DOCUMENT_AND_ENTITY_INFORMATIO
DOCUMENT AND ENTITY INFORMATION | 9 Months Ended | |
Sep. 30, 2013 | Nov. 08, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2013 | ' |
Amendment Flag | 'false | ' |
Entity Registrant Name | 'AXA EQUITABLE LIFE INSURANCE CO | ' |
Entity Central Index Key | '0000727920 | ' |
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 |
CONSOLIDATED_BALANCE_SHEET
CONSOLIDATED BALANCE SHEET (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
ASSETS | ' | ' |
Fixed maturities available for sale, at fair value | $30,138 | $33,607 |
Mortgage loans on real estate | 5,581 | 5,059 |
Equity real estate, held for the production of income | 4 | 4 |
Policy loans | 3,438 | 3,512 |
Other equity investments | 1,799 | 1,643 |
Trading securities | 3,622 | 2,309 |
Other invested assets | 1,407 | 1,828 |
Total investments | 45,989 | 47,962 |
Cash and cash equivalents | 2,504 | 3,162 |
Cash and securities segregated, at fair value | 834 | 1,551 |
Broker-dealer related receivables | 1,539 | 1,605 |
Deferred policy acquisition costs | 3,861 | 3,728 |
Goodwill and other intangible assets, net | 3,655 | 3,673 |
Amounts due from reinsurers | 3,985 | 3,847 |
Loans to affiliates | 1,091 | 1,037 |
Guaranteed minimum income benefit reinsurance contract asset, at fair value | 7,508 | 11,044 |
Other assets | 4,808 | 5,095 |
Separate Accounts' assets | 104,662 | 94,139 |
Total Assets | 180,436 | 176,843 |
LIABILITIES | ' | ' |
Policyholders' account balances | 29,867 | 28,263 |
Future policy benefits and other policyholders' liabilities | 22,239 | 22,687 |
Broker-dealer related payables | 608 | 664 |
Amounts due to reinsurers | 66 | 75 |
Customers related payables | 1,553 | 2,562 |
Short-term and long-term debt | 363 | 523 |
Loans from affiliates | 825 | 1,325 |
Current and deferred income taxes | 3,094 | 5,172 |
Other liabilities | 2,906 | 3,503 |
Separate Accounts' liabilities | 104,662 | 94,139 |
Total Liabilities | 166,183 | 158,913 |
Commitments and contingent liabilities (Notes 10 and 11) | 0 | 0 |
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 | 5,986 | 5,992 |
Retained earnings | 6,192 | 9,125 |
Accumulated other comprehensive income (loss) | -542 | 317 |
Total AXA Equitable's equity | 11,638 | 15,436 |
Noncontrolling interest | 2,615 | 2,494 |
Total Equity | 14,253 | 17,930 |
Total Liabilities and Equity | $180,436 | $176,843 |
CONSOLIDATED_BALANCE_SHEET_Par
CONSOLIDATED BALANCE SHEET (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
CONSOLIDATED BALANCE SHEETS | ' | ' |
Common Stock par value | $1.25 | $1.25 |
Common Stock authorized | 2,000,000 | 2,000,000 |
Common Stock issued | 2,000,000 | 2,000,000 |
Common Stock outstanding | 2,000,000 | 2,000,000 |
CONSOLIDATED_STATEMENTS_OF_EAR
CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
REVENUES | ' | ' | ' | ' |
Universal life and investment-type product policy fee income | $943 | $848 | $2,693 | $2,497 |
Premiums | 112 | 123 | 366 | 382 |
Net investment income (loss): | ' | ' | ' | ' |
Investment income (loss) from derivative instruments | -574 | -543 | -2,220 | -585 |
Other Investment Income (Loss) | 567 | 561 | 1,661 | 1,739 |
Total net investment income (loss) | -7 | 18 | -559 | 1,154 |
Investment gains (losses), net: | ' | ' | ' | ' |
Total other-than-temporary impairment losses | 0 | -13 | -64 | -66 |
Portion of loss recognized in other comprehensive income (loss) | 0 | 0 | 15 | 1 |
Net impariment losses recognized | 0 | -13 | -49 | -65 |
Other investment gains (losses), net | 12 | -16 | 11 | -25 |
Total investment gains (losses), net | 12 | -29 | -38 | -90 |
Commissions, fees and other income | 973 | 924 | 2,837 | 2,630 |
Increase (decrease) in the fair value of the reinsurance contract asset | -1,199 | -156 | -3,536 | 678 |
Total revenues | 834 | 1,728 | 1,763 | 7,251 |
BENEFITS AND OTHER DEDUCTIONS | ' | ' | ' | ' |
Policyholders' benefits | 511 | 639 | 1,478 | 2,026 |
Interest credited to policyholders' account balances | 365 | 316 | 997 | 882 |
Compensation and benefits | 415 | 413 | 1,287 | 1,233 |
Commissions | 285 | 291 | 858 | 942 |
Distribution related payments | 101 | 95 | 322 | 261 |
Amortization of deferred sales commissions | 11 | 11 | 32 | 29 |
Interest expense | 18 | 27 | 71 | 81 |
Amortization of deferred policy acquisition costs | 283 | 110 | 442 | 438 |
Capitalization of deferred policy acquisition costs | -163 | -161 | -484 | -536 |
Rent expense | 40 | 37 | 125 | 154 |
Amortization of other intangible assets | 6 | 6 | 18 | 18 |
Other operating costs and expenses | 336 | 522 | 1,064 | 1,041 |
Total benefits and other deductions | 2,208 | 2,306 | 6,210 | 6,569 |
Earnings (loss) from continuing operations, before income taxes | -1,374 | -578 | -4,447 | 682 |
Income tax (expense) benefit | 560 | 307 | 1,731 | -58 |
Net earnings (loss) | -814 | -271 | -2,716 | 624 |
Less: net (earnings) loss attributable to the noncontrolling interest | -64 | 30 | -217 | -79 |
Net Earnings (Loss) Attributable to AXA Equitable | ($878) | ($241) | ($2,933) | $545 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' |
Net earnings (loss) | ($814) | ($271) | ($2,716) | $624 |
Other comprehensive income (loss) net of income taxes: | ' | ' | ' | ' |
Change in unrealized gains (losses), net of reclassification adjustment | -129 | 258 | -1,106 | 690 |
Changes in defined benefit plan related items not yet recognized in periodic benefit cost, net of reclassification adjustment | 188 | -28 | 243 | -80 |
Total other comprehensive income (loss), net of income taxes | 59 | 230 | -863 | 610 |
Comprehensive income (loss) | -755 | -41 | -3,579 | 1,234 |
Less: Comprehensive (income) loss attributable to noncontrolling interest | -69 | 25 | -213 | -83 |
Comprehensive Income (Loss) Attributable to AXA Equitable | ($824) | ($16) | ($3,792) | $1,151 |
CONSOLIDATED_STATEMENTS_OF_EQU
CONSOLIDATED STATEMENTS OF EQUITY (USD $) | Total | Parent [Member] | Common Stock [Member] | Capital in excess of par value [Member] | Retained earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling interest [Member] |
In Millions | |||||||
Beginning of year at Dec. 31, 2011 | ' | ' | $2 | $5,743 | $9,392 | ($297) | $2,703 |
Net earnings (loss) | 624 | ' | ' | ' | 545 | ' | 79 |
Other Comprehensive Income | 610 | ' | ' | ' | ' | 606 | 4 |
Repurchase of AllianceBernstein Holding units | ' | ' | ' | ' | ' | ' | -84 |
Dividends and distributions | ' | ' | ' | ' | -181 | ' | -144 |
Other | ' | ' | ' | 6 | ' | ' | 98 |
End of year at Sep. 30, 2012 | 18,472 | 15,816 | 2 | 5,749 | 9,756 | 309 | 2,656 |
Beginning of year at Dec. 31, 2012 | 17,930 | ' | 2 | 5,992 | 9,125 | 317 | 2,494 |
Net earnings (loss) | -2,716 | ' | ' | ' | -2,933 | ' | 217 |
Other Comprehensive Income | -863 | ' | ' | ' | ' | -859 | -4 |
Repurchase of AllianceBernstein Holding units | ' | ' | ' | ' | ' | ' | -29 |
Dividends and distributions | ' | ' | ' | ' | 0 | ' | -222 |
Other | ' | ' | ' | -6 | ' | ' | 159 |
End of year at Sep. 30, 2013 | $14,253 | $11,638 | $2 | $5,986 | $6,192 | ($542) | $2,615 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
STATEMENTS OF CASH FLOWS | ' | ' |
Net earnings (loss) | ($2,716) | $624 |
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: [Abstract] | ' | ' |
Interest credited to policyholders' account balances | 997 | 882 |
Universal life and investment-type product policy fee income | -2,693 | -2,497 |
Net change in broker-dealer and customer related receivables/payables | -976 | -393 |
(Income) loss related to derivative instruments | 2,220 | 585 |
Investment (gains) losses, net | 38 | 90 |
Change in segregated cash and securities, net | 717 | 332 |
Change in deferred policy acquisition costs | -42 | -98 |
Change in future policy benefits | -138 | 410 |
Change in current and deferred income taxes | -1,469 | -274 |
Change in accounts payable and accrued expenses | 268 | 81 |
Change in the fair value of the reinsurance contract asset | 3,536 | -678 |
Contribution to pension plans | -4 | -265 |
Amortization of deferred compensation | 13 | 12 |
Amortization of deferred sales commissions | 32 | 29 |
Other depreciation and amortization | 70 | 125 |
Amortization of reinsurance costs | 186 | 40 |
Amortization of other intangibles | 18 | 18 |
Other, net | 8 | 154 |
Net cash provided by (used in) operating activities | 65 | -823 |
Cash flows from investing activities: | ' | ' |
Maturities and repayments of fixed maturities and mortgage loans on real estate | 2,701 | 2,665 |
Sales of investments | 3,825 | 1,217 |
Purchases of investments | -6,931 | -6,006 |
Cash settlements related to derivative instruments | -1,902 | -294 |
Purchase of loans to affiliates | -56 | 0 |
Change in short-term investments | 0 | 10 |
Investment in capitalized software, leasehold improvements and EDP equipment | -48 | -52 |
Other net | 5 | -41 |
Net cash provided by (used in) investing activities | -2,406 | -2,501 |
Cash flows from financing activities: | ' | ' |
Policyholders account balances deposits and transfers from Separate Accounts | 4,038 | 3,904 |
Policyholders account balances withdrawals | -746 | -600 |
Change in short-term financings | -156 | -200 |
Repayment of loans from affiliates | -500 | 0 |
Change in collateralized pledged assets | -32 | -4 |
Change in collateralized pledged liabilities | -638 | -157 |
Shareholder dividends paid | 0 | -181 |
Repurchase of AllianceBernstein Holdings units | -45 | -135 |
Distribution to non-controlling interests in consolidated subsidiaries | -222 | -144 |
Other, net | -16 | 2 |
Net cash provided by (used in) financing activities | 1,683 | 2,485 |
Change in cash and cash equivalents | -658 | -839 |
Cash and cash equivalents, beginning of year | 3,162 | 3,227 |
Cash and Cash Equivalents, End of Period | 2,504 | 2,388 |
Supplemental Cash Flow Information | ' | ' |
Interest Paid | 56 | 54 |
Income Taxes Paid (Refunded) | ($140) | $269 |
ORGANIZATION
ORGANIZATION | 9 Months Ended |
Sep. 30, 2013 | |
Organization [Abstract] | ' |
ORGANIZATION | ' |
AXA EQUITABLE LIFE INSURANCE COMPANY | |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |
(UNAUDITED) | |
1) ORGANIZATION AND BASIS OF PRESENTATION | |
The preparation of the accompanying unaudited 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 unaudited interim consolidated financial statements reflect all adjustments necessary in the opinion of management for a fair presentation of the consolidated financial position of AXA Equitable and its consolidated results of operations and cash flows for the periods presented. All significant intercompany transactions and balances have been eliminated in consolidation. These statements should be read in conjunction with the audited consolidated financial statements of AXA Equitable for the year ended December 31, 2012. The results of operations for the nine months ended September 30, 2013 are not necessarily indicative of the results to be expected for the full year. | |
At September 30, 2013 and December 31, 2012, the Company's economic interest in AllianceBernstein was 37.3% and 39.5%, respectively. At September 30, 2013 and December 31, 2012, respectively, AXA and its subsidiaries' (including AXA Financial Group) economic interest in AllianceBernstein was approximately 64.6% and 65.5%. | |
The terms “third quarter 2013” and “third quarter 2012” refer to the three months ended September 30, 2013 and 2012, respectively. The terms “first nine months of 2013” and “first nine months of 2012” refer to the nine months ended September 30, 2013 and 2012, respectively. |
NEW_ACCOUNTING_PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Sep. 30, 2013 | |
New Accounting Pronouncements [Abstract] | ' |
NEW ACCOUNTING PRONOUNCEMENTS | ' |
2) NEW ACCOUNTING PRONOUNCEMENTS | |
Adoption of New Accounting Pronouncements | |
In February 2013, the FASB issued new guidance to improve the reporting of reclassifications out of AOCI. The amendments in this guidance require an entity to report the effect of significant reclassifications out of AOCI on the respective line items in the statement of earnings (loss) if the amount being reclassified is required to be reclassified in its entirety to net earnings (loss). For other amounts that are not required to be reclassified in their entirety to net earnings in the same reporting period, an entity is required to cross-reference other disclosures that provide additional detail about those amounts. The guidance requires disclosure of reclassification information either in the notes or the face of the financial statements provided the information is presented in one location. This guidance was effective for interim and annual periods beginning after December 31, 2012. Implementation of this guidance did not have a material impact on the Company's consolidated financial statements. | |
In July 2012, the FASB issued new guidance on testing indefinite-lived intangible assets for impairment. The guidance is intended to reduce the cost and complexity of the annual indefinite-lived intangible assets impairment test by providing entities with the option of performing a "qualitative" assessment to determine whether further impairment testing is necessary. The guidance was effective for annual and interim indefinite-lived intangible assets impairment tests performed for fiscal years beginning after September 15, 2012. Implementation of this guidance did not have a material impact on the Company's consolidated financial statements. | |
In December 2011, the FASB issued new and enhanced disclosures about offsetting (netting) of financial instruments and derivatives, including repurchase/reverse repurchase agreements and securities lending/borrowing arrangements, to converge with those required by IFRS. The disclosures require presentation in tabular format of gross and net information about assets and liabilities that either are offset (presented net) on the balance sheet or are subject to master netting agreements or similar arrangements providing rights of setoff, such as global master repurchase, securities lending, and derivative clearing agreements, irrespective of whether the assets and liabilities are offset. Financial instruments subject only to collateral agreements are excluded from the scope of these requirements, however, the tabular disclosures are required to include the fair values of financial collateral, including cash, related to master netting agreements or similar arrangements. In January 2013, the FASB issued new guidance limiting the scope of the new balance sheet offsetting disclosures to derivatives, repurchase agreements, and securities lending transactions to the extent that they are (1) offset in the financial statements or (2) subject to an enforceable master netting arrangement or similar agreement. This guidance was effective for interim and annual periods beginning after January 1, 2013 and is to be applied retrospectively to all comparative prior periods presented. Implementation of this guidance did not have a material impact on the Company's consolidated financial statements. | |
Future Adoption of New Accounting Pronouncements | |
In July 2013, the FASB issued new guidance on the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The amendments in this guidance state that an unrecognized tax benefit, or a portion thereof, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. An exception to this guidance would be where a net operating loss carryforward or similar tax loss or credit carryforward would not be available under the tax law to settle any additional income taxes that would result from the disallowance of a tax position, or the tax law does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose. In such a case, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. This guidance is effective for interim and annual periods beginning after December 15, 2013. Management does not expect implementation of this guidance will have a material impact on the Company's consolidated financial statements. | |
INVESTMENTS
INVESTMENTS | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Investments Disclosure [Abstract] | ' | ||||||||||||||||||||||||
INVESTMENTS | ' | ||||||||||||||||||||||||
3) 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 | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | OTTI | |||||||||||||||||||||
Cost | Gains | Losses | Value | in AOCI (3) | |||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
September 30, 2013: | |||||||||||||||||||||||||
Fixed Maturity Securities: | |||||||||||||||||||||||||
Corporate | $ | 21,108 | $ | 1,486 | $ | 188 | $ | 22,406 | $ | 0 | |||||||||||||||
U.S. Treasury, government and agency | 4,310 | 42 | 389 | 3,963 | 0 | ||||||||||||||||||||
States and political subdivisions | 444 | 42 | 2 | 484 | 0 | ||||||||||||||||||||
Foreign governments | 411 | 51 | 3 | 459 | 0 | ||||||||||||||||||||
Commercial mortgage-backed | 991 | 9 | 300 | 700 | 24 | ||||||||||||||||||||
Residential mortgage-backed(1) | 969 | 40 | 1 | 1,008 | 0 | ||||||||||||||||||||
Asset-backed(2) | 140 | 9 | 4 | 145 | 4 | ||||||||||||||||||||
Redeemable preferred stock | 958 | 56 | 41 | 973 | 0 | ||||||||||||||||||||
Total Fixed Maturities | 29,331 | 1,735 | 928 | 30,138 | 28 | ||||||||||||||||||||
Equity securities | 29 | 0 | 0 | 29 | 0 | ||||||||||||||||||||
Total at September 30, 2013 | $ | 29,360 | $ | 1,735 | $ | 928 | $ | 30,167 | $ | 28 | |||||||||||||||
December 31, 2012: | |||||||||||||||||||||||||
Fixed Maturity Securities: | |||||||||||||||||||||||||
Corporate | $ | 20,854 | $ | 2,364 | $ | 20 | $ | 23,198 | $ | 0 | |||||||||||||||
U.S. Treasury, government and agency | 4,664 | 517 | 1 | 5,180 | 0 | ||||||||||||||||||||
States and political subdivisions | 445 | 85 | 0 | 530 | 0 | ||||||||||||||||||||
Foreign governments | 454 | 76 | 0 | 530 | 0 | ||||||||||||||||||||
Commercial mortgage-backed | 1,175 | 16 | 291 | 900 | 13 | ||||||||||||||||||||
Residential mortgage-backed(1) | 1,864 | 85 | 0 | 1,949 | 0 | ||||||||||||||||||||
Asset-backed(2) | 175 | 12 | 5 | 182 | 5 | ||||||||||||||||||||
Redeemable preferred stock | 1,089 | 60 | 11 | 1,138 | 0 | ||||||||||||||||||||
Total Fixed Maturities | 30,720 | 3,215 | 328 | 33,607 | 18 | ||||||||||||||||||||
Equity securities | 23 | 1 | 0 | 24 | 0 | ||||||||||||||||||||
Total at December 31, 2012 | $ | 30,743 | $ | 3,216 | $ | 328 | $ | 33,631 | $ | 18 | |||||||||||||||
Includes publicly traded agency pass-through securities and collateralized mortgage obligations. | |||||||||||||||||||||||||
Includes credit-tranched securities collateralized by sub-prime mortgages and other asset types and credit tenant loans. | |||||||||||||||||||||||||
Amounts represent OTTI losses in AOCI, which were not included in earnings (loss) in accordance with current accounting guidance. | |||||||||||||||||||||||||
At September 30, 2013 and December 31, 2012, respectively, the Company had trading fixed maturities with an amortized cost of $186 million and $194 million and carrying values of $179 million and $202 million. Gross unrealized gains on trading fixed maturities were $1 million and $12 million and gross unrealized losses were $8 million and $4 million at September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||
The contractual maturities of AFS fixed maturities (excluding redeemable preferred stock) at September 30, 2013 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 September 30, 2013 | |||||||||||||||||||||||||
Amortized Cost | Fair Value | ||||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Due in one year or less | $ | 1,429 | $ | 1,457 | |||||||||||||||||||||
Due in years two through five | 7,819 | 8,469 | |||||||||||||||||||||||
Due in years six through ten | 9,954 | 10,340 | |||||||||||||||||||||||
Due after ten years | 7,071 | 7,046 | |||||||||||||||||||||||
Subtotal | 26,273 | 27,312 | |||||||||||||||||||||||
Commercial mortgage-backed securities | 991 | 700 | |||||||||||||||||||||||
Residential mortgage-backed securities | 969 | 1,008 | |||||||||||||||||||||||
Asset-backed securities | 140 | 145 | |||||||||||||||||||||||
Total | $ | 28,373 | $ | 29,165 | |||||||||||||||||||||
The following table shows proceeds from sales, gross gains (losses) from sales and OTTI for AFS fixed maturities during the third quarter and first nine months of 2013 and 2012: | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Proceeds from sales | $ | 1,327 | $ | 54 | $ | 2,499 | $ | 82 | |||||||||||||||||
Gross gains on sales | $ | 36 | $ | 1 | $ | 57 | $ | 4 | |||||||||||||||||
Gross losses on sales | $ | -30 | $ | -2 | $ | -31 | $ | -11 | |||||||||||||||||
Total OTTI | $ | 0 | $ | -13 | $ | -64 | $ | -66 | |||||||||||||||||
Non-credit losses recognized in OCI | 0 | 0 | 15 | 1 | |||||||||||||||||||||
Credit losses recognized in earnings (loss) | $ | 0 | $ | -13 | $ | -49 | $ | -65 | |||||||||||||||||
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 | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Balances, beginning of period | $ | -407 | $ | -369 | $ | -372 | $ | -332 | |||||||||||||||||
Previously recognized impairments on securities that matured, | |||||||||||||||||||||||||
paid, prepaid or sold | 9 | 16 | 23 | 31 | |||||||||||||||||||||
Recognized impairments on securities impaired to fair value this period(1) | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Impairments recognized this period on securities not previously impaired | 0 | -13 | -49 | -33 | |||||||||||||||||||||
Additional impairments this period on securities previously impaired | 0 | 0 | 0 | -32 | |||||||||||||||||||||
Increases due to passage of time on previously recorded credit losses | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Accretion of previously recognized impairments due to increases in | |||||||||||||||||||||||||
expected cash flows | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Balances at September 30, | $ | -398 | $ | -366 | $ | -398 | $ | -366 | |||||||||||||||||
(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: | |||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
AFS Securities: | |||||||||||||||||||||||||
Fixed maturities: | |||||||||||||||||||||||||
With OTTI loss | $ | -32 | $ | -12 | |||||||||||||||||||||
All other | 839 | 2,899 | |||||||||||||||||||||||
Equity securities | 0 | 1 | |||||||||||||||||||||||
Net Unrealized Gains (Losses) | $ | 807 | $ | 2,888 | |||||||||||||||||||||
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 roll-forward 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 | |||||||||||||||||||||||||
AOCI Gain | |||||||||||||||||||||||||
Net | (Loss) Related | ||||||||||||||||||||||||
Unrealized | Deferred | to Net | |||||||||||||||||||||||
Gains | Income | Unrealized | |||||||||||||||||||||||
(Losses) on | Policyholders' | Tax Asset | Investment | ||||||||||||||||||||||
Investments | DAC | Liabilities | (Liability) | Gains (Losses) | |||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Balance, July 1, 2013 | $ | -35 | $ | 2 | $ | 9 | $ | 8 | $ | -16 | |||||||||||||||
Net investment gains (losses) arising | |||||||||||||||||||||||||
during the period | 2 | 0 | 0 | 0 | 2 | ||||||||||||||||||||
Reclassification adjustment for OTTI losses: | |||||||||||||||||||||||||
Included in Net earnings (loss) | 1 | 0 | 0 | 0 | 1 | ||||||||||||||||||||
Excluded from Net earnings (loss)(1) | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Impact of net unrealized investment | |||||||||||||||||||||||||
gains (losses) on: | |||||||||||||||||||||||||
DAC | 0 | -1 | 0 | 0 | -1 | ||||||||||||||||||||
Deferred income taxes | 0 | 0 | 0 | -1 | -1 | ||||||||||||||||||||
Policyholders' liabilities | 0 | 0 | 1 | 0 | 1 | ||||||||||||||||||||
Balance, September 30, 2013 | $ | -32 | $ | 1 | $ | 10 | $ | 7 | $ | -14 | |||||||||||||||
Balance, July 1, 2012 | $ | -14 | $ | 1 | $ | 3 | $ | 3 | $ | -7 | |||||||||||||||
Net investment gains (losses) arising | |||||||||||||||||||||||||
during the period | 12 | 0 | 0 | 0 | 12 | ||||||||||||||||||||
Reclassification adjustment for OTTI losses: | |||||||||||||||||||||||||
Included in Net earnings (loss) | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Excluded from Net earnings (loss)(1) | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Impact of net unrealized investment | |||||||||||||||||||||||||
gains (losses) on: | |||||||||||||||||||||||||
DAC | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Deferred income taxes | 0 | 0 | 0 | -4 | -4 | ||||||||||||||||||||
Policyholders' liabilities | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Balance, September 30, 2012 | $ | -2 | $ | 1 | $ | 3 | $ | -1 | $ | 1 | |||||||||||||||
(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. | |||||||||||||||||||||||||
AOCI Gain | |||||||||||||||||||||||||
Net | (Loss) Related | ||||||||||||||||||||||||
Unrealized | Deferred | to Net | |||||||||||||||||||||||
Gains | Income | Unrealized | |||||||||||||||||||||||
(Losses) on | Policyholders' | Tax Asset | Investment | ||||||||||||||||||||||
Investments | DAC | Liabilities | (Liability) | Gains (Losses) | |||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Balance, January 1, 2013 | $ | -12 | $ | 1 | $ | 4 | $ | 2 | $ | -5 | |||||||||||||||
Net investment gains (losses) arising | |||||||||||||||||||||||||
during the period | -11 | 0 | 0 | 0 | -11 | ||||||||||||||||||||
Reclassification adjustment for OTTI losses: | |||||||||||||||||||||||||
Included in Net earnings (loss) | 6 | 0 | 0 | 0 | 6 | ||||||||||||||||||||
Excluded from Net earnings (loss)(1) | -15 | 0 | 0 | 0 | -15 | ||||||||||||||||||||
Impact of net unrealized investment | |||||||||||||||||||||||||
gains (losses) on: | |||||||||||||||||||||||||
DAC | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Deferred income taxes | 0 | 0 | 0 | 5 | 5 | ||||||||||||||||||||
Policyholders' liabilities | 0 | 0 | 6 | 0 | 6 | ||||||||||||||||||||
Balance, September 30, 2013 | $ | -32 | $ | 1 | $ | 10 | $ | 7 | $ | -14 | |||||||||||||||
Balance, January 1, 2012 | $ | -47 | $ | 5 | $ | 6 | $ | 12 | $ | -24 | |||||||||||||||
Net investment gains (losses) arising | |||||||||||||||||||||||||
during the period | 14 | 0 | 0 | 0 | 14 | ||||||||||||||||||||
Reclassification adjustment for OTTI losses: | |||||||||||||||||||||||||
Included in Net earnings (loss) | 32 | 0 | 0 | 0 | 32 | ||||||||||||||||||||
Excluded from Net earnings (loss)(1) | -1 | 0 | 0 | 0 | -1 | ||||||||||||||||||||
Impact of net unrealized investment | |||||||||||||||||||||||||
gains (losses) on: | |||||||||||||||||||||||||
DAC | 0 | -4 | 0 | 0 | -4 | ||||||||||||||||||||
Deferred income taxes | 0 | 0 | 0 | -13 | -13 | ||||||||||||||||||||
Policyholders' liabilities | 0 | 0 | -3 | 0 | -3 | ||||||||||||||||||||
Balance, September 30, 2012 | $ | -2 | $ | 1 | $ | 3 | $ | -1 | $ | 1 | |||||||||||||||
(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 | |||||||||||||||||||||||||
AOCI Gain | |||||||||||||||||||||||||
Net | (Loss) Related | ||||||||||||||||||||||||
Unrealized | Deferred | to Net | |||||||||||||||||||||||
Gains | Income | Unrealized | |||||||||||||||||||||||
(Losses) on | Policyholders' | Tax Asset | Investment | ||||||||||||||||||||||
Investments | DAC | Liabilities | (Liability) | Gains (Losses) | |||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Balance, July 1, 2013 | $ | 1,104 | $ | -110 | $ | -336 | $ | -232 | $ | 426 | |||||||||||||||
Net investment gains (losses) arising | |||||||||||||||||||||||||
during the period | -252 | 0 | 0 | 0 | -252 | ||||||||||||||||||||
Reclassification adjustment for OTTI losses: | |||||||||||||||||||||||||
Included in Net earnings (loss) | -13 | 0 | 0 | 0 | -13 | ||||||||||||||||||||
Excluded from Net earnings (loss)(1) | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Impact of net unrealized investment | |||||||||||||||||||||||||
gains (losses) on: | |||||||||||||||||||||||||
DAC | 0 | 23 | 0 | 0 | 23 | ||||||||||||||||||||
Deferred income taxes | 0 | 0 | 0 | 77 | 77 | ||||||||||||||||||||
Policyholders' liabilities | 0 | 0 | 25 | 0 | 25 | ||||||||||||||||||||
Balance, September 30, 2013 | $ | 839 | $ | -87 | $ | -311 | $ | -155 | $ | 286 | |||||||||||||||
Balance, July 1, 2012 | $ | 2,456 | $ | -172 | $ | -402 | $ | -659 | $ | 1,223 | |||||||||||||||
Net investment gains (losses) arising | |||||||||||||||||||||||||
during the period | 497 | 0 | 0 | 0 | 497 | ||||||||||||||||||||
Reclassification adjustment for OTTI losses: | |||||||||||||||||||||||||
Included in Net earnings (loss) | 11 | 0 | 0 | 0 | 11 | ||||||||||||||||||||
Excluded from Net earnings (loss)(1) | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Impact of net unrealized investment | |||||||||||||||||||||||||
gains (losses) on: | |||||||||||||||||||||||||
DAC | 0 | -12 | 0 | 0 | -12 | ||||||||||||||||||||
Deferred income taxes | 0 | 0 | 0 | -130 | -130 | ||||||||||||||||||||
Policyholders' liabilities | 0 | 0 | -123 | 0 | -123 | ||||||||||||||||||||
Balance, September 30, 2012 | $ | 2,964 | $ | -184 | $ | -525 | $ | -789 | $ | 1,466 | |||||||||||||||
(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. | |||||||||||||||||||||||||
AOCI Gain | |||||||||||||||||||||||||
Net | (Loss) Related | ||||||||||||||||||||||||
Unrealized | Deferred | to Net | |||||||||||||||||||||||
Gains | Income | Unrealized | |||||||||||||||||||||||
(Losses) on | Policyholders' | Tax Asset | Investment | ||||||||||||||||||||||
Investments | DAC | Liabilities | (Liability) | Gains (Losses) | |||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Balance, January 1, 2013 | $ | 2,900 | $ | -179 | $ | -603 | $ | -741 | $ | 1,377 | |||||||||||||||
Net investment gains (losses) arising | |||||||||||||||||||||||||
during the period | -2,090 | 0 | 0 | 0 | -2,090 | ||||||||||||||||||||
Reclassification adjustment for OTTI losses: | |||||||||||||||||||||||||
Included in Net earnings (loss) | 14 | 0 | 0 | 0 | 14 | ||||||||||||||||||||
Excluded from Net earnings (loss)(1) | 15 | 0 | 0 | 0 | 15 | ||||||||||||||||||||
Impact of net unrealized investment | |||||||||||||||||||||||||
gains (losses) on: | |||||||||||||||||||||||||
DAC | 0 | 92 | 0 | 0 | 92 | ||||||||||||||||||||
Deferred income taxes | 0 | 0 | 0 | 586 | 586 | ||||||||||||||||||||
Policyholders' liabilities | 0 | 0 | 292 | 0 | 292 | ||||||||||||||||||||
Balance, September 30, 2013 | $ | 839 | $ | -87 | $ | -311 | $ | -155 | $ | 286 | |||||||||||||||
Balance, January 1, 2012 | $ | 1,831 | $ | -206 | $ | -385 | $ | -433 | $ | 807 | |||||||||||||||
Net investment gains (losses) arising | |||||||||||||||||||||||||
during the period | 1,097 | 0 | 0 | 0 | 1,097 | ||||||||||||||||||||
Reclassification adjustment for OTTI losses: | |||||||||||||||||||||||||
Included in Net earnings (loss) | 35 | 0 | 0 | 0 | 35 | ||||||||||||||||||||
Excluded from Net earnings (loss)(1) | 1 | 0 | 0 | 0 | 1 | ||||||||||||||||||||
Impact of net unrealized investment | |||||||||||||||||||||||||
gains (losses) on: | |||||||||||||||||||||||||
DAC | 0 | 22 | 0 | 0 | 22 | ||||||||||||||||||||
Deferred income taxes | 0 | 0 | 0 | -356 | -356 | ||||||||||||||||||||
Policyholders' liabilities | 0 | 0 | -140 | 0 | -140 | ||||||||||||||||||||
Balance, September 30, 2012 | $ | 2,964 | $ | -184 | $ | -525 | $ | -789 | $ | 1,466 | |||||||||||||||
(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 740 issues at September 30, 2013 and the 402 issues at December 31, 2012 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 | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
September 30, 2013: | |||||||||||||||||||||||||
Fixed Maturity Securities: | |||||||||||||||||||||||||
Corporate | $ | 3,502 | $ | -177 | $ | 118 | $ | -11 | $ | 3,620 | $ | -188 | |||||||||||||
U.S. Treasury, government | |||||||||||||||||||||||||
and agency | 3,178 | -389 | 0 | 0 | 3,178 | -389 | |||||||||||||||||||
States and political subdivisions | 36 | -2 | 0 | 0 | 36 | -2 | |||||||||||||||||||
Foreign governments | 56 | -2 | 7 | -1 | 63 | -3 | |||||||||||||||||||
Commercial mortgage-backed | 32 | -9 | 532 | -291 | 564 | -300 | |||||||||||||||||||
Residential mortgage-backed | 162 | -1 | 1 | 0 | 163 | -1 | |||||||||||||||||||
Asset-backed | 8 | 0 | 31 | -4 | 39 | -4 | |||||||||||||||||||
Redeemable preferred stock | 302 | -40 | 58 | -1 | 360 | -41 | |||||||||||||||||||
Total | $ | 7,276 | $ | -620 | $ | 747 | $ | -308 | $ | 8,023 | $ | -928 | |||||||||||||
December 31, 2012: | |||||||||||||||||||||||||
Fixed Maturity Securities: | |||||||||||||||||||||||||
Corporate | $ | 562 | $ | -5 | $ | 208 | $ | -15 | $ | 770 | $ | -20 | |||||||||||||
U.S. Treasury, government | |||||||||||||||||||||||||
and agency | 513 | -1 | 0 | 0 | 513 | -1 | |||||||||||||||||||
States and political subdivisions | 20 | 0 | 0 | 0 | 20 | 0 | |||||||||||||||||||
Foreign governments | 6 | 0 | 2 | 0 | 8 | 0 | |||||||||||||||||||
Commercial mortgage-backed | 7 | -3 | 805 | -288 | 812 | -291 | |||||||||||||||||||
Residential mortgage-backed | 27 | 0 | 1 | 0 | 28 | 0 | |||||||||||||||||||
Asset-backed | 8 | 0 | 36 | -5 | 44 | -5 | |||||||||||||||||||
Redeemable preferred stock | 143 | -1 | 327 | -10 | 470 | -11 | |||||||||||||||||||
Total | $ | 1,286 | $ | -10 | $ | 1,379 | $ | -318 | $ | 2,665 | $ | -328 | |||||||||||||
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 September 30, 2013 and December 31, 2012 were $141 million and $138 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 Baa3/BBB- or the NAIC designation of 3 (medium grade), 4 or 5 (below investment grade) or 6 (in or near default). At September 30, 2013 and December 31, 2012, respectively, approximately $1,942 million and $2,095 million, or 6.6% and 6.8%, of the $29,331 million and $30,720 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 $259 million and $224 million at September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||
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 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 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 September 30, 2013 and December 31, 2012, respectively, the Company owned $13 million and $17 million in RMBS backed by subprime residential mortgage loans and $9 million and $11 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 September 30, 2013, the carrying value of fixed maturities that were non-income producing for the twelve months preceding that date was $22 million. | |||||||||||||||||||||||||
For the third quarter and first nine months of 2013 and 2012, investment income is shown net of investment expenses of $12 million, $44 million, $17 million and $43 million, respectively. | |||||||||||||||||||||||||
At September 30, 2013 and December 31, 2012, respectively, the amortized cost of the Company's trading account securities was $3,626 million and $2,265 million with respective fair values of $3,622 million and $2,309 million. Also at September 30, 2013 and December 31, 2012, respectively, Other equity investments included the General Account's investment in Separate Accounts which had carrying values of $88 million and $58 million and costs of $79 million and $57 million as well as other equity securities with carrying values of $29 million and $24 million and costs of $29 million and $23 million. | |||||||||||||||||||||||||
In the third quarter and first nine months of 2013 and 2012, respectively, net unrealized and realized holding gains (losses) on trading account equity securities, including earnings (loss) on the General Account's investment in Separate Accounts, of $20 million, $38 million, $25 million and $57 million, respectively, were included in Net investment income (loss) in the consolidated statements of earnings (loss). | |||||||||||||||||||||||||
Mortgage Loans | |||||||||||||||||||||||||
Mortgage loans on real estate are placed on nonaccrual status once management believes the collection of accrued interest is doubtful. Once mortgage loans on real estate are classified as nonaccrual 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 September 30, 2013 and December 31, 2012, the carrying values of commercial and agricultural mortgage loans on real estate that had been classified as nonaccrual loans were $65 million and $0 million for commercial and $0 million and $2 million for agricultural, respectively. | |||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||
In October 2011, one of the 2 loans shown in the table below was modified to interest only payments until October 1, 2013, at which time the loan reverts to its normal amortizing payment. In December 2012, the second loan was modified retroactive to the July 1, 2012 payment and was converted to interest only payments through maturity in August 2014. Due to the nature of the modifications, short-term principal amortization relief, the modifications have no financial impact. The fair market value of the underlying real estate collateral is the primary factor in determining the allowance for credit losses and as such, modifications of loan terms typically have no direct impact on the allowance for credit losses. | |||||||||||||||||||||||||
Troubled Debt Restructuring - Modifications | |||||||||||||||||||||||||
Number | Outstanding Recorded Investment | ||||||||||||||||||||||||
of Loans | Pre-Modification | Post - Modification | |||||||||||||||||||||||
30-Sep-13 | (In Millions) | ||||||||||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||||||||||
Agricultural mortgage loans | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||
Commercial mortgage loans | 2 | 126 | 135 | ||||||||||||||||||||||
Total | 2 | $ | 126 | $ | 135 | ||||||||||||||||||||
There were no default payments on the above loans during the third quarter and first nine months of 2013. | |||||||||||||||||||||||||
Valuation Allowances for Mortgage Loans: | |||||||||||||||||||||||||
Allowance for credit losses for commercial mortgage loans for the first nine months of 2013 and 2012 are as follows: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Allowance for credit losses: | (In Millions) | ||||||||||||||||||||||||
Beginning balance, January 1, | $ | 34 | $ | 32 | |||||||||||||||||||||
Charge-offs | 0 | -20 | |||||||||||||||||||||||
Recoveries | -2 | -1 | |||||||||||||||||||||||
Provision | 5 | 24 | |||||||||||||||||||||||
Ending balance, September 30, | $ | 37 | $ | 35 | |||||||||||||||||||||
Ending balance, September 30,: | |||||||||||||||||||||||||
Individually Evaluated for Impairment | $ | 37 | $ | 35 | |||||||||||||||||||||
There were no allowances for credit losses for agricultural mortgage loans for the first nine months of 2013 and 2012. | |||||||||||||||||||||||||
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. The following tables provide information relating to the loan-to-value and debt service coverage ratio for commercial and agricultural mortgage loans at September 30, 2013 and December 31, 2012. | |||||||||||||||||||||||||
Mortgage Loans by Loan-to-Value and Debt Service Coverage Ratios | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Debt Service Coverage Ratio | |||||||||||||||||||||||||
Less | Total | ||||||||||||||||||||||||
Greater | 1.8x to | 1.5x to | 1.2x to | 1.0x to | than | Mortgage | |||||||||||||||||||
Loan-to-Value Ratio:(2) | than 2.0x | 2.0x | 1.8x | 1.5x | 1.2x | 1.0x | Loans | ||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Commercial Mortgage Loans(1) | |||||||||||||||||||||||||
0% - 50% | $ | 285 | $ | 0 | $ | 0 | $ | 0 | $ | 36 | $ | 0 | $ | 321 | |||||||||||
50% - 70% | 451 | 325 | 652 | 457 | 88 | 0 | 1,973 | ||||||||||||||||||
70% - 90% | 117 | 0 | 244 | 557 | 127 | 197 | 1,242 | ||||||||||||||||||
90% plus | 135 | 0 | 0 | 0 | 46 | 48 | 229 | ||||||||||||||||||
Total Commercial | |||||||||||||||||||||||||
Mortgage Loans | $ | 988 | $ | 325 | $ | 896 | $ | 1,014 | $ | 297 | $ | 245 | $ | 3,765 | |||||||||||
Agricultural Mortgage Loans(1) | |||||||||||||||||||||||||
0% - 50% | $ | 188 | $ | 81 | $ | 220 | $ | 395 | $ | 206 | $ | 45 | $ | 1,135 | |||||||||||
50% - 70% | 122 | 47 | 190 | 172 | 143 | 42 | 716 | ||||||||||||||||||
70% - 90% | 0 | 0 | 0 | 1 | 0 | 0 | 1 | ||||||||||||||||||
90% plus | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Total Agricultural | |||||||||||||||||||||||||
Mortgage Loans | $ | 310 | $ | 128 | $ | 410 | $ | 568 | $ | 349 | $ | 87 | $ | 1,852 | |||||||||||
Total Mortgage Loans(1) | |||||||||||||||||||||||||
0% - 50% | $ | 473 | $ | 81 | $ | 220 | $ | 395 | $ | 242 | $ | 45 | $ | 1,456 | |||||||||||
50% - 70% | 573 | 372 | 842 | 629 | 231 | 42 | 2,689 | ||||||||||||||||||
70% - 90% | 117 | 0 | 244 | 558 | 127 | 197 | 1,243 | ||||||||||||||||||
90% plus | 135 | 0 | 0 | 0 | 46 | 48 | 229 | ||||||||||||||||||
Total Mortgage Loans | $ | 1,298 | $ | 453 | $ | 1,306 | $ | 1,582 | $ | 646 | $ | 332 | $ | 5,617 | |||||||||||
The debt service coverage ratio is calculated using the most recently reported net operating income results from property operations divided by annual debt service. | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Debt Service Coverage Ratio | |||||||||||||||||||||||||
Less | Total | ||||||||||||||||||||||||
Greater | 1.8x to | 1.5x to | 1.2x to | 1.0x to | than | Mortgage | |||||||||||||||||||
Loan-to-Value Ratio:(2) | than 2.0x | 2.0x | 1.8x | 1.5x | 1.2x | 1.0x | Loans | ||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Commercial Mortgage Loans(1) | |||||||||||||||||||||||||
0% - 50% | $ | 269 | $ | 21 | $ | 0 | $ | 0 | $ | 27 | $ | 0 | $ | 317 | |||||||||||
50% - 70% | 370 | 75 | 619 | 655 | 0 | 0 | 1,719 | ||||||||||||||||||
70% - 90% | 61 | 102 | 235 | 445 | 131 | 15 | 989 | ||||||||||||||||||
90% plus | 0 | 0 | 0 | 156 | 89 | 165 | 410 | ||||||||||||||||||
Total Commercial | |||||||||||||||||||||||||
Mortgage Loans | $ | 700 | $ | 198 | $ | 854 | $ | 1,256 | $ | 247 | $ | 180 | $ | 3,435 | |||||||||||
Agricultural Mortgage Loans(1) | |||||||||||||||||||||||||
0% - 50% | $ | 179 | $ | 84 | $ | 211 | $ | 308 | $ | 177 | $ | 49 | $ | 1,008 | |||||||||||
50% - 70% | 122 | 29 | 136 | 188 | 116 | 50 | 641 | ||||||||||||||||||
70% - 90% | 0 | 0 | 0 | 1 | 0 | 8 | 9 | ||||||||||||||||||
90% plus | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Total Agricultural | |||||||||||||||||||||||||
Mortgage Loans | $ | 301 | $ | 113 | $ | 347 | $ | 497 | $ | 293 | $ | 107 | $ | 1,658 | |||||||||||
Total Mortgage Loans(1) | |||||||||||||||||||||||||
0% - 50% | $ | 448 | $ | 105 | $ | 211 | $ | 308 | $ | 204 | $ | 49 | $ | 1,325 | |||||||||||
50% - 70% | 492 | 104 | 755 | 843 | 116 | 50 | 2,360 | ||||||||||||||||||
70% - 90% | 61 | 102 | 235 | 446 | 131 | 23 | 998 | ||||||||||||||||||
90% plus | 0 | 0 | 0 | 156 | 89 | 165 | 410 | ||||||||||||||||||
Total Mortgage Loans | $ | 1,001 | $ | 311 | $ | 1,201 | $ | 1,753 | $ | 540 | $ | 287 | $ | 5,093 | |||||||||||
