DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 10, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,015 | |
Amendment Flag | false | |
Entity Registrant Name | AXA EQUITABLE LIFE INSURANCE CO | |
Entity Central Index Key | 727,920 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Well Known Seasoned Issuer | No | |
Entity Common Stock Shares Outstanding | 2,000,000 |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Fixed maturities available for sale, at fair value | $ 32,760 | $ 33,034 |
Mortgage loans on real estate | 6,479 | 6,463 |
Policy loans | 3,400 | 3,408 |
Other equity investments | 1,550 | 1,757 |
Trading securities, at fair value | 6,030 | 5,143 |
Other invested assets | 1,638 | 1,978 |
Total investments | 51,857 | 51,783 |
Cash and cash equivalents | 2,620 | 2,716 |
Cash and securities segregated, at fair value | 467 | 476 |
Broker-dealer related receivables | 2,349 | 1,899 |
Deferred policy acquisition costs | 4,260 | 4,271 |
Goodwill and other intangible assets, net | 3,748 | 3,762 |
Amounts due from reinsurers | 4,130 | 4,051 |
Loans to affiliates | 1,087 | 1,087 |
Guaranteed minimum income benefit reinsurance contract asset, at fair value | 9,951 | 10,711 |
Other assets | 4,308 | 4,190 |
Separate Accounts' assets | 112,270 | 111,059 |
Total Assets | 197,047 | 196,005 |
LIABILITIES | ||
Policyholders' account balances | 32,324 | 31,848 |
Future policy benefits and other policyholders' liabilities | 24,010 | 23,484 |
Broker-dealer related payables | 2,727 | 1,501 |
Amounts due to reinsurers | 62 | 74 |
Customers related payables | 1,659 | 1,501 |
Short-term debt | 655 | 689 |
Current and deferred income taxes | 3,904 | 4,785 |
Other liabilities | 2,845 | 2,939 |
Separate Accounts' liabilities | 112,270 | 111,059 |
Total Liabilities | 180,456 | 177,880 |
Commitments and contingent liabilities (Notes 10 and 11) | 0 | 0 |
Redeemable Noncontrolling Interest | 17 | 17 |
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 | 5,973 | 5,957 |
Retained earnings | 7,920 | 8,809 |
Accumulated other comprehensive income (loss) | (294) | 351 |
Total AXA Equitable's equity | 13,601 | 15,119 |
Noncontrolling interest | 2,973 | 2,989 |
Total Equity | 16,574 | 18,108 |
Total Liabilities, Redeemable Noncontrolling Interest and Equity | $ 197,047 | $ 196,005 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
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 EARN
CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
REVENUES | ||||
Universal life and investment-type product policy fee income | $ 924 | $ 899 | $ 1,810 | $ 1,712 |
Premiums | 121 | 117 | 261 | 268 |
Net investment income (loss): | ||||
Investment income (loss) from derivative instruments | (915) | 181 | (578) | 687 |
Other Investment Income (Loss) | 532 | 557 | 1,063 | 1,152 |
Total net investment income (loss) | (383) | 738 | 485 | 1,839 |
Investment gains (losses), net: | ||||
Total other-than-temporary impairment losses | (16) | (38) | (18) | (51) |
Portion of loss recognized in other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Net impariment losses recognized | (16) | (38) | (18) | (51) |
Other investment gains (losses), net | 5 | 4 | 4 | 19 |
Total investment gains (losses), net | (11) | (34) | (14) | (32) |
Commissions, fees and other income | 1,019 | 984 | 2,005 | 1,927 |
Increase (decrease) in the fair value of the reinsurance contract asset | (1,450) | 820 | (760) | 1,516 |
Total revenues | 220 | 3,524 | 3,787 | 7,230 |
BENEFITS AND OTHER DEDUCTIONS | ||||
Policyholders' benefits | 619 | 794 | 1,542 | 1,606 |
Interest credited to policyholders' account balances | 268 | 358 | 588 | 654 |
Compensation and benefits | 486 | 466 | 933 | 896 |
Commissions | 292 | 287 | 566 | 573 |
Distribution related payments | 102 | 101 | 203 | 198 |
Amortization of deferred sales commissions | 13 | 9 | 25 | 18 |
Interest expense | 5 | 17 | 10 | 35 |
Amortization of deferred policy acquisition costs | 18 | 62 | 158 | 78 |
Capitalization of deferred policy acquisition costs | (157) | (153) | (301) | (312) |
Rent expense | 41 | 40 | 80 | 83 |
Amortization of other intangible assets | 7 | 6 | 14 | 13 |
Other operating costs and expenses | 279 | 355 | 592 | 695 |
Total benefits and other deductions | 1,973 | 2,342 | 4,410 | 4,537 |
Earnings (loss) from continuing operations, before income taxes | (1,753) | 1,182 | (623) | 2,693 |
Income tax (expense) benefit | 728 | (144) | 452 | (599) |
Net earnings (loss) | (1,025) | 1,038 | (171) | 2,094 |
Less: net (earnings) loss attributable to the noncontrolling interest | (106) | (93) | (201) | (172) |
Net Earnings (Loss) Attributable to AXA Equitable | $ (1,131) | $ 945 | $ (372) | $ 1,922 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
COMPREHENSIVE INCOME (LOSS) | ||||
Net earnings (loss) | $ (1,025) | $ 1,038 | $ (171) | $ 2,094 |
Other comprehensive income (loss) net of income taxes: | ||||
Foreign currency translation adjustment | 4 | 4 | (8) | 6 |
Change in unrealized gains (losses), net of reclassification adjustment | (1,020) | 310 | (681) | 661 |
Changes in defined benefit plan related items not yet recognized in periodic benefit cost, net of reclassification adjustment | 20 | 21 | 39 | 40 |
Total other comprehensive income (loss), net of income taxes | (996) | 335 | (650) | 707 |
Comprehensive income (loss) | (2,021) | 1,373 | (821) | 2,801 |
Less: Comprehensive (income) loss attributable to noncontrolling interest | (110) | (95) | (196) | (176) |
Comprehensive Income (Loss) Attributable to AXA Equitable | $ (2,131) | $ 1,278 | $ (1,017) | $ 2,625 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions | 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] |
Beginning of year at Dec. 31, 2013 | $ 2 | $ 5,934 | $ 5,205 | $ (603) | $ 2,903 | ||
Net earnings (loss) | $ 2,094 | 1,922 | 172 | ||||
Other Comprehensive Income | 707 | 703 | 4 | ||||
Repurchase of AllianceBernstein Holding units | (3) | ||||||
Dividends and distributions | (517) | (202) | |||||
Other | 14 | 7 | |||||
End of year at Jun. 30, 2014 | 16,058 | $ 13,177 | 2 | 5,948 | 7,127 | 100 | 2,881 |
Beginning of year at Dec. 31, 2014 | 18,108 | 2 | 5,957 | 8,809 | 351 | 2,989 | |
Net earnings (loss) | (171) | (372) | 201 | ||||
Other Comprehensive Income | (650) | (645) | (5) | ||||
Repurchase of AllianceBernstein Holding units | (14) | ||||||
Dividends and distributions | 0 | (214) | |||||
Other | 16 | 16 | |||||
End of year at Jun. 30, 2015 | $ 16,574 | $ 13,601 | $ 2 | $ 5,973 | $ 7,920 | $ (294) | $ 2,973 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
STATEMENTS OF CASH FLOWS | ||
Net earnings (loss) | $ (171) | $ 2,094 |
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: [Abstract] | ||
Interest credited to policyholders' account balances | 588 | 654 |
Universal life and investment-type product policy fee income | (1,810) | (1,712) |
Net change in broker-dealer and customer related receivables/payables | (106) | (442) |
(Income) loss related to derivative instruments | 578 | (687) |
Change in reinsurance recoverable with affiliate | (121) | (37) |
Investment (gains) losses, net | 14 | 32 |
Change in segregated cash and securities, net | 9 | 391 |
Change in deferred policy acquisition costs | (143) | (234) |
Change in future policy benefits | 552 | 499 |
Change in current and deferred income taxes | (513) | 501 |
Change in accounts payable and accrued expenses | 240 | 71 |
Change in the fair value of the reinsurance contract asset | 760 | (1,516) |
Amortization of deferred compensation | 6 | 13 |
Amortization of deferred sales commissions | 25 | 18 |
Other depreciation and amortization | 7 | 28 |
Amortization of reinsurance costs | 20 | 144 |
Amortization of other intangibles | 14 | 13 |
Other, net | 23 | (102) |
Net cash provided by (used in) operating activities | (28) | (272) |
Cash flows from investing activities: | ||
Maturities and repayments of fixed maturities and mortgage loans on real estate | 2,400 | 1,294 |
Sales of investments | 829 | 408 |
Purchases of investments | (3,868) | (3,595) |
Purchases of trading account securities | (7,984) | (2,472) |
Sales and maturities of trading account securities | 7,082 | 1,934 |
Cash settlements related to derivative instruments | (80) | 357 |
Purchase of business, net of cash acquired | 0 | (61) |
Change in short-term investments | 5 | 22 |
Investment in capitalized software, leasehold improvements and EDP equipment | (24) | (47) |
Other net | 11 | (11) |
Net cash provided by (used in) investing activities | (1,629) | (2,171) |
Cash flows from financing activities: | ||
Policyholders account balances deposits and transfers from Separate Accounts | 2,204 | 2,307 |
Policyholders account balances withdrawals | (440) | (492) |
Change in short-term financings | (34) | 556 |
Repayment of loans from affiliates | 0 | (500) |
Change in collateralized pledged assets | (158) | 24 |
Change in collateralized pledged liabilities | (303) | 226 |
Shareholder dividends paid | (517) | 0 |
Repurchase of AllianceBernstein Holdings units | (20) | (4) |
Distribution to non-controlling interests in consolidated subsidiaries | (214) | (202) |
Increase (decrease) in Securities sold under agreement to repurchase | 1,183 | 0 |
Change in securities sold under resale agreement | (149) | 0 |
Other, net | 13 | 1 |
Net cash provided by (used in) financing activities | 1,565 | 1,916 |
Effect of Exchange Rate on Cash and Cash Equivalents | (4) | 5 |
Change in cash and cash equivalents | (96) | (522) |
Cash and cash equivalents, beginning of year | 2,716 | 2,283 |
Cash and Cash Equivalents, End of Period | 2,620 | 1,761 |
Supplemental Cash Flow Information | ||
Interest Paid | 8 | 38 |
Income Taxes Paid (Refunded) | $ 65 | $ 100 |
ORGANIZATION
ORGANIZATION | 6 Months Ended |
Jun. 30, 2015 | |
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 contin gent 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 consolid ated 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. A ll significant intercompany transactions and balances have been eliminated in consolidation. These statements should be read in conjunction with the Audited Conso lidated Financial Statements of the Company for the year ended December 31, 2014. The result s of operations for the three and six months ended June 30, 2015 are not necessarily indicative of the results to be expected for the full year. At June 30, 2015 and December 31, 2014 , the Company’s economic interest in AllianceBernstein was 32.2 % and 32.2 %. At June 30, 2015 an d December 31, 2014 , respectively, AXA and its subsidiaries’ economic interest in AllianceBernstein was 62.7 % and 62.7 %. The terms “second quarter 2015” and “second quarter 2014” refer to the three months ended June 30, 2015 and 2014, respectively. The terms “first s ix months of 2015” and “first six months of 2014” refer to the six months ended June 30, 2015 and 2014, respectively. Certain reclassifications have been made in the amounts presented for prior periods to conform those periods to the current presentation . |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2015 | |
Significant Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | 2) SIGNIFICANT ACCOUNTING POLICIES Accounting for Variable Annuities with GMDB and GMIB Features Future claims exposure on products with guaranteed minimum death benefit (“GMDB”) and guaranteed minimum income benefit (“GMIB”) features are sensitive to movements in the equity markets and interest rates. The Company has in place various hedging programs utilizing derivatives that are designed to mitigate the impact of movements in equity markets and interest rates. The accounting for these various hedging programs does not qualify for hedge accounting treatment. As a result, changes in the value of the derivatives will be recognized in the period in which they occur while offsetting changes in reserves and deferred policy acquisition costs (“ DAC”) will be recognized over time in accordance with policies described in the Company’s Notes to Consolidated Financial Statements for the year ended December 31, 2014 , under “Policyholders’ Account Balances and Future Policy Benefits” and “DAC”. These d ifferences in recognition contribute to earnings volatility. GMIB reinsurance contracts are used to cede to affiliated and non-affiliated reinsurers a portion of the exposure on variable annuity products that offer the GMIB feature. The GMIB reinsurance contracts are accounted for as derivatives and are reported at fair value. Gross reserves for GMIB are calculated on the basis of assumptions related to projected benefits and related contract charges over the lives of the contracts and therefore will no t immediately reflect the offsetting impact on future claims exposure resulting from the same capital market and/or interest rate fluctuations that cause gains or losses on the fair value of the GMIB reinsurance contracts. The changes in the fair value of the GMIB reinsurance contracts are recorded in the period in which they occur while offsetting changes in gross reserves and DAC for GMIB are recognized over time in accordance with policies described in the Company’s Notes to Consolidated Financial State ments for the year ended December 31, 2014 under “Policyholders’ Account Balances and Future Policy Benefits” and “DAC”. These differences in recognition contribute to earnings volatility. Adoption of New Accounting Pronouncements In June 2014, the FASB issued new guidance for repurchase-to-maturity transactions, repurchase financings and added disclosure requirements, which aligns the accounting for repurchase-to-maturity transactions and repurchase financing arrangements with the accounting for other typical repurchase agreements. The new guidance also requires additional disclosures about repurchase agreements and similar transactions. The accounting changes and disclosure requirements were effective for interim or annual periods beginning after December 15, 2014. Implementation of this guidance did not have a material impact on the Company’s consolidated financial statements. The FASB issued new guidance that allows investors to elec t to use the proportional amortization method to account for investments in qualified affordable housing projects if certain conditions are met. Under this method, which replaces the effective yield method, an investor amortizes the cost of its investment , in proportion to the tax credits and other tax benefits it receives, to income tax expense. The guidance also introduces disclosure requirements for all investments in qualified affordable housing projects, regardless of the accounting method used for t hose investments. The guidance was effective for annual periods beginning after December 15, 2014. Implementation of this guidance did not have a material impact on the Company’s consolidated financial statements. Future Adoption of New Accounting Prono uncements In May 2015, the FASB issued new guidance related to disclosures for investments in certain entities that calculate net asset value (“NAV”) per share (or its equivalent). Under the new guidance, investments measured at NAV, as a practical expedi ent for fair value, are excluded from the fair value hierarchy. Removing investments measured using the practical expedient from the fair value hierarchy is intended to eliminate the diversity in practice that currently exists with respect to the categori zation of these investments. The only criterion for categorizing investments in the fair value hierarchy will be the observability of the inputs. The amendment is effective retrospectively for fiscal years (and interim periods within those years) beginni ng after December 15, 2015. Management does not expect implementation of this guidance will have a material impact on the Company’s consolidated financial statements. In April 2015, the FASB issued new guidance , s implifying the p resentation of d ebt i ssuan ce c osts, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. The new guidance is effective retrospecti vely for interim or annual periods beginning after December 15, 2015 . Management does not expect implementation of this guidance will have a material impact on the Company’s consolidated financial statements. In May 2014, the FASB issued new revenue reco gnition guidance that is intended to improve and converge the financial reporting requirements for revenue from contracts with customers with International Financial Reporting Standards (“IFRS”). The new guidance applies to contracts that deliver goods or services to a customer, except when those contracts are for: insurance, leases, rights and obligations that are in the scope of certain financial instruments (i.e., derivative contracts) and guarantees other than product or service warranties. The new gui dance is effective for interim and annual periods, beginning after December 15, 2017. Management is currently evaluating the impact that adoption of this guidance will have on the Company’s consolidated financial statements. Out of Period Adjustments AXA Equitable recorded an out-of-period adjustment in its financial statements related to model refinements decreasing the gross GMDB and GMIB liabilities by $ 130 million and the ceded GMDB liabilities by $ 20 million, resulting in a net decrease to policyh olders’ benefits of $ 110 million in the first six months ended June 30, 2014. Reversion to the Mean and Lapse Assumption Updates In the second quarter of 2015, based upon management’s current expectations of interest rates and future fund growth, the Company updated its reversion to the mean (“RTM”) assumption used to calculate GMDB/GMIB and variable and interest sensitive life (“VISL”) reserves and amortization DAC from 9.0 % to 7.0 %. The impact of this assumption update in the second quarter and firs t six months of 2015 was an increase in GMIB/GMDB reserves of $ 723 million, an increase in VISL reserves of $ 29 million and decrease in amortization of DAC of $ 67 million. In the second quarter and first six months of 2015, the after tax impacts of this as sumption update increased the Net loss by approximately $ 445 million. In the second quarter of 2015, expectations of long-term lapse rates for certain Accumulator ® products at certain durations and moneyness levels were lowered based on emerging experienc e. This update increases expected future claim costs and the fair value of the GMIB reinsurance contract asset. The impact of this assumption update in the second quarter and first six months of 2015 was an increase in the fair value of the GMIB reinsura nce contract asset of $ 216 million, an increase in the GMIB reserves of $ 65 million and a decrease in the amortization of DAC of $ 13 million. In the second quarter and first six months of 2015, the after tax impacts of this assumption update decreased the Net loss by approximately $ 107 million. |
INVESTMENTS
INVESTMENTS | 6 Months Ended |
Jun. 30, 2015 | |
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) June 30, 2015: Fixed Maturity Securities: Corporate $ 19,917 1,245 120 $ 21,042 $ - U.S. Treasury, government and agency 8,739 138 280 8,597 - States and political subdivisions 441 62 1 502 - Foreign governments 398 42 9 431 - Commercial mortgage-backed 737 24 111 650 10 Residential mortgage-backed (1) 677 37 - 714 - Asset-backed (2) 77 13 1 89 3 Redeemable preferred stock 674 68 7 735 - Total Fixed Maturities 31,660 1,629 529 32,760 13 Equity securities 38 - - 38 - Total at June 30, 2015 $ 31,698 $ 1,629 $ 529 $ 32,798 $ 13 December 31, 2014: Fixed Maturity Securities: Corporate $ 20,742 $ 1,549 $ 71 $ 22,220 $ - U.S. Treasury, government and agency 6,685 672 26 7,331 - States and political subdivisions 441 78 - 519 - Foreign governments 405 48 7 446 - Commercial mortgage-backed 855 22 142 735 10 Residential mortgage-backed (1) 752 43 - 795 - Asset-backed (2) 86 14 1 99 3 Redeemable preferred stock 829 70 10 889 - Total Fixed Maturities 30,795 2,496 257 33,034 13 Equity securities 36 2 - 38 - Total at December 31, 2014 $ 30,831 $ 2,498 $ 257 $ 33,072 $ 13 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. The contractual maturities of AFS fixed matu rities (excluding redeemable preferred stock) at June 30, 2015 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 June 30, 2015 Amortized Cost Fair Value (In Millions) Due in one year or less $ 1,596 $ 1,625 Due in years two through five 6,697 7,232 Due in years six through ten 10,666 10,916 Due after ten years 10,536 10,799 Subtotal 29,495 30,572 Commercial mortgage-backed securities 737 650 Residential mortgage-backed securities 677 714 Asset-backed securities 77 89 Total $ 30,986 $ 32,025 The following table shows proceeds from sales, gross gains (losses) from sales and OTTI for AFS fixed maturities during the second quarter and first six months of 2015 and 2014: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (In Millions) Proceeds from sales $ 265 $ 599 $ 625 $ 647 Gross gains on sales $ 2 $ 5 $ 7 $ 15 Gross losses on sales $ (1) $ (5) $ (5) $ (6) Total OTTI $ (16) $ (38) $ (18) $ (51) Non-credit losses recognized in OCI - - - - Credit losses recognized in earnings (loss) $ (16) $ (38) $ (18) $ (51) 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 Six Months Ended June 30, June 30, 2015 2014 2015 2014 (In Millions) Balances, beginning of period $ (238) $ (333) $ (254) $ (370) Previously recognized impairments on securities that matured, paid, prepaid or sold 16 27 34 77 Recognized impairments on securities impaired to fair value this period (1) - - - - Impairments recognized this period on securities not previously impaired (16) (38) (18) (51) Increases due to passage of time on previously recorded credit losses - - - - Accretion of previously recognized impairments due to increases in expected cash flows - - - - Balances at June 30, $ (238) $ (344) $ (238) $ (344) (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: June 30, December 31, 2015 2014 (In Millions) AFS Securities: Fixed maturities: With OTTI loss $ 7 $ 10 All other 1,093 2,229 Equity securities - 2 Net Unrealized Gains (Losses) $ 1,100 $ 2,241 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 a n OTTI loss has been recognized and all other amounts : 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, April 1, 2015 $ 6 $ - $ 1 $ (3) $ 4 Net investment gains (losses) arising during the period 1 - - - 1 Reclassification adjustment: Included in Net earnings (loss) - - - - - Excluded from Net earnings (loss) (1) - - - - - Impact of net unrealized investment gains (losses) on: DAC - 1 - - 1 Deferred income taxes - - - - - Policyholders' liabilities - - (2) - (2) Balance, June 30, 2015 $ 7 $ 1 $ (1) $ (3) $ 4 Balance, April 1, 2014 $ (22) $ 1 $ 5 $ 5 $ (11) Net investment gains (losses) arising during the period (7) - - - (7) Reclassification adjustment: Included in Net earnings (loss) 27 - - - 27 Excluded from Net earnings (loss) (1) - - - - - Impact of net unrealized investment gains (losses) on: DAC - - - - - Deferred income taxes - - - (6) (6) Policyholders' liabilities - - (3) - (3) Balance, June 30, 2014 $ (2) $ 1 $ 2 $ (1) $ - (1) Represents “transfers in ” related to the portion of OTTI losses recogniz ed 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, 2015 $ 10 $ - $ - $ (4) $ 6 Net investment gains (losses) arising during the period (5) - - - (5) Reclassification adjustment for OTTI losses: Included in Net earnings (loss) 2 - - - 2 Excluded from Net earnings (loss) (1) - - - - - Impact of net unrealized investment gains (losses) on: DAC - 1 - - 1 Deferred income taxes - - - 1 1 Policyholders' liabilities - - (1) - (1) Balance, June 30, 2015 $ 7 $ 1 $ (1) $ (3) $ 4 Balance, January 1, 2014 $ (28) $ 2 $ 10 $ 5 $ (11) Net investment gains (losses) arising during the period (3) - - - (3) Reclassification adjustment for OTTI losses: Included in Net earnings (loss) 29 - - - 29 Impact of net unrealized investment gains (losses) on: DAC - (1) - - (1) Deferred income taxes - - - (6) (6) Policyholders' liabilities - - (8) - (8) Balance, June 30, 2014 $ (2) $ 1 $ 2 $ (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, April 1, 2015 $ 2,827 $ (137) $ (430) $ (794) $ 1,466 Net investment gains (losses) arising during the period (1,752) - - - (1,752) Reclassification adjustment: Included in Net earnings (loss) 18 - - - 18 Excluded from Net earnings (loss) (1) - - - - - Impact of net unrealized investment gains (losses) on: DAC - 35 - - 35 Deferred income taxes - - - 551 551 Policyholders' liabilities - - 130 - 130 Balance, June 30, 2015 $ 1,093 $ (102) $ (300) $ (243) $ 448 Balance, April 1, 2014 $ 1,197 $ (110) $ (291) $ (279) $ 517 Net investment gains (losses) arising during the period 549 - - - 549 Reclassification adjustment: Included in Net earnings (loss) 11 - - - 11 Excluded from Net earnings (loss) (1) - - - - - Impact of net unrealized investment gains (losses) on: DAC - (7) - - (7) Deferred income taxes - - - (160) (160) Policyholders' liabilities - - (90) - (90) Balance, June 30, 2014 $ 1,757 $ (117) $ (381) $ (439) $ 820 (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, 2015 $ 2,231 $ (122) $ (368) $ (610) $ 1,131 Net investment gains (losses) arising during the period (1,152) - - - (1,152) Reclassification adjustment for OTTI losses: Included in Net earnings (loss) 14 - - - 14 Excluded from Net earnings (loss) (1) - - - - - Impact of net unrealized investment gains (losses) on: DAC - 20 - - 20 Deferred income taxes - - - 367 367 Policyholders' liabilities - - 68 - 68 Balance, June 30, 2015 $ 1,093 $ (102) $ (300) $ (243) $ 448 Balance, January 1, 2014 $ 607 $ (107) $ (245) $ (90) $ 165 Net investment gains (losses) arising during the period 1,147 - - - 1,147 Reclassification adjustment for OTTI losses: Included in Net earnings (loss) 3 - - - 3 Impact of net unrealized investment gains (losses) on: DAC - (10) - - (10) Deferred income taxes - - - (349) (349) Policyholders' liabilities - - (136) - (136) Balance, June 30, 2014 $ 1,757 $ (117) $ (381) $ (439) $ 820 (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 655 issues at June 30, 2015 and the 601 issues at December 31, 2014 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 indica ted: 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) June 30, 2015: Fixed Maturity Securities: Corporate $ 3,445 $ (94) $ 355 $ (26) $ 3,800 $ (120) U.S. Treasury, government and agency 4,419 (280) - - 4,419 (280) States and political subdivisions 19 (1) - - 19 (1) Foreign governments 78 (2) 42 (7) 120 (9) Commercial mortgage-backed 56 (5) 321 (106) 377 (111) Residential mortgage-backed 38 - 32 - 70 - Asset-backed 8 - 18 (1) 26 (1) Redeemable preferred stock 121 (3) 112 (4) 233 (7) Total $ 8,184 $ (385) $ 880 $ (144) $ 9,064 $ (529) December 31, 2014: Fixed Maturity Securities: Corporate $ 1,314 $ (29) $ 1,048 $ (42) $ 2,362 $ (71) U.S. Treasury, government and agency 280 (6) 373 (20) 653 (26) States and political subdivisions 21 - - - 21 - Foreign governments 27 (1) 65 (6) 92 (7) Commercial mortgage-backed 37 (2) 355 (140) 392 (142) Residential mortgage-backed - - 35 - 35 - Asset-backed - - 20 (1) 20 (1) Redeemable preferred stock 42 - 169 (10) 211 (10) Total $ 1,721 $ (38) $ 2,065 $ (219) $ 3,786 $ (257) 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 exposu re to any single issuer in excess of 0.3 % of total investments. The largest exposures to a single issuer of corporate securities held at June 30, 2015 and December 31, 2014 were $ 151 million and $ 146 million, respectively. Corporate high yield securities, consisting pri marily 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 June 30, 2015 and December 31, 2014 , respectively, approximately $ 1,558 million and $ 1,788 million, or 4.9 % and 5.8 %, of the $ 31,660 million and $ 30,795 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 $ 48 million and $ 85 million at June 30, 2015 and December 31, 2014 , respectively. At June 30, 2015 and 2014 , respectively, the $ 144 million and $219 million of gross unrealized losses of twelve months or more were concent rated in commercial mortgage-backed securities. In accordance with the policy described in Note 2, the Company concluded that an adjustment to earnings for OTTI for these securities was not warranted at either June 30, 2015 or 2014 . A s of June 30, 2015 and December 31, 2014 , the Company d id not intend to sell the securities nor will it likely be required to dispose of the securities before the anticipated recovery of their remaining amortized cost basis . The Company does not originate, purchase or warehous e 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 profil e 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 June 30, 2015 and December 31, 2014 , respectively, the Company owned $ 8 million and $ 8 million in RMBS backed by subprime residential mortgage loans and $ 7 million and $ 7 million in RMBS backed by Alt-A residential mortgage loans. RMBS backed by subprime and Alt-A residentia l mortgages are fixed income investments supporting General Account liabilities. At June 30, 2015 , the carrying value of fixed maturities that were non-income producing for the twelve months preceding that date was $ 20 million. For second quarter and first six months of 2015 and 2014 , investment income is shown net of investment expenses of $ 14 million, $ 26 million, $ 20 million and $ 37 million, respectively. At June 30, 2015 and December 31, 2014 , respectively, the amortized cost of the Company’s trading account securities wa s $ 6,031 million and $ 5,160 million with respective fair values of $ 6,030 million and $ 5,143 million. Also at June 30, 2015 and December 31, 2014 , respectively, Other equity investments included the General Account’s investment in Separate Accounts which had carrying val ues of $ 93 million and $ 197 million and costs of $ 82 million and $ 185 million as well as other equity securities with carrying values of $ 37 million and $ 38 million and costs of $ 38 million and $ 36 million. N et unrealized and realized holding gains (losses) on trading account equity securities are included in Net investment income (loss) in the consolidated statements of earnings (loss). The table below shows a breakdown of Net investment income from trading account securities during first six months of 2015 and 2014: Net investment income (loss) from trading securities Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (In Millions) Net investment gains (losses) recognized during the period on securities held at the end of the period $ (31) $ 33 $ 7 $ 44 Net investment gains (losses) recognized on securities sold during the period - 3 7 9 Unrealized and realized gains (losses) on trading securities arising during the period (31) 36 14 53 Interest and dividend income from trading securities 25 11 28 22 Net investment income (loss) from trading securities $ (6) $ 47 $ 42 $ 75 Mortgage Loans Mortgage loans on real estate are placed on nonaccrual status once management determines 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 lik ely. At June 30, 2015 and December 31, 2014 , the carrying values of commercial mortgage loans on real estate that had been classified as nonaccrual loans were $ 89 million and $ 89 million, respectively. Troubled Debt Restructurings In 2011, the loan shown in the table below was modified to interest only payments. Since 2011, this loan has been modified two additional times to exten d interest only payments through maturity. The maturity date was also extended from November 5, 2014 to December 5, 2015. Since the fair m arket value of the underlying real estate collateral is the primary factor in determining the allowance for credit losses, modifications of loan terms typically have no direct impact on the allowance for credit losses, and therefore, no impact on the finan cial statements. Troubled Debt Restructuring - Modifications Number Outstanding Recorded Investment of Loans Pre-Modification Post - Modification June 30, 2015 (In Millions) Troubled debt restructurings: Commercial mortgage loans 1 84 93 Total 1 $ 84 $ 93 There were no default payments on the above loan during the first six months of 2015. Valuation Allowances for Mortgage Loans: Allowance for credit losses for commercial mortgage loans for the first six months of 2015 and 2014 was as follows: 2015 2014 Allowance for credit losses: (In Millions) Beginning balance, January 1, $ 37 $ 42 Charge-offs (1) (14) Recoveries - - Provision - 6 Ending balance, June 30, $ 36 $ 34 Ending balance, June 30,: Individually Evaluated for Impairment $ 36 $ 34 There were no allowances for credit losses for agricultural mortgage loans for the first six months of 2015 and 2014. 