0 |
Unrealized Investment Gains Losses With Otti Losses | Deferred Income Tax Asset Liability | Fixed maturities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Balance, beginning of the period | (5) | (4) | |
Deferred income taxes | 2 | (1) | |
Balance, end of the period | (3) | (5) | (4) |
Unrealized Investment Gains Losses With Otti Losses | AOCI Gain Losses Related to Net Unrealized Investment Gains Losses | Fixed maturities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Balance, beginning of the period | 7 | 6 | |
Net unrealized gains (losses) arising during the year | (6) | (7) | |
Included in Net earnings (loss) | 9 | 13 | |
Excluded from Net earnings (loss) | 0 | 0 | |
DAC | (1) | 0 | |
Deferred income taxes | 2 | (1) | |
Policyholders liabilities | (6) | (4) | |
Balance, end of the period | 5 | 7 | 6 |
Unrealized Investment Gains Losses All Other | Fixed maturities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Balance, beginning of the period | 676 | ||
Balance, end of the period | 428 | 676 | |
Unrealized Investment Gains Losses All Other | Equity securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Balance, beginning of the period | (2) | ||
Balance, end of the period | 0 | (2) | |
Unrealized Investment Gains Losses All Other | Net Unrealized Gains (Losses) On Investments | Fixed maturities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Balance, beginning of the period | 674 | 2,231 | |
Net unrealized gains (losses) arising during the year | (240) | (1,562) | |
Included in Net earnings (loss) | (6) | 5 | |
Excluded from Net earnings (loss) | 0 | 0 | |
Balance, end of the period | 428 | 674 | 2,231 |
Unrealized Investment Gains Losses All Other | DAC | Fixed maturities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Balance, beginning of the period | (82) | (122) | |
DAC | (5) | 40 | |
Balance, end of the period | (87) | (82) | (122) |
Unrealized Investment Gains Losses All Other | Policyholders Liabilities | Fixed maturities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Balance, beginning of the period | (213) | (368) | |
Policyholders liabilities | 24 | 155 | |
Balance, end of the period | (189) | (213) | (368) |
Unrealized Investment Gains Losses All Other | Deferred Income Tax Asset Liability | Fixed maturities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Balance, beginning of the period | (133) | (610) | |
Deferred income taxes | 80 | 477 | |
Balance, end of the period | (53) | (133) | (610) |
Unrealized Investment Gains Losses All Other | AOCI Gain Losses Related to Net Unrealized Investment Gains Losses | Fixed maturities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Balance, beginning of the period | 246 | 1,131 | |
Net unrealized gains (losses) arising during the year | (240) | (1,562) | |
Included in Net earnings (loss) | (6) | 5 | |
Excluded from Net earnings (loss) | 0 | ||
DAC | (5) | 40 | |
Deferred income taxes | 80 | 477 | |
Policyholders liabilities | 24 | 155 | |
Balance, end of the period | $ 99 | $ 246 | $ 1,131 |
INVESTMENTS (FIXED MATURITIES A
INVESTMENTS (FIXED MATURITIES AVAILABLE FOR SALE) (Details) $ in Millions | Dec. 31, 2016USD ($)securities | Dec. 31, 2015USD ($)securities |
Investments, Debt and Equity Securities [Abstract] | ||
Number of positions in unrealized loss position | securities | 794 | 810 |
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than Twelve Months, Fair Value | $ 9,702 | $ 8,779 |
Less than 12 Months, Gross unrealized Losses | 754 | 546 |
12 Months or Longer, Fair Value | 652 | 929 |
12 Months or Longer, Gross unrealized Losses | 105 | 194 |
Total Fair Value | 10,354 | 9,708 |
Total Gross unrealized losses | $ 859 | 740 |
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | ||
Debt securities exposure in single issuer greater than stated percentage of total investments | 0.30% | |
Amortized Cost | $ 32,236 | 31,235 |
Unrealized loss on available for sale securities | 28 | |
Amortized cost of trading securities | 9,177 | 6,866 |
Trading securities, at fair value | 9,134 | 6,805 |
Separate Account Equity Investment Carrying Value | 63 | 82 |
Separate Account Equity Investment Cost | 46 | 72 |
Subprime residential mortgage loans | ||
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | ||
RMBS backed residential mortgage loans | 6 | 7 |
Alt residential mortgage loans | ||
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | ||
RMBS backed residential mortgage loans | 5 | 6 |
Public corporate | ||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than Twelve Months, Fair Value | 2,455 | 3,091 |
Less than 12 Months, Gross unrealized Losses | 75 | 129 |
12 Months or Longer, Fair Value | 113 | 359 |
12 Months or Longer, Gross unrealized Losses | 6 | 73 |
Total Fair Value | 2,568 | 3,450 |
Total Gross unrealized losses | 81 | 202 |
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | ||
Exposure in single issuer of total investments | 169 | 157 |
Amortized Cost | 12,418 | 12,890 |
Private corporate | ||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than Twelve Months, Fair Value | 1,483 | 1,926 |
Less than 12 Months, Gross unrealized Losses | 38 | 102 |
12 Months or Longer, Fair Value | 277 | 184 |
12 Months or Longer, Gross unrealized Losses | 17 | 22 |
Total Fair Value | 1,760 | 2,110 |
Total Gross unrealized losses | 55 | 124 |
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | ||
Amortized Cost | 6,880 | 6,818 |
U.S. Treasury, government and agency | ||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than Twelve Months, Fair Value | 5,356 | 3,538 |
Less than 12 Months, Gross unrealized Losses | 624 | 305 |
12 Months or Longer, Fair Value | 0 | 0 |
12 Months or Longer, Gross unrealized Losses | 0 | 0 |
Total Fair Value | 5,356 | 3,538 |
Total Gross unrealized losses | 624 | 305 |
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | ||
Amortized Cost | 10,739 | 8,800 |
States and political subdivisions | ||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than Twelve Months, Fair Value | 0 | 19 |
Less than 12 Months, Gross unrealized Losses | 0 | 1 |
12 Months or Longer, Fair Value | 18 | 0 |
12 Months or Longer, Gross unrealized Losses | 2 | 0 |
Total Fair Value | 18 | 19 |
Total Gross unrealized losses | 2 | 1 |
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | ||
Amortized Cost | 432 | 437 |
Foreign governments | ||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than Twelve Months, Fair Value | 73 | 73 |
Less than 12 Months, Gross unrealized Losses | 3 | 7 |
12 Months or Longer, Fair Value | 49 | 39 |
12 Months or Longer, Gross unrealized Losses | 11 | 11 |
Total Fair Value | 122 | 112 |
Total Gross unrealized losses | 14 | 18 |
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | ||
Amortized Cost | 375 | 397 |
Commercial mortgage-backed | ||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than Twelve Months, Fair Value | 66 | 67 |
Less than 12 Months, Gross unrealized Losses | 5 | 2 |
12 Months or Longer, Fair Value | 171 | 261 |
12 Months or Longer, Gross unrealized Losses | 67 | 85 |
Total Fair Value | 237 | 328 |
Total Gross unrealized losses | 72 | 87 |
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | ||
Amortized Cost | 415 | 591 |
Residential mortgage-backed | ||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than Twelve Months, Fair Value | 47 | 11 |
Less than 12 Months, Gross unrealized Losses | 0 | 0 |
12 Months or Longer, Fair Value | 4 | 29 |
12 Months or Longer, Gross unrealized Losses | 0 | 0 |
Total Fair Value | 51 | 40 |
Total Gross unrealized losses | 0 | 0 |
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | ||
Amortized Cost | 294 | 608 |
Asset-backed | ||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than Twelve Months, Fair Value | 4 | 11 |
Less than 12 Months, Gross unrealized Losses | 0 | 0 |
12 Months or Longer, Fair Value | 8 | 17 |
12 Months or Longer, Gross unrealized Losses | 1 | 1 |
Total Fair Value | 12 | 28 |
Total Gross unrealized losses | 1 | 1 |
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | ||
Amortized Cost | 51 | 68 |
Redeemable preferred stock | ||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Less than Twelve Months, Fair Value | 218 | 43 |
Less than 12 Months, Gross unrealized Losses | 9 | 0 |
12 Months or Longer, Fair Value | 12 | 40 |
12 Months or Longer, Gross unrealized Losses | 1 | 2 |
Total Fair Value | 230 | 83 |
Total Gross unrealized losses | 10 | 2 |
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | ||
Amortized Cost | 519 | 592 |
Fixed maturities | ||
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | ||
Amortized Cost | 32,123 | 31,201 |
Unrealized loss on available for sale securities | 447 | 690 |
Carrying value of fixed maturities non-income producing | 5 | |
Fixed maturities | Other Than Investment Grade | External Credit Rating, Non Investment Grade | ||
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | ||
Available-for-sale securities, amortized cost basis other than investment grade | $ 1,574 | $ 1,310 |
Percentage of available for sale securities | 4.90% | 4.20% |
Unrealized loss on available for sale securities | $ 97 |
INVESTMENTS (TROUBLED DEBT REST
INVESTMENTS (TROUBLED DEBT RESTRUCTURING) (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2015USD ($) | Dec. 31, 2016USD ($)loan | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Financing Receivable, Modifications [Line Items] | ||||
Gross interest income on restructured loans included in net investment income (loss) | $ 0 | $ 1 | $ 1 | |
Gross interest income on restructured mortgage loans, Pre Modification | $ 0 | 0 | $ 4 | |
Commercial Real Estate Portfolio Segment | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loan | 1 | |||
Outstanding Recorded Investment Pre Modification | $ 15 | |||
Outstanding Recorded Investment Post Modification | $ 15 | $ 16 | ||
Troubled debt restructuring, reduction of recorded investment | $ 32 | |||
Commercial Real Estate Portfolio Segment | Sale of Underlying Collateral | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructuring, reduction of recorded investment | $ 45 |
INVESTMENTS (MORTGAGE LOANS) (D
INVESTMENTS (MORTGAGE LOANS) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Individually Evaluated for Impairment | $ 6 | $ 37 | |
Commercial Real Estate Portfolio Segment | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 6 | 37 | $ 42 |
Charge-offs | 0 | (32) | (14) |
Recoveries | (2) | (1) | 0 |
Provisions | 4 | 2 | 9 |
Ending balance | 8 | 6 | 37 |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Individually Evaluated for Impairment | $ 8 | $ 6 | $ 37 |
INVESTMENTS (LOANS) (Details)
INVESTMENTS (LOANS) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Commercial Real Estate Portfolio Segment | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | $ 7,264 | $ 4,847 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 0 | 30 |
Current | 7,264 | 4,817 |
Total financing receivables | 7,264 | 4,847 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment | With no related allowance recorded | ||
Impaired Mortgage Loans [Abstract] | ||
Recorded Investment | 15 | 46 |
Unpaid Principal Balance | 15 | 46 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 22 | 15 |
Interest Income Recognized | 0 | 0 |
Commercial Real Estate Portfolio Segment | With related allowance recorded | ||
Impaired Mortgage Loans [Abstract] | ||
Recorded Investment | 27 | 63 |
Unpaid Principal Balance | 27 | 63 |
Related Allowance | (8) | (6) |
Average Recorded Investment | 48 | 137 |
Interest Income Recognized | 2 | 4 |
Commercial Real Estate Portfolio Segment | 30-59 Days | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 0 | 0 |
Commercial Real Estate Portfolio Segment | 60-89 Days | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 0 | 0 |
Commercial Real Estate Portfolio Segment | 90 Days Or Greater | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 0 | 30 |
Commercial Real Estate Portfolio Segment | Greater than 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 4,237 | 2,129 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 4,237 | 2,129 |
Commercial Real Estate Portfolio Segment | 1.8x to 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 590 | 353 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 590 | 353 |
Commercial Real Estate Portfolio Segment | 1.5x to 1.8x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 989 | 1,049 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 989 | 1,049 |
Commercial Real Estate Portfolio Segment | 1.2x to 1.5x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 1,298 | 1,045 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 1,298 | 1,045 |
Commercial Real Estate Portfolio Segment | 1.0x to 1.2x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 104 | 225 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 104 | 225 |
Commercial Real Estate Portfolio Segment | Less than 1.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 46 | 46 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 46 | 46 |
Commercial Real Estate Portfolio Segment | 0% - 50% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 948 | 671 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 948 | 671 |
Commercial Real Estate Portfolio Segment | 0% - 50% | Greater than 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 738 | 533 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 738 | 533 |
Commercial Real Estate Portfolio Segment | 0% - 50% | 1.8x to 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 95 | 0 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 95 | 0 |
Commercial Real Estate Portfolio Segment | 0% - 50% | 1.5x to 1.8x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 59 | 102 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 59 | 102 |
Commercial Real Estate Portfolio Segment | 0% - 50% | 1.2x to 1.5x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 56 | 12 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 56 | 12 |
Commercial Real Estate Portfolio Segment | 0% - 50% | 1.0x to 1.2x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 0 | 24 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 0 | 24 |
Commercial Real Estate Portfolio Segment | 0% - 50% | Less than 1.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 0 | 0 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 0 | 0 |
Commercial Real Estate Portfolio Segment | 50% - 70% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 5,496 | 3,416 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 5,496 | 3,416 |
Commercial Real Estate Portfolio Segment | 50% - 70% | Greater than 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 3,217 | 1,392 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 3,217 | 1,392 |
Commercial Real Estate Portfolio Segment | 50% - 70% | 1.8x to 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 430 | 353 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 430 | 353 |
Commercial Real Estate Portfolio Segment | 50% - 70% | 1.5x to 1.8x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 673 | 741 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 673 | 741 |
Commercial Real Estate Portfolio Segment | 50% - 70% | 1.2x to 1.5x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 1,100 | 853 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 1,100 | 853 |
Commercial Real Estate Portfolio Segment | 50% - 70% | 1.0x to 1.2x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 76 | 77 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 76 | 77 |
Commercial Real Estate Portfolio Segment | 50% - 70% | Less than 1.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 0 | 0 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 0 | 0 |
Commercial Real Estate Portfolio Segment | 70% - 90% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 777 | 651 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 777 | 651 |
Commercial Real Estate Portfolio Segment | 70% - 90% | Greater than 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 282 | 141 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 282 | 141 |
Commercial Real Estate Portfolio Segment | 70% - 90% | 1.8x to 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 65 | 0 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 65 | 0 |
Commercial Real Estate Portfolio Segment | 70% - 90% | 1.5x to 1.8x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 229 | 206 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 229 | 206 |
Commercial Real Estate Portfolio Segment | 70% - 90% | 1.2x to 1.5x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 127 | 134 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 127 | 134 |
Commercial Real Estate Portfolio Segment | 70% - 90% | 1.0x to 1.2x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 28 | 124 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 28 | 124 |
Commercial Real Estate Portfolio Segment | 70% - 90% | Less than 1.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 46 | 46 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 46 | 46 |
Commercial Real Estate Portfolio Segment | 90% plus | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 43 | 109 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 43 | 109 |
Commercial Real Estate Portfolio Segment | 90% plus | Greater than 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 0 | 63 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 0 | 63 |
Commercial Real Estate Portfolio Segment | 90% plus | 1.8x to 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 0 | 0 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 0 | 0 |
Commercial Real Estate Portfolio Segment | 90% plus | 1.5x to 1.8x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 28 | 0 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 28 | 0 |
Commercial Real Estate Portfolio Segment | 90% plus | 1.2x to 1.5x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 15 | 46 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 15 | 46 |
Commercial Real Estate Portfolio Segment | 90% plus | 1.0x to 1.2x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 0 | 0 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 0 | 0 |
Commercial Real Estate Portfolio Segment | 90% plus | Less than 1.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 0 | 0 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 0 | 0 |
Agricultural Real Estate Portfolio Segment | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 2,501 | 2,330 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 17 | 23 |
Current | 2,484 | 2,307 |
Total financing receivables | 2,501 | 2,330 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 6 | 4 |
Agricultural Real Estate Portfolio Segment | With no related allowance recorded | ||
Impaired Mortgage Loans [Abstract] | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Agricultural Real Estate Portfolio Segment | With related allowance recorded | ||
Impaired Mortgage Loans [Abstract] | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Agricultural Real Estate Portfolio Segment | 30-59 Days | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 9 | 12 |
Agricultural Real Estate Portfolio Segment | 60-89 Days | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 2 | 7 |
Agricultural Real Estate Portfolio Segment | 90 Days Or Greater | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 6 | 4 |
Agricultural Real Estate Portfolio Segment | Greater than 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 395 | 350 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 395 | 350 |
Agricultural Real Estate Portfolio Segment | 1.8x to 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 195 | 196 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 195 | 196 |
Agricultural Real Estate Portfolio Segment | 1.5x to 1.8x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 507 | 471 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 507 | 471 |
Agricultural Real Estate Portfolio Segment | 1.2x to 1.5x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 805 | 734 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 805 | 734 |
Agricultural Real Estate Portfolio Segment | 1.0x to 1.2x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 505 | 481 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 505 | 481 |
Agricultural Real Estate Portfolio Segment | Less than 1.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 94 | 98 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 94 | 98 |
Agricultural Real Estate Portfolio Segment | 0% - 50% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 1,491 | 1,336 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 1,491 | 1,336 |
Agricultural Real Estate Portfolio Segment | 0% - 50% | Greater than 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 254 | 204 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 254 | 204 |
Agricultural Real Estate Portfolio Segment | 0% - 50% | 1.8x to 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 138 | 116 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 138 | 116 |
Agricultural Real Estate Portfolio Segment | 0% - 50% | 1.5x to 1.8x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 296 | 277 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 296 | 277 |
Agricultural Real Estate Portfolio Segment | 0% - 50% | 1.2x to 1.5x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 468 | 432 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 468 | 432 |
Agricultural Real Estate Portfolio Segment | 0% - 50% | 1.0x to 1.2x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 286 | 256 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 286 | 256 |