The debt service coverage ratio is calculated using the most recently reported net operating income results from property operations divided by annual debt service. | |||||||||||||||||||||||||
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 September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||
Age Analysis of Past Due Mortgage Loans | |||||||||||||||||||||||||
Recorded | |||||||||||||||||||||||||
Investment | |||||||||||||||||||||||||
90 | Total | > 90 Days | |||||||||||||||||||||||
30-59 | 60-89 | Days | Financing | and | |||||||||||||||||||||
Days | Days | or > | Total | Current | Receivables | Accruing | |||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Commercial | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 3,765 | $ | 3,765 | $ | 0 | |||||||||||
Agricultural | 4 | 12 | 11 | 27 | 1,825 | 1,852 | 11 | ||||||||||||||||||
Total Mortgage Loans | $ | 4 | $ | 12 | $ | 11 | $ | 27 | $ | 5,590 | $ | 5,617 | $ | 11 | |||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Commercial | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 3,435 | $ | 3,435 | $ | 0 | |||||||||||
Agricultural | 6 | 1 | 10 | 17 | 1,641 | 1,658 | 9 | ||||||||||||||||||
Total Mortgage Loans | $ | 6 | $ | 1 | $ | 10 | $ | 17 | $ | 5,076 | $ | 5,093 | $ | 9 | |||||||||||
The following table provides information regarding impaired mortgage loans at September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||
Impaired Mortgage Loans | |||||||||||||||||||||||||
Unpaid | Average | Interest | |||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Income | |||||||||||||||||||||
Investment | Balance | Allowance | Investment(1) | Recognized | |||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
September 30, 2013: | |||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Commercial mortgage loans - other | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||
Agricultural mortgage loans | 0 | 0 | 0 | 1 | 0 | ||||||||||||||||||||
Total | $ | 0 | $ | 0 | $ | 0 | $ | 1 | $ | 0 | |||||||||||||||
With related allowance recorded: | |||||||||||||||||||||||||
Commercial mortgage loans - other | $ | 136 | $ | 136 | $ | -37 | $ | 140 | $ | 4 | |||||||||||||||
Agricultural mortgage loans | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Total | $ | 136 | $ | 136 | $ | -37 | $ | 140 | $ | 4 | |||||||||||||||
December 31, 2012: | |||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Commercial mortgage loans - other | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||
Agricultural mortgage loans | 2 | 2 | 0 | 3 | 0 | ||||||||||||||||||||
Total | $ | 2 | $ | 2 | $ | 0 | $ | 3 | $ | 0 | |||||||||||||||
With related allowance recorded: | |||||||||||||||||||||||||
Commercial mortgage loans - other | $ | 170 | $ | 170 | $ | -34 | $ | 178 | $ | 10 | |||||||||||||||
Agricultural mortgage loans | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Total | $ | 170 | $ | 170 | $ | -34 | $ | 178 | $ | 10 | |||||||||||||||
Represents a five-quarter average of recorded amortized cost. | |||||||||||||||||||||||||
Derivatives and Offsetting Assets and Liabilities | |||||||||||||||||||||||||
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, 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 GWBL and other features is that under-performance of the financial markets could result in GWBL and other features' benefits being higher than what accumulated policyholders' account balances would support. The Company uses derivatives for asset/liability risk management primarily to reduce exposures to equity market and interest rate fluctuations. Derivative hedging strategies are designed to reduce these risks from an economic perspective while also considering their impacts on accounting results. 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, 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, 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 equity and fixed income markets. 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. The Company has 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. | |||||||||||||||||||||||||
At the end of 2012, AXA Equitable adjusted its outlook for future interest rate scenarios for some variable annuities with hedged GMDB and GMIB guarantees, as measured under AXA Equitable's hedging framework, leading to a reduction in their interest rate exposure. The reduced interest rate exposure led to AXA Equitable reducing the size of its interest rate hedges, as well as a change to their maturity profile. In addition, AXA Equitable began to fully unwind its swap and swaption positions hedging exposure to interest rate volatility. AXA Equitable completed the full unwind in first quarter 2013. | |||||||||||||||||||||||||
GIB and GWBL and other features and the reinsurance contract asset covering GMIB exposure are considered derivatives for accounting purposes and, therefore, are reported in the balance sheet at their fair value. None of the derivatives used in these programs were designated as qualifying hedges under U.S. GAAP accounting guidance for derivatives and hedging. All gains (losses) on derivatives are reported in Net investment income (loss) in the consolidated statements of earnings (loss) except those resulting from changes in the fair values of the GIB and GWBL and other features which are reported in Policyholder's benefits and the GMIB reinsurance contract asset which is reported on a separate line in the consolidated statement of earnings. | |||||||||||||||||||||||||
The Company periodically, including during the first nine months of 2013, has had in place a hedge program to partially protect against declining interest rates with respect to a part of its projected variable annuity sales. | |||||||||||||||||||||||||
The Company also uses equity index options on the S&P 500, Russell 2000, Morgan Stanley Capital International (“MSCI”), Europe, Australia and Far East (“EAFE”), MSCI Emerging Markets (“EM”) and NASDAQ indices as well as options on Gold, Oil and a Real Estate index for the purpose of hedging crediting rate exposure in its Structured Capital Strategies® (“SCS”) variable annuity, Structured Investment Option in the Company's EQUI-VEST® variable annuity series (“SIO”), Market Stabilizer Option® (“MSO”) in the Company's variable life insurance products and Indexed Universal Life (“IUL”) insurance products. This involves entering into a package of calls and/or put options whose payoff mimics the crediting rate embedded in individual segments of the products. | |||||||||||||||||||||||||
Margins or “spreads” on interest-sensitive life insurance and annuity contracts are affected by interest rate fluctuations as the yield on portfolio investments, primarily fixed maturities, are intended to support required payments under these contracts, including interest rates credited to their policy and contract holders. The Company uses swaptions and swaps to reduce the risk associated with minimum crediting rate guarantees on these interest-sensitive contracts. | |||||||||||||||||||||||||
The Company's investment in Separate Account equity funds exposes the Company to equity market risk which is hedged through equity future derivative contracts to minimize such risk. | |||||||||||||||||||||||||
Beginning in second quarter 2013, the Company implemented a strategy in its General Account investment portfolio to replicate the credit exposure from fixed maturity securities otherwise permissible under its investment guidelines through the sale of credit default swaps. 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 fixed maturities of similar maturity. These credit derivatives 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 manner consistent with its selection of fixed maturities. In addition, the Company has transacted the sale of credit default swaps 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 referenced 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 referenced 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 credit default swaps. 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. | |||||||||||||||||||||||||
The table below presents quantitative disclosures about the Company's derivative instruments, including those embedded in other contracts though required to be accounted for as derivative instruments. | |||||||||||||||||||||||||
Derivative Instruments by Category | |||||||||||||||||||||||||
Gains (Losses) | |||||||||||||||||||||||||
At September 30, 2013 | Reported In Net | ||||||||||||||||||||||||
Fair Value | Earnings (Loss) | ||||||||||||||||||||||||
Notional | Asset | Liability | Nine Months Ended | ||||||||||||||||||||||
Amount | Derivatives | Derivatives | 30-Sep-13 | ||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Freestanding derivatives: | |||||||||||||||||||||||||
Equity contracts:(1) | |||||||||||||||||||||||||
Futures | $ | 5,370 | $ | 1 | $ | 0 | $ | -1,001 | |||||||||||||||||
Swaps | 1,234 | 6 | 84 | -219 | |||||||||||||||||||||
Options | 5,314 | 802 | 443 | 235 | |||||||||||||||||||||
Interest rate contracts:(1) | |||||||||||||||||||||||||
Floors | 2,400 | 214 | 0 | -7 | |||||||||||||||||||||
Swaps | 10,716 | 275 | 143 | -821 | |||||||||||||||||||||
Futures | 10,027 | 0 | 0 | -252 | |||||||||||||||||||||
Swaptions | 0 | 0 | 0 | -154 | |||||||||||||||||||||
Credit contracts:(1) | |||||||||||||||||||||||||
Credit default swaps | 350 | 8 | 2 | 1 | |||||||||||||||||||||
Other freestanding contracts:(1) | |||||||||||||||||||||||||
Foreign currency contracts | 109 | 1 | 1 | -2 | |||||||||||||||||||||
Net investment income (loss) | -2,220 | ||||||||||||||||||||||||
Embedded derivatives: | |||||||||||||||||||||||||
GMIB reinsurance contracts | 0 | 7,508 | 0 | -3,536 | |||||||||||||||||||||
GIB and GWBL and other features(2) | 0 | 0 | 72 | 193 | |||||||||||||||||||||
SCS, SIO, MSO and IUL indexed features(3) | 0 | 0 | 256 | -291 | |||||||||||||||||||||
Total, September 30, 2013 | $ | 35,520 | $ | 8,815 | $ | 1,001 | $ | -5,854 | |||||||||||||||||
Reported in Other invested assets in the consolidated balance sheets. | |||||||||||||||||||||||||
Reported in Future policy benefits and other policyholders' liabilities in the consolidated balance sheets. | |||||||||||||||||||||||||
SCS and SIO are reported in Policyholders' account balances; MSO and IUL are reported in Future policyholders' benefits and other policyholders' liabilities in the consolidated balance sheets. | |||||||||||||||||||||||||
Gains (Losses) | |||||||||||||||||||||||||
At December 31, 2012 | Reported In Net | ||||||||||||||||||||||||
Fair Value | Earnings (Loss) | ||||||||||||||||||||||||
Notional | Asset | Liability | Nine Months Ended | ||||||||||||||||||||||
Amount | Derivatives | Derivatives | 30-Sep-12 | ||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Freestanding derivatives: | |||||||||||||||||||||||||
Equity contracts:(1) | |||||||||||||||||||||||||
Futures | $ | 6,189 | $ | 0 | $ | 2 | $ | -948 | |||||||||||||||||
Swaps | 965 | 2 | 56 | -243 | |||||||||||||||||||||
Options | 3,492 | 443 | 219 | 55 | |||||||||||||||||||||
Interest rate contracts:(1) | |||||||||||||||||||||||||
Floors | 2,700 | 291 | 0 | 68 | |||||||||||||||||||||
Swaps | 18,239 | 554 | 353 | 411 | |||||||||||||||||||||
Futures | 14,033 | 0 | 0 | 132 | |||||||||||||||||||||
Swaptions | 7,608 | 502 | 0 | -60 | |||||||||||||||||||||
Other freestanding contracts:(1) | |||||||||||||||||||||||||
Foreign currency contracts | 81 | 1 | 0 | 0 | |||||||||||||||||||||
Net investment income (loss) | -585 | ||||||||||||||||||||||||
Embedded derivatives: | |||||||||||||||||||||||||
GMIB reinsurance contracts | 0 | 11,044 | 0 | 678 | |||||||||||||||||||||
GIB and GWBL and other features(2) | 0 | 0 | 265 | 4 | |||||||||||||||||||||
Total | $ | 53,307 | $ | 12,837 | $ | 895 | $ | 97 | |||||||||||||||||
Reported in Other invested assets in the consolidated balance sheets. | |||||||||||||||||||||||||
Reported in Future policy benefits and other policyholders' liabilities in the consolidated balance sheets. | |||||||||||||||||||||||||
At September 30, 2013, the Company had open exchange-traded futures positions on the S&P 500, Russell 1000, NASDAQ 100 and Emerging Market indices, having initial margin requirements of $210 million. At September 30, 2013, the Company had open exchange-traded futures positions on the 2-year, 5-year, 10-year, 30-year U.S. Treasury Notes and Eurodollars having initial margin requirements of $58 million. At that same date, the Company had open exchange-traded future positions on the Euro Stoxx, FTSE 100, European, Australia, Far East (“EAFE”) and Topix indices as well as corresponding currency futures on the Euro/U.S. dollar, Yen/U.S. dollar and Pound/U.S. dollar, having initial margin requirements of $8 million. All outstanding equity-based and treasury futures contracts at September 30, 2013 are exchange-traded and net settled daily in cash. | |||||||||||||||||||||||||
Although notional amount is the most commonly used measure of volume in the derivatives market, it is not used as a measure of credit risk. A derivative with positive fair value (a derivative asset) indicates existence of credit risk because the counterparty would owe money to the Company if the contract were closed at the reporting date. Alternatively, a derivative contract with negative fair value (a derivative liability) indicates the Company would owe money to the counterparty if the contract were closed. To reduce credit exposures, the Company generally enters into over-the-counter (“OTC”) derivative transactions pursuant to master agreements that provide for a netting of financial exposures with the counterparty and allow for collateral arrangements. The Company further controls and minimizes its counterparty exposure through a credit appraisal and approval process. | |||||||||||||||||||||||||
The standardized “ISDA Master Agreement” under which the Company conducts its OTC derivative transactions includes provisions for payment netting. In the normal course of business activities, if there is more than one derivative transaction with a single counterparty, the Company will set-off the cash flows of those derivatives into a single amount to be exchanged in settlement of the resulting net payable or receivable with that counterparty. In the event of default, insolvency, or other similar event pre-defined under the ISDA Master Agreement that would result in termination of OTC derivatives transactions before their maturity, netting procedures would be applied to calculate a single net payable or receivable with the counterparty. | |||||||||||||||||||||||||
Under the ISDA Master Agreement, the Company generally has executed a Credit Support Annex (“CSA”) with each of its OTC derivative counterparties that require both posting and accepting collateral either in the form of cash or high-quality securities, such as U.S. Treasury securities or those issued by government agencies. These CSAs are bilateral agreements that require collateral postings by the party “out-of-the-money” or in a net derivative liability position. Various thresholds for the amount and timing of collateralization of net liability positions are applicable. Consequently, the credit exposure of the Company's OTC derivative contracts is limited to the net positive estimated fair value of those contracts at the reporting date after taking into consideration the existence of netting agreements and any collateral received pursuant to CSAs. Derivatives are recognized at fair value in the consolidated balance sheets and are reported either as assets in Other invested assets or as liabilities in Other liabilities, except for embedded insurance-related derivatives as earlier described above and derivatives transacted with a related counterparty. The Company nets the fair value of all derivative financial instruments with counterparties for which an ISDA Master Agreement and related CSA have been executed. | |||||||||||||||||||||||||
At September 30, 2013 and December 31, 2012, respectively, the Company held $604 million and $1,165 million in cash and securities collateral delivered by trade counterparties, representing the fair value of the related derivative agreements. This unrestricted cash collateral is reported in Cash and cash equivalents, and the obligation to return it is reported in Other liabilities in the consolidated balance sheets. The aggregate fair value of all collateralized derivative transactions that were in a liability position at September 30, 2013 and December 31, 2012, respectively, were $31 million and $5 million, for which the Company posted collateral of $42 million and $5 million at September 30, 2013 and December 31, 2012, respectively, in the normal operation of its collateral arrangements. Certain of the Company's ISDA Master Agreements contain contingent provisions that permit the counterparty to terminate the ISDA Master Agreement if the Company's credit rating falls below a specified threshold, however, the occurrence of such credit event would not impose additional collateral requirements. | |||||||||||||||||||||||||
On June 10, 2013, new derivative regulations under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act went into effect, requiring financial entities, including U.S. life insurers, to clear newly executed OTC interest rate swaps with central clearing houses, and to post larger sums of higher quality collateral, among other provisions. Counterparties subject to these new regulations are required to post initial margin to the clearing house as well as variation margin to cover any daily negative mark-to-market movements in the value of newly executed OTC interest rate swap contracts. Centrally cleared OTC interest rate swap contracts, protected by initial margin requirements and higher quality collateral-eligible assets, are expected to reduce the risk of loss in the event of counterparty default. The Company has counterparty exposure to the clearing house and its clearing broker for futures and OTC derivative contracts. Since the introduction of these new derivative regulations, there have been no significant impacts from the Company's compliance as existing derivative positions are grandfathered. Similarly, the Company does not expect the new regulations to materially increase the amount or change the quality of collateral that otherwise would have been imposed directly with its counterparties under CSAs. | |||||||||||||||||||||||||
The following table presents information about the Insurance Segment's offsetting of financial assets and liabilities and derivative instruments at September 30, 2013. | |||||||||||||||||||||||||
Offsetting of Financial Assets and Liabilities and Derivative Instruments | |||||||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||||||
Gross | |||||||||||||||||||||||||
Gross | Amounts | Net Amounts | |||||||||||||||||||||||
Amounts | Offset in the | Presented in the | |||||||||||||||||||||||
Recognized | Balance Sheets | Balance Sheets | |||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
ASSETS(1) | |||||||||||||||||||||||||
Description | |||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||
Equity contracts | $ | 807 | $ | 526 | $ | 281 | |||||||||||||||||||
Interest rate contracts | 417 | 143 | 274 | ||||||||||||||||||||||
Credit contracts | 7 | 2 | 5 | ||||||||||||||||||||||
Total Derivatives, subject to an ISDA Master Agreement | 1,231 | 671 | 560 | ||||||||||||||||||||||
Total Derivatives, not subject to an ISDA Master Agreement | 71 | 0 | 71 | ||||||||||||||||||||||
Total Derivatives | 1,302 | 671 | 631 | ||||||||||||||||||||||
Other financial instruments | 776 | 0 | 776 | ||||||||||||||||||||||
Other invested assets | $ | 2,078 | $ | 671 | $ | 1,407 | |||||||||||||||||||
LIABILITIES(2) | |||||||||||||||||||||||||
Description | |||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||
Equity contracts | $ | 526 | $ | 526 | $ | 0 | |||||||||||||||||||
Interest rate contracts | 143 | 143 | 0 | ||||||||||||||||||||||
Credit contracts | 2 | 2 | 0 | ||||||||||||||||||||||
Total Derivatives, subject to an ISDA Master Agreement | 671 | 671 | 0 | ||||||||||||||||||||||
Total Derivatives, not subject to an ISDA Master Agreement | 0 | 0 | 0 | ||||||||||||||||||||||
Total Derivatives | 671 | 671 | 0 | ||||||||||||||||||||||
Other financial liabilities | 2,906 | 0 | 2,906 | ||||||||||||||||||||||
Other liabilities | $ | 3,577 | $ | 671 | $ | 2,906 | |||||||||||||||||||
Excludes Investment Management segment's $5 million net derivative assets and $61 million of securities borrowed. | |||||||||||||||||||||||||
Excludes Investment Management segment's $4 million net derivative liability and $42 million of securities loaned. | |||||||||||||||||||||||||
The following table presents information about the Insurance segment's gross collateral amounts that are not offset in the consolidated balance sheets at September 30, 2013. | |||||||||||||||||||||||||
Gross Collateral Amounts Not Offset in the Consolidated Balance Sheets | |||||||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||||||
Net Amounts | Collateral (Received)/Held | ||||||||||||||||||||||||
Presented in the | Financial | Net | |||||||||||||||||||||||
Balance Sheets | Instruments | Cash | Amounts | ||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Counterparty A | $ | 48 | $ | 0 | $ | -46 | $ | 2 | |||||||||||||||||
Counterparty B | 22 | 0 | -22 | 0 | |||||||||||||||||||||
Counterparty C | 75 | 0 | -75 | 0 | |||||||||||||||||||||
Counterparty D | 193 | 0 | -191 | 2 | |||||||||||||||||||||
Counterparty E | 16 | 0 | -16 | 0 | |||||||||||||||||||||
Counterparty F | -15 | 0 | 15 | 0 | |||||||||||||||||||||
Counterparty G | 103 | 0 | -103 | 0 | |||||||||||||||||||||
Counterparty H | -5 | 0 | 5 | 0 | |||||||||||||||||||||
Counterparty I | 48 | 0 | -48 | 0 | |||||||||||||||||||||
Counterparty J | -11 | 0 | 11 | 0 | |||||||||||||||||||||
Counterparty K | 17 | 0 | -17 | 0 | |||||||||||||||||||||
Counterparty L | 62 | 0 | -62 | 0 | |||||||||||||||||||||
Counterparty M | 6 | 0 | -6 | 0 | |||||||||||||||||||||
Counterparty N | 71 | 0 | 0 | 71 | |||||||||||||||||||||
Counterparty O | 1 | 0 | 0 | 1 | |||||||||||||||||||||
Total Derivatives | $ | 631 | $ | 0 | $ | -555 | $ | 76 | |||||||||||||||||
Other financial instruments | 776 | 0 | 0 | 776 | |||||||||||||||||||||
Other invested assets | $ | 1,407 | $ | 0 | $ | -555 | $ | 852 | |||||||||||||||||
The following table presents information about the Insurance segment's offsetting of financial assets and liabilities and derivative instruments at December 31, 2012. | |||||||||||||||||||||||||
Offsetting of Financial Assets and Liabilities and Derivative Instruments | |||||||||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||
Gross | |||||||||||||||||||||||||
Gross | Amounts | Net Amounts | |||||||||||||||||||||||
Amounts | Offset in the | Presented in the | |||||||||||||||||||||||
Recognized | Balance Sheets | Balance Sheets | |||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
ASSETS(1) | |||||||||||||||||||||||||
Description | |||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||
Equity contracts | $ | 444 | $ | 272 | $ | 172 | |||||||||||||||||||
Interest rate contracts | 1,251 | 351 | 900 | ||||||||||||||||||||||
Total Derivatives, subject to an ISDA Master Agreement | 1,695 | 623 | 1,072 | ||||||||||||||||||||||
Total Derivatives, not subject to an ISDA Master Agreement | 96 | 0 | 96 | ||||||||||||||||||||||
Total Derivatives | 1,791 | 623 | 1,168 | ||||||||||||||||||||||
Other financial instruments | 660 | 0 | 660 | ||||||||||||||||||||||
Other invested assets | $ | 2,451 | $ | 623 | $ | 1,828 | |||||||||||||||||||
LIABILITIES(2) | |||||||||||||||||||||||||
Description | |||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||
Equity contracts | $ | 272 | $ | 272 | $ | 0 | |||||||||||||||||||
Interest rate contracts | 351 | 351 | 0 | ||||||||||||||||||||||
Total Derivatives, subject to an ISDA Master Agreement | 623 | 623 | 0 | ||||||||||||||||||||||
Total Derivatives, not subject to an ISDA Master Agreement | 0 | 0 | 0 | ||||||||||||||||||||||
Total Derivatives | 623 | 623 | 0 | ||||||||||||||||||||||
Other financial liabilities | 3,503 | 0 | 3,503 | ||||||||||||||||||||||
Other liabilities | $ | 4,126 | $ | 623 | $ | 3,503 | |||||||||||||||||||
Excludes Investment Management segment's $2 million net derivative assets and $106 million of securities borrowed. | |||||||||||||||||||||||||
Excludes Investment Management segment's $7 million net derivative liability and $13 million of securities loaned. | |||||||||||||||||||||||||
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, 2012. | |||||||||||||||||||||||||
Gross Collateral Amounts Not Offset in the Consolidated Balance Sheets | |||||||||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||
Net Amounts | Collateral (Received)/Held | ||||||||||||||||||||||||
Presented in the | Financial | Net | |||||||||||||||||||||||
Balance Sheets | Instruments | Cash | Amounts | ||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Counterparty A | $ | 30 | $ | 0 | $ | -30 | $ | 0 | |||||||||||||||||
Counterparty B | 32 | 0 | -29 | 3 | |||||||||||||||||||||
Counterparty C | 55 | 0 | -55 | 0 | |||||||||||||||||||||
Counterparty D | 310 | 0 | -310 | 0 | |||||||||||||||||||||
Counterparty E | 38 | 0 | -38 | 0 | |||||||||||||||||||||
Counterparty F | 326 | 0 | -326 | 0 | |||||||||||||||||||||
Counterparty G | 55 | 0 | -55 | 0 | |||||||||||||||||||||
Counterparty H | -5 | 0 | 5 | 0 | |||||||||||||||||||||
Counterparty I | 98 | 0 | -98 | 0 | |||||||||||||||||||||
Counterparty J | 19 | 0 | -19 | 0 | |||||||||||||||||||||
Counterparty K | 15 | 0 | -3 | 12 | |||||||||||||||||||||
Counterparty L | 48 | -46 | 0 | 2 | |||||||||||||||||||||
Counterparty M | 51 | 0 | -51 | 0 | |||||||||||||||||||||
Counterparty N | 96 | 0 | 0 | 96 | |||||||||||||||||||||
Total Derivatives | $ | 1,168 | $ | -46 | $ | -1,009 | $ | 113 | |||||||||||||||||
Other financial instruments | 660 | 0 | 0 | 660 | |||||||||||||||||||||
Other invested assets | $ | 1,828 | $ | -46 | $ | -1,009 | $ | 773 |
CLOSED_BLOCKS
CLOSED BLOCKS | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Closed Blocks [Abstract] | ' | |||||||||||||||
CLOSED BLOCKS | ' | |||||||||||||||
4) CLOSED BLOCK | ||||||||||||||||
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, AXA Equitable has developed an actuarial calculation of the expected timing of AXA Equitable's 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 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. | ||||||||||||||||
Summarized financial information for the Closed Block follows: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
(In Millions) | ||||||||||||||||
CLOSED BLOCK LIABILITIES: | ||||||||||||||||
Future policy benefits, policyholders’ account balances and other | $ | 7,753 | $ | 7,942 | ||||||||||||
Policyholder dividend obligation | 162 | 373 | ||||||||||||||
Other liabilities | 110 | 192 | ||||||||||||||
Total Closed Block liabilities | 8,025 | 8,507 | ||||||||||||||
ASSETS DESIGNATED TO THE CLOSED BLOCK: | ||||||||||||||||
Fixed maturities, available for sale, at fair value (amortized cost of $4,962 and $5,245) | 5,239 | 5,741 | ||||||||||||||
Mortgage loans on real estate | 1,294 | 1,255 | ||||||||||||||
Policy loans | 958 | 1,026 | ||||||||||||||
Cash and other invested assets | 113 | 30 | ||||||||||||||
Other assets | 189 | 204 | ||||||||||||||
Total assets designated to the Closed Block | 7,793 | 8,256 | ||||||||||||||
Excess of Closed Block liabilities over assets designated to the Closed Block | 232 | 251 | ||||||||||||||
Amounts included in accumulated other comprehensive income (loss): | ||||||||||||||||
Net unrealized investment gains (losses), net of deferred income tax (expense) benefit | ||||||||||||||||
of $(44) and $(47) and policyholder dividend obligation of $(162) and $(373) | 82 | 87 | ||||||||||||||
Maximum Future Earnings To Be Recognized From Closed Block Assets and Liabilities | $ | 314 | $ | 338 | ||||||||||||
Closed Block revenues and expenses were as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(In Millions) | ||||||||||||||||
REVENUES: | ||||||||||||||||
Premiums and other income | $ | 66 | $ | 74 | $ | 214 | $ | 234 | ||||||||
Net investment income (loss) | 97 | 104 | 306 | 316 | ||||||||||||
Net investment gains (losses) | 1 | 1 | -7 | -9 | ||||||||||||
Total revenues | 164 | 179 | 513 | 541 | ||||||||||||
BENEFITS AND OTHER DEDUCTIONS: | ||||||||||||||||
Policyholders’ benefits and dividends | 150 | 179 | 475 | 564 | ||||||||||||
Other operating costs and expenses | 0 | 0 | 1 | 0 | ||||||||||||
Total benefits and other deductions | 150 | 179 | 476 | 564 | ||||||||||||
Net revenues before income taxes | 14 | 0 | 37 | -23 | ||||||||||||
Income tax (expense) benefit | -5 | 0 | -13 | 8 | ||||||||||||
Net Revenues (Losses) | $ | 9 | $ | 0 | $ | 24 | $ | -15 | ||||||||
Reconciliation of the policyholder dividend obligation follows: | ||||||||||||||||
Nine Months Ended | ||||||||||||||||
September 30, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(In Millions) | ||||||||||||||||
Balances, beginning of year | $ | 373 | $ | 260 | ||||||||||||
Unrealized investment gains (losses) | -211 | 117 | ||||||||||||||
Balances, End of Period | $ | 162 | $ | 377 |
GMDB_GMIB_GWBL_AND_NO_LAPSE_GU
GMDB, GMIB, GWBL AND NO LAPSE GUARANTEE FEATURES | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Gmdb Gmib Gwbl And No Lapse Guarantee Features [Abstract] | ' | |||||||||||||||||
GMDB GMIB GWBL AND NO LAPSE GUARANTEE FEATURES | ' | |||||||||||||||||
5) 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 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 General Account in future policy benefits and other policyholders' liabilities: | ||||||||||||||||||
GMDB | GMIB | Total | ||||||||||||||||
(In Millions) | ||||||||||||||||||
Balance at January 1, 2013 | $ | 1,772 | $ | 4,561 | $ | 6,333 | ||||||||||||
Paid guarantee benefits | -128 | -55 | -183 | |||||||||||||||
Other changes in reserve | 168 | 17 | 185 | |||||||||||||||
Balance at September 30, 2013 | $ | 1,812 | $ | 4,523 | $ | 6,335 | ||||||||||||
Balance at January 1, 2012 | $ | 1,593 | $ | 4,130 | $ | 5,723 | ||||||||||||
Paid guarantee benefits | -180 | -58 | -238 | |||||||||||||||
Other changes in reserve | 290 | 403 | 693 | |||||||||||||||
Balance at September 30, 2012 | $ | 1,703 | $ | 4,475 | $ | 6,178 | ||||||||||||
Related GMDB reinsurance ceded amounts were: | ||||||||||||||||||
Nine Months Ended | ||||||||||||||||||
September 30, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
(In Millions) | ||||||||||||||||||
Balance, beginning of year | $ | 844 | $ | 716 | ||||||||||||||
Paid guarantee benefits | -83 | -78 | ||||||||||||||||
Other changes in reserve | 134 | 163 | ||||||||||||||||
Balance, End of Period | $ | 895 | $ | 801 | ||||||||||||||
The GMIB reinsurance contracts are considered derivatives and are reported at fair value. | ||||||||||||||||||
The September 30, 2013 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 | $ | 13,022 | $ | 241 | $ | 95 | $ | 435 | $ | 13,793 | ||||||||
Separate Accounts | $ | 34,734 | $ | 8,200 | $ | 3,944 | $ | 37,516 | $ | 84,394 | ||||||||
Net amount at risk, gross | $ | 350 | $ | 293 | $ | 2,383 | $ | 12,320 | $ | 15,346 | ||||||||
Net amount at risk, net of | ||||||||||||||||||
amounts reinsured | $ | 350 | $ | 183 | $ | 1,592 | $ | 4,706 | $ | 6,831 | ||||||||
Average attained age | ||||||||||||||||||
of contractholders | 50.8 | 64.4 | 70 | 65 | 54.8 | |||||||||||||
Percentage of contractholders | ||||||||||||||||||
over age 70 | 8.50% | 31.60% | 52.20% | 32.80% | 15.50% | |||||||||||||
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 | $ | 40 | $ | 464 | $ | 504 | ||||||||||
Separate Accounts | N/A | N/A | $ | 2,823 | $ | 49,350 | $ | 52,173 | ||||||||||
Net amount at risk, gross | N/A | N/A | $ | 1,074 | $ | 2,432 | $ | 3,506 | ||||||||||
Net amount at risk, net of | ||||||||||||||||||
amounts reinsured | N/A | N/A | $ | 322 | $ | 567 | $ | 889 | ||||||||||
Weighted average years remaining | ||||||||||||||||||
until annuitization | N/A | N/A | 0.6 | 3.8 | 3.6 | |||||||||||||
Range of contractually specified | ||||||||||||||||||
interest rates | N/A | N/A | 3%-6% | 3%-6.5% | 3%-6.5% | |||||||||||||
In second quarter 2013, the approach for determining the above noted GMIB net amount at risk was updated to be more reflective of the economic exposure to the Company. Previously, the calculation used a current annuitization factor based on the retail pricing basis for single-premium individual annuities, including premium loads and interest margins. The updated approach excludes premium loads and interest margins. | ||||||||||||||||||
The Company continues to proactively manage the risks associated with its in-force business, particularly variable annuities with guarantee features. For example, in third quarter 2013, the Company initiated a program to purchase from certain policyholders the GMDB and GMIB riders contained in their Accumulator® contracts. The Company believes that this program is mutually beneficial to both the Company and policyholders who no longer need or want the GMDB and GMIB rider. If a policyholder accepts this offer, the policyholder benefits because they would receive an increase in their contract's account value and the guaranteed benefit charges would cease. The Company would gain a financial benefit because past market conditions and the ongoing low interest rate environment make continuing to provide these guaranteed benefits costly to the Company. As a result of this program, the Company is expecting a change in the short term behavior of policyholders, as some will accept this new offer, and those who do not accept will be less likely to lapse their contract over the short term. The expected change in short term behavior reduces the fair value of the reinsurance asset and increases the U.S. GAAP gross reserve. Due to the accounting mismatch between the fair value of the reinsurance contract asset and the U.S. GAAP gross reserves the net impact is an after tax loss of $163 million, which was recognized in third quarter 2013. | ||||||||||||||||||
The liability for SCS, SIO, MSO, IUL, GIB and GWBL and other features, not included above, was $328 million at September 30, 2013 and the liability for GIB and GWBL and other features, not included above, was $265 million at December 31, 2012, 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. The liability for SCS, SIO, MSO and IUL reflects the present value of expected future payments assuming the segments are held to maturity. | ||||||||||||||||||
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 | ||||||||||||||||||
September 30, | December 31, | |||||||||||||||||
2013 | 2012 | |||||||||||||||||
(In Millions) | ||||||||||||||||||
GMDB: | ||||||||||||||||||
Equity | $ | 60,936 | $ | 52,633 | ||||||||||||||
Fixed income | 3,542 | 3,748 | ||||||||||||||||
Balanced | 19,396 | 19,102 | ||||||||||||||||
Other | 520 | 543 | ||||||||||||||||
Total | $ | 84,394 | $ | 76,026 | ||||||||||||||
GMIB: | ||||||||||||||||||
Equity | $ | 37,090 | $ | 33,361 | ||||||||||||||
Fixed income | 2,187 | 2,335 | ||||||||||||||||
Balanced | 12,649 | 12,906 | ||||||||||||||||
Other | 247 | 264 | ||||||||||||||||
Total | $ | 52,173 | $ | 48,866 | ||||||||||||||
C) Hedging Programs for GMDB and GMIB 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 equity and fixed income markets. At the present time, this program hedges certain economic risks on products sold, to the extent such risks are not reinsured. At September 30, 2013, the total account value and net amount at risk of the hedged variable annuity contracts were $40,121 million and $5,499 million, respectively, with the GMDB feature and $23,230 million and $568 million, respectively, with the GMIB 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 and the related reinsurance ceded: | ||||||||||||||||||
Direct | Reinsurance | |||||||||||||||||
Liability | Ceded | Net | ||||||||||||||||
(In Millions) | ||||||||||||||||||
Balance at January 1, 2013 | $ | 556 | $ | -310 | $ | 246 | ||||||||||||
Other changes in reserves | 186 | -111 | 75 | |||||||||||||||
Balance at September 30, 2013 | $ | 742 | $ | -421 | $ | 321 | ||||||||||||
Balance at January 1, 2012 | $ | 470 | $ | -262 | $ | 208 | ||||||||||||
Other changes in reserves | 71 | -32 | 39 | |||||||||||||||
Balance at September 30, 2012 | $ | 541 | $ | -294 | $ | 247 |
FAIR_VALUE_DISCLOSURES
FAIR VALUE DISCLOSURES | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
FAIR VALUE DISCLOSURES | ' | |||||||||||||||||||||||
6) FAIR VALUE DISCLOSURES | ||||||||||||||||||||||||
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 defines fair value as the unadjusted quoted market prices 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. | ||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis are summarized below. Fair value measurements also are required on a non-recurring basis for certain assets, including goodwill, mortgage loans on real estate, equity real estate held for production of income, and equity real estate held for sale, 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. At September 30, 2013 and December 31, 2012, no assets were required to be measured at fair value on a non-recurring basis. | ||||||||||||||||||||||||
Fair Value Measurements at September 30, 2013 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Investments: | ||||||||||||||||||||||||
Fixed maturities, available-for-sale: | ||||||||||||||||||||||||
Corporate | $ | 6 | $ | 22,146 | $ | 254 | $ | 22,406 | ||||||||||||||||
U.S. Treasury, government and agency | 0 | 3,963 | 0 | 3,963 | ||||||||||||||||||||
States and political subdivisions | 0 | 437 | 47 | 484 | ||||||||||||||||||||
Foreign governments | 0 | 440 | 19 | 459 | ||||||||||||||||||||
Commercial mortgage-backed | 0 | 16 | 684 | 700 | ||||||||||||||||||||
Residential mortgage-backed(1) | 0 | 1,003 | 5 | 1,008 | ||||||||||||||||||||
Asset-backed(2) | 0 | 56 | 89 | 145 | ||||||||||||||||||||
Redeemable preferred stock | 227 | 731 | 15 | 973 | ||||||||||||||||||||
Subtotal | 233 | 28,792 | 1,113 | 30,138 | ||||||||||||||||||||
Other equity investments | 129 | 0 | 60 | 189 | ||||||||||||||||||||
Trading securities | 403 | 3,219 | 0 | 3,622 | ||||||||||||||||||||
Other invested assets: | ||||||||||||||||||||||||
Short-term investments | 0 | 98 | 0 | 98 | ||||||||||||||||||||
Swaps | 0 | 53 | 0 | 53 | ||||||||||||||||||||
Credit Default Swaps | 0 | 5 | 0 | 5 | ||||||||||||||||||||
Options | 0 | 359 | 0 | 359 | ||||||||||||||||||||
Floors | 0 | 214 | 0 | 214 | ||||||||||||||||||||
Subtotal | 0 | 729 | 0 | 729 | ||||||||||||||||||||
Cash equivalents | 1,701 | 0 | 0 | 1,701 | ||||||||||||||||||||
Segregated securities | 0 | 834 | 0 | 834 | ||||||||||||||||||||
GMIB reinsurance contracts | 0 | 0 | 7,508 | 7,508 | ||||||||||||||||||||
Separate Accounts' assets | 101,580 | 2,750 | 220 | 104,550 | ||||||||||||||||||||
Total Assets | $ | 104,046 | $ | 36,324 | $ | 8,901 | $ | 149,271 | ||||||||||||||||
Liabilities | ||||||||||||||||||||||||
GWBL and other features' liability | $ | 0 | $ | 0 | $ | 72 | $ | 72 | ||||||||||||||||
SCS, SIO, MSO and IUL indexed features' liability | 0 | 256 | 0 | 256 | ||||||||||||||||||||
Total Liabilities | $ | 0 | $ | 256 | $ | 72 | $ | 328 | ||||||||||||||||
(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, 2012 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Investments: | ||||||||||||||||||||||||
Fixed maturities, available-for-sale: | ||||||||||||||||||||||||
Corporate | $ | 6 | $ | 22,837 | $ | 355 | $ | 23,198 | ||||||||||||||||
U.S. Treasury, government and agency | 0 | 5,180 | 0 | 5,180 | ||||||||||||||||||||
States and political subdivisions | 0 | 480 | 50 | 530 | ||||||||||||||||||||
Foreign governments | 0 | 511 | 19 | 530 | ||||||||||||||||||||
Commercial mortgage-backed | 0 | 0 | 900 | 900 | ||||||||||||||||||||
Residential mortgage-backed(1) | 0 | 1,940 | 9 | 1,949 | ||||||||||||||||||||
Asset-backed(2) | 0 | 69 | 113 | 182 | ||||||||||||||||||||
Redeemable preferred stock | 242 | 881 | 15 | 1,138 | ||||||||||||||||||||
Subtotal | 248 | 31,898 | 1,461 | 33,607 | ||||||||||||||||||||
Other equity investments | 78 | 0 | 77 | 155 | ||||||||||||||||||||
Trading securities | 446 | 1,863 | 0 | 2,309 | ||||||||||||||||||||
Other invested assets: | ||||||||||||||||||||||||
Short-term investments | 0 | 98 | 0 | 98 | ||||||||||||||||||||
Swaps | 0 | 148 | 0 | 148 | ||||||||||||||||||||
Futures | -2 | 0 | 0 | -2 | ||||||||||||||||||||
Options | 0 | 224 | 0 | 224 | ||||||||||||||||||||
Floors | 0 | 291 | 0 | 291 | ||||||||||||||||||||
Swaptions | 0 | 502 | 0 | 502 | ||||||||||||||||||||
Subtotal | -2 | 1,263 | 0 | 1,261 | ||||||||||||||||||||
Cash equivalents | 2,289 | 0 | 0 | 2,289 | ||||||||||||||||||||
Segregated securities | 0 | 1,551 | 0 | 1,551 | ||||||||||||||||||||
GMIB reinsurance contracts | 0 | 0 | 11,044 | 11,044 | ||||||||||||||||||||
Separate Accounts' assets | 90,751 | 2,775 | 224 | 93,750 | ||||||||||||||||||||
Total Assets | $ | 93,810 | $ | 39,350 | $ | 12,806 | $ | 145,966 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
GWBL and other features' liability | $ | 0 | $ | 0 | $ | 265 | $ | 265 | ||||||||||||||||
Total Liabilities | $ | 0 | $ | 0 | $ | 265 | $ | 265 | ||||||||||||||||
(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 September 30, 2013 and December 31, 2012, respectively, the fair value of public fixed maturities is approximately $22,297 million and $25,591 million or approximately 15.8% and 19.2% 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 September 30, 2013 and December 31, 2012, respectively, the fair value of private fixed maturities is approximately $7,841 million and $8,016 million or approximately 5.6% and 6.0% of the Company's total assets measured at fair value on a recurring basis. The fair values of the Company's private fixed maturities, which primarily are comprised of investments in private placement securities generally are determined using a discounted cash flow model. 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 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 September 30, 2013 and December 31, 2012, respectively, the net fair value of freestanding derivative positions is approximately $632 million and $1,163 million or approximately 86.7% and 92.2% 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 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 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. | ||||||||||||||||||||||||
