Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2014 |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | HARTFORD FINANCIAL SERVICES GROUP INC/DE | |
Entity Central Index Key | 874766 | |
Document Type | 10-K | |
Document Period End Date | 31-Dec-14 | |
Amendment Flag | FALSE | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Document Fiscal Year Focus | 2014 | |
Document Fiscal Period Focus | FY | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 420,951,148 | |
Entity Public Float | $16 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Revenues | |||
Earned premiums | $13,336,000,000 | $13,231,000,000 | $13,637,000,000 |
Fee income | 1,996,000,000 | 2,105,000,000 | 3,567,000,000 |
Net Investment Income | 3,154,000,000 | 3,264,000,000 | 4,127,000,000 |
Net realized capital gains (losses): | |||
Total other-than-temporary impairment (“OTTIâ€) losses | -64,000,000 | -93,000,000 | -389,000,000 |
OTTI losses recognized in other comprehensive income (“OCIâ€) | 5,000,000 | 20,000,000 | 40,000,000 |
Net OTTI losses recognized in earnings | 59,000,000 | 73,000,000 | 349,000,000 |
Net realized capital gains (losses), excluding net OTTI losses recognized in earnings | 75,000,000 | 296,000,000 | 846,000,000 |
Realized Investment Gains (Losses) | 16,000,000 | 1,798,000,000 | 497,000,000 |
Other revenues | 112,000,000 | 275,000,000 | 258,000,000 |
Revenues | 18,614,000,000 | 20,673,000,000 | 22,086,000,000 |
Benefits, losses and expenses | |||
Benefits, losses and loss adjustment expenses | 10,805,000,000 | 11,048,000,000 | 13,195,000,000 |
Amortization of deferred policy acquisition costs and present value of future profits | 1,729,000,000 | 2,701,000,000 | 1,988,000,000 |
Insurance operating costs and other expenses | 4,028,000,000 | 4,176,000,000 | 5,090,000,000 |
Loss on extinguishment of debt | 0 | -213,000,000 | -910,000,000 |
Interest expense | 376,000,000 | 397,000,000 | 457,000,000 |
Benefits, Losses and Expenses | 16,915,000,000 | 19,202,000,000 | 22,175,000,000 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 1,699,000,000 | 1,471,000,000 | -89,000,000 |
Income Tax Expense (Benefit) | 350,000,000 | 246,000,000 | -309,000,000 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 1,349,000,000 | 1,225,000,000 | 220,000,000 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | -551,000,000 | -1,049,000,000 | -258,000,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 798,000,000 | 176,000,000 | -38,000,000 |
Preferred Stock Dividends, Income Statement Impact | 0 | 10,000,000 | 42,000,000 |
Net Income (Loss) Available to Common Stockholders, Basic | 798,000,000 | 166,000,000 | -80,000,000 |
Income from continuing operations, net of tax, available to common shareholders per common share | |||
Income (Loss) from Continuing Operations, Per Basic Share | $3.05 | $2.71 | $0.41 |
Income (Loss) from Continuing Operations, Per Diluted Share | $2.93 | $2.50 | $0.38 |
Net income (loss) available to common shareholders per common share | |||
Earnings Per Share, Basic | $1.81 | $0.37 | ($0.18) |
Earnings Per Share, Diluted | $1.73 | $0.36 | ($0.17) |
Cash dividends declared per common share | $0.66 | $0.50 | $0.40 |
Retirement Plans and Individual Life Businesses [Member] | |||
Net realized capital gains (losses): | |||
Gain (Loss) on Disposition of Business | -71 | -110 | |
Gain (Loss) on Investments [Member] | |||
Net realized capital gains (losses): | |||
Gain (Loss) on Disposition of Business | 0 | -1,575,000,000 | 0 |
Reinsurance Loss on Dispositions [Member] | |||
Net realized capital gains (losses): | |||
Gain (Loss) on Disposition of Business | -23,000,000 | 1,574,000,000 | 533,000,000 |
Continuing Operations [Member] | |||
Benefits, losses and expenses | |||
Amortization of deferred policy acquisition costs and present value of future profits | $1,729,000,000 | $1,794,000,000 | $1,990,000,000 |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations Parentheticals (Individual Life [Member], USD $) | 12 Months Ended |
Dec. 31, 2012 | |
Individual Life [Member] | |
Premium Deficiency | $191 |
Goodwill impairment | $342 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Comprehensive Income | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $798 | $176 | ($38) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 1,805 | -2,746 | 1,554 |
Other comprehensive income | |||
Other Comprehensive Income (Loss), Net of Tax | 1,007 | -2,922 | 1,592 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||
Other comprehensive income | |||
Other Comprehensive Income (Loss), Net of Tax | 1,383 | -2,431 | 1,907 |
Accumulated Other-than-Temporary Impairment [Member] | |||
Other comprehensive income | |||
Other Comprehensive Income (Loss), Net of Tax | 7 | 35 | 52 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||
Other comprehensive income | |||
Other Comprehensive Income (Loss), Net of Tax | 42 | -320 | -88 |
Accumulated Translation Adjustment [Member] | |||
Other comprehensive income | |||
Other Comprehensive Income (Loss), Net of Tax | -99 | -315 | -168 |
Accumulated Defined Benefit Plans Adjustment [Member] | |||
Other comprehensive income | |||
Other Comprehensive Income (Loss), Net of Tax | ($326) | $109 | ($111) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Investments: | ||
Fixed maturities, available-for-sale, at fair value (amortized cost of $79,747 and $78,978) (includes variable interest entity assets, at fair value, of $89 and $153) | $59,384,000,000 | $62,357,000,000 |
Marketable Securities, Fixed Maturities, Current | 488,000,000 | 844,000,000 |
Equity securities, trading, at fair value (cost of $26,820 and $32,928) | 11,000,000 | 19,745,000,000 |
Equity securities, available-for-sale, at fair value (cost of $866 and $1,056 ) | 1,047,000,000 | 868,000,000 |
Mortgage loans (net of allowances for loan losses of $68 and $102) | 5,556,000,000 | 5,598,000,000 |
Policy loans, at outstanding balance | 1,431,000,000 | 1,420,000,000 |
Alternative Investments, Fair Value Disclosure | 2,942,000,000 | 3,040,000,000 |
Other Investments | 536,000,000 | 521,000,000 |
Short-term Investments | 4,883,000,000 | 4,008,000,000 |
Total investments | 76,278,000,000 | 98,401,000,000 |
Cash | 399,000,000 | 1,428,000,000 |
Premiums receivable and agents’ balances, net | 3,429,000,000 | 3,465,000,000 |
Reinsurance recoverables, net | 22,920,000,000 | 23,330,000,000 |
Deferred policy acquisition costs and present value of future profits | 1,823,000,000 | 2,161,000,000 |
Deferred Tax Assets, Net | 2,897,000,000 | 3,840,000,000 |
Goodwill | 498,000,000 | 498,000,000 |
Property and equipment, net | 831,000,000 | 877,000,000 |
Other assets | 1,236,000,000 | 2,998,000,000 |
Separate account assets | 134,702,000,000 | 140,886,000,000 |
Total assets | 245,013,000,000 | 277,884,000,000 |
Liabilities | ||
Reserve for future policy benefits and unpaid losses and loss adjustment expenses | 41,444,000,000 | 41,373,000,000 |
Other Policyholder Funds | 32,532,000,000 | 39,029,000,000 |
Unearned premiums | 5,255,000,000 | 5,225,000,000 |
Short-term debt | 456,000,000 | 438,000,000 |
Long-term Debt, Excluding Current Maturities | 5,653,000,000 | 6,106,000,000 |
Other liabilities (includes variable interest entity liabilities of $89 and $471) | 6,251,000,000 | 6,188,000,000 |
Separate account liabilities | 134,702,000,000 | 140,886,000,000 |
Liabilities | 226,293,000,000 | 258,979,000,000 |
Stockholders’ Equity | ||
Common stock, $0.01 par value — 1,500,000,000 shares authorized, 469,744,822 and 469,750,171 shares issued | 5,000,000 | 5,000,000 |
Additional paid-in capital | 9,123,000,000 | 9,894,000,000 |
Retained earnings | 11,191,000,000 | 10,683,000,000 |
Treasury Stock, Value | 2,527,000,000 | 1,598,000,000 |
Accumulated other comprehensive income, net of tax | 928,000,000 | -79,000,000 |
Total stockholders’ equity | 18,720,000,000 | 18,905,000,000 |
Liabilities and Equity | 245,013,000,000 | 277,884,000,000 |
International Annuity [Member] | ||
Liabilities | ||
Other Policyholder Funds | $0 | $19,734,000,000 |
Consolidated_Balance_Sheets_Co
Consolidated Balance Sheets Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Available-for-sale Debt Securities, Amortized Cost Basis | $55,362,000,000 | $60,641,000,000 |
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 246,000,000 | 199,000,000 |
Trading Securities, Equity, Cost | 10,000,000 | 14,504,000,000 |
Available-for-sale Equity Securities, Amortized Cost Basis | 1,027,000,000 | 850,000,000 |
Available-for-sale Securities, Equity Securities | 1,047,000,000 | 868,000,000 |
Trading Securities, Equity | 11,000,000 | 19,745,000,000 |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 6,000,000 | 33,000,000 |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Common Stock, Shares Authorized | 1,500,000,000 | 1,500,000,000 |
Common Stock, Shares, Issued | 490,923,222 | 490,923,222 |
Treasury Stock, Shares | 66,507,690 | 37,632,782 |
Collateralized Debt Obligations [Member] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 0 | 31,000,000 |
Equity Securities [Member] | ||
Available-for-sale Equity Securities, Amortized Cost Basis | 351,000,000 | |
Available-for-sale Securities, Equity Securities | 348,000,000 | 0 |
Fixed Maturities [Member] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 218,000,000 | 161,000,000 |
Short-term Investments [Member] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 16,000,000 | 3,000,000 |
Cash [Member] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 9,000,000 | 0 |
Commercial Loan [Member] | ||
Allowance for Loan and Lease Losses, Real Estate | 18,000,000 | 67,000,000 |
Limited Partnerships and Other Alternative Investments [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 3,000,000 | 4,000,000 |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | $1,000,000 | $0 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity Consolidated Statement of Changes in Stockholders' Equity (USD $) | Total | Stockholders' Equity, Total [Member] | Common Stocks | Preferred Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock, at Cost | Accumulated Other Comprehensive Loss, net of tax | Shares Purchased Outside of Publicly Announced Plan or Program [Member] |
In Millions, except Share data in Thousands, unless otherwise specified | Treasury Stock, at Cost | ||||||||
Balance at beginning of period at Dec. 31, 2011 | $11,001 | ||||||||
Common Shares Outstanding, at beginning of period at Dec. 31, 2011 | 442,539 | ||||||||
Additional Paid in Capital | 10,038 | ||||||||
Treasury Stock, Value | -1,740 | ||||||||
Preferred Stock, Value, Outstanding | 556 | ||||||||
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock | 0 | ||||||||
Common Stock, Value, Issued | 5 | ||||||||
Payments for Repurchase of Warrants | -300 | -300 | |||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 0 | ||||||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | 0 | ||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 0 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Issuance of shares under incentive and stock compensation plans | 52 | ||||||||
Tax expense on employee stock options and awards | -1 | ||||||||
Net Income (Loss) Attributable to Parent | -38 | -38 | |||||||
Dividends on preferred stock | -42 | ||||||||
Dividends declared on common stock | -176 | ||||||||
Treasury stock acquired | -149 | ||||||||
Issuance of shares under incentive and stock compensation plans from treasury stock | 134 | ||||||||
Return of shares under incentive and stock compensation plans to treasury stock | -14 | -7 | |||||||
Total other comprehensive income | 1,592 | 1,592 | |||||||
Treasury stock acquired | -8,045 | ||||||||
Issuance of shares under incentive and stock compensation plans | 2,156 | ||||||||
Return of shares under incentive and stock compensation plans and other to treasury stock | -344 | ||||||||
Adjustments to Additional Paid in Capital, Stock Issued, Own-share Lending Arrangement, Issuance Costs | 0 | ||||||||
Retained Earnings (Accumulated Deficit) | 10,745 | ||||||||
Stock Issued During Period, Shares, Warrant Exercised | 0 | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 2,843 | 2,843 | |||||||
Balance at end of period at Dec. 31, 2012 | 22,447 | 10,745 | |||||||
Common Shares Outstanding, at end of period at Dec. 31, 2012 | 436,306 | ||||||||
Preferred Shares Outstanding, end of period at Dec. 31, 2012 | 575 | ||||||||
Additional Paid in Capital | 9,894 | 9,894 | |||||||
Treasury Stock, Value | -1,598 | -1,598 | |||||||
Preferred Stock, Value, Outstanding | 0 | ||||||||
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock | 556 | ||||||||
Common Stock, Value, Issued | 5 | ||||||||
Payments for Repurchase of Warrants | -33 | -33 | |||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | -556 | ||||||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | -634 | ||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 21,178 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Issuance of shares under incentive and stock compensation plans | 36 | ||||||||
Tax expense on employee stock options and awards | 3 | ||||||||
Net Income (Loss) Attributable to Parent | 176 | 176 | |||||||
Dividends on preferred stock | -10 | ||||||||
Dividends declared on common stock | -228 | ||||||||
Treasury stock acquired | -600 | ||||||||
Issuance of shares under incentive and stock compensation plans from treasury stock | 125 | ||||||||
Return of shares under incentive and stock compensation plans to treasury stock | -20 | -17 | |||||||
Total other comprehensive income | -2,922 | -2,922 | |||||||
Treasury stock acquired | -19,235 | ||||||||
Issuance of shares under incentive and stock compensation plans | 2,136 | ||||||||
Return of shares under incentive and stock compensation plans and other to treasury stock | -592 | ||||||||
Adjustments to Additional Paid in Capital, Stock Issued, Own-share Lending Arrangement, Issuance Costs | 634 | ||||||||
Retained Earnings (Accumulated Deficit) | 10,683 | 10,683 | |||||||
Stock Issued During Period, Shares, Warrant Exercised | 13,497 | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -79 | -79 | |||||||
Balance at end of period at Dec. 31, 2013 | 18,905 | ||||||||
Common Shares Outstanding, at end of period at Dec. 31, 2013 | 453,290 | ||||||||
Preferred Shares Outstanding, end of period at Dec. 31, 2013 | 0 | ||||||||
Balance at beginning of period at Jun. 30, 2013 | |||||||||
Additional Paid in Capital | 9,894 | ||||||||
Treasury Stock, Value | -1,598 | ||||||||
Preferred Stock, Value, Outstanding | 0 | ||||||||
Common Stock, Value, Issued | 5 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net Income (Loss) Attributable to Parent | 293 | ||||||||
Retained Earnings (Accumulated Deficit) | 10,683 | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -79 | ||||||||
Balance at end of period at Sep. 30, 2013 | 18,905 | ||||||||
Common Shares Outstanding, at end of period at Sep. 30, 2013 | 453,290 | ||||||||
Balance at beginning of period at Dec. 31, 2013 | 18,905 | ||||||||
Common Shares Outstanding, at beginning of period at Dec. 31, 2013 | 453,290 | ||||||||
Preferred Shares Outstanding, beginning of period at Dec. 31, 2013 | 0 | ||||||||
Additional Paid in Capital | 9,123 | 9,123 | |||||||
Treasury Stock, Value | -2,527 | -2,527 | |||||||
Preferred Stock, Value, Outstanding | 0 | ||||||||
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock | 0 | ||||||||
Common Stock, Value, Issued | 5 | 5 | |||||||
Payments for Repurchase of Warrants | 0 | 0 | |||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 0 | ||||||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | -801 | ||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 0 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Issuance of shares under incentive and stock compensation plans | -24 | ||||||||
Tax expense on employee stock options and awards | 6 | ||||||||
Net Income (Loss) Attributable to Parent | 798 | 798 | |||||||
Dividends on preferred stock | 0 | ||||||||
Dividends declared on common stock | -290 | ||||||||
Treasury stock acquired | -1,796 | ||||||||
Issuance of shares under incentive and stock compensation plans from treasury stock | 82 | ||||||||
Return of shares under incentive and stock compensation plans to treasury stock | -30 | -16 | |||||||
Total other comprehensive income | 1,007 | 1,007 | |||||||
Treasury stock acquired | -49,518 | ||||||||
Issuance of shares under incentive and stock compensation plans | 2,003 | ||||||||
Return of shares under incentive and stock compensation plans and other to treasury stock | -439 | ||||||||
Adjustments to Additional Paid in Capital, Stock Issued, Own-share Lending Arrangement, Issuance Costs | 801 | ||||||||
Retained Earnings (Accumulated Deficit) | 11,191 | 11,191 | |||||||
Stock Issued During Period, Shares, Warrant Exercised | 19,080 | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 928 | 928 | |||||||
Balance at end of period at Dec. 31, 2014 | $18,720 | $18,720 | |||||||
Common Shares Outstanding, at end of period at Dec. 31, 2014 | 424,416 | ||||||||
Preferred Shares Outstanding, end of period at Dec. 31, 2014 | 0 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Payments to Acquire Property, Plant, and Equipment | ($121,000,000) | ($64,000,000) | ($66,000,000) |
Operating Activities | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 798,000,000 | 176,000,000 | -38,000,000 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Amortization of deferred policy acquisition costs and present value of future profits | -1,729,000,000 | -2,701,000,000 | -1,988,000,000 |
Additions to deferred policy acquisition costs and present value of future profits | -1,364,000,000 | -1,330,000,000 | -1,639,000,000 |
Change in reserve for future policy benefits and unpaid losses and loss adjustment expenses and unearned premiums | 226,000,000 | -308,000,000 | -226,000,000 |
Change in reinsurance recoverables | -22,000,000 | -561,000,000 | -351,000,000 |
Change in receivables and other assets | -122,000,000 | -409,000,000 | -257,000,000 |
Change in payables and accruals | -937,000,000 | 497,000,000 | 874,000,000 |
Change in accrued and deferred income taxes | 328,000,000 | -526,000,000 | -386,000,000 |
Net realized capital losses | 141,000,000 | -1,149,000,000 | 711,000,000 |
Net receipts (disbursements) from investment contracts related to policyholder funds b international variable annuities | -3,993,000,000 | -9,189,000,000 | -1,539,000,000 |
Net (increase) decrease in equity securities, trading | 3,993,000,000 | 9,188,000,000 | 1,566,000,000 |
Depreciation and amortization | 276,000,000 | 189,000,000 | 467,000,000 |
Loss on extinguishment of debt | 0 | -213,000,000 | -910,000,000 |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 622,000,000 | 102,000,000 | 1,000,000 |
Other operating activities, net | 203,000,000 | 69,000,000 | 67,000,000 |
Net cash provided by operating activities | 1,886,000,000 | 1,237,000,000 | 2,681,000,000 |
Proceeds from the sale/maturity/prepayment of: | |||
Fixed maturities, available-for-sale | 25,309,000,000 | 40,266,000,000 | 42,716,000,000 |
Fixed maturities, fair value option | 401,000,000 | 322,000,000 | 283,000,000 |
Equity securities, available-for-sale | 354,000,000 | 274,000,000 | 295,000,000 |
Mortgage loans | 646,000,000 | 468,000,000 | 515,000,000 |
Partnerships | 490,000,000 | 368,000,000 | 208,000,000 |
Payments for the purchase of: | |||
Fixed maturities, available-for-sale | -22,545,000,000 | -35,446,000,000 | -42,578,000,000 |
Fixed maturities, fair value option | -369,000,000 | -150,000,000 | -182,000,000 |
Equity securities, available-for-sale | -683,000,000 | -212,000,000 | -144,000,000 |
Mortgage loans | -604,000,000 | -718,000,000 | -1,483,000,000 |
Partnerships | -312,000,000 | -353,000,000 | -903,000,000 |
Proceeds from business sold | 963,000,000 | 815,000,000 | 58,000,000 |
Derivatives, net | 10,000,000 | -2,208,000,000 | -2,665,000,000 |
Change in policy loans, net | -11,000,000 | -5,000,000 | 4,000,000 |
Payments for (Proceeds from) Short-term Investments | -1,814,000,000 | 318,000,000 | 1,400,000,000 |
Other investing activities, net | -18,000,000 | 70,000,000 | -15,000,000 |
Net cash used for investing activities | 1,696,000,000 | 3,745,000,000 | -2,557,000,000 |
Financing Activities | |||
Deposits and other additions to investment and universal life-type contracts | 5,289,000,000 | 5,942,000,000 | 10,951,000,000 |
Withdrawals and other deductions from investment and universal life-type contracts | -21,870,000,000 | -25,034,000,000 | -25,543,000,000 |
Net transfers from separate accounts related to investment and universal life-type contracts | 14,366,000,000 | 16,978,000,000 | 13,196,000,000 |
Repayments at maturity or settlement of consumer notes | -13,000,000 | -77,000,000 | -153,000,000 |
Net increase (decrease) in securities loaned or sold under agreements to repurchase | -1,988,000,000 | 1,988,000,000 | |
Repurchase of warrants | 0 | -33,000,000 | -300,000,000 |
Repayment of long-term debt | -200,000,000 | -1,338,000,000 | -2,133,000,000 |
Proceeds from the issuance of long-term debt | 533,000,000 | 2,123,000,000 | |
Proceeds from net issuance of shares under incentive and stock compensation plans, excess tax benefit and other | 30,000,000 | 20,000,000 | 14,000,000 |
Treasury stock acquired | -1,796,000,000 | -600,000,000 | -154,000,000 |
Dividends paid on preferred stock | -21,000,000 | -42,000,000 | |
Dividends paid on common stock | -282,000,000 | -202,000,000 | -175,000,000 |
Net cash used for financing activities | -4,476,000,000 | -5,820,000,000 | -228,000,000 |
Foreign exchange rate effect on cash | -135,000,000 | -155,000,000 | -56,000,000 |
Cash, Period Increase (Decrease) | -1,029,000,000 | -993,000,000 | -160,000,000 |
Cash - beginning of period | 1,428,000,000 | 2,421,000,000 | 2,581,000,000 |
Cash - end of period | 399,000,000 | 1,428,000,000 | 2,421,000,000 |
Supplemental Disclosure of Cash Flow Information | |||
Income taxes paid (received) | -313,000,000 | 69,000,000 | -486,000,000 |
Interest paid | 377,000,000 | 402,000,000 | 461,000,000 |
Supplemental Disclosure of Non-Cash Investing Activity | |||
Conversion of fixed maturities, available-for-sale to equity securities, available-for-sale | 0 | 0 | 67,000,000 |
HLIKK and HLIL [Member] | |||
Adjustments to reconcile net income to net cash provided by operating activities | |||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $653,000,000 | $102,000,000 | $1,000,000 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows Parentheticals (Individual Life [Member], USD $) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Individual Life [Member] | |||
Goodwill impairment loss | $342,000,000 | $0 | $342 |
Basis_of_Presentation_and_Acco
Basis of Presentation and Accounting Policies Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Future Adoption of New Accounting Standards |
Amendments to Consolidation Guidance | |
In February 2015, the Financial Accounting Standards Board ("FASB") issued updated consolidation guidance. The amendments revise existing guidance for when to consolidate variable interest entities (“VIEs”) and general partners’ investments in limited partnerships, end the deferral granted for applying the VIE guidance to certain investment companies, and reduce the number of circumstances where a decision maker’s or service provider’s fee arrangement is deemed to be a variable interest in an entity. The updates also modify consolidation guidance for determining whether limited partnerships are VIEs or voting interest entities. This guidance is effective for years beginning after December 15, 2015, and may be applied fully retrospectively or through a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption. The Company will adopt the guidance on January 1, 2016 and has not yet determined the method or estimated effect of adoption on the Company’s Consolidated Financial Statements. | |
Revenue Recognition | |
In May 2014, the FASB issued updated guidance for recognizing revenue. The guidance excludes insurance contracts and financial instruments. Revenue is to be recognized when, or as, goods or services are transferred to customers in an amount that reflects the consideration that an entity is expected to be entitled in exchange for those goods or services, and this accounting guidance is similar to current accounting for many transactions. This guidance is effective retrospectively for years beginning after December 15, 2016, with a choice of restating prior periods or recognizing a cumulative effect for contracts in place as of the adoption. Early adoption is not permitted. The Company has not yet determined its method for adoption or estimated the effect of the adoption on the Company’s Consolidated Financial Statements. | |
Reporting Discontinued Operations | |
In April 2014, the FASB issued updated guidance on reporting discontinued operations. Under this updated guidance, a discontinued operation will include a disposal of a major part of an entity’s operations and financial results such as a separate major line of business or a separate major geographical area of operations. The guidance raises the threshold to be a major operation but no longer precludes discontinued operations presentation where there is significant continuing involvement or cash flows with a disposed component of an entity. The guidance expands disclosures to include cash flows where there is significant continuing involvement with a discontinued operation and the pre-tax profit or loss of disposal transactions not reported as discontinued operations. The updated guidance is effective prospectively for years beginning on or after December 15, 2014, with early application permitted. The Company will apply the guidance to new disposals and operations newly classified as held for sale beginning first quarter of 2015, with no effect on existing reported discontinued operations. The effect on the Company’s future results of operations or financial condition will depend on the nature of future disposal transactions. | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Basis of Presentation |
The Hartford Financial Services Group, Inc. is a holding company for insurance and financial services subsidiaries that provide property and casualty insurance, group life and disability products and mutual funds to individual and business customers in the United States (collectively, “The Hartford”, the “Company”, “we” or “our”). Also, the Company continues to administer life and annuity products previously sold. | |
On June 30, 2014, the Company completed the sale of the issued and outstanding equity of Hartford Life Insurance KK, a Japanese company ("HLIKK"), to ORIX Life Insurance Corporation, a subsidiary of ORIX Corporation, a Japanese company. | |
On December 12, 2013, the Company completed the sale of the issued and outstanding equity of Hartford Life International Limited, a U.K. company ("HLIL"), to Columbia Insurance Company, a Berkshire Hathaway company. | |
On January 1, 2013, the Company completed the sale of its Retirement Plans business to Massachusetts Mutual Life Insurance Company ("MassMutual") and on January 2, 2013 the Company completed the sale of its Individual Life insurance business to The Prudential Insurance Company of America ("Prudential"), a subsidiary of Prudential Financial, Inc. These sales were structured as reinsurance transactions. | |
For further discussion of these transactions, see Note 2 - Business Dispositions of Notes to Consolidated Financial Statements. | |
The Consolidated Financial Statements have been prepared on the basis of accounting principles generally accepted in the United States of America (“U.S. GAAP”), which differ materially from the accounting practices prescribed by various insurance regulatory authorities. | |
Consolidation | |
The Consolidated Financial Statements include the accounts of The Hartford Financial Services Group, Inc., companies in which the Company directly or indirectly has a controlling financial interest and those variable interest entities (“VIEs”) which the Company is required to consolidate. Entities in which the Company has significant influence over the operating and financing decisions but is not required to consolidate are reported using the equity method. For further discussions on VIEs see Note 6 - Investments and Derivative Instruments of the Notes to Consolidated Financial Statements. All intercompany transactions and balances between The Hartford and its subsidiaries and affiliates have been eliminated. | |
Discontinued Operations | |
The results of operations of a component of the Company that either has been disposed of or is classified as held-for-sale are reported in discontinued operations if the operations and cash flows of the component have been or will be eliminated from the ongoing operations of the Company as a result of the disposal transaction and the Company will not have any significant continuing involvement in the operations of the component after the disposal transaction. The Company is presenting as discontinued operations certain businesses that meet the criteria for reporting as discontinued operations. Amounts for prior periods have been retrospectively reclassified. For information on the specific businesses and related impacts, see Note 19 - Discontinued Operations of the Notes to Consolidated Financial Statements. | |
Use of Estimates | |
The preparation of financial statements, in conformity with U.S. GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
The most significant estimates include those used in determining property and casualty insurance product reserves, net of reinsurance; estimated gross profits used in the valuation and amortization of assets and liabilities associated with variable annuity and other universal life-type contracts; evaluation of other-than-temporary impairments on available-for-sale securities and valuation allowances on investments; living benefits required to be fair valued; goodwill impairment; valuation of investments and derivative instruments; valuation allowance on deferred tax assets; and contingencies relating to corporate litigation and regulatory matters. Certain of these estimates are particularly sensitive to market conditions, and deterioration and/or volatility in the worldwide debt or equity markets could have a material impact on the Consolidated Financial Statements. | |
Reclassifications | |
Certain reclassifications have been made to prior year financial information to conform to the current year presentation. | |
Future Adoption of New Accounting Standards | |
Amendments to Consolidation Guidance | |
In February 2015, the Financial Accounting Standards Board ("FASB") issued updated consolidation guidance. The amendments revise existing guidance for when to consolidate variable interest entities (“VIEs”) and general partners’ investments in limited partnerships, end the deferral granted for applying the VIE guidance to certain investment companies, and reduce the number of circumstances where a decision maker’s or service provider’s fee arrangement is deemed to be a variable interest in an entity. The updates also modify consolidation guidance for determining whether limited partnerships are VIEs or voting interest entities. This guidance is effective for years beginning after December 15, 2015, and may be applied fully retrospectively or through a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption. The Company will adopt the guidance on January 1, 2016 and has not yet determined the method or estimated effect of adoption on the Company’s Consolidated Financial Statements. | |
Revenue Recognition | |
In May 2014, the FASB issued updated guidance for recognizing revenue. The guidance excludes insurance contracts and financial instruments. Revenue is to be recognized when, or as, goods or services are transferred to customers in an amount that reflects the consideration that an entity is expected to be entitled in exchange for those goods or services, and this accounting guidance is similar to current accounting for many transactions. This guidance is effective retrospectively for years beginning after December 15, 2016, with a choice of restating prior periods or recognizing a cumulative effect for contracts in place as of the adoption. Early adoption is not permitted. The Company has not yet determined its method for adoption or estimated the effect of the adoption on the Company’s Consolidated Financial Statements. | |
Reporting Discontinued Operations | |
In April 2014, the FASB issued updated guidance on reporting discontinued operations. Under this updated guidance, a discontinued operation will include a disposal of a major part of an entity’s operations and financial results such as a separate major line of business or a separate major geographical area of operations. The guidance raises the threshold to be a major operation but no longer precludes discontinued operations presentation where there is significant continuing involvement or cash flows with a disposed component of an entity. The guidance expands disclosures to include cash flows where there is significant continuing involvement with a discontinued operation and the pre-tax profit or loss of disposal transactions not reported as discontinued operations. The updated guidance is effective prospectively for years beginning on or after December 15, 2014, with early application permitted. The Company will apply the guidance to new disposals and operations newly classified as held for sale beginning first quarter of 2015, with no effect on existing reported discontinued operations. The effect on the Company’s future results of operations or financial condition will depend on the nature of future disposal transactions. | |
Significant Accounting Policies | |
The Company’s significant accounting policies are as follows: | |
Revenue Recognition | |
Property and casualty insurance premiums are earned on a pro rata basis over the lives of the policies and include accruals for ultimate premium revenue anticipated under auditable and retrospectively rated policies. Unearned premiums represent the premiums applicable to the unexpired terms of policies in force. An estimated allowance for doubtful accounts is recorded on the basis of periodic evaluations of balances due from insureds, management’s experience and current economic conditions. The Company charges off any balances that are determined to be uncollectible. The allowance for doubtful accounts included in premiums receivable and agents’ balances in the Consolidated Balance Sheets was $131 and $125 as of December 31, 2014 and 2013, respectively. | |
Traditional life products' premiums are recognized as revenue when due from policyholders. Group life, disability and accident premiums are generally both due from policyholders and recognized as revenue on a pro rata basis over the period of the contracts. | |
Fee income for universal life-type contracts consists of policy charges for policy administration, cost of insurance charges and surrender charges assessed against policyholders’ account balances and are recognized in the period in which services are provided. Amounts representing account value collected from policyholders for investment and universal life-type contracts are considered deposits and are not included in revenue. Unearned revenue reserves, representing amounts assessed as consideration for policy origination of a universal life-type contract, are deferred and recognized in income over the period benefited, generally in proportion to estimated gross profits. | |
The Company provides investment management, administrative and distribution services to mutual funds. The Company charges fees to these mutual funds which are primarily based on the average daily net asset values of the mutual funds and recorded as fee income in the period in which the services are provided. Commission fees are based on the sale proceeds and recognized at the time of the transaction. Transfer agent fees are assessed as a charge per account and recognized as fee income in the period in which the services are provided. | |
Other revenues primarily consists of servicing revenues which are recognized as services are performed. | |
Dividends to Policyholders | |
Policyholder dividends are paid to certain property and casualty and life insurance policyholders. Policies that receive dividends are referred to as participating policies. Participating dividends to policyholders are accrued and reported in insurance operating costs and other expenses and other liabilities using an estimate of the amount to be paid based on underlying contractual obligations under policies and applicable state laws. | |
Net written premiums for participating property and casualty insurance policies represented 9%, 10% and 9% of total net written premiums for the years ended December 31, 2014, 2013 and 2012, respectively. Participating dividends to policyholders were $15, $16 and $14 for the years ended December 31, 2014, 2013 and 2012, respectively. | |
Total participating policies in-force represented 1% of the total life insurance policies in-force as of December 31, 2014, 2013 and 2012. Participating dividends to policyholders were $7, $18 and $20 for the years ended December 31, 2014, 2013 and 2012, respectively. | |
There were no additional amounts of income allocated to participating policyholders. If limitations exist on the amount of net income from participating life insurance contracts that may be distributed to stockholders, the policyholder’s share of net income on those contracts that cannot be distributed is excluded from stockholders' equity by a charge to operations and an increase to a liability. | |
Fair Value | |
The following financial instruments are carried at fair value in the Company’s Consolidated Financial Statements: fixed maturity and equity securities, available-for-sale (“AFS”); fixed maturities at fair value using fair value option (“FVO”); equity securities, FVO; equity securities, trading; short-term investments; freestanding and embedded derivatives; certain limited partnerships and other alternative investments; separate account assets and certain other liabilities. For further discussion of fair value, see Note 5 - Fair Value Measurements of Notes to Consolidated Financial Statements. | |
Investments | |
Overview | |
The Company’s investments in fixed maturities include bonds, structured securities, redeemable preferred stock and commercial paper. These investments, along with certain equity securities, which include common and non-redeemable preferred stocks, are classified as AFS and are carried at fair value. The after-tax difference from cost or amortized cost is reflected in stockholders’ equity as a component of Accumulated Other Comprehensive Income (Loss) (“AOCI”), after adjustments for the effect of deducting certain life and annuity deferred policy acquisition costs and reserve adjustments. Also included in equity securities, AFS are certain equity securities for which the Company elected the fair value option. These equity securities are carried at fair value with changes in value recorded in realized capital gains and losses on the Company's Consolidated Statements of Operations. Fixed maturities for which the Company elected the fair value option are classified as FVO and are carried at fair value with changes in value recorded in realized capital gains and losses. The equity investments associated with the Company's former variable annuity products offered in Japan are recorded at fair value and are classified as trading with changes in fair value recorded in discontinued operations. Policy loans are carried at outstanding balance. Mortgage loans are recorded at the outstanding principal balance adjusted for amortization of premiums or discounts and net of valuation allowances. Short-term investments are carried at amortized cost, which approximates fair value. Limited partnerships and other alternative investments are reported at their carrying value with the change in carrying value primarily accounted for under the equity method and accordingly the Company’s share of earnings are included in net investment income. Recognition of income related to limited partnerships and other alternative investments is delayed due to the availability of the related financial information, as private equity and other funds are generally on a three-month delay and hedge funds are on a one-month delay. Accordingly, income for the years ended December 31, 2014, 2013, and 2012 may not include the full impact of current year changes in valuation of the underlying assets and liabilities of the funds, which are generally obtained from the limited partnerships and other alternative investments’ general partners. In addition, for investments in a wholly-owned hedge fund of funds, the Company recognizes changes in the fair value of the underlying funds in net investment income, which is consistent with accounting requirements for investment companies. Other investments primarily consist of derivatives instruments which are carried at fair value. | |
Recognition and Presentation of Other-Than-Temporary Impairments | |
The Company deems bonds and certain equity securities with debt-like characteristics (collectively “debt securities”) to be other-than-temporarily impaired (“impaired”) if a security meets the following conditions: a) the Company intends to sell or it is more likely than not that the Company will be required to sell the security before a recovery in value, or b) the Company does not expect to recover the entire amortized cost basis of the security. If the Company intends to sell or it is more likely than not that the Company will be required to sell the security before a recovery in value, a charge is recorded in net realized capital losses equal to the difference between the fair value and amortized cost basis of the security. For those impaired debt securities which do not meet the first condition and for which the Company does not expect to recover the entire amortized cost basis, the difference between the security’s amortized cost basis and the fair value is separated into the portion representing a credit other-than-temporary impairment, which is recorded in net realized capital losses, and the remaining non-credit impairment, which is recorded in OCI. Generally, the Company determines a security’s credit impairment as the difference between its amortized cost basis and its best estimate of expected future cash flows discounted at the security’s effective yield prior to impairment. The remaining non-credit impairment, which is recorded in OCI, is the difference between the security’s fair value and the Company’s best estimate of expected future cash flows discounted at the security’s effective yield prior to the impairment, which typically represents current market liquidity and risk premiums. The previous amortized cost basis less the impairment recognized in net realized capital losses becomes the security’s new cost basis. The Company accretes the new cost basis to the estimated future cash flows over the expected remaining life of the security by prospectively adjusting the security’s yield, if necessary. | |
The Company’s evaluation of whether a credit impairment exists for debt securities includes but is not limited to, the following factors: (a) changes in the financial condition of the security’s underlying collateral, (b) whether the issuer is current on contractually obligated interest and principal payments, (c) changes in the financial condition, credit rating and near-term prospects of the issuer, (d) the extent to which the fair value has been less than the amortized cost of the security and (e) the payment structure of the security. The Company’s best estimate of expected future cash flows used to determine the credit loss amount is a quantitative and qualitative process that incorporates information received from third-party sources along with certain internal assumptions and judgments regarding the future performance of the security. The Company’s best estimate of future cash flows involves assumptions including, but not limited to, various performance indicators, such as historical and projected default and recovery rates, credit ratings, current and projected delinquency rates, and loan-to-value ("LTV") ratios. In addition, for structured securities, the Company considers factors including, but not limited to, average cumulative collateral loss rates that vary by vintage year, commercial and residential property value declines that vary by property type and location and commercial real estate delinquency levels. These assumptions require the use of significant management judgment and include the probability of issuer default and estimates regarding timing and amount of expected recoveries which may include estimating the underlying collateral value. In addition, projections of expected future debt security cash flows may change based upon new information regarding the performance of the issuer and/or underlying collateral such as changes in the projections of the underlying property value estimates. | |
For equity securities where the decline in the fair value is deemed to be other-than-temporary, a charge is recorded in net realized capital losses equal to the difference between the fair value and cost basis of the security. The previous cost basis less the impairment becomes the security’s new cost basis. The Company asserts its intent and ability to retain those equity securities deemed to be temporarily impaired until the price recovers. Once identified, these securities are systematically restricted from trading unless approved by investment and accounting professionals. The investment and accounting professionals will only authorize the sale of these securities based on predefined criteria that relate to events that could not have been reasonably foreseen. Examples of the criteria include, but are not limited to, the deterioration in the issuer’s financial condition, security price declines, a change in regulatory requirements or a major business combination or major disposition. | |
The primary factors considered in evaluating whether an impairment exists for an equity security include, but are not limited to: (a) the length of time and extent to which the fair value has been less than the cost of the security, (b) changes in the financial condition, credit rating and near-term prospects of the issuer, (c) whether the issuer is current on preferred stock dividends and (d) the intent and ability of the Company to retain the investment for a period of time sufficient to allow for recovery. | |
Mortgage Loan Valuation Allowances | |
The Company’s security monitoring process reviews mortgage loans on a quarterly basis to identify potential credit losses. Commercial mortgage loans are considered to be impaired when management estimates that, based upon current information and events, it is probable that the Company will be unable to collect amounts due according to the contractual terms of the loan agreement. Criteria used to determine if an impairment exists include, but are not limited to: current and projected macroeconomic factors, such as unemployment rates, and property-specific factors such as rental rates, occupancy levels, LTV ratios and debt service coverage ratios (“DSCR”). In addition, the Company considers historic, current and projected delinquency rates and property values. These assumptions require the use of significant management judgment and include the probability and timing of borrower default and loss severity estimates. In addition, projections of expected future cash flows may change based upon new information regarding the performance of the borrower and/or underlying collateral such as changes in the projections of the underlying property value estimates. | |
For mortgage loans that are deemed impaired, a valuation allowance is established for the difference between the carrying amount and the Company’s share of either (a) the present value of the expected future cash flows discounted at the loan’s effective interest rate, (b) the loan’s observable market price or, most frequently, (c) the fair value of the collateral. A valuation allowance has been established for either individual loans or as a projected loss contingency for loans with an LTV ratio of 90% or greater and consideration of other credit quality factors, including DSCR. Changes in valuation allowances are recorded in net realized capital gains and losses. Interest income on impaired loans is accrued to the extent it is deemed collectible and the loans continue to perform under the original or restructured terms. Interest income ceases to accrue for loans when it is probable that the Company will not receive interest and principal payments according to the contractual terms of the loan agreement. Loans may resume accrual status when it is determined that sufficient collateral exists to satisfy the full amount of the loan and interest payments, as well as when it is probable cash will be received in the foreseeable future. Interest income on defaulted loans is recognized when received. | |
Net Realized Capital Gains and Losses | |
Net realized capital gains and losses from investment sales are reported as a component of revenues and are determined on a specific identification basis. Net realized capital gains and losses also result from fair value changes in fixed maturities and equity, securities for which the fair value option was elected, and derivatives contracts (both free-standing and embedded) that do not qualify, or are not designated, as a hedge for accounting purposes, ineffectiveness on derivatives that qualify for hedge accounting treatment, and the change in value of derivatives in certain fair-value hedge relationships and their associated hedged asset. Impairments and mortgage loan valuation allowances are recognized as net realized capital losses in accordance with the Company’s impairment and mortgage loan valuation allowance policies previously discussed above. Foreign currency transaction remeasurements are also included in net realized capital gains and losses. | |
Net Investment Income | |
Interest income from fixed maturities and mortgage loans is recognized when earned on the constant effective yield method based on estimated timing of cash flows. The amortization of premium and accretion of discount for fixed maturities also takes into consideration call and maturity dates that produce the lowest yield. For securitized financial assets subject to prepayment risk, yields are recalculated and adjusted periodically to reflect historical and/or estimated future repayments using the retrospective method; however, if these investments are impaired, any yield adjustments are made using the prospective method. Prepayment fees on fixed maturities and mortgage loans are recorded in net investment income when earned. For equity securities, dividends will be recognized as investment income on the ex-dividend date. Limited partnerships and other alternative investments primarily use the equity method of accounting to recognize the Company’s share of earnings; however, the Company also uses investment fund accounting applied to a wholly-owned fund of funds. For impaired debt securities, the Company accretes the new cost basis to the estimated future cash flows over the expected remaining life of the security by prospectively adjusting the security’s yield, if necessary. The Company’s non-income producing investments were not material for the years ended December 31, 2014, 2013 and 2012. | |
Derivative Instruments | |
Overview | |
The Company utilizes a variety of over-the-counter ("OTC") derivative investments, including transactions cleared through a central clearing house ("OTC-cleared"), and exchange-traded derivative instruments as part of its overall risk management strategy. The types of instruments may include swaps, caps, floors, forwards, futures and options to achieve one of four Company-approved objectives: to hedge risk arising from interest rate, equity market, credit spread and issuer default, price or currency exchange rate risk or volatility; to manage liquidity; to control transaction costs; or to enter into synthetic replication transactions. | |
Interest rate, volatility, dividend, credit default and index swaps involve the periodic exchange of cash flows with other parties, at specified intervals, calculated using agreed upon rates or other financial variables and notional principal amounts. Generally, little to no cash or principal payments are exchanged at the inception of the contract. Typically, at the time a swap is entered into, the cash flow streams exchanged by the counterparties are equal in value. | |
Interest rate cap and floor contracts entitle the purchaser to receive from the issuer at specified dates, the amount, if any, by which a specified market rate exceeds the cap strike interest rate or falls below the floor strike interest rate, applied to a notional principal amount. A premium payment is made by the purchaser of the contract at its inception and no principal payments are exchanged. | |
Forward contracts are customized commitments that specify a rate of interest or currency exchange rate to be paid or received on an obligation beginning on a future start date and are typically settled in cash. | |
Financial futures are standardized commitments to either purchase or sell designated financial instruments, at a future date, for a specified price and may be settled in cash or through delivery of the underlying instrument. Futures contracts trade on organized exchanges. Margin requirements for futures are met by pledging securities or cash, and changes in the futures’ contract values are settled daily in cash. | |
Option contracts grant the purchaser, for a premium payment, the right to either purchase from or sell to the issuer a financial instrument at a specified price, within a specified period or on a stated date. | |
Foreign currency swaps exchange an initial principal amount in two currencies, agreeing to re-exchange the currencies at a future date, at an agreed upon exchange rate. There may also be a periodic exchange of payments at specified intervals calculated using the agreed upon rates and exchanged principal amounts. | |
The Company’s derivative transactions conducted in insurance company subsidiaries are used in strategies permitted under the derivative use plans required by the State of Connecticut, the State of Illinois and the State of New York insurance departments. | |
Accounting and Financial Statement Presentation of Derivative Instruments and Hedging Activities | |
Derivative instruments are recognized on the Consolidated Balance Sheets at fair value and are reported in Other Investments and Other Liabilities. For balance sheet presentation purposes, the Company has elected to offset the fair value amounts, income accruals, and related cash collateral receivables and payables of OTC derivative instruments executed in a legal entity and with the same counterparty or under a master netting agreement, which provides the Company with the legal right of offset. | |
During 2013, the Company began clearing interest rate swap and certain credit default swap derivative transactions through central clearing houses. OTC-cleared derivatives require initial collateral at the inception of the trade in the form of cash or highly liquid collateral, such as U.S. Treasuries and government agency investments. Central clearing houses also require additional cash collateral as variation margin based on daily market value movements. For information on collateral, see the derivative collateral arrangements section in Note 6 - Investments and Derivative Instruments. In addition, OTC-cleared transactions include price alignment interest either received or paid on the variation margin, which is reflected in net investment income. The Company has also elected to offset the fair value amounts, income accruals and related cash collateral receivables and payables of OTC-cleared derivative instruments based on clearing house agreements. | |
On the date the derivative contract is entered into, the Company designates the derivative as (1) a hedge of the fair value of a recognized asset or liability (“fair value” hedge), (2) a hedge of the variability in cash flows of a forecasted transaction or of amounts to be received or paid related to a recognized asset or liability (“cash flow” hedge), (3) a hedge of a net investment in a foreign operation (“net investment” hedge) or (4) held for other investment and/or risk management purposes, which primarily involve managing asset or liability related risks and do not qualify for hedge accounting. | |
Fair Value Hedges | |
Changes in the fair value of a derivative that is designated and qualifies as a fair value hedge, including foreign-currency fair value hedges, along with the changes in the fair value of the hedged asset or liability that is attributable to the hedged risk, are recorded in current period earnings as net realized capital gains and losses with any differences between the net change in fair value of the derivative and the hedged item representing the hedge ineffectiveness. Periodic cash flows and accruals of income/expense (“derivative periodic net coupon settlements”) are recorded in the line item of the Consolidated Statements of Operations in which the cash flows of the hedged item are recorded. | |
Cash Flow Hedges | |
Changes in the fair value of a derivative that is designated and qualifies as a cash flow hedge, including foreign-currency cash flow hedges, are recorded in AOCI and are reclassified into earnings when the variability of the cash flow of the hedged item impacts earnings. Gains and losses on derivative contracts that are reclassified from AOCI to current period earnings are included in the line item in the Consolidated Statements of Operations in which the cash flows of the hedged item are recorded. Any hedge ineffectiveness is recorded immediately in current period earnings as net realized capital gains and losses. Periodic derivative net coupon settlements are recorded in the line item of the Consolidated Statements of Operations in which the cash flows of the hedged item are recorded. | |
Net Investment in a Foreign Operation Hedges | |
Changes in fair value of a derivative used as a hedge of a net investment in a foreign operation, to the extent effective as a hedge, are recorded in the foreign currency translation adjustments account within AOCI. Cumulative changes in fair value recorded in AOCI are reclassified into earnings upon the sale or complete, or substantially complete, liquidation of the foreign entity. Any hedge ineffectiveness is recorded immediately in current period earnings as net realized capital gains and losses. Periodic derivative net coupon settlements are recorded in the line item of the Consolidated Statements of Operations in which the cash flows of the hedged item are recorded. | |
Other Investment and/or Risk Management Activities | |
The Company’s other investment and/or risk management activities primarily relate to strategies used to reduce economic risk or replicate permitted investments and do not receive hedge accounting treatment. Changes in the fair value, including periodic derivative net coupon settlements, of derivative instruments held for other investment and/or risk management purposes are reported in current period earnings as net realized capital gains and losses. | |
Hedge Documentation and Effectiveness Testing | |
To qualify for hedge accounting treatment, a derivative must be highly effective in mitigating the designated changes in fair value or cash flow of the hedged item. At hedge inception, the Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking each hedge transaction. The documentation process includes linking derivatives that are designated as fair value, cash flow, or net investment hedges to specific assets or liabilities on the balance sheet or to specific forecasted transactions and defining the effectiveness and ineffectiveness testing methods to be used. The Company also formally assesses both at the hedge’s inception and ongoing on a quarterly basis, whether the derivatives that are used in hedging transactions have been and are expected to continue to be highly effective in offsetting changes in fair values or cash flows of hedged items. Hedge effectiveness is assessed primarily using quantitative methods as well as using qualitative methods. Quantitative methods include regression or other statistical analysis of changes in fair value or cash flows associated with the hedge relationship. Qualitative methods may include comparison of critical terms of the derivative to the hedged item. Hedge ineffectiveness of the hedge relationships are measured each reporting period using the “Change in Variable Cash Flows Method”, the “Change in Fair Value Method”, the “Hypothetical Derivative Method”, or the “Dollar Offset Method”. | |
Discontinuance of Hedge Accounting | |
The Company discontinues hedge accounting prospectively when (1) it is determined that the derivative is no longer highly effective in offsetting changes in the fair value or cash flows of a hedged item; (2) the derivative is de-designated as a hedging instrument; or (3) the derivative expires or is sold, terminated or exercised. | |
When hedge accounting is discontinued because it is determined that the derivative no longer qualifies as an effective fair value hedge, the derivative continues to be carried at fair value on the balance sheet with changes in its fair value recognized in current period earnings. Changes in the fair value of the hedged item attributable to the hedged risk is no longer adjusted through current period earnings and the existing basis adjustment is amortized to earnings over the remaining life of the hedge item through the applicable earnings component associated with the hedged item. | |
When hedge accounting is discontinued because the Company becomes aware that it is not probable that the forecasted transaction will occur, the derivative continues to be carried on the balance sheet at its fair value, and gains and losses that were accumulated in AOCI are recognized immediately in earnings. | |
In other situations in which hedge accounting is discontinued on a cash flow hedge, including those where the derivative is sold, terminated or exercised, amounts previously deferred in AOCI are reclassified into earnings when earnings are impacted by the variability of the cash flow of the hedged item. | |
Embedded Derivatives | |
The Company purchases and issues financial instruments and products that contain embedded derivative instruments. When it is determined that (1) the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract, and (2) a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host for measurement purposes. The embedded derivative, which is reported with the host instrument in the Consolidated Balance Sheets, is carried at fair value with changes in fair value reported in net realized capital gains and losses. | |
Credit Risk | |
Credit risk is defined as the risk of financial loss due to uncertainty of an obligor’s or counterparty’s ability or willingness to meet its obligations in accordance with agreed upon terms. Credit exposures are measured using the market value of the derivatives, resulting in amounts owed to the Company by its counterparties or potential payment obligations from the Company to its counterparties. The Company generally requires that OTC derivative contracts, other than certain forward contracts, be governed by International Swaps and Derivatives Association ("ISDA") agreements which are structured by legal entity and by counterparty, and permit right of offset. These agreements require daily collateral settlement based upon agreed upon thresholds. For purposes of daily derivative collateral maintenance, credit exposures are generally quantified based on the prior business day’s market value and collateral is pledged to and held by, or on behalf of, the Company to the extent the current value of the derivatives exceed the contractual thresholds. For the Company’s domestic derivative programs, the maximum uncollateralized threshold for a derivative counterparty for a single legal entity is $10. The Company also minimizes the credit risk of derivative instruments by entering into transactions with high quality counterparties rated A or better, which are monitored and evaluated by the Company’s risk management team and reviewed by senior management. OTC-cleared derivatives are governed by clearing house rules. Transactions cleared through a central clearing house reduce risk due to their ability to require daily variation margin, monitor the Company's ability to request additional collateral in the event of a counterparty downgrade, and act as an independent valuation source. In addition, the Company monitors counterparty credit exposure on a monthly basis to ensure compliance with Company policies and statutory limitations. | |
Cash | |
Cash represents cash on hand and demand deposits with banks or other financial institutions. | |
Reinsurance | |
The Company cedes insurance to affiliated and unaffiliated insurers in order to limit its maximum losses and to diversify its exposures and provide statutory surplus relief. Such arrangements do not relieve the Company of its primary liability to policyholders. Failure of reinsurers to honor their obligations could result in losses to the Company. The Company also assumes reinsurance from other insurers and is a member of and participates in reinsurance pools and associations. Assumed reinsurance refers to the Company’s acceptance of certain insurance risks that other insurance companies have underwritten. | |
Reinsurance accounting is followed for ceded and assumed transactions that provide indemnification against loss or liability relating to insurance risk (i.e. risk transfer). To meet risk transfer requirements, a reinsurance agreement must include insurance risk, consisting of underwriting, investment, and timing risk, and a reasonable possibility of a significant loss to the reinsurer. If the ceded and assumed transactions do not meet risk transfer requirements, the Company accounts for these transactions as financing transactions. | |
Premiums, benefits, losses and loss adjustment expenses reflect the net effects of ceded and assumed reinsurance transactions. Included in other assets are prepaid reinsurance premiums, which represent the portion of premiums ceded to reinsurers applicable to the unexpired terms of the reinsurance contracts. Included in reinsurance recoverables are balances due from reinsurance companies for paid and unpaid losses and loss adjustment expenses and are presented net of an allowance for uncollectible reinsurance. | |
The Company evaluates the financial condition of its reinsurers and concentrations of credit risk. Reinsurance is placed with reinsurers that meet strict financial criteria established by the Company. The Company entered into two reinsurance transactions upon completion of the sales of its Retirement Plans and Individual Life businesses in 2013. For further discussion of these transactions, see Note 2 - Business Dispositions and Note 7 - Reinsurance of Notes to Consolidated Financial Statements. | |
Deferred Policy Acquisition Costs and Present Value of Future Profits | |
Deferred policy acquisition costs ("DAC") represent costs that are directly related to the acquisition of new and renewal insurance contracts and incremental direct costs of contract acquisition that are incurred in transactions with either independent third parties or employees. Such costs primarily include commissions, premium taxes, costs of policy issuance and underwriting, and certain other expenses that are directly related to successfully issued contracts. | |
For property and casualty insurance products and group life, disability and accident contracts, costs are deferred and amortized ratably over the period the related premiums are earned. Deferred acquisition costs are reviewed to determine if they are recoverable from future income, and if not, are charged to expense. Anticipated investment income is considered in the determination of the recoverability of DAC. | |
For life insurance products, the DAC asset related to most universal life-type contracts (including variable annuities) is amortized over the estimated life of the contracts acquired in proportion to the present value of estimated gross profits (“EGPs”). EGPs are also used to amortize other assets and liabilities in the Company’s Consolidated Balance Sheets, such as, sales inducement assets (“SIA”) and unearned revenue reserves (“URR”). Components of EGPs are used to determine reserves for universal life-type contracts (including variable annuities) with death or other insurance benefits such as guaranteed minimum death, guaranteed minimum withdrawal and universal life insurance secondary guarantee benefits. These benefits are accounted for and collectively referred to as death and other insurance benefit reserves and are held in addition to the account value liability representing policyholder funds. | |
For most life insurance product contracts, the Company estimates gross profits over 20 years as EGPs emerging subsequent to that timeframe are immaterial. Products sold in a particular year are aggregated into cohorts. Future gross profits for each cohort are projected over the estimated lives of the underlying contracts, based on future account value projections for variable annuity and variable universal life products. The projection of future account values requires the use of certain assumptions including: separate account returns; separate account fund mix; fees assessed against the contract holder’s account balance; surrender and lapse rates; interest margin; mortality; and the extent and duration of hedging activities and hedging costs. | |
The Company determines EGPs from a single deterministic reversion to mean (“RTM”) separate account return projection which is an estimation technique commonly used by insurance entities to project future separate account returns. Through this estimation technique, the Company’s DAC model is adjusted to reflect actual account values at the end of each quarter. Through consideration of recent market returns, the Company will unlock ("Unlock"), or adjust, projected returns over a future period so that the account value returns to the long-term expected rate of return, providing that those projected returns do not exceed certain caps. This Unlock for future separate account returns is determined each quarter. | |
In the third quarter of 2014, the Company completed a comprehensive non-market related policyholder behavior assumption study and incorporates the results of those studies into its projection of future gross profits. Additionally, throughout the year, the Company evaluates various aspects of policyholder behavior and periodically revises its policyholder assumptions as credible emerging data indicates that changes are warranted. The Company will continue to evaluate its assumptions related to policyholder behavior as initiatives to reduce the size of the variable annuity business are implemented by management. Upon completion of an annual assumption study or evaluation of credible new information, the Company will revise its assumptions to reflect its current best estimate. These assumption revisions will change the projected account values and the related EGPs in the DAC, SIA and URR amortization models, as well as, the death and other insurance benefit reserving models. Beginning in 2015, the annual comprehensive non-market related policyholder behavior assumption study will be completed in the fourth quarter of each year. | |