Agricultural Real Estate Portfolio Segment | 0% - 50% | Less than 1.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 49 | 51 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 49 | 51 |
Agricultural Real Estate Portfolio Segment | 50% - 70% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 1,004 | 988 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 1,004 | 988 |
Agricultural Real Estate Portfolio Segment | 50% - 70% | Greater than 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 141 | 146 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 141 | 146 |
Agricultural Real Estate Portfolio Segment | 50% - 70% | 1.8x to 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 57 | 80 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 57 | 80 |
Agricultural Real Estate Portfolio Segment | 50% - 70% | 1.5x to 1.8x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 209 | 192 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 209 | 192 |
Agricultural Real Estate Portfolio Segment | 50% - 70% | 1.2x to 1.5x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 333 | 298 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 333 | 298 |
Agricultural Real Estate Portfolio Segment | 50% - 70% | 1.0x to 1.2x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 219 | 225 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 219 | 225 |
Agricultural Real Estate Portfolio Segment | 50% - 70% | Less than 1.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 45 | 47 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 45 | 47 |
Agricultural Real Estate Portfolio Segment | 70% - 90% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 6 | 6 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 6 | 6 |
Agricultural Real Estate Portfolio Segment | 70% - 90% | Greater than 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 0 | 0 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 0 | 0 |
Agricultural Real Estate Portfolio Segment | 70% - 90% | 1.8x to 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 0 | 0 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 0 | 0 |
Agricultural Real Estate Portfolio Segment | 70% - 90% | 1.5x to 1.8x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 2 | 2 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 2 | 2 |
Agricultural Real Estate Portfolio Segment | 70% - 90% | 1.2x to 1.5x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 4 | 4 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 4 | 4 |
Agricultural Real Estate Portfolio Segment | 70% - 90% | 1.0x to 1.2x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 0 | 0 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 0 | 0 |
Agricultural Real Estate Portfolio Segment | 70% - 90% | Less than 1.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 0 | 0 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 0 | 0 |
Agricultural Real Estate Portfolio Segment | 90% plus | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 0 | 0 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 0 | 0 |
Agricultural Real Estate Portfolio Segment | 90% plus | Greater than 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 0 | 0 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 0 | 0 |
Agricultural Real Estate Portfolio Segment | 90% plus | 1.8x to 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 0 | 0 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 0 | 0 |
Agricultural Real Estate Portfolio Segment | 90% plus | 1.5x to 1.8x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 0 | 0 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 0 | 0 |
Agricultural Real Estate Portfolio Segment | 90% plus | 1.2x to 1.5x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 0 | 0 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 0 | 0 |
Agricultural Real Estate Portfolio Segment | 90% plus | 1.0x to 1.2x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 0 | 0 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 0 | 0 |
Agricultural Real Estate Portfolio Segment | 90% plus | Less than 1.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 0 | 0 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 0 | 0 |
Total Mortgages Loan | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 9,765 | 7,177 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 17 | 53 |
Current | 9,748 | 7,124 |
Total financing receivables | 9,765 | 7,177 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 6 | 4 |
Total Mortgages Loan | With no related allowance recorded | ||
Impaired Mortgage Loans [Abstract] | ||
Recorded Investment | 15 | 46 |
Unpaid Principal Balance | 15 | 46 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 22 | 15 |
Interest Income Recognized | 0 | 0 |
Total Mortgages Loan | With related allowance recorded | ||
Impaired Mortgage Loans [Abstract] | ||
Recorded Investment | 27 | 63 |
Unpaid Principal Balance | 27 | 63 |
Related Allowance | (8) | (6) |
Average Recorded Investment | 48 | 137 |
Interest Income Recognized | 2 | 4 |
Total Mortgages Loan | 30-59 Days | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 9 | 12 |
Total Mortgages Loan | 60-89 Days | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 2 | 7 |
Total Mortgages Loan | 90 Days Or Greater | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 6 | 34 |
Total Mortgages Loan | Greater than 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 4,632 | 2,479 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 4,632 | 2,479 |
Total Mortgages Loan | 1.8x to 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 785 | 549 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 785 | 549 |
Total Mortgages Loan | 1.5x to 1.8x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 1,496 | 1,520 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 1,496 | 1,520 |
Total Mortgages Loan | 1.2x to 1.5x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 2,103 | 1,779 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 2,103 | 1,779 |
Total Mortgages Loan | 1.0x to 1.2x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 609 | 706 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 609 | 706 |
Total Mortgages Loan | Less than 1.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 140 | 144 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 140 | 144 |
Total Mortgages Loan | 0% - 50% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 2,439 | 2,007 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 2,439 | 2,007 |
Total Mortgages Loan | 0% - 50% | Greater than 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 992 | 737 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 992 | 737 |
Total Mortgages Loan | 0% - 50% | 1.8x to 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 233 | 116 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 233 | 116 |
Total Mortgages Loan | 0% - 50% | 1.5x to 1.8x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 355 | 379 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 355 | 379 |
Total Mortgages Loan | 0% - 50% | 1.2x to 1.5x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 524 | 444 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 524 | 444 |
Total Mortgages Loan | 0% - 50% | 1.0x to 1.2x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 286 | 280 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 286 | 280 |
Total Mortgages Loan | 0% - 50% | Less than 1.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 49 | 51 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 49 | 51 |
Total Mortgages Loan | 50% - 70% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 6,500 | 4,404 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 6,500 | 4,404 |
Total Mortgages Loan | 50% - 70% | Greater than 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 3,358 | 1,538 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 3,358 | 1,538 |
Total Mortgages Loan | 50% - 70% | 1.8x to 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 487 | 433 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 487 | 433 |
Total Mortgages Loan | 50% - 70% | 1.5x to 1.8x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 882 | 933 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 882 | 933 |
Total Mortgages Loan | 50% - 70% | 1.2x to 1.5x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 1,433 | 1,151 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 1,433 | 1,151 |
Total Mortgages Loan | 50% - 70% | 1.0x to 1.2x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 295 | 302 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 295 | 302 |
Total Mortgages Loan | 50% - 70% | Less than 1.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 45 | 47 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 45 | 47 |
Total Mortgages Loan | 70% - 90% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 783 | 657 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 783 | 657 |
Total Mortgages Loan | 70% - 90% | Greater than 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 282 | 141 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 282 | 141 |
Total Mortgages Loan | 70% - 90% | 1.8x to 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 65 | 0 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 65 | 0 |
Total Mortgages Loan | 70% - 90% | 1.5x to 1.8x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 231 | 208 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 231 | 208 |
Total Mortgages Loan | 70% - 90% | 1.2x to 1.5x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 131 | 138 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 131 | 138 |
Total Mortgages Loan | 70% - 90% | 1.0x to 1.2x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 28 | 124 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 28 | 124 |
Total Mortgages Loan | 70% - 90% | Less than 1.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 46 | 46 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 46 | 46 |
Total Mortgages Loan | 90% plus | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 43 | 109 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 43 | 109 |
Total Mortgages Loan | 90% plus | Greater than 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 0 | 63 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 0 | 63 |
Total Mortgages Loan | 90% plus | 1.8x to 2.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 0 | 0 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 0 | 0 |
Total Mortgages Loan | 90% plus | 1.5x to 1.8x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 28 | 0 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 28 | 0 |
Total Mortgages Loan | 90% plus | 1.2x to 1.5x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 15 | 46 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 15 | 46 |
Total Mortgages Loan | 90% plus | 1.0x to 1.2x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 0 | 0 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | 0 | 0 |
Total Mortgages Loan | 90% plus | Less than 1.0x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of mortgage loans | 0 | 0 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total financing receivables | $ 0 | $ 0 |
INVESTMENTS (EQUITY) (Details)
INVESTMENTS (EQUITY) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Carrying value of equity investments | $ 1,295 | $ 1,363 | |
Total equity in net earnings (losses) for equity method investments | $ 60 | $ 71 | $ 206 |
INVESTMENTS (DERIVATIVES) (Deta
INVESTMENTS (DERIVATIVES) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivatives, Fair Value [Line Items] | |||
Unrealized Gain (Loss) on Derivatives | $ (458) | $ (555) | $ 706 |
Notional Amount | 50,926 | 42,714 | |
Asset Derivatives | 13,585 | 12,055 | |
Liability Derivatives | 4,211 | 1,320 | |
Gains (Losses) Reported In Earnings (Loss) | (1,497) | (316) | |
Derivative, Fair Value, Net | 51 | 659 | |
Futures | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 5,086 | 7,089 | |
Asset Derivatives | 1 | 2 | |
Liability Derivatives | 1 | 3 | |
Gains (Losses) Reported In Earnings (Loss) | (826) | (84) | |
Swaps | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 3,529 | 1,359 | |
Asset Derivatives | 13 | 8 | |
Liability Derivatives | 67 | 21 | |
Gains (Losses) Reported In Earnings (Loss) | (290) | (45) | |
Options | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 11,465 | 7,358 | |
Asset Derivatives | 2,114 | 1,042 | |
Liability Derivatives | 1,154 | 652 | |
Gains (Losses) Reported In Earnings (Loss) | 727 | 14 | |
Floors | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 1,500 | 1,800 | |
Asset Derivatives | 11 | 61 | |
Liability Derivatives | 0 | 0 | |
Gains (Losses) Reported In Earnings (Loss) | 4 | 12 | |
Swaps | |||
Derivatives, Fair Value [Line Items] | |||
Proceeds from Derivative Instrument, Financing Activities | 1,007 | ||
Notional Amount | 18,933 | 13,718 | |
Asset Derivatives | 246 | 351 | |
Liability Derivatives | 1,163 | 108 | |
Gains (Losses) Reported In Earnings (Loss) | (224) | (8) | |
Derivative, Fair Value, Net | (154) | ||
Futures | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 6,926 | 8,685 | |
Asset Derivatives | 0 | 0 | |
Liability Derivatives | 0 | 0 | |
Gains (Losses) Reported In Earnings (Loss) | 0 | (81) | |
Swaptions | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 0 | 0 | |
Asset Derivatives | 0 | 0 | |
Liability Derivatives | 0 | 0 | |
Gains (Losses) Reported In Earnings (Loss) | 87 | 118 | |
Credit default swaps | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 2,757 | 2,442 | |
Asset Derivatives | 20 | 16 | |
Liability Derivatives | 15 | 38 | |
Gains (Losses) Reported In Earnings (Loss) | 15 | (14) | |
Foreign currency Contracts | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 730 | 263 | |
Asset Derivatives | 52 | 5 | |
Liability Derivatives | 6 | 4 | |
Gains (Losses) Reported In Earnings (Loss) | 45 | 7 | |
Margin | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 0 | ||
Asset Derivatives | 107 | ||
Liability Derivatives | 6 | ||
Gains (Losses) Reported In Earnings (Loss) | 0 | ||
Collateral Contracts | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 0 | ||
Asset Derivatives | 712 | ||
Liability Derivatives | 748 | ||
Gains (Losses) Reported In Earnings (Loss) | 0 | ||
Net investment income (loss) | |||
Derivatives, Fair Value [Line Items] | |||
Gains (Losses) Reported In Earnings (Loss) | (462) | (81) | |
GMIB reinsurance contracts | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 0 | 0 | |
Asset Derivatives | 10,309 | 10,570 | |
Liability Derivatives | 0 | 0 | |
Gains (Losses) Reported In Earnings (Loss) | (261) | (141) | |
GIB and GWBL and Other Features | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 0 | 0 | |
Asset Derivatives | 0 | 0 | |
Liability Derivatives | 164 | 184 | |
Gains (Losses) Reported In Earnings (Loss) | (20) | (56) | |
SCS, SIO, MSO and IUL indexed features liability | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 0 | 0 | |
Asset Derivatives | 0 | 0 | |
Liability Derivatives | 887 | 310 | |
Gains (Losses) Reported In Earnings (Loss) | (754) | (38) | |
U.S. Treasury, government and agency | |||
Derivatives, Fair Value [Line Items] | |||
Available-for-Sale Securities, Amount Derecognized in Period | 995 | ||
Available-for-Sale Securities, Fair Value of Amount Derecognized | 888 | ||
Treasury Inflation Protected Securities | |||
Derivatives, Fair Value [Line Items] | |||
Unrealized Gain (Loss) on Derivatives | $ (97) | $ (4) |
INVESTMENTS (DERIVATIVES 1) (De
INVESTMENTS (DERIVATIVES 1) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] | ||
Cash and securities collateral for derivative contract | $ 755 | $ 655 |
Collateralized derivative transactions | 700 | 5 |
Cash and securities collateral | 820 | $ 5 |
S&P 500, Russell 1000, NASDAQ 100 and Emerging Market Indices [Member] | ||
Exchange Traded Future Contract [Line Items] | ||
Initial margin requirement | 209 | |
Us Treasury Notes Ultra Long Bonds And Euro Dollar [Member] | ||
Exchange Traded Future Contract [Line Items] | ||
Initial margin requirement | 28 | |
Euro Stoxx, FTSE100, EAFE And Topix Indices [Member] | ||
Exchange Traded Future Contract [Line Items] | ||
Initial margin requirement | $ 15 |
INVESTMENTS (OFFSETTING) (Detai
INVESTMENTS (OFFSETTING) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Offsetting Assets [Line Items] | |||
Securities purchased under agreements to resell | $ 0 | $ 79 | |
Securities sold under agreements to repurchase | 1,996 | 1,890 | |
ASSETS | |||
Gross Amounts Recognized | 0 | ||
Gross Amounts Offset in the Balance Sheets | 0 | ||
Net Amounts Presented in the Balance Sheets | 0 | ||
LIABILITIES | |||
Gross Amounts Recognized | 0 | ||
Gross Amounts Offset in the Balance Sheets | 0 | ||
Net Amounts Presented in the Balance Sheets | 0 | ||
Asset Derivatives | 13,585 | 12,055 | |
Accrued Interest Derivatives | 141 | ||
Liability Derivatives | 4,211 | 1,320 | |
Realized gains (losses) on contracts closed | (458) | (555) | $ 706 |
Investment Management | |||
LIABILITIES | |||
Asset Derivatives | 13 | 13 | |
Securities Borrowed | 83 | 75 | |
Liability Derivatives | 11 | 12 | |
Securities Loaned | 10 | ||
Equity Contract | |||
ASSETS | |||
Gross Amounts Recognized | 2,128 | 1,049 | |
Gross Amounts Offset in the Balance Sheets | 1,219 | 673 | |
Net Amounts Presented in the Balance Sheets | 909 | 376 | |
LIABILITIES | |||
Gross Amounts Recognized | 1,219 | 673 | |
Gross Amounts Offset in the Balance Sheets | 1,219 | 673 | |
Net Amounts Presented in the Balance Sheets | 0 | 0 | |
Interest Rate Contract | |||
ASSETS | |||
Gross Amounts Recognized | 253 | 389 | |
Gross Amounts Offset in the Balance Sheets | 1,162 | 104 | |
Net Amounts Presented in the Balance Sheets | (909) | 285 | |
LIABILITIES | |||
Gross Amounts Recognized | 1,162 | 104 | |
Gross Amounts Offset in the Balance Sheets | 1,162 | 104 | |
Net Amounts Presented in the Balance Sheets | 0 | 0 | |
Credit Risk Contract | |||
ASSETS | |||
Gross Amounts Recognized | 20 | ||
Gross Amounts Offset in the Balance Sheets | 14 | ||
Net Amounts Presented in the Balance Sheets | 6 | ||
LIABILITIES | |||
Gross Amounts Recognized | 14 | 37 | |
Gross Amounts Offset in the Balance Sheets | 14 | 37 | |
Net Amounts Presented in the Balance Sheets | 0 | 0 | |
Credit default swaps | |||
ASSETS | |||
Gross Amounts Recognized | 48 | 14 | |
Gross Amounts Offset in the Balance Sheets | 1 | 37 | |
Net Amounts Presented in the Balance Sheets | 47 | (23) | |
LIABILITIES | |||
Gross Amounts Recognized | 1 | ||
Gross Amounts Offset in the Balance Sheets | 1 | ||
Net Amounts Presented in the Balance Sheets | 0 | ||
Asset Derivatives | 20 | 16 | |
Liability Derivatives | 15 | 38 | |
Margin | |||
ASSETS | |||
Gross Amounts Recognized | 107 | ||
Gross Amounts Offset in the Balance Sheets | 6 | ||
Net Amounts Presented in the Balance Sheets | 101 | ||
LIABILITIES | |||
Gross Amounts Recognized | 6 | ||
Gross Amounts Offset in the Balance Sheets | 6 | ||
Asset Derivatives | 107 | ||
Liability Derivatives | 6 | ||
Collateral Contracts | |||
ASSETS | |||
Gross Amounts Recognized | 712 | ||
Gross Amounts Offset in the Balance Sheets | 747 | ||
Net Amounts Presented in the Balance Sheets | (35) | ||
LIABILITIES | |||
Gross Amounts Recognized | 747 | ||
Gross Amounts Offset in the Balance Sheets | 747 | ||
Asset Derivatives | 712 | ||
Liability Derivatives | 748 | ||
Derivatives Subject to an ISDA Master Agreements | |||
ASSETS | |||
Gross Amounts Recognized | 3,268 | 1,452 | |
Gross Amounts Offset in the Balance Sheets | 3,149 | 814 | |
Net Amounts Presented in the Balance Sheets | 119 | 638 | |
LIABILITIES | |||
Gross Amounts Recognized | 3,149 | 814 | |
Gross Amounts Offset in the Balance Sheets | 3,149 | 814 | |
Net Amounts Presented in the Balance Sheets | 0 | 0 | |
Derivatives not subject to an ISDA Master Agreements | |||
ASSETS | |||
Gross Amounts Recognized | 4 | 20 | |
Gross Amounts Offset in the Balance Sheets | 0 | 0 | |
Net Amounts Presented in the Balance Sheets | 4 | 20 | |
LIABILITIES | |||
Gross Amounts Recognized | 0 | ||
Gross Amounts Offset in the Balance Sheets | 0 | ||
Net Amounts Presented in the Balance Sheets | 0 | ||
Derivative investments | |||
ASSETS | |||
Gross Amounts Recognized | 3,272 | 1,472 | |
Gross Amounts Offset in the Balance Sheets | 3,149 | 814 | |
Net Amounts Presented in the Balance Sheets | 123 | 658 | |
LIABILITIES | |||
Gross Amounts Recognized | 3,149 | 814 | |
Gross Amounts Offset in the Balance Sheets | 3,149 | 814 | |
Net Amounts Presented in the Balance Sheets | 0 | 0 | |
Other Financial Instruments | |||
ASSETS | |||
Gross Amounts Recognized | 2,063 | 1,271 | |
Gross Amounts Offset in the Balance Sheets | 0 | 0 | |
Net Amounts Presented in the Balance Sheets | 2,063 | 1,271 | |
Other Invested Assets | |||
ASSETS | |||
Gross Amounts Recognized | 5,335 | 2,743 | |
Gross Amounts Offset in the Balance Sheets | 3,149 | 814 | |
Net Amounts Presented in the Balance Sheets | 2,186 | 1,929 | |
Other financial liabilities | |||
LIABILITIES | |||
Gross Amounts Recognized | 2,108 | 2,586 | |
Gross Amounts Offset in the Balance Sheets | 0 | 0 | |
Net Amounts Presented in the Balance Sheets | 2,108 | 2,586 | |
Other liabilities | |||
LIABILITIES | |||
Gross Amounts Recognized | 5,257 | 3,400 | |
Gross Amounts Offset in the Balance Sheets | 3,149 | 814 | |
Net Amounts Presented in the Balance Sheets | 2,108 | 2,586 | |
Securities sold under agreement to repurchase | |||
LIABILITIES | |||
Gross Amounts Recognized | 1,992 | 1,890 | |
Gross Amounts Offset in the Balance Sheets | 0 | 0 | |
Net Amounts Presented in the Balance Sheets | 1,992 | 1,890 | |