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 June 30, 2015 and December 31, 2014 , befo re adjustments for valuation allowance. Mortgage Loans by Loan-to-Value and Debt Service Coverage Ratios June 30, 2015 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% $ 377 $ - $ 58 $ 23 $ 33 $ - $ 491 50% - 70% 917 501 619 852 98 - 2,987 70% - 90% 211 - 84 265 64 - 624 90% plus 156 - - - - 47 203 Total Commercial Mortgage Loans $ 1,661 $ 501 $ 761 $ 1,140 $ 195 $ 47 $ 4,305 Agricultural Mortgage Loans (1) 0% - 50% $ 187 $ 111 $ 289 $ 408 $ 239 $ 53 $ 1,287 50% - 70% 139 89 188 245 198 44 903 70% - 90% - - 2 18 - - 20 90% plus - - - - - - - Total Agricultural Mortgage Loans $ 326 $ 200 $ 479 $ 671 $ 437 $ 97 $ 2,210 Total Mortgage Loans (1) 0% - 50% $ 564 $ 111 $ 347 $ 431 $ 272 $ 53 $ 1,778 50% - 70% 1,056 590 807 1,097 296 44 3,890 70% - 90% 211 - 86 283 64 - 644 90% plus 156 - - - - 47 203 Total Mortgage Loans $ 1,987 $ 701 $ 1,240 $ 1,811 $ 632 $ 144 $ 6,515 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 December 31, 2014 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% $ 335 $ - $ - $ 59 $ 34 $ - $ 428 50% - 70% 963 440 872 839 54 - 3,168 70% - 90% 211 - 61 265 79 - 616 90% plus 156 - - - - 47 203 Total Commercial Mortgage Loans $ 1,665 $ 440 $ 933 $ 1,163 $ 167 $ 47 $ 4,415 Agricultural Mortgage Loans (1) 0% - 50% $ 184 $ 100 $ 232 $ 408 $ 206 $ 50 $ 1,180 50% - 70% 143 87 201 223 204 47 905 70% - 90% - - - - - - - 90% plus - - - - - - - Total Agricultural Mortgage Loans $ 327 $ 187 $ 433 $ 631 $ 410 $ 97 $ 2,085 Total Mortgage Loans (1) 0% - 50% $ 519 $ 100 $ 232 $ 467 $ 240 $ 50 $ 1,608 50% - 70% 1,106 527 1,073 1,062 258 47 4,073 70% - 90% 211 - 61 265 79 - 616 90% plus 156 - - - - 47 203 Total Mortgage Loans $ 1,992 $ 627 $ 1,366 $ 1,794 $ 577 $ 144 $ 6,500 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 June 30, 2015 and December 31, 2014 , respectively, before adjustments for valuation allow ance. 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) June 30, 2015 Commercial $ - $ - $ - $ - $ 4,305 $ 4,305 $ - Agricultural 15 5 - 20 2,190 2,210 - Total Mortgage Loans $ 15 $ 5 $ - $ 20 $ 6,495 $ 6,515 $ - December 31, 2014 Commercial $ - $ - $ - $ - $ 4,415 $ 4,415 $ - Agricultural 1 7 3 11 2,074 2,085 3 Total Mortgage Loans $ 1 $ 7 $ 3 $ 11 $ 6,489 $ 6,500 $ 3 The following table provides information regarding impaired mortgage loans at June 30, 2015 and December 31, 2014 , respectively. Impaired Mortgage Loans Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment (1) Recognized (In Millions) June 30, 2015: With related allowance recorded: Commercial mortgage loans - other $ 156 $ 156 $ (36) $ 156 $ 2 Agricultural mortgage loans - - - - - Total $ 156 $ 156 $ (36) $ 156 $ 2 December 31, 2014: With related allowance recorded: Commercial mortgage loans - other $ 156 $ 156 $ (37) $ 148 $ 2 Agricultural mortgage loans - - - - - Total $ 156 $ 156 $ (37) $ 148 $ 2 Represents a two -quarter average of recorded amortized cost Derivatives and Offsetting Assets and Liabilities The Company uses derivatives as part of its overall asset/liability risk management primarily to reduce exposures to equity market and interest rate risks. Derivative hedging strategies are designed to reduce these risks from an economic perspective and are all executed within the framework of a “Derivati ve Use Plan” approved by the NYSDFS. Operation of these hedging programs is based on models involving numerous estimates and assumptions, including, among others, mortality, lapse, surrender and withdrawal rates, election rates, fund performance, market v olatility 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 cont racts, 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 capital markets. Derivatives utilize d to hedge exposure to Variable Annuities with Guarantee Features The Company has issued and continues to offer certain variable annuity products with GMDB, GMIB and GIB features. The Company had previously issued certain variable annuity products with G WBL, 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 po licyholders’ account balances would support. The risk associated with the GMIB feature is that under-performance of the financial markets could result in the present value of GMIB benefits, in the event of annuitization , being higher than what accumulated policyholders’ account balances would support, taking into account the relationship between current annuity purchase rates and the GMIB guaranteed annuity purchase rates. The risk associated with the GIB and GWBL and Other Features is that under-performa nce of the financial markets could result in the GIB and GWBL and Other Features’ benefits being higher than what accumulated policyholders’ account balances would support. For GMDB, GMIB, GIB and GWBL and Other Features , the Company retains certain ri sks 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 mana ged to correlate with changes in the value of the GMDB, GMIB, GIB and GWBL and Other Features that result from financial markets movements. A portion of exposure to realized equity volatility is hedged using equity options and variance swaps and a portion of exposure to credit risk is hedged using total return swaps on fixed income indices. Additionally, AXA Equitable is party to total return swaps for which the reference U.S. Treasury securities are contemporaneously purchased from the market and sold to the swap counterparty. As these transactions result in a transfer of control of the U.S. Treasury securities to the swap counterparty, AXA Equitable derecognizes these securities with consequent gain or loss from the sale. The Company has also purchased reinsurance contracts to mitigate the risks associated with GMDB features and the impact of potential market fluctuations on future policyholder elections of GMIB features contained in certain annuity contracts issued by the Company. The Company has in place a hedge program to partially protect the overall profitability of future variable annuity sales against declining interest rates. Derivatives utilized to hedge crediting rate exposure on SCS, SIO, MSO and IUL products/investment options The Compan y hedges crediting rates in the SCS variable annuity, SIO in the EQUI-VEST® variable annuity series MSO in the variable life insurance products and IUL insurance products. These products permit the contract owner to participate in the performance of an in dex, ETF or commodity price movement up to a cap for a set period of time. They also contain a protection feature, in which the Company will absorb, up to a certain percentage, the loss of value in an index, ETF or commodity price, which varies by product segment. In order to support the returns associated with these features, the Company enters into derivative contracts whose payouts, in combination with fixed income investments, emulate those of the index, ETF or commodity price, subject to caps and buffers. Derivatives utilized to hedge risks associated with interest margins on Interest Sensitive Life and Annuity Contracts 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, is intended to support required payments under these contracts, i ncluding interest rates credited to their policy and contract holders. From time to time the Company uses interest rate swaptions and other instruments to reduce the risk associated with minimum guarantees on these interest-sensitive contracts. At June 30 , 2015, there were no positions outstanding for these programs. Derivatives utilized to hedge equity market risks associated with the General Account’s seed money investments in Separate Accounts , retail mutual funds and Separate Account fee revenue fluct uations The Company’s General Account seed money investments in Separate Account equity funds and retail mutual funds exposes the Company to equity market risk, which is partially hedged through equity-index futures contracts to minimize such risk. In second quarter 2015, the Company entered into futures on equity indices to mitigate the impact on net earnings from Separate Account fee revenue fluctuations due to movements in the equity markets. These positions partially cover fees expected to be ea rned through the current year from the Company’s Separate Account products. Derivatives utilized for General Account Investment Portfolio Beginning in the second quarter of 2013, the Company implemented a strategy in its General Account investment portfo lio to replicate the credit exposure of fixed maturity securities otherwise permissible under its investment guidelines through the sale of CDS. Under the terms of these swaps, the Company receives quarterly fixed premiums that, together with any initial amount paid or received at trade inception, replicate the credit spread otherwise currently obtainable by purchasing the referenced entity’s bonds of similar maturity. These credit derivatives have remaining terms of five years or less and are recorded at fair value with changes in fair value, including the yield component that emerges from initial amounts paid or received, reported in Net investment income (loss). The Company manages its credit exposure taking into consideration both cash and derivatives based positions and selects the reference entities in its replicated credit exposures in a manner consistent with its selection of fixed maturities. In addition, the Company has transacted the sale of CDSs exclusively in single name reference entities of investment grade credit quality and with counterparties subject to collateral posting requirements. If there is an event of default by the reference entity or other such credit event as defined under the terms of the swap contract, the Company is obligat ed 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 sim ilar security of the reference entity for recovery by sale at the contract settlement auction. To date, there have been no events of default or circumstances indicative of a deterioration in the credit quality of the named referenced entities to require or suggest that the Company will have to perform under these CDSs. The maximum potential amount of future payments the Company could be required to make under these credit derivatives is limited to the par value of the referenced securities which is the dol lar-equivalent of the derivative notional amount. The Standard North American CDS Contract (“SNAC”) under which the Company executes these CDS sales transactions does not contain recourse provisions for recovery of amounts paid under the credit derivative . Periodically, the Company purchases TIPS and other sovereign inflation bonds as General Account investments and enters into asset swaps, to result in payment of the variable principal at maturity and semi-annual coupons of the bonds to the swap counterp arty (pay variable) in return for fixed amounts (receive fixed). These asset swaps, when considered in combination with the bonds, together result in a net position that is intended to rep |
CLOSED BLOCKS
CLOSED BLOCKS | 6 Months Ended |
Jun. 30, 2015 | |
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: June 30, December 31, 2015 2014 (In Millions) CLOSED BLOCK LIABILITIES: Future policy benefits, policyholders’ account balances and other $ 7,450 $ 7,537 Policyholder dividend obligation 140 201 Other liabilities 184 117 Total Closed Block liabilities 7,774 7,855 ASSETS DESIGNATED TO THE CLOSED BLOCK: Fixed maturities, available for sale, at fair value (amortized cost of $4,628 and $4,829) 4,872 5,143 Mortgage loans on real estate 1,275 1,407 Policy loans 897 912 Cash and other invested assets 365 14 Other assets 185 176 Total assets designated to the Closed Block 7,594 7,652 Excess of Closed Block liabilities over assets designated to the Closed Block 180 203 Amounts included in accumulated other comprehensive income (loss): Net unrealized investment gains (losses), net of deferred income tax (expense) benefit of $(40) and $(43) and policyholder dividend obligation of $(140) and $(201) 74 80 Maximum Future Earnings To Be Recognized From Closed Block Assets and Liabilities $ 254 $ 283 Closed Block revenues and expenses were as follows: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (In Millions) REVENUES: Premiums and other income $ 66 $ 69 $ 135 $ 141 Net investment income (loss) 99 94 191 190 Net investment gains (losses) (2) (1) (1) 1 Total revenues 163 162 325 332 BENEFITS AND OTHER DEDUCTIONS: Policyholders’ benefits and dividends 143 153 296 309 Other operating costs and expenses 1 1 1 1 Total benefits and other deductions 144 154 297 310 Net revenues (loss) before income taxes 19 8 28 22 Income tax (expense) benefit 4 (3) 1 (8) Net Revenues (Losses) $ 23 $ 5 $ 29 $ 14 Reconciliation of the policyholder dividend obligation follows: Six Months Ended June 30, 2015 2014 (In Millions) Balances, beginning of year $ 201 $ 128 Unrealized investment gains (losses), net of DAC (61) 105 Balances, End of Period $ 140 $ 233 |
GMDB, GMIB, GWBL AND NO LAPSE G
GMDB, GMIB, GWBL AND NO LAPSE GUARANTEE FEATURES | 6 Months Ended |
Jun. 30, 2015 | |
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 (adjust ed 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 cont ractually specified interest rates up to specified ages; Combo: the benefit is the greater of the ratchet benefit or the roll-up benefit, which may include either a five year or an annual reset; or Withdrawal: the withdrawal is guaranteed up to a maximum amount p er 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, 2015 $ 1,729 $ 5,644 $ 7,373 Paid guarantee benefits (139) (29) (168) Other changes in reserve 290 360 650 Balance at June 30, 2015 $ 1,880 $ 5,975 $ 7,855 Balance at January 1, 2014 $ 1,626 $ 4,203 $ 5,829 Paid guarantee benefits (116) (174) (290) Other changes in reserve 108 626 734 Balance at June 30, 2014 $ 1,618 $ 4,655 $ 6,273 Related GMDB reinsurance ceded amounts were: Six Months Ended June 30, 2015 2014 (In Millions) Balance, beginning of year $ 832 $ 791 Paid guarantee benefits (66) (56) Other changes in reserve 134 55 Balance, End of Period $ 900 $ 790 The GMIB reinsurance contracts are considered derivatives and are reported at fair value. The June 30, 2015 va lues 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 r elated 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 cur rent 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 G MIB amounts listed are not mutually exclusive: Return of Premium Ratchet Roll-Up Combo Total (Dollars In Millions) GMDB: Account values invested in: General Account $ 12,991 $ 153 $ 82 $ 273 $ 13,499 Separate Accounts $ 39,675 $ 8,809 $ 3,775 $ 36,536 $ 88,795 Net amount at risk, gross $ 240 $ 162 $ 2,201 $ 13,220 $ 15,823 Net amount at risk, net of amounts reinsured $ 240 $ 113 $ 1,478 $ 5,260 $ 7,091 Average attained age of contractholders 51.1 65.2 71.3 66.1 55.0 Percentage of contractholders over age 70 8.9% 34.7% 56.9% 37.3% 16.5% 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 $ 149 $ 351 $ 500 Separate Accounts N/A N/A $ 14,289 $ 44,588 $ 58,877 Net amount at risk, gross N/A N/A $ 1,065 $ 4,293 $ 5,358 Net amount at risk, net of amounts reinsured N/A N/A $ 325 $ 1,052 $ 1,377 Weighted average years remaining until annuitization N/A N/A 1.2 2.3 2.2 Range of contractually specified interest rates N/A N/A 3% - 6% 3% - 6.5% 3% - 6.5% The liability for SCS, SIO, MSO, IUL, GIB and GWBL and Other Features, not included above, was $ 546 million and $ 508 million at June 30, 2015 and December 31, 2014 , respectively, which are accounted for as embedded derivatives. The liability for GIB, GWBL and Other F eatures 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 fut ure payments assuming the segments are held to maturity. GMIB/GWBL Lump Sum Option The Company continues to proactively manage the risks associated with its in-force business, particularly variable annuities with guarantee features. In first quarter 201 5, the Company launched a lump sum payment option to certain contract holders with GMIB and GWBL benefits at the time their annuity account value (“AAV”) falls to zero. Prior to this option, if an eligible contract holder’s AAV fell to zero, either due to a withdrawal or surrender that is not an excess withdrawal or due to a deduction of charges, the contractholder would automatically receive a stream of payments over his or her lifetime. With this offer, contract holders will have an additional payout op tion to receive a percentage of the present value of those lifetime payments in a one-time lump sum payment. There is no obligation to accept the offer and it is entirely voluntary. The Company believes that this new contract feature is mutually benefici al to both the Company and the policyholder as it gives policyholders another benefit alternative and the Company reduces the uncertainty associated with future GMIB and GWBL costs. As a result of this offer, the Company updated its future reserve assumpt ions to incorporate the expectation that some policyholders will utilize this option. Due to the difference in accounting recognition between the GMIB and GWBL reserves and the fair value of the GMIB reinsurance contract asset, the net impact of this offe r is an after-tax loss of $ 135 million, which was recognized in first quarter 2015. For additional information, see “Accounting for VA Guarantee Features” in Note 2 . B) Separate Account Investments by Investment Category Underlying GMDB and GMIB Features The total account values of variable annuity contracts with GMDB and GMIB features include amoun ts 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 ma jor 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 as sociated 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 June 30, December 31, 2015 2014 (In Millions) GMDB: Equity $ 68,708 $ 67,108 Fixed income 2,934 3,031 Balanced 16,789 17,505 Other 364 404 Total $ 88,795 $ 88,048 GMIB: Equity $ 45,140 $ 43,850 Fixed income 1,921 1,988 Balanced 11,650 12,060 Other 166 186 Total $ 58,877 $ 58,084 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 a nd 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 th e equity and fixed inc ome markets . At the present time, this program hedges certain economic risks on products sold, to the extent such risks are not reinsured. At June 30, 2015, the total account value and net amount at risk of the hedged variable annuity contracts were $ 52,107 million and $ 5,967 million, respectively, with the GMDB feature and $ 33,141 million and $ 1,055 million, respectively, with the GMIB and GIB feature. These programs do not qualify for hedge accounting treatment. Therefore, gains (losses) on the derivatives contract s 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 Insuranc e 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 ben efits and other policyholders’ liabilities and the related reinsurance ceded: Direct Reinsurance Liability Ceded Net (In Millions) Balance at January 1, 2015 $ 964 $ (555) $ 409 Other changes in reserves 115 (44) 71 Balance at June 30, 2015 $ 1,079 $ (599) $ 480 Balance at January 1, 2014 $ 829 $ (441) $ 388 Other changes in reserves 39 (57) (18) Balance at June 30, 2014 $ 868 $ (498) $ 370 |
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES | 6 Months Ended |
Jun. 30, 2015 | |
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 q uoted 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 an d 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 recurr ing 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 June 30, 2015 and December 31, 2014 , no assets were required to be measured at fair value on a non-recurring basis. Fair Value Measurements at June 30, 2015 Level 1 Level 2 Level 3 Total (In Millions) Assets: Investments: Fixed maturities, available-for-sale: Corporate $ - $ 20,669 $ 373 $ 21,042 U.S. Treasury, government and agency - 8,597 - 8,597 States and political subdivisions - 456 46 502 Foreign governments - 431 - 431 Commercial mortgage-backed - 23 627 650 Residential mortgage-backed (1) - 713 1 714 Asset-backed (2) - 41 48 89 Redeemable preferred stock 247 488 - 735 Subtotal 247 31,418 1,095 32,760 Other equity investments 114 - 51 165 Trading securities 763 5,267 - 6,030 Other invested assets: Short-term investments - 99 - 99 Swaps - 166 - 166 Credit Default Swaps - (10) - (10) Futures 2 - - 2 Options - 519 - 519 Floors - 94 - 94 Currency Contracts - - - - Subtotal 2 868 - 870 Cash equivalents 1,773 - - 1,773 Segregated securities - 467 - 467 GMIB reinsurance contract asset - - 9,951 9,951 Separate Accounts' assets 108,881 2,855 283 112,019 Total Assets $ 111,780 $ 40,875 $ 11,380 $ 164,035 Liabilities GWBL and Other Features' liability $ - $ - $ 109 $ 109 SCS, SIO, MSO and IUL indexed features' liability - 437 - 437 Contingent payment arrangements 42 42 Total Liabilities $ - $ 437 $ 151 $ 588 (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, 2014 Level 1 Level 2 Level 3 Total (In Millions) Assets: Investments: Fixed maturities, available-for-sale: Corporate $ - $ 21,840 $ 380 $ 22,220 U.S. Treasury, government and agency - 7,331 - 7,331 States and political subdivisions - 472 47 519 Foreign governments - 446 - 446 Commercial mortgage-backed - 20 715 735 Residential mortgage-backed (1) - 793 2 795 Asset-backed (2) - 46 53 99 Redeemable preferred stock 254 635 - 889 Subtotal 254 31,583 1,197 33,034 Other equity investments 217 - 61 278 Trading securities 710 4,433 - 5,143 Other invested assets: Short-term investments - 103 - 103 Swaps - 597 - 597 Credit Default Swaps - (18) - (18) Futures (2) - - (2) Options - 473 - 473 Floors - 120 - 120 Currency Contracts - 1 - 1 Swaptions - 72 - 72 Subtotal (2) 1,348 - 1,346 Cash equivalents 2,725 - - 2,725 Segregated securities - 476 - 476 GMIB reinsurance contract asset - - 10,711 10,711 Separate Accounts' assets 107,539 3,072 260 110,871 Total Assets $ 111,443 $ 40,912 $ 12,229 $ 164,584 Liabilities: GWBL and Other Features' liability $ - $ - $ 128 $ 128 SCS, SIO, MSO and IUL indexed features' liability - 380 - 380 Contingent payment arrangements - - 42 42 Total Liabilities $ - $ 380 $ 170 $ 550 (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 June 30, 2015 and December 31, 2014 , respectively, the fair value of public fixed maturities is approximately $ 25,033 million and $ 24,779 million or approximately 16.3 % and 16.2 % of the Company’s total assets measured at fair value on a recurring basis (excluding GMIB reinsurance contracts and segregated securities measured at fair value on a recurring basis). The fair values of the Company’s public fixed maturity securities are generally based on prices obtained from independent valuation service providers and for wh ich 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 re ceived 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 comp arison 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 as sets 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 wh ich the Company’s own assumptions about market-participant inputs would be used in pricing the security. At June 30, 2015 and December 31, 2014 , respectively, the fair value of private fixed maturities is approximately $ 7,727 million and $ 8,255 million or approximately 5 .0 % and 5.4 % of the Company’s total assets measured at fair value on a recurring basis. The fair values of the Company’s private fixed maturities are determined from prices obtained from independent valuation service providers. Prices not obtained from an independent valuation service provider are determined by using a discounted cash flow model or a market comparable company valuation technique. In certain cases, these models use observable inputs with a discount rate based upon the average of spread surv eys 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 pla cements. Generally, these securities have been reflected within Level 2. For certain private fixed maturities, the discounted cash flow model or a market comparable company valuation technique may also incorporate unobservable inputs, which reflect the Com pany’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 i s made. As disclosed in Note 3, at June 30, 2015 and December 31, 2014 , respectively, the net fair value of freestanding derivative positions is approximately $ 771 million and $ 1,243 million or approximately 89 % and 92.3 % of Other invested assets measured at fair value o n 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 prici ng 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 requi re use of the contractual terms of the derivative instruments and multiple market inputs, including interest rates, prices, and indices to generate continuous yield or pricing curves, including OIS curves and volatility factors, which then are applied to v alue 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 re flective 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 deter mined that the independent valuation service provider is able to reprice the derivative instrument in a manner agreed as more consistent with current market observations, the position remains within Level 2. Alternatively, a Level 3 classification may resu lt 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. 