All assumption changes that affect the estimate of future EGPs including the update of current account values, the use of the RTM estimation technique and policyholder behavior assumptions are considered an Unlock in the period of revision. An Unlock adjusts the DAC, SIA, URR and death and other insurance benefit reserve balances in the Consolidated Balance Sheets with an offsetting benefit or charge in the Consolidated Statements of Operations in the period of the revision. An Unlock revises EGPs to reflect the Company’s current best estimate assumptions. The Company also tests the aggregate recoverability of DAC by comparing the existing DAC balance to the present value of future EGPs. An Unlock that results in an after-tax benefit generally occurs as a result of actual experience or future expectations of product profitability being favorable compared to previous estimates. An Unlock that results in an after-tax charge generally occurs as a result of actual experience or future expectations of product profitability being unfavorable compared to previous estimates. | |
Income Taxes | |
The Company recognizes taxes payable or refundable for the current year and deferred taxes for the tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years the temporary differences are expected to reverse. A deferred tax provision is recorded for the tax effects of differences between the Company's current taxable income and its income before tax under generally accepted accounting principles in the Consolidated Statements of Operations. The Company records a deferred tax asset valuation allowance that is adequate to reduce the total deferred tax asset to an amount that will more likely than not be realized. | |
Goodwill | |
Goodwill represents the excess of costs over the fair value of net assets acquired. Goodwill is not amortized but is reviewed for impairment at least annually or more frequently if events occur or circumstances change that would indicate that a triggering event for a potential impairment has occurred. The goodwill impairment test follows a two-step process. In the first step, the fair value of a reporting unit is compared to its carrying value. If the carrying value of a reporting unit exceeds its fair value, the second step of the impairment test is performed for purposes of measuring the impairment. In the second step, the fair value of the reporting unit is allocated to all of the assets and liabilities of the reporting unit to determine an implied goodwill value. If the carrying amount of the reporting unit’s goodwill exceeds the implied goodwill value, an impairment loss is recognized in an amount equal to that excess. | |
Management’s determination of the fair value of each reporting unit incorporates multiple inputs into discounted cash flow calculations, including assumptions that market participants would make in valuing the reporting unit. Assumptions include levels of economic capital, future business growth, earnings projections and assets under management for certain reporting units and the weighted average cost of capital used for purposes of discounting. Decreases in the amount of capital allocated to a reporting unit, decreases in business growth, decreases in earnings projections and increases in the weighted average cost of capital will all cause a reporting unit’s fair value to decrease. | |
Goodwill within Corporate is primarily attributed to the Company’s “buy-back” of Hartford Life, Inc. in 2000 and was allocated to each of Hartford Life’s reporting units based on the reporting unit’s fair value of in-force business at the buy-back date. Although this goodwill was allocated to each reporting unit, it is held in Corporate for segment reporting. | |
Property and Equipment | |
Property and equipment is carried at cost net of accumulated depreciation. Depreciation is based on the estimated useful lives of the various classes of property and equipment and is determined principally on the straight-line method. Accumulated depreciation was $2.3 billion and $2.2 billion as of December 31, 2014 and 2013, respectively. Depreciation expense was $198, $174, and $183 for the years ended December 31, 2014, 2013 and 2012, respectively. | |
Separate Accounts, Death Benefits and Other Insurance Benefit Features | |
The Company records the variable account value portion of variable annuity and variable life insurance products and institutional and governmental investment contracts within separate accounts. Separate account assets are reported at fair value and separate account liabilities are reported at amounts consistent with separate account assets. Investment income and gains and losses from those separate account assets accrue directly to the policyholder, who assumes the related investment risk, and are offset by the related liability changes reported in the same line item in the Consolidated Statements of Operations. The Company earns fees for investment management, certain administrative expenses, and mortality and expense risks assumed which are reported in fee income. | |
Certain contracts classified as universal life-type include death and other insurance benefit features including guaranteed minimum death benefit ("GMDB"), guaranteed minimum income benefit ("GMIB"), and guaranteed minimum withdrawal benefit ("GMWB") riders offered with variable annuity contracts, or secondary guarantee benefits offered with universal life insurance contracts. GMWBs that represent embedded derivatives are accounted for at fair value. Universal life insurance secondary guarantee benefits ensure that the policy will not terminate, and will continue to provide a death benefit, even if there is insufficient policy value to cover the monthly deductions and charges. For the Company's GMWB products, the withdrawal benefit can exceed the guaranteed remaining balance ("GRB"). These GMDBs, GMIBs, the life-contingent portion of GMWBs and the universal life insurance secondary guarantees require an additional liability be held above the account value liability representing the policyholders’ funds. This liability is reported in reserve for future policy benefits in the Company’s Consolidated Balance Sheets. Changes in the death and other insurance benefit reserves are recorded in benefits, losses and loss adjustment expenses in the Company’s Consolidated Statements of Operations. | |
The death and other insurance benefit liability is determined by estimating the expected present value of the benefits in excess of the policyholder’s expected account value in proportion to the present value of total expected fees. The liability is accrued as actual fees are earned. The expected present value of benefits and fees are generally derived from a set of stochastic scenarios, that have been calibrated to our RTM separate account returns, and assumptions including market rates of return, volatility, discount rates, lapse rates and mortality experience. Consistent with the Company’s policy on the Unlock, the Company regularly evaluates estimates used and adjusts the additional liability balance, with a related charge or credit to benefits, losses and loss adjustment expense. For further information on the Unlock, see the Deferred Policy Acquisition Costs and Present Value of Future Profits accounting policy section within this footnote. | |
The Company reinsures a portion of its in-force GMDB and all of its universal life insurance secondary guarantees and net reinsurance costs are recognized ratably over the accumulation period based on total expected assessments. | |
Reserve for Future Policy Benefits and Unpaid Losses and Loss Adjustment Expenses | |
Property and Casualty Insurance Products | |
The Hartford establishes property and casualty insurance products reserves to provide for the estimated costs of paying claims under insurance policies written by the Company. These reserves include estimates for both claims that have been reported and those that have been incurred but not reported, and include estimates of all losses and loss adjustment expenses associated with processing and settling these claims. Estimating the ultimate cost of future losses and loss adjustment expenses is an uncertain and complex process. This estimation process is based significantly on the assumption that past developments are an appropriate predictor of future events, and involves a variety of actuarial techniques that analyze experience, trends and other relevant factors. The uncertainties involved with the reserving process have become increasingly difficult due to a number of complex factors including social and economic trends and changes in the concepts of legal liability and damage awards. Accordingly, final claim settlements may vary from the present estimates, particularly when those payments may not occur until well into the future. | |
The Hartford regularly reviews the adequacy of its estimated losses and loss adjustment expense reserves by line of business within the various reporting segments. Adjustments to previously established reserves are reflected in the operating results of the period in which the adjustment is determined to be necessary. Such adjustments could possibly be significant, reflecting any variety of new and adverse or favorable trends. | |
Most of the Company’s property and casualty insurance products reserves are not discounted. However, the Company has discounted to present value certain reserves for indemnity payments due to permanently disabled claimants under workers’ compensation policies at an average interest rate of 3.5% in 2014 and 2013, respectively. These discounted reserves totaled approximately $1.0 billion at December 31, 2014 and 2013. The Company also has discounted liabilities for structured settlement agreements that provide fixed periodic payments to claimants. These structured settlements include annuities purchased to fund unpaid losses for permanently disabled claimants. Most of the annuities have been issued by the Company and these structured settlements are recorded at present value as annuity obligations, either within the reserve for future policy benefits if the annuity benefits are life-contingent or within other policyholder funds and benefits payable if the annuity benefits are not life-contingent. Annuities issued by the Company to fund structured settlement payments where the claimant has not released the Company of its obligation totaled $776 and $805 as of December 31, 2014 and 2013, respectively. These structured settlement liabilities were discounted to present value using an average interest rate of 6.7% in 2014 and 2013. | |
Life Insurance Products | |
Liabilities for future policy benefits are calculated by the net level premium method using interest, withdrawal and mortality assumptions appropriate at the time the policies were issued. The methods used in determining the liability for unpaid losses and future policy benefits are standard actuarial methods recognized by the American Academy of Actuaries. For the tabular reserves, discount rates are based on the Company’s earned investment yield and the morbidity/mortality tables used are standard industry tables modified to reflect the Company’s actual experience when appropriate. In particular, for the Company’s group disability known claim reserves, the morbidity table for the early durations of claims is based exclusively on the Company’s experience, incorporating factors such as gender, elimination period and diagnosis. These reserves are computed such that they are expected to meet the Company’s future policy obligations. Future policy benefits are computed at amounts that, with additions from estimated premiums to be received and with interest on such reserves compounded annually at certain assumed rates, are expected to be sufficient to meet the Company’s policy obligations at their maturities or in the event of an insured’s death. Changes in or deviations from the assumptions used for mortality, morbidity, expected future premiums and interest can significantly affect the Company’s reserve levels and related future operations. | |
Liabilities for the Company’s group life and disability contracts, as well as its individual term life insurance policies, include amounts for unpaid losses and future policy benefits. Liabilities for unpaid losses include estimates of amounts to fully settle known reported claims, as well as claims related to insured events that the Company estimates have been incurred but have not yet been reported. These reserve estimates are based on known facts and interpretations of circumstances, and consideration of various internal factors including The Hartford’s experience with similar cases, historical trends involving claim payment patterns, loss payments, pending levels of unpaid claims, loss control programs and product mix. In addition, the reserve estimates are influenced by consideration of various external factors including court decisions, economic conditions and public attitudes. The effects of inflation are implicitly considered in the reserving process. Group life and disability contracts with long tail claim liabilities are discounted because the payment pattern and the ultimate costs are reasonably fixed and determinable on an individual claim basis. These reserves were discounted to present value using a weighted average interest rate of 4.53% in 2014 and 4.71% in 2013. | |
Other Policyholder Funds and Benefits Payable | |
Other policyholder funds and benefits payable consist of non-variable account values associated with universal life-type contracts and investment contracts. | |
Universal life-type contracts consist of fixed and variable annuities and universal life insurance. The liability for universal life-type contracts is equal to the balance that accrues to the benefit of the policyholders as of the financial statement date, including credited interest, amounts that have been assessed to compensate the Company for services to be performed over future periods, and any amounts previously assessed against policyholders that are refundable on termination of the contract. | |
Investment contracts consist of institutional and governmental products, without life contingencies, including funding agreements, certain structured settlements and guaranteed investment contracts. The liability for investment contracts is equal to the balance that accrues to the benefit of the contract holder as of the financial statement date, which includes the accumulation of deposits plus credited interest, less withdrawals and amounts assessed through the financial statement date. | |
Foreign Currency | |
Foreign currency translation gains and losses are reflected in stockholders’ equity as a component of accumulated other comprehensive income (loss). The Company’s foreign subsidiaries’ balance sheet accounts are translated at the exchange rates in effect at each year end and income statement accounts are translated at the average rates of exchange prevailing during the year. The national currencies of the international operations are generally their functional currencies. Gains and losses resulting from the remeasurement of foreign currency transactions are reflected in earnings in realized capital gains (losses) in the period in which they occur. |
Business_Dispositions_Level_1_
Business Dispositions Level 1 (Notes) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ||||
Business Dispositions | Sale of Hartford Life Insurance KK | |||
On June 30, 2014, the Company completed the sale of all of the issued and outstanding equity of HLIKK to ORIX Life Insurance Corporation ("Buyer"), a subsidiary of ORIX Corporation, a Japanese company for cash proceeds of $963. HLIKK sold variable and fixed annuity policies in Japan from 2001 to 2009 and had been in runoff since 2009. The sale transaction resulted in an after-tax loss on disposition of $659 in the year ended December 31, 2014. The operations of the Company's Japan business meet the criteria for reporting as discontinued operations. For further information regarding discontinued operations, see Note 19 - Discontinued Operations of Notes to Consolidated Financial Statements. The Company's Japan business is included in the Talcott Resolution reporting segment. | ||||
Concurrently with the sale, HLIKK recaptured certain risks that had been reinsured to the Company’s U.S. subsidiaries, Hartford Life and Annuity Insurance Company ("HLAI") and Hartford Life Insurance Company ("HLIC") by terminating intercompany agreements. Upon closing, the Buyer became responsible for all liabilities for the recaptured business. The Company has, however, continued to provide reinsurance for Japan fixed payout annuities of $763 as of December 31, 2014. | ||||
The following table summarizes the major classes of assets and liabilities transferred by the Company in connection with the sale of HLIKK. | ||||
Carrying Value | ||||
As of Closing | ||||
Assets | ||||
Cash and investments | $ | 18,733 | ||
Reinsurance recoverables | $ | 46 | ||
Property and equipment, net | $ | 18 | ||
Other assets | $ | 988 | ||
Liabilities | ||||
Reserve for future policy benefits and unpaid loss and loss adjustment expenses | $ | 320 | ||
Other policyholder funds and benefits payable | $ | 2,265 | ||
Other policyholder funds and benefits payable - international variable annuities | $ | 16,465 | ||
Short-term debt | $ | 247 | ||
Other liabilities | $ | 102 | ||
Sale of Hartford Life International Limited | ||||
On December 12, 2013, the Company completed the sale of all of the issued and outstanding equity of HLIL in a cash transaction to Columbia Insurance Company, a Berkshire Hathaway company, for approximately $285. At closing, HLIL’s sole asset was its subsidiary, Hartford Life Limited, a Dublin-based company that sold variable annuities in the U.K. from 2005 to 2009. The sale transaction resulted in an after-tax loss of $102 upon disposition in the year ended December 31, 2013. The operations of the Company's U.K. variable annuity business meet the criteria for reporting as discontinued operations. For further information regarding discontinued operations, see Note 19 - Discontinued Operations of Notes to Consolidated Financial Statements. The Company's U.K. variable annuities business is included in the Talcott Resolution reporting segment. | ||||
Sale of Retirement Plans | ||||
On January 1, 2013, the Company completed the sale of its Retirement Plans business to MassMutual for a ceding commission of $355. The business sold included products and services provided to corporations pursuant to Section 401(k) of the Internal Revenue Code of 1986, as amended (the “Code”), and products and services provided to municipalities and not-for-profit organizations under Sections 457 and 403(b) of the Code, collectively referred to as government plans. The sale was structured as a reinsurance transaction and resulted in an after-tax loss of $24 for the year ended December 31, 2013. The after-tax loss is primarily driven by the reduction in goodwill that is non-deductible for income tax purposes. The Company recognized a reinsurance loss on disposition of $634 offset by $634 in net realized capital gains for the year ended December 31, 2013. | ||||
Upon closing, the Company reinsured $9.2 billion of policyholder liabilities and $26.3 billion of separate account liabilities under an indemnity reinsurance arrangement. The reinsurance transaction does not extinguish the Company's primary liability on the insurance policies issued under the Retirement Plans business. The Company also transferred invested assets with a carrying value of $9.3 billion, net of the ceding commission, to MassMutual and recognized other non-cash decreases in assets totaling $200 relating to deferred acquisition costs, deferred income taxes, goodwill, property and equipment and other assets associated with the disposition. The company continued to sell retirement plans during the transition period which ended on June 30, 2014. MassMutual has assumed all expenses and risks for these sales through the reinsurance agreement. | ||||
The Retirement Plans business is included in the Talcott Resolution reporting segment. Retirement Plans total revenues were $706 and its net loss was $39 for the year ended December 31, 2012. | ||||
Sale of Individual Life | ||||
On January 2, 2013, the Company completed the sale of its Individual Life insurance business to Prudential for consideration of $615 consisting primarily of a ceding commission. The business sold included variable universal life, universal life, and term life insurance. The sale was structured as a reinsurance transaction and resulted in a loss on business disposition consisting of a reinsurance loss partially offset by realized capital gains. The Company recognized a reinsurance loss on business disposition of $533, pre-tax, which included a goodwill impairment charge of $342 and a loss accrual for premium deficiency of $191, for the year ended December 31, 2012. | ||||
Upon closing the Company recognized an additional $940 in reinsurance loss on disposition offset by $940 in realized capital gains for a $0 impact on income, pre-tax, for the year ended December 31, 2013. In addition, the Company reinsured $8.7 billion of policyholder liabilities and $5.3 billion of separate account liabilities under indemnity reinsurance arrangements. The reinsurance transaction does not extinguish the Company's primary liability on the insurance policies issued under the Individual Life business. The Company also transferred invested assets with a carrying value of $8.0 billion, exclusive of $1.4 billion of assets supporting the modified coinsurance agreement, net of cash transferred in place of short-term investments, to Prudential and recognized other non-cash decreases in assets totaling $1.8 billion relating to deferred acquisition costs, deferred income taxes, property and equipment and other assets and other non-cash decreases in liabilities totaling $1.5 billion relating to other liabilities including the $191 loss accrual for premium deficiency, associated with the disposition. The Company continued to sell life insurance products and riders during the transition period which ended on June 30, 2014. Prudential has assumed all expenses and risk for these sales through the reinsurance agreement. | ||||
The Individual Life business is included in the Talcott Resolution reporting segment. Individual Life total revenues were $1.4 billion and its net loss was $172 for the year ended December 31, 2012. | ||||
For additional information regarding business dispositions, see Note 9 - Goodwill of Notes to Consolidated Financial Statements. | ||||
Composition of Invested Assets Transferred | ||||
The following table summarizes invested assets transferred by the Company in 2013 in connection with the sale of the Retirement Plans and Individual Life businesses. | ||||
Carrying Value | ||||
As of December 31, 2012 | ||||
Fixed maturities, at fair value (amortized cost of $13,916) [1] | $ | 15,349 | ||
Equity securities, AFS, at fair value (cost of $35) [2] | 37 | |||
Fixed maturities, at fair value using the FVO [3] | 16 | |||
Mortgage loans (net of allowances for loan losses of $1) | 1,364 | |||
Policy loans, at outstanding balance | 582 | |||
Total invested assets transferred | $ | 17,348 | ||
[1] | Includes $14.7 billion and $670 of securities in level 2 and 3 of the fair value hierarchy, respectively. | |||
[2] | All equity securities transferred are included in level 2 of the fair value hierarchy. | |||
[3] | All FVO securities transferred are included in level 3 of the fair value hierarchy. |
Earnings_Loss_per_Share_Level_
Earnings (Loss) per Share Level 1 (Notes) | 12 Months Ended | |
Dec. 31, 2014 | ||
Earnings Per Share [Abstract] | ||
Earnings (Loss) Per Common Share | ||
[1] | For additional information, see Note 15 - Equity and Note 18 - Stock Compensation Plans of Notes to Consolidated Financial Statements. | |
Basic earnings per share is computed based on the weighted average number of common shares outstanding during the year. Diluted earnings per share includes the dilutive effect of assumed exercise or issuance of warrants and stock-based awards under compensation plans, and assumed conversion of preferred shares to common using the treasury stock method. | ||
Under the treasury stock method, for warrants and stock-based awards, shares are assumed to be issued and then reduced for the number of shares repurchaseable with theoretical proceeds at the average market price for the period. Contingently issuable shares are included for the number of shares issuable assuming the end of the reporting period was the end of the contingency period, if dilutive. | ||
Under the if-converted method for mandatory convertible preferred stock the conversion to common shares is assumed if the inclusion of these shares and the related dividend adjustment are dilutive to the earnings per share calculation. For the year ended December 31, 2012, 20.9 million shares for mandatory convertible preferred shares, along with the related dividend adjustment, would have been antidilutive to the earnings (loss) per share calculations. Assuming the impact of the mandatory convertible preferred shares was not antidilutive, weighted average common shares outstanding and dilutive potential common shares would have totaled 486.8 million, for the year ended December 31, 2012. |
Segment_Information_Level_1_No
Segment Information Level 1 (Notes) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Segment Reporting [Abstract] | ||||||||||
Segment Information | The Company currently conducts business principally in six reporting segments, as well as a Corporate category. The Company's revenues from continuing operations are generated primarily in the United States ("U.S."). Any foreign sourced revenue in continuing operations is immaterial. | |||||||||
The Company’s reporting segments, as well as the Corporate category, are as follows: | ||||||||||
Commercial Lines | ||||||||||
Commercial Lines provides workers’ compensation, property, automobile, marine, livestock, liability and umbrella coverages primarily throughout the United States (“U.S.”), along with a variety of customized insurance products and risk management services including professional liability, bond, and specialty casualty coverages. | ||||||||||
Personal Lines | ||||||||||
Personal Lines provides standard automobile, homeowners and personal umbrella coverages to individuals across the U.S., including a special program designed exclusively for members of AARP. | ||||||||||
Property & Casualty Other Operations | ||||||||||
Property & Casualty Other Operations includes certain property and casualty operations, currently managed by the Company, that have discontinued writing new business and including substantially all of the Company’s asbestos and environmental exposures. | ||||||||||
Group Benefits | ||||||||||
Group Benefits provides employers, associations, affinity groups and financial institutions with group life, accident and disability coverage, along with other products and services, including voluntary benefits, and group retiree health. | ||||||||||
Mutual Funds | ||||||||||
Mutual Funds offers investment products for retail and retirement accounts and provides investment management and administrative services such as product design, implementation and oversight. This business also includes the runoff of the mutual funds supporting the Company's variable annuity products. | ||||||||||
Talcott Resolution | ||||||||||
Talcott Resolution is comprised of runoff business from the Company's individual annuity, the retained Japan fixed payout annuity liabilities, institutional and private-placement life insurance businesses. The Company's individual annuity business consist of U.S. annuity products for individuals, which include variable, fixed, and payout annuity products. In addition, Talcott Resolution includes the Retirement Plans and Individual Life businesses sold in 2013 and the Company's discontinued Japan and U.K. annuity businesses. For further information regarding the sale of these businesses, see Note 2 - Business Dispositions and Note 19 - Discontinued Operations of Notes to Consolidated Financial Statements. | ||||||||||
Corporate | ||||||||||
The Company includes in the Corporate category the Company’s debt financing and related interest expense, as well as other capital raising activities, certain purchase accounting adjustments and other charges not allocated to the segments. | ||||||||||
Financial Measures and Other Segment Information | ||||||||||
Certain transactions between segments occur during the year that primarily relate to tax settlements, insurance coverage, expense reimbursements, services provided, security transfers and capital contributions. Also, one segment may purchase group annuity contracts from another to fund pension costs and annuities to settle casualty claims. In addition, certain inter-segment transactions occur that relate to interest income on allocated surplus. Consolidated net investment income is unaffected by such transactions. | ||||||||||
The following table presents revenues by product line for each reporting segment, as well as the Corporate category. | ||||||||||
For the years ended December 31, | ||||||||||
Revenues | 2014 | 2013 | 2012 | |||||||
Earned premiums, fees, and other considerations | ||||||||||
Commercial Lines | ||||||||||
Workers’ compensation | $ | 2,971 | $ | 2,975 | $ | 2,987 | ||||
Property | 559 | 521 | 505 | |||||||
Automobile | 591 | 579 | 587 | |||||||
Package business | 1,163 | 1,139 | 1,160 | |||||||
Liability | 582 | 566 | 562 | |||||||
Bond | 210 | 201 | 205 | |||||||
Professional liability | 213 | 222 | 253 | |||||||
Total Commercial Lines | 6,289 | 6,203 | 6,259 | |||||||
Personal Lines | ||||||||||
Automobile | 2,613 | 2,522 | 2,526 | |||||||
Homeowners | 1,193 | 1,138 | 1,110 | |||||||
Total Personal Lines [1] | 3,806 | 3,660 | 3,636 | |||||||
Property & Casualty Other Operations | 1 | 1 | (2 | ) | ||||||
Group Benefits | ||||||||||
Group disability | 1,450 | 1,452 | 1,735 | |||||||
Group life | 1,478 | 1,717 | 1,881 | |||||||
Other | 167 | 161 | 194 | |||||||
Total Group Benefits | 3,095 | 3,330 | 3,810 | |||||||
Mutual Funds | ||||||||||
Mutual Fund | 586 | 520 | 419 | |||||||
Talcott | 137 | 148 | 207 | |||||||
Total Mutual Funds | 723 | 668 | 626 | |||||||
Talcott Resolution | 1,407 | 1,463 | 2,708 | |||||||
Corporate | 11 | 11 | 167 | |||||||
Total earned premiums, fees, and other considerations | 15,332 | 15,336 | 17,204 | |||||||
Net investment income: | ||||||||||
Securities available-for-sale and other | 3,153 | 3,263 | 4,126 | |||||||
Equity securities, trading | 1 | 1 | 1 | |||||||
Total net investment income | 3,154 | 3,264 | 4,127 | |||||||
Net realized capital gains | 16 | 1,798 | 497 | |||||||
Other revenues | 112 | 275 | 258 | |||||||
Total revenues | $ | 18,614 | $ | 20,673 | $ | 22,086 | ||||
[1] | For 2014, 2013 and 2012, AARP members accounted for earned premiums of $3.0 billion, $2.9 billion and $2.8 billion, respectively. | |||||||||
For the years ended December 31, | ||||||||||
Net income (loss) | 2014 | 2013 | 2012 | |||||||
Commercial Lines | $ | 983 | $ | 870 | $ | 547 | ||||
Personal Lines | 207 | 229 | 166 | |||||||
Property & Casualty Other Operations | (108 | ) | (2 | ) | 57 | |||||
Group Benefits | 191 | 192 | 129 | |||||||
Mutual Funds | 87 | 76 | 71 | |||||||
Talcott Resolution | (187 | ) | (634 | ) | 1 | |||||
Corporate | (375 | ) | (555 | ) | (1,009 | ) | ||||
Net income (loss) | $ | 798 | $ | 176 | $ | (38 | ) | |||
For the years ended December 31, | ||||||||||
Amortization of deferred policy acquisition costs and present value of future profits | 2014 | 2013 | 2012 | |||||||
Commercial Lines | $ | 919 | $ | 905 | $ | 927 | ||||
Personal Lines | 348 | 332 | 332 | |||||||
Group Benefits | 32 | 33 | 33 | |||||||
Mutual Funds | 28 | 39 | 35 | |||||||
Talcott Resolution | 402 | 485 | 663 | |||||||
Total amortization of deferred policy acquisition costs and present value of future profits | $ | 1,729 | $ | 1,794 | $ | 1,990 | ||||
For the years ended December 31, | ||||||||||
Income tax expense (benefit) | 2014 | 2013 | 2012 | |||||||
Commercial Lines | $ | 385 | $ | 320 | $ | 159 | ||||
Personal Lines | 92 | 100 | 65 | |||||||
Property & Casualty Other Operations | (51 | ) | (20 | ) | 14 | |||||
Group Benefits | 63 | 63 | 31 | |||||||
Mutual Funds | 49 | 42 | 38 | |||||||
Talcott Resolution | 16 | (7 | ) | (99 | ) | |||||
Corporate | (204 | ) | (252 | ) | (517 | ) | ||||
Total income tax expense (benefit) | $ | 350 | $ | 246 | $ | (309 | ) | |||
As of December 31, | ||||||||||
Assets | 2014 | 2013 | ||||||||
Commercial Lines | $ | 28,451 | $ | 27,119 | ||||||
Personal Lines | 5,983 | 5,873 | ||||||||
Property & Casualty Other Operations | 4,328 | 4,331 | ||||||||
Group Benefits | 9,686 | 8,882 | ||||||||
Mutual Funds | 443 | 307 | ||||||||
Talcott Resolution | 191,801 | 222,269 | ||||||||
Corporate [1] | 4,321 | 9,103 | ||||||||
Total assets | $ | 245,013 | $ | 277,884 | ||||||
[1] | In 2014, the Company prospectively changed its methodology for allocating assets and liabilities to align with the legal entity capital of Property and Casualty, Group Benefits, Mutual Funds and Talcott Resolution and, within Property and Casualty, align assets and liabilities following the Company's internal capital allocation models. This resulted in a reallocation of assets and liabilities from Corporate to the segments. |
Fair_Value_Measurements_Level_
Fair Value Measurements Level 1 (Notes) | 12 Months Ended | ||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||
Fair Value Disclosures [Text Block] | The following section applies the fair value hierarchy and disclosure requirements for the Company’s financial instruments that are carried at fair value. The fair value hierarchy prioritizes the inputs in the valuation techniques used to measure fair value into three broad Levels (Level 1, 2 or 3). | ||||||||||||||||||||||||||||||
Level 1 | Observable inputs that reflect quoted prices for identical assets or liabilities in active markets that the Company has the ability to access at the measurement date. Level 1 securities include highly liquid U.S. Treasuries, money market funds and exchange traded equity securities, open-ended mutual funds reported in separate account assets and exchange-traded derivative instruments. | ||||||||||||||||||||||||||||||
Level 2 | Observable inputs, other than quoted prices included in Level 1, for the asset or liability or prices for similar assets and liabilities. Most fixed maturities and preferred stocks, including those reported in separate account assets, are model priced by vendors using observable inputs and are classified within Level 2. Also included are hedge funds where investment company accounting guidance has been applied to a wholly-owned fund of funds measured at fair value where an investment can be redeemed, or substantially redeemed, at the NAV at the measurement date or in the near-term, not to exceed 90 days. Derivative instruments classified within Level 2 are priced using observable market inputs such as swap yield curves and credit default swap curves. | ||||||||||||||||||||||||||||||
Level 3 | Valuations that are derived from techniques in which one or more of the significant inputs are unobservable (including assumptions about risk). Level 3 securities include less liquid securities, guaranteed product embedded and reinsurance derivatives and other complex derivative instruments, as well as hedge fund investments carried at fair value, consistent with investment company accounting guidance, that cannot be redeemed in the near-term at the NAV. Because Level 3 fair values, by their nature, contain one or more significant unobservable inputs, as there is little or no observable market for these assets and liabilities, considerable judgment is used to determine the Level 3 fair values. Level 3 fair values represent the Company’s best estimate of an amount that could be realized in a current market exchange absent actual market exchanges. | ||||||||||||||||||||||||||||||
In many situations, inputs used to measure the fair value of an asset or liability position may fall into different levels of the fair value hierarchy. In these situations, the Company will determine the level in which the fair value falls based upon the lowest level input that is significant to the determination of the fair value. Transfers of securities among the levels occur at the beginning of the reporting period. The amount of transfers from Level 1 to Level 2 was $2.5 billion, and $1.3 billion, for the years ended December 31, 2014 and 2013, respectively, which represented previously on-the-run U.S. Treasury securities that are now off-the-run. For the years ended December 31, 2014 and 2013, there were no transfers from Level 2 to Level 1. In most cases, both observable (e.g., changes in interest rates) and unobservable (e.g., changes in risk assumptions) inputs are used in the determination of fair values that the Company has classified within Level 3. Consequently, these values and the related gains and losses are based upon both observable and unobservable inputs. The Company’s fixed maturities included in Level 3 are classified as such because these securities are primarily priced by independent brokers and/or are within illiquid markets. | |||||||||||||||||||||||||||||||
The following tables present assets and (liabilities) carried at fair value by hierarchy level. These disclosures provide information as to the extent to which the Company uses fair value to measure financial instruments and information about the inputs used to value those financial instruments to allow users to assess the relative reliability of the measurements. The following table presents assets and (liabilities) carried at fair value by hierarchy level. | |||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||
Total | Quoted Prices in | Significant | Significant | ||||||||||||||||||||||||||||
Active Markets | Observable | Unobservable | |||||||||||||||||||||||||||||
for Identical | Inputs | Inputs | |||||||||||||||||||||||||||||
Assets | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||||
Assets accounted for at fair value on a recurring basis | |||||||||||||||||||||||||||||||
Fixed maturities, AFS | |||||||||||||||||||||||||||||||
Asset backed securities ("ABS") | $ | 2,472 | $ | — | $ | 2,350 | $ | 122 | |||||||||||||||||||||||
Collateralized debt obligations ("CDOs") | 2,841 | — | 2,218 | 623 | |||||||||||||||||||||||||||
Commercial mortgage-backed securities ("CMBS") | 4,415 | — | 4,131 | 284 | |||||||||||||||||||||||||||
Corporate | 27,359 | — | 26,319 | 1,040 | |||||||||||||||||||||||||||
Foreign government/government agencies | 1,636 | — | 1,577 | 59 | |||||||||||||||||||||||||||
States, municipalities and political subdivisions (“Municipal”) | 12,871 | — | 12,805 | 66 | |||||||||||||||||||||||||||
Residential mortgage-backed securities ("RMBS") | 3,918 | — | 2,637 | 1,281 | |||||||||||||||||||||||||||
U.S. Treasuries | 3,872 | 106 | 3,766 | — | |||||||||||||||||||||||||||
Total fixed maturities | 59,384 | 106 | 55,803 | 3,475 | |||||||||||||||||||||||||||
Fixed maturities, FVO | 488 | — | 396 | 92 | |||||||||||||||||||||||||||
Equity securities, trading | 11 | 11 | — | — | |||||||||||||||||||||||||||
Equity securities, AFS | 1,047 | 786 | 163 | 98 | |||||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||||||||
Credit derivatives | 8 | — | 10 | (2 | ) | ||||||||||||||||||||||||||
Equity derivatives | 3 | — | — | 3 | |||||||||||||||||||||||||||
Interest rate derivatives | 129 | — | 113 | 16 | |||||||||||||||||||||||||||
GMWB hedging instruments | 119 | — | 5 | 114 | |||||||||||||||||||||||||||
Macro hedge program | 93 | — | — | 93 | |||||||||||||||||||||||||||
Other derivative contracts | 12 | — | — | 12 | |||||||||||||||||||||||||||
Total derivative assets [1] | 364 | — | 128 | 236 | |||||||||||||||||||||||||||
Short-term investments | 4,883 | 349 | 4,534 | — | |||||||||||||||||||||||||||
Limited partnerships and other alternative investments [2] | 770 | — | 581 | 189 | |||||||||||||||||||||||||||
Reinsurance recoverable for GMWB | 56 | — | — | 56 | |||||||||||||||||||||||||||
Modified coinsurance reinsurance contracts | 34 | — | 34 | — | |||||||||||||||||||||||||||
Separate account assets [3] | 132,211 | 91,537 | 40,096 | 578 | |||||||||||||||||||||||||||
Total assets accounted for at fair value on a recurring basis | $ | 199,248 | $ | 92,789 | $ | 101,735 | $ | 4,724 | |||||||||||||||||||||||
Liabilities accounted for at fair value on a recurring basis | |||||||||||||||||||||||||||||||
Other policyholder funds and benefits payable | |||||||||||||||||||||||||||||||
GMWB | $ | (139 | ) | $ | — | $ | — | $ | (139 | ) | |||||||||||||||||||||
Equity linked notes | (26 | ) | — | — | (26 | ) | |||||||||||||||||||||||||
Total other policyholder funds and benefits payable | (165 | ) | — | — | (165 | ) | |||||||||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||||||||||
Credit derivatives | (16 | ) | — | (9 | ) | (7 | ) | ||||||||||||||||||||||||
Equity derivatives | 28 | — | 25 | 3 | |||||||||||||||||||||||||||
Foreign exchange derivatives | (445 | ) | — | (445 | ) | — | |||||||||||||||||||||||||
Interest rate derivatives | (597 | ) | — | (574 | ) | (23 | ) | ||||||||||||||||||||||||
GMWB hedging instruments | 55 | — | (1 | ) | 56 | ||||||||||||||||||||||||||
Macro hedge program | 48 | — | — | 48 | |||||||||||||||||||||||||||
Total derivative liabilities [4] | (927 | ) | — | (1,004 | ) | 77 | |||||||||||||||||||||||||
Consumer notes [5] | (3 | ) | — | — | (3 | ) | |||||||||||||||||||||||||
Total liabilities accounted for at fair value on a recurring basis | $ | (1,095 | ) | $ | — | $ | (1,004 | ) | $ | (91 | ) | ||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||
Total | Quoted Prices in | Significant | Significant | ||||||||||||||||||||||||||||
Active Markets | Observable | Unobservable | |||||||||||||||||||||||||||||
for Identical | Inputs | Inputs | |||||||||||||||||||||||||||||
Assets | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||||
Assets accounted for at fair value on a recurring basis | |||||||||||||||||||||||||||||||
Fixed maturities, AFS | |||||||||||||||||||||||||||||||
ABS | $ | 2,365 | $ | — | $ | 2,218 | $ | 147 | |||||||||||||||||||||||
CDOs | 2,387 | — | 1,723 | 664 | |||||||||||||||||||||||||||
CMBS | 4,446 | — | 3,783 | 663 | |||||||||||||||||||||||||||
Corporate | 28,490 | — | 27,216 | 1,274 | |||||||||||||||||||||||||||
Foreign government/government agencies | 4,104 | — | 4,039 | 65 | |||||||||||||||||||||||||||
Municipal | 12,173 | — | 12,104 | 69 | |||||||||||||||||||||||||||
RMBS | 4,647 | — | 3,375 | 1,272 | |||||||||||||||||||||||||||
U.S. Treasuries | 3,745 | 1,311 | 2,434 | — | |||||||||||||||||||||||||||
Total fixed maturities | 62,357 | 1,311 | 56,892 | 4,154 | |||||||||||||||||||||||||||
Fixed maturities, FVO | 844 | — | 651 | 193 | |||||||||||||||||||||||||||
Equity securities, trading | 19,745 | 12 | 19,733 | — | |||||||||||||||||||||||||||
Equity securities, AFS | 868 | 454 | 337 | 77 | |||||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||||||||
Credit derivatives | 25 | — | 20 | 5 | |||||||||||||||||||||||||||
Foreign exchange derivatives | 14 | — | 14 | — | |||||||||||||||||||||||||||
Interest rate derivatives | (21 | ) | — | (63 | ) | 42 | |||||||||||||||||||||||||
GMWB hedging instruments | 26 | — | (42 | ) | 68 | ||||||||||||||||||||||||||
Macro hedge program | 109 | — | — | 109 | |||||||||||||||||||||||||||
International program hedging instruments | 272 | — | 241 | 31 | |||||||||||||||||||||||||||
Other derivative contracts | 17 | — | — | 17 | |||||||||||||||||||||||||||
Total derivative assets [1] | 442 | — | 170 | 272 | |||||||||||||||||||||||||||
Short-term investments | 4,008 | 427 | 3,581 | — | |||||||||||||||||||||||||||
Limited partnerships and other alternative investments [2] | 921 | — | 813 | 108 | |||||||||||||||||||||||||||
Reinsurance recoverable for GMWB | 29 | — | — | 29 | |||||||||||||||||||||||||||
Modified coinsurance reinsurance contracts | 67 | — | 67 | — | |||||||||||||||||||||||||||
Separate account assets [3] | 138,495 | 99,930 | 37,828 | 737 | |||||||||||||||||||||||||||
Total assets accounted for at fair value on a recurring basis | $ | 227,776 | $ | 102,134 | $ | 120,072 | $ | 5,570 | |||||||||||||||||||||||
Liabilities accounted for at fair value on a recurring basis | |||||||||||||||||||||||||||||||
Other policyholder funds and benefits payable | |||||||||||||||||||||||||||||||
U.S. GMWB | $ | (36 | ) | $ | — | $ | — | $ | (36 | ) | |||||||||||||||||||||
International GMWB | 3 | — | — | 3 | |||||||||||||||||||||||||||
International other guaranteed living benefits | 3 | — | — | 3 | |||||||||||||||||||||||||||
Equity linked notes | (18 | ) | — | — | (18 | ) | |||||||||||||||||||||||||
Total other policyholder funds and benefits payable | (48 | ) | — | — | (48 | ) | |||||||||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||||||||||
Credit derivatives | (12 | ) | — | (9 | ) | (3 | ) | ||||||||||||||||||||||||
Equity derivatives | 19 | — | 16 | 3 | |||||||||||||||||||||||||||
Foreign exchange derivatives | (388 | ) | — | (388 | ) | — | |||||||||||||||||||||||||
Interest rate derivatives | (582 | ) | — | (558 | ) | (24 | ) | ||||||||||||||||||||||||
GMWB hedging instruments | 15 | — | (63 | ) | 78 | ||||||||||||||||||||||||||
Macro hedge program | 30 | — | — | 30 | |||||||||||||||||||||||||||
International program hedging instruments | (305 | ) | — | (245 | ) | (60 | ) | ||||||||||||||||||||||||
Total derivative liabilities [4] | (1,223 | ) | — | (1,247 | ) | 24 | |||||||||||||||||||||||||
Consumer notes [5] | (2 | ) | — | — | (2 | ) | |||||||||||||||||||||||||
Total liabilities accounted for at fair value on a recurring basis | $ | (1,273 | ) | $ | — | $ | (1,247 | ) | $ | (26 | ) | ||||||||||||||||||||
[1] | Includes OTC and OTC-cleared derivative instruments in a net asset value position after consideration of the impact of collateral posting requirements which may be imposed by agreements, clearinghouse rules, and applicable law. As of December 31, 2014 and 2013, $413 and $128, respectively, of cash collateral liability was netted against the derivative asset value in the Consolidated Balance Sheets and is excluded from the table above. See footnote 4 below for derivative liabilities. | ||||||||||||||||||||||||||||||
[2] | Represents hedge funds where investment company accounting has been applied to a wholly-owned fund of funds measured at fair value. | ||||||||||||||||||||||||||||||
[3] | Approximately $2.5 billion and $2.4 billion of investment sales receivable, as of December 31, 2014 and 2013, respectively, are excluded from this disclosure requirement because they are trade receivables in the ordinary course of business where the carrying amount approximates fair value. | ||||||||||||||||||||||||||||||
[4] | Includes OTC and OTC-cleared derivative instruments in a net negative market value position (derivative liability) after consideration of the impact of collateral posting requirements which may be imposed by agreements, clearing house rules and applicable law. In the Level 3 roll-forward table included below in this Note 5, the derivative assets and liabilities are referred to as “freestanding derivatives” and are presented on a net basis. | ||||||||||||||||||||||||||||||
[5] | Represents embedded derivatives associated with non-funding agreement-backed consumer equity linked notes. | ||||||||||||||||||||||||||||||
Determination of Fair Values | |||||||||||||||||||||||||||||||
The valuation methodologies used to determine the fair values of assets and liabilities under the “exit price” notion, reflect market participant objectives and are based on the application of the fair value hierarchy that prioritizes relevant observable market inputs over unobservable inputs. The Company determines the fair values of certain financial assets and liabilities based on quoted market prices where available, and where prices represent a reasonable estimate of fair value. The Company also determines fair value based on future cash flows discounted at the appropriate current market rate. Fair values reflect adjustments for counterparty credit quality, the Company’s default spreads, liquidity, and where appropriate, risk margins on unobservable parameters. The following is a discussion of the methodologies used to determine fair values for the financial instruments listed in the above tables. | |||||||||||||||||||||||||||||||
The fair value process is monitored by the Valuation Committee, which is a cross-functional group of senior management within the Company that meets at least quarterly. The Valuation Committee is co-chaired by the Heads of Investment Operations and Accounting, and has representation from various investment sector professionals, accounting, operations, legal, compliance and risk management. The purpose of the committee is to oversee the pricing policy and procedures by ensuring objective and reliable valuation practices and pricing of financial instruments, as well as addressing valuation issues and approving changes to valuation methodologies and pricing sources. There are also two working groups under the Valuation Committee, a Securities Fair Value Working Group (“Securities Working Group”) and a Derivatives Fair Value Working Group ("Derivatives Working Group"), which include various investment, operations, accounting and risk management professionals that meet monthly to review market data trends, pricing and trading statistics and results, and any proposed pricing methodology changes described in more detail in the following paragraphs. | |||||||||||||||||||||||||||||||
The Company also has an enterprise-wide Operational Risk Management function, led by the Chief Operational Risk Officer, which is responsible for establishing, maintaining and communicating the framework, principles and guidelines of the Company's operational risk management program. This includes model risk management which provides an independent review of the suitability, characteristics and reliability of model inputs, as well as an analysis of significant changes to current models. | |||||||||||||||||||||||||||||||
Fixed Maturities, AFS; Equity Securities, AFS; Equity Securities, FVO; Fixed Maturities, FVO, Equity Securities, Trading; and Short-term Investments | |||||||||||||||||||||||||||||||
The fair value of AFS and FVO securities, equity securities, trading, and short-term investments in an active and orderly market (e.g. not distressed or forced liquidation) are determined by management after considering the following primary sources of information: quoted prices for identical assets or liabilities, third-party pricing services, independent broker quotations, or pricing matrices. Security pricing is applied using a “waterfall” approach whereby publicly available prices are first sought from third-party pricing services, and the remaining unpriced securities are submitted to independent brokers for prices, or priced using a pricing matrix. Typical inputs used by these pricing methods include, but are not limited to, reported trades, benchmark yields, issuer spreads, bids, offers, and/or estimated cash flows, prepayment speeds, and default rates. Based on the typical trading volumes and the lack of quoted market prices for fixed maturities, third-party pricing services will normally derive the security prices from recent reported trades for identical or similar securities making adjustments through the reporting date based upon available market observable information as outlined above. If there are no recently reported trades, the third-party pricing services and independent brokers may use matrix or model processes to develop a security price where future cash flow expectations are developed based upon collateral performance and discounted at an estimated market rate. Included in the pricing of ABS and RMBS are estimates of the rate of future prepayments of principal over the remaining life of the securities. Such estimates are derived based on the characteristics of the underlying structure and prepayment speeds previously experienced at the interest rate levels projected for the underlying collateral. Actual prepayment experience may vary from these estimates. | |||||||||||||||||||||||||||||||
Prices from third-party pricing services are often unavailable for securities that are rarely traded or are traded only in privately negotiated transactions. As a result, certain securities are priced via independent broker quotations which utilize inputs that may be difficult to corroborate with observable market based data. Additionally, the majority of these independent broker quotations are non-binding. | |||||||||||||||||||||||||||||||
A pricing matrix is used to price private placement securities for which the Company is unable to obtain a price from a third-party pricing service by discounting the expected future cash flows from the security by a developed market discount rate utilizing current credit spreads. Credit spreads are developed each month using market based data for public securities adjusted for credit spread differentials between public and private securities which are obtained from a survey of multiple private placement brokers. The appropriate credit spreads determined through this survey approach are based upon the issuer’s financial strength and term to maturity, utilizing an independent public security index and trade information and adjusting for the non-public nature of the securities. | |||||||||||||||||||||||||||||||
The Securities Working Group performs ongoing analysis of the prices and credit spreads received from third parties to ensure that the prices represent a reasonable estimate of the fair value. This process involves quantitative and qualitative analysis and is overseen by investment and accounting professionals. As a part of this analysis, the Company considers trading volume, new issuance activity and other factors to determine whether the market activity is significantly different than normal activity in an active market, and if so, whether transactions may not be orderly considering the weight of available evidence. If the available evidence indicates that pricing is based upon transactions that are stale or not orderly, the Company places little, if any, weight on the transaction price and will estimate fair value utilizing an internal pricing model. In addition, the Company ensures that prices received from independent brokers represent a reasonable estimate of fair value through the use of internal and external cash flow models developed based on spreads, and when available, market indices. As a result of this analysis, if the Company determines that there is a more appropriate fair value based upon the available market data, the price received from the third party is adjusted accordingly and approved by the Valuation Committee. The Company’s internal pricing model utilizes the Company’s best estimate of expected future cash flows discounted at a rate of return that a market participant would require. The significant inputs to the model include, but are not limited to, current market inputs, such as credit loss assumptions, estimated prepayment speeds and market risk premiums. | |||||||||||||||||||||||||||||||
The Company conducts other specific monitoring controls around pricing. Daily analyses identify price changes over 3% for fixed maturities and 5% for equity securities and trade prices that differ over 3% to the current day's price. Weekly analyses identify prices that differ more than 5% from published bond prices of a corporate bond index. Monthly analyses identify price changes over 3%, prices that have not changed, and missing prices. Also on a monthly basis, a second source validation is performed on most sectors. Analyses are conducted by a dedicated pricing unit that follows up with trading and investment sector professionals and challenges prices with vendors when the estimated assumptions used differ from what the Company feels a market participant would use. Any changes from the identified pricing source are verified by further confirmation of assumptions used. Examples of other procedures performed include, but are not limited to, initial and on-going review of third-party pricing services’ methodologies, review of pricing statistics and trends, and back testing recent trades. | |||||||||||||||||||||||||||||||
The Company has analyzed the third-party pricing services’ valuation methodologies and related inputs, and has also evaluated the various types of securities in its investment portfolio to determine an appropriate fair value hierarchy level based upon trading activity and the observability of market inputs. Most prices provided by third-party pricing services are classified into Level 2 because the inputs used in pricing the securities are market observable. Due to a general lack of transparency in the process that brokers use to develop prices, most valuations that are based on brokers’ prices are classified as Level 3. Some valuations may be classified as Level 2 if the price can be corroborated with observable market data. | |||||||||||||||||||||||||||||||
Derivative Instruments, including embedded derivatives within investments | |||||||||||||||||||||||||||||||
Derivative instruments are fair valued using pricing valuation models for OTC derivatives that utilize independent market data inputs, quoted market prices for exchange-traded and OTC-cleared derivatives, or independent broker quotations. Excluding embedded and reinsurance related derivatives, as of December 31, 2014 and 2013, 96% and 97%, respectively, of derivatives, based upon notional values, were priced by valuation models or quoted market prices. The remaining derivatives were priced by broker quotations. | |||||||||||||||||||||||||||||||
The Derivatives Working Group performs ongoing analysis of the valuations, assumptions and methodologies used to ensure that the prices represent a reasonable estimate of the fair value. The Company performs various controls on derivative valuations which include both quantitative and qualitative analysis. Analyses are conducted by a dedicated derivative pricing team that works directly with investment sector professionals to analyze impacts of changes in the market environment and investigate variances. There is a monthly analysis to identify market value changes greater than pre-defined thresholds, stale prices, missing prices and zero prices. Also on a monthly basis, a second source validation, typically to broker quotations, is performed for certain of the more complex derivatives, as well as for any existing deals with a market value greater than $10 and all new deals during the month. In addition, on a daily basis, market valuations are compared to counterparty valuations for OTC derivatives. A model validation review is performed on any new models, which typically includes detailed documentation and validation to a second source. The model validation documentation and results of validation are presented to the Valuation Committee for approval. There is a monthly control to review changes in pricing sources to ensure that new models are not moved to production until formally approved. | |||||||||||||||||||||||||||||||
The Company utilizes derivative instruments to manage the risk associated with certain assets and liabilities. However, the derivative instrument may not be classified with the same fair value hierarchy level as the associated assets and liabilities. Therefore the realized and unrealized gains and losses on derivatives reported in the Level 3 rollforward may not reflect the offsetting impact of the realized and unrealized gains and losses of the associated assets and liabilities. | |||||||||||||||||||||||||||||||
Limited partnerships and other alternative investments | |||||||||||||||||||||||||||||||
A portion of limited partnerships and other alternative investments include hedge funds where investment company accounting has been applied to a wholly-owned fund of funds measured at fair value. These funds are fair valued using the net asset value per share or equivalent (“NAV”), as a practical expedient, calculated on a monthly basis and is the amount at which a unit or shareholder may redeem their investment, if redemption is allowed. Certain impediments to redemption include, but are not limited to the following: 1) redemption notice periods vary and may be as long as 90 days, 2) redemption may be restricted (e.g. only be allowed on a quarter-end), 3) a holding period referred to as a lock-up may be imposed whereby an investor must hold their investment for a specified period of time before they can make a notice for redemption, 4) gating provisions may limit all redemptions in a given period to a percentage of the entities' equity interests, or may only allow an investor to redeem a portion of their investment at one time and 5) early redemption penalties may be imposed that are expressed as a percentage of the amount redeemed. The Company regularly assesses impediments to redemption and current market conditions that will restrict the redemption at the end of the notice period. Any funds that are subject to significant liquidity restrictions are reported in Level 3; all others have been classified as Level 2. | |||||||||||||||||||||||||||||||
Valuation Techniques and Inputs for Investments | |||||||||||||||||||||||||||||||
Generally, the Company determines the estimated fair value of its AFS and FVO securities, equity securities, trading, and short-term investments using the market approach. The income approach is used for securities priced using a pricing matrix, as well as for derivative instruments. Certain limited partnerships and other alternative investments are measured at fair value using a NAV as a practical expedient. For Level 1 investments, which are comprised of on-the-run U.S. Treasuries, exchange-traded equity securities, short-term investments, and exchange traded futures and option contracts, valuations are based on observable inputs that reflect quoted prices for identical assets in active markets that the Company has the ability to access at the measurement date. | |||||||||||||||||||||||||||||||
For most of the Company’s debt securities, the following inputs are typically used in the Company’s pricing methods: reported trades, benchmark yields, bids and/or estimated cash flows. For securities except U.S. Treasuries, inputs also include issuer spreads, which may consider credit default swaps. Derivative instruments are valued using mid-market inputs that are predominantly observable in the market. | |||||||||||||||||||||||||||||||
A description of additional inputs used in the Company’s Level 2 and Level 3 measurements is listed below: | |||||||||||||||||||||||||||||||
Level 2 | The fair values of most of the Company’s Level 2 investments are determined by management after considering prices received from third party pricing services. These investments include most fixed maturities and preferred stocks, including those reported in separate account assets; as well as, hedge funds where investment company accounting has been applied to a wholly-owned fund of funds measured at fair value, and derivative instruments. | ||||||||||||||||||||||||||||||
• | ABS, CDOs, CMBS and RMBS — Primary inputs also include monthly payment information, collateral performance, which varies by vintage year and includes delinquency rates, collateral valuation loss severity rates, collateral refinancing assumptions, credit default swap indices and, for ABS and RMBS, estimated prepayment rates. | ||||||||||||||||||||||||||||||
• | Corporates, including investment grade private placements — Primary inputs also include observations of credit default swap curves related to the issuer. | ||||||||||||||||||||||||||||||
• | Foreign government/government agencies - Primary inputs also include observations of credit default swap curves related to the issuer and political events in emerging market economies. | ||||||||||||||||||||||||||||||
• | Municipals — Primary inputs also include Municipal Securities Rulemaking Board reported trades and material event notices, and issuer financial statements. | ||||||||||||||||||||||||||||||
• | Short-term investments — Primary inputs also include material event notices and new issue money market rates. | ||||||||||||||||||||||||||||||
• | Equity securities, trading — Consist of investments in mutual funds. Primary inputs include net asset values obtained from third party pricing services. | ||||||||||||||||||||||||||||||
• | Credit derivatives — Primary inputs include the swap yield curve and credit default swap curves. | ||||||||||||||||||||||||||||||
• | Foreign exchange derivatives — Primary inputs include the swap yield curve, currency spot and forward rates, and cross currency basis curves. | ||||||||||||||||||||||||||||||
• | Interest rate derivatives — Primary input is the swap yield curve. | ||||||||||||||||||||||||||||||
• | Limited partnerships and other alternative investments — Primary inputs include a NAV for investment companies with no redemption restrictions as reported on their U.S. GAAP financial statements, which are recorded on a one-month lag. | ||||||||||||||||||||||||||||||
Level 3 | Most of the Company's securities classified as Level 3 include less liquid securities such as lower quality ABS, CMBS, commercial real estate ("CRE") CDOs and RMBS primarily backed by sub-prime loans. Securities included in level 3 are primarily valued based on broker prices or broker spreads, without adjustments. Primary inputs for non-broker priced investments, including structured securities, are consistent with the typical inputs used in Level 2 measurements noted above, but are Level 3 due to their less liquid markets. Additionally, certain long-dated securities are priced based on third party pricing services, including municipal securities, foreign government/government agencies, bank loans and below investment grade private placement securities. Primary inputs for these long-dated securities are consistent with the typical inputs used in Level 1 and Level 2 measurements noted above, but include benchmark interest rate or credit spread assumptions that are not observable in the marketplace. Level 3 investments also include hedge funds where investment company accounting has been applied to a wholly-owned fund of funds measured at fair value where the Company does not have the ability to redeem the investment in the near-term at the NAV. Also included in Level 3 are certain derivative instruments that either have significant unobservable inputs or are valued based on broker quotations. Significant inputs for these derivative contracts primarily include the typical inputs used in the Level 1 and Level 2 measurements noted above, but also include equity and interest rate volatility and swap yield curves beyond observable limits. | ||||||||||||||||||||||||||||||
Significant Unobservable Inputs for Level 3 Assets Measured at Fair Values | |||||||||||||||||||||||||||||||
The following tables present information about significant unobservable inputs used in Level 3 assets measured at fair value. The tables exclude securities such as ABS and CRE CDOs for which fair values are predominately based on broker quotations. | |||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||
Securities | Unobservable Inputs | ||||||||||||||||||||||||||||||
Assets accounted for at fair value on a recurring basis | Fair | Predominant | Significant Unobservable Input | Minimum | Maximum | Weighted Average [1] | Impact of | ||||||||||||||||||||||||
Value | Valuation | Increase in Input | |||||||||||||||||||||||||||||
Method | on Fair Value [2] | ||||||||||||||||||||||||||||||
CMBS | $ | 284 | Discounted cash flows | Spread (encompasses prepayment, default risk and loss severity) | 46 bps | 2,475 bps | 284 bps | Decrease | |||||||||||||||||||||||
Corporate [3] | 568 | Discounted cash flows | Spread | 123 bps | 765 bps | 279 bps | Decrease | ||||||||||||||||||||||||
Municipal [3] | 32 | Discounted cash flows | Spread | 212 bps | 212 bps | 212 bps | Decrease | ||||||||||||||||||||||||
RMBS | 1,281 | Discounted cash flows | Spread | 23 bps | 1,904 bps | 142 bps | Decrease | ||||||||||||||||||||||||
Constant prepayment rate | —% | 7.00% | 2.00% | Decrease [4] | |||||||||||||||||||||||||||
Constant default rate | 1.00% | 14.00% | 7.00% | Decrease | |||||||||||||||||||||||||||
Loss severity | —% | 100.00% | 78.00% | Decrease | |||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||
Securities | Unobservable Inputs | ||||||||||||||||||||||||||||||
Assets accounted for at fair value on a recurring basis | Fair | Predominant | Significant Unobservable Input | Minimum | Maximum | Weighted Average [1] | Impact of | ||||||||||||||||||||||||
Value | Valuation | Increase in Input | |||||||||||||||||||||||||||||
Method | on Fair Value [2] | ||||||||||||||||||||||||||||||
CMBS | $ | 663 | Discounted cash flows | Spread (encompasses prepayment, default risk and loss severity) | 99 bps | 3,000 bps | 527 bps | Decrease | |||||||||||||||||||||||
Corporate [3] | 665 | Discounted cash flows | Spread | 119 bps | 5,594 bps | 344 bps | Decrease | ||||||||||||||||||||||||
Municipal [3] | 29 | Discounted cash flows | Spread | 184 bps | 184 bps | 184 bps | Decrease | ||||||||||||||||||||||||
RMBS | 1,272 | Discounted cash flows | Spread | 62 bps | 1,748 bps | 232 bps | Decrease | ||||||||||||||||||||||||
Constant prepayment rate | —% | 10.00% | 3.00% | Decrease [4] | |||||||||||||||||||||||||||
Constant default rate | 1.00% | 22.00% | 8.00% | Decrease | |||||||||||||||||||||||||||
Loss severity | —% | 100.00% | 80.00% | Decrease | |||||||||||||||||||||||||||
[1] | The weighted average is determined based on the fair value of the securities. | ||||||||||||||||||||||||||||||
[2] | Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table above. | ||||||||||||||||||||||||||||||
[3] | Level 3 corporate and municipal securities excludes those for which the Company bases fair value on broker quotations as discussed below. | ||||||||||||||||||||||||||||||
[4] | Decrease for above market rate coupons and increase for below market rate coupons. | ||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||
Freestanding Derivatives | Unobservable Inputs | ||||||||||||||||||||||||||||||
Fair | Predominant Valuation | Significant | Minimum | Maximum | Impact of Increase in Input on Fair Value [1] | ||||||||||||||||||||||||||
Value | Method | Unobservable Input | |||||||||||||||||||||||||||||
Interest rate derivative | |||||||||||||||||||||||||||||||
Interest rate swaps | (29 | ) | Discounted cash flows | Swap curve beyond 30 years | 3 | % | 3 | % | Decrease | ||||||||||||||||||||||
Interest rate swaptions | 22 | Option model | Interest rate volatility | 1 | % | 1 | % | Increase | |||||||||||||||||||||||
GMWB hedging instruments | |||||||||||||||||||||||||||||||
Equity options | 46 | Option model | Equity volatility | 22 | % | 34 | % | Increase | |||||||||||||||||||||||
Customized swaps | 124 | Discounted cash flows | Equity volatility | 10 | % | 40 | % | Increase | |||||||||||||||||||||||
Macro hedge program | |||||||||||||||||||||||||||||||
Equity options | 141 | Option model | Equity volatility | 27 | % | 28 | % | Increase | |||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||
Freestanding Derivatives | Unobservable Inputs | ||||||||||||||||||||||||||||||
Fair | Predominant Valuation | Significant | Minimum | Maximum | Impact of Increase in Input on Fair Value [1] | ||||||||||||||||||||||||||