Exchange Traded Options | Investment Management | Long | |||
LIABILITIES | |||
Asset Derivatives | 3 | 6 | |
Exchange Traded Options | Investment Management | Short | |||
LIABILITIES | |||
Liability Derivatives | $ 1 | 1 | |
Initial Margin | |||
LIABILITIES | |||
Asset Derivatives | (2) | ||
Securities Purchased Under Agreements To Resell [Member] | |||
ASSETS | |||
Gross Amounts Recognized | 79 | ||
Gross Amounts Offset in the Balance Sheets | 0 | ||
Net Amounts Presented in the Balance Sheets | $ 79 |
INVESTMENTS (OFFSETTING 1) (Det
INVESTMENTS (OFFSETTING 1) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Offsetting Assets [Line Items] | ||
Fair Value of Assets | $ 0 | |
Reverse repurchase agreements, net amount presented on the balance sheet | 0 | $ 79 |
Repurchase agreements, net amount presented on the balance sheet | 1,996 | 1,890 |
Accrued Interest Derivatives | 141 | |
Asset Derivatives | 13,585 | 12,055 |
Securities sold under agreements to repurchase | 4 | |
Initial Margin | ||
Offsetting Assets [Line Items] | ||
Asset Derivatives | (2) | |
Investment Management | ||
Offsetting Assets [Line Items] | ||
Collateral (Received)/Held, Cash | (1) | (2) |
Collateral (Received)/Held, Cash | (8) | (12) |
Securities Borrowed | 83 | 75 |
Securities Loaned | 10 | |
Asset Derivatives | 13 | 13 |
Securities Purchased Under Agreements To Resell [Member] | ||
Offsetting Assets [Line Items] | ||
Fair Value of Assets | 79 | |
Colleteral (Received)/Held, Financial Instruments | (79) | |
Collateral (Received)/Held, Cash | 0 | |
Net Amounts | 0 | |
Securities Purchased Under Agreements To Resell [Member] | Counterparty M | ||
Offsetting Assets [Line Items] | ||
Fair Value of Assets | 28 | |
Colleteral (Received)/Held, Financial Instruments | (28) | |
Collateral (Received)/Held, Cash | 0 | |
Net Amounts | 0 | |
Securities Purchased Under Agreements To Resell [Member] | Counterparty V | ||
Offsetting Assets [Line Items] | ||
Fair Value of Assets | 51 | |
Colleteral (Received)/Held, Financial Instruments | (51) | |
Collateral (Received)/Held, Cash | 0 | |
Net Amounts | 0 | |
Securities Sold under Agreements to Repurchase [Member] | ||
Offsetting Assets [Line Items] | ||
Repurchase agreements, net amount presented on the balance sheet | 1,992 | 1,890 |
Collateral (Received)/Held, Financial Instruments | (1,986) | (1,861) |
Collateral (Received)/Held, Cash | (2) | (29) |
Net amounts | 4 | 0 |
Securities Sold under Agreements to Repurchase [Member] | Counterparty C | ||
Offsetting Assets [Line Items] | ||
Repurchase agreements, net amount presented on the balance sheet | 302 | 1,033 |
Collateral (Received)/Held, Financial Instruments | (296) | (1,016) |
Collateral (Received)/Held, Cash | (2) | (17) |
Net amounts | 4 | 0 |
Securities Sold under Agreements to Repurchase [Member] | Counterparty D | ||
Offsetting Assets [Line Items] | ||
Repurchase agreements, net amount presented on the balance sheet | 767 | 234 |
Collateral (Received)/Held, Financial Instruments | (767) | (234) |
Collateral (Received)/Held, Cash | 0 | 0 |
Net amounts | 0 | 0 |
Securities Sold under Agreements to Repurchase [Member] | Counterparty M | ||
Offsetting Assets [Line Items] | ||
Repurchase agreements, net amount presented on the balance sheet | 410 | 623 |
Collateral (Received)/Held, Financial Instruments | (410) | (611) |
Collateral (Received)/Held, Cash | 0 | (12) |
Net amounts | 0 | 0 |
Securities Sold under Agreements to Repurchase [Member] | Counterparty W | ||
Offsetting Assets [Line Items] | ||
Repurchase agreements, net amount presented on the balance sheet | 513 | |
Collateral (Received)/Held, Financial Instruments | (513) | |
Collateral (Received)/Held, Cash | 0 | |
Net amounts | 0 | |
Other Investments | ||
Offsetting Assets [Line Items] | ||
Fair Value of Assets | 2,120 | 1,929 |
Colleteral (Received)/Held, Financial Instruments | 0 | (11) |
Collateral (Received)/Held, Cash | 66 | (605) |
Net Amounts | 2,186 | 1,313 |
Other Financial Instruments | ||
Offsetting Assets [Line Items] | ||
Fair Value of Assets | 2,067 | 1,271 |
Colleteral (Received)/Held, Financial Instruments | 0 | 0 |
Collateral (Received)/Held, Cash | 0 | 0 |
Net Amounts | 2,067 | 1,271 |
Derivative investments | ||
Offsetting Assets [Line Items] | ||
Fair Value of Assets | 53 | 658 |
Colleteral (Received)/Held, Financial Instruments | 0 | (11) |
Collateral (Received)/Held, Cash | 66 | (605) |
Net Amounts | 119 | 42 |
Derivative investments | Counterparty A | ||
Offsetting Assets [Line Items] | ||
Fair Value of Assets | 46 | 52 |
Colleteral (Received)/Held, Financial Instruments | 0 | 0 |
Collateral (Received)/Held, Cash | (48) | (52) |
Net Amounts | (2) | 0 |
Derivative investments | Counterparty B | ||
Offsetting Assets [Line Items] | ||
Fair Value of Assets | (128) | 9 |
Colleteral (Received)/Held, Financial Instruments | 0 | 0 |
Collateral (Received)/Held, Cash | 132 | (7) |
Net Amounts | 4 | 2 |
Derivative investments | Counterparty C | ||
Offsetting Assets [Line Items] | ||
Fair Value of Assets | (116) | 61 |
Colleteral (Received)/Held, Financial Instruments | 0 | 0 |
Collateral (Received)/Held, Cash | 138 | (58) |
Net Amounts | 22 | 3 |
Derivative investments | Counterparty D | ||
Offsetting Assets [Line Items] | ||
Fair Value of Assets | 182 | 222 |
Colleteral (Received)/Held, Financial Instruments | 0 | 0 |
Collateral (Received)/Held, Cash | (176) | (218) |
Net Amounts | 6 | 4 |
Derivative investments | Counterparty E | ||
Offsetting Assets [Line Items] | ||
Fair Value of Assets | (65) | 53 |
Colleteral (Received)/Held, Financial Instruments | 0 | 0 |
Collateral (Received)/Held, Cash | 83 | (53) |
Net Amounts | 18 | 0 |
Derivative investments | Counterparty F | ||
Offsetting Assets [Line Items] | ||
Fair Value of Assets | (3) | (2) |
Colleteral (Received)/Held, Financial Instruments | 0 | 0 |
Collateral (Received)/Held, Cash | 16 | 2 |
Net Amounts | 13 | 0 |
Derivative investments | Counterparty G | ||
Offsetting Assets [Line Items] | ||
Fair Value of Assets | 219 | 129 |
Colleteral (Received)/Held, Financial Instruments | 0 | 0 |
Collateral (Received)/Held, Cash | (214) | (129) |
Net Amounts | 5 | 0 |
Derivative investments | Counterparty H | ||
Offsetting Assets [Line Items] | ||
Fair Value of Assets | 104 | 16 |
Colleteral (Received)/Held, Financial Instruments | 0 | (11) |
Collateral (Received)/Held, Cash | (110) | (5) |
Net Amounts | (6) | 0 |
Derivative investments | Counterparty I | ||
Offsetting Assets [Line Items] | ||
Fair Value of Assets | (188) | 44 |
Colleteral (Received)/Held, Financial Instruments | 0 | 0 |
Collateral (Received)/Held, Cash | 203 | (39) |
Net Amounts | 15 | 5 |
Derivative investments | Counterparty J | ||
Offsetting Assets [Line Items] | ||
Fair Value of Assets | (93) | 19 |
Colleteral (Received)/Held, Financial Instruments | 0 | 0 |
Collateral (Received)/Held, Cash | 115 | (13) |
Net Amounts | 22 | 6 |
Derivative investments | Counterparty K | ||
Offsetting Assets [Line Items] | ||
Fair Value of Assets | 92 | 17 |
Colleteral (Received)/Held, Financial Instruments | 0 | 0 |
Collateral (Received)/Held, Cash | (96) | (17) |
Net Amounts | (4) | 0 |
Derivative investments | Counterparty L | ||
Offsetting Assets [Line Items] | ||
Fair Value of Assets | (3) | 7 |
Colleteral (Received)/Held, Financial Instruments | 0 | 0 |
Collateral (Received)/Held, Cash | 3 | (7) |
Net Amounts | 0 | 0 |
Derivative investments | Counterparty M | ||
Offsetting Assets [Line Items] | ||
Fair Value of Assets | (105) | 11 |
Colleteral (Received)/Held, Financial Instruments | 0 | 0 |
Collateral (Received)/Held, Cash | 120 | (10) |
Net Amounts | 15 | 1 |
Derivative investments | Counterparty N | ||
Offsetting Assets [Line Items] | ||
Fair Value of Assets | 4 | 20 |
Colleteral (Received)/Held, Financial Instruments | 0 | 0 |
Collateral (Received)/Held, Cash | 0 | 0 |
Net Amounts | 4 | 20 |
Derivative investments | Counterparty Q | ||
Offsetting Assets [Line Items] | ||
Fair Value of Assets | 10 | 0 |
Colleteral (Received)/Held, Financial Instruments | 0 | 0 |
Collateral (Received)/Held, Cash | (11) | 0 |
Net Amounts | (1) | 0 |
Derivative investments | Counterparty T | ||
Offsetting Assets [Line Items] | ||
Fair Value of Assets | 0 | (3) |
Colleteral (Received)/Held, Financial Instruments | 0 | 0 |
Collateral (Received)/Held, Cash | 2 | 3 |
Net Amounts | 2 | 0 |
Derivative investments | Counterparty U | ||
Offsetting Assets [Line Items] | ||
Fair Value of Assets | 1 | 0 |
Colleteral (Received)/Held, Financial Instruments | 0 | 0 |
Collateral (Received)/Held, Cash | 10 | 1 |
Net Amounts | 11 | 1 |
Derivative investments | Counterparty V | ||
Offsetting Assets [Line Items] | ||
Fair Value of Assets | 96 | 3 |
Colleteral (Received)/Held, Financial Instruments | 0 | 0 |
Collateral (Received)/Held, Cash | (101) | (3) |
Net Amounts | $ (5) | $ 0 |
INVESTMENTS (REPURCHASE TO MATU
INVESTMENTS (REPURCHASE TO MATURITY TRANSACTIONS) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | ||
Securities sold under agreement to repurchase(2) | $ 1,992 | $ 1,890 |
Securities purchased under agreements to resell | 79 | |
Securities sold under agreements to repurchase | 4 | |
U.S. Treasury, government and agency | ||
Derivative [Line Items] | ||
Securities sold under agreement to repurchase(2) | 1,992 | 1,890 |
Corporate | ||
Derivative [Line Items] | ||
Securities purchased under agreements to resell | 79 | |
Maturity Overnight and on Demand | ||
Derivative [Line Items] | ||
Securities sold under agreement to repurchase(2) | 0 | 0 |
Securities purchased under agreements to resell | 0 | |
Maturity Overnight and on Demand | U.S. Treasury, government and agency | ||
Derivative [Line Items] | ||
Securities sold under agreement to repurchase(2) | 0 | 0 |
Maturity Overnight and on Demand | Corporate | ||
Derivative [Line Items] | ||
Securities purchased under agreements to resell | 0 | |
Maturity Less than 30 Days | ||
Derivative [Line Items] | ||
Securities sold under agreement to repurchase(2) | 1,992 | 1,865 |
Securities purchased under agreements to resell | 79 | |
Maturity Less than 30 Days | U.S. Treasury, government and agency | ||
Derivative [Line Items] | ||
Securities sold under agreement to repurchase(2) | 1,992 | 1,865 |
Maturity Less than 30 Days | Corporate | ||
Derivative [Line Items] | ||
Securities purchased under agreements to resell | 79 | |
Maturity 30 to 90 Days | ||
Derivative [Line Items] | ||
Securities sold under agreement to repurchase(2) | 0 | 25 |
Securities purchased under agreements to resell | 0 | |
Maturity 30 to 90 Days | U.S. Treasury, government and agency | ||
Derivative [Line Items] | ||
Securities sold under agreement to repurchase(2) | 0 | 25 |
Maturity 30 to 90 Days | Corporate | ||
Derivative [Line Items] | ||
Securities purchased under agreements to resell | 0 | |
Maturity Greater than 90 Days | ||
Derivative [Line Items] | ||
Securities sold under agreement to repurchase(2) | 0 | 0 |
Securities purchased under agreements to resell | 0 | |
Maturity Greater than 90 Days | U.S. Treasury, government and agency | ||
Derivative [Line Items] | ||
Securities sold under agreement to repurchase(2) | 0 | 0 |
Maturity Greater than 90 Days | Corporate | ||
Derivative [Line Items] | ||
Securities purchased under agreements to resell | 0 | |
Investment Management | ||
Derivative [Line Items] | ||
Securities Borrowed | $ 83 | 75 |
Securities Loaned | $ 10 |
INVESTMENTS (NET INVESTMENT INC
INVESTMENTS (NET INVESTMENT INCOME) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net Investment Income [Line Items] | |||
Investment income | $ 1,922 | $ 2,032 | $ 3,870 |
Investment expenses | (66) | (56) | (55) |
Total net investment income (loss) | 1,856 | 1,976 | 3,815 |
Net investment income (loss) from derivatives | 16 | (20) | (58) |
Realized gains (losses) on contracts closed | (458) | (555) | 706 |
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Abstract] | |||
Interest Credited To Policyholders Account Balances Participating Group Annuity Contracts | 4 | 4 | 5 |
Fixed maturities | |||
Net Investment Income [Line Items] | |||
Investment income | 1,418 | 1,420 | 1,431 |
Net investment income (loss) from derivatives | (3) | (17) | (54) |
Mortgage loans on real estate | |||
Net Investment Income [Line Items] | |||
Investment income | 461 | 338 | 306 |
Net investment income (loss) from derivatives | (2) | (1) | (3) |
Repurchase agreement | |||
Net Investment Income [Line Items] | |||
Investment income | 1 | 1 | 0 |
Other equity investments | |||
Net Investment Income [Line Items] | |||
Investment income | 170 | 84 | 200 |
Policy loans | |||
Net Investment Income [Line Items] | |||
Investment income | 210 | 213 | 216 |
Derivative investments | |||
Net Investment Income [Line Items] | |||
Investment income | (462) | (81) | 1,605 |
Net investment income (loss) from derivatives | (4) | 474 | 899 |
Trading securities | |||
Net Investment Income [Line Items] | |||
Investment income | 80 | 17 | 63 |
Real Estate Investment | |||
Net Investment Income [Line Items] | |||
Net investment income (loss) from derivatives | (2) | (5) | (2) |
Other Investments | |||
Net Investment Income [Line Items] | |||
Investment income | 44 | 40 | 49 |
Net investment income (loss) from derivatives | $ 23 | $ 3 | $ 1 |
INVESTMENTS INVESTMENTS (TRADIN
INVESTMENTS INVESTMENTS (TRADING SECURITIES) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Investments, Debt and Equity Securities [Abstract] | |||
Net investment gains (losses) recognized during the period on securities held at the end of the period | $ (19) | $ (63) | $ 0 |
Net investment gains (losses) recognized on securities sold during the period | (22) | 20 | 22 |
Unrealized and realized gains (losses) on trading securities | (41) | (43) | 22 |
Interest and dividend income from trading securities | 121 | 60 | 41 |
Net investment income (loss) from trading securities | $ 80 | $ 17 | $ 63 |
GOODWILL AND OTHER INTANGIBLE67
GOODWILL AND OTHER INTANGIBLE ASSETS (Details) - USD ($) $ in Millions | Sep. 23, 2016 | Jun. 21, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 20, 2014 |
Goodwill And Intangible Asset Impairment [Line Items] | ||||||
Amortization expense, 2016 | $ 29 | |||||
Amortization expense, 2017 | 29 | |||||
Amortization expense, 2018 | 29 | |||||
Amortization expense, 2019 | 29 | |||||
Amortization expense, 2020 | 29 | |||||
AllianceBernstein Acquisitions[Abstract] | ||||||
Redeemable Noncontrolling Interest | 403 | $ 13 | ||||
Capitalized Computer Software, Net [Abstract] | ||||||
Capitalized software, net | 170 | 157 | ||||
Amortization of capitalized software | 52 | 55 | $ 50 | |||
Alliance Bernstein | ||||||
Goodwill And Intangible Asset Impairment [Line Items] | ||||||
Carrying value of goodwill | 3,584 | 3,562 | ||||
AllianceBernstein Acquisitions[Abstract] | ||||||
Carrying value of goodwill | 3,584 | 3,562 | ||||
Alliance Bernstein | Investment Management | ||||||
Goodwill And Intangible Asset Impairment [Line Items] | ||||||
Gross carrying amount of AllianceBernstein related intangible assets | 625 | 610 | ||||
Accumulated amortization of these intangible assets | 468 | 439 | ||||
Amortization of other intangibles | 29 | 28 | $ 27 | |||
Investment Management segments Other assets [Abstract] | ||||||
Net deferred sales commissions | 64 | $ 99 | ||||
Estimated amortization expense of deferred sales commissions for year 1 | 32 | |||||
Estimated amortization expense of deferred sales commissions for year 2 | 21 | |||||
Estimated amortization expense of deferred sales commissions for year 3 | 8 | |||||
Estimated amortization expense of deferred sales commissions for year 4 | 3 | |||||
Estimated amortization expense of deferred sales commissions for year 5 | $ 0 | |||||
Alliance Bernstein | Ramius Alternative Solutions LLC [Member] | ||||||
Goodwill And Intangible Asset Impairment [Line Items] | ||||||
Carrying value of goodwill | $ 22 | |||||
AllianceBernstein Acquisitions[Abstract] | ||||||
Ownership percentage acquired | 100.00% | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets Under Management | $ 2,500 | |||||
Cash payment | 21 | |||||
Contingent consideration payable | 12 | |||||
Carrying value of goodwill | 22 | |||||
Finite-lived intangible assets acquired | $ 10 | |||||
Capitalized Computer Software, Net [Abstract] | ||||||
Business Combination, Consideration Payable, Measurement Period | 5 years | |||||
Alliance Bernstein | CPH Capital | Investment Management | ||||||
Goodwill And Intangible Asset Impairment [Line Items] | ||||||
Carrying value of goodwill | $ 58 | |||||
AllianceBernstein Acquisitions[Abstract] | ||||||
Ownership percentage acquired | 90.00% | 82.00% | ||||
Assets under management, carrying amount | $ 3,000 | |||||
Cash payment | $ 64 | |||||
Contingent consideration payable | 9 | |||||
Carrying value of goodwill | 58 | |||||
Finite-lived intangible assets acquired | 24 | |||||
Indefinite-lived intangible assets acquired | $ 4 | |||||
Redeemable Noncontrolling Interest | $ 17 | |||||
Capitalized Computer Software, Net [Abstract] | ||||||
Business Combination, Consideration Payable, Measurement Period | 3 years |
CLOSED BLOCK (Details)
CLOSED BLOCK (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
CLOSED BLOCK LIABILITIES: | |||||
Future policy benefits, policyholders’ account balances and other | $ 7,179 | $ 7,363 | |||
Policyholder dividend obligation | $ (81) | $ (201) | $ (201) | (52) | (81) |
Other liabilities | 43 | 100 | |||
Total Closed Block liabilities | 7,274 | 7,544 | |||
ASSETS DESIGNATED TO THE CLOSED BLOCK: | |||||
Fixed maturities, available for sale, at fair value (amortized cost of $3,884 and $4,426) | 4,025 | 4,599 | |||
Mortgage loans on real estate | 1,623 | 1,575 | |||
Policy loans | 839 | 881 | |||
Cash and other invested assets | 444 | 49 | |||
Other assets | 181 | 258 | |||
Total assets designated to the Closed Block | 7,112 | 7,362 | |||
Excess of Closed Block liabilities over assets designated to the Closed Block | 162 | 182 | |||
Amounts included in accumulated other comprehensive income (loss): | |||||
Net unrealized investment gains (losses), net of deferred income tax (expense) benefit of $(35) and $(36) and policyholder dividend obligation of $(52) and $(81) | 100 | 103 | |||
Maximum Future Earnings To Be Recognized From Closed Block Assets and Liabilities | 262 | 285 | |||
REVENUES: | |||||
Premiums and other income | 238 | 262 | 273 | ||
Investment income (loss) | 349 | 368 | 378 | ||
Net investment gains (losses) | (1) | 2 | (4) | ||
Total revenues | 586 | 632 | 647 | ||
BENEFITS AND OTHER DEDUCTIONS: | |||||
Policyholders’ benefits and dividends | 548 | 576 | 597 | ||
Other operating costs and expenses | 4 | 4 | 4 | ||
Total benefits and other deductions | 552 | 580 | 601 | ||
Net revenues, before income taxes | 34 | 52 | 46 | ||
Income tax (expense) benefit | (12) | (18) | (16) | ||
Net Revenues (Losses) | 22 | 34 | 30 | ||
Movement in Closed Block Dividend Obligation [Roll Forward] | |||||
Balances, beginning of year | (81) | (201) | |||
Unrealized investment gains (losses) | (29) | (120) | |||
Balances, End of year | $ (52) | $ (81) | $ (201) | ||
Closed block operations, income taxes | (35) | (36) | |||
Closed block investments fixed maturity available for sale amortized cost | $ 4,426 | $ 4,829 |
CONTRACTHOLDER BONUS INTEREST69
CONTRACTHOLDER BONUS INTEREST CREDITS (DEFERRED ASSET FOR CONTRACTHOLDER BONUS INTEREST CREDITS) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Changes in the deferred asset for contractholder bonus interest credits | ||
Balance, beginning of year | $ 534 | $ 383 |
Contractholder bonus interest credits deferred | 13 | 17 |
Balance true-up | 0 | 174 |
Amortization charged to income | (43) | (40) |
Balance, End of Year | $ 504 | $ 534 |
CONTRACTHOLDER BONUS INTEREST70
CONTRACTHOLDER BONUS INTEREST CREDITS (CHANGES IN DEFERRED ACQUISITION COSTS) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||
Balance, beginning of year | $ 4,469 | $ 4,271 |
Capitalization of commissions, sales and issue expenses | 594 | 615 |
Amortization | (756) | (284) |
Change in unrealized investment gains and losses | (6) | 41 |
Balance true-up | 0 | (174) |
Balance, End of Year | $ 4,301 | $ 4,469 |
FAIR VALUE DISCLOSURES (Assets
FAIR VALUE DISCLOSURES (Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Investment Fair Value Disclosure [Abstract] | ||
Fixed maturities, available-for-sale: | $ 32,683 | $ 31,925 |
Trading securities, at fair value | 9,134 | 6,805 |
Fair Value, Measurements, Recurring | ||
Investment Fair Value Disclosure [Abstract] | ||
Fixed maturities, available-for-sale: | 32,570 | 31,893 |
Other equity investments | 8 | 146 |
Trading securities, at fair value | 9,134 | 6,805 |
Other invested assets: | 1,178 | 1,028 |
Cash equivalents | 1,529 | 2,150 |
Segregated securities | 946 | 565 |
GMIB reinsurance contracts asset | 10,309 | 10,570 |
Separate Accounts’ assets | 111,216 | 107,335 |
Total Assets | 166,890 | 160,492 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Total Liabilities | 1,319 | 525 |
Fair Value, Measurements, Recurring | Public Corporate | ||
Investment Fair Value Disclosure [Abstract] | ||
Fixed maturities, available-for-sale: | 13,012 | 13,376 |
Fair Value, Measurements, Recurring | Private Corporate | ||
Investment Fair Value Disclosure [Abstract] | ||
Fixed maturities, available-for-sale: | 7,040 | 6,926 |
Fair Value, Measurements, Recurring | U.S. Treasury, government and agency | ||
Investment Fair Value Disclosure [Abstract] | ||
Fixed maturities, available-for-sale: | 10,336 | 8,775 |
Fair Value, Measurements, Recurring | States and political subdivisions | ||
Investment Fair Value Disclosure [Abstract] | ||