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 r eporting 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 $ 0.1 million and $ 0.1 million at June 30, 2015 and December 31, 2014 , respectively, 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 June 30, 2015 . At June 30, 2015 and December 31, 2014 , respectively, investments classified as Level 1 comprise approximately 72.8 % and 72.7 % 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 de rivative 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 June 30, 2015 and December 31, 2014 , respectively, investments classified as Level 2 comprise approx imately 26.3 % and 26.4 % 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 no t 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 effectivel y 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 observabl e 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 June 30, 2015 and December 31, 2014 , respectively, approximately $ 735 million and $ 821 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 con tracted, market activity in these sectors. The Company ’ s SCS and EQUI-VEST variable annuity products, the IUL product, and in the MSO fund available in some life contracts offer investment options which permit the contract owner to participate in the perf ormance of an index, ETF or commodity price. These investment options, which depending on the product and on the index selected can currently have 1, 3, or 5 year terms, provide for participation in the performance of specified indices, ETFs or commodity price movement up to a segment-specific declared maximum rate. Under certain conditions that vary by product, e.g. holding these segments for the full term, these segments also shield policyholders from some or all negative investment performance associat ed with these indices, ETFs or commodity prices. These investment options have defined formulaic liability amounts, and the current values of the option component of these segment reserves are accounted for as Level 2 embedded derivatives. The fair value s of these embedded derivatives are based on prices obtained from independent valuation service providers. At June 30, 2015 and December 31, 2014 , respectively, investments classified as Level 3 comprise approximately 0.9 % and 1.0 % of assets measured at fair value on a r ecurring 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 unobservab le factors to the overall fair value measurement. Included in the Level 3 classification at June 30, 2015 and December 31, 2014 , respectively, were approximately $ 125 million and $ 135 million of fixed maturities with indicative pricing obtained from brokers that otherwis e 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 us e of internally-developed assumptions about inputs a market participant would use to price the security. In addition, approximately $ 677 million and $ 770 million of mortgage- and asset-backed securities, including CMBS, are classified as Level 3 at June 30, 2015 and December 31, 2014 , respectively . The Company utilizes prices obtained from an independent valuation service vendor to measure fair value of CMBS securities. The Company also issues certain benefits on its variable annuity products that are accounted for as de rivatives 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 val uations of both the GMIB reinsurance contract asset and GIB and GWBL and Other Features’ liability incorporate significant non-observable assumptions related to policyholder behavior, risk margins and projections of equity Separate Account funds. The cred it 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 tre aties. After giving consideration to collateral arrangements, the Company reduced the fair value of its GMIB reinsurance contract asset by $ 165 million and $ 147 million at June 30, 2015 and December 31, 2014 , respectively, to recognize incremental counterparty non-perfor mance risk. The unadjusted swap curve was determined to reflect a level of general swap market counterparty risk; therefore, no adjustment was made for purpose of determining the fair value of the GIB and GWBL and Other Features’ liability embedded deriva tive at June 30, 2015 . Equity and fixed income volatilities were modeled to reflect the current market volatility. In second quarter 2014, the Company refined the fair value calculation of the GMIB reinsurance contract asset and GWBL, GIB and GMAB liabilities, utilizing scenarios that explicitly reflect risk free bond and equity components separately (previously aggregated and including counterparty risk premium embedded in swap rates ) and stochastic interest rates for projecting and discounting cash flows (pre viously a single yield curve). The net impacts of these refinements were a $ 510 million increase to the GMIB reinsurance contract asset and a $ 37 million increase in the GWBL, GIB and GMAB liability which are reported in the Company’s consolidated stateme nts of Earnings (Loss) as Increase (decrease) in the fair value of the reinsurance contract asset and Policyholders’ benefits , respectively . The Company’s Level 3 liabilities include c ontingent payment arrangements associated with acquisitions in 2010, 2013 and 2014 by AllianceBernstein . At the acquisition date, AllianceBernstein estimated the fair values of the contingent consideration expected to be paid based upon probability-weighted AUM and revenue projections, using unobservable market data inputs . In the first six months of 2015, AFS fixed maturities with fair values of $ 66 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 f air values. In addition, AFS fixed maturities with Fair Value of $ 40 million were transferred from Level 2 in to the Level 3 classification. These transfers in the aggregate represent approximately 0.6 % of total equity at June 30, 2015 . In the first six months of 2014, AFS fixed maturities with fair values of $ 77 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. These transfe rs in the aggregate represent approximately 0.5 % of total equity at June 30, 2014. In the second quarter and first six months of 2014, $ 4 million and $ 7 million, respectively, of other equity investments were transferred from Level 2 to Level 1 as a result of the lapse on the trading restriction of public securities. The table below presents a reconciliation for all Level 3 assets and liabilities for the second quarter and first six months of 2015 and 2014 , 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, April 1, 2015 $ 399 $ 48 2 686 $ 2 $ 51 Total gains (losses), realized and unrealized, included in: Earnings (loss) as: Net investment income (loss) 1 - - 1 - - Investment gains (losses), net 1 - - (18) - - Subtotal 2 - - (17) - - Other comprehensive income (loss) (5) (2) - 21 - 1 Purchases 18 - - - - - Issues - - - - - - Sales (32) - - (48) (1) (4) Settlements - - - - - - Transfers into Level 3 (1) 1 - - - - - Transfers out of Level 3 (1) (10) - (2) (15) - - Balance, June 30, 2015 $ 373 $ 46 - 627 $ 1 $ 48 Balance, April 1, 2014 $ 229 $ 47 - 722 $ 3 $ 61 Total gains (losses), realized and unrealized, included in: Earnings (loss) as: Net investment income (loss) 1 - - 1 - - Investment gains (losses), net 3 - - (41) - - Subtotal 4 - - (40) - - Other comprehensive income (loss) (5) 1 - 49 - 1 Purchases 13 - - - - - Sales (19) (1) - (1) - (4) Transfers into Level 3 (1) - - - - - - Transfers out of Level 3 (1) (1) - - (6) - - Balance, June 30, 2014 $ 221 $ 47 - 724 $ 3 $ 58 State and Political Commercial Residential Sub- Foreign Mortgage- Mortgage- Asset- Corporate divisions Govts backed backed backed (In Millions) Balance, January 1, 2015 $ 380 $ 47 $ - $ 715 $ 2 $ 53 Total gains (losses), realized and unrealized, included in: Earnings (loss) as: Net investment income (loss) 1 - - 1 - - Investment gains (losses), net 1 - - (20) - - Subtotal 2 - - (19) - - Other comprehensive income (loss) (1) (1) - 34 - - Purchases 33 - - - - - Issues - - - - - - Sales (35) - - (83) (1) (5) Settlements - - - - - - Transfers into Level 3 (1) 40 - - - - - Transfers out of Level 3 (1) (46) - - (20) - - Balance, June 30, 2015 $ 373 $ 46 $ - $ 627 $ 1 $ 48 Balance, January 1, 2014 $ 291 $ 46 $ - $ 700 $ 4 $ 83 Total gains (losses), realized and unrealized, included in: Earnings (loss) as: Net investment income (loss) 1 - - 1 - - Investment gains (losses), net 3 - - (57) - - Subtotal 4 - - (56) - - Other comprehensive income (loss) 4 2 - 89 - 4 Purchases 13 - - - - - Sales (20) (1) - (3) (1) (29) Transfers into Level 3 (1) - - - - - - Transfers out of Level 3 (1) (71) - - (6) - - Balance, June 30, 2014 $ 221 $ 47 $ - $ 724 $ 3 $ 58 Redeem- GWBL Contingent able Other GMIB Separate and Other Payment Preferred Equity Reinsurance Accounts Features' Arrang- Stock Investments (2) Asset Assets Liability ement (In Millions) Balance, April 1, 2015 $ - $ 59 $ 11,401 $ 267 $ 167 $ (42) Total gains (losses), realized and unrealized, included in: Earnings (loss) as: Net investment income (loss) - - - 9 - 1 Investment gains (losses), net - (8) - - - - Increase (decrease) in the fair value of the reinsurance contract asset - - (1,496) - - - Policyholders' benefits - - - - (103) - Subtotal - (8) (1,496) 9 (103) 1 Other comprehensive income (loss) - - - - - - Purchases (3) - - 57 8 45 - Issues - - - - - - Sales (4) - - (11) - - - Settlements (5) - - - (1) - (1) Transfers into Level 3 (1) - - - - - - Transfers out of Level 3 (1) - - - - - - Balance, June 30, 2015 $ - $ 51 $ 9,951 $ 283 $ 109 (42) Balance, April 1, 2014 $ 15 $ 48 $ 7,443 $ 240 $ 7 (38) Total gains (losses), realized and unrealized, included in: Earnings (loss) as: Net investment income (loss) - 5 - - - - Investment gains (losses), net - - - (2) - - Increase (decrease) in the fair value of the reinsurance contract asset - - 770 - - - Policyholders' benefits - - - - (22) - Subtotal - 5 770 (2) (22) - Other comprehensive income (loss) - - - - - - Purchases (3) - - 56 4 32 (9) Issues - - (6) - - Sales (4) - - - (1) - - Settlements (5) - - - (1) - - Transfers into Level 3 (1) - - - - - - Transfers out of Level 3 (1) - - - (2) - - Balance, June 30, 2014 $ 15 $ 53 $ 8,263 $ 238 $ 17 (47) Redeem- GWBL Contingent able Other GMIB Separate and Other Payment Preferred Equity Reinsurance Accounts Features' Arrang- Stock Investments (2) Asset Assets Liability ement (In Millions) Balance, January 1, 2015 $ - $ 61 $ 10,711 $ 260 $ 128 $ (42) Total gains (losses), realized and unrealized, included in: Earnings (loss) as: Net investment income (loss) - - - 17 - 1 Investment gains (losses), net - (13) - - - - Increase (decrease) in the fair value of the reinsurance contracts - - (851) - - - Policyholders' benefits - - - - (104) - Subtotal - (13) (851) 17 (104) 1 Other comprehensive income (loss) - 3 - - - - Purchases (3) - - 113 11 85 - Issues - - - - - - Sales (4) - - (22) (1) - - Settlements (5) - - - (2) - (1) Transfers into Level 3 (1) - - - - - - Transfers out of Level 3 (1) - - - (2) - - Balance, June 30, 2015 $ - $ 51 $ 9,951 $ 283 $ 109 $ (42) Balance, January 1, 2014 $ 15 $ 52 $ 6,747 $ 237 $ - $ (38) Total gains (losses), realized and unrealized, included in: Earnings (loss) as: Net investment income (loss) - 1 - - - 1 Investment gains (losses), net - - - (3) - - Increase (decrease) in the fair value of the reinsurance contracts - - 1,423 - - - Policyholders' benefits - - - - (43) - Subtotal - 1 1,423 (3) (43) 1 Other comprehensive income (loss) - - - - - - Purchases (3) - - 111 8 60 (9) Issues - - (18) - - - Sales (4) - - - (2) - - Settlements (5) - - - (2) - (1) Transfers into Level 3 (1) - - - - - - Transfers out of Level 3 (1) - - - - - - Balance, June 30, 2014 $ 15 $ 53 $ 8,263 $ 238 $ 17 $ (47) Transfers into/out of Level 3 classification are reflected at beginning-of-period fair values. Includes Trading securities’ Level 3 am ount. For the GMIB reinsurance contract asset and GWBL and other features reserves, represents premiums. For the GMIB reinsurance contract asset, represents recoveries from reinsurers and for GWBL and other features reserves represents benefits paid. For contingent payment arrangements, it represents payments under the arrangement. The table below details changes in unrealized gains (losses) for the second quarter and first six months of 2015 and 2014 by category for Level 3 assets and liabilities still held at June 30, 2015 and 2014 , respectively: Earnings (Loss) Increase Investment (Decrease) in the Gains Fair Value of the Policy- (Losses), Reinsurance holders' Net Contract Asset OCI Benefits (In Millions) Level 3 Instruments Second Quarter 2015 Held at June 30, 2015: Change in unrealized gains (losses): Fixed maturities, available-for-sale: Corporate $ - $ - $ (5) $ - State and political subdivisions - - (2) - Commercial mortgage-backed - - 21 - Asset-backed - - - - Other fixed maturities, available-for-sale - - - - Subtotal $ - $ - $ 14 $ - GMIB reinsurance contracts - (1,450) - - Separate Accounts’ assets 9 - - - GWBL and Other Features’ liability - - - (58) Total $ 9 $ (1,450) $ 14 $ (58) Level 3 Instruments Second Quarter 2014 Held at June 30, 2014: Change in unrealized gains (losses): Fixed maturities, available-for-sale: Corporate $ - $ - $ (5) $ - State and political subdivisions - - 1 - Commercial mortgage-backed - - 50 - Asset-backed - - 2 - Subtotal $ - $ - $ 48 $ - Equity securities, available-for-sale - 820 - - GMIB reinsurance contracts - - - - Separate Accounts’ assets (2) - - - GWBL and Other Features’ liability - - - 10 Total $ (2) $ 820 $ 48 $ 10 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 Six Months of 2015 Held at June 30, 2015: Change in unrealized gains (losses): Fixed maturities, available-for-sale: Corporate $ - $ - $ - $ (1) $ - Commercial mortgage-backed - - - 33 - Asset-backed - - - - - State and Political Subs - - - (1) - Other fixed maturities, available-for-sale - - - - - Subtotal $ - $ - $ - $ 31 $ - GMIB reinsurance contracts - - (760) - - Separate Accounts’ assets - 17 - - - GWBL and other features’ liability - - - - (19) Total $ - $ 17 $ (760) $ 31 $ (19) Level 3 Instruments First Six Months of 2014 Held at June 30, 2014: Change in unrealized gains (losses): Fixed maturities, available-for-sale: |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 6 Months Ended |
Jun. 30, 2015 | |
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 six months of 2015, no cash contributions were made by AXA Equitable or AllianceBernstein to their respective qualified pension plan s . Based on the funded status of the Com pany ’ s plans at June 3 0 , 2015, no minimum contribution is required to be made in 2015 under ERISA , as amended by the Pension Act, but management is currently evaluating if it will make contributio ns for the remainder of 2015. Components of net periodic p ension expense for the Company ’ s qualified plans were as follow s: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (In Millions) Net Periodic Pension Expense: (Qualified Plans) Service cost $ 2 $ 3 $ 4 $ 5 Interest cost 23 26 46 53 Expected return on assets (39) (38) (78) (77) Net amortization 30 28 60 57 Net Periodic Pension Expense $ 16 $ 19 $ 32 $ 38 |
SHARE-BASED AND OTHER COMPENSAT
SHARE-BASED AND OTHER COMPENSATION PROGRAMS | 6 Months Ended |
Jun. 30, 2015 | |
Shared Based And Other Compensation Programs [Abstract] | |
SHARE BASED AND OTHER COMPENSATION PROGRAMS | 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. Compensation costs fo r the second quarter and first six months of 2015 and 2014 for share-based payment arrangements as further described herein are as follows: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (In Thousands) Performance Units/Shares $ 10,164 $ 3,698 $ 11,026 $ 6,695 Stock Options 376 191 506 558 Restricted Stock - - - - AXA Miles - - - - AllianceBernstein Stock Options 4,500 100 6,400 (300) AllianceBernstein Restricted Units - 4,100 - 7,400 Other compensation plans (1) 73 94 153 189 Total Compensation Expenses $ 15,113 $ 8,183 $ 18,085 $ 14,542 (1) Other compensation plans include Restricted Stock, Performance Accelerated Restricted Stock and AXA Miles. Performance Units and Performance Shares 2015 Grant . On June 19, 2015, under the terms of the Performance Share Plan, AXA awarded approximately 1.7 million unearned performance shares to employees of AXA Equitable. The extent to which 2015-2017 cumulative performance targets measuring the performance of AX A 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 ea rned during this performance period will vest and be settled on the fourth anniversary of the award date. The plan will settle in shares to all participants. In the first six months of 2015, the expense associated with the June 19, 2015 grant of performa nce shares was $ 6 million. Settlement of 2012 Grant in 2015. On April 2, 2015, cash distributions of approximately $ 53 million were made to active and former AXA Equitable employees in settlement of 2,273,008 performance units earned under the terms of t he AXA Performance Unit Plan 2012. Stock Options 2015 Grant . On June 19, 2015, 442,885 options to purchase AXA ordinary shares were granted to employees of AXA Equitable under the terms of the Stock Option Plan at an exercise price of 22.90 euros. All of those options have a five-year graded vesting schedule, with one-third vesting on each of the third, fourth, and fifth anniversaries of the grant date. Of the total options awarded on June 19, 2015, 244,597 are further subject to conditional vesting te rms that require the AXA ordinary share price to outperform the Euro Stoxx Insurance Index over a specified period. All of the options granted on June 19, 2015 have a ten-year term. The weighted average grant date fair value per option award was estimate d at 1.58 euros using a Black-Scholes options pricing model with modification to measure the value of the conditional vesting feature. Key assumptions used in the valuation included expected volatility of 23.68 %, a weighted average expected term of 8.2 ye ars, an expected dividend yield of 6.29 % and a risk-free interest rate of 0.92 %. The total fair value of these options (net of expected forfeitures) of approximately $ 1 million is charged to expense over the shorter of the vesting term or the period up to the date at which the participant becomes retirement eligible. In the first six months of 2015, the Company recognized expenses associated with the June 19, 2015 grant of options of approximately $ 283,000 . AllianceBernstein Long-term Incentive Compensat ion Plans. During the second quarter and first six months of 2015 , AllianceBernstein purchased 0.1 million and 0.8 million Holding units for $ 4 million and $ 21 million, respectively (on a trade date basis). These amounts reflect open-market purchases of 0.1 million and 0.7 million Holding Units for $ 4 million and $ 19 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-ter m incentive compensation awards. During the second quarter and first six months of 2014, AllianceBernstein purchased 15,000 and 0.2 million AB Holding Units for $ 400,000 and $ 4 million , respectively (on a trade date basis) . These amounts reflect purchases from employees to allow them to fulfill statutory tax withholding requirements at the time of distribution of long-term incentive compensation awards. During the first six months of 2015 and 2014 , AllianceBernstein granted to employees and e ligi ble Directors 0.3 million and 0.4 million restricted Holding awards , respectively . In the first six months of 2015 and 2014, AllianceBernstein used Holding units repurchased during the period and newly issued Holding units to fund the restricted Holding u nit awards . |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2015 | |
Income Taxes [Abstract] | |
INCOME TAXES | 9) INCOME TAXES Income taxes for the interim periods ended June 30, 2015 and 2014 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. The tax benefit recognized year-to-date 2015 was limited to the amount that would have been recognized if the year-to-date loss was the anticipated loss for the full year. During the second quarter of 201 5, the Company reached a settlement with the IRS on the appeal of proposed adjustments to the Company’s 2004 and 2005 Federal corporate income tax returns. The impact of this settlement on the Company’s financial statements and unrecognized tax benefits in second quarter and first six months of 2015 was a tax benefit of $ 77 million. During the second quarter of 2014, the IRS completed its examination of the Company’s 2006 and 2007 Federal corporate income tax returns and issued its Revenue Agent’s Report. The impact of these completed audits on the Company’s financial statements and unrecognized tax benefits in second quarter and first six months of 2014 was a tax benefit of $ 215 million. |
LITIGATION
LITIGATION | 6 Months Ended |
Jun. 30, 2015 | |
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, 2014, 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 Mana gement 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 alle ged 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 enri chment. 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, in terest, 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’ moti on 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 o n 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 lig ht 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 re covery of the alleged overpayments, or alternatively, rescission of the contract and restitution of the excessive fees paid, interest, costs and fees. In January 2015, defendants filed a motion for summary judgment as well as various motions to strike cer tain of the Plaintiffs’ experts in the Sivolella and Sanford Litigations. Also in January 2015, two Plaintiffs in the Sanford Litigation filed a motion for partial summary judgment relating to the EQ/Core Bond Index Portfolio as well as motions in limine to bar admission of certain documents and preclude the testimony of one of defendants’ experts. In August 2015, the Court denied Plaintiffs’ motions in limine and also denied both parties motions for summary judgment. In April 2014, a lawsuit was filed in the United States District Court for the Southern District of New York, entitled Andrew Yale, on behalf of himself and all others similarly situated v. AXA Life Insurance Company F/K/A AXA Equitable Life Insurance Company . The lawsui t is a putative class action on behalf of all persons and entities that, between 2011 and March 11, 2014, directly or indirectly, purchased, renewed or paid premiums on life insurance policies issued by AXA Equitable (the “Policies”). The complaint allege s that AXA Equitable did not disclose in its New York statutory annual statements or elsewhere that the collateral for certain reinsurance transactions with affiliated reinsurance companies was supported by parental guarantees, an omission that allegedly c aused AXA Equitable to misrepresent its “financial condition” and “legal reserve system.” The lawsuit seeks recovery under Section 4226 of the New York Insurance Law of all premiums paid by the class for the Policies during the relevant period. In June 20 14, AXA Equitable filed a motion to dismiss the complaint on procedural grounds, which was denied in October 2014. In February 2015, plaintiffs substituted two new named plaintiffs for the current named plaintiff, Mr. Yale, who had determined that he coul d not serve as the named plaintiff and class representative in the case. In March 2015, AXA Equitable filed a motion to dismiss on substantive grounds, whereupon the court permitted plaintiffs to file an amended pleading, which they did in March 2015. In April 2015, AXA Equitable filed a motion to dismiss the amended complaint. In April 2015, plaintiffs filed a motion for class certification. In July 2015, the Court granted AXA Equitable’s motion to dismiss for lack of subject matter jurisdiction. As a result of that decision, the Court also denied plaintiffs motion for class certification as moot. In April 2015, the same plaintiffs’ law firm filed a second action in the United States District Court for the Southern District of New York on behalf of a p utative class of variable annuity holders with “Guaranteed Benefits Insurance Riders,” entitled Calvin W. Yarbrough, on behalf of himself and all others similarly situated v. AXA Equitable Life Insurance Company . The new action covers the same class perio d, makes substantially the same allegations, and seeks the same relief (return of all premium paid by class members) as the first action on behalf of life insurance policyholders. AXA Equitable has notified the court of the decision in the first action and is requesting permission from the court to file a motion to dismiss. In November 2014, a separate lawsuit entitled Arlene Shuster, on behalf of herself and all others similarly situated v. AXA Equitable Life Insurance Company was filed in the Superior Co urt of New Jersey, Camden County (“New Jersey state court”). The lawsuit is a putative class action on behalf of “all AXA [Equitable] variable life insurance policyholders who allocated funds from their Policy Accounts to investments in AXA’s Separate Acc ounts, which were subsequently subjected to volatility-management strategy, and who suffered injury as a result thereof.” Plaintiff asserts that volatility management techniques were implemented in certain variable investment funds offered to plaintiff un der her variable life insurance contract and that use of volatility management in those funds “breached the terms of the variable life insurance policies held by plaintiff and the Class.” The lawsuit seeks unspecified damages. In December 2014, AXA Equit able filed a notice of removal to the United States District Court for the District of New Jersey. In January 2015, plaintiff filed a motion to remand the action to New Jersey state court. In July 2015, the New Jersey federal district court remanded the action to New Jersey state court. ____________________________________________________________________________ Although the outcome of litigation and regulatory matters generally cannot be predicted with certainty, management intends to vigorously defend against the allegations made by the plaintiffs in the actions described above and believes that the ultimate resolution of the matters described therein involving AXA Equitable and/or its subsidiaries should not have a material adverse effect on the consolidated financial position of AXA Equitable. Management cannot make an estimate of loss, if any, or predict whether or not any of the litigations and regulatory matters described above will have a material adverse effect on AXA Equitable’s consolida ted results of operations in any particular period. In addition to the matters described above in the Company’s Notes to Consolidated Financial Statements for the year ended December 31, 2014, a number of lawsuits, claims, assessments and regulatory inqui ries have been filed or commenced against life and health insurers and asset managers in the jurisdictions in which AXA Equitable and its respective subsidiaries do business. These actions and proceedings involve, among other things, insurers’ sales pract ices, alleged agent misconduct, alleged failure to properly supervise agents, contract administration, product design, features and accompanying disclosure, 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 and fines against other insurers and asset managers, including material amounts of punitive damages, or in substantial settlements. Courts, juries and regulators often have substantial dis cretion in awarding large damage awards and fines, including punitive damages. AXA Equitable and its subsidiaries from time to time are involved in such actions and proceedings. While the ultimate outcome of such matters cannot be predicted with certaint y, 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 and regulatory fi nes, including large punitive damage awards that bear little or no relation to actual economic damages incurred, continues to create the potential for an unpredictable judgment in any given matter. . |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2015 | |
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 $ 10 million, $ 21 million and $ 11 million, $ 17 million , respectively, for the second quarter and first six months of 2015 and 2014 . AXA Equitable paid $ 158 million, $ 303 million, $ 154 million and $ 308 million, respectively, of commissions and fees to AXA Distribution and its subsidiaries for sales of insurance products for the second quarter and first six months of 2015 and 2014 . AXA Equitable charged AXA Distribution’s subsidiaries $ 76 million, $ 158 million, $ 76 million and $ 168 million, respectively, for their applicable share of operating expenses for the second quarter a nd first six months of 2015 and 2014 , pursuant to the Agreements for Services. AXA Equitable provides personnel services, employee benefits, facilities, supplies and equipment under service agreements with certain A XA Financial subsidiar ies and affiliates to conduct their business. The associated costs related to the service agreement are allocated based on methods that management believes are reasonable, including a review of the nature of such costs and activities performed to support each company. As a result of such allocations, AXA Equitable was reimbursed $ 28 million, $ 4 7 million, $ 18 , million and $ 37 million for the second quarter and first six months of 2015 and 2014, respectively. Both AXA Equitable and AllianceBernstein, along with other AXA affiliates, participate in certain intercompany cost sharing and service agreements including technology and professional development arrangements. AXA Equitable and AllianceBernstein incurred expenses under such agreements of approximatel y $ 43 million, $ 76 million, $ 40 million and $ 78 million for the second quarter and first six months of 2015 and 2014, respectively. Expense reimbursements by AXA and AXA affiliates to AXA Equitable under such agr eements totaled approximately $ 4 million, $ 7 million, $ 4 million and $ 9 million for the second quarter and first six months of 2015 and 2014, respectively. The net receivable (payable) related to these contracts was approximately $ (6) million and $ 3 million at June 30, 2015 and December 31, 2014, respectively. At June 30, 2015 and December 31, 2014 , the Company’s GMIB reinsurance contract asset with AXA Arizona had carrying values of $ 7,964 million and $ 8,560 million, respectively, and is reported in Guaranteed minimum income benefit reinsurance contract asset, a t fair value in the consolidated balance sheets. Ceded p remiums to AXA Arizona in the second quarter and first six months of 2015 and 2014 related to the UL and no lapse guarantee riders totaled approximately $ 113 million, $ 222 million, $ 113 million and $ 220 million, respectively. Ceded claims paid in the second quarter and first six months of 2015 and 2014 were $ 15 million, $ 30 million, $ 18 million and $ 48 million, respectively. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | 6 Months Ended |
Jun. 30, 2015 | |
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 ear nings (loss). The balances as of June 30, 2015 and 2014 follow: June 30, 2015 2014 (In Millions) Unrealized gains (losses) on investments $ 442 $ 815 Foreign currency translation adjustments (42) (7) Defined benefit pension plans (741) (717) Total accumulated other comprehensive income (loss) (341) 91 Less: Accumulated other comprehensive (income) loss attributable to noncontrolling interest 47 9 Accumulated Other Comprehensive Income (Loss) Attributable to AXA Equitable $ (294) $ 100 The components of OCI , net-of-taxes for the second quarter and first six months of 2015 and 2014 follow: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (In Millions) Foreign currency translation adjustments: Foreign currency translation gains (losses) arising during the period $ 5 $ 4 $ (7) $ 6 (Gains) losses reclassified into net earnings (loss) during the period (1) - (1) - Foreign currency translation adjustment 4 4 (8) 6 Net unrealized gains (losses) on investments: Net unrealized gains (losses) arising during the period (1,138) 352 (752) 743 (Gains) losses reclassified into net earnings (loss) during the period (1) 11 25 10 21 Net unrealized gains (losses) on investments (1,127) 377 (742) 764 Adjustments for policyholders' liabilities, DAC, insurance liability loss recognition and other 107 (67) 61 (103) Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $(548) million, $169 million,$(368) million and $354 million) (1,020) 310 (681) 661 Change in defined benefit plans: Less: reclassification adjustments to net earnings (loss) for: Amortization of net actuarial (gains) losses included in Amortization of net prior service cost included in net periodic cost 20 21 39 40 Change in defined benefit plans (net of deferred income tax expense (benefit) of $10 million $10 million, $21 million and $21 million) 20 21 39 40 Total other comprehensive income (loss), net of income taxes (996) 335 (650) 707 Less: Other comprehensive (income) loss attributable to noncontrolling interest (4) (2) 5 (4) Other Comprehensive Income (Loss) Attributable to AXA Equitable $ (1,000) $ 333 $ (645) $ 703 See “Reclassification adjustments” in Note 3. Reclassification amounts presented net of income tax expense (benefit) of $ (6) million and $ (6) million, $ (13) million and $ (11) million, for the second quarter and first six months of 2015 and 201 4 , respectively. Investment gains and losses reclassified from AOCI to net earnings (loss) primarily consist of realized gains (losses) on sales and OTTI of AFS securities and are included in Total investment gains (losses), net on the consolidated statement s of earnings (loss). Amounts reclassified from AOCI to net earnings (loss) as related to defined benefit plans pri marily 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 ta x. |
COMMITMENT AND CONTINGENT LIABI
COMMITMENT AND CONTINGENT LIABILITIES | 6 Months Ended |
Jun. 30, 2015 | |
Commitments And Contingent Liabilities [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 13) COMMITMENTS AND CONTINGENT LIABILITIES 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 first six months of 2014 , AXA Equitable recorded pre-tax charges of $ 25 million related to the reduction in office space in the Compa ny’s 1290 Avenue of the Americas, New York, N ew York headquarters . Obligation under funding agreements Funding agreements are reported in Policyholders’ account balances in the consolidated balance sheets. AXA Equitable as a member of the FHLBNY has access to borrowing facilities from the FHLBNY including collateralized borrowings and funding agreements, which would require AXA Equitable to pledge qualified mortgage-backed assets and/or government securities as collateral. AXA Equitable’s capacity with the FHLBNY was increased during second quarter 2014 from $ 1,000 million to $ 3,000 million. At both June 3 0 , 2015 and December 31, 2014 the Company had $ 500 million of outstanding funding agreements with the FHLBNY. T he funding agreements were used to extend the duration of the assets within the General Account investment portfolio. For other instruments used to extend the duration of the General Account investment portfolio see “Derivative and offsetting assets and l iabilities” included in Note 3. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 6 Months Ended |