Value | Method | Unobservable Input | |||||||||||||||||||||||||||||
Interest rate derivative | |||||||||||||||||||||||||||||||
Interest rate swaps | (24 | ) | Discounted cash flows | Swap curve beyond 30 years | 4 | % | 4 | % | Increase | ||||||||||||||||||||||
Long interest rate swaptions | 42 | Option model | Interest rate volatility | 1 | % | 1 | % | Increase | |||||||||||||||||||||||
GMWB hedging instruments | |||||||||||||||||||||||||||||||
Equity options | 72 | Option model | Equity volatility | 21 | % | 29 | % | Increase | |||||||||||||||||||||||
Customized swaps | 74 | Discounted cash flows | Equity volatility | 10 | % | 50 | % | Increase | |||||||||||||||||||||||
Macro hedge program | |||||||||||||||||||||||||||||||
Equity options | 139 | Option model | Equity volatility | 24 | % | 31 | % | Increase | |||||||||||||||||||||||
International program hedging [2] | |||||||||||||||||||||||||||||||
Equity options | (35 | ) | Option model | Equity volatility | 24 | % | 37 | % | Increase | ||||||||||||||||||||||
Short interest rate swaptions | (13 | ) | Option model | Interest rate volatility | — | % | 1 | % | Decrease | ||||||||||||||||||||||
Long interest rate swaptions | 50 | Option model | Interest rate volatility | 1 | % | 1 | % | Increase | |||||||||||||||||||||||
[1] | Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table. Changes are based on long positions, unless otherwise noted. Changes in fair value will be inversely impacted for short positions. | ||||||||||||||||||||||||||||||
[2] | Excludes derivatives for which the Company based fair value on broker quotations. | ||||||||||||||||||||||||||||||
Securities and derivatives for which the Company bases fair value on broker quotations predominately include ABS, CDOs, corporate, fixed maturities, FVO and certain credit derivatives. Due to the lack of transparency in the process brokers use to develop prices for these investments, the Company does not have access to the significant unobservable inputs brokers use to price these securities and derivatives. The Company believes however, the types of inputs brokers may use would likely be similar to those used to price securities and derivatives for which inputs are available to the Company, and therefore may include, but not be limited to, loss severity rates, constant prepayment rates, constant default rates and credit spreads. Therefore, similar to non broker priced securities and derivatives, generally, increases in these inputs would cause fair values to decrease. For the year ended December 31, 2014, no significant adjustments were made by the Company to broker prices received. | |||||||||||||||||||||||||||||||
As of December 31, 2014 and 2013, excluded from the tables above are hedge funds where investment company accounting has been applied to a wholly-owned fund of funds measured at fair value which total $189 and $108, respectively, of Level 3 assets. The predominant valuation method uses a NAV calculated on a monthly basis and represents funds where the Company does not have the ability to redeem the investment in the near-term at that NAV, including an assessment of the investee's liquidity. | |||||||||||||||||||||||||||||||
Product Derivatives | |||||||||||||||||||||||||||||||
The Company formerly offered certain variable annuity products with GMWB riders. The GMWB provides the policyholder with a GRB which is generally equal to premiums less withdrawals. If the policyholder’s account value is reduced to the specified level through a combination of market declines and withdrawals but the GRB still has value, the Company is obligated to continue to make annuity payments to the policyholder until the GRB is exhausted. Certain contract provisions can increase the GRB at contractholder election or after the passage of time. The GMWB represents an embedded derivative in the variable annuity contract. When it is determined that (1) the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract, and (2) a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host for measurement purposes. The embedded derivative is carried at fair value, with changes in fair value reported in net realized capital gains and losses. The Company’s GMWB liability is reported in other policyholder funds and benefits payable in the Consolidated Balance Sheets. The notional value of the embedded derivative is the GRB. | |||||||||||||||||||||||||||||||
In valuing the embedded derivative, the Company attributes to the derivative a portion of the expected fees to be collected over the expected life of the contract from the contract holder equal to the present value of future GMWB claims. The excess of fees collected from the contract holder in the current period over the current period’s attributed fees are associated with the host variable annuity contract and reported in fee income. | |||||||||||||||||||||||||||||||
GMWB Reinsurance Derivative | |||||||||||||||||||||||||||||||
The Company has reinsurance arrangements in place to transfer a portion of its risk of loss due to GMWB. These arrangements are recognized as derivatives and carried at fair value in reinsurance recoverables. Changes in the fair value of the reinsurance agreements are reported in net realized capital gains and losses. | |||||||||||||||||||||||||||||||
The fair value of the GMWB reinsurance derivative is calculated as an aggregation of the components described in the Living Benefits Required to be Fair Valued discussion below and is modeled using significant unobservable policyholder behavior inputs, identical to those used in calculating the underlying liability, such as lapses, fund selection, resets and withdrawal utilization and risk margins. | |||||||||||||||||||||||||||||||
Living Benefits Required to be Fair Valued (in Other Policyholder Funds and Benefits Payable) | |||||||||||||||||||||||||||||||
Fair values for GMWBs classified as embedded derivatives are calculated using the income approach based upon internally developed models because active, observable markets do not exist for those items. The fair value of these GMWBs and the related reinsurance and customized freestanding derivatives are calculated as an aggregation of the following components: Best Estimate Claim Payments; Credit Standing Adjustment; and Margins. The resulting aggregation is reconciled or calibrated, if necessary, to market information that is, or may be, available to the Company, but may not be observable by other market participants, including reinsurance discussions and transactions. The Company believes the aggregation of these components, as necessary and as reconciled or calibrated to the market information available to the Company, results in an amount that the Company would be required to transfer or receive, for an asset, to or from market participants in an active liquid market, if one existed, for those market participants to assume the risks associated with the guaranteed minimum benefits and the related reinsurance and customized derivatives. The fair value is likely to materially diverge from the ultimate settlement of the liability as the Company believes settlement will be based on our best estimate assumptions rather than those best estimate assumptions plus risk margins. In the absence of any transfer of the guaranteed benefit liability to a third party, the release of risk margins is likely to be reflected as realized gains in future periods’ net income. Each component described below is unobservable in the marketplace and require subjectivity by the Company in determining their value. Oversight of the Company's valuation policies and processes for product and GMWB reinsurance derivatives is performed by a multidisciplinary group comprised of finance, actuarial and risk management professionals. This multidisciplinary group reviews and approves changes and enhancements to the Company's valuation model as well as associated controls. | |||||||||||||||||||||||||||||||
Best Estimate | |||||||||||||||||||||||||||||||
Claim Payments | |||||||||||||||||||||||||||||||
The Best Estimate Claim Payments is calculated based on actuarial and capital market assumptions related to projected cash flows, including the present value of benefits and related contract charges, over the lives of the contracts, incorporating expectations concerning policyholder behavior such as lapses, fund selection, resets and withdrawal utilization. For the customized derivatives, policyholder behavior is prescribed in the derivative contract. Because of the dynamic and complex nature of these cash flows, best estimate assumptions and a Monte Carlo stochastic process is used in valuation. The Monte Carlo stochastic process involves the generation of thousands of scenarios that assume risk neutral returns consistent with swap rates and a blend of observable implied index volatility levels. Estimating these cash flows involves numerous estimates and subjective judgments regarding a number of variables. These variables include expected market rates of return, market volatility, correlations of market index returns to funds, fund performance, discount rates, and assumptions about policyholder behavior which emerge over time. | |||||||||||||||||||||||||||||||
At each valuation date, the Company assumes expected returns based on: | |||||||||||||||||||||||||||||||
• | risk-free rates as represented by the Eurodollar futures, LIBOR deposits and swap rates to derive forward curve rates; | ||||||||||||||||||||||||||||||
• | market implied volatility assumptions for each underlying index based primarily on a blend of observed market “implied volatility” data; | ||||||||||||||||||||||||||||||
• | correlations of historical returns across underlying well known market indices based on actual observed returns over the ten years preceding the valuation date; and | ||||||||||||||||||||||||||||||
• | three years of history for fund indexes compared to separate account fund regression. | ||||||||||||||||||||||||||||||
On a daily basis, the Company updates capital market assumptions used in the GMWB liability model such as interest rates, equity indices and the blend of implied equity index volatilities. The Company monitors various aspects of policyholder behavior and may modify certain of its assumptions, including living benefit lapses and withdrawal rates, if credible emerging data indicates that changes are warranted. In addition, the Company will continue to evaluate policyholder behavior assumptions as we begin to implement initiatives to reduce the size of the variable annuity business. At a minimum, all policyholder behavior assumptions are reviewed and updated, as appropriate, in conjunction with the completion of the Company’s comprehensive study to refine its estimate of future gross profits during the third quarter of each year. | |||||||||||||||||||||||||||||||
Credit Standing Adjustment | |||||||||||||||||||||||||||||||
This assumption makes an adjustment that market participants would make, in determining fair value, to reflect the risk that guaranteed benefit obligations, or the GMWB reinsurance recoverables will not be fulfilled. The Company incorporates a blend of observable Company and reinsurer credit default spreads from capital markets, adjusted for market recoverability. The credit standing adjustment assumption, net of reinsurance, resulted in pre-tax realized gains (losses) of $3, $(13) and $(69), for the years ended December 31, 2014, 2013 and 2012, respectively. As of December 31, 2014 and 2013, the credit standing adjustment was $1 and $(1), respectively. | |||||||||||||||||||||||||||||||
Margins | |||||||||||||||||||||||||||||||
The behavior risk margin adds a margin that market participants would require, in determining fair value, for the risk that the Company’s assumptions about policyholder behavior could differ from actual experience. The behavior risk margin is calculated by taking the difference between adverse policyholder behavior assumptions and best estimate assumptions. | |||||||||||||||||||||||||||||||
Assumption updates, including policyholder behavior assumptions, affected best estimates and margins for total pre-tax realized gains of $31, $75 and $274 for the years ended December 31, 2014, 2013 and 2012, respectively. As of December 31, 2014 and 2013, the behavior risk margin was $74 and $108, respectively. | |||||||||||||||||||||||||||||||
In addition to the non-market-based updates described above, the Company recognized non-market-based updates driven by the relative outperformance (underperformance) of the underlying actively managed funds as compared to their respective indices resulting in pre-tax realized gains (losses) of approximately $5, $33 and $106 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||
Significant unobservable inputs used in the fair value measurement of the GMWB embedded derivative and the GMWB reinsurance derivative are withdrawal utilization and withdrawal rates, lapse rates, reset elections and equity volatility. The following table provides quantitative information about the significant unobservable inputs and is applicable to all of the GMWB embedded derivative and the GMWB reinsurance derivative. Significant increases in any of the significant unobservable inputs, in isolation, will generally have an increase or decrease correlation with the fair value measurement, as shown in the table. | |||||||||||||||||||||||||||||||
Significant Unobservable Input | Unobservable Inputs (Minimum) | Unobservable Inputs (Maximum) | Impact of Increase in Input | ||||||||||||||||||||||||||||
on Fair Value Measurement [1] | |||||||||||||||||||||||||||||||
Withdrawal Utilization [2] | 20% | 100% | Increase | ||||||||||||||||||||||||||||
Withdrawal Rates [3] | —% | 8% | Increase | ||||||||||||||||||||||||||||
Lapse Rates [4] | —% | 75% | Decrease | ||||||||||||||||||||||||||||
Reset Elections [5] | 20% | 75% | Increase | ||||||||||||||||||||||||||||
Equity Volatility [6] | 10% | 40% | Increase | ||||||||||||||||||||||||||||
[1] | Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table. | ||||||||||||||||||||||||||||||
[2] | Range represents assumed cumulative percentages of policyholders taking withdrawals. | ||||||||||||||||||||||||||||||
[3] | Range represents assumed cumulative annual amount withdrawn by policyholders. | ||||||||||||||||||||||||||||||
[4] | Range represents assumed annual percentages of full surrender of the underlying variable annuity contracts across all policy durations for in force business. | ||||||||||||||||||||||||||||||
[5] | Range represents assumed cumulative percentages of policyholders that would elect to reset their guaranteed benefit base. | ||||||||||||||||||||||||||||||
[6] | Range represents implied market volatilities for equity indices based on multiple pricing sources. | ||||||||||||||||||||||||||||||
Generally a change in withdrawal utilization assumptions would be accompanied by a directionally opposite change in lapse rate assumptions, as the behavior of policyholders that utilize GMWB riders is typically different from policyholders that do not utilize these riders. | |||||||||||||||||||||||||||||||
Separate Account Assets | |||||||||||||||||||||||||||||||
Separate account assets are primarily invested in mutual funds. Other separate account assets include fixed maturities, limited partnerships, equity securities, short-term investments and derivatives that are valued in the same manner, and using the same pricing sources and inputs, as those investments held by the Company. Separate account assets classified as Level 3 primarily include limited partnerships in which fair value represents the separate account's share of the fair value of the equity in the investment ("net asset value") and are classified in Level 3, based on the Company's ability to redeem its investments. | |||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||||||||
The tables below provide fair value roll-forwards for the years ended December 31, 2014 and 2013, for the financial instruments classified as Level 3. | |||||||||||||||||||||||||||||||
For the year ended December 31, 2014 | |||||||||||||||||||||||||||||||
Fixed Maturities, AFS | |||||||||||||||||||||||||||||||
Assets | ABS | CDOs | CMBS | Corporate | Foreign | Municipal | RMBS | Total Fixed | Fixed | ||||||||||||||||||||||
govt./govt. | Maturities, | Maturities, | |||||||||||||||||||||||||||||
agencies | AFS | FVO | |||||||||||||||||||||||||||||
Fair value as of January 1, 2014 | $ | 147 | $ | 664 | $ | 663 | $ | 1,274 | $ | 65 | $ | 69 | $ | 1,272 | $ | 4,154 | $ | 193 | |||||||||||||
Total realized/unrealized gains (losses) | |||||||||||||||||||||||||||||||
Included in net income [1], [2], [6] | — | 12 | 28 | (24 | ) | (2 | ) | — | 11 | 25 | 19 | ||||||||||||||||||||
Included in OCI [3] | 3 | (4 | ) | (27 | ) | 10 | 9 | 7 | 12 | 10 | — | ||||||||||||||||||||
Purchases | 72 | 48 | 126 | 145 | 15 | 16 | 494 | 916 | 16 | ||||||||||||||||||||||
Settlements | (3 | ) | (60 | ) | (253 | ) | (46 | ) | (4 | ) | — | (193 | ) | (559 | ) | (136 | ) | ||||||||||||||
Sales | (18 | ) | (12 | ) | (123 | ) | (205 | ) | (24 | ) | (1 | ) | (260 | ) | (643 | ) | (4 | ) | |||||||||||||
Transfers into Level 3 [4] | 75 | 72 | 17 | 255 | — | — | — | 419 | 6 | ||||||||||||||||||||||
Transfers out of Level 3 [4] | (154 | ) | (97 | ) | (147 | ) | (369 | ) | — | (25 | ) | (55 | ) | (847 | ) | (2 | ) | ||||||||||||||
Fair value as of December 31, 2014 | $ | 122 | $ | 623 | $ | 284 | $ | 1,040 | $ | 59 | $ | 66 | $ | 1,281 | $ | 3,475 | $ | 92 | |||||||||||||
Changes in unrealized gains (losses) included in net income related to financial instruments still held at December 31, 2014 [2] [7] | $ | — | $ | — | $ | (3 | ) | $ | (15 | ) | $ | (2 | ) | $ | — | $ | (1 | ) | $ | (21 | ) | $ | 16 | ||||||||
Freestanding Derivatives [5] | |||||||||||||||||||||||||||||||
Assets (Liabilities) | Equity | Credit | Foreign exchange contracts | Equity | Interest | GMWB | Macro | Intl. | Other | Total Free- | |||||||||||||||||||||
Securities, | Rate | Hedging | Hedge | Program | Contracts | Standing | |||||||||||||||||||||||||
AFS | Program | Hedging | Derivatives [5] | ||||||||||||||||||||||||||||
Fair value as of January 1, 2014 | $ | 77 | $ | 2 | $ | — | $ | 3 | $ | 18 | $ | 146 | $ | 139 | $ | (29 | ) | $ | 17 | $ | 296 | ||||||||||
Total realized/unrealized gains (losses) | |||||||||||||||||||||||||||||||
Included in net income [1], [2], [6] | 3 | (4 | ) | 2 | 3 | (42 | ) | 13 | (12 | ) | 28 | (5 | ) | (17 | ) | ||||||||||||||||
Included in OCI [3] | 2 | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Purchases | 30 | (7 | ) | — | — | 19 | 4 | 14 | 9 | — | 39 | ||||||||||||||||||||
Settlements | — | — | — | — | — | 7 | — | (41 | ) | — | (34 | ) | |||||||||||||||||||
Sales | (14 | ) | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Transfers into Level 3 [4] | — | — | (2 | ) | — | — | — | — | — | — | (2 | ) | |||||||||||||||||||
Transfers out of Level 3 [4] | — | — | — | — | (2 | ) | — | — | 33 | — | 31 | ||||||||||||||||||||
Fair value as of December 31, 2014 | $ | 98 | $ | (9 | ) | $ | — | $ | 6 | $ | (7 | ) | $ | 170 | $ | 141 | $ | — | $ | 12 | $ | 313 | |||||||||
Changes in unrealized gains (losses) included in net income related to financial instruments still held at December 31, 2014 [2] [7] | $ | (2 | ) | $ | (4 | ) | $ | — | $ | 1 | $ | (43 | ) | $ | (1 | ) | $ | (11 | ) | $ | (18 | ) | $ | (3 | ) | $ | (79 | ) | |||
Assets | Limited Partnerships and Other Alternative Investments | Reinsurance | Separate Accounts | ||||||||||||||||||||||||||||
Recoverable | |||||||||||||||||||||||||||||||
for GMWB | |||||||||||||||||||||||||||||||
Fair value as of January 1, 2014 | $ | 108 | $ | 29 | $ | 737 | |||||||||||||||||||||||||
Total realized/unrealized gains (losses) | |||||||||||||||||||||||||||||||
Included in net income [1] [2] [6] | 1 | 4 | 13 | ||||||||||||||||||||||||||||
Included in OCI [3] | — | — | — | ||||||||||||||||||||||||||||
Purchases | 130 | — | 339 | ||||||||||||||||||||||||||||
Settlements | — | 23 | (3 | ) | |||||||||||||||||||||||||||
Sales | (24 | ) | — | (201 | ) | ||||||||||||||||||||||||||
Transfers into Level 3 [4] | 53 | — | 37 | ||||||||||||||||||||||||||||
Transfers out of Level 3 [4] | (79 | ) | — | (344 | ) | ||||||||||||||||||||||||||
Fair value as of December 31, 2014 | $ | 189 | $ | 56 | $ | 578 | |||||||||||||||||||||||||
Changes in unrealized gains (losses) included in net income related to financial instruments still held at December 31, 2014 [2] [7] | $ | 1 | $ | 4 | $ | 8 | |||||||||||||||||||||||||
Other Policyholder Funds and Benefits Payable | |||||||||||||||||||||||||||||||
Liabilities | Guaranteed | International | International | Equity | Total Other | Consumer | |||||||||||||||||||||||||
Withdrawal | Guaranteed | Other Living | Linked | Policyholder | Notes | ||||||||||||||||||||||||||
Benefits | Living | Benefits | Notes | Funds and | |||||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||||||||
Payable | |||||||||||||||||||||||||||||||
Fair value as of January 1, 2014 | $ | (36 | ) | $ | 3 | $ | 3 | $ | (18 | ) | $ | (48 | ) | $ | (2 | ) | |||||||||||||||
Total realized/unrealized gains (losses) | |||||||||||||||||||||||||||||||
Included in net income [1] [2] [6] | (2 | ) | — | — | (8 | ) | (10 | ) | (1 | ) | |||||||||||||||||||||
Settlements | (101 | ) | (3 | ) | (3 | ) | — | (107 | ) | — | |||||||||||||||||||||
Fair value as of December 31, 2014 | $ | (139 | ) | $ | — | $ | — | $ | (26 | ) | $ | (165 | ) | $ | (3 | ) | |||||||||||||||
Changes in unrealized gains (losses) included in net income related to financial instruments still held at December 31, 2014 [2] [7] | $ | (2 | ) | $ | — | $ | — | $ | (8 | ) | $ | (10 | ) | $ | (1 | ) | |||||||||||||||
For the year ended December 31, 2013 | |||||||||||||||||||||||||||||||
Fixed Maturities, AFS | |||||||||||||||||||||||||||||||
Assets | ABS | CDOs | CMBS | Corporate | Foreign | Municipal | RMBS | Total Fixed | Fixed | ||||||||||||||||||||||
govt./govt. | Maturities, | Maturities, | |||||||||||||||||||||||||||||
agencies | AFS | FVO | |||||||||||||||||||||||||||||
Fair value as of January 1, 2013 | $ | 278 | $ | 944 | $ | 859 | $ | 2,001 | $ | 56 | $ | 227 | $ | 1,373 | $ | 5,738 | $ | 214 | |||||||||||||
Total realized/unrealized gains (losses) | |||||||||||||||||||||||||||||||
Included in net income [1], [2], [6] | (9 | ) | 22 | (27 | ) | 5 | (2 | ) | 2 | 38 | 29 | 59 | |||||||||||||||||||
Included in OCI [3] | 31 | 138 | 115 | (12 | ) | (9 | ) | (11 | ) | 52 | 304 | — | |||||||||||||||||||
Purchases | 96 | 92 | 50 | 180 | 45 | 21 | 371 | 855 | 19 | ||||||||||||||||||||||
Settlements | (8 | ) | (126 | ) | (142 | ) | (132 | ) | (4 | ) | — | (186 | ) | (598 | ) | (3 | ) | ||||||||||||||
Sales | (139 | ) | (365 | ) | (208 | ) | (403 | ) | (15 | ) | (126 | ) | (375 | ) | (1,631 | ) | (94 | ) | |||||||||||||
Transfers into Level 3 [4] | 3 | 32 | 65 | 149 | — | — | — | 249 | 2 | ||||||||||||||||||||||
Transfers out of Level 3 [4] | (105 | ) | (73 | ) | (49 | ) | (514 | ) | (6 | ) | (44 | ) | (1 | ) | (792 | ) | (4 | ) | |||||||||||||
Fair value as of December 31, 2013 | $ | 147 | $ | 664 | $ | 663 | $ | 1,274 | $ | 65 | $ | 69 | $ | 1,272 | $ | 4,154 | $ | 193 | |||||||||||||
Changes in unrealized gains (losses) included in net income related to financial instruments still held at December 31, 2013 [2] [7] | $ | (7 | ) | $ | — | $ | (10 | ) | $ | (9 | ) | $ | — | $ | — | $ | (1 | ) | $ | (27 | ) | $ | 43 | ||||||||
Freestanding Derivatives [5] | |||||||||||||||||||||||||||||||
Assets (Liabilities) | Equity | Credit | Equity | Interest | GMWB | Macro | Intl. | Other | Total Free- | ||||||||||||||||||||||
Securities, | Rate | Hedging | Hedge | Program | Contracts | Standing | |||||||||||||||||||||||||
AFS | Program | Hedging | Derivatives [5] | ||||||||||||||||||||||||||||
Fair value as of January 1, 2013 | $ | 84 | $ | 4 | $ | 57 | $ | (32 | ) | $ | 519 | $ | 286 | $ | 68 | $ | 23 | $ | 925 | ||||||||||||
Total realized/unrealized gains (losses) | |||||||||||||||||||||||||||||||
Included in net income [1], [2], [6] | (15 | ) | — | (37 | ) | 24 | (372 | ) | (191 | ) | (112 | ) | (6 | ) | (694 | ) | |||||||||||||||
Included in OCI [3] | 6 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Purchases | 14 | — | — | (3 | ) | — | 44 | (38 | ) | — | 3 | ||||||||||||||||||||
Settlements | — | (2 | ) | (7 | ) | 3 | (4 | ) | — | (1 | ) | — | (11 | ) | |||||||||||||||||
Sales | (3 | ) | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Transfers into Level 3 [4] | — | — | — | — | — | — | (8 | ) | — | (8 | ) | ||||||||||||||||||||
Transfers out of Level 3 [4] | (9 | ) | — | (10 | ) | 26 | 3 | — | 62 | — | 81 | ||||||||||||||||||||
Fair value as of December 31, 2013 | $ | 77 | $ | 2 | $ | 3 | $ | 18 | $ | 146 | $ | 139 | $ | (29 | ) | $ | 17 | $ | 296 | ||||||||||||
Changes in unrealized gains (losses) included in net income related to financial instruments still held at December 31, 2013 [2] [7] | $ | (15 | ) | $ | (1 | ) | $ | (22 | ) | $ | 9 | $ | (390 | ) | $ | (187 | ) | $ | (382 | ) | $ | (6 | ) | $ | (979 | ) | |||||
Assets | Limited Partnerships and Other Alternative Investments | Reinsurance Recoverable | Separate Accounts | ||||||||||||||||||||||||||||
for GMWB | |||||||||||||||||||||||||||||||
Fair value as of January 1, 2013 | $ | 314 | $ | 191 | $ | 583 | |||||||||||||||||||||||||
Total realized/unrealized gains (losses) | |||||||||||||||||||||||||||||||
Included in net income [1] [2] [6] | (18 | ) | (192 | ) | 23 | ||||||||||||||||||||||||||
Purchases | 135 | — | 250 | ||||||||||||||||||||||||||||
Settlements | — | 30 | (2 | ) | |||||||||||||||||||||||||||
Sales | (22 | ) | — | (88 | ) | ||||||||||||||||||||||||||
Transfers into Level 3 [4] | — | — | 45 | ||||||||||||||||||||||||||||
Transfers out of Level 3 [4] | (301 | ) | — | (74 | ) | ||||||||||||||||||||||||||
Fair value as of December 31, 2013 | $ | 108 | $ | 29 | $ | 737 | |||||||||||||||||||||||||
Changes in unrealized gains (losses) included in net income related to financial instruments still held at December 31, 2013 [2] [7] | $ | (18 | ) | $ | (192 | ) | $ | 21 | |||||||||||||||||||||||
Other Policyholder Funds and Benefits Payable | |||||||||||||||||||||||||||||||
Liabilities | Guaranteed | International | International | Equity | Total Other | Consumer | |||||||||||||||||||||||||
Withdrawal | Guaranteed | Other Living | Linked | Policyholder | Notes | ||||||||||||||||||||||||||
Benefits | Living | Benefits | Notes | Funds and | |||||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||||||||
Payable | |||||||||||||||||||||||||||||||
Fair value as of January 1, 2013 | $ | (1,249 | ) | $ | (50 | ) | $ | 2 | $ | (7 | ) | $ | (1,304 | ) | $ | (2 | ) | ||||||||||||||
Total realized/unrealized gains (losses) | |||||||||||||||||||||||||||||||
Included in net income [1] [2] [6] | 1,306 | 13 | 3 | (10 | ) | 1,312 | — | ||||||||||||||||||||||||
Settlements | (93 | ) | 40 | (2 | ) | (1 | ) | (56 | ) | — | |||||||||||||||||||||
Fair value as of December 31, 2013 | $ | (36 | ) | $ | 3 | $ | 3 | $ | (18 | ) | $ | (48 | ) | $ | (2 | ) | |||||||||||||||
Changes in unrealized gains (losses) included in net income related to financial instruments still held at December 31, 2013 [2] [7] | $ | 1,306 | $ | 13 | $ | 3 | $ | (10 | ) | $ | 1,312 | $ | — | ||||||||||||||||||
[1] | The Company classifies gains and losses on GMWB reinsurance derivatives and GMWB embedded derivatives as unrealized gains (losses) for purposes of disclosure in this table because it is impracticable to track on a contract-by-contract basis the realized gains (losses) for these derivatives and embedded derivatives. | ||||||||||||||||||||||||||||||
[2] | All amounts in these rows are reported in net realized capital gains/losses. The realized/unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on net income for the Company. All amounts are before income taxes and amortization DAC. | ||||||||||||||||||||||||||||||
[3] | All amounts are before income taxes and amortization of DAC. | ||||||||||||||||||||||||||||||
[4] | Transfers in and/or (out) of Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs. | ||||||||||||||||||||||||||||||
[5] | Derivative instruments are reported in this table on a net basis for asset/(liability) positions and reported in the Consolidated Balance Sheets in other investments and other liabilities. | ||||||||||||||||||||||||||||||
[6] | Includes both market and non-market impacts in deriving realized and unrealized gains (losses). | ||||||||||||||||||||||||||||||
[7] | Amounts presented are for Level 3 only and therefore may not agree to other disclosures included herein. | ||||||||||||||||||||||||||||||
Fair Value Option | |||||||||||||||||||||||||||||||
The Company classifies the underlying fixed maturities held in certain consolidated investment funds within the Fixed Maturities, FVO line on the Consolidated Balance Sheets. The Company reports consolidated investment companies at fair value with changes in the fair value of these securities recognized in net realized capital gains and losses, which is consistent with accounting requirements for investment companies. The investment funds hold fixed income securities in multiple sectors and the Company has management and control of the funds as well as a significant ownership interest. | |||||||||||||||||||||||||||||||
FVO investments also include certain securities that contain embedded credit derivatives with underlying credit risk primarily related to residential and commercial real estate. | |||||||||||||||||||||||||||||||
The Company also elected the fair value option for certain equity securities in order to align the accounting with total return swap contracts that hedge the risk associated with the investments. The swaps do not qualify for hedge accounting and the change in value of both the equity securities and the total return swap are recorded in net realized capital gains and losses. These equity securities are classified within equity securities, AFS on the Consolidated Balance Sheets. Income earned from FVO securities is recorded in net investment income and changes in fair value are recorded in net realized capital gains and losses. | |||||||||||||||||||||||||||||||
The Company previously held fair value option investments in foreign government securities that aligned with the accounting for yen-based fixed annuity liabilities, which are adjusted for changes in foreign-exchange spot rates. These investments were previously held in a U.S. subsidiary and were disposed of as a consequence of the recapture of certain risks by HLIKK. For further discussion on the sale, see the Sale of Hartford Life Insurance KK section in Note 2 - Business Dispositions of Notes to Consolidated Financial Statements. The change in fair value on these investments was previously recorded as a component of net realized capital gains and losses, but has been reclassified to discontinued operations. | |||||||||||||||||||||||||||||||
The following table presents the changes in fair value of those assets and liabilities accounted for using the fair value option reported in net realized capital gains and losses in the Company’s Consolidated Statements of Operations. | |||||||||||||||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||
Fixed maturities, FVO | |||||||||||||||||||||||||||||||
Corporate | $ | (3 | ) | $ | (13 | ) | |||||||||||||||||||||||||
CRE CDOs | 18 | 11 | |||||||||||||||||||||||||||||
Foreign government | — | (4 | ) | ||||||||||||||||||||||||||||
RMBS | (1 | ) | — | ||||||||||||||||||||||||||||
Total fixed maturities, FVO | $ | 14 | $ | (6 | ) | ||||||||||||||||||||||||||
Equity, FVO | (3 | ) | — | ||||||||||||||||||||||||||||
Total realized capital gains (losses) | $ | 11 | $ | (6 | ) | ||||||||||||||||||||||||||
The following table presents the fair value of assets and liabilities accounted for using the fair value option included in the Company’s Consolidated Balance Sheets. | |||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||
Fixed maturities, FVO | |||||||||||||||||||||||||||||||
ABS | $ | 15 | $ | 3 | |||||||||||||||||||||||||||
CRE CDOs | 69 | 183 | |||||||||||||||||||||||||||||
CMBS | 22 | 8 | |||||||||||||||||||||||||||||
Corporate | 133 | 92 | |||||||||||||||||||||||||||||
Foreign government | 30 | 518 | |||||||||||||||||||||||||||||
U.S. government | 2 | 24 | |||||||||||||||||||||||||||||
Municipals | 2 | 1 | |||||||||||||||||||||||||||||
RMBS | 215 | 15 | |||||||||||||||||||||||||||||
Total fixed maturities, FVO | $ | 488 | $ | 844 | |||||||||||||||||||||||||||
Equity, FVO [1] | $ | 348 | $ | — | |||||||||||||||||||||||||||
[1] | Included in equity securities, AFS on the Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||
Financial Instruments Not Carried at Fair Value | |||||||||||||||||||||||||||||||
The following table presents carrying amounts and fair values of The Hartford’s financial instruments not carried at fair value and not included in the above fair value discussion as of December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
Fair Value | Carrying | Fair | Carrying | Fair | |||||||||||||||||||||||||||
Hierarchy | Amount | Value | Amount | Value | |||||||||||||||||||||||||||
Level | |||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||
Policy loans | Level 3 | $ | 1,431 | $ | 1,431 | $ | 1,420 | $ | 1,480 | ||||||||||||||||||||||
Mortgage loans | Level 3 | 5,556 | 5,840 | 5,598 | 5,641 | ||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||
Other policyholder funds and benefits payable [1] | Level 3 | $ | 7,304 | $ | 7,522 | $ | 9,152 | $ | 9,352 | ||||||||||||||||||||||
Senior notes [2] | Level 2 | 5,009 | 5,837 | 5,206 | 5,845 | ||||||||||||||||||||||||||
Junior subordinated debentures [2] | Level 2 | 1,100 | 1,291 | 1,100 | 1,271 | ||||||||||||||||||||||||||
Revolving credit facility | Level 2 | — | — | 238 | 238 | ||||||||||||||||||||||||||
Consumer notes [3] [4] | Level 3 | 68 | 68 | 82 | 82 | ||||||||||||||||||||||||||
Assumed investment contracts [4] | Level 3 | 763 | 851 | — | — | ||||||||||||||||||||||||||
[1] | Excludes guarantees on variable annuities, group accident and health and universal life insurance contracts, including corporate owned life insurance. | ||||||||||||||||||||||||||||||
[2] | Included in long-term debt in the Consolidated Balance Sheets, except for current maturities, which are included in short-term debt. | ||||||||||||||||||||||||||||||
[3] | Excludes amounts carried at fair value and included in preceding disclosures. | ||||||||||||||||||||||||||||||
[4] | Included in other liabilities in the Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||
Fair values for policy loans were determined using current loan coupon rates, which reflect the current rates available under the contracts. As a result, the carrying value approximates the fair value of the policy loans. During the second quarter of 2014, the Company changed the valuation technique used to estimate the fair value of policy loans, which previously was estimated by utilizing discounted cash flow calculations, using U.S. Treasury interest rates, based on the loan durations. | |||||||||||||||||||||||||||||||
Fair values for mortgage loans were estimated using discounted cash flow calculations based on current lending rates for similar type loans. Current lending rates reflect changes in credit spreads and the remaining terms of the loans. | |||||||||||||||||||||||||||||||
Fair values for other policyholder funds and benefits payable, and assumed investment contracts, not carried at fair value, are estimated based on the cash surrender values of the underlying policies or by estimating future cash flows discounted at current interest rates adjusted for credit risk. | |||||||||||||||||||||||||||||||
Fair values for senior notes and junior subordinated debentures are determined using the market approach based on reported trades, benchmark interest rates and issuer spread for the Company which may consider credit default swaps. | |||||||||||||||||||||||||||||||
Fair values for consumer notes were estimated using discounted cash flow calculations using current interest rates adjusted for estimated loan durations. |
Investments_and_Derivative_Ins
Investments and Derivative Instruments Level 1 (Notes) | 12 Months Ended | ||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||
Investments and Derivative Instruments [Abstract] | |||||||||||||||||||||||||||||||
Investments and Derivative Instruments [Text Block] | Net Investment Income (Loss) | ||||||||||||||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||||||||||||||
(Before-tax) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
Fixed maturities [1] | $ | 2,420 | $ | 2,552 | $ | 3,299 | |||||||||||||||||||||||||
Equity securities, AFS | 38 | 30 | 36 | ||||||||||||||||||||||||||||
Mortgage loans | 265 | 260 | 334 | ||||||||||||||||||||||||||||
Policy loans | 80 | 83 | 119 | ||||||||||||||||||||||||||||
Limited partnerships and other alternative investments | 294 | 287 | 196 | ||||||||||||||||||||||||||||
Other investments [2] | 179 | 167 | 248 | ||||||||||||||||||||||||||||
Investment expenses | (122 | ) | (115 | ) | (105 | ) | |||||||||||||||||||||||||
Total net investment income | $ | 3,154 | $ | 3,264 | $ | 4,127 | |||||||||||||||||||||||||
[1] | Includes net investment income on short-term investments. | ||||||||||||||||||||||||||||||
[2] | Includes income from derivatives that hedge fixed maturities and qualify for hedge accounting. | ||||||||||||||||||||||||||||||
Net Realized Capital Gains (Losses) | |||||||||||||||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||||||||||||||
(Before-tax) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
Gross gains on sales [1] | $ | 527 | $ | 2,313 | $ | 801 | |||||||||||||||||||||||||
Gross losses on sales | (250 | ) | (659 | ) | (420 | ) | |||||||||||||||||||||||||
Net OTTI losses recognized in earnings [2] | (59 | ) | (73 | ) | (349 | ) | |||||||||||||||||||||||||
Valuation allowances on mortgage loans | (4 | ) | (1 | ) | 14 | ||||||||||||||||||||||||||
Periodic net coupon settlements on credit derivatives | 1 | (8 | ) | (18 | ) | ||||||||||||||||||||||||||
Results of variable annuity hedge program | |||||||||||||||||||||||||||||||
GMWB derivatives, net | 5 | 262 | 519 | ||||||||||||||||||||||||||||
Macro hedge program | (11 | ) | (234 | ) | (340 | ) | |||||||||||||||||||||||||
Total results of variable annuity hedge program | (6 | ) | 28 | 179 | |||||||||||||||||||||||||||
Other, net [3] | (193 | ) | 198 | 290 | |||||||||||||||||||||||||||
Net realized capital gains | $ | 16 | $ | 1,798 | $ | 497 | |||||||||||||||||||||||||
[1] | Includes $1.5 billion of gains relating to the sales of the Retirement Plans and Individual Life businesses in the year ended December 31, 2013. | ||||||||||||||||||||||||||||||
[2] | Includes $177 of intent-to-sell impairments relating to the Retirement Plans and Individual Life businesses sold for the year ended December 31, 2012. | ||||||||||||||||||||||||||||||
[3] | Primarily consists of changes in the value of non-qualifying derivatives, including interest rate derivatives used to manage the risk of a rise in interest rates and manage duration, transactional foreign currency revaluation gains (losses) on the Japan fixed payout annuity liabilities assumed from HLIKK and gains (losses) on non-qualifying derivatives used to hedge the foreign currency exposure of the liabilities. For the years ended December 31, 2014, 2013, and 2012, gains (losses) from transactional foreign currency revaluation of the Japan fixed payout annuity liabilities were $116, $250, and $189, respectively. For the years ended December 31, 2014, 2013, and 2012, gains (losses) on instruments used to hedge the foreign currency exposure on the fixed payout annuities were $(148), $(268), and $(300), respectively. Also includes $71 and $110 of gains relating to the sales of the Retirement Plans and Individual Life businesses for the years ended December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||
Net realized capital gains and losses from investment sales are reported as a component of revenues and are determined on a specific identification basis. Before tax, net gains and losses on sales and impairments previously reported as unrealized gains in AOCI were $217, $1.5 billion, and $32 for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||||||||||||||||||||||
Sales of Available-for-Sale Securities | |||||||||||||||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||
Fixed maturities, AFS | |||||||||||||||||||||||||||||||
Sale proceeds | $ | 22,923 | $ | 39,225 | $ | 41,442 | |||||||||||||||||||||||||
Gross gains [1] | 456 | 2,143 | 825 | ||||||||||||||||||||||||||||
Gross losses | (182 | ) | (645 | ) | (399 | ) | |||||||||||||||||||||||||
Equity securities, AFS | |||||||||||||||||||||||||||||||
Sale proceeds | $ | 354 | $ | 274 | $ | 295 | |||||||||||||||||||||||||
Gross gains | 22 | 96 | 34 | ||||||||||||||||||||||||||||
Gross losses | (20 | ) | (6 | ) | (20 | ) | |||||||||||||||||||||||||
[1] | Includes $1.5 billion of gross gains related to the sale of the Individual Life and Retirement Plans businesses for the year ended December 31, 2013. | ||||||||||||||||||||||||||||||
Sales of AFS securities in 2014 were primarily a result of duration and liquidity management, as well as tactical changes to the portfolio as a result of changing market conditions. | |||||||||||||||||||||||||||||||
Other-Than-Temporary Impairment Losses | |||||||||||||||||||||||||||||||
The following table presents a roll-forward of the Company’s cumulative credit impairments on debt securities held as of December 31, 2014, 2013 and 2012. | |||||||||||||||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||||||||||||||
(Before-tax) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
Balance as of beginning of period | $ | (552 | ) | $ | (1,013 | ) | $ | (1,676 | ) | ||||||||||||||||||||||
Additions for credit impairments recognized on [1]: | |||||||||||||||||||||||||||||||
Securities not previously impaired | (15 | ) | (19 | ) | (28 | ) | |||||||||||||||||||||||||
Securities previously impaired | (22 | ) | (13 | ) | (20 | ) | |||||||||||||||||||||||||
Reductions for credit impairments previously recognized on: | |||||||||||||||||||||||||||||||
Securities that matured or were sold during the period | 138 | 469 | 700 | ||||||||||||||||||||||||||||
Securities the Company made the decision to sell or more likely than not will be required to sell | — | 2 | — | ||||||||||||||||||||||||||||
Securities due to an increase in expected cash flows | 27 | 22 | 11 | ||||||||||||||||||||||||||||
Balance as of end of period | $ | (424 | ) | $ | (552 | ) | $ | (1,013 | ) | ||||||||||||||||||||||
[1] | These additions are included in the net OTTI losses recognized in earnings in the Consolidated Statements of Operations. | ||||||||||||||||||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||||||||||||||
The following table presents the Company’s AFS securities by type. | |||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
Cost or | Gross | Gross | Fair | Non- | Cost or | Gross | Gross | Fair | Non- | ||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Value | Credit | Amortized | Unrealized | Unrealized | Value | Credit | ||||||||||||||||||||||
Cost | Gains | Losses | OTTI [1] | Cost | Gains | Losses | OTTI [1] | ||||||||||||||||||||||||
ABS | $ | 2,470 | $ | 39 | $ | (37 | ) | $ | 2,472 | $ | (1 | ) | $ | 2,404 | $ | 25 | $ | (64 | ) | $ | 2,365 | $ | (2 | ) | |||||||
CDOs [2] | 2,776 | 98 | (36 | ) | 2,841 | — | 2,340 | 108 | (59 | ) | 2,387 | — | |||||||||||||||||||
CMBS | 4,235 | 196 | (16 | ) | 4,415 | (6 | ) | 4,288 | 216 | (58 | ) | 4,446 | (6 | ) | |||||||||||||||||
Corporate | 25,188 | 2,382 | (211 | ) | 27,359 | (3 | ) | 27,013 | 1,823 | (346 | ) | 28,490 | (7 | ) | |||||||||||||||||
Foreign govt./govt. agencies | 1,592 | 73 | (29 | ) | 1,636 | — | 4,228 | 52 | (176 | ) | 4,104 | — | |||||||||||||||||||
Municipal | 11,735 | 1,141 | (5 | ) | 12,871 | — | 11,932 | 425 | (184 | ) | 12,173 | — | |||||||||||||||||||
RMBS | 3,815 | 122 | (19 | ) | 3,918 | (1 | ) | 4,639 | 90 | (82 | ) | 4,647 | (4 | ) | |||||||||||||||||
U.S. Treasuries | 3,551 | 326 | (5 | ) | 3,872 | — | 3,797 | 7 | (59 | ) | 3,745 | — | |||||||||||||||||||
Total fixed maturities, AFS | 55,362 | 4,377 | (358 | ) | 59,384 | (11 | ) | 60,641 | 2,746 | (1,028 | ) | 62,357 | (19 | ) | |||||||||||||||||
Equity securities, AFS [3] | 676 | 50 | (27 | ) | 699 | — | 850 | 67 | (49 | ) | 868 | — | |||||||||||||||||||
Total AFS securities | $ | 56,038 | $ | 4,427 | $ | (385 | ) | $ | 60,083 | $ | (11 | ) | $ | 61,491 | $ | 2,813 | $ | (1,077 | ) | $ | 63,225 | $ | (19 | ) | |||||||
[1] | Represents the amount of cumulative non-credit OTTI losses recognized in OCI on securities that also had credit impairments. These losses are included in gross unrealized losses as of December 31, 2014 and 2013. | ||||||||||||||||||||||||||||||
[2] | Gross unrealized gains (losses) exclude the fair value of bifurcated embedded derivative features of certain securities. Subsequent changes in value will be recorded in net realized capital gains (losses). | ||||||||||||||||||||||||||||||
[3] | As of December 31, 2014, excludes equity securities, FVO, with a cost of $351 and fair value of $348, which are included in equity securities, AFS on the Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||
The following table presents the Company’s fixed maturities, AFS, by contractual maturity year. | |||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
Contractual Maturity | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||||||
One year or less | $ | 2,141 | $ | 2,168 | $ | 2,195 | $ | 2,228 | |||||||||||||||||||||||
Over one year through five years | 11,264 | 11,827 | 11,930 | 12,470 | |||||||||||||||||||||||||||
Over five years through ten years | 8,802 | 9,226 | 10,814 | 11,183 | |||||||||||||||||||||||||||
Over ten years | 19,859 | 22,517 | 22,031 | 22,631 | |||||||||||||||||||||||||||
Subtotal | 42,066 | 45,738 | 46,970 | 48,512 | |||||||||||||||||||||||||||
Mortgage-backed and asset-backed securities | 13,296 | 13,646 | 13,671 | 13,845 | |||||||||||||||||||||||||||
Total fixed maturities, AFS | $ | 55,362 | $ | 59,384 | $ | 60,641 | $ | 62,357 | |||||||||||||||||||||||
Estimated maturities may differ from contractual maturities due to security call or prepayment provisions. Due to the potential for variability in payment spreads (i.e. prepayments or extensions), mortgage-backed and asset-backed securities are not categorized by contractual maturity. | |||||||||||||||||||||||||||||||
Concentration of Credit Risk | |||||||||||||||||||||||||||||||
The Company aims to maintain a diversified investment portfolio including issuer, sector and geographic stratification, where applicable, and has established certain exposure limits, diversification standards and review procedures to mitigate credit risk. | |||||||||||||||||||||||||||||||
The Company did not have exposure to any credit concentration risk of a single issuer greater than 10% of the Company's stockholders' equity, other than the U.S. government and certain U.S. government securities as of December 31, 2014. As of December 31, 2013, the Company's only exposure to any credit concentration risk of a single issuer greater than 10% of the Company's stockholders' equity, other than the U.S. government and certain U.S. government securities, was the Government of Japan, which represents $2.6 billion, or 14% of stockholders' equity, and 3% of total invested assets. As of December 31, 2014, other than U.S. government and certain U.S. government agencies, the Company’s three largest exposures by issuer were the State of Illinois, JP Morgan Chase &Co., and Goldman Sachs Group Inc. which each comprised less than 1% of total invested assets. As of December 31, 2013, other than U.S. government and certain U.S. government agencies, the Company’s three largest exposures by issuer were the Government of Japan, Goldman Sachs Group Inc., and State of Illinois which each comprised less than 4% of total invested assets. The Company’s three largest exposures by sector as of December 31, 2014 were municipal securities, financial services, and utilities which comprised approximately 17%, 7% and 6%, respectively, of total invested assets. The Company’s three largest exposures by sector as of December 31, 2013 were municipal investments, utilities, and financial services which comprised approximately 15%, 8% and 7%, respectively, of total invested assets. | |||||||||||||||||||||||||||||||
Security Unrealized Loss Aging | |||||||||||||||||||||||||||||||
The following tables present the Company’s unrealized loss aging for AFS securities by type and length of time the security was in a continuous unrealized loss position. | |||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||
Amortized Cost | Fair Value | Unrealized Losses | Amortized Cost | Fair Value | Unrealized Losses | Amortized Cost | Fair Value | Unrealized Losses | |||||||||||||||||||||||
ABS | $ | 897 | $ | 893 | $ | (4 | ) | $ | 473 | $ | 440 | $ | (33 | ) | $ | 1,370 | $ | 1,333 | $ | (37 | ) | ||||||||||
CDOs [1] | 748 | 743 | (5 | ) | 1,489 | 1,461 | (31 | ) | 2,237 | 2,204 | (36 | ) | |||||||||||||||||||
CMBS | 230 | 227 | (3 | ) | 319 | 306 | (13 | ) | 549 | 533 | (16 | ) | |||||||||||||||||||
Corporate | 3,082 | 2,980 | (102 | ) | 1,177 | 1,068 | (109 | ) | 4,259 | 4,048 | (211 | ) | |||||||||||||||||||
Foreign govt./govt. agencies | 363 | 349 | (14 | ) | 227 | 212 | (15 | ) | 590 | 561 | (29 | ) | |||||||||||||||||||
Municipal | 74 | 73 | (1 | ) | 86 | 82 | (4 | ) | 160 | 155 | (5 | ) | |||||||||||||||||||
RMBS | 320 | 318 | (2 | ) | 433 | 416 | (17 | ) | 753 | 734 | (19 | ) | |||||||||||||||||||
U.S. Treasuries | 432 | 431 | (1 | ) | 361 | 357 | (4 | ) | 793 | 788 | (5 | ) | |||||||||||||||||||
Total fixed maturities, AFS | 6,146 | 6,014 | (132 | ) | 4,565 | 4,342 | (226 | ) | 10,711 | 10,356 | (358 | ) | |||||||||||||||||||
Equity securities, AFS [2] | 172 | 160 | (12 | ) | 102 | 87 | (15 | ) | 274 | 247 | (27 | ) | |||||||||||||||||||
Total securities in an unrealized loss position | $ | 6,318 | $ | 6,174 | $ | (144 | ) | $ | 4,667 | $ | 4,429 | $ | (241 | ) | $ | 10,985 | $ | 10,603 | $ | (385 | ) | ||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||
Amortized Cost | Fair Value | Unrealized Losses | Amortized Cost | Fair Value | Unrealized Losses | Amortized Cost | Fair Value | Unrealized Losses | |||||||||||||||||||||||
ABS | $ | 893 | $ | 888 | $ | (5 | ) | $ | 477 | $ | 418 | $ | (59 | ) | $ | 1,370 | $ | 1,306 | $ | (64 | ) | ||||||||||
CDOs [1] | 137 | 135 | (2 | ) | 1,933 | 1,874 | (57 | ) | 2,070 | 2,009 | (59 | ) | |||||||||||||||||||
CMBS | 812 | 788 | (24 | ) | 610 | 576 | (34 | ) | 1,422 | 1,364 | (58 | ) | |||||||||||||||||||
Corporate | 4,922 | 4,737 | (185 | ) | 1,225 | 1,064 | (161 | ) | 6,147 | 5,801 | (346 | ) | |||||||||||||||||||
Foreign govt./govt. agencies | 2,961 | 2,868 | (93 | ) | 343 | 260 | (83 | ) | 3,304 | 3,128 | (176 | ) | |||||||||||||||||||
Municipal | 3,150 | 2,994 | (156 | ) | 190 | 162 | (28 | ) | 3,340 | 3,156 | (184 | ) | |||||||||||||||||||
RMBS | 2,046 | 2,008 | (38 | ) | 591 | 547 | (44 | ) | 2,637 | 2,555 | (82 | ) | |||||||||||||||||||
U.S. Treasuries | 2,914 | 2,862 | (52 | ) | 33 | 26 | (7 | ) | 2,947 | 2,888 | (59 | ) | |||||||||||||||||||
Total fixed maturities, AFS | 17,835 | 17,280 | (555 | ) | 5,402 | 4,927 | (473 | ) | 23,237 | 22,207 | (1,028 | ) | |||||||||||||||||||
Equity securities, AFS [2] | 196 | 188 | (8 | ) | 223 | 182 | (41 | ) | 419 | 370 | (49 | ) | |||||||||||||||||||
Total securities in an unrealized loss position | $ | 18,031 | $ | 17,468 | $ | (563 | ) | $ | 5,625 | $ | 5,109 | $ | (514 | ) | $ | 23,656 | $ | 22,577 | $ | (1,077 | ) | ||||||||||
[1] | Unrealized losses exclude the change in fair value of bifurcated embedded derivative features of certain securities. Subsequent changes in fair value are recorded in net realized capital gains (losses). | ||||||||||||||||||||||||||||||
[2] | As of December 31, 2014, excludes equity securities, FVO which are included in equity securities, AFS on the Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||
As of December 31, 2014, AFS securities in an unrealized loss position, consisted of 3,065 securities, primarily in the corporate sector, which are depressed primarily due to an increase in interest rates and/or wider credit spreads since the securities were purchased. As of December 31, 2014, 92% of these securities were depressed less than 20% of cost or amortized cost. The decrease in unrealized losses during 2014 was primarily attributable to a decrease in interest rates. | |||||||||||||||||||||||||||||||
Most of the securities depressed for twelve months or more relate to certain floating rate corporate securities with greater than 10 years to maturity concentrated in the financial services sector and structured securities with exposure to commercial and residential real estate. Corporate securities are primarily depressed because the securities have floating-rate coupons and have long-dated maturities or are perpetual and current credit spreads are wider than when these securities were purchased. For certain commercial and residential real estate securities, current market spreads continue to be wider than spreads at the securities' respective purchase dates, even though credit spreads have continued to tighten over the past five years. The Company neither has an intention to sell nor does it expect to be required to sell the securities outlined above. | |||||||||||||||||||||||||||||||
Mortgage Loans | |||||||||||||||||||||||||||||||
December 31, 2014 | 31-Dec-13 | ||||||||||||||||||||||||||||||
Amortized Cost [1] | Valuation Allowance | Carrying Value | Amortized Cost [1] | Valuation Allowance | Carrying Value | ||||||||||||||||||||||||||
Total commercial mortgage loans | $ | 5,574 | $ | (18 | ) | $ | 5,556 | $ | 5,665 | $ | (67 | ) | $ | 5,598 | |||||||||||||||||
[1] | Amortized cost represents carrying value prior to valuation allowances, if any. | ||||||||||||||||||||||||||||||
As of December 31, 2014 and 2013, the carrying value of mortgage loans associated with the valuation allowance was $140 and $191, respectively. Included in the table above are mortgage loans held-for-sale with a carrying value and valuation allowance of $61 and $3, respectively, as of December 31, 2013. The carrying value of these loans is included in mortgage loans in the Company’s Consolidated Balance Sheets. There were no mortgage loans held-for-sale as of December 31, 2014. As of December 31, 2014, loans within the Company’s mortgage loan portfolio that have had extensions or restructurings other than what is allowable under the original terms of the contract are immaterial. | |||||||||||||||||||||||||||||||
The following table presents the activity within the Company’s valuation allowance for mortgage loans. These loans have been evaluated both individually and collectively for impairment. Loans evaluated collectively for impairment are immaterial. | |||||||||||||||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||
Balance as of January 1 | $ | (67 | ) | $ | (68 | ) | $ | (102 | ) | ||||||||||||||||||||||
(Additions)/Reversals | (4 | ) | (2 | ) | 14 | ||||||||||||||||||||||||||
Deductions | 53 | 3 | 20 | ||||||||||||||||||||||||||||
Balance as of December 31 | $ | (18 | ) | $ | (67 | ) | $ | (68 | ) | ||||||||||||||||||||||
The decline in the valuation allowance as compared to December 31, 2013 resulted from the sale of the underlying collateral supporting one commercial mortgage loan. The loan was fully reserved for and the Company did not recover any proceeds as a result of the sale. | |||||||||||||||||||||||||||||||
The weighted-average LTV ratio of the Company’s commercial mortgage loan portfolio was 57% as of December 31, 2014, while the weighted-average LTV ratio at origination of these loans was 62%. LTV ratios compare the loan amount to the value of the underlying property collateralizing the loan. The loan values are updated no less than annually through property level reviews of the portfolio. Factors considered in the property valuation include, but are not limited to, actual and expected property cash flows, geographic market data and capitalization rates. DSCRs compare a property’s net operating income to the borrower’s principal and interest payments. The weighted average DSCR of the Company’s commercial mortgage loan portfolio was 2.51x as of December 31, 2014. As of December 31, 2014, the Company held only one delinquent commercial mortgage loan past due by 90 days or more. The carrying value and valuation allowance of this loan totaled $7 and $0, respectively, and was not accruing income. As of December 31, 2013, the Company held one delinquent commercial mortgage loan past due by 90 days or more. This loan had a total carrying value and valuation allowance totaled $0 and $50, respectively, and was not accruing income. | |||||||||||||||||||||||||||||||
The following table presents the carrying value of the Company’s commercial mortgage loans by LTV and DSCR. | |||||||||||||||||||||||||||||||
Commercial Mortgage Loans Credit Quality | |||||||||||||||||||||||||||||||
December 31, 2014 | 31-Dec-13 | ||||||||||||||||||||||||||||||
Loan-to-value | Carrying Value | Avg. Debt-Service Coverage Ratio | Carrying Value | Avg. Debt-Service Coverage Ratio | |||||||||||||||||||||||||||
Greater than 80% | $ | 53 | 1.07x | $ | 101 | 0.99x | |||||||||||||||||||||||||
65% - 80% | 789 | 1.75x | 1,195 | 1.82x | |||||||||||||||||||||||||||
Less than 65% | 4,714 | 2.66x | 4,302 | 2.53x | |||||||||||||||||||||||||||
Total commercial mortgage loans | $ | 5,556 | 2.51x | $ | 5,598 | 2.34x | |||||||||||||||||||||||||
The following tables present the carrying value of the Company’s mortgage loans by region and property type. | |||||||||||||||||||||||||||||||
Mortgage Loans by Region | |||||||||||||||||||||||||||||||
December 31, 2014 | 31-Dec-13 | ||||||||||||||||||||||||||||||
Carrying Value | Percent of Total | Carrying Value | Percent of Total | ||||||||||||||||||||||||||||
East North Central | $ | 211 | 3.8 | % | $ | 187 | 3.3 | % | |||||||||||||||||||||||
Middle Atlantic | 468 | 8.4 | % | 409 | 7.3 | % | |||||||||||||||||||||||||
Mountain | 88 | 1.6 | % | 104 | 1.9 | % | |||||||||||||||||||||||||
New England | 381 | 6.9 | % | 353 | 6.3 | % | |||||||||||||||||||||||||
Pacific | 1,607 | 29 | % | 1,587 | 28.3 | % | |||||||||||||||||||||||||
South Atlantic | 1,019 | 18.3 | % | 899 | 16.1 | % | |||||||||||||||||||||||||
West North Central | 44 | 0.8 | % | 47 | 0.8 | % | |||||||||||||||||||||||||
West South Central | 302 | 5.4 | % | 338 | 6 | % | |||||||||||||||||||||||||
Other [1] | 1,436 | 25.8 | % | 1,674 | 30 | % | |||||||||||||||||||||||||
Total mortgage loans | $ | 5,556 | 100 | % | $ | 5,598 | 100 | % | |||||||||||||||||||||||
[1] | Primarily represents loans collateralized by multiple properties in various regions. | ||||||||||||||||||||||||||||||
Mortgage Loans by Property Type | |||||||||||||||||||||||||||||||
December 31, 2014 | 31-Dec-13 | ||||||||||||||||||||||||||||||
Carrying Value | Percent of Total | Carrying Value | Percent of Total | ||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||
Agricultural | $ | 46 | 0.8 | % | $ | 125 | 2.2 | % | |||||||||||||||||||||||
Industrial | 1,476 | 26.6 | % | 1,718 | 30.7 | % | |||||||||||||||||||||||||
Lodging | 26 | 0.5 | % | 27 | 0.5 | % | |||||||||||||||||||||||||
Multifamily | 1,190 | 21.4 | % | 1,155 | 20.6 | % | |||||||||||||||||||||||||
Office | 1,517 | 27.3 | % | 1,278 | 22.8 | % | |||||||||||||||||||||||||
Retail | 1,147 | 20.6 | % | 1,140 | 20.4 | % | |||||||||||||||||||||||||
Other | 154 | 2.8 | % | 155 | 2.8 | % | |||||||||||||||||||||||||
Total mortgage loans | $ | 5,556 | 100 | % | $ | 5,598 | 100 | % | |||||||||||||||||||||||
Variable Interest Entities | |||||||||||||||||||||||||||||||
The Company is involved with various special purpose entities and other entities that are deemed to be VIEs primarily as a collateral or investment manager and as an investor through normal investment activities, as well as a means of accessing capital through a contingent capital facility. For further information on the facility, see Note 12 - Debt of Notes to Consolidated Financial Statements. | |||||||||||||||||||||||||||||||
A VIE is an entity that either has investors that lack certain essential characteristics of a controlling financial interest or lacks sufficient funds to finance its own activities without financial support provided by other entities. | |||||||||||||||||||||||||||||||
The Company performs ongoing qualitative assessments of its VIEs to determine whether the Company has a controlling financial interest in the VIE and therefore is the primary beneficiary. The Company is deemed to have a controlling financial interest when it has both the ability to direct the activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. Based on the Company’s assessment, if it determines it is the primary beneficiary, the Company consolidates the VIE in the Company’s Consolidated Financial Statements. | |||||||||||||||||||||||||||||||
Consolidated VIEs | |||||||||||||||||||||||||||||||
The following table presents the carrying value of assets and liabilities, and the maximum exposure to loss relating to the VIEs for which the Company is the primary beneficiary. Creditors have no recourse against the Company in the event of default by these VIEs nor does the Company have any implied or unfunded commitments to these VIEs. The Company’s financial or other support provided to these VIEs is limited to its collateral or investment management services and original investment. | |||||||||||||||||||||||||||||||
December 31, 2014 | 31-Dec-13 | ||||||||||||||||||||||||||||||
Total Assets | Total Liabilities [1] | Maximum Exposure to Loss [2] | Total Assets | Total Liabilities [1] | Maximum Exposure to Loss [2] | ||||||||||||||||||||||||||
CDOs [3] | $ | 5 | $ | 5 | $ | — | $ | 31 | $ | 33 | $ | — | |||||||||||||||||||
Investment funds [4] | 238 | — | 243 | 164 | — | 173 | |||||||||||||||||||||||||
Limited partnerships and other alternative investments | 3 | 1 | 2 | 4 | — | 4 | |||||||||||||||||||||||||
Total | $ | 246 | $ | 6 | $ | 245 | $ | 199 | $ | 33 | $ | 177 | |||||||||||||||||||
[1] | Included in other liabilities in the Company’s Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||
[2] | The maximum exposure to loss represents the maximum loss amount that the Company could recognize as a reduction in net investment income or as a realized capital loss and is the cost basis of the Company’s investment. | ||||||||||||||||||||||||||||||
[3] | Total assets included in fixed maturities, AFS and short-term investments, or cash in the Company’s Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||
[4] | Total assets included in fixed maturities, FVO, short-term investments, and equity, AFS in the Company's Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||
CDOs represent structured investment vehicles for which the Company has a controlling financial interest as it provides collateral management services, earns a fee for those services and also holds investments in the securities issued by these vehicles. Investment funds represent wholly-owned fixed income funds for which the Company has management and control of the investments which is the activity that most significantly impacts its economic performance. Limited partnerships represent one hedge fund for which the Company holds a majority interest in the fund as an investment. | |||||||||||||||||||||||||||||||
Non-Consolidated VIEs | |||||||||||||||||||||||||||||||
The Company holds a significant variable interest for one VIE for which it is not the primary beneficiary and, therefore, was not consolidated on the Company’s Consolidated Balance Sheets. This VIE represents a contingent capital facility (“facility”) that has been held by the Company since February 2007 for which the Company has no implied or unfunded commitments. Assets and liabilities recorded for the facility were $12 and $14 as of December 31, 2014, respectively, and $17 and $19, respectively, as of December 31, 2013. Additionally, the Company has a maximum exposure to loss of $3 and $3, respectively, as of December 31, 2014 and 2013, which represents the issuance costs that were incurred to establish the facility. The Company does not have a controlling financial interest as it does not manage the assets of the facility nor does it have the obligation to absorb losses or the right to receive benefits that could potentially be significant to the facility, as the asset manager has significant variable interest in the vehicle. The Company’s financial or other support provided to the facility is limited to providing ongoing support to cover the facility’s operating expenses. For further information on the facility, see Note 12 - Debt of Notes to Consolidated Financial Statements. | |||||||||||||||||||||||||||||||
In addition, the Company, through normal investment activities, makes passive investments in structured securities issued by VIEs for which the Company is not the manager which are included in ABS, CDOs, CMBS and RMBS in the Available-for-Sale Securities table and fixed maturities, FVO, in the Company’s Consolidated Balance Sheets. The Company has not provided financial or other support with respect to these investments other than its original investment. For these investments, the Company determined it is not the primary beneficiary due to the relative size of the Company’s investment in comparison to the principal amount of the structured securities issued by the VIEs, the level of credit subordination which reduces the Company’s obligation to absorb losses or right to receive benefits and the Company’s inability to direct the activities that most significantly impact the economic performance of the VIEs. The Company’s maximum exposure to loss on these investments is limited to the amount of the Company’s investment. | |||||||||||||||||||||||||||||||
Repurchase Agreements, Dollar Roll Transactions and Other Collateral Transactions | |||||||||||||||||||||||||||||||
From time to time, the Company enters into repurchase agreements and dollar roll transactions to manage liquidity or to earn incremental spread income. A repurchase agreement is a transaction in which one party (transferor) agrees to sell securities to another party (transferee) in return for cash (or securities), with a simultaneous agreement to repurchase the same securities at a specified price at a later date. A dollar roll is a type of repurchase agreement where a mortgage backed security is sold with an agreement to repurchase substantially the same security at a specified time in the future. These transactions generally have a contractual maturity of ninety days or less and the carrying amounts of these instruments approximates fair value. | |||||||||||||||||||||||||||||||
As part of repurchase agreements and dollar roll transactions, the Company transfers collateral of U.S. government and government agency securities and receives cash. For the repurchase agreements, the Company obtains cash in an amount equal to at least 95% of the fair value of the securities transferred. The agreements contain contractual provisions that require additional collateral to be transferred when necessary and provide the counterparty the right to sell or re-pledge the securities transferred. The cash received from the repurchase program is typically invested in short-term investments or fixed maturities. Repurchase agreements include master netting provisions that provide the counterparties the right to offset claims and apply securities held by them with respect to their obligations in the event of a default. Although the Company has the contractual right to offset claims, fixed maturities do not meet the specific conditions for net presentation under U.S. GAAP. The Company accounts for the repurchase agreements and dollar roll transactions as collateralized borrowings. The securities transferred under repurchase agreements and dollar roll transactions are included in fixed maturities, AFS with the obligation to repurchase those securities recorded in other liabilities on the Company's Consolidated Balance Sheets. | |||||||||||||||||||||||||||||||
The Company had no outstanding repurchase agreements or dollar roll transactions as of December 31, 2014 or December 31, 2013. | |||||||||||||||||||||||||||||||
The Company is required by law to deposit securities with government agencies in certain states in which it conducts business. As of December 31, 2014 and 2013, the fair value of securities on deposit was approximately $2.5 billion and $1.9 billion, respectively. | |||||||||||||||||||||||||||||||
As of December 31, 2013, the Company pledged as collateral $272 in Japan government bonds reported in fixed maturities, AFS, associated with short-term debt of $238. The collateral and short-term debt were related to the Japan variable and fixed annuity business and were transferred to the Buyer as of June 30, 2014. | |||||||||||||||||||||||||||||||
As of December 31, 2014 and 2013, the Company has pledged as collateral $34 and $34, respectively, of U.S. government securities and government agency securities for letters of credit. | |||||||||||||||||||||||||||||||
Refer to Derivative Collateral Arrangements section of this note for disclosure of collateral in support of derivative transactions. | |||||||||||||||||||||||||||||||
Equity Method Investments | |||||||||||||||||||||||||||||||
The majority of the Company's investments in limited partnerships and other alternative investments, including hedge funds, mortgage and real estate funds, mezzanine debt funds, and private equity and other funds (collectively, “limited partnerships”), are accounted for under the equity method of accounting. The Company’s maximum exposure to loss as of December 31, 2014 is limited to the total carrying value of $2.9 billion. In addition, the Company has outstanding commitments totaling $604 to fund limited partnership and other alternative investments as of December 31, 2014. The Company’s investments in limited partnerships are generally of a passive nature in that the Company does not take an active role in the management of the limited partnerships. In 2014, aggregate investment income from limited partnerships and other alternative investments exceeded 10% of the Company’s pre-tax consolidated net income. Accordingly, the Company is disclosing aggregated summarized financial data for the Company’s limited partnership investments. This aggregated summarized financial data does not represent the Company’s proportionate share of limited partnership assets or earnings. Aggregate total assets of the limited partnerships in which the Company invested totaled $85.8 billion and $85.6 billion as of December 31, 2014 and 2013, respectively. Aggregate total liabilities of the limited partnerships in which the Company invested totaled $10.6 billion and $11.4 billion as of December 31, 2014 and 2013, respectively. Aggregate net investment income of the limited partnerships in which the Company invested totaled $3.6 billion, $1.8 billion and $1.0 billion for the periods ended December 31, 2014, 2013 and 2012, respectively. Aggregate net income of the limited partnerships in which the Company invested totaled $9.6 billion, $8.4 billion and $7.2 billion for the periods ended December 31, 2014, 2013 and 2012, respectively. As of, and for the period ended, December 31, 2014, the aggregated summarized financial data reflects the latest available financial i | |||||||||||||||||||||||||||||||
Derivative Instruments | |||||||||||||||||||||||||||||||