Fixed maturities, available-for-sale: | 493 | 504 |
Fair Value, Measurements, Recurring | Foreign governments | ||
Investment Fair Value Disclosure [Abstract] | ||
Fixed maturities, available-for-sale: | 390 | 415 |
Fair Value, Measurements, Recurring | Commercial mortgage-backed | ||
Investment Fair Value Disclosure [Abstract] | ||
Fixed maturities, available-for-sale: | 371 | 533 |
Fair Value, Measurements, Recurring | Residential Mortgage Backed Securities | ||
Investment Fair Value Disclosure [Abstract] | ||
Fixed maturities, available-for-sale: | 314 | 640 |
Fair Value, Measurements, Recurring | Asset-backed Securities | ||
Investment Fair Value Disclosure [Abstract] | ||
Fixed maturities, available-for-sale: | 60 | 77 |
Fair Value, Measurements, Recurring | Redeemable preferred stock | ||
Investment Fair Value Disclosure [Abstract] | ||
Fixed maturities, available-for-sale: | 554 | 647 |
Fair Value, Measurements, Recurring | Short-term investments | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 574 | 369 |
Fair Value, Measurements, Recurring | Assets of consolidated VIEs | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 553 | |
Fair Value, Measurements, Recurring | Swap | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | (925) | 230 |
Fair Value, Measurements, Recurring | Credit default swaps | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 5 | (22) |
Fair Value, Measurements, Recurring | Future | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 0 | (1) |
Fair Value, Measurements, Recurring | Options Held | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 960 | 390 |
Fair Value, Measurements, Recurring | Floors | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 11 | 61 |
Fair Value, Measurements, Recurring | Foreign currency Contracts | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 1 | |
Fair Value, Measurements, Recurring | Guaranteed Minimum Withdrawal Benefit | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Guarantees | 164 | 184 |
Fair Value, Measurements, Recurring | SCS, SIO, MSO and IUL indexed features liability | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Guarantees | 887 | 310 |
Fair Value, Measurements, Recurring | Liabilities of consolidated VIEs | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Guarantees | 250 | |
Fair Value, Measurements, Recurring | Contingent Payment Arrangements | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Guarantees | 18 | 31 |
Fair Value, Measurements, Recurring | Level 1 | ||
Investment Fair Value Disclosure [Abstract] | ||
Fixed maturities, available-for-sale: | 218 | 258 |
Other equity investments | 3 | 97 |
Trading securities, at fair value | 478 | 654 |
Other invested assets: | 342 | (1) |
Cash equivalents | 1,529 | 2,150 |
Segregated securities | 0 | 0 |
GMIB reinsurance contracts asset | 0 | 0 |
Separate Accounts’ assets | 108,085 | 104,058 |
Total Assets | 110,655 | 107,216 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Total Liabilities | 248 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Public Corporate | ||
Investment Fair Value Disclosure [Abstract] | ||
Fixed maturities, available-for-sale: | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Private Corporate | ||
Investment Fair Value Disclosure [Abstract] | ||
Fixed maturities, available-for-sale: | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | U.S. Treasury, government and agency | ||
Investment Fair Value Disclosure [Abstract] | ||
Fixed maturities, available-for-sale: | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | States and political subdivisions | ||
Investment Fair Value Disclosure [Abstract] | ||
Fixed maturities, available-for-sale: | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Foreign governments | ||
Investment Fair Value Disclosure [Abstract] | ||
Fixed maturities, available-for-sale: | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Commercial mortgage-backed | ||
Investment Fair Value Disclosure [Abstract] | ||
Fixed maturities, available-for-sale: | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Residential Mortgage Backed Securities | ||
Investment Fair Value Disclosure [Abstract] | ||
Fixed maturities, available-for-sale: | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Asset-backed Securities | ||
Investment Fair Value Disclosure [Abstract] | ||
Fixed maturities, available-for-sale: | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Redeemable preferred stock | ||
Investment Fair Value Disclosure [Abstract] | ||
Fixed maturities, available-for-sale: | 218 | 258 |
Fair Value, Measurements, Recurring | Level 1 | Short-term investments | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Assets of consolidated VIEs | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 342 | |
Fair Value, Measurements, Recurring | Level 1 | Swap | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Credit default swaps | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Future | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 0 | (1) |
Fair Value, Measurements, Recurring | Level 1 | Options Held | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Floors | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Foreign currency Contracts | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Guaranteed Minimum Withdrawal Benefit | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Guarantees | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | SCS, SIO, MSO and IUL indexed features liability | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Guarantees | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Liabilities of consolidated VIEs | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Guarantees | 248 | |
Fair Value, Measurements, Recurring | Level 1 | Contingent Payment Arrangements | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Guarantees | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | ||
Investment Fair Value Disclosure [Abstract] | ||
Fixed maturities, available-for-sale: | 31,091 | 30,626 |
Other equity investments | 0 | 0 |
Trading securities, at fair value | 8,656 | 6,151 |
Other invested assets: | 830 | 1,029 |
Cash equivalents | 0 | 0 |
Segregated securities | 946 | 565 |
GMIB reinsurance contracts asset | 0 | 0 |
Separate Accounts’ assets | 2,818 | 2,964 |
Total Assets | 44,341 | 41,335 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Total Liabilities | 889 | 310 |
Fair Value, Measurements, Recurring | Level 2 | Public Corporate | ||
Investment Fair Value Disclosure [Abstract] | ||
Fixed maturities, available-for-sale: | 12,984 | 13,345 |
Fair Value, Measurements, Recurring | Level 2 | Private Corporate | ||
Investment Fair Value Disclosure [Abstract] | ||
Fixed maturities, available-for-sale: | 6,223 | 6,537 |
Fair Value, Measurements, Recurring | Level 2 | U.S. Treasury, government and agency | ||
Investment Fair Value Disclosure [Abstract] | ||
Fixed maturities, available-for-sale: | 10,336 | 8,775 |
Fair Value, Measurements, Recurring | Level 2 | States and political subdivisions | ||
Investment Fair Value Disclosure [Abstract] | ||
Fixed maturities, available-for-sale: | 451 | 459 |
Fair Value, Measurements, Recurring | Level 2 | Foreign governments | ||
Investment Fair Value Disclosure [Abstract] | ||
Fixed maturities, available-for-sale: | 390 | 414 |
Fair Value, Measurements, Recurring | Level 2 | Commercial mortgage-backed | ||
Investment Fair Value Disclosure [Abstract] | ||
Fixed maturities, available-for-sale: | 22 | 30 |
Fair Value, Measurements, Recurring | Level 2 | Residential Mortgage Backed Securities | ||
Investment Fair Value Disclosure [Abstract] | ||
Fixed maturities, available-for-sale: | 314 | 640 |
Fair Value, Measurements, Recurring | Level 2 | Asset-backed Securities | ||
Investment Fair Value Disclosure [Abstract] | ||
Fixed maturities, available-for-sale: | 36 | 37 |
Fair Value, Measurements, Recurring | Level 2 | Redeemable preferred stock | ||
Investment Fair Value Disclosure [Abstract] | ||
Fixed maturities, available-for-sale: | 335 | 389 |
Fair Value, Measurements, Recurring | Level 2 | Short-term investments | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 574 | 369 |
Fair Value, Measurements, Recurring | Level 2 | Assets of consolidated VIEs | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 205 | |
Fair Value, Measurements, Recurring | Level 2 | Swap | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | (925) | 230 |
Fair Value, Measurements, Recurring | Level 2 | Credit default swaps | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 5 | (22) |
Fair Value, Measurements, Recurring | Level 2 | Future | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | Options Held | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 960 | 390 |
Fair Value, Measurements, Recurring | Level 2 | Floors | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 11 | 61 |
Fair Value, Measurements, Recurring | Level 2 | Foreign currency Contracts | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 1 | |
Fair Value, Measurements, Recurring | Level 2 | Guaranteed Minimum Withdrawal Benefit | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Guarantees | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | SCS, SIO, MSO and IUL indexed features liability | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Guarantees | 887 | 310 |
Fair Value, Measurements, Recurring | Level 2 | Liabilities of consolidated VIEs | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Guarantees | 2 | |
Fair Value, Measurements, Recurring | Level 2 | Contingent Payment Arrangements | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Guarantees | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | ||
Investment Fair Value Disclosure [Abstract] | ||
Fixed maturities, available-for-sale: | 1,261 | 1,009 |
Other equity investments | 5 | 49 |
Trading securities, at fair value | 0 | 0 |
Other invested assets: | 6 | 0 |
Cash equivalents | 0 | 0 |
Segregated securities | 0 | 0 |
GMIB reinsurance contracts asset | 10,309 | 10,570 |
Separate Accounts’ assets | 313 | 313 |
Total Assets | 11,894 | 11,941 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Total Liabilities | 182 | 215 |
Fair Value, Measurements, Recurring | Level 3 | Public Corporate | ||
Investment Fair Value Disclosure [Abstract] | ||
Fixed maturities, available-for-sale: | 28 | 31 |
Fair Value, Measurements, Recurring | Level 3 | Private Corporate | ||
Investment Fair Value Disclosure [Abstract] | ||
Fixed maturities, available-for-sale: | 817 | 389 |
Fair Value, Measurements, Recurring | Level 3 | U.S. Treasury, government and agency | ||
Investment Fair Value Disclosure [Abstract] | ||
Fixed maturities, available-for-sale: | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | States and political subdivisions | ||
Investment Fair Value Disclosure [Abstract] | ||
Fixed maturities, available-for-sale: | 42 | 45 |
Fair Value, Measurements, Recurring | Level 3 | Foreign governments | ||
Investment Fair Value Disclosure [Abstract] | ||
Fixed maturities, available-for-sale: | 0 | 1 |
Fair Value, Measurements, Recurring | Level 3 | Commercial mortgage-backed | ||
Investment Fair Value Disclosure [Abstract] | ||
Fixed maturities, available-for-sale: | 349 | 503 |
Fair Value, Measurements, Recurring | Level 3 | Residential Mortgage Backed Securities | ||
Investment Fair Value Disclosure [Abstract] | ||
Fixed maturities, available-for-sale: | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Asset-backed Securities | ||
Investment Fair Value Disclosure [Abstract] | ||
Fixed maturities, available-for-sale: | 24 | 40 |
Fair Value, Measurements, Recurring | Level 3 | Redeemable preferred stock | ||
Investment Fair Value Disclosure [Abstract] | ||
Fixed maturities, available-for-sale: | 1 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Short-term investments | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Assets of consolidated VIEs | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 6 | |
Fair Value, Measurements, Recurring | Level 3 | Swap | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Credit default swaps | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Future | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Options Held | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Floors | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Foreign currency Contracts | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Guaranteed Minimum Withdrawal Benefit | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Guarantees | 164 | 184 |
Fair Value, Measurements, Recurring | Level 3 | SCS, SIO, MSO and IUL indexed features liability | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Guarantees | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Liabilities of consolidated VIEs | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Guarantees | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Contingent Payment Arrangements | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Guarantees | $ 18 | $ 31 |
FAIR VALUE DISCLOSURES (Details
FAIR VALUE DISCLOSURES (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Quantitative Disclosure [Line Items] | |||
Fixed maturities, available-for-sale: | $ 32,683 | $ 31,925 | |
Fair value of freestanding derivative positions | $ 51 | $ 659 | |
Fair value of freestanding derivative positions (percentage) | 8.20% | 64.10% | |
Fair value adjustments on GMIB asset | $ 139 | $ 123 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | |||
AFS fixed maturities transferred from Level 3 to Level 2 | $ 62 | 125 | |
AFS fixed maturities transferred from Level 3 to Level 2 | $ 99 | ||
AFS fixed maturities transferred between Level 2 and 3 (percentage) | 0.90% | 1.30% | |
Level 1 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Quantitative Disclosure [Line Items] | |||
Assets measured at fair value on recurring basis by inputs level (percentage) | 71.10% | 71.80% | |
Level 2 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Quantitative Disclosure [Line Items] | |||
Assets measured at fair value on recurring basis by inputs level (percentage) | 27.90% | 27.30% | |
Owned mortgages and asset-backed securities including CMBS at fair value | $ 340 | $ 673 | |
Level 3 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Quantitative Disclosure [Line Items] | |||
Assets measured at fair value on recurring basis by inputs level (percentage) | 1.00% | 0.90% | |
Fixed maturities fair value, broker priced | $ 111 | $ 119 | |
Owned mortgages and asset-backed securities including CMBS at fair value | 373 | 543 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | |||
AFS fixed maturities transferred from Level 3 to Level 2 | 25 | ||
Public Fixed Maturities | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Quantitative Disclosure [Line Items] | |||
Fixed maturities, available-for-sale: | $ 24,918 | $ 24,216 | |
Fixed maturities, available for sale (percentage) | 16.00% | 16.20% | |
Private Fixed Maturities | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Quantitative Disclosure [Line Items] | |||
Fixed maturities, available-for-sale: | $ 7,652 | $ 7,677 | |
Fixed maturities, available for sale (percentage) | 4.90% | 5.10% | |
Fair Value Measurement Changes in Significant Assumptions | GMIB reinsurance contracts | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Quantitative Disclosure [Line Items] | |||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | $ 510 | ||
Fair Value Measurement Changes in Significant Assumptions | GWBL and other features liability | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Quantitative Disclosure [Line Items] | |||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | $ 37 |
FAIR VALUE DISCLOSURES (Fair Va
FAIR VALUE DISCLOSURES (Fair Value Measurement Reconciliation for All Levels) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Total Gains Losses Realized Unrealized Included In [Abstract] | |||
Gain (Loss) on Investments | $ 16 | $ (20) | $ (58) |
Transfers into level 3 | 99 | ||
Transfers into level 3 | (62) | (125) | |
Level 3 | |||
Total Gains Losses Realized Unrealized Included In [Abstract] | |||
Gain (Loss) on Investments | 20 | 36 | |
Increase (decrease) in the fair value of the reinsurance contracts | (261) | (141) | |
Policyholders' benefits | 20 | 184 | |
Other comprehensive income (loss) | 20 | 30 | |
Transfers into level 3 | 25 | ||
Public corporate | Level 3 Assets And Liabilities Still Held | |||
Total Gains Losses Realized Unrealized Included In [Abstract] | |||
Other comprehensive income (loss) | 11 | ||
Public corporate | Level 3 | |||
Total Gains Losses Realized Unrealized Included In [Abstract] | |||
Beginning Balance | (420) | (380) | (291) |
Investment Income, Net | 0 | 3 | 2 |
Gain (Loss) on Investments | 1 | 2 | 3 |
Subtotal | 1 | 5 | 5 |
Other comprehensive income (loss) | 7 | (25) | 6 |
Purchases | 572 | 60 | 162 |
Sales | (142) | (38) | (30) |
Transfers into level 3 | 25 | 99 | 15 |
Transfers into level 3 | (38) | (61) | (69) |
Closing Balance | (845) | (420) | (380) |
States and political subdivisions | Level 3 Assets And Liabilities Still Held | |||
Total Gains Losses Realized Unrealized Included In [Abstract] | |||
Other comprehensive income (loss) | (1) | (2) | |
States and political subdivisions | Level 3 | |||
Total Gains Losses Realized Unrealized Included In [Abstract] | |||
Beginning Balance | (45) | (47) | (46) |
Investment Income, Net | 0 | 0 | 0 |
Gain (Loss) on Investments | 0 | 0 | 0 |
Subtotal | 0 | 0 | 0 |
Other comprehensive income (loss) | (2) | (1) | 2 |
Purchases | 0 | 0 | 0 |
Sales | (1) | (1) | (1) |
Transfers into level 3 | 0 | 0 | 0 |
Transfers into level 3 | 0 | 0 | 0 |
Closing Balance | (42) | (45) | (47) |
Foreign governments | Level 3 | |||
Total Gains Losses Realized Unrealized Included In [Abstract] | |||
Beginning Balance | (1) | 0 | 0 |
Investment Income, Net | 0 | 0 | 0 |
Gain (Loss) on Investments | 0 | 0 | 0 |
Subtotal | 0 | 0 | 0 |
Other comprehensive income (loss) | 0 | 0 | 0 |
Purchases | 0 | 1 | 0 |
Sales | 0 | 0 | 0 |
Transfers into level 3 | 0 | 0 | 0 |
Transfers into level 3 | (1) | 0 | 0 |
Closing Balance | 0 | (1) | 0 |
Commercial mortgage-backed | Level 3 Assets And Liabilities Still Held | |||
Total Gains Losses Realized Unrealized Included In [Abstract] | |||
Other comprehensive income (loss) | 9 | 61 | |
Commercial mortgage-backed | Level 3 | |||
Total Gains Losses Realized Unrealized Included In [Abstract] | |||
Beginning Balance | (503) | (715) | (700) |
Investment Income, Net | 0 | 1 | 2 |
Gain (Loss) on Investments | (67) | (38) | (89) |
Subtotal | (67) | (37) | (87) |
Other comprehensive income (loss) | 14 | 64 | 135 |
Purchases | 0 | 0 | 0 |
Sales | (87) | (175) | (20) |
Transfers into level 3 | 0 | 0 | 0 |
Transfers into level 3 | (14) | (64) | (13) |
Closing Balance | (349) | (503) | (715) |
Residential Mortgage Backed Securities | Level 3 | |||
Total Gains Losses Realized Unrealized Included In [Abstract] | |||
Beginning Balance | 0 | (2) | (4) |
Investment Income, Net | 0 | 0 | 0 |
Gain (Loss) on Investments | 0 | 0 | 0 |
Subtotal | 0 | 0 | 0 |
Other comprehensive income (loss) | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 |
Sales | 0 | (2) | (2) |
Transfers into level 3 | 0 | 0 | 0 |
Transfers into level 3 | 0 | 0 | 0 |
Closing Balance | 0 | 0 | (2) |
Asset-backed Securities | Level 3 | |||
Total Gains Losses Realized Unrealized Included In [Abstract] | |||
Beginning Balance | (40) | (53) | (83) |
Investment Income, Net | 0 | 0 | 0 |
Gain (Loss) on Investments | 0 | 0 | 0 |
Subtotal | 0 | 0 | 0 |
Other comprehensive income (loss) | 1 | (4) | 7 |
Purchases | 0 | 0 | 0 |
Sales | (8) | (9) | (37) |
Transfers into level 3 | 0 | 0 | 0 |
Transfers into level 3 | (9) | 0 | 0 |
Closing Balance | (24) | (40) | (53) |
Redeemable preferred stock | Level 3 | |||
Total Gains Losses Realized Unrealized Included In [Abstract] | |||
Beginning Balance | 0 | 0 | (15) |
Investment Income, Net | 0 | 0 | 0 |
Gain (Loss) on Investments | 0 | 0 | 0 |
Increase (decrease) in the fair value of the reinsurance contracts | 0 | 0 | 0 |
Policyholders' benefits | 0 | 0 | 0 |
Subtotal | 0 | 0 | 0 |
Other comprehensive income (loss) | 0 | 0 | 0 |
Purchases | 1 | 0 | 0 |
Sales | 0 | 0 | (15) |
Settlements | 0 | 0 | 0 |
Activities related to VIEs | 0 | ||
Transfers into level 3 | 0 | 0 | 0 |
Transfers into level 3 | 0 | 0 | 0 |
Closing Balance | (1) | 0 | 0 |
Contingent Payment Arrangements | Level 3 | |||
Total Gains Losses Realized Unrealized Included In [Abstract] | |||
Beginning Balance | (31) | (42) | (38) |
Investment Income, Net | 0 | 0 | 0 |
Gain (Loss) on Investments | 0 | 0 | 0 |
Increase (decrease) in the fair value of the reinsurance contracts | 0 | 0 | 0 |
Policyholders' benefits | 0 | 0 | 0 |
Subtotal | 0 | 0 | 0 |
Other comprehensive income (loss) | 0 | ||
Purchases | 11 | 0 | 9 |
Sales | 0 | (11) | (5) |
Settlements | (24) | 0 | 0 |
Activities related to VIEs | 0 | ||
Transfers into level 3 | 0 | 0 | 0 |
Transfers into level 3 | 0 | 0 | 0 |
Closing Balance | (18) | (31) | (42) |
Other equity investments | Level 3 | |||
Total Gains Losses Realized Unrealized Included In [Abstract] | |||
Beginning Balance | (49) | (61) | (52) |
Investment Income, Net | 0 | 0 | 3 |
Gain (Loss) on Investments | 0 | 5 | 1 |
Increase (decrease) in the fair value of the reinsurance contracts | 0 | 0 | 0 |
Policyholders' benefits | 0 | 0 | 0 |
Subtotal | 0 | 5 | 4 |
Other comprehensive income (loss) | (2) | 2 | 0 |
Purchases | 0 | 1 | 8 |
Sales | 0 | (20) | (1) |
Settlements | 0 | 0 | 0 |
Activities related to VIEs | 20 | ||