Jun. 30, 2015 | |
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 consolidate d balance sheets, respectively. Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (In Millions) Segment revenues: Insurance $ (562) $ 2,773 $ 2,248 $ 5,773 Investment Management (1) 790 759 1,553 1,471 Consolidation/elimination (8) (8) (14) (14) Total Revenues $ 220 $ 3,524 $ 3,787 $ 7,230 Includes investment expenses charged by AllianceBernstein of approximately $ 10 million, $ 22 million, $ 7 million and $ 14 million for the second quarter and first six months of 2015 and 2014 , respectively , for services provided to AXA Equitable’s insurance segment . Intersegment investment advisory and other fees of approximately $ 18 million, $ 36 million, $ 15 million and $ 28 million, for the second quarter and first six months of 2015 and 2014 , respectively, are included in total revenues of the Investment Management segment. Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (In Millions) Segment earnings (loss) from continuing operations, before income taxes: Insurance $ (1,912) $ 1,038 $ (929) $ 2,423 Investment Management (2) 160 144 307 270 Consolidation/elimination (1) - (1) - Total Earnings (Loss) from Continuing Operations, before income taxes $ (1,753) $ 1,182 $ (623) $ 2,693 In accordance with SEC regulations, securities with a fair value of $ 430 million and $ 415 million have been segregated in a special reserve bank custody account at June 30, 2015 and December 31, 2014, respectively, for the exclusive benefit of securities broker-dealer or brokerage customers under the Exchange Act. June 30, December 31, 2015 2014 (In Millions) Segment assets: Insurance $ 184,707 $ 184,018 Investment Management 12,344 11,990 Consolidation/elimination (4) (3) Total Assets $ 197,047 $ 196,005 |
SIGNIFICANT ACCOUNTING POLICI22
SIGNIFICANT ACCOUNTING POLICIES (POLICIES) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Accounting for Variable Annuities With Guarantee Features [Policy Text Block] | Accounting for Variable Annuities with GMDB and GMIB Features Future claims exposure on products with guaranteed minimum death benefit (“GMDB”) and guaranteed minimum income benefit (“GMIB”) features are sensitive to movements in the equity markets and interest rates. The Company has in place various hedging programs utilizing derivatives that are designed to mitigate the impact of movements in equity markets and interest rates. The accounting for these various hedging programs does not qualify for hedge accounting treatment. As a result, changes in the value of the derivatives will be recognized in the period in which they occur while offsetting changes in reserves and deferred policy acquisition costs (“ DAC”) will be recognized over time in accordance with policies described in the Company’s Notes to Consolidated Financial Statements for the year ended December 31, 2014 , under “Policyholders’ Account Balances and Future Policy Benefits” and “DAC”. These d ifferences in recognition contribute to earnings volatility. GMIB reinsurance contracts are used to cede to affiliated and non-affiliated reinsurers a portion of the exposure on variable annuity products that offer the GMIB feature. The GMIB reinsurance contracts are accounted for as derivatives and are reported at fair value. Gross reserves for GMIB are calculated on the basis of assumptions related to projected benefits and related contract charges over the lives of the contracts and therefore will no t immediately reflect the offsetting impact on future claims exposure resulting from the same capital market and/or interest rate fluctuations that cause gains or losses on the fair value of the GMIB reinsurance contracts. The changes in the fair value of the GMIB reinsurance contracts are recorded in the period in which they occur while offsetting changes in gross reserves and DAC for GMIB are recognized over time in accordance with policies described in the Company’s Notes to Consolidated Financial State ments for the year ended December 31, 2014 under “Policyholders’ Account Balances and Future Policy Benefits” and “DAC”. These differences in recognition contribute to earnings volatility. |
New Accounting Pronouncements Policy [Policy Text Block] | Adoption of New Accounting Pronouncements In June 2014, the FASB issued new guidance for repurchase-to-maturity transactions, repurchase financings and added disclosure requirements, which aligns the accounting for repurchase-to-maturity transactions and repurchase financing arrangements with the accounting for other typical repurchase agreements. The new guidance also requires additional disclosures about repurchase agreements and similar transactions. The accounting changes and disclosure requirements were effective for interim or annual periods beginning after December 15, 2014. Implementation of this guidance did not have a material impact on the Company’s consolidated financial statements. The FASB issued new guidance that allows investors to elec t to use the proportional amortization method to account for investments in qualified affordable housing projects if certain conditions are met. Under this method, which replaces the effective yield method, an investor amortizes the cost of its investment , in proportion to the tax credits and other tax benefits it receives, to income tax expense. The guidance also introduces disclosure requirements for all investments in qualified affordable housing projects, regardless of the accounting method used for t hose investments. The guidance was effective for annual periods beginning after December 15, 2014. Implementation of this guidance did not have a material impact on the Company’s consolidated financial statements. |
Future Adoption Of New Accounting Pronouncements [Policy Text Block] | Future Adoption of New Accounting Prono uncements In May 2015, the FASB issued new guidance related to disclosures for investments in certain entities that calculate net asset value (“NAV”) per share (or its equivalent). Under the new guidance, investments measured at NAV, as a practical expedi ent for fair value, are excluded from the fair value hierarchy. Removing investments measured using the practical expedient from the fair value hierarchy is intended to eliminate the diversity in practice that currently exists with respect to the categori zation of these investments. The only criterion for categorizing investments in the fair value hierarchy will be the observability of the inputs. The amendment is effective retrospectively for fiscal years (and interim periods within those years) beginni ng after December 15, 2015. Management does not expect implementation of this guidance will have a material impact on the Company’s consolidated financial statements. In April 2015, the FASB issued new guidance , s implifying the p resentation of d ebt i ssuan ce c osts, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. The new guidance is effective retrospecti vely for interim or annual periods beginning after December 15, 2015 . Management does not expect implementation of this guidance will have a material impact on the Company’s consolidated financial statements. In May 2014, the FASB issued new revenue reco gnition guidance that is intended to improve and converge the financial reporting requirements for revenue from contracts with customers with International Financial Reporting Standards (“IFRS”). The new guidance applies to contracts that deliver goods or services to a customer, except when those contracts are for: insurance, leases, rights and obligations that are in the scope of certain financial instruments (i.e., derivative contracts) and guarantees other than product or service warranties. The new gui dance is effective for interim and annual periods, beginning after December 15, 2017. Management is currently evaluating the impact that adoption of this guidance will have on the Company’s consolidated financial statements. |
INVESTMENTS (TABLES)
INVESTMENTS (TABLES) | 6 Months Ended |
Jun. 30, 2015 | |
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) June 30, 2015: Fixed Maturity Securities: Corporate $ 19,917 1,245 120 $ 21,042 $ - U.S. Treasury, government and agency 8,739 138 280 8,597 - States and political subdivisions 441 62 1 502 - Foreign governments 398 42 9 431 - Commercial mortgage-backed 737 24 111 650 10 Residential mortgage-backed (1) 677 37 - 714 - Asset-backed (2) 77 13 1 89 3 Redeemable preferred stock 674 68 7 735 - Total Fixed Maturities 31,660 1,629 529 32,760 13 Equity securities 38 - - 38 - Total at June 30, 2015 $ 31,698 $ 1,629 $ 529 $ 32,798 $ 13 December 31, 2014: Fixed Maturity Securities: Corporate $ 20,742 $ 1,549 $ 71 $ 22,220 $ - U.S. Treasury, government and agency 6,685 672 26 7,331 - States and political subdivisions 441 78 - 519 - Foreign governments 405 48 7 446 - Commercial mortgage-backed 855 22 142 735 10 Residential mortgage-backed (1) 752 43 - 795 - Asset-backed (2) 86 14 1 99 3 Redeemable preferred stock 829 70 10 889 - Total Fixed Maturities 30,795 2,496 257 33,034 13 Equity securities 36 2 - 38 - Total at December 31, 2014 $ 30,831 $ 2,498 $ 257 $ 33,072 $ 13 |
Investments Classified By Contractual Maturity Date [Table Text Block] | Available-for-Sale Fixed Maturities Contractual Maturities at June 30, 2015 Amortized Cost Fair Value (In Millions) Due in one year or less $ 1,596 $ 1,625 Due in years two through five 6,697 7,232 Due in years six through ten 10,666 10,916 Due after ten years 10,536 10,799 Subtotal 29,495 30,572 Commercial mortgage-backed securities 737 650 Residential mortgage-backed securities 677 714 Asset-backed securities 77 89 Total $ 30,986 $ 32,025 |
Available For Sale Fixed Maturities Proceeds Gross Gains And Gross Losses From Sales And Other Than Temporary Impairments [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (In Millions) Proceeds from sales $ 265 $ 599 $ 625 $ 647 Gross gains on sales $ 2 $ 5 $ 7 $ 15 Gross losses on sales $ (1) $ (5) $ (5) $ (6) Total OTTI $ (16) $ (38) $ (18) $ (51) Non-credit losses recognized in OCI - - - - Credit losses recognized in earnings (loss) $ (16) $ (38) $ (18) $ (51) |
Fixed Maturities Credit Loss Impairments [Table Text Block] | Fixed Maturities - Credit Loss Impairments Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (In Millions) Balances, beginning of period $ (238) $ (333) $ (254) $ (370) Previously recognized impairments on securities that matured, paid, prepaid or sold 16 27 34 77 Recognized impairments on securities impaired to fair value this period (1) - - - - Impairments recognized this period on securities not previously impaired (16) (38) (18) (51) Increases due to passage of time on previously recorded credit losses - - - - Accretion of previously recognized impairments due to increases in expected cash flows - - - - Balances at June 30, $ (238) $ (344) $ (238) $ (344) |
Unrealized Gain Loss On Investments [Table Text Block] | June 30, December 31, 2015 2014 (In Millions) AFS Securities: Fixed maturities: With OTTI loss $ 7 $ 10 All other 1,093 2,229 Equity securities - 2 Net Unrealized Gains (Losses) $ 1,100 $ 2,241 |
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, April 1, 2015 $ 6 $ - $ 1 $ (3) $ 4 Net investment gains (losses) arising during the period 1 - - - 1 Reclassification adjustment: Included in Net earnings (loss) - - - - - Excluded from Net earnings (loss) (1) - - - - - Impact of net unrealized investment gains (losses) on: DAC - 1 - - 1 Deferred income taxes - - - - - Policyholders' liabilities - - (2) - (2) Balance, June 30, 2015 $ 7 $ 1 $ (1) $ (3) $ 4 Balance, April 1, 2014 $ (22) $ 1 $ 5 $ 5 $ (11) Net investment gains (losses) arising during the period (7) - - - (7) Reclassification adjustment: Included in Net earnings (loss) 27 - - - 27 Excluded from Net earnings (loss) (1) - - - - - Impact of net unrealized investment gains (losses) on: DAC - - - - - Deferred income taxes - - - (6) (6) Policyholders' liabilities - - (3) - (3) Balance, June 30, 2014 $ (2) $ 1 $ 2 $ (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, 2015 $ 10 $ - $ - $ (4) $ 6 Net investment gains (losses) arising during the period (5) - - - (5) Reclassification adjustment for OTTI losses: Included in Net earnings (loss) 2 - - - 2 Excluded from Net earnings (loss) (1) - - - - - Impact of net unrealized investment gains (losses) on: DAC - 1 - - 1 Deferred income taxes - - - 1 1 Policyholders' liabilities - - (1) - (1) Balance, June 30, 2015 $ 7 $ 1 $ (1) $ (3) $ 4 Balance, January 1, 2014 $ (28) $ 2 $ 10 $ 5 $ (11) Net investment gains (losses) arising during the period (3) - - - (3) Reclassification adjustment for OTTI losses: Included in Net earnings (loss) 29 - - - 29 Impact of net unrealized investment gains (losses) on: DAC - (1) - - (1) Deferred income taxes - - - (6) (6) Policyholders' liabilities - - (8) - (8) Balance, June 30, 2014 $ (2) $ 1 $ 2 $ (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, April 1, 2015 $ 2,827 $ (137) $ (430) $ (794) $ 1,466 Net investment gains (losses) arising during the period (1,752) - - - (1,752) Reclassification adjustment: Included in Net earnings (loss) 18 - - - 18 Excluded from Net earnings (loss) (1) - - - - - Impact of net unrealized investment gains (losses) on: DAC - 35 - - 35 Deferred income taxes - - - 551 551 Policyholders' liabilities - - 130 - 130 Balance, June 30, 2015 $ 1,093 $ (102) $ (300) $ (243) $ 448 Balance, April 1, 2014 $ 1,197 $ (110) $ (291) $ (279) $ 517 Net investment gains (losses) arising during the period 549 - - - 549 Reclassification adjustment: Included in Net earnings (loss) 11 - - - 11 Excluded from Net earnings (loss) (1) - - - - - Impact of net unrealized investment gains (losses) on: DAC - (7) - - (7) Deferred income taxes - - - (160) (160) Policyholders' liabilities - - (90) - (90) Balance, June 30, 2014 $ 1,757 $ (117) $ (381) $ (439) $ 820 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, 2015 $ 2,231 $ (122) $ (368) $ (610) $ 1,131 Net investment gains (losses) arising during the period (1,152) - - - (1,152) Reclassification adjustment for OTTI losses: Included in Net earnings (loss) 14 - - - 14 Excluded from Net earnings (loss) (1) - - - - - Impact of net unrealized investment gains (losses) on: DAC - 20 - - 20 Deferred income taxes - - - 367 367 Policyholders' liabilities - - 68 - 68 Balance, June 30, 2015 $ 1,093 $ (102) $ (300) $ (243) $ 448 Balance, January 1, 2014 $ 607 $ (107) $ (245) $ (90) $ 165 Net investment gains (losses) arising during the period 1,147 - - - 1,147 Reclassification adjustment for OTTI losses: Included in Net earnings (loss) 3 - - - 3 Impact of net unrealized investment gains (losses) on: DAC - (10) - - (10) Deferred income taxes - - - (349) (349) Policyholders' liabilities - - (136) - (136) Balance, June 30, 2014 $ 1,757 $ (117) $ (381) $ (439) $ 820 |
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) June 30, 2015: Fixed Maturity Securities: Corporate $ 3,445 $ (94) $ 355 $ (26) $ 3,800 $ (120) U.S. Treasury, government and agency 4,419 (280) - - 4,419 (280) States and political subdivisions 19 (1) - - 19 (1) Foreign governments 78 (2) 42 (7) 120 (9) Commercial mortgage-backed 56 (5) 321 (106) 377 (111) Residential mortgage-backed 38 - 32 - 70 - Asset-backed 8 - 18 (1) 26 (1) Redeemable preferred stock 121 (3) 112 (4) 233 (7) Total $ 8,184 $ (385) $ 880 $ (144) $ 9,064 $ (529) December 31, 2014: Fixed Maturity Securities: Corporate $ 1,314 $ (29) $ 1,048 $ (42) $ 2,362 $ (71) U.S. Treasury, government and agency 280 (6) 373 (20) 653 (26) States and political subdivisions 21 - - - 21 - Foreign governments 27 (1) 65 (6) 92 (7) Commercial mortgage-backed 37 (2) 355 (140) 392 (142) Residential mortgage-backed - - 35 - 35 - Asset-backed - - 20 (1) 20 (1) Redeemable preferred stock 42 - 169 (10) 211 (10) Total $ 1,721 $ (38) $ 2,065 $ (219) $ 3,786 $ (257) |
Net investment income (loss) from trading securities [Table Text Block] | Net investment income (loss) from trading securities Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (In Millions) Net investment gains (losses) recognized during the period on securities held at the end of the period $ (31) $ 33 $ 7 $ 44 Net investment gains (losses) recognized on securities sold during the period - 3 7 9 Unrealized and realized gains (losses) on trading securities arising during the period (31) 36 14 53 Interest and dividend income from trading securities 25 11 28 22 Net investment income (loss) from trading securities $ (6) $ 47 $ 42 $ 75 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | Troubled Debt Restructuring - Modifications Number Outstanding Recorded Investment of Loans Pre-Modification Post - Modification June 30, 2015 (In Millions) Troubled debt restructurings: Commercial mortgage loans 1 84 93 Total 1 $ 84 $ 93 |
Allowance For Credit Losses On Financing Receivables [Table Text Block] | 2015 2014 Allowance for credit losses: (In Millions) Beginning balance, January 1, $ 37 $ 42 Charge-offs (1) (14) Recoveries - - Provision - 6 Ending balance, June 30, $ 36 $ 34 Ending balance, June 30,: Individually Evaluated for Impairment $ 36 $ 34 |
Debt Service Coverage Ratio [Table Text Block] | Mortgage Loans by Loan-to-Value and Debt Service Coverage Ratios June 30, 2015 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% $ 377 $ - $ 58 $ 23 $ 33 $ - $ 491 50% - 70% 917 501 619 852 98 - 2,987 70% - 90% 211 - 84 265 64 - 624 90% plus 156 - - - - 47 203 Total Commercial Mortgage Loans $ 1,661 $ 501 $ 761 $ 1,140 $ 195 $ 47 $ 4,305 Agricultural Mortgage Loans (1) 0% - 50% $ 187 $ 111 $ 289 $ 408 $ 239 $ 53 $ 1,287 50% - 70% 139 89 188 245 198 44 903 70% - 90% - - 2 18 - - 20 90% plus - - - - - - - Total Agricultural Mortgage Loans $ 326 $ 200 $ 479 $ 671 $ 437 $ 97 $ 2,210 Total Mortgage Loans (1) 0% - 50% $ 564 $ 111 $ 347 $ 431 $ 272 $ 53 $ 1,778 50% - 70% 1,056 590 807 1,097 296 44 3,890 70% - 90% 211 - 86 283 64 - 644 90% plus 156 - - - - 47 203 Total Mortgage Loans $ 1,987 $ 701 $ 1,240 $ 1,811 $ 632 $ 144 $ 6,515 Mortgage Loans by Loan-to-Value and Debt Service Coverage Ratios December 31, 2014 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% $ 335 $ - $ - $ 59 $ 34 $ - $ 428 50% - 70% 963 440 872 839 54 - 3,168 70% - 90% 211 - 61 265 79 - 616 90% plus 156 - - - - 47 203 Total Commercial Mortgage Loans $ 1,665 $ 440 $ 933 $ 1,163 $ 167 $ 47 $ 4,415 Agricultural Mortgage Loans (1) 0% - 50% $ 184 $ 100 $ 232 $ 408 $ 206 $ 50 $ 1,180 50% - 70% 143 87 201 223 204 47 905 70% - 90% - - - - - - - 90% plus - - - - - - - Total Agricultural Mortgage Loans $ 327 $ 187 $ 433 $ 631 $ 410 $ 97 $ 2,085 Total Mortgage Loans (1) 0% - 50% $ 519 $ 100 $ 232 $ 467 $ 240 $ 50 $ 1,608 50% - 70% 1,106 527 1,073 1,062 258 47 4,073 70% - 90% 211 - 61 265 79 - 616 90% plus 156 - - - - 47 203 Total Mortgage Loans $ 1,992 $ 627 $ 1,366 $ 1,794 $ 577 $ 144 $ 6,500 |
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) June 30, 2015 Commercial $ - $ - $ - $ - $ 4,305 $ 4,305 $ - Agricultural 15 5 - 20 2,190 2,210 - Total Mortgage Loans $ 15 $ 5 $ - $ 20 $ 6,495 $ 6,515 $ - December 31, 2014 Commercial $ - $ - $ - $ - $ 4,415 $ 4,415 $ - Agricultural 1 7 3 11 2,074 2,085 3 Total Mortgage Loans $ 1 $ 7 $ 3 $ 11 $ 6,489 $ 6,500 $ 3 |
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) June 30, 2015: With related allowance recorded: Commercial mortgage loans - other $ 156 $ 156 $ (36) $ 156 $ 2 Agricultural mortgage loans - - - - - Total $ 156 $ 156 $ (36) $ 156 $ 2 December 31, 2014: With related allowance recorded: Commercial mortgage loans - other $ 156 $ 156 $ (37) $ 148 $ 2 Agricultural mortgage loans - - - - - Total $ 156 $ 156 $ (37) $ 148 $ 2 |
Schedule Of Derivative Instruments [Text Block] | Derivative Instruments by Category Gains (Losses) At June 30, 2015 Reported In Net Fair Value Earnings (Loss) Notional Asset Liability Six Months Ended Amount Derivatives Derivatives June 30, 2015 (In Millions) Freestanding derivatives: Equity contracts: (1) Futures $ 6,256 $ 2 $ - $ (201) Swaps 1,419 29 17 (75) Options 7,362 1,228 709 103 Interest rate contracts : (1) Floors 1,800 94 - 11 Swaps 12,845 313 159 (376) Futures 8,506 - - (165) Swaptions - - - 118 Credit contracts: (1) Credit default swaps 1,938 7 17 5 Other freestanding contracts: (1) Foreign currency contracts 256 4 4 2 Net investment income (loss) (578) Embedded derivatives: GMIB reinsurance contracts - 9,951 - (760) GIB and GWBL and Other Features (2) - - 109 (19) SCS, SIO, MSO and IUL indexed features (3) - - 437 (125) Total $ 40,382 $ 11,628 $ 1,452 $ (1,482) Gains (Losses) At December 31, 2014 Reported In Net Fair Value Earnings (Loss) Notional Asset Liability Six Months Ended Amount Derivatives Derivatives June 30, 2014 (In Millions) Freestanding derivatives : Equity contracts: (1) Futures $ 5,933 $ 1 $ 2 $ (316) Swaps 1,169 22 15 (95) Options 6,896 1,215 742 135 Interest rate contracts: (1) Floors 2,100 120 - 8 Swaps 11,608 605 15 698 Futures 10,647 - - 256 Swaptions 4,800 72 - - Credit contracts: (1) Credit default swaps 1,942 9 27 4 Other freestanding contracts: (1) Foreign currency contracts 149 2 - (3) Net investment income (loss) 687 Embedded derivatives: GMIB reinsurance contracts - 10,711 - 1,516 GIB and GWBL and Other Features (2) - - 128 (17) SCS, SIO, MSO and IUL indexed features (3) - - 380 (157) Total $ 45,244 $ 12,757 $ 1,309 $ 2,029 |
Offsetting Assets And Liabilities [Table Text Block] | Offsetting of Financial Assets and Liabilities and Derivative Instruments At June 30, 2015 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 $ 1,255 $ 725 $ 530 Interest rate contracts 371 154 217 Credit contracts 6 17 (11) Total Derivatives, subject to an ISDA Master Agreement 1,632 896 736 Total Derivatives, not subject to an ISDA Master Agreement 31 - 31 Total Derivatives 1,663 896 767 Other financial instruments 1,016 - 1,016 Other invested assets (2) $ 2,679 $ 896 $ 1,783 Reverse Repurchase agreements 148 - 148 Other Broker-dealer receivables 2,201 - 2,201 Broker-dealer related receivables $ 2,349 $ - $ 2,349 LIABILITIES (3) Description Derivatives: Equity contracts $ 725 $ 725 $ - Interest rate contracts 154 154 - Credit contracts 17 17 - Total Derivatives, subject to an ISDA Master Agreement 896 896 - Total Derivatives, not subject to an ISDA Master Agreement - - - Total Derivatives 896 896 - Other financial liabilities 2,845 - 2,845 Other liabilities $ 3,741 $ 896 $ 2,845 Repurchase agreements $ 2,133 $ - $ 2,133 Other financial liabilities 594 - 594 Broker-dealer related payables $ 2,727 $ - $ 2,727 Offsetting of Financial Assets and Liabilities and Derivative Instruments At December 31, 2014 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 $ 1,236 $ 753 $ 483 Interest rate contracts 755 12 743 Credit contracts 7 27 (20) Total Derivatives, subject to an ISDA Master Agreement 1,998 792 1,206 Total Derivatives, not subject to an ISDA Master Agreement 40 - 40 Total Derivatives 2,038 792 1,246 Other financial instruments 852 - 852 Other invested assets (2) $ 2,890 $ 792 $ 2,098 LIABILITIES (3) Description Derivatives: Equity contracts $ 753 $ 753 $ - Interest rate contracts 12 12 - Credit contracts 27 27 - Total Derivatives, subject to an ISDA Master Agreement 792 792 - Total Derivatives, not subject to an ISDA Master Agreement - - - Total Derivatives 792 792 - Other financial liabilities 2,939 - 2,939 Other liabilities $ 3,731 $ 792 $ 2,939 Repurchase agreements 950 - 950 Other broker-dealer related payables 551 - 551 Broker-dealer related payables 1,501 - 1,501 |
Collateral Arrangements By Counterparty Not Offset In Consolidated Balancesheets [Table Text Block] | Gross Collateral Amounts Not Offset in the Consolidated Balance Sheets At June 30, 2015 Net Amounts Collateral (Received)/Held Presented in the Financial Net Balance Sheets Instruments Cash Amounts (In Millions) ASSETS: (1) Counterparty A $ 56 $ - $ (56) $ - Counterparty B 11 - 12 23 Counterparty C 59 - (29) 30 Counterparty D 212 - (202) 10 Counterparty E 54 - (50) 4 Counterparty F 20 - 6 26 Counterparty G 175 - (175) - Counterparty H 44 (43) - 1 Counterparty I 11 - 28 39 Counterparty J (2) - 2 - Counterparty K 42 - (42) - Counterparty L 9 - (9) - Counterparty M 36 - (1) 35 Counterparty N 31 - - 31 Counterparty Q 4 - (4) - Counterparty T 4 - (4) - Counterparty U 1 - 2 3 Total derivatives $ 767 $ (43) $ (522) $ 202 Other financial instruments 1,016 - - 1,016 Other invested assets (2) $ 1,783 $ (43) $ (522) $ 1,218 Counterparty M $ 148 $ (148) $ - $ - Other Broker-dealer receivables 2,201 - - 2,201 Broker-dealer related receivables $ 2,349 $ (148) $ - $ 2,201 LIABILITIES: (3) Counterparty D $ 992 $ (992) $ - $ - Counterparty C 252 (252) - - Counterparty M 889 (889) - - Total repurchase agreements $ 2,133 $ (2,133) $ - $ - Other Broker-dealer payables 594 - - 594 Broker-dealer related payables $ 2,727 $ (2,133) $ - $ 594 Gross Collateral Amounts Not Offset in the Consolidated Balance Sheets At December 31, 2014 Net Amounts Collateral (Received)/Held Presented in the Financial Net Balance Sheets Instruments Cash Amounts (In Millions) ASSETS: (1) Counterparty A $ 62 $ - $ (62) $ - Counterparty B 102 - (95) 7 Counterparty C 111 - (110) 1 Counterparty D 228 - (224) 4 Counterparty E 60 - (59) 1 Counterparty F 63 - (60) 3 Counterparty G 145 (145) - - Counterparty H 31 (31) - - Counterparty I 136 - (134) 2 Counterparty J 28 - (22) 6 Counterparty K 44 - (44) - Counterparty L 113 (113) - - Counterparty M 76 - (68) 8 Counterparty N 40 - - 40 Counterparty Q 4 - (4) - Counterparty T 3 - (3) - Total Derivatives $ 1,246 $ (289) $ (885) $ 72 Other financial instruments 852 - - 852 Other invested assets (2) $ 2,098 $ (289) $ (885) $ 924 LIABILITIES (3) Counterparty D $ 450 $ (450) $ - $ - Counterparty C 500 (500) - - Total repurchase agreements $ 950 $ (950) $ - $ - Other Broker-dealer related payables 551 - - 551 Broker-dealer related payables $ 1,501 $ (950) $ - $ 551 |
Transfer Of Financial Assets Accounted For As Sales [Table Text Block] | Repurchase Agreement Accounted for as Secured Borrowings (1) At June 30, 2015 Remaining Contractual Maturity of the Agreements Overnight and Greater Than Continuous Up to 30 days 30–90 days 90 days Total (In Millions) Repurchase agreements U.S. Treasury and agency securities $ - $ 2,108 $ 25 $ - $ 2,133 Total $ - $ 2,108 $ 25 $ - $ 2,133 Reverse repurchase agreements Corporate securities $ - $ 148 $ - $ - $ 148 Total $ - $ 148 $ - $ - $ 148 |
CLOSED BLOCKS (TABLES)
CLOSED BLOCKS (TABLES) | 6 Months Ended |
Jun. 30, 2015 | |
Closed Block Assets And Liabilities Tables [Abstract] | |
Schedule Of Closed Block Assets And Liabilities | June 30, December 31, 2015 2014 (In Millions) CLOSED BLOCK LIABILITIES: Future policy benefits, policyholders’ account balances and other $ 7,450 $ 7,537 Policyholder dividend obligation 140 201 Other liabilities 184 117 Total Closed Block liabilities 7,774 7,855 ASSETS DESIGNATED TO THE CLOSED BLOCK: Fixed maturities, available for sale, at fair value (amortized cost of $4,628 and $4,829) 4,872 5,143 Mortgage loans on real estate 1,275 1,407 Policy loans 897 912 Cash and other invested assets 365 14 Other assets 185 176 Total assets designated to the Closed Block 7,594 7,652 Excess of Closed Block liabilities over assets designated to the Closed Block 180 203 Amounts included in accumulated other comprehensive income (loss): Net unrealized investment gains (losses), net of deferred income tax (expense) benefit of $(40) and $(43) and policyholder dividend obligation of $(140) and $(201) 74 80 Maximum Future Earnings To Be Recognized From Closed Block Assets and Liabilities $ 254 $ 283 |
Closed Block Operations Net Results [Abstract] | |
Schedule Of Closed Block Revenue And Expenses [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (In Millions) REVENUES: Premiums and other income $ 66 $ 69 $ 135 $ 141 Net investment income (loss) 99 94 191 190 Net investment gains (losses) (2) (1) (1) 1 Total revenues 163 162 325 332 BENEFITS AND OTHER DEDUCTIONS: Policyholders’ benefits and dividends 143 153 296 309 Other operating costs and expenses 1 1 1 1 Total benefits and other deductions 144 154 297 310 Net revenues (loss) before income taxes 19 8 28 22 Income tax (expense) benefit 4 (3) 1 (8) Net Revenues (Losses) $ 23 $ 5 $ 29 $ 14 |
Closed Block Dividend Obligation [Table Text Block] | Six Months Ended June 30, 2015 2014 (In Millions) Balances, beginning of year $ 201 $ 128 Unrealized investment gains (losses), net of DAC (61) 105 Balances, End of Period $ 140 $ 233 |
GMDB, GMIB, GWBL AND NO LAPSE25
GMDB, GMIB, GWBL AND NO LAPSE GUARANTEE FEATURES (TABLES) | 6 Months Ended |
Jun. 30, 2015 | |
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, 2015 $ 1,729 $ 5,644 $ 7,373 Paid guarantee benefits (139) (29) (168) Other changes in reserve 290 360 650 Balance at June 30, 2015 $ 1,880 $ 5,975 $ 7,855 Balance at January 1, 2014 $ 1,626 $ 4,203 $ 5,829 Paid guarantee benefits (116) (174) (290) Other changes in reserve 108 626 734 Balance at June 30, 2014 $ 1,618 $ 4,655 $ 6,273 |
Guaranteed Minimum Death Benefit Reinsurance Ceded [Table Text Block] | Six Months Ended June 30, 2015 2014 (In Millions) Balance, beginning of year $ 832 $ 791 Paid guarantee benefits (66) (56) Other changes in reserve 134 55 Balance, End of Period $ 900 $ 790 |
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 $ 12,991 $ 153 $ 82 $ 273 $ 13,499 Separate Accounts $ 39,675 $ 8,809 $ 3,775 $ 36,536 $ 88,795 Net amount at risk, gross $ 240 $ 162 $ 2,201 $ 13,220 $ 15,823 Net amount at risk, net of amounts reinsured $ 240 $ 113 $ 1,478 $ 5,260 $ 7,091 Average attained age of contractholders 51.1 65.2 71.3 66.1 55.0 Percentage of contractholders over age 70 8.9% 34.7% 56.9% 37.3% 16.5% 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 $ 149 $ 351 $ 500 Separate Accounts N/A N/A $ 14,289 $ 44,588 $ 58,877 Net amount at risk, gross N/A N/A $ 1,065 $ 4,293 $ 5,358 Net amount at risk, net of amounts reinsured N/A N/A $ 325 $ 1,052 $ 1,377 Weighted average years remaining until annuitization N/A N/A 1.2 2.3 2.2 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 June 30, December 31, 2015 2014 (In Millions) GMDB: Equity $ 68,708 $ 67,108 Fixed income 2,934 3,031 Balanced 16,789 17,505 Other 364 404 Total $ 88,795 $ 88,048 GMIB: Equity $ 45,140 $ 43,850 Fixed income 1,921 1,988 Balanced 11,650 12,060 Other 166 186 Total $ 58,877 $ 58,084 |
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, 2015 $ 964 $ (555) $ 409 Other changes in reserves 115 (44) 71 Balance at June 30, 2015 $ 1,079 $ (599) $ 480 Balance at January 1, 2014 $ 829 $ (441) $ 388 Other changes in reserves 39 (57) (18) Balance at June 30, 2014 $ 868 $ (498) $ 370 |