The Company utilizes a variety of OTC, OTC-cleared and exchange traded derivative instruments as a part of its overall risk management strategy as well as to enter into replication transactions. Derivative instruments are used to manage risk associated with interest rate, equity market, credit spread, issuer default, price, and currency exchange rate risk or volatility. Replication transactions are used as an economical means to synthetically replicate the characteristics and performance of assets that would be permissible investments under the Company’s investment policies. The Company also may enter into and has previously issued financial instruments and products that either are accounted for as free-standing derivatives, such as certain reinsurance contracts, or may contain features that are deemed to be embedded derivative instruments, such as the GMWB rider included with certain variable annuity products. | |||||||||||||||||||||||||||||||
Strategies that qualify for hedge accounting | |||||||||||||||||||||||||||||||
Certain derivatives the Company enters into satisfy the hedge accounting requirements as outlined in Note 1 of these financial statements. Typically, these hedge relationships include interest rate and foreign currency swaps where the terms or expected cash flows of the securities being hedged closely match the terms of the swap. The swaps are typically used to manage interest rate duration of certain fixed maturity securities or liability contracts. The hedge strategies by hedge accounting designation include: | |||||||||||||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||||||||
Interest rate swaps are predominantly used to manage portfolio duration and better match cash receipts from assets with cash disbursements required to fund liabilities. These derivatives primarily convert interest receipts on floating-rate fixed maturity securities to fixed rates. The Company also enters into forward starting swap agreements to hedge the interest rate exposure related to the purchase of fixed-rate securities, primarily to hedge interest rate risk inherent in the assumptions used to price certain liabilities. | |||||||||||||||||||||||||||||||
Foreign currency swaps are used to convert foreign currency-denominated cash flows related to certain investment receipts and liability payments to U.S. dollars in order to reduce cash flow fluctuations due to changes in currency rates. | |||||||||||||||||||||||||||||||
Fair value hedges | |||||||||||||||||||||||||||||||
Interest rate swaps are used to hedge the changes in fair value of fixed maturity securities due to fluctuations in interest rates. | |||||||||||||||||||||||||||||||
Non-qualifying strategies | |||||||||||||||||||||||||||||||
Derivative relationships that do not qualify for hedge accounting (“non-qualifying strategies”) primarily include the hedge program for the Company's variable annuity products as well as the hedging and replication strategies that utilize credit default swaps. In addition, hedges of interest rate and foreign currency risk of certain fixed maturities and liabilities do not qualify for hedge accounting. | |||||||||||||||||||||||||||||||
The non-qualifying strategies include: | |||||||||||||||||||||||||||||||
Interest rate swaps, swaptions, and futures | |||||||||||||||||||||||||||||||
The Company may use interest rate swaps, swaptions, and futures to manage duration between assets and liabilities in certain investment portfolios. In addition, the Company enters into interest rate swaps to terminate existing swaps, thereby offsetting the changes in value of the original swap. As of December 31, 2014 and 2013, the notional amount of interest rate swaps in offsetting relationships was $13.1 billion and $6.9 billion, respectively. | |||||||||||||||||||||||||||||||
Foreign currency swaps and forwards | |||||||||||||||||||||||||||||||
The Company enters into foreign currency swaps and forwards to convert the foreign currency exposures of certain foreign currency-denominated fixed maturity investments to U.S. dollars. | |||||||||||||||||||||||||||||||
Japan fixed payout annuity hedge | |||||||||||||||||||||||||||||||
The Company formerly offered certain variable annuity products with a GMIB rider through HLIKK, a former indirect wholly-owned subsidiary that was sold on June 30, 2014. For further discussion on the sale, see the Sale of Hartford Life Insurance KK section in Note 2 - Business Dispositions of Notes to the Consolidated Financial Statements. The Company will continue to reinsure from HLIKK the Japan fixed payout annuities. The Company invests in U.S. dollar denominated assets to support the reinsurance liability. The Company entered into pay U.S. dollar, receive yen swap contracts to hedge the currency and yen interest rate exposure between the U.S. dollar denominated assets and the yen denominated fixed liability reinsurance payments. | |||||||||||||||||||||||||||||||
Credit contracts | |||||||||||||||||||||||||||||||
Credit default swaps are used to purchase credit protection on an individual entity or referenced index to economically hedge against default risk and credit-related changes in value on fixed maturity securities. Credit default swaps are also used to assume credit risk related to an individual entity or referenced index as a part of replication transactions. These contracts require the Company to pay or receive a periodic fee in exchange for compensation from the counterparty should the referenced security issuers experience a credit event, as defined in the contract. The Company is also exposed to credit risk related to credit derivatives embedded within certain fixed maturity securities which are comprised of structured securities that contain credit derivatives that reference a standard index of corporate securities. In addition, the Company enters into credit default swaps to terminate existing credit default swaps, thereby offsetting the changes in value of the original swap going forward. | |||||||||||||||||||||||||||||||
Equity index swaps and options | |||||||||||||||||||||||||||||||
Beginning in 2014, the Company entered into total return swaps to hedge equity risk of equity common stock investments which are accounted for using fair value option in order to align the accounting treatment with net realized capital gains (losses). The Company also enters into equity index options with the purpose of hedging the impact of an adverse equity market environment on the investment portfolio. In addition, the Company formerly offered certain equity indexed products, a portion of which contain embedded derivatives that require bifurcation. The Company uses equity index swaps to economically hedge the equity volatility risk associated with the equity indexed products. | |||||||||||||||||||||||||||||||
GMWB derivatives, net | |||||||||||||||||||||||||||||||
The Company formerly offered certain variable annuity products with GMWB riders. The GMWB product is a bifurcated embedded derivative (“GMWB product derivatives”) that has a notional value equal to the GRB. The Company uses reinsurance contracts to transfer a portion of its risk of loss due to GMWB. The reinsurance contracts covering GMWB (“GMWB reinsurance contracts”) are accounted for as free-standing derivatives with a notional amount equal to the GRB amount. | |||||||||||||||||||||||||||||||
The Company utilizes derivatives (“GMWB hedging instruments”) as part of an actively managed program designed to hedge a portion of the capital market risk exposures of the non-reinsured GMWB riders due to changes in interest rates, equity market levels, and equity volatility. These derivatives include customized swaps, interest rate swaps and futures, and equity swaps, options and futures, on certain indices including the S&P 500 index, EAFE index and NASDAQ index. The following table presents notional and fair value for GMWB hedging instruments. | |||||||||||||||||||||||||||||||
Notional Amount | Fair Value | ||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
Customized swaps | $ | 7,041 | $ | 7,839 | $ | 124 | $ | 74 | |||||||||||||||||||||||
Equity swaps, options, and futures | 3,761 | 4,237 | 39 | 44 | |||||||||||||||||||||||||||
Interest rate swaps and futures | 3,640 | 6,615 | 11 | (77 | ) | ||||||||||||||||||||||||||
Total | $ | 14,442 | $ | 18,691 | $ | 174 | $ | 41 | |||||||||||||||||||||||
Macro hedge program | |||||||||||||||||||||||||||||||
The Company utilizes equity options, swaps and foreign currency options to partially hedge against a decline in the equity markets and the resulting statutory surplus and capital impact primarily arising from the guaranteed minimum death benefit ("GMDB") and GMWB obligations. The following table presents notional and fair value for the macro hedge program. | |||||||||||||||||||||||||||||||
Notional Amount | Fair Value | ||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
Equity options and swaps | $ | 5,983 | $ | 9,934 | $ | 141 | $ | 139 | |||||||||||||||||||||||
Foreign currency options | 400 | — | — | — | |||||||||||||||||||||||||||
Total | $ | 6,383 | $ | 9,934 | $ | 141 | $ | 139 | |||||||||||||||||||||||
Contingent capital facility put option | |||||||||||||||||||||||||||||||
The Company entered into a put option agreement that provides the Company the right to require a third-party trust to purchase, at any time, The Hartford’s junior subordinated notes in a maximum aggregate principal amount of $500. Under the put option agreement, The Hartford will pay premiums on a periodic basis and will reimburse the trust for certain fees and ordinary expenses. | |||||||||||||||||||||||||||||||
Modified coinsurance reinsurance contracts | |||||||||||||||||||||||||||||||
As of December 31, 2014 and 2013, the Company had approximately $1.0 billion and $1.3 billion, respectively, of invested assets supporting other policyholder funds and benefits payable reinsured under a modified coinsurance arrangement in connection with the sale of the Individual Life business structured as a reinsurance transaction. The assets are primarily held in a trust established by the Company. The Company pays or receives cash quarterly to settle the results of the reinsured business, including the investment results. As a result of this modified coinsurance arrangement, the Company has an embedded derivative that transfers to the reinsurer certain unrealized changes in fair value due to interest rate and credit risks of these assets. The notional amounts of the embedded derivative reinsurance contracts are the invested assets that are carried at fair value supporting the reinsured reserves. | |||||||||||||||||||||||||||||||
Derivative Balance Sheet Classification | |||||||||||||||||||||||||||||||
The following table summarizes the balance sheet classification of the Company’s derivative related fair value amounts as well as the gross asset and liability fair value amounts. For reporting purposes, the Company has elected to offset the fair value amounts, income accruals, and related cash collateral receivables and payables of OTC derivative instruments executed in a legal entity and with the same counterparty under a master netting agreement, which provides the Company with the legal right of offset. The Company has also elected to offset the fair value amounts, income accruals and related cash collateral receivables and payables of OTC-cleared derivative instruments based on clearing house agreements. The fair value amounts presented below do not include income accruals or related cash collateral receivables and payables, which are netted with derivative fair value amounts to determine balance sheet presentation. Derivative fair value reported as liabilities after taking into account the master netting agreements, is $1.1 billion and $1.3 billion as of December 31, 2014 and 2013, respectively. Derivatives in the Company’s separate accounts where the associated gains and losses accrue directly to policyholders are not included. The Company’s derivative instruments are held for risk management purposes, unless otherwise noted in the following table. The notional amount of derivative contracts represents the basis upon which pay or receive amounts are calculated and is presented in the table to quantify the volume of the Company’s derivative activity. Notional amounts are not necessarily reflective of credit risk. The tables below exclude investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 5 - Fair Value Measurements of Notes to the Consolidated Financial Statements. | |||||||||||||||||||||||||||||||
Net Derivatives | Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||||||
Notional Amount | Fair Value | Fair Value | Fair Value | ||||||||||||||||||||||||||||
Hedge Designation/ Derivative Type | Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2014 | Dec 31, 2013 | |||||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||||||||
Interest rate swaps | $ | 3,999 | $ | 5,026 | $ | 44 | $ | (92 | ) | $ | 52 | $ | 50 | $ | (8 | ) | $ | (142 | ) | ||||||||||||
Foreign currency swaps | 143 | 143 | (19 | ) | (5 | ) | 3 | 2 | (22 | ) | (7 | ) | |||||||||||||||||||
Total cash flow hedges | 4,142 | 5,169 | 25 | (97 | ) | 55 | 52 | (30 | ) | (149 | ) | ||||||||||||||||||||
Fair value hedges | |||||||||||||||||||||||||||||||
Interest rate swaps | 32 | 1,799 | — | (24 | ) | — | 3 | — | (27 | ) | |||||||||||||||||||||
Total fair value hedges | 32 | 1,799 | — | (24 | ) | — | 3 | — | (27 | ) | |||||||||||||||||||||
Non-qualifying strategies | |||||||||||||||||||||||||||||||
Interest rate contracts | |||||||||||||||||||||||||||||||
Interest rate swaps, caps, floors, and futures | 15,254 | 8,453 | (512 | ) | (487 | ) | 536 | 171 | (1,048 | ) | (658 | ) | |||||||||||||||||||
Foreign exchange contracts | |||||||||||||||||||||||||||||||
Foreign currency swaps and forwards | 177 | 258 | 1 | (9 | ) | 3 | 6 | (2 | ) | (15 | ) | ||||||||||||||||||||
Japan fixed payout annuity hedge | 1,319 | 1,571 | (427 | ) | (354 | ) | — | — | (427 | ) | (354 | ) | |||||||||||||||||||
Japanese fixed annuity hedging instruments [1] | — | 1,436 | — | (6 | ) | — | 88 | — | (94 | ) | |||||||||||||||||||||
Credit contracts | |||||||||||||||||||||||||||||||
Credit derivatives that purchase credit protection | 595 | 938 | (6 | ) | (15 | ) | 4 | 1 | (10 | ) | (16 | ) | |||||||||||||||||||
Credit derivatives that assume credit risk [2] | 1,487 | 1,886 | 3 | 33 | 14 | 36 | (11 | ) | (3 | ) | |||||||||||||||||||||
Credit derivatives in offsetting positions | 5,343 | 7,764 | (3 | ) | (7 | ) | 53 | 76 | (56 | ) | (83 | ) | |||||||||||||||||||
Equity contracts | |||||||||||||||||||||||||||||||
Equity index swaps and options | 635 | 358 | 2 | (1 | ) | 31 | 19 | (29 | ) | (20 | ) | ||||||||||||||||||||
Variable annuity hedge program | |||||||||||||||||||||||||||||||
GMWB product derivative [3] | 17,908 | 21,512 | (139 | ) | (36 | ) | — | — | (139 | ) | (36 | ) | |||||||||||||||||||
GMWB reinsurance contracts | 3,659 | 4,508 | 56 | 29 | 56 | 29 | — | — | |||||||||||||||||||||||
GMWB hedging instruments | 14,442 | 18,691 | 174 | 41 | 289 | 333 | (115 | ) | (292 | ) | |||||||||||||||||||||
Macro hedge program | 6,383 | 9,934 | 141 | 139 | 180 | 178 | (39 | ) | (39 | ) | |||||||||||||||||||||
International program product derivatives [1] | — | 366 | — | 6 | — | 6 | — | — | |||||||||||||||||||||||
International program hedging instruments [1] | — | 73,048 | — | (33 | ) | — | 866 | — | (899 | ) | |||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||
Contingent capital facility put option | 500 | 500 | 12 | 17 | 12 | 17 | — | — | |||||||||||||||||||||||
Modified coinsurance reinsurance contracts | 974 | 1,250 | 34 | 67 | 34 | 67 | — | — | |||||||||||||||||||||||
Total non-qualifying strategies | 68,676 | 152,473 | (664 | ) | (616 | ) | 1,212 | 1,893 | (1,876 | ) | (2,509 | ) | |||||||||||||||||||
Total cash flow hedges, fair value hedges, and non-qualifying strategies | $ | 72,850 | $ | 159,441 | $ | (639 | ) | $ | (737 | ) | $ | 1,267 | $ | 1,948 | $ | (1,906 | ) | $ | (2,685 | ) | |||||||||||
Balance Sheet Location | |||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale | $ | 454 | $ | 473 | $ | 2 | $ | (2 | ) | $ | 2 | $ | 1 | $ | — | $ | (3 | ) | |||||||||||||
Other investments | 23,014 | 53,219 | 364 | 442 | 624 | 909 | (260 | ) | (467 | ) | |||||||||||||||||||||
Other liabilities | 26,791 | 78,064 | (930 | ) | (1,225 | ) | 551 | 936 | (1,481 | ) | (2,161 | ) | |||||||||||||||||||
Reinsurance recoverables | 4,633 | 5,758 | 90 | 96 | 90 | 96 | — | — | |||||||||||||||||||||||
Other policyholder funds and benefits payable | 17,958 | 21,927 | (165 | ) | (48 | ) | — | 6 | (165 | ) | (54 | ) | |||||||||||||||||||
Total derivatives | $ | 72,850 | $ | 159,441 | $ | (639 | ) | $ | (737 | ) | $ | 1,267 | $ | 1,948 | $ | (1,906 | ) | $ | (2,685 | ) | |||||||||||
[1] | Represents hedge programs formerly associated with the Japan variable and fixed annuity products which were terminated due to the sale of HLIKK during 2014. For further information on the sale, see Note 2 - Business Dispositions of Notes to the Consolidated Financial Statements. | ||||||||||||||||||||||||||||||
[2] | The derivative instruments related to this strategy are held for other investment purposes. | ||||||||||||||||||||||||||||||
[3] | These derivatives are embedded within liabilities and are not held for risk management purposes. | ||||||||||||||||||||||||||||||
Change in Notional Amount | |||||||||||||||||||||||||||||||
The net decrease in notional amount of derivatives since December 31, 2013 was primarily due to the following: | |||||||||||||||||||||||||||||||
• | The decrease in notional amount related to the international program hedging instruments resulted from the termination of the hedging program associated with the Japan variable annuity product due to the sale of HLIKK. For further discussion on the sale, see the Sale of Hartford Life Insurance KK section in Note 2 - Business Dispositions of Notes to the Consolidated Financial Statements. | ||||||||||||||||||||||||||||||
• | The decrease in notional amount related to the GMWB hedging instruments primarily resulted from portfolio re-balancing, including the termination of offsetting positions. | ||||||||||||||||||||||||||||||
• | The decrease in notional amount associated with the macro hedge program was primarily driven by the expiration of certain out-of-the-money options. | ||||||||||||||||||||||||||||||
• | These declines in notional amount were partially offset by an increase in notional amount related to non-qualifying interest rate swaps and futures related to duration shortening positions, which were subsequently closed by offset. | ||||||||||||||||||||||||||||||
Change in Fair Value | |||||||||||||||||||||||||||||||
The net improvement in the total fair value of derivative instruments since December 31, 2013 was primarily related to the following: | |||||||||||||||||||||||||||||||
• | The increase in fair value of qualifying interest rate derivatives was primarily due to a decline in interest rates. | ||||||||||||||||||||||||||||||
• | The net increase in fair value related to the combined GMWB hedging program, which includes the GMWB product, reinsurance, and hedging derivatives, was primarily driven by liability model assumption updates and increased volatility, partially offset by a decline in fair value resulting from policyholder behavior primarily related to increased surrenders. | ||||||||||||||||||||||||||||||
• | The increase in the fair value associated with the international program hedging instruments resulted from the termination of the hedging program associated with the Japan variable annuity product due to the sale of HLIKK. For further discussion on the sale, see the Sale of Hartford Life Insurance KK section in Note 2 - Business Dispositions of Notes to the Consolidated Financial Statements. | ||||||||||||||||||||||||||||||
• | These improvements in fair value were partially offset by a decrease in fair value associated with the fixed payout annuity hedges primarily driven by a decline in U.S. interest rates and by a depreciation of the Japanese yen in relation to the U.S. dollar. | ||||||||||||||||||||||||||||||
• | Additional declines in fair value related to modified coinsurance reinsurance contracts, which are accounted for as embedded derivatives and transfer to the reinsurer the investment experience related to the assets supporting the reinsured policies, were driven by a decline in interest rates, slightly offset by credit spread widening. | ||||||||||||||||||||||||||||||
Offsetting of Derivative Assets/Liabilities | |||||||||||||||||||||||||||||||
The following tables present the gross fair value amounts, the amounts offset, and net position of derivative instruments eligible for offset in the Company's Consolidated Balance Sheets. Amounts offset include fair value amounts, income accruals and related cash collateral receivables and payables associated with derivative instruments that are traded under a common master netting agreement, as described above. Also included in the tables are financial collateral receivables and payables, which is contractually permitted to be offset upon an event of default, although is disallowed for offsetting under U.S. GAAP. | |||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||
(i) | (ii) | (iii) =i) - (ii) | (iv) | (v) =iii) - (iv) | |||||||||||||||||||||||||||
Net Amounts Presented in the Statement of Financial Position | Collateral Disallowed for Offset in the Statement of Financial Position | ||||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Financial Position | Derivative Assets [1] | Accrued Interest and Cash Collateral Received [2] | Financial Collateral Received [4] | Net Amount | ||||||||||||||||||||||||||
Description | |||||||||||||||||||||||||||||||
Other investments | $ | 1,175 | $ | 969 | $ | 364 | $ | (158 | ) | $ | 109 | $ | 97 | ||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Financial Position | Derivative Liabilities [3] | Accrued Interest and Cash Collateral Pledged [3] | Financial Collateral Pledged [4] | Net Amount | ||||||||||||||||||||||||||
Description | |||||||||||||||||||||||||||||||
Other liabilities | $ | (1,741 | ) | $ | (799 | ) | $ | (927 | ) | $ | (15 | ) | $ | (1,079 | ) | $ | 137 | ||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||
(i) | (ii) | (iii) =i) - (ii) | (iv) | (v) =iii) - (iv) | |||||||||||||||||||||||||||
Net Amounts Presented in the Statement of Financial Position | Collateral Disallowed for Offset in the Statement of Financial Position | ||||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Financial Position | Derivative Assets [1] | Accrued Interest and Cash Collateral Received [2] | Financial Collateral Received [4] | Net Amount | ||||||||||||||||||||||||||
Description | |||||||||||||||||||||||||||||||
Other investments | $ | 1,845 | $ | 1,463 | $ | 442 | $ | (60 | ) | $ | 242 | $ | 140 | ||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Financial Position | Derivative Liabilities [3] | Accrued Interest and Cash Collateral Pledged [3] | Financial Collateral Pledged [4] | Net Amount | ||||||||||||||||||||||||||
Description | |||||||||||||||||||||||||||||||
Other liabilities | $ | (2,626 | ) | $ | (1,496 | ) | $ | (1,223 | ) | $ | 93 | $ | (1,204 | ) | $ | 74 | |||||||||||||||
[1] | Included in other investments in the Company's Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||
[2] | Included in other assets in the Company's Consolidated Balance Sheets and is limited to the net derivative receivable associated with each counterparty. | ||||||||||||||||||||||||||||||
[3] | Included in other liabilities in the Company's Consolidated Balance Sheets and is limited to the net derivative payable associated with each counterparty. Not included in this amount are embedded derivatives associated with consumer notes of $(3) and $(2) as of December 31, 2014 and December 31, 2013, respectively, which were not eligible for offset in the Company's Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||
[4] | Excludes collateral associated with exchange-traded derivatives instruments. | ||||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||||
For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of OCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative representing hedge ineffectiveness are recognized in current period earnings. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. | |||||||||||||||||||||||||||||||
The following table presents the components of the gain or loss on derivatives that qualify as cash flow hedges: | |||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | |||||||||||||||||||||||||||||||
Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | Net Realized Capital Gains(Losses) Recognized in Income on Derivative (Ineffective Portion) | ||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Interest rate swaps | $ | 150 | $ | (315 | ) | $ | 120 | $ | 2 | $ | (3 | ) | $ | — | |||||||||||||||||
Foreign currency swaps | (10 | ) | 12 | (31 | ) | — | — | — | |||||||||||||||||||||||
Total | $ | 140 | $ | (303 | ) | $ | 89 | $ | 2 | $ | (3 | ) | $ | — | |||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | |||||||||||||||||||||||||||||||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | |||||||||||||||||||||||||||||||
Location | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
Interest rate swaps | Net realized capital gain/(loss) | $ | (1 | ) | $ | 91 | $ | 90 | |||||||||||||||||||||||
Interest rate swaps | Net investment income | 87 | 97 | 140 | |||||||||||||||||||||||||||
Foreign currency swaps | Net realized capital gain/(loss) | (13 | ) | 4 | (6 | ) | |||||||||||||||||||||||||
Total | $ | 73 | $ | 192 | $ | 224 | |||||||||||||||||||||||||
As of December 31, 2014, the before-tax deferred net gains on derivative instruments recorded in AOCI that are expected to be reclassified to earnings during the next twelve months are $63. This expectation is based on the anticipated interest payments on hedged investments in fixed maturity securities that will occur over the next twelve months, at which time the Company will recognize the deferred net gains (losses) as an adjustment to net investment income over the term of the investment cash flows. The maximum term over which the Company is hedging its exposure to the variability of future cash flows for forecasted transactions, excluding interest payments on existing variable-rate financial instruments, is approximately two years. | |||||||||||||||||||||||||||||||
During the years ended December 31, 2014 and 2013, the Company had no net reclassifications from AOCI to earnings resulting from the discontinuance of cash-flow hedges due to forecasted transactions that were no longer probable of occurring. For the year ended December 31, 2012 the before-tax deferred net gains on derivative instruments reclassified from AOCI to earnings totaled $99 which primarily resulted from the discontinuance of cash flow hedges due to forecasted transactions no longer probable of occurring associated with variable rate bonds sold as part of the Individual Life and Retirement Plans business dispositions. For further information on the business dispositions, see Note 2 - Business Dispositions of Notes to the Consolidated Financial Statements. | |||||||||||||||||||||||||||||||
Fair Value Hedges | |||||||||||||||||||||||||||||||
For derivative instruments that are designated and qualify as fair value hedges, the gain or loss on the derivatives as well as the offsetting loss or gain on the hedged items attributable to the hedged risk are recognized in current earnings. The Company includes the gain or loss on the derivative in the same line item as the offsetting loss or gain on the hedged item. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. | |||||||||||||||||||||||||||||||
The Company recognized in income gains (losses) representing the ineffective portion of fair value hedges as follows: | |||||||||||||||||||||||||||||||
Derivatives in Fair Value Hedging Relationships | |||||||||||||||||||||||||||||||
Gain (Loss) Recognized in Income [1] | |||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||
Derivative | Hedged Item | Derivative | Hedged Item | Derivative | Hedged Item | ||||||||||||||||||||||||||
Interest rate swaps | |||||||||||||||||||||||||||||||
Net realized capital gains (losses) | $ | (3 | ) | $ | 1 | $ | 7 | $ | (12 | ) | $ | (4 | ) | $ | 2 | ||||||||||||||||
Foreign currency swaps | |||||||||||||||||||||||||||||||
Net realized capital gains (losses) | — | — | 1 | (1 | ) | (7 | ) | 7 | |||||||||||||||||||||||
Benefits, losses and loss adjustment expenses | — | — | (2 | ) | 2 | (6 | ) | 6 | |||||||||||||||||||||||
Total | $ | (3 | ) | $ | 1 | $ | 6 | $ | (11 | ) | $ | (17 | ) | $ | 15 | ||||||||||||||||
[1] | The amounts presented do not include the periodic net coupon settlements of the derivative or the coupon income (expense) related to the hedged item. The net of the amounts presented represents the ineffective portion of the hedge. | ||||||||||||||||||||||||||||||
Non-qualifying Strategies | |||||||||||||||||||||||||||||||
For non-qualifying strategies, including embedded derivatives that are required to be bifurcated from their host contracts and accounted for as derivatives, the gain or loss on the derivative is recognized currently in earnings within net realized capital gains (losses). The following table presents the gain or loss recognized in income on non-qualifying strategies: | |||||||||||||||||||||||||||||||
Non-qualifying Strategies | |||||||||||||||||||||||||||||||
Gain (Loss) Recognized within Net Realized Capital Gains (Losses) | |||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||
Interest rate contracts | |||||||||||||||||||||||||||||||
Interest rate swaps, caps, floors, and forwards | $ | (172 | ) | $ | 50 | $ | 22 | ||||||||||||||||||||||||
Foreign exchange contracts | |||||||||||||||||||||||||||||||
Foreign currency swaps and forwards | 6 | 5 | 19 | ||||||||||||||||||||||||||||
Japan fixed payout annuity hedge [1] | (148 | ) | (268 | ) | (300 | ) | |||||||||||||||||||||||||
Credit contracts | |||||||||||||||||||||||||||||||
Credit derivatives that purchase credit protection | (10 | ) | (38 | ) | (61 | ) | |||||||||||||||||||||||||
Credit derivatives that assume credit risk | 16 | 71 | 291 | ||||||||||||||||||||||||||||
Equity contracts | |||||||||||||||||||||||||||||||
Equity index swaps and options | 3 | (33 | ) | (39 | ) | ||||||||||||||||||||||||||
Variable annuity hedge program | |||||||||||||||||||||||||||||||
GMWB product derivative | (2 | ) | 1,306 | 1,430 | |||||||||||||||||||||||||||
GMWB reinsurance contracts | 4 | (192 | ) | (280 | ) | ||||||||||||||||||||||||||
GMWB hedging instruments | 3 | (852 | ) | (631 | ) | ||||||||||||||||||||||||||
Macro hedge program | (11 | ) | (234 | ) | (340 | ) | |||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||
Contingent capital facility put option | (6 | ) | (7 | ) | (6 | ) | |||||||||||||||||||||||||
Modified coinsurance reinsurance contracts | (34 | ) | 67 | — | |||||||||||||||||||||||||||
Derivative instruments formerly associated with Japan [3] | (2 | ) | — | — | |||||||||||||||||||||||||||
Total [2] | $ | (353 | ) | $ | (125 | ) | $ | 105 | |||||||||||||||||||||||
[1] | The associated liability is adjusted for changes in spot rates through realized capital gains and was $116, $250 and $189 for the years ended December 31, 2014, 2013 and 2012, respectively, which is not presented in this table | ||||||||||||||||||||||||||||||
[2] | Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 5 - Fair Value Measurements. | ||||||||||||||||||||||||||||||
[3] | These amounts relate to the termination of the hedging program associated with the Japan variable annuity product due to the sale of HLIKK. | ||||||||||||||||||||||||||||||
For the year ended December 31, 2014 the net realized capital gain (loss) related to derivatives used in non-qualifying strategies was primarily comprised of the following: | |||||||||||||||||||||||||||||||
• | The net loss related to interest rate derivatives used to manage the risk of a rise in interest rates and manage duration, was driven by a decline in U.S. interest rates. | ||||||||||||||||||||||||||||||
• | The net loss related to the Japan fixed payout annuity hedge was primarily driven by a decline in U.S. interest rates and a depreciation of the Japanese yen in relation to the U.S. dollar. | ||||||||||||||||||||||||||||||
• | The loss associated with modified coinsurance reinsurance contracts, which are accounted for as embedded derivatives and transfer to the reinsurer the investment experience related to the assets supporting the reinsured policies, was primarily driven by a decline in long-term interest rates, partially offset by credit spread widening. The assets remain on the Company's books and the Company recorded an offsetting gain in AOCI as a result of the increase in market value of the bonds. | ||||||||||||||||||||||||||||||
In addition, for the year ended December 31, 2014 the Company recognized gains of $13, due to cash recovered on derivative receivables that were previously written-off related to the bankruptcy of Lehman Brothers Inc. The derivative receivables were the result of the contractual collateral threshold amounts and open collateral calls prior to the bankruptcy filing as well as interest rate and credit spread movements from the date of the last collateral call to the date of the bankruptcy filing. For the years ended December 31, 2013 and 2012 there were no recognized gains and gains of $9, respectively, due to derivative receivables that were previously written-off related to the bankruptcy of Lehman Brothers Inc. | |||||||||||||||||||||||||||||||
For the year ended December 31, 2013 the net realized capital gain (loss) related to derivatives used in non-qualifying strategies was primarily comprised of the following: | |||||||||||||||||||||||||||||||
• | The net loss related to the Japan fixed annuity payout hedge was primarily driven by a depreciation of the Japanese yen in relation to the U.S. dollar. | ||||||||||||||||||||||||||||||
• | The net loss on the macro hedge program was primarily due to an improvement in domestic equity markets, an increase in interest rates, and a decline in equity volatility. | ||||||||||||||||||||||||||||||
• | The net gain related to the combined GMWB hedging program, which includes the GMWB product, reinsurance, and hedging derivatives, was primarily driven by revaluing the liability for living benefits resulting from favorable policyholder behavior largely related to increased full surrenders and liability assumption updates for partial lapses and withdrawal rates. | ||||||||||||||||||||||||||||||
For the year ended December 31, 2012 the net realized capital gain (loss) related to derivatives used in non-qualifying strategies was primarily due to the following: | |||||||||||||||||||||||||||||||
• | The net gain related to the combined GMWB hedging program, which includes the GMWB product, reinsurance, and hedging derivatives, was primarily driven by liability model assumption updates largely related to a reduction in the reset assumptions to better align with actual experience, outperformance of underlying actively managed funds compared to their respective indices, and lower equity volatility. | ||||||||||||||||||||||||||||||
• | The gain on credit derivatives that assume credit risk as part of replication transactions resulted from credit spread tightening. | ||||||||||||||||||||||||||||||
• | The net loss on the macro hedge program was primarily due to the passage of time, an improvement in domestic equity markets, and a decrease in equity volatility. | ||||||||||||||||||||||||||||||
• | The net loss related to the Japan fixed annuity payout hedge was primarily driven by a depreciation of the Japanese yen in relation to the U.S. dollar, the strengthening of the currency basis swap spread between the U.S. dollar and the Japanese yen, and a decline in U.S. interest rates. | ||||||||||||||||||||||||||||||
Refer to Note 14 - Commitments and Contingencies for additional disclosures regarding contingent credit related features in derivative agreements. | |||||||||||||||||||||||||||||||
Credit Risk Assumed through Credit Derivatives | |||||||||||||||||||||||||||||||
The Company enters into credit default swaps that assume credit risk of a single entity or referenced index in order to synthetically replicate investment transactions. The Company will receive periodic payments based on an agreed upon rate and notional amount and will only make a payment if there is a credit event. A credit event payment will typically be equal to the notional value of the swap contract less the value of the referenced security issuer’s debt obligation after the occurrence of the credit event. A credit event is generally defined as a default on contractually obligated interest or principal payments or bankruptcy of the referenced entity. The credit default swaps in which the Company assumes credit risk primarily reference investment grade single corporate issuers and baskets, which include standard and customized diversified portfolios of corporate issuers. The diversified portfolios of corporate issuers are established within sector concentration limits and may be divided into tranches that possess different credit ratings. | |||||||||||||||||||||||||||||||
The following tables present the notional amount, fair value, weighted average years to maturity, underlying referenced credit obligation type and average credit ratings, and offsetting notional amounts and fair value for credit derivatives in which the Company is assuming credit risk as of December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||
Underlying Referenced Credit Obligation(s) [1] | |||||||||||||||||||||||||||||||
Credit Derivative type by derivative risk exposure | Notional Amount [2] | Fair Value | Weighted Average Years to Maturity | Type | Average Credit Rating | Offsetting Notional Amount [3] | Offsetting Fair Value [3] | ||||||||||||||||||||||||
Single name credit default swaps | |||||||||||||||||||||||||||||||
Investment grade risk exposure | $ | 320 | $ | 5 | 2 years | Corporate Credit/ | BBB+ | $ | 247 | $ | (5 | ) | |||||||||||||||||||
Foreign Gov. | |||||||||||||||||||||||||||||||
Below investment grade risk exposure | 29 | — | 2 years | Corporate Credit | BB | 29 | (1 | ) | |||||||||||||||||||||||
Basket credit default swaps [4] | |||||||||||||||||||||||||||||||
Investment grade risk exposure | 2,546 | 33 | 3 years | Corporate Credit | BBB | 1,973 | (25 | ) | |||||||||||||||||||||||
Below investment grade risk exposure | 38 | (1 | ) | 12 years | Corporate Credit | D | — | — | |||||||||||||||||||||||
Investment grade risk exposure | 722 | (12 | ) | 6 years | CMBS Credit | AA+ | 269 | 3 | |||||||||||||||||||||||
Below investment grade risk exposure | 154 | (22 | ) | 2 years | CMBS Credit | CCC+ | 154 | 23 | |||||||||||||||||||||||
Embedded credit derivatives | |||||||||||||||||||||||||||||||
Investment grade risk exposure | 350 | 342 | 2 years | Corporate Credit | A | — | — | ||||||||||||||||||||||||
Total [5] | $ | 4,159 | $ | 345 | $ | 2,672 | $ | (5 | ) | ||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||
Unifying Referenced Credit Obligation(s) [1] | |||||||||||||||||||||||||||||||
Credit Derivative type by derivative risk exposure | Notional Amount [2] | Fair Value | Weighted Average Years to Maturity | Type | Average Credit Rating | Offsetting Notional Amount [3] | Offsetting Fair Value [3] | ||||||||||||||||||||||||
Single name credit default swaps | |||||||||||||||||||||||||||||||
Investment grade risk exposure | $ | 1,259 | $ | 8 | 1 year | Corporate Credit/ | A | $ | 1,066 | $ | (9 | ) | |||||||||||||||||||
Foreign Gov. | |||||||||||||||||||||||||||||||
Below investment grade risk exposure | 24 | — | 1 year | Corporate Credit | CCC | 24 | (1 | ) | |||||||||||||||||||||||
Basket credit default swaps [4] | |||||||||||||||||||||||||||||||
Investment grade risk exposure | 3,447 | 50 | 3 years | Corporate Credit | BBB | 2,270 | (35 | ) | |||||||||||||||||||||||
Below investment grade risk exposure | 166 | 15 | 5 years | Corporate Credit | BB- | — | — | ||||||||||||||||||||||||
Investment grade risk exposure | 327 | (7 | ) | 3 years | CMBS Credit | A | 327 | 7 | |||||||||||||||||||||||
Below investment grade risk exposure | 195 | (31 | ) | 3 years | CMBS Credit | B- | 195 | 31 | |||||||||||||||||||||||
Embedded credit derivatives | |||||||||||||||||||||||||||||||
Investment grade risk exposure | 350 | 339 | 3 years | Corporate Credit | BBB+ | — | — | ||||||||||||||||||||||||
Total [5] | $ | 5,768 | $ | 374 | $ | 3,882 | $ | (7 | ) | ||||||||||||||||||||||
[1] | The average credit ratings are based on availability and the midpoint of the applicable ratings among Moody’s, S&P, Fitch and Morningstar. If no rating is available from a rating agency, then an internally developed rating is used. | ||||||||||||||||||||||||||||||
[2] | Notional amount is equal to the maximum potential future loss amount. These derivatives are governed by agreements, clearing house rules and applicable law which include collateral posting requirements. There is no additional specific collateral related to these contracts or recourse provisions included in the contracts to offset losses. | ||||||||||||||||||||||||||||||
[3] | The Company has entered into offsetting credit default swaps to terminate certain existing credit default swaps, thereby offsetting the future changes in value of, or losses paid related to, the original swap. | ||||||||||||||||||||||||||||||
[4] | Includes $3.5 billion and $4.1 billion as of December 31, 2014 and 2013, respectively, of standard market indices of diversified portfolios of corporate and CMBS issuers referenced through credit default swaps. These swaps are subsequently valued based upon the observable standard market index. | ||||||||||||||||||||||||||||||
[5] | Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 5 - Fair Value Measurements. | ||||||||||||||||||||||||||||||
Derivative Collateral Arrangements | |||||||||||||||||||||||||||||||
The Company enters into various collateral arrangements in connection with its derivative instruments, which require both the pledging and accepting of collateral. As of December 31, 2014 and 2013, the Company pledged cash collateral associated with derivative instruments with a fair value of $120 and $347, respectively, for which the collateral receivable has been primarily included within other assets on the Company's Consolidated Balance Sheets. As of December 31, 2014 and 2013, the Company also pledged securities collateral associated with derivative instruments with a fair value of $1.1 billion and $1.3 billion, respectively, which have been included in fixed maturities on the Consolidated Balance Sheets. The counterparties have the right to sell or re-pledge these securities. | |||||||||||||||||||||||||||||||
As of December 31, 2014 and 2013, the Company accepted cash collateral associated with derivative instruments of $327 and $180, respectively, which was invested and recorded in the Consolidated Balance Sheets in fixed maturities and short-term investments with corresponding amounts recorded in other liabilities. The Company also accepted securities collateral as of December 31, 2014 and 2013 with a fair value of $109 and $243, respectively, of which the Company has the ability to sell or repledge $97 and $191, respectively. As of December 31, 2014 and 2013, the fair value of repledged securities totaled $0 and $39, respectively, and the Company did not sell any securities. In addition, as of December 31, 2014 and 2013, non-cash collateral accepted was held in separate custodial accounts and was not included in the Company’s Consolidated Balance Sheets. |
Reinsurance_Level_1_Notes
Reinsurance Level 1 (Notes) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Reinsurance Disclosures [Abstract] | ||||||||||
Reinsurance [Text Block] | The Company cedes insurance to affiliated and unaffiliated insurers to enable the Company to manage capital and risk exposure. Such arrangements do not relieve the Company of its primary liability to policyholders. Failure of reinsurers to honor their obligations could result in losses to the Company. The Company's procedures include careful initial selection of its reinsurers, structuring agreements to provide collateral funds where necessary, and regularly monitoring the financial condition and ratings of its reinsurers. The Company has ceded reinsurance in connection with the sales of its Retirement Plans and Individual Life businesses in 2013 to MassMutual and Prudential, respectively. For further discussion of these transactions, see Note 2 -Business Dispositions of Notes to Consolidated Financial Statements. | |||||||||
Reinsurance Recoverables | ||||||||||
Reinsurance recoverables include balances due from reinsurance companies and are presented net of an allowance for uncollectible reinsurance. Reinsurance recoverables include an estimate of the amount of gross losses and loss adjustment expense reserves that may be ceded under the terms of the reinsurance agreements, including incurred but not reported unpaid losses. The Company’s estimate of losses and loss adjustment expense reserves ceded to reinsurers is based on assumptions that are consistent with those used in establishing the gross reserves for business ceded to the reinsurance contracts. The Company calculates its ceded reinsurance projection based on the terms of any applicable facultative and treaty reinsurance, including an estimate of how incurred but not reported losses will ultimately be ceded by reinsurance agreements. Accordingly, the Company’s estimate of reinsurance recoverables is subject to similar risks and uncertainties as the estimate of the gross reserve for unpaid losses and loss adjustment expenses. | ||||||||||
The Company's reinsurance recoverables are summarized as follows: | ||||||||||
As of December 31, | ||||||||||
2014 | 2013 | |||||||||
Property and Casualty Insurance Products: | ||||||||||
Paid loss and loss adjustment expenses | $ | 133 | $ | 138 | ||||||
Unpaid loss and loss adjustment expenses | 2,868 | 2,841 | ||||||||
Gross reinsurance recoverables | 3,001 | 2,979 | ||||||||
Allowance for uncollectible reinsurance | (271 | ) | (244 | ) | ||||||
Net reinsurance recoverables | $ | 2,730 | $ | 2,735 | ||||||
Life Insurance Products: | ||||||||||
Future policy benefits and unpaid loss and loss adjustment expenses and other policyholder funds and benefits payable | ||||||||||
Sold businesses (MassMutual and Prudential) | $ | 18,997 | $ | 19,374 | ||||||
Other reinsurers | 1,193 | 1,221 | ||||||||
Net reinsurance recoverables [1] | $ | 20,190 | $ | 20,595 | ||||||
Reinsurance recoverables, net | $ | 22,920 | $ | 23,330 | ||||||
[1] | No allowance for uncollectible reinsurance is required as of December 31, 2014 and 2013. | |||||||||
As of December 31, 2014, the Company has reinsurance recoverables from MassMutual and Prudential of $8.6 billion and $10.4 billion, respectively. As of December 31, 2013, the Company has reinsurance recoverables from MassMutual and Prudential of $9.5 billion and $9.9 billion, respectively. These reinsurance recoverables are secured by invested assets held in trust for the benefit of the Company in the event of a default by the reinsurers. As of December 31, 2014, the fair value of assets held in trust securing the Company's reinsurance recoverables from MassMutual and Prudential is $9.0 billion for each of these parties. As of December 31, 2014, the Company has no reinsurance-related concentrations of credit risk greater than 10% of the Company’s consolidated stockholders’ equity. | ||||||||||
The allowance for uncollectible reinsurance reflects management’s best estimate of reinsurance cessions that may be uncollectible in the future due to reinsurers’ unwillingness or inability to pay. The Company analyzes recent developments in commutation activity between reinsurers and cedants, recent trends in arbitration and litigation outcomes in disputes between reinsurers and cedants and the overall credit quality of the Company’s reinsurers. Based on this analysis, the Company may adjust the allowance for uncollectible reinsurance or charge off reinsurer balances that are determined to be uncollectible. Where its contracts permit, the Company secures future claim obligations with various forms of collateral, including irrevocable letters of credit, secured trusts, funds held accounts and group-wide offsets. | ||||||||||
Due to the inherent uncertainties as to collection and the length of time before reinsurance recoverables become due, it is possible that future adjustments to the Company’s reinsurance recoverables, net of the allowance, could be required, which could have a material adverse effect on the Company’s consolidated results of operations or cash flows in a particular quarter or annual period. | ||||||||||
Insurance Revenues | ||||||||||
The effect of reinsurance on property and casualty premiums written and earned is as follows: | ||||||||||
For the years ended December 31, | ||||||||||
Premiums Written | 2014 | 2013 | 2012 | |||||||
Direct | $ | 10,571 | $ | 10,564 | $ | 10,405 | ||||
Assumed | 275 | 247 | 230 | |||||||
Ceded | (602 | ) | (882 | ) | (788 | ) | ||||
Net | $ | 10,244 | $ | 9,929 | $ | 9,847 | ||||
Premiums Earned | ||||||||||
Direct | $ | 10,531 | $ | 10,494 | $ | 10,484 | ||||
Assumed | 264 | 241 | 205 | |||||||
Ceded | (699 | ) | (871 | ) | (796 | ) | ||||
Net | $ | 10,096 | $ | 9,864 | $ | 9,893 | ||||
The reduction in ceded premium for the year ended December 31, 2014 was driven by the Company's decision to exit unprofitable programs, including captive programs where the Company ceded direct premiums to insured captive insurance companies. Ceded losses, which reduce losses and loss adjustment expenses incurred, were $502, $459, and $512 for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||
The effect of reinsurance on life insurance earned premiums and fee income is as follows: | ||||||||||
For the years ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Gross earned premiums, fees and other considerations | $ | 6,029 | $ | 6,435 | $ | 6,905 | ||||
Reinsurance assumed | 193 | 138 | 137 | |||||||
Reinsurance ceded | (1,720 | ) | (1,780 | ) | (524 | ) | ||||
Net earned premiums, fees and other considerations | $ | 4,502 | $ | 4,793 | $ | 6,518 | ||||
The Company reinsures certain of its risks to other reinsurers under yearly renewable term, coinsurance, and modified coinsurance arrangements, and variations thereto. Yearly renewable term and coinsurance arrangements result in passing all or a portion of the risk to the reinsurer. Generally, the reinsurer receives a proportionate amount of the premiums less an allowance for commissions and expenses and is liable for a corresponding proportionate amount of all benefit payments. Modified coinsurance is similar to coinsurance except that the cash and investments that support the liabilities for contract benefits are not transferred to the assuming company, and settlements are made on a net basis between the companies. Coinsurance with funds withheld is a form of coinsurance except that the investment assets that support the liabilities are withheld by the ceding company. | ||||||||||
The cost of reinsurance related to long-duration contracts is accounted for over the life of the underlying reinsured policies using assumptions consistent with those used to account for the underlying policies. Insurance recoveries on ceded reinsurance agreements, which reduce death and other benefits, were $863, $913 and $285 for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||
In addition, the Company has reinsured a portion of the risk associated with variable annuities and the associated GMDB and GMWB riders. |
Deferred_Policy_Acquisition_Co
Deferred Policy Acquisition Costs and Present Value of Future Profits Level 1 (Notes) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Deferred Policy Acquisition Costs and Present Value of Future Profits [Abstract] | ||||||||||
Deferred Policy Acquisition Costs and Present Value of Future Profits | Changes in the DAC balance are as follows: | |||||||||
For the years ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Balance, beginning of period | $ | 2,161 | $ | 5,725 | $ | 6,556 | ||||
Deferred Costs | 1,364 | 1,330 | 1,639 | |||||||
Amortization — DAC | (1,593 | ) | (1,615 | ) | (1,844 | ) | ||||
Amortization — Unlock charge, pre-tax [1] | (136 | ) | (1,086 | ) | (144 | ) | ||||
Amortization — DAC related to business dispositions [2] [3] | — | (2,229 | ) | — | ||||||
Adjustments to unrealized gains and losses on securities AFS and other | 27 | 122 | (364 | ) | ||||||
Effect of currency translation | — | (86 | ) | (118 | ) | |||||
Balance, end of period | $ | 1,823 | $ | 2,161 | $ | 5,725 | ||||
[1] | Includes Unlock charge of $887 related to elimination of future estimated gross profits on the Japan variable annuity block in the first quarter of 2013. As a result of the Japan annuity business sale completed in June 2014, this Unlock charge has been reclassified to discontinued operations. For further information regarding this transaction, see Note 2 - Business Dispositions of Notes to Consolidated Financial Statements. | |||||||||
[2] | Includes accelerated amortization of $352 and $2,374 recognized upon the sale of the Retirement Plans and Individual Life businesses, respectively, in 2013. For further information, see Note 2 - Business Dispositions of Notes to Consolidated Financial Statements. | |||||||||
[3] | Includes previously unrealized gains on securities AFS of $148 and $349 recognized upon the sale of the Retirement Plans and Individual Life businesses, respectively, in 2013. | |||||||||
Changes in the DAC balance are as follows: | ||||||||||
For the years ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Balance, beginning of period | $ | 2,161 | $ | 5,725 | $ | 6,556 | ||||
Deferred Costs | 1,364 | 1,330 | 1,639 | |||||||
Amortization — DAC | (1,593 | ) | (1,615 | ) | (1,844 | ) | ||||
Amortization — Unlock charge, pre-tax [1] | (136 | ) | (1,086 | ) | (144 | ) | ||||
Amortization — DAC related to business dispositions [2] [3] | — | (2,229 | ) | — | ||||||
Adjustments to unrealized gains and losses on securities AFS and other | 27 | 122 | (364 | ) | ||||||
Effect of currency translation | — | (86 | ) | (118 | ) | |||||
Balance, end of period | $ | 1,823 | $ | 2,161 | $ | 5,725 | ||||
Goodwill_Level_1_Notes
Goodwill Level 1 (Notes) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Goodwill, Impaired [Abstract] | ||||||||||
Goodwill | The carrying value of goodwill allocated to reporting units as of December 31, 2014 and 2013 is as follows: | |||||||||
Gross | Accumulated Impairments | Carrying Value | ||||||||
Personal Lines | $ | 119 | $ | — | $ | 119 | ||||
Mutual Funds | 149 | — | 149 | |||||||
Corporate [1] | 585 | (355 | ) | 230 | ||||||
Total | $ | 853 | $ | (355 | ) | $ | 498 | |||
[1] | Carrying value as of December 31, 2014 and 2013 includes $138 and $92 for the Group Benefits and Mutual Funds reporting units, respectively. | |||||||||
Year ended December 31, 2014 | ||||||||||
The annual goodwill assessment for the Group Benefits, Personal Lines, and Mutual Funds reporting units was completed as of October 31, 2014, which resulted in no write-downs of goodwill for the year ended December 31, 2014. The reporting units passed the first step of their annual impairment test with a significant margin with the exception of the Group Benefits reporting unit. Group Benefits passed the first step of its annual impairment test with less than a 10% margin. The fair value of the Group Benefits reporting unit is based on discounted cash flows using earnings projections on in force business and future business growth. There could be a positive or negative impact on the results of step one in future periods if assumptions change about the level of capital, future business growth, earnings projections or the weighted average cost of capital. | ||||||||||
Year ended December 31, 2013 | ||||||||||
During the first quarter of 2013, the Company completed the sale of its Retirement Plans business to MassMutual. Accordingly, the carrying value of the reporting unit's goodwill of $156 was reduced and included in reinsurance loss on disposition in the Company's Consolidated Statements of Operations. | ||||||||||
The annual goodwill assessment for the Mutual Funds, Group Benefits, and Personal Lines reporting units was completed as of October 31, 2013, which resulted in no write-downs of goodwill for the year ended December 31, 2013. All reporting units passed the first step of their annual impairment test with a significant margin. | ||||||||||
Year ended December 31, 2012 | ||||||||||
During the first quarter of 2012, the Company determined that a triggering event requiring an impairment assessment had occurred as a result of its decision to pursue sales or other strategic alternatives for the Individual Life and Retirement Plans reporting units. | ||||||||||
The Company completed interim impairment tests during each of the first three quarters of 2012 for the Retirement Plans reporting unit which resulted in no impairment of goodwill. The annual goodwill assessment for Retirement Plans was completed as of October 31, 2012 and an additional impairment test was completed as of December 31, 2012 as a result of the anticipated sale of this business unit. No write-down of goodwill resulted for the year ended December 31, 2012. Retirement Plans passed step one of the goodwill impairment tests with a margin of less than 10% between fair value and book value of the reporting unit as of both dates. The fair value of the Retirement Plans reporting unit as of October 31, 2012 and December 31, 2012 was based on a negotiated transaction price. | ||||||||||
The Company completed interim impairment tests during each of the first three quarters of 2012 for the Individual Life reporting unit which resulted in no impairment of goodwill in the first and second quarters of 2012. In the third quarter of 2012, the Individual Life reporting unit failed the goodwill impairment test as the carrying amount of the Individual Life reporting unit's goodwill exceeded the implied goodwill value. Accordingly, an impairment loss of $342 was recognized, representing the carrying value of the reporting unit's goodwill. The goodwill impairment loss is included with reinsurance loss on disposition in the Company's Consolidated Statements of Operations. The fair value of the Individual Life reporting unit as of September 30, 2012 was based on a negotiated transaction price. | ||||||||||
The annual goodwill assessment for the Mutual Funds and Personal Lines reporting units and the Group Benefits reporting unit within Corporate was completed as of October 31, 2012, which resulted in no write-downs of goodwill for the year ended December 31, 2012. The reporting units passed the first step of their annual impairment test with a significant margin with the exception of the Group Benefits reporting unit. Group Benefits passed the first step of its annual impairment test with less than a 10% margin. The fair value of the Group Benefits reporting unit is based on discounted cash flows using earnings projections on in force business and future business growth. |
Separate_Accounts_Death_Benefi
Separate Accounts, Death Benefits, and Other Insurance Benefits Level 1 (Notes) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Separate Accounts Disclosure [Abstract] | |||||||||||
Separate Accounts, Death Benefits, and Other Insurance Benefit Features [Text Block] | GMDB/GMWB, International GMDB/GMIB, and Universal Life Secondary Guarantee Benefits | ||||||||||
Changes in the gross U.S. GMDB/GMWB, International GMDB/GMIB, and universal life secondary guarantee benefits are as follows: | |||||||||||
U.S. GMDB/GMWB [1] | International | Universal Life Secondary | |||||||||
GMDB/GMIB | Guarantees | ||||||||||
Liability balance as of January 1, 2014 | $ | 849 | $ | 272 | $ | 1,802 | |||||
Incurred | 173 | 28 | 236 | ||||||||
Paid | (110 | ) | (15 | ) | — | ||||||
Unlock | (100 | ) | (41 | ) | 3 | ||||||
Impact of Japan business disposition | — | (254 | ) | — | |||||||
Currency translation adjustment | — | 10 | — | ||||||||
Liability balance as of December 31, 2014 | $ | 812 | $ | — | $ | 2,041 | |||||
Reinsurance recoverable asset, as of January 1, 2014 | $ | 533 | $ | 23 | $ | 1,802 | |||||
Incurred | 99 | 4 | 239 | ||||||||
Paid | (85 | ) | (4 | ) | — | ||||||
Unlock | (66 | ) | 3 | — | |||||||
Impact of Japan business disposition | — | (27 | ) | — | |||||||
Currency translation adjustment | — | 1 | — | ||||||||
Reinsurance recoverable asset, as of December 31, 2014 | $ | 481 | $ | — | $ | 2,041 | |||||
U.S. GMDB/GMWB [1] | International | Universal Life Secondary | |||||||||
GMDB/GMIB | Guarantees | ||||||||||
Liability balance as of January 1, 2013 | $ | 918 | $ | 661 | $ | 363 | |||||
Incurred | 182 | 82 | 292 | ||||||||
Paid | (135 | ) | (73 | ) | — | ||||||
Unlock | (116 | ) | (301 | ) | 2 | ||||||
Impact of reinsurance transactions (MassMutual and Prudential) | — | — | 1,145 | ||||||||
Currency translation adjustment | — | (97 | ) | — | |||||||
Liability balance as of December 31, 2013 | $ | 849 | $ | 272 | $ | 1,802 | |||||
Reinsurance recoverable asset, as of January 1, 2013 | $ | 608 | $ | 36 | $ | 21 | |||||
Incurred | 104 | 9 | 296 | ||||||||
Paid | (98 | ) | (14 | ) | — | ||||||
Unlock | (81 | ) | (2 | ) | — | ||||||
Impact of reinsurance transactions (MassMutual and Prudential) | — | — | 1,485 | ||||||||
Currency translation adjustment | — | (6 | ) | — | |||||||
Reinsurance recoverable asset, as of December 31, 2013 | $ | 533 | $ | 23 | $ | 1,802 | |||||
[1] | These liability balances include all GMDB benefits, plus the life-contingent portion of GMWB benefits in excess of the return of the GRB. GMWB benefits up to the return of the GRB are embedded derivatives held at fair value and are excluded from these balances. | ||||||||||
The following table provides details concerning GMDB/GMWB exposure as of December 31, 2014: | |||||||||||
Account Value by GMDB/GMWB Type | |||||||||||
Maximum anniversary value (“MAV”) [1] | Account | Net Amount | Retained Net Amount at Risk (“RNAR”) [9] | Weighted Average | |||||||
Value | at Risk | Attained Age of | |||||||||
(“AV”) [8] | (“NAR”) [9] | Annuitant | |||||||||
MAV only | $ | 17,435 | $ | 2,590 | $ | 396 | 70 | ||||
With 5% rollup [2] | 1,451 | 209 | 59 | 70 | |||||||
With Earnings Protection Benefit Rider (“EPB”) [3] | 4,342 | 579 | 83 | 68 | |||||||
With 5% rollup & EPB | 547 | 115 | 25 | 71 | |||||||
Total MAV | 23,775 | 3,493 | 563 | ||||||||
Asset Protection Benefit (“APB”) [4] | 15,183 | 228 | 151 | 68 | |||||||
Lifetime Income Benefit (“LIB”) – Death Benefit [5] | 624 | 7 | 7 | 68 | |||||||
Reset [6] (5-7 years) | 3,036 | 22 | 22 | 69 | |||||||
Return of Premium (“ROP”) [7]/Other | 10,243 | 57 | 50 | 68 | |||||||
Subtotal Variable Annuity with GMDB/GMWB [10] | 52,861 | 3,807 | 793 | 69 | |||||||
Less: General Account Value with GMDB/GMWB | 4,009 | ||||||||||
Subtotal Separate Account Liabilities with GMDB | $ | 48,852 | |||||||||
Separate Account Liabilities without GMDB | $ | 85,850 | |||||||||
Total Separate Account Liabilities | $ | 134,702 | |||||||||
[1] | MAV GMDB is the greatest of current AV, net premiums paid and the highest AV on any anniversary before age 80 years (adjusted for withdrawals). | ||||||||||
[2] | Rollup GMDB is the greatest of the MAV, current AV, net premium paid and premiums (adjusted for withdrawals) accumulated at generally 5% simple interest up to the earlier of age 80 years or 100% of adjusted premiums. | ||||||||||
[3] | EPB GMDB is the greatest of the MAV, current AV, or contract value plus a percentage of the contract’s growth. The contract’s growth is AV less premiums net of withdrawals, subject to a cap of 200% of premiums net of withdrawals. | ||||||||||
[4] | APB GMDB is the greater of current AV or MAV, not to exceed current AV plus 25% times the greater of net premiums and MAV (each adjusted for premiums in the past 12 months). | ||||||||||
[5] | LIB GMDB is the greatest of current AV, net premiums paid, or for certain contracts a benefit amount that ratchets over time, generally based on market performance. | ||||||||||
[6] | Reset GMDB is the greatest of current AV, net premiums paid and the most recent five to seven year anniversary AV before age 80 years (adjusted for withdrawals). | ||||||||||
[7] | ROP GMDB is the greater of current AV or net premiums paid. | ||||||||||
[8] | AV includes the contract holder’s investment in the separate account and the general account. | ||||||||||
[9] | NAR is defined as the guaranteed benefit in excess of the current AV. RNAR represents NAR reduced for reinsurance. NAR and RNAR are highly sensitive to equity markets movements and increase when equity markets decline. | ||||||||||
[10] | Some variable annuity contracts with GMDB also have a life-contingent GMWB that may provide for benefits in excess of the return of the GRB. Such contracts included in this amount have $8.5 billion of total account value and weighted average attained age of 70 years. There is no NAR or retained NAR related to these contracts. | ||||||||||
In the U.S., account balances of contracts with guarantees were invested in variable separate accounts as follows: | |||||||||||
Asset type | As of December 31, 2014 | As of December 31, 2013 | |||||||||
Equity securities (including mutual funds) | $ | 44,786 | $ | 52,858 | |||||||
Cash and cash equivalents | 4,066 | 4,605 | |||||||||
Total | $ | 48,852 | $ | 57,463 | |||||||
As of December 31, 2014 and December 31, 2013, approximately 17% of the equity securities above were funds invested in fixed income securities and approximately 83% were funds invested in equity securities. | |||||||||||
For further information on guaranteed living benefits that are accounted for at fair value, such as GMWB, see Note 5 - Fair Value Measurements of Notes to Consolidated Financial Statements. |
Reserves_for_Future_Policy_Ben
Reserves for Future Policy Benefits and Unpaid Losses and Loss Adjustment Expenses Level 1 (Notes) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] | ||||||||||
Reserves for Future Policy Benefits and Unpaid Losses and Loss Adjustment Expenses | perty and Casualty Insurance Products Unpaid Losses and Loss Adjustment Expenses | |||||||||
A rollforward of liabilities for unpaid losses and loss adjustment expenses follows: | ||||||||||
For the years ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Beginning liabilities for unpaid losses and loss adjustment expenses, gross | $ | 21,704 | $ | 21,716 | $ | 21,550 | ||||
Reinsurance and other recoverables | 3,028 | 3,027 | 3,033 | |||||||
Beginning liabilities for unpaid losses and loss adjustment expenses, net | 18,676 | 18,689 | 18,517 | |||||||
Add provision for unpaid losses and loss adjustment expenses | ||||||||||
Current year | 6,572 | 6,621 | 7,274 | |||||||
Prior years | 228 | 192 | (4 | ) | ||||||
Total provision for unpaid losses and loss adjustment expenses | 6,800 | 6,813 | 7,270 | |||||||
Less payments | ||||||||||
Current year | 2,639 | 2,552 | 2,882 | |||||||
Prior years | 4,072 | 4,274 | 4,216 | |||||||
Total payments | 6,711 | 6,826 | 7,098 | |||||||
Ending liabilities for unpaid losses and loss adjustment expenses, net | 18,765 | 18,676 | 18,689 | |||||||
Reinsurance and other recoverables | 3,041 | 3,028 | 3,027 | |||||||
Ending liabilities for unpaid losses and loss adjustment expenses, gross | $ | 21,806 | $ | 21,704 | $ | 21,716 | ||||
As of December 31, 2014 and 2013, property and casualty insurance products reserves were discounted by a total of $556 and $553, respectively. The current accident year benefit from discounting property and casualty insurance products reserves was $34 in 2014, $46 in 2013 and $48 in 2012. The reduction in the discount benefit in 2014 as compared to 2013 reflects lower claim volume and a shorter than expected payment pattern in 2014. The slight reduction in the discount benefit in 2013 as compared to 2012 reflects lower claim volume in 2013 partially offset by a higher discount rate in 2013. Accretion of discounts for prior accident years totaled $31 in 2014, $31 in 2013, and $52 in 2012. | ||||||||||
In the opinion of management, based upon the known facts and current law, the reserves recorded for the Company’s property and casualty insurance products at December 31, 2014 represent the Company’s best estimate of its ultimate liability for losses and loss adjustment expenses related to losses covered by policies written by the Company. However, because of the significant uncertainties surrounding reserves, and particularly asbestos and environmental exposures, it is possible that management’s estimate of the ultimate liabilities for these claims may change and that the required adjustment to recorded reserves could exceed the currently recorded reserves by an amount that could be material to the Company’s results of operations or cash flows. For additional information, see Note 14 - Commitments and Contingencies, Guaranty Fund and Other Insurance-related Assessments. | ||||||||||
Losses and loss adjustment expenses are also impacted by trends, frequency and severity. Examples of current trends affecting frequency and severity include increases in medical cost inflation rates, the changing use of medical care procedures, the introduction of new products and changes in internal claim practices. Other trends include changes in the legislative and regulatory environment over workers’ compensation claims and evolving exposures to claims relating to molestation or abuse and other mass torts. In the case of the reserves for asbestos exposures, factors contributing to the high degree of uncertainty include inadequate loss development patterns, plaintiffs’ expanding theories of liability, the risks inherent in major litigation, and inconsistent emerging legal doctrines. In the case of the reserves for environmental exposures, factors contributing to the high degree of uncertainty include expanding theories of liabilities and damages, the risks inherent in major litigation, inconsistent decisions concerning the existence and scope of coverage for environmental claims, and uncertainty as to the monetary amount being sought by the claimant from the insured. | ||||||||||
The following table presents (favorable) unfavorable prior accident years reserve development: | ||||||||||
For the years ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Auto liability | $ | 25 | $ | 144 | $ | (25 | ) | |||
Homeowners | (7 | ) | (6 | ) | (32 | ) | ||||
Professional liability | (17 | ) | (29 | ) | 40 | |||||
Package business | 3 | 2 | (20 | ) | ||||||
General liability | (25 | ) | (75 | ) | (87 | ) | ||||
Bond | 8 | (8 | ) | (9 | ) | |||||
Commercial property | 2 | (7 | ) | (8 | ) | |||||
Net asbestos reserves | 212 | 130 | 48 | |||||||
Net environmental reserves | 30 | 12 | 10 | |||||||
Uncollectible reinsurance | — | (25 | ) | — | ||||||
Workers’ compensation | (7 | ) | (2 | ) | 78 | |||||
Workers’ compensation - NY 25a Fund for Reopened Cases | — | 80 | — | |||||||
Change in workers’ compensation discount, including accretion | 30 | 30 | 52 | |||||||
Catastrophes | (45 | ) | (63 | ) | (66 | ) | ||||
Other reserve re-estimates, net | $ | 19 | $ | 9 | $ | 15 | ||||
Total prior accident years development | $ | 228 | $ | 192 | $ | (4 | ) | |||
Net unfavorable reserve development in 2014 primarily included the following: | ||||||||||
• | a strengthening in commercial auto liability reserves, for several accident years; | |||||||||
• | a strengthening of net asbestos reserves driven by the annual ground-up asbestos reserve evaluation; | |||||||||