Transfers into level 3 | 0 | 0 | 0 |
Transfers into level 3 | (56) | 0 | (2) |
Closing Balance | (11) | (49) | (61) |
Gmib Reinsurance | Level 3 Assets And Liabilities Still Held | |||
Total Gains Losses Realized Unrealized Included In [Abstract] | |||
Increase (decrease) in the fair value of the reinsurance contracts | (261) | (141) | |
Gmib Reinsurance | Level 3 | |||
Total Gains Losses Realized Unrealized Included In [Abstract] | |||
Beginning Balance | (10,570) | (10,711) | (6,747) |
Investment Income, Net | 0 | 0 | 0 |
Gain (Loss) on Investments | 0 | 0 | 0 |
Increase (decrease) in the fair value of the reinsurance contracts | (419) | (327) | 3,774 |
Policyholders' benefits | 0 | 0 | 0 |
Subtotal | (419) | (327) | 3,774 |
Other comprehensive income (loss) | 0 | 0 | 0 |
Purchases | 223 | 228 | 225 |
Sales | (65) | (42) | (35) |
Settlements | 0 | 0 | 0 |
Activities related to VIEs | 0 | ||
Transfers into level 3 | 0 | 0 | 0 |
Transfers into level 3 | 0 | 0 | 0 |
Closing Balance | (10,309) | (10,570) | (10,711) |
Separate Accounts | Level 3 Assets And Liabilities Still Held | |||
Total Gains Losses Realized Unrealized Included In [Abstract] | |||
Gain (Loss) on Investments | 20 | ||
Separate Accounts | Level 3 | |||
Total Gains Losses Realized Unrealized Included In [Abstract] | |||
Beginning Balance | (313) | (260) | (237) |
Investment Income, Net | 0 | 0 | 0 |
Gain (Loss) on Investments | 19 | 36 | 15 |
Increase (decrease) in the fair value of the reinsurance contracts | 0 | 0 | 0 |
Policyholders' benefits | 0 | 0 | 0 |
Subtotal | 19 | 36 | 15 |
Other comprehensive income (loss) | 0 | 0 | 0 |
Purchases | 10 | 26 | 16 |
Sales | 0 | (2) | (3) |
Settlements | (7) | (5) | (5) |
Activities related to VIEs | 0 | ||
Transfers into level 3 | 1 | 0 | 0 |
Transfers into level 3 | (23) | (2) | 0 |
Closing Balance | (313) | (313) | (260) |
GIB and GWBL and Other Features | Level 3 Assets And Liabilities Still Held | |||
Total Gains Losses Realized Unrealized Included In [Abstract] | |||
Policyholders' benefits | 20 | (184) | |
GIB and GWBL and Other Features | Level 3 | |||
Total Gains Losses Realized Unrealized Included In [Abstract] | |||
Beginning Balance | (184) | (128) | 0 |
Investment Income, Net | 0 | 0 | 0 |
Gain (Loss) on Investments | 0 | 0 | 0 |
Increase (decrease) in the fair value of the reinsurance contracts | 0 | 0 | 0 |
Policyholders' benefits | (245) | (130) | (8) |
Subtotal | (245) | (130) | (8) |
Other comprehensive income (loss) | 0 | 0 | 0 |
Purchases | 225 | 186 | 136 |
Sales | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 |
Activities related to VIEs | 0 | ||
Transfers into level 3 | 0 | 0 | 0 |
Transfers into level 3 | 0 | 0 | 0 |
Closing Balance | (164) | (184) | $ (128) |
Total Debt Maturities Available For Sale | Level 3 | |||
Total Gains Losses Realized Unrealized Included In [Abstract] | |||
Other comprehensive income (loss) | $ 20 | $ 30 |
FAIR VALUE DISCLOSURES (Quantit
FAIR VALUE DISCLOSURES (Quantitative Information about Level 3) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Inputs [Abstract] | ||
Discount rate | 3.00% | |
Minimum | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 1.40% | |
Maximum | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 6.40% | |
Public corporate | Matrix Pricing Model Valuation Technique | ||
Fair Value Inputs [Abstract] | ||
Fair Value Unabsorvable Inputs | $ 55 | $ 61 |
Public corporate | Matrix Pricing Model Valuation Technique | Minimum | ||
Fair Value Inputs [Abstract] | ||
Spread Over Industry Yield Curve BPS | 0 | 50 |
Public corporate | Matrix Pricing Model Valuation Technique | Maximum | ||
Fair Value Inputs [Abstract] | ||
Spread Over Industry Yield Curve BPS | 565 | 565 |
Public corporate | Market Comparable Companies Valuation Technique | ||
Fair Value Inputs [Abstract] | ||
Fair Value Unabsorvable Inputs | $ 636 | $ 154 |
Public corporate | Market Comparable Companies Valuation Technique | Minimum | ||
Fair Value Inputs [Abstract] | ||
EBITDA multiples | 4.3 | 7.8 |
Discount rate | 7.00% | 7.00% |
Cash flow multiples | 14 | 14 |
Public corporate | Market Comparable Companies Valuation Technique | Maximum | ||
Fair Value Inputs [Abstract] | ||
EBITDA multiples | 25.6 | 19.1 |
Discount rate | 17.80% | 12.60% |
Cash flow multiples | 16.5 | 16.5 |
Asset-backed Securities | Matrix Pricing Model Valuation Technique | ||
Fair Value Inputs [Abstract] | ||
Fair Value Unabsorvable Inputs | $ 2 | $ 3 |
Asset-backed Securities | Matrix Pricing Model Valuation Technique | Minimum | ||
Fair Value Inputs [Abstract] | ||
Spread Over Industry Yield Curve BPS | 25 | 30 |
Asset-backed Securities | Matrix Pricing Model Valuation Technique | Maximum | ||
Fair Value Inputs [Abstract] | ||
Spread Over Industry Yield Curve BPS | 687 | 687 |
Other Invested Assets | Market Comparable Companies Valuation Technique | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 30.00% | |
Fair Value Unabsorvable Inputs | $ 10 | |
Other Invested Assets | Market Comparable Companies Valuation Technique | Minimum | ||
Fair Value Inputs [Abstract] | ||
Revenue multiple | 2.5 | |
Discount Years | 2 years | |
Other Invested Assets | Market Comparable Companies Valuation Technique | Maximum | ||
Fair Value Inputs [Abstract] | ||
Revenue multiple | 4.8 | |
Separate Accounts | Third Party Appraisal Valuation Technique | ||
Fair Value Inputs [Abstract] | ||
Discount rate | 6.60% | 6.70% |
Capitalization Rate | 4.80% | 4.90% |
Exit Capitalization Rate | 5.70% | 5.90% |
Fair Value Unabsorvable Inputs | $ 295 | $ 271 |
Separate Accounts | Discounted Cash Flow Valuation Technique | ||
Fair Value Inputs [Abstract] | ||
Fair Value Unabsorvable Inputs | $ 3 | $ 7 |
Separate Accounts | Discounted Cash Flow Valuation Technique | Minimum | ||
Fair Value Inputs [Abstract] | ||
Spread Over Industry Yield Curve BPS | 273 | 280 |
Discount rate | 1.10% | 2.30% |
Gross Domestic Product Rate | 0.00% | 0.00% |
Separate Accounts | Discounted Cash Flow Valuation Technique | Maximum | ||
Fair Value Inputs [Abstract] | ||
Spread Over Industry Yield Curve BPS | 512 | 411 |
Discount rate | 7.00% | 5.90% |
Gross Domestic Product Rate | 1.90% | 1.09% |
GMIB reinsurance contracts | Discounted Cash Flow Valuation Technique | ||
Fair Value Inputs [Abstract] | ||
Fair Value Unabsorvable Inputs | $ 10,309 | $ 10,570 |
GMIB reinsurance contracts | Discounted Cash Flow Valuation Technique | Minimum | ||
Fair Value Inputs [Abstract] | ||
Lapse Rates | 1.50% | 0.60% |
Withdrawal Rates | 0.00% | 0.20% |
GMIB Utilization Rates | 0.00% | 0.00% |
Non Performance Risk | 5 | 5 |
Volatility Rates- Equity | 11.00% | 9.00% |
GMIB reinsurance contracts | Discounted Cash Flow Valuation Technique | Maximum | ||
Fair Value Inputs [Abstract] | ||
Lapse Rates | 5.70% | 5.70% |
Withdrawal Rates | 8.00% | 8.00% |
GMIB Utilization Rates | 16.00% | 15.00% |
Non Performance Risk | 17 | 18 |
Volatility Rates- Equity | 38.00% | 35.00% |
GMIB and GWBL | Discounted Cash Flow Valuation Technique | ||
Fair Value Inputs [Abstract] | ||
Fair Value Unabsorvable Inputs | $ 164 | $ 120 |
GMIB and GWBL | Discounted Cash Flow Valuation Technique | Minimum | ||
Fair Value Inputs [Abstract] | ||
Lapse Rates | 1.00% | 1.00% |
Withdrawal Rates | 0.00% | 0.00% |
Volatility Rates- Equity | 11.00% | 9.00% |
GMIB and GWBL | Discounted Cash Flow Valuation Technique | Maximum | ||
Fair Value Inputs [Abstract] | ||
Lapse Rates | 11.00% | 5.70% |
Withdrawal Rates | 8.00% | 7.00% |
Volatility Rates- Equity | 38.00% | 35.00% |
FAIR VALUE DISCLOSURES (Narrati
FAIR VALUE DISCLOSURES (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||
Fair Value Measurements Not Included In Quantitative Information About Level 3 Fair Value Measurements | $ 594 | $ 865 |
Fair Value Measurements Not Included In Quantitative Information Percentage Of Total Assets Classified As Level 3 | 37.50% | 63.10% |
Fair Value Measurements Not Included In Quantitative Information Percentage Of Total Assets Measured At Fair Value On Recurring Basis | 0.40% | 0.60% |
Business combination, contingent consideration, liability | $ 18 | $ 31 |
Projected AUM growth rate | 18.00% | 46.00% |
Revenue growth rate | 43.00% | |
Discount rate | 3.00% | |
Public corporate | Matrix Pricing Model Valuation Technique | Private corporate | ||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||
Percentage Of Level 3 Asset Fair Value | 81.80% | 51.20% |
Fair Value Unabsorvable Inputs | $ 691 | $ 215 |
Asset-backed Securities | ||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||
Fair Value Unabsorvable Inputs | $ 3 | $ 7 |
Asset-backed Securities | Matrix Pricing Model Valuation Technique | ||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||
Percentage Of Level 3 Asset Fair Value | 8.30% | 7.50% |
Separate Accounts | ||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||
Fair Value Unabsorvable Inputs | $ 12 | $ 28 |
Separate Accounts | Discounted Cash Flow Valuation Technique | Private Equity Funds | ||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||
Fair Value Unabsorvable Inputs | 1 | 2 |
Separate Accounts | Discounted Cash Flow Valuation Technique | Mortgage loans on real estate | ||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||
Fair Value Unabsorvable Inputs | 2 | 5 |
Separate Accounts | Third Party Appraisal And Discounted Cash Flow Valuation Technique | Private Real Estate Fund | ||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||
Fair Value Unabsorvable Inputs | $ 295 | $ 271 |
Minimum | ||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||
Revenue growth rate | 4.00% | |
Discount rate | 1.40% | |
Maximum | ||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||
Revenue growth rate | 31.00% | |
Discount rate | 6.40% |
FAIR VALUE DISCLOSURES (Carryin
FAIR VALUE DISCLOSURES (Carrying Values and Fair Values of Financial Instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Consolidated Amounts [Abstract] | |||
Mortgage loans on real estate (net of valuation allowances of $8 and $6) | $ 9,757 | $ 7,171 | |
Loans to affiliates | 703 | 1,087 | |
Policyholders liabilities: Investment contracts | 38,782 | 33,033 | $ 31,848 |
Policy loans | 3,361 | 3,393 | |
Separate Accounts’ liabilities | 111,403 | 107,497 | |
Carrying Value | |||
Consolidated Amounts [Abstract] | |||
Mortgage loans on real estate (net of valuation allowances of $8 and $6) | 9,757 | 7,171 | |
Loans to affiliates | 703 | 1,087 | |
Policyholders liabilities: Investment contracts | 2,226 | 7,325 | |
Funding Agreements | 2,255 | 500 | |
Policy loans | 3,361 | 3,393 | |
Short-term debt | 513 | 584 | |
Separate Accounts’ liabilities | 6,194 | 5,124 | |
Measured at Fair Value | |||
Consolidated Amounts [Abstract] | |||
Mortgage loans on real estate (net of valuation allowances of $8 and $6) | 9,608 | 7,257 | |
Loans to affiliates | 775 | 1,185 | |
Policyholders liabilities: Investment contracts | 2,337 | 7,430 | |
Funding Agreements | 2,202 | 500 | |
Policy loans | 4,257 | 4,343 | |
Short-term debt | 513 | 584 | |
Separate Accounts’ liabilities | 6,194 | 5,124 | |
Measured at Fair Value | Level 1 | |||
Consolidated Amounts [Abstract] | |||
Short-term debt | 0 | 0 | |
Measured at Fair Value | Level 2 | |||
Consolidated Amounts [Abstract] | |||
Loans to affiliates | 775 | 795 | |
Funding Agreements | 2,202 | 500 | |
Short-term debt | 513 | 584 | |
Measured at Fair Value | Level 3 | |||
Consolidated Amounts [Abstract] | |||
Mortgage loans on real estate (net of valuation allowances of $8 and $6) | 9,608 | 7,257 | |
Loans to affiliates | 0 | 390 | |
Policyholders liabilities: Investment contracts | 2,337 | 7,430 | |
Policy loans | 4,257 | 4,343 | |
Separate Accounts’ liabilities | $ 6,194 | $ 5,124 |
GMDB, GMIB, GIB, GWBL AND OTH77
GMDB, GMIB, GIB, GWBL AND OTHER FEATURES AND NO LAPSE GUARANTEE FEATURES (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Movement In Guaranteed Benefit Liability Gross [Line Items] | |||
Opening Balance | $ 8,283 | $ 7,373 | $ 5,829 |
Paid guarantee benefits | (637) | (402) | (451) |
Other changes in reserve | 1,143 | 1,312 | 1,995 |
Closing Balance | 8,789 | 8,283 | 7,373 |
GMDB | |||
Movement In Guaranteed Benefit Liability Gross [Line Items] | |||
Opening Balance | 2,986 | 1,729 | 1,626 |
Paid guarantee benefits | (357) | (313) | (231) |
Other changes in reserve | 583 | 1,570 | 334 |
Closing Balance | 3,212 | 2,986 | 1,729 |
Guaranteed Minimum Death Benefit Reinsurance Ceded [Abstract] | |||
Opening Balance | 1,430 | 832 | 791 |
Paid guarantee benefits | (174) | (148) | (114) |
Other changes in reserve | 302 | 746 | 155 |
Closing Balance | 1,558 | 1,430 | 832 |
GMIB | |||
Movement In Guaranteed Benefit Liability Gross [Line Items] | |||
Opening Balance | 5,297 | 5,644 | 4,203 |
Paid guarantee benefits | (280) | (89) | (220) |
Other changes in reserve | 560 | (258) | 1,661 |
Closing Balance | $ 5,577 | $ 5,297 | $ 5,644 |
GMDB, GMIB, GIB, GWBL AND OTH78
GMDB, GMIB, GIB, GWBL AND OTHER FEATURES AND NO LAPSE GUARANTEE FEATURES - Variable Annuity Contracts with GMDB and GMIB Features and Buybacks (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Separate Accounts | $ 57,848 | $ 56,559 | |
Liability for SCS, SIO, MSO, IUL, GIB and GWBL and other features | 1,051 | 494 | |
Option to elect a partial buyout of rider, percentage | 50.00% | ||
Loss from impact of buyback | $ 4 | ||
GMDB | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
General Account | 14,055 | ||
Separate Accounts | 86,890 | $ 84,640 | |
Net amount at risk, gross | 19,296 | ||
Net amount at risk, net of amounts reinsured | $ 9,053 | ||
Average attained age of contractholders (in years) | 55 years 1 month 6 days | ||
Percentage of contractholders over age 70 | 17.10% | ||
GMDB | Minimum | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Range of contractually specified interest rates (as a percent) | 3.00% | ||
GMDB | Maximum | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Range of contractually specified interest rates (as a percent) | 6.50% | ||
GMIB | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
General Account | $ 354 | ||
Separate Accounts | 57,848 | ||
Net amount at risk, gross | 7,748 | ||
Net amount at risk, net of amounts reinsured | $ 2,009 | ||
Weighted average years remaining until annuitization (in years) | 1 year 3 months 18 days | ||
GMIB | Minimum | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Range of contractually specified interest rates (as a percent) | 3.00% | ||
GMIB | Maximum | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Range of contractually specified interest rates (as a percent) | 6.50% | ||
Return of Premium | GMDB | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
General Account | $ 13,642 | ||
Separate Accounts | 40,736 | ||
Net amount at risk, gross | 237 | ||
Net amount at risk, net of amounts reinsured | $ 237 | ||
Average attained age of contractholders (in years) | 51 years 2 months 12 days | ||
Percentage of contractholders over age 70 | 9.20% | ||
Ratchet | GMDB | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
General Account | $ 121 | ||
Separate Accounts | 8,905 | ||
Net amount at risk, gross | 154 | ||
Net amount at risk, net of amounts reinsured | $ 108 | ||
Average attained age of contractholders (in years) | 65 years 9 months 18 days | ||
Percentage of contractholders over age 70 | 37.10% | ||
Roll-Up | GMDB | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
General Account | $ 72 | ||
Separate Accounts | 3,392 | ||
Net amount at risk, gross | 2,285 | ||
Net amount at risk, net of amounts reinsured | $ 1,556 | ||
Average attained age of contractholders (in years) | 72 years 3 months 18 days | ||
Percentage of contractholders over age 70 | 60.40% | ||
Roll-Up | GMDB | Minimum | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Range of contractually specified interest rates (as a percent) | 3.00% | ||
Roll-Up | GMDB | Maximum | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Range of contractually specified interest rates (as a percent) | 6.00% | ||
Roll-Up | GMIB | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
General Account | $ 33 | ||
Separate Accounts | 18,170 | ||
Net amount at risk, gross | 1,084 | ||
Net amount at risk, net of amounts reinsured | $ 334 | ||
Weighted average years remaining until annuitization (in years) | 1 year 7 months 6 days | ||
Roll-Up | GMIB | Minimum | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Range of contractually specified interest rates (as a percent) | 3.00% | ||
Roll-Up | GMIB | Maximum | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Range of contractually specified interest rates (as a percent) | 6.00% | ||
Combo | GMDB | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
General Account | $ 220 | ||
Separate Accounts | 33,857 | ||
Net amount at risk, gross | 16,620 | ||
Net amount at risk, net of amounts reinsured | $ 7,152 | ||
Average attained age of contractholders (in years) | 67 years 1 month 6 days | ||
Percentage of contractholders over age 70 | 40.60% | ||
Combo | GMDB | Minimum | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Range of contractually specified interest rates (as a percent) | 3.00% | ||
Combo | GMDB | Maximum | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Range of contractually specified interest rates (as a percent) | 6.50% | ||
Combo | GMIB | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
General Account | $ 321 | ||
Separate Accounts | 39,678 | ||
Net amount at risk, gross | 6,664 | ||
Net amount at risk, net of amounts reinsured | $ 1,675 | ||
Weighted average years remaining until annuitization (in years) | 1 year 3 months 18 days | ||
Combo | GMIB | Minimum | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Range of contractually specified interest rates (as a percent) | 3.00% | ||
Combo | GMIB | Maximum | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Range of contractually specified interest rates (as a percent) | 6.50% |
GMDB, GMIB, GIB, GWBL AND OTH79
GMDB, GMIB, GIB, GWBL AND OTHER FEATURES AND NO LAPSE GUARANTEE FEATURES - Separate Account Investments, Hedging Programs and Variable and Interest-Sensitive Live Insurance Policies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | |||
Fair Value of Assets | $ 57,848 | $ 56,559 | |
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |||
Opening Balance | 8,283 | 7,373 | $ 5,829 |
Closing Balance | 8,789 | 8,283 | 7,373 |
GMDB | |||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | |||
Fair Value of Assets | 86,890 | 84,640 | |
Price Risk Fair Value Hedge Derivative On Balance Sheet [Abstract] | |||
Total account value of hedged variable annuity contracts | 51,961 | ||
Net amount at risk of hedged variable annuity contracts | 7,954 | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |||
Opening Balance | 2,986 | 1,729 | 1,626 |
Closing Balance | 3,212 | 2,986 | 1,729 |
GMIB | |||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | |||
Fair Value of Assets | 57,848 | ||
Price Risk Fair Value Hedge Derivative On Balance Sheet [Abstract] | |||
Total account value of hedged variable annuity contracts | 38,559 | ||
Net amount at risk of hedged variable annuity contracts | 3,285 | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |||
Opening Balance | 5,297 | 5,644 | 4,203 |
Closing Balance | 5,577 | 5,297 | 5,644 |
Equity | GMDB | |||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | |||
Fair Value of Assets | 69,625 | 66,230 | |
Equity | GMIB | |||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | |||
Fair Value of Assets | 45,931 | 43,874 | |
Fixed income | GMDB | |||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | |||
Fair Value of Assets | 2,483 | 2,686 | |
Fixed income | GMIB | |||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | |||
Fair Value of Assets | 1,671 | 1,819 | |
Balanced | GMDB | |||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | |||
Fair Value of Assets | 14,434 | 15,350 | |
Balanced | GMIB | |||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | |||
Fair Value of Assets | 10,097 | 10,696 | |
Other | GMDB | |||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | |||
Fair Value of Assets | 348 | 374 | |
Other | GMIB | |||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | |||
Fair Value of Assets | 149 | 170 | |
Direct Liabilities For Guarantees | |||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |||
Opening Balance | 1,084 | 964 | 829 |
Other changes in reserves | 118 | 120 | 135 |
Closing Balance | 1,202 | 1,084 | 964 |
Ceded Liabilities For Guarantees | |||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |||
Opening Balance | (539) | (555) | (441) |
Other changes in reserves | (84) | 16 | (114) |
Closing Balance | (623) | (539) | (555) |
Net Liabilities For Guarantees | |||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |||
Opening Balance | 545 | 409 | 388 |
Other changes in reserves | 34 | 136 | 21 |
Closing Balance | $ 579 | $ 545 | $ 409 |
REINSURANCE AGREEMENTS (Details
REINSURANCE AGREEMENTS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Reinsurance retention policy, percentage of excess reinsured | 100.00% | ||
Guaranteed minimum income benefit reinsurance asset, at fair value | $ 10,309 | $ 10,570 | |
Increase (decrease) in the fair value of the reinsurance contract asset | (261) | (141) | $ 3,964 |
Amounts due to reinsurers | 125 | 131 | |
Affiliated Entity | Reinsurer Concentration Risk | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Reinsurance recoverables related to insurance contracts | 2,177 | 2,009 | |
Non Affiliated Entity | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Reinsurance recoverables related to insurance contracts | 2,458 | 2,458 | |