FAIR VALUE DISCLOSURES (TABLES)
FAIR VALUE DISCLOSURES (TABLES) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures Tables [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at June 30, 2015 Level 1 Level 2 Level 3 Total (In Millions) Assets: Investments: Fixed maturities, available-for-sale: Corporate $ - $ 20,669 $ 373 $ 21,042 U.S. Treasury, government and agency - 8,597 - 8,597 States and political subdivisions - 456 46 502 Foreign governments - 431 - 431 Commercial mortgage-backed - 23 627 650 Residential mortgage-backed (1) - 713 1 714 Asset-backed (2) - 41 48 89 Redeemable preferred stock 247 488 - 735 Subtotal 247 31,418 1,095 32,760 Other equity investments 114 - 51 165 Trading securities 763 5,267 - 6,030 Other invested assets: Short-term investments - 99 - 99 Swaps - 166 - 166 Credit Default Swaps - (10) - (10) Futures 2 - - 2 Options - 519 - 519 Floors - 94 - 94 Currency Contracts - - - - Subtotal 2 868 - 870 Cash equivalents 1,773 - - 1,773 Segregated securities - 467 - 467 GMIB reinsurance contract asset - - 9,951 9,951 Separate Accounts' assets 108,881 2,855 283 112,019 Total Assets $ 111,780 $ 40,875 $ 11,380 $ 164,035 Liabilities GWBL and Other Features' liability $ - $ - $ 109 $ 109 SCS, SIO, MSO and IUL indexed features' liability - 437 - 437 Contingent payment arrangements 42 42 Total Liabilities $ - $ 437 $ 151 $ 588 Fair Value Measurements at December 31, 2014 Level 1 Level 2 Level 3 Total (In Millions) Assets: Investments: Fixed maturities, available-for-sale: Corporate $ - $ 21,840 $ 380 $ 22,220 U.S. Treasury, government and agency - 7,331 - 7,331 States and political subdivisions - 472 47 519 Foreign governments - 446 - 446 Commercial mortgage-backed - 20 715 735 Residential mortgage-backed (1) - 793 2 795 Asset-backed (2) - 46 53 99 Redeemable preferred stock 254 635 - 889 Subtotal 254 31,583 1,197 33,034 Other equity investments 217 - 61 278 Trading securities 710 4,433 - 5,143 Other invested assets: Short-term investments - 103 - 103 Swaps - 597 - 597 Credit Default Swaps - (18) - (18) Futures (2) - - (2) Options - 473 - 473 Floors - 120 - 120 Currency Contracts - 1 - 1 Swaptions - 72 - 72 Subtotal (2) 1,348 - 1,346 Cash equivalents 2,725 - - 2,725 Segregated securities - 476 - 476 GMIB reinsurance contract asset - - 10,711 10,711 Separate Accounts' assets 107,539 3,072 260 110,871 Total Assets $ 111,443 $ 40,912 $ 12,229 $ 164,584 Liabilities: GWBL and Other Features' liability $ - $ - $ 128 $ 128 SCS, SIO, MSO and IUL indexed features' liability - 380 - 380 Contingent payment arrangements - - 42 42 Total Liabilities $ - $ 380 $ 170 $ 550 |
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, April 1, 2015 $ 399 $ 48 2 686 $ 2 $ 51 Total gains (losses), realized and unrealized, included in: Earnings (loss) as: Net investment income (loss) 1 - - 1 - - Investment gains (losses), net 1 - - (18) - - Subtotal 2 - - (17) - - Other comprehensive income (loss) (5) (2) - 21 - 1 Purchases 18 - - - - - Issues - - - - - - Sales (32) - - (48) (1) (4) Settlements - - - - - - Transfers into Level 3 (1) 1 - - - - - Transfers out of Level 3 (1) (10) - (2) (15) - - Balance, June 30, 2015 $ 373 $ 46 - 627 $ 1 $ 48 Balance, April 1, 2014 $ 229 $ 47 - 722 $ 3 $ 61 Total gains (losses), realized and unrealized, included in: Earnings (loss) as: Net investment income (loss) 1 - - 1 - - Investment gains (losses), net 3 - - (41) - - Subtotal 4 - - (40) - - Other comprehensive income (loss) (5) 1 - 49 - 1 Purchases 13 - - - - - Sales (19) (1) - (1) - (4) Transfers into Level 3 (1) - - - - - - Transfers out of Level 3 (1) (1) - - (6) - - Balance, June 30, 2014 $ 221 $ 47 - 724 $ 3 $ 58 State and Political Commercial Residential Sub- Foreign Mortgage- Mortgage- Asset- Corporate divisions Govts backed backed backed (In Millions) Balance, January 1, 2015 $ 380 $ 47 $ - $ 715 $ 2 $ 53 Total gains (losses), realized and unrealized, included in: Earnings (loss) as: Net investment income (loss) 1 - - 1 - - Investment gains (losses), net 1 - - (20) - - Subtotal 2 - - (19) - - Other comprehensive income (loss) (1) (1) - 34 - - Purchases 33 - - - - - Issues - - - - - - Sales (35) - - (83) (1) (5) Settlements - - - - - - Transfers into Level 3 (1) 40 - - - - - Transfers out of Level 3 (1) (46) - - (20) - - Balance, June 30, 2015 $ 373 $ 46 $ - $ 627 $ 1 $ 48 Balance, January 1, 2014 $ 291 $ 46 $ - $ 700 $ 4 $ 83 Total gains (losses), realized and unrealized, included in: Earnings (loss) as: Net investment income (loss) 1 - - 1 - - Investment gains (losses), net 3 - - (57) - - Subtotal 4 - - (56) - - Other comprehensive income (loss) 4 2 - 89 - 4 Purchases 13 - - - - - Sales (20) (1) - (3) (1) (29) Transfers into Level 3 (1) - - - - - - Transfers out of Level 3 (1) (71) - - (6) - - Balance, June 30, 2014 $ 221 $ 47 $ - $ 724 $ 3 $ 58 Redeem- GWBL Contingent able Other GMIB Separate and Other Payment Preferred Equity Reinsurance Accounts Features' Arrang- Stock Investments (2) Asset Assets Liability ement (In Millions) Balance, April 1, 2015 $ - $ 59 $ 11,401 $ 267 $ 167 $ (42) Total gains (losses), realized and unrealized, included in: Earnings (loss) as: Net investment income (loss) - - - 9 - 1 Investment gains (losses), net - (8) - - - - Increase (decrease) in the fair value of the reinsurance contract asset - - (1,496) - - - Policyholders' benefits - - - - (103) - Subtotal - (8) (1,496) 9 (103) 1 Other comprehensive income (loss) - - - - - - Purchases (3) - - 57 8 45 - Issues - - - - - - Sales (4) - - (11) - - - Settlements (5) - - - (1) - (1) Transfers into Level 3 (1) - - - - - - Transfers out of Level 3 (1) - - - - - - Balance, June 30, 2015 $ - $ 51 $ 9,951 $ 283 $ 109 (42) Balance, April 1, 2014 $ 15 $ 48 $ 7,443 $ 240 $ 7 (38) Total gains (losses), realized and unrealized, included in: Earnings (loss) as: Net investment income (loss) - 5 - - - - Investment gains (losses), net - - - (2) - - Increase (decrease) in the fair value of the reinsurance contract asset - - 770 - - - Policyholders' benefits - - - - (22) - Subtotal - 5 770 (2) (22) - Other comprehensive income (loss) - - - - - - Purchases (3) - - 56 4 32 (9) Issues - - (6) - - Sales (4) - - - (1) - - Settlements (5) - - - (1) - - Transfers into Level 3 (1) - - - - - - Transfers out of Level 3 (1) - - - (2) - - Balance, June 30, 2014 $ 15 $ 53 $ 8,263 $ 238 $ 17 (47) Redeem- GWBL Contingent able Other GMIB Separate and Other Payment Preferred Equity Reinsurance Accounts Features' Arrang- Stock Investments (2) Asset Assets Liability ement (In Millions) Balance, January 1, 2015 $ - $ 61 $ 10,711 $ 260 $ 128 $ (42) Total gains (losses), realized and unrealized, included in: Earnings (loss) as: Net investment income (loss) - - - 17 - 1 Investment gains (losses), net - (13) - - - - Increase (decrease) in the fair value of the reinsurance contracts - - (851) - - - Policyholders' benefits - - - - (104) - Subtotal - (13) (851) 17 (104) 1 Other comprehensive income (loss) - 3 - - - - Purchases (3) - - 113 11 85 - Issues - - - - - - Sales (4) - - (22) (1) - - Settlements (5) - - - (2) - (1) Transfers into Level 3 (1) - - - - - - Transfers out of Level 3 (1) - - - (2) - - Balance, June 30, 2015 $ - $ 51 $ 9,951 $ 283 $ 109 $ (42) Balance, January 1, 2014 $ 15 $ 52 $ 6,747 $ 237 $ - $ (38) Total gains (losses), realized and unrealized, included in: Earnings (loss) as: Net investment income (loss) - 1 - - - 1 Investment gains (losses), net - - - (3) - - Increase (decrease) in the fair value of the reinsurance contracts - - 1,423 - - - Policyholders' benefits - - - - (43) - Subtotal - 1 1,423 (3) (43) 1 Other comprehensive income (loss) - - - - - - Purchases (3) - - 111 8 60 (9) Issues - - (18) - - - Sales (4) - - - (2) - - Settlements (5) - - - (2) - (1) Transfers into Level 3 (1) - - - - - - Transfers out of Level 3 (1) - - - - - - Balance, June 30, 2014 $ 15 $ 53 $ 8,263 $ 238 $ 17 $ (47) |
Fair Value Assets Unrealized Gains Losses By Category For Level 3 Assets And Liabilities Still Held [Table Text Block] | Earnings (Loss) Increase Investment (Decrease) in the Gains Fair Value of the Policy- (Losses), Reinsurance holders' Net Contract Asset OCI Benefits (In Millions) Level 3 Instruments Second Quarter 2015 Held at June 30, 2015: Change in unrealized gains (losses): Fixed maturities, available-for-sale: Corporate $ - $ - $ (5) $ - State and political subdivisions - - (2) - Commercial mortgage-backed - - 21 - Asset-backed - - - - Other fixed maturities, available-for-sale - - - - Subtotal $ - $ - $ 14 $ - GMIB reinsurance contracts - (1,450) - - Separate Accounts’ assets 9 - - - GWBL and Other Features’ liability - - - (58) Total $ 9 $ (1,450) $ 14 $ (58) Level 3 Instruments Second Quarter 2014 Held at June 30, 2014: Change in unrealized gains (losses): Fixed maturities, available-for-sale: Corporate $ - $ - $ (5) $ - State and political subdivisions - - 1 - Commercial mortgage-backed - - 50 - Asset-backed - - 2 - Subtotal $ - $ - $ 48 $ - Equity securities, available-for-sale - 820 - - GMIB reinsurance contracts - - - - Separate Accounts’ assets (2) - - - GWBL and Other Features’ liability - - - 10 Total $ (2) $ 820 $ 48 $ 10 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 Six Months of 2015 Held at June 30, 2015: Change in unrealized gains (losses): Fixed maturities, available-for-sale: Corporate $ - $ - $ - $ (1) $ - Commercial mortgage-backed - - - 33 - Asset-backed - - - - - State and Political Subs - - - (1) - Other fixed maturities, available-for-sale - - - - - Subtotal $ - $ - $ - $ 31 $ - GMIB reinsurance contracts - - (760) - - Separate Accounts’ assets - 17 - - - GWBL and other features’ liability - - - - (19) Total $ - $ 17 $ (760) $ 31 $ (19) Level 3 Instruments First Six Months of 2014 Held at June 30, 2014: Change in unrealized gains (losses): Fixed maturities, available-for-sale: Corporate $ - $ - $ - $ 4 $ - State and political subdivisions - - - 89 - Commercial mortgage-backed - - - 4 - Asset-backed - - - 2 - Other fixed maturities, available-for-sale - - - - - Subtotal $ - $ - $ - $ 99 $ - Other equity investments - - - - - GMIB reinsurance contracts - - 1,516 - - Separate Accounts’ assets - (3) - - - GWBL and other features’ liability - - - - 17 Total $ - $ (3) $ 1,516 $ 99 $ 17 |
Fair Value Inputs Quantitative Information [Table Text Block] | Quantitative Information about Level 3 Fair Value Measurements June 30, 2015 Fair Valuation Significant Value Technique Unobservable Input Range Assets: (In Millions) Investments: Fixed maturities, available-for-sale: Corporate $ 40 Matrix pricing model Spread over the industry-specific benchmark yield curve 175 bps - 565 bps 150 Market comparable companies Discount rate 7.5%-14.7% Asset-backed 4 Matrix pricing model Spread over U.S. Treasury curve 30 bps - 687 bps Other equity investments 12 Market comparable Revenue multiple 1.8x - 2.7x companies Discount rate 30.0% Separate Accounts' assets 251 Third party appraisal Capitalization rate 5.0% Exit capitalization rate 6.1% Discount rate 7.0% 8 Discounted cash flow Spread over U.S. Treasury curve 245 bps - 392 bps Gross domestic product rate 0.0%-2.7% Discount factor 1.5%-5.8% GMIB reinsurance contract asset 9,951 Discounted cash flow Lapse Rates 0.6%-5.7% Withdrawal Rates 0.2%-8.0% GMIB Utilization Rates 0.0%-15.0% Non-performance risk 9 bps - 19 bps Volatility rates - Equity 9.0%-36.0% Liabilities: GMWB/GWBL (1) $ 95 Discounted Cash flow Lapse Rates 1.0%-5.7% Withdrawal Rates 0.0%-7.0% Volatility rates - Equity 9.0%-36.0% Quantitative Information about Level 3 Fair Value Measurements December 31, 2014 Fair Valuation Significant Value Technique Unobservable Input Range Assets: (In Millions) Investments: Fixed maturities, available-for-sale: Corporate $ 75 Matrix pricing model Spread over the industry-specific benchmark yield curve 0 bps - 590 bps 132 Market comparable companies Discount Rate 11.2% - 15.2% Asset-backed 5 Matrix pricing model Spread over U.S. Treasury curve 30 bps - 687 bps Other equity investments 20 Market comparable Revenue multiple 2.0x - 3.5x companies Discount rate 18.0% Discount years 2 Separate Accounts' assets 234 Third party appraisal Capitalization rate 5.2% Exit capitalization rate 6.2% Discount rate 7.1% 7 Discounted cash flow Spread over U.S. Treasury curve 238 bps - 395 bps Inflation rate 0.0% - 2.4% Discount factor 1.3% - 5.4% GMIB reinsurance contract asset 10,711 Discounted Cash flow Lapse Rates 1.0% - 8.0% Withdrawal Rates 0.2% - 8.0% GMIB Utilization Rates 0.0% - 15.0% Non-performance risk 5 bps - 16 bps Volatility rates - Equity 9.0%- 34.0% Liabilities: GMWB/GWBL (1) $ 107 Discounted Cash flow Lapse Rates 1.0% - 8.0% Withdrawal Rates 0.0% - 7.0% Volatility rates - Equity 9.0% - 34.0% |
Fair Value Disclosure Financial Instruments Not Carried At Fair Value [Table Text Block] | Carrying Fair Value Value Level 1 Level 2 Level 3 Total (In Millions) June 30, 2015: Mortgage loans on real estate $ 6,479 $ - $ - $ 6,585 $ 6,585 Policy loans 3,400 - - 4,366 4,366 Loans to affiliates 1,087 - 795 390 1,185 Policyholders' account balances: Investment contracts 2,766 - - 2,868 2,868 Short-term debt 655 659 - - 659 December 31, 2014: Mortgage loans on real estate $ 6,463 $ - $ - $ 6,617 $ 6,617 Policy loans 3,408 - - 4,406 4,406 Loans to affiliates 1,087 - 810 393 1,203 Policyholders' account balances: Investment contracts 2,799 - - 2,941 2,941 Short-term debt 688 488 212 - 700 |
EMPLOYEE BENEFIT PLANS (TABLES)
EMPLOYEE BENEFIT PLANS (TABLES) | 6 Months Ended |
Jun. 30, 2015 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans Net Periodic Pension Expense [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (In Millions) Net Periodic Pension Expense: (Qualified Plans) Service cost $ 2 $ 3 $ 4 $ 5 Interest cost 23 26 46 53 Expected return on assets (39) (38) (78) (77) Net amortization 30 28 60 57 Net Periodic Pension Expense $ 16 $ 19 $ 32 $ 38 |
SHARE- BASED AND OTHER COMPENSA
SHARE- BASED AND OTHER COMPENSATION PROGRAMS (TABLES) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, expenses [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (In Thousands) Performance Units/Shares $ 10,164 $ 3,698 $ 11,026 $ 6,695 Stock Options 376 191 506 558 Restricted Stock - - - - AXA Miles - - - - AllianceBernstein Stock Options 4,500 100 6,400 (300) AllianceBernstein Restricted Units - 4,100 - 7,400 Other compensation plans (1) 73 94 153 189 Total Compensation Expenses $ 15,113 $ 8,183 $ 18,085 $ 14,542 |
ACCUMULATED OTHER COMPREHENSI29
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (TABLES) | 6 Months Ended |
Jun. 30, 2015 | |
Comprehensive Income Note Tables [Abstract] | |
Schedule Of Accumulated Other Comprehensive Income Loss [Table Text Block] | June 30, 2015 2014 (In Millions) Unrealized gains (losses) on investments $ 442 $ 815 Foreign currency translation adjustments (42) (7) Defined benefit pension plans (741) (717) Total accumulated other comprehensive income (loss) (341) 91 Less: Accumulated other comprehensive (income) loss attributable to noncontrolling interest 47 9 Accumulated Other Comprehensive Income (Loss) Attributable to AXA Equitable $ (294) $ 100 |
Schedule Of Comprehensive Income (Loss) [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (In Millions) Foreign currency translation adjustments: Foreign currency translation gains (losses) arising during the period $ 5 $ 4 $ (7) $ 6 (Gains) losses reclassified into net earnings (loss) during the period (1) - (1) - Foreign currency translation adjustment 4 4 (8) 6 Net unrealized gains (losses) on investments: Net unrealized gains (losses) arising during the period (1,138) 352 (752) 743 (Gains) losses reclassified into net earnings (loss) during the period (1) 11 25 10 21 Net unrealized gains (losses) on investments (1,127) 377 (742) 764 Adjustments for policyholders' liabilities, DAC, insurance liability loss recognition and other 107 (67) 61 (103) Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $(548) million, $169 million,$(368) million and $354 million) (1,020) 310 (681) 661 Change in defined benefit plans: Less: reclassification adjustments to net earnings (loss) for: Amortization of net actuarial (gains) losses included in Amortization of net prior service cost included in net periodic cost 20 21 39 40 Change in defined benefit plans (net of deferred income tax expense (benefit) of $10 million $10 million, $21 million and $21 million) 20 21 39 40 Total other comprehensive income (loss), net of income taxes (996) 335 (650) 707 Less: Other comprehensive (income) loss attributable to noncontrolling interest (4) (2) 5 (4) Other Comprehensive Income (Loss) Attributable to AXA Equitable $ (1,000) $ 333 $ (645) $ 703 |
SEGMENT INFORMATION (TABLES)
SEGMENT INFORMATION (TABLES) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Information Tables [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (In Millions) Segment revenues: Insurance $ (562) $ 2,773 $ 2,248 $ 5,773 Investment Management (1) 790 759 1,553 1,471 Consolidation/elimination (8) (8) (14) (14) Total Revenues $ 220 $ 3,524 $ 3,787 $ 7,230 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (In Millions) Segment earnings (loss) from continuing operations, before income taxes: Insurance $ (1,912) $ 1,038 $ (929) $ 2,423 Investment Management (2) 160 144 307 270 Consolidation/elimination (1) - (1) - Total Earnings (Loss) from Continuing Operations, before income taxes $ (1,753) $ 1,182 $ (623) $ 2,693 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | June 30, December 31, 2015 2014 (In Millions) Segment assets: Insurance $ 184,707 $ 184,018 Investment Management 12,344 11,990 Consolidation/elimination (4) (3) Total Assets $ 197,047 $ 196,005 |
ORGANIZATIONS (DETAILS)
ORGANIZATIONS (DETAILS) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
AXA Equitable [Member] | ||
Economic Interest In Subsidiary | 32.20% | 32.20% |
Parent Company [Member] | ||
Economic Interest In Subsidiary | 62.70% | 62.70% |
SIGNIFICANT ACCOUNTING POLICI32
SIGNIFICANT ACCOUNTING POLICIES (DETAILS) $ in Millions | 6 Months Ended |
Jun. 30, 2014USD ($) | |
Decrease Gross GMDB and GMIB liabilities [Member] | |
Quantifying Misstatement in Current Year Financial Statements [Line Items] | |
Quantifying Misstatement in Current Year Financial Statements, Amount | $ 130 |
Decrease Ceded GMDB liabilities [Member] | |
Quantifying Misstatement in Current Year Financial Statements [Line Items] | |
Quantifying Misstatement in Current Year Financial Statements, Amount | 20 |
Decrease Policyholder's Benefits [Member] | |
Quantifying Misstatement in Current Year Financial Statements [Line Items] | |
Quantifying Misstatement in Current Year Financial Statements, Amount | $ 110 |
SIGNIFICANT ACCOUNTING POLICI33
SIGNIFICANT ACCOUNTING POLICIES (DETAILS1) - Jun. 30, 2015 - USD ($) $ in Millions | Total |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Reversion to the mean rate, original | 9.00% |
Reversion to the mean rate, revised | 7.00% |
DAC [Member] | Reversion To The Mean Assumption [Member] | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Current year financial impact, assumption change | $ 67 |
DAC [Member] | Lapse Assumption [Member] | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Current year financial impact, assumption change | 13 |
Profit Loss Member [Member] | Reversion To The Mean Assumption [Member] | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Current year financial impact, assumption change | (445) |
Profit Loss Member [Member] | Lapse Assumption [Member] | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Current year financial impact, assumption change | 107 |
Variable Annuity [Member] | GMIB Reinsurance Contract Asset [Member] | Lapse Assumption [Member] | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Current year financial impact, assumption change | 216 |
Variable Annuity [Member] | Policyholders Liabilities [Member] | Reversion To The Mean Assumption [Member] | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Current year financial impact, assumption change | (723) |
Variable Annuity [Member] | Policyholders Liabilities [Member] | Lapse Assumption [Member] | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Current year financial impact, assumption change | (65) |
Variable Life [Member] | Lapse Assumption [Member] | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Current year financial impact, assumption change | $ (29) |
INVESTMENTS (AVAILABLE FOR SALE
INVESTMENTS (AVAILABLE FOR SALE SECURITIES) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Securities, Amortized Cost Basis | $ 31,698 | $ 31,698 | $ 30,831 | ||
Gross Unrealized Gains | 1,629 | 2,498 | |||
Gross Unrealized Losses | 529 | 257 | |||
Fair Value | 32,798 | 32,798 | 33,072 | ||
OTTI in AOCI (3) | 13 | 13 | 13 | ||
Available For Sale Securities Debt Maturities Amortized Cost [Abstract] | |||||
Due in one year or less, Amortized Cost | 1,596 | 1,596 | |||
Due in years two through five, Amortized Cost | 6,697 | 6,697 | |||
Due in years six through ten, Amortized Cost | 10,666 | 10,666 | |||
Due after ten years, Amortized Cost | 10,536 | 10,536 | |||
Available for sale securities debt maturities single maturity date, Amortized Cost, Subtotal | 29,495 | 29,495 | |||
Available-for-sale securities, debt maturities, Amortized Cost, Total | 30,986 | 30,986 | |||
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract] | |||||
Due in one year or less, Fair Value | 1,625 | 1,625 | |||
Due in years two through five, Fair Value | 7,232 | 7,232 | |||
Due in years six through ten, Fair Value | 10,916 | 10,916 | |||
Due after ten years, Fair Value | 10,799 | 10,799 | |||
Available for sale securities debt maturities single maturity date, Fair Value, Subtotal | 30,572 | 30,572 | |||
Available-for-sale securities, debt maturities, Fair Value, Total | 32,025 | 32,025 | |||
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 | 265 | $ 599 | 625 | $ 647 | |
Available For Sale Securities Gross Realized Gains | 2 | 5 | 7 | 15 | |
Available For Sale Securities Gross Realized Losses | (1) | (5) | (5) | (6) | |
Total other-than-temporary impairment losses | (16) | (38) | (18) | (51) | |
Portion of loss recognized in other comprehensive income (loss) | 0 | 0 | 0 | 0 | |
Credit losses recognized in earnings (loss) | (16) | $ (38) | (18) | $ (51) | |
Corporate Debt Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Securities, Amortized Cost Basis | 19,917 | 19,917 | 20,742 | ||
Gross Unrealized Gains | 1,245 | 1,549 | |||
Gross Unrealized Losses | 120 | 71 | |||
Fair Value | 21,042 | 21,042 | 22,220 | ||
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 | 8,739 | 8,739 | 6,685 | ||
Gross Unrealized Gains | 138 | 672 | |||
Gross Unrealized Losses | 280 | 26 | |||
Fair Value | 8,597 | 8,597 | 7,331 | ||
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 | 441 | 441 | 441 | ||
Gross Unrealized Gains | 62 | 78 | |||
Gross Unrealized Losses | 1 | 0 | |||
Fair Value | 502 | 502 | 519 | ||
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 | 398 | 398 | 405 | ||
Gross Unrealized Gains | 42 | 48 | |||
Gross Unrealized Losses | 9 | 7 | |||
Fair Value | 431 | 431 | 446 | ||
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 | 737 | 737 | 855 | ||
Gross Unrealized Gains | 24 | 22 | |||
Gross Unrealized Losses | 111 | 142 | |||
Fair Value | 650 | 650 | 735 | ||
OTTI in AOCI (3) | 10 | 10 | 10 | ||
Available For Sale Securities Debt Maturities Amortized Cost [Abstract] | |||||
Available-for-sale securities, debt maturities, without single maturity date, Amortized Cost | 737 | 737 | |||
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract] | |||||
Available-for-sale securities, debt maturities, without single maturity date, Fair Value | 650 | 650 | |||
Residential Mortgage Backed Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Securities, Amortized Cost Basis | 677 | 677 | 752 | ||
Gross Unrealized Gains | 37 | 43 | |||
Gross Unrealized Losses | 0 | 0 | |||
Fair Value | 714 | 714 | 795 | ||
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 | 677 | 677 | |||
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract] | |||||
Available-for-sale securities, debt maturities, without single maturity date, Fair Value | 714 | 714 | |||
Asset-backed Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Securities, Amortized Cost Basis | 77 | 77 | 86 | ||
Gross Unrealized Gains | 13 | 14 | |||
Gross Unrealized Losses | 1 | 1 | |||
Fair Value | 89 | 89 | 99 | ||
OTTI in AOCI (3) | 3 | 3 | 3 | ||
Available For Sale Securities Debt Maturities Amortized Cost [Abstract] | |||||
Available-for-sale securities, debt maturities, without single maturity date, Amortized Cost | 77 | 77 | |||
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract] | |||||
Available-for-sale securities, debt maturities, without single maturity date, Fair Value | 89 | 89 | |||
Redeemable Preferred Stock [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Securities, Amortized Cost Basis | 674 | 674 | 829 | ||
Gross Unrealized Gains | 68 | 70 | |||
Gross Unrealized Losses | 7 | 10 | |||
Fair Value | 735 | 735 | 889 | ||
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 | 31,660 | 31,660 | 30,795 | ||
Gross Unrealized Gains | 1,629 | 2,496 | |||
Gross Unrealized Losses | 529 | 257 | |||
Fair Value | 32,760 | 32,760 | 33,034 | ||
OTTI in AOCI (3) | 13 | 13 | 13 | ||
Equity Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Securities, Amortized Cost Basis | 38 | 38 | 36 | ||
Gross Unrealized Gains | 0 | 2 | |||
Gross Unrealized Losses | 0 | 0 | |||
Fair Value | 38 | 38 | 38 | ||
OTTI in AOCI (3) | $ 0 | $ 0 | $ 0 |
INVESTMENTS (AVAILABLE FOR SA35
INVESTMENTS (AVAILABLE FOR SALE SECURITIES) (Details1) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Fixed Maturities - Credit Loss Impairments | ||||
Balances at beginning of period | $ (238) | $ (333) | $ (254) | $ (370) |
Previously recognized impairments on securities that matured, paid, prepaid or sold | 16 | 27 | 34 | 77 |
Impairments recognized this period on securities not previously impaired | (16) | (38) | (18) | (51) |
Additional impairments this period on securities previously impaired | 0 | 0 | 0 | 0 |
Balances at end of period | $ (238) | $ (344) | $ (238) | $ (344) |
INVESTMENTS (NET UNREALIZED INV
INVESTMENTS (NET UNREALIZED INVESTMENTS) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | ||||
Balance, End of Period | $ 442 | $ 815 | $ 442 | $ 815 |
Net Unrealized Gains (Losses) On Investments [Member] | ||||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | ||||
Balance, beginning of year | 2,241 | |||
Balance, End of Period | 1,100 | 1,100 | ||
Net Unrealized Gains (Losses) On Investments [Member] | Unrealized Investment Gains Losses With Otti Losses [Member] | ||||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | ||||
Balance, beginning of year | 6 | (22) | 10 | (28) |
Net unrealized gains (losses) arising during the period, before tax | 1 | (7) | (5) | (3) |
Reclassification adjustment for OTTI losses Included in Net earnings (loss) | 0 | 27 | 2 | 29 |
Reclassification adjustment for OTTI losses excluded from Net earnings (loss) | 0 | 0 | 0 | 0 |
Balance, End of Period | 7 | (2) | 7 | (2) |
Net Unrealized Gains (Losses) On Investments [Member] | Unrealized Investment Gains Losses All Other [Member] | ||||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | ||||
Balance, beginning of year | 2,827 | 1,197 | 2,231 | 607 |
Net unrealized gains (losses) arising during the period, before tax | (1,752) | 549 | (1,152) | 1,147 |
Reclassification adjustment for OTTI losses Included in Net earnings (loss) | 18 | 11 | 14 | 3 |
Reclassification adjustment for OTTI losses excluded from Net earnings (loss) | 0 | 0 | 0 | 0 |
Balance, End of Period | 1,093 | 1,757 | 1,093 | 1,757 |
DAC [Member] | Unrealized Investment Gains Losses With Otti Losses [Member] | ||||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | ||||
Balance, beginning of year | 0 | 1 | 0 | 2 |
Impact of net unrealized investment gains (losses) on DAC | 1 | 0 | 1 | (1) |
Balance, End of Period | 1 | 1 | 1 | 1 |
DAC [Member] | Unrealized Investment Gains Losses All Other [Member] | ||||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | ||||
Balance, beginning of year | (137) | (110) | (122) | (107) |
Impact of net unrealized investment gains (losses) on DAC | 35 | (7) | 20 | (10) |
Balance, End of Period | (102) | (117) | (102) | (117) |
Policyholders Liabilities [Member] | Unrealized Investment Gains Losses With Otti Losses [Member] | ||||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | ||||
Balance, beginning of year | 1 | 5 | 0 | 10 |
Impact of net unrealized investment gains (losses) on Policyholders liabilities | (2) | (3) | (1) | (8) |
Balance, End of Period | (1) | 2 | (1) | 2 |
Policyholders Liabilities [Member] | Unrealized Investment Gains Losses All Other [Member] | ||||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | ||||
Balance, beginning of year | (430) | (291) | (368) | (245) |
Impact of net unrealized investment gains (losses) on Policyholders liabilities | 130 | (90) | 68 | (136) |
Balance, End of Period | (300) | (381) | (300) | (381) |
Deferred Income Tax Asset Liability [Member] | Unrealized Investment Gains Losses With Otti Losses [Member] | ||||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | ||||
Balance, beginning of year | (3) | 5 | (4) | 5 |
Impact of net unrealized investment gains (losses) on Deferred income taxes | 0 | (6) | 1 | (6) |
Balance, End of Period | (3) | (1) | (3) | (1) |
Deferred Income Tax Asset Liability [Member] | Unrealized Investment Gains Losses All Other [Member] | ||||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | ||||
Balance, beginning of year | (794) | (279) | (610) | (90) |
Impact of net unrealized investment gains (losses) on Deferred income taxes | 551 | (160) | 367 | (349) |
Balance, End of Period | (243) | (439) | (243) | (439) |
AOCI Gain Losses Related to Net Unrealized Investment Gains Losses [Member] | Unrealized Investment Gains Losses With Otti Losses [Member] | ||||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | ||||
Balance, beginning of year | 4 | (11) | 6 | (11) |
Net unrealized gains (losses) arising during the period, before tax | 1 | (7) | (5) | (3) |
Reclassification adjustment for OTTI losses Included in Net earnings (loss) | 0 | 27 | 2 | 29 |
Reclassification adjustment for OTTI losses excluded from Net earnings (loss) | 0 | 0 | 0 | 0 |
Impact of net unrealized investment gains (losses) on DAC | 1 | 0 | 1 | (1) |
Impact of net unrealized investment gains (losses) on Deferred income taxes | 0 | (6) | 1 | (6) |
Impact of net unrealized investment gains (losses) on Policyholders liabilities | (2) | (3) | (1) | (8) |
Balance, End of Period | 4 | 0 | 4 | 0 |
AOCI Gain Losses Related to Net Unrealized Investment Gains Losses [Member] | Unrealized Investment Gains Losses All Other [Member] | ||||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | ||||
Balance, beginning of year | 1,466 | 517 | 1,131 | 165 |