• | partially offset by a release of general liability reserves due to lower frequency in late emerging claims ; and | |||||||||
• | also offset by a release of professional liability reserves, for accident years 2010, 2012 and 2013; and | |||||||||
• | also offset by a release of catastrophe reserves primarily for accident year 2013. | |||||||||
Net unfavorable reserve development in 2013 primarily included the following: | ||||||||||
• | a strengthening in commercial auto liability reserves, for accident years 2010 to 2012; | |||||||||
• | a strengthening related to the closing of the New York Section 25A Fund for Reopened Cases (the "Fund"); | |||||||||
• | a strengthening of net asbestos reserves driven by the annual ground-up asbestos reserve evaluation; | |||||||||
• | partially offset by a release of general liability reserves, for accident years 2006 to 2011; and | |||||||||
• | also offset by a release of professional liability reserves, for accident years 2008 to 2012; and | |||||||||
• | also offset by a release of catastrophe reserves primarily related to Storm Sandy. | |||||||||
Net favorable reserve development in 2012 primarily included the following: | ||||||||||
• | a release of general liability reserves, for accident years 2006 to 2008; | |||||||||
• | a release of catastrophes, primarily related to the 2001 World Trade Center worker's compensation claims; | |||||||||
• | partially offset by a strengthening of reserves for workers’ compensation reserves, for accident years 2009 to 2011; and | |||||||||
• | also offset by a strengthening of asbestos and environmental reserves. | |||||||||
Life Insurance Products Unpaid Losses and Loss Adjustment Expenses | ||||||||||
A rollforward of liabilities for group life, disability and accident, for unpaid losses and loss adjustment expenses follows: | ||||||||||
For the years ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Beginning liabilities for unpaid losses and loss adjustment expenses, gross | $ | 6,308 | $ | 6,547 | $ | 6,547 | ||||
Reinsurance recoverables | 267 | 252 | 233 | |||||||
Beginning liabilities for unpaid losses and loss adjustment expenses, net | 6,041 | 6,295 | 6,314 | |||||||
Add provision for unpaid losses and loss adjustment expenses | ||||||||||
Current year | 2,370 | 2,534 | 2,989 | |||||||
Prior years | (11 | ) | (17 | ) | 52 | |||||
Total provision for unpaid losses and loss adjustment expenses | 2,359 | 2,517 | 3,041 | |||||||
Less payments | ||||||||||
Current year | 1,161 | 1,207 | 1,460 | |||||||
Prior years | 1,426 | 1,564 | 1,600 | |||||||
Total payments | 2,587 | 2,771 | 3,060 | |||||||
Ending liabilities for unpaid losses and loss adjustment expenses, net | 5,813 | 6,041 | 6,295 | |||||||
Reinsurance recoverables | 271 | 267 | 252 | |||||||
Ending liabilities for unpaid losses and loss adjustment expenses, gross | $ | 6,084 | $ | 6,308 | $ | 6,547 | ||||
The liability for unpaid losses and loss adjustment expenses for group life, disability and accident contracts was discounted to present value using rates based on the Company’s earned investment yield estimated at the time the claims are incurred. The decrease in the provision for unpaid losses and loss adjustment expenses related to prior years was due to favorable claim recoveries in both the group life and group disability lines of business, net of accretion of discount. | ||||||||||
The liability for future policy benefits and unpaid losses and loss adjustment expenses is as follows: | ||||||||||
2014 | 2013 | |||||||||
Group life term, disability and accident unpaid losses and loss adjustment expenses | $ | 6,084 | $ | 6,308 | ||||||
Group life other unpaid losses and loss adjustment expenses | 203 | 206 | ||||||||
Individual life unpaid losses and loss adjustment expenses | 171 | 167 | ||||||||
Future policy benefits | 13,180 | 12,988 | ||||||||
Future policy benefits and unpaid losses and loss adjustment expenses | $ | 19,638 | $ | 19,669 | ||||||
Commitments_and_Contingencies_
Commitments and Contingencies Level 1 (Notes) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Commitments and Contingencies Disclosure [Text Block] | Contingencies Relating to Corporate Litigation and Regulatory Matters | |||
Management evaluates each contingent matter separately. A loss is recorded if probable and reasonably estimable. Management establishes liabilities for these contingencies at its “best estimate,” or, if no one number within the range of possible losses is more probable than any other, the Company records an estimated liability at the low end of the range of losses. | ||||
Litigation | ||||
The Hartford is involved in claims litigation arising in the ordinary course of business, both as a liability insurer defending or providing indemnity for third-party claims brought against insureds and as an insurer defending coverage claims brought against it. The Hartford accounts for such activity through the establishment of unpaid loss and loss adjustment expense reserves. Subject to the uncertainties discussed below under the caption “Asbestos and Environmental Claims,” management expects that the ultimate liability, if any, with respect to such ordinary-course claims litigation, after consideration of provisions made for potential losses and costs of defense, will not be material to the consolidated financial condition, results of operations or cash flows of The Hartford. | ||||
The Hartford is also involved in other kinds of legal actions, some of which assert claims for substantial amounts. These actions include, among others, and in addition to the matters described below, putative state and federal class actions seeking certification of a state or national class. Such putative class actions have alleged, for example, underpayment of claims or improper underwriting practices in connection with various kinds of insurance policies, such as personal and commercial automobile, property, life and inland marine; improper sales practices in connection with the sale of life insurance and other investment products; and improper fee arrangements in connection with investment products. The Hartford also is involved in individual actions in which punitive damages are sought, such as claims alleging bad faith in the handling of insurance claims. Like many other insurers, The Hartford also has been joined in actions by asbestos plaintiffs asserting, among other things, that insurers had a duty to protect the public from the dangers of asbestos and that insurers committed unfair trade practices by asserting defenses on behalf of their policyholders in the underlying asbestos cases. Management expects that the ultimate liability, if any, with respect to such lawsuits, after consideration of provisions made for estimated losses, will not be material to the consolidated financial condition of The Hartford. Nonetheless, given the large or indeterminate amounts sought in certain of these actions, and the inherent unpredictability of litigation, the outcome in certain matters could, from time to time, have a material adverse effect on the Company's results of operations or cash flows in particular quarterly or annual periods. | ||||
In addition to the inherent difficulty of predicting litigation outcomes, the Mutual Funds Litigation identified below purports to seek substantial damages for unsubstantiated conduct spanning a multi-year period based on novel applications of complex legal theories. The alleged damages are not quantified or factually supported in the complaint, and, in any event, the Company's experience shows that demands for damages often bear little relation to a reasonable estimate of potential loss. The court has made no substantive legal decisions defining the scope of the claims or the potentially available damages, and no legal precedent has been identified that would aid in determining a reasonable estimate of potential loss. Accordingly, management cannot reasonably estimate the possible loss or range of loss, if any. | ||||
Mutual Funds Litigation - In February 2011, a derivative action was brought on behalf of six Hartford retail mutual funds in the United States District Court for the District of New Jersey, alleging that Hartford Investment Financial Services, LLC (“HIFSCO”), an indirect subsidiary of the Company, received excessive advisory and distribution fees in violation of its statutory fiduciary duty under Section 36(b) of the Investment Company Act of 1940. HIFSCO moved to dismiss and, in September 2011, the motion was granted in part and denied in part, with leave to amend the complaint. In November 2011, plaintiffs filed an amended complaint on behalf of The Hartford Global Health Fund, The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisors Fund, and The Hartford Capital Appreciation Fund. Plaintiffs seek to rescind the investment management agreements and distribution plans between HIFSCO and these funds and to recover the total fees charged thereunder or, in the alternative, to recover any improper compensation HIFSCO received, in addition to lost earnings. HIFSCO filed a partial motion to dismiss the amended complaint and, in December 2012, the court dismissed without prejudice the claims regarding distribution fees and denied the motion with respect to the advisory fees claims. In March 2014, the plaintiffs filed a new complaint that, among other things, added as new plaintiffs The Hartford Floating Rate Fund and The Hartford Small Company Fund and named as a defendant Hartford Funds Management Company, LLC (“HFMC”), an indirect subsidiary of the Company which assumed the role as advisor to the funds as of January 2013. Discovery is ongoing. HFMC and HIFSCO dispute the allegations and expect to file a motion for summary judgment in the second quarter of 2015. | ||||
Asbestos and Environmental Claims | ||||
The Company continues to receive asbestos and environmental claims. Asbestos claims relate primarily to bodily injuries asserted by people who came in contact with asbestos or products containing asbestos. Environmental claims relate primarily to pollution and related clean-up costs. | ||||
The Company wrote several different categories of insurance contracts that may cover asbestos and environmental claims. First, the Company wrote primary policies providing the first layer of coverage in an insured’s liability program. Second, the Company wrote excess policies providing higher layers of coverage for losses that exhaust the limits of underlying coverage. Third, the Company acted as a reinsurer assuming a portion of those risks assumed by other insurers writing primary, excess and reinsurance coverages. Fourth, subsidiaries of the Company participated in the London Market, writing both direct insurance and assumed reinsurance business. | ||||
Significant uncertainty limits the ability of insurers and reinsurers to estimate the ultimate reserves necessary for unpaid losses and expenses related to environmental and particularly asbestos claims. The degree of variability of reserve estimates for these exposures is significantly greater than for other more traditional exposures. | ||||
In the case of the reserves for asbestos exposures, factors contributing to the high degree of uncertainty include inadequate loss development patterns, plaintiffs’ expanding theories of liability, the risks inherent in major litigation, and inconsistent emerging legal doctrines. Furthermore, over time, insurers, including the Company, have experienced significant changes in the rate at which asbestos claims are brought, the claims experience of particular insureds, and the value of claims, making predictions of future exposure from past experience uncertain. Plaintiffs and insureds also have sought to use bankruptcy proceedings, including “pre-packaged” bankruptcies, to accelerate and increase loss payments by insurers. In addition, some policyholders have asserted new classes of claims for coverages to which an aggregate limit of liability may not apply. Further uncertainties include insolvencies of other carriers and unanticipated developments pertaining to the Company’s ability to recover reinsurance for asbestos and environmental claims. Management believes these issues are not likely to be resolved in the near future. | ||||
In the case of the reserves for environmental exposures, factors contributing to the high degree of uncertainty include expanding theories of liability and damages, the risks inherent in major litigation, inconsistent decisions concerning the existence and scope of coverage for environmental claims, and uncertainty as to the monetary amount being sought by the claimant from the insured. | ||||
The reporting pattern for assumed reinsurance claims, including those related to asbestos and environmental claims, is much longer than for direct claims. In many instances, it takes months or years to determine that the policyholder’s own obligations have been met and how the reinsurance in question may apply to such claims. The delay in reporting reinsurance claims and exposures adds to the uncertainty of estimating the related reserves. | ||||
It is also not possible to predict changes in the legal and legislative environment and their effect on the future development of asbestos and environmental claims. | ||||
Given the factors described above, the Company believes the actuarial tools and other techniques it employs to estimate the ultimate cost of claims for more traditional kinds of insurance exposure are less precise in estimating reserves for certain of its asbestos and environmental exposures. For this reason, the Company principally relies on exposure-based analysis to estimate the ultimate costs of these claims and regularly evaluates new account information in assessing its potential asbestos and environmental exposures. The Company supplements this exposure-based analysis with evaluations of the Company’s historical direct net loss and expense paid and reported experience, and net loss and expense paid and reported experience by calendar and/or report year, to assess any emerging trends, fluctuations or characteristics suggested by the aggregate paid and reported activity. | ||||
As of December 31, 2014 and 2013, the Company reported $1.7 billion of net asbestos reserves and $247 and $276 of net environmental reserves, respectively. The Company believes that its current asbestos and environmental reserves are appropriate. However, analyses of future developments could cause The Hartford to change its estimates and ranges of its asbestos and environmental reserves, and the effect of these changes could be material to the Company’s consolidated operating results and liquidity. | ||||
Lease Commitments | ||||
The total rental expense on operating leases was $62, $79, and $105 in 2014, 2013, and 2012, respectively, which excludes sublease rental income of $4, $8, and $6 in 2014, 2013 and 2012, respectively. | ||||
Future minimum lease commitments as of December 31, 2014 are as follows: | ||||
Operating Leases | ||||
2015 | $ | 42 | ||
2016 | 35 | |||
2017 | 29 | |||
2018 | 22 | |||
2019 | 14 | |||
Thereafter | 12 | |||
Total minimum lease payments [1] | $ | 154 | ||
[1] | Excludes expected future minimum sublease income of approximately $3, $2, $2, $2, $2 and $3 in 2015, 2016, 2017, 2018, 2019 and thereafter respectively. | |||
The Company’s lease commitments consist primarily of lease agreements for office space, data processing, furniture and fixtures, office equipment, and transportation equipment that expire at various dates. Capital lease assets are included in property and equipment. | ||||
Unfunded Commitments | ||||
As of December 31, 2014, the Company has outstanding commitments totaling $865, of which $604 is committed to fund limited partnership and other alternative investments, which may be called by the partnership during the commitment period to fund the purchase of new investments and partnership expenses. Additionally, $246 is related to mortgage loans the Company is expecting to fund in the first half of 2015. The remaining outstanding commitments are related to various funding obligations associated with private placement securities. | ||||
Derivative Commitments | ||||
Certain of the Company’s derivative agreements contain provisions that are tied to the financial strength ratings of the individual legal entity that entered into the derivative agreement as set by nationally recognized statistical rating agencies. If the legal entity’s financial strength were to fall below certain ratings, the counterparties to the derivative agreements could demand immediate and ongoing full collateralization and in certain instances demand immediate settlement of all outstanding derivative positions traded under each impacted bilateral agreement. The settlement amount is determined by netting the derivative positions transacted under each agreement. If the termination rights were to be exercised by the counterparties, it could impact the legal entity’s ability to conduct hedging activities by increasing the associated costs and decreasing the willingness of counterparties to transact with the legal entity. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that are in a net liability position as of December 31, 2014 is $1.0 billion. Of this $1.0 billion the legal entities have posted collateral of $1.3 billion in the normal course of business. In addition, the Company has posted collateral of $41 associated with a customized GMWB derivative. Based on derivative market values as of December 31, 2014, a downgrade of one level below the current financial strength ratings by either Moody’s or S&P could require approximately an additional $4 to be posted as collateral. Based on derivative market values as of December 31, 2014, a downgrade by either Moody’s or S&P of two levels below the legal entities’ current financial strength ratings could require approximately an additional $18 of assets to be posted as collateral. These collateral amounts could change as derivative market values change, as a result of changes in our hedging activities or to the extent changes in contractual terms are negotiated. The nature of the collateral that we would post, if required, would be primarily in the form of U.S. Treasury bills, U.S. Treasury notes and government agency securities. | ||||
Guarantees | ||||
In the ordinary course of selling businesses or entities to third parties, the Company has agreed to indemnify purchasers for losses arising out of breaches of representations and warranties with respect to the business or entities being sold, covenants and obligations of the Company and/or its subsidiaries following the closing. These obligations are typically subject to various time limitations, defined by the contract or by operation of law, such as statutes of limitation. In some cases, the maximum potential obligation is subject to contractual limitations, while in other cases such limitations are not specified or applicable. The Company does not expect to make any payments on these guarantees and is not carrying any liabilities associated with these guarantees. |
Income_Taxes_Level_1_Notes
Income Taxes Level 1 (Notes) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||
Income Tax | Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions, as applicable. Income (loss) from continuing operations before income taxes included income (loss) from domestic operations of $1,736, $1,473 and $(106) for the years ended December 31, 2014, 2013 and 2012, and income (loss) from foreign operations of $(37), $(2) and $17 for the years ended December 31, 2014, 2013 and 2012. | ||||||||||||||||||
The provision (benefit) for income taxes consists of the following: | |||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Income Tax Expense (Benefit) | |||||||||||||||||||
Current - U.S. Federal | $ | (62 | ) | $ | 219 | $ | 33 | ||||||||||||
International | 2 | — | — | ||||||||||||||||
Total current | (60 | ) | 219 | 33 | |||||||||||||||
Deferred - U.S. Federal | 410 | 27 | (342 | ) | |||||||||||||||
Total income tax expense (benefit) | $ | 350 | $ | 246 | $ | (309 | ) | ||||||||||||
Deferred tax assets and liabilities on the consolidated balance sheets represent the tax consequences of differences between the financial reporting and tax basis of assets and liabilities. | |||||||||||||||||||
Deferred tax assets (liabilities) include the following: | |||||||||||||||||||
As of December 31, | |||||||||||||||||||
Deferred Tax Assets | 2014 | 2013 | |||||||||||||||||
Tax discount on loss reserves | $ | 573 | $ | 632 | |||||||||||||||
Tax basis deferred policy acquisition costs | 163 | 207 | |||||||||||||||||
Unearned premium reserve and other underwriting related reserves | 456 | 434 | |||||||||||||||||
Investment-related items [1] | 1,020 | 1,641 | |||||||||||||||||
Insurance product derivatives | 44 | 13 | |||||||||||||||||
Employee benefits | 677 | 523 | |||||||||||||||||
Alternative minimum tax credit | 652 | 823 | |||||||||||||||||
Net operating loss carryover [1] | 1,936 | 1,093 | |||||||||||||||||
Foreign tax credit carryover | 178 | 163 | |||||||||||||||||
Capital loss carryover | 172 | — | |||||||||||||||||
Other | — | 63 | |||||||||||||||||
Total Deferred Tax Assets | 5,871 | 5,592 | |||||||||||||||||
Valuation Allowance | (181 | ) | (4 | ) | |||||||||||||||
Deferred Tax Assets, Net of Valuation Allowance | 5,690 | 5,588 | |||||||||||||||||
Deferred Tax Liabilities | |||||||||||||||||||
Financial statement deferred policy acquisition costs and reserves | (1,040 | ) | (894 | ) | |||||||||||||||
Net unrealized gains on investments | (1,489 | ) | (669 | ) | |||||||||||||||
Other depreciable and amortizable assets | (217 | ) | (185 | ) | |||||||||||||||
Other | (47 | ) | — | ||||||||||||||||
Total Deferred Tax Liabilities | (2,793 | ) | (1,748 | ) | |||||||||||||||
Net Deferred Tax Asset | $ | 2,897 | $ | 3,840 | |||||||||||||||
[1] | On July 18, 2014, the U.S. Internal Revenue Service issued Internal Revenue Code Section 446 Directive (“the Directive”) regarding the tax treatment of hedging gains and losses related to the hedging of variable annuity guaranteed minimum benefits such as contracts with GMDB and GMWB riders. The Directive accelerated the tax deduction related to previously deferred investment hedging losses. While the acceleration did not have a material effect on the Company’s overall consolidated deferred tax asset, the Directive resulted in a re-characterization of deferred tax assets. The changes were a decrease in temporary differences for investment-related items and an increase in net operating loss carryover. | ||||||||||||||||||
The Company has recorded a deferred tax asset valuation allowance that is adequate to reduce the total deferred tax asset to an amount that will more likely than not be realized. In assessing the need for a valuation allowance, management considered future taxable temporary difference reversals, future taxable income exclusive of reversing temporary differences and carryovers, taxable income in open carry back years and other tax planning strategies. From time to time, tax planning strategies could include holding a portion of debt securities with market value losses until recovery, altering the level of tax exempt securities held, making investments which have specific tax characteristics, and business considerations such as asset-liability matching. Management views such tax planning strategies as prudent and feasible and would implement them, if necessary, to realize the deferred tax assets. | |||||||||||||||||||
As shown in the deferred tax assets (liabilities) table above, included in net deferred income taxes are the future tax benefits associated with the net operating loss carryover, foreign tax credit carryover, capital loss carryover, and alternative minimum tax credit carryover. | |||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||
2014 | 2013 | Expiration | |||||||||||||||||
Carryover amount | Expected tax benefit, gross | Carryover amount | Expected tax benefit, gross | Dates | Amount | ||||||||||||||
Net operating loss carryover | $ | 5,547 | $ | 1,936 | $ | 3,123 | $ | 1,093 | 2016 | - | 2017 | $ | 3 | ||||||
2023 | - | 2033 | $ | 5,544 | |||||||||||||||
Foreign tax credit carryover | $ | 178 | $ | 178 | $ | 163 | $ | 163 | 2018 | - | 2024 | $ | 178 | ||||||
Capital loss carryover | $ | 491 | $ | 172 | $ | — | $ | — | 2019 | $ | 491 | ||||||||
Alternative minimum tax credit carryover | $ | 652 | $ | 652 | $ | 823 | $ | 823 | No expiration | $ | — | ||||||||
Net operating loss carryover | |||||||||||||||||||
As of December 31, 2014 and 2013, the net deferred tax asset included the expected tax benefit attributable to net operating losses of $5,547 and $3,123, respectively, consisting of U.S. losses of $5,508 and $3,123, respectively, and foreign losses of $39 and $0. If unutilized, the U.S. losses expire as follows: $3 from 2016-2017, $5,544 from 2023-2033. Utilization of these loss carryovers is dependent upon the generation of sufficient future taxable income. Due to limitations on the use of certain losses, a valuation allowance of $9 has been established in order to recognize only the portion of net operating losses that will more likely than not be realized. | |||||||||||||||||||
Most of the net operating loss carryover originated from the Company's U.S. and international annuity business, including from the hedging program. Given the sale of the Japan subsidiary in June 2014, and continued runoff of the U.S. fixed and variable annuity business, the exposure to taxable losses from the Talcott Resolution business is significantly lessened. Given the expected earnings of its property and casualty, group benefits and mutual fund businesses, the Company expects to generate sufficient taxable income in the future to utilize its net operating loss carryover net of the recorded valuation allowance. Although the Company projects there will be sufficient future taxable income to fully recover the remainder of the loss carryover, the Company's estimate of the likely realization may change over time. | |||||||||||||||||||
Alternative minimum tax credit and foreign tax credit carryover | |||||||||||||||||||
As of December 31, 2014 and 2013, the net deferred tax asset included the expected tax benefit attributable to alternative minimum tax credit carryover of $652 and $823 and foreign tax credit carryover of $178 and $163 respectively. The alternative minimum tax credits have no expiration date and the foreign tax credit carryover expire from 2018 to 2024. These credits are available to offset regular federal income taxes from future taxable income and although the Company believes there will be sufficient future regular federal taxable income, there can be no certainty that future events will not affect the ability to utilize the credits. Additionally, the use of the foreign tax credits generally depends on the generation of sufficient taxable income to first utilize all U.S. net operating loss carryover. However, the Company has identified certain investments which allow for utilization of the foreign tax credits without first using the net operating loss carryover. Consequently, the Company believes it is more likely than not the foreign tax credit carryover will be fully realized. Accordingly, no valuation allowance has been provided on either the alternative minimum tax carryover or foreign tax credit carryover. | |||||||||||||||||||
Capital loss carryover | |||||||||||||||||||
As of December 31, 2014 and 2013, the net deferred tax asset included the expected tax benefit attributable to the capital loss carryover of $491 and $0, respectively. The capital loss carryover of $491 at December 31, 2014 was largely due to the loss on sale of the Company’s Japan subsidiary, HLIKK, which has been accounted for as discontinued operations. If unutilized, the capital loss carryover will expire in 2019. Utilization of the capital loss carryover requires the Company to realize sufficient taxable capital gains. While the Company has some ability to utilize the capital loss carryover by generating capital gains through tax planning strategies, the Company concluded that it is more likely than not that this asset will not be realized and, accordingly, in 2014, the Company has recorded a valuation allowance of $172 through discontinued operations. | |||||||||||||||||||
Included in Other liabilities in the Consolidated Balance Sheets as of December 31, 2014 and 2013 are net deferred tax liabilities related to Japan of $0 and $61, respectively. The net deferred tax liability of $61 as of December 31, 2013 was comprised of taxes on future taxable income related to owed reinsurance recoverables, loss reserves and foreign currency translation adjustments. | |||||||||||||||||||
As of December 31, 2014 the Company had a current income tax receivable of $38, of which $2 was related to Canada and due from a foreign jurisdiction. As of December 31, 2013 the Company had a current income tax receivable of $72, of which $70 was a payable related to Japan and due to a foreign jurisdiction. | |||||||||||||||||||
The Company’s unrecognized tax benefits were unchanged during the years ended December 31, 2014, 2013, and 2012, remaining at $48 as of December 31, 2014, and 2013. This entire amount, if it were recognized, would affect the effective tax rate in the period it is released. | |||||||||||||||||||
The Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations for years prior to 2007. The federal audit of the years 2007-2011 is expected to conclude in 2015 and it is reasonably possible the Company may be able to reduce part of or the entire amount of the unrecognized tax benefits within the next 12 months. Apart from the possible reduction in unrecognized tax benefits, management does not expect the conclusion of the federal audit for the 2007-2011 years will have a material impact on the consolidated financial condition or results of operations. Management believes that adequate provision has been made in the financial statements for any potential assessments that may result from tax examinations and other tax-related matters for all open tax years. | |||||||||||||||||||
The Company classifies interest and penalties (if applicable) as income tax expense in the consolidated financial statements. The Company recognized interest expense of $0, $5, and $0 for the years ended December 31, 2014, 2013 and 2012, respectively. The Company had approximately $1 of interest payable for 2014 and 2013. The Company does not believe it would be subject to any penalties in any open tax years and, therefore, has not booked any accrual for penalties. | |||||||||||||||||||
A reconciliation of the tax provision (benefit) at the U.S. Federal statutory rate to the provision (benefit) for income taxes is as follows: | |||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Tax provision (benefit) at U.S. Federal statutory rate | $ | 595 | $ | 515 | $ | (31 | ) | ||||||||||||
Tax-exempt interest | (138 | ) | (138 | ) | (141 | ) | |||||||||||||
Dividends received deduction | (114 | ) | (139 | ) | (145 | ) | |||||||||||||
Valuation allowance | 5 | (2 | ) | — | |||||||||||||||
Other | 2 | 10 | 8 | ||||||||||||||||
Provision (benefit) for income taxes | $ | 350 | $ | 246 | $ | (309 | ) | ||||||||||||
Debt_Level_1_Notes
Debt Level 1 (Notes) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Debt Disclosure [Abstract] | |||||||
Debt | Company’s long-term debt securities are issued by either HFSG Holding Company or HLI, and are unsecured obligations of HFSG Holding Company or HLI, and rank on a parity with all other unsecured and unsubordinated indebtedness of HFSG Holding Company or HLI. | ||||||
Debt is carried net of discount. Short-term and long-term debt by issuance are as follows: | |||||||
As of December 31, | |||||||
2014 | 2013 | ||||||
Revolving Credit Facilities | $ | — | $ | 238 | |||
Senior Notes and Debentures | |||||||
4.75% Notes, due 2014 | — | 200 | |||||
4.0% Notes, due 2015 | 289 | 289 | |||||
7.3% Notes, due 2015 | 167 | 167 | |||||
5.5% Notes, due 2016 | 275 | 275 | |||||
5.375% Notes, due 2017 | 415 | 415 | |||||
4.0% Notes, due 2017 | 295 | 295 | |||||
6.3% Notes, due 2018 | 320 | 320 | |||||
6.0% Notes, due 2019 | 413 | 413 | |||||
5.5% Notes, due 2020 | 499 | 499 | |||||
5.125% Notes, due 2022 | 797 | 796 | |||||
7.65% Notes, due 2027 | 80 | 79 | |||||
7.375% Notes, due 2031 | 63 | 63 | |||||
5.95% Notes, due 2036 | 299 | 298 | |||||
6.625% Notes, due 2040 | 295 | 295 | |||||
6.1% Notes, due 2041 | 326 | 326 | |||||
6.625% Notes, due 2042 | 178 | 178 | |||||
4.3% Notes, due 2043 | 298 | 298 | |||||
Junior Subordinated Debentures | |||||||
7.875% Notes, due 2042 | 600 | 600 | |||||
8.125% Notes, due 2068 | 500 | 500 | |||||
Total Notes and Debentures | 6,109 | 6,306 | |||||
Less: Current maturities | 456 | 200 | |||||
Long-Term Debt | 5,653 | 6,106 | |||||
Total Debt | $ | 6,109 | $ | 6,544 | |||
The effective interest rate on the 6.1% senior notes due 2041 is 7.9%. The effective interest rate on the remaining notes does not differ materially from the stated rate. The Company incurred interest expense of $376, $397 and $457 on long-term debt for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||
Collateralized Advances | |||||||
Hartford Life Insurance Company (“HLIC”), an indirect wholly owned subsidiary, became a member of the Federal Home Loan Bank of Boston (“FHLBB”) in May 2011. Membership allows HLIC access to collateralized advances, which may be used to support various spread-based businesses and enhance liquidity management. The Connecticut Department of Insurance (“CTDOI”) will permit HLIC to pledge up to $1.39 billion in qualifying assets to secure FHLBB advances for 2015. The amount of advances that can be taken are dependent on the asset types pledged to secure the advances. The pledge limit is recalculated annually based on statutory admitted assets and capital and surplus. HLIC would need to seek the prior approval of the CTDOI if there were a desire to exceed these limits. As of December 31, 2014, HLIC had no advances outstanding under the FHLBB facility. | |||||||
Senior Notes | |||||||
On March 26, 2013, the Company repurchased principal amounts of approximately $800, plus a payment for unpaid interest on senior notes due through the settlement date. The Company recognized a loss on extinguishment in 2013 of approximately $213, before tax, representing the excess of the repurchase price over the principal repaid and the write-off of the unamortized discount and debt issuance costs. | |||||||
On April 18, 2013, the Company issued $300 aggregate principal amount of 4.3% Senior Notes (the "4.3% Notes") due April 15, 2043 for net proceeds of approximately $295, after deducting underwriting discounts and expenses from the offering. The 4.3% Notes bear interest at an annual fixed rate of 4.3% from the date of issuance to April 15, 2043, payable semi-annually in arrears on April 15 and October 15, commencing October 15, 2013. The Company, at its option, can redeem the 4.3% Notes at any time in whole, or from time to time in part, at a redemption price at a discount rate of US Treasury due November 15, 2042 plus 25 basis points, or if greater, 100% of the principal amount of notes to be redeemed, plus accrued and unpaid interest to the date of redemption. | |||||||
Junior Subordinated Debentures | |||||||
On April 17, 2012, the Company (i) repurchased all outstanding 10% fixed-to-floating rate junior subordinated debentures due 2068 with a $1.75 billion aggregate principal amount held by Allianz SE (“Allianz”) (the “10% Debentures”) for $2.125 billion (plus a payment by the Company of unpaid interest on the 10% Debentures) and (ii) settled the repurchase of the Series B and Series C warrants held by Allianz to purchase shares of the Company’s common stock, see Note 15 - Equity. In addition, the 10% Debentures replacement capital covenant (the “10% Debentures RCC”) was terminated on April 12, 2012 with the consent of the holders of a majority in aggregate principal amount of the Company’s outstanding 6.1% senior notes due 2041. Upon closing, the Company recognized a loss on extinguishment in the second quarter of 2012 of $587, after-tax, representing the premium associated with repurchasing the 10% Debentures at an amount greater than the face amount, the write-off of the unamortized discount and debt issuance costs related to the 10% Debentures and other costs related to the repurchase transaction. On April 5, 2012, the Company issued $600 aggregate principal amount of 7.875% fixed-to-floating rate junior subordinated debentures due 2042 (the “Debentures”) for net proceeds of approximately $586, after deducting underwriting discounts and offering expenses. The Company financed the repurchase of the 10% Debentures through the issuance of the Senior Notes and the Debentures in 2012. | |||||||
The Debentures bear interest from the date of issuance to but excluding April 15, 2022 at an annual rate of 7.875%, payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year to and including April 15, 2022. Commencing on April 15, 2022 the Debentures bear interest at an annual rate equal to three-month LIBOR, reset quarterly, plus 5.596%, payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year, commencing on July 15, 2022. The Company has the right, on one or more occasions, to defer the payment of interest on the Debentures. The Company may defer interest for up to ten consecutive years without giving rise to an event of default. Deferred interest will accumulate additional interest at an annual rate equal to the annual interest rate then applicable to the Debentures. If the Company defers interest payments on the Debentures, the Company generally may not make payments on or redeem or purchase any shares of its capital stock or any of its debt securities or guarantees that rank upon liquidation, dissolution or winding up equally with or junior to the Debentures, subject to certain limited exceptions. | |||||||
The Company may elect to redeem the Debentures in whole at any time or in part from time to time on or after April 15, 2022, at a redemption price equal to the principal amount of the Debentures being redeemed plus accrued and unpaid interest to but excluding the date of redemption. If the Debentures are not redeemed in whole, at least $25 aggregate principal amount of the Debentures must remain outstanding after giving effect to such redemption. The Debentures may be redeemed in whole at any time prior to April 15, 2022, within 90 days of the occurrence of a tax event or rating agency event, at a redemption price equal to the greater of (i) the principal amount of the Debentures being redeemed, or (ii) the present value of the (a) outstanding principal and (b) remaining scheduled payments of interest that would have been payable from the redemption date to and including April 15, 2022 on the Debentures to be redeemed (not including any portion of such payments of interest accrued and unpaid to but excluding the redemption date), discounted from their respective interest payment dates to but excluding the redemption date at a discount rate equal to the Treasury Rate plus a spread of 0.7%, in each case, plus accrued and unpaid interest to but excluding the redemption date. | |||||||
The Debentures are unsecured, subordinated and junior in right of payment and upon liquidation to all of the Company’s existing and future senior indebtedness. In addition, the Debentures are effectively subordinated to all of the Company’s subsidiaries’ existing and future indebtedness and other liabilities, including obligations to policyholders. The Debentures do not limit the Company’s or the Company’s subsidiaries’ ability to incur additional debt, including debt that ranks senior in right of payment and upon liquidation to the Debentures. | |||||||
The Debentures rank equally in right of payment and upon liquidation with (i) any indebtedness the terms of which provide that such indebtedness ranks equally with the Debentures, including guarantees of such indebtedness, (ii) the Company’s existing 8.125% fixed-to-floating rate junior subordinated debentures due 2068 (the “8.125% Debentures”), (iii) the Company’s Income Capital Obligation Notes due 2067, issuable pursuant to the Junior Subordinated Indenture, dated as of February 12, 2007, between the Company and Wilmington Trust Company (the “ICON securities”), (iv) our trade accounts payable, and (v) any of our indebtedness owed to a person who is our subsidiary or employee. | |||||||
Long-Term Debt Maturities | |||||||
Long-term debt maturities (at par values), as of December 31, 2014 are summarized as follows: | |||||||
2015 | $ | 456 | |||||
2016 | 275 | ||||||
2017 | 712 | ||||||
2018 | 320 | ||||||
2019 | 413 | ||||||
Thereafter | 4,025 | ||||||
Shelf Registrations | |||||||
On August 9, 2013, the Company filed with the Securities and Exchange Commission (the “SEC”) an automatic shelf registration statement (Registration No. 333-190506) for the potential offering and sale of debt and equity securities. The registration statement allows for the following types of securities to be offered: debt securities, junior subordinated debt securities, preferred stock, common stock, depositary shares, warrants, stock purchase contracts, and stock purchase units. In that The Hartford is a well-known seasoned issuer, as defined in Rule 405 under the Securities Act of 1933, the registration statement went effective immediately upon filing and The Hartford may offer and sell an unlimited amount of securities under the registration statement during the three-year life of the registration statement. | |||||||
Contingent Capital Facility | |||||||
The Company is party to a put option agreement that provides The Hartford with the right to require the Glen Meadow ABC Trust, a Delaware statutory trust, at any time and from time to time, to purchase The Hartford’s junior subordinated notes in a maximum aggregate principal amount not to exceed $500. Under the Put Option Agreement, The Hartford will pay the Glen Meadow ABC Trust premiums on a periodic basis, calculated with respect to the aggregate principal amount of notes that The Hartford had the right to put to the Glen Meadow ABC Trust for such period. The Hartford has agreed to reimburse the Glen Meadow ABC Trust for certain fees and ordinary expenses. The Company holds a variable interest in the Glen Meadow ABC Trust where the Company is not the primary beneficiary. As a result, the Company did not consolidate the Glen Meadow ABC Trust. As of December 31, 2014, The Hartford has not exercised its right to require Glen Meadow ABC Trust to purchase the notes. As a result, the notes remain a source of capital for the HFSG Holding Company. | |||||||
Revolving Credit Facilities | |||||||
On October 31, 2014, the Company entered into a senior unsecured five-year revolving credit facility (the "Credit Facility”) that provides for up to $1.0 billion of unsecured credit through October 31, 2019, available in U.S. dollars, Euro, Sterling, Canadian dollars, and Japanese Yen, and terminated its $1.75 billion credit facility expiring January 6, 2016. As of December 31, 2014, there were no borrowings outstanding under the Credit Facility. The Credit Facility is available for general corporate purposes. Of the total availability under the Credit Facility, up to $250 is available to support letters of credit issued on behalf of the Company or subsidiaries of the Company. Under the Credit Facility, the Company must maintain a minimum level of consolidated net worth of $13.5 billion. The definition of consolidated net worth under the terms of the Credit Facility excludes AOCI and includes the Company’s outstanding junior subordinated debentures and perpetual preferred securities, net of discount. In addition, the Company’s maximum ratio of consolidated total debt to consolidated total capitalization permitted under the Credit Facility is 35%, and the maximum ratio of subsidiary debt to consolidated total capitalization is 10%. As of December 31, 2014, the Company was in compliance with all financial covenants under the Credit Facility. | |||||||
HLIKK previously had four revolving credit facilities in support of operations. These credit facilities were transfered with the sale of HLIKK on June 30, 2014. | |||||||
Commercial Paper | |||||||
On December 18, 2014 the Board of Directors revised the Company's commercial paper issuance authorization from $2.0 billion to $1.0 billion to align the program with the Company's $1.0 billion five year revolving credit facility which became effective on October 31, 2014. On December 23, 2014, the Company entered into an agreement with a dealer under the commercial paper program. While The Hartford's maximum borrowings available under its commercial paper program are $1.0 billion, the Company is dependent upon market conditions to access short-term financing through the issuance of commercial paper to investors. There is no commercial paper outstanding as of December 31, 2014. |
Equity_Level_1_Notes
Equity Level 1 (Notes) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Equity [Abstract] | ||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ies F Preferred Stock | |||||||||
In 2010, the Company issued 23 million depositary shares, each representing a 1/40th interest in the Company's 7.25% Series F mandatory convertible preferred stock at a price of $25 per depositary share and received net proceeds of approximately $556. Cumulative dividends on each share of the Series F mandatory convertible preferred stock were payable at a rate of 7.25% per annum on the initial liquidation preference of $1,000 per share. The Series F mandatory convertible preferred stock was converted to 21.2 million shares of common stock on April 1, 2013. | ||||||||||
Allianz SE Warrants | ||||||||||
In 2012, the Company repurchased 69,351,806 Series B and Series C warrants, at an exercise price of $25.23, for $300 representing all of the outstanding warrants held by Allianz. Under the terms of the investment agreement, these warrants initially entitled Allianz to purchase 69,115,324 shares of the Company’s common stock at an exercise price of $25.32 per share. The warrant repurchase was settled on April 17, 2012. | ||||||||||
Capital Purchase Program ("CPP") Warrants | ||||||||||
As of December 31, 2014 and 2013, respectively, the Company has 7.2 million and 32.4 million CPP warrants outstanding and exercisable. The CPP warrants were issued in 2009 as part of a program established by the U.S. Department of the Treasury under the Emergency Economic Stabilization Act of 2008. The CPP warrants expire in 2019. | ||||||||||
CPP warrant exercises were 25.2 million and 18.1 million during the years ended December 31, 2014 and 2013, respectively. During the year ended December 31, 2013, the Company also repurchased 1.6 million CPP warrants for $33 under the Company's authorized equity repurchase program. | ||||||||||
The declaration of common stock dividends by the Company in excess of a threshold triggers a provision in the Company's warrant agreement with The Bank of New York Mellon resulting in adjustments to the CPP warrant exercise price. Accordingly, the CPP warrant exercise price was $9.388, $9.504 and $9.599 as of December 31, 2014, 2013 and 2012, respectively. The exercise price will be settled by the Company's withholding the number of common shares issuable upon exercise of the warrants equal to the value of the aggregate exercise price of the warrants so exercised determined by reference to the closing price of the Company's common stock on the trading day on which the warrants are exercised and notice is delivered to the warrant agent. | ||||||||||
Equity Repurchase Program | ||||||||||
In 2014, the Board of Directors approved increases aggregating $1.525 billion in the Company's authorized equity repurchase program, bringing the total authorization for equity repurchases to $2.775 billion for the period January 1, 2014 through December 31, 2015, with $979 remaining as of December 31, 2014. | ||||||||||
During the year ended December 31, 2014, the Company repurchased 49.5 million common shares for $1,796. During the period January 1, 2015 to February 24, 2015, the Company repurchased 4.1 million common shares for $165. | ||||||||||
Statutory Results | ||||||||||
The domestic insurance subsidiaries of The Hartford prepare their statutory financial statements in conformity with statutory accounting practices prescribed or permitted by the applicable state insurance department which vary materially from U.S. GAAP. Prescribed statutory accounting practices include publications of the National Association of Insurance Commissioners (“NAIC”), as well as state laws, regulations and general administrative rules. The differences between statutory financial statements and financial statements prepared in accordance with U.S. GAAP vary between domestic and foreign jurisdictions. The principal differences are that statutory financial statements do not reflect deferred policy acquisition costs and limit deferred income taxes, predominately use interest rate and mortality assumptions prescribed by the NAIC for life benefit reserves, generally carry bonds at amortized cost, and present reinsurance assets and liabilities net of reinsurance. | ||||||||||
Statutory net income and statutory capital and surplus are as follows: | ||||||||||
For the years ended December 31, | ||||||||||
Statutory Net Income | 2014 | 2013 | 2012 | |||||||
U.S. life insurance subsidiaries, includes domestic captive insurance subsidiaries | $ | 415 | $ | 2,144 | $ | 592 | ||||
Property and casualty insurance subsidiaries | 1,228 | 1,217 | 883 | |||||||
Total | $ | 1,643 | $ | 3,361 | $ | 1,475 | ||||
As of December 31, | ||||||||||
Statutory Capital and Surplus | 2014 | 2013 | ||||||||
U.S. life insurance subsidiaries, includes domestic captive insurance subsidiaries for 2013 | $ | 7,157 | $ | 6,639 | ||||||
Property and casualty insurance subsidiaries | 8,069 | 8,022 | ||||||||
Total | $ | 15,226 | $ | 14,661 | ||||||
The Company also held regulatory capital and surplus for its former operations in Japan until the sale of those operations on June 30, 2014. Under the accounting practices and procedures governed by Japanese regulatory authorities, the Company’s statutory capital and surplus for its Japan operations was $1.2 billion, as of December 31, 2013. | ||||||||||
Regulatory Capital Requirements | ||||||||||
The Company's U.S. insurance companies' states of domicile impose risk-based capital (“RBC”) requirements. The requirements provide a means of measuring the minimum amount of statutory capital and surplus (referred to collectively as "capital") appropriate for an insurance company to support its overall business operations based on its size and risk profile. Regulatory compliance is determined by a ratio of a company's total adjusted capital (“TAC”) to its authorized control level RBC (“ACL RBC”). Companies below specific trigger points or ratios are classified within certain levels, each of which requires specified corrective action. The minimum level of TAC before corrective action commences (“Company Action Level”) is two times the ACL RBC. The adequacy of a company's capital is determined by the ratio of a company's TAC to its Company Action Level, known as the "RBC ratio". All of the Company's operating insurance subsidiaries had RBC ratios in excess of the minimum levels required by the applicable insurance regulations. On an aggregate basis, the Company's U.S. property and casualty insurance companies' RBC ratio was in excess of 200% of its Company Action Level as of December 31, 2014 and 2013. The RBC ratios for the Company's principal life insurance operating subsidiaries were all in excess of 425% of their Company Action Levels as of December 31, 2014 and 2013. The reporting of RBC ratios is not intended for the purpose of ranking any insurance company, or for use in connection with any marketing, advertising, or promotional activities. | ||||||||||
Similar to the RBC ratios that are employed by U.S. insurance regulators, regulatory authorities in the international jurisdictions in which the Company operates generally establish minimum solvency requirements for insurance companies. All of the Company's international insurance subsidiaries have solvency margins in excess of the minimum levels required by the applicable regulatory authorities. | ||||||||||
Dividend Restrictions | ||||||||||
Dividends to the HFSG Holding Company from its insurance subsidiaries are restricted. The payment of dividends by Connecticut-domiciled insurers is limited under the insurance holding company laws of Connecticut. These laws require notice to and approval by the state insurance commissioner for the declaration or payment of any dividend, which, together with other dividends or distributions made within the preceding twelve months, exceeds the greater of (i) 10% of the insurer’s policyholder surplus as of December 31 of the preceding year or (ii) net income (or net gain from operations, if such company is a life insurance company) for the twelve-month period ending on the thirty-first day of December last preceding, in each case determined under statutory insurance accounting principles. In addition, if any dividend of a Connecticut-domiciled insurer exceeds the insurer’s earned surplus, it requires the prior approval of the Connecticut Insurance Commissioner. The insurance holding company laws of the other jurisdictions in which The Hartford’s insurance subsidiaries are incorporated (or deemed commercially domiciled) generally contain similar (although in certain instances somewhat more restrictive) limitations on the payment of dividends. Dividends paid to HFSG Holding Company by its life insurance subsidiaries are further dependent on cash requirements of HLI and other factors. In addition to statutory limitations on paying dividends, the Company also takes other items into consideration when determining dividends from subsidiaries. These considerations include, but are not limited to expected earnings and capitalization of the subsidiary, regulatory capital requirements and liquidity requirements of the individual operating company. | ||||||||||
In 2014, HFSG Holding Company received approximately $2.5 billion in dividends from its property-casualty insurance subsidiaries through a series of transactions affecting the property and casualty and life insurance subsidiaries, including $1.4 billion of extraordinary dividends. As a result of the extraordinary dividend received in July 2014, Hartford Fire has no remaining ordinary dividend capacity for the twelve months following. As such, the Company does not anticipate taking any dividends from Hartford Fire until the third quarter of 2015. The dividends received from its property-casualty subsidiaries included $97 related to funding interest payments on an intercompany note between Hartford Holdings, Inc. (“HHI”) and Hartford Fire Insurance Company. | ||||||||||
In 2015, the Company’s property-casualty insurance subsidiaries are permitted to pay up to a maximum of approximately $1.5 billion in dividends to HFSG Holding Company without prior approval from the applicable insurance commissioner. In 2015, HFSG Holding Company anticipates receiving approximately $600 in dividends from its property-casualty insurance subsidiaries, net of any dividends paid by its property-casualty subsidiaries to fund interest payments on an intercompany note between HHI and Hartford Fire Insurance Company. | ||||||||||
On January 30, 2015, HLA paid an extraordinary dividend of $100, based on approval received from the CTDOI. As a result of dividends and distributions taken in the preceding twelve months, effective March 3, 2015, HLA will have approximately $155 of ordinary dividend capacity available for the remainder of 2015. HFSG Holding Company anticipates receiving an additional $100 of dividends from HLA during 2015. | ||||||||||
On January 30, 2015, HLIC paid an extraordinary dividend of $500, based on approval received from the CTDOI. As a result of this dividends, HLIC has no ordinary dividend capacity for the remainder of 2015. HFSG Holding Company anticipates receiving an additional $500 of extraordinary dividends from HLIC during 2015. | ||||||||||
There are no current restrictions on the HFSG Holding Company's ability to pay dividends to its shareholders. | ||||||||||
Restricted Net Assets | ||||||||||
The Company's insurance subsidiaries had net assets of $21 billion, determined in accordance with U.S. GAAP, that were restricted from payment to the HFSG Holding Company, without prior regulatory approval at December 31, 2014. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income, Net of Tax Level 1 (Notes) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | nges in AOCI, net of tax and DAC, by component consist of the following: | ||||||||||||||||||
For the year ended December 31, 2014 | |||||||||||||||||||
Net Unrealized Gain on Securities | OTTI Losses in OCI | Net Gain (Loss) on Cash Flow Hedging Instruments | Foreign Currency Translation Adjustments | Pension and Other Postretirement Plan Adjustments | Total AOCI | ||||||||||||||
Beginning balance | $ | 987 | $ | (12 | ) | $ | 108 | $ | 91 | $ | (1,253 | ) | $ | (79 | ) | ||||
OCI before reclassifications | 1,474 | 3 | 89 | 13 | (437 | ) | 1,142 | ||||||||||||
Amounts reclassified from AOCI | (91 | ) | 4 | (47 | ) | (112 | ) | 111 | (135 | ) | |||||||||
Net OCI | 1,383 | 7 | 42 | (99 | ) | (326 | ) | 1,007 | |||||||||||
Ending balance | $ | 2,370 | $ | (5 | ) | $ | 150 | $ | (8 | ) | $ | (1,579 | ) | $ | 928 | ||||
For the year ended December 31, 2013 | |||||||||||||||||||
Net Unrealized Gain on Securities | OTTI Losses in OCI | Net Gain (Loss) on Cash Flow Hedging Instruments | Foreign Currency Translation Adjustments | Pension and Other Postretirement Plan Adjustments | Total AOCI | ||||||||||||||
Beginning balance | $ | 3,418 | $ | (47 | ) | $ | 428 | $ | 406 | $ | (1,362 | ) | $ | 2,843 | |||||
OCI before reclassifications | (1,416 | ) | 51 | (195 | ) | (337 | ) | 74 | (1,823 | ) | |||||||||
Amounts reclassified from AOCI | (1,015 | ) | (16 | ) | (125 | ) | 22 | 35 | (1,099 | ) | |||||||||
Net OCI | (2,431 | ) | 35 | (320 | ) | (315 | ) | 109 | (2,922 | ) | |||||||||
Ending balance | $ | 987 | $ | (12 | ) | $ | 108 | $ | 91 | $ | (1,253 | ) | $ | (79 | ) | ||||
For the year ended December 31, 2012 | |||||||||||||||||||
Net Unrealized Gain on Securities | OTTI Losses in OCI | Net Gain (Loss) on Cash Flow Hedging Instruments | Foreign Currency Translation Adjustments | Pension and Other Postretirement Plan Adjustments | Total AOCI | ||||||||||||||
Beginning balance | $ | 1,511 | $ | (99 | ) | $ | 516 | $ | 574 | $ | (1,251 | ) | $ | 1,251 | |||||
OCI before reclassifications | 1,928 | 149 | 58 | (168 | ) | (320 | ) | 1,647 | |||||||||||
Amounts reclassified from AOCI | (21 | ) | (97 | ) | (146 | ) | — | 209 | (55 | ) | |||||||||
Net OCI | 1,907 | 52 | (88 | ) | (168 | ) | (111 | ) | 1,592 | ||||||||||
Ending balance | $ | 3,418 | $ | (47 | ) | $ | 428 | $ | 406 | $ | (1,362 | ) | $ | 2,843 | |||||
Reclassifications from AOCI consist of the following: | |||||||||||||||||||
AOCI | Amount Reclassified from AOCI | Affected Line Item in the Consolidated Statement of Operations | |||||||||||||||||
For the year ended December 31, 2014 | For the year ended December 31, 2013 | For the year ended December 31, 2012 | |||||||||||||||||
Net Unrealized Gain on Securities | |||||||||||||||||||
Available-for-sale securities [1] | $ | 217 | $ | 1,515 | $ | 32 | Net realized capital gains (losses) | ||||||||||||
217 | 1,515 | 32 | Total before tax | ||||||||||||||||
76 | 531 | 11 | Income tax expense | ||||||||||||||||
(50 | ) | 31 | — | Loss from discontinued operations, net of tax | |||||||||||||||
$ | 91 | $ | 1,015 | $ | 21 | Net income (loss) | |||||||||||||
OTTI Losses in OCI | |||||||||||||||||||
Other than temporary impairments | $ | (6 | ) | $ | 25 | $ | 149 | Net realized capital gains (losses) | |||||||||||
(6 | ) | 25 | 149 | Total before tax | |||||||||||||||
(2 | ) | 9 | 52 | Income tax expense | |||||||||||||||
(4 | ) | 16 | 97 | Net income (loss) | |||||||||||||||
Net Gain (Loss) on Cash Flow Hedging Instruments | |||||||||||||||||||
Interest rate swaps [2] | $ | (1 | ) | $ | 91 | $ | 90 | Net realized capital gains (losses) | |||||||||||
Interest rate swaps | 87 | 97 | 140 | Net investment income | |||||||||||||||
Foreign currency swaps | (13 | ) | 4 | (6 | ) | Net realized capital gains (losses) | |||||||||||||
73 | 192 | 224 | Total before tax | ||||||||||||||||
26 | 67 | 78 | Income tax expense | ||||||||||||||||
$ | 47 | $ | 125 | $ | 146 | Net income (loss) | |||||||||||||
Foreign Currency Translation Adjustments | |||||||||||||||||||
Currency translation adjustments [3] | $ | 172 | $ | (34 | ) | $ | — | Net realized capital gains (losses) | |||||||||||
172 | (34 | ) | — | Total before tax | |||||||||||||||
60 | (12 | ) | — | Income tax expense | |||||||||||||||
$ | 112 | $ | (22 | ) | $ | — | Net income (loss) | ||||||||||||
Pension and Other Postretirement Plan Adjustments | |||||||||||||||||||
Amortization of prior service costs | $ | 7 | $ | 7 | $ | (90 | ) | Insurance operating costs and other expenses | |||||||||||
Amortization of actuarial gains (losses) | (50 | ) | (61 | ) | (232 | ) | Insurance operating costs and other expenses | ||||||||||||
Settlement loss | (128 | ) | — | — | Insurance operating costs and other expenses | ||||||||||||||
(171 | ) | (54 | ) | (322 | ) | Total before tax | |||||||||||||
(60 | ) | (19 | ) | (113 | ) | Income tax expense | |||||||||||||
(111 | ) | (35 | ) | (209 | ) | Net income (loss) | |||||||||||||
Total amounts reclassified from AOCI | $ | 135 | $ | 1,099 | $ | 55 | Net income (loss) | ||||||||||||
[1] | The December 31, 2013 amount includes $1.5 billion of net unrealized gains on securities relating to the sales of the Retirement Plans and Individual Life businesses. | ||||||||||||||||||
[2] | The December 31, 2013 amount includes $71 of net gains on cash flow hedging instruments relating to the sales of the Retirement Plans and Individual Life businesses. | ||||||||||||||||||
[3] | The December 31, 2014 amount relates to the sale of the HLIKK variable and fixed annuity business and the December 31, 2013 amount relates to the sale of the UK variable annuity business. |
Employee_Benefit_Plans_Level_1
Employee Benefit Plans Level 1 (Notes) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | The Company maintains The Hartford Retirement Plan for U.S. Employees, a U.S. qualified defined benefit pension plan (the “Plan”) that covers substantially all U.S. employees hired prior to January 1, 2013. The Company also maintains non-qualified pension plans to provide retirement benefits previously accrued that are in excess of Internal Revenue Code limitations. | ||||||||||||||||||
Effective December 31, 2012, the Company amended the Plan to freeze participation and benefit accruals. As a result, employees do not accrue further benefits under the plan after that date, although interest will continue to accrue to existing cash balance formula account balances. Compensation earned by employees up to December 31, 2012 is used for purposes of calculating benefits under the Plan but there are no future benefit accruals after that date. Participants as of December 31, 2012 will continue to earn vesting credit with respect to their frozen accrued benefits as they continue to work. The freeze also applies to The Hartford Excess Pension Plan II, the Company's non-qualified excess benefit plan for certain highly compensated employees. | |||||||||||||||||||
The Company provides certain health care and life insurance benefits for eligible retired employees. The Company’s contribution for health care benefits will depend upon the retiree’s date of retirement and years of service. In addition, the plan has a defined dollar cap for certain retirees which limits average Company contributions. The Hartford has prefunded a portion of the health care obligations through a trust fund where such prefunding can be accomplished on a tax effective basis. Effective January 1, 2002, Company-subsidized retiree medical, retiree dental and retiree life insurance benefits were eliminated for employees with original hire dates with the Company on or after January 1, 2002. The Company also amended its postretirement medical, dental and life insurance coverage plans to no longer provide subsidized coverage for employees who retire on or after January 1, 2014. | |||||||||||||||||||
Assumptions | |||||||||||||||||||
Pursuant to accounting principles related to the Company’s pension and other postretirement obligations to employees under its various benefit plans, the Company is required to make a significant number of assumptions in order to calculate the related liabilities and expenses each period. The two economic assumptions that have the most impact on pension and other postretirement expense are the discount rate and the expected long-term rate of return on plan assets. In determining the discount rate assumption, the Company utilizes a discounted cash flow analysis of the Company’s pension and other postretirement obligations and currently available market and industry data. The yield curve utilized in the cash flow analysis is comprised of bonds rated Aa or higher with maturities primarily between zero and thirty years. Based on all available information, it was determined that 4.00% and 3.75% were the appropriate discount rates as of December 31, 2014 to calculate the Company’s pension and other postretirement obligations, respectively. | |||||||||||||||||||
The Company determines the expected long-term rate of return assumption based on an analysis of the Plan portfolio’s historical compound rates of return since 1979 (the earliest date for which comparable portfolio data is available) and over 5 year and 10 year periods. The Company selected these periods, as well as shorter durations, to assess the portfolio’s volatility, duration and total returns as they relate to pension obligation characteristics, which are influenced by the Company’s workforce demographics. In addition, the Company also applies long-term market return assumptions to an investment mix that generally anticipates 60% fixed income securities, 20% equity securities and 20% alternative assets to derive an expected long-term rate of return. Based upon these analyses, management determined the long-term rate of return assumption to be 7.10% as of December 31, 2014 and 2013. To determine the Company's 2015 expense, the Company plans to apply an expected long-term rate of return on plan assets of 6.90%. | |||||||||||||||||||
Weighted average assumptions used in calculating the Company's benefit obligations and the net amount recognized were as follows: | |||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Discount rate | 4 | % | 4.75 | % | 3.75 | % | 4.25 | % | |||||||||||
Weighted average assumptions used in calculating the net periodic benefit cost for the Company’s pension plans were as follows: | |||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Discount rate | 4.75 | % | 4 | % | 4.5 | % | |||||||||||||
Expected long-term rate of return on plan assets | 7.1 | % | 7.1 | % | 7.3 | % | |||||||||||||
Rate of increase in compensation levels | — | % | 3.75 | % | 3.75 | % | |||||||||||||
Weighted average assumptions used in calculating the net periodic benefit cost for the Company’s other postretirement plans were as follows: | |||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Discount rate | 4.25 | % | 3.5 | % | 4 | % | |||||||||||||
Expected long-term rate of return on plan assets | 7.1 | % | 7.1 | % | 7.3 | % | |||||||||||||
Assumed health care cost trend rates were as follows: | |||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Pre-65 health care cost trend rate | 7.7 | % | 8.05 | % | 8.45 | % | |||||||||||||
Post-65 health care cost trend rate | 5.6 | % | 5.7 | % | 6.15 | % | |||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5 | % | 5 | % | 4.75 | % | |||||||||||||
Year that the rate reaches the ultimate trend rate | 2023 | 2021 | 2020 | ||||||||||||||||
A one-percentage point change in assumed health care cost trend rates would have an insignificant effect on the amounts reported for other postretirement plans. | |||||||||||||||||||
Obligations and Funded Status | |||||||||||||||||||
The following tables set forth a reconciliation of beginning and ending balances of the benefit obligation and fair value of plan assets, | |||||||||||||||||||
as well as the funded status of the Company's defined benefit pension and postretirement health care and life insurance benefit plans. International plans represent an immaterial percentage of total pension assets, liabilities and expense and, for reporting purposes, are combined with domestic plans. | |||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||
Change in Benefit Obligation | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Benefit obligation — beginning of year | $ | 5,516 | $ | 6,080 | $ | 312 | $ | 313 | |||||||||||
Service cost (excluding expenses) | 2 | 1 | — | — | |||||||||||||||
Interest cost | 258 | 238 | 14 | 11 | |||||||||||||||
Plan participants’ contributions | — | — | 26 | 24 | |||||||||||||||
Actuarial loss (gain) | (8 | ) | 14 | 38 | 39 | ||||||||||||||
Settlements | (319 | ) | — | — | — | ||||||||||||||
Change in assumptions | 846 | (508 | ) | 16 | (19 | ) | |||||||||||||
Benefits paid | (268 | ) | (308 | ) | (70 | ) | (58 | ) | |||||||||||
Retiree drug subsidy | — | — | 2 | 2 | |||||||||||||||
Foreign exchange adjustment | (2 | ) | (1 | ) | — | — | |||||||||||||
Benefit obligation — end of year | $ | 6,025 | $ | 5,516 | $ | 338 | $ | 312 | |||||||||||
Settlements in 2014 were primarily the result of the Company's extension of a limited time voluntary lump sum offer to approximately 13,500 vested participants in the U.S. qualified defined benefit pension plan who had separated from service, but who had not yet commenced annuity benefits. The Company made lump sum benefit payments totaling $274 to approximately 5,600 vested participants. The Company also made lump sum payments of $45 to eligible cash balance participants independent of the voluntary lump sum offer. | |||||||||||||||||||
Changes in assumptions in 2014 include an increase of $279 related to the Company's use of updated mortality rates reflecting improved life expectancy and an increase of $567 related to a reduction in the discount rate. | |||||||||||||||||||
Other Postretirement | |||||||||||||||||||
Pension Benefits | Benefits | ||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||
Change in Plan Assets | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Fair value of plan assets — beginning of year | $ | 4,630 | $ | 4,850 | $ | 213 | $ | 220 | |||||||||||
Actual return on plan assets | 565 | (27 | ) | 16 | 13 | ||||||||||||||
Employer contributions | 101 | 101 | — | — | |||||||||||||||
Benefits paid [1] | (245 | ) | (278 | ) | (33 | ) | (20 | ) | |||||||||||
Expenses paid | (24 | ) | (15 | ) | — | — | |||||||||||||
Settlements | (319 | ) | — | — | — | ||||||||||||||
Foreign exchange adjustment | (1 | ) | (1 | ) | — | — | |||||||||||||
Fair value of plan assets — end of year | $ | 4,707 | $ | 4,630 | $ | 196 | $ | 213 | |||||||||||
Funded status — end of year | $ | (1,318 | ) | $ | (886 | ) | $ | (142 | ) | $ | (99 | ) | |||||||
[1] | Other postretirement benefits paid represent non-key employee postretirement medical benefits paid from the Company's prefunded trust fund. | ||||||||||||||||||