The credit risk of the counterparty and of the Company are considered in determining the fair values of all OTC derivative asset and liability positions, respectively, after taking into account the effects of master netting agreements and collateral arrangements. Each reporting period, the Company values its derivative positions using the standard swap curve and evaluates whether to adjust the embedded credit spread to reflect changes in counterparty or its own credit standing. As a result, the Company reduced the fair value of its OTC derivative asset exposures by $1 million at September 30, 2013 to recognize incremental counterparty non-performance risk. The unadjusted swap curve was determined to be reflective of the non-performance risk of the Company for purpose of determining the fair value of its OTC liability positions at September 30, 2013. | ||||||||||||||||||||||||
At September 30, 2013 and December 31, 2012, respectively, investments classified as Level 1 comprise approximately 73.8% and 70.3% 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 September 30, 2013 and December 31, 2012, respectively, investments classified as Level 2 comprise approximately 25.2% and 28.4% 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 AllianceBernstein 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 September 30, 2013 and December 31, 2012, respectively, approximately $1,030 million and $1,966 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 currently offers indexed investment options in the SCS and EQUI-VEST variable annuity products, the IUL product, and in the MSO fund available in some life contracts. 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 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. 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 September 30, 2013 and December 31, 2012, respectively, investments classified as Level 3 comprise approximately 1.0% and 1.3% of assets measured at fair value on a recurring basis and primarily include 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 September 30, 2013 and December 31, 2012, respectively, were approximately $245 million and $222 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 $777 million and $1,021 million of mortgage- and asset-backed securities, including CMBS, are classified as Level 3 at September 30, 2013 and December 31, 2012, respectively. At June 30, 2013, the Company changed its methodology for measuring the fair value of CMBS securities below the senior AAA tranche from a risk-adjusted present value technique to pricing obtained from an independent valuation service vendor as returning liquidity in CMBS markets contributed to the availability of more reliable and representative measures of fair value. In applying the risk-adjusted present value technique in periods prior to June 30, 2013, the Company adjusted the projected cash flows of these securities for origination year, default metrics, and level of subordination, with the objective of maximizing observable inputs, and weighted the result with a 10% attribution to pricing sourced from a third party service whose process placed significant reliance on market trading activity. | ||||||||||||||||||||||||
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 consistent with the S&P 500 Index. 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 $228 million and $447 million at September 30, 2013 and December 31, 2012, respectively, to recognize incremental counterparty non-performance risk. The unadjusted swap curve was determined to be reflective of the AA quality claims-paying rating of AXA Equitable, therefore, no incremental adjustment was made for non-performance risk for purpose of determining the fair value of the GIB and GWBL and other features' liability embedded derivative at September 30, 2013. Equity and fixed income volatilities are combined, with weighting based on the current fund distribution, to produce an overall volatility assumption. Scenarios are developed that value an at the money option at a price consistent with the overall volatility. | ||||||||||||||||||||||||
In the first nine months of 2013, AFS fixed maturities with fair values of $34 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 $20 million were transferred from Level 2 into the Level 3 classification. These transfers in the aggregate represent approximately 0.4% of total equity at September 30, 2013. In the first nine months of 2013, one of the Company's private securities went public and as a result, $19 million was transferred from a Level 3 classification to a Level 2 classification. | ||||||||||||||||||||||||
In the first nine months of 2012, AFS fixed maturities with fair values of $80 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 $12 million were transferred from Level 2 into the Level 3 classification. These transfers in the aggregate represent approximately 0.5% of total equity at September 30, 2012. | ||||||||||||||||||||||||
The table below presents a reconciliation for all Level 3 assets and liabilities for the third quarter and first nine months of 2013 and 2012, respectively: | ||||||||||||||||||||||||
Level 3 Instruments | ||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||
State and | ||||||||||||||||||||||||
Political | Commercial | Residential | ||||||||||||||||||||||
Sub- | Foreign | Mortgage- | Mortgage- | Asset- | ||||||||||||||||||||
Corporate | divisions | Govts | backed | backed | backed | |||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Balance, July 1, 2013 | $ | 219 | $ | 49 | $ | 17 | $ | 780 | $ | 6 | $ | 101 | ||||||||||||
Total gains (losses), realized and | ||||||||||||||||||||||||
unrealized, included in: | ||||||||||||||||||||||||
Earnings (loss) as: | ||||||||||||||||||||||||
Net investment income (loss) | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Investment gains (losses), net | 2 | 0 | 0 | 2 | 0 | 0 | ||||||||||||||||||
Subtotal | 2 | 0 | 0 | 2 | 0 | 0 | ||||||||||||||||||
Other comprehensive income (loss) | 2 | -2 | 2 | 25 | 0 | 1 | ||||||||||||||||||
Purchases | 21 | 0 | 0 | 31 | 0 | 0 | ||||||||||||||||||
Issues | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Sales | -5 | 0 | 0 | -154 | -1 | -3 | ||||||||||||||||||
Settlements | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Transfers into Level 3(1) | 15 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Transfers out of Level 3(1) | 0 | 0 | 0 | 0 | 0 | -10 | ||||||||||||||||||
Balance, September 30, 2013 | $ | 254 | $ | 47 | $ | 19 | $ | 684 | $ | 5 | $ | 89 | ||||||||||||
Balance, July 1, 2012 | $ | 383 | $ | 52 | $ | 0 | $ | 906 | $ | 11 | $ | 139 | ||||||||||||
Total gains (losses), realized and | ||||||||||||||||||||||||
unrealized, included in: | ||||||||||||||||||||||||
Earnings (loss) as: | ||||||||||||||||||||||||
Net investment income (loss) | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Investment gains (losses), net | 2 | 0 | 0 | -14 | 0 | 0 | ||||||||||||||||||
Subtotal | 2 | 0 | 0 | -14 | 0 | 0 | ||||||||||||||||||
Other comprehensive income (loss) | 12 | 0 | 1 | 24 | 0 | 2 | ||||||||||||||||||
Purchases | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Issues | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Sales | -17 | -1 | 0 | -3 | -1 | -6 | ||||||||||||||||||
Settlements | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Transfers into Level 3(1) | 5 | 0 | 19 | 0 | 0 | 0 | ||||||||||||||||||
Transfers out of Level 3(1) | -20 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Balance, September 30, 2012 | $ | 365 | $ | 51 | $ | 20 | $ | 913 | $ | 10 | $ | 135 | ||||||||||||
Transfers into/out of Level 3 classification are reflected at beginning-of-period fair values. | ||||||||||||||||||||||||
State and | ||||||||||||||||||||||||
Political | Commercial | Residential | ||||||||||||||||||||||
Sub- | Foreign | Mortgage- | Mortgage- | Asset- | ||||||||||||||||||||
Corporate | divisions | Govts | backed | backed | backed | |||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Balance, January 1, 2013 | $ | 355 | $ | 50 | $ | 19 | $ | 900 | $ | 9 | $ | 113 | ||||||||||||
Total gains (losses), realized and | ||||||||||||||||||||||||
unrealized, included in: | ||||||||||||||||||||||||
Earnings (loss) as: | ||||||||||||||||||||||||
Net investment income (loss) | 1 | 0 | 0 | -1 | 0 | 0 | ||||||||||||||||||
Investment gains (losses), net | 3 | 0 | 0 | -54 | 0 | 0 | ||||||||||||||||||
Subtotal | 4 | 0 | 0 | -55 | 0 | 0 | ||||||||||||||||||
Other comprehensive income (loss) | 3 | -2 | 0 | -16 | 0 | 1 | ||||||||||||||||||
Purchases | 21 | 0 | 0 | 31 | 0 | 0 | ||||||||||||||||||
Issues | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Sales | -144 | -1 | 0 | -158 | -4 | -14 | ||||||||||||||||||
Settlements | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Transfers into Level 3(1) | 20 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Transfers out of Level 3(1) | -5 | 0 | 0 | -18 | 0 | -11 | ||||||||||||||||||
Balance, September 30, 2013 | $ | 254 | $ | 47 | $ | 19 | $ | 684 | $ | 5 | $ | 89 | ||||||||||||
Balance, January 1, 2012 | $ | 432 | $ | 53 | $ | 22 | $ | 902 | $ | 14 | $ | 172 | ||||||||||||
Total gains (losses), realized and | ||||||||||||||||||||||||
unrealized, included in: | ||||||||||||||||||||||||
Earnings (loss) as: | ||||||||||||||||||||||||
Net investment income (loss) | 0 | 0 | 0 | 1 | 0 | 0 | ||||||||||||||||||
Investment gains (losses), net | 2 | 0 | 0 | -69 | 0 | 0 | ||||||||||||||||||
Subtotal | 2 | 0 | 0 | -68 | 0 | 0 | ||||||||||||||||||
Other comprehensive income (loss) | 13 | -1 | 1 | 103 | 0 | 2 | ||||||||||||||||||
Purchases | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Issues | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Sales | -37 | -1 | 0 | -24 | -4 | -19 | ||||||||||||||||||
Settlements | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Transfers into Level 3(1) | 12 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Transfers out of Level 3(1) | -57 | 0 | -3 | 0 | 0 | -20 | ||||||||||||||||||
Balance, September 30, 2012 | $ | 365 | $ | 51 | $ | 20 | $ | 913 | $ | 10 | $ | 135 | ||||||||||||
Transfers into/out of Level 3 classification are reflected at beginning-of-period fair values. | ||||||||||||||||||||||||
Redeem- | GWBL | |||||||||||||||||||||||
able | Other | Other | GMIB | Separate | and Other | |||||||||||||||||||
Preferred | Equity | Invested | Reinsurance | Accounts | Features' | |||||||||||||||||||
Stock | Investments(1) | Assets | Asset | Assets | Liability | |||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Balance, July 1, 2013 | $ | 15 | $ | 61 | $ | 0 | $ | 8,707 | $ | 216 | $ | 130 | ||||||||||||
Total gains (losses), realized and | ||||||||||||||||||||||||
unrealized, included in: | ||||||||||||||||||||||||
Earnings (loss) as: | ||||||||||||||||||||||||
Net investment income (loss) | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Investment gains (losses), net | 0 | 0 | 0 | 0 | 1 | 0 | ||||||||||||||||||
Increase (decrease) in the fair value | ||||||||||||||||||||||||
of the reinsurance contract asset | 0 | 0 | 0 | -1,252 | 0 | 0 | ||||||||||||||||||
Policyholders' benefits | 0 | 0 | 0 | 0 | 0 | -81 | ||||||||||||||||||
Subtotal | 0 | 0 | 0 | -1,252 | 1 | -81 | ||||||||||||||||||
Other comprehensive income (loss) | 0 | -1 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Purchases | 0 | 0 | 0 | 62 | 1 | 23 | ||||||||||||||||||
Issues | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Sales | 0 | 0 | 0 | -9 | 0 | 0 | ||||||||||||||||||
Settlements | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Transfers into Level 3(2) | 0 | 0 | 0 | 0 | 2 | 0 | ||||||||||||||||||
Transfers out of Level 3(2) | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Balance, September 30, 2013 | $ | 15 | $ | 60 | $ | 0 | $ | 7,508 | $ | 220 | $ | 72 | ||||||||||||
Balance, July 1, 2012 | $ | 15 | $ | 58 | $ | 0 | $ | 11,381 | $ | 222 | $ | 334 | ||||||||||||
Total gains (losses), realized and | ||||||||||||||||||||||||
unrealized, included in: | ||||||||||||||||||||||||
Earnings (loss) as: | ||||||||||||||||||||||||
Net investment income (loss) | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Investment gains (losses), net | 0 | 0 | 0 | 0 | 6 | 0 | ||||||||||||||||||
Increase (decrease) in the fair value | ||||||||||||||||||||||||
of the reinsurance contract asset | 0 | 0 | 0 | -201 | 0 | 0 | ||||||||||||||||||
Policyholders' benefits | 0 | 0 | 0 | 0 | 0 | -61 | ||||||||||||||||||
Subtotal | 0 | 0 | 0 | -201 | 6 | -61 | ||||||||||||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Purchases | 0 | 0 | 0 | 61 | 3 | 14 | ||||||||||||||||||
Issues | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Sales | 0 | 0 | 0 | -16 | -2 | 0 | ||||||||||||||||||
Settlements | 0 | 0 | 0 | 0 | -1 | 0 | ||||||||||||||||||
Transfers into Level 3(2) | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Transfers out of Level 3(2) | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Balance, September 30, 2012 | $ | 15 | $ | 58 | $ | 0 | $ | 11,225 | $ | 228 | $ | 287 | ||||||||||||
Includes Trading securities' Level 3 amount. | ||||||||||||||||||||||||
Transfers into/out of Level 3 classification are reflected at beginning-of-period fair values. | ||||||||||||||||||||||||
Redeem- | GWBL | |||||||||||||||||||||||
able | Other | Other | GMIB | Separate | and Other | |||||||||||||||||||
Preferred | Equity | Invested | Reinsurance | Accounts | Features' | |||||||||||||||||||
Stock | Investments(1) | Assets | Asset | Assets | Liability | |||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Balance, January 1, 2013 | $ | 15 | $ | 77 | $ | 0 | $ | 11,044 | $ | 224 | $ | 265 | ||||||||||||
Total gains (losses), realized and | ||||||||||||||||||||||||
unrealized, included in: | ||||||||||||||||||||||||
Earnings (loss) as: | ||||||||||||||||||||||||
Net investment income (loss) | 0 | 9 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Investment gains (losses), net | 0 | -7 | 0 | 0 | -4 | 0 | ||||||||||||||||||
Increase (decrease) in the fair value | ||||||||||||||||||||||||
of the reinsurance contracts | 0 | 0 | 0 | -3,689 | 0 | 0 | ||||||||||||||||||
Policyholders' benefits | 0 | 0 | 0 | 0 | 0 | -252 | ||||||||||||||||||
Subtotal | 0 | 2 | 0 | -3,689 | -4 | -252 | ||||||||||||||||||
Other comprehensive income (loss) | 0 | 1 | 0 | 0 | -1 | 0 | ||||||||||||||||||
Purchases | 0 | 2 | 0 | 183 | 1 | 59 | ||||||||||||||||||
Issues | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Sales | 0 | -3 | 0 | -30 | -2 | 0 | ||||||||||||||||||
Settlements | 0 | 0 | 0 | 0 | -1 | 0 | ||||||||||||||||||
Transfers into Level 3(2) | 0 | 0 | 0 | 0 | 3 | 0 | ||||||||||||||||||
Transfers out of Level 3(2) | 0 | -19 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Balance, September 30, 2013 | $ | 15 | $ | 60 | $ | 0 | $ | 7,508 | $ | 220 | $ | 72 | ||||||||||||
Balance, January 1, 2012 | $ | 14 | $ | 77 | $ | -2 | $ | 10,547 | $ | 215 | $ | 291 | ||||||||||||
Total gains (losses), realized and | ||||||||||||||||||||||||
unrealized, included in: | ||||||||||||||||||||||||
Earnings (loss) as: | ||||||||||||||||||||||||
Net investment income (loss) | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Investment gains (losses), net | 0 | 0 | 0 | 0 | 9 | 0 | ||||||||||||||||||
Increase (decrease) in the fair value | ||||||||||||||||||||||||
of the reinsurance contracts | 0 | 0 | 0 | 542 | 0 | 0 | ||||||||||||||||||
Policyholders' benefits | 0 | 0 | 0 | 0 | 0 | -40 | ||||||||||||||||||
Subtotal | 0 | 0 | 0 | 542 | 9 | -40 | ||||||||||||||||||
Other comprehensive income (loss) | 1 | -19 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Purchases | 0 | 0 | 0 | 182 | 8 | 36 | ||||||||||||||||||
Issues | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Sales | 0 | 0 | 0 | -46 | -2 | 0 | ||||||||||||||||||
Settlements | 0 | 0 | 0 | 0 | -2 | 0 | ||||||||||||||||||
Transfers into Level 3(2) | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Transfers out of Level 3(2) | 0 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||
Balance, September 30, 2012 | $ | 15 | $ | 58 | $ | 0 | $ | 11,225 | $ | 228 | $ | 287 | ||||||||||||
Includes Trading securities' Level 3 amount. | ||||||||||||||||||||||||
Transfers into/out of Level 3 classification are reflected at beginning-of-period fair values. | ||||||||||||||||||||||||
The table below details changes in unrealized gains (losses) for the third quarter and first nine months of 2013 and 2012 by category for Level 3 assets and liabilities still held at September 30, 2013 and 2012, respectively: | ||||||||||||||||||||||||
Earnings (Loss) | ||||||||||||||||||||||||
Increase | ||||||||||||||||||||||||
Net | Investment | (Decrease) in the | ||||||||||||||||||||||
Investment | Gains | Fair Value of the | Policy- | |||||||||||||||||||||
Income | (Losses), | Reinsurance | holders' | |||||||||||||||||||||
(Loss) | Net | Contract Asset | OCI | Benefits | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Level 3 Instruments | ||||||||||||||||||||||||
Third Quarter 2013 | ||||||||||||||||||||||||
Held at September 30, 2013: | ||||||||||||||||||||||||
Change in unrealized gains (losses): | ||||||||||||||||||||||||
Fixed maturities, available-for-sale: | ||||||||||||||||||||||||
Corporate | $ | 0 | $ | 0 | $ | 0 | $ | 1 | $ | 0 | ||||||||||||||
State and political subdivisions | 0 | 0 | 0 | -1 | 0 | |||||||||||||||||||
Foreign governments | 0 | 0 | 0 | 2 | 0 | |||||||||||||||||||
Commercial mortgage-backed | 0 | 0 | 0 | 27 | 0 | |||||||||||||||||||
Asset-backed | 0 | 0 | 0 | 1 | 0 | |||||||||||||||||||
Other fixed maturities, available-for-sale | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Subtotal | $ | 0 | $ | 0 | $ | 0 | $ | 30 | $ | 0 | ||||||||||||||
Other equity investments | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
GMIB reinsurance contracts | 0 | 0 | -1,199 | 0 | 0 | |||||||||||||||||||
Separate Accounts’ assets | 0 | 1 | 0 | 0 | 0 | |||||||||||||||||||
GWBL and other features’ liability | 0 | 0 | 0 | 0 | 58 | |||||||||||||||||||
Total | $ | 0 | $ | 1 | $ | -1,199 | $ | 30 | $ | 58 | ||||||||||||||
Level 3 Instruments | ||||||||||||||||||||||||
Third Quarter 2012 | ||||||||||||||||||||||||
Held at September 30, 2012: | ||||||||||||||||||||||||
Change in unrealized gains (losses): | ||||||||||||||||||||||||
Fixed maturities, available-for-sale: | ||||||||||||||||||||||||
Corporate | $ | 0 | $ | 0 | $ | 0 | $ | 13 | $ | 0 | ||||||||||||||
Commercial mortgage-backed | 0 | 0 | 0 | 24 | 0 | |||||||||||||||||||
Asset-backed | 0 | 0 | 0 | 2 | 0 | |||||||||||||||||||
Other fixed maturities, available-for-sale | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Subtotal | $ | 0 | $ | 0 | $ | 0 | $ | 39 | $ | 0 | ||||||||||||||
Other equity investments | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
GMIB reinsurance contracts | 0 | 0 | -156 | 0 | 0 | |||||||||||||||||||
Separate Accounts’ assets | 0 | 6 | 0 | 0 | 0 | |||||||||||||||||||
GWBL and other features’ liability | 0 | 0 | 0 | 0 | 47 | |||||||||||||||||||
Total | $ | 0 | $ | 6 | $ | -156 | $ | 39 | $ | 47 | ||||||||||||||
Earnings (Loss) | ||||||||||||||||||||||||
Increase | ||||||||||||||||||||||||
Net | Investment | (Decrease) in | ||||||||||||||||||||||
Investment | Gains | Fair Value of | Policy- | |||||||||||||||||||||
Income | (Losses), | Reinsurance | holders' | |||||||||||||||||||||
(Loss) | Net | Contracts | OCI | Benefits | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Level 3 Instruments | ||||||||||||||||||||||||
First Nine Months of 2013 | ||||||||||||||||||||||||
Held at September 30, 2013: | ||||||||||||||||||||||||
Change in unrealized gains (losses): | ||||||||||||||||||||||||
Fixed maturities, available-for-sale: | ||||||||||||||||||||||||
Corporate | $ | 0 | $ | 0 | $ | 0 | $ | 2 | $ | 0 | ||||||||||||||
Commercial mortgage-backed | 0 | 0 | 0 | -29 | 0 | |||||||||||||||||||
Asset-backed | 0 | 0 | 0 | 2 | 0 | |||||||||||||||||||
State and Political Subs | 0 | 0 | 0 | -2 | 0 | |||||||||||||||||||
Other fixed maturities, available-for-sale | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Subtotal | $ | 0 | $ | 0 | $ | 0 | $ | -27 | $ | 0 | ||||||||||||||
Other equity investments | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
GMIB reinsurance contracts | 0 | 0 | -3,536 | 0 | 0 | |||||||||||||||||||
Separate Accounts’ assets | 0 | -4 | 0 | 0 | 0 | |||||||||||||||||||
GWBL and other features’ liability | 0 | 0 | 0 | 0 | 193 | |||||||||||||||||||
Total | $ | 0 | $ | -4 | $ | -3,536 | $ | -27 | $ | 193 | ||||||||||||||
Level 3 Instruments | ||||||||||||||||||||||||
First Nine Months of 2012 | ||||||||||||||||||||||||
Held at September 30, 2012: | ||||||||||||||||||||||||
Change in unrealized gains (losses): | ||||||||||||||||||||||||
Fixed maturities, available-for-sale: | ||||||||||||||||||||||||
Corporate | $ | 0 | $ | 0 | $ | 0 | $ | 13 | $ | 0 | ||||||||||||||
Commercial mortgage-backed | 0 | 0 | 0 | 102 | 0 | |||||||||||||||||||
Asset-backed | 0 | 0 | 0 | 2 | 0 | |||||||||||||||||||
Other fixed maturities, available-for-sale | 0 | 0 | 0 | 2 | 0 | |||||||||||||||||||
Subtotal | $ | 0 | $ | 0 | $ | 0 | $ | 119 | $ | 0 | ||||||||||||||
Other equity investments | 0 | 0 | 0 | -19 | 0 | |||||||||||||||||||
GMIB reinsurance contracts | 0 | 0 | 678 | 0 | 0 | |||||||||||||||||||
Separate Accounts’ assets | 0 | 9 | 0 | 0 | 0 | |||||||||||||||||||
GWBL and other features’ liability | 0 | 0 | 0 | 0 | 4 | |||||||||||||||||||
Total | $ | 0 | $ | 9 | $ | 678 | $ | 100 | $ | 4 | ||||||||||||||
The following tables disclose quantitative information about Level 3 fair value measurements by category for assets and liabilities as of September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||
Fair | Valuation | Significant | ||||||||||||||||||||||
Value | Technique | Unobservable Input | Range | |||||||||||||||||||||
Assets: | (In Millions) | |||||||||||||||||||||||
Investments: | ||||||||||||||||||||||||
Fixed maturities, available-for-sale: | ||||||||||||||||||||||||
Corporate | $ | 69 | Matrix pricing model | Spread over the industry-specific | ||||||||||||||||||||
benchmark yield curve | 125 bps - 550 bps | |||||||||||||||||||||||
Residential mortgage-backed | 1 | Matrix pricing model | Spread over U.S. Treasury curve | 45 bps | ||||||||||||||||||||
Asset-backed | 7 | Matrix pricing model | Spread over U.S. Treasury curve | 30 bps - 687 bps | ||||||||||||||||||||
Other equity investments | 25 | Market comparable | Revenue multiple | 0.7x - 55.8x | ||||||||||||||||||||
companies | R&D multiple | 1.1x - 27.1x | ||||||||||||||||||||||
Discount rate | 18.00% | |||||||||||||||||||||||
Discount years | 1.3 | |||||||||||||||||||||||
Discount for lack of marketability | ||||||||||||||||||||||||
and risk factors | 50% - 60% | |||||||||||||||||||||||
Separate Accounts' assets | 200 | Third party appraisal | Capitalization rate | 5.40% | ||||||||||||||||||||
Exit capitalization rate | 6.40% | |||||||||||||||||||||||
Discount rate | 7.50% | |||||||||||||||||||||||
13 | Discounted cash flow | Spread over U.S. Treasury curve | 266 bps - 365 bps | |||||||||||||||||||||
Inflation rate | 2.0% - 3.0% | |||||||||||||||||||||||
Discount factor | 1.0% - 5.7% | |||||||||||||||||||||||
GMIB reinsurance contracts | 7,508 | Discounted Cash flow | Lapse Rates | 1.5% - 8.0% | ||||||||||||||||||||
Withdrawal Rates | 0.2% - 8.0% | |||||||||||||||||||||||
GMIB Utilization Rates | 0.0% - 15.0% | |||||||||||||||||||||||
Non-performance risk | 9 bps - 34 bps | |||||||||||||||||||||||
Volatility rates - Equity | 21.0% - 34.0% | |||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
GMWB/GWBL(1) | $ | 72 | Discounted Cash flow | Lapse Rates | 1.0% - 8.0% | |||||||||||||||||||
Withdrawal Rates | 0.0% - 7.0% | |||||||||||||||||||||||
Volatility rates - Equity | 21.0% - 34.0% | |||||||||||||||||||||||
Excludes GMAB and GIB liabilities. | ||||||||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||
Fair | Valuation | Significant | ||||||||||||||||||||||
Value | Technique | Unobservable Input | Range | |||||||||||||||||||||
Assets: | (In Millions) | |||||||||||||||||||||||
Investments: | ||||||||||||||||||||||||
Fixed maturities, available-for-sale: | ||||||||||||||||||||||||
Corporate | $ | 94 | Matrix pricing model | Spread over the industry-specific | ||||||||||||||||||||
benchmark yield curve | 125 bps - 650 bps | |||||||||||||||||||||||
Commercial mortgage-backed | 889 | Discounted Cash flow | Constant default rate | 3.0% - 25.0% | ||||||||||||||||||||
Probability of default | 55.00% | |||||||||||||||||||||||
Loss severity | 49.00% | |||||||||||||||||||||||
Discount rate | 3.72% - 13.42% | |||||||||||||||||||||||
Residential mortgage-backed | 1 | Matrix pricing model | Spread over U.S. Treasury curve | 46 bps | ||||||||||||||||||||
Asset-backed | 8 | Matrix pricing model | Spread over U.S. Treasury curve | 30 bps - 695 bps | ||||||||||||||||||||
Other equity investments | 38 | Market comparable | Revenue multiple | 0.6x - 62.5x | ||||||||||||||||||||
companies | R&D multiple | 1.0x - 30.6x | ||||||||||||||||||||||
Discount rate | 18.00% | |||||||||||||||||||||||
Discount years | 2-Jan | |||||||||||||||||||||||
Discount for lack of marketability | ||||||||||||||||||||||||
and risk factors | 40.0% - 60.0% | |||||||||||||||||||||||
Separate Accounts' assets | 194 | Third party appraisal | Capitalization rate | 5.50% | ||||||||||||||||||||
Exit capitalization rate | 6.60% | |||||||||||||||||||||||
Discount rate | 7.70% | |||||||||||||||||||||||
22 | Discounted cash flow | Spread over U.S. Treasury curve | 275 bps - 586 bps | |||||||||||||||||||||
Inflation rate | 2.0% - 3.0% | |||||||||||||||||||||||
Discount factor | 1.0% - 2.0% | |||||||||||||||||||||||
GMIB reinsurance contracts | 11,044 | Discounted Cash flow | Lapse Rates | 1.5% - 8.0% | ||||||||||||||||||||
Withdrawal Rates | 0.2% - 8.0% | |||||||||||||||||||||||
GMIB Utilization Rates | 0.0% - 15.0% | |||||||||||||||||||||||
Non-performance risk | 13 bps - 45 bps | |||||||||||||||||||||||
Volatility rates - Equity | 24.0%- 36.0% | |||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
GMWB/GWBL(1) | $ | 205 | Discounted Cash flow | Lapse Rates | 1.0% - 8.0% | |||||||||||||||||||
Withdrawal Rates | 0.0% - 7.0% | |||||||||||||||||||||||
Volatility rates - Equity | 24.0% - 36.0% | |||||||||||||||||||||||
Excludes GMAB and GIB liabilities. | ||||||||||||||||||||||||
Excluded from the tables above at September 30, 2013 and December 31, 2012, are approximately $1,078 million and $516 million, respectively, Level 3 fair value measurements of investments for which the underlying quantitative inputs are not developed by the Company and are not reasonably available. The fair value measurements of these Level 3 investments comprise approximately 77.4% and 29.3% of total assets classified as Level 3 at September 30, 2013 and December 31, 2012, respectively, and represent only 0.8% and 0.4% of total assets measured at fair value on a recurring basis. 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 September 30, 2013 and December 31, 2012, respectively, are approximately $69 million and $94 million fair value of privately placed, available-for-sale corporate debt securities classified as Level 3 that is determined by application of a matrix pricing model, representing approximately 27.2% and 26.5% 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 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. | ||||||||||||||||||||||||
At December 31, 2012, commercial mortgage-backed securities classified as Level 3 consist of holdings subordinate to the AAA-tranche position and for which the Company applies a discounted cash flow methodology to measure fair value. The process for determining fair value first adjusts the contractual principal and interest payments to reflect performance expectations and then discounts the securities' cash flows to reflect an appropriate risk-adjusted return. The significant unobservable inputs used in these fair value measurements are default rate and probability, loss severity, and the discount rate. An increase either in the cumulative default rate, probability of default, or loss severity would result in a decrease in the fair value of these securities; generally, those assumptions would change in a directionally similar manner. A decrease in the discount rate would result in directionally inverse movement in the fair value measurement 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 September 30, 2013 and December 31, 2012, are approximately 20.0% and 11.1%, 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. 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 September 30, 2013 and December 31, 2012, are approximately 7.9% and 7.1%, 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. | ||||||||||||||||||||||||
Other equity investments classified as Level 3 primarily consist of private venture capital fund investments of AllianceBernstein for which fair values are adjusted to reflect expected exit values as evidenced by financing and sale transactions with third parties or when consideration of other factors, such as current company performance and market conditions, is determined by management to require valuation adjustment. Significant increase (decrease) in isolation in the underlying enterprise value to revenue multiple and enterprise value to R&D investment multiple, if applicable, would result in significantly higher (lower) fair value measurement. Significant increase (decrease) in the discount rate would result in a significantly lower (higher) fair value measurement. Significant increase (decrease) in isolation in the discount factor ascribed for lack of marketability and various risk factors would result in significantly lower (higher) fair value measurement. Changes in the discount factor generally are not correlated to changes in the value multiples. Also classified as Level 3 at September 30, 2013 and December 31, 2012, respectively, are approximately $30 million and $30 million private venture capital fund-of-fund investments of AllianceBernstein for which fair value is estimated using the capital account balances provided by the partnerships. The interests in these partnerships cannot be redeemed. As of September 30, 2013 and December 31, 2012, AllianceBernstein's aggregate unfunded commitments to these investments were approximately $11 million and $12 million, respectively. | ||||||||||||||||||||||||
Separate Accounts' assets classified as Level 3 at September 30, 2013 and December 31, 2012, primarily consist of private equity investments with fair value of approximately $204 million and $198 million, respectively, including approximately $200 million and $194 million fair value investment in a private real estate fund, as well as mortgage loans with fair value of approximately $9 million and $18 million. Third party appraisal is used to measure the fair value of the private real estate investment fund, including consideration of observable replacement cost and sales comparisons for the underlying commercial properties, as well as the results from applying a discounted cash flow approach. Significant increase (decrease) in isolation in the capitalization rate and exit capitalization rate assumptions used in the discounted cash flow approach to appraisal value would result in a higher (lower) measure of fair value. A discounted cash flow approach also is applied to determine the approximately $4 million and $4 million fair value of the other private equity investment and for which the significant unobservable assumptions are an inflation rate formula and a discount factor that takes into account various risks, including the illiquid nature of the investment at September 30, 2013 and December 31, 2012, respectively. A significant increase (decrease) in the inflation rate would have directionally inverse effect on the fair value of the security. With respect to the fair value measurement of mortgage loans, a significant increase (decrease) in the assumed spread over U.S. Treasuries would produce a lower (higher) fair value measurement. Changes in the discount rate or factor used in the valuation techniques to determine the fair values of these private equity investments and mortgage loans generally are not correlated to changes in the other significant unobservable inputs. Significant increase (decrease) in isolation in the discount rate or factor would result in significantly lower (higher) fair value measurements. The remaining Separate Accounts' investments classified as Level 3 at September 30, 2013 and December 31, 2012 consist of mortgage- and asset-backed securities with fair values of approximately $4 million, $4 million, $4 million and $4 million, respectively, and for which those measurements are determined using substantially the same valuation techniques as earlier described above for the Company's General Account investments in these securities. | ||||||||||||||||||||||||
Significant unobservable inputs with respect to the fair value measurement of the Level 3 GMIB reinsurance contract asset and the Level 3 liabilities identified in the table above are developed using Company data. Validations of unobservable inputs are performed to the extent the Company has experience. When an input is changed the model is updated and the results of each step of the model are analyzed for reasonableness. | ||||||||||||||||||||||||
The significant unobservable inputs used in the fair value measurement of the Company's GMIB reinsurance contract asset are lapse rates, withdrawal rates and GMIB utilization rates. Significant increases in GMIB utilization rates or decreases in lapse or withdrawal rates in isolation would tend to increase the GMIB reinsurance contract asset. | ||||||||||||||||||||||||
Fair value measurement of the GMIB reinsurance contract asset includes dynamic lapse and GMIB utilization assumptions whereby projected contractual lapses and GMIB utilization reflect the projected net amount of risks of the contract. As the net amount of risk of a contract increases, the assumed lapse rate decreases and the GMIB utilization increases. Increases in volatility would increase the asset. | ||||||||||||||||||||||||
The significant unobservable inputs used in the fair value measurement of the Company's GMWB and GWBL liability are lapse rates and withdrawal rates. Significant increases in withdrawal rates or decreases in lapse rates in isolation would tend to increase these liabilities. Increases in volatility would increase these liabilities. | ||||||||||||||||||||||||
The carrying values and fair values at September 30, 2013 and December 31, 2012 for financial instruments not otherwise disclosed in Note 3 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 and pension and other postretirement obligations. | ||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||
Carrying | Fair Value | |||||||||||||||||||||||
Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Consolidated: | ||||||||||||||||||||||||
Mortgage loans on real estate | $ | 5,581 | $ | 0 | $ | 0 | $ | 5,667 | $ | 5,667 | ||||||||||||||
Other limited partnership interests | 1,633 | 0 | 0 | 1,633 | 1,633 | |||||||||||||||||||
Loans to affiliates | 1,091 | 0 | 799 | 400 | 1,199 | |||||||||||||||||||
Policyholders' account balances: Investment contracts | 2,454 | 0 | 0 | 2,534 | 2,534 | |||||||||||||||||||
Long-term debt | 200 | 0 | 227 | 0 | 227 | |||||||||||||||||||
Loans from affiliates | 825 | 0 | 968 | 0 | 968 | |||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||
Carrying | Fair Value | |||||||||||||||||||||||
Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Consolidated: | ||||||||||||||||||||||||
Mortgage loans on real estate | $ | 5,059 | $ | 0 | $ | 0 | $ | 5,249 | $ | 5,249 | ||||||||||||||
Other limited partnership interests | 1,514 | 0 | 0 | 1,514 | 1,514 | |||||||||||||||||||
Loans to affiliates | 1,037 | 0 | 784 | 402 | 1,186 | |||||||||||||||||||
Policyholders' account balances: Investment contracts | 2,494 | 0 | 0 | 2,682 | 2,682 | |||||||||||||||||||
Long-term debt | 200 | 0 | 236 | 0 | 236 | |||||||||||||||||||
Loans from affiliates | 1,325 | 0 | 1,676 | 0 | 1,676 | |||||||||||||||||||
Fair values for commercial and agricultural mortgage loans on real estate are measured by discounting future contractual cash flows to be received on the mortgage loan using interest rates at which loans with similar characteristics and credit quality would be made. The discount rate is derived from taking the appropriate U.S. Treasury rate with a like term to the remaining term of the loan and adding a spread reflective of the risk premium associated with the specific loan. Fair values for mortgage loans anticipated to be foreclosed and problem mortgage loans are limited to the fair value of the underlying collateral, if lower. | ||||||||||||||||||||||||
Other limited partnership interests and other equity investments, including interests in investment companies, are accounted for under the equity method and for which the carrying value provides a reasonable estimate of fair value as the underlying investments of these partnerships are valued at estimated fair value. | ||||||||||||||||||||||||
Fair values for the Company's long-term debt are determined from quotations provided by brokers knowledgeable about these securities and internally assessed for reasonableness. The fair values of the Company's borrowing and lending arrangements with AXA affiliated entities are determined in the same manner as for such transactions with third parties, including matrix pricing models for debt securities and discounted cash flow analysis for mortgage loans. | ||||||||||||||||||||||||
The fair values for the Company's association plans contracts, supplementary contracts not involving life contingencies (“SCNILC”), deferred annuities and certain annuities, which are included in Policyholder's account balances are estimated using projected cash flows discounted at rates reflecting current market rates. Significant unobservable inputs reflected in the cash flows include lapse rates and withdrawal rates. Incremental adjustments may be made to the fair value to reflect non-performance risk. Certain other products such as Access Accounts are held at book value. | ||||||||||||||||||||||||
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Employee Benefit Plans [Abstract] | ' | ||||||||||||
EMPLOYEE BENEFIT PLANS | ' | ||||||||||||
7) EMPLOYEE BENEFIT PLANS | |||||||||||||
The funding policy of the Company for its qualified pension plans is to satisfy its funding obligations each year in an amount not less than the minimum required by the ERISA, as amended by the Pension Act, and not greater than the maximum it can deduct for Federal income tax purposes. | |||||||||||||
In the first nine months of 2013, no cash contributions were made by AXA Equitable to its qualified pension plan. Based on the funded status of AXA Equitable's plan at September 30, 2013, no contribution will be made in 2013. In the first nine months of 2013, AllianceBernstein made a $4 million cash contribution to its qualified pension plan. | |||||||||||||
In third quarter 2013, AXA Equitable announced that benefit accruals under its defined benefit pension plan will be discontinued as of December 31, 2013. This plan curtailment resulted in a decrease in the Projected Benefit Obligation (“PBO”) of approximately $29 million, which was offset against existing deferred losses in AOCI, and recognition of a $3 million curtailment loss from accelerated recognition of existing prior service costs accumulated in OCI. In addition, AXA Equitable remeasured the underfunded status of the plan at September 30, 2013, including adjustment of the discount rate assumption from 3.5% to 4.5% reflecting current markets, and recognized a $215 million reduction in the net pension liability, with a corresponding increase in OCI of $140 million, net of income taxes of $75 million. In addition, AXA Equitable announced that it will begin providing a company contribution to the AXA Equitable 401(k) Plan as of January 1, 2014. AXA Equitable will also provide a new company contribution for eligible earnings over the qualified plan limits under a nonqualified deferred compensation plan. | |||||||||||||
Components of certain benefit costs for the Company were as follows: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
(In Millions) | |||||||||||||
Net Periodic Pension Expense: | |||||||||||||
(Qualified Plans) | |||||||||||||
Service cost | $ | 9 | $ | 8 | $ | 31 | $ | 30 | |||||
Interest cost | 23 | 28 | 70 | 81 | |||||||||
Expected return on assets | -39 | -40 | -116 | -109 | |||||||||
Net amortization | 42 | 41 | 124 | 123 | |||||||||
Actuarial (gain) loss | - | - | 1 | - | |||||||||
Curtailment | 3 | - | 3 | - | |||||||||
Net Periodic Pension Expense | $ | 38 | $ | 37 | $ | 113 | $ | 125 |
SHAREBASED_AND_OTHER_COMPENSAT
SHARE-BASED AND OTHER COMPENSATION PROGRAMS | 9 Months Ended |
Sep. 30, 2013 | |
Shared Based And Other Compensation Programs [Abstract] | ' |
SHARE BASED AND OTHER COMPENSATION PROGRAMS | ' |
8) SHARE-BASED COMPENSATION PROGRAMS | |
AXA and AXA Financial sponsor various share-based compensation plans for eligible employees and financial professionals of AXA Financial and its subsidiaries, including the Company. AllianceBernstein also sponsors its own unit option plans for certain of its employees. Activity in these share-based plans in the discussions that follow relates to awards granted to eligible employees of AXA Equitable under each of these plans in the aggregate, except where otherwise noted. | |
For the third quarter and first nine months of 2013 and 2012, respectively, the Company recognized compensation costs of $14 million, $35 million, $14 million and $30 million for share-based payment arrangements as further described herein. | |
On March 22, 2013, under the terms of the 2013 AXA International Performance Share Plan, AXA awarded approximately 2.2 million unearned performance shares to employees of AXA Financial and its subsidiaries. The extent to which 2013-2014 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 third anniversary of the award date. The plan will settle in shares to all participants. In the third quarter and first nine months of 2013, the Company recognized expenses associated with the March 22, 2013 grant of performance shares of approximately $2 million and $10 million, respectively. | |