Amounts due to reinsurers | 125 | 131 | |
Non Affiliated Entity | Credit Concentration Risk | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Reinsurance recoverables related to insurance contracts | 2,381 | 2,005 | |
Variable Universal Term Life Insurance Single Life | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Reinsurance retention policy, amount retained | 25 | ||
Variable Universal Term Life Insurance Second To Die Life | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Reinsurance retention policy, amount retained | 30 | ||
Group Life And Health Insurance | Non Affiliated Entity | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Insurance liabilities ceded | 82 | 92 | |
Reinsurance assumed reserves | $ 734 | $ 744 | |
GMIB | Affiliated Entity | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Exposure reinsured percentage | 56.00% | ||
GMIB | Non Affiliated Entity | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Exposure reinsured percentage | 18.00% | ||
GMDB | Affiliated Entity | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Exposure reinsured percentage | 49.30% | ||
GMDB | Non Affiliated Entity | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Exposure reinsured percentage | 3.80% |
REINSURANCE AGREEMENTS - Premiu
REINSURANCE AGREEMENTS - Premiums (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Premiums | |||
Direct premiums | $ 850 | $ 820 | $ 844 |
Reinsurance assumed | 206 | 207 | 211 |
Reinsurance ceded | (176) | (173) | (181) |
Premiums | 880 | 854 | 874 |
Universal Life and Investment-type Product Policy Fee Income Ceded | 640 | 645 | 630 |
Policyholders’ Benefits Ceded | $ 942 | $ 527 | $ 726 |
REINSURANCE AGREEMENTS - Liabil
REINSURANCE AGREEMENTS - Liability for unpaid claims (Details) - Individual Disability Income and Major Medical - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Claim reserves and associated liabilities before reinsurance ceded for individual DI and major medical policies | $ 1,918 | $ 1,789 | |
Claim reserves and associated liabilities net of reinsurance ceded for individual DI and major medical policies | 1,849 | 1,709 | |
DI reserves and associated liabilities ceded | 1,676 | 1,652 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims [Abstract] | |||
Incurred benefits related to current year | 7 | 11 | $ 14 |
Incurred benefits related to prior years | 15 | 22 | 16 |
Total Incurred Benefits | 22 | 33 | 30 |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid [Abstract] | |||
Benefits paid related to current year | 17 | 18 | 20 |
Benefits paid related to prior years | 15 | 13 | 11 |
Total Benefits Paid | $ 32 | $ 31 | $ 31 |
SHORT-TERM DEBT (Details)
SHORT-TERM DEBT (Details) | Dec. 01, 2016USD ($) | Dec. 31, 2016USD ($)line_of_credit | Dec. 31, 2015USD ($) |
Revolving Credit Facility | Alliance Bernstein | |||
Short-term Debt, Unclassified [Abstract] | |||
Maximum borrowing capacity | $ 200,000,000 | ||
Debt Instrument, Term | 364 days | ||
Line of credit facility, amount outstanding | $ 0 | ||
Revolving Credit Facility | Commercial Banks and Other Lenders | Alliance Bernstein | |||
Short-term Debt, Unclassified [Abstract] | |||
Maximum borrowing capacity | $ 1,000,000,000 | ||
Line of credit facility, amount outstanding | 0 | $ 0 | |
Incremental amount in principal allowed (up to) | 250,000,000 | ||
Revolving Credit Facility | Commercial Paper | Alliance Bernstein | |||
Short-term Debt, Unclassified [Abstract] | |||
Maximum borrowing capacity | $ 1,000,000,000 | ||
Line of Credit | Financial Institutions | Alliance Bernstein | |||
Short-term Debt, Unclassified [Abstract] | |||
Number of uncommitted lines of credit | line_of_credit | 4 | ||
Line of Credit | Financial Institutions | SCB LLC | |||
Short-term Debt, Unclassified [Abstract] | |||
Line of credit facility, amount outstanding | $ 0 | 0 | |
Number of uncommitted lines of credit | line_of_credit | 4 | ||
Incremental amount in principal allowed (up to) | $ 225,000,000 | ||
Number of lines of credit with aggregate borrowing capacity | line_of_credit | 3 | ||
Number of lines of credit with no stated credit limit | line_of_credit | 1 | ||
Commercial Paper | |||
Debt, Short-term, Combined Amount [Abstract] | |||
Total short-term debt | $ 513,000,000 | $ 584,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 0.90% | 0.50% |
RELATED PARTY TRANSACTIONS (NAR
RELATED PARTY TRANSACTIONS (NARRATIVE) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Jan. 31, 2016 | Nov. 30, 2014 | Mar. 31, 2011 | Jun. 30, 2009 | Dec. 31, 2008 | Sep. 30, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2005 | Sep. 30, 2016 | Jun. 30, 2015 | Sep. 30, 2007 | |
Related Party Transaction [Line Items] | |||||||||||||
Loans to affiliates | $ 703 | $ 1,087 | |||||||||||
Related Party Transactions Other [Abstract] | |||||||||||||
Guaranteed minimum income benefit reinsurance asset, at fair value | 10,309 | 10,570 | |||||||||||
Ceded premiums | 20 | 21 | $ 22 | ||||||||||
Ceded claims paid | 6 | 5 | 10 | ||||||||||
Schedule Of Commission Fees And Other Income Revenues For Services Related To Mutual Funds Managed By Subsidiary [Abstract] | |||||||||||||
Investment advisory and services fees | 999 | 1,056 | 1,062 | ||||||||||
Distribution revenues | 372 | 415 | 433 | ||||||||||
Other revenues - shareholder servicing fees | 76 | 85 | 91 | ||||||||||
Other revenues - other | 6 | 5 | 6 | ||||||||||
Repayment of Loans from Affiliates | 0 | 0 | 825 | ||||||||||
Affiliated Entity | |||||||||||||
Related Party Transactions Other [Abstract] | |||||||||||||
Expenses paid or accrued for by the Company: | 777 | 768 | 790 | ||||||||||
Amount charged to subsidiaries for their share of operating expenses | 1,216 | 1,211 | 1,195 | ||||||||||
AXA | |||||||||||||
Related Party Transactions Other [Abstract] | |||||||||||||
Undrawn letters of credit related to reinsurance | 18 | ||||||||||||
AXA | Senior Unsecured Notes | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Loans to affiliates | $ 650 | ||||||||||||
Related party transaction, original rate (as a percent) | 5.40% | ||||||||||||
Related party transaction, rate (as a percent) | 5.70% | ||||||||||||
AXA Equitable | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Equity Method Investment, Ownership Percentage | 70.00% | ||||||||||||
Schedule Of Commission Fees And Other Income Revenues For Services Related To Mutual Funds Managed By Subsidiary [Abstract] | |||||||||||||
Equity Method Investments | $ 25 | ||||||||||||
AXA Equitable | Mortgage Note 2009 | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Loans to affiliates | $ 400 | ||||||||||||
Related party transaction, rate (as a percent) | 8.00% | ||||||||||||
Value of real estate property | $ 1,100 | ||||||||||||
Proceeds from sale of real estate | $ 700 | ||||||||||||
Saum Sing | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Equity Method Investment, Ownership Percentage | 30.00% | ||||||||||||
AXA Financial | Mortgage Note 2014 | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Loans to affiliates | $ 382 | ||||||||||||
Related party transaction, rate (as a percent) | 4.00% | ||||||||||||
Schedule Of Commission Fees And Other Income Revenues For Services Related To Mutual Funds Managed By Subsidiary [Abstract] | |||||||||||||
Repayment of Loans from Affiliates | $ 382 | ||||||||||||
Repayments Of Related Party Debt, Prepayment Penalty | $ 65 | ||||||||||||
AXA Financial | Surplus Notes 2005 | Note Maturity 2035 | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Related party transaction, rate (as a percent) | 6.00% | ||||||||||||
Due to Related Parties [Abstract] | |||||||||||||
Note issued | $ 325 | ||||||||||||
Related Party Transactions Other [Abstract] | |||||||||||||
Net receivable related to contracts | 1 | ||||||||||||
AXA Financial | Surplus Notes December 2008 | Note Maturity 2018 | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Related party transaction, rate (as a percent) | 7.10% | ||||||||||||
Due to Related Parties [Abstract] | |||||||||||||
Note issued | $ 500 | ||||||||||||
Related Party Transactions Other [Abstract] | |||||||||||||
Net receivable related to contracts | $ 3 | ||||||||||||
AXA Arizona | |||||||||||||
Related Party Transactions Other [Abstract] | |||||||||||||
Guaranteed minimum income benefit reinsurance asset, at fair value | 8,574 | 8,741 | |||||||||||
Undrawn letters of credit related to reinsurance | 3,660 | ||||||||||||
AXA Arizona | Universal Life And No Lapse Guarantee Riders | |||||||||||||
Related Party Transactions Other [Abstract] | |||||||||||||
Ceded premiums | 447 | 453 | 453 | ||||||||||
Ceded claims paid | 65 | $ 54 | $ 83 | ||||||||||
AXA Arizona | Senior Unsecured Notes | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Loans to affiliates | $ 50 | ||||||||||||
Related party transaction, rate (as a percent) | 5.40% | ||||||||||||
Due from Related Parties, Unclassified [Abstract] | |||||||||||||
Purchase of note receivable | $ 54 | ||||||||||||
AXA Arizona | Affiliated Entity | |||||||||||||
Related Party Transactions Other [Abstract] | |||||||||||||
Assets held in trust | 9,376 | ||||||||||||
AXA Global Life | Affiliated Entity | Loss from Catastrophes | |||||||||||||
Related Party Transactions Other [Abstract] | |||||||||||||
Premiums and expenses associated with the reinsurance program | $ 4 | ||||||||||||
Variable Annuity | AXA Arizona | Affiliated Entity | |||||||||||||
Related Party Transactions Other [Abstract] | |||||||||||||
Exposure reinsured percentage | 100.00% | ||||||||||||
Term Life Insurance | AXA Arizona | Affiliated Entity | |||||||||||||
Related Party Transactions Other [Abstract] | |||||||||||||
Exposure reinsured percentage | 90.00% | ||||||||||||
Sale of Artwork [Member] | AXA Equitable | AXA Financial | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Gain (Loss) on Related Party Transaction | $ 20 | ||||||||||||
Donation to AXA Foundation, Inc. [Member] | AXA Equitable | AXA Foundation [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Related Party Transaction, Amounts of Transaction | $ 21 |
RELATED PARTY TRANSACTIONS RELA
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS (SCHEDULE OF RELATED PARTY TRANSACTIONS) (Details) - Affiliated Entity - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||
Expenses paid or accrued for by the Company: | $ 777 | $ 768 | $ 790 |
Revenue received or accrued for by the Company: | 1,216 | 1,211 | 1,195 |
Paid or accrued expenses for services provided by AXA, AXA Financial and Affiliates | |||
Related Party Transaction [Line Items] | |||
Expenses paid or accrued for by the Company: | 188 | 164 | 173 |
Paid or accrued commission and fee expenses for sale of insurance products by AXA Distribution | |||
Related Party Transaction [Line Items] | |||
Expenses paid or accrued for by the Company: | 587 | 603 | 616 |
Paid or accrued expenses for investment management services provided by AXA IM, AXA REIM and AXA Rosenberg | |||
Related Party Transaction [Line Items] | |||
Expenses paid or accrued for by the Company: | 2 | 1 | 1 |
Amounts received or accrued for cost sharing services provided to AXA, AXA Financial and affiliates | |||
Related Party Transaction [Line Items] | |||
Revenue received or accrued for by the Company: | 531 | 491 | 482 |
Amounts received or accrued for commissions and fees earned for sale of MONY America's insurance products | |||
Related Party Transaction [Line Items] | |||
Revenue received or accrued for by the Company: | 11 | 13 | 2 |
Amounts received or accrued for investment management and administrative services provided to EQAT, VIP Trust, 1290 Funds and Other AXA Trusts | |||
Related Party Transaction [Line Items] | |||
Revenue received or accrued for by the Company: | $ 674 | $ 707 | $ 711 |
EMPLOYEE BENEFIT PLANS - Narrat
EMPLOYEE BENEFIT PLANS - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jan. 01, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Excess of PBO Over Pension Plan Assets, end of year | $ (45,000,000) | $ (45,000,000) | $ (43,000,000) | ||
Market value of plan | 87,000,000 | 87,000,000 | 86,000,000 | $ 2,473,000,000 | |
Liability of plan | 132,000,000 | 132,000,000 | 129,000,000 | 2,657,000,000 | |
Capital contribution | 211,000,000 | ||||
Capital contribution, net of tax | 137,000,000 | ||||
Actuarial gains (losses) | (2,000,000) | 6,000,000 | |||
Unrecognized prior service cost (credit) | (1,000,000) | (1,000,000) | (1,000,000) | ||
PBO (immediately preceding the Transfer to AXA Financial in 2015) | 132,000,000 | 132,000,000 | 2,576,000,000 | ||
Unrecognized net actuarial gain (loss) | 51,000,000 | 51,000,000 | 49,000,000 | ||
Estimated net actuarial gain (loss) | (1,400,000) | ||||
Estimated prior service cost (credit) | (23,000) | ||||
Actual return on plan assets | 4,000,000 | 24,000,000 | |||
Projected benefit obligation increase (decrease) | $ 4,000,000 | $ 4,000,000 | |||
Discount rate (as a percent) | 4.00% | 4.00% | |||
Defined benefit plan, mortality projection rate (as a percent) | 125.00% | ||||
Pension Plan Assets at Fair Value, Immediately Preceding the Transfer to Parent Company | 2,322,000,000 | ||||
Parent | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Benefit payments under non participating annuity contracts | 6,000,000 | 10,000,000 | |||
AXA Equitable 401(k) Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Cost recognized | $ 16,000,000 | $ 18,000,000 | $ 18,000,000 | ||
Discount rate (as a percent) | 3.48% | 3.48% | 3.66% | ||
AXA Equitable QP, immediately preceding Transfer to AXA Financial | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Market value of plan | $ 2,236,000,000 | $ 2,236,000,000 | |||
Liability of plan | $ 2,447,000,000 | 2,447,000,000 | |||
Actuarial gains (losses) | (1,193,000,000) | ||||
Actuarial gain (loss), net of tax | $ (772,000,000) | ||||
Discount rate (as a percent) | 3.98% | 3.98% | 3.98% | ||
AXA Equitable QP, immediately preceding Transfer to AXA Financial | Parent | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Projected benefit obligation increase (decrease) | $ 83,000,000 | $ 83,000,000 | $ 54,000,000 | $ (25,000,000) | |
AB Qualified Retirement Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Market value of plan | $ 87,000,000 | $ 87,000,000 | $ 86,000,000 | ||
Defined benefit plan, actual plan asset allocations (as a percent) | 100.00% | 100.00% | 100.00% | ||
Discount rate (as a percent) | 4.75% | 4.75% | 4.30% | ||
AB Qualified Retirement Plan | Return Seeking Investments | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target asset allocation range, minimum (as a percent) | 30.00% | ||||
Target asset allocation range, maximum (as a percent) | 60.00% | ||||
Target asset allocation (as a percent) | 40.00% | ||||
AB Qualified Retirement Plan | Risk Mitigating Investments | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target asset allocation range, minimum (as a percent) | 10.00% | ||||
Target asset allocation range, maximum (as a percent) | 30.00% | ||||
Target asset allocation (as a percent) | 15.00% | ||||
AB Qualified Retirement Plan | Diversifying Investments | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target asset allocation range, minimum (as a percent) | 0.00% | ||||
Target asset allocation range, maximum (as a percent) | 25.00% | ||||
Target asset allocation (as a percent) | 17.00% | ||||
AB Qualified Retirement Plan | Dynamic Asset Allocation Investments | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target asset allocation range, minimum (as a percent) | 18.00% | ||||
Target asset allocation range, maximum (as a percent) | 38.00% | ||||
Target asset allocation (as a percent) | 28.00% | ||||
AB Qualified Retirement Plan | Level 1 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Market value of plan | $ 68,000,000 | $ 68,000,000 | $ 67,000,000 | ||
AB Qualified Retirement Plan | Level 2 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Market value of plan | 0 | 0 | 0 | ||
AB Qualified Retirement Plan | Level 3 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Market value of plan | $ 0 | 0 | $ 0 | ||
AB Qualified Retirement Plan | Alliance Bernstein | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Estimated future employer contributions in next fiscal year | $ 4,000,000 |
EMPLOYEE BENEFIT PLANS - Net Pe
EMPLOYEE BENEFIT PLANS - Net Periodic Benefit Cost, Change in Benefit Obligation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost | $ 0 | $ 8 | $ 9 |
Interest cost | 6 | 93 | 107 |
Expected return on assets | (5) | (159) | (155) |
Actuarial (gain) loss | 1 | 1 | 1 |
Net amortization | 0 | 110 | 111 |
Net Periodic Pension Expense | $ 2 | $ 53 | $ 73 |
EMPLOYEE BENEFIT PLANS - Change
EMPLOYEE BENEFIT PLANS - Change in Benefit Obligation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |||
Pension plan assets at fair value, immediately preceding the Transfer to AXA Financial | $ 2,322 | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation, beginning of year | $ 129 | 2,657 | |
Service cost | 0 | 0 | |
Interest cost | 6 | 93 | $ 107 |
Actuarial (gains) losses | 2 | (6) | |
Benefits paid | (5) | (169) | |
Plan amendments and curtailments | 0 | 1 | |
Projected Benefit Obligation | 132 | 2,576 | |
Transfer to AXA Financial | 0 | (2,447) | |
Projected Benefit Obligation, End of Year | 132 | 129 | 2,657 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Pension plan assets at fair value, beginning of year | 86 | 2,473 | |
Actual return on plan assets | 4 | 24 | |
Contributions | 0 | 0 | |
Benefits paid and fees | (3) | (175) | |
Pension plan assets at fair value, end of year | 87 | 86 | $ 2,473 |
PBO (immediately preceding the Transfer to AXA Financial in 2015) | 132 | 2,576 | |
Excess of PBO Over Pension Plan Assets (immediately preceding the Transfer to AXA Financial in 2015) | (45) | (254) | |
Transfer to AXA Financial | 0 | 211 | |
Excess of PBO Over Pension Plan Assets, end of year | (45) | (43) | |
Amounts included in AOCI not yet recognized as components of net periodic pension costs | |||
Unrecognized net actuarial (gain) loss | (51) | (49) | |
Unrecognized prior service cost (credit) | (1) | (1) | |
Total | $ (52) | $ (50) |
EMPLOYEE BENEFIT PLANS - Asset
EMPLOYEE BENEFIT PLANS - Asset Allocations (Details) - AB Qualified Retirement Plan | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations (as a percent) | 100.00% | 100.00% |
Fixed Maturities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations (as a percent) | 18.00% | 24.00% |
Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations (as a percent) | 61.00% | 56.00% |
Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations (as a percent) | 21.00% | 20.00% |
EMPLOYEE BENEFIT PLANS - Fair V
EMPLOYEE BENEFIT PLANS - Fair Value of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined benefit plan, fair value of plan assets | $ 87 | $ 86 | $ 2,473 |
AB Qualified Retirement Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined benefit plan, fair value of plan assets | 87 | 86 | |
Defined benefit plan, fair value of plan assets, excluding net asset value investments | 68 | 67 | |
Defined benefit plan, alternative investments, fair value of plan assets | 19 | 19 | |
AB Qualified Retirement Plan | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined benefit plan, fair value of plan assets | 68 | 67 | |
AB Qualified Retirement Plan | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
AB Qualified Retirement Plan | Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
AB Qualified Retirement Plan | Common and preferred equity | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined benefit plan, fair value of plan assets | 21 | 22 | |
AB Qualified Retirement Plan | Common and preferred equity | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined benefit plan, fair value of plan assets | 21 | 22 | |
AB Qualified Retirement Plan | Mutual funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined benefit plan, fair value of plan assets | 47 | 45 | |
AB Qualified Retirement Plan | Mutual funds | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined benefit plan, fair value of plan assets | $ 47 | $ 45 |
EMPLOYEE BENEFIT PLANS - Assump
EMPLOYEE BENEFIT PLANS - Assumptions, Estimated Future Benefit Payments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Weighted Average Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | ||
Benefits obligations (aggregate methodology for 2014) (as a percent) | 4.00% | |
Periodic cost (as a percent) | 3.70% | 3.60% |
Rates of compensation increase: Benefit obligation (as a percent) | 6.00% | |
Rates of compensation increase: Periodic cost (as a percent) | 6.46% | |
Expected long-term rates of return on pension plan assets (periodic cost) (as a percent) | 6.50% | 6.75% |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ||
2,017 | $ 4 | |
2,018 | 6 | |
2,019 | 6 | |
2,020 | 5 | |
2,021 | 6 | |
Years 2022-2026 | $ 38 | |
AXA Equitable QP, immediately preceding Transfer to AXA Financial | ||
Weighted Average Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | ||
Benefits obligations (aggregate methodology for 2014) (as a percent) | 3.98% | 3.98% |
Other AXA Equitable defined benefit plans | ||
Weighted Average Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | ||
Benefits obligations (aggregate methodology for 2014) (as a percent) | 3.48% | 3.66% |
AB Qualified Retirement Plan | ||
Weighted Average Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | ||
Benefits obligations (aggregate methodology for 2014) (as a percent) | 4.75% | 4.30% |
SHARE-BASED AND OTHER COMPENS92