The fair value of assets for pension benefits, and hence the funded status, presented in the table above excludes assets of $129 and $123 as of December 31, 2014 and 2013, respectively, held in rabbi trusts and designated for the non-qualified pension plans. The assets do not qualify as plan assets; however, the assets are available to pay benefits for certain retired, terminated and active participants. Such assets are available to the Company’s general creditors in the event of insolvency. The assets consist of equity and fixed income investments. To the extent the fair value of these rabbi trusts were included in the table above, pension plan assets would have been $4,836 and $4,753 as of December 31, 2014 and 2013, respectively, and the funded status of pension benefits would have been $(1,189) and $(763) as of December 31, 2014 and 2013, respectively. | |||||||||||||||||||
The accumulated benefit obligation for all defined benefit pension plans was $6,024 and $5,515 as of December 31, 2014 and 2013, respectively. | |||||||||||||||||||
The following table provides information for the Company's defined benefit pension plans with an accumulated benefit obligation in excess of plan assets. | |||||||||||||||||||
As of December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Projected benefit obligation | $ | 6,025 | $ | 5,516 | |||||||||||||||
Accumulated benefit obligation | 6,024 | 5,515 | |||||||||||||||||
Fair value of plan assets | 4,707 | 4,630 | |||||||||||||||||
As of December 31, 2014, pension and other postretirement benefits plan assets totaling $4.9 billion were invested in the separate accounts of HLIC. | |||||||||||||||||||
Amounts recognized in the Company's Consolidated Balance Sheets consist of: | |||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||
As of December 31, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Other liabilities | $ | 1,318 | $ | 886 | $ | 142 | $ | 99 | |||||||||||
Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income (Loss) | |||||||||||||||||||
Total net periodic benefit cost includes the following components: | |||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 2 | $ | 1 | $ | 92 | $ | — | $ | — | $ | 2 | |||||||
Interest cost | 258 | 238 | 250 | 14 | 11 | 14 | |||||||||||||
Expected return on plan assets | (325 | ) | (315 | ) | (312 | ) | (14 | ) | (14 | ) | (14 | ) | |||||||
Amortization of prior service credit | — | — | (9 | ) | (7 | ) | (7 | ) | (4 | ) | |||||||||
Amortization of actuarial loss | 45 | 59 | 231 | 5 | 2 | 1 | |||||||||||||
Settlements | 128 | — | 1 | — | — | — | |||||||||||||
Curtailment gain due to plan freeze | — | — | (11 | ) | — | — | (1 | ) | |||||||||||
Net periodic benefit cost | $ | 108 | $ | (17 | ) | $ | 242 | $ | (2 | ) | $ | (8 | ) | $ | (2 | ) | |||
Amounts recognized in other comprehensive income (loss) were as follows: | |||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Amortization of actuarial loss | $ | 45 | $ | 59 | $ | 5 | $ | 2 | |||||||||||
Settlement loss | 128 | — | — | — | |||||||||||||||
Amortization of prior service credit | — | — | (7 | ) | (7 | ) | |||||||||||||
Net gain (loss) arising during the year | (622 | ) | 137 | (51 | ) | (21 | ) | ||||||||||||
Total | $ | (449 | ) | $ | 196 | $ | (53 | ) | $ | (26 | ) | ||||||||
Amounts in accumulated other comprehensive income (loss) on a before tax basis that have not yet been recognized as components of net periodic benefit cost consist of: | |||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||
As of December 31, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Net loss | $ | (2,428 | ) | $ | (1,979 | ) | $ | (124 | ) | $ | (77 | ) | |||||||
Prior service credit | — | — | 97 | 103 | |||||||||||||||
Total | $ | (2,428 | ) | $ | (1,979 | ) | $ | (27 | ) | $ | 26 | ||||||||
The estimated net loss for the defined benefit pension plans that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost during 2015 is $58. The estimated prior service cost for the other postretirement benefit plans that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost during 2015 is $(7). The estimated net loss for the other postretirement plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost during 2015 is $5. | |||||||||||||||||||
Plan Assets | |||||||||||||||||||
Investment Strategy and Target Allocation | |||||||||||||||||||
The overall investment strategy of the Plan is to maximize total investment returns to provide sufficient funding for present and anticipated future benefit obligations within the constraints of a prudent level of portfolio risk and diversification. With respect to asset management, the oversight responsibility of the Plan rests with The Hartford’s Pension Fund Trust and Investment Committee composed of individuals whose responsibilities include establishing overall objectives and the setting of investment policy; selecting appropriate investment options and ranges; reviewing the asset allocation mix and asset allocation targets on a regular basis; and monitoring performance to determine whether or not the rate of return objectives are being met and that policy and guidelines are being followed. The Company believes that the asset allocation decision will be the single most important factor determining the long-term performance of the Plan. | |||||||||||||||||||
The Company’s pension plan and other postretirement benefit plans’ target allocation by asset category is presented in the table below. | |||||||||||||||||||
Target Asset Allocation | |||||||||||||||||||
Pension Plans | Other Postretirement Plans | ||||||||||||||||||
(minimum) | (maximum) | (minimum) | (maximum) | ||||||||||||||||
Equity securities | 10 | % | 25 | % | 15 | % | 35 | % | |||||||||||
Fixed income securities | 50 | % | 70 | % | 65 | % | 85 | % | |||||||||||
Alternative assets | 10 | % | 25 | % | — | % | — | % | |||||||||||
Divergent market performance among different asset classes may, from time to time, cause the asset allocation to deviate from the desired asset allocation ranges. The asset allocation mix is reviewed on a periodic basis. If it is determined that an asset allocation mix rebalancing is required, future portfolio additions and withdrawals will be used, as necessary, to bring the allocation within tactical ranges. | |||||||||||||||||||
The Company’s pension plan and other postretirement benefit plans’ weighted average asset allocation is presented in the table below. | |||||||||||||||||||
Pension Plans | Other Postretirement Plans | ||||||||||||||||||
Percentage of Assets | Percentage of Assets | ||||||||||||||||||
at Fair Value | at Fair Value | ||||||||||||||||||
As of December 31, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Equity securities | 21 | % | 23 | % | 25 | % | 31 | % | |||||||||||
Fixed income securities | 62 | % | 57 | % | 75 | % | 68 | % | |||||||||||
Alternative assets | 17 | % | 20 | % | — | % | 1 | % | |||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||
The Plan assets are invested primarily in separate portfolios managed by HIMCO, a wholly-owned subsidiary of the Company, except for the international equity assets which are managed by a major financial institution. These portfolios encompass multiple asset classes reflecting the current needs of the Plan, the investment preferences and risk tolerance of the Plan and the desired degree of diversification. These asset classes include publicly traded equities, bonds and alternative investments and are made up of individual investments in cash and cash equivalents, equity securities, debt securities, asset-backed securities and hedge funds. Hedge fund investments represent a diversified portfolio of partnership investments in absolute-return investment strategies. | |||||||||||||||||||
In addition, the Company uses U.S. Treasury bond futures contracts and U.S. Treasury STRIPS in a duration overlay program to adjust the duration of Plan assets to better match the duration of the benefit obligation. | |||||||||||||||||||
Investment Valuation | |||||||||||||||||||
For further discussion of the valuation of investments, see Note 5 - Fair Value Measurements of Notes to Consolidated Financial Statements. | |||||||||||||||||||
Pension Plan Assets | |||||||||||||||||||
The fair values of the Company’s pension plan assets by asset category are as follows: | |||||||||||||||||||
Pension Plan Assets at Fair Value as of December 31, 2014 | |||||||||||||||||||
Asset Category | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Short-term investments: | $ | 56 | $ | 252 | $ | — | $ | 308 | |||||||||||
Fixed Income Securities: | |||||||||||||||||||
Corporate | — | 919 | 34 | 953 | |||||||||||||||
RMBS | — | 181 | 28 | 209 | |||||||||||||||
U.S. Treasuries | 24 | 1,198 | 5 | 1,227 | |||||||||||||||
Foreign government | — | 65 | 5 | 70 | |||||||||||||||
CMBS | — | 156 | — | 156 | |||||||||||||||
Other fixed income [1] | — | 93 | 4 | 97 | |||||||||||||||
Equity Securities: | |||||||||||||||||||
Large-cap domestic | 526 | — | — | 526 | |||||||||||||||
International | 435 | 3 | — | 438 | |||||||||||||||
Other investments: | |||||||||||||||||||
Hedge funds | — | 562 | 181 | 743 | |||||||||||||||
Total pension plan assets at fair value [2] | $ | 1,041 | $ | 3,429 | $ | 257 | $ | 4,727 | |||||||||||
[1] | Includes ABS, municipal bonds, and foreign bonds. | ||||||||||||||||||
[2] | Excludes approximately $42 of investment payables net of investment receivables that are excluded from this disclosure requirement because they are trade receivables in the ordinary course of business where the carrying amount approximates fair value. Also excludes approximately $22 of interest receivable. | ||||||||||||||||||
The fair values of the Company’s pension plan assets by asset category are as follows: | |||||||||||||||||||
Pension Plan Assets at Fair Value as of December 31, 2013 | |||||||||||||||||||
Asset Category | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Short-term investments: | $ | 13 | $ | 364 | $ | — | $ | 377 | |||||||||||
Fixed Income Securities: | |||||||||||||||||||
Corporate | — | 890 | 12 | 902 | |||||||||||||||
RMBS | — | 156 | 2 | 158 | |||||||||||||||
U.S. Treasuries | 10 | 922 | 1 | 933 | |||||||||||||||
Foreign government | — | 42 | 4 | 46 | |||||||||||||||
CMBS | — | 196 | 1 | 197 | |||||||||||||||
Other fixed income [1] | — | 85 | 10 | 95 | |||||||||||||||
Equity Securities: | |||||||||||||||||||
Large-cap domestic | — | 514 | — | 514 | |||||||||||||||
Mid-cap domestic | 50 | — | — | 50 | |||||||||||||||
Small-cap domestic | 50 | — | — | 50 | |||||||||||||||
International | 459 | 1 | — | 460 | |||||||||||||||
Other investments: | |||||||||||||||||||
Hedge funds | — | 499 | 361 | 860 | |||||||||||||||
Total pension plan assets at fair value [2] | $ | 582 | $ | 3,669 | $ | 391 | $ | 4,642 | |||||||||||
[1] | Includes ABS and municipal bonds. | ||||||||||||||||||
[2] | Excludes approximately $34 of investment payables net of investment receivables that are excluded from this disclosure requirement because they are trade receivables in the ordinary course of business where the carrying amount approximates fair value. Also excludes approximately $22 of interest receivable. | ||||||||||||||||||
The tables below provide fair value level 3 rollforwards for the Pension Plan Assets for which significant unobservable inputs (Level 3) are used in the fair value measurement on a recurring basis. The Plan classifies the fair value of financial instruments within Level 3 if there are no observable markets for the instruments or, in the absence of active markets, if one or more of the significant inputs used to determine fair value are based on the Plan’s own assumptions. Therefore, the gains and losses in the tables below include changes in fair value due to both observable and unobservable factors. | |||||||||||||||||||
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Assets | Corporate | RMBS | Foreign government | Other fixed income | Hedge funds | Totals | |||||||||||||
Fair Value as of January 1, 2014 | $ | 12 | $ | 2 | $ | 4 | $ | 12 | $ | 361 | $ | 391 | |||||||
Realized gains (losses), net | — | — | — | — | 4 | 4 | |||||||||||||
Changes in unrealized gains (losses), net | — | 7 | 1 | (5 | ) | 4 | 7 | ||||||||||||
Purchases | 12 | 3 | 2 | 6 | 219 | 242 | |||||||||||||
Sales | (5 | ) | (1 | ) | (2 | ) | (2 | ) | (183 | ) | (193 | ) | |||||||
Transfers into Level 3 | 20 | 17 | — | 7 | — | 44 | |||||||||||||
Transfers out of Level 3 | (5 | ) | — | — | (9 | ) | (224 | ) | (238 | ) | |||||||||
Fair Value as of December 31, 2014 | $ | 34 | $ | 28 | $ | 5 | $ | 9 | $ | 181 | $ | 257 | |||||||
During the year ended December 31, 2014, transfers into and (out) of Level 3 are primarily attributable to the appearance of or lack thereof of market observable information and the re-evaluation of the observability of pricing inputs. | |||||||||||||||||||
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Assets | Corporate | RMBS | Foreign government | Other fixed income | Hedge funds | Totals | |||||||||||||
Fair Value as of January 1, 2013 | $ | 3 | $ | 3 | $ | 2 | $ | 9 | $ | 263 | $ | 280 | |||||||
Realized gains/(losses), net | — | — | — | — | (6 | ) | (6 | ) | |||||||||||
Changes in unrealized gains/(losses), net | — | — | — | (1 | ) | 2 | 1 | ||||||||||||
Purchases | 12 | — | 2 | 10 | 200 | 224 | |||||||||||||
Sales | (3 | ) | (1 | ) | — | (3 | ) | (79 | ) | (86 | ) | ||||||||
Transfers into Level 3 | — | — | — | 1 | 36 | 37 | |||||||||||||
Transfers out of Level 3 | — | — | — | (4 | ) | (55 | ) | (59 | ) | ||||||||||
Fair Value as of December 31, 2013 | $ | 12 | $ | 2 | $ | 4 | $ | 12 | $ | 361 | $ | 391 | |||||||
During the year ended December 31, 2013, transfers in and/or (out) of Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs. | |||||||||||||||||||
There was no Company common stock included in the Plan’s assets as of December 31, 2014 and 2013. | |||||||||||||||||||
The fair value of the Company’s other postretirement plan assets by asset category are as follows: | |||||||||||||||||||
Other Postretirement Plan Assets | |||||||||||||||||||
at Fair Value as of December 31, 2014 | |||||||||||||||||||
Asset Category | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Short-term investments | $ | 8 | $ | 5 | $ | — | $ | 13 | |||||||||||
Fixed Income Securities: | |||||||||||||||||||
Corporate | — | 41 | 3 | 44 | |||||||||||||||
RMBS | — | 22 | 3 | 25 | |||||||||||||||
U.S. Treasuries | 1 | 44 | — | 45 | |||||||||||||||
Foreign government | — | 2 | — | 2 | |||||||||||||||
CMBS | — | 15 | — | 15 | |||||||||||||||
Other fixed income | — | 7 | — | 7 | |||||||||||||||
Equity Securities: | |||||||||||||||||||
Large-cap | 49 | — | — | 49 | |||||||||||||||
Total other postretirement plan assets at fair value [1] | $ | 58 | $ | 136 | $ | 6 | $ | 200 | |||||||||||
[1] | Excludes approximately $5 of investment payables net of investment receivables that are excluded from this disclosure requirement because they are trade receivables in the ordinary course of business where the carrying amount approximates fair value. Also excludes approximately $1 of interest receivable. | ||||||||||||||||||
The fair value of the Company’s other postretirement plan assets by asset category are as follows: | |||||||||||||||||||
Other Postretirement Plan Assets | |||||||||||||||||||
at Fair Value as of December 31, 2013 | |||||||||||||||||||
Asset Category | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Short-term investments | $ | — | $ | 10 | $ | — | $ | 10 | |||||||||||
Fixed Income Securities: | |||||||||||||||||||
Corporate | — | 55 | — | 55 | |||||||||||||||
RMBS | — | 19 | — | 19 | |||||||||||||||
U.S. Treasuries | — | 38 | — | 38 | |||||||||||||||
Foreign government | — | 1 | — | 1 | |||||||||||||||
CMBS | — | 24 | — | 24 | |||||||||||||||
Other fixed income | — | 4 | — | 4 | |||||||||||||||
Equity Securities: | |||||||||||||||||||
Large-cap | — | 66 | — | 66 | |||||||||||||||
Total other postretirement plan assets at fair value [1] | $ | — | $ | 217 | $ | — | $ | 217 | |||||||||||
[1] | Excludes approximately $5 of investment payables net of investment receivables that are not carried at fair value and approximately $1 of interest receivable carried at fair value. | ||||||||||||||||||
Other Postretirement Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Assets | Corporate | RMBS | Foreign Government | Other Fixed Income | Totals | ||||||||||||||
Fair Value as of January 1, 2014 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Realized gains/(losses), net | — | — | — | — | — | ||||||||||||||
Changes in unrealized gains/(losses), net | — | — | — | — | — | ||||||||||||||
Purchases | 3 | 3 | — | — | 6 | ||||||||||||||
Sales | — | — | — | — | — | ||||||||||||||
Transfers into Level 3 | — | — | — | — | — | ||||||||||||||
Transfers out of Level 3 | — | — | — | — | — | ||||||||||||||
Fair Value as of December 31, 2014 | $ | 3 | $ | 3 | $ | — | $ | — | $ | 6 | |||||||||
There was no Company common stock included in the other postretirement benefit plan assets as of December 31, 2014 and 2013. | |||||||||||||||||||
Concentration of Risk | |||||||||||||||||||
In order to minimize risk, the Plan maintains a listing of permissible and prohibited investments. In addition, the Plan has certain concentration limits and investment quality requirements imposed on permissible investment options. Permissible investments include U.S. equity, international equity, alternative asset and fixed income investments including derivative instruments. Derivative instruments include future contracts, options, swaps, currency forwards, caps or floors and will be used to control risk or enhance return but will not be used for leverage purposes. | |||||||||||||||||||
Securities specifically prohibited from purchase include, but are not limited to: shares or fixed income instruments issued by The Hartford, short sales of any type within long-only portfolios, non-derivative securities involving the use of margin, leveraged floaters and inverse floaters, including money market obligations, natural resource real properties such as oil, gas or timber and precious metals. | |||||||||||||||||||
Other than U.S. government and certain U.S. government agencies backed by the full faith and credit of the U.S. government, the Plan does not have any material exposure to any concentration risk of a single issuer. | |||||||||||||||||||
Cash Flows | |||||||||||||||||||
The following table illustrates the Company’s contributions. | |||||||||||||||||||
Employer Contributions | Pension Benefits | Other Postretirement Benefits | |||||||||||||||||
2014 | $ | 101 | $ | — | |||||||||||||||
2013 | $ | 101 | $ | — | |||||||||||||||
In 2014, the Company, at its discretion, made $100 in contributions to the U.S. qualified defined benefit pension plan. The Company does not have a 2015 required minimum funding contribution for the U.S. qualified defined benefit pension plan. The Company has not determined whether, and to what extent, contributions may be made to the U. S. qualified defined benefit pension plan in 2015. The Company will monitor the funded status of the U.S. qualified defined benefit pension plan during 2015 to make this determination. | |||||||||||||||||||
Employer contributions in 2014 and 2013 were made in cash and did not include contributions of the Company’s common stock. | |||||||||||||||||||
Benefit Payments | |||||||||||||||||||
The following table sets forth amounts of benefits expected to be paid over the next ten years from the Company’s pension and other postretirement plans as of December 31, 2014: | |||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||
2015 | $ | 318 | $ | 42 | |||||||||||||||
2016 | 324 | 40 | |||||||||||||||||
2017 | 327 | 38 | |||||||||||||||||
2018 | 332 | 35 | |||||||||||||||||
2019 | 338 | 32 | |||||||||||||||||
2020 - 2024 | 1,735 | 123 | |||||||||||||||||
Total | $ | 3,374 | $ | 310 | |||||||||||||||
In addition, the following table sets forth amounts of other postretirement benefits expected to be received under the Medicare Part D Subsidy over the next ten years as of December 31, 2014: | |||||||||||||||||||
2015 | $ | 3 | |||||||||||||||||
2016 | 3 | ||||||||||||||||||
2017 | 3 | ||||||||||||||||||
2018 | 3 | ||||||||||||||||||
2019 | 3 | ||||||||||||||||||
2020 - 2024 | 18 | ||||||||||||||||||
Total | $ | 33 | |||||||||||||||||
Investment and Savings Plan | |||||||||||||||||||
Substantially all U.S. employees of the Company are eligible to participate in The Hartford Investment and Savings Plan under which designated contributions may be invested in common stock of The Hartford or certain other investments. The Company's contributions include a non-elective contribution of 2.0% of eligible compensation and a dollar-for-dollar matching contribution of up to 6.0% of eligible compensation contributed by the employee each pay period. The Company also maintains a non-qualified savings plan, The Hartford Excess Savings Plan, with the same level of Company matching contributions, with respect to employee compensation in excess of the limit that can be recognized under the tax-qualified Investment and Savings Plan. The Company discontinued non-elective contributions to the Excess Savings Plan effective December 31, 2013. Eligible compensation includes overtime and bonuses but is limited to a total, for the Investment and Savings Plan and Excess Savings Plan combined, of $1 annually. The total cost to The Hartford for these plans was approximately $113 and $123 for the years ended December 31, 2014 and 2013, respectively. | |||||||||||||||||||
Prior to January 1, 2013, the contributions to The Hartford Investment and Savings Plan were matched at a 50% rate up to a Company contribution of 3.0% of base salary. In 2012, employees who had earnings of less than $110 thousand in the preceding year also received a contribution of 1.5% of base salary and employees who had earnings of $110 thousand or more in the preceding year received a contribution of 0.5% of base salary. The cost to The Hartford for this plan was approximately $58 for the year ended December 31, 2012. | |||||||||||||||||||
Additionally, The Hartford has established defined contribution pension plans for certain employees of the Company’s international subsidiaries. The cost to The Hartford for the years ended December 31, 2014, 2013, and 2012 for these plans was immaterial. | |||||||||||||||||||
As of December 31, 2014, investment and savings plan assets totaling $368 million were invested in the separate accounts of HLIC. |
Stock_Compensation_Plans_Level
Stock Compensation Plans Level 1 (Notes) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Stock Compensation Plans | Company's stock-based compensation plans are described below. Shares issued in satisfaction of stock-based compensation may be made available from authorized but unissued shares, shares held by the Company in treasury or from shares purchased in the open market. In 2014, 2013 and 2012, the Company issued shares from treasury in satisfaction of stock-based compensation. | ||||||||||||
The Company recognized stock-based compensation expense as follows: | |||||||||||||
For the years ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Stock-based compensation plans expense | $ | 98 | $ | 69 | $ | 95 | |||||||
Income tax benefit | (34 | ) | (24 | ) | (33 | ) | |||||||
Total stock-based compensation plans expense, after-tax | $ | 64 | $ | 45 | $ | 62 | |||||||
In 2014, the Company modified an executive’s awards to receive retirement treatment. The incremental compensation cost resulting from the modifications totaled $16 of which $11 was recognized at the modification date. The remainder is recognized over the remaining service period. | |||||||||||||
The Company did not capitalize any cost of stock-based compensation. As of December 31, 2014, the total compensation cost related to non-vested awards not yet recognized was $86, which is expected to be recognized over a weighted average period of 1.9 years. | |||||||||||||
Stock Plan | |||||||||||||
On May 21, 2014, at the Company’s Annual Meeting of Shareholders, the shareholders approved The Hartford 2014 Incentive Stock Plan (the “Incentive Stock Plan”) which supersedes and replaces earlier incentive stock plans and as a result is currently the only plan pursuant to which future stock-based awards may be granted (other than the Subsidiary Stock Plan and the Employee Stock Purchase Plan described below). The terms of the Incentive Stock Plan are substantially similar to the terms of the earlier incentive stock plans, with changes primarily to ensure alignment with market practices and simplify administration. These changes did not result in incremental compensation cost for outstanding awards. The Incentive Stock Plan provides for awards to be granted in the form of non-qualified or incentive stock options qualifying under Section 422 of the Internal Revenue Code, stock appreciation rights, performance shares, restricted stock or restricted stock units, or any other form of stock-based award. The maximum number of shares, subject to adjustments set forth in the Incentive Stock Plan, that may be issued to Company employees and third party service providers during the 10-year duration of the Incentive Stock Plan is 12,000,000 shares. If any award under an earlier incentive stock plan (other than the plan approved in 2000) is forfeited, terminated, surrendered, exchanged, expires unexercised, or is settled in cash in lieu of stock (including to effect tax withholding) or for the net issuance of a lesser number of shares than the number subject to the award, the shares of stock subject to such award (or the relevant portion thereof) shall be available for awards under the Incentive Stock Plan and such shares shall be added to the maximum limit. As of December 31, 2014, there were 12,603,158 shares available for future issuance. | |||||||||||||
The fair values of awards granted under the Incentive Stock Plan are measured as of the grant date and expensed ratably over the awards’ vesting periods, generally 3 years. For stock option awards to retirement-eligible employees the Company recognizes the expense immediately or over a period shorter than the stated vesting period because the employees receive accelerated vesting upon retirement and therefore the vesting period is considered non-substantive. | |||||||||||||
Stock Option Awards | |||||||||||||
Under the Incentive Stock Plan, options granted have an exercise price at least equal to the market price of the Company’s common stock on the date of grant, and an option’s maximum term is not to exceed 10 years. Options generally become exercisable over a three year period commencing one year from the date of grant. Certain other options become exercisable at the later of three years from the date of grant or upon specified market appreciation of the Company's common shares. | |||||||||||||
The Company uses a hybrid lattice/Monte-Carlo based option valuation model (the “valuation model”) that incorporates the possibility of early exercise of options into the valuation. The valuation model also incorporates the Company’s historical termination and exercise experience to determine the option value. | |||||||||||||
The valuation model incorporates ranges of assumptions for inputs, and therefore, those ranges are disclosed below. The term structure of volatility is generally constructed utilizing implied volatilities from exchange-traded options, CPP warrants related to the Company’s stock, historical volatility of the Company’s stock and other factors. The Company uses historical data to estimate option exercise and employee termination within the valuation model, and accommodates variations in employee preference and risk-tolerance by segregating the grantee pool into a series of behavioral cohorts and conducting a fair valuation for each cohort individually. The expected term of options granted is derived from the output of the option valuation model and represents, in a mathematical sense, the period of time that options are expected to be outstanding. The risk-free rate for periods within the contractual life of the option is based on the U.S. Constant Maturity Treasury yield curve in effect at the time of grant. | |||||||||||||
For the years ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Expected dividend yield | 1.70% | 1.70% | 1.30% | ||||||||||
Expected annualized spot volatility | 25.9 | % | - | 57.80% | 31.1 | % | - | 48.10% | 38.6 | % | - | 51.50% | |
Weighted average annualized volatility | 35.10% | 47.30% | 51.40% | ||||||||||
Risk-free spot rate | 0.1 | % | - | 2.80% | 0.1 | % | - | 1.90% | 0.1 | % | - | 2.00% | |
Expected term | 5.0 years | 5.0 years | 5.2 years | ||||||||||
A summary of non-qualified stock option activity under the Company’s Incentive Stock Plan is presented below. | |||||||||||||
Number of Options | Weighted | Weighted | Aggregate | ||||||||||
(in thousands) | Average | Average | Intrinsic Value | ||||||||||
Exercise Price | Remaining | ||||||||||||
Contractual | |||||||||||||
Term | |||||||||||||
For the year ended December 31, 2014 | |||||||||||||
Outstanding at beginning of year | 4,534 | $ | 36.34 | ||||||||||
Granted | 925 | $ | 35.83 | ||||||||||
Exercised | (603 | ) | $ | 20.03 | |||||||||
Forfeited | (608 | ) | $ | 68.53 | |||||||||
Expired | (503 | ) | $ | 65.96 | |||||||||
Outstanding at end of year | 3,745 | $ | 29.64 | 7.4 years | $ | 53 | |||||||
Outstanding, fully vested and expected to vest | 3,688 | $ | 27.18 | 7.4 years | $ | 50 | |||||||
Exercisable at end of year | 1,705 | $ | 30.64 | 6.3 years | $ | 26 | |||||||
Aggregate intrinsic value represents the value of the Company's closing stock price on the last trading day of the period in excess of the exercise price multiplied by the number of options outstanding or exercisable. The aggregate intrinsic value excludes the effect of stock options that have a zero or negative intrinsic value. The weighted average grant-date fair value per share of options granted during the years ended December 31, 2014, 2013, and 2012 was $10.59, $7.78 and $7.41, respectively. The total intrinsic value of options exercised during the years ended December 31, 2014, 2013 and 2012 was $10, $5, and $4, respectively. | |||||||||||||
Share Awards | |||||||||||||
Share awards granted under the Incentive Stock Plan and outstanding include restricted stock units, restricted stock and performance shares. | |||||||||||||
Restricted Stock and Restricted Stock Units | |||||||||||||
Restricted stock units are share equivalents that are credited with dividend equivalents. Dividend equivalents are accumulated and paid in incremental shares when the underlying units vest. Restricted stock are shares of The Hartford's common stock with restrictions as to transferability until vested. Restricted stock units and restricted stock awards are valued equal to the market price of the Company’s common stock on the date of grant. Generally, restricted stock units vest at the end of or over three years; certain restricted stock units vest at the end of 5 years. Restricted stock awards were granted to non employee directors and generally vest in one year. | |||||||||||||
Performance Shares | |||||||||||||
Performance shares become payable within a range of 0% to 200% of the number of shares initially granted based upon the attainment of specific performance goals achieved at the end of or over three years. The performance shares vest at the end of or over three years; certain performance shares vest at the end of five years. | |||||||||||||
Performance share awards or portions thereof without market conditions are valued equal to the market price of the Company's common stock on the date of grant less a discount for the absence of dividends. Stock-compensation expense for these performance share awards without market conditions is based on a current estimate of the number of awards expected to vest and, therefore, may change during the performance period as new estimates of performance are available. | |||||||||||||
Other performance share awards or portions thereof have a market condition based upon the Company's total shareholder return relative to a group of peer companies within a three year period. Stock compensation expense for these performance share awards is based on the number of awards expected to vest as estimated at the grant date and therefore does not change for changes in estimated performance. The Company uses a risk neutral Monte-Carlo valuation model that incorporates time to maturity, implied volatilities of the Company and the peer companies, and correlations between the Company and the peer companies and interest rates. The range for assumptions of inputs are disclosed below. | |||||||||||||
For the years ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Volatility of common stock | 31.60% | 42.80% | 70.00% | ||||||||||
Average volatility of peer companies | 17 | % | - | 29.00% | 20 | % | - | 36.00% | 26 | % | - | 75.00% | |
Average correlation coefficient of peer companies | 62.00% | 76.00% | 78.00% | ||||||||||
Risk-free spot rate | 0.70% | 0.40% | 0.40% | ||||||||||
Term | 3.0 years | 3.0 years | 3.0 years | ||||||||||
Total Share Awards | |||||||||||||
A summary of non-vested share award activity under the Company's Incentive Stock Plan is presented below. | |||||||||||||
Restricted Stock and | Performance Shares | ||||||||||||
Restricted Stock Units | |||||||||||||
Number of Shares | Weighted-Average | Number of Shares | Weighted-Average | ||||||||||
(in thousands) | Grant-Date | (in thousands) | Grant date | ||||||||||
Fair Value | Fair Value | ||||||||||||
Non-vested shares | For the year ended December 31, 2014 | ||||||||||||
Non-vested at beginning of year | 7,172 | $ | 24.26 | 1,371 | $ | 24.95 | |||||||
Granted | 1,824 | $ | 35.74 | 334 | $ | 36.45 | |||||||
Performance based adjustment | — | $ | — | 347 | $ | 20.63 | |||||||
Vested | (1,071 | ) | $ | 27.73 | (880 | ) | $ | 20.63 | |||||
Forfeited | (693 | ) | $ | 24.69 | (109 | ) | $ | 26.79 | |||||
Non-vested at end of year | 7,232 | $ | 26.59 | 1,063 | $ | 30.55 | |||||||
The weighted average grant-date fair value per share of restricted stock units and restricted stock granted during the years ended December 31, 2014, 2013, and 2012 was $35.74, $27.72 and $21.97, respectively. The weighted average grant-date fair value per share of performance shares granted during the years ended December 31, 2014, 2013, and 2012 was $36.45, $27.92 and $20.63, respectively. | |||||||||||||
The total fair value of shares vested during the years ended December 31, 2014, 2013 and 2012 was $75, $42 and $20, respectively, based on actual or estimated performance factors. The Company did not make cash payments in settlement of stock compensation during the years ended December 31, 2014, 2013 and 2012. | |||||||||||||
Subsidiary Stock Plan | |||||||||||||
In 2013 the Company established a subsidiary stock-based compensation plan similar to The Hartford Incentive Stock Plan except that it awards non-public subsidiary stock as compensation. The Company recognized stock-based compensation plans expense of $4 and $1 in the years ended December 31, 2014 and 2013 for the subsidiary stock plan. Upon employee vesting of subsidiary stock, the Company will recognize a noncontrolling equity interest. Employees will be restricted from selling vested subsidiary stock to other than the Company and the Company will have discretion on the amount of stock to repurchase. Therefore the subsidiary stock will be classified as equity because it is not mandatorily redeemable. | |||||||||||||
Employee Stock Purchase Plan | |||||||||||||
The Company sponsors The Hartford Employee Stock Purchase Plan (“ESPP”). Under this plan, eligible employees of The Hartford purchase common stock of the Company at a discount rate of 5% of the market price per share on the last trading day of the offering period. Accordingly, the plan is a noncompensatory plan. Employees purchase a variable number of shares of stock through payroll deductions elected as of the beginning of the offering period. The Company may sell up to 15,400,000 shares of stock to eligible employees under the ESPP. As of December 31, 2014, there were 5,193,622 shares available for future issuance. During the years ended December 31, 2014, 2013 and 2012, 258,609 shares, 321,723 shares, and 688,655 shares were sold, respectively. The weighted average per share fair value of the discount under the ESPP was $1.70, $1.00 and $1.03 during the years ended December 31, 2014 , 2013 and 2012, respectively. The fair value is estimated based on the 5% discount off the market price per share on the last trading day of the offering period. |
Discontinued_Operations_Level_
Discontinued Operations Level 1 (Notes) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||
Discontinued Operations | On June 30, 2014, the Company completed the sale of HLIKK and on December 12, 2013, the Company completed the sale of HLIL. For further information regarding these transactions, see Note 2 - Business Dispositions of Notes to Consolidated Financial Statements. | |||||||||
The following table summarizes the amounts related to discontinued operations in the Consolidated Statements of Operations. | ||||||||||
For the years ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Revenues | ||||||||||
Earned premiums | $ | (1 | ) | $ | (1 | ) | $ | (6 | ) | |
Fee income and other | 239 | 713 | 865 | |||||||
Net investment income | ||||||||||
Securities available-for-sale and other | 18 | 96 | 111 | |||||||
Equity securities, trading | 134 | 6,200 | 4,564 | |||||||
Total net investment income | 152 | 6,296 | 4,675 | |||||||
Net realized capital losses | (157 | ) | (1,340 | ) | (1,208 | ) | ||||
Total revenues | 233 | 5,668 | 4,326 | |||||||
Benefits, losses and expenses | ||||||||||
Benefits, losses and loss adjustment expenses | 7 | (98 | ) | 55 | ||||||
Benefits, losses and loss adjustment expenses - returns credited on international variable annuities | 134 | 6,200 | 4,564 | |||||||
Amortization of DAC | — | 907 | (2 | ) | ||||||
Insurance operating costs and other expenses | 23 | 127 | 153 | |||||||
Total benefits, losses and expenses | 164 | 7,136 | 4,770 | |||||||
Income (loss) before income taxes | 69 | (1,468 | ) | (444 | ) | |||||
Income tax benefit | (2 | ) | (521 | ) | (187 | ) | ||||
Income (loss) from operations of discontinued operations, net of tax | 71 | (947 | ) | (257 | ) | |||||
Net realized capital loss on disposal, net of tax [1] | (622 | ) | (102 | ) | (1 | ) | ||||
Loss from discontinued operations, net of tax | $ | (551 | ) | $ | (1,049 | ) | $ | (258 | ) | |
[1] | Includes income tax benefits of $265 on the sale of HLIKK and $219 on the sale of HLIL for the years ended December 31, 2014 and 2013, respectively. |
Restructuring_Severance_and_Ot
Restructuring, Severance and Other Costs Level 1 (Notes) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Restructuring Costs [Abstract] | ||||||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | a result of a strategic business realignment announced in 2012, the Company is currently focusing on its Property & Casualty, Group Benefits and Mutual Fund businesses. In addition, the Company implemented restructuring activities in 2011 across several areas aimed at reducing overall expense levels. The Company intends to substantially complete the related restructuring activities over the next 6 months. For related discussion of the Company's business disposition transactions, see Note 2 - Business Dispositions of Notes to Consolidated Financial Statements. | |||||||||||||||
Termination benefits related to workforce reductions and lease and other contract terminations have been accrued through December 31, 2014. Additional costs, mainly severance benefits and other related costs and professional fees, expected to be incurred subsequent to December 31, 2014, and asset impairment charges, if any, will be expensed in the period incurred as appropriate. | ||||||||||||||||
In 2013, the Company initiated a plan to consolidate its real estate operations, including the intention to exit certain facilities and relocate employees. The consolidation of real estate is consistent with the Company's strategic business realignment and follows the completion of sales of the Retirement Plans and Individual Life businesses. Asset related charges will be incurred over the remaining estimated useful life of facilities, and relocation and other maintenance charges will be recognized as incurred. The program costs will be recognized in the Corporate category for segment reporting. The Company intends to substantially complete the real estate consolidation activities over the next 12 months. | ||||||||||||||||
Restructuring and other costs of approximately $362, before tax have been incurred by the Company to date in connection with these activities. As the Company executes on its operational and strategic initiatives, the Company's estimate of and actual costs incurred for restructuring activities may differ from these estimates. | ||||||||||||||||
Estimated restructuring and other costs, including costs incurred to date, as of December 31, 2014 are as follows: | ||||||||||||||||
Commercial Lines | $ | 6 | ||||||||||||||
Personal Lines | 3 | |||||||||||||||
Group Benefits | 1 | |||||||||||||||
Mutual Funds | 4 | |||||||||||||||
Talcott Resolution | 69 | |||||||||||||||
Corporate | 303 | |||||||||||||||
Total estimated restructuring and other costs | $ | 386 | ||||||||||||||
Restructuring and other costs, pre-tax incurred in connection with these activities are as follows: | ||||||||||||||||
For the years ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Severance benefits | $ | 16 | $ | 22 | $ | 148 | ||||||||||
Professional fees | 1 | 19 | 44 | |||||||||||||
Asset impairment charges | 42 | 20 | 5 | |||||||||||||
Contract termination and other charges | 12 | 6 | 2 | |||||||||||||
Total restructuring and other costs | $ | 71 | $ | 67 | $ | 199 | ||||||||||
Restructuring and other costs costs, included in insurance operating costs and other expenses in the Consolidated Statements of Operations for each reporting segment, as well as the Corporate category are as follows: | ||||||||||||||||
For the years ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Commercial Lines | $ | — | $ | 1 | $ | 5 | ||||||||||
Personal Lines | — | — | 1 | |||||||||||||
Group Benefits | — | — | 1 | |||||||||||||
Mutual Funds | — | 1 | 3 | |||||||||||||
Talcott Resolution | — | 1 | 68 | |||||||||||||
Corporate | 71 | 64 | 121 | |||||||||||||
Total restructuring and other costs | $ | 71 | $ | 67 | $ | 199 | ||||||||||
The tables below provide roll-forwards for accrued restructuring and other costs included in other liabilities in the Consolidated Balance Sheets. | ||||||||||||||||
For the year ended December 31, 2014 | ||||||||||||||||
Severance Benefits and Related Costs | Professional Fees | Asset impairment charges | Contract Termination and Other Charges | Total Restructuring and Other Costs | ||||||||||||
Balance, beginning of period | $ | 22 | $ | — | $ | — | $ | 6 | $ | 28 | ||||||
Accruals/provisions | 16 | — | 43 | 12 | 71 | |||||||||||
Payments/write-offs | (28 | ) | — | (43 | ) | (12 | ) | (83 | ) | |||||||
Balance, end of period | $ | 10 | $ | — | $ | — | $ | 6 | $ | 16 | ||||||
For the year ended December 31, 2013 | ||||||||||||||||
Severance Benefits and Related Costs | Professional Fees | Asset impairment charges | Contract Termination and Other Charges | Total Restructuring and Other Costs | ||||||||||||
Balance, beginning of period | $ | 70 | $ | — | $ | — | $ | — | $ | 70 | ||||||
Accruals/provisions | 22 | 19 | 20 | 6 | 67 | |||||||||||
Payments/write-offs | (70 | ) | (19 | ) | (20 | ) | — | (109 | ) | |||||||
Balance, end of period | $ | 22 | $ | — | $ | — | $ | 6 | $ | 28 | ||||||
Quarterly_Results_Unaudited_Le
Quarterly Results (Unaudited) Level 1 (Notes) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||
Quarterly Financial Information [Text Block] | 21. Quarterly Results (Unaudited) | ||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Revenues | $ | 4,612 | $ | 6,300 | $ | 4,616 | $ | 4,734 | $ | 4,769 | $ | 4,862 | $ | 4,617 | $ | 4,777 | |||||||||
Benefits, losses and expenses | 4,003 | 5,994 | 4,466 | 4,497 | 4,273 | 4,416 | 4,173 | 4,295 | |||||||||||||||||
Income from continuing operations, net of tax | 466 | 243 | 150 | 233 | 388 | 365 | 345 | 384 | |||||||||||||||||
Income (loss) from discontinued operations, net of tax | 29 | (484 | ) | (617 | ) | (423 | ) | — | (72 | ) | 37 | (70 | ) | ||||||||||||
Net income (loss) | 495 | (241 | ) | (467 | ) | (190 | ) | 388 | 293 | 382 | 314 | ||||||||||||||
Less: Preferred stock dividends and discount accretion | — | 10 | — | — | — | — | — | — | |||||||||||||||||
Net income (loss) available to common shareholders [1] | $ | 495 | $ | (251 | ) | $ | (467 | ) | $ | (190 | ) | $ | 388 | $ | 293 | $ | 382 | $ | 314 | ||||||
Basic earnings (losses) per common share | $ | 1.1 | $ | (0.58 | ) | $ | (1.04 | ) | $ | (0.42 | ) | $ | 0.89 | $ | 0.65 | $ | 0.89 | $ | 0.7 | ||||||
Diluted earnings (losses) per common share | $ | 1.03 | $ | (0.49 | ) | $ | (1.00 | ) | $ | (0.39 | ) | $ | 0.86 | $ | 0.6 | $ | 0.86 | $ | 0.65 | ||||||
Weighted average common shares outstanding, basic | 449.8 | 436.3 | 450.6 | 451.4 | 437.2 | 452.1 | 429.6 | 451.1 | |||||||||||||||||
Weighted average shares outstanding and dilutive potential common shares [2] | 478.6 | 493.1 | 467.9 | 489 | 450.8 | 490.6 | 442.6 | 486.1 | |||||||||||||||||
[1] | Weighted average common shares outstanding and dilutive potential common shares are used in the calculation of diluted earnings (losses) per common share in periods of losses when the impact is dilutive to income from continuing operations, net of tax, available to common shareholders. | ||||||||||||||||||||||||
[2] | The three months ended March 31, 2013 includes the dilutive effect of the assumed conversion of 21.2 million preferred shares. The preferred shares converted to 21.2 million common shares in April 2013. |
Schedule_I_Summary_of_Investme
Schedule I Summary of Investments - Other Than Investments in Affiliates Level 1 (Notes) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Summary of Investments, Other than Investments in Related Parties [Abstract] | ||||||||||
Summary of Investments - Other Than Investments in Affiliates | SUMMARY OF INVESTMENTS — OTHER THAN INVESTMENTS IN AFFILIATES | |||||||||
(In millions) | ||||||||||
As of December 31, 2014 | ||||||||||
Type of Investment | Cost | Fair Value | Amount at | |||||||
which shown on Balance Sheet | ||||||||||
Fixed Maturities | ||||||||||
Bonds and notes | ||||||||||
U.S. government and government agencies and authorities (guaranteed and sponsored) | $ | 7,135 | $ | 7,596 | $ | 7,596 | ||||
States, municipalities and political subdivisions | 11,735 | 12,871 | 12,871 | |||||||
Foreign governments | 1,592 | 1,636 | 1,636 | |||||||
Public utilities | 4,278 | 4,761 | 4,761 | |||||||
All other corporate bonds | 20,910 | 22,598 | 22,598 | |||||||
All other mortgage-backed and asset-backed securities | 9,712 | 9,922 | 9,922 | |||||||
Total fixed maturities, available-for-sale | 55,362 | 59,384 | 59,384 | |||||||
Fixed maturities, at fair value using fair value option | 478 | 488 | 488 | |||||||
Total fixed maturities | 55,840 | 59,872 | 59,872 | |||||||
Equity Securities | ||||||||||
Common stocks | ||||||||||
Industrial, miscellaneous and all other | 844 | 853 | 853 | |||||||
Non-redeemable preferred stocks | 183 | 194 | 194 | |||||||
Total equity securities, available-for-sale | 1,027 | 1,047 | 1,047 | |||||||
Equity securities, trading | 10 | 11 | 11 | |||||||
Total equity securities | 1,037 | 1,058 | 1,058 | |||||||
Mortgage loans | 5,556 | 5,840 | 5,556 | |||||||
Policy loans | 1,431 | 1,431 | 1,431 | |||||||
Investments in partnerships and trusts | 2,942 | 2,942 | 2,942 | |||||||
Futures, options and miscellaneous | 940 | 536 | 536 | |||||||
Short-term investments | 4,883 | 4,883 | 4,883 | |||||||
Total investments | $ | 72,629 | $ | 76,562 | $ | 76,278 | ||||
Schedule_II_Condensed_Financia
Schedule II Condensed Financial Information of The Hartford Financial Services Group, Inc. Level 1 (Notes) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||
Condensed Financial Information of The Hartford Financial Services Group, Inc. Registrant | THE HARTFORD FINANCIAL SERVICES GROUP, INC. | |||||||||
SCHEDULE II | ||||||||||
CONDENSED FINANCIAL INFORMATION OF THE HARTFORD FINANCIAL SERVICES GROUP, INC. | ||||||||||
(Registrant) | ||||||||||
(In millions) | ||||||||||
As of December 31, | ||||||||||
Condensed Balance Sheets | 2014 | 2013 | ||||||||
Assets | ||||||||||
Fixed maturities, available-for-sale, at fair value | $ | 1,093 | $ | 1,064 | ||||||
Other investments | 12 | 17 | ||||||||
Short-term investments | 961 | 801 | ||||||||
Investment in affiliates | 23,800 | 23,353 | ||||||||
Deferred income taxes | 1,582 | 1,227 | ||||||||
Unamortized Issue Costs | 49 | 51 | ||||||||
Other assets | 36 | 45 | ||||||||
Total assets | $ | 27,533 | $ | 26,558 | ||||||
Liabilities and Stockholders’ Equity | ||||||||||
Net payable to affiliates [1] | $ | 1,218 | $ | 407 | ||||||
Short-term debt (includes current maturities of long-term debt) | 456 | 200 | ||||||||
Long-term debt | 5,510 | 5,964 | ||||||||
Other liabilities | 1,629 | 1,082 | ||||||||
Total liabilities | 8,813 | 7,653 | ||||||||
Total stockholders’ equity | 18,720 | 18,905 | ||||||||
Total liabilities and stockholders’ equity | $ | 27,533 | $ | 26,558 | ||||||
For the years ended December 31, | ||||||||||
Condensed Statements of Operations and Comprehensive Income | 2014 | 2013 | 2012 | |||||||
Net investment income | $ | 11 | $ | 10 | $ | 3 | ||||
Net realized capital losses | (6 | ) | (7 | ) | (6 | ) | ||||
Total revenues | 5 | 3 | (3 | ) | ||||||
Interest expense | 365 | 384 | 439 | |||||||
Other expenses | 134 | 178 | 926 | |||||||
Total expenses | 499 | 562 | 1,365 | |||||||
Loss before income taxes and earnings of subsidiaries | (494 | ) | (559 | ) | (1,368 | ) | ||||
Income tax benefit | (172 | ) | (187 | ) | (482 | ) | ||||
Loss before earnings of subsidiaries | (322 | ) | (372 | ) | (886 | ) | ||||
Earnings of subsidiaries | 1,120 | 548 | 848 | |||||||
Net income (loss) | 798 | 176 | (38 | ) | ||||||
Other comprehensive income (loss) - parent company: | ||||||||||
Change in net gain/loss on cash-flow hedging instruments | — | (11 | ) | — | ||||||
Change in net unrealized gain/loss on securities | 10 | (13 | ) | 1 | ||||||
Change in pension and other postretirement plan adjustments | (292 | ) | 127 | (172 | ) | |||||
Other comprehensive income (loss), net of taxes before other comprehensive income of subsidiaries | (282 | ) | 103 | (171 | ) | |||||
Other comprehensive income of subsidiaries [2] | 1,289 | (3,025 | ) | 1,763 | ||||||
Total other comprehensive income (loss) [2] | 1,007 | (2,922 | ) | 1,592 | ||||||
Total comprehensive income (loss) [2] | $ | 1,805 | $ | (2,746 | ) | $ | 1,554 | |||
[1] | Net payables to affiliates as of December 31, 2013 was net of a $655 note receivable from White River Life Reinsurance Company ("WRR"), an affiliate captive reinsurer, and the Company, pursuant to an intercompany agreement. On April 30, 2014, the Company dissolved WRR which resulted in WRR paying off this intercompany note. | |||||||||
[2] | In 2013, the Company inadvertently reported the comprehensive loss as comprehensive income in this table causing two subtotals to be incorrectly stated as well. This error had no impact on the reported comprehensive income of the parent company and did not impact any other disclosures in this document and has been subsequently corrected. | |||||||||
THE HARTFORD FINANCIAL SERVICES GROUP, INC. | ||||||||||
SCHEDULE II | ||||||||||
CONDENSED FINANCIAL INFORMATION OF THE HARTFORD FINANCIAL SERVICES GROUP, INC. (continued) | ||||||||||
(Registrant) | ||||||||||
(In millions) | ||||||||||
For the years ended December 31, | ||||||||||
Condensed Statements of Cash Flows | 2014 | 2013 | 2012 | |||||||
Operating Activities | ||||||||||
Net income | $ | 798 | $ | 176 | $ | (38 | ) | |||
Loss on extinguishment of debt | — | 176 | 910 | |||||||
Undistributed earnings of subsidiaries | (1,120 | ) | (549 | ) | (847 | ) | ||||
Change in operating assets and liabilities | 3,376 | 1,170 | 770 | |||||||
Cash provided by operating activities | 3,054 | 973 | 795 | |||||||
Investing Activities | ||||||||||
Net sales of short-term investments | (212 | ) | (454 | ) | 213 | |||||
Capital contributions to subsidiaries | (585 | ) | 1,211 | (334 | ) | |||||
Cash provided by (used for) investing activities | (797 | ) | 757 | (121 | ) | |||||
Financing Activities | ||||||||||
Proceeds from issuance of long-term debt | — | 295 | 2,123 | |||||||
Repurchase of warrants | — | (33 | ) | (300 | ) | |||||
Repayments of long-term debt | (200 | ) | (1,190 | ) | (2,133 | ) | ||||
Treasury stock acquired | (1,796 | ) | (600 | ) | (154 | ) | ||||
Proceeds from net issuances of common shares under incentive and stock compensation plans and excess tax benefits | 21 | 20 | 7 | |||||||
Dividends paid — Preferred shares | — | (21 | ) | (42 | ) | |||||
Dividends paid — Common Shares | (282 | ) | (201 | ) | (175 | ) | ||||
Cash used for financing activities | (2,257 | ) | (1,730 | ) | (674 | ) | ||||
Net change in cash | — | — | — | |||||||
Cash — beginning of year | — | — | — | |||||||
Cash — end of year | $ | — | $ | — | $ | — | ||||
Supplemental Disclosure of Cash Flow Information | ||||||||||
Interest Paid | $ | 366 | $ | 366 | $ | 443 | ||||
Dividends Received from Subsidiaries | $ | 2,589 | $ | 1,096 | $ | 1,026 | ||||
Schedule_III_Supplementary_Ins
Schedule III Supplementary Insurance Information Level 1 (Schedule) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Supplementary Insurance Information [Abstract] | |||||||||||||||||||
Supplementary Insurance Information | |||||||||||||||||||
Segment | Deferred Policy | Future Policy Benefits, | Unearned Premiums [1] | Other | |||||||||||||||
Acquisition Costs [1] | Unpaid Losses and Loss Adjustment Expenses [1] | Policyholder | |||||||||||||||||
Funds and Benefits Payable [1] | |||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||
Commercial Lines | $ | 421 | $ | 16,505 | $ | 3,184 | $ | — | |||||||||||
Personal Lines | 155 | 1,874 | 1,914 | — | |||||||||||||||
Property & Casualty Other Operations | — | 3,427 | 1 | — | |||||||||||||||
Group Benefits | 36 | 6,540 | 45 | 518 | |||||||||||||||
Mutual Funds | 11 | — | — | — | |||||||||||||||
Talcott Resolution | 1,200 | 13,098 | 111 | 32,014 | |||||||||||||||
Corporate | — | — | — | — | |||||||||||||||
Consolidated | $ | 1,823 | $ | 41,444 | $ | 5,255 | $ | 32,532 | |||||||||||
As of December 31, 2013 | |||||||||||||||||||
Commercial Lines | $ | 404 | $ | 16,293 | 3,188 | — | |||||||||||||
Personal Lines | 145 | 1,864 | 1,858 | — | |||||||||||||||
Property & Casualty Other Operations | — | 3,548 | 1 | — | |||||||||||||||
Group Benefits | 41 | 6,547 | 65 | 188 | |||||||||||||||
Mutual Funds | 19 | — | — | — | |||||||||||||||
Talcott Resolution | 1,552 | 13,122 | 112 | 58,571 | |||||||||||||||
Corporate | — | (1 | ) | 1 | 4 | ||||||||||||||
Consolidated | $ | 2,161 | $ | 41,373 | $ | 5,225 | $ | 58,763 | |||||||||||
Segment | Earned | Net | Benefits, Losses | Amortization of | Insurance | Net Written Premiums [3] | |||||||||||||
Premiums, | Investment Income (Loss) | and Loss | Deferred Policy | Operating | |||||||||||||||
Fee Income and Other | Adjustment Expenses | Acquisition Costs | Costs and | ||||||||||||||||
Other | |||||||||||||||||||
Expenses [2] | |||||||||||||||||||
For the year ended December 31, 2014 | |||||||||||||||||||
Commercial Lines | $ | 6,402 | $ | 958 | $ | 3,855 | $ | 919 | $ | 1,194 | $ | 6,381 | |||||||
Personal Lines | 3,806 | 129 | 2,684 | 348 | 599 | 3,861 | |||||||||||||
Property & Casualty Other Operations | 1 | 129 | 261 | — | 31 | 2 | |||||||||||||
Group Benefits | 3,095 | 374 | 2,362 | 32 | 836 | — | |||||||||||||
Mutual Funds | 723 | — | — | 28 | 559 | — | |||||||||||||
Talcott Resolution | 1,407 | 1,542 | 1,643 | 402 | 544 | — | |||||||||||||
Corporate | 10 | 22 | — | — | 618 | — | |||||||||||||
Consolidated | $ | 15,444 | $ | 3,154 | $ | 10,805 | $ | 1,729 | $ | 4,381 | $ | 10,244 | |||||||
For the year ended December 31, 2013 | |||||||||||||||||||
Commercial Lines | $ | 6,315 | $ | 984 | $ | 4,085 | $ | 905 | $ | 1,190 | $ | 6,208 | |||||||
Personal Lines | 3,823 | 145 | 2,580 | 332 | 761 | 3,719 | |||||||||||||
Property & Casualty Other Operations | — | 141 | 148 | — | 27 | 2 | |||||||||||||
Group Benefits | 3,330 | 390 | 2,518 | 33 | 964 | — | |||||||||||||
Mutual Funds | 668 | — | — | 39 | 511 | — | |||||||||||||
Talcott Resolution [4] | 1,463 | 1,577 | 1,717 | 485 | 2,150 | — | |||||||||||||
Corporate | 12 | 27 | — | — | 757 | — | |||||||||||||
Consolidated | $ | 15,611 | $ | 3,264 | $ | 11,048 | $ | 1,794 | $ | 6,360 | $ | 9,929 | |||||||
For the year ended December 31, 2012 | |||||||||||||||||||
Commercial Lines | $ | 6,361 | $ | 924 | $ | 4,575 | $ | 927 | $ | 1,139 | $ | 6,209 | |||||||
Personal Lines | 3,791 | 159 | 2,630 | 332 | 769 | 3,630 | |||||||||||||
Property & Casualty Other Operations | (2 | ) | 149 | 65 | — | 28 | 8 | ||||||||||||
Group Benefits | 3,810 | 405 | 3,029 | 33 | 1,033 | — | |||||||||||||
Mutual Funds | 626 | (3 | ) | — | 35 | 479 | — | ||||||||||||
Talcott Resolution [4] | 2,708 | 2,462 | 2,896 | 663 | 1,692 | — | |||||||||||||
Corporate | 168 | 31 | — | — | 1,850 | — | |||||||||||||
Consolidated | $ | 17,462 | $ | 4,127 | $ | 13,195 | $ | 1,990 | $ | 6,990 | $ | 9,847 | |||||||
SUPPLEMENTARY INSURANCE INFORMATION | |||||||||||||||||||
(In millions) | |||||||||||||||||||
Segment | Deferred Policy | Future Policy Benefits, | Unearned Premiums [1] | Other | |||||||||||||||
Acquisition Costs [1] | Unpaid Losses and Loss Adjustment Expenses [1] | Policyholder | |||||||||||||||||
Funds and Benefits Payable [1] | |||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||
Commercial Lines | $ | 421 | $ | 16,505 | $ | 3,184 | $ | — | |||||||||||
Personal Lines | 155 | 1,874 | 1,914 | — | |||||||||||||||
Property & Casualty Other Operations | — | 3,427 | 1 | — | |||||||||||||||
Group Benefits | 36 | 6,540 | 45 | 518 | |||||||||||||||
Mutual Funds | 11 | — | — | — | |||||||||||||||
Talcott Resolution | 1,200 | 13,098 | 111 | 32,014 | |||||||||||||||
Corporate | — | — | — | — | |||||||||||||||
Consolidated | $ | 1,823 | $ | 41,444 | $ | 5,255 | $ | 32,532 | |||||||||||
As of December 31, 2013 | |||||||||||||||||||
Commercial Lines | $ | 404 | $ | 16,293 | 3,188 | — | |||||||||||||
Personal Lines | 145 | 1,864 | 1,858 | — | |||||||||||||||
Property & Casualty Other Operations | — | 3,548 | 1 | — | |||||||||||||||
Group Benefits | 41 | 6,547 | 65 | 188 | |||||||||||||||
Mutual Funds | 19 | — | — | — | |||||||||||||||
Talcott Resolution | 1,552 | 13,122 | 112 | 58,571 | |||||||||||||||
Corporate | — | (1 | ) | 1 | 4 | ||||||||||||||
Consolidated | $ | 2,161 | $ | 41,373 | $ | 5,225 | $ | 58,763 | |||||||||||
Segment | Earned | Net | Benefits, Losses | Amortization of | Insurance | Net Written Premiums [3] | |||||||||||||
Premiums, | Investment Income (Loss) | and Loss | Deferred Policy | Operating | |||||||||||||||
Fee Income and Other | Adjustment Expenses | Acquisition Costs | Costs and | ||||||||||||||||
Other | |||||||||||||||||||
Expenses [2] | |||||||||||||||||||
For the year ended December 31, 2014 | |||||||||||||||||||
Commercial Lines | $ | 6,402 | $ | 958 | $ | 3,855 | $ | 919 | $ | 1,194 | $ | 6,381 | |||||||
Personal Lines | 3,806 | 129 | 2,684 | 348 | 599 | 3,861 | |||||||||||||
Property & Casualty Other Operations | 1 | 129 | 261 | — | 31 | 2 | |||||||||||||
Group Benefits | 3,095 | 374 | 2,362 | 32 | 836 | — | |||||||||||||
Mutual Funds | 723 | — | — | 28 | 559 | — | |||||||||||||
Talcott Resolution | 1,407 | 1,542 | 1,643 | 402 | 544 | — | |||||||||||||
Corporate | 10 | 22 | — | — | 618 | — | |||||||||||||
Consolidated | $ | 15,444 | $ | 3,154 | $ | 10,805 | $ | 1,729 | $ | 4,381 | $ | 10,244 | |||||||
For the year ended December 31, 2013 | |||||||||||||||||||
Commercial Lines | $ | 6,315 | $ | 984 | $ | 4,085 | $ | 905 | $ | 1,190 | $ | 6,208 | |||||||
Personal Lines | 3,823 | 145 | 2,580 | 332 | 761 | 3,719 | |||||||||||||
Property & Casualty Other Operations | — | 141 | 148 | — | 27 | 2 | |||||||||||||
Group Benefits | 3,330 | 390 | 2,518 | 33 | 964 | — | |||||||||||||
Mutual Funds | 668 | — | — | 39 | 511 | — | |||||||||||||
Talcott Resolution [4] | 1,463 | 1,577 | 1,717 | 485 | 2,150 | — | |||||||||||||
Corporate | 12 | 27 | — | — | 757 | — | |||||||||||||
Consolidated | $ | 15,611 | $ | 3,264 | $ | 11,048 | $ | 1,794 | $ | 6,360 | $ | 9,929 | |||||||
For the year ended December 31, 2012 | |||||||||||||||||||
Commercial Lines | $ | 6,361 | $ | 924 | $ | 4,575 | $ | 927 | $ | 1,139 | $ | 6,209 | |||||||
Personal Lines | 3,791 | 159 | 2,630 | 332 | 769 | 3,630 | |||||||||||||
Property & Casualty Other Operations | (2 | ) | 149 | 65 | — | 28 | 8 | ||||||||||||
Group Benefits | 3,810 | 405 | 3,029 | 33 | 1,033 | — | |||||||||||||
Mutual Funds | 626 | (3 | ) | — | 35 | 479 | — | ||||||||||||
Talcott Resolution [4] | 2,708 | 2,462 | 2,896 | 663 | 1,692 | — | |||||||||||||
Corporate | 168 | 31 | — | — | 1,850 | — | |||||||||||||
Consolidated | $ | 17,462 | $ | 4,127 | $ | 13,195 | $ | 1,990 | $ | 6,990 | $ | 9,847 | |||||||
[1] | In 2014, the Company prospectively changed its methodology for allocating assets and liabilities to align with the legal entity capital of Property and Casualty, Group Benefits, Mutual Funds and Talcott Resolution and, within Property and Casualty, align assets and liabilities following the Company's internal capital allocation models. This resulted in a reallocation of assets and liabilities from Corporate to the segments. | ||||||||||||||||||
[2] | Includes interest expense, goodwill impairment, loss on extinguishment of debt, and reinsurance loss on disposition. | ||||||||||||||||||
[3] | Excludes life insurance pursuant to Regulation S-X. | ||||||||||||||||||
[4] | For the years ended, December 31, 2013 and 2012, Talcott Resolution was recast to reflect the impact of the sale of HLIKK. For further information regarding this transaction, see Note 2 - Business Dispositions of Notes to Consolidated Financial Statements. |
Schedule_IV_Reinsurance_Level_
Schedule IV Reinsurance Level 1 (Notes) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract] | |||||||||||||||
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Text Block] | |||||||||||||||
Gross | Ceded to Other | Assumed | Net | Percentage | |||||||||||
Amount | Companies | From Other | Amount | of Amount | |||||||||||
Companies | Assumed | ||||||||||||||
to Net | |||||||||||||||
For the year ended December 31, 2014 | |||||||||||||||
Life insurance in-force | $ | 875,229 | $ | 240,285 | $ | 21,987 | $ | 656,931 | 3 | % | |||||
Insurance revenues | |||||||||||||||
Property and casualty insurance | $ | 10,531 | $ | 699 | $ | 264 | $ | 10,096 | 3 | % | |||||
Life insurance and annuities | 4,414 | 1,666 | 137 | 2,885 | 5 | % | |||||||||
Accident and health insurance | 1,615 | 54 | 56 | 1,617 | 3 | % | |||||||||
Total insurance revenues | $ | 16,560 | $ | 2,419 | $ | 457 | $ | 14,598 | 3 | % | |||||
For the year ended December 31, 2013 | |||||||||||||||
Life insurance in-force | $ | 883,387 | $ | 278,059 | $ | 49,789 | $ | 655,117 | 8 | % | |||||
Insurance revenues | |||||||||||||||
Property and casualty insurance | $ | 10,494 | $ | 871 | $ | 241 | $ | 9,864 | 2 | % | |||||
Life insurance and annuities | 4,819 | 1,718 | 80 | 3,181 | 3 | % | |||||||||
Accident and health insurance | 1,616 | 62 | 58 | 1,612 | 4 | % | |||||||||
Total insurance revenues | $ | 16,929 | $ | 2,651 | $ | 379 | $ | 14,657 | 3 | % | |||||
For the year ended December 31, 2012 | |||||||||||||||
Life insurance in-force | $ | 946,160 | $ | 137,719 | $ | 48,032 | $ | 856,473 | 6 | % | |||||
Insurance revenues | |||||||||||||||
Property and casualty insurance | $ | 10,484 | $ | 796 | $ | 205 | $ | 9,893 | 2 | % | |||||
Life insurance and annuities | 4,977 | 458 | 69 | 4,588 | 2 | % | |||||||||
Accident and health insurance | 1,928 | 66 | 68 | 1,930 | 4 | % | |||||||||
Total insurance revenues | $ | 17,389 | $ | 1,320 | $ | 342 | $ | 16,411 | 2 | % | |||||
REINSURANCE | |||||||||||||||
(In millions) | |||||||||||||||
Gross | Ceded to Other | Assumed | Net | Percentage | |||||||||||
Amount | Companies | From Other | Amount | of Amount | |||||||||||
Companies | Assumed | ||||||||||||||
to Net | |||||||||||||||
For the year ended December 31, 2014 | |||||||||||||||
Life insurance in-force | $ | 875,229 | $ | 240,285 | $ | 21,987 | $ | 656,931 | 3 | % | |||||
Insurance revenues | |||||||||||||||
Property and casualty insurance | $ | 10,531 | $ | 699 | $ | 264 | $ | 10,096 | 3 | % | |||||
Life insurance and annuities | 4,414 | 1,666 | 137 | 2,885 | 5 | % | |||||||||
Accident and health insurance | 1,615 | 54 | 56 | 1,617 | 3 | % | |||||||||
Total insurance revenues | $ | 16,560 | $ | 2,419 | $ | 457 | $ | 14,598 | 3 | % | |||||
For the year ended December 31, 2013 | |||||||||||||||
Life insurance in-force | $ | 883,387 | $ | 278,059 | $ | 49,789 | $ | 655,117 | 8 | % | |||||
Insurance revenues | |||||||||||||||
Property and casualty insurance | $ | 10,494 | $ | 871 | $ | 241 | $ | 9,864 | 2 | % | |||||
Life insurance and annuities | 4,819 | 1,718 | 80 | 3,181 | 3 | % | |||||||||
Accident and health insurance | 1,616 | 62 | 58 | 1,612 | 4 | % | |||||||||
Total insurance revenues | $ | 16,929 | $ | 2,651 | $ | 379 | $ | 14,657 | 3 | % | |||||
For the year ended December 31, 2012 | |||||||||||||||
Life insurance in-force | $ | 946,160 | $ | 137,719 | $ | 48,032 | $ | 856,473 | 6 | % | |||||
Insurance revenues | |||||||||||||||
Property and casualty insurance | $ | 10,484 | $ | 796 | $ | 205 | $ | 9,893 | 2 | % | |||||
Life insurance and annuities | 4,977 | 458 | 69 | 4,588 | 2 | % | |||||||||
Accident and health insurance | 1,928 | 66 | 68 | 1,930 | 4 | % | |||||||||
Total insurance revenues | $ | 17,389 | $ | 1,320 | $ | 342 | $ | 16,411 | 2 | % | |||||
Schedule_V_Valuation_and_Quali
Schedule V Valuation and Qualifying Accounts Level 1 (Notes) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||
(In millions) | ||||||||||||||||
Balance | Charged to | Translation | Write-offs/ | Balance | ||||||||||||
January 1, | Costs and | Adjustment | Payments/ | December 31, | ||||||||||||
Expenses | Other | |||||||||||||||
2014 | ||||||||||||||||
Allowance for doubtful accounts and other | $ | 125 | $ | 50 | $ | — | $ | (44 | ) | $ | 131 | |||||
Allowance for uncollectible reinsurance | 244 | 30 | — | (3 | ) | 271 | ||||||||||
Valuation allowance on mortgage loans | 67 | 4 | — | (53 | ) | 18 | ||||||||||
Valuation allowance for deferred taxes | 4 | 5 | — | 172 | 181 | |||||||||||
2013 | ||||||||||||||||
Allowance for doubtful accounts and other | $ | 117 | $ | 56 | $ | — | $ | (48 | ) | $ | 125 | |||||
Allowance for uncollectible reinsurance | 268 | (1 | ) | 2 | (25 | ) | 244 | |||||||||
Valuation allowance on mortgage loans | 68 | 2 | — | (3 | ) | 67 | ||||||||||
Valuation allowance for deferred taxes | 58 | (2 | ) | — | (52 | ) | 4 | |||||||||
2012 | ||||||||||||||||
Allowance for doubtful accounts and other | $ | 119 | $ | 44 | $ | — | $ | (46 | ) | $ | 117 | |||||
Allowance for uncollectible reinsurance | 290 | 10 | — | (32 | ) | 268 | ||||||||||
Valuation allowance on mortgage loans | 102 | (14 | ) | — | (20 | ) | 68 | |||||||||
Valuation allowance for deferred taxes | 83 | (25 | ) | — | — | 58 | ||||||||||
Schedule_VI_Supplemental_Infor
Schedule VI Supplemental Information Concerning Property and Casualty Insurance Operations Level 1 (Notes) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Supplemental Information for Property, Casualty Insurance Underwriters [Abstract] | |||||||||||||
Supplemental Information Concerning Property and Casualty Insurance Operations | |||||||||||||
Discount | Losses and Loss Adjustment | Paid Losses and | |||||||||||
Deducted From Liabilities [1] | Expenses Incurred Related to: | Loss Adjustment Expenses | |||||||||||
Current Year | Prior Year | ||||||||||||
Years ended December 31, | |||||||||||||
2014 | $ | 556 | $ | 6,572 | $ | 228 | $ | 6,711 | |||||
2013 | $ | 553 | $ | 6,621 | $ | 192 | $ | 6,826 | |||||
2012 | $ | 538 | $ | 7,274 | $ | (4 | ) | $ | 7,098 | ||||
[1] | Reserves for permanently disabled claimants have been discounted using the weighted average interest rates of 3.5%, 3.5%, and 4.0% for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||||
THE HARTFORD FINANCIAL SERVICES GROUP, INC. | |||||||||||||
SCHEDULE VI | |||||||||||||
SUPPLEMENTAL INFORMATION CONCERNING | |||||||||||||
PROPERTY AND CASUALTY INSURANCE OPERATIONS | |||||||||||||
(In millions) | |||||||||||||
Discount | Losses and Loss Adjustment | Paid Losses and | |||||||||||
Deducted From Liabilities [1] | Expenses Incurred Related to: | Loss Adjustment Expenses | |||||||||||
Current Year | Prior Year | ||||||||||||
Years ended December 31, | |||||||||||||
2014 | $ | 556 | $ | 6,572 | $ | 228 | $ | 6,711 | |||||
2013 | $ | 553 | $ | 6,621 | $ | 192 | $ | 6,826 | |||||
2012 | $ | 538 | $ | 7,274 | $ | (4 | ) | $ | 7,098 | ||||
[1] | Reserves for permanently disabled claimants have been discounted using the weighted average interest rates of 3.5%, 3.5%, and 4.0% for the years ended December 31, 2014, 2013, and 2012, respectively. |
Basis_of_Presentation_and_Acco1
Basis of Presentation and Accounting Policies Level 2 (Policies) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Contingent Liability Reserve Estimate, Policy [Policy Text Block] | Life Insurance Products | |
Liabilities for future policy benefits are calculated by the net level premium method using interest, withdrawal and mortality assumptions appropriate at the time the policies were issued. The methods used in determining the liability for unpaid losses and future policy benefits are standard actuarial methods recognized by the American Academy of Actuaries. For the tabular reserves, discount rates are based on the Company’s earned investment yield and the morbidity/mortality tables used are standard industry tables modified to reflect the Company’s actual experience when appropriate. In particular, for the Company’s group disability known claim reserves, the morbidity table for the early durations of claims is based exclusively on the Company’s experience, incorporating factors such as gender, elimination period and diagnosis. These reserves are computed such that they are expected to meet the Company’s future policy obligations. Future policy benefits are computed at amounts that, with additions from estimated premiums to be received and with interest on such reserves compounded annually at certain assumed rates, are expected to be sufficient to meet the Company’s policy obligations at their maturities or in the event of an insured’s death. Changes in or deviations from the assumptions used for mortality, morbidity, expected future premiums and interest can significantly affect the Company’s reserve levels and related future operations. | ||