On March 22, 2013, approximately 457,317 options to purchase AXA ordinary shares were granted to employees of AXA Financial and its subsidiaries under the terms of the Stock Option Plan at an exercise price of 13.81 euros. All of those options have a four-year graded vesting schedule, with one-third vesting on each of the second, third, and fourth anniversaries of the grant date. Approximately 246,000 of the total options awarded on March 22, 2013 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 22, 2013 have a ten-year term. The weighted average grant date fair value per option award was estimated at $1.78 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 31.27%, a weighted average expected term of 7.7 years, an expected dividend yield of 7.52% and a risk-free interest rate of 1.34%. The total fair value of these options (net of expected forfeitures) of $814,431 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 the third quarter and first nine months of 2013, the Company recognized expenses (credits) associated with the March 22, 2013 grant of options of $28,422 and $326,126 respectively. | |
On April 4, 2013, cash distributions of approximately $7 million, and share distributions of approximately $49,000 were made to active and former AXA Equitable employees in settlement of 390,460 performance units, representing the remaining 50 percent of the number of performance units earned under the terms of the AXA Performance Unit Plan 2010. The first 50 percent of the performance units earned under the terms of the AXA Performance Unit Plan 2010 were distributed in cash in April 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 and was confirmed to have been achieved. The total fair value of these AXA Miles awards of approximately $6 million, net of expected forfeitures, is charged to expense over the shorter of the service vesting term or the period up to the date at which the participant becomes retirement eligible. In the third quarter and first nine months of 2013, the Company recognized expenses associated with the March 16, 2012 grant of AXA Miles of $65,811 and $197,433, respectively. | |
In 2013, eligible employees of participating AXA Financial subsidiaries were offered the opportunity to purchase newly issued AXA stock, subject to plan limits, under the terms of AXA Shareplan 2013. Eligible employees could have reserved a share purchase during the reservation period from September 2, 2013 through September 17, 2013 and could have canceled their reservation or elected to make a purchase for the first time during the retraction/subscription period from October 28, 2013 through October 31, 2013. The U.S. dollar purchase price was determined by applying the U.S. dollar/Euro forward exchange rate on October 24, 2013 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 $19.85 per share. “Investment Option B” permitted participants to purchase AXA ordinary shares at a 12.95% formula discounted price of $21.59 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 2013 which is July 1, 2018. All subscriptions became binding and irrevocable on October 31, 2013. | |
AllianceBernstein Long-term Incentive Compensation Plans. During the third quarter and first nine months of 2013, AllianceBernstein purchased 0.8 million and 2.1 million Holding units for $16 million and $43 million, respectively. These amounts reflect open-market purchases of 0.8 million and 1.9 million Holding units for $15 million and $39 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. | |
AllianceBernstein granted to employees and Eligible Directors 6.9 million restricted Holding awards (including 6.5 million restricted Holding units granted in January 2013 for 2012 year-end awards) during the first nine months of 2013. To fund these awards, AllianceBernstein allocated previously repurchased Holding units that had been held in the consolidated rabbi trust. In January 2013, 6.5 million restricted Holding units held in the consolidated rabbi trust, valued at $129 million, were awarded for the 2012 awards. | |
Effective July 1, 2013, management of AllianceBernstein and AllianceBernstein Holding L.P. (“AB Holding”) retired all unallocated Holding units in AllianceBernstein's consolidated rabbi trust. To retire such units, AllianceBernstein delivered the unallocated Holding units held in its consolidated rabbi trust to AB Holding in exchange for the same amount of AllianceBernstein units. Each entity then retired their respective units. As a result, on July 1, 2013, each of AllianceBernstein's and AB Holding's units outstanding decreased by approximately 13.1 million units. AllianceBernstein and AB Holding intend to retire additional units as AllianceBernstein purchases Holding units on the open market. AB Holding will then newly issue Holding units to fund AllianceBernstein's restricted Holding unit awards in exchange for newly-issued AllianceBernstein units. | |
INCOME_TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2013 | |
Income Taxes [Abstract] | ' |
INCOME TAXES | ' |
9) INCOME TAXES | |
Income taxes for the interim periods ended September 30, 2013 and 2012 have been computed using an estimated annual effective tax rate. This rate is revised, if necessary, at the end of each successive interim period to reflect the current estimate of the annual effective tax rate. | |
LITIGATION
LITIGATION | 9 Months Ended |
Sep. 30, 2013 | |
Litigation [Abstract] | ' |
LITIGATION | ' |
10) LITIGATION | |
There have been no new material legal proceedings and no material developments in specific litigations or regulatory matters previously reported in the Company's Notes to Consolidated Financial Statements for the year ended December 31, 2012, except as set forth below: | |
Insurance Litigation | |
A lawsuit was filed in the United States District Court of the District of New Jersey in July 2011, entitled Mary Ann Sivolella v. AXA Equitable Life Insurance Company and AXA Equitable Funds Management Group, LLC (“FMG LLC”) (“Sivolella Litigation”). The lawsuit was filed derivatively on behalf of eight funds. The lawsuit seeks recovery under 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 FMG LLC for investment management services. In November 2011, plaintiff filed an amended complaint, adding claims under Sections 47(b) and 26(f) of the Investment Company Act, as well as a claim for unjust enrichment. In addition, plaintiff purports to file the lawsuit as a class action in addition to a derivative action. In the amended complaint, plaintiff seeks recovery of the alleged overpayments, rescission of the contracts, restitution of all fees paid, interest, costs, attorney fees, fees for expert witnesses and reserves the right to seek punitive damages where applicable. In December 2011, AXA Equitable and FMG LLC filed a motion to dismiss the amended complaint. In May 2012, the Plaintiff voluntarily dismissed her claim under Section 26(f) seeking restitution and rescission under Section 47(b) of the 1940 Act. In September 2012, the Court denied the defendants' motion to dismiss as it related to the Section 36(b) claim and granted the defendants' motion as it related to the unjust enrichment claim. | |
In January 2013, a second lawsuit was filed in the United States District Court of the District of New Jersey entitled Sanford et al. v. FMG LLC (“Sanford Litigation”). The lawsuit was filed derivatively on behalf of eight funds, four of which are named in the Sivolella lawsuit as well as four new funds, and seeks recovery under Section 36(b) of the Investment Company Act for alleged excessive fees paid to FMG LLC for investment management services. In light of the similarities of the allegations in the Sivolella and Sanford Litigations, the parties and the Court agreed to consolidate the two lawsuits. | |
In April 2013, the plaintiffs in the Sivolella and Sanford Litigations amended the complaints to add additional claims under Section 36(b) of the Investment Company Act for recovery of alleged excessive fees paid to FMG LLC in its capacity as administrator of EQ Advisors Trust. The Plaintiffs seek recovery of the alleged overpayments, or alternatively, rescission of the contract and restitution of the excessive fees paid, interest, costs and fees. | |
____________________________________________________________________________ | |
In addition to the matters described above, a number of lawsuits, claims and assessments have been filed 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, alleged breach of fiduciary duties, alleged mismanagement of client funds and other matters. Some of the matters have resulted in the award of substantial judgments against other insurers and asset managers, including material amounts of punitive damages, or in substantial settlements. In some states, juries have substantial discretion in awarding punitive damages. AXA Equitable and its subsidiaries from time to time are involved in such actions and proceedings. Some of these actions and proceedings filed against AXA Equitable and its subsidiaries have been brought on behalf of various alleged classes of plaintiffs and certain of these plaintiffs seek damages of unspecified amounts. 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 that bear little or no relation to actual economic damages incurred by plaintiffs in some jurisdictions, continues to create the potential for an unpredictable judgment in any given matter. | |
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 litigation and regulatory 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 litigations and regulatory matters described above will have a material adverse effect on AXA Equitable's consolidated results of operations in any particular period. | |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
RELATED PARTY TRANSACTIONS | ' |
11) RELATED PARTY TRANSACTIONS | |
AXA Equitable reimburses AXA Financial for expenses relating to the Excess Retirement Plan, Supplemental Executive Retirement Plan and certain other employee benefit plans that provide participants with medical, life insurance, and deferred compensation benefits. Such reimbursement was based on the cost to AXA Financial of the benefits provided which totaled $4 million, $27 million, $10 million and $34 million, respectively, for the third quarter and first nine months of 2013 and 2012. | |
AXA Equitable paid $149 million, $457 million, $151 million and $517 million, respectively, of commissions and fees to AXA Distribution and its subsidiaries for sales of insurance products for the third quarter and first nine months of 2013 and 2012. AXA Equitable charged AXA Distribution's subsidiaries $66 million, $207 million, $89 million and $296 million, respectively, for their applicable share of operating expenses for the third quarter and first nine months of 2013 and 2012, pursuant to the Agreements for Services. | |
At September 30, 2013 and December 31, 2012, the Company's GMIB reinsurance asset with AXA RE Arizona Company (formerly AXA Bermuda, which during second quarter 2012, redomesticated from Bermuda to Arizona and changed its name to AXA RE Arizona Company) (“AXA Arizona”) had carrying values of $6,031 million and $8,888 million, respectively, and is reported in Guaranteed minimum income benefit reinsurance contract asset, at fair value in the consolidated balance sheets. Ceded premiums to AXA Arizona in the third quarter and first nine months of 2013 and 2012 related to the UL and no lapse guarantee riders totaled approximately $122 million, $360 million, $120 million and $357 million, respectively. Ceded claims paid in the third quarter and first nine months of 2013 and 2012 were $22 million, $57 million, $16 million and $51 million, respectively. | |
In third quarter 2013, AXA Equitable purchased, at fair value, MONY Life Insurance Company's (“MONY Life”) equity interest in limited partnerships for $53 million and MONY Life's CMBS portfolio for $31 million. Also in third quarter 2013, AXA Equitable purchased, at fair value, AXA Arizona's $50 million note receivable from AXA for $56 million. This note pays interest semi-annually at an interest rate of 5.4% and matures on December 15, 2020. | |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Accumulated Other Comprehensive Income Loss [Abstract] | ' | ||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ' | ||||||||||||||
12) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||||
AOCI represents cumulative gains (losses) on items that are not reflected in earnings (loss). The balances as of September 30, 2013 and 2012 follow: | |||||||||||||||
September 30, | |||||||||||||||
2013 | 2012 | ||||||||||||||
(In Millions) | |||||||||||||||
Unrealized gains (losses) on investments | $ | 246 | $ | 1,462 | |||||||||||
Defined benefit pension plans | -813 | -1,162 | |||||||||||||
Total accumulated other comprehensive income (loss) | -567 | 300 | |||||||||||||
Less: Accumulated other comprehensive (income) loss attributable to noncontrolling interest | 25 | 9 | |||||||||||||
Accumulated Other Comprehensive Income (Loss) Attributable to AXA Equitable | $ | -542 | $ | 309 | |||||||||||
The components of OCI, net-of-taxes for the third quarter and first nine months of 2013 and 2012 follow: | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(In Millions) | |||||||||||||||
Net unrealized gains (losses) on investments: | |||||||||||||||
Net unrealized gains (losses) arising during the period | $ | -250 | $ | 509 | $ | -2,101 | $ | 1,111 | |||||||
(Gains) losses reclassified into net earnings (loss) during the period(1) | -12 | 11 | 20 | 67 | |||||||||||
Net unrealized gains (losses) on investments | -262 | 520 | -2,081 | 1,178 | |||||||||||
Adjustments for policyholders' liabilities, DAC, deferred income taxes | |||||||||||||||
and insurance liability loss recognition | 133 | -262 | 975 | -488 | |||||||||||
Change in unrealized gains (losses), net of adjustments | -129 | 258 | -1,106 | 690 | |||||||||||
Change in defined benefit plans: | |||||||||||||||
Net gain (loss) arising during the period | 159 | -28 | 159 | -80 | |||||||||||
Less: reclassification adjustments to net earnings (loss) for:(2) | |||||||||||||||
Amortization of net actuarial (gains) losses included in | |||||||||||||||
net periodic cost | 29 | - | 84 | - | |||||||||||
Change in defined benefit plans(3) | 188 | -28 | 243 | -80 | |||||||||||
Total other comprehensive income (loss), net of income taxes | 59 | 230 | -863 | 610 | |||||||||||
Less: Other comprehensive (income) loss attributable | |||||||||||||||
to noncontrolling interest | -5 | -5 | 4 | -4 | |||||||||||
Other Comprehensive Income (Loss) Attributable to AXA Equitable | $ | 54 | $ | 225 | $ | -859 | $ | 606 | |||||||
See “Reclassification adjustments” in Note 3. | |||||||||||||||
These AOCI components are included in the computation of net periodic costs (see Note 7). | |||||||||||||||
In the second quarter of 2013, the Company recorded an out-of-period adjustment of $83 million which reduced the liability for the qualified pension plan and increased OCI by $55 million, net of income taxes of $28 million. | |||||||||||||||
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. | |||||||||||||||
RESTRUCTURING
RESTRUCTURING | 9 Months Ended |
Sep. 30, 2013 | |
Restructuring Charges [Abstract] | ' |
Restructuring and Related Activities Disclosure [Text Block] | ' |
13) RESTRUCTURING | |
As part of AXA Equitable'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 the third quarter and first nine months of 2013 and 2012, respectively, AXA Equitable recorded a $8 million, $82 million, $1 million and $14 million pre-tax charge related to severance and lease costs. The amounts recorded in the first nine months of 2013 included a pre-tax charge of $52 million related to the reduction in office space in the Company's 1290 Avenue of the Americas, New York, NY headquarters. | |
As a result of AllianceBernstein's ongoing efforts to operate more efficiently, in the third quarter and first nine months of 2013 and 2012, respectively, AllianceBernstein recorded a $0 million, $4 million, $2 million and $17 million pre-tax charge related to severance costs. During the third quarter and first nine months of 2013 and 2012, AllianceBernstein recorded $25 million, $27 million, $168 million and $184 million, respectively, of pre-tax real estate charges related to a global office space consolidation plan. Included in the third quarter 2013 real estate charge was a charge of $16 million related to additional sublease losses resulting from the extension of sublease marketing periods. AllianceBernstein may record charges for additional changes in estimates during the last three months of this year as the assumed marketing periods on floors written-off during 2012 will end. AllianceBernstein will compare current sublease market conditions to those assumed in their initial write-offs and record any adjustments if necessary. | |
SEGMENT_INFORMATION
SEGMENT INFORMATION | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Segment Information [Abstract] | ' | |||||||||||||
SEGMENT INFORMATION | ' | |||||||||||||
14) SEGMENT INFORMATION | ||||||||||||||
The following tables reconcile segment revenues and earnings (loss) from continuing 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. | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(In Millions) | ||||||||||||||
Segment revenues: | ||||||||||||||
Insurance | $ | 137 | $ | 1,026 | $ | -371 | $ | 5,235 | ||||||
Investment Management(1) | 703 | 707 | 2,150 | 2,033 | ||||||||||
Consolidation/elimination | -6 | -5 | -16 | -17 | ||||||||||
Total Revenues | $ | 834 | $ | 1,728 | $ | 1,763 | $ | 7,251 | ||||||
Intersegment investment advisory and other fees of approximately $18 million, $50 million, $17 million and $46 million for the third quarter and first nine months of 2013 and 2012, respectively, are included in total revenues of the Investment Management segment. | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(In Millions) | ||||||||||||||
Segment earnings (loss) from continuing operations, | ||||||||||||||
before income taxes: | ||||||||||||||
Insurance | $ | -1,480 | $ | -519 | $ | -4,814 | $ | 563 | ||||||
Investment Management(2) | 106 | -60 | 368 | 119 | ||||||||||
Consolidation/elimination | 0 | 1 | -1 | 0 | ||||||||||
Total Earnings (Loss) from Continuing Operations, | ||||||||||||||
before income taxes | $ | -1,374 | $ | -578 | $ | -4,447 | $ | 682 | ||||||
Net of interest expense incurred on securities borrowed. | ||||||||||||||
September 30, | December 31, | |||||||||||||
2013 | 2012 | |||||||||||||
(In Millions) | ||||||||||||||
Segment assets: | ||||||||||||||
Insurance | $ | 168,793 | $ | 164,201 | ||||||||||
Investment Management | 11,648 | 12,647 | ||||||||||||
Consolidation/elimination | -5 | -5 | ||||||||||||
Total Assets | $ | 180,436 | $ | 176,843 |
NEW_ACCOUNTING_PRONOUNCEMENTS_
NEW ACCOUNTING PRONOUNCEMENTS (POLICIES) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
New Accounting Pronouncements Policy [Policy Text Block] | ' |
Adoption of New Accounting Pronouncements | |
In February 2013, the FASB issued new guidance to improve the reporting of reclassifications out of AOCI. The amendments in this guidance require an entity to report the effect of significant reclassifications out of AOCI on the respective line items in the statement of earnings (loss) if the amount being reclassified is required to be reclassified in its entirety to net earnings (loss). For other amounts that are not required to be reclassified in their entirety to net earnings in the same reporting period, an entity is required to cross-reference other disclosures that provide additional detail about those amounts. The guidance requires disclosure of reclassification information either in the notes or the face of the financial statements provided the information is presented in one location. This guidance was effective for interim and annual periods beginning after December 31, 2012. Implementation of this guidance did not have a material impact on the Company's consolidated financial statements. | |
In July 2012, the FASB issued new guidance on testing indefinite-lived intangible assets for impairment. The guidance is intended to reduce the cost and complexity of the annual indefinite-lived intangible assets impairment test by providing entities with the option of performing a "qualitative" assessment to determine whether further impairment testing is necessary. The guidance was effective for annual and interim indefinite-lived intangible assets impairment tests performed for fiscal years beginning after September 15, 2012. Implementation of this guidance did not have a material impact on the Company's consolidated financial statements. | |
In December 2011, the FASB issued new and enhanced disclosures about offsetting (netting) of financial instruments and derivatives, including repurchase/reverse repurchase agreements and securities lending/borrowing arrangements, to converge with those required by IFRS. The disclosures require presentation in tabular format of gross and net information about assets and liabilities that either are offset (presented net) on the balance sheet or are subject to master netting agreements or similar arrangements providing rights of setoff, such as global master repurchase, securities lending, and derivative clearing agreements, irrespective of whether the assets and liabilities are offset. Financial instruments subject only to collateral agreements are excluded from the scope of these requirements, however, the tabular disclosures are required to include the fair values of financial collateral, including cash, related to master netting agreements or similar arrangements. In January 2013, the FASB issued new guidance limiting the scope of the new balance sheet offsetting disclosures to derivatives, repurchase agreements, and securities lending transactions to the extent that they are (1) offset in the financial statements or (2) subject to an enforceable master netting arrangement or similar agreement. This guidance was effective for interim and annual periods beginning after January 1, 2013 and is to be applied retrospectively to all comparative prior periods presented. Implementation of this guidance did not have a material impact on the Company's consolidated financial statements. | |
Future Adoption Of New Accounting Pronouncements [Policy Text Block] | ' |
Future Adoption of New Accounting Pronouncements | |
In July 2013, the FASB issued new guidance on the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The amendments in this guidance state that an unrecognized tax benefit, or a portion thereof, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. An exception to this guidance would be where a net operating loss carryforward or similar tax loss or credit carryforward would not be available under the tax law to settle any additional income taxes that would result from the disallowance of a tax position, or the tax law does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose. In such a case, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. This guidance is effective for interim and annual periods beginning after December 15, 2013. Management does not expect implementation of this guidance will have a material impact on the Company's consolidated financial statements. |
INVESTMENTS_TABLES
INVESTMENTS (TABLES) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Investments Tables [Abstract] | ' | ||||||||||||||||||||||||
Available For Sale Securities [Text Block] | ' | ||||||||||||||||||||||||
Available-for-Sale Securities by Classification | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | OTTI | |||||||||||||||||||||
Cost | Gains | Losses | Value | in AOCI (3) | |||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
September 30, 2013: | |||||||||||||||||||||||||
Fixed Maturity Securities: | |||||||||||||||||||||||||
Corporate | $ | 21,108 | $ | 1,486 | $ | 188 | $ | 22,406 | $ | 0 | |||||||||||||||
U.S. Treasury, government and agency | 4,310 | 42 | 389 | 3,963 | 0 | ||||||||||||||||||||
States and political subdivisions | 444 | 42 | 2 | 484 | 0 | ||||||||||||||||||||
Foreign governments | 411 | 51 | 3 | 459 | 0 | ||||||||||||||||||||
Commercial mortgage-backed | 991 | 9 | 300 | 700 | 24 | ||||||||||||||||||||
Residential mortgage-backed(1) | 969 | 40 | 1 | 1,008 | 0 | ||||||||||||||||||||
Asset-backed(2) | 140 | 9 | 4 | 145 | 4 | ||||||||||||||||||||
Redeemable preferred stock | 958 | 56 | 41 | 973 | 0 | ||||||||||||||||||||
Total Fixed Maturities | 29,331 | 1,735 | 928 | 30,138 | 28 | ||||||||||||||||||||
Equity securities | 29 | 0 | 0 | 29 | 0 | ||||||||||||||||||||
Total at September 30, 2013 | $ | 29,360 | $ | 1,735 | $ | 928 | $ | 30,167 | $ | 28 | |||||||||||||||
December 31, 2012: | |||||||||||||||||||||||||
Fixed Maturity Securities: | |||||||||||||||||||||||||
Corporate | $ | 20,854 | $ | 2,364 | $ | 20 | $ | 23,198 | $ | 0 | |||||||||||||||
U.S. Treasury, government and agency | 4,664 | 517 | 1 | 5,180 | 0 | ||||||||||||||||||||
States and political subdivisions | 445 | 85 | 0 | 530 | 0 | ||||||||||||||||||||
Foreign governments | 454 | 76 | 0 | 530 | 0 | ||||||||||||||||||||
Commercial mortgage-backed | 1,175 | 16 | 291 | 900 | 13 | ||||||||||||||||||||
Residential mortgage-backed(1) | 1,864 | 85 | 0 | 1,949 | 0 | ||||||||||||||||||||
Asset-backed(2) | 175 | 12 | 5 | 182 | 5 | ||||||||||||||||||||
Redeemable preferred stock | 1,089 | 60 | 11 | 1,138 | 0 | ||||||||||||||||||||
Total Fixed Maturities | 30,720 | 3,215 | 328 | 33,607 | 18 | ||||||||||||||||||||
Equity securities | 23 | 1 | 0 | 24 | 0 | ||||||||||||||||||||
Total at December 31, 2012 | $ | 30,743 | $ | 3,216 | $ | 328 | $ | 33,631 | $ | 18 | |||||||||||||||
Investments Classified By Contractual Maturity Date [Table Text Block] | ' | ||||||||||||||||||||||||
Available-for-Sale Fixed Maturities | |||||||||||||||||||||||||
Contractual Maturities at September 30, 2013 | |||||||||||||||||||||||||
Amortized Cost | Fair Value | ||||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Due in one year or less | $ | 1,429 | $ | 1,457 | |||||||||||||||||||||
Due in years two through five | 7,819 | 8,469 | |||||||||||||||||||||||
Due in years six through ten | 9,954 | 10,340 | |||||||||||||||||||||||
Due after ten years | 7,071 | 7,046 | |||||||||||||||||||||||
Subtotal | 26,273 | 27,312 | |||||||||||||||||||||||
Commercial mortgage-backed securities | 991 | 700 | |||||||||||||||||||||||
Residential mortgage-backed securities | 969 | 1,008 | |||||||||||||||||||||||
Asset-backed securities | 140 | 145 | |||||||||||||||||||||||
Total | $ | 28,373 | $ | 29,165 | |||||||||||||||||||||
Available For Sale Fixed Maturities Proceeds Gross Gains And Gross Losses From Sales And Other Than Temporary Impairments [Table Text Block] | ' | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Proceeds from sales | $ | 1,327 | $ | 54 | $ | 2,499 | $ | 82 | |||||||||||||||||
Gross gains on sales | $ | 36 | $ | 1 | $ | 57 | $ | 4 | |||||||||||||||||
Gross losses on sales | $ | -30 | $ | -2 | $ | -31 | $ | -11 | |||||||||||||||||
Total OTTI | $ | 0 | $ | -13 | $ | -64 | $ | -66 | |||||||||||||||||
Non-credit losses recognized in OCI | 0 | 0 | 15 | 1 | |||||||||||||||||||||
Credit losses recognized in earnings (loss) | $ | 0 | $ | -13 | $ | -49 | $ | -65 | |||||||||||||||||
Fixed Maturities Credit Loss Impairments [Table Text Block] | ' | ||||||||||||||||||||||||
Fixed Maturities - Credit Loss Impairments | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Balances, beginning of period | $ | -407 | $ | -369 | $ | -372 | $ | -332 | |||||||||||||||||
Previously recognized impairments on securities that matured, | |||||||||||||||||||||||||
paid, prepaid or sold | 9 | 16 | 23 | 31 | |||||||||||||||||||||
Recognized impairments on securities impaired to fair value this period(1) | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Impairments recognized this period on securities not previously impaired | 0 | -13 | -49 | -33 | |||||||||||||||||||||
Additional impairments this period on securities previously impaired | 0 | 0 | 0 | -32 | |||||||||||||||||||||
Increases due to passage of time on previously recorded credit losses | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Accretion of previously recognized impairments due to increases in | |||||||||||||||||||||||||
expected cash flows | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Balances at September 30, | $ | -398 | $ | -366 | $ | -398 | $ | -366 | |||||||||||||||||
Unrealized Gain Loss On Investments [Table Text Block] | ' | ||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
AFS Securities: | |||||||||||||||||||||||||
Fixed maturities: | |||||||||||||||||||||||||
With OTTI loss | $ | -32 | $ | -12 | |||||||||||||||||||||
All other | 839 | 2,899 | |||||||||||||||||||||||
Equity securities | 0 | 1 | |||||||||||||||||||||||
Net Unrealized Gains (Losses) | $ | 807 | $ | 2,888 | |||||||||||||||||||||
Unrealized Gain Loss On Investments With Other Than Temporary Impairment [Table Text Block] | ' | ||||||||||||||||||||||||
Net Unrealized Gains (Losses) on Fixed Maturities with OTTI Losses | |||||||||||||||||||||||||
AOCI Gain | |||||||||||||||||||||||||
Net | (Loss) Related | ||||||||||||||||||||||||
Unrealized | Deferred | to Net | |||||||||||||||||||||||
Gains | Income | Unrealized | |||||||||||||||||||||||
(Losses) on | Policyholders' | Tax Asset | Investment | ||||||||||||||||||||||
Investments | DAC | Liabilities | (Liability) | Gains (Losses) | |||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Balance, July 1, 2013 | $ | -35 | $ | 2 | $ | 9 | $ | 8 | $ | -16 | |||||||||||||||
Net investment gains (losses) arising | |||||||||||||||||||||||||
during the period | 2 | 0 | 0 | 0 | 2 | ||||||||||||||||||||
Reclassification adjustment for OTTI losses: | |||||||||||||||||||||||||
Included in Net earnings (loss) | 1 | 0 | 0 | 0 | 1 | ||||||||||||||||||||
Excluded from Net earnings (loss)(1) | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Impact of net unrealized investment | |||||||||||||||||||||||||
gains (losses) on: | |||||||||||||||||||||||||
DAC | 0 | -1 | 0 | 0 | -1 | ||||||||||||||||||||
Deferred income taxes | 0 | 0 | 0 | -1 | -1 | ||||||||||||||||||||
Policyholders' liabilities | 0 | 0 | 1 | 0 | 1 | ||||||||||||||||||||
Balance, September 30, 2013 | $ | -32 | $ | 1 | $ | 10 | $ | 7 | $ | -14 | |||||||||||||||
Balance, July 1, 2012 | $ | -14 | $ | 1 | $ | 3 | $ | 3 | $ | -7 | |||||||||||||||
Net investment gains (losses) arising | |||||||||||||||||||||||||
during the period | 12 | 0 | 0 | 0 | 12 | ||||||||||||||||||||
Reclassification adjustment for OTTI losses: | |||||||||||||||||||||||||
Included in Net earnings (loss) | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Excluded from Net earnings (loss)(1) | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Impact of net unrealized investment | |||||||||||||||||||||||||
gains (losses) on: | |||||||||||||||||||||||||
DAC | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Deferred income taxes | 0 | 0 | 0 | -4 | -4 | ||||||||||||||||||||
Policyholders' liabilities | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Balance, September 30, 2012 | $ | -2 | $ | 1 | $ | 3 | $ | -1 | $ | 1 | |||||||||||||||
AOCI Gain | |||||||||||||||||||||||||
Net | (Loss) Related | ||||||||||||||||||||||||
Unrealized | Deferred | to Net | |||||||||||||||||||||||
Gains | Income | Unrealized | |||||||||||||||||||||||
(Losses) on | Policyholders' | Tax Asset | Investment | ||||||||||||||||||||||
Investments | DAC | Liabilities | (Liability) | Gains (Losses) | |||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Balance, January 1, 2013 | $ | -12 | $ | 1 | $ | 4 | $ | 2 | $ | -5 | |||||||||||||||
Net investment gains (losses) arising | |||||||||||||||||||||||||
during the period | -11 | 0 | 0 | 0 | -11 | ||||||||||||||||||||
Reclassification adjustment for OTTI losses: | |||||||||||||||||||||||||
Included in Net earnings (loss) | 6 | 0 | 0 | 0 | 6 | ||||||||||||||||||||
Excluded from Net earnings (loss)(1) | -15 | 0 | 0 | 0 | -15 | ||||||||||||||||||||
Impact of net unrealized investment | |||||||||||||||||||||||||
gains (losses) on: | |||||||||||||||||||||||||
DAC | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Deferred income taxes | 0 | 0 | 0 | 5 | 5 | ||||||||||||||||||||
Policyholders' liabilities | 0 | 0 | 6 | 0 | 6 | ||||||||||||||||||||
Balance, September 30, 2013 | $ | -32 | $ | 1 | $ | 10 | $ | 7 | $ | -14 | |||||||||||||||
Balance, January 1, 2012 | $ | -47 | $ | 5 | $ | 6 | $ | 12 | $ | -24 | |||||||||||||||
Net investment gains (losses) arising | |||||||||||||||||||||||||
during the period | 14 | 0 | 0 | 0 | 14 | ||||||||||||||||||||
Reclassification adjustment for OTTI losses: | |||||||||||||||||||||||||
Included in Net earnings (loss) | 32 | 0 | 0 | 0 | 32 | ||||||||||||||||||||
Excluded from Net earnings (loss)(1) | -1 | 0 | 0 | 0 | -1 | ||||||||||||||||||||
Impact of net unrealized investment | |||||||||||||||||||||||||
gains (losses) on: | |||||||||||||||||||||||||
DAC | 0 | -4 | 0 | 0 | -4 | ||||||||||||||||||||
Deferred income taxes | 0 | 0 | 0 | -13 | -13 | ||||||||||||||||||||
Policyholders' liabilities | 0 | 0 | -3 | 0 | -3 | ||||||||||||||||||||
Balance, September 30, 2012 | $ | -2 | $ | 1 | $ | 3 | $ | -1 | $ | 1 | |||||||||||||||
Other Net Unrealized Investment Gains Losses In Accumulated Other Comprehensive Income [Table Text Block] | ' | ||||||||||||||||||||||||
All Other Net Unrealized Investment Gains (Losses) in AOCI | |||||||||||||||||||||||||
AOCI Gain | |||||||||||||||||||||||||
Net | (Loss) Related | ||||||||||||||||||||||||
Unrealized | Deferred | to Net | |||||||||||||||||||||||
Gains | Income | Unrealized | |||||||||||||||||||||||
(Losses) on | Policyholders' | Tax Asset | Investment | ||||||||||||||||||||||
Investments | DAC | Liabilities | (Liability) | Gains (Losses) | |||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Balance, July 1, 2013 | $ | 1,104 | $ | -110 | $ | -336 | $ | -232 | $ | 426 | |||||||||||||||
Net investment gains (losses) arising | |||||||||||||||||||||||||
during the period | -252 | 0 | 0 | 0 | -252 | ||||||||||||||||||||
Reclassification adjustment for OTTI losses: | |||||||||||||||||||||||||
Included in Net earnings (loss) | -13 | 0 | 0 | 0 | -13 | ||||||||||||||||||||
Excluded from Net earnings (loss)(1) | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Impact of net unrealized investment | |||||||||||||||||||||||||
gains (losses) on: | |||||||||||||||||||||||||
DAC | 0 | 23 | 0 | 0 | 23 | ||||||||||||||||||||
Deferred income taxes | 0 | 0 | 0 | 77 | 77 | ||||||||||||||||||||
Policyholders' liabilities | 0 | 0 | 25 | 0 | 25 | ||||||||||||||||||||
Balance, September 30, 2013 | $ | 839 | $ | -87 | $ | -311 | $ | -155 | $ | 286 | |||||||||||||||
Balance, July 1, 2012 | $ | 2,456 | $ | -172 | $ | -402 | $ | -659 | $ | 1,223 | |||||||||||||||
Net investment gains (losses) arising | |||||||||||||||||||||||||
during the period | 497 | 0 | 0 | 0 | 497 | ||||||||||||||||||||
Reclassification adjustment for OTTI losses: | |||||||||||||||||||||||||
Included in Net earnings (loss) | 11 | 0 | 0 | 0 | 11 | ||||||||||||||||||||
Excluded from Net earnings (loss)(1) | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Impact of net unrealized investment | |||||||||||||||||||||||||
gains (losses) on: | |||||||||||||||||||||||||
DAC | 0 | -12 | 0 | 0 | -12 | ||||||||||||||||||||
Deferred income taxes | 0 | 0 | 0 | -130 | -130 | ||||||||||||||||||||
Policyholders' liabilities | 0 | 0 | -123 | 0 | -123 | ||||||||||||||||||||
Balance, September 30, 2012 | $ | 2,964 | $ | -184 | $ | -525 | $ | -789 | $ | 1,466 | |||||||||||||||
AOCI Gain | |||||||||||||||||||||||||
Net | (Loss) Related | ||||||||||||||||||||||||
Unrealized | Deferred | to Net | |||||||||||||||||||||||
Gains | Income | Unrealized | |||||||||||||||||||||||
(Losses) on | Policyholders' | Tax Asset | Investment | ||||||||||||||||||||||
Investments | DAC | Liabilities | (Liability) | Gains (Losses) | |||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Balance, January 1, 2013 | $ | 2,900 | $ | -179 | $ | -603 | $ | -741 | $ | 1,377 | |||||||||||||||
Net investment gains (losses) arising | |||||||||||||||||||||||||
during the period | -2,090 | 0 | 0 | 0 | -2,090 | ||||||||||||||||||||
Reclassification adjustment for OTTI losses: | |||||||||||||||||||||||||
Included in Net earnings (loss) | 14 | 0 | 0 | 0 | 14 | ||||||||||||||||||||
Excluded from Net earnings (loss)(1) | 15 | 0 | 0 | 0 | 15 | ||||||||||||||||||||
Impact of net unrealized investment | |||||||||||||||||||||||||
gains (losses) on: | |||||||||||||||||||||||||
DAC | 0 | 92 | 0 | 0 | 92 | ||||||||||||||||||||
Deferred income taxes | 0 | 0 | 0 | 586 | 586 | ||||||||||||||||||||
Policyholders' liabilities | 0 | 0 | 292 | 0 | 292 | ||||||||||||||||||||
Balance, September 30, 2013 | $ | 839 | $ | -87 | $ | -311 | $ | -155 | $ | 286 | |||||||||||||||
Balance, January 1, 2012 | $ | 1,831 | $ | -206 | $ | -385 | $ | -433 | $ | 807 | |||||||||||||||
Net investment gains (losses) arising | |||||||||||||||||||||||||
during the period | 1,097 | 0 | 0 | 0 | 1,097 | ||||||||||||||||||||
Reclassification adjustment for OTTI losses: | |||||||||||||||||||||||||
Included in Net earnings (loss) | 35 | 0 | 0 | 0 | 35 | ||||||||||||||||||||
Excluded from Net earnings (loss)(1) | 1 | 0 | 0 | 0 | 1 | ||||||||||||||||||||
Impact of net unrealized investment | |||||||||||||||||||||||||
gains (losses) on: | |||||||||||||||||||||||||
DAC | 0 | 22 | 0 | 0 | 22 | ||||||||||||||||||||
Deferred income taxes | 0 | 0 | 0 | -356 | -356 | ||||||||||||||||||||
Policyholders' liabilities | 0 | 0 | -140 | 0 | -140 | ||||||||||||||||||||
Balance, September 30, 2012 | $ | 2,964 | $ | -184 | $ | -525 | $ | -789 | $ | 1,466 | |||||||||||||||
Schedule Of Unrealized Loss On Investments [Table Text Block] | ' | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
September 30, 2013: | |||||||||||||||||||||||||
Fixed Maturity Securities: | |||||||||||||||||||||||||
Corporate | $ | 3,502 | $ | -177 | $ | 118 | $ | -11 | $ | 3,620 | $ | -188 | |||||||||||||
U.S. Treasury, government | |||||||||||||||||||||||||
and agency | 3,178 | -389 | 0 | 0 | 3,178 | -389 | |||||||||||||||||||
States and political subdivisions | 36 | -2 | 0 | 0 | 36 | -2 | |||||||||||||||||||
Foreign governments | 56 | -2 | 7 | -1 | 63 | -3 | |||||||||||||||||||
Commercial mortgage-backed | 32 | -9 | 532 | -291 | 564 | -300 | |||||||||||||||||||
Residential mortgage-backed | 162 | -1 | 1 | 0 | 163 | -1 | |||||||||||||||||||
Asset-backed | 8 | 0 | 31 | -4 | 39 | -4 | |||||||||||||||||||
Redeemable preferred stock | 302 | -40 | 58 | -1 | 360 | -41 | |||||||||||||||||||
Total | $ | 7,276 | $ | -620 | $ | 747 | $ | -308 | $ | 8,023 | $ | -928 | |||||||||||||
December 31, 2012: | |||||||||||||||||||||||||
Fixed Maturity Securities: | |||||||||||||||||||||||||
Corporate | $ | 562 | $ | -5 | $ | 208 | $ | -15 | $ | 770 | $ | -20 | |||||||||||||
U.S. Treasury, government | |||||||||||||||||||||||||
and agency | 513 | -1 | 0 | 0 | 513 | -1 | |||||||||||||||||||
States and political subdivisions | 20 | 0 | 0 | 0 | 20 | 0 | |||||||||||||||||||
Foreign governments | 6 | 0 | 2 | 0 | 8 | 0 | |||||||||||||||||||
Commercial mortgage-backed | 7 | -3 | 805 | -288 | 812 | -291 | |||||||||||||||||||
Residential mortgage-backed | 27 | 0 | 1 | 0 | 28 | 0 | |||||||||||||||||||
Asset-backed | 8 | 0 | 36 | -5 | 44 | -5 | |||||||||||||||||||
Redeemable preferred stock | 143 | -1 | 327 | -10 | 470 | -11 | |||||||||||||||||||
Total | $ | 1,286 | $ | -10 | $ | 1,379 | $ | -318 | $ | 2,665 | $ | -328 | |||||||||||||
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||||
Troubled Debt Restructuring - Modifications | |||||||||||||||||||||||||
Number | Outstanding Recorded Investment | ||||||||||||||||||||||||
of Loans | Pre-Modification | Post - Modification | |||||||||||||||||||||||
30-Sep-13 | (In Millions) | ||||||||||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||||||||||
Agricultural mortgage loans | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||
Commercial mortgage loans | 2 | 126 | 135 | ||||||||||||||||||||||
Total | 2 | $ | 126 | $ | 135 | ||||||||||||||||||||
Allowance For Credit Losses On Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Allowance for credit losses: | (In Millions) | ||||||||||||||||||||||||
Beginning balance, January 1, | $ | 34 | $ | 32 | |||||||||||||||||||||
Charge-offs | 0 | -20 | |||||||||||||||||||||||
Recoveries | -2 | -1 | |||||||||||||||||||||||
Provision | 5 | 24 | |||||||||||||||||||||||
Ending balance, September 30, | $ | 37 | $ | 35 | |||||||||||||||||||||
Ending balance, September 30,: | |||||||||||||||||||||||||
Individually Evaluated for Impairment | $ | 37 | $ | 35 | |||||||||||||||||||||
Debt Service Coverage Ratio [Table Text Block] | ' | ||||||||||||||||||||||||
Mortgage Loans by Loan-to-Value and Debt Service Coverage Ratios | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Debt Service Coverage Ratio | |||||||||||||||||||||||||
Less | Total | ||||||||||||||||||||||||
Greater | 1.8x to | 1.5x to | 1.2x to | 1.0x to | than | Mortgage | |||||||||||||||||||
Loan-to-Value Ratio:(2) | than 2.0x | 2.0x | 1.8x | 1.5x | 1.2x | 1.0x | Loans | ||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Commercial Mortgage Loans(1) | |||||||||||||||||||||||||
0% - 50% | $ | 285 | $ | 0 | $ | 0 | $ | 0 | $ | 36 | $ | 0 | $ | 321 | |||||||||||
50% - 70% | 451 | 325 | 652 | 457 | 88 | 0 | 1,973 | ||||||||||||||||||
70% - 90% | 117 | 0 | 244 | 557 | 127 | 197 | 1,242 | ||||||||||||||||||
90% plus | 135 | 0 | 0 | 0 | 46 | 48 | 229 | ||||||||||||||||||
Total Commercial | |||||||||||||||||||||||||
Mortgage Loans | $ | 988 | $ | 325 | $ | 896 | $ | 1,014 | $ | 297 | $ | 245 | $ | 3,765 | |||||||||||
Agricultural Mortgage Loans(1) | |||||||||||||||||||||||||
0% - 50% | $ | 188 | $ | 81 | $ | 220 | $ | 395 | $ | 206 | $ | 45 | $ | 1,135 | |||||||||||
50% - 70% | 122 | 47 | 190 | 172 | 143 | 42 | 716 | ||||||||||||||||||
70% - 90% | 0 | 0 | 0 | 1 | 0 | 0 | 1 | ||||||||||||||||||
90% plus | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Total Agricultural | |||||||||||||||||||||||||
Mortgage Loans | $ | 310 | $ | 128 | $ | 410 | $ | 568 | $ | 349 | $ | 87 | $ | 1,852 | |||||||||||
Total Mortgage Loans(1) | |||||||||||||||||||||||||
0% - 50% | $ | 473 | $ | 81 | $ | 220 | $ | 395 | $ | 242 | $ | 45 | $ | 1,456 | |||||||||||
50% - 70% | 573 | 372 | 842 | 629 | 231 | 42 | 2,689 | ||||||||||||||||||
70% - 90% | 117 | 0 | 244 | 558 | 127 | 197 | 1,243 | ||||||||||||||||||
90% plus | 135 | 0 | 0 | 0 | 46 | 48 | 229 | ||||||||||||||||||
Total Mortgage Loans | $ | 1,298 | $ | 453 | $ | 1,306 | $ | 1,582 | $ | 646 | $ | 332 | $ | 5,617 | |||||||||||
Mortgage Loans by Loan-to-Value and Debt Service Coverage Ratios | |||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Debt Service Coverage Ratio | |||||||||||||||||||||||||
Less | Total | ||||||||||||||||||||||||
Greater | 1.8x to | 1.5x to | 1.2x to | 1.0x to | than | Mortgage | |||||||||||||||||||