SHARE-BASED AND OTHER COMPENSATION PROGRAMS - Compensation Expenses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total Compensation Expenses | $ 187 | $ 211 | $ 192 |
Performance Units/Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total Compensation Expenses | 17 | 18 | 10 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total Compensation Expenses | 1 | 1 | 1 |
AXA Shareplan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total Compensation Expenses | 14 | 16 | 10 |
Restricted Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total Compensation Expenses | 154 | 174 | 171 |
Other Compensation plans | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total Compensation Expenses | $ 1 | $ 2 | $ 0 |
SHARE-BASED AND OTHER COMPENS93
SHARE-BASED AND OTHER COMPENSATION PROGRAMS - Performance Units (Details) - USD ($) $ in Millions | Jun. 06, 2016 | Mar. 22, 2016 | Jun. 19, 2015 | Apr. 02, 2015 | Apr. 03, 2014 | Mar. 24, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share based compensation expense | $ 187 | $ 211 | $ 192 | ||||||
Performance Unit Plan 2016 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock options granted (in shares) | 1,900,000 | ||||||||
Share based compensation expense | $ 10 | ||||||||
Performance Unit Plan 2016 | Minimum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Range of performance units at stake percentage | 0.00% | ||||||||
Performance Unit Plan 2016 | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Range of performance units at stake percentage | 130.00% | ||||||||
Performance Unit Plan 2015 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock options granted (in shares) | 1,700,000 | ||||||||
Share based compensation expense | $ 4 | 8 | |||||||
Performance Unit Plan 2015 | Minimum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Range of performance units at stake percentage | 0.00% | ||||||||
Performance Unit Plan 2015 | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Range of performance units at stake percentage | 130.00% | ||||||||
Performance Unit Plan 2014 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock options granted (in shares) | 1,500,000 | ||||||||
Performance Unit Plan 2014 | Minimum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Range of performance units at stake percentage | 0.00% | ||||||||
Performance Unit Plan 2014 | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Range of performance units at stake percentage | 130.00% | ||||||||
Performance Unit Plan 2014 | Parent | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share based compensation expense | 4 | 4 | 9 | ||||||
Performance Unit Plan 2013 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Equity settlement of vested units with ordinary shares number (in shares) | 2,300,000 | ||||||||
Equity settlement of vested units with ordinary shares, value | $ 55 | ||||||||
Performance Unit Plan 2012 | Parent | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Cash settlement of vested units | $ 53 | ||||||||
Vested (in shares) | 2,300,000 | ||||||||
Performance Unit Plan 2011 | Parent | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Cash settlement of vested units | $ 26 | ||||||||
Equity settlement of vested units with ordinary shares number (in shares) | 1,000,000 | ||||||||
Performance Unit Plans Combined | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share based compensation expense | $ 17 | $ 18 | $ 10 | ||||||
Unvested restricted shares and holding units | 2,000,000 |
SHARE-BASED AND OTHER COMPENS94
SHARE-BASED AND OTHER COMPENSATION PROGRAMS - Stock Options Narrative (Details) $ / shares in Units, $ in Thousands | Jun. 06, 2016USD ($)shares | Jun. 06, 2016€ / shares | Jun. 19, 2015USD ($)shares | Jun. 19, 2015€ / shares | Mar. 24, 2014USD ($)$ / sharesshares | Mar. 24, 2014€ / shares | Mar. 22, 2013 | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Summary of Plan Activity [Line Items] | ||||||||||
Share based compensation expense | $ 187,000 | $ 211,000 | $ 192,000 | |||||||
Stock options, excercises in period, intrinsic value | 0 | |||||||||
Tax benefits from exercise of stock options | 0 | |||||||||
Performance Unit Plan Year 2014 | ||||||||||
Summary of Plan Activity [Line Items] | ||||||||||
Stock options granted (in shares) | shares | 1,500,000 | |||||||||
Stock options, excercises in period, intrinsic value | 3,000 | |||||||||
Tax benefits from exercise of stock options | 1,000 | |||||||||
Stock Options | ||||||||||
Summary of Plan Activity [Line Items] | ||||||||||
Share based compensation expense | 1,000 | 1,000 | 1,000 | |||||||
Parent | Stock Option Plan 2016 | ||||||||||
Summary of Plan Activity [Line Items] | ||||||||||
Stock options granted (in shares) | shares | 600,000 | |||||||||
Stock options granted, exercise price (in dollars and euros per share) | € / shares | € 21.52 | |||||||||
Vesting period | 5 years | |||||||||
Weighted average grant date fair value (in dollars and euros per share) | € / shares | € 1.85 | |||||||||
Term/expiration period | 10 years | |||||||||
Fair value assumptions, expected volatility rate | 26.60% | |||||||||
Weighted average expected term | 8 years 1 month 6 days | |||||||||
Fair value assumptions, risk expected dividend yield | 6.49% | |||||||||
Fair value assumptions, risk free interest rate | 0.33% | |||||||||
Fair value of options (net of expected forfeitures) | $ 1,000 | |||||||||
Share based compensation expense | 600 | |||||||||
Parent | Stock Option Plan 2016 | Vesting tranche one | ||||||||||
Summary of Plan Activity [Line Items] | ||||||||||
Vesting percentage | 33.33% | |||||||||
Parent | Stock Option Plan 2016 | Vesting tranche two | ||||||||||
Summary of Plan Activity [Line Items] | ||||||||||
Vesting percentage | 33.33% | |||||||||
Parent | Stock Option Plan 2016 | Vesting tranche three | ||||||||||
Summary of Plan Activity [Line Items] | ||||||||||
Vesting percentage | 33.33% | |||||||||
Parent | Stock Option Plan 2016 | Conditional Vesting Term | ||||||||||
Summary of Plan Activity [Line Items] | ||||||||||
Stock options granted (in shares) | shares | 300,000 | |||||||||
Parent | Stock Option Plan 2015 | ||||||||||
Summary of Plan Activity [Line Items] | ||||||||||
Stock options granted (in shares) | shares | 400,000 | |||||||||
Stock options granted, exercise price (in dollars and euros per share) | € / shares | € 22.90 | |||||||||
Vesting period | 5 years | |||||||||
Weighted average grant date fair value (in dollars and euros per share) | € / shares | € 1.58 | |||||||||
Term/expiration period | 10 years | |||||||||
Fair value assumptions, expected volatility rate | 23.68% | |||||||||
Weighted average expected term | 8 years 2 months 12 days | |||||||||
Fair value assumptions, risk expected dividend yield | 6.29% | |||||||||
Fair value assumptions, risk free interest rate | 0.92% | |||||||||
Fair value of options (net of expected forfeitures) | $ 1,000 | |||||||||
Share based compensation expense | 0 | |||||||||
Parent | Stock Option Plan 2015 | Vesting tranche one | ||||||||||
Summary of Plan Activity [Line Items] | ||||||||||
Vesting percentage | 33.33% | |||||||||
Parent | Stock Option Plan 2015 | Vesting tranche two | ||||||||||
Summary of Plan Activity [Line Items] | ||||||||||
Vesting percentage | 33.33% | |||||||||
Parent | Stock Option Plan 2015 | Vesting tranche three | ||||||||||
Summary of Plan Activity [Line Items] | ||||||||||
Vesting percentage | 33.33% | |||||||||
Parent | Stock Option Plan 2015 Subject to Conditional Vesting | ||||||||||
Summary of Plan Activity [Line Items] | ||||||||||
Stock options granted (in shares) | shares | 200,000 | |||||||||
Parent | Stock Option Plan 2014 | ||||||||||
Summary of Plan Activity [Line Items] | ||||||||||
Stock options granted (in shares) | shares | 400,000 | |||||||||
Stock options granted, exercise price (in dollars and euros per share) | € / shares | € 18.68 | |||||||||
Vesting period | 5 years | |||||||||
Weighted average grant date fair value (in dollars and euros per share) | $ / shares | $ 2.89 | |||||||||
Term/expiration period | 10 years | |||||||||
Fair value assumptions, expected volatility rate | 29.24% | |||||||||
Weighted average expected term | 8 years 2 months 12 days | |||||||||
Fair value assumptions, risk expected dividend yield | 6.38% | |||||||||
Fair value assumptions, risk free interest rate | 1.54% | |||||||||
Fair value of options (net of expected forfeitures) | $ 1,000 | |||||||||
Share based compensation expense | $ 200 | 200 | 300 | |||||||
Parent | Stock Option Plan 2014 | Vesting tranche one | ||||||||||
Summary of Plan Activity [Line Items] | ||||||||||
Vesting percentage | 33.33% | |||||||||
Parent | Stock Option Plan 2014 | Vesting tranche two | ||||||||||
Summary of Plan Activity [Line Items] | ||||||||||
Vesting percentage | 33.33% | |||||||||
Parent | Stock Option Plan 2014 | Vesting tranche three | ||||||||||
Summary of Plan Activity [Line Items] | ||||||||||
Vesting percentage | 33.33% | |||||||||
Parent | Stock Option Plan 2014 | Conditional Vesting Term | ||||||||||
Summary of Plan Activity [Line Items] | ||||||||||
Stock options granted (in shares) | shares | 200,000 | |||||||||
Parent | Stock Option Plan 2013 | Vesting tranche one | ||||||||||
Summary of Plan Activity [Line Items] | ||||||||||
Vesting percentage | 33.33% | |||||||||
Parent | Stock Option Plan 2013 | Vesting tranche two | ||||||||||
Summary of Plan Activity [Line Items] | ||||||||||
Vesting percentage | 33.33% | |||||||||
Parent | Stock Option Plan 2013 | Vesting tranche three | ||||||||||
Summary of Plan Activity [Line Items] | ||||||||||
Vesting percentage | 33.33% | |||||||||
Parent | AXA ADRs | ||||||||||
Summary of Plan Activity [Line Items] | ||||||||||
Stock options granted (in shares) | shares | 0 | |||||||||
Stock options granted, exercise price (in dollars and euros per share) | $ / shares | $ 0 | |||||||||
Common stock, capital shares reserved for future issuance (in shares) | shares | 22,974 | |||||||||
Shares held in treasury at weighted average cost (in dollars per share) | $ / shares | $ 23.95 | |||||||||
Parent | Performance Unit Plan Year 2014 | ||||||||||
Summary of Plan Activity [Line Items] | ||||||||||
Share based compensation expense | $ 4,000 | $ 4,000 | $ 9,000 | |||||||
Parent | Stock Options | ||||||||||
Summary of Plan Activity [Line Items] | ||||||||||
Compensation cost not yet recognized | $ 1,000 | |||||||||
Compensation cost, recognition period | 3 years 2 months 19 days |
SHARE-BASED AND OTHER COMPENS95
SHARE-BASED AND OTHER COMPENSATION PROGRAMS - Stock Option Activity (Details) - Parent | 12 Months Ended | ||
Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / shares€ / sharesshares | Dec. 31, 2016€ / shares | |
AXA Ordinary Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Options, Number Outstanding, Beginning Balance (in shares) | 12,602,100 | 12,602,100 | |
Options granted (in shares) | 594,300 | 594,300 | |
Options exercised (in shares) | (568,200) | (568,200) | |
Options forfeited, net (in shares) | |||
Options expired/reinstated (in shares) | (3,092,000) | (3,092,000) | |
Options, Number Outstanding, Ending Balance (in shares) | 9,536,200 | 9,536,200 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Options, Weighted Average Exercise Price, Beginning Balance (in dollars per share) | € / shares | € 21.39 | ||
Options granted, Weighted Average Exercise Price (in dollars per share) | € / shares | 21.52 | ||
Options exercised, Weighted Average Exercise Price (in dollars per share) | € / shares | 14.93 | ||
Options forfeited, net, Weighted Average Exercise Price (in dollars per share) | € / shares | 0 | ||
Options expired/reinstated, Weighted Average Exercise Price (in dollars per share) | € / shares | 27.82 | ||
Options, Weighted Average Exercise Price, Ending Balance (in dollars per share) | € / shares | € 21.02 | ||
Options Outstanding, Aggregate Intrinsic Value | $ | $ 30,077,200 | € 30,077,200 | |
Weighted Average Remaining Contractual Term (in years) | 3 years 1 month 24 days | 3 years 1 month 24 days | |
Options Excercisable (in shares) | 7,169,400 | 7,169,400 | |
Options Excercisable, Weighted Average Exercise Price (in dollars per share) | € / shares | € 20.43 | ||
Options Excercisable, Aggregate Intrinsic Value | $ | $ 26,793,500 | € 26,793,500 | |
Weighted Average Remaining Contractual Term (in years) | 3 years 8 months 26 days | 3 years 8 months 26 days | |
AXA ADRs | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Options, Number Outstanding, Beginning Balance (in shares) | 41,000 | 41,000 | |
Options granted (in shares) | 0 | 0 | |
Options exercised (in shares) | 0 | 0 | |
Options forfeited, net (in shares) | 0 | 0 | |
Options expired/reinstated (in shares) | 3,900 | 3,900 | |
Options, Number Outstanding, Ending Balance (in shares) | 44,900 | 44,900 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Options, Weighted Average Exercise Price, Beginning Balance (in dollars per share) | $ / shares | $ 27.28 | ||
Options granted, Weighted Average Exercise Price (in dollars per share) | $ / shares | 0 | ||
Options exercised, Weighted Average Exercise Price (in dollars per share) | $ / shares | 0 | ||
Options forfeited, net, Weighted Average Exercise Price (in dollars per share) | $ / shares | 0 | ||
Options expired/reinstated, Weighted Average Exercise Price (in dollars per share) | $ / shares | 26.06 | ||
Options, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ / shares | $ 24.90 | ||
Options Outstanding, Aggregate Intrinsic Value | $ | $ 252,900,000 | € 252,900,000 | |
Weighted Average Remaining Contractual Term (in years) | 1 year 10 months 20 days | 1 year 10 months 20 days | |
Options Excercisable (in shares) | 44,800 | 44,800 | |
Options Excercisable, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 24.90 | € 24.90 | |
Options Excercisable, Aggregate Intrinsic Value | $ | $ 252,900 | € 252,900 | |
Weighted Average Remaining Contractual Term (in years) | 1 year 10 months 20 days | 1 year 10 months 20 days | |
AB Holding Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Options, Number Outstanding, Beginning Balance (in shares) | 5,398,500 | 5,398,500 | |
Options granted (in shares) | 54,500 | 54,500 | |
Options exercised (in shares) | (358,300) | (358,300) | |
Options forfeited, net (in shares) | 0 | 0 | |
Options expired/reinstated (in shares) | (9,700) | (9,700) | |
Options, Number Outstanding, Ending Balance (in shares) | 5,085,000 | 5,085,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Options, Weighted Average Exercise Price, Beginning Balance (in dollars per share) | $ / shares | $ 47.59 | ||
Options granted, Weighted Average Exercise Price (in dollars per share) | $ / shares | 22.60 | ||
Options exercised, Weighted Average Exercise Price (in dollars per share) | $ / shares | 17.10 | ||
Options forfeited, net, Weighted Average Exercise Price (in dollars per share) | $ / shares | 0 | ||
Options expired/reinstated, Weighted Average Exercise Price (in dollars per share) | $ / shares | 65 | ||
Options, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ / shares | $ 49.50 | ||
Options Outstanding, Aggregate Intrinsic Value | $ | $ 0 | € 0 | |
Weighted Average Remaining Contractual Term (in years) | 2 years | 2 years | |
Options Excercisable (in shares) | 4,700,900 | 4,700,900 | |
Options Excercisable, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 47.60 | € 47.60 | |
Options Excercisable, Aggregate Intrinsic Value | $ | $ 0 | € 0 | |
Weighted Average Remaining Contractual Term (in years) | 2 years | 2 years |
SHARE-BASED AND OTHER COMPENS96
SHARE-BASED AND OTHER COMPENSATION PROGRAMS - Fair Value Stock Option Assumptions (Details) - Parent - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
AXA Ordinary Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 6.49% | 6.29% | 6.38% |
Expected volatility | 26.60% | 23.68% | 29.24% |
Risk-free interest rates | 0.33% | 0.92% | 1.54% |
Expected life in years | 8 years 1 month 6 days | 8 years 2 months 12 days | 8 years 2 months 12 days |
Weighted average fair value per option at grant date (in dollars per share) | $ 2.06 | $ 1.73 | $ 2.89 |
AB Holding Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 7.10% | 7.10% | 8.40% |
Expected volatility | 31.00% | 32.10% | 48.90% |
Risk-free interest rates | 1.30% | 1.50% | 1.50% |
Expected life in years | 6 years | 6 years | 6 years |
Weighted average fair value per option at grant date (in dollars per share) | $ 2.75 | $ 4.13 | $ 4.78 |
AB Holding Units | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 8.00% | ||
Expected volatility | 49.70% | ||
Risk-free interest rates | 0.80% | ||
AB Holding Units | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 8.30% | ||
Expected volatility | 49.80% | ||
Risk-free interest rates | 1.70% |
SHARE-BASED AND OTHER COMPENS97
SHARE-BASED AND OTHER COMPENSATION PROGRAMS - Restricted Awards (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restricted Awards Plan [Line Items] | |||
Share based compensation expense | $ 187 | $ 211 | $ 192 |
Restricted Stock Units (RSUs) | Parent | |||
Restricted Awards Plan [Line Items] | |||
Vesting period | 4 years | ||
Trading period for cash payment once vested | 20 days | ||
Share based compensation expense | $ 154 | $ 174 | $ 171 |
Unvested restricted shares and holding units | 19,200,000 | ||
Compensation cost not yet recognized | $ 39 | ||
Compensation cost, recognition period | 2 years 7 months 6 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Unvested, Beginning Balance (in shares) | 34,010 | ||
Granted (in shares) | 13,909 | ||
Vested (in shares) | 11,613 | ||
Unvested, Ending Balance (in shares) | 36,306 | 34,010 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Unvested, Beginning Balance, Weighted Average Grant Date Fair Value (in dollars per share) | $ 18.43 | ||
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | 22.63 | ||
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | 23.81 | ||
Unvested, Ending Balance, Weighted Average Grant Date Fair Value (in dollars per share) | $ 24.46 | $ 18.43 | |
Restricted Stock Units (RSUs) | Alliance Bernstein | |||
Restricted Awards Plan [Line Items] | |||
Vesting period | 3 years | ||
Graded Vesting Period Over Three Years | Restricted Stock Units (RSUs) | Parent | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Granted (in shares) | 84,611 |
SHARE-BASED AND OTHER COMPENS98
SHARE-BASED AND OTHER COMPENSATION PROGRAMS - Unrestricted Awards (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation expense | $ 187,000 | $ 211,000 | $ 192,000 |
Stock Compensation Plan | Parent | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Value of share received under plan | $ 55 |
SHARE-BASED AND OTHER COMPENS99
SHARE-BASED AND OTHER COMPENSATION PROGRAMS - Employee Option Plans (Details) $ in Millions | Mar. 16, 2016USD ($)shares | Mar. 16, 2012shares | Dec. 31, 2016€ / sharesshares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares |
Parent | |||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||||
Post-vesting holding period | 5 years | ||||
AXA Shareplan Optiona Current Year [Member] | Parent | |||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||||
Discount from market price, purchase date | 20.00% | ||||
Weighted average purchase price of shares purchased | € / shares | € 15.53 | ||||
AXA Shareplan Option B 2015 | Parent | |||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||||
Discount from market price, purchase date | 8.63% | ||||
Ordinary share price measurement period (52 weeks) | 364 days | ||||
Shares issued during period under employee stock ownership plan | 6,000,000 | 5,000,000 | 5,000,000 | ||
Weighted average purchase price of shares purchased | € / shares | € 17.73 | ||||
AXA Shareplan 2014 | Parent | |||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||||
Recognized compensation expense | $ | $ 16 | ||||
AXA Shareplan 2013 | Parent | |||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||||
Recognized compensation expense | $ | $ 10 | ||||
AXA Miles Program 2012 | AXA Financial | |||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||||
Maximum number of shares per employee | 50 | ||||
Stock options exercised (in shares) | $ | $ 4 | ||||
Vesting period | 4 years | ||||
Units issued upon exercise of options (in shares) | 200,000 | ||||
AXA Miles Program 2012 | AXA Financial | Four Year Cliff Vesting Term | |||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||||
Maximum number of shares per employee | 25 |
SHARE-BASED AND OTHER COMPEN100
SHARE-BASED AND OTHER COMPENSATION PROGRAMS - Alliance Bernstein (Details) - USD ($) $ in Millions | Jul. 01, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based compensation expense | $ 187 | $ 211 | $ 192 | ||||
Alliance Bernstein | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Units purchased during the period (in shares) | 10,500,000 | 8,500,000 | |||||
Dollar amount paid for Holding Units acquired | $ 237 | $ 218 | |||||
Open-market purchases (in shares) | 7,900,000 | 5,800,000 | |||||
Open-market purchases, value | $ 176 | $ 151 | |||||
Restricted holding unit awards granted to employees (in shares) | 6,100,000 | 6,600,000 | 7,000,000 | 7,000,000 | 7,400,000 | ||
Units issued upon exercise of options (in shares) | 400,000 | 500,000 | |||||
Proceeds from options exercised | $ 6 | $ 9 | |||||
Treasury stock, shares retired | 13,100,000 | ||||||
Holding unit-based awards authorized for grant (in shares) | 60,000,000 | ||||||
Holding unit-based awards, maximum additional shares authorized for grant (in shares) | 30,000,000 | ||||||
Grant of holding units (in shares) | 400,000 | ||||||
Grant of holding units, net of forfeitures (in shares) | 51,900,000 | ||||||