Liabilities for the Company’s group life and disability contracts, as well as its individual term life insurance policies, include amounts for unpaid losses and future policy benefits. Liabilities for unpaid losses include estimates of amounts to fully settle known reported claims, as well as claims related to insured events that the Company estimates have been incurred but have not yet been reported. These reserve estimates are based on known facts and interpretations of circumstances, and consideration of various internal factors including The Hartford’s experience with similar cases, historical trends involving claim payment patterns, loss payments, pending levels of unpaid claims, loss control programs and product mix. In addition, the reserve estimates are influenced by consideration of various external factors including court decisions, economic conditions and public attitudes. The effects of inflation are implicitly considered in the reserving process. Group life and disability contracts with long tail claim liabilities are discounted because the payment pattern and the ultimate costs are reasonably fixed and determinable on an individual claim basis. These reserves were discounted to present value using a weighted average interest rate of 4.53% in 2014 and 4.71% in 2013. | ||
Basis of Presentation | Basis of Presentation | |
The Hartford Financial Services Group, Inc. is a holding company for insurance and financial services subsidiaries that provide property and casualty insurance, group life and disability products and mutual funds to individual and business customers in the United States (collectively, “The Hartford”, the “Company”, “we” or “our”). Also, the Company continues to administer life and annuity products previously sold. | ||
On June 30, 2014, the Company completed the sale of the issued and outstanding equity of Hartford Life Insurance KK, a Japanese company ("HLIKK"), to ORIX Life Insurance Corporation, a subsidiary of ORIX Corporation, a Japanese company. | ||
On December 12, 2013, the Company completed the sale of the issued and outstanding equity of Hartford Life International Limited, a U.K. company ("HLIL"), to Columbia Insurance Company, a Berkshire Hathaway company. | ||
On January 1, 2013, the Company completed the sale of its Retirement Plans business to Massachusetts Mutual Life Insurance Company ("MassMutual") and on January 2, 2013 the Company completed the sale of its Individual Life insurance business to The Prudential Insurance Company of America ("Prudential"), a subsidiary of Prudential Financial, Inc. These sales were structured as reinsurance transactions. | ||
For further discussion of these transactions, see Note 2 - Business Dispositions of Notes to Consolidated Financial Statements. | ||
The Consolidated Financial Statements have been prepared on the basis of accounting principles generally accepted in the United States of America (“U.S. GAAP”), which differ materially from the accounting practices prescribed by various insurance regulatory authorities. | ||
Consolidation | Consolidation | |
The Consolidated Financial Statements include the accounts of The Hartford Financial Services Group, Inc., companies in which the Company directly or indirectly has a controlling financial interest and those variable interest entities (“VIEs”) which the Company is required to consolidate. Entities in which the Company has significant influence over the operating and financing decisions but is not required to consolidate are reported using the equity method. For further discussions on VIEs see Note 6 - Investments and Derivative Instruments of the Notes to Consolidated Financial Statements. All intercompany transactions and balances between The Hartford and its subsidiaries and affiliates have been eliminated. | ||
Discontinued Operations | Discontinued Operations | |
The results of operations of a component of the Company that either has been disposed of or is classified as held-for-sale are reported in discontinued operations if the operations and cash flows of the component have been or will be eliminated from the ongoing operations of the Company as a result of the disposal transaction and the Company will not have any significant continuing involvement in the operations of the component after the disposal transaction. The Company is presenting as discontinued operations certain businesses that meet the criteria for reporting as discontinued operations. Amounts for prior periods have been retrospectively reclassified. For information on the specific businesses and related impacts, see Note 19 - Discontinued Operations of the Notes to Consolidated Financial Statements. | ||
Use of Estimates | Use of Estimates | |
The preparation of financial statements, in conformity with U.S. GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||
The most significant estimates include those used in determining property and casualty insurance product reserves, net of reinsurance; estimated gross profits used in the valuation and amortization of assets and liabilities associated with variable annuity and other universal life-type contracts; evaluation of other-than-temporary impairments on available-for-sale securities and valuation allowances on investments; living benefits required to be fair valued; goodwill impairment; valuation of investments and derivative instruments; valuation allowance on deferred tax assets; and contingencies relating to corporate litigation and regulatory matters. Certain of these estimates are particularly sensitive to market conditions, and deterioration and/or volatility in the worldwide debt or equity markets could have a material impact on the Consolidated Financial Statements. | ||
Reclassifications | Reclassifications | |
Certain reclassifications have been made to prior year financial information to conform to the current year presentation. | ||
New Accounting Pronouncements, Policy [Policy Text Block] | Future Adoption of New Accounting Standards | |
Amendments to Consolidation Guidance | ||
In February 2015, the Financial Accounting Standards Board ("FASB") issued updated consolidation guidance. The amendments revise existing guidance for when to consolidate variable interest entities (“VIEs”) and general partners’ investments in limited partnerships, end the deferral granted for applying the VIE guidance to certain investment companies, and reduce the number of circumstances where a decision maker’s or service provider’s fee arrangement is deemed to be a variable interest in an entity. The updates also modify consolidation guidance for determining whether limited partnerships are VIEs or voting interest entities. This guidance is effective for years beginning after December 15, 2015, and may be applied fully retrospectively or through a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption. The Company will adopt the guidance on January 1, 2016 and has not yet determined the method or estimated effect of adoption on the Company’s Consolidated Financial Statements. | ||
Revenue Recognition | ||
In May 2014, the FASB issued updated guidance for recognizing revenue. The guidance excludes insurance contracts and financial instruments. Revenue is to be recognized when, or as, goods or services are transferred to customers in an amount that reflects the consideration that an entity is expected to be entitled in exchange for those goods or services, and this accounting guidance is similar to current accounting for many transactions. This guidance is effective retrospectively for years beginning after December 15, 2016, with a choice of restating prior periods or recognizing a cumulative effect for contracts in place as of the adoption. Early adoption is not permitted. The Company has not yet determined its method for adoption or estimated the effect of the adoption on the Company’s Consolidated Financial Statements. | ||
Reporting Discontinued Operations | ||
In April 2014, the FASB issued updated guidance on reporting discontinued operations. Under this updated guidance, a discontinued operation will include a disposal of a major part of an entity’s operations and financial results such as a separate major line of business or a separate major geographical area of operations. The guidance raises the threshold to be a major operation but no longer precludes discontinued operations presentation where there is significant continuing involvement or cash flows with a disposed component of an entity. The guidance expands disclosures to include cash flows where there is significant continuing involvement with a discontinued operation and the pre-tax profit or loss of disposal transactions not reported as discontinued operations. The updated guidance is effective prospectively for years beginning on or after December 15, 2014, with early application permitted. The Company will apply the guidance to new disposals and operations newly classified as held for sale beginning first quarter of 2015, with no effect on existing reported discontinued operations. The effect on the Company’s future results of operations or financial condition will depend on the nature of future disposal transactions. | ||
Revenue Recognition | Revenue Recognition | |
Property and casualty insurance premiums are earned on a pro rata basis over the lives of the policies and include accruals for ultimate premium revenue anticipated under auditable and retrospectively rated policies. Unearned premiums represent the premiums applicable to the unexpired terms of policies in force. An estimated allowance for doubtful accounts is recorded on the basis of periodic evaluations of balances due from insureds, management’s experience and current economic conditions. The Company charges off any balances that are determined to be uncollectible. The allowance for doubtful accounts included in premiums receivable and agents’ balances in the Consolidated Balance Sheets was $131 and $125 as of December 31, 2014 and 2013, respectively. | ||
Traditional life products' premiums are recognized as revenue when due from policyholders. Group life, disability and accident premiums are generally both due from policyholders and recognized as revenue on a pro rata basis over the period of the contracts. | ||
Fee income for universal life-type contracts consists of policy charges for policy administration, cost of insurance charges and surrender charges assessed against policyholders’ account balances and are recognized in the period in which services are provided. Amounts representing account value collected from policyholders for investment and universal life-type contracts are considered deposits and are not included in revenue. Unearned revenue reserves, representing amounts assessed as consideration for policy origination of a universal life-type contract, are deferred and recognized in income over the period benefited, generally in proportion to estimated gross profits. | ||
The Company provides investment management, administrative and distribution services to mutual funds. The Company charges fees to these mutual funds which are primarily based on the average daily net asset values of the mutual funds and recorded as fee income in the period in which the services are provided. Commission fees are based on the sale proceeds and recognized at the time of the transaction. Transfer agent fees are assessed as a charge per account and recognized as fee income in the period in which the services are provided. | ||
Other revenues primarily consists of servicing revenues which are recognized as services are performed. | ||
Dividends to Policyholders | Dividends to Policyholders | |
Policyholder dividends are paid to certain property and casualty and life insurance policyholders. Policies that receive dividends are referred to as participating policies. Participating dividends to policyholders are accrued and reported in insurance operating costs and other expenses and other liabilities using an estimate of the amount to be paid based on underlying contractual obligations under policies and applicable state laws. | ||
Net written premiums for participating property and casualty insurance policies represented 9%, 10% and 9% of total net written premiums for the years ended December 31, 2014, 2013 and 2012, respectively. Participating dividends to policyholders were $15, $16 and $14 for the years ended December 31, 2014, 2013 and 2012, respectively. | ||
Total participating policies in-force represented 1% of the total life insurance policies in-force as of December 31, 2014, 2013 and 2012. Participating dividends to policyholders were $7, $18 and $20 for the years ended December 31, 2014, 2013 and 2012, respectively. | ||
There were no additional amounts of income allocated to participating policyholders. If limitations exist on the amount of net income from participating life insurance contracts that may be distributed to stockholders, the policyholder’s share of net income on those contracts that cannot be distributed is excluded from stockholders' equity by a charge to operations and an increase to a liability. | ||
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value | |
The following financial instruments are carried at fair value in the Company’s Consolidated Financial Statements: fixed maturity and equity securities, available-for-sale (“AFS”); fixed maturities at fair value using fair value option (“FVO”); equity securities, FVO; equity securities, trading; short-term investments; freestanding and embedded derivatives; certain limited partnerships and other alternative investments; separate account assets and certain other liabilities. For further discussion of fair value, see Note 5 - Fair Value Measurements of Notes to Consolidated Financial Statements. | ||
The following section applies the fair value hierarchy and disclosure requirements for the Company’s financial instruments that are carried at fair value. The fair value hierarchy prioritizes the inputs in the valuation techniques used to measure fair value into three broad Levels (Level 1, 2 or 3). | ||
Level 1 | Observable inputs that reflect quoted prices for identical assets or liabilities in active markets that the Company has the ability to access at the measurement date. Level 1 securities include highly liquid U.S. Treasuries, money market funds and exchange traded equity securities, open-ended mutual funds reported in separate account assets and exchange-traded derivative instruments. | |
Level 2 | Observable inputs, other than quoted prices included in Level 1, for the asset or liability or prices for similar assets and liabilities. Most fixed maturities and preferred stocks, including those reported in separate account assets, are model priced by vendors using observable inputs and are classified within Level 2. Also included are hedge funds where investment company accounting guidance has been applied to a wholly-owned fund of funds measured at fair value where an investment can be redeemed, or substantially redeemed, at the NAV at the measurement date or in the near-term, not to exceed 90 days. Derivative instruments classified within Level 2 are priced using observable market inputs such as swap yield curves and credit default swap curves. | |
Level 3 | Valuations that are derived from techniques in which one or more of the significant inputs are unobservable (including assumptions about risk). Level 3 securities include less liquid securities, guaranteed product embedded and reinsurance derivatives and other complex derivative instruments, as well as hedge fund investments carried at fair value, consistent with investment company accounting guidance, that cannot be redeemed in the near-term at the NAV. Because Level 3 fair values, by their nature, contain one or more significant unobservable inputs, as there is little or no observable market for these assets and liabilities, considerable judgment is used to determine the Level 3 fair values. Level 3 fair values represent the Company’s best estimate of an amount that could be realized in a current market exchange absent actual market exchanges. | |
In many situations, inputs used to measure the fair value of an asset or liability position may fall into different levels of the fair value hierarchy. In these situations, the Company will determine the level in which the fair value falls based upon the lowest level input that is significant to the determination of the fair value. Transfers of securities among the levels occur at the beginning of the reporting period. The amount of transfers from Level 1 to Level 2 was $2.5 billion, and $1.3 billion, for the years ended December 31, 2014 and 2013, respectively, which represented previously on-the-run U.S. Treasury securities that are now off-the-run. For the years ended December 31, 2014 and 2013, there were no transfers from Level 2 to Level 1. In most cases, both observable (e.g., changes in interest rates) and unobservable (e.g., changes in risk assumptions) inputs are used in the determination of fair values that the Company has classified within Level 3. Consequently, these values and the related gains and losses are based upon both observable and unobservable inputs. The Company’s fixed maturities included in Level 3 are classified as such because these securities are primarily priced by independent brokers and/or are within illiquid markets. | ||
The following tables present assets and (liabilities) carried at fair value by hierarchy level. These disclosures provide information as to the extent to which the Company uses fair value to measure financial instruments and information about the inputs used to value those financial instruments to allow users to assess the relative reliability of the measurements. The following table presents assets and (liabilities) carried at fair value by hierarchy level. | ||
Determination of Fair Values | ||
The valuation methodologies used to determine the fair values of assets and liabilities under the “exit price” notion, reflect market participant objectives and are based on the application of the fair value hierarchy that prioritizes relevant observable market inputs over unobservable inputs. The Company determines the fair values of certain financial assets and liabilities based on quoted market prices where available, and where prices represent a reasonable estimate of fair value. The Company also determines fair value based on future cash flows discounted at the appropriate current market rate. Fair values reflect adjustments for counterparty credit quality, the Company’s default spreads, liquidity, and where appropriate, risk margins on unobservable parameters. The following is a discussion of the methodologies used to determine fair values for the financial instruments listed in the above tables. | ||
The fair value process is monitored by the Valuation Committee, which is a cross-functional group of senior management within the Company that meets at least quarterly. The Valuation Committee is co-chaired by the Heads of Investment Operations and Accounting, and has representation from various investment sector professionals, accounting, operations, legal, compliance and risk management. The purpose of the committee is to oversee the pricing policy and procedures by ensuring objective and reliable valuation practices and pricing of financial instruments, as well as addressing valuation issues and approving changes to valuation methodologies and pricing sources. There are also two working groups under the Valuation Committee, a Securities Fair Value Working Group (“Securities Working Group”) and a Derivatives Fair Value Working Group ("Derivatives Working Group"), which include various investment, operations, accounting and risk management professionals that meet monthly to review market data trends, pricing and trading statistics and results, and any proposed pricing methodology changes described in more detail in the following paragraphs. | ||
The Company also has an enterprise-wide Operational Risk Management function, led by the Chief Operational Risk Officer, which is responsible for establishing, maintaining and communicating the framework, principles and guidelines of the Company's operational risk management program. This includes model risk management which provides an independent review of the suitability, characteristics and reliability of model inputs, as well as an analysis of significant changes to current models. | ||
Investments | Investments | |
Overview | ||
The Company’s investments in fixed maturities include bonds, structured securities, redeemable preferred stock and commercial paper. These investments, along with certain equity securities, which include common and non-redeemable preferred stocks, are classified as AFS and are carried at fair value. The after-tax difference from cost or amortized cost is reflected in stockholders’ equity as a component of Accumulated Other Comprehensive Income (Loss) (“AOCI”), after adjustments for the effect of deducting certain life and annuity deferred policy acquisition costs and reserve adjustments. Also included in equity securities, AFS are certain equity securities for which the Company elected the fair value option. These equity securities are carried at fair value with changes in value recorded in realized capital gains and losses on the Company's Consolidated Statements of Operations. Fixed maturities for which the Company elected the fair value option are classified as FVO and are carried at fair value with changes in value recorded in realized capital gains and losses. The equity investments associated with the Company's former variable annuity products offered in Japan are recorded at fair value and are classified as trading with changes in fair value recorded in discontinued operations. Policy loans are carried at outstanding balance. Mortgage loans are recorded at the outstanding principal balance adjusted for amortization of premiums or discounts and net of valuation allowances. Short-term investments are carried at amortized cost, which approximates fair value. Limited partnerships and other alternative investments are reported at their carrying value with the change in carrying value primarily accounted for under the equity method and accordingly the Company’s share of earnings are included in net investment income. Recognition of income related to limited partnerships and other alternative investments is delayed due to the availability of the related financial information, as private equity and other funds are generally on a three-month delay and hedge funds are on a one-month delay. Accordingly, income for the years ended December 31, 2014, 2013, and 2012 may not include the full impact of current year changes in valuation of the underlying assets and liabilities of the funds, which are generally obtained from the limited partnerships and other alternative investments’ general partners. In addition, for investments in a wholly-owned hedge fund of funds, the Company recognizes changes in the fair value of the underlying funds in net investment income, which is consistent with accounting requirements for investment companies. Other investments primarily consist of derivatives instruments which are carried at fair value. | ||
Recognition and Presentation of Other-Than-Temporary Impairments | ||
The Company deems bonds and certain equity securities with debt-like characteristics (collectively “debt securities”) to be other-than-temporarily impaired (“impaired”) if a security meets the following conditions: a) the Company intends to sell or it is more likely than not that the Company will be required to sell the security before a recovery in value, or b) the Company does not expect to recover the entire amortized cost basis of the security. If the Company intends to sell or it is more likely than not that the Company will be required to sell the security before a recovery in value, a charge is recorded in net realized capital losses equal to the difference between the fair value and amortized cost basis of the security. For those impaired debt securities which do not meet the first condition and for which the Company does not expect to recover the entire amortized cost basis, the difference between the security’s amortized cost basis and the fair value is separated into the portion representing a credit other-than-temporary impairment, which is recorded in net realized capital losses, and the remaining non-credit impairment, which is recorded in OCI. Generally, the Company determines a security’s credit impairment as the difference between its amortized cost basis and its best estimate of expected future cash flows discounted at the security’s effective yield prior to impairment. The remaining non-credit impairment, which is recorded in OCI, is the difference between the security’s fair value and the Company’s best estimate of expected future cash flows discounted at the security’s effective yield prior to the impairment, which typically represents current market liquidity and risk premiums. The previous amortized cost basis less the impairment recognized in net realized capital losses becomes the security’s new cost basis. The Company accretes the new cost basis to the estimated future cash flows over the expected remaining life of the security by prospectively adjusting the security’s yield, if necessary. | ||
The Company’s evaluation of whether a credit impairment exists for debt securities includes but is not limited to, the following factors: (a) changes in the financial condition of the security’s underlying collateral, (b) whether the issuer is current on contractually obligated interest and principal payments, (c) changes in the financial condition, credit rating and near-term prospects of the issuer, (d) the extent to which the fair value has been less than the amortized cost of the security and (e) the payment structure of the security. The Company’s best estimate of expected future cash flows used to determine the credit loss amount is a quantitative and qualitative process that incorporates information received from third-party sources along with certain internal assumptions and judgments regarding the future performance of the security. The Company’s best estimate of future cash flows involves assumptions including, but not limited to, various performance indicators, such as historical and projected default and recovery rates, credit ratings, current and projected delinquency rates, and loan-to-value ("LTV") ratios. In addition, for structured securities, the Company considers factors including, but not limited to, average cumulative collateral loss rates that vary by vintage year, commercial and residential property value declines that vary by property type and location and commercial real estate delinquency levels. These assumptions require the use of significant management judgment and include the probability of issuer default and estimates regarding timing and amount of expected recoveries which may include estimating the underlying collateral value. In addition, projections of expected future debt security cash flows may change based upon new information regarding the performance of the issuer and/or underlying collateral such as changes in the projections of the underlying property value estimates. | ||
For equity securities where the decline in the fair value is deemed to be other-than-temporary, a charge is recorded in net realized capital losses equal to the difference between the fair value and cost basis of the security. The previous cost basis less the impairment becomes the security’s new cost basis. The Company asserts its intent and ability to retain those equity securities deemed to be temporarily impaired until the price recovers. Once identified, these securities are systematically restricted from trading unless approved by investment and accounting professionals. The investment and accounting professionals will only authorize the sale of these securities based on predefined criteria that relate to events that could not have been reasonably foreseen. Examples of the criteria include, but are not limited to, the deterioration in the issuer’s financial condition, security price declines, a change in regulatory requirements or a major business combination or major disposition. | ||
The primary factors considered in evaluating whether an impairment exists for an equity security include, but are not limited to: (a) the length of time and extent to which the fair value has been less than the cost of the security, (b) changes in the financial condition, credit rating and near-term prospects of the issuer, (c) whether the issuer is current on preferred stock dividends and (d) the intent and ability of the Company to retain the investment for a period of time sufficient to allow for recovery. | ||
Mortgage Loan Valuation Allowances | ||
The Company’s security monitoring process reviews mortgage loans on a quarterly basis to identify potential credit losses. Commercial mortgage loans are considered to be impaired when management estimates that, based upon current information and events, it is probable that the Company will be unable to collect amounts due according to the contractual terms of the loan agreement. Criteria used to determine if an impairment exists include, but are not limited to: current and projected macroeconomic factors, such as unemployment rates, and property-specific factors such as rental rates, occupancy levels, LTV ratios and debt service coverage ratios (“DSCR”). In addition, the Company considers historic, current and projected delinquency rates and property values. These assumptions require the use of significant management judgment and include the probability and timing of borrower default and loss severity estimates. In addition, projections of expected future cash flows may change based upon new information regarding the performance of the borrower and/or underlying collateral such as changes in the projections of the underlying property value estimates. | ||
For mortgage loans that are deemed impaired, a valuation allowance is established for the difference between the carrying amount and the Company’s share of either (a) the present value of the expected future cash flows discounted at the loan’s effective interest rate, (b) the loan’s observable market price or, most frequently, (c) the fair value of the collateral. A valuation allowance has been established for either individual loans or as a projected loss contingency for loans with an LTV ratio of 90% or greater and consideration of other credit quality factors, including DSCR. Changes in valuation allowances are recorded in net realized capital gains and losses. Interest income on impaired loans is accrued to the extent it is deemed collectible and the loans continue to perform under the original or restructured terms. Interest income ceases to accrue for loans when it is probable that the Company will not receive interest and principal payments according to the contractual terms of the loan agreement. Loans may resume accrual status when it is determined that sufficient collateral exists to satisfy the full amount of the loan and interest payments, as well as when it is probable cash will be received in the foreseeable future. Interest income on defaulted loans is recognized when received. | ||
Net Realized Capital Gains and Losses | ||
Net realized capital gains and losses from investment sales are reported as a component of revenues and are determined on a specific identification basis. Net realized capital gains and losses also result from fair value changes in fixed maturities and equity, securities for which the fair value option was elected, and derivatives contracts (both free-standing and embedded) that do not qualify, or are not designated, as a hedge for accounting purposes, ineffectiveness on derivatives that qualify for hedge accounting treatment, and the change in value of derivatives in certain fair-value hedge relationships and their associated hedged asset. Impairments and mortgage loan valuation allowances are recognized as net realized capital losses in accordance with the Company’s impairment and mortgage loan valuation allowance policies previously discussed above. Foreign currency transaction remeasurements are also included in net realized capital gains and losses. | ||
Net Investment Income | ||
Interest income from fixed maturities and mortgage loans is recognized when earned on the constant effective yield method based on estimated timing of cash flows. The amortization of premium and accretion of discount for fixed maturities also takes into consideration call and maturity dates that produce the lowest yield. For securitized financial assets subject to prepayment risk, yields are recalculated and adjusted periodically to reflect historical and/or estimated future repayments using the retrospective method; however, if these investments are impaired, any yield adjustments are made using the prospective method. Prepayment fees on fixed maturities and mortgage loans are recorded in net investment income when earned. For equity securities, dividends will be recognized as investment income on the ex-dividend date. Limited partnerships and other alternative investments primarily use the equity method of accounting to recognize the Company’s share of earnings; however, the Company also uses investment fund accounting applied to a wholly-owned fund of funds. For impaired debt securities, the Company accretes the new cost basis to the estimated future cash flows over the expected remaining life of the security by prospectively adjusting the security’s yield, if necessary. The Company’s non-income producing investments were not material for the years ended December 31, 2014, 2013 and 2012. | ||
Derivatives Instruments | Derivative Instruments | |
Overview | ||
The Company utilizes a variety of over-the-counter ("OTC") derivative investments, including transactions cleared through a central clearing house ("OTC-cleared"), and exchange-traded derivative instruments as part of its overall risk management strategy. The types of instruments may include swaps, caps, floors, forwards, futures and options to achieve one of four Company-approved objectives: to hedge risk arising from interest rate, equity market, credit spread and issuer default, price or currency exchange rate risk or volatility; to manage liquidity; to control transaction costs; or to enter into synthetic replication transactions. | ||
Interest rate, volatility, dividend, credit default and index swaps involve the periodic exchange of cash flows with other parties, at specified intervals, calculated using agreed upon rates or other financial variables and notional principal amounts. Generally, little to no cash or principal payments are exchanged at the inception of the contract. Typically, at the time a swap is entered into, the cash flow streams exchanged by the counterparties are equal in value. | ||
Interest rate cap and floor contracts entitle the purchaser to receive from the issuer at specified dates, the amount, if any, by which a specified market rate exceeds the cap strike interest rate or falls below the floor strike interest rate, applied to a notional principal amount. A premium payment is made by the purchaser of the contract at its inception and no principal payments are exchanged. | ||
Forward contracts are customized commitments that specify a rate of interest or currency exchange rate to be paid or received on an obligation beginning on a future start date and are typically settled in cash. | ||
Financial futures are standardized commitments to either purchase or sell designated financial instruments, at a future date, for a specified price and may be settled in cash or through delivery of the underlying instrument. Futures contracts trade on organized exchanges. Margin requirements for futures are met by pledging securities or cash, and changes in the futures’ contract values are settled daily in cash. | ||
Option contracts grant the purchaser, for a premium payment, the right to either purchase from or sell to the issuer a financial instrument at a specified price, within a specified period or on a stated date. | ||
Foreign currency swaps exchange an initial principal amount in two currencies, agreeing to re-exchange the currencies at a future date, at an agreed upon exchange rate. There may also be a periodic exchange of payments at specified intervals calculated using the agreed upon rates and exchanged principal amounts. | ||
The Company’s derivative transactions conducted in insurance company subsidiaries are used in strategies permitted under the derivative use plans required by the State of Connecticut, the State of Illinois and the State of New York insurance departments. | ||
Accounting and Financial Statement Presentation of Derivative Instruments and Hedging Activities | ||
Derivative instruments are recognized on the Consolidated Balance Sheets at fair value and are reported in Other Investments and Other Liabilities. For balance sheet presentation purposes, the Company has elected to offset the fair value amounts, income accruals, and related cash collateral receivables and payables of OTC derivative instruments executed in a legal entity and with the same counterparty or under a master netting agreement, which provides the Company with the legal right of offset. | ||
During 2013, the Company began clearing interest rate swap and certain credit default swap derivative transactions through central clearing houses. OTC-cleared derivatives require initial collateral at the inception of the trade in the form of cash or highly liquid collateral, such as U.S. Treasuries and government agency investments. Central clearing houses also require additional cash collateral as variation margin based on daily market value movements. For information on collateral, see the derivative collateral arrangements section in Note 6 - Investments and Derivative Instruments. In addition, OTC-cleared transactions include price alignment interest either received or paid on the variation margin, which is reflected in net investment income. The Company has also elected to offset the fair value amounts, income accruals and related cash collateral receivables and payables of OTC-cleared derivative instruments based on clearing house agreements. | ||
On the date the derivative contract is entered into, the Company designates the derivative as (1) a hedge of the fair value of a recognized asset or liability (“fair value” hedge), (2) a hedge of the variability in cash flows of a forecasted transaction or of amounts to be received or paid related to a recognized asset or liability (“cash flow” hedge), (3) a hedge of a net investment in a foreign operation (“net investment” hedge) or (4) held for other investment and/or risk management purposes, which primarily involve managing asset or liability related risks and do not qualify for hedge accounting. | ||
Fair Value Hedges | ||
Changes in the fair value of a derivative that is designated and qualifies as a fair value hedge, including foreign-currency fair value hedges, along with the changes in the fair value of the hedged asset or liability that is attributable to the hedged risk, are recorded in current period earnings as net realized capital gains and losses with any differences between the net change in fair value of the derivative and the hedged item representing the hedge ineffectiveness. Periodic cash flows and accruals of income/expense (“derivative periodic net coupon settlements”) are recorded in the line item of the Consolidated Statements of Operations in which the cash flows of the hedged item are recorded. | ||
Cash Flow Hedges | ||
Changes in the fair value of a derivative that is designated and qualifies as a cash flow hedge, including foreign-currency cash flow hedges, are recorded in AOCI and are reclassified into earnings when the variability of the cash flow of the hedged item impacts earnings. Gains and losses on derivative contracts that are reclassified from AOCI to current period earnings are included in the line item in the Consolidated Statements of Operations in which the cash flows of the hedged item are recorded. Any hedge ineffectiveness is recorded immediately in current period earnings as net realized capital gains and losses. Periodic derivative net coupon settlements are recorded in the line item of the Consolidated Statements of Operations in which the cash flows of the hedged item are recorded. | ||
Net Investment in a Foreign Operation Hedges | ||
Changes in fair value of a derivative used as a hedge of a net investment in a foreign operation, to the extent effective as a hedge, are recorded in the foreign currency translation adjustments account within AOCI. Cumulative changes in fair value recorded in AOCI are reclassified into earnings upon the sale or complete, or substantially complete, liquidation of the foreign entity. Any hedge ineffectiveness is recorded immediately in current period earnings as net realized capital gains and losses. Periodic derivative net coupon settlements are recorded in the line item of the Consolidated Statements of Operations in which the cash flows of the hedged item are recorded. | ||
Other Investment and/or Risk Management Activities | ||
The Company’s other investment and/or risk management activities primarily relate to strategies used to reduce economic risk or replicate permitted investments and do not receive hedge accounting treatment. Changes in the fair value, including periodic derivative net coupon settlements, of derivative instruments held for other investment and/or risk management purposes are reported in current period earnings as net realized capital gains and losses. | ||
Hedge Documentation and Effectiveness Testing | ||
To qualify for hedge accounting treatment, a derivative must be highly effective in mitigating the designated changes in fair value or cash flow of the hedged item. At hedge inception, the Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking each hedge transaction. The documentation process includes linking derivatives that are designated as fair value, cash flow, or net investment hedges to specific assets or liabilities on the balance sheet or to specific forecasted transactions and defining the effectiveness and ineffectiveness testing methods to be used. The Company also formally assesses both at the hedge’s inception and ongoing on a quarterly basis, whether the derivatives that are used in hedging transactions have been and are expected to continue to be highly effective in offsetting changes in fair values or cash flows of hedged items. Hedge effectiveness is assessed primarily using quantitative methods as well as using qualitative methods. Quantitative methods include regression or other statistical analysis of changes in fair value or cash flows associated with the hedge relationship. Qualitative methods may include comparison of critical terms of the derivative to the hedged item. Hedge ineffectiveness of the hedge relationships are measured each reporting period using the “Change in Variable Cash Flows Method”, the “Change in Fair Value Method”, the “Hypothetical Derivative Method”, or the “Dollar Offset Method”. | ||
Discontinuance of Hedge Accounting | ||
The Company discontinues hedge accounting prospectively when (1) it is determined that the derivative is no longer highly effective in offsetting changes in the fair value or cash flows of a hedged item; (2) the derivative is de-designated as a hedging instrument; or (3) the derivative expires or is sold, terminated or exercised. | ||
When hedge accounting is discontinued because it is determined that the derivative no longer qualifies as an effective fair value hedge, the derivative continues to be carried at fair value on the balance sheet with changes in its fair value recognized in current period earnings. Changes in the fair value of the hedged item attributable to the hedged risk is no longer adjusted through current period earnings and the existing basis adjustment is amortized to earnings over the remaining life of the hedge item through the applicable earnings component associated with the hedged item. | ||
When hedge accounting is discontinued because the Company becomes aware that it is not probable that the forecasted transaction will occur, the derivative continues to be carried on the balance sheet at its fair value, and gains and losses that were accumulated in AOCI are recognized immediately in earnings. | ||
In other situations in which hedge accounting is discontinued on a cash flow hedge, including those where the derivative is sold, terminated or exercised, amounts previously deferred in AOCI are reclassified into earnings when earnings are impacted by the variability of the cash flow of the hedged item. | ||
Embedded Derivatives | ||
The Company purchases and issues financial instruments and products that contain embedded derivative instruments. When it is determined that (1) the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract, and (2) a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host for measurement purposes. The embedded derivative, which is reported with the host instrument in the Consolidated Balance Sheets, is carried at fair value with changes in fair value reported in net realized capital gains and losses. | ||
Credit Risk | ||
Credit risk is defined as the risk of financial loss due to uncertainty of an obligor’s or counterparty’s ability or willingness to meet its obligations in accordance with agreed upon terms. Credit exposures are measured using the market value of the derivatives, resulting in amounts owed to the Company by its counterparties or potential payment obligations from the Company to its counterparties. The Company generally requires that OTC derivative contracts, other than certain forward contracts, be governed by International Swaps and Derivatives Association ("ISDA") agreements which are structured by legal entity and by counterparty, and permit right of offset. These agreements require daily collateral settlement based upon agreed upon thresholds. For purposes of daily derivative collateral maintenance, credit exposures are generally quantified based on the prior business day’s market value and collateral is pledged to and held by, or on behalf of, the Company to the extent the current value of the derivatives exceed the contractual thresholds. For the Company’s domestic derivative programs, the maximum uncollateralized threshold for a derivative counterparty for a single legal entity is $10. The Company also minimizes the credit risk of derivative instruments by entering into transactions with high quality counterparties rated A or better, which are monitored and evaluated by the Company’s risk management team and reviewed by senior management. OTC-cleared derivatives are governed by clearing house rules. Transactions cleared through a central clearing house reduce risk due to their ability to require daily variation margin, monitor the Company's ability to request additional collateral in the event of a counterparty downgrade, and act as an independent valuation source. In addition, the Company monitors counterparty credit exposure on a monthly basis to ensure compliance with Company policies and statutory limitations. | ||
Cash | Cash | |
Cash represents cash on hand and demand deposits with banks or other financial institutions. | ||
Reinsurance | Reinsurance | |
The Company cedes insurance to affiliated and unaffiliated insurers in order to limit its maximum losses and to diversify its exposures and provide statutory surplus relief. Such arrangements do not relieve the Company of its primary liability to policyholders. Failure of reinsurers to honor their obligations could result in losses to the Company. The Company also assumes reinsurance from other insurers and is a member of and participates in reinsurance pools and associations. Assumed reinsurance refers to the Company’s acceptance of certain insurance risks that other insurance companies have underwritten. | ||
Reinsurance accounting is followed for ceded and assumed transactions that provide indemnification against loss or liability relating to insurance risk (i.e. risk transfer). To meet risk transfer requirements, a reinsurance agreement must include insurance risk, consisting of underwriting, investment, and timing risk, and a reasonable possibility of a significant loss to the reinsurer. If the ceded and assumed transactions do not meet risk transfer requirements, the Company accounts for these transactions as financing transactions. | ||
Premiums, benefits, losses and loss adjustment expenses reflect the net effects of ceded and assumed reinsurance transactions. Included in other assets are prepaid reinsurance premiums, which represent the portion of premiums ceded to reinsurers applicable to the unexpired terms of the reinsurance contracts. Included in reinsurance recoverables are balances due from reinsurance companies for paid and unpaid losses and loss adjustment expenses and are presented net of an allowance for uncollectible reinsurance. | ||
The Company evaluates the financial condition of its reinsurers and concentrations of credit risk. Reinsurance is placed with reinsurers that meet strict financial criteria established by the Company. The Company entered into two reinsurance transactions upon completion of the sales of its Retirement Plans and Individual Life businesses in 2013. For further discussion of these transactions, see Note 2 - Business Dispositions and Note 7 - Reinsurance of Notes to Consolidated Financial Statements. | ||
Deferred Policy Acquisition Costs and Present Value of Future Profits | Deferred Policy Acquisition Costs and Present Value of Future Profits | |
Deferred policy acquisition costs ("DAC") represent costs that are directly related to the acquisition of new and renewal insurance contracts and incremental direct costs of contract acquisition that are incurred in transactions with either independent third parties or employees. Such costs primarily include commissions, premium taxes, costs of policy issuance and underwriting, and certain other expenses that are directly related to successfully issued contracts. | ||
For property and casualty insurance products and group life, disability and accident contracts, costs are deferred and amortized ratably over the period the related premiums are earned. Deferred acquisition costs are reviewed to determine if they are recoverable from future income, and if not, are charged to expense. Anticipated investment income is considered in the determination of the recoverability of DAC. | ||
For life insurance products, the DAC asset related to most universal life-type contracts (including variable annuities) is amortized over the estimated life of the contracts acquired in proportion to the present value of estimated gross profits (“EGPs”). EGPs are also used to amortize other assets and liabilities in the Company’s Consolidated Balance Sheets, such as, sales inducement assets (“SIA”) and unearned revenue reserves (“URR”). Components of EGPs are used to determine reserves for universal life-type contracts (including variable annuities) with death or other insurance benefits such as guaranteed minimum death, guaranteed minimum withdrawal and universal life insurance secondary guarantee benefits. These benefits are accounted for and collectively referred to as death and other insurance benefit reserves and are held in addition to the account value liability representing policyholder funds. | ||
For most life insurance product contracts, the Company estimates gross profits over 20 years as EGPs emerging subsequent to that timeframe are immaterial. Products sold in a particular year are aggregated into cohorts. Future gross profits for each cohort are projected over the estimated lives of the underlying contracts, based on future account value projections for variable annuity and variable universal life products. The projection of future account values requires the use of certain assumptions including: separate account returns; separate account fund mix; fees assessed against the contract holder’s account balance; surrender and lapse rates; interest margin; mortality; and the extent and duration of hedging activities and hedging costs. | ||
The Company determines EGPs from a single deterministic reversion to mean (“RTM”) separate account return projection which is an estimation technique commonly used by insurance entities to project future separate account returns. Through this estimation technique, the Company’s DAC model is adjusted to reflect actual account values at the end of each quarter. Through consideration of recent market returns, the Company will unlock ("Unlock"), or adjust, projected returns over a future period so that the account value returns to the long-term expected rate of return, providing that those projected returns do not exceed certain caps. This Unlock for future separate account returns is determined each quarter. | ||
In the third quarter of 2014, the Company completed a comprehensive non-market related policyholder behavior assumption study and incorporates the results of those studies into its projection of future gross profits. Additionally, throughout the year, the Company evaluates various aspects of policyholder behavior and periodically revises its policyholder assumptions as credible emerging data indicates that changes are warranted. The Company will continue to evaluate its assumptions related to policyholder behavior as initiatives to reduce the size of the variable annuity business are implemented by management. Upon completion of an annual assumption study or evaluation of credible new information, the Company will revise its assumptions to reflect its current best estimate. These assumption revisions will change the projected account values and the related EGPs in the DAC, SIA and URR amortization models, as well as, the death and other insurance benefit reserving models. Beginning in 2015, the annual comprehensive non-market related policyholder behavior assumption study will be completed in the fourth quarter of each year. | ||
All assumption changes that affect the estimate of future EGPs including the update of current account values, the use of the RTM estimation technique and policyholder behavior assumptions are considered an Unlock in the period of revision. An Unlock adjusts the DAC, SIA, URR and death and other insurance benefit reserve balances in the Consolidated Balance Sheets with an offsetting benefit or charge in the Consolidated Statements of Operations in the period of the revision. An Unlock revises EGPs to reflect the Company’s current best estimate assumptions. The Company also tests the aggregate recoverability of DAC by comparing the existing DAC balance to the present value of future EGPs. An Unlock that results in an after-tax benefit generally occurs as a result of actual experience or future expectations of product profitability being favorable compared to previous estimates. An Unlock that results in an after-tax charge generally occurs as a result of actual experience or future expectations of product profitability being unfavorable compared to previous estimates. | ||
Income Taxes | Income Taxes | |
The Company recognizes taxes payable or refundable for the current year and deferred taxes for the tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years the temporary differences are expected to reverse. A deferred tax provision is recorded for the tax effects of differences between the Company's current taxable income and its income before tax under generally accepted accounting principles in the Consolidated Statements of Operations. The Company records a deferred tax asset valuation allowance that is adequate to reduce the total deferred tax asset to an amount that will more likely than not be realized. | ||
Goodwill | Goodwill | |
Goodwill represents the excess of costs over the fair value of net assets acquired. Goodwill is not amortized but is reviewed for impairment at least annually or more frequently if events occur or circumstances change that would indicate that a triggering event for a potential impairment has occurred. The goodwill impairment test follows a two-step process. In the first step, the fair value of a reporting unit is compared to its carrying value. If the carrying value of a reporting unit exceeds its fair value, the second step of the impairment test is performed for purposes of measuring the impairment. In the second step, the fair value of the reporting unit is allocated to all of the assets and liabilities of the reporting unit to determine an implied goodwill value. If the carrying amount of the reporting unit’s goodwill exceeds the implied goodwill value, an impairment loss is recognized in an amount equal to that excess. | ||
Management’s determination of the fair value of each reporting unit incorporates multiple inputs into discounted cash flow calculations, including assumptions that market participants would make in valuing the reporting unit. Assumptions include levels of economic capital, future business growth, earnings projections and assets under management for certain reporting units and the weighted average cost of capital used for purposes of discounting. Decreases in the amount of capital allocated to a reporting unit, decreases in business growth, decreases in earnings projections and increases in the weighted average cost of capital will all cause a reporting unit’s fair value to decrease. | ||
Goodwill within Corporate is primarily attributed to the Company’s “buy-back” of Hartford Life, Inc. in 2000 and was allocated to each of Hartford Life’s reporting units based on the reporting unit’s fair value of in-force business at the buy-back date. Although this goodwill was allocated to each reporting unit, it is held in Corporate for segment reporting. | ||
Property and Equipment | Property and Equipment | |
Property and equipment is carried at cost net of accumulated depreciation. Depreciation is based on the estimated useful lives of the various classes of property and equipment and is determined principally on the straight-line method. Accumulated depreciation was $2.3 billion and $2.2 billion as of December 31, 2014 and 2013, respectively. Depreciation expense was $198, $174, and $183 for the years ended December 31, 2014, 2013 and 2012, respectively. | ||
Separate Accounts, Death Benefits and Other Insurance Benefit Features | Separate Accounts, Death Benefits and Other Insurance Benefit Features | |
The Company records the variable account value portion of variable annuity and variable life insurance products and institutional and governmental investment contracts within separate accounts. Separate account assets are reported at fair value and separate account liabilities are reported at amounts consistent with separate account assets. Investment income and gains and losses from those separate account assets accrue directly to the policyholder, who assumes the related investment risk, and are offset by the related liability changes reported in the same line item in the Consolidated Statements of Operations. The Company earns fees for investment management, certain administrative expenses, and mortality and expense risks assumed which are reported in fee income. | ||
Certain contracts classified as universal life-type include death and other insurance benefit features including guaranteed minimum death benefit ("GMDB"), guaranteed minimum income benefit ("GMIB"), and guaranteed minimum withdrawal benefit ("GMWB") riders offered with variable annuity contracts, or secondary guarantee benefits offered with universal life insurance contracts. GMWBs that represent embedded derivatives are accounted for at fair value. Universal life insurance secondary guarantee benefits ensure that the policy will not terminate, and will continue to provide a death benefit, even if there is insufficient policy value to cover the monthly deductions and charges. For the Company's GMWB products, the withdrawal benefit can exceed the guaranteed remaining balance ("GRB"). These GMDBs, GMIBs, the life-contingent portion of GMWBs and the universal life insurance secondary guarantees require an additional liability be held above the account value liability representing the policyholders’ funds. This liability is reported in reserve for future policy benefits in the Company’s Consolidated Balance Sheets. Changes in the death and other insurance benefit reserves are recorded in benefits, losses and loss adjustment expenses in the Company’s Consolidated Statements of Operations. | ||
The death and other insurance benefit liability is determined by estimating the expected present value of the benefits in excess of the policyholder’s expected account value in proportion to the present value of total expected fees. The liability is accrued as actual fees are earned. The expected present value of benefits and fees are generally derived from a set of stochastic scenarios, that have been calibrated to our RTM separate account returns, and assumptions including market rates of return, volatility, discount rates, lapse rates and mortality experience. Consistent with the Company’s policy on the Unlock, the Company regularly evaluates estimates used and adjusts the additional liability balance, with a related charge or credit to benefits, losses and loss adjustment expense. For further information on the Unlock, see the Deferred Policy Acquisition Costs and Present Value of Future Profits accounting policy section within this footnote. | ||
The Company reinsures a portion of its in-force GMDB and all of its universal life insurance secondary guarantees and net reinsurance costs are recognized ratably over the accumulation period based on total expected assessments. | ||
Other Policyholder Funds and Benefits Payable | Other Policyholder Funds and Benefits Payable | |
Other policyholder funds and benefits payable consist of non-variable account values associated with universal life-type contracts and investment contracts. | ||
Universal life-type contracts consist of fixed and variable annuities and universal life insurance. The liability for universal life-type contracts is equal to the balance that accrues to the benefit of the policyholders as of the financial statement date, including credited interest, amounts that have been assessed to compensate the Company for services to be performed over future periods, and any amounts previously assessed against policyholders that are refundable on termination of the contract. | ||
Investment contracts consist of institutional and governmental products, without life contingencies, including funding agreements, certain structured settlements and guaranteed investment contracts. The liability for investment contracts is equal to the balance that accrues to the benefit of the contract holder as of the financial statement date, which includes the accumulation of deposits plus credited interest, less withdrawals and amounts assessed through the financial statement date. | ||
Foreign Currency Transactions | Foreign Currency | |
Foreign currency translation gains and losses are reflected in stockholders’ equity as a component of accumulated other comprehensive income (loss). The Company’s foreign subsidiaries’ balance sheet accounts are translated at the exchange rates in effect at each year end and income statement accounts are translated at the average rates of exchange prevailing during the year. The national currencies of the international operations are generally their functional currencies. Gains and losses resulting from the remeasurement of foreign currency transactions are reflected in earnings in realized capital gains (losses) in the period in which they occur. | ||
Property Liability Reserve Estimate, Policy [Policy Text Block] | Property and Casualty Insurance Products | |
The Hartford establishes property and casualty insurance products reserves to provide for the estimated costs of paying claims under insurance policies written by the Company. These reserves include estimates for both claims that have been reported and those that have been incurred but not reported, and include estimates of all losses and loss adjustment expenses associated with processing and settling these claims. Estimating the ultimate cost of future losses and loss adjustment expenses is an uncertain and complex process. This estimation process is based significantly on the assumption that past developments are an appropriate predictor of future events, and involves a variety of actuarial techniques that analyze experience, trends and other relevant factors. The uncertainties involved with the reserving process have become increasingly difficult due to a number of complex factors including social and economic trends and changes in the concepts of legal liability and damage awards. Accordingly, final claim settlements may vary from the present estimates, particularly when those payments may not occur until well into the future. | ||
The Hartford regularly reviews the adequacy of its estimated losses and loss adjustment expense reserves by line of business within the various reporting segments. Adjustments to previously established reserves are reflected in the operating results of the period in which the adjustment is determined to be necessary. Such adjustments could possibly be significant, reflecting any variety of new and adverse or favorable trends. | ||
Most of the Company’s property and casualty insurance products reserves are not discounted. However, the Company has discounted to present value certain reserves for indemnity payments due to permanently disabled claimants under workers’ compensation policies at an average interest rate of 3.5% in 2014 and 2013, respectively. These discounted reserves totaled approximately $1.0 billion at December 31, 2014 and 2013. The Company also has discounted liabilities for structured settlement agreements that provide fixed periodic payments to claimants. These structured settlements include annuities purchased to fund unpaid losses for permanently disabled claimants. Most of the annuities have been issued by the Company and these structured settlements are recorded at present value as annuity obligations, either within the reserve for future policy benefits if the annuity benefits are life-contingent or within other policyholder funds and benefits payable if the annuity benefits are not life-contingent. Annuities issued by the Company to fund structured settlement payments where the claimant has not released the Company of its obligation totaled $776 and $805 as of December 31, 2014 and 2013, respectively. These structured settlement liabilities were discounted to present value using an average interest rate of 6.7% in 2014 and 2013. |
Fair_Value_Measurements_Level_1
Fair Value Measurements Level 2 (Policies) | 12 Months Ended | |
Dec. 31, 2014 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value | |
The following financial instruments are carried at fair value in the Company’s Consolidated Financial Statements: fixed maturity and equity securities, available-for-sale (“AFS”); fixed maturities at fair value using fair value option (“FVO”); equity securities, FVO; equity securities, trading; short-term investments; freestanding and embedded derivatives; certain limited partnerships and other alternative investments; separate account assets and certain other liabilities. For further discussion of fair value, see Note 5 - Fair Value Measurements of Notes to Consolidated Financial Statements. | ||
The following section applies the fair value hierarchy and disclosure requirements for the Company’s financial instruments that are carried at fair value. The fair value hierarchy prioritizes the inputs in the valuation techniques used to measure fair value into three broad Levels (Level 1, 2 or 3). | ||
Level 1 | Observable inputs that reflect quoted prices for identical assets or liabilities in active markets that the Company has the ability to access at the measurement date. Level 1 securities include highly liquid U.S. Treasuries, money market funds and exchange traded equity securities, open-ended mutual funds reported in separate account assets and exchange-traded derivative instruments. | |
Level 2 | Observable inputs, other than quoted prices included in Level 1, for the asset or liability or prices for similar assets and liabilities. Most fixed maturities and preferred stocks, including those reported in separate account assets, are model priced by vendors using observable inputs and are classified within Level 2. Also included are hedge funds where investment company accounting guidance has been applied to a wholly-owned fund of funds measured at fair value where an investment can be redeemed, or substantially redeemed, at the NAV at the measurement date or in the near-term, not to exceed 90 days. Derivative instruments classified within Level 2 are priced using observable market inputs such as swap yield curves and credit default swap curves. | |
Level 3 | Valuations that are derived from techniques in which one or more of the significant inputs are unobservable (including assumptions about risk). Level 3 securities include less liquid securities, guaranteed product embedded and reinsurance derivatives and other complex derivative instruments, as well as hedge fund investments carried at fair value, consistent with investment company accounting guidance, that cannot be redeemed in the near-term at the NAV. Because Level 3 fair values, by their nature, contain one or more significant unobservable inputs, as there is little or no observable market for these assets and liabilities, considerable judgment is used to determine the Level 3 fair values. Level 3 fair values represent the Company’s best estimate of an amount that could be realized in a current market exchange absent actual market exchanges. | |
In many situations, inputs used to measure the fair value of an asset or liability position may fall into different levels of the fair value hierarchy. In these situations, the Company will determine the level in which the fair value falls based upon the lowest level input that is significant to the determination of the fair value. Transfers of securities among the levels occur at the beginning of the reporting period. The amount of transfers from Level 1 to Level 2 was $2.5 billion, and $1.3 billion, for the years ended December 31, 2014 and 2013, respectively, which represented previously on-the-run U.S. Treasury securities that are now off-the-run. For the years ended December 31, 2014 and 2013, there were no transfers from Level 2 to Level 1. In most cases, both observable (e.g., changes in interest rates) and unobservable (e.g., changes in risk assumptions) inputs are used in the determination of fair values that the Company has classified within Level 3. Consequently, these values and the related gains and losses are based upon both observable and unobservable inputs. The Company’s fixed maturities included in Level 3 are classified as such because these securities are primarily priced by independent brokers and/or are within illiquid markets. | ||
The following tables present assets and (liabilities) carried at fair value by hierarchy level. These disclosures provide information as to the extent to which the Company uses fair value to measure financial instruments and information about the inputs used to value those financial instruments to allow users to assess the relative reliability of the measurements. The following table presents assets and (liabilities) carried at fair value by hierarchy level. | ||
Determination of Fair Values | ||
The valuation methodologies used to determine the fair values of assets and liabilities under the “exit price” notion, reflect market participant objectives and are based on the application of the fair value hierarchy that prioritizes relevant observable market inputs over unobservable inputs. The Company determines the fair values of certain financial assets and liabilities based on quoted market prices where available, and where prices represent a reasonable estimate of fair value. The Company also determines fair value based on future cash flows discounted at the appropriate current market rate. Fair values reflect adjustments for counterparty credit quality, the Company’s default spreads, liquidity, and where appropriate, risk margins on unobservable parameters. The following is a discussion of the methodologies used to determine fair values for the financial instruments listed in the above tables. | ||