Net unrealized gains (losses) arising during the period, before tax | (1,752) | 549 | (1,152) | 1,147 |
Reclassification adjustment for OTTI losses Included in Net earnings (loss) | 18 | 11 | 14 | 3 |
Reclassification adjustment for OTTI losses excluded from Net earnings (loss) | 0 | 0 | 0 | 0 |
Impact of net unrealized investment gains (losses) on DAC | 35 | (7) | 20 | (10) |
Impact of net unrealized investment gains (losses) on Deferred income taxes | 551 | (160) | 367 | (349) |
Impact of net unrealized investment gains (losses) on Policyholders liabilities | 130 | (90) | 68 | (136) |
Balance, End of Period | 448 | $ 820 | 448 | $ 820 |
Fixed Maturities [Member] | Net Unrealized Gains (Losses) On Investments [Member] | Unrealized Investment Gains Losses With Otti Losses [Member] | ||||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | ||||
Balance, beginning of year | 10 | |||
Balance, End of Period | 7 | 7 | ||
Fixed Maturities [Member] | Net Unrealized Gains (Losses) On Investments [Member] | Unrealized Investment Gains Losses All Other [Member] | ||||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | ||||
Balance, beginning of year | 2,229 | |||
Balance, End of Period | 1,093 | 1,093 | ||
Equity Securities [Member] | Net Unrealized Gains (Losses) On Investments [Member] | Unrealized Investment Gains Losses All Other [Member] | ||||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | ||||
Balance, beginning of year | 2 | |||
Balance, End of Period | $ 0 | $ 0 |
INVESTMENTS (FIXED MATURITIES A
INVESTMENTS (FIXED MATURITIES AVAILABLE FOR SALE) (DETAILS) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |||||
Number Of Fixed Maturities In An Unrealized Loss Position Greater Than 12 Months | 655 | 655 | 601 | ||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | |||||
Less Than 12 Months, Fair Value | $ 8,184 | $ 8,184 | $ 1,721 | ||
Less Than 12 Months, Gross Unrealized Losses | (385) | (38) | |||
Greater than 12 Months, Fair Value | 880 | 880 | 2,065 | ||
Greater Than 12 Months, Gross Unrealized Losses | (144) | (219) | |||
Total, Fair Value | $ 9,064 | 9,064 | 3,786 | ||
Total, Gross Unrealized Losses | $ (529) | (257) | |||
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 | $ 529 | 257 | |||
Available-for-sale Securities, Amortized Cost Basis | $ 31,698 | 31,698 | 30,831 | ||
Unrealized Gain (Loss) on Investments | 442 | $ 815 | 442 | $ 815 | |
The carrying value of fixed maturities non-income producing | 20 | 20 | |||
Investment Income Investment Expense | 14 | 20 | 26 | 37 | |
Trading Securities, Cost | 6,031 | 6,031 | 5,160 | ||
Trading securities | 6,030 | 6,030 | 5,143 | ||
Separate Account Equity Investment Carrying Value | 93 | 93 | 197 | ||
Separate Account Equity Investment Cost | 82 | 82 | 185 | ||
Equity Securities, Carrying Value | 37 | 37 | 38 | ||
Equity Securities, Amortized Cost | 38 | 38 | 36 | ||
Net Realized and Unrealized Gain (Loss) on Trading Securities | (31) | $ 36 | 14 | $ 53 | |
Other Than Investment Grade [Member] | |||||
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | |||||
Available-for-sale Securities, Amortized Cost Basis Other Than Investment Grade | $ 1,558 | $ 1,558 | $ 1,788 | ||
Percentage Of Available For Sale Securities | 4.90% | 4.90% | 5.80% | ||
Subprime residential mortgage loans [Member] | |||||
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | |||||
Other Investments and Securities, at Cost | $ 8 | $ 8 | $ 8 | ||
Alt residential mortgage loans [Member] | |||||
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | |||||
Other Investments and Securities, at Cost | 7 | 7 | 7 | ||
Corporate Debt Securities [Member] | |||||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | |||||
Less Than 12 Months, Fair Value | 3,445 | 3,445 | 1,314 | ||
Less Than 12 Months, Gross Unrealized Losses | (94) | (29) | |||
Greater than 12 Months, Fair Value | 355 | 355 | 1,048 | ||
Greater Than 12 Months, Gross Unrealized Losses | (26) | (42) | |||
Total, Fair Value | 3,800 | 3,800 | 2,362 | ||
Total, Gross Unrealized Losses | (120) | (71) | |||
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | |||||
Debt Securities Exposure In Single Issuer Of Total Investments | 151 | 151 | 146 | ||
Gross Unrealized Losses | 120 | 71 | |||
Available-for-sale Securities, Amortized Cost Basis | 19,917 | 19,917 | 20,742 | ||
US Treasury and Government [Member] | |||||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | |||||
Less Than 12 Months, Fair Value | 4,419 | 4,419 | 280 | ||
Less Than 12 Months, Gross Unrealized Losses | (280) | (6) | |||
Greater than 12 Months, Fair Value | 0 | 0 | 373 | ||
Greater Than 12 Months, Gross Unrealized Losses | 0 | (20) | |||
Total, Fair Value | 4,419 | 4,419 | 653 | ||
Total, Gross Unrealized Losses | (280) | (26) | |||
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | |||||
Gross Unrealized Losses | 280 | 26 | |||
Available-for-sale Securities, Amortized Cost Basis | 8,739 | 8,739 | 6,685 | ||
US States and Political Subdivisions Debt Securities [Member] | |||||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | |||||
Less Than 12 Months, Fair Value | 19 | 19 | 21 | ||
Less Than 12 Months, Gross Unrealized Losses | (1) | 0 | |||
Greater than 12 Months, Fair Value | 0 | 0 | 0 | ||
Greater Than 12 Months, Gross Unrealized Losses | 0 | 0 | |||
Total, Fair Value | 19 | 19 | 21 | ||
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 | 441 | 441 | 441 | ||
Foreign Government Debt Securities [Member] | |||||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | |||||
Less Than 12 Months, Fair Value | 78 | 78 | 27 | ||
Less Than 12 Months, Gross Unrealized Losses | (2) | (1) | |||
Greater than 12 Months, Fair Value | 42 | 42 | 65 | ||
Greater Than 12 Months, Gross Unrealized Losses | (7) | (6) | |||
Total, Fair Value | 120 | 120 | 92 | ||
Total, Gross Unrealized Losses | (9) | (7) | |||
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | |||||
Gross Unrealized Losses | 9 | 7 | |||
Available-for-sale Securities, Amortized Cost Basis | 398 | 398 | 405 | ||
Commercial Mortgage Backed Securities [Member] | |||||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | |||||
Less Than 12 Months, Fair Value | 56 | 56 | 37 | ||
Less Than 12 Months, Gross Unrealized Losses | (5) | (2) | |||
Greater than 12 Months, Fair Value | 321 | 321 | 355 | ||
Greater Than 12 Months, Gross Unrealized Losses | (106) | (140) | |||
Total, Fair Value | 377 | 377 | 392 | ||
Total, Gross Unrealized Losses | (111) | (142) | |||
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | |||||
Gross Unrealized Losses | 111 | 142 | |||
Available-for-sale Securities, Amortized Cost Basis | 737 | 737 | 855 | ||
Residential Mortgage Backed Securities [Member] | |||||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | |||||
Less Than 12 Months, Fair Value | 38 | 38 | 0 | ||
Less Than 12 Months, Gross Unrealized Losses | 0 | 0 | |||
Greater than 12 Months, Fair Value | 32 | 32 | 35 | ||
Greater Than 12 Months, Gross Unrealized Losses | 0 | 0 | |||
Total, Fair Value | 70 | 70 | 35 | ||
Total, Gross Unrealized Losses | 0 | 0 | |||
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | |||||
Gross Unrealized Losses | 0 | 0 | |||
Available-for-sale Securities, Amortized Cost Basis | 677 | 677 | 752 | ||
Asset-backed Securities [Member] | |||||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | |||||
Less Than 12 Months, Fair Value | 8 | 8 | 0 | ||
Less Than 12 Months, Gross Unrealized Losses | 0 | 0 | |||
Greater than 12 Months, Fair Value | 18 | 18 | 20 | ||
Greater Than 12 Months, Gross Unrealized Losses | (1) | (1) | |||
Total, Fair Value | 26 | 26 | 20 | ||
Total, Gross Unrealized Losses | (1) | (1) | |||
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | |||||
Gross Unrealized Losses | 1 | 1 | |||
Available-for-sale Securities, Amortized Cost Basis | 77 | 77 | 86 | ||
Redeemable Preferred Stock [Member] | |||||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | |||||
Less Than 12 Months, Fair Value | 121 | 121 | 42 | ||
Less Than 12 Months, Gross Unrealized Losses | (3) | 0 | |||
Greater than 12 Months, Fair Value | 112 | 112 | 169 | ||
Greater Than 12 Months, Gross Unrealized Losses | (4) | (10) | |||
Total, Fair Value | 233 | 233 | 211 | ||
Total, Gross Unrealized Losses | (7) | (10) | |||
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | |||||
Gross Unrealized Losses | 7 | 10 | |||
Available-for-sale Securities, Amortized Cost Basis | 674 | 674 | 829 | ||
Fixed Maturities [Member] | |||||
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | |||||
Gross Unrealized Losses | 529 | 257 | |||
Available-for-sale Securities, Amortized Cost Basis | $ 31,660 | 31,660 | 30,795 | ||
Fixed Maturities [Member] | Other Than Investment Grade [Member] | |||||
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | |||||
Gross Unrealized Losses | $ 48 | $ 85 |
INVESTMENTS (TRADING SECURITIES
INVESTMENTS (TRADING SECURITIES) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net Realized or Unrealized Gain Loss on Trading Securities [Abstract] | ||||
Net investment gains (losses) recognized during the period on securities held at the end of the period | $ (31) | $ 33 | $ 7 | $ 44 |
Net investment gains (losses) recognized on securities sold during the period | 0 | 3 | 7 | 9 |
Unrealized and realized gains (losses) on trading securities arising during the period | (31) | 36 | 14 | 53 |
Interest and dividend income from trading securities | 25 | 11 | 28 | 22 |
Net investment income (loss) from trading securities | $ (6) | $ 47 | $ 42 | $ 75 |
INVESTMENTS (M Loans (DETAILS)
INVESTMENTS (M Loans (DETAILS) $ in Millions | 6 Months Ended | |
Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) | |
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Modifications Number Of Contracts | 1 | |
Pre Modification Recorded Investment | $ 84 | |
Post Modification Recorded Investment | 93 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 89 | $ 89 |
Financing Receivable Modifications Number Of Contracts | 1 | |
Pre Modification Recorded Investment | $ 84 | |
Post Modification Recorded Investment | $ 93 |
INVESTMENTS (M Loans) (DETAILS1
INVESTMENTS (M Loans) (DETAILS1) - Commercial Real Estate Portfolio Segment [Member] - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | $ 37 | $ 42 |
Charge-offs | (1) | (14) |
Recoveries | 0 | 0 |
Provisions | 0 | 6 |
Ending balance | 36 | 34 |
Ending Balance [Abstract]: | ||
Individually Evaluated for Impairment | $ 36 | $ 34 |
INVESTMENTS ( M Loans) (DETAILS
INVESTMENTS ( M Loans) (DETAILS2) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
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 | $ 4,305 | $ 4,415 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Current | 4,305 | 4,415 |
Total financing receivables | 4,305 | 4,415 |
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 | 1,661 | 1,665 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 1,661 | 1,665 |
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 | 501 | 440 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 501 | 440 |
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 | 761 | 933 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 761 | 933 |
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 | 1,140 | 1,163 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 1,140 | 1,163 |
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 | 195 | 167 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 195 | 167 |
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 | 47 | 47 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 47 | 47 |
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 | 491 | 428 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 491 | 428 |
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 | 377 | 335 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 377 | 335 |
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 | 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 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 | 58 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 58 | 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 | 23 | 59 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 23 | 59 |
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 | 33 | 34 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 33 | 34 |
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 | 2,987 | 3,168 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 2,987 | 3,168 |
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 | 917 | 963 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 917 | 963 |
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 | 501 | 440 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 501 | 440 |
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 | 619 | 872 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 619 | 872 |
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 | 852 | 839 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 852 | 839 |
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 | 98 | 54 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 98 | 54 |
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 | 624 | 616 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 624 | 616 |
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 | 211 | 211 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 211 | 211 |
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 | 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] | 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 | 84 | 61 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 84 | 61 |
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 | 265 | 265 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 265 | 265 |
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 | 64 | 79 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 64 | 79 |
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 | 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] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 203 | 203 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 203 | 203 |
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 | 156 | 156 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 156 | 156 |
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 | 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 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 |
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 | 47 | 47 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 47 | 47 |
Commercial Real Estate Portfolio Segment [Member] | With Related Allowance Recorded [Member] | ||
Impaired Mortgage Loans [Abstract] | ||
Recorded Investment | 156 | 156 |
Unpaid principal balance | 156 | 156 |
Related allowance | (36) | (37) |
Average Record investments | 156 | 148 |
Interest Income recognized | 2 | 2 |
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 | 2,210 | 2,085 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
30 to 59 Days Past Due | 15 | 1 |
60 to 89 Days Past Due | 5 | 7 |
Greater than 90 Days Past Due | 0 | 3 |
Total Past Due | 20 | 11 |
Current | 2,190 | 2,074 |
Total financing receivables | 2,210 | 2,085 |
Recorded Investment 90 Days Past Due and Still Accruing | 0 | 3 |
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 | 326 | 327 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 326 | 327 |
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 | 200 | 187 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 200 | 187 |
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 | 479 | 433 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 479 | 433 |
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 | 671 | 631 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 671 | 631 |
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 | 437 | 410 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 437 | 410 |
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 | 97 | 97 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 97 | 97 |
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 | 1,287 | 1,180 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 1,287 | 1,180 |
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 | 187 | 184 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 187 | 184 |
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 | 111 | 100 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 111 | 100 |
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 | 289 | 232 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 289 | 232 |
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 | 408 | 408 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 408 | 408 |
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 | 239 | 206 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 239 | 206 |
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 | 53 | 50 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 53 | 50 |
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 | 903 | 905 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 903 | 905 |
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 | 139 | 143 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 139 | 143 |
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 | 89 | 87 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 89 | 87 |
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 | 188 | 201 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 188 | 201 |
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 | 245 | 223 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 245 | 223 |
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 | 198 | 204 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 198 | 204 |
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 | 44 | 47 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 44 | 47 |
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 | 20 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 20 | 0 |
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 | 2 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 2 | 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 | 18 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 18 | 0 |
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 | 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] | ||
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 |
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 | 6,515 | 6,500 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
30 to 59 Days Past Due | 15 | 1 |
60 to 89 Days Past Due | 5 | 7 |
Greater than 90 Days Past Due | 0 | 3 |
Total Past Due | 20 | 11 |
Current | 6,495 | 6,489 |
Total financing receivables | 6,515 | 6,500 |
Recorded Investment 90 Days Past Due and Still Accruing | 0 | 3 |
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 | 1,987 | 1,992 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 1,987 | 1,992 |
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 | 701 | 627 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 701 | 627 |
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 | 1,240 | 1,366 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 1,240 | 1,366 |
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 | 1,811 | 1,794 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 1,811 | 1,794 |
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 | 632 | 577 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 632 | 577 |
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 | 144 | 144 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 144 | 144 |
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 | 1,778 | 1,608 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 1,778 | 1,608 |
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 | 564 | 519 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 564 | 519 |
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 | 111 | 100 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 111 | 100 |
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 | 347 | 232 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 347 | 232 |
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 | 431 | 467 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 431 | 467 |
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 | 272 | 240 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 272 | 240 |
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 | 53 | 50 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 53 | 50 |
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 | 3,890 | 4,073 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 3,890 | 4,073 |
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 | 1,056 | 1,106 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 1,056 | 1,106 |
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 | 590 | 527 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 590 | 527 |
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 | 807 | 1,073 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 807 | 1,073 |
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 | 1,097 | 1,062 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 1,097 | 1,062 |
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 | 296 | 258 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 296 | 258 |
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 | 44 | 47 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 44 | 47 |
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 | 644 | 616 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 644 | 616 |
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 | 211 | 211 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 211 | 211 |
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 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 0 | 0 |
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 | 86 | 61 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 86 | 61 |
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 | 283 | 265 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 283 | 265 |
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 | 64 | 79 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 64 | 79 |
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 | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 0 | 0 |
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 | 203 | 203 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 203 | 203 |
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 | 156 | 156 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 156 | 156 |
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 | 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 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 |
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 | 47 | 47 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 47 | 47 |
Total Mortgages Loan [Member] | With Related Allowance Recorded [Member] | ||
Impaired Mortgage Loans [Abstract] | ||
Recorded Investment | 156 | 156 |
Unpaid principal balance | 156 | 156 |
Related allowance | (36) | (37) |
Average Record investments | 156 | 148 |
Interest Income recognized | $ 2 | $ 2 |
INVESTMENTS (Derivatives) (DETA
INVESTMENTS (Derivatives) (DETAILS) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Derivative Instruments by Category [Line Items] | |||
Derivative Notional Amount | $ 40,382 | $ 45,244 | |
Fair Value Assets Derivatives | 11,628 | 12,757 | |
Fair Value Liabilities Derivatives | 1,452 | 1,309 | |
Gains (losses) included in net earnings (loss) | (1,482) | $ 2,029 | |
Equity Contracts Futures [Member] | |||
Derivative Instruments by Category [Line Items] | |||
Derivative Notional Amount | 6,256 | 5,933 | |
Fair Value Assets Derivatives | 2 | 1 | |
Fair Value Liabilities Derivatives | 0 | 2 | |
Gains (losses) included in net earnings (loss) | (201) | (316) | |
Equity Contracts Swaps [Member] | |||
Derivative Instruments by Category [Line Items] | |||
Derivative Notional Amount | 1,419 | 1,169 | |
Fair Value Assets Derivatives | 29 | 22 | |
Fair Value Liabilities Derivatives | 17 | 15 | |
Gains (losses) included in net earnings (loss) | (75) | (95) | |
Equity Contracts Options [Member] | |||
Derivative Instruments by Category [Line Items] | |||
Derivative Notional Amount | 7,362 | 6,896 | |
Fair Value Assets Derivatives | 1,228 | 1,215 | |
Fair Value Liabilities Derivatives | 709 | 742 | |
Gains (losses) included in net earnings (loss) | 103 | 135 | |
Interest Rate Floor [Member] | |||
Derivative Instruments by Category [Line Items] | |||
Derivative Notional Amount | 1,800 | 2,100 | |
Fair Value Assets Derivatives | 94 | 120 | |
Fair Value Liabilities Derivatives | 0 | 0 | |
Gains (losses) included in net earnings (loss) | 11 | 8 | |
Interest rate contracts Swaps [Member] | |||
Derivative Instruments by Category [Line Items] | |||
Derivative Notional Amount | 12,845 | 11,608 | |
Fair Value Assets Derivatives | 313 | 605 | |
Fair Value Liabilities Derivatives | 159 | 15 | |
Gains (losses) included in net earnings (loss) | (376) | 698 | |
Interest rate contracts Futures [Member] | |||
Derivative Instruments by Category [Line Items] | |||
Derivative Notional Amount | 8,506 | 10,647 | |
Fair Value Assets Derivatives | 0 | 0 | |
Fair Value Liabilities Derivatives | 0 | 0 | |
Gains (losses) included in net earnings (loss) | (165) | 256 | |
Interest rate contracts Swaptions [Member] | |||
Derivative Instruments by Category [Line Items] | |||
Derivative Notional Amount | 0 | 4,800 | |
Fair Value Assets Derivatives | 0 | 72 | |
Fair Value Liabilities Derivatives | 0 | 0 | |
Gains (losses) included in net earnings (loss) | 118 | 0 | |
Credit Default Swap [Member] | |||
Derivative Instruments by Category [Line Items] | |||
Derivative Notional Amount | 1,938 | 1,942 | |
Fair Value Assets Derivatives | 7 | 9 | |
Fair Value Liabilities Derivatives | 17 | 27 | |
Gains (losses) included in net earnings (loss) | 5 | 4 | |
Foreign currency Contracts [Member] | |||
Derivative Instruments by Category [Line Items] | |||
Derivative Notional Amount | 256 | 149 | |
Fair Value Assets Derivatives | 4 | 2 | |
Fair Value Liabilities Derivatives | 4 | 0 | |
Gains (losses) included in net earnings (loss) | 2 | (3) | |
Net investment Income (loss) [Member] | |||
Derivative Instruments by Category [Line Items] | |||
Gains (losses) included in net earnings (loss) | (578) | 687 | |
Gmib Reinsurance [Member] | |||
Derivative Instruments by Category [Line Items] | |||
Fair Value Assets Derivatives | 9,951 | 10,711 | |
Gains (losses) included in net earnings (loss) | (760) | 1,516 | |
GWBL and other features liability [Member] | |||
Derivative Instruments by Category [Line Items] | |||
Fair Value Liabilities Derivatives | 109 | 128 | |
Gains (losses) included in net earnings (loss) | (19) | (17) | |
SCS, SIO, MSO and IUL indexed features | |||
Derivative Instruments by Category [Line Items] | |||
Fair Value Liabilities Derivatives | 437 | $ 380 | |
Gains (losses) included in net earnings (loss) | $ (125) | $ (157) |
INVESTMENTS (Derivatives) (DE43
INVESTMENTS (Derivatives) (DETAILS1) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Investments, Debt and Equity Securities [Abstract] | ||
Cash and securities collateral for derivative contract | $ 657 | $ 1,225 |
Collateralized derivative transactions | 2 | 28 |
Cash and securities collateral | 2 | $ 36 |
Sp500 Russell1000 Nasdaq100 And Emerging Market Indices [Member] | ||
Exchange Traded Future Contract [Line Items] | ||
Exchange-Traded Future Contract, Initial Margin Requirement | 227 | |
Us Treasury Notes And Euro Dollar [Member] | ||
Exchange Traded Future Contract [Line Items] | ||
Exchange-Traded Future Contract, Initial Margin Requirement | 23 | |
Euro Stoxx Ftse 100 Eafe And Topix Indices [Member] | ||
Exchange Traded Future Contract [Line Items] | ||
Exchange-Traded Future Contract, Initial Margin Requirement | $ 41 |
INVESTMENTS (offsetting) (Detai
INVESTMENTS (offsetting) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Offsetting Assets [Line Items] | ||
Fair Value Assets Derivatives | $ 11,628 | $ 12,757 |
Reverse Repurchase agreements [Abstract] | ||
Accrued interest derivatives | 145 | 120 |
Investment Management [Member] | ||
Offsetting Assets [Line Items] | ||
Fair Value Assets Derivatives | 14 | 8 |
Securities borrowed | 93 | 158 |
Equity Contract [Member] | ||
Offsetting Assets [Line Items] | ||
Gross amounts recognized | 1,255 | 1,236 |
Gross amounts offset in the balance sheets | 725 | 753 |
Net amounts presented in the balance sheets | 530 | 483 |
Interest Rate Contract [Member] | ||
Offsetting Assets [Line Items] | ||
Gross amounts recognized | 371 | 755 |
Gross amounts offset in the balance sheets | 154 | 12 |
Net amounts presented in the balance sheets | 217 | 743 |
Credit Contracts [Member] | ||
Offsetting Assets [Line Items] | ||
Gross amounts recognized | 6 | 7 |
Gross amounts offset in the balance sheets | 17 | 27 |
Net amounts presented in the balance sheets | (11) | (20) |
Fair Value Assets Derivatives | 7 | 9 |
Derivatives Subject to an ISDA Master Agreements [Member] | ||
Offsetting Assets [Line Items] | ||
Gross amounts recognized | 1,632 | 1,998 |
Gross amounts offset in the balance sheets | 896 | 792 |
Net amounts presented in the balance sheets | 736 | 1,206 |
Derivatives not subject to an ISDA Master Agreements [Member] | ||
Offsetting Assets [Line Items] | ||
Gross amounts recognized | 31 | 40 |
Gross amounts offset in the balance sheets | 0 | 0 |
Net amounts presented in the balance sheets | 31 | 40 |
Total Derivatives [Member] | ||
Offsetting Assets [Line Items] | ||
Gross amounts recognized | 1,663 | 2,038 |
Gross amounts offset in the balance sheets | 896 | 792 |
Net amounts presented in the balance sheets | 767 | 1,246 |
Other Financial Instruments [Member] | ||
Offsetting Assets [Line Items] | ||
Gross amounts recognized | 1,016 | 852 |
Gross amounts offset in the balance sheets | 0 | 0 |
Net amounts presented in the balance sheets | 1,016 | 852 |
Other Invested Assets [Member] | ||
Offsetting Assets [Line Items] | ||
Gross amounts recognized | 2,679 | 2,890 |
Gross amounts offset in the balance sheets | 896 | 792 |
Net amounts presented in the balance sheets | 1,783 | 2,098 |
Reverse Repurchase agreements [Member] | ||
Reverse Repurchase agreements [Abstract] | ||
Reverse repurchase agreements, gross amount recognized | 148 | |
Reverse repurchase agreements, gross amount offset against the balance sheet | 0 | |
Reverse repurchase agreements, net amount presented on the balance sheet | 148 | |
Other broker-dealer receivables [Member] | ||
Reverse Repurchase agreements [Abstract] | ||
Reverse repurchase agreements, gross amount recognized | 2,201 | |
Reverse repurchase agreements, gross amount offset against the balance sheet | 0 | |
Reverse repurchase agreements, net amount presented on the balance sheet | 2,201 | |
Broker dealer related receivables [Member] | ||
Reverse Repurchase agreements [Abstract] | ||