Loan-to-Value Ratio:(2) | than 2.0x | 2.0x | 1.8x | 1.5x | 1.2x | 1.0x | Loans | ||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Commercial Mortgage Loans(1) | |||||||||||||||||||||||||
0% - 50% | $ | 269 | $ | 21 | $ | 0 | $ | 0 | $ | 27 | $ | 0 | $ | 317 | |||||||||||
50% - 70% | 370 | 75 | 619 | 655 | 0 | 0 | 1,719 | ||||||||||||||||||
70% - 90% | 61 | 102 | 235 | 445 | 131 | 15 | 989 | ||||||||||||||||||
90% plus | 0 | 0 | 0 | 156 | 89 | 165 | 410 | ||||||||||||||||||
Total Commercial | |||||||||||||||||||||||||
Mortgage Loans | $ | 700 | $ | 198 | $ | 854 | $ | 1,256 | $ | 247 | $ | 180 | $ | 3,435 | |||||||||||
Agricultural Mortgage Loans(1) | |||||||||||||||||||||||||
0% - 50% | $ | 179 | $ | 84 | $ | 211 | $ | 308 | $ | 177 | $ | 49 | $ | 1,008 | |||||||||||
50% - 70% | 122 | 29 | 136 | 188 | 116 | 50 | 641 | ||||||||||||||||||
70% - 90% | 0 | 0 | 0 | 1 | 0 | 8 | 9 | ||||||||||||||||||
90% plus | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Total Agricultural | |||||||||||||||||||||||||
Mortgage Loans | $ | 301 | $ | 113 | $ | 347 | $ | 497 | $ | 293 | $ | 107 | $ | 1,658 | |||||||||||
Total Mortgage Loans(1) | |||||||||||||||||||||||||
0% - 50% | $ | 448 | $ | 105 | $ | 211 | $ | 308 | $ | 204 | $ | 49 | $ | 1,325 | |||||||||||
50% - 70% | 492 | 104 | 755 | 843 | 116 | 50 | 2,360 | ||||||||||||||||||
70% - 90% | 61 | 102 | 235 | 446 | 131 | 23 | 998 | ||||||||||||||||||
90% plus | 0 | 0 | 0 | 156 | 89 | 165 | 410 | ||||||||||||||||||
Total Mortgage Loans | $ | 1,001 | $ | 311 | $ | 1,201 | $ | 1,753 | $ | 540 | $ | 287 | $ | 5,093 | |||||||||||
Age Analysis Of Past Due Mortgage Loans [Table Text Block] | ' | ||||||||||||||||||||||||
Age Analysis of Past Due Mortgage Loans | |||||||||||||||||||||||||
Recorded | |||||||||||||||||||||||||
Investment | |||||||||||||||||||||||||
90 | Total | > 90 Days | |||||||||||||||||||||||
30-59 | 60-89 | Days | Financing | and | |||||||||||||||||||||
Days | Days | or > | Total | Current | Receivables | Accruing | |||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Commercial | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 3,765 | $ | 3,765 | $ | 0 | |||||||||||
Agricultural | 4 | 12 | 11 | 27 | 1,825 | 1,852 | 11 | ||||||||||||||||||
Total Mortgage Loans | $ | 4 | $ | 12 | $ | 11 | $ | 27 | $ | 5,590 | $ | 5,617 | $ | 11 | |||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Commercial | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 3,435 | $ | 3,435 | $ | 0 | |||||||||||
Agricultural | 6 | 1 | 10 | 17 | 1,641 | 1,658 | 9 | ||||||||||||||||||
Total Mortgage Loans | $ | 6 | $ | 1 | $ | 10 | $ | 17 | $ | 5,076 | $ | 5,093 | $ | 9 | |||||||||||
Impaired Mortgage Loans [Table Text Block] | ' | ||||||||||||||||||||||||
Impaired Mortgage Loans | |||||||||||||||||||||||||
Unpaid | Average | Interest | |||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Income | |||||||||||||||||||||
Investment | Balance | Allowance | Investment(1) | Recognized | |||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
September 30, 2013: | |||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Commercial mortgage loans - other | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||
Agricultural mortgage loans | 0 | 0 | 0 | 1 | 0 | ||||||||||||||||||||
Total | $ | 0 | $ | 0 | $ | 0 | $ | 1 | $ | 0 | |||||||||||||||
With related allowance recorded: | |||||||||||||||||||||||||
Commercial mortgage loans - other | $ | 136 | $ | 136 | $ | -37 | $ | 140 | $ | 4 | |||||||||||||||
Agricultural mortgage loans | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Total | $ | 136 | $ | 136 | $ | -37 | $ | 140 | $ | 4 | |||||||||||||||
December 31, 2012: | |||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Commercial mortgage loans - other | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||
Agricultural mortgage loans | 2 | 2 | 0 | 3 | 0 | ||||||||||||||||||||
Total | $ | 2 | $ | 2 | $ | 0 | $ | 3 | $ | 0 | |||||||||||||||
With related allowance recorded: | |||||||||||||||||||||||||
Commercial mortgage loans - other | $ | 170 | $ | 170 | $ | -34 | $ | 178 | $ | 10 | |||||||||||||||
Agricultural mortgage loans | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Total | $ | 170 | $ | 170 | $ | -34 | $ | 178 | $ | 10 | |||||||||||||||
Schedule Of Derivative Instruments [Text Block] | ' | ||||||||||||||||||||||||
Derivative Instruments by Category | |||||||||||||||||||||||||
Gains (Losses) | |||||||||||||||||||||||||
At September 30, 2013 | Reported In Net | ||||||||||||||||||||||||
Fair Value | Earnings (Loss) | ||||||||||||||||||||||||
Notional | Asset | Liability | Nine Months Ended | ||||||||||||||||||||||
Amount | Derivatives | Derivatives | 30-Sep-13 | ||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Freestanding derivatives: | |||||||||||||||||||||||||
Equity contracts:(1) | |||||||||||||||||||||||||
Futures | $ | 5,370 | $ | 1 | $ | 0 | $ | -1,001 | |||||||||||||||||
Swaps | 1,234 | 6 | 84 | -219 | |||||||||||||||||||||
Options | 5,314 | 802 | 443 | 235 | |||||||||||||||||||||
Interest rate contracts:(1) | |||||||||||||||||||||||||
Floors | 2,400 | 214 | 0 | -7 | |||||||||||||||||||||
Swaps | 10,716 | 275 | 143 | -821 | |||||||||||||||||||||
Futures | 10,027 | 0 | 0 | -252 | |||||||||||||||||||||
Swaptions | 0 | 0 | 0 | -154 | |||||||||||||||||||||
Credit contracts:(1) | |||||||||||||||||||||||||
Credit default swaps | 350 | 8 | 2 | 1 | |||||||||||||||||||||
Other freestanding contracts:(1) | |||||||||||||||||||||||||
Foreign currency contracts | 109 | 1 | 1 | -2 | |||||||||||||||||||||
Net investment income (loss) | -2,220 | ||||||||||||||||||||||||
Embedded derivatives: | |||||||||||||||||||||||||
GMIB reinsurance contracts | 0 | 7,508 | 0 | -3,536 | |||||||||||||||||||||
GIB and GWBL and other features(2) | 0 | 0 | 72 | 193 | |||||||||||||||||||||
SCS, SIO, MSO and IUL indexed features(3) | 0 | 0 | 256 | -291 | |||||||||||||||||||||
Total, September 30, 2013 | $ | 35,520 | $ | 8,815 | $ | 1,001 | $ | -5,854 | |||||||||||||||||
Gains (Losses) | |||||||||||||||||||||||||
At December 31, 2012 | Reported In Net | ||||||||||||||||||||||||
Fair Value | Earnings (Loss) | ||||||||||||||||||||||||
Notional | Asset | Liability | Nine Months Ended | ||||||||||||||||||||||
Amount | Derivatives | Derivatives | 30-Sep-12 | ||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Freestanding derivatives: | |||||||||||||||||||||||||
Equity contracts:(1) | |||||||||||||||||||||||||
Futures | $ | 6,189 | $ | 0 | $ | 2 | $ | -948 | |||||||||||||||||
Swaps | 965 | 2 | 56 | -243 | |||||||||||||||||||||
Options | 3,492 | 443 | 219 | 55 | |||||||||||||||||||||
Interest rate contracts:(1) | |||||||||||||||||||||||||
Floors | 2,700 | 291 | 0 | 68 | |||||||||||||||||||||
Swaps | 18,239 | 554 | 353 | 411 | |||||||||||||||||||||
Futures | 14,033 | 0 | 0 | 132 | |||||||||||||||||||||
Swaptions | 7,608 | 502 | 0 | -60 | |||||||||||||||||||||
Other freestanding contracts:(1) | |||||||||||||||||||||||||
Foreign currency contracts | 81 | 1 | 0 | 0 | |||||||||||||||||||||
Net investment income (loss) | -585 | ||||||||||||||||||||||||
Embedded derivatives: | |||||||||||||||||||||||||
GMIB reinsurance contracts | 0 | 11,044 | 0 | 678 | |||||||||||||||||||||
GIB and GWBL and other features(2) | 0 | 0 | 265 | 4 | |||||||||||||||||||||
Total | $ | 53,307 | $ | 12,837 | $ | 895 | $ | 97 | |||||||||||||||||
Offsetting Assets And Liabilities [Table Text Block] | ' | ||||||||||||||||||||||||
Offsetting of Financial Assets and Liabilities and Derivative Instruments | |||||||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||||||
Gross | |||||||||||||||||||||||||
Gross | Amounts | Net Amounts | |||||||||||||||||||||||
Amounts | Offset in the | Presented in the | |||||||||||||||||||||||
Recognized | Balance Sheets | Balance Sheets | |||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
ASSETS(1) | |||||||||||||||||||||||||
Description | |||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||
Equity contracts | $ | 807 | $ | 526 | $ | 281 | |||||||||||||||||||
Interest rate contracts | 417 | 143 | 274 | ||||||||||||||||||||||
Credit contracts | 7 | 2 | 5 | ||||||||||||||||||||||
Total Derivatives, subject to an ISDA Master Agreement | 1,231 | 671 | 560 | ||||||||||||||||||||||
Total Derivatives, not subject to an ISDA Master Agreement | 71 | 0 | 71 | ||||||||||||||||||||||
Total Derivatives | 1,302 | 671 | 631 | ||||||||||||||||||||||
Other financial instruments | 776 | 0 | 776 | ||||||||||||||||||||||
Other invested assets | $ | 2,078 | $ | 671 | $ | 1,407 | |||||||||||||||||||
LIABILITIES(2) | |||||||||||||||||||||||||
Description | |||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||
Equity contracts | $ | 526 | $ | 526 | $ | 0 | |||||||||||||||||||
Interest rate contracts | 143 | 143 | 0 | ||||||||||||||||||||||
Credit contracts | 2 | 2 | 0 | ||||||||||||||||||||||
Total Derivatives, subject to an ISDA Master Agreement | 671 | 671 | 0 | ||||||||||||||||||||||
Total Derivatives, not subject to an ISDA Master Agreement | 0 | 0 | 0 | ||||||||||||||||||||||
Total Derivatives | 671 | 671 | 0 | ||||||||||||||||||||||
Other financial liabilities | 2,906 | 0 | 2,906 | ||||||||||||||||||||||
Other liabilities | $ | 3,577 | $ | 671 | $ | 2,906 | |||||||||||||||||||
Offsetting of Financial Assets and Liabilities and Derivative Instruments | |||||||||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||
Gross | |||||||||||||||||||||||||
Gross | Amounts | Net Amounts | |||||||||||||||||||||||
Amounts | Offset in the | Presented in the | |||||||||||||||||||||||
Recognized | Balance Sheets | Balance Sheets | |||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
ASSETS(1) | |||||||||||||||||||||||||
Description | |||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||
Equity contracts | $ | 444 | $ | 272 | $ | 172 | |||||||||||||||||||
Interest rate contracts | 1,251 | 351 | 900 | ||||||||||||||||||||||
Total Derivatives, subject to an ISDA Master Agreement | 1,695 | 623 | 1,072 | ||||||||||||||||||||||
Total Derivatives, not subject to an ISDA Master Agreement | 96 | 0 | 96 | ||||||||||||||||||||||
Total Derivatives | 1,791 | 623 | 1,168 | ||||||||||||||||||||||
Other financial instruments | 660 | 0 | 660 | ||||||||||||||||||||||
Other invested assets | $ | 2,451 | $ | 623 | $ | 1,828 | |||||||||||||||||||
LIABILITIES(2) | |||||||||||||||||||||||||
Description | |||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||
Equity contracts | $ | 272 | $ | 272 | $ | 0 | |||||||||||||||||||
Interest rate contracts | 351 | 351 | 0 | ||||||||||||||||||||||
Total Derivatives, subject to an ISDA Master Agreement | 623 | 623 | 0 | ||||||||||||||||||||||
Total Derivatives, not subject to an ISDA Master Agreement | 0 | 0 | 0 | ||||||||||||||||||||||
Total Derivatives | 623 | 623 | 0 | ||||||||||||||||||||||
Other financial liabilities | 3,503 | 0 | 3,503 | ||||||||||||||||||||||
Other liabilities | $ | 4,126 | $ | 623 | $ | 3,503 | |||||||||||||||||||
Collateral Arrangements By Counterparty Not Offset In Consolidated Balancesheets [Table Text Block] | ' | ||||||||||||||||||||||||
Gross Collateral Amounts Not Offset in the Consolidated Balance Sheets | |||||||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||||||
Net Amounts | Collateral (Received)/Held | ||||||||||||||||||||||||
Presented in the | Financial | Net | |||||||||||||||||||||||
Balance Sheets | Instruments | Cash | Amounts | ||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Counterparty A | $ | 48 | $ | 0 | $ | -46 | $ | 2 | |||||||||||||||||
Counterparty B | 22 | 0 | -22 | 0 | |||||||||||||||||||||
Counterparty C | 75 | 0 | -75 | 0 | |||||||||||||||||||||
Counterparty D | 193 | 0 | -191 | 2 | |||||||||||||||||||||
Counterparty E | 16 | 0 | -16 | 0 | |||||||||||||||||||||
Counterparty F | -15 | 0 | 15 | 0 | |||||||||||||||||||||
Counterparty G | 103 | 0 | -103 | 0 | |||||||||||||||||||||
Counterparty H | -5 | 0 | 5 | 0 | |||||||||||||||||||||
Counterparty I | 48 | 0 | -48 | 0 | |||||||||||||||||||||
Counterparty J | -11 | 0 | 11 | 0 | |||||||||||||||||||||
Counterparty K | 17 | 0 | -17 | 0 | |||||||||||||||||||||
Counterparty L | 62 | 0 | -62 | 0 | |||||||||||||||||||||
Counterparty M | 6 | 0 | -6 | 0 | |||||||||||||||||||||
Counterparty N | 71 | 0 | 0 | 71 | |||||||||||||||||||||
Counterparty O | 1 | 0 | 0 | 1 | |||||||||||||||||||||
Total Derivatives | $ | 631 | $ | 0 | $ | -555 | $ | 76 | |||||||||||||||||
Other financial instruments | 776 | 0 | 0 | 776 | |||||||||||||||||||||
Other invested assets | $ | 1,407 | $ | 0 | $ | -555 | $ | 852 | |||||||||||||||||
Gross Collateral Amounts Not Offset in the Consolidated Balance Sheets | |||||||||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||
Net Amounts | Collateral (Received)/Held | ||||||||||||||||||||||||
Presented in the | Financial | Net | |||||||||||||||||||||||
Balance Sheets | Instruments | Cash | Amounts | ||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Counterparty A | $ | 30 | $ | 0 | $ | -30 | $ | 0 | |||||||||||||||||
Counterparty B | 32 | 0 | -29 | 3 | |||||||||||||||||||||
Counterparty C | 55 | 0 | -55 | 0 | |||||||||||||||||||||
Counterparty D | 310 | 0 | -310 | 0 | |||||||||||||||||||||
Counterparty E | 38 | 0 | -38 | 0 | |||||||||||||||||||||
Counterparty F | 326 | 0 | -326 | 0 | |||||||||||||||||||||
Counterparty G | 55 | 0 | -55 | 0 | |||||||||||||||||||||
Counterparty H | -5 | 0 | 5 | 0 | |||||||||||||||||||||
Counterparty I | 98 | 0 | -98 | 0 | |||||||||||||||||||||
Counterparty J | 19 | 0 | -19 | 0 | |||||||||||||||||||||
Counterparty K | 15 | 0 | -3 | 12 | |||||||||||||||||||||
Counterparty L | 48 | -46 | 0 | 2 | |||||||||||||||||||||
Counterparty M | 51 | 0 | -51 | 0 | |||||||||||||||||||||
Counterparty N | 96 | 0 | 0 | 96 | |||||||||||||||||||||
Total Derivatives | $ | 1,168 | $ | -46 | $ | -1,009 | $ | 113 | |||||||||||||||||
Other financial instruments | 660 | 0 | 0 | 660 | |||||||||||||||||||||
Other invested assets | $ | 1,828 | $ | -46 | $ | -1,009 | $ | 773 |
CLOSED_BLOCKS_TABLES
CLOSED BLOCKS (TABLES) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Closed Block Assets And Liabilities Tables [Abstract] | ' | |||||||||||||||
Schedule Of Closed Block Assets And Liabilities | ' | |||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
(In Millions) | ||||||||||||||||
CLOSED BLOCK LIABILITIES: | ||||||||||||||||
Future policy benefits, policyholders’ account balances and other | $ | 7,753 | $ | 7,942 | ||||||||||||
Policyholder dividend obligation | 162 | 373 | ||||||||||||||
Other liabilities | 110 | 192 | ||||||||||||||
Total Closed Block liabilities | 8,025 | 8,507 | ||||||||||||||
ASSETS DESIGNATED TO THE CLOSED BLOCK: | ||||||||||||||||
Fixed maturities, available for sale, at fair value (amortized cost of $4,962 and $5,245) | 5,239 | 5,741 | ||||||||||||||
Mortgage loans on real estate | 1,294 | 1,255 | ||||||||||||||
Policy loans | 958 | 1,026 | ||||||||||||||
Cash and other invested assets | 113 | 30 | ||||||||||||||
Other assets | 189 | 204 | ||||||||||||||
Total assets designated to the Closed Block | 7,793 | 8,256 | ||||||||||||||
Excess of Closed Block liabilities over assets designated to the Closed Block | 232 | 251 | ||||||||||||||
Amounts included in accumulated other comprehensive income (loss): | ||||||||||||||||
Net unrealized investment gains (losses), net of deferred income tax (expense) benefit | ||||||||||||||||
of $(44) and $(47) and policyholder dividend obligation of $(162) and $(373) | 82 | 87 | ||||||||||||||
Maximum Future Earnings To Be Recognized From Closed Block Assets and Liabilities | $ | 314 | $ | 338 | ||||||||||||
Closed Block Operations Net Results [Abstract] | ' | |||||||||||||||
Schedule Of Closed Block Revenue And Expenses [Table Text Block] | ' | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(In Millions) | ||||||||||||||||
REVENUES: | ||||||||||||||||
Premiums and other income | $ | 66 | $ | 74 | $ | 214 | $ | 234 | ||||||||
Net investment income (loss) | 97 | 104 | 306 | 316 | ||||||||||||
Net investment gains (losses) | 1 | 1 | -7 | -9 | ||||||||||||
Total revenues | 164 | 179 | 513 | 541 | ||||||||||||
BENEFITS AND OTHER DEDUCTIONS: | ||||||||||||||||
Policyholders’ benefits and dividends | 150 | 179 | 475 | 564 | ||||||||||||
Other operating costs and expenses | 0 | 0 | 1 | 0 | ||||||||||||
Total benefits and other deductions | 150 | 179 | 476 | 564 | ||||||||||||
Net revenues before income taxes | 14 | 0 | 37 | -23 | ||||||||||||
Income tax (expense) benefit | -5 | 0 | -13 | 8 | ||||||||||||
Net Revenues (Losses) | $ | 9 | $ | 0 | $ | 24 | $ | -15 | ||||||||
Closed Block Dividend Obligation [Table Text Block] | ' | |||||||||||||||
Nine Months Ended | ||||||||||||||||
September 30, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(In Millions) | ||||||||||||||||
Balances, beginning of year | $ | 373 | $ | 260 | ||||||||||||
Unrealized investment gains (losses) | -211 | 117 | ||||||||||||||
Balances, End of Period | $ | 162 | $ | 377 |
GMDB_GMIB_GWBL_AND_NO_LAPSE_GU1
GMDB, GMIB, GWBL AND NO LAPSE GUARANTEE FEATURES (TABLES) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Variable Annuity Contracts GMDB GMIB And GWBL Tables [Abstract] | ' | |||||||||||||||||
Variable Annuity Contracts- GMDB GMIB [Table Text Block] | ' | |||||||||||||||||
GMDB | GMIB | Total | ||||||||||||||||
(In Millions) | ||||||||||||||||||
Balance at January 1, 2013 | $ | 1,772 | $ | 4,561 | $ | 6,333 | ||||||||||||
Paid guarantee benefits | -128 | -55 | -183 | |||||||||||||||
Other changes in reserve | 168 | 17 | 185 | |||||||||||||||
Balance at September 30, 2013 | $ | 1,812 | $ | 4,523 | $ | 6,335 | ||||||||||||
Balance at January 1, 2012 | $ | 1,593 | $ | 4,130 | $ | 5,723 | ||||||||||||
Paid guarantee benefits | -180 | -58 | -238 | |||||||||||||||
Other changes in reserve | 290 | 403 | 693 | |||||||||||||||
Balance at September 30, 2012 | $ | 1,703 | $ | 4,475 | $ | 6,178 | ||||||||||||
Guaranteed Minimum Death Benefit Reinsurance Ceded [Table Text Block] | ' | |||||||||||||||||
Nine Months Ended | ||||||||||||||||||
September 30, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
(In Millions) | ||||||||||||||||||
Balance, beginning of year | $ | 844 | $ | 716 | ||||||||||||||
Paid guarantee benefits | -83 | -78 | ||||||||||||||||
Other changes in reserve | 134 | 163 | ||||||||||||||||
Balance, End of Period | $ | 895 | $ | 801 | ||||||||||||||
Schedule Of Net Amount Of Risk By Product And Guarantee [Text Block] | ' | |||||||||||||||||
Return | ||||||||||||||||||
of | ||||||||||||||||||
Premium | Ratchet | Roll-Up | Combo | Total | ||||||||||||||
(Dollars In Millions) | ||||||||||||||||||
GMDB: | ||||||||||||||||||
Account values invested in: | ||||||||||||||||||
General Account | $ | 13,022 | $ | 241 | $ | 95 | $ | 435 | $ | 13,793 | ||||||||
Separate Accounts | $ | 34,734 | $ | 8,200 | $ | 3,944 | $ | 37,516 | $ | 84,394 | ||||||||
Net amount at risk, gross | $ | 350 | $ | 293 | $ | 2,383 | $ | 12,320 | $ | 15,346 | ||||||||
Net amount at risk, net of | ||||||||||||||||||
amounts reinsured | $ | 350 | $ | 183 | $ | 1,592 | $ | 4,706 | $ | 6,831 | ||||||||
Average attained age | ||||||||||||||||||
of contractholders | 50.8 | 64.4 | 70 | 65 | 54.8 | |||||||||||||
Percentage of contractholders | ||||||||||||||||||
over age 70 | 8.50% | 31.60% | 52.20% | 32.80% | 15.50% | |||||||||||||
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 | $ | 40 | $ | 464 | $ | 504 | ||||||||||
Separate Accounts | N/A | N/A | $ | 2,823 | $ | 49,350 | $ | 52,173 | ||||||||||
Net amount at risk, gross | N/A | N/A | $ | 1,074 | $ | 2,432 | $ | 3,506 | ||||||||||
Net amount at risk, net of | ||||||||||||||||||
amounts reinsured | N/A | N/A | $ | 322 | $ | 567 | $ | 889 | ||||||||||
Weighted average years remaining | ||||||||||||||||||
until annuitization | N/A | N/A | 0.6 | 3.8 | 3.6 | |||||||||||||
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 [Text Block] | ' | |||||||||||||||||
Investment in Variable Insurance Trust Mutual Funds | ||||||||||||||||||
September 30, | December 31, | |||||||||||||||||
2013 | 2012 | |||||||||||||||||
(In Millions) | ||||||||||||||||||
GMDB: | ||||||||||||||||||
Equity | $ | 60,936 | $ | 52,633 | ||||||||||||||
Fixed income | 3,542 | 3,748 | ||||||||||||||||
Balanced | 19,396 | 19,102 | ||||||||||||||||
Other | 520 | 543 | ||||||||||||||||
Total | $ | 84,394 | $ | 76,026 | ||||||||||||||
GMIB: | ||||||||||||||||||
Equity | $ | 37,090 | $ | 33,361 | ||||||||||||||
Fixed income | 2,187 | 2,335 | ||||||||||||||||
Balanced | 12,649 | 12,906 | ||||||||||||||||
Other | 247 | 264 | ||||||||||||||||
Total | $ | 52,173 | $ | 48,866 | ||||||||||||||
Schedule Of Variable and Interest-Sensitive Life Insurance Policies - No Lapse Guarantee Table [Text Block] | ' | |||||||||||||||||
Direct | Reinsurance | |||||||||||||||||
Liability | Ceded | Net | ||||||||||||||||
(In Millions) | ||||||||||||||||||
Balance at January 1, 2013 | $ | 556 | $ | -310 | $ | 246 | ||||||||||||
Other changes in reserves | 186 | -111 | 75 | |||||||||||||||
Balance at September 30, 2013 | $ | 742 | $ | -421 | $ | 321 | ||||||||||||
Balance at January 1, 2012 | $ | 470 | $ | -262 | $ | 208 | ||||||||||||
Other changes in reserves | 71 | -32 | 39 | |||||||||||||||
Balance at September 30, 2012 | $ | 541 | $ | -294 | $ | 247 |
FAIR_VALUE_DISCLOSURES_TABLES
FAIR VALUE DISCLOSURES (TABLES) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Fair Value Disclosures Tables [Abstract] | ' | |||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | |||||||||||||||||||||||
Fair Value Measurements at September 30, 2013 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Investments: | ||||||||||||||||||||||||
Fixed maturities, available-for-sale: | ||||||||||||||||||||||||
Corporate | $ | 6 | $ | 22,146 | $ | 254 | $ | 22,406 | ||||||||||||||||
U.S. Treasury, government and agency | 0 | 3,963 | 0 | 3,963 | ||||||||||||||||||||
States and political subdivisions | 0 | 437 | 47 | 484 | ||||||||||||||||||||
Foreign governments | 0 | 440 | 19 | 459 | ||||||||||||||||||||
Commercial mortgage-backed | 0 | 16 | 684 | 700 | ||||||||||||||||||||
Residential mortgage-backed(1) | 0 | 1,003 | 5 | 1,008 | ||||||||||||||||||||
Asset-backed(2) | 0 | 56 | 89 | 145 | ||||||||||||||||||||
Redeemable preferred stock | 227 | 731 | 15 | 973 | ||||||||||||||||||||
Subtotal | 233 | 28,792 | 1,113 | 30,138 | ||||||||||||||||||||
Other equity investments | 129 | 0 | 60 | 189 | ||||||||||||||||||||
Trading securities | 403 | 3,219 | 0 | 3,622 | ||||||||||||||||||||
Other invested assets: | ||||||||||||||||||||||||
Short-term investments | 0 | 98 | 0 | 98 | ||||||||||||||||||||
Swaps | 0 | 53 | 0 | 53 | ||||||||||||||||||||
Credit Default Swaps | 0 | 5 | 0 | 5 | ||||||||||||||||||||
Options | 0 | 359 | 0 | 359 | ||||||||||||||||||||
Floors | 0 | 214 | 0 | 214 | ||||||||||||||||||||
Subtotal | 0 | 729 | 0 | 729 | ||||||||||||||||||||
Cash equivalents | 1,701 | 0 | 0 | 1,701 | ||||||||||||||||||||
Segregated securities | 0 | 834 | 0 | 834 | ||||||||||||||||||||
GMIB reinsurance contracts | 0 | 0 | 7,508 | 7,508 | ||||||||||||||||||||
Separate Accounts' assets | 101,580 | 2,750 | 220 | 104,550 | ||||||||||||||||||||
Total Assets | $ | 104,046 | $ | 36,324 | $ | 8,901 | $ | 149,271 | ||||||||||||||||
Liabilities | ||||||||||||||||||||||||
GWBL and other features' liability | $ | 0 | $ | 0 | $ | 72 | $ | 72 | ||||||||||||||||
SCS, SIO, MSO and IUL indexed features' liability | 0 | 256 | 0 | 256 | ||||||||||||||||||||
Total Liabilities | $ | 0 | $ | 256 | $ | 72 | $ | 328 | ||||||||||||||||
Fair Value Measurements at December 31, 2012 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Investments: | ||||||||||||||||||||||||
Fixed maturities, available-for-sale: | ||||||||||||||||||||||||
Corporate | $ | 6 | $ | 22,837 | $ | 355 | $ | 23,198 | ||||||||||||||||
U.S. Treasury, government and agency | 0 | 5,180 | 0 | 5,180 | ||||||||||||||||||||
States and political subdivisions | 0 | 480 | 50 | 530 | ||||||||||||||||||||
Foreign governments | 0 | 511 | 19 | 530 | ||||||||||||||||||||
Commercial mortgage-backed | 0 | 0 | 900 | 900 | ||||||||||||||||||||
Residential mortgage-backed(1) | 0 | 1,940 | 9 | 1,949 | ||||||||||||||||||||
Asset-backed(2) | 0 | 69 | 113 | 182 | ||||||||||||||||||||
Redeemable preferred stock | 242 | 881 | 15 | 1,138 | ||||||||||||||||||||
Subtotal | 248 | 31,898 | 1,461 | 33,607 | ||||||||||||||||||||
Other equity investments | 78 | 0 | 77 | 155 | ||||||||||||||||||||
Trading securities | 446 | 1,863 | 0 | 2,309 | ||||||||||||||||||||
Other invested assets: | ||||||||||||||||||||||||
Short-term investments | 0 | 98 | 0 | 98 | ||||||||||||||||||||
Swaps | 0 | 148 | 0 | 148 | ||||||||||||||||||||
Futures | -2 | 0 | 0 | -2 | ||||||||||||||||||||
Options | 0 | 224 | 0 | 224 | ||||||||||||||||||||
Floors | 0 | 291 | 0 | 291 | ||||||||||||||||||||
Swaptions | 0 | 502 | 0 | 502 | ||||||||||||||||||||
Subtotal | -2 | 1,263 | 0 | 1,261 | ||||||||||||||||||||
Cash equivalents | 2,289 | 0 | 0 | 2,289 | ||||||||||||||||||||
Segregated securities | 0 | 1,551 | 0 | 1,551 | ||||||||||||||||||||
GMIB reinsurance contracts | 0 | 0 | 11,044 | 11,044 | ||||||||||||||||||||
Separate Accounts' assets | 90,751 | 2,775 | 224 | 93,750 | ||||||||||||||||||||
Total Assets | $ | 93,810 | $ | 39,350 | $ | 12,806 | $ | 145,966 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
GWBL and other features' liability | $ | 0 | $ | 0 | $ | 265 | $ | 265 | ||||||||||||||||
Total Liabilities | $ | 0 | $ | 0 | $ | 265 | $ | 265 | ||||||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Text Block] | ' | |||||||||||||||||||||||
Level 3 Instruments | ||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||
State and | ||||||||||||||||||||||||
Political | Commercial | Residential | ||||||||||||||||||||||
Sub- | Foreign | Mortgage- | Mortgage- | Asset- | ||||||||||||||||||||
Corporate | divisions | Govts | backed | backed | backed | |||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Balance, July 1, 2013 | $ | 219 | $ | 49 | $ | 17 | $ | 780 | $ | 6 | $ | 101 | ||||||||||||
Total gains (losses), realized and | ||||||||||||||||||||||||
unrealized, included in: | ||||||||||||||||||||||||
Earnings (loss) as: | ||||||||||||||||||||||||
Net investment income (loss) | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Investment gains (losses), net | 2 | 0 | 0 | 2 | 0 | 0 | ||||||||||||||||||
Subtotal | 2 | 0 | 0 | 2 | 0 | 0 | ||||||||||||||||||
Other comprehensive income (loss) | 2 | -2 | 2 | 25 | 0 | 1 | ||||||||||||||||||
Purchases | 21 | 0 | 0 | 31 | 0 | 0 | ||||||||||||||||||
Issues | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Sales | -5 | 0 | 0 | -154 | -1 | -3 | ||||||||||||||||||
Settlements | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Transfers into Level 3(1) | 15 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Transfers out of Level 3(1) | 0 | 0 | 0 | 0 | 0 | -10 | ||||||||||||||||||
Balance, September 30, 2013 | $ | 254 | $ | 47 | $ | 19 | $ | 684 | $ | 5 | $ | 89 | ||||||||||||
Balance, July 1, 2012 | $ | 383 | $ | 52 | $ | 0 | $ | 906 | $ | 11 | $ | 139 | ||||||||||||
Total gains (losses), realized and | ||||||||||||||||||||||||
unrealized, included in: | ||||||||||||||||||||||||
Earnings (loss) as: | ||||||||||||||||||||||||
Net investment income (loss) | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Investment gains (losses), net | 2 | 0 | 0 | -14 | 0 | 0 | ||||||||||||||||||
Subtotal | 2 | 0 | 0 | -14 | 0 | 0 | ||||||||||||||||||
Other comprehensive income (loss) | 12 | 0 | 1 | 24 | 0 | 2 | ||||||||||||||||||
Purchases | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Issues | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Sales | -17 | -1 | 0 | -3 | -1 | -6 | ||||||||||||||||||
Settlements | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Transfers into Level 3(1) | 5 | 0 | 19 | 0 | 0 | 0 | ||||||||||||||||||
Transfers out of Level 3(1) | -20 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Balance, September 30, 2012 | $ | 365 | $ | 51 | $ | 20 | $ | 913 | $ | 10 | $ | 135 | ||||||||||||
State and | ||||||||||||||||||||||||
Political | Commercial | Residential | ||||||||||||||||||||||
Sub- | Foreign | Mortgage- | Mortgage- | Asset- | ||||||||||||||||||||
Corporate | divisions | Govts | backed | backed | backed | |||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Balance, January 1, 2013 | $ | 355 | $ | 50 | $ | 19 | $ | 900 | $ | 9 | $ | 113 | ||||||||||||
Total gains (losses), realized and | ||||||||||||||||||||||||
unrealized, included in: | ||||||||||||||||||||||||
Earnings (loss) as: | ||||||||||||||||||||||||
Net investment income (loss) | 1 | 0 | 0 | -1 | 0 | 0 | ||||||||||||||||||
Investment gains (losses), net | 3 | 0 | 0 | -54 | 0 | 0 | ||||||||||||||||||
Subtotal | 4 | 0 | 0 | -55 | 0 | 0 | ||||||||||||||||||
Other comprehensive income (loss) | 3 | -2 | 0 | -16 | 0 | 1 | ||||||||||||||||||
Purchases | 21 | 0 | 0 | 31 | 0 | 0 | ||||||||||||||||||
Issues | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Sales | -144 | -1 | 0 | -158 | -4 | -14 | ||||||||||||||||||
Settlements | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Transfers into Level 3(1) | 20 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Transfers out of Level 3(1) | -5 | 0 | 0 | -18 | 0 | -11 | ||||||||||||||||||
Balance, September 30, 2013 | $ | 254 | $ | 47 | $ | 19 | $ | 684 | $ | 5 | $ | 89 | ||||||||||||
Balance, January 1, 2012 | $ | 432 | $ | 53 | $ | 22 | $ | 902 | $ | 14 | $ | 172 | ||||||||||||
Total gains (losses), realized and | ||||||||||||||||||||||||
unrealized, included in: | ||||||||||||||||||||||||
Earnings (loss) as: | ||||||||||||||||||||||||
Net investment income (loss) | 0 | 0 | 0 | 1 | 0 | 0 | ||||||||||||||||||
Investment gains (losses), net | 2 | 0 | 0 | -69 | 0 | 0 | ||||||||||||||||||
Subtotal | 2 | 0 | 0 | -68 | 0 | 0 | ||||||||||||||||||
Other comprehensive income (loss) | 13 | -1 | 1 | 103 | 0 | 2 | ||||||||||||||||||
Purchases | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Issues | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Sales | -37 | -1 | 0 | -24 | -4 | -19 | ||||||||||||||||||
Settlements | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Transfers into Level 3(1) | 12 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Transfers out of Level 3(1) | -57 | 0 | -3 | 0 | 0 | -20 | ||||||||||||||||||
Balance, September 30, 2012 | $ | 365 | $ | 51 | $ | 20 | $ | 913 | $ | 10 | $ | 135 | ||||||||||||
Redeem- | GWBL | |||||||||||||||||||||||
able | Other | Other | GMIB | Separate | and Other | |||||||||||||||||||
Preferred | Equity | Invested | Reinsurance | Accounts | Features' | |||||||||||||||||||
Stock | Investments(1) | Assets | Asset | Assets | Liability | |||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Balance, July 1, 2013 | $ | 15 | $ | 61 | $ | 0 | $ | 8,707 | $ | 216 | $ | 130 | ||||||||||||
Total gains (losses), realized and | ||||||||||||||||||||||||
unrealized, included in: | ||||||||||||||||||||||||
Earnings (loss) as: | ||||||||||||||||||||||||
Net investment income (loss) | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Investment gains (losses), net | 0 | 0 | 0 | 0 | 1 | 0 | ||||||||||||||||||
Increase (decrease) in the fair value | ||||||||||||||||||||||||
of the reinsurance contract asset | 0 | 0 | 0 | -1,252 | 0 | 0 | ||||||||||||||||||
Policyholders' benefits | 0 | 0 | 0 | 0 | 0 | -81 | ||||||||||||||||||
Subtotal | 0 | 0 | 0 | -1,252 | 1 | -81 | ||||||||||||||||||
Other comprehensive income (loss) | 0 | -1 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Purchases | 0 | 0 | 0 | 62 | 1 | 23 | ||||||||||||||||||
Issues | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Sales | 0 | 0 | 0 | -9 | 0 | 0 | ||||||||||||||||||
Settlements | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Transfers into Level 3(2) | 0 | 0 | 0 | 0 | 2 | 0 | ||||||||||||||||||
Transfers out of Level 3(2) | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Balance, September 30, 2013 | $ | 15 | $ | 60 | $ | 0 | $ | 7,508 | $ | 220 | $ | 72 | ||||||||||||
Balance, July 1, 2012 | $ | 15 | $ | 58 | $ | 0 | $ | 11,381 | $ | 222 | $ | 334 | ||||||||||||
Total gains (losses), realized and | ||||||||||||||||||||||||
unrealized, included in: | ||||||||||||||||||||||||
Earnings (loss) as: | ||||||||||||||||||||||||
Net investment income (loss) | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Investment gains (losses), net | 0 | 0 | 0 | 0 | 6 | 0 | ||||||||||||||||||
Increase (decrease) in the fair value | ||||||||||||||||||||||||
of the reinsurance contract asset | 0 | 0 | 0 | -201 | 0 | 0 | ||||||||||||||||||
Policyholders' benefits | 0 | 0 | 0 | 0 | 0 | -61 | ||||||||||||||||||
Subtotal | 0 | 0 | 0 | -201 | 6 | -61 | ||||||||||||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Purchases | 0 | 0 | 0 | 61 | 3 | 14 | ||||||||||||||||||
Issues | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Sales | 0 | 0 | 0 | -16 | -2 | 0 | ||||||||||||||||||
Settlements | 0 | 0 | 0 | 0 | -1 | 0 | ||||||||||||||||||
Transfers into Level 3(2) | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Transfers out of Level 3(2) | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Balance, September 30, 2012 | $ | 15 | $ | 58 | $ | 0 | $ | 11,225 | $ | 228 | $ | 287 | ||||||||||||
Redeem- | GWBL | |||||||||||||||||||||||
able | Other | Other | GMIB | Separate | and Other | |||||||||||||||||||
Preferred | Equity | Invested | Reinsurance | Accounts | Features' | |||||||||||||||||||
Stock | Investments(1) | Assets | Asset | Assets | Liability | |||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Balance, January 1, 2013 | $ | 15 | $ | 77 | $ | 0 | $ | 11,044 | $ | 224 | $ | 265 | ||||||||||||
Total gains (losses), realized and | ||||||||||||||||||||||||
unrealized, included in: | ||||||||||||||||||||||||
Earnings (loss) as: | ||||||||||||||||||||||||
Net investment income (loss) | 0 | 9 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Investment gains (losses), net | 0 | -7 | 0 | 0 | -4 | 0 | ||||||||||||||||||
Increase (decrease) in the fair value | ||||||||||||||||||||||||
of the reinsurance contracts | 0 | 0 | 0 | -3,689 | 0 | 0 | ||||||||||||||||||
Policyholders' benefits | 0 | 0 | 0 | 0 | 0 | -252 | ||||||||||||||||||
Subtotal | 0 | 2 | 0 | -3,689 | -4 | -252 | ||||||||||||||||||
Other comprehensive income (loss) | 0 | 1 | 0 | 0 | -1 | 0 | ||||||||||||||||||
Purchases | 0 | 2 | 0 | 183 | 1 | 59 | ||||||||||||||||||
Issues | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Sales | 0 | -3 | 0 | -30 | -2 | 0 | ||||||||||||||||||
Settlements | 0 | 0 | 0 | 0 | -1 | 0 | ||||||||||||||||||
Transfers into Level 3(2) | 0 | 0 | 0 | 0 | 3 | 0 | ||||||||||||||||||
Transfers out of Level 3(2) | 0 | -19 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Balance, September 30, 2013 | $ | 15 | $ | 60 | $ | 0 | $ | 7,508 | $ | 220 | $ | 72 | ||||||||||||
Balance, January 1, 2012 | $ | 14 | $ | 77 | $ | -2 | $ | 10,547 | $ | 215 | $ | 291 | ||||||||||||
Total gains (losses), realized and | ||||||||||||||||||||||||
unrealized, included in: | ||||||||||||||||||||||||
Earnings (loss) as: | ||||||||||||||||||||||||
Net investment income (loss) | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Investment gains (losses), net | 0 | 0 | 0 | 0 | 9 | 0 | ||||||||||||||||||
Increase (decrease) in the fair value | ||||||||||||||||||||||||
of the reinsurance contracts | 0 | 0 | 0 | 542 | 0 | 0 | ||||||||||||||||||
Policyholders' benefits | 0 | 0 | 0 | 0 | 0 | -40 | ||||||||||||||||||
Subtotal | 0 | 0 | 0 | 542 | 9 | -40 | ||||||||||||||||||
Other comprehensive income (loss) | 1 | -19 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Purchases | 0 | 0 | 0 | 182 | 8 | 36 | ||||||||||||||||||
Issues | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Sales | 0 | 0 | 0 | -46 | -2 | 0 | ||||||||||||||||||
Settlements | 0 | 0 | 0 | 0 | -2 | 0 | ||||||||||||||||||
Transfers into Level 3(2) | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Transfers out of Level 3(2) | 0 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||
Balance, September 30, 2012 | $ | 15 | $ | 58 | $ | 0 | $ | 11,225 | $ | 228 | $ | 287 | ||||||||||||
Fair Value Assets Unrealized Gains Losses By Category For Level 3 Assets And Liabilities Still Held [Table Text Block] | ' | |||||||||||||||||||||||
Earnings (Loss) | ||||||||||||||||||||||||
Increase | ||||||||||||||||||||||||
Net | Investment | (Decrease) in the | ||||||||||||||||||||||
Investment | Gains | Fair Value of the | Policy- | |||||||||||||||||||||
Income | (Losses), | Reinsurance | holders' | |||||||||||||||||||||
(Loss) | Net | Contract Asset | OCI | Benefits | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Level 3 Instruments | ||||||||||||||||||||||||
Third Quarter 2013 | ||||||||||||||||||||||||
Held at September 30, 2013: | ||||||||||||||||||||||||
Change in unrealized gains (losses): | ||||||||||||||||||||||||
Fixed maturities, available-for-sale: | ||||||||||||||||||||||||
Corporate | $ | 0 | $ | 0 | $ | 0 | $ | 1 | $ | 0 | ||||||||||||||
State and political subdivisions | 0 | 0 | 0 | -1 | 0 | |||||||||||||||||||
Foreign governments | 0 | 0 | 0 | 2 | 0 | |||||||||||||||||||
Commercial mortgage-backed | 0 | 0 | 0 | 27 | 0 | |||||||||||||||||||
Asset-backed | 0 | 0 | 0 | 1 | 0 | |||||||||||||||||||
Other fixed maturities, available-for-sale | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Subtotal | $ | 0 | $ | 0 | $ | 0 | $ | 30 | $ | 0 | ||||||||||||||
Other equity investments | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
GMIB reinsurance contracts | 0 | 0 | -1,199 | 0 | 0 | |||||||||||||||||||
Separate Accounts’ assets | 0 | 1 | 0 | 0 | 0 | |||||||||||||||||||
GWBL and other features’ liability | 0 | 0 | 0 | 0 | 58 | |||||||||||||||||||
Total | $ | 0 | $ | 1 | $ | -1,199 | $ | 30 | $ | 58 | ||||||||||||||
Level 3 Instruments | ||||||||||||||||||||||||
Third Quarter 2012 | ||||||||||||||||||||||||
Held at September 30, 2012: | ||||||||||||||||||||||||
Change in unrealized gains (losses): | ||||||||||||||||||||||||
Fixed maturities, available-for-sale: | ||||||||||||||||||||||||
Corporate | $ | 0 | $ | 0 | $ | 0 | $ | 13 | $ | 0 | ||||||||||||||
Commercial mortgage-backed | 0 | 0 | 0 | 24 | 0 | |||||||||||||||||||
Asset-backed | 0 | 0 | 0 | 2 | 0 | |||||||||||||||||||
Other fixed maturities, available-for-sale | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Subtotal | $ | 0 | $ | 0 | $ | 0 | $ | 39 | $ | 0 | ||||||||||||||
Other equity investments | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
GMIB reinsurance contracts | 0 | 0 | -156 | 0 | 0 | |||||||||||||||||||
Separate Accounts’ assets | 0 | 6 | 0 | 0 | 0 | |||||||||||||||||||
GWBL and other features’ liability | 0 | 0 | 0 | 0 | 47 | |||||||||||||||||||
Total | $ | 0 | $ | 6 | $ | -156 | $ | 39 | $ | 47 | ||||||||||||||
Earnings (Loss) | ||||||||||||||||||||||||
Increase | ||||||||||||||||||||||||
Net | Investment | (Decrease) in | ||||||||||||||||||||||
Investment | Gains | Fair Value of | Policy- | |||||||||||||||||||||
Income | (Losses), | Reinsurance | holders' | |||||||||||||||||||||
(Loss) | Net | Contracts | OCI | Benefits | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Level 3 Instruments | ||||||||||||||||||||||||
First Nine Months of 2013 | ||||||||||||||||||||||||
Held at September 30, 2013: | ||||||||||||||||||||||||
Change in unrealized gains (losses): | ||||||||||||||||||||||||
Fixed maturities, available-for-sale: | ||||||||||||||||||||||||
Corporate | $ | 0 | $ | 0 | $ | 0 | $ | 2 | $ | 0 | ||||||||||||||
Commercial mortgage-backed | 0 | 0 | 0 | -29 | 0 | |||||||||||||||||||
Asset-backed | 0 | 0 | 0 | 2 | 0 | |||||||||||||||||||
State and Political Subs | 0 | 0 | 0 | -2 | 0 | |||||||||||||||||||
Other fixed maturities, available-for-sale | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Subtotal | $ | 0 | $ | 0 | $ | 0 | $ | -27 | $ | 0 | ||||||||||||||
Other equity investments | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
GMIB reinsurance contracts | 0 | 0 | -3,536 | 0 | 0 | |||||||||||||||||||
Separate Accounts’ assets | 0 | -4 | 0 | 0 | 0 | |||||||||||||||||||
GWBL and other features’ liability | 0 | 0 | 0 | 0 | 193 | |||||||||||||||||||
Total | $ | 0 | $ | -4 | $ | -3,536 | $ | -27 | $ | 193 | ||||||||||||||
Level 3 Instruments | ||||||||||||||||||||||||
First Nine Months of 2012 | ||||||||||||||||||||||||
Held at September 30, 2012: | ||||||||||||||||||||||||
Change in unrealized gains (losses): | ||||||||||||||||||||||||
Fixed maturities, available-for-sale: | ||||||||||||||||||||||||
Corporate | $ | 0 | $ | 0 | $ | 0 | $ | 13 | $ | 0 | ||||||||||||||
Commercial mortgage-backed | 0 | 0 | 0 | 102 | 0 | |||||||||||||||||||
Asset-backed | 0 | 0 | 0 | 2 | 0 | |||||||||||||||||||
Other fixed maturities, available-for-sale | 0 | 0 | 0 | 2 | 0 | |||||||||||||||||||
Subtotal | $ | 0 | $ | 0 | $ | 0 | $ | 119 | $ | 0 | ||||||||||||||
Other equity investments | 0 | 0 | 0 | -19 | 0 | |||||||||||||||||||
GMIB reinsurance contracts | 0 | 0 | 678 | 0 | 0 | |||||||||||||||||||
Separate Accounts’ assets | 0 | 9 | 0 | 0 | 0 | |||||||||||||||||||
GWBL and other features’ liability | 0 | 0 | 0 | 0 | 4 | |||||||||||||||||||
Total | $ | 0 | $ | 9 | $ | 678 | $ | 100 | $ | 4 | ||||||||||||||
Fair Value Inputs Quantitative Information [Table Text Block] | ' | |||||||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||
Fair | Valuation | Significant | ||||||||||||||||||||||
Value | Technique | Unobservable Input | Range | |||||||||||||||||||||
Assets: | (In Millions) | |||||||||||||||||||||||
Investments: | ||||||||||||||||||||||||
Fixed maturities, available-for-sale: | ||||||||||||||||||||||||
Corporate | $ | 69 | Matrix pricing model | Spread over the industry-specific | ||||||||||||||||||||
benchmark yield curve | 125 bps - 550 bps | |||||||||||||||||||||||
Residential mortgage-backed | 1 | Matrix pricing model | Spread over U.S. Treasury curve | 45 bps | ||||||||||||||||||||
Asset-backed | 7 | Matrix pricing model | Spread over U.S. Treasury curve | 30 bps - 687 bps | ||||||||||||||||||||
Other equity investments | 25 | Market comparable | Revenue multiple | 0.7x - 55.8x | ||||||||||||||||||||
companies | R&D multiple | 1.1x - 27.1x | ||||||||||||||||||||||
Discount rate | 18.00% | |||||||||||||||||||||||
Discount years | 1.3 | |||||||||||||||||||||||
Discount for lack of marketability | ||||||||||||||||||||||||
and risk factors | 50% - 60% | |||||||||||||||||||||||
Separate Accounts' assets | 200 | Third party appraisal | Capitalization rate | 5.40% | ||||||||||||||||||||
Exit capitalization rate | 6.40% | |||||||||||||||||||||||
Discount rate | 7.50% | |||||||||||||||||||||||