The fair value process is monitored by the Valuation Committee, which is a cross-functional group of senior management within the Company that meets at least quarterly. The Valuation Committee is co-chaired by the Heads of Investment Operations and Accounting, and has representation from various investment sector professionals, accounting, operations, legal, compliance and risk management. The purpose of the committee is to oversee the pricing policy and procedures by ensuring objective and reliable valuation practices and pricing of financial instruments, as well as addressing valuation issues and approving changes to valuation methodologies and pricing sources. There are also two working groups under the Valuation Committee, a Securities Fair Value Working Group (“Securities Working Group”) and a Derivatives Fair Value Working Group ("Derivatives Working Group"), which include various investment, operations, accounting and risk management professionals that meet monthly to review market data trends, pricing and trading statistics and results, and any proposed pricing methodology changes described in more detail in the following paragraphs. | ||
The Company also has an enterprise-wide Operational Risk Management function, led by the Chief Operational Risk Officer, which is responsible for establishing, maintaining and communicating the framework, principles and guidelines of the Company's operational risk management program. This includes model risk management which provides an independent review of the suitability, characteristics and reliability of model inputs, as well as an analysis of significant changes to current models. |
Commitments_and_Contingencies_1
Commitments and Contingencies Level 2 (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies, Policy [Policy Text Block] | Contingencies Relating to Corporate Litigation and Regulatory Matters |
Management evaluates each contingent matter separately. A loss is recorded if probable and reasonably estimable. Management establishes liabilities for these contingencies at its “best estimate,” or, if no one number within the range of possible losses is more probable than any other, the Company records an estimated liability at the low end of the range of losses. |
Business_Dispositions_Level_3_
Business Dispositions Level 3 (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||
Schedule of Assets and Liabilities Transferred [Table Text Block] | Composition of Invested Assets Transferred | |||||||||||||
The following table summarizes invested assets transferred by the Company in 2013 in connection with the sale of the Retirement Plans and Individual Life businesses. | ||||||||||||||
Carrying Value | ||||||||||||||
As of December 31, 2012 | ||||||||||||||
Fixed maturities, at fair value (amortized cost of $13,916) [1] | $ | 15,349 | ||||||||||||
Equity securities, AFS, at fair value (cost of $35) [2] | 37 | |||||||||||||
Fixed maturities, at fair value using the FVO [3] | 16 | |||||||||||||
Mortgage loans (net of allowances for loan losses of $1) | 1,364 | |||||||||||||
Policy loans, at outstanding balance | 582 | |||||||||||||
Total invested assets transferred | $ | 17,348 | ||||||||||||
[1] | Includes $14.7 billion and $670 of securities in level 2 and 3 of the fair value hierarchy, respectively. | |||||||||||||
[2] | All equity securities transferred are included in level 2 of the fair value hierarchy. | |||||||||||||
[3] | All FVO securities transferred are included in level 3 of the fair value hierarchy. | |||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | The following table summarizes the major classes of assets and liabilities transferred by the Company in connection with the sale of HLIKK. | |||||||||||||
Carrying Value | ||||||||||||||
As of Closing | ||||||||||||||
Assets | ||||||||||||||
Cash and investments | $ | 18,733 | ||||||||||||
Reinsurance recoverables | $ | 46 | ||||||||||||
Property and equipment, net | $ | 18 | ||||||||||||
Other assets | $ | 988 | ||||||||||||
Liabilities | ||||||||||||||
Reserve for future policy benefits and unpaid loss and loss adjustment expenses | $ | 320 | ||||||||||||
Other policyholder funds and benefits payable | $ | 2,265 | ||||||||||||
Other policyholder funds and benefits payable - international variable annuities | $ | 16,465 | ||||||||||||
Short-term debt | $ | 247 | ||||||||||||
Other liabilities | $ | 102 | ||||||||||||
The following table summarizes the amounts related to discontinued operations in the Consolidated Statements of Operations. | ||||||||||||||
For the years ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Revenues | ||||||||||||||
Earned premiums | $ | (1 | ) | $ | (1 | ) | $ | (6 | ) | |||||
Fee income and other | 239 | 713 | 865 | |||||||||||
Net investment income | ||||||||||||||
Securities available-for-sale and other | 18 | 96 | 111 | |||||||||||
Equity securities, trading | 134 | 6,200 | 4,564 | |||||||||||
Total net investment income | 152 | 6,296 | 4,675 | |||||||||||
Net realized capital losses | (157 | ) | (1,340 | ) | (1,208 | ) | ||||||||
Total revenues | 233 | 5,668 | 4,326 | |||||||||||
Benefits, losses and expenses | ||||||||||||||
Benefits, losses and loss adjustment expenses | 7 | (98 | ) | 55 | ||||||||||
Benefits, losses and loss adjustment expenses - returns credited on international variable annuities | 134 | 6,200 | 4,564 | |||||||||||
Amortization of DAC | — | 907 | (2 | ) | ||||||||||
Insurance operating costs and other expenses | 23 | 127 | 153 | |||||||||||
Total benefits, losses and expenses | 164 | 7,136 | 4,770 | |||||||||||
Income (loss) before income taxes | 69 | (1,468 | ) | (444 | ) | |||||||||
Income tax benefit | (2 | ) | (521 | ) | (187 | ) | ||||||||
Income (loss) from operations of discontinued operations, net of tax | 71 | (947 | ) | (257 | ) | |||||||||
Net realized capital loss on disposal, net of tax [1] | (622 | ) | (102 | ) | (1 | ) | ||||||||
Loss from discontinued operations, net of tax | $ | (551 | ) | $ | (1,049 | ) | $ | (258 | ) | |||||
[1] | Includes income tax benefits of $265 on the sale of HLIKK and $219 on the sale of HLIL for the years ended December 31, 2014 and 2013, respectively. |
Earnings_Loss_per_Share_Level_1
Earnings (Loss) per Share Level 3 (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Earnings Per Share [Abstract] | ||||||||||
Earnings (Loss) Per Common Share | ||||||||||
For the years ended December 31, | ||||||||||
(In millions, except for per share data) | 2014 | 2013 | 2012 | |||||||
Earnings | ||||||||||
Income from continuing operations | ||||||||||
Income from continuing operations, net of tax | $ | 1,349 | $ | 1,225 | $ | 220 | ||||
Less: Preferred stock dividends | — | 10 | 42 | |||||||
Income from continuing operations, net of tax, available to common shareholders | 1,349 | 1,215 | 178 | |||||||
Add: Dilutive effect of preferred stock dividends | — | 10 | 42 | |||||||
Income from continuing operations, net of tax, available to common shareholders and assumed conversion of preferred shares | 1,349 | 1,225 | 220 | |||||||
Loss from discontinued operations, net of tax | (551 | ) | (1,049 | ) | (258 | ) | ||||
Net income (loss) | ||||||||||
Net income (loss) | 798 | 176 | (38 | ) | ||||||
Less: Preferred stock dividends | — | 10 | 42 | |||||||
Net income (loss) available to common shareholders | $ | 798 | $ | 166 | $ | (80 | ) | |||
Add: Dilutive effect of preferred stock dividends | — | 10 | 42 | |||||||
Net income (loss) available to common shareholders and assumed conversion of preferred shares | 798 | 176 | (38 | ) | ||||||
Shares | ||||||||||
Weighted average common shares outstanding, basic | 441.8 | 447.7 | 437.7 | |||||||
Dilutive effect of warrants | 12.1 | 32.2 | 26 | |||||||
Dilutive effect of stock-based awards under compensation plans | 6.3 | 4.5 | 2.2 | |||||||
Dilutive effect of mandatory convertible preferred shares | — | 6.2 | — | |||||||
Weighted average shares outstanding and dilutive potential common shares [1] | 460.2 | 490.6 | 465.9 | |||||||
Earnings (loss) per common share | ||||||||||
Basic | ||||||||||
Income from continuing operations, net of tax, available to common shareholders | $ | 3.05 | $ | 2.71 | $ | 0.41 | ||||
Loss from discontinued operations, net of tax | (1.24 | ) | (2.34 | ) | (0.59 | ) | ||||
Net income (loss) available to common shareholders | $ | 1.81 | $ | 0.37 | $ | (0.18 | ) | |||
Diluted | ||||||||||
Income from continuing operations, net of tax, available to common shareholders | $ | 2.93 | $ | 2.5 | $ | 0.38 | ||||
Loss from discontinued operations, net of tax | (1.20 | ) | (2.14 | ) | (0.55 | ) | ||||
Net income (loss) available to common shareholders | $ | 1.73 | $ | 0.36 | $ | (0.17 | ) | |||
Segment_Information_Level_3_Ta
Segment Information Level 3 (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Segment Reporting [Abstract] | ||||||||||
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | The following table presents revenues by product line for each reporting segment, as well as the Corporate category. | |||||||||
For the years ended December 31, | ||||||||||
Revenues | 2014 | 2013 | 2012 | |||||||
Earned premiums, fees, and other considerations | ||||||||||
Commercial Lines | ||||||||||
Workers’ compensation | $ | 2,971 | $ | 2,975 | $ | 2,987 | ||||
Property | 559 | 521 | 505 | |||||||
Automobile | 591 | 579 | 587 | |||||||
Package business | 1,163 | 1,139 | 1,160 | |||||||
Liability | 582 | 566 | 562 | |||||||
Bond | 210 | 201 | 205 | |||||||
Professional liability | 213 | 222 | 253 | |||||||
Total Commercial Lines | 6,289 | 6,203 | 6,259 | |||||||
Personal Lines | ||||||||||
Automobile | 2,613 | 2,522 | 2,526 | |||||||
Homeowners | 1,193 | 1,138 | 1,110 | |||||||
Total Personal Lines [1] | 3,806 | 3,660 | 3,636 | |||||||
Property & Casualty Other Operations | 1 | 1 | (2 | ) | ||||||
Group Benefits | ||||||||||
Group disability | 1,450 | 1,452 | 1,735 | |||||||
Group life | 1,478 | 1,717 | 1,881 | |||||||
Other | 167 | 161 | 194 | |||||||
Total Group Benefits | 3,095 | 3,330 | 3,810 | |||||||
Mutual Funds | ||||||||||
Mutual Fund | 586 | 520 | 419 | |||||||
Talcott | 137 | 148 | 207 | |||||||
Total Mutual Funds | 723 | 668 | 626 | |||||||
Talcott Resolution | 1,407 | 1,463 | 2,708 | |||||||
Corporate | 11 | 11 | 167 | |||||||
Total earned premiums, fees, and other considerations | 15,332 | 15,336 | 17,204 | |||||||
Net investment income: | ||||||||||
Securities available-for-sale and other | 3,153 | 3,263 | 4,126 | |||||||
Equity securities, trading | 1 | 1 | 1 | |||||||
Total net investment income | 3,154 | 3,264 | 4,127 | |||||||
Net realized capital gains | 16 | 1,798 | 497 | |||||||
Other revenues | 112 | 275 | 258 | |||||||
Total revenues | $ | 18,614 | $ | 20,673 | $ | 22,086 | ||||
[1] | For 2014, 2013 and 2012, AARP members accounted for earned premiums of $3.0 billion, $2.9 billion and $2.8 billion, respectively. | |||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ||||||||||
For the years ended December 31, | ||||||||||
Net income (loss) | 2014 | 2013 | 2012 | |||||||
Commercial Lines | $ | 983 | $ | 870 | $ | 547 | ||||
Personal Lines | 207 | 229 | 166 | |||||||
Property & Casualty Other Operations | (108 | ) | (2 | ) | 57 | |||||
Group Benefits | 191 | 192 | 129 | |||||||
Mutual Funds | 87 | 76 | 71 | |||||||
Talcott Resolution | (187 | ) | (634 | ) | 1 | |||||
Corporate | (375 | ) | (555 | ) | (1,009 | ) | ||||
Net income (loss) | $ | 798 | $ | 176 | $ | (38 | ) | |||
Amortization of deferred policy acquisition costs and present value of future profits | ||||||||||
For the years ended December 31, | ||||||||||
Amortization of deferred policy acquisition costs and present value of future profits | 2014 | 2013 | 2012 | |||||||
Commercial Lines | $ | 919 | $ | 905 | $ | 927 | ||||
Personal Lines | 348 | 332 | 332 | |||||||
Group Benefits | 32 | 33 | 33 | |||||||
Mutual Funds | 28 | 39 | 35 | |||||||
Talcott Resolution | 402 | 485 | 663 | |||||||
Total amortization of deferred policy acquisition costs and present value of future profits | $ | 1,729 | $ | 1,794 | $ | 1,990 | ||||
Income tax expense (benefit) | ||||||||||
For the years ended December 31, | ||||||||||
Income tax expense (benefit) | 2014 | 2013 | 2012 | |||||||
Commercial Lines | $ | 385 | $ | 320 | $ | 159 | ||||
Personal Lines | 92 | 100 | 65 | |||||||
Property & Casualty Other Operations | (51 | ) | (20 | ) | 14 | |||||
Group Benefits | 63 | 63 | 31 | |||||||
Mutual Funds | 49 | 42 | 38 | |||||||
Talcott Resolution | 16 | (7 | ) | (99 | ) | |||||
Corporate | (204 | ) | (252 | ) | (517 | ) | ||||
Total income tax expense (benefit) | $ | 350 | $ | 246 | $ | (309 | ) | |||
Assets | ||||||||||
As of December 31, | ||||||||||
Assets | 2014 | 2013 | ||||||||
Commercial Lines | $ | 28,451 | $ | 27,119 | ||||||
Personal Lines | 5,983 | 5,873 | ||||||||
Property & Casualty Other Operations | 4,328 | 4,331 | ||||||||
Group Benefits | 9,686 | 8,882 | ||||||||
Mutual Funds | 443 | 307 | ||||||||
Talcott Resolution | 191,801 | 222,269 | ||||||||
Corporate [1] | 4,321 | 9,103 | ||||||||
Total assets | $ | 245,013 | $ | 277,884 | ||||||
Level_3_Tables
Level 3 (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following tables present assets and (liabilities) carried at fair value by hierarchy level. These disclosures provide information as to the extent to which the Company uses fair value to measure financial instruments and information about the inputs used to value those financial instruments to allow users to assess the relative reliability of the measurements. The following table presents assets and (liabilities) carried at fair value by hierarchy level. | ||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||
Total | Quoted Prices in | Significant | Significant | ||||||||||||||||||||||||||||
Active Markets | Observable | Unobservable | |||||||||||||||||||||||||||||
for Identical | Inputs | Inputs | |||||||||||||||||||||||||||||
Assets | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||||
Assets accounted for at fair value on a recurring basis | |||||||||||||||||||||||||||||||
Fixed maturities, AFS | |||||||||||||||||||||||||||||||
Asset backed securities ("ABS") | $ | 2,472 | $ | — | $ | 2,350 | $ | 122 | |||||||||||||||||||||||
Collateralized debt obligations ("CDOs") | 2,841 | — | 2,218 | 623 | |||||||||||||||||||||||||||
Commercial mortgage-backed securities ("CMBS") | 4,415 | — | 4,131 | 284 | |||||||||||||||||||||||||||
Corporate | 27,359 | — | 26,319 | 1,040 | |||||||||||||||||||||||||||
Foreign government/government agencies | 1,636 | — | 1,577 | 59 | |||||||||||||||||||||||||||
States, municipalities and political subdivisions (“Municipal”) | 12,871 | — | 12,805 | 66 | |||||||||||||||||||||||||||
Residential mortgage-backed securities ("RMBS") | 3,918 | — | 2,637 | 1,281 | |||||||||||||||||||||||||||
U.S. Treasuries | 3,872 | 106 | 3,766 | — | |||||||||||||||||||||||||||
Total fixed maturities | 59,384 | 106 | 55,803 | 3,475 | |||||||||||||||||||||||||||
Fixed maturities, FVO | 488 | — | 396 | 92 | |||||||||||||||||||||||||||
Equity securities, trading | 11 | 11 | — | — | |||||||||||||||||||||||||||
Equity securities, AFS | 1,047 | 786 | 163 | 98 | |||||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||||||||
Credit derivatives | 8 | — | 10 | (2 | ) | ||||||||||||||||||||||||||
Equity derivatives | 3 | — | — | 3 | |||||||||||||||||||||||||||
Interest rate derivatives | 129 | — | 113 | 16 | |||||||||||||||||||||||||||
GMWB hedging instruments | 119 | — | 5 | 114 | |||||||||||||||||||||||||||
Macro hedge program | 93 | — | — | 93 | |||||||||||||||||||||||||||
Other derivative contracts | 12 | — | — | 12 | |||||||||||||||||||||||||||
Total derivative assets [1] | 364 | — | 128 | 236 | |||||||||||||||||||||||||||
Short-term investments | 4,883 | 349 | 4,534 | — | |||||||||||||||||||||||||||
Limited partnerships and other alternative investments [2] | 770 | — | 581 | 189 | |||||||||||||||||||||||||||
Reinsurance recoverable for GMWB | 56 | — | — | 56 | |||||||||||||||||||||||||||
Modified coinsurance reinsurance contracts | 34 | — | 34 | — | |||||||||||||||||||||||||||
Separate account assets [3] | 132,211 | 91,537 | 40,096 | 578 | |||||||||||||||||||||||||||
Total assets accounted for at fair value on a recurring basis | $ | 199,248 | $ | 92,789 | $ | 101,735 | $ | 4,724 | |||||||||||||||||||||||
Liabilities accounted for at fair value on a recurring basis | |||||||||||||||||||||||||||||||
Other policyholder funds and benefits payable | |||||||||||||||||||||||||||||||
GMWB | $ | (139 | ) | $ | — | $ | — | $ | (139 | ) | |||||||||||||||||||||
Equity linked notes | (26 | ) | — | — | (26 | ) | |||||||||||||||||||||||||
Total other policyholder funds and benefits payable | (165 | ) | — | — | (165 | ) | |||||||||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||||||||||
Credit derivatives | (16 | ) | — | (9 | ) | (7 | ) | ||||||||||||||||||||||||
Equity derivatives | 28 | — | 25 | 3 | |||||||||||||||||||||||||||
Foreign exchange derivatives | (445 | ) | — | (445 | ) | — | |||||||||||||||||||||||||
Interest rate derivatives | (597 | ) | — | (574 | ) | (23 | ) | ||||||||||||||||||||||||
GMWB hedging instruments | 55 | — | (1 | ) | 56 | ||||||||||||||||||||||||||
Macro hedge program | 48 | — | — | 48 | |||||||||||||||||||||||||||
Total derivative liabilities [4] | (927 | ) | — | (1,004 | ) | 77 | |||||||||||||||||||||||||
Consumer notes [5] | (3 | ) | — | — | (3 | ) | |||||||||||||||||||||||||
Total liabilities accounted for at fair value on a recurring basis | $ | (1,095 | ) | $ | — | $ | (1,004 | ) | $ | (91 | ) | ||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||
Total | Quoted Prices in | Significant | Significant | ||||||||||||||||||||||||||||
Active Markets | Observable | Unobservable | |||||||||||||||||||||||||||||
for Identical | Inputs | Inputs | |||||||||||||||||||||||||||||
Assets | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||||
Assets accounted for at fair value on a recurring basis | |||||||||||||||||||||||||||||||
Fixed maturities, AFS | |||||||||||||||||||||||||||||||
ABS | $ | 2,365 | $ | — | $ | 2,218 | $ | 147 | |||||||||||||||||||||||
CDOs | 2,387 | — | 1,723 | 664 | |||||||||||||||||||||||||||
CMBS | 4,446 | — | 3,783 | 663 | |||||||||||||||||||||||||||
Corporate | 28,490 | — | 27,216 | 1,274 | |||||||||||||||||||||||||||
Foreign government/government agencies | 4,104 | — | 4,039 | 65 | |||||||||||||||||||||||||||
Municipal | 12,173 | — | 12,104 | 69 | |||||||||||||||||||||||||||
RMBS | 4,647 | — | 3,375 | 1,272 | |||||||||||||||||||||||||||
U.S. Treasuries | 3,745 | 1,311 | 2,434 | — | |||||||||||||||||||||||||||
Total fixed maturities | 62,357 | 1,311 | 56,892 | 4,154 | |||||||||||||||||||||||||||
Fixed maturities, FVO | 844 | — | 651 | 193 | |||||||||||||||||||||||||||
Equity securities, trading | 19,745 | 12 | 19,733 | — | |||||||||||||||||||||||||||
Equity securities, AFS | 868 | 454 | 337 | 77 | |||||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||||||||
Credit derivatives | 25 | — | 20 | 5 | |||||||||||||||||||||||||||
Foreign exchange derivatives | 14 | — | 14 | — | |||||||||||||||||||||||||||
Interest rate derivatives | (21 | ) | — | (63 | ) | 42 | |||||||||||||||||||||||||
GMWB hedging instruments | 26 | — | (42 | ) | 68 | ||||||||||||||||||||||||||
Macro hedge program | 109 | — | — | 109 | |||||||||||||||||||||||||||
International program hedging instruments | 272 | — | 241 | 31 | |||||||||||||||||||||||||||
Other derivative contracts | 17 | — | — | 17 | |||||||||||||||||||||||||||
Total derivative assets [1] | 442 | — | 170 | 272 | |||||||||||||||||||||||||||
Short-term investments | 4,008 | 427 | 3,581 | — | |||||||||||||||||||||||||||
Limited partnerships and other alternative investments [2] | 921 | — | 813 | 108 | |||||||||||||||||||||||||||
Reinsurance recoverable for GMWB | 29 | — | — | 29 | |||||||||||||||||||||||||||
Modified coinsurance reinsurance contracts | 67 | — | 67 | — | |||||||||||||||||||||||||||
Separate account assets [3] | 138,495 | 99,930 | 37,828 | 737 | |||||||||||||||||||||||||||
Total assets accounted for at fair value on a recurring basis | $ | 227,776 | $ | 102,134 | $ | 120,072 | $ | 5,570 | |||||||||||||||||||||||
Liabilities accounted for at fair value on a recurring basis | |||||||||||||||||||||||||||||||
Other policyholder funds and benefits payable | |||||||||||||||||||||||||||||||
U.S. GMWB | $ | (36 | ) | $ | — | $ | — | $ | (36 | ) | |||||||||||||||||||||
International GMWB | 3 | — | — | 3 | |||||||||||||||||||||||||||
International other guaranteed living benefits | 3 | — | — | 3 | |||||||||||||||||||||||||||
Equity linked notes | (18 | ) | — | — | (18 | ) | |||||||||||||||||||||||||
Total other policyholder funds and benefits payable | (48 | ) | — | — | (48 | ) | |||||||||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||||||||||
Credit derivatives | (12 | ) | — | (9 | ) | (3 | ) | ||||||||||||||||||||||||
Equity derivatives | 19 | — | 16 | 3 | |||||||||||||||||||||||||||
Foreign exchange derivatives | (388 | ) | — | (388 | ) | — | |||||||||||||||||||||||||
Interest rate derivatives | (582 | ) | — | (558 | ) | (24 | ) | ||||||||||||||||||||||||
GMWB hedging instruments | 15 | — | (63 | ) | 78 | ||||||||||||||||||||||||||
Macro hedge program | 30 | — | — | 30 | |||||||||||||||||||||||||||
International program hedging instruments | (305 | ) | — | (245 | ) | (60 | ) | ||||||||||||||||||||||||
Total derivative liabilities [4] | (1,223 | ) | — | (1,247 | ) | 24 | |||||||||||||||||||||||||
Consumer notes [5] | (2 | ) | — | — | (2 | ) | |||||||||||||||||||||||||
Total liabilities accounted for at fair value on a recurring basis | $ | (1,273 | ) | $ | — | $ | (1,247 | ) | $ | (26 | ) | ||||||||||||||||||||
[1] | Includes OTC and OTC-cleared derivative instruments in a net asset value position after consideration of the impact of collateral posting requirements which may be imposed by agreements, clearinghouse rules, and applicable law. As of December 31, 2014 and 2013, $413 and $128, respectively, of cash collateral liability was netted against the derivative asset value in the Consolidated Balance Sheets and is excluded from the table above. See footnote 4 below for derivative liabilities. | ||||||||||||||||||||||||||||||
[2] | Represents hedge funds where investment company accounting has been applied to a wholly-owned fund of funds measured at fair value. | ||||||||||||||||||||||||||||||
[3] | Approximately $2.5 billion and $2.4 billion of investment sales receivable, as of December 31, 2014 and 2013, respectively, are excluded from this disclosure requirement because they are trade receivables in the ordinary course of business where the carrying amount approximates fair value. | ||||||||||||||||||||||||||||||
[4] | Includes OTC and OTC-cleared derivative instruments in a net negative market value position (derivative liability) after consideration of the impact of collateral posting requirements which may be imposed by agreements, clearing house rules and applicable law. In the Level 3 roll-forward table included below in this Note 5, the derivative assets and liabilities are referred to as “freestanding derivatives” and are presented on a net basis. | ||||||||||||||||||||||||||||||
[5] | Represents embedded derivatives associated with non-funding agreement-backed consumer equity linked notes. | ||||||||||||||||||||||||||||||
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | |||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||
Securities | Unobservable Inputs | ||||||||||||||||||||||||||||||
Assets accounted for at fair value on a recurring basis | Fair | Predominant | Significant Unobservable Input | Minimum | Maximum | Weighted Average [1] | Impact of | ||||||||||||||||||||||||
Value | Valuation | Increase in Input | |||||||||||||||||||||||||||||
Method | on Fair Value [2] | ||||||||||||||||||||||||||||||
CMBS | $ | 284 | Discounted cash flows | Spread (encompasses prepayment, default risk and loss severity) | 46 bps | 2,475 bps | 284 bps | Decrease | |||||||||||||||||||||||
Corporate [3] | 568 | Discounted cash flows | Spread | 123 bps | 765 bps | 279 bps | Decrease | ||||||||||||||||||||||||
Municipal [3] | 32 | Discounted cash flows | Spread | 212 bps | 212 bps | 212 bps | Decrease | ||||||||||||||||||||||||
RMBS | 1,281 | Discounted cash flows | Spread | 23 bps | 1,904 bps | 142 bps | Decrease | ||||||||||||||||||||||||
Constant prepayment rate | —% | 7.00% | 2.00% | Decrease [4] | |||||||||||||||||||||||||||
Constant default rate | 1.00% | 14.00% | 7.00% | Decrease | |||||||||||||||||||||||||||
Loss severity | —% | 100.00% | 78.00% | Decrease | |||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||
Securities | Unobservable Inputs | ||||||||||||||||||||||||||||||
Assets accounted for at fair value on a recurring basis | Fair | Predominant | Significant Unobservable Input | Minimum | Maximum | Weighted Average [1] | Impact of | ||||||||||||||||||||||||
Value | Valuation | Increase in Input | |||||||||||||||||||||||||||||
Method | on Fair Value [2] | ||||||||||||||||||||||||||||||
CMBS | $ | 663 | Discounted cash flows | Spread (encompasses prepayment, default risk and loss severity) | 99 bps | 3,000 bps | 527 bps | Decrease | |||||||||||||||||||||||
Corporate [3] | 665 | Discounted cash flows | Spread | 119 bps | 5,594 bps | 344 bps | Decrease | ||||||||||||||||||||||||
Municipal [3] | 29 | Discounted cash flows | Spread | 184 bps | 184 bps | 184 bps | Decrease | ||||||||||||||||||||||||
RMBS | 1,272 | Discounted cash flows | Spread | 62 bps | 1,748 bps | 232 bps | Decrease | ||||||||||||||||||||||||
Constant prepayment rate | —% | 10.00% | 3.00% | Decrease [4] | |||||||||||||||||||||||||||
Constant default rate | 1.00% | 22.00% | 8.00% | Decrease | |||||||||||||||||||||||||||
Loss severity | —% | 100.00% | 80.00% | Decrease | |||||||||||||||||||||||||||
[1] | The weighted average is determined based on the fair value of the securities. | ||||||||||||||||||||||||||||||
[2] | Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table above. | ||||||||||||||||||||||||||||||
[3] | Level 3 corporate and municipal securities excludes those for which the Company bases fair value on broker quotations as discussed below. | ||||||||||||||||||||||||||||||
[4] | Decrease for above market rate coupons and increase for below market rate coupons. | ||||||||||||||||||||||||||||||
Fair Value Inputs Derivative Instruments Information [Table Text Block] | |||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||
Freestanding Derivatives | Unobservable Inputs | ||||||||||||||||||||||||||||||
Fair | Predominant Valuation | Significant | Minimum | Maximum | Impact of Increase in Input on Fair Value [1] | ||||||||||||||||||||||||||
Value | Method | Unobservable Input | |||||||||||||||||||||||||||||
Interest rate derivative | |||||||||||||||||||||||||||||||
Interest rate swaps | (29 | ) | Discounted cash flows | Swap curve beyond 30 years | 3 | % | 3 | % | Decrease | ||||||||||||||||||||||
Interest rate swaptions | 22 | Option model | Interest rate volatility | 1 | % | 1 | % | Increase | |||||||||||||||||||||||
GMWB hedging instruments | |||||||||||||||||||||||||||||||
Equity options | 46 | Option model | Equity volatility | 22 | % | 34 | % | Increase | |||||||||||||||||||||||
Customized swaps | 124 | Discounted cash flows | Equity volatility | 10 | % | 40 | % | Increase | |||||||||||||||||||||||
Macro hedge program | |||||||||||||||||||||||||||||||
Equity options | 141 | Option model | Equity volatility | 27 | % | 28 | % | Increase | |||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||
Freestanding Derivatives | Unobservable Inputs | ||||||||||||||||||||||||||||||
Fair | Predominant Valuation | Significant | Minimum | Maximum | Impact of Increase in Input on Fair Value [1] | ||||||||||||||||||||||||||
Value | Method | Unobservable Input | |||||||||||||||||||||||||||||
Interest rate derivative | |||||||||||||||||||||||||||||||
Interest rate swaps | (24 | ) | Discounted cash flows | Swap curve beyond 30 years | 4 | % | 4 | % | Increase | ||||||||||||||||||||||
Long interest rate swaptions | 42 | Option model | Interest rate volatility | 1 | % | 1 | % | Increase | |||||||||||||||||||||||
GMWB hedging instruments | |||||||||||||||||||||||||||||||
Equity options | 72 | Option model | Equity volatility | 21 | % | 29 | % | Increase | |||||||||||||||||||||||
Customized swaps | 74 | Discounted cash flows | Equity volatility | 10 | % | 50 | % | Increase | |||||||||||||||||||||||
Macro hedge program | |||||||||||||||||||||||||||||||
Equity options | 139 | Option model | Equity volatility | 24 | % | 31 | % | Increase | |||||||||||||||||||||||
International program hedging [2] | |||||||||||||||||||||||||||||||
Equity options | (35 | ) | Option model | Equity volatility | 24 | % | 37 | % | Increase | ||||||||||||||||||||||
Short interest rate swaptions | (13 | ) | Option model | Interest rate volatility | — | % | 1 | % | Decrease | ||||||||||||||||||||||
Long interest rate swaptions | 50 | Option model | Interest rate volatility | 1 | % | 1 | % | Increase | |||||||||||||||||||||||
[1] | Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table. Changes are based on long positions, unless otherwise noted. Changes in fair value will be inversely impacted for short positions. | ||||||||||||||||||||||||||||||
[2] | Excludes derivatives for which the Company based fair value on broker quotations. | ||||||||||||||||||||||||||||||
Fair Value Inputs Living Benefits Information [Table Text Block] | |||||||||||||||||||||||||||||||
Significant Unobservable Input | Unobservable Inputs (Minimum) | Unobservable Inputs (Maximum) | Impact of Increase in Input | ||||||||||||||||||||||||||||
on Fair Value Measurement [1] | |||||||||||||||||||||||||||||||
Withdrawal Utilization [2] | 20% | 100% | Increase | ||||||||||||||||||||||||||||
Withdrawal Rates [3] | —% | 8% | Increase | ||||||||||||||||||||||||||||
Lapse Rates [4] | —% | 75% | Decrease | ||||||||||||||||||||||||||||
Reset Elections [5] | 20% | 75% | Increase | ||||||||||||||||||||||||||||
Equity Volatility [6] | 10% | 40% | Increase | ||||||||||||||||||||||||||||
[1] | Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table. | ||||||||||||||||||||||||||||||
[2] | Range represents assumed cumulative percentages of policyholders taking withdrawals. | ||||||||||||||||||||||||||||||
[3] | Range represents assumed cumulative annual amount withdrawn by policyholders. | ||||||||||||||||||||||||||||||
[4] | Range represents assumed annual percentages of full surrender of the underlying variable annuity contracts across all policy durations for in force business. | ||||||||||||||||||||||||||||||
[5] | Range represents assumed cumulative percentages of policyholders that would elect to reset their guaranteed benefit base. | ||||||||||||||||||||||||||||||
[6] | Range represents implied market volatilities for equity indices based on multiple pricing sources. | ||||||||||||||||||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | |||||||||||||||||||||||||||||||
Fixed Maturities, AFS | |||||||||||||||||||||||||||||||
Assets | ABS | CDOs | CMBS | Corporate | Foreign | Municipal | RMBS | Total Fixed | Fixed | ||||||||||||||||||||||
govt./govt. | Maturities, | Maturities, | |||||||||||||||||||||||||||||
agencies | AFS | FVO | |||||||||||||||||||||||||||||
Fair value as of January 1, 2014 | $ | 147 | $ | 664 | $ | 663 | $ | 1,274 | $ | 65 | $ | 69 | $ | 1,272 | $ | 4,154 | $ | 193 | |||||||||||||
Total realized/unrealized gains (losses) | |||||||||||||||||||||||||||||||
Included in net income [1], [2], [6] | — | 12 | 28 | (24 | ) | (2 | ) | — | 11 | 25 | 19 | ||||||||||||||||||||
Included in OCI [3] | 3 | (4 | ) | (27 | ) | 10 | 9 | 7 | 12 | 10 | — | ||||||||||||||||||||
Purchases | 72 | 48 | 126 | 145 | 15 | 16 | 494 | 916 | 16 | ||||||||||||||||||||||
Settlements | (3 | ) | (60 | ) | (253 | ) | (46 | ) | (4 | ) | — | (193 | ) | (559 | ) | (136 | ) | ||||||||||||||
Sales | (18 | ) | (12 | ) | (123 | ) | (205 | ) | (24 | ) | (1 | ) | (260 | ) | (643 | ) | (4 | ) | |||||||||||||
Transfers into Level 3 [4] | 75 | 72 | 17 | 255 | — | — | — | 419 | 6 | ||||||||||||||||||||||
Transfers out of Level 3 [4] | (154 | ) | (97 | ) | (147 | ) | (369 | ) | — | (25 | ) | (55 | ) | (847 | ) | (2 | ) | ||||||||||||||
Fair value as of December 31, 2014 | $ | 122 | $ | 623 | $ | 284 | $ | 1,040 | $ | 59 | $ | 66 | $ | 1,281 | $ | 3,475 | $ | 92 | |||||||||||||
Changes in unrealized gains (losses) included in net income related to financial instruments still held at December 31, 2014 [2] [7] | $ | — | $ | — | $ | (3 | ) | $ | (15 | ) | $ | (2 | ) | $ | — | $ | (1 | ) | $ | (21 | ) | $ | 16 | ||||||||
Freestanding Derivatives [5] | |||||||||||||||||||||||||||||||
Assets (Liabilities) | Equity | Credit | Foreign exchange contracts | Equity | Interest | GMWB | Macro | Intl. | Other | Total Free- | |||||||||||||||||||||
Securities, | Rate | Hedging | Hedge | Program | Contracts | Standing | |||||||||||||||||||||||||
AFS | Program | Hedging | Derivatives [5] | ||||||||||||||||||||||||||||
Fair value as of January 1, 2014 | $ | 77 | $ | 2 | $ | — | $ | 3 | $ | 18 | $ | 146 | $ | 139 | $ | (29 | ) | $ | 17 | $ | 296 | ||||||||||
Total realized/unrealized gains (losses) | |||||||||||||||||||||||||||||||
Included in net income [1], [2], [6] | 3 | (4 | ) | 2 | 3 | (42 | ) | 13 | (12 | ) | 28 | (5 | ) | (17 | ) | ||||||||||||||||
Included in OCI [3] | 2 | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Purchases | 30 | (7 | ) | — | — | 19 | 4 | 14 | 9 | — | 39 | ||||||||||||||||||||
Settlements | — | — | — | — | — | 7 | — | (41 | ) | — | (34 | ) | |||||||||||||||||||
Sales | (14 | ) | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Transfers into Level 3 [4] | — | — | (2 | ) | — | — | — | — | — | — | (2 | ) | |||||||||||||||||||
Transfers out of Level 3 [4] | — | — | — | — | (2 | ) | — | — | 33 | — | 31 | ||||||||||||||||||||
Fair value as of December 31, 2014 | $ | 98 | $ | (9 | ) | $ | — | $ | 6 | $ | (7 | ) | $ | 170 | $ | 141 | $ | — | $ | 12 | $ | 313 | |||||||||
Changes in unrealized gains (losses) included in net income related to financial instruments still held at December 31, 2014 [2] [7] | $ | (2 | ) | $ | (4 | ) | $ | — | $ | 1 | $ | (43 | ) | $ | (1 | ) | $ | (11 | ) | $ | (18 | ) | $ | (3 | ) | $ | (79 | ) | |||
Assets | Limited Partnerships and Other Alternative Investments | Reinsurance | Separate Accounts | ||||||||||||||||||||||||||||
Recoverable | |||||||||||||||||||||||||||||||
for GMWB | |||||||||||||||||||||||||||||||
Fair value as of January 1, 2014 | $ | 108 | $ | 29 | $ | 737 | |||||||||||||||||||||||||
Total realized/unrealized gains (losses) | |||||||||||||||||||||||||||||||
Included in net income [1] [2] [6] | 1 | 4 | 13 | ||||||||||||||||||||||||||||
Included in OCI [3] | — | — | — | ||||||||||||||||||||||||||||
Purchases | 130 | — | 339 | ||||||||||||||||||||||||||||
Settlements | — | 23 | (3 | ) | |||||||||||||||||||||||||||
Sales | (24 | ) | — | (201 | ) | ||||||||||||||||||||||||||
Transfers into Level 3 [4] | 53 | — | 37 | ||||||||||||||||||||||||||||
Transfers out of Level 3 [4] | (79 | ) | — | (344 | ) | ||||||||||||||||||||||||||
Fair value as of December 31, 2014 | $ | 189 | $ | 56 | $ | 578 | |||||||||||||||||||||||||
Changes in unrealized gains (losses) included in net income related to financial instruments still held at December 31, 2014 [2] [7] | $ | 1 | $ | 4 | $ | 8 | |||||||||||||||||||||||||
Other Policyholder Funds and Benefits Payable | |||||||||||||||||||||||||||||||
Liabilities | Guaranteed | International | International | Equity | Total Other | Consumer | |||||||||||||||||||||||||
Withdrawal | Guaranteed | Other Living | Linked | Policyholder | Notes | ||||||||||||||||||||||||||
Benefits | Living | Benefits | Notes | Funds and | |||||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||||||||
Payable | |||||||||||||||||||||||||||||||
Fair value as of January 1, 2014 | $ | (36 | ) | $ | 3 | $ | 3 | $ | (18 | ) | $ | (48 | ) | $ | (2 | ) | |||||||||||||||
Total realized/unrealized gains (losses) | |||||||||||||||||||||||||||||||
Included in net income [1] [2] [6] | (2 | ) | — | — | (8 | ) | (10 | ) | (1 | ) | |||||||||||||||||||||
Settlements | (101 | ) | (3 | ) | (3 | ) | — | (107 | ) | — | |||||||||||||||||||||
Fair value as of December 31, 2014 | $ | (139 | ) | $ | — | $ | — | $ | (26 | ) | $ | (165 | ) | $ | (3 | ) | |||||||||||||||
Changes in unrealized gains (losses) included in net income related to financial instruments still held at December 31, 2014 [2] [7] | $ | (2 | ) | $ | — | $ | — | $ | (8 | ) | $ | (10 | ) | $ | (1 | ) | |||||||||||||||
For the year ended December 31, 2013 | |||||||||||||||||||||||||||||||
Fixed Maturities, AFS | |||||||||||||||||||||||||||||||
Assets | ABS | CDOs | CMBS | Corporate | Foreign | Municipal | RMBS | Total Fixed | Fixed | ||||||||||||||||||||||
govt./govt. | Maturities, | Maturities, | |||||||||||||||||||||||||||||
agencies | AFS | FVO | |||||||||||||||||||||||||||||
Fair value as of January 1, 2013 | $ | 278 | $ | 944 | $ | 859 | $ | 2,001 | $ | 56 | $ | 227 | $ | 1,373 | $ | 5,738 | $ | 214 | |||||||||||||
Total realized/unrealized gains (losses) | |||||||||||||||||||||||||||||||
Included in net income [1], [2], [6] | (9 | ) | 22 | (27 | ) | 5 | (2 | ) | 2 | 38 | 29 | 59 | |||||||||||||||||||
Included in OCI [3] | 31 | 138 | 115 | (12 | ) | (9 | ) | (11 | ) | 52 | 304 | — | |||||||||||||||||||
Purchases | 96 | 92 | 50 | 180 | 45 | 21 | 371 | 855 | 19 | ||||||||||||||||||||||
Settlements | (8 | ) | (126 | ) | (142 | ) | (132 | ) | (4 | ) | — | (186 | ) | (598 | ) | (3 | ) | ||||||||||||||
Sales | (139 | ) | (365 | ) | (208 | ) | (403 | ) | (15 | ) | (126 | ) | (375 | ) | (1,631 | ) | (94 | ) | |||||||||||||
Transfers into Level 3 [4] | 3 | 32 | 65 | 149 | — | — | — | 249 | 2 | ||||||||||||||||||||||
Transfers out of Level 3 [4] | (105 | ) | (73 | ) | (49 | ) | (514 | ) | (6 | ) | (44 | ) | (1 | ) | (792 | ) | (4 | ) | |||||||||||||
Fair value as of December 31, 2013 | $ | 147 | $ | 664 | $ | 663 | $ | 1,274 | $ | 65 | $ | 69 | $ | 1,272 | $ | 4,154 | $ | 193 | |||||||||||||
Changes in unrealized gains (losses) included in net income related to financial instruments still held at December 31, 2013 [2] [7] | $ | (7 | ) | $ | — | $ | (10 | ) | $ | (9 | ) | $ | — | $ | — | $ | (1 | ) | $ | (27 | ) | $ | 43 | ||||||||
Freestanding Derivatives [5] | |||||||||||||||||||||||||||||||
Assets (Liabilities) | Equity | Credit | Equity | Interest | GMWB | Macro | Intl. | Other | Total Free- | ||||||||||||||||||||||
Securities, | Rate | Hedging | Hedge | Program | Contracts | Standing | |||||||||||||||||||||||||
AFS | Program | Hedging | Derivatives [5] | ||||||||||||||||||||||||||||
Fair value as of January 1, 2013 | $ | 84 | $ | 4 | $ | 57 | $ | (32 | ) | $ | 519 | $ | 286 | $ | 68 | $ | 23 | $ | 925 | ||||||||||||
Total realized/unrealized gains (losses) | |||||||||||||||||||||||||||||||
Included in net income [1], [2], [6] | (15 | ) | — | (37 | ) | 24 | (372 | ) | (191 | ) | (112 | ) | (6 | ) | (694 | ) | |||||||||||||||
Included in OCI [3] | 6 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Purchases | 14 | — | — | (3 | ) | — | 44 | (38 | ) | — | 3 | ||||||||||||||||||||
Settlements | — | (2 | ) | (7 | ) | 3 | (4 | ) | — | (1 | ) | — | (11 | ) | |||||||||||||||||
Sales | (3 | ) | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Transfers into Level 3 [4] | — | — | — | — | — | — | (8 | ) | — | (8 | ) | ||||||||||||||||||||
Transfers out of Level 3 [4] | (9 | ) | — | (10 | ) | 26 | 3 | — | 62 | — | 81 | ||||||||||||||||||||
Fair value as of December 31, 2013 | $ | 77 | $ | 2 | $ | 3 | $ | 18 | $ | 146 | $ | 139 | $ | (29 | ) | $ | 17 | $ | 296 | ||||||||||||
Changes in unrealized gains (losses) included in net income related to financial instruments still held at December 31, 2013 [2] [7] | $ | (15 | ) | $ | (1 | ) | $ | (22 | ) | $ | 9 | $ | (390 | ) | $ | (187 | ) | $ | (382 | ) | $ | (6 | ) | $ | (979 | ) | |||||
Assets | Limited Partnerships and Other Alternative Investments | Reinsurance Recoverable | Separate Accounts | ||||||||||||||||||||||||||||
for GMWB | |||||||||||||||||||||||||||||||
Fair value as of January 1, 2013 | $ | 314 | $ | 191 | $ | 583 | |||||||||||||||||||||||||
Total realized/unrealized gains (losses) | |||||||||||||||||||||||||||||||
Included in net income [1] [2] [6] | (18 | ) | (192 | ) | 23 | ||||||||||||||||||||||||||
Purchases | 135 | — | 250 | ||||||||||||||||||||||||||||
Settlements | — | 30 | (2 | ) | |||||||||||||||||||||||||||
Sales | (22 | ) | — | (88 | ) | ||||||||||||||||||||||||||
Transfers into Level 3 [4] | — | — | 45 | ||||||||||||||||||||||||||||
Transfers out of Level 3 [4] | (301 | ) | — | (74 | ) | ||||||||||||||||||||||||||
Fair value as of December 31, 2013 | $ | 108 | $ | 29 | $ | 737 | |||||||||||||||||||||||||
Changes in unrealized gains (losses) included in net income related to financial instruments still held at December 31, 2013 [2] [7] | $ | (18 | ) | $ | (192 | ) | $ | 21 | |||||||||||||||||||||||
Other Policyholder Funds and Benefits Payable | |||||||||||||||||||||||||||||||
Liabilities | Guaranteed | International | International | Equity | Total Other | Consumer | |||||||||||||||||||||||||
Withdrawal | Guaranteed | Other Living | Linked | Policyholder | Notes | ||||||||||||||||||||||||||
Benefits | Living | Benefits | Notes | Funds and | |||||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||||||||
Payable | |||||||||||||||||||||||||||||||
Fair value as of January 1, 2013 | $ | (1,249 | ) | $ | (50 | ) | $ | 2 | $ | (7 | ) | $ | (1,304 | ) | $ | (2 | ) | ||||||||||||||
Total realized/unrealized gains (losses) | |||||||||||||||||||||||||||||||
Included in net income [1] [2] [6] | 1,306 | 13 | 3 | (10 | ) | 1,312 | — | ||||||||||||||||||||||||
Settlements | (93 | ) | 40 | (2 | ) | (1 | ) | (56 | ) | — | |||||||||||||||||||||
Fair value as of December 31, 2013 | $ | (36 | ) | $ | 3 | $ | 3 | $ | (18 | ) | $ | (48 | ) | $ | (2 | ) | |||||||||||||||
Changes in unrealized gains (losses) included in net income related to financial instruments still held at December 31, 2013 [2] [7] | $ | 1,306 | $ | 13 | $ | 3 | $ | (10 | ) | $ | 1,312 | $ | — | ||||||||||||||||||
[1] | The Company classifies gains and losses on GMWB reinsurance derivatives and GMWB embedded derivatives as unrealized gains (losses) for purposes of disclosure in this table because it is impracticable to track on a contract-by-contract basis the realized gains (losses) for these derivatives and embedded derivatives. | ||||||||||||||||||||||||||||||
[2] | All amounts in these rows are reported in net realized capital gains/losses. The realized/unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on net income for the Company. All amounts are before income taxes and amortization DAC. | ||||||||||||||||||||||||||||||
[3] | All amounts are before income taxes and amortization of DAC. | ||||||||||||||||||||||||||||||
[4] | Transfers in and/or (out) of Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs. | ||||||||||||||||||||||||||||||
[5] | Derivative instruments are reported in this table on a net basis for asset/(liability) positions and reported in the Consolidated Balance Sheets in other investments and other liabilities. | ||||||||||||||||||||||||||||||
[6] | Includes both market and non-market impacts in deriving realized and unrealized gains (losses). | ||||||||||||||||||||||||||||||
[7] | Amounts presented are for Level 3 only and therefore may not agree to other disclosures included herein. | ||||||||||||||||||||||||||||||
Fair Value, Option, Quantitative Disclosures [Table Text Block] | The following table presents the changes in fair value of those assets and liabilities accounted for using the fair value option reported in net realized capital gains and losses in the Company’s Consolidated Statements of Operations. | ||||||||||||||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||
Fixed maturities, FVO | |||||||||||||||||||||||||||||||
Corporate | $ | (3 | ) | $ | (13 | ) | |||||||||||||||||||||||||
CRE CDOs | 18 | 11 | |||||||||||||||||||||||||||||
Foreign government | — | (4 | ) | ||||||||||||||||||||||||||||
RMBS | (1 | ) | — | ||||||||||||||||||||||||||||
Total fixed maturities, FVO | $ | 14 | $ | (6 | ) | ||||||||||||||||||||||||||
Equity, FVO | (3 | ) | — | ||||||||||||||||||||||||||||
Total realized capital gains (losses) | $ | 11 | $ | (6 | ) | ||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | |||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||
Fixed maturities, FVO | |||||||||||||||||||||||||||||||
ABS | $ | 15 | $ | 3 | |||||||||||||||||||||||||||
CRE CDOs | 69 | 183 | |||||||||||||||||||||||||||||
CMBS | 22 | 8 | |||||||||||||||||||||||||||||
Corporate | 133 | 92 | |||||||||||||||||||||||||||||
Foreign government | 30 | 518 | |||||||||||||||||||||||||||||
U.S. government | 2 | 24 | |||||||||||||||||||||||||||||
Municipals | 2 | 1 | |||||||||||||||||||||||||||||
RMBS | 215 | 15 | |||||||||||||||||||||||||||||
Total fixed maturities, FVO | $ | 488 | $ | 844 | |||||||||||||||||||||||||||
Equity, FVO [1] | $ | 348 | $ | — | |||||||||||||||||||||||||||
Financial Instruments not Carried at Fair Value [Table Text Block] | |||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
Fair Value | Carrying | Fair | Carrying | Fair | |||||||||||||||||||||||||||
Hierarchy | Amount | Value | Amount | Value | |||||||||||||||||||||||||||
Level | |||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||
Policy loans | Level 3 | $ | 1,431 | $ | 1,431 | $ | 1,420 | $ | 1,480 | ||||||||||||||||||||||
Mortgage loans | Level 3 | 5,556 | 5,840 | 5,598 | 5,641 | ||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||
Other policyholder funds and benefits payable [1] | Level 3 | $ | 7,304 | $ | 7,522 | $ | 9,152 | $ | 9,352 | ||||||||||||||||||||||
Senior notes [2] | Level 2 | 5,009 | 5,837 | 5,206 | 5,845 | ||||||||||||||||||||||||||
Junior subordinated debentures [2] | Level 2 | 1,100 | 1,291 | 1,100 | 1,271 | ||||||||||||||||||||||||||
Revolving credit facility | Level 2 | — | — | 238 | 238 | ||||||||||||||||||||||||||
Consumer notes [3] [4] | Level 3 | 68 | 68 | 82 | 82 | ||||||||||||||||||||||||||
Assumed investment contracts [4] | Level 3 | 763 | 851 | — | — | ||||||||||||||||||||||||||
[1] | Excludes guarantees on variable annuities, group accident and health and universal life insurance contracts, including corporate owned life insurance. | ||||||||||||||||||||||||||||||
[2] | Included in long-term debt in the Consolidated Balance Sheets, except for current maturities, which are included in short-term debt. | ||||||||||||||||||||||||||||||
[3] | Excludes amounts carried at fair value and included in preceding disclosures. |
Investments_and_Derivative_Ins1
Investments and Derivative Instruments Level 3 (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Income [Table Text Block] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Before-tax) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities [1] | $ | 2,420 | $ | 2,552 | $ | 3,299 | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities, AFS | 38 | 30 | 36 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans | 265 | 260 | 334 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Policy loans | 80 | 83 | 119 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Limited partnerships and other alternative investments | 294 | 287 | 196 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments [2] | 179 | 167 | 248 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment expenses | (122 | ) | (115 | ) | (105 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Total net investment income | $ | 3,154 | $ | 3,264 | $ | 4,127 | |||||||||||||||||||||||||||||||||||||||||||||||||
[1] | Includes net investment income on short-term investments. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Includes income from derivatives that hedge fixed maturities and qualify for hedge accounting. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Realized Gain (Loss) on Investments [Table Text Block] | Net Realized Capital Gains (Losses) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Before-tax) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross gains on sales [1] | $ | 527 | $ | 2,313 | $ | 801 | |||||||||||||||||||||||||||||||||||||||||||||||||
Gross losses on sales | (250 | ) | (659 | ) | (420 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net OTTI losses recognized in earnings [2] | (59 | ) | (73 | ) | (349 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Valuation allowances on mortgage loans | (4 | ) | (1 | ) | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Periodic net coupon settlements on credit derivatives | 1 | (8 | ) | (18 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Results of variable annuity hedge program | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
GMWB derivatives, net | 5 | 262 | 519 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Macro hedge program | (11 | ) | (234 | ) | (340 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Total results of variable annuity hedge program | (6 | ) | 28 | 179 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other, net [3] | (193 | ) | 198 | 290 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized capital gains | $ | 16 | $ | 1,798 | $ | 497 | |||||||||||||||||||||||||||||||||||||||||||||||||
[1] | Includes $1.5 billion of gains relating to the sales of the Retirement Plans and Individual Life businesses in the year ended December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Includes $177 of intent-to-sell impairments relating to the Retirement Plans and Individual Life businesses sold for the year ended December 31, 2012. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Primarily consists of changes in the value of non-qualifying derivatives, including interest rate derivatives used to manage the risk of a rise in interest rates and manage duration, transactional foreign currency revaluation gains (losses) on the Japan fixed payout annuity liabilities assumed from HLIKK and gains (losses) on non-qualifying derivatives used to hedge the foreign currency exposure of the liabilities. For the years ended December 31, 2014, 2013, and 2012, gains (losses) from transactional foreign currency revaluation of the Japan fixed payout annuity liabilities were $116, $250, and $189, respectively. For the years ended December 31, 2014, 2013, and 2012, gains (losses) on instruments used to hedge the foreign currency exposure on the fixed payout annuities were $(148), $(268), and $(300), respectively. Also includes $71 and $110 of gains relating to the sales of the Retirement Plans and Individual Life businesses for the years ended December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities [Table Text Block] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, AFS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sale proceeds | $ | 22,923 | $ | 39,225 | $ | 41,442 | |||||||||||||||||||||||||||||||||||||||||||||||||
Gross gains [1] | 456 | 2,143 | 825 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross losses | (182 | ) | (645 | ) | (399 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities, AFS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sale proceeds | $ | 354 | $ | 274 | $ | 295 | |||||||||||||||||||||||||||||||||||||||||||||||||
Gross gains | 22 | 96 | 34 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross losses | (20 | ) | (6 | ) | (20 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Before-tax) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of beginning of period | $ | (552 | ) | $ | (1,013 | ) | $ | (1,676 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Additions for credit impairments recognized on [1]: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities not previously impaired | (15 | ) | (19 | ) | (28 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Securities previously impaired | (22 | ) | (13 | ) | (20 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Reductions for credit impairments previously recognized on: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities that matured or were sold during the period | 138 | 469 | 700 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities the Company made the decision to sell or more likely than not will be required to sell | — | 2 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities due to an increase in expected cash flows | 27 | 22 | 11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of end of period | $ | (424 | ) | $ | (552 | ) | $ | (1,013 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
[1] | These additions are included in the net OTTI losses recognized in earnings in the Consolidated Statements of Operations. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost or | Gross | Gross | Fair | Non- | Cost or | Gross | Gross | Fair | Non- | ||||||||||||||||||||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Value | Credit | Amortized | Unrealized | Unrealized | Value | Credit | ||||||||||||||||||||||||||||||||||||||||||||||
Cost | Gains | Losses | OTTI [1] | Cost | Gains | Losses | OTTI [1] | ||||||||||||||||||||||||||||||||||||||||||||||||
ABS | $ | 2,470 | $ | 39 | $ | (37 | ) | $ | 2,472 | $ | (1 | ) | $ | 2,404 | $ | 25 | $ | (64 | ) | $ | 2,365 | $ | (2 | ) | |||||||||||||||||||||||||||||||
CDOs [2] | 2,776 | 98 | (36 | ) | 2,841 | — | 2,340 | 108 | (59 | ) | 2,387 | — | |||||||||||||||||||||||||||||||||||||||||||
CMBS | 4,235 | 196 | (16 | ) | 4,415 | (6 | ) | 4,288 | 216 | (58 | ) | 4,446 | (6 | ) | |||||||||||||||||||||||||||||||||||||||||
Corporate | 25,188 | 2,382 | (211 | ) | 27,359 | (3 | ) | 27,013 | 1,823 | (346 | ) | 28,490 | (7 | ) | |||||||||||||||||||||||||||||||||||||||||
Foreign govt./govt. agencies | 1,592 | 73 | (29 | ) | 1,636 | — | 4,228 | 52 | (176 | ) | 4,104 | — | |||||||||||||||||||||||||||||||||||||||||||
Municipal | 11,735 | 1,141 | (5 | ) | 12,871 | — | 11,932 | 425 | (184 | ) | 12,173 | — | |||||||||||||||||||||||||||||||||||||||||||
RMBS | 3,815 | 122 | (19 | ) | 3,918 | (1 | ) | 4,639 | 90 | (82 | ) | 4,647 | (4 | ) | |||||||||||||||||||||||||||||||||||||||||
U.S. Treasuries | 3,551 | 326 | (5 | ) | 3,872 | — | 3,797 | 7 | (59 | ) | 3,745 | — | |||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities, AFS | 55,362 | 4,377 | (358 | ) | 59,384 | (11 | ) | 60,641 | 2,746 | (1,028 | ) | 62,357 | (19 | ) | |||||||||||||||||||||||||||||||||||||||||
Equity securities, AFS [3] | 676 | 50 | (27 | ) | 699 | — | 850 | 67 | (49 | ) | 868 | — | |||||||||||||||||||||||||||||||||||||||||||
Total AFS securities | $ | 56,038 | $ | 4,427 | $ | (385 | ) | $ | 60,083 | $ | (11 | ) | $ | 61,491 | $ | 2,813 | $ | (1,077 | ) | $ | 63,225 | $ | (19 | ) | |||||||||||||||||||||||||||||||
[1] | Represents the amount of cumulative non-credit OTTI losses recognized in OCI on securities that also had credit impairments. These losses are included in gross unrealized losses as of December 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Gross unrealized gains (losses) exclude the fair value of bifurcated embedded derivative features of certain securities. Subsequent changes in value will be recorded in net realized capital gains (losses). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | As of December 31, 2014, excludes equity securities, FVO, with a cost of $351 and fair value of $348, which are included in equity securities, AFS on the Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contractual Maturity | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||
One year or less | $ | 2,141 | $ | 2,168 | $ | 2,195 | $ | 2,228 | |||||||||||||||||||||||||||||||||||||||||||||||
Over one year through five years | 11,264 | 11,827 | 11,930 | 12,470 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Over five years through ten years | 8,802 | 9,226 | 10,814 | 11,183 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Over ten years | 19,859 | 22,517 | 22,031 | 22,631 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 42,066 | 45,738 | 46,970 | 48,512 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed and asset-backed securities | 13,296 | 13,646 | 13,671 | 13,845 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities, AFS | $ | 55,362 | $ | 59,384 | $ | 60,641 | $ | 62,357 | |||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Unrealized Loss on Investments [Table Text Block] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Fair Value | Unrealized Losses | Amortized Cost | Fair Value | Unrealized Losses | Amortized Cost | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||||||||||||||||||||
ABS | $ | 897 | $ | 893 | $ | (4 | ) | $ | 473 | $ | 440 | $ | (33 | ) | $ | 1,370 | $ | 1,333 | $ | (37 | ) | ||||||||||||||||||||||||||||||||||
CDOs [1] | 748 | 743 | (5 | ) | 1,489 | 1,461 | (31 | ) | 2,237 | 2,204 | (36 | ) | |||||||||||||||||||||||||||||||||||||||||||
CMBS | 230 | 227 | (3 | ) | 319 | 306 | (13 | ) | 549 | 533 | (16 | ) | |||||||||||||||||||||||||||||||||||||||||||
Corporate | 3,082 | 2,980 | (102 | ) | 1,177 | 1,068 | (109 | ) | 4,259 | 4,048 | (211 | ) | |||||||||||||||||||||||||||||||||||||||||||
Foreign govt./govt. agencies | 363 | 349 | (14 | ) | 227 | 212 | (15 | ) | 590 | 561 | (29 | ) | |||||||||||||||||||||||||||||||||||||||||||
Municipal | 74 | 73 | (1 | ) | 86 | 82 | (4 | ) | 160 | 155 | (5 | ) | |||||||||||||||||||||||||||||||||||||||||||
RMBS | 320 | 318 | (2 | ) | 433 | 416 | (17 | ) | 753 | 734 | (19 | ) | |||||||||||||||||||||||||||||||||||||||||||
U.S. Treasuries | 432 | 431 | (1 | ) | 361 | 357 | (4 | ) | 793 | 788 | (5 | ) | |||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities, AFS | 6,146 | 6,014 | (132 | ) | 4,565 | 4,342 | (226 | ) | 10,711 | 10,356 | (358 | ) | |||||||||||||||||||||||||||||||||||||||||||
Equity securities, AFS [2] | 172 | 160 | (12 | ) | 102 | 87 | (15 | ) | 274 | 247 | (27 | ) | |||||||||||||||||||||||||||||||||||||||||||
Total securities in an unrealized loss position | $ | 6,318 | $ | 6,174 | $ | (144 | ) | $ | 4,667 | $ | 4,429 | $ | (241 | ) | $ | 10,985 | $ | 10,603 | $ | (385 | ) | ||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Fair Value | Unrealized Losses | Amortized Cost | Fair Value | Unrealized Losses | Amortized Cost | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||||||||||||||||||||
ABS | $ | 893 | $ | 888 | $ | (5 | ) | $ | 477 | $ | 418 | $ | (59 | ) | $ | 1,370 | $ | 1,306 | $ | (64 | ) | ||||||||||||||||||||||||||||||||||
CDOs [1] | 137 | 135 | (2 | ) | 1,933 | 1,874 | (57 | ) | 2,070 | 2,009 | (59 | ) | |||||||||||||||||||||||||||||||||||||||||||
CMBS | 812 | 788 | (24 | ) | 610 | 576 | (34 | ) | 1,422 | 1,364 | (58 | ) | |||||||||||||||||||||||||||||||||||||||||||
Corporate | 4,922 | 4,737 | (185 | ) | 1,225 | 1,064 | (161 | ) | 6,147 | 5,801 | (346 | ) | |||||||||||||||||||||||||||||||||||||||||||
Foreign govt./govt. agencies | 2,961 | 2,868 | (93 | ) | 343 | 260 | (83 | ) | 3,304 | 3,128 | (176 | ) | |||||||||||||||||||||||||||||||||||||||||||
Municipal | 3,150 | 2,994 | (156 | ) | 190 | 162 | (28 | ) | 3,340 | 3,156 | (184 | ) | |||||||||||||||||||||||||||||||||||||||||||
RMBS | 2,046 | 2,008 | (38 | ) | 591 | 547 | (44 | ) | 2,637 | 2,555 | (82 | ) | |||||||||||||||||||||||||||||||||||||||||||
U.S. Treasuries | 2,914 | 2,862 | (52 | ) | 33 | 26 | (7 | ) | 2,947 | 2,888 | (59 | ) | |||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities, AFS | 17,835 | 17,280 | (555 | ) | 5,402 | 4,927 | (473 | ) | 23,237 | 22,207 | (1,028 | ) | |||||||||||||||||||||||||||||||||||||||||||
Equity securities, AFS [2] | 196 | 188 | (8 | ) | 223 | 182 | (41 | ) | 419 | 370 | (49 | ) | |||||||||||||||||||||||||||||||||||||||||||
Total securities in an unrealized loss position | $ | 18,031 | $ | 17,468 | $ | (563 | ) | $ | 5,625 | $ | 5,109 | $ | (514 | ) | $ | 23,656 | $ | 22,577 | $ | (1,077 | ) | ||||||||||||||||||||||||||||||||||
[1] | Unrealized losses exclude the change in fair value of bifurcated embedded derivative features of certain securities. Subsequent changes in fair value are recorded in net realized capital gains (losses). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Loans [Table Text Block] | Mortgage Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | 31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost [1] | Valuation Allowance | Carrying Value | Amortized Cost [1] | Valuation Allowance | Carrying Value | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial mortgage loans | $ | 5,574 | $ | (18 | ) | $ | 5,556 | $ | 5,665 | $ | (67 | ) | $ | 5,598 | |||||||||||||||||||||||||||||||||||||||||
[1] | Amortized cost represents carrying value prior to valuation allowances, if any. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valuation Allowance for Mortgage Loans [Table Text Block] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of January 1 | $ | (67 | ) | $ | (68 | ) | $ | (102 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
(Additions)/Reversals | (4 | ) | (2 | ) | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deductions | 53 | 3 | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31 | $ | (18 | ) | $ | (67 | ) | $ | (68 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial Mortgage Loans Credit Quality [Table Text Block] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Mortgage Loans Credit Quality | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | 31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan-to-value | Carrying Value | Avg. Debt-Service Coverage Ratio | Carrying Value | Avg. Debt-Service Coverage Ratio | |||||||||||||||||||||||||||||||||||||||||||||||||||
Greater than 80% | $ | 53 | 1.07x | $ | 101 | 0.99x | |||||||||||||||||||||||||||||||||||||||||||||||||
65% - 80% | 789 | 1.75x | 1,195 | 1.82x | |||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 65% | 4,714 | 2.66x | 4,302 | 2.53x | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial mortgage loans | $ | 5,556 | 2.51x | $ | 5,598 | 2.34x | |||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Loans by Region [Table Text Block] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Loans by Region | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | 31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Value | Percent of Total | Carrying Value | Percent of Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
East North Central | $ | 211 | 3.8 | % | $ | 187 | 3.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Middle Atlantic | 468 | 8.4 | % | 409 | 7.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Mountain | 88 | 1.6 | % | 104 | 1.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
New England | 381 | 6.9 | % | 353 | 6.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Pacific | 1,607 | 29 | % | 1,587 | 28.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
South Atlantic | 1,019 | 18.3 | % | 899 | 16.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
West North Central | 44 | 0.8 | % | 47 | 0.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
West South Central | 302 | 5.4 | % | 338 | 6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Other [1] | 1,436 | 25.8 | % | 1,674 | 30 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Total mortgage loans | $ | 5,556 | 100 | % | $ | 5,598 | 100 | % | |||||||||||||||||||||||||||||||||||||||||||||||
[1] | Primarily represents loans collateralized by multiple properties in various regions. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Loans by Property Type [Table Text Block] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Loans by Property Type | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | 31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Value | Percent of Total | Carrying Value | Percent of Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agricultural | $ | 46 | 0.8 | % | $ | 125 | 2.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Industrial | 1,476 | 26.6 | % | 1,718 | 30.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Lodging | 26 | 0.5 | % | 27 | 0.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Multifamily | 1,190 | 21.4 | % | 1,155 | 20.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Office | 1,517 | 27.3 | % | 1,278 | 22.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Retail | 1,147 | 20.6 | % | 1,140 | 20.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Other | 154 | 2.8 | % | 155 | 2.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Total mortgage loans | $ | 5,556 | 100 | % | $ | 5,598 | 100 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities [Table Text Block] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | 31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets | Total Liabilities [1] | Maximum Exposure to Loss [2] | Total Assets | Total Liabilities [1] | Maximum Exposure to Loss [2] | ||||||||||||||||||||||||||||||||||||||||||||||||||
CDOs [3] | $ | 5 | $ | 5 | $ | — | $ | 31 | $ | 33 | $ | — | |||||||||||||||||||||||||||||||||||||||||||
Investment funds [4] | 238 | — | 243 | 164 | — | 173 | |||||||||||||||||||||||||||||||||||||||||||||||||
Limited partnerships and other alternative investments | 3 | 1 | 2 | 4 | — | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 246 | $ | 6 | $ | 245 | $ | 199 | $ | 33 | $ | 177 | |||||||||||||||||||||||||||||||||||||||||||
[1] | Included in other liabilities in the Company’s Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | The maximum exposure to loss represents the maximum loss amount that the Company could recognize as a reduction in net investment income or as a realized capital loss and is the cost basis of the Company’s investment. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Total assets included in fixed maturities, AFS and short-term investments, or cash in the Company’s Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Total assets included in fixed maturities, FVO, short-term investments, and equity, AFS in the Company's Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional and Fair Value for GMWB Hedging Instruments [Table Text Block] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional Amount | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Customized swaps | $ | 7,041 | $ | 7,839 | $ | 124 | $ | 74 | |||||||||||||||||||||||||||||||||||||||||||||||
Equity swaps, options, and futures | 3,761 | 4,237 | 39 | 44 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps and futures | 3,640 | 6,615 | 11 | (77 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 14,442 | $ | 18,691 | $ | 174 | $ | 41 | |||||||||||||||||||||||||||||||||||||||||||||||
Notional and Fair Value for Macro Hedge Program [Table Text Block] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional Amount | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity options and swaps | $ | 5,983 | $ | 9,934 | $ | 141 | $ | 139 | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency options | 400 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 6,383 | $ | 9,934 | $ | 141 | $ | 139 | |||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Derivatives | Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional Amount | Fair Value | Fair Value | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedge Designation/ Derivative Type | Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2014 | Dec 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 3,999 | $ | 5,026 | $ | 44 | $ | (92 | ) | $ | 52 | $ | 50 | $ | (8 | ) | $ | (142 | ) | ||||||||||||||||||||||||||||||||||||
Foreign currency swaps | 143 | 143 | (19 | ) | (5 | ) | 3 | 2 | (22 | ) | (7 | ) | |||||||||||||||||||||||||||||||||||||||||||
Total cash flow hedges | 4,142 | 5,169 | 25 | (97 | ) | 55 | 52 | (30 | ) | (149 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Fair value hedges | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | 32 | 1,799 | — | (24 | ) | — | 3 | — | (27 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Total fair value hedges | 32 | 1,799 | — | (24 | ) | — | 3 | — | (27 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Non-qualifying strategies | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps, caps, floors, and futures | 15,254 | 8,453 | (512 | ) | (487 | ) | 536 | 171 | (1,048 | ) | (658 | ) | |||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency swaps and forwards | 177 | 258 | 1 | (9 | ) | 3 | 6 | (2 | ) | (15 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Japan fixed payout annuity hedge | 1,319 | 1,571 | (427 | ) | (354 | ) | — | — | (427 | ) | (354 | ) | |||||||||||||||||||||||||||||||||||||||||||
Japanese fixed annuity hedging instruments [1] | — | 1,436 | — | (6 | ) | — | 88 | — | (94 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Credit contracts | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit derivatives that purchase credit protection | 595 | 938 | (6 | ) | (15 | ) | 4 | 1 | (10 | ) | (16 | ) | |||||||||||||||||||||||||||||||||||||||||||
Credit derivatives that assume credit risk [2] | 1,487 | 1,886 | 3 | 33 | 14 | 36 | (11 | ) | (3 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Credit derivatives in offsetting positions | 5,343 | 7,764 | (3 | ) | (7 | ) | 53 | 76 | (56 | ) | (83 | ) | |||||||||||||||||||||||||||||||||||||||||||
Equity contracts | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity index swaps and options | 635 | 358 | 2 | (1 | ) | 31 | 19 | (29 | ) | (20 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Variable annuity hedge program | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
GMWB product derivative [3] | 17,908 | 21,512 | (139 | ) | (36 | ) | — | — | (139 | ) | (36 | ) | |||||||||||||||||||||||||||||||||||||||||||
GMWB reinsurance contracts | 3,659 | 4,508 | 56 | 29 | 56 | 29 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
GMWB hedging instruments | 14,442 | 18,691 | 174 | 41 | 289 | 333 | (115 | ) | (292 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Macro hedge program | 6,383 | 9,934 | 141 | 139 | 180 | 178 | (39 | ) | (39 | ) | |||||||||||||||||||||||||||||||||||||||||||||
International program product derivatives [1] | — | 366 | — | 6 | — | 6 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
International program hedging instruments [1] | — | 73,048 | — | (33 | ) | — | 866 | — | (899 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contingent capital facility put option | 500 | 500 | 12 | 17 | 12 | 17 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Modified coinsurance reinsurance contracts | 974 | 1,250 | 34 | 67 | 34 | 67 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total non-qualifying strategies | 68,676 | 152,473 | (664 | ) | (616 | ) | 1,212 | 1,893 | (1,876 | ) | (2,509 | ) | |||||||||||||||||||||||||||||||||||||||||||
Total cash flow hedges, fair value hedges, and non-qualifying strategies | $ | 72,850 | $ | 159,441 | $ | (639 | ) | $ | (737 | ) | $ | 1,267 | $ | 1,948 | $ | (1,906 | ) | $ | (2,685 | ) | |||||||||||||||||||||||||||||||||||
Balance Sheet Location | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale | $ | 454 | $ | 473 | $ | 2 | $ | (2 | ) | $ | 2 | $ | 1 | $ | — | $ | (3 | ) | |||||||||||||||||||||||||||||||||||||
Other investments | 23,014 | 53,219 | 364 | 442 | 624 | 909 | (260 | ) | (467 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 26,791 | 78,064 | (930 | ) | (1,225 | ) | 551 | 936 | (1,481 | ) | (2,161 | ) | |||||||||||||||||||||||||||||||||||||||||||
Reinsurance recoverables | 4,633 | 5,758 | 90 | 96 | 90 | 96 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Other policyholder funds and benefits payable | 17,958 | 21,927 | (165 | ) | (48 | ) | — | 6 | (165 | ) | (54 | ) | |||||||||||||||||||||||||||||||||||||||||||
Total derivatives | $ | 72,850 | $ | 159,441 | $ | (639 | ) | $