Reverse repurchase agreements, gross amount recognized | 2,349 | |
Reverse repurchase agreements, gross amount offset against the balance sheet | 0 | |
Reverse repurchase agreements, net amount presented on the balance sheet | 2,349 | |
Exchange traded Options [Member] | Investment Management [Member] | Long [Member] | ||
Offsetting Assets [Line Items] | ||
Fair Value Assets Derivatives | $ 8 | $ 22 |
INVESTMENTS (offsetting) (Det45
INVESTMENTS (offsetting) (Details1) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Offsetting Liabilities [Line Items] | ||
Fair Value Liabilities Derivatives | $ 1,452 | $ 1,309 |
Investment Management [Member] | ||
Offsetting Liabilities [Line Items] | ||
Fair Value Liabilities Derivatives | 10 | 9 |
Securities loaned | 7 | 34 |
Equity Contract [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross amount recognized | 725 | 753 |
Gross amounts offset in the balance sheets | 725 | 753 |
Net amounts presented in the balance sheets | 0 | 0 |
Interest Rate Contract [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross amount recognized | 154 | 12 |
Gross amounts offset in the balance sheets | 154 | 12 |
Net amounts presented in the balance sheets | 0 | 0 |
Credit Contracts [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross amount recognized | 17 | 27 |
Gross amounts offset in the balance sheets | 17 | 27 |
Net amounts presented in the balance sheets | 0 | |
Fair Value Liabilities Derivatives | 17 | 27 |
Derivatives Subject to an ISDA Master Agreements [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross amount recognized | 896 | 792 |
Gross amounts offset in the balance sheets | 896 | 792 |
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 | 896 | 792 |
Gross amounts offset in the balance sheets | 896 | 792 |
Net amounts presented in the balance sheets | 0 | 0 |
Other Financial Liabilities [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross amount recognized | 2,845 | 2,939 |
Gross amounts offset in the balance sheets | 0 | 0 |
Net amounts presented in the balance sheets | 2,845 | 2,939 |
Other Liabilities [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross amount recognized | 3,741 | 3,731 |
Gross amounts offset in the balance sheets | 896 | 792 |
Net amounts presented in the balance sheets | 2,845 | 2,939 |
Repurchase agreements [Member] | ||
Repurchase agreements [Abstract] | ||
Repurchase agreements, gross amount recognized | 2,133 | 950 |
Repurchase agreements, gross amount offset against the balance sheet | 0 | 0 |
Repurchase agreements, net amount presented on the balance sheet | 2,133 | 950 |
Other broker dealer related payables [Member] | ||
Repurchase agreements [Abstract] | ||
Repurchase agreements, gross amount recognized | 594 | 551 |
Repurchase agreements, gross amount offset against the balance sheet | 0 | 0 |
Repurchase agreements, net amount presented on the balance sheet | 594 | 551 |
Broker dealer related payables [Member] | ||
Repurchase agreements [Abstract] | ||
Repurchase agreements, gross amount recognized | 2,727 | 1,501 |
Repurchase agreements, gross amount offset against the balance sheet | 0 | 0 |
Repurchase agreements, net amount presented on the balance sheet | 2,727 | 1,501 |
Exchange traded Options [Member] | Investment Management [Member] | Short [Member] | ||
Offsetting Liabilities [Line Items] | ||
Fair Value Liabilities Derivatives | $ 2 | $ 7 |
INVESTMENTS (offsetting) (Det46
INVESTMENTS (offsetting) (Details2) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Reverse repurchase agreements [Abstract] | ||
Accrued interest derivatives | $ 145 | $ 120 |
Investment Management [Member] | ||
Offsetting Assets [Line Items] | ||
Callateral Cash (Received) | (2) | (1) |
Reverse repurchase agreements [Abstract] | ||
Securities borrowed | 93 | 158 |
Counterparty A [Member] | ||
Offsetting Assets [Line Items] | ||
Net amounts presented in the balance sheets | 56 | 62 |
Calleteral Securities (Received) | 0 | 0 |
Callateral Cash (Received) | (56) | (62) |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Counterparty B [Member] | ||
Offsetting Assets [Line Items] | ||
Net amounts presented in the balance sheets | 11 | 102 |
Calleteral Securities (Received) | 0 | 0 |
Callateral Cash (Received) | (95) | |
Collateral Cash Held | 12 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 23 | 7 |
Counterparty C [Member] | ||
Offsetting Assets [Line Items] | ||
Net amounts presented in the balance sheets | 59 | 111 |
Calleteral Securities (Received) | 0 | 0 |
Callateral Cash (Received) | (29) | (110) |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 30 | 1 |
Counterparty D [Member] | ||
Offsetting Assets [Line Items] | ||
Net amounts presented in the balance sheets | 212 | 228 |
Calleteral Securities (Received) | 0 | 0 |
Callateral Cash (Received) | (202) | (224) |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 10 | 4 |
Counterparty E [Member] | ||
Offsetting Assets [Line Items] | ||
Net amounts presented in the balance sheets | 54 | 60 |
Calleteral Securities (Received) | 0 | 0 |
Callateral Cash (Received) | (50) | (59) |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 4 | 1 |
Counterparty F [Member] | ||
Offsetting Assets [Line Items] | ||
Net amounts presented in the balance sheets | 20 | 63 |
Calleteral Securities (Received) | 0 | 0 |
Callateral Cash (Received) | (60) | |
Collateral Cash Held | 6 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 26 | 3 |
Counterparty G [Member] | ||
Offsetting Assets [Line Items] | ||
Net amounts presented in the balance sheets | 175 | 145 |
Calleteral Securities (Received) | 0 | (145) |
Callateral Cash (Received) | (175) | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Counterparty H [Member] | ||
Offsetting Assets [Line Items] | ||
Net amounts presented in the balance sheets | 44 | 31 |
Calleteral Securities (Received) | (43) | (31) |
Callateral Cash (Received) | 0 | |
Collateral Cash Held | 0 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 1 | 0 |
Counterparty I [Member] | ||
Offsetting Assets [Line Items] | ||
Net amounts presented in the balance sheets | 11 | 136 |
Calleteral Securities (Received) | 0 | 0 |
Callateral Cash (Received) | (134) | |
Collateral Cash Held | 28 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 39 | 2 |
Counterparty J [Member] | ||
Offsetting Assets [Line Items] | ||
Net amounts presented in the balance sheets | (2) | 28 |
Calleteral Securities (Received) | 0 | 0 |
Callateral Cash (Received) | (22) | |
Collateral Cash Held | 2 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 6 |
Counterparty K [Member] | ||
Offsetting Assets [Line Items] | ||
Net amounts presented in the balance sheets | 42 | 44 |
Calleteral Securities (Received) | 0 | 0 |
Callateral Cash (Received) | (42) | (44) |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Counterparty L [Member] | ||
Offsetting Assets [Line Items] | ||
Net amounts presented in the balance sheets | 9 | 113 |
Calleteral Securities (Received) | 0 | (113) |
Callateral Cash (Received) | (9) | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Counterparty M [Member] | ||
Offsetting Assets [Line Items] | ||
Net amounts presented in the balance sheets | 36 | 76 |
Calleteral Securities (Received) | 0 | 0 |
Callateral Cash (Received) | (1) | (68) |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 35 | 8 |
Counterparty N [Member] | ||
Offsetting Assets [Line Items] | ||
Net amounts presented in the balance sheets | 31 | 40 |
Calleteral Securities (Received) | 0 | 0 |
Callateral Cash (Received) | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 31 | 40 |
Counterparty Q [Member] | ||
Offsetting Assets [Line Items] | ||
Net amounts presented in the balance sheets | 4 | 4 |
Calleteral Securities (Received) | 0 | 0 |
Callateral Cash (Received) | (4) | (4) |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Counterparty T [Member] | ||
Offsetting Assets [Line Items] | ||
Net amounts presented in the balance sheets | 4 | 3 |
Calleteral Securities (Received) | 0 | 0 |
Callateral Cash (Received) | (4) | (3) |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Counterparty U [Member] | ||
Offsetting Assets [Line Items] | ||
Net amounts presented in the balance sheets | 1 | |
Calleteral Securities (Received) | 0 | |
Collateral Cash Held | 2 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 3 | |
Total Derivatives [Member] | ||
Offsetting Assets [Line Items] | ||
Net amounts presented in the balance sheets | 767 | 1,246 |
Calleteral Securities (Received) | (43) | (289) |
Callateral Cash (Received) | (522) | (885) |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 202 | 72 |
Other Financial Instruments [Member] | ||
Offsetting Assets [Line Items] | ||
Net amounts presented in the balance sheets | 1,016 | 852 |
Calleteral Securities (Received) | 0 | 0 |
Callateral Cash (Received) | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 1,016 | 852 |
Other Invested Assets [Member] | ||
Offsetting Assets [Line Items] | ||
Net amounts presented in the balance sheets | 1,783 | 2,098 |
Calleteral Securities (Received) | (43) | (289) |
Callateral Cash (Received) | (522) | (885) |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 1,218 | $ 924 |
Counterparty C [Member] | ||
Reverse repurchase agreements [Abstract] | ||
Reverse repurchase agreements, net amount presented on the balance sheet | 148 | |
Reverse repurchase agreements, collateral securities received | (148) | |
Reverse repurchase agreements, collateral cash received | 0 | |
Reverse repurchase agreements, net amounts | 0 | |
Counterparty M [Member] | ||
Reverse repurchase agreements [Abstract] | ||
Reverse repurchase agreements, net amount presented on the balance sheet | 0 | |
Reverse repurchase agreements, collateral securities received | 0 | |
Reverse repurchase agreements, collateral cash received | 0 | |
Reverse repurchase agreements, net amounts | 0 | |
Other broker-dealer receivables [Member] | ||
Reverse repurchase agreements [Abstract] | ||
Reverse repurchase agreements, net amount presented on the balance sheet | 2,201 | |
Reverse repurchase agreements, collateral securities received | 0 | |
Reverse repurchase agreements, collateral cash received | 0 | |
Reverse repurchase agreements, net amounts | 2,201 | |
Broker dealer related receivables [Member] | ||
Reverse repurchase agreements [Abstract] | ||
Reverse repurchase agreements, net amount presented on the balance sheet | 2,349 | |
Reverse repurchase agreements, collateral securities received | (148) | |
Reverse repurchase agreements, collateral cash received | 0 | |
Reverse repurchase agreements, net amounts | $ 2,201 |
INVESTMENTS (offsetting) (Det47
INVESTMENTS (offsetting) (Details3) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Investment Management [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements, collateral cash held | $ (6) | $ (10) |
Securities loaned | 7 | 34 |
Counterparty D [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements, net amount presented on the balance sheet | 992 | 450 |
Repurchase agreements, collateral securities held | (992) | (450) |
Repurchase agreements, collateral cash held | 0 | 0 |
Repurchase agreements, net amounts | 0 | 0 |
Counterparty C [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements, net amount presented on the balance sheet | 252 | 500 |
Repurchase agreements, collateral securities held | (252) | (500) |
Repurchase agreements, collateral cash held | 0 | 0 |
Repurchase agreements, net amounts | 0 | 0 |
Counterparty M [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements, net amount presented on the balance sheet | 889 | |
Repurchase agreements, collateral securities held | (889) | |
Repurchase agreements, collateral cash held | 0 | |
Repurchase agreements, net amounts | 0 | |
Total repurchase agreements [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements, net amount presented on the balance sheet | 2,133 | 950 |
Repurchase agreements, collateral securities held | (2,133) | (950) |
Repurchase agreements, collateral cash held | 0 | 0 |
Repurchase agreements, net amounts | 0 | 0 |
Other broker dealer related payables [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements, net amount presented on the balance sheet | 594 | 551 |
Repurchase agreements, collateral securities held | 0 | 0 |
Repurchase agreements, collateral cash held | 0 | 0 |
Repurchase agreements, net amounts | 594 | 551 |
Broker dealer related payables [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements, net amount presented on the balance sheet | 2,727 | 1,501 |
Repurchase agreements, collateral securities held | (2,133) | (950) |
Repurchase agreements, collateral cash held | 0 | 0 |
Repurchase agreements, net amounts | $ 594 | $ 551 |
INVESTMENTS (repurchase to matu
INVESTMENTS (repurchase to maturity transactions (details) $ in Millions | Jun. 30, 2015USD ($) |
Repurchase agreements accounted for as secured borrowings [Line Items] | |
Repurchase agreements | $ 2,133 |
Reverse repurchase agreements | 148 |
Maturity up to 30 days [Member] | |
Repurchase agreements accounted for as secured borrowings [Line Items] | |
Repurchase agreements | 2,108 |
Reverse repurchase agreements | 148 |
Maturity 30 to 90 Days [Member] | |
Repurchase agreements accounted for as secured borrowings [Line Items] | |
Repurchase agreements | 25 |
U.S.Treasury, Govt and Agency [Member] | |
Repurchase agreements accounted for as secured borrowings [Line Items] | |
Repurchase agreements | 2,133 |
U.S.Treasury, Govt and Agency [Member] | Maturity up to 30 days [Member] | |
Repurchase agreements accounted for as secured borrowings [Line Items] | |
Repurchase agreements | 2,108 |
U.S.Treasury, Govt and Agency [Member] | Maturity 30 to 90 Days [Member] | |
Repurchase agreements accounted for as secured borrowings [Line Items] | |
Repurchase agreements | 25 |
Corporate securities [Member] | |
Repurchase agreements accounted for as secured borrowings [Line Items] | |
Reverse repurchase agreements | 148 |
Corporate securities [Member] | Maturity up to 30 days [Member] | |
Repurchase agreements accounted for as secured borrowings [Line Items] | |
Reverse repurchase agreements | $ 148 |
CLOSED BLOCKS (DETAILS)
CLOSED BLOCKS (DETAILS) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Closed Block Liabilities [Abstract] | |||||
Future policy benefits and other policyholders liabilities | $ 7,450 | $ 7,537 | |||
Policyholder dividend obligation | 140 | $ 233 | $ 201 | $ 128 | 201 |
Other liabilities | 184 | 117 | |||
Total Closed Block liabilities | 7,774 | 7,855 | |||
Assets Designated To Closed Block [Abstract] | |||||
Fixed maturities, available for sale, at fair value | 4,872 | 5,143 | |||
Mortgage loans on real estate | 1,275 | 1,407 | |||
Policy loans | 897 | 912 | |||
Cash and other invested assets | 365 | 14 | |||
Other assets | 185 | 176 | |||
Total assets designated to the Closed Block | 7,594 | 7,652 | |||
Excess of Closed Block liabilities over assets designated to the Closed Block | 180 | 203 | |||
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 | 74 | 80 | |||
Maximum Future Earnings To Be Recognized From Closed Block Assets and Liabilities | 254 | $ 283 | |||
Closed Block Operations Revenue [Abstract] | |||||
Premiums and other income | 66 | 69 | 135 | 141 | |
Closed Block Operations Net Investment Income | 99 | 94 | 191 | 190 | |
Total investment gains (losses), net | (2) | (1) | (1) | 1 | |
Total revenues | 163 | 162 | 325 | 332 | |
Closed Block Operations Benefits And Expense [Abstract] | |||||
Policyholders benefits and dividends | 143 | 153 | 296 | 309 | |
Other operating costs and expenses | 1 | 1 | 1 | 1 | |
Total benefits and other deductions | 144 | 154 | 297 | 310 | |
Net revenues, before income taxes | 19 | 8 | 28 | 22 | |
Income tax (expense) benefit | 4 | (3) | 1 | (8) | |
Net Revenues | 23 | 5 | 29 | 14 | |
Movement In Closed Block Dividend Obligation [Roll Forward] | |||||
Balances, beginning of year | 201 | 128 | |||
Unrealized investment gains (losses) | (61) | 105 | |||
Balances, End of year | $ 140 | $ 233 | $ 140 | $ 233 |
CLOSED BLOCKS PARENTHETICALS (D
CLOSED BLOCKS PARENTHETICALS (DETAILS) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Closed Block Disclosure [Abstract] | ||||
Closed Block Investments, Fixed Maturity, Available-for-sale, Amortized Cost | $ 4,628 | $ 4,829 | ||
Closed Block Operations, Deferred Income Tax (Expense) Benefit | (40) | (43) | ||
Closed Block Liabilities Policyholder Dividend Obligation | $ (140) | $ (201) | $ (233) | $ (128) |
GMDB, GMIB, GWBL AND NO LAPSE51
GMDB, GMIB, GWBL AND NO LAPSE GUARANTEE FEATURES (DETAILS) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Movement In Guaranteed Benefit Liability Gross [Line Items] | ||
Balance, January 1, | $ 7,373 | $ 5,829 |
Paid guarantee benefits | (168) | (290) |
Other changes in reserve | 650 | 734 |
Balance, end of period | 7,855 | 6,273 |
Guaranteed Minimum Death Benefit [Member] | ||
Movement In Guaranteed Benefit Liability Gross [Line Items] | ||
Balance, January 1, | 1,729 | 1,626 |
Paid guarantee benefits | (139) | (116) |
Other changes in reserve | 290 | 108 |
Balance, end of period | 1,880 | 1,618 |
Guaranteed Minimum Death Benefit Reinsurance Ceded [Abstract] | ||
Balance, beginning of year | 832 | 791 |
Paid guarantee benefits | (66) | (56) |
Other changes in reserves | 134 | 55 |
Balance, end of period | 900 | 790 |
Guaranteed Minimum Income Benefit [Member] | ||
Movement In Guaranteed Benefit Liability Gross [Line Items] | ||
Balance, January 1, | 5,644 | 4,203 |
Paid guarantee benefits | (29) | (174) |
Other changes in reserve | 360 | 626 |
Balance, end of period | $ 5,975 | $ 4,655 |
GMDB, GMIB, GWBL AND NO LAPSE52
GMDB, GMIB, GWBL AND NO LAPSE GUARANTEE FEATURES (DETAILS2) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Net Amount At Risk By Product And Guarantee [Line Items] | ||
SCS, SIO, MSO, IUL, GWBL and other guaranteed benefits related liability | $ 546 | $ 508 |
Impact On Earnings From LSO offer to Policyholders | 135 | |
Guaranteed Minimum Death Benefit [Member] | ||
Net Amount At Risk By Product And Guarantee [Line Items] | ||
Account Value Invested In General Account | 13,499 | |
Account Value Invested In Separate Accounts | 88,795 | 88,048 |
Net amount at risk, gross | 15,823 | |
Net amount at risk, net of amounts reinsured | $ 7,091 | |
Average attained age of contractholders | 55 years | |
Percentage of contractholders over age 70 | 16.50% | |
Guaranteed Minimum Death Benefit [Member] | Minimum [Member] | ||
Net Amount At Risk By Product And Guarantee [Line Items] | ||
Range of contractually specified interest rates | 3 | |
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 | $ 12,991 | |
Account Value Invested In Separate Accounts | 39,675 | |
Net amount at risk, gross | 240 | |
Net amount at risk, net of amounts reinsured | $ 240 | |
Average attained age of contractholders | 51 years 1 month 6 days | |
Percentage of contractholders over age 70 | 8.90% | |
Guaranteed Minimum Death Benefit [Member] | Ratchet [Member] | ||
Net Amount At Risk By Product And Guarantee [Line Items] | ||
Account Value Invested In General Account | $ 153 | |
Account Value Invested In Separate Accounts | 8,809 | |
Net amount at risk, gross | 162 | |
Net amount at risk, net of amounts reinsured | $ 113 | |
Average attained age of contractholders | 65 years 2 months 12 days | |
Percentage of contractholders over age 70 | 34.70% | |
Guaranteed Minimum Death Benefit [Member] | Roll Up [Member] | ||
Net Amount At Risk By Product And Guarantee [Line Items] | ||
Account Value Invested In General Account | $ 82 | |
Account Value Invested In Separate Accounts | 3,775 | |
Net amount at risk, gross | 2,201 | |
Net amount at risk, net of amounts reinsured | $ 1,478 | |
Average attained age of contractholders | 71 years 3 months 18 days | |
Percentage of contractholders over age 70 | 56.90% | |
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 | |
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 | |
Guaranteed Minimum Death Benefit [Member] | Combo [Member] | ||
Net Amount At Risk By Product And Guarantee [Line Items] | ||
Account Value Invested In General Account | $ 273 | |
Account Value Invested In Separate Accounts | 36,536 | |
Net amount at risk, gross | 13,220 | |
Net amount at risk, net of amounts reinsured | $ 5,260 | |
Average attained age of contractholders | 66 years 1 month 6 days | |
Percentage of contractholders over age 70 | 37.30% | |
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 | |
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 | $ 500 | |
Account Value Invested In Separate Accounts | 58,877 | $ 58,084 |
Net amount at risk, gross | 5,358 | |
Net amount at risk, net of amounts reinsured | $ 1,377 | |
Weighted average years remaining until annuitization | 2 years 2 months 12 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 | |
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 | $ 149 | |
Account Value Invested In Separate Accounts | 14,289 | |
Net amount at risk, gross | 1,065 | |
Net amount at risk, net of amounts reinsured | $ 325 | |
Weighted average years remaining until annuitization | 1 year 2 months 12 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 | |
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 | |
Guaranteed Minimum Income Benefit [Member] | Combo [Member] | ||
Net Amount At Risk By Product And Guarantee [Line Items] | ||
Account Value Invested In General Account | $ 351 | |
Account Value Invested In Separate Accounts | 44,588 | |
Net amount at risk, gross | 4,293 | |
Net amount at risk, net of amounts reinsured | $ 1,052 | |
Weighted average years remaining until annuitization | 2 years 3 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 | |
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 LAPSE53
GMDB, GMIB, GWBL AND NO LAPSE GUARANTEE FEATURES (DETAILS3) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Liabilities For Guarantees On Long Duration Contracts [Line Items] | |||
Balance, January 1, | $ 7,373 | $ 5,829 | |
Balance, end of period | 7,855 | 6,273 | |
Guaranteed Minimum Death Benefit [Member] | |||
Schedule Of Fair Value Of Separate Accounts By Major Category Of Investment [Line Items] | |||
Separate Account Investments by Investment Category | 88,795 | $ 88,048 | |
Price Risk Fair Value Hedge Derivative On Balance Sheet [Abstract] | |||
Account Value Hedged of Variable Annuity Contracts | 52,107 | ||
Net Amount At Risk Hedged of Variable Annuity Contracts | 5,967 | ||
Liabilities For Guarantees On Long Duration Contracts [Line Items] | |||
Balance, January 1, | 1,729 | 1,626 | |
Balance, end of period | 1,880 | 1,618 | |
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 | 58,877 | 58,084 | |
Price Risk Fair Value Hedge Derivative On Balance Sheet [Abstract] | |||
Account Value Hedged of Variable Annuity Contracts | 33,141 | ||
Net Amount At Risk Hedged of Variable Annuity Contracts | 1,055 | ||
Liabilities For Guarantees On Long Duration Contracts [Line Items] | |||
Balance, January 1, | 5,644 | 4,203 | |
Balance, end of period | 5,975 | 4,655 | |
Common Stock [Member] | Guaranteed Minimum Death Benefit [Member] | |||
Schedule Of Fair Value Of Separate Accounts By Major Category Of Investment [Line Items] | |||
Separate Account Investments by Investment Category | 68,708 | 67,108 | |
Common Stock [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 | 45,140 | 43,850 | |
Fixed Income Investments [Member] | Guaranteed Minimum Death Benefit [Member] | |||
Schedule Of Fair Value Of Separate Accounts By Major Category Of Investment [Line Items] | |||
Separate Account Investments by Investment Category | 2,934 | 3,031 | |
Fixed Income Investments [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 | 1,921 | 1,988 | |
Balanced [Member] | Guaranteed Minimum Death Benefit [Member] | |||
Schedule Of Fair Value Of Separate Accounts By Major Category Of Investment [Line Items] | |||
Separate Account Investments by Investment Category | 16,789 | 17,505 | |
Balanced [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 | 11,650 | 12,060 | |
Other Investments [Member] | Guaranteed Minimum Death Benefit [Member] | |||
Schedule Of Fair Value Of Separate Accounts By Major Category Of Investment [Line Items] | |||
Separate Account Investments by Investment Category | 364 | 404 | |
Other Investments [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 | 166 | $ 186 | |
Direct Liabilities For Guarantees [Member] | |||
Liabilities For Guarantees On Long Duration Contracts [Line Items] | |||
Balance, January 1, | 964 | 829 | |
Other changes in reserves | 115 | 39 | |
Balance, end of period | 1,079 | 868 | |
Ceded Liabilities For Guarantees [Member] | |||
Liabilities For Guarantees On Long Duration Contracts [Line Items] | |||
Balance, January 1, | (555) | (441) | |
Other changes in reserves | (44) | (57) | |
Balance, end of period | (599) | (498) | |
Net Liabilities For Guarantees [Member] | |||
Liabilities For Guarantees On Long Duration Contracts [Line Items] | |||
Balance, January 1, | 409 | 388 | |
Other changes in reserves | 71 | (18) | |
Balance, end of period | $ 480 | $ 370 |
FAIR VALUE DISCLOSURES (DETAILS
FAIR VALUE DISCLOSURES (DETAILS) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | $ 32,798 | $ 33,072 |
Trading securities, at fair value | 6,030 | 5,143 |
Fair Value, Measurements, Recurring [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 32,760 | 33,034 |
Other equity investments | 165 | 278 |
Trading securities, at fair value | 6,030 | 5,143 |
Other invested assets: | 870 | 1,346 |
Cash equivalents | 1,773 | 2,725 |
Segregated securities | 467 | 476 |
GMIB reinsurance contracts | 9,951 | 10,711 |
Separate Accounts assets | 112,019 | 110,871 |
Total Assets | 164,035 | 164,584 |
Liabilities Fair Value Disclosure [Abstract] | ||
Contingent payment arrangements | 42 | 42 |
Total Liabilities | 588 | 550 |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 21,042 | 22,220 |
Fair Value, Measurements, Recurring [Member] | US Treasury and Government [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 8,597 | 7,331 |
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 | 502 | 519 |
Fair Value, Measurements, Recurring [Member] | Foreign Government Debt Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 431 | 446 |
Fair Value, Measurements, Recurring [Member] | Commercial Mortgage Backed Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 650 | 735 |
Fair Value, Measurements, Recurring [Member] | Residential Mortgage Backed Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 714 | 795 |
Fair Value, Measurements, Recurring [Member] | Asset-backed Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 89 | 99 |
Fair Value, Measurements, Recurring [Member] | Redeemable Preferred Stock [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 735 | 889 |
Fair Value, Measurements, Recurring [Member] | Short Term Investments [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 99 | 103 |
Fair Value, Measurements, Recurring [Member] | Swap [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 166 | 597 |
Fair Value, Measurements, Recurring [Member] | Credit Default Swap [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | (10) | (18) |
Fair Value, Measurements, Recurring [Member] | Future [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 2 | (2) |
Fair Value, Measurements, Recurring [Member] | Options [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 519 | 473 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Floor [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 94 | 120 |
Fair Value, Measurements, Recurring [Member] | Foreign currency Contracts [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 0 | 1 |
Fair Value, Measurements, Recurring [Member] | Swaptions [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 72 | |
Fair Value, Measurements, Recurring [Member] | GWBL and other features liability [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Guarantees, Fair Value Disclosure | 109 | 128 |
Fair Value, Measurements, Recurring [Member] | SCS, SIO, MSO and IUL indexed features | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Guarantees, Fair Value Disclosure | 437 | 380 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 247 | 254 |
Other equity investments | 114 | 217 |
Trading securities, at fair value | 763 | 710 |
Other invested assets: | 2 | (2) |
Cash equivalents | 1,773 | 2,725 |
Segregated securities | 0 | |
Separate Accounts assets | 108,881 | 107,539 |
Total Assets | 111,780 | 111,443 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Corporate Debt Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Redeemable Preferred Stock [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 247 | 254 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Future [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 2 | (2) |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 31,418 | 31,583 |
Other equity investments | 0 | 0 |
Trading securities, at fair value | 5,267 | 4,433 |
Other invested assets: | 868 | 1,348 |
Cash equivalents | 0 | |
Segregated securities | 467 | 476 |
Separate Accounts assets | 2,855 | 3,072 |
Total Assets | 40,875 | 40,912 |
Liabilities Fair Value Disclosure [Abstract] | ||
Total Liabilities | 437 | 380 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Corporate Debt Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 20,669 | 21,840 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | US Treasury and Government [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 8,597 | 7,331 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 456 | 472 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Foreign Government Debt Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 431 | 446 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Commercial Mortgage Backed Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 23 | 20 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Residential Mortgage Backed Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 713 | 793 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Asset-backed Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 41 | 46 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Redeemable Preferred Stock [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 488 | 635 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Short Term Investments [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 99 | 103 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Swap [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 166 | 597 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Credit Default Swap [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | (10) | (18) |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Future [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Options [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 519 | 473 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Interest Rate Floor [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 94 | 120 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Foreign currency Contracts [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 0 | 1 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Swaptions [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 72 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | SCS, SIO, MSO and IUL indexed features | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Guarantees, Fair Value Disclosure | 437 | 380 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 1,095 | 1,197 |