13 | Discounted cash flow | Spread over U.S. Treasury curve | 266 bps - 365 bps | |||||||||||||||||||||
Inflation rate | 2.0% - 3.0% | |||||||||||||||||||||||
Discount factor | 1.0% - 5.7% | |||||||||||||||||||||||
GMIB reinsurance contracts | 7,508 | Discounted Cash flow | Lapse Rates | 1.5% - 8.0% | ||||||||||||||||||||
Withdrawal Rates | 0.2% - 8.0% | |||||||||||||||||||||||
GMIB Utilization Rates | 0.0% - 15.0% | |||||||||||||||||||||||
Non-performance risk | 9 bps - 34 bps | |||||||||||||||||||||||
Volatility rates - Equity | 21.0% - 34.0% | |||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
GMWB/GWBL(1) | $ | 72 | Discounted Cash flow | Lapse Rates | 1.0% - 8.0% | |||||||||||||||||||
Withdrawal Rates | 0.0% - 7.0% | |||||||||||||||||||||||
Volatility rates - Equity | 21.0% - 34.0% | |||||||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||
Fair | Valuation | Significant | ||||||||||||||||||||||
Value | Technique | Unobservable Input | Range | |||||||||||||||||||||
Assets: | (In Millions) | |||||||||||||||||||||||
Investments: | ||||||||||||||||||||||||
Fixed maturities, available-for-sale: | ||||||||||||||||||||||||
Corporate | $ | 94 | Matrix pricing model | Spread over the industry-specific | ||||||||||||||||||||
benchmark yield curve | 125 bps - 650 bps | |||||||||||||||||||||||
Commercial mortgage-backed | 889 | Discounted Cash flow | Constant default rate | 3.0% - 25.0% | ||||||||||||||||||||
Probability of default | 55.00% | |||||||||||||||||||||||
Loss severity | 49.00% | |||||||||||||||||||||||
Discount rate | 3.72% - 13.42% | |||||||||||||||||||||||
Residential mortgage-backed | 1 | Matrix pricing model | Spread over U.S. Treasury curve | 46 bps | ||||||||||||||||||||
Asset-backed | 8 | Matrix pricing model | Spread over U.S. Treasury curve | 30 bps - 695 bps | ||||||||||||||||||||
Other equity investments | 38 | Market comparable | Revenue multiple | 0.6x - 62.5x | ||||||||||||||||||||
companies | R&D multiple | 1.0x - 30.6x | ||||||||||||||||||||||
Discount rate | 18.00% | |||||||||||||||||||||||
Discount years | 2-Jan | |||||||||||||||||||||||
Discount for lack of marketability | ||||||||||||||||||||||||
and risk factors | 40.0% - 60.0% | |||||||||||||||||||||||
Separate Accounts' assets | 194 | Third party appraisal | Capitalization rate | 5.50% | ||||||||||||||||||||
Exit capitalization rate | 6.60% | |||||||||||||||||||||||
Discount rate | 7.70% | |||||||||||||||||||||||
22 | Discounted cash flow | Spread over U.S. Treasury curve | 275 bps - 586 bps | |||||||||||||||||||||
Inflation rate | 2.0% - 3.0% | |||||||||||||||||||||||
Discount factor | 1.0% - 2.0% | |||||||||||||||||||||||
GMIB reinsurance contracts | 11,044 | Discounted Cash flow | Lapse Rates | 1.5% - 8.0% | ||||||||||||||||||||
Withdrawal Rates | 0.2% - 8.0% | |||||||||||||||||||||||
GMIB Utilization Rates | 0.0% - 15.0% | |||||||||||||||||||||||
Non-performance risk | 13 bps - 45 bps | |||||||||||||||||||||||
Volatility rates - Equity | 24.0%- 36.0% | |||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
GMWB/GWBL(1) | $ | 205 | Discounted Cash flow | Lapse Rates | 1.0% - 8.0% | |||||||||||||||||||
Withdrawal Rates | 0.0% - 7.0% | |||||||||||||||||||||||
Volatility rates - Equity | 24.0% - 36.0% | |||||||||||||||||||||||
Fair Value Disclosure Financial Instruments Not Carried At Fair Value [Table Text Block] | ' | |||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||
Carrying | Fair Value | |||||||||||||||||||||||
Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Consolidated: | ||||||||||||||||||||||||
Mortgage loans on real estate | $ | 5,581 | $ | 0 | $ | 0 | $ | 5,667 | $ | 5,667 | ||||||||||||||
Other limited partnership interests | 1,633 | 0 | 0 | 1,633 | 1,633 | |||||||||||||||||||
Loans to affiliates | 1,091 | 0 | 799 | 400 | 1,199 | |||||||||||||||||||
Policyholders' account balances: Investment contracts | 2,454 | 0 | 0 | 2,534 | 2,534 | |||||||||||||||||||
Long-term debt | 200 | 0 | 227 | 0 | 227 | |||||||||||||||||||
Loans from affiliates | 825 | 0 | 968 | 0 | 968 | |||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||
Carrying | Fair Value | |||||||||||||||||||||||
Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Consolidated: | ||||||||||||||||||||||||
Mortgage loans on real estate | $ | 5,059 | $ | 0 | $ | 0 | $ | 5,249 | $ | 5,249 | ||||||||||||||
Other limited partnership interests | 1,514 | 0 | 0 | 1,514 | 1,514 | |||||||||||||||||||
Loans to affiliates | 1,037 | 0 | 784 | 402 | 1,186 | |||||||||||||||||||
Policyholders' account balances: Investment contracts | 2,494 | 0 | 0 | 2,682 | 2,682 | |||||||||||||||||||
Long-term debt | 200 | 0 | 236 | 0 | 236 | |||||||||||||||||||
Loans from affiliates | 1,325 | 0 | 1,676 | 0 | 1,676 |
EMPLOYEE_BENEFIT_PLANS_TABLES
EMPLOYEE BENEFIT PLANS (TABLES) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Employee Benefit Plans [Abstract] | ' | ||||||||||||
Employee Benefit Plans Net Periodic Pension Expense [Table Text Block] | ' | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
(In Millions) | |||||||||||||
Net Periodic Pension Expense: | |||||||||||||
(Qualified Plans) | |||||||||||||
Service cost | $ | 9 | $ | 8 | $ | 31 | $ | 30 | |||||
Interest cost | 23 | 28 | 70 | 81 | |||||||||
Expected return on assets | -39 | -40 | -116 | -109 | |||||||||
Net amortization | 42 | 41 | 124 | 123 | |||||||||
Actuarial (gain) loss | - | - | 1 | - | |||||||||
Curtailment | 3 | - | 3 | - | |||||||||
Net Periodic Pension Expense | $ | 38 | $ | 37 | $ | 113 | $ | 125 |
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (TABLES) | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Comprehensive Income Note Tables [Abstract] | ' | ||||||||||||||
Schedule Of Accumulated Other Comprehensive Income Loss [Table Text Block] | ' | ||||||||||||||
September 30, | |||||||||||||||
2013 | 2012 | ||||||||||||||
(In Millions) | |||||||||||||||
Unrealized gains (losses) on investments | $ | 246 | $ | 1,462 | |||||||||||
Defined benefit pension plans | -813 | -1,162 | |||||||||||||
Total accumulated other comprehensive income (loss) | -567 | 300 | |||||||||||||
Less: Accumulated other comprehensive (income) loss attributable to noncontrolling interest | 25 | 9 | |||||||||||||
Accumulated Other Comprehensive Income (Loss) Attributable to AXA Equitable | $ | -542 | $ | 309 | |||||||||||
Schedule Of Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(In Millions) | |||||||||||||||
Net unrealized gains (losses) on investments: | |||||||||||||||
Net unrealized gains (losses) arising during the period | $ | -250 | $ | 509 | $ | -2,101 | $ | 1,111 | |||||||
(Gains) losses reclassified into net earnings (loss) during the period(1) | -12 | 11 | 20 | 67 | |||||||||||
Net unrealized gains (losses) on investments | -262 | 520 | -2,081 | 1,178 | |||||||||||
Adjustments for policyholders' liabilities, DAC, deferred income taxes | |||||||||||||||
and insurance liability loss recognition | 133 | -262 | 975 | -488 | |||||||||||
Change in unrealized gains (losses), net of adjustments | -129 | 258 | -1,106 | 690 | |||||||||||
Change in defined benefit plans: | |||||||||||||||
Net gain (loss) arising during the period | 159 | -28 | 159 | -80 | |||||||||||
Less: reclassification adjustments to net earnings (loss) for:(2) | |||||||||||||||
Amortization of net actuarial (gains) losses included in | |||||||||||||||
net periodic cost | 29 | - | 84 | - | |||||||||||
Change in defined benefit plans(3) | 188 | -28 | 243 | -80 | |||||||||||
Total other comprehensive income (loss), net of income taxes | 59 | 230 | -863 | 610 | |||||||||||
Less: Other comprehensive (income) loss attributable | |||||||||||||||
to noncontrolling interest | -5 | -5 | 4 | -4 | |||||||||||
Other Comprehensive Income (Loss) Attributable to AXA Equitable | $ | 54 | $ | 225 | $ | -859 | $ | 606 |
SEGMENT_INFORMATION_TABLES
SEGMENT INFORMATION (TABLES) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Segment Information Tables [Abstract] | ' | |||||||||||||
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | ' | |||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(In Millions) | ||||||||||||||
Segment revenues: | ||||||||||||||
Insurance | $ | 137 | $ | 1,026 | $ | -371 | $ | 5,235 | ||||||
Investment Management(1) | 703 | 707 | 2,150 | 2,033 | ||||||||||
Consolidation/elimination | -6 | -5 | -16 | -17 | ||||||||||
Total Revenues | $ | 834 | $ | 1,728 | $ | 1,763 | $ | 7,251 | ||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | ' | |||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(In Millions) | ||||||||||||||
Segment earnings (loss) from continuing operations, | ||||||||||||||
before income taxes: | ||||||||||||||
Insurance | $ | -1,480 | $ | -519 | $ | -4,814 | $ | 563 | ||||||
Investment Management(2) | 106 | -60 | 368 | 119 | ||||||||||
Consolidation/elimination | 0 | 1 | -1 | 0 | ||||||||||
Total Earnings (Loss) from Continuing Operations, | ||||||||||||||
before income taxes | $ | -1,374 | $ | -578 | $ | -4,447 | $ | 682 | ||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | ' | |||||||||||||
September 30, | December 31, | |||||||||||||
2013 | 2012 | |||||||||||||
(In Millions) | ||||||||||||||
Segment assets: | ||||||||||||||
Insurance | $ | 168,793 | $ | 164,201 | ||||||||||
Investment Management | 11,648 | 12,647 | ||||||||||||
Consolidation/elimination | -5 | -5 | ||||||||||||
Total Assets | $ | 180,436 | $ | 176,843 |
ORGANIZATIONS_DETAILS
ORGANIZATIONS (DETAILS) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
AXA Equitable [Member] | ' | ' |
Economic Interest In Subsidiary | 37.30% | 39.50% |
Parent Company [Member] | ' | ' |
Economic Interest In Subsidiary | 64.60% | 65.50% |
INVESTMENTS_AVAILABLE_FOR_SALE
INVESTMENTS (AVAILABLE FOR SALE SECURITIES) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | $29,360 | ' | $29,360 | ' | $30,743 |
Gross Unrealized Gains | ' | ' | 1,735 | ' | 3,216 |
Gross Unrealized Losses | ' | ' | 928 | ' | 328 |
Fair Value | 30,167 | ' | 30,167 | ' | 33,631 |
OTTI in AOCI (3) | 28 | ' | 28 | ' | 18 |
Available For Sale Securities Debt Maturities Amortized Cost [Abstract] | ' | ' | ' | ' | ' |
Available For Sale Securities Debt Maturities Within One Year Amortized Cost | 1,429 | ' | 1,429 | ' | ' |
Available-for-sale Securities, Debt Maturities, after One Through Five Years, Amortized Cost Basis | 7,819 | ' | 7,819 | ' | ' |
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Amortized Cost Basis | 9,954 | ' | 9,954 | ' | ' |
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 7,071 | ' | 7,071 | ' | ' |
Available For Sale Securities Debt Maturities Single Maturity Date Amortized Cost Basis | 26,273 | ' | 26,273 | ' | ' |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis | 28,373 | ' | 28,373 | ' | ' |
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract] | ' | ' | ' | ' | ' |
Available-for-sale Securities, Debt Maturities, within One Year, Fair Value | 1,457 | ' | 1,457 | ' | ' |
Available-for-sale Securities, Debt Maturities, after One Through Five Years, Fair Value | 8,469 | ' | 8,469 | ' | ' |
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Fair Value | 10,340 | ' | 10,340 | ' | ' |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 7,046 | ' | 7,046 | ' | ' |
Available For Sale Securities Debt Maturities Single Maturity Date | 27,312 | ' | 27,312 | ' | ' |
Available For Sale Securities, Debt Maturities, Fair Value | 29,165 | ' | 29,165 | ' | ' |
Fixed Maturities - Credit Loss Impairments | ' | ' | ' | ' | ' |
Balances at beginning of period | -407 | -369 | -372 | -332 | -332 |
Previously recognized impairments on securities that matured, paid, prepaid or sold | 9 | 16 | 23 | 31 | ' |
Impairments recognized this period on securities not previously impaired | 0 | -13 | -49 | -33 | ' |
Additional impairments this period on securities previously impaired | 0 | 0 | 0 | -32 | ' |
Balances at end of period | -398 | -366 | -398 | -366 | -372 |
Available For Sale Fixed Maturities Proceeds Gross Gains And Gross Losses From Sales And Other Than Temporary Impairments [Abstract] | ' | ' | ' | ' | ' |
Proceeds From Sale Of Available For Sale Securities | 1,327 | 54 | 2,499 | 82 | ' |
Available For Sale Securities Gross Realized Gains | 36 | 1 | 57 | 4 | ' |
Available For Sale Securities Gross Realized Losses | -30 | -2 | -31 | -11 | ' |
Total other-than-temporary impairment losses | 0 | -13 | -64 | -66 | ' |
Portion of loss recognized in other comprehensive income (loss) | 0 | 0 | 15 | 1 | ' |
Credit losses recognized in earnings (loss) | 0 | -13 | -49 | -65 | ' |
Corporate Debt Securities [Member] | ' | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 21,108 | ' | 21,108 | ' | 20,854 |
Gross Unrealized Gains | ' | ' | 1,486 | ' | 2,364 |
Gross Unrealized Losses | ' | ' | 188 | ' | 20 |
Fair Value | 22,406 | ' | 22,406 | ' | 23,198 |
OTTI in AOCI (3) | 0 | ' | 0 | ' | 0 |
US Treasury and Government [Member] | ' | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 4,310 | ' | 4,310 | ' | 4,664 |
Gross Unrealized Gains | ' | ' | 42 | ' | 517 |
Gross Unrealized Losses | ' | ' | 389 | ' | 1 |
Fair Value | 3,963 | ' | 3,963 | ' | 5,180 |
OTTI in AOCI (3) | 0 | ' | 0 | ' | 0 |
US States and Political Subdivisions Debt Securities [Member] | ' | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 444 | ' | 444 | ' | 445 |
Gross Unrealized Gains | ' | ' | 42 | ' | 85 |
Gross Unrealized Losses | ' | ' | 2 | ' | 0 |
Fair Value | 484 | ' | 484 | ' | 530 |
OTTI in AOCI (3) | 0 | ' | 0 | ' | 0 |
Foreign Government Debt Securities [Member] | ' | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 411 | ' | 411 | ' | 454 |
Gross Unrealized Gains | ' | ' | 51 | ' | 76 |
Gross Unrealized Losses | ' | ' | 3 | ' | 0 |
Fair Value | 459 | ' | 459 | ' | 530 |
OTTI in AOCI (3) | 0 | ' | 0 | ' | 0 |
Commercial Mortgage Backed Securities [Member] | ' | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 991 | ' | 991 | ' | 1,175 |
Gross Unrealized Gains | ' | ' | 9 | ' | 16 |
Gross Unrealized Losses | ' | ' | 300 | ' | 291 |
Fair Value | 700 | ' | 700 | ' | 900 |
OTTI in AOCI (3) | 24 | ' | 24 | ' | 13 |
Available For Sale Securities Debt Maturities Amortized Cost [Abstract] | ' | ' | ' | ' | ' |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Amortized Cost Basis | 991 | ' | 991 | ' | ' |
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract] | ' | ' | ' | ' | ' |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value | 700 | ' | 700 | ' | ' |
Residential Mortgage Backed Securities [Member] | ' | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 969 | ' | 969 | ' | 1,864 |
Gross Unrealized Gains | ' | ' | 40 | ' | 85 |
Gross Unrealized Losses | ' | ' | 1 | ' | 0 |
Fair Value | 1,008 | ' | 1,008 | ' | 1,949 |
OTTI in AOCI (3) | 0 | ' | 0 | ' | 0 |
Available For Sale Securities Debt Maturities Amortized Cost [Abstract] | ' | ' | ' | ' | ' |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Amortized Cost Basis | 969 | ' | 969 | ' | ' |
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract] | ' | ' | ' | ' | ' |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value | 1,008 | ' | 1,008 | ' | ' |
Asset-backed Securities [Member] | ' | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 140 | ' | 140 | ' | 175 |
Gross Unrealized Gains | ' | ' | 9 | ' | 12 |
Gross Unrealized Losses | ' | ' | 4 | ' | 5 |
Fair Value | 145 | ' | 145 | ' | 182 |
OTTI in AOCI (3) | 4 | ' | 4 | ' | 5 |
Available For Sale Securities Debt Maturities Amortized Cost [Abstract] | ' | ' | ' | ' | ' |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Amortized Cost Basis | 140 | ' | 140 | ' | ' |
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract] | ' | ' | ' | ' | ' |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value | 145 | ' | 145 | ' | ' |
Redeemable Preferred Stock [Member] | ' | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 958 | ' | 958 | ' | 1,089 |
Gross Unrealized Gains | ' | ' | 56 | ' | 60 |
Gross Unrealized Losses | ' | ' | 41 | ' | 11 |
Fair Value | 973 | ' | 973 | ' | 1,138 |
OTTI in AOCI (3) | 0 | ' | 0 | ' | 0 |
Fixed Maturities [Member] | ' | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 29,331 | ' | 29,331 | ' | 30,720 |
Gross Unrealized Gains | ' | ' | 1,735 | ' | 3,215 |
Gross Unrealized Losses | ' | ' | 928 | ' | 328 |
Fair Value | 30,138 | ' | 30,138 | ' | 33,607 |
OTTI in AOCI (3) | 28 | ' | 28 | ' | 18 |
Equity Securities [Member] | ' | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 29 | ' | 29 | ' | 23 |
Gross Unrealized Gains | ' | ' | 0 | ' | 1 |
Gross Unrealized Losses | ' | ' | 0 | ' | 0 |
Fair Value | 29 | ' | 29 | ' | 24 |
OTTI in AOCI (3) | 0 | ' | 0 | ' | 0 |
Trading Fixed Maturities [Member] | ' | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 186 | ' | 186 | ' | 194 |
Gross Unrealized Gains | ' | ' | 1 | ' | 12 |
Gross Unrealized Losses | ' | ' | 8 | ' | 4 |
Fair Value | $179 | ' | $179 | ' | $202 |
INVESTMENTS_NET_UNREALIZED_INV
INVESTMENTS (NET UNREALIZED INVESTMENTS) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
Net Unrealized Gains (Losses) On Investments [Member] | Net Unrealized Gains (Losses) On Investments [Member] | Net Unrealized Gains (Losses) On Investments [Member] | Net Unrealized Gains (Losses) On Investments [Member] | Net Unrealized Gains (Losses) On Investments [Member] | Net Unrealized Gains (Losses) On Investments [Member] | Net Unrealized Gains (Losses) On Investments [Member] | Net Unrealized Gains (Losses) On Investments [Member] | Net Unrealized Gains (Losses) On Investments [Member] | Net Unrealized Gains (Losses) On Investments [Member] | DAC [Member] | DAC [Member] | DAC [Member] | DAC [Member] | DAC [Member] | DAC [Member] | DAC [Member] | DAC [Member] | Policyholders Liabilities [Member] | Policyholders Liabilities [Member] | Policyholders Liabilities [Member] | Policyholders Liabilities [Member] | Policyholders Liabilities [Member] | Policyholders Liabilities [Member] | Policyholders Liabilities [Member] | Policyholders Liabilities [Member] | Deferred Income Tax Asset Liability [Member] | Deferred Income Tax Asset Liability [Member] | Deferred Income Tax Asset Liability [Member] | Deferred Income Tax Asset Liability [Member] | Deferred Income Tax Asset Liability [Member] | Deferred Income Tax Asset Liability [Member] | Deferred Income Tax Asset Liability [Member] | Deferred Income Tax Asset Liability [Member] | AOCI Gain Losses Related to Net Unrealized Investment Gains Losses [Member] | AOCI Gain Losses Related to Net Unrealized Investment Gains Losses [Member] | AOCI Gain Losses Related to Net Unrealized Investment Gains Losses [Member] | AOCI Gain Losses Related to Net Unrealized Investment Gains Losses [Member] | AOCI Gain Losses Related to Net Unrealized Investment Gains Losses [Member] | AOCI Gain Losses Related to Net Unrealized Investment Gains Losses [Member] | AOCI Gain Losses Related to Net Unrealized Investment Gains Losses [Member] | AOCI Gain Losses Related to Net Unrealized Investment Gains Losses [Member] | Fixed Maturities [Member] | Fixed Maturities [Member] | Fixed Maturities [Member] | Fixed Maturities [Member] | Equity Securities [Member] | Equity Securities [Member] | |||||
Unrealized Investment Gains Losses With Otti Losses [Member] | Unrealized Investment Gains Losses With Otti Losses [Member] | Unrealized Investment Gains Losses With Otti Losses [Member] | Unrealized Investment Gains Losses With Otti Losses [Member] | Unrealized Investment Gains Losses All Other [Member] | Unrealized Investment Gains Losses All Other [Member] | Unrealized Investment Gains Losses All Other [Member] | Unrealized Investment Gains Losses All Other [Member] | Unrealized Investment Gains Losses With Otti Losses [Member] | Unrealized Investment Gains Losses With Otti Losses [Member] | Unrealized Investment Gains Losses With Otti Losses [Member] | Unrealized Investment Gains Losses With Otti Losses [Member] | Unrealized Investment Gains Losses All Other [Member] | Unrealized Investment Gains Losses All Other [Member] | Unrealized Investment Gains Losses All Other [Member] | Unrealized Investment Gains Losses All Other [Member] | Unrealized Investment Gains Losses With Otti Losses [Member] | Unrealized Investment Gains Losses With Otti Losses [Member] | Unrealized Investment Gains Losses With Otti Losses [Member] | Unrealized Investment Gains Losses With Otti Losses [Member] | Unrealized Investment Gains Losses All Other [Member] | Unrealized Investment Gains Losses All Other [Member] | Unrealized Investment Gains Losses All Other [Member] | Unrealized Investment Gains Losses All Other [Member] | Unrealized Investment Gains Losses With Otti Losses [Member] | Unrealized Investment Gains Losses With Otti Losses [Member] | Unrealized Investment Gains Losses With Otti Losses [Member] | Unrealized Investment Gains Losses With Otti Losses [Member] | Unrealized Investment Gains Losses All Other [Member] | Unrealized Investment Gains Losses All Other [Member] | Unrealized Investment Gains Losses All Other [Member] | Unrealized Investment Gains Losses All Other [Member] | Unrealized Investment Gains Losses With Otti Losses [Member] | Unrealized Investment Gains Losses With Otti Losses [Member] | Unrealized Investment Gains Losses With Otti Losses [Member] | Unrealized Investment Gains Losses With Otti Losses [Member] | Unrealized Investment Gains Losses All Other [Member] | Unrealized Investment Gains Losses All Other [Member] | Unrealized Investment Gains Losses All Other [Member] | Unrealized Investment Gains Losses All Other [Member] | Net Unrealized Gains (Losses) On Investments [Member] | Net Unrealized Gains (Losses) On Investments [Member] | Net Unrealized Gains (Losses) On Investments [Member] | Net Unrealized Gains (Losses) On Investments [Member] | Net Unrealized Gains (Losses) On Investments [Member] | Net Unrealized Gains (Losses) On Investments [Member] | |||||||
Unrealized Investment Gains Losses With Otti Losses [Member] | Unrealized Investment Gains Losses With Otti Losses [Member] | Unrealized Investment Gains Losses All Other [Member] | Unrealized Investment Gains Losses All Other [Member] | Unrealized Investment Gains Losses All Other [Member] | Unrealized Investment Gains Losses All Other [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning of year | ' | ' | ' | ' | $807 | $2,888 | ($35) | ($14) | ($12) | ($47) | $1,104 | $2,456 | $2,900 | $1,831 | $2 | $1 | $1 | $5 | ($110) | ($172) | ($179) | ($206) | $9 | $3 | $4 | $6 | ($336) | ($402) | ($603) | ($385) | $8 | $3 | $2 | $12 | ($232) | ($659) | ($741) | ($433) | ($16) | ($7) | ($5) | ($24) | $426 | $1,223 | $1,377 | $807 | ($32) | ($12) | $839 | $2,899 | $0 | $1 |
Net unrealized gains (losses) arising during the period | -250 | 509 | -2,101 | 1,111 | ' | ' | 2 | 12 | -11 | 14 | -252 | 497 | -2,090 | 1,097 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 12 | -11 | 14 | -252 | 497 | -2,090 | 1,097 | ' | ' | ' | ' | ' | ' |
Reclassification adjustment for OTTI losses Included in Net earnings (loss) | ' | ' | ' | ' | ' | ' | 1 | 0 | 6 | 32 | -13 | 11 | 14 | 35 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 0 | 6 | 32 | -13 | 11 | 14 | 35 | ' | ' | ' | ' | ' | ' |
Reclassification adjustment for OTTI losses excluded from Net earnings (loss) | ' | ' | ' | ' | ' | ' | 0 | 0 | -15 | -1 | 0 | 0 | 15 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -15 | -1 | 0 | 0 | 15 | 1 | ' | ' | ' | ' | ' | ' |
Impact of net unrealized investment gains (losses) on DAC | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1 | 0 | 0 | -4 | 23 | -12 | 92 | 22 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1 | 0 | 0 | -4 | 23 | -12 | 92 | 22 | ' | ' | ' | ' | ' | ' |
Impact of net unrealized investment gains (losses) on Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1 | -4 | 5 | -13 | 77 | -130 | 586 | -356 | -1 | -4 | 5 | -13 | 77 | -130 | 586 | -356 | ' | ' | ' | ' | ' | ' |
Impact of net unrealized investment gains (losses) on Policyholders liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 0 | 6 | -3 | 25 | -123 | 292 | -140 | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 0 | 6 | -3 | 25 | -123 | 292 | -140 | ' | ' | ' | ' | ' | ' |
Balance, End of Period | $246 | $1,462 | $246 | $1,462 | $807 | $2,888 | ($32) | ($2) | ($32) | ($2) | $839 | $2,964 | $839 | $2,964 | $1 | $1 | $1 | $1 | ($87) | ($184) | ($87) | ($184) | $10 | $3 | $10 | $3 | ($311) | ($525) | ($311) | ($525) | $7 | ($1) | $7 | ($1) | ($155) | ($789) | ($155) | ($789) | ($14) | $1 | ($14) | $1 | $286 | $1,466 | $286 | $1,466 | ($32) | ($12) | $839 | $2,899 | $0 | $1 |
INVESTMENTS_FIXED_MATURITIES_A
INVESTMENTS (FIXED MATURITIES AVAILABLE FOR SALE) (DETAILS) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Investments, Debt and Equity Securities [Abstract] | ' | ' | ' | ' | ' |
Number Of Fixed Maturities In An Unrealized Loss Position Greater Than 12 Months | 740 | ' | 740 | ' | 402 |
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ' | ' | ' |
Less Than 12 Months, Fair Value | $7,276 | ' | $7,276 | ' | $1,286 |
Less Than 12 Months, Gross Unrealized Losses | ' | ' | -620 | ' | -10 |
Greater than 12 Months, Fair Value | 747 | ' | 747 | ' | 1,379 |
Greater Than 12 Months, Gross Unrealized Losses | ' | ' | -308 | ' | -318 |
Total, Fair Value | 8,023 | ' | 8,023 | ' | 2,665 |
Total, Gross Unrealized Losses | ' | ' | -928 | ' | -328 |
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | ' | ' | ' | ' | ' |
Debt Securities Exposure In Single Issuer Greater Than Stated Percentage Of Total Investments | 0.30% | ' | 0.30% | ' | ' |
Gross Unrealized Losses | ' | ' | 928 | ' | 328 |
Available-for-sale Securities, Amortized Cost Basis | 29,360 | ' | 29,360 | ' | 30,743 |
Unrealized Gain (Loss) on Investments | 246 | 1,462 | 246 | 1,462 | ' |
The carrying value of fixed maturities non-income producing | 22 | ' | 22 | ' | ' |
Investment Income Investment Expense | 12 | 17 | 44 | 43 | ' |
Trading Securities, Cost | 3,626 | ' | 3,626 | ' | 2,265 |
Trading securities | 3,622 | ' | 3,622 | ' | 2,309 |
Separate Account Equity Investment Carrying Value | 88 | ' | 88 | ' | 58 |
Separate Account Equity Investment Cost | 79 | ' | 79 | ' | 57 |
Equity Securities, Carrying Value | 29 | ' | 29 | ' | 24 |
Equity Securities, Amortized Cost | 29 | ' | 29 | ' | 23 |
Net Realized and Unrealized Gain (Loss) on Trading Securities | 20 | 25 | 38 | 57 | ' |
Other Than Investment Grade [Member] | ' | ' | ' | ' | ' |
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | ' | ' | ' | ' | ' |
Available-for-sale Securities, Amortized Cost Basis Other Than Investment Grade | 1,942 | ' | 1,942 | ' | 2,095 |
Percentage Of Available For Sale Securities | 6.60% | ' | 6.60% | ' | 6.80% |
Subprime residential mortgage loans [Member] | ' | ' | ' | ' | ' |
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | ' | ' | ' | ' | ' |
Other Investments and Securities, at Cost | 13 | ' | 13 | ' | 17 |
Alt residential mortgage loans [Member] | ' | ' | ' | ' | ' |
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | ' | ' | ' | ' | ' |
Other Investments and Securities, at Cost | 9 | ' | 9 | ' | 11 |
Corporate Debt Securities [Member] | ' | ' | ' | ' | ' |
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ' | ' | ' |
Less Than 12 Months, Fair Value | 3,502 | ' | 3,502 | ' | 562 |
Less Than 12 Months, Gross Unrealized Losses | ' | ' | -177 | ' | -5 |
Greater than 12 Months, Fair Value | 118 | ' | 118 | ' | 208 |
Greater Than 12 Months, Gross Unrealized Losses | ' | ' | -11 | ' | -15 |
Total, Fair Value | 3,620 | ' | 3,620 | ' | 770 |
Total, Gross Unrealized Losses | ' | ' | -188 | ' | -20 |
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | ' | ' | ' | ' | ' |
Debt Securities Exposure In Single Issuer Of Total Investments | 141 | ' | 141 | ' | 138 |
Gross Unrealized Losses | ' | ' | 188 | ' | 20 |
Available-for-sale Securities, Amortized Cost Basis | 21,108 | ' | 21,108 | ' | 20,854 |
US Treasury and Government [Member] | ' | ' | ' | ' | ' |
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ' | ' | ' |
Less Than 12 Months, Fair Value | 3,178 | ' | 3,178 | ' | 513 |
Less Than 12 Months, Gross Unrealized Losses | ' | ' | -389 | ' | -1 |
Greater than 12 Months, Fair Value | 0 | ' | 0 | ' | 0 |
Greater Than 12 Months, Gross Unrealized Losses | ' | ' | 0 | ' | 0 |
Total, Fair Value | 3,178 | ' | 3,178 | ' | 513 |
Total, Gross Unrealized Losses | ' | ' | -389 | ' | -1 |
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | ' | ' | ' | ' | ' |
Gross Unrealized Losses | ' | ' | 389 | ' | 1 |
Available-for-sale Securities, Amortized Cost Basis | 4,310 | ' | 4,310 | ' | 4,664 |
US States and Political Subdivisions Debt Securities [Member] | ' | ' | ' | ' | ' |
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ' | ' | ' |
Less Than 12 Months, Fair Value | 36 | ' | 36 | ' | 20 |
Less Than 12 Months, Gross Unrealized Losses | ' | ' | -2 | ' | 0 |
Greater than 12 Months, Fair Value | 0 | ' | 0 | ' | 0 |
Greater Than 12 Months, Gross Unrealized Losses | ' | ' | 0 | ' | 0 |
Total, Fair Value | 36 | ' | 36 | ' | 20 |
Total, Gross Unrealized Losses | ' | ' | -2 | ' | 0 |
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | ' | ' | ' | ' | ' |
Gross Unrealized Losses | ' | ' | 2 | ' | 0 |
Available-for-sale Securities, Amortized Cost Basis | 444 | ' | 444 | ' | 445 |
Foreign Government Debt Securities [Member] | ' | ' | ' | ' | ' |
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ' | ' | ' |
Less Than 12 Months, Fair Value | 56 | ' | 56 | ' | 6 |
Less Than 12 Months, Gross Unrealized Losses | ' | ' | -2 | ' | 0 |
Greater than 12 Months, Fair Value | 7 | ' | 7 | ' | 2 |
Greater Than 12 Months, Gross Unrealized Losses | ' | ' | -1 | ' | 0 |
Total, Fair Value | 63 | ' | 63 | ' | 8 |
Total, Gross Unrealized Losses | ' | ' | -3 | ' | 0 |
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | ' | ' | ' | ' | ' |
Gross Unrealized Losses | ' | ' | 3 | ' | 0 |
Available-for-sale Securities, Amortized Cost Basis | 411 | ' | 411 | ' | 454 |
Commercial Mortgage Backed Securities [Member] | ' | ' | ' | ' | ' |
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ' | ' | ' |
Less Than 12 Months, Fair Value | 32 | ' | 32 | ' | 7 |
Less Than 12 Months, Gross Unrealized Losses | ' | ' | -9 | ' | -3 |
Greater than 12 Months, Fair Value | 532 | ' | 532 | ' | 805 |
Greater Than 12 Months, Gross Unrealized Losses | ' | ' | -291 | ' | -288 |
Total, Fair Value | 564 | ' | 564 | ' | 812 |
Total, Gross Unrealized Losses | ' | ' | -300 | ' | -291 |
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | ' | ' | ' | ' | ' |
Gross Unrealized Losses | ' | ' | 300 | ' | 291 |
Available-for-sale Securities, Amortized Cost Basis | 991 | ' | 991 | ' | 1,175 |
Residential Mortgage Backed Securities [Member] | ' | ' | ' | ' | ' |
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ' | ' | ' |
Less Than 12 Months, Fair Value | 162 | ' | 162 | ' | 27 |
Less Than 12 Months, Gross Unrealized Losses | ' | ' | -1 | ' | 0 |
Greater than 12 Months, Fair Value | 1 | ' | 1 | ' | 1 |
Greater Than 12 Months, Gross Unrealized Losses | ' | ' | 0 | ' | 0 |
Total, Fair Value | 163 | ' | 163 | ' | 28 |
Total, Gross Unrealized Losses | ' | ' | -1 | ' | 0 |
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | ' | ' | ' | ' | ' |
Gross Unrealized Losses | ' | ' | 1 | ' | 0 |
Available-for-sale Securities, Amortized Cost Basis | 969 | ' | 969 | ' | 1,864 |
Asset-backed Securities [Member] | ' | ' | ' | ' | ' |
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ' | ' | ' |
Less Than 12 Months, Fair Value | 8 | ' | 8 | ' | 8 |
Less Than 12 Months, Gross Unrealized Losses | ' | ' | 0 | ' | 0 |
Greater than 12 Months, Fair Value | 31 | ' | 31 | ' | 36 |
Greater Than 12 Months, Gross Unrealized Losses | ' | ' | -4 | ' | -5 |
Total, Fair Value | 39 | ' | 39 | ' | 44 |
Total, Gross Unrealized Losses | ' | ' | -4 | ' | -5 |
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | ' | ' | ' | ' | ' |
Gross Unrealized Losses | ' | ' | 4 | ' | 5 |
Available-for-sale Securities, Amortized Cost Basis | 140 | ' | 140 | ' | 175 |
Redeemable Preferred Stock [Member] | ' | ' | ' | ' | ' |
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' | ' | ' | ' |
Less Than 12 Months, Fair Value | 302 | ' | 302 | ' | 143 |
Less Than 12 Months, Gross Unrealized Losses | ' | ' | -40 | ' | -1 |
Greater than 12 Months, Fair Value | 58 | ' | 58 | ' | 327 |
Greater Than 12 Months, Gross Unrealized Losses | ' | ' | -1 | ' | -10 |
Total, Fair Value | 360 | ' | 360 | ' | 470 |
Total, Gross Unrealized Losses | ' | ' | -41 | ' | -11 |
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | ' | ' | ' | ' | ' |
Gross Unrealized Losses | ' | ' | 41 | ' | 11 |
Available-for-sale Securities, Amortized Cost Basis | 958 | ' | 958 | ' | 1,089 |
Fixed Maturities [Member] | ' | ' | ' | ' | ' |
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | ' | ' | ' | ' | ' |
Gross Unrealized Losses | ' | ' | 928 | ' | 328 |
Available-for-sale Securities, Amortized Cost Basis | 29,331 | ' | 29,331 | ' | 30,720 |
Fixed Maturities [Member] | Other Than Investment Grade [Member] | ' | ' | ' | ' | ' |
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | ' | ' | ' | ' | ' |
Gross Unrealized Losses | ' | ' | $259 | ' | $224 |
INVESTMENTS_M_Loans_DETAILS
INVESTMENTS (M Loans (DETAILS) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Number Of Contracts | $2 | ' |
Pre Modification Recorded Investment | 126 | ' |
Post Modification Recorded Investment | 135 | ' |
Commercial Real Estate Portfolio Segment [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable, Recorded Investment, Nonaccrual Status | 65 | 0 |
Financing Receivable Modifications Number Of Contracts | 2 | ' |
Pre Modification Recorded Investment | 126 | ' |
Post Modification Recorded Investment | 135 | ' |
Agricultural Real Estate Portfolio Segment [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable, Recorded Investment, Nonaccrual Status | $0 | $2 |
INVESTMENTS_M_Loans_DETAILS1
INVESTMENTS (M Loans) (DETAILS1) (Commercial Real Estate Portfolio Segment [Member], USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Commercial Real Estate Portfolio Segment [Member] | ' | ' |
Allowance for Credit Losses [Roll Forward] | ' | ' |
Beginning balance | $34 | $32 |
Charge-offs | 0 | -20 |
Recoveries | -2 | -1 |
Provisions | 5 | 24 |
Ending balance | 37 | 35 |
Ending Balance [Abstract]: | ' | ' |
Individually Evaluated for Impairment | $37 | $35 |
INVESTMENTS_M_Loans_DETAILS2
INVESTMENTS ( M Loans) (DETAILS2) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Commercial Real Estate Portfolio Segment [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | $3,765 | $3,435 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Current | 3,765 | 3,435 |
Total financing receivables | 3,765 | 3,435 |
Commercial Real Estate Portfolio Segment [Member] | Ratio greater than 2 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 988 | 700 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 988 | 700 |
Commercial Real Estate Portfolio Segment [Member] | Ratio between 18 to 2 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 325 | 198 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 325 | 198 |
Commercial Real Estate Portfolio Segment [Member] | Ratio between 15 to 18 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 896 | 854 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 896 | 854 |
Commercial Real Estate Portfolio Segment [Member] | Ratio between 12 to 15 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 1,014 | 1,256 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 1,014 | 1,256 |
Commercial Real Estate Portfolio Segment [Member] | Ratio between 1 to 12 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 297 | 247 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 297 | 247 |
Commercial Real Estate Portfolio Segment [Member] | Ratio less than 1 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 245 | 180 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 245 | 180 |
Commercial Real Estate Portfolio Segment [Member] | Zero to fifty percent [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 321 | 317 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 321 | 317 |
Commercial Real Estate Portfolio Segment [Member] | Zero to fifty percent [Member] | Ratio greater than 2 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 285 | 269 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 285 | 269 |
Commercial Real Estate Portfolio Segment [Member] | Zero to fifty percent [Member] | Ratio between 18 to 2 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 21 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 0 | 21 |
Commercial Real Estate Portfolio Segment [Member] | Zero to fifty percent [Member] | Ratio between 15 to 18 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Zero to fifty percent [Member] | Ratio between 12 to 15 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Zero to fifty percent [Member] | Ratio between 1 to 12 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 36 | 27 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 36 | 27 |
Commercial Real Estate Portfolio Segment [Member] | Zero to fifty percent [Member] | Ratio less than 1 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Fifty to seventy percent [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 1,973 | 1,719 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 1,973 | 1,719 |
Commercial Real Estate Portfolio Segment [Member] | Fifty to seventy percent [Member] | Ratio greater than 2 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 451 | 370 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 451 | 370 |
Commercial Real Estate Portfolio Segment [Member] | Fifty to seventy percent [Member] | Ratio between 18 to 2 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 325 | 75 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 325 | 75 |
Commercial Real Estate Portfolio Segment [Member] | Fifty to seventy percent [Member] | Ratio between 15 to 18 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 652 | 619 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 652 | 619 |
Commercial Real Estate Portfolio Segment [Member] | Fifty to seventy percent [Member] | Ratio between 12 to 15 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 457 | 655 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 457 | 655 |
Commercial Real Estate Portfolio Segment [Member] | Fifty to seventy percent [Member] | Ratio between 1 to 12 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 88 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 88 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Fifty to seventy percent [Member] | Ratio less than 1 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Seventy to ninty percent [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 1,242 | 989 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 1,242 | 989 |
Commercial Real Estate Portfolio Segment [Member] | Seventy to ninty percent [Member] | Ratio greater than 2 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 117 | 61 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 117 | 61 |
Commercial Real Estate Portfolio Segment [Member] | Seventy to ninty percent [Member] | Ratio between 18 to 2 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 102 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 0 | 102 |
Commercial Real Estate Portfolio Segment [Member] | Seventy to ninty percent [Member] | Ratio between 15 to 18 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 244 | 235 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 244 | 235 |
Commercial Real Estate Portfolio Segment [Member] | Seventy to ninty percent [Member] | Ratio between 12 to 15 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 557 | 445 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 557 | 445 |
Commercial Real Estate Portfolio Segment [Member] | Seventy to ninty percent [Member] | Ratio between 1 to 12 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 127 | 131 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 127 | 131 |
Commercial Real Estate Portfolio Segment [Member] | Seventy to ninty percent [Member] | Ratio less than 1 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 197 | 15 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 197 | 15 |
Commercial Real Estate Portfolio Segment [Member] | More than ninty percent [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 229 | 410 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 229 | 410 |
Commercial Real Estate Portfolio Segment [Member] | More than ninty percent [Member] | Ratio greater than 2 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 135 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 135 | 0 |
Commercial Real Estate Portfolio Segment [Member] | More than ninty percent [Member] | Ratio between 18 to 2 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | More than ninty percent [Member] | Ratio between 15 to 18 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | More than ninty percent [Member] | Ratio between 12 to 15 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 156 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 0 | 156 |
Commercial Real Estate Portfolio Segment [Member] | More than ninty percent [Member] | Ratio between 1 to 12 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 46 | 89 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 46 | 89 |
Commercial Real Estate Portfolio Segment [Member] | More than ninty percent [Member] | Ratio less than 1 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 48 | 165 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 48 | 165 |
Commercial Real Estate Portfolio Segment [Member] | With Related Allowance Recorded [Member] | ' | ' |
Impaired Mortgage Loans [Abstract] | ' | ' |
Recorded Investment | 136 | 170 |
Unpaid principal balance | 136 | 170 |
Related allowance | -37 | -34 |
Average Record investments | 140 | 178 |
Interest Income recognized | 4 | 10 |
Agricultural Real Estate Portfolio Segment [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 1,852 | 1,658 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
30 to 59 Days Past Due | 4 | 6 |
60 to 89 Days Past Due | 12 | 1 |
Greater than 90 Days Past Due | 11 | 10 |
Total Past Due | 27 | 17 |
Current | 1,825 | 1,641 |
Total financing receivables | 1,852 | 1,658 |
Recorded Investment 90 Days Past Due and Still Accruing | 11 | 9 |
Agricultural Real Estate Portfolio Segment [Member] | Ratio greater than 2 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 310 | 301 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 310 | 301 |
Agricultural Real Estate Portfolio Segment [Member] | Ratio between 18 to 2 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 128 | 113 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 128 | 113 |