Holding unit-based awards available for grant (in shares) | 7,700,000 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income tax (expense) benefit: | |||||
Current (expense) benefit | $ (274) | $ (19) | $ (552) | ||
Deferred (expense) benefit | 387 | (167) | (1,143) | ||
Income tax (expense) benefit | $ 113 | (186) | (1,695) | ||
Federal statutory rate, percent | 35.00% | ||||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||||
Expected income tax (expense) benefit | $ (152) | (578) | (2,140) | ||
Noncontrolling interest | 135 | 124 | 119 | ||
Separate Accounts investment activity | 160 | 181 | 116 | ||
Non-taxable investment income (loss) | 15 | 8 | 12 | ||
Tax audit interest | (22) | 1 | (6) | ||
State income taxes | (8) | 1 | (4) | ||
AB Federal and foreign taxes | (15) | 2 | 4 | ||
Tax settlement | $ (77) | $ (212) | 0 | 77 | 212 |
Other | 0 | (2) | (8) | ||
Income tax (expense) benefit | 113 | (186) | $ (1,695) | ||
Current income tax liability | $ 218 | $ 592 |
INCOME TAXES - Net Deferred Inc
INCOME TAXES - Net Deferred Income Taxes and Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Components of Deferred Tax Assets [Abstract] | |||
Compensation and related benefits | $ 88 | $ 93 | |
Net operating losses and credits | 394 | 424 | |
Other | 5 | 0 | |
Total | 487 | 517 | |
Components of Deferred Tax Liabilities [Abstract] | |||
Reserves and reinsurance | 1,786 | 1,740 | |
DAC | 1,197 | 1,253 | |
Unrealized investment gains or losses | 23 | 134 | |
Investments | 1,062 | 1,437 | |
Other | 0 | 25 | |
Total | 4,068 | 4,589 | |
Income Tax Uncertainties [Abstract] | |||
Undistributed earnings of foreign subsidiaries | 195 | ||
Amount of additional taxes that would need to be provided if earnings were remitted | 79 | ||
Unrecognized tax benefits that would impact the effective rate | 394 | 344 | |
Interest and penalties invluded in unrecognized tax benefits | 67 | 52 | |
Interest expense related to unrecognized tax benefits | 15 | (25) | $ (43) |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized Tax Benefits, Beginning Balance | 418 | 475 | 592 |
Additions for tax positions of prior years | 39 | 44 | 56 |
Reductions for tax positions of prior years | 0 | (101) | (181) |
Additions for tax positions of current year | 0 | 0 | 8 |
Unrecognized Tax Benefits, Ending Balance | $ 457 | $ 418 | $ 475 |
ACCUMULATED OTHER COMPREHENS103
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income Loss [Abstract] | |||
Unrealized gains (losses) on investments | $ 44 | $ 261 | $ 1,142 |
Foreign currency translation adjustments | (77) | (59) | (34) |
Defined benefit pension plans | (46) | (43) | (811) |
Total accumulated other comprehensive income (loss) | (79) | 159 | 297 |
Less: Accumulated other comprehensive (income) loss attributable to noncontrolling interest | 86 | 69 | 54 |
Accumulated Other Comprehensive Income (Loss) Attributable to AXA Equitable | 7 | 228 | 351 |
Other Comprehensive Income (Loss), Tax, Parenthetical Disclosures [Abstract] | |||
Deferred income tax expense (benefit) | (480) | 529 | (654) |
Deferred income tax expense (benefit) | (2) | (15) | 161 |
Foreign currency translation adjustments: | |||
Foreign currency translation gains (losses) arising during the period | (18) | (25) | (21) |
(Gains) losses reclassified into net earnings (loss) during the period | 0 | 0 | 0 |
Foreign currency translation adjustment | (18) | (25) | (21) |
Change in net unrealized gains (losses) on investments: | |||
Net unrealized gains (losses) arising during the year | (160) | (1,020) | 1,043 |
(Gains) losses reclassified into net earnings (loss) during the year(1) | 2 | 12 | 37 |
Net unrealized gains (losses) on investments | (158) | (1,008) | 1,080 |
Adjustments for policyholders liabilities, DAC, insurance liability loss recognition and other | (59) | 127 | (111) |
Change in unrealized gains (losses), net of adjustments and (net of deferred income tax expense (benefit) of $(96), $(480) and $529) | (217) | (881) | 969 |
Change in defined benefit plans: | |||
Net gain (loss) arising during the year | 0 | 0 | (95) |
Prior service cost arising during the year | 0 | 0 | 0 |
Less: reclassification adjustments to net earnings (loss) for:(2) | |||
Amortization of net (gains) losses included in net periodic cost | (3) | (4) | 72 |
Amortization of net prior service credit included in net periodic cost | 0 | 0 | 0 |
Change in defined benefit plans (net of deferred income tax expense (benefit) of $0, $(2) and $(15)) | (3) | (4) | (23) |
Total other comprehensive income (loss), net of income taxes | (238) | (910) | 925 |
Less: Other comprehensive (income) loss attributable to noncontrolling interest | 17 | 15 | 29 |
Other Comprehensive Income (Loss) Attributable to AXA Equitable | (221) | (895) | 954 |
Income tax expense (benefit) | (1) | (6) | (19) |
Income tax expense (benefit) | 0 | 2 | (39) |
AOCI Attributable to Parent | |||
Accumulated Other Comprehensive Income Loss [Abstract] | |||
Decrease from unrecognized net actuarial loss transferred to additional paid in capital, net of tax | 0 | (772) | 0 |
Less: reclassification adjustments to net earnings (loss) for:(2) | |||
Total other comprehensive income (loss), net of income taxes | (221) | (895) | 954 |
Additional Paid-in Capital | |||
Accumulated Other Comprehensive Income Loss [Abstract] | |||
Decrease from unrecognized net actuarial loss transferred to additional paid in capital, net of tax | 0 | $ 772 | $ 0 |
AXA Financial | AOCI Attributable to Parent | |||
Accumulated Other Comprehensive Income Loss [Abstract] | |||
(Increase) decrease from unrecognized net actuarial loss transferred from AOCI/to additional paid in capital, before tax | (1,193) | ||
AXA Financial | Additional Paid-in Capital | |||
Accumulated Other Comprehensive Income Loss [Abstract] | |||
(Increase) decrease from unrecognized net actuarial loss transferred from AOCI/to additional paid in capital, before tax | 1,193 | ||
Decrease from unrecognized net actuarial loss transferred to additional paid in capital, net of tax | 772 | ||
AXA Equitable | Stockholders' Equity, Total | |||
Accumulated Other Comprehensive Income Loss [Abstract] | |||
Decrease from unrecognized net actuarial loss transferred to additional paid in capital, net of tax | $ 0 |
COMMITMENTS AND CONTINGENT L104
COMMITMENTS AND CONTINGENT LIABILITIES (Details) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2016USD ($)line_of_credit | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2010USD ($) | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||||
Operating Leases, Future Minimum Payments, Due in 2016 | $ 218 | |||||
Operating Leases, Future Minimum Payments, Due in 2017 | 207 | |||||
Operating Leases, Future Minimum Payments, Due in 2018 | 194 | |||||
Operating Leases, Future Minimum Payments, Due in 2019 | 168 | |||||
Operating Leases, Future Minimum Payments, Due in 2020 | 159 | |||||
Operating Leases, Future Minimum Payments, Due Theafter | 446 | |||||
Future Minimum Sublease Rentals, Sale Leaseback Transactions, Fiscal Year Maturity [Abstract] | ||||||
Future Minimum Sublease Rentals, Sale Leaseback Transactions, 2016 | 32 | |||||
Future Minimum Sublease Rentals, Sale Leaseback Transactions, 2017 | 33 | |||||
Future Minimum Sublease Rentals, Sale Leaseback Transactions, 2018 | 32 | |||||
Future Minimum Sublease Rentals, Sale Leaseback Transactions, 2019 | 16 | |||||
Future Minimum Sublease Rentals, Sale Leaseback Transactions, 2020 | 14 | |||||
Future Minimum Sublease Rentals, Sale Leaseback Transactions, Thereafter | 44 | |||||
Federal home loan bank stock | 109 | |||||
Carrying value of collateral pledged for federal home loan bank | 3,885 | |||||
Outstanding balance at end of year | 2,238 | |||||
Issued during the Year | 7,738 | |||||
Repaid during the year | 6,000 | |||||
Federal Home Loan Bank of New York Short-Term Funding Agreements Maturing in Less than One Month | ||||||
Future Minimum Sublease Rentals, Sale Leaseback Transactions, Fiscal Year Maturity [Abstract] | ||||||
Outstanding balance at end of year | 500 | $ 500 | ||||
Issued during the Year | 6,000 | 6,000 | ||||
Repaid during the year | 6,000 | 6,000 | ||||
Federal Home Loan Bank of New York Long-Term Funding Agreements Maturing in Less than Four Years | ||||||
Future Minimum Sublease Rentals, Sale Leaseback Transactions, Fiscal Year Maturity [Abstract] | ||||||
Outstanding balance at end of year | 58 | |||||
Issued during the Year | 58 | |||||
Repaid during the year | 0 | |||||
Federal Home Loan Bank of New York Long-Term Funding Agreements Maturing in Less than Five Years | ||||||
Future Minimum Sublease Rentals, Sale Leaseback Transactions, Fiscal Year Maturity [Abstract] | ||||||
Outstanding balance at end of year | 862 | |||||
Issued during the Year | 862 | |||||
Repaid during the year | 0 | |||||
Federal Home Loan Bank of New York Long-Term Funding Agreements Maturing in Greater than Five Years | ||||||
Future Minimum Sublease Rentals, Sale Leaseback Transactions, Fiscal Year Maturity [Abstract] | ||||||
Outstanding balance at end of year | 818 | |||||
Issued during the Year | 818 | |||||
Repaid during the year | 0 | |||||
Federal Home Loan Bank of New York Long-Term Funding Agreements | ||||||
Future Minimum Sublease Rentals, Sale Leaseback Transactions, Fiscal Year Maturity [Abstract] | ||||||
Outstanding balance at end of year | 1,738 | |||||
Issued during the Year | 1,738 | |||||
Repaid during the year | 0 | |||||
SCB LLC | Line of Credit | Financial Institutions | ||||||
Loss Contingencies [Line Items] | ||||||
Total amount of guarantees maintained | $ 425 | |||||
Number of guarantees maintained | line_of_credit | 4 | |||||
AXA | ||||||
Future Minimum Sublease Rentals, Sale Leaseback Transactions, Fiscal Year Maturity [Abstract] | ||||||
Severance Costs | $ 21 | 3 | $ 42 | |||
Pre tax real estate charge | 25 | |||||
Restructuring Reserve [Roll Forward] | ||||||
Balance, beginning of year | 89 | 113 | 122 | |||
Additions | 35 | 10 | 21 | |||
Cash payments | (18) | (32) | (24) | |||
Other reductions | 0 | (2) | (6) | |||
Balance, End of Year | 106 | $ 89 | $ 113 | $ 122 | ||
Loss Contingencies [Line Items] | ||||||
Commitments by the Company to provide equity financing | 697 | |||||
Letters of credit | 18 | |||||
Commitments under existing mortgage loan agreements | 883 | |||||
AXA | Affiliated Entity | ||||||
Loss Contingencies [Line Items] | ||||||
Commitments by the Company to provide equity financing | 249 | |||||
Alliance Bernstein | Venture Capital Funds | ||||||
Loss Contingencies [Line Items] | ||||||
Unrecorded Unconditional Purchase Obligation | $ 35 | |||||
Long-term Purchase Commitment, Period | 6 years | |||||
Unrecorded Unconditional Purchase Obligation, Purchases | 34 | |||||
Alliance Bernstein | Private real estate investment funds | ||||||
Loss Contingencies [Line Items] | ||||||
Unrecorded Unconditional Purchase Obligation | $ 25 | |||||
Unrecorded Unconditional Purchase Obligation, Purchases | 21 | |||||
Alliance Bernstein | Oil And Gas Fund | ||||||
Loss Contingencies [Line Items] | ||||||
Unrecorded Unconditional Purchase Obligation | $ 8 | |||||
Long-term Purchase Commitment, Period | 3 years | |||||
Unrecorded Unconditional Purchase Obligation, Purchases | 6 | |||||
Alliance Bernstein | AB Consolidation Plan | Facility Closing | Other Operating Costs and Expenses | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Real estate charges | 18 | |||||
Changes in estimates related to previously recorded real estate charges | 5 | |||||
New real estate charges | 23 | |||||
Alliance Bernstein | Commercial Banks | Limited Partner | ||||||
Loss Contingencies [Line Items] | ||||||
Partnership Unfunded Committments | $ 0 | |||||
Alliance Bernstein | Line of Credit | Financial Institutions | ||||||
Loss Contingencies [Line Items] | ||||||
Number of guarantees maintained | line_of_credit | 4 | |||||
SCBL | Line of Credit | Financial Institutions | ||||||
Loss Contingencies [Line Items] | ||||||
Number of guarantees maintained | line_of_credit | 3 | |||||
SCBL | Line of Credit | Commercial Banks | ||||||
Loss Contingencies [Line Items] | ||||||
Total amount of guarantees maintained | $ 366 |
LITIGATION (Details)
LITIGATION (Details) £ in Millions, $ / policy in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 19 Months Ended | |
Feb. 29, 2016$ / policy | Mar. 31, 2013USD ($) | Mar. 31, 2013GBP (£) | Jan. 31, 2013fund | |
Litigation [Line Items] | ||||
Portfolio amount of securities | £ | £ 500 | |||
Realized losses in portfolio | $ 125 | |||
Minimum | ||||
Litigation [Line Items] | ||||
Value of alleged damages | 177 | |||
Maximum | ||||
Litigation [Line Items] | ||||
Value of alleged damages | $ 234 | |||
Sivolella Litigation | ||||
Litigation [Line Items] | ||||
Number of funds involved in lawsuit | fund | 12 | |||
Brach Family Foundation Litigation | ||||
Litigation [Line Items] | ||||
Issue age | 70 years | |||
Current face amount per policy | $ / policy | 1 |
INSURANCE GROUP STATUTORY FI106
INSURANCE GROUP STATUTORY FINANCIAL INFORMATION (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statutory Accounting Practices [Abstract] | |||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval | $ 1,185 | ||
Insurance Groups statutory net income (loss) | 679 | $ 2,038 | $ 1,664 |
Statutory surplus, capital stock and Asset Valuation Reserve | $ 5,278 | 5,895 | |
Common Stock Dividends, Shares | 10 | ||
Fair Value of Units Transferred | $ 245 | ||
Shareholder dividends | 1,050 | 767 | 382 |
Securities on deposit with such government or state agencies | 57 | ||
Repayments of surplus notes | 200 | ||
Repayments of surplus notes from affiliates | $ 0 | 0 | $ 825 |
AXA Financial | Subsidiary | |||
Statutory Accounting Practices [Abstract] | |||
Repayments of surplus notes from affiliates | $ 825 |
BUSINESS SEGMENT INFORMATION (D
BUSINESS SEGMENT INFORMATION (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Segment revenues | $ (1,842) | $ 2,216 | $ 4,297 | $ 5,034 | $ 318 | $ 5,714 | $ 220 | $ 3,567 | $ 9,705 | $ 9,819 | $ 15,640 |
Intersegment investment advisory and other fees | 999 | 1,056 | 1,062 | ||||||||
Segment earnings (loss) from operations, before income taxes | 431 | 1,650 | 6,115 | ||||||||
Assets | 203,764 | 194,626 | 203,764 | 194,626 | |||||||
Securities segregated in a special reserve bank custody, fair value | 946 | 565 | 946 | 565 | |||||||
Consolidation/ Elimination | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment revenues | (27) | (28) | (27) | ||||||||
Segment earnings (loss) from operations, before income taxes | (1) | (1) | 0 | ||||||||
Assets | (3) | (7) | (3) | (7) | |||||||
Insurance | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment revenues | 6,703 | 6,822 | 12,656 | ||||||||
Segment earnings (loss) from operations, before income taxes | (274) | 1,033 | 5,512 | ||||||||
Assets | 190,628 | 182,738 | 190,628 | 182,738 | |||||||
Insurance | Intersegment Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest Expense, Debt | 50 | 45 | 40 | ||||||||
Investment Management | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment revenues | 3,029 | 3,025 | 3,011 | ||||||||
Segment earnings (loss) from operations, before income taxes | 706 | 618 | 603 | ||||||||
Assets | 13,139 | 11,895 | 13,139 | 11,895 | |||||||
Securities segregated in a special reserve bank custody, fair value | 893 | 460 | 893 | 460 | |||||||
Cash held for exclusive benefit of customers | $ 53 | $ 55 | 53 | 55 | |||||||
Investment Management | Intersegment Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intersegment investment advisory and other fees | $ 77 | $ 73 | $ 67 |
QUARTERLY RESULTS OF OPERATI108
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Data [Abstract] | |||||||||||
Total Revenues | $ (1,842) | $ 2,216 | $ 4,297 | $ 5,034 | $ 318 | $ 5,714 | $ 220 | $ 3,567 | $ 9,705 | $ 9,819 | $ 15,640 |
Total benefits and other deductions | 1,727 | 2,246 | 2,721 | 2,580 | 1,384 | 2,375 | 1,973 | 2,437 | 9,274 | 8,169 | 9,525 |
Net earnings (loss) | $ (2,259) | $ 22 | $ 1,061 | $ 1,720 | $ (640) | $ 2,275 | $ (1,025) | $ 854 | $ 75 | $ 1,061 | $ 4,033 |
SCHEDULE I - SUMMARY OF INVE109
SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES (Details) $ in Millions | Dec. 31, 2016USD ($) |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | $ 58,020 |
Fair Value | 59,163 |
Carrying Value | 58,416 |
U.S. Treasury, government and agency | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 10,739 |
Fair Value | 10,336 |
Carrying Value | 10,336 |
States and political subdivisions | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 432 |
Fair Value | 493 |
Carrying Value | 493 |
Foreign Government Debt | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 365 |
Fair Value | 378 |
Carrying Value | 378 |
Public Utility, Bonds | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 3,437 |
Fair Value | 3,617 |
Carrying Value | 3,617 |
All Other Corporate Bonds | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 16,663 |
Fair Value | 17,224 |
Carrying Value | 17,224 |
Redeemable preferred stock | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 487 |
Fair Value | 522 |
Carrying Value | 522 |
Fixed maturities | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 32,123 |
Fair Value | 32,570 |
Carrying Value | 32,570 |
Industrial, Miscellaneous, and All Others | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 113 |
Fair Value | 113 |
Carrying Value | 113 |
Mortgage loans on real estate | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 9,765 |
Fair Value | 9,608 |
Carrying Value | 9,757 |
Policy loans | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 3,361 |
Fair Value | 4,257 |
Carrying Value | 3,361 |
Other Limited Partnership Interests And Equity Investments | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 1,295 |
Fair Value | 1,295 |
Carrying Value | 1,295 |
Trading Securities | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 9,177 |
Fair Value | 9,134 |
Carrying Value | 9,134 |
Other Invested Assets | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 2,186 |
Fair Value | 2,186 |
Carrying Value | $ 2,186 |
SCHEDULE III - SUPPLEMENTARY110
SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Supplementary Insurance Information, by Segment [Line Items] | |||
Deferred Policy Acquisition Costs | $ 4,301 | $ 4,469 | $ 4,271 |
Policyholders’ Account Balances | 38,782 | 33,033 | 31,848 |
Future Policy Benefits and other Policyholders’ Funds | 25,358 | 24,531 | 23,484 |
Policy Charges And Premium Revenue | 4,303 | 4,062 | 3,989 |
Net Investment Income (Loss) | 1,856 | 1,976 | 3,815 |
Policyholders’ Benefits and Interest Credited | 4,448 | 3,777 | 4,894 |
Amortization of Deferred Policy Acquisition Costs | 162 | 284 | (413) |
Other Operating Expense | 4,664 | 4,108 | 5,044 |
Consolidation/ Elimination | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Deferred Policy Acquisition Costs | 0 | 0 | 0 |
Policyholders’ Account Balances | 0 | 0 | 0 |
Future Policy Benefits and other Policyholders’ Funds | 0 | 0 | 0 |
Policy Charges And Premium Revenue | 0 | 0 | 0 |
Net Investment Income (Loss) | 50 | 45 | 40 |
Policyholders’ Benefits and Interest Credited | 0 | 0 | 0 |
Amortization of Deferred Policy Acquisition Costs | 0 | 0 | 0 |
Other Operating Expense | (26) | (27) | (27) |
Insurance | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Deferred Policy Acquisition Costs | 4,301 | 4,469 | 4,271 |
Policyholders’ Account Balances | 38,782 | 33,033 | 31,848 |
Future Policy Benefits and other Policyholders’ Funds | 25,358 | 24,531 | 23,484 |
Policy Charges And Premium Revenue | 4,303 | 4,062 | 3,989 |
Net Investment Income (Loss) | 1,671 | 1,898 | 3,760 |
Policyholders’ Benefits and Interest Credited | 4,448 | 3,777 | 4,894 |
Amortization of Deferred Policy Acquisition Costs | 162 | 284 | (413) |
Other Operating Expense | 2,367 | 1,728 | 2,663 |
Investment Management | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Deferred Policy Acquisition Costs | 0 | 0 | 0 |
Policyholders’ Account Balances | 0 | 0 | 0 |
Future Policy Benefits and other Policyholders’ Funds | 0 | 0 | 0 |
Policy Charges And Premium Revenue | 0 | 0 | 0 |
Net Investment Income (Loss) | 135 | 33 | 15 |
Policyholders’ Benefits and Interest Credited | 0 | 0 | 0 |
Amortization of Deferred Policy Acquisition Costs | 0 | 0 | 0 |
Other Operating Expense | $ 2,323 | $ 2,407 | $ 2,408 |
SCHEDULE IV - REINSURANCE (Deta
SCHEDULE IV - REINSURANCE (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Life Insurance In-Force | |||
Gross Amount | $ 399,230 | $ 406,240 | $ 412,215 |
Ceded to Other Companies | 78,760 | 82,927 | 87,177 |
Assumed from Other Companies | 31,722 | 31,427 | 31,767 |
Net Amount | 352,192 | 354,740 | 356,805 |
Premiums | |||
Gross Amount | 850 | 820 | 844 |
Ceded to Other Companies | 176 | 173 | 181 |
Assumed from Other Companies | 206 | 207 | 211 |
Premiums | $ 880 | $ 854 | $ 874 |
Life Insurance In-Force, Percentage of Amount Assumed to Net | 9.00% | 8.90% | 8.90% |
Premiums, Percentage of Amount Assumed to Net | 23.40% | 24.20% | 24.10% |
Life insurance and annuities | |||
Premiums | |||
Gross Amount | $ 790 | $ 753 | $ 775 |
Ceded to Other Companies | 135 | 128 | 132 |
Assumed from Other Companies | 197 | 197 | 199 |
Premiums | $ 852 | $ 822 | $ 842 |
Premiums, Percentage of Amount Assumed to Net | 23.10% | 24.00% | 23.60% |
Accident and health | |||
Premiums | |||
Gross Amount | $ 60 | $ 67 | $ 69 |
Ceded to Other Companies | 41 | 45 | 49 |
Assumed from Other Companies | 9 | 10 | 12 |
Premiums | $ 28 | $ 32 | $ 32 |
Premiums, Percentage of Amount Assumed to Net | 32.10% | 31.30% | 37.50% |