Other equity investments | 51 | 61 |
GMIB reinsurance contracts | 9,951 | 10,711 |
Separate Accounts assets | 283 | 260 |
Total Assets | 11,380 | 12,229 |
Liabilities Fair Value Disclosure [Abstract] | ||
Contingent payment arrangements | 42 | 42 |
Total Liabilities | 151 | 170 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Corporate Debt Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 373 | 380 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 46 | 47 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Foreign Government Debt Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Commercial Mortgage Backed Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 627 | 715 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Residential Mortgage Backed Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 1 | 2 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Asset-backed Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 48 | 53 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Redeemable Preferred Stock [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | GWBL and other features liability [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Guarantees, Fair Value Disclosure | $ 109 | $ 128 |
FAIR VALUE DISCLOSURES 1 (DETAI
FAIR VALUE DISCLOSURES 1 (DETAILS) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Quantitative Disclosure [Line Items] | ||||
Available-for-sale Securities, Fair Value Disclosure | $ 32,798 | $ 33,072 | ||
Fair Value Freestanding Contract | $ 771 | $ 1,243 | ||
Freestanding Contract As Percentage Of Other Invested Assets | 89.00% | 92.30% | ||
Fair Value Adjustments On Over Counter Derivative Assets | $ 0.1 | $ 0.1 | ||
Fair Value Adjustments On GMIB Asset | 165 | $ 147 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 66 | $ 77 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | $ 40 | |||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Percentage | 0.60% | 0.50% | ||
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 | 72.80% | 72.70% | ||
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 | 26.30% | 26.40% | ||
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value | $ 735 | $ 821 | ||
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 | 0.90% | 1.00% | ||
Fair Value Disclosures Broker Priced | $ 125 | $ 135 | ||
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value | 677 | 770 | ||
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 | $ 25,033 | $ 24,779 | ||
Percentage Of Available For Sale Fixed Maturity Assets Measured At Fair Value On Recurring Basis | 16.30% | 16.20% | ||
Fair Value Assets Transfers Level 2 to Level 1 | $ 4 | $ 7 | ||
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 | $ 7,727 | $ 8,255 | ||
Percentage Of Available For Sale Fixed Maturity Assets Measured At Fair Value On Recurring Basis | 5.00% | 5.40% |
FAIR VALUE DISCLOSURES 2 (DETAI
FAIR VALUE DISCLOSURES 2 (DETAILS) - Fair Value Measurements Changes In Significant Assumptions [Member] $ in Millions | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Gmib Reinsurance [Member] | |
Change in Accounting Estimate [Line Items] | |
Impact of refinements to the fair value calculation | $ 510 |
GWBL and other features liability [Member] | |
Change in Accounting Estimate [Line Items] | |
Impact of refinements to the fair value calculation | $ 37 |
FAIR VALUE DISCLOSURES 3 (DETAI
FAIR VALUE DISCLOSURES 3 (DETAILS) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Transfers into level 3 | $ 40 | |||
Transfers out of Level 3 | (66) | $ (77) | ||
Corporate [Member] | Level 3 [Member] | ||||
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Opening Balance | $ 399 | $ 229 | 380 | 291 |
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Net investment income (loss) | 1 | 1 | 1 | 1 |
Investment gains (losses), net | 1 | 3 | 1 | 3 |
Subtotal | 2 | 4 | 2 | 4 |
Other comprehensive income (loss) | (5) | (5) | (1) | 4 |
Purchases | 18 | 13 | 33 | 13 |
Sales | (32) | (19) | (35) | (20) |
Transfers into level 3 | 1 | 0 | 40 | 0 |
Transfers out of Level 3 | (10) | 1 | (46) | (71) |
Closing Balance | 373 | 221 | 373 | 221 |
Corporate [Member] | Level 3 Assets And Liabilities Held [Member] | ||||
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Other comprehensive income (loss) | (5) | (5) | (1) | 4 |
State and Political Sub-divisions [Member] | Level 3 [Member] | ||||
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Opening Balance | 48 | 47 | 47 | 46 |
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Other comprehensive income (loss) | (2) | 1 | (1) | 2 |
Sales | 0 | (1) | 0 | (1) |
Closing Balance | 46 | 47 | 46 | 47 |
State and Political Sub-divisions [Member] | Level 3 Assets And Liabilities Held [Member] | ||||
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Other comprehensive income (loss) | (2) | 1 | (1) | 89 |
Foreign Govts [Member] | Level 3 [Member] | ||||
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Opening Balance | 0 | 0 | ||
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Other comprehensive income (loss) | 0 | 0 | ||
Transfers into level 3 | 0 | |||
Transfers out of Level 3 | 0 | |||
Closing Balance | 0 | 0 | 0 | 0 |
Foreign Govts [Member] | Level 3 Assets And Liabilities Held [Member] | ||||
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Other comprehensive income (loss) | 0 | 0 | ||
Commercial Mortgage-backed [Member] | Level 3 [Member] | ||||
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Opening Balance | 686 | 722 | 715 | 700 |
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Net investment income (loss) | 1 | 1 | 1 | 1 |
Investment gains (losses), net | (18) | (41) | (20) | (57) |
Subtotal | (17) | (40) | (19) | (56) |
Other comprehensive income (loss) | 21 | 49 | 34 | 89 |
Purchases | 0 | 0 | 0 | |
Sales | (48) | (1) | (83) | (3) |
Transfers out of Level 3 | (15) | (6) | (20) | (6) |
Closing Balance | 627 | 724 | 627 | 724 |
Commercial Mortgage-backed [Member] | Level 3 Assets And Liabilities Held [Member] | ||||
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Other comprehensive income (loss) | 21 | 50 | 33 | 4 |
Residential Mortgage-backed [Member] | Level 3 [Member] | ||||
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Opening Balance | 2 | 3 | 2 | 4 |
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Sales | (1) | 0 | (1) | (1) |
Closing Balance | 1 | 3 | 1 | 3 |
Asset-backed [Member] | Level 3 [Member] | ||||
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Opening Balance | 51 | 61 | 53 | 83 |
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Other comprehensive income (loss) | 1 | 1 | 0 | 4 |
Sales | (4) | (4) | (5) | (29) |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Closing Balance | 48 | 58 | 48 | 58 |
Asset-backed [Member] | Level 3 Assets And Liabilities Held [Member] | ||||
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Other comprehensive income (loss) | 0 | 2 | 0 | 2 |
Redeemable preferred stock [Member] | Level 3 [Member] | ||||
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Opening Balance | 0 | 15 | 0 | 15 |
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Subtotal | 0 | |||
Other comprehensive income (loss) | 0 | |||
Purchases | 0 | 0 | ||
Closing Balance | 0 | 15 | 0 | 15 |
Equity Method Investments [Member] | Level 3 [Member] | ||||
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Opening Balance | 59 | 48 | 61 | 52 |
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Net investment income (loss) | 0 | 5 | 0 | 1 |
Investment gains (losses), net | (8) | (13) | 0 | |
Subtotal | (8) | 5 | (13) | 1 |
Other comprehensive income (loss) | 0 | 0 | 3 | 0 |
Purchases | 0 | 0 | ||
Sales | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | 0 | |
Closing Balance | 51 | 53 | 51 | 53 |
Equity Method Investments [Member] | Level 3 Assets And Liabilities Held [Member] | ||||
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Other comprehensive income (loss) | 0 | |||
GMIB Reinsurance Contract Asset [Member] | Level 3 [Member] | ||||
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Opening Balance | 11,401 | 7,443 | 10,711 | 6,747 |
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Increase (decrease) in the fair value of the reinsurance contracts | (1,496) | 770 | (851) | 1,423 |
Policyholders' benefits | 0 | 0 | 0 | |
Subtotal | (1,496) | 770 | (851) | 1,423 |
Purchases | 57 | 56 | 113 | 111 |
Issues | 0 | (6) | 0 | |
Sales | (11) | 0 | (22) | 0 |
Closing Balance | 9,951 | 8,263 | 9,951 | 8,263 |
GMIB Reinsurance Contract Asset [Member] | Level 3 Assets And Liabilities Held [Member] | ||||
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Increase (decrease) in the fair value of the reinsurance contracts | (1,450) | 0 | (760) | 1,516 |
Separate Accounts [Member] | Level 3 [Member] | ||||
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Opening Balance | 267 | 240 | 260 | 237 |
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Net investment income (loss) | 9 | 17 | 0 | |
Investment gains (losses), net | (2) | 0 | (3) | |
Subtotal | 9 | (2) | 17 | (3) |
Other comprehensive income (loss) | 0 | 0 | ||
Purchases | 8 | 4 | 11 | 8 |
Issues | 0 | |||
Sales | (1) | (1) | (2) | |
Settlements | (1) | (1) | (2) | (2) |
Transfers into level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | (2) | (2) | |
Closing Balance | 283 | 238 | 283 | 238 |
Separate Accounts [Member] | Level 3 Assets And Liabilities Held [Member] | ||||
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Investment gains (losses), net | 9 | 17 | (3) | |
Other comprehensive income (loss) | (2) | |||
GWBL and other guarantee features | Level 3 [Member] | ||||
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Opening Balance | 167 | 7 | 128 | 0 |
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Policyholders' benefits | (103) | (22) | (104) | (43) |
Subtotal | (103) | (22) | (104) | (43) |
Purchases | 45 | 32 | 85 | 60 |
Closing Balance | 109 | 17 | 109 | 17 |
GWBL and other guarantee features | Level 3 Assets And Liabilities Held [Member] | ||||
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Policyholders' benefits | (58) | 10 | (19) | 17 |
Contingent Payment Arrangements [Member] | Level 3 [Member] | ||||
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Opening Balance | (42) | (38) | (42) | (38) |
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Net investment income (loss) | 1 | 0 | 1 | 1 |
Subtotal | 1 | 0 | 1 | 1 |
Purchases | (9) | (9) | ||
Settlements | 1 | 0 | (1) | (1) |
Closing Balance | (42) | (47) | (42) | (47) |
Other Fixed Maturities Available For Sale [Member] | Level 3 [Member] | ||||
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Other comprehensive income (loss) | 0 | |||
Total Debt Maturities Available For Sale [Member] | Level 3 [Member] | ||||
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Investment gains (losses), net | 9 | (2) | 17 | (3) |
Increase (decrease) in the fair value of the reinsurance contracts | (1,450) | 820 | (760) | 1,516 |
Policyholders' benefits | 58 | (10) | 19 | (17) |
Other comprehensive income (loss) | 14 | 48 | 31 | 99 |
Total Debt Maturities Available For Sale [Member] | Level 3 Assets And Liabilities Held [Member] | ||||
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Other comprehensive income (loss) | $ 14 | $ 48 | $ 31 | $ 99 |
FAIR VALUE DISCLOSURES 4 (DETAI
FAIR VALUE DISCLOSURES 4 (DETAILS) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) | |
Corporate [Member] | Matrix Pricing Model Valuation Technique [Member] | ||
Fair Value Inputs [Abstract] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 40 | $ 75 |
Corporate [Member] | Matrix Pricing Model Valuation Technique [Member] | Minimum [Member] | ||
Fair Value Inputs [Abstract] | ||
Spread Over Industry Yield Curve BPS | 175 | 0 |
Corporate [Member] | Matrix Pricing Model Valuation Technique [Member] | Maximum [Member] | ||
Fair Value Inputs [Abstract] | ||
Spread Over Industry Yield Curve BPS | 565 | 590 |
Corporate [Member] | Market Comparable Companies Valuation Technique [Member] | ||
Fair Value Inputs [Abstract] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 150 | $ 132 |
Corporate [Member] | Market Comparable Companies Valuation Technique [Member] | Minimum [Member] | ||
Fair Value Inputs [Abstract] | ||
Discount Rate | 7.50% | 11.20% |
Corporate [Member] | Market Comparable Companies Valuation Technique [Member] | Maximum [Member] | ||
Fair Value Inputs [Abstract] | ||
Discount Rate | 14.70% | 15.20% |
Asset-backed [Member] | Matrix Pricing Model Valuation Technique [Member] | ||
Fair Value Inputs [Abstract] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 4 | $ 5 |
Asset-backed [Member] | Matrix Pricing Model Valuation Technique [Member] | Minimum [Member] | ||
Fair Value Inputs [Abstract] | ||
Spread Over US Treasury Curve BPS | 30 | 30 |
Asset-backed [Member] | Matrix Pricing Model Valuation Technique [Member] | Maximum [Member] | ||
Fair Value Inputs [Abstract] | ||
Spread Over US Treasury Curve BPS | 687 | 687 |
Equity Method Investments [Member] | Market Comparable Companies Valuation Technique [Member] | ||
Fair Value Inputs [Abstract] | ||
Discount Rate | 30.00% | 18.00% |
Discount Years | 1 year | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 12 | $ 20 |
Equity Method Investments [Member] | Market Comparable Companies Valuation Technique [Member] | Minimum [Member] | ||
Fair Value Inputs [Abstract] | ||
Revenue Multiple | 1.8 | 2 |
Equity Method Investments [Member] | Market Comparable Companies Valuation Technique [Member] | Maximum [Member] | ||
Fair Value Inputs [Abstract] | ||
Revenue Multiple | 2.7 | 3.5 |
Separate Accounts [Member] | Discounted Cash Flow Valuation Technique [Member] | ||
Fair Value Inputs [Abstract] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 8 | $ 7 |
Separate Accounts [Member] | Discounted Cash Flow Valuation Technique [Member] | Minimum [Member] | ||
Fair Value Inputs [Abstract] | ||
Discount Rate | 1.50% | 1.30% |
Spread Over US Treasury Curve BPS | 245 | 238 |
Inflation Rate | 0.00% | 0.00% |
Separate Accounts [Member] | Discounted Cash Flow Valuation Technique [Member] | Maximum [Member] | ||
Fair Value Inputs [Abstract] | ||
Discount Rate | 5.80% | 5.40% |
Spread Over US Treasury Curve BPS | 392 | 395 |
Inflation Rate | 2.70% | 2.40% |
Separate Accounts [Member] | Third Party Appraisal Valuation Technique [Member] | ||
Fair Value Inputs [Abstract] | ||
Discount Rate | 7.00% | 7.10% |
Capitalization Rate | 5.00% | 5.20% |
Exit Capitalization Rate | 6.10% | 6.20% |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 251 | $ 234 |
GMIB Reinsurance Contract Asset [Member] | Discounted Cash Flow Valuation Technique [Member] | ||
Fair Value Inputs [Abstract] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 9,951 | $ 10,711 |
GMIB Reinsurance Contract Asset [Member] | Discounted Cash Flow Valuation Technique [Member] | Minimum [Member] | ||
Fair Value Inputs [Abstract] | ||
Lapse Rates | 0.60% | 1.00% |
Withdrawal Rates | 0.20% | 0.20% |
GMIB Utilization Rates | 0.00% | 0.00% |
Non Performance Risk | 9 | 5 |
Volatility Rates- Equity | 9.00% | 9.00% |
GMIB Reinsurance Contract Asset [Member] | Discounted Cash Flow Valuation Technique [Member] | Maximum [Member] | ||
Fair Value Inputs [Abstract] | ||
Lapse Rates | 5.70% | 8.00% |
Withdrawal Rates | 8.00% | 8.00% |
GMIB Utilization Rates | 15.00% | 15.00% |
Non Performance Risk | 19 | 16 |
Volatility Rates- Equity | 36.00% | 34.00% |
GMWB And GWBL [Member] | Discounted Cash Flow Valuation Technique [Member] | ||
Fair Value Inputs [Abstract] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 95 | $ 107 |
GMWB And 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 | 9.00% | 9.00% |
GMWB And GWBL [Member] | Discounted Cash Flow Valuation Technique [Member] | Maximum [Member] | ||
Fair Value Inputs [Abstract] | ||
Lapse Rates | 5.70% | 8.00% |
Withdrawal Rates | 7.00% | 7.00% |
Volatility Rates- Equity | 36.00% | 34.00% |
Contingent Payment Arrangements [Member] | ||
Fair Value Inputs [Abstract] | ||
AUM Growth Rate percentage | 46.00% | 46.00% |
Revenue growth rate percentage | 71.00% | 71.00% |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 42 | $ 42 |
Contingent Payment Arrangements [Member] | Minimum [Member] | ||
Fair Value Inputs [Abstract] | ||
Discount Rate | 3.00% | 3.00% |
Contingent Payment Arrangements [Member] | Maximum [Member] | ||
Fair Value Inputs [Abstract] | ||
Discount Rate | 18.00% | 18.00% |
FAIR VALUE DISCLOSURES 5 (DETAI
FAIR VALUE DISCLOSURES 5 (DETAILS) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||
Fair Value Measurements Not Included In Quantitative Information About Level 3 Fair Value Measurements | $ 964 | $ 1,045 |
Level 3 fair value measurements not included in quantitative information as a percentage of total assets classified as level 3 | 67.50% | 68.80% |
Level 3 fair value measurements not included in quantitative information as a percentage of total assets measured at fair value on a recurring basis | 0.60% | 0.70% |
Corporate [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 | $ 40 | $ 75 |
Corporate [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 | 50.90% | 54.50% |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 190 | $ 207 |
Residential Mortgage-backed [Member] | Matrix Pricing Model Valuation Technique [Member] | ||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||
Percentage Of Level 3 Asset Fair Value | 0.00% | 0.00% |
Asset-backed [Member] | Matrix Pricing Model Valuation Technique [Member] | ||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||
Percentage Of Level 3 Asset Fair Value | 8.30% | 9.40% |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 4 | $ 5 |
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 | 31 | 31 |
Partnership Unfunded Committments | 3 | 3 |
Separate Accounts [Member] | Mortgage Backed Securities [Member] | ||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 18 | 11 |
Separate Accounts [Member] | Asset-backed [Member] | ||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 6 | 8 |
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 | 8 | 7 |
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 | 251 | 234 |
Separate Accounts [Member] | Third Party Appraisal 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 | 3 | 2 |
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 | 5 | 5 |
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 | $ 251 | $ 234 |
FAIR VALUE DISCLOSURES 6 (DETAI
FAIR VALUE DISCLOSURES 6 (DETAILS) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Consolidated Amounts [Abstract] | ||
Mortgage loans on real estate | $ 6,479 | $ 6,463 |
Policy loans | 3,400 | 3,408 |
Loans to affiliates | 1,087 | 1,087 |
Policyholders' account balances, Investment contracts | 32,324 | 31,848 |
Short-term debt | 655 | 689 |
Carrying value [Member] | ||
Consolidated Amounts [Abstract] | ||
Mortgage loans on real estate | 6,479 | 6,463 |
Policy loans | 3,400 | 3,408 |
Loans to affiliates | 1,087 | 1,087 |
Policyholders' account balances, Investment contracts | 2,766 | 2,799 |
Short-term debt | 655 | 688 |
Fair Value [Member] | ||
Consolidated Amounts [Abstract] | ||
Mortgage loans on real estate | 6,585 | 6,617 |
Policy loans | 4,366 | 4,406 |
Loans to affiliates | 1,185 | 1,203 |
Policyholders' account balances, Investment contracts | 2,868 | 2,941 |
Short-term debt | 659 | 700 |
Fair Value [Member] | Level 1 [Member] | ||
Consolidated Amounts [Abstract] | ||
Short-term debt | 659 | 488 |
Fair Value [Member] | Level 2 [Member] | ||
Consolidated Amounts [Abstract] | ||
Loans to affiliates | 795 | 810 |
Short-term debt | 0 | 212 |
Fair Value [Member] | Level 3 [Member] | ||
Consolidated Amounts [Abstract] | ||
Mortgage loans on real estate | 6,585 | 6,617 |
Policy loans | 4,366 | 4,406 |
Loans to affiliates | 390 | 393 |
Policyholders' account balances, Investment contracts | $ 2,868 | $ 2,941 |
EMPLOYEE BENEFIT PLANS (DETAILS
EMPLOYEE BENEFIT PLANS (DETAILS1) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net Periodic Pension Expense:[Abstract] | ||||
Service Cost | $ 2 | $ 3 | $ 4 | $ 5 |
Interest Cost | 23 | 26 | 46 | 53 |
Expected Return On Plan Assets | (39) | (38) | (78) | (77) |
Net amortization | 30 | 28 | 60 | 57 |
Net Periodic Pension Expense | $ 16 | $ 19 | $ 32 | $ 38 |
SHARE-BASED AND OTHER COMPENS62
SHARE-BASED AND OTHER COMPENSATION PROGRAMS (DETAILS) | Apr. 02, 2015USD ($)shares | Jan. 19, 2015USD ($)Rateshares | Jan. 19, 2015€ / shares | Jun. 30, 2015USD ($)shares | Jun. 30, 2014USD ($)shares | Jun. 30, 2015USD ($)shares | Jun. 30, 2014USD ($)shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based compensation expense | $ 15,113,000 | $ 8,183,000 | $ 18,085,000 | $ 14,542,000 | |||
Purchased Holding Units to help fund anticipated obligations under its incentive compensation award program Value | $ 20,000,000 | $ 4,000,000 | |||||
Alliance Bernstein [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Purchased Holding Units to help fund anticipated obligations under its incentive compensation award program Shares | shares | 100,000 | 15,000 | 800,000 | 200,000 | |||
Purchased Holding Units to help fund anticipated obligations under its incentive compensation award program Value | $ 4,000,000 | $ 400,000 | $ 21,000,000 | $ 4,000,000 | |||
Open market purchase shares | shares | 100,000 | 700,000 | |||||
Open market purchase value | $ 4,000,000 | $ 19,000,000 | |||||
Restricted holding unit awars granted to employees | shares | 300,000 | 400,000 | |||||
Performance Units/Shares[Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based compensation expense | 10,164,000 | 3,698,000 | $ 11,026,000 | $ 6,695,000 | |||
Stock Option Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based compensation expense | 376,000 | 191,000 | 506,000 | 558,000 | |||
Stock Option Plan [Member] | Alliance Bernstein [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based compensation expense | 4,500,000 | 100,000 | 6,400,000 | (300,000) | |||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based compensation expense | 0 | 0 | 0 | 0 | |||
Restricted Stock [Member] | Alliance Bernstein [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based compensation expense | 0 | 4,100,000 | 0 | 7,400,000 | |||
Axa Miles [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based compensation expense | 0 | 0 | 0 | 0 | |||
Other compensation plan [Member] | Parent [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based compensation expense | $ 73,000 | $ 94,000 | 153,000 | $ 189,000 | |||
Performance Unit Plan 2015 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock options granted shares | shares | 1,700,000 | ||||||
Performance Unit Plan 2015 [Member] | Parent [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based compensation expense | 6 | ||||||
Fair value assumptions expected term | 8 years 2 months 12 days | ||||||
Performance Unit Plan 2015 [Member] | Parent [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Range of performance units at stake percentage | 130.00% | ||||||
Performance Unit Plan 2015 [Member] | Parent [Member] | Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Range of performance units at stake percentage | 0.00% | ||||||
Performance Unit Plan 2012 [Member] | Parent [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Units vested | shares | 2,273,008 | ||||||
Cash settlement of vested units | $ 53,000,000 | ||||||
Stock Option Plan 2015 [Member] | Parent [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based compensation expense | $ 283,000 | ||||||
Stock options granted shares | shares | 442,885 | ||||||
Stock option excercise price | € / shares | € 22.9 | ||||||
Weighted average grant date fair value | € / shares | € 1.58 | ||||||
Fair value assumptions expected volatility rate | 23.68% | ||||||
Fair value assumptions risk expected dividend yield | 6.29% | ||||||
Fair value assumptions risk free interest rate | Rate | 0.92% | ||||||
The total fair value of options net of forfeitures | $ 1,000,000 | ||||||
Stock Option Plan 2015 [Member] | Parent [Member] | Conditional Vesting Term [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock options granted shares | shares | 244,597 |
INCOME TAXES (DETAILS)
INCOME TAXES (DETAILS) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Income Taxes Details [Abstract] | ||
Tax Audit Settlement Benefit | $ 77 | $ 215 |
RELATED PARTY TRANSACTIONS (DET
RELATED PARTY TRANSACTIONS (DETAILS) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Guaranteed Minimum Income Benefit Reinsurance Contract Asset At Fair Value | $ 9,951 | $ 9,951 | $ 10,711 | ||
Repayment of loans from affiliates | 0 | $ 500 | |||
Interest Paid | 8 | 38 | |||
AXA Financial [Member] | |||||
Related Party Transaction, Expenses from Transactions with Related Party | 10 | $ 11 | 21 | 17 | |
AXA Distribution [Member] | |||||
Related Party Transaction, Expenses from Transactions with Related Party | 158 | 154 | 303 | 308 | |
Revenue from Related Parties | 76 | 76 | 158 | 168 | |
Axa Arizona [Member] | |||||
Guaranteed Minimum Income Benefit Reinsurance Contract Asset At Fair Value | 7,964 | 7,964 | 8,560 | ||
Ceded Premiums Earned Affiliated | 113 | 113 | 222 | 220 | |
Reinsurance Effect On Claims And Benefits Incurred Amount Ceded To Affiliates | 15 | 18 | 30 | 48 | |
Axa and Axa Affiliates [Member] | |||||
Revenue from Related Parties | 4 | 4 | 7 | 9 | |
AXA Equitable [Member] | |||||
Revenue from Related Parties | 28 | 18 | 47 | 37 | |
Receivable (payable) related to certain intercompany cost sharing and service agreements, net | (6) | (6) | $ 3 | ||
Axa Equitable and Alliance Bernstein [Member] | |||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 43 | $ 40 | $ 76 | $ 78 |
ACCUMULATED OTHER COMPREHENSI65
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (DETAILS) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income Loss [Abstract] | |||||
Unrealized gains (losses) on investments | $ 442 | $ 815 | $ 442 | $ 815 | |
Foreign currency translation adjustments | (42) | (7) | (42) | (7) | |
Defined benefit pension plans | (741) | (717) | (741) | (717) | |
Total accumulated other comprehensive income (loss) | (341) | 91 | (341) | 91 | |
Less: Accumulated other comprehensive (income) loss attributable to noncontrolling interest | 47 | 9 | 47 | 9 | |
Total accumulated other comprehensive income (loss) Attributable to AXA Equitable | (294) | 100 | (294) | 100 | $ 351 |
Foreign currency translation adjustments: | |||||
Foreign currency translation gains (losses) arising during the period | 5 | 4 | (7) | 6 | |
(Gains) losses reclassified into net earnings (loss) during the period | (1) | 0 | (1) | 0 | |
Foreign currency translation adjustment | 4 | 4 | (8) | 6 | |
Unrealized Gain (Loss) On Investments | |||||
Net unrealized gains (losses) arising during the period, net of tax | (1,138) | 352 | (752) | 743 | |
(Gains) losses reclassified into net earnings (loss) during the period | 11 | 25 | 10 | 21 | |
Net unrealized gains (losses) on investments | (1,127) | 377 | (742) | 764 | |
Adjustments for policyholders liabilities, DAC, insurance liability loss recognition and other | 107 | (67) | 61 | (103) | |
Change in unrealized gains (losses), net of adjustments | (1,020) | 310 | (681) | 661 | |
Less: Reclassification adjustments to net earnings (loss) for: | |||||
Amortization of net prior service credit included in net periodic cost | 20 | 21 | 39 | 40 | |
Change in defined benefit plans | 20 | 21 | 39 | 40 | |
Total other comprehensive income (loss), net of income taxes | (996) | 335 | (650) | 707 | |
Less: Other comprehensive (income) loss attributable to noncontrolling interest | (4) | (2) | 5 | (4) | |
Other Comprehensive Income (Loss) Attributable to AXA Equitable | (1,000) | 333 | (645) | 703 | |
Other Comprehensive Income (Loss), Tax, Parenthetical Disclosures [Abstract] | |||||
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax | (548) | 169 | (368) | 354 | |
Other Comprehensive (Income) Loss, Benefit Plans, Tax | 10 | 10 | 21 | 21 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Available for sale securities, Tax | $ (6) | $ (6) | $ (13) | $ (11) |
COMMITMENT AND CONTINGENT LIA66
COMMITMENT AND CONTINGENT LIABILITIES (DETAILS) $ in Millions | 6 Months Ended |
Jun. 30, 2014USD ($) | |
AXA Equitable [Member] | |
Restructuring And Related Cost [Line Items] | |
Facility related pre-tax charge | $ 25 |
COMMITMENT AND CONTINGENT LIA67
COMMITMENT AND CONTINGENT LIABILITIES (DETAILS1) - Federal Home Loan Bank of New York [Member] - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | Mar. 10, 2010 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Original amount available under borrowing facility with the FHLB | $ 1,000 | ||
Maximum amount available under borrowing facility with the FHLB | $ 3,000 | ||
Outstanding advances with the FHLB | $ 500 | $ 500 |
SEGMENT INFORMATION (DETAILS)
SEGMENT INFORMATION (DETAILS) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||
Segment revenues | $ 220 | $ 3,524 | $ 3,787 | $ 7,230 | |
Investment expenses | 14 | 20 | 26 | 37 | |
Investment Advisory Fees | 18 | 15 | 36 | 28 | |
Segment earnings (loss) from continuing operations, before income taxes | (1,753) | 1,182 | (623) | 2,693 | |
Total Assets | 197,047 | 197,047 | $ 196,005 | ||
Securties segregated in a special reserve bank custody, fair value | 467 | 467 | 476 | ||
Consolidation Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Segment revenues | (8) | (8) | (14) | (14) | |
Segment earnings (loss) from continuing operations, before income taxes | (1) | 0 | (1) | 0 | |
Total Assets | (4) | (4) | (3) | ||
Insurance [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Segment revenues | (562) | 2,773 | 2,248 | 5,773 | |
Segment earnings (loss) from continuing operations, before income taxes | (1,912) | 1,038 | (929) | 2,423 | |
Total Assets | 184,707 | 184,707 | 184,018 | ||
Insurance [Member] | Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Investment expenses | 10 | 7 | 22 | 14 | |
Investment Management [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Segment revenues | 790 | 759 | 1,553 | 1,471 | |
Segment earnings (loss) from continuing operations, before income taxes | 160 | $ 144 | 307 | $ 270 | |
Total Assets | 12,344 | 12,344 | 11,990 | ||
Securties segregated in a special reserve bank custody, fair value | $ 430 | $ 430 | $ 415 |