Agricultural Real Estate Portfolio Segment [Member] | Ratio between 15 to 18 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 410 | 347 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 410 | 347 |
Agricultural Real Estate Portfolio Segment [Member] | Ratio between 12 to 15 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 568 | 497 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 568 | 497 |
Agricultural Real Estate Portfolio Segment [Member] | Ratio between 1 to 12 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 349 | 293 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 349 | 293 |
Agricultural Real Estate Portfolio Segment [Member] | Ratio less than 1 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 87 | 107 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 87 | 107 |
Agricultural Real Estate Portfolio Segment [Member] | Zero to fifty percent [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 1,135 | 1,008 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 1,135 | 1,008 |
Agricultural Real Estate Portfolio Segment [Member] | Zero to fifty percent [Member] | Ratio greater than 2 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 188 | 179 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 188 | 179 |
Agricultural Real Estate Portfolio Segment [Member] | Zero to fifty percent [Member] | Ratio between 18 to 2 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 81 | 84 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 81 | 84 |
Agricultural Real Estate Portfolio Segment [Member] | Zero to fifty percent [Member] | Ratio between 15 to 18 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 220 | 211 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 220 | 211 |
Agricultural Real Estate Portfolio Segment [Member] | Zero to fifty percent [Member] | Ratio between 12 to 15 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 395 | 308 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 395 | 308 |
Agricultural Real Estate Portfolio Segment [Member] | Zero to fifty percent [Member] | Ratio between 1 to 12 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 206 | 177 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 206 | 177 |
Agricultural Real Estate Portfolio Segment [Member] | Zero to fifty percent [Member] | Ratio less than 1 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 45 | 49 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 45 | 49 |
Agricultural Real Estate Portfolio Segment [Member] | Fifty to seventy percent [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 716 | 641 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 716 | 641 |
Agricultural Real Estate Portfolio Segment [Member] | Fifty to seventy percent [Member] | Ratio greater than 2 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 122 | 122 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 122 | 122 |
Agricultural Real Estate Portfolio Segment [Member] | Fifty to seventy percent [Member] | Ratio between 18 to 2 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 47 | 29 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 47 | 29 |
Agricultural Real Estate Portfolio Segment [Member] | Fifty to seventy percent [Member] | Ratio between 15 to 18 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 190 | 136 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 190 | 136 |
Agricultural Real Estate Portfolio Segment [Member] | Fifty to seventy percent [Member] | Ratio between 12 to 15 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 172 | 188 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 172 | 188 |
Agricultural Real Estate Portfolio Segment [Member] | Fifty to seventy percent [Member] | Ratio between 1 to 12 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 143 | 116 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 143 | 116 |
Agricultural Real Estate Portfolio Segment [Member] | Fifty to seventy percent [Member] | Ratio less than 1 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 42 | 50 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 42 | 50 |
Agricultural Real Estate Portfolio Segment [Member] | Seventy to ninty percent [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 1 | 9 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 1 | 9 |
Agricultural Real Estate Portfolio Segment [Member] | Seventy to ninty percent [Member] | Ratio greater than 2 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 0 | 0 |
Agricultural Real Estate Portfolio Segment [Member] | Seventy to ninty percent [Member] | Ratio between 18 to 2 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 0 | 0 |
Agricultural Real Estate Portfolio Segment [Member] | Seventy to ninty percent [Member] | Ratio between 15 to 18 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 0 | 0 |
Agricultural Real Estate Portfolio Segment [Member] | Seventy to ninty percent [Member] | Ratio between 12 to 15 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 1 | 1 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 1 | 1 |
Agricultural Real Estate Portfolio Segment [Member] | Seventy to ninty percent [Member] | Ratio between 1 to 12 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 0 | 0 |
Agricultural Real Estate Portfolio Segment [Member] | Seventy to ninty percent [Member] | Ratio less than 1 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 8 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 0 | 8 |
Agricultural Real Estate Portfolio Segment [Member] | More than ninty percent [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 0 | 0 |
Agricultural Real Estate Portfolio Segment [Member] | More than ninty percent [Member] | Ratio greater than 2 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 0 | 0 |
Agricultural Real Estate Portfolio Segment [Member] | More than ninty percent [Member] | Ratio between 18 to 2 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 0 | 0 |
Agricultural Real Estate Portfolio Segment [Member] | More than ninty percent [Member] | Ratio between 15 to 18 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 0 | 0 |
Agricultural Real Estate Portfolio Segment [Member] | More than ninty percent [Member] | Ratio between 12 to 15 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 0 | 0 |
Agricultural Real Estate Portfolio Segment [Member] | More than ninty percent [Member] | Ratio between 1 to 12 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 0 | 0 |
Agricultural Real Estate Portfolio Segment [Member] | More than ninty percent [Member] | Ratio less than 1 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 0 | 0 |
Agricultural Real Estate Portfolio Segment [Member] | With No Related Allowance Recorded [Member] | ' | ' |
Impaired Mortgage Loans [Abstract] | ' | ' |
Recorded Investment | 0 | 2 |
Unpaid principal balance | 0 | 2 |
Related allowance | 0 | 0 |
Average Record investments | 1 | 3 |
Interest Income recognized | 0 | 0 |
Total Mortgages Loan [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 5,617 | 5,093 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
30 to 59 Days Past Due | 4 | 6 |
60 to 89 Days Past Due | 12 | 1 |
Greater than 90 Days Past Due | 11 | 10 |
Total Past Due | 27 | 17 |
Current | 5,590 | 5,076 |
Total financing receivables | 5,617 | 5,093 |
Recorded Investment 90 Days Past Due and Still Accruing | 11 | 9 |
Total Mortgages Loan [Member] | Ratio greater than 2 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 1,298 | 1,001 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 1,298 | 1,001 |
Total Mortgages Loan [Member] | Ratio between 18 to 2 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 453 | 311 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 453 | 311 |
Total Mortgages Loan [Member] | Ratio between 15 to 18 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 1,306 | 1,201 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 1,306 | 1,201 |
Total Mortgages Loan [Member] | Ratio between 12 to 15 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 1,582 | 1,753 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 1,582 | 1,753 |
Total Mortgages Loan [Member] | Ratio between 1 to 12 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 646 | 540 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 646 | 540 |
Total Mortgages Loan [Member] | Ratio less than 1 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 332 | 287 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 332 | 287 |
Total Mortgages Loan [Member] | Zero to fifty percent [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 1,456 | 1,325 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 1,456 | 1,325 |
Total Mortgages Loan [Member] | Zero to fifty percent [Member] | Ratio greater than 2 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 473 | 448 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 473 | 448 |
Total Mortgages Loan [Member] | Zero to fifty percent [Member] | Ratio between 18 to 2 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 81 | 105 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 81 | 105 |
Total Mortgages Loan [Member] | Zero to fifty percent [Member] | Ratio between 15 to 18 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 220 | 211 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 220 | 211 |
Total Mortgages Loan [Member] | Zero to fifty percent [Member] | Ratio between 12 to 15 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 395 | 308 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 395 | 308 |
Total Mortgages Loan [Member] | Zero to fifty percent [Member] | Ratio between 1 to 12 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 242 | 204 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 242 | 204 |
Total Mortgages Loan [Member] | Zero to fifty percent [Member] | Ratio less than 1 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 45 | 49 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 45 | 49 |
Total Mortgages Loan [Member] | Fifty to seventy percent [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 2,689 | 2,360 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 2,689 | 2,360 |
Total Mortgages Loan [Member] | Fifty to seventy percent [Member] | Ratio greater than 2 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 573 | 492 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 573 | 492 |
Total Mortgages Loan [Member] | Fifty to seventy percent [Member] | Ratio between 18 to 2 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 372 | 104 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 372 | 104 |
Total Mortgages Loan [Member] | Fifty to seventy percent [Member] | Ratio between 15 to 18 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 842 | 755 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 842 | 755 |
Total Mortgages Loan [Member] | Fifty to seventy percent [Member] | Ratio between 12 to 15 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 629 | 843 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 629 | 843 |
Total Mortgages Loan [Member] | Fifty to seventy percent [Member] | Ratio between 1 to 12 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 231 | 116 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 231 | 116 |
Total Mortgages Loan [Member] | Fifty to seventy percent [Member] | Ratio less than 1 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 42 | 50 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 42 | 50 |
Total Mortgages Loan [Member] | Seventy to ninty percent [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 1,243 | 998 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 1,243 | 998 |
Total Mortgages Loan [Member] | Seventy to ninty percent [Member] | Ratio greater than 2 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 117 | 61 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 117 | 61 |
Total Mortgages Loan [Member] | Seventy to ninty percent [Member] | Ratio between 18 to 2 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 102 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 0 | 102 |
Total Mortgages Loan [Member] | Seventy to ninty percent [Member] | Ratio between 15 to 18 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 244 | 235 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 244 | 235 |
Total Mortgages Loan [Member] | Seventy to ninty percent [Member] | Ratio between 12 to 15 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 558 | 446 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 558 | 446 |
Total Mortgages Loan [Member] | Seventy to ninty percent [Member] | Ratio between 1 to 12 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 127 | 131 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 127 | 131 |
Total Mortgages Loan [Member] | Seventy to ninty percent [Member] | Ratio less than 1 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 197 | 23 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 197 | 23 |
Total Mortgages Loan [Member] | More than ninty percent [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 229 | 410 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 229 | 410 |
Total Mortgages Loan [Member] | More than ninty percent [Member] | Ratio greater than 2 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 135 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 135 | 0 |
Total Mortgages Loan [Member] | More than ninty percent [Member] | Ratio between 18 to 2 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 0 | 0 |
Total Mortgages Loan [Member] | More than ninty percent [Member] | Ratio between 15 to 18 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 0 | 0 |
Total Mortgages Loan [Member] | More than ninty percent [Member] | Ratio between 12 to 15 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 156 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 0 | 156 |
Total Mortgages Loan [Member] | More than ninty percent [Member] | Ratio between 1 to 12 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 46 | 89 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 46 | 89 |
Total Mortgages Loan [Member] | More than ninty percent [Member] | Ratio less than 1 times [Member] | ' | ' |
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ' | ' |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 48 | 165 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ' | ' |
Total financing receivables | 48 | 165 |
Total Mortgages Loan [Member] | With No Related Allowance Recorded [Member] | ' | ' |
Impaired Mortgage Loans [Abstract] | ' | ' |
Recorded Investment | 0 | 2 |
Unpaid principal balance | 0 | 2 |
Related allowance | 0 | 0 |
Average Record investments | 1 | 3 |
Interest Income recognized | 0 | 0 |
Total Mortgages Loan [Member] | With Related Allowance Recorded [Member] | ' | ' |
Impaired Mortgage Loans [Abstract] | ' | ' |
Recorded Investment | 136 | 170 |
Unpaid principal balance | 136 | 170 |
Related allowance | -37 | -34 |
Average Record investments | 140 | 178 |
Interest Income recognized | $4 | $10 |
INVESTMENTS_Derivatives_DETAIL
INVESTMENTS (Derivatives) (DETAILS) (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Derivative Instruments by Category [Line Items] | ' | ' | ' |
Derivative Notional Amount | $35,520 | ' | $53,307 |
Fair Value Assets Derivatives | 8,815 | ' | 12,837 |
Fair Value Liabilities Derivatives | 1,001 | ' | 895 |
Gains (losses) included in net earnings (loss) | -5,854 | 97 | ' |
Equity Contracts Futures [Member] | ' | ' | ' |
Derivative Instruments by Category [Line Items] | ' | ' | ' |
Derivative Notional Amount | 5,370 | ' | 6,189 |
Fair Value Assets Derivatives | 1 | ' | 0 |
Fair Value Liabilities Derivatives | 0 | ' | 2 |
Gains (losses) included in net earnings (loss) | -1,001 | -948 | ' |
Equity Contracts Swaps [Member] | ' | ' | ' |
Derivative Instruments by Category [Line Items] | ' | ' | ' |
Derivative Notional Amount | 1,234 | ' | 965 |
Fair Value Assets Derivatives | 6 | ' | 2 |
Fair Value Liabilities Derivatives | 84 | ' | 56 |
Gains (losses) included in net earnings (loss) | -219 | -243 | ' |
Equity Contracts Options [Member] | ' | ' | ' |
Derivative Instruments by Category [Line Items] | ' | ' | ' |
Derivative Notional Amount | 5,314 | ' | 3,492 |
Fair Value Assets Derivatives | 802 | ' | 443 |
Fair Value Liabilities Derivatives | 443 | ' | 219 |
Gains (losses) included in net earnings (loss) | 235 | 55 | ' |
Interest Rate Floor [Member] | ' | ' | ' |
Derivative Instruments by Category [Line Items] | ' | ' | ' |
Derivative Notional Amount | 2,400 | ' | 2,700 |
Fair Value Assets Derivatives | 214 | ' | 291 |
Fair Value Liabilities Derivatives | 0 | ' | 0 |
Gains (losses) included in net earnings (loss) | -7 | 68 | ' |
Interest rate contracts Swaps [Member] | ' | ' | ' |
Derivative Instruments by Category [Line Items] | ' | ' | ' |
Derivative Notional Amount | 10,716 | ' | 18,239 |
Fair Value Assets Derivatives | 275 | ' | 554 |
Fair Value Liabilities Derivatives | 143 | ' | 353 |
Gains (losses) included in net earnings (loss) | -821 | 411 | ' |
Interest rate contracts Futures [Member] | ' | ' | ' |
Derivative Instruments by Category [Line Items] | ' | ' | ' |
Derivative Notional Amount | 10,027 | ' | 14,033 |
Fair Value Assets Derivatives | 0 | ' | 0 |
Fair Value Liabilities Derivatives | 0 | ' | 0 |
Gains (losses) included in net earnings (loss) | -252 | 132 | ' |
Interest rate contracts Swaptions [Member] | ' | ' | ' |
Derivative Instruments by Category [Line Items] | ' | ' | ' |
Derivative Notional Amount | 0 | ' | 7,608 |
Fair Value Assets Derivatives | 0 | ' | 502 |
Fair Value Liabilities Derivatives | 0 | ' | 0 |
Gains (losses) included in net earnings (loss) | -154 | -60 | ' |
Credit Default Swap [Member] | ' | ' | ' |
Derivative Instruments by Category [Line Items] | ' | ' | ' |
Derivative Notional Amount | 350 | ' | ' |
Fair Value Assets Derivatives | 8 | ' | ' |
Fair Value Liabilities Derivatives | 2 | ' | ' |
Gains (losses) included in net earnings (loss) | 1 | ' | ' |
Foreign currency Contracts [Member] | ' | ' | ' |
Derivative Instruments by Category [Line Items] | ' | ' | ' |
Derivative Notional Amount | 109 | ' | 81 |
Fair Value Assets Derivatives | 1 | ' | 1 |
Fair Value Liabilities Derivatives | 1 | ' | 0 |
Gains (losses) included in net earnings (loss) | -2 | 0 | ' |
Net investment Income (loss) [Member] | ' | ' | ' |
Derivative Instruments by Category [Line Items] | ' | ' | ' |
Gains (losses) included in net earnings (loss) | -2,220 | -585 | ' |
Gmib Reinsurance [Member] | ' | ' | ' |
Derivative Instruments by Category [Line Items] | ' | ' | ' |
Fair Value Assets Derivatives | 7,508 | ' | 11,044 |
Gains (losses) included in net earnings (loss) | -3,536 | 678 | ' |
GWBL and other features liability [Member] | ' | ' | ' |
Derivative Instruments by Category [Line Items] | ' | ' | ' |
Fair Value Liabilities Derivatives | 72 | ' | 265 |
Gains (losses) included in net earnings (loss) | 193 | 4 | ' |
SCS, SIO, MSO and IUL indexed features | ' | ' | ' |
Derivative Instruments by Category [Line Items] | ' | ' | ' |
Fair Value Liabilities Derivatives | 256 | ' | ' |
Gains (losses) included in net earnings (loss) | ($291) | ' | ' |
INVESTMENTS_Derivatives_DETAIL1
INVESTMENTS (Derivatives) (DETAILS1) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Investments, Debt and Equity Securities [Abstract] | ' | ' |
Cash And Securities Collateral For Derivative Contract | $604 | $1,165 |
Collateralized derivative transactions | 31 | 5 |
Cash and securities collateral | 42 | 5 |
Sp500 Russell1000 Nasdaq100 And Emerging Market Indices [Member] | ' | ' |
Exchange Traded Future Contract [Line Items] | ' | ' |
Exchange-Traded Future Contract, Initial Margin Requirement | 210 | ' |
Us Treasury Notes And Euro Dollar [Member] | ' | ' |
Exchange Traded Future Contract [Line Items] | ' | ' |
Exchange-Traded Future Contract, Initial Margin Requirement | 58 | ' |
Euro Stoxx Ftse 100 Eafe And Topix Indices [Member] | ' | ' |
Exchange Traded Future Contract [Line Items] | ' | ' |
Exchange-Traded Future Contract, Initial Margin Requirement | $8 | ' |
INVESTMENTS_offsetting_Details
INVESTMENTS (offsetting) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Offsetting Assets [Line Items] | ' | ' |
Fair Value Assets Derivatives | $8,815 | $12,837 |
Investment Management [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Fair Value Assets Derivatives | 5 | 2 |
Securities Borrowed | 61 | 106 |
Equity Contract [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross amounts recognized | 807 | 444 |
Gross amounts offset in the balance sheets | 526 | 272 |
Net amounts presented in the balance sheets | 281 | 172 |
Interest Rate Contract [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross amounts recognized | 417 | 1,251 |
Gross amounts offset in the balance sheets | 143 | 351 |
Net amounts presented in the balance sheets | 274 | 900 |
Credit Contracts [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross amounts recognized | 7 | ' |
Gross amounts offset in the balance sheets | 2 | ' |
Net amounts presented in the balance sheets | 5 | ' |
Fair Value Assets Derivatives | 8 | ' |
Derivatives Subject to an ISDA Master Agreements [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross amounts recognized | 1,231 | 1,695 |
Gross amounts offset in the balance sheets | 671 | 623 |
Net amounts presented in the balance sheets | 560 | 1,072 |
Derivatives not subject to an ISDA Master Agreements [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross amounts recognized | 71 | 96 |
Gross amounts offset in the balance sheets | 0 | 0 |
Net amounts presented in the balance sheets | 71 | 96 |
Total Derivatives [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross amounts recognized | 1,302 | 1,791 |
Gross amounts offset in the balance sheets | 671 | 623 |
Net amounts presented in the balance sheets | 631 | 1,168 |
Other Financial Instruments [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross amounts recognized | 776 | 660 |
Gross amounts offset in the balance sheets | 0 | 0 |
Net amounts presented in the balance sheets | 776 | 660 |
Other Invested Assets [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross amounts recognized | 2,078 | 2,451 |
Gross amounts offset in the balance sheets | 671 | 623 |
Net amounts presented in the balance sheets | $1,407 | $1,828 |
INVESTMENTS_offsetting_Details1
INVESTMENTS (offsetting) (Details1) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Offsetting Liabilities [Line Items] | ' | ' |
Fair Value Liabilities Derivatives | $1,001 | $895 |
Investment Management [Member] | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Fair Value Liabilities Derivatives | 4 | 7 |
Securities Loaned | 42 | 13 |
Equity Contract [Member] | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross amount recognized | 526 | 272 |
Gross amounts offset in the balance sheets | 526 | 272 |
Net amounts presented in the balance sheets | 0 | 0 |
Interest Rate Contract [Member] | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross amount recognized | 143 | 351 |
Gross amounts offset in the balance sheets | 143 | 351 |
Net amounts presented in the balance sheets | 0 | 0 |
Credit Contracts [Member] | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross amount recognized | 2 | ' |
Gross amounts offset in the balance sheets | 2 | ' |
Net amounts presented in the balance sheets | 0 | ' |
Fair Value Liabilities Derivatives | 2 | ' |
Derivatives Subject to an ISDA Master Agreements [Member] | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross amount recognized | 671 | 623 |
Gross amounts offset in the balance sheets | 671 | 623 |
Net amounts presented in the balance sheets | 0 | 0 |
Derivatives not subject to an ISDA Master Agreements [Member] | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross amount recognized | 0 | 0 |
Gross amounts offset in the balance sheets | 0 | 0 |
Net amounts presented in the balance sheets | 0 | 0 |
Total Derivatives [Member] | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross amount recognized | 671 | 623 |
Gross amounts offset in the balance sheets | 671 | 623 |
Net amounts presented in the balance sheets | 0 | 0 |
Other Financial Liabilities [Member] | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross amount recognized | 2,906 | 3,503 |
Gross amounts offset in the balance sheets | 0 | 0 |
Net amounts presented in the balance sheets | 2,906 | 3,503 |
Other Liabilities [Member] | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross amount recognized | 3,577 | 4,126 |
Gross amounts offset in the balance sheets | 671 | 623 |
Net amounts presented in the balance sheets | $2,906 | $3,503 |
INVESTMENTS_offsetting_Details2
INVESTMENTS (offsetting) (Details2) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Counterparty A [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Net amounts presented in the balance sheets | $48 | $30 |
Callateral Cash (Received) | -46 | -30 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 2 | 0 |
Counterparty B [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Net amounts presented in the balance sheets | 22 | 32 |
Callateral Cash (Received) | -22 | -29 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 3 |
Counterparty C [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Net amounts presented in the balance sheets | 75 | 55 |
Callateral Cash (Received) | -75 | -55 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Counterparty D [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Net amounts presented in the balance sheets | 193 | 310 |
Callateral Cash (Received) | -191 | -310 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 2 | 0 |
Counterparty E [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Net amounts presented in the balance sheets | 16 | 38 |
Callateral Cash (Received) | -16 | -38 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Counterparty F [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Net amounts presented in the balance sheets | -15 | 326 |
Callateral Cash (Received) | 15 | -326 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Counterparty G [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Net amounts presented in the balance sheets | 103 | 55 |
Callateral Cash (Received) | -103 | -55 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Counterparty H [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Net amounts presented in the balance sheets | -5 | -5 |
Collateral Cash Held | 5 | 5 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Counterparty I [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Net amounts presented in the balance sheets | 48 | 98 |
Callateral Cash (Received) | -48 | -98 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Counterparty J [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Net amounts presented in the balance sheets | -11 | 19 |
Callateral Cash (Received) | 11 | -19 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Counterparty K [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Net amounts presented in the balance sheets | 17 | 15 |
Callateral Cash (Received) | -17 | -3 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 12 |
Counterparty L [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Net amounts presented in the balance sheets | 62 | 48 |
Calleteral Securities (Received) | ' | -46 |
Callateral Cash (Received) | -62 | ' |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 2 |
Counterparty M [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Net amounts presented in the balance sheets | 6 | 51 |
Callateral Cash (Received) | -6 | -51 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Counterparty N [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Net amounts presented in the balance sheets | 71 | 96 |
Callateral Cash (Received) | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 71 | 96 |
Counterparty O [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Net amounts presented in the balance sheets | 1 | ' |
Callateral Cash (Received) | 0 | ' |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 1 | ' |
Total Derivatives [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Net amounts presented in the balance sheets | 631 | 1,168 |
Calleteral Securities (Received) | ' | -46 |
Callateral Cash (Received) | -555 | -1,009 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 76 | 113 |
Other Financial Instruments [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Net amounts presented in the balance sheets | 776 | 660 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 776 | 660 |
Other Invested Assets [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Net amounts presented in the balance sheets | 1,407 | 1,828 |
Calleteral Securities (Received) | ' | -46 |
Callateral Cash (Received) | -555 | -1,009 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | $852 | $773 |
CLOSED_BLOCKS_DETAILS
CLOSED BLOCKS (DETAILS) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Closed Block Liabilities [Abstract] | ' | ' | ' | ' | ' |
Future policy benefits and other policyholders liabilities | $7,753 | ' | $7,753 | ' | $7,942 |
Policyholder dividend obligation | 162 | 377 | 162 | 377 | ' |
Other liabilities | 110 | ' | 110 | ' | 192 |
Total Closed Block liabilities | 8,025 | ' | 8,025 | ' | 8,507 |
Assets Designated To Closed Block [Abstract] | ' | ' | ' | ' | ' |
Fixed maturities, available for sale, at fair value | 5,239 | ' | 5,239 | ' | 5,741 |
Mortgage loans on real estate | 1,294 | ' | 1,294 | ' | 1,255 |
Policy loans | 958 | ' | 958 | ' | 1,026 |
Cash and other invested assets | 113 | ' | 113 | ' | 30 |
Other assets | 189 | ' | 189 | ' | 204 |
Total assets designated to the Closed Block | 7,793 | ' | 7,793 | ' | 8,256 |
Excess of Closed Block liabilities over assets designated to the Closed Block | 232 | ' | 232 | ' | 251 |
Amounts included in accumulated other comprehensive income (loss) [Abstract] | ' | ' | ' | ' | ' |
Net unrealized investment gains (losses) net of deferred income tax (expense) benefit and policyholder dividend obligation | 82 | ' | 82 | ' | 87 |
Maximum Future Earnings To Be Recognized From Closed Block Assets and Liabilities | 314 | ' | 314 | ' | 338 |
Closed Block Operations Revenue [Abstract] | ' | ' | ' | ' | ' |
Premiums and other income | 66 | 74 | 214 | 234 | ' |
Closed Block Operations Net Investment Income | 97 | 104 | 306 | 316 | ' |
Total investment gains (losses), net | 1 | 1 | -7 | -9 | ' |
Total revenues | 164 | 179 | 513 | 541 | ' |
Closed Block Operations Benefits And Expense [Abstract] | ' | ' | ' | ' | ' |
Policyholders benefits and dividends | 150 | 179 | 475 | 564 | ' |
Other operating costs and expenses | 0 | 0 | 1 | 0 | ' |
Total benefits and other deductions | 150 | 179 | 476 | 564 | ' |
Net revenues, before income taxes | 14 | 0 | 37 | -23 | ' |
Income tax (expense) benefit | -5 | 0 | -13 | 8 | ' |
Net Revenues | 9 | 0 | 24 | -15 | ' |
Movement In Closed Block Dividend Obligation [Roll Forward] | ' | ' | ' | ' | ' |
Balances, beginning of year | ' | ' | 373 | 260 | ' |
Unrealized investment gains (losses) | ' | ' | -211 | 117 | ' |
Balances, End of year | $162 | $377 | $162 | $377 | ' |
CLOSED_BLOCKS_PARENTHETICALS_D
CLOSED BLOCKS PARENTHETICALS (DETAILS) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Closed Block Disclosure [Abstract] | ' | ' | ' | ' |
Closed Block Investments, Fixed Maturity, Available-for-sale, Amortized Cost | $4,962 | $5,245 | ' | ' |
Closed Block Operations, Deferred Income Tax (Expense) Benefit | -44 | -47 | ' | ' |
Closed Block Liabilities Policyholder Dividend Obligation | ($162) | ($373) | ($377) | ($260) |
GMDB_GMIB_GWBL_AND_NO_LAPSE_GU2
GMDB, GMIB, GWBL AND NO LAPSE GUARANTEE FEATURES (DETAILS) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Movement In Guaranteed Benefit Liability Gross [Line Items] | ' | ' |
Balance, January 1, | $6,333 | $5,723 |
Paid guarantee benefits | -183 | -238 |
Other changes in reserve | 185 | 693 |
Balance, end of period | 6,335 | 6,178 |
Guaranteed Minimum Death Benefit [Member] | ' | ' |
Movement In Guaranteed Benefit Liability Gross [Line Items] | ' | ' |
Balance, January 1, | 1,772 | 1,593 |
Paid guarantee benefits | -128 | -180 |
Other changes in reserve | 168 | 290 |
Balance, end of period | 1,812 | 1,703 |
Guaranteed Minimum Death Benefit Reinsurance Ceded [Abstract] | ' | ' |
Balance, beginning of year | 844 | 716 |
Paid guarantee benefits | -83 | -78 |
Other changes in reserves | 134 | 163 |
Balance, end of period | 895 | 801 |
Guaranteed Minimum Income Benefit [Member] | ' | ' |
Movement In Guaranteed Benefit Liability Gross [Line Items] | ' | ' |
Balance, January 1, | 4,561 | 4,130 |
Paid guarantee benefits | -55 | -58 |
Other changes in reserve | 17 | 403 |
Balance, end of period | $4,523 | $4,475 |
GMDB_GMIB_GWBL_AND_NO_LAPSE_GU3
GMDB, GMIB, GWBL AND NO LAPSE GUARANTEE FEATURES (DETAILS1) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Net Amount At Risk By Product And Guarantee [Line Items] | ' | ' |
Impact On Earnings From Offer To Purchase Guaranteed Benefits Rider From Policyholders | ($163) | ' |
SCS, SIO, MSO, IUL, GWBL and other guaranteed benefits related liability | 328 | 265 |
Guaranteed Minimum Death Benefit [Member] | ' | ' |
Net Amount At Risk By Product And Guarantee [Line Items] | ' | ' |
Account Value Invested In General Account | 13,793 | ' |
Account Value Invested In Separate Accounts | 84,394 | 76,026 |
Net amount at risk, gross | 15,346 | ' |
Net amount at risk, net of amounts reinsured | 6,831 | ' |
Average attained age of contractholders | '54 years 9 months 18 days | ' |
Percentage of contractholders over age 70 | 15.50% | ' |
Guaranteed Minimum Death Benefit [Member] | Minimum [Member] | ' | ' |
Net Amount At Risk By Product And Guarantee [Line Items] | ' | ' |
Range of contractually specified interest rates | '3.0 | ' |
Guaranteed Minimum Death Benefit [Member] | Maximum [Member] | ' | ' |
Net Amount At Risk By Product And Guarantee [Line Items] | ' | ' |
Range of contractually specified interest rates | '6.5 | ' |
Guaranteed Minimum Death Benefit [Member] | Return Of Premium [Member] | ' | ' |
Net Amount At Risk By Product And Guarantee [Line Items] | ' | ' |
Account Value Invested In General Account | 13,022 | ' |
Account Value Invested In Separate Accounts | 34,734 | ' |
Net amount at risk, gross | 350 | ' |
Net amount at risk, net of amounts reinsured | 350 | ' |
Average attained age of contractholders | '50 years 9 months 18 days | ' |
Percentage of contractholders over age 70 | 8.50% | ' |
Guaranteed Minimum Death Benefit [Member] | Ratchet [Member] | ' | ' |
Net Amount At Risk By Product And Guarantee [Line Items] | ' | ' |
Account Value Invested In General Account | 241 | ' |
Account Value Invested In Separate Accounts | 8,200 | ' |
Net amount at risk, gross | 293 | ' |
Net amount at risk, net of amounts reinsured | 183 | ' |
Average attained age of contractholders | '64 years 4 months 24 days | ' |
Percentage of contractholders over age 70 | 31.60% | ' |
Guaranteed Minimum Death Benefit [Member] | Roll Up [Member] | ' | ' |
Net Amount At Risk By Product And Guarantee [Line Items] | ' | ' |
Account Value Invested In General Account | 95 | ' |
Account Value Invested In Separate Accounts | 3,944 | ' |
Net amount at risk, gross | 2,383 | ' |
Net amount at risk, net of amounts reinsured | 1,592 | ' |
Average attained age of contractholders | '70 years 0 months 0 days | ' |
Percentage of contractholders over age 70 | 52.20% | ' |
Guaranteed Minimum Death Benefit [Member] | Roll Up [Member] | Minimum [Member] | ' | ' |
Net Amount At Risk By Product And Guarantee [Line Items] | ' | ' |
Range of contractually specified interest rates | '3.0 | ' |
Guaranteed Minimum Death Benefit [Member] | Roll Up [Member] | Maximum [Member] | ' | ' |
Net Amount At Risk By Product And Guarantee [Line Items] | ' | ' |
Range of contractually specified interest rates | '6.0 | ' |
Guaranteed Minimum Death Benefit [Member] | Combo [Member] | ' | ' |
Net Amount At Risk By Product And Guarantee [Line Items] | ' | ' |
Account Value Invested In General Account | 435 | ' |
Account Value Invested In Separate Accounts | 37,516 | ' |
Net amount at risk, gross | 12,320 | ' |
Net amount at risk, net of amounts reinsured | 4,706 | ' |
Average attained age of contractholders | '65 years 0 months 0 days | ' |
Percentage of contractholders over age 70 | 32.80% | ' |
Guaranteed Minimum Death Benefit [Member] | Combo [Member] | Minimum [Member] | ' | ' |
Net Amount At Risk By Product And Guarantee [Line Items] | ' | ' |
Range of contractually specified interest rates | '3.0 | ' |
Guaranteed Minimum Death Benefit [Member] | Combo [Member] | Maximum [Member] | ' | ' |
Net Amount At Risk By Product And Guarantee [Line Items] | ' | ' |
Range of contractually specified interest rates | '6.5 | ' |
Guaranteed Minimum Income Benefit [Member] | ' | ' |
Net Amount At Risk By Product And Guarantee [Line Items] | ' | ' |
Account Value Invested In General Account | 504 | ' |
Account Value Invested In Separate Accounts | 52,173 | 48,866 |
Net amount at risk, gross | 3,506 | ' |
Net amount at risk, net of amounts reinsured | 889 | ' |
Weighted average years remaining until annuitization | '3 years 7 months 6 days | ' |
Guaranteed Minimum Income Benefit [Member] | Minimum [Member] | ' | ' |
Net Amount At Risk By Product And Guarantee [Line Items] | ' | ' |
Range of contractually specified interest rates | '3.0 | ' |
Guaranteed Minimum Income Benefit [Member] | Maximum [Member] | ' | ' |
Net Amount At Risk By Product And Guarantee [Line Items] | ' | ' |
Range of contractually specified interest rates | '6.5 | ' |
Guaranteed Minimum Income Benefit [Member] | Roll Up [Member] | ' | ' |
Net Amount At Risk By Product And Guarantee [Line Items] | ' | ' |
Account Value Invested In General Account | 40 | ' |
Account Value Invested In Separate Accounts | 2,823 | ' |
Net amount at risk, gross | 1,074 | ' |
Net amount at risk, net of amounts reinsured | 322 | ' |
Weighted average years remaining until annuitization | '0 years 7 months 6 days | ' |
Guaranteed Minimum Income Benefit [Member] | Roll Up [Member] | Minimum [Member] | ' | ' |
Net Amount At Risk By Product And Guarantee [Line Items] | ' | ' |
Range of contractually specified interest rates | '3.0 | ' |
Guaranteed Minimum Income Benefit [Member] | Roll Up [Member] | Maximum [Member] | ' | ' |
Net Amount At Risk By Product And Guarantee [Line Items] | ' | ' |
Range of contractually specified interest rates | '6.0 | ' |
Guaranteed Minimum Income Benefit [Member] | Combo [Member] | ' | ' |
Net Amount At Risk By Product And Guarantee [Line Items] | ' | ' |
Account Value Invested In General Account | 464 | ' |
Account Value Invested In Separate Accounts | 49,350 | ' |
Net amount at risk, gross | 2,432 | ' |
Net amount at risk, net of amounts reinsured | $567 | ' |
Weighted average years remaining until annuitization | '3 years 9 months 18 days | ' |
Guaranteed Minimum Income Benefit [Member] | Combo [Member] | Minimum [Member] | ' | ' |
Net Amount At Risk By Product And Guarantee [Line Items] | ' | ' |
Range of contractually specified interest rates | '3.0 | ' |
Guaranteed Minimum Income Benefit [Member] | Combo [Member] | Maximum [Member] | ' | ' |
Net Amount At Risk By Product And Guarantee [Line Items] | ' | ' |
Range of contractually specified interest rates | '6.5 | ' |
GMDB_GMIB_GWBL_AND_NO_LAPSE_GU4
GMDB, GMIB, GWBL AND NO LAPSE GUARANTEE FEATURES (DETAILS2) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | Direct Liabilities For Guarantees [Member] | Direct Liabilities For Guarantees [Member] | Ceded Liabilities For Guarantees [Member] | Ceded Liabilities For Guarantees [Member] | Net Liabilities For Guarantees [Member] | Net Liabilities For Guarantees [Member] | Guaranteed Minimum Death Benefit [Member] | Guaranteed Minimum Death Benefit [Member] | Guaranteed Minimum Death Benefit [Member] | Guaranteed Minimum Death Benefit [Member] | Guaranteed Minimum Income Benefit [Member] | Guaranteed Minimum Income Benefit [Member] | Guaranteed Minimum Income Benefit [Member] | Guaranteed Minimum Income Benefit [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Fixed Income Investments [Member] | Fixed Income Investments [Member] | Fixed Income Investments [Member] | Fixed Income Investments [Member] | Balanced [Member] | Balanced [Member] | Balanced [Member] | Balanced [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | ||||
Guaranteed Minimum Death Benefit [Member] | Guaranteed Minimum Death Benefit [Member] | Guaranteed Minimum Income Benefit [Member] | Guaranteed Minimum Income Benefit [Member] | Guaranteed Minimum Death Benefit [Member] | Guaranteed Minimum Death Benefit [Member] | Guaranteed Minimum Income Benefit [Member] | Guaranteed Minimum Income Benefit [Member] | Guaranteed Minimum Death Benefit [Member] | Guaranteed Minimum Death Benefit [Member] | Guaranteed Minimum Income Benefit [Member] | Guaranteed Minimum Income Benefit [Member] | Guaranteed Minimum Death Benefit [Member] | Guaranteed Minimum Death Benefit [Member] | Guaranteed Minimum Income Benefit [Member] | Guaranteed Minimum Income Benefit [Member] | |||||||||||||||||||
Schedule Of Fair Value Of Separate Accounts By Major Category Of Investment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Separate Account Investments by Investment Category | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $84,394 | $76,026 | ' | ' | $52,173 | $48,866 | ' | ' | $60,936 | $52,633 | $37,090 | $33,361 | $3,542 | $3,748 | $2,187 | $2,335 | $19,396 | $19,102 | $12,649 | $12,906 | $520 | $543 | $247 | $264 |
Price Risk Fair Value Hedge Derivative On Balance Sheet [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Account Value Hedged of Variable Annuity Contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,121 | ' | ' | ' | 23,230 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Amount At Risk Hedged of Variable Annuity Contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,499 | ' | ' | ' | 568 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities For Guarantees On Long Duration Contracts [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, January 1, | 6,335 | 6,333 | 6,178 | 5,723 | 556 | 470 | -310 | -262 | 246 | 208 | 1,812 | 1,772 | 1,703 | 1,593 | 4,523 | 4,561 | 4,475 | 4,130 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other changes in reserves | ' | ' | ' | ' | 186 | 71 | -111 | -32 | 75 | 39 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, end of period | $6,335 | $6,333 | $6,178 | $5,723 | $742 | $541 | ($421) | ($294) | $321 | $247 | $1,812 | $1,772 | $1,703 | $1,593 | $4,523 | $4,561 | $4,475 | $4,130 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
FAIR_VALUE_DISCLOSURES_DETAILS
FAIR VALUE DISCLOSURES (DETAILS) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Investment Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | $30,167 | $33,631 |
Trading securities | 3,622 | 2,309 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 30,138 | 33,607 |
Other equity investments | 189 | 155 |
Trading securities | 3,622 | 2,309 |
Other invested assets: | 729 | 1,261 |
Cash equivalents | 1,701 | 2,289 |
Segregated securities | 834 | 1,551 |
GMIB reinsurance contracts | 7,508 | 11,044 |
Separate Accounts assets | 104,550 | 93,750 |
Total Assets | 149,271 | 145,966 |
Liabilities Fair Value Disclosure [Abstract] | ' | ' |
Total Liabilities | 328 | 265 |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 22,406 | 23,198 |
Fair Value, Measurements, Recurring [Member] | US Treasury and Government [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 3,963 | 5,180 |
Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 484 | 530 |
Fair Value, Measurements, Recurring [Member] | Foreign Government Debt Securities [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 459 | 530 |
Fair Value, Measurements, Recurring [Member] | Commercial Mortgage Backed Securities [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 700 | 900 |
Fair Value, Measurements, Recurring [Member] | Residential Mortgage Backed Securities [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 1,008 | 1,949 |
Fair Value, Measurements, Recurring [Member] | Asset-backed Securities [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 145 | 182 |
Fair Value, Measurements, Recurring [Member] | Redeemable Preferred Stock [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 973 | 1,138 |
Fair Value, Measurements, Recurring [Member] | Short Term Investments [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Other invested assets: | 98 | 98 |
Fair Value, Measurements, Recurring [Member] | Swap [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Other invested assets: | 53 | 148 |
Fair Value, Measurements, Recurring [Member] | Credit Default Swap [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Other invested assets: | 5 | ' |
Fair Value, Measurements, Recurring [Member] | Options [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Other invested assets: | 359 | 224 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Floor [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Other invested assets: | 214 | 291 |
Fair Value, Measurements, Recurring [Member] | Swaptions [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Other invested assets: | ' | 502 |
Fair Value, Measurements, Recurring [Member] | Future [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Other invested assets: | 0 | -2 |
Fair Value, Measurements, Recurring [Member] | GWBL and other features liability [Member] | ' | ' |
Liabilities Fair Value Disclosure [Abstract] | ' | ' |
Guarantees, Fair Value Disclosure | 72 | 265 |
Fair Value, Measurements, Recurring [Member] | SCS, SIO, MSO and IUL indexed features | ' | ' |
Liabilities Fair Value Disclosure [Abstract] | ' | ' |
Guarantees, Fair Value Disclosure | 256 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 233 | 248 |
Other equity investments | 129 | 78 |
Trading securities | 403 | 446 |
Other invested assets: | 0 | -2 |
Cash equivalents | 1,701 | 2,289 |
Segregated securities | 0 | ' |
Separate Accounts assets | 101,580 | 90,751 |
Total Assets | 104,046 | 93,810 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Corporate Debt Securities [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 6 | 6 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Redeemable Preferred Stock [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 227 | 242 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Future [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Other invested assets: | 0 | -2 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 28,792 | 31,898 |
Trading securities | 3,219 | 1,863 |
Other invested assets: | 729 | 1,263 |
Cash equivalents | 0 | ' |
Segregated securities | 834 | 1,551 |
Separate Accounts assets | 2,750 | 2,775 |
Total Assets | 36,324 | 39,350 |
Liabilities Fair Value Disclosure [Abstract] | ' | ' |
Total Liabilities | 256 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Corporate Debt Securities [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 22,146 | 22,837 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | US Treasury and Government [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 3,963 | 5,180 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 437 | 480 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Foreign Government Debt Securities [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 440 | 511 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Commercial Mortgage Backed Securities [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 16 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Residential Mortgage Backed Securities [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 1,003 | 1,940 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Asset-backed Securities [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 56 | 69 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Redeemable Preferred Stock [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 731 | 881 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Short Term Investments [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Other invested assets: | 98 | 98 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Swap [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Other invested assets: | 53 | 148 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Credit Default Swap [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Other invested assets: | 5 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Options [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Other invested assets: | 359 | 224 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Interest Rate Floor [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Other invested assets: | 214 | 291 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Swaptions [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Other invested assets: | ' | 502 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Future [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Other invested assets: | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | SCS, SIO, MSO and IUL indexed features | ' | ' |
Liabilities Fair Value Disclosure [Abstract] | ' | ' |
Guarantees, Fair Value Disclosure | 256 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 1,113 | 1,461 |
Other equity investments | 60 | 77 |
GMIB reinsurance contracts | 7,508 | 11,044 |
Separate Accounts assets | 220 | 224 |
Total Assets | 8,901 | 12,806 |
Liabilities Fair Value Disclosure [Abstract] | ' | ' |
Total Liabilities | 72 | 265 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Corporate Debt Securities [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 254 | 355 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 47 | 50 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Foreign Government Debt Securities [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 19 | 19 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Commercial Mortgage Backed Securities [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 684 | 900 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Residential Mortgage Backed Securities [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 5 | 9 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Asset-backed Securities [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 89 | 113 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Redeemable Preferred Stock [Member] | ' | ' |
Investment Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 15 | 15 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | GWBL and other features liability [Member] | ' | ' |
Liabilities Fair Value Disclosure [Abstract] | ' | ' |
Guarantees, Fair Value Disclosure | $72 | $265 |
FAIR_VALUE_DISCLOSURES_1_DETAI
FAIR VALUE DISCLOSURES 1 (DETAILS) (USD $) | 9 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Quantitative Disclosure [Line Items] | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | $30,167 | ' | $33,631 |
Fair Value Freestanding Contract | 632 | ' | 1,163 |
Freestanding Contract As Percentage Of Other Invested Assets | 86.70% | ' | 92.20% |
Fair Value Adjustments On Over Counter Derivative Assets | 1 | ' | ' |
Fair Value Adjustments On GMIB Asset | 228 | ' | 447 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 34 | 80 | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 20 | 12 | ' |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Percentage | 0.40% | 0.50% | ' |
Fair Value Inputs Level 1 [Member] | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Quantitative Disclosure [Line Items] | ' | ' | ' |
Percentage Of Assets Measured At Fair Value On Recurring Basis By Inputs Level | 73.80% | ' | 70.30% |
Fair Value Inputs Level 2 [Member] | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Quantitative Disclosure [Line Items] | ' | ' | ' |
Percentage Of Assets Measured At Fair Value On Recurring Basis By Inputs Level | 25.20% | ' | 28.40% |
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value | 1,030 | ' | 1,966 |
Fair Value Inputs Level 3 [Member] | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Quantitative Disclosure [Line Items] | ' | ' | ' |
Percentage Of Assets Measured At Fair Value On Recurring Basis By Inputs Level | 1.00% | ' | 1.30% |
Fair Value Disclosures Broker Priced | 245 | ' | 222 |
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value | 777 | ' | 1,021 |
Public Fixed Maturities [Member] | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Quantitative Disclosure [Line Items] | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 22,297 | ' | 25,591 |
Percentage Of Available For Sale Fixed Maturity Assets Measured At Fair Value On Recurring Basis | 15.80% | ' | 19.20% |
Private Fixed Maturities [Member] | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Quantitative Disclosure [Line Items] | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 7,841 | ' | 8,016 |
Percentage Of Available For Sale Fixed Maturity Assets Measured At Fair Value On Recurring Basis | 5.60% | ' | 6.00% |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | $19 | ' | ' |
FAIR_VALUE_DISCLOSURES_2_DETAI
FAIR VALUE DISCLOSURES 2 (DETAILS) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Corporate Debt Securities [Member] | Corporate Debt Securities [Member] | Corporate Debt Securities [Member] | Corporate Debt Securities [Member] | Corporate Debt Securities [Member] | Corporate Debt Securities [Member] | Corporate Debt Securities [Member] | Corporate Debt Securities [Member] | US States and Political Subdivisions Debt Securities [Member] | US States and Political Subdivisions Debt Securities [Member] | US States and Political Subdivisions Debt Securities [Member] | US States and Political Subdivisions Debt Securities [Member] | US States and Political Subdivisions Debt Securities [Member] | US States and Political Subdivisions Debt Securities [Member] | Foreign Government Debt Securities [Member] | Foreign Government Debt Securities [Member] | Foreign Government Debt Securities [Member] | Foreign Government Debt Securities [Member] | Foreign Government Debt Securities [Member] | Commercial Mortgage Backed Securities [Member] | Commercial Mortgage Backed Securities [Member] | Commercial Mortgage Backed Securities [Member] | Commercial Mortgage Backed Securities [Member] | Commercial Mortgage Backed Securities [Member] | Commercial Mortgage Backed Securities [Member] | Commercial Mortgage Backed Securities [Member] | Commercial Mortgage Backed Securities [Member] | Residential Mortgage Backed Securities [Member] | Residential Mortgage Backed Securities [Member] | Residential Mortgage Backed Securities [Member] | Residential Mortgage Backed Securities [Member] | Asset-backed Securities [Member] | Asset-backed Securities [Member] | Asset-backed Securities [Member] | Asset-backed Securities [Member] | Asset-backed Securities [Member] | Asset-backed Securities [Member] | Asset-backed Securities [Member] | Asset-backed Securities [Member] | Redeemable Preferred Stock [Member] | Redeemable Preferred Stock [Member] | Redeemable Preferred Stock [Member] | Redeemable Preferred Stock [Member] | Redeemable Preferred Stock [Member] | Equity Method Investments [Member] | Equity Method Investments [Member] | Equity Method Investments [Member] | Equity Method Investments [Member] | Equity Method Investments [Member] | Other Invested Assets [Member] | Other Invested Assets [Member] | Gmib Reinsurance [Member] | Gmib Reinsurance [Member] | Gmib Reinsurance [Member] | Gmib Reinsurance [Member] | Gmib Reinsurance [Member] | Gmib Reinsurance [Member] | Gmib Reinsurance [Member] | Gmib Reinsurance [Member] | Separate Accounts [Member] | Separate Accounts [Member] | Separate Accounts [Member] | Separate Accounts [Member] | Separate Accounts [Member] | Separate Accounts [Member] | Separate Accounts [Member] | Separate Accounts [Member] | Guarantees [Member] | Guarantees [Member] | Guarantees [Member] | Guarantees [Member] | Guarantees [Member] | Guarantees [Member] | Guarantees [Member] | Guarantees [Member] | Other Fixed Maturities Available For Sale [Member] | Total Debt Maturities Available For Sale [Member] | Total Debt Maturities Available For Sale [Member] | Total Debt Maturities Available For Sale [Member] | Total Debt Maturities Available For Sale [Member] | Total Debt Maturities Available For Sale [Member] | Total Debt Maturities Available For Sale [Member] | Total Debt Maturities Available For Sale [Member] | Total Debt Maturities Available For Sale [Member] | |||
Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | Level 3 Assets And Liabilities Held [Member] | Level 3 Assets And Liabilities Held [Member] | Level 3 Assets And Liabilities Held [Member] | Level 3 Assets And Liabilities Held [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | Level 3 Assets And Liabilities Held [Member] | Level 3 Assets And Liabilities Held [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | Level 3 Assets And Liabilities Held [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | Level 3 Assets And Liabilities Held [Member] | Level 3 Assets And Liabilities Held [Member] | Level 3 Assets And Liabilities Held [Member] | Level 3 Assets And Liabilities Held [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | Level 3 Assets And Liabilities Held [Member] | Level 3 Assets And Liabilities Held [Member] | Level 3 Assets And Liabilities Held [Member] | Level 3 Assets And Liabilities Held [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | Level 3 Assets And Liabilities Held [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | Level 3 Assets And Liabilities Held [Member] | Level 3 Assets And Liabilities Held [Member] | Level 3 Assets And Liabilities Held [Member] | Level 3 Assets And Liabilities Held [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | Level 3 Assets And Liabilities Held [Member] | Level 3 Assets And Liabilities Held [Member] | Level 3 Assets And Liabilities Held [Member] | Level 3 Assets And Liabilities Held [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | Level 3 Assets And Liabilities Held [Member] | Level 3 Assets And Liabilities Held [Member] | Level 3 Assets And Liabilities Held [Member] | Level 3 Assets And Liabilities Held [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | Level 3 Assets And Liabilities Held [Member] | Level 3 Assets And Liabilities Held [Member] | Level 3 Assets And Liabilities Held [Member] | Level 3 Assets And Liabilities Held [Member] | |||
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Opening Balance | ' | ' | $219 | $383 | $355 | $432 | ' | ' | ' | ' | $49 | $52 | $50 | $53 | ' | ' | $17 | $0 | $19 | $22 | ' | $780 | $906 | $900 | $902 | ' | ' | ' | ' | $6 | $11 | $9 | $14 | $101 | $139 | $113 | $172 | ' | ' | ' | ' | $14 | $15 | $15 | $15 | $15 | $61 | $77 | $77 | $58 | ' | ($2) | $0 | $8,707 | $11,381 | $11,044 | $10,547 | ' | ' | ' | ' | $216 | $222 | $224 | $215 | ' | ' | ' | ' | $130 | $334 | $265 | $291 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Gains Losses Realized Unrealized Included In [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net investment income (loss) | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment gains (losses), net | ' | ' | 2 | 2 | 3 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | -14 | -54 | -69 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | -4 | 9 | 1 | 6 | -4 | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 6 | -4 | 9 | ' | ' | ' | ' |
Increase (decrease) in the fair value of the reinsurance contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,252 | -201 | -3,689 | 542 | -1,199 | -156 | -3,536 | 678 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,199 | -156 | -3,536 | 678 | ' | ' | ' | ' |
Policyholders' benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -81 | -61 | -252 | -40 | 58 | 47 | 193 | 4 | ' | -58 | -47 | -193 | -4 | ' | ' | ' | ' |
Subtotal | ' | ' | 2 | 2 | 4 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | -14 | -55 | -68 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | -1,252 | -201 | -3,689 | 542 | ' | ' | ' | ' | 1 | 6 | -4 | 9 | ' | ' | ' | ' | -81 | -61 | -252 | -40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | ' | ' | 2 | 12 | 3 | 13 | 1 | 13 | 2 | 13 | -2 | ' | -2 | -1 | -1 | -2 | 2 | 1 | 0 | 1 | 2 | 25 | 24 | -16 | 103 | 27 | 24 | -29 | 102 | ' | ' | ' | ' | 1 | 2 | 1 | 2 | 1 | 2 | 2 | 2 | 1 | ' | ' | ' | ' | -1 | 1 | -19 | ' | -19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 30 | 39 | -27 | 100 | 30 | 39 | -27 | 119 |
Purchases | ' | ' | 21 | ' | 21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31 | ' | 31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | 62 | 61 | 183 | 182 | ' | ' | ' | ' | 1 | 3 | 1 | 8 | ' | ' | ' | ' | 23 | 14 | 59 | 36 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | -5 | -17 | -144 | -37 | ' | ' | ' | ' | ' | -1 | -1 | -1 | ' | ' | ' | ' | ' | ' | ' | -154 | -3 | -158 | -24 | ' | ' | ' | ' | -1 | -1 | -4 | -4 | -3 | -6 | -14 | -19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3 | ' | ' | ' | ' | ' | -9 | -16 | -30 | -46 | ' | ' | ' | ' | ' | -2 | -2 | -2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1 | -1 | -2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfers into level 3 | 20 | 12 | 15 | 5 | 20 | 12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfers out of Level 3 | -34 | -80 | ' | -20 | -5 | -57 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3 | ' | ' | ' | -18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10 | ' | -11 | -20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -19 | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Closing Balance | ' | ' | $254 | $365 | $254 | $365 | ' | ' | ' | ' | $47 | $51 | $47 | $51 | ' | ' | $19 | $20 | $19 | $20 | ' | $684 | $913 | $684 | $913 | ' | ' | ' | ' | $5 | $10 | $5 | $10 | $89 | $135 | $89 | $135 | ' | ' | ' | ' | $15 | $15 | $15 | $15 | $15 | $60 | $60 | $58 | $58 | ' | $0 | $0 | $7,508 | $11,225 | $7,508 | $11,225 | ' | ' | ' | ' | $220 | $228 | $220 | $228 | ' | ' | ' | ' | $72 | $287 | $72 | $287 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
FAIR_VALUE_DISCLOSURES_3_DETAI
FAIR VALUE DISCLOSURES 3 (DETAILS) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Corporate Debt Securities [Member] | Matrix Pricing Model Valuation Technique [Member] | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 69 | 94 |
Corporate Debt Securities [Member] | Matrix Pricing Model Valuation Technique [Member] | Minimum [Member] | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Spread Over Industry Yield Curve BPS | 125 | 125 |
Corporate Debt Securities [Member] | Matrix Pricing Model Valuation Technique [Member] | Maximum [Member] | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Spread Over Industry Yield Curve BPS | 550 | 650 |
Commercial Mortgage Backed Securities [Member] | Discounted Cash Flow Valuation Technique [Member] | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Probability Of Default | ' | 55.00% |
Loss Severity | ' | 49.00% |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | ' | 889 |
Commercial Mortgage Backed Securities [Member] | Discounted Cash Flow Valuation Technique [Member] | Minimum [Member] | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Constant Default Rate | ' | 3.00% |
Discount Rate | ' | 3.72% |
Commercial Mortgage Backed Securities [Member] | Discounted Cash Flow Valuation Technique [Member] | Maximum [Member] | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Constant Default Rate | ' | 25.00% |
Discount Rate | ' | 13.42% |
Residential Mortgage Backed Securities [Member] | Matrix Pricing Model Valuation Technique [Member] | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Spread Over US Treasury Curve BPS | 45 | 46 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1 | 1 |
Asset-backed Securities [Member] | Matrix Pricing Model Valuation Technique [Member] | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 7 | 8 |
Asset-backed Securities [Member] | Matrix Pricing Model Valuation Technique [Member] | Minimum [Member] | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Spread Over US Treasury Curve BPS | 30 | 30 |
Asset-backed Securities [Member] | Matrix Pricing Model Valuation Technique [Member] | Maximum [Member] | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Spread Over US Treasury Curve BPS | 687 | 695 |
Equity Method Investments [Member] | Market Comparable Companies Valuation Technique [Member] | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Discount Rate | 18.00% | 18.00% |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 25 | 38 |
Equity Method Investments [Member] | Market Comparable Companies Valuation Technique [Member] | Minimum [Member] | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Revenue Multiple | 0.7 | 0.6 |
Research And Development Multiple | 1.1 | 1 |
Discount Years | '1 year 3 months 18 days | '1 year 0 months 0 days |
Discount For Lack Of Marketability Risk Factors | 50.00% | 40.00% |
Equity Method Investments [Member] | Market Comparable Companies Valuation Technique [Member] | Maximum [Member] | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Revenue Multiple | 55.8 | 62.5 |
Research And Development Multiple | 27.1 | 30.6 |
Discount Years | ' | '2 years 0 months 0 days |
Discount For Lack Of Marketability Risk Factors | 60.00% | 60.00% |
Separate Accounts [Member] | Discounted Cash Flow Valuation Technique [Member] | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 13 | 22 |
Separate Accounts [Member] | Discounted Cash Flow Valuation Technique [Member] | Minimum [Member] | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Discount Rate | 1.00% | 1.00% |
Spread Over US Treasury Curve BPS | 266 | 275 |
Inflation Rate | 2.00% | 2.00% |
Separate Accounts [Member] | Discounted Cash Flow Valuation Technique [Member] | Maximum [Member] | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Discount Rate | 5.70% | 2.00% |
Spread Over US Treasury Curve BPS | 365 | 586 |
Inflation Rate | 3.00% | 3.00% |
Separate Accounts [Member] | Third Party Appraisal Valuation Technique [Member] | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Discount Rate | 7.50% | 7.70% |
Capitalization Rate | 5.40% | 5.50% |
Exit Capitalization Rate | 6.40% | 6.60% |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 200 | 194 |
Gmib Reinsurance [Member] | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 7,508 | ' |
Gmib Reinsurance [Member] | Discounted Cash Flow Valuation Technique [Member] | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | ' | 11,044 |
Gmib Reinsurance [Member] | Discounted Cash Flow Valuation Technique [Member] | Minimum [Member] | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Lapse Rates | 1.50% | 1.50% |
Withdrawal Rates | 0.20% | 0.20% |
GMIB Utilization Rates | 0.00% | 0.00% |
Non Performance Risk | 9 | 13 |
Volatility Rates- Equity | 21.00% | 24.00% |
Gmib Reinsurance [Member] | Discounted Cash Flow Valuation Technique [Member] | Maximum [Member] | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Lapse Rates | 8.00% | 8.00% |
Withdrawal Rates | 8.00% | 8.00% |
GMIB Utilization Rates | 15.00% | 15.00% |
Non Performance Risk | 34 | 45 |
Volatility Rates- Equity | 34.00% | 36.00% |
Gmwb Gwbl [Member] | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 72 | ' |
Gmwb Gwbl [Member] | Discounted Cash Flow Valuation Technique [Member] | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | ' | 205 |
Gmwb Gwbl [Member] | Discounted Cash Flow Valuation Technique [Member] | Minimum [Member] | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Lapse Rates | 1.00% | 1.00% |
Withdrawal Rates | 0.00% | 0.00% |
Volatility Rates- Equity | 21.00% | 24.00% |
Gmwb Gwbl [Member] | Discounted Cash Flow Valuation Technique [Member] | Maximum [Member] | ' | ' |
Fair Value Inputs [Abstract] | ' | ' |
Lapse Rates | 8.00% | 8.00% |
Withdrawal Rates | 7.00% | 7.00% |
Volatility Rates- Equity | 34.00% | 36.00% |
FAIR_VALUE_DISCLOSURES_4_DETAI
FAIR VALUE DISCLOSURES 4 (DETAILS) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ' | ' |
Fair Value Measurements Not Included In Quantitative Information About Level 3 Fair Value Measurements | $1,078 | $516 |
Level 3 fair value measurements not included in quantitative information as a percentage of total assets classified as level 3 | 77.40% | 29.30% |
Level 3 fair value measurements not included in quantitative information as a percentage of total assets measured at fair value on a recurring basis | 0.80% | 0.40% |
Corporate Debt Securities [Member] | Matrix Pricing Model Valuation Technique [Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 69 | 94 |
Corporate Debt Securities [Member] | Matrix Pricing Model Valuation Technique [Member] | Private Available For Sale Corporate Securities [Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ' | ' |
Percentage Of Level 3 Asset Fair Value | 27.20% | 26.50% |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 69 | 94 |
Commercial Mortgage Backed Securities [Member] | Discounted Cash Flow Valuation Technique [Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | ' | 889 |
Residential Mortgage Backed Securities [Member] | Matrix Pricing Model Valuation Technique [Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ' | ' |
Percentage Of Level 3 Asset Fair Value | 20.00% | 11.10% |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1 | 1 |
Asset-backed Securities [Member] | Matrix Pricing Model Valuation Technique [Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ' | ' |
Percentage Of Level 3 Asset Fair Value | 7.90% | 7.10% |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 7 | 8 |
Equity Method Investments [Member] | Private Venture Capital Fund Of Fund [Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 30 | 30 |
Partnership Unfunded Committments | 11 | 12 |
Separate Accounts [Member] | Collateralized Mortgage Backed Securities [Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 4 | 4 |
Separate Accounts [Member] | Asset-backed Securities [Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 4 | 4 |
Separate Accounts [Member] | Discounted Cash Flow Valuation Technique [Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 13 | 22 |
Separate Accounts [Member] | Discounted Cash Flow Valuation Technique [Member] | Other Private Equity Investment [Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 4 | 4 |
Separate Accounts [Member] | Third Party Appraisal Valuation Technique [Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 200 | 194 |
Separate Accounts [Member] | Third Party Appraisal Valuation Technique [Member] | Mortgage Loans on Real Estate [Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 9 | 18 |
Separate Accounts [Member] | Third Party Appraisal Valuation Technique [Member] | Private Real Estate Fund [Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 200 | 194 |
Separate Accounts [Member] | Third Party Appraisal And Discounted Cash Flow Valuation Technique [Member] | Private Equity Funds [Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $204 | $198 |
FAIR_VALUE_DISCLOSURES_5_DETAI
FAIR VALUE DISCLOSURES 5 (DETAILS) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Consolidated Amounts [Abstract] | ' | ' |
Mortgage loans on real estate | $5,581 | $5,059 |
Investment contracts | 29,867 | 28,263 |
Loans to affiliates | 1,091 | 1,037 |
Loans from affiliates | 825 | 1,325 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Consolidated Amounts [Abstract] | ' | ' |
Mortgage loans on real estate | 5,581 | 5,059 |
Other limited partnership interests | 1,633 | 1,514 |
Investment contracts | 2,454 | 2,494 |
Long-term debt | 200 | 200 |
Loans to affiliates | 1,091 | 1,037 |
Loans from affiliates | 825 | 1,325 |
Portion at Fair Value, Fair Value Disclosure [Member] | ' | ' |
Consolidated Amounts [Abstract] | ' | ' |
Mortgage loans on real estate | 5,667 | 5,249 |
Other limited partnership interests | 1,633 | 1,514 |
Investment contracts | 2,534 | 2,682 |
Long-term debt | 227 | 236 |
Loans to affiliates | 1,199 | 1,186 |
Loans from affiliates | 968 | 1,676 |
Portion at Fair Value, Fair Value Disclosure [Member] | Fair Value Inputs Level 2 [Member] | ' | ' |
Consolidated Amounts [Abstract] | ' | ' |
Long-term debt | 227 | 236 |
Loans to affiliates | 799 | 784 |
Loans from affiliates | 968 | 1,676 |
Portion at Fair Value, Fair Value Disclosure [Member] | Fair Value Inputs Level 3 [Member] | ' | ' |
Consolidated Amounts [Abstract] | ' | ' |
Mortgage loans on real estate | 5,667 | 5,249 |
Other limited partnership interests | 1,633 | 1,514 |
Investment contracts | 2,534 | 2,682 |
Loans to affiliates | $400 | $402 |
EMPLOYEE_BENEFIT_PLANS_DETAILS
EMPLOYEE BENEFIT PLANS (DETAILS) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
Parent [Member] | Parent [Member] | Alliance Bernstein [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Employer Contributions | ' | ' | ' | ' | ' | ' | $4 |
Increase or decrease in benefit obligation related to curtailments | ' | ' | ' | ' | -29 | ' | ' |
Curtailment (gain) loss | 3 | 0 | 3 | 0 | 3 | ' | ' |
Benefit obligation discount rate assumption | ' | ' | ' | ' | 4.50% | 3.50% | ' |
Net increase (decrease) in benefit obligation | ' | ' | ' | ' | -215 | ' | ' |
Net gain (loss) arising during period, after tax | ' | ' | ' | ' | 140 | ' | ' |
Increase (decrease) in deferred income taxes from compensation or pension plan changes | ' | ' | ' | ' | ($75) | ' | ' |
EMPLOYEE_BENEFIT_PLANS_DETAILS1
EMPLOYEE BENEFIT PLANS (DETAILS1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net Periodic Pension Expense:[Abstract] | ' | ' | ' | ' |
Service Cost | $9 | $8 | $31 | $30 |
Interest Cost | 23 | 28 | 70 | 81 |
Expected Return On Plan Assets | -39 | -40 | -116 | -109 |
Net amortization | 42 | 41 | 124 | 123 |
Actuarial (gains) losses | 0 | 0 | 1 | 0 |
Curtailment (gain) loss | 3 | 0 | 3 | 0 |
Net Periodic Pension Expense | 38 | 37 | 113 | 125 |
Parent [Member] | ' | ' | ' | ' |
Net Periodic Pension Expense:[Abstract] | ' | ' | ' | ' |
Curtailment (gain) loss | ' | ' | $3 | ' |
SHAREBASED_AND_OTHER_COMPENSAT1
SHARE-BASED AND OTHER COMPENSATION PROGRAMS (DETAILS) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||
Jul. 02, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 22, 2013 | Jan. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 22, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Apr. 04, 2013 | Apr. 12, 2012 | Mar. 22, 2013 | Mar. 22, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 22, 2013 | Mar. 22, 2013 | Mar. 16, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
USD ($) | USD ($) | USD ($) | USD ($) | Parent [Member] | Alliance Bernstein [Member] | Alliance Bernstein [Member] | Alliance Bernstein [Member] | Performance Unit Plan 2013 [Member] | Performance Unit Plan 2013 [Member] | Performance Unit Plan 2013 [Member] | Performance Unit Plan 2010 [Member] | Performance Unit Plan 2010 [Member] | Stock Option Plan 2013 [Member] | Stock Option Plan 2013 [Member] | Stock Option Plan 2013 [Member] | Stock Option Plan 2013 [Member] | Stock Option Plan 2013 [Member] | Stock Option Plan 2013 [Member] | Axa Miles [Member] | Axa Miles [Member] | Axa Miles [Member] | Axa Shareplan 2013 Option A [Member] | Axa Shareplan 2013 Option B [Member] | ||
USD ($) | USD ($) | USD ($) | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | ||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Four-year graded vesting schedule [Member] | Conditional Vesting Term [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||
EUR (€) | |||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Based Compensation Expense (Credit) | ' | $14,000,000 | $14,000,000 | $35,000,000 | $30,000,000 | ' | ' | ' | ' | ' | $2,000,000 | $10,000,000 | ' | ' | ' | ' | $28,422 | $326,126 | ' | ' | ' | $65,811 | $197,433 | ' | ' |
Award Units Granted In Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,200,000 | ' | ' | 390,460 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Range of performance units at stake low range percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Range of performance units at stake high range percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 130.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Options Granted Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 457,317 | ' | ' | ' | ' | ' | ' |
Stock Options Granted Shares Per Employee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50 | ' | ' | ' | ' |
Stock Option Excercise Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | € 13.81 | ' | ' | ' | ' | ' | ' |
Stock Options Granted With Conditional Terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 246,000 | ' | ' | ' | ' | ' |
Stock Options Granted To Each Employee With Conditional Terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25 | ' | ' | ' | ' |
Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.78 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Assumptions Expected Volatility Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31.27% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Assumptions Expected Term | ' | ' | ' | ' | ' | '7 years 8 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Assumptions Risk Expected Dividend Yield | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.52% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Assumptions Risk Free Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.34% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
The total fair value of options net of forfeitures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 814,431 | ' | ' | ' | ' | 6,000,000 | ' | ' | ' | ' |
Cash Settlement Of Vested Units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Of Vested Units Settled For Cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Settlement Of Vested Units With Ordinary Shares Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount on AXA Ordinary Shares for Share Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | 12.95% |
Discounted Share Price of AXA Share Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $19.85 | $21.59 |
Purchased Holding Units to help fund anticipated obligations under its incentive compensation award program Shares | ' | ' | ' | ' | ' | ' | ' | 800,000 | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchased Holding Units to help fund anticipated obligations under its incentive compensation award program Value | ' | ' | ' | 45,000,000 | 135,000,000 | ' | ' | 16,000,000 | 43,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Open Market Purchase Shares | ' | ' | ' | ' | ' | ' | ' | 800,000 | 1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Open Market Purchase Value | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | 39,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted Holding Unit Awars Granted to Employees | ' | ' | ' | ' | ' | ' | 6,500,000 | ' | 6,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of common stock held in trust | ' | ' | ' | ' | ' | ' | $129,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease in AllianceBernstein and AB Holding units | 13,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
RELATED_PARTY_TRANSACTIONS_DET
RELATED PARTY TRANSACTIONS (DETAILS) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Guaranteed Minimum Income Benefit Reinsurance Contract Asset At Fair Value | $7,508 | ' | $7,508 | ' | $11,044 |
Due from Related Parties [Abstract] | ' | ' | ' | ' | ' |
Due from affiliates | 1,091 | ' | 1,091 | ' | 1,037 |
Purchase of loans to affiliates | ' | ' | 56 | 0 | ' |
AXA Financial [Member] | ' | ' | ' | ' | ' |
Related Party Transaction, Expenses from Transactions with Related Party | 4 | 10 | 27 | 34 | ' |
AXA Distribution [Member] | ' | ' | ' | ' | ' |
Related Party Transaction, Expenses from Transactions with Related Party | 149 | 151 | 457 | 517 | ' |
Revenue from Related Parties | 66 | 89 | 207 | 296 | ' |
Axa Arizona [Member] | ' | ' | ' | ' | ' |
Guaranteed Minimum Income Benefit Reinsurance Contract Asset At Fair Value | 6,031 | ' | 6,031 | ' | 8,888 |
Ceded Premiums Earned Affiliated | 122 | 120 | 360 | 357 | ' |
Reinsurance Effect On Claims And Benefits Incurred Amount Ceded To Affiliates | 22 | 16 | 57 | 51 | ' |
MONY Life [Member] | ' | ' | ' | ' | ' |
Payments to acquire limited partnerships from affiliate | ' | ' | 53 | ' | ' |
Purchase at fair value of CMBS securities from affiliate | ' | ' | 31 | ' | ' |
AXA [Member] | Note Maturity 2020 [Member] | ' | ' | ' | ' | ' |
Due from Related Parties [Abstract] | ' | ' | ' | ' | ' |
Due from affiliates | 56 | ' | 56 | ' | ' |
Purchase of loans to affiliates | ' | ' | $50 | ' | ' |
Related party transaction note rate | ' | ' | 5.40% | ' | ' |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (DETAILS) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income Loss [Abstract] | ' | ' | ' | ' | ' |
Unrealized Gain (Loss) on Investments | $246 | $1,462 | $246 | $1,462 | ' |
Defined benefit pension plans | -813 | -1,162 | -813 | -1,162 | ' |
Total accumulated other comprehensive income (loss) | -567 | 300 | -567 | 300 | ' |
Less: Accumulated other comprehensive (income) loss attributable to noncontrolling interest | 25 | 9 | 25 | 9 | ' |
Total accumulated other comprehensive income (loss) Attributable to AXA Equitable | -542 | 309 | -542 | 309 | 317 |
Unrealized Gain (Loss) On Investments | ' | ' | ' | ' | ' |
Net unrealized gains (losses) arising during the period | -250 | 509 | -2,101 | 1,111 | ' |
(Gains) losses reclassified into net earnings (loss) during the period | -12 | 11 | 20 | 67 | ' |
Net unrealized gains (losses) on investments | -262 | 520 | -2,081 | 1,178 | ' |
Adjustments for policyholders liabilities, DAC, deferred income taxes and insurance liability loss recognition | 133 | -262 | 975 | -488 | ' |
Change in unrealized gains (losses), net of adjustments | -129 | 258 | -1,106 | 690 | ' |
Change in defined benefit plans: | ' | ' | ' | ' | ' |
Net gain (loss) arising during the period | 159 | -28 | 159 | -80 | ' |
Less: Reclassification adjustments to net earnings (loss) for: | ' | ' | ' | ' | ' |
Amortization of net actuarial (gains) losses included in net periodic cost | 29 | ' | 84 | ' | ' |
Change in defined benefit plans | 188 | -28 | 243 | -80 | ' |
Total other comprehensive income (loss), net of income taxes | 59 | 230 | -863 | 610 | ' |
Less: Other comprehensive (income) loss attributable to noncontrolling interest | -5 | -5 | 4 | -4 | ' |
Other Comprehensive Income (Loss) Attributable to AXA Equitable | $54 | $225 | ($859) | $606 | ' |
ACCUMULATED_OTHER_COMPREHENSIV3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (DETAILS1) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2013 |
Pension Liability [Member] | ' |
Quantifying Misstatement in Current Year Financial Statements [Line Items] | ' |
Quantifying Misstatement in Current Year Financial Statements, Amount | $83 |
Other Comprehensive Income (Loss) [Member] | ' |
Quantifying Misstatement in Current Year Financial Statements [Line Items] | ' |
Quantifying Misstatement in Current Year Financial Statements, Amount | 55 |
Deferred Income Tax Asset Liability [Member] | ' |
Quantifying Misstatement in Current Year Financial Statements [Line Items] | ' |
Quantifying Misstatement in Current Year Financial Statements, Amount | $28 |
RESTRUCTURING_DETAILS
RESTRUCTURING (DETAILS) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Restructuring And Related Cost [Line Items] | ' | ' | ' | ' |
Change in estimate related to real estate charge | $16 | ' | ' | ' |
AXA Equitable [Member] | ' | ' | ' | ' |
Restructuring And Related Cost [Line Items] | ' | ' | ' | ' |
Restructuring charges | 8 | 1 | 82 | 14 |
Facility related pre-tax charge | ' | ' | 52 | ' |
Alliance Bernstein [Member] | ' | ' | ' | ' |
Restructuring And Related Cost [Line Items] | ' | ' | ' | ' |
Pre-tax charge related to severance costs | 0 | 2 | 4 | 17 |
Facility related pre-tax charge | $25 | $168 | $27 | $184 |
SEGMENT_INFORMATION_DETAILS
SEGMENT INFORMATION (DETAILS) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Segment revenues | $834 | $1,728 | $1,763 | $7,251 | ' |
Investment Advisory Fees | 18 | 17 | 50 | 46 | ' |
Segment earnings (loss) from continuing operations, before income taxes | -1,374 | -578 | -4,447 | 682 | ' |
Total Assets | 180,436 | ' | 180,436 | ' | 176,843 |
Insurance [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Segment revenues | 137 | 1,026 | -371 | 5,235 | ' |
Segment earnings (loss) from continuing operations, before income taxes | -1,480 | -519 | -4,814 | 563 | ' |
Total Assets | 168,793 | ' | 168,793 | ' | 164,201 |
Investment Management [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Segment revenues | 703 | 707 | 2,150 | 2,033 | ' |
Segment earnings (loss) from continuing operations, before income taxes | 106 | -60 | 368 | 119 | ' |
Total Assets | 11,648 | ' | 11,648 | ' | 12,647 |
Consolidation Eliminations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Segment revenues | -6 | -5 | -16 | -17 | ' |
Segment earnings (loss) from continuing operations, before income taxes | 0 | 1 | -1 | 0 | ' |
Total Assets | ($5) | ' | ($5) | ' | ($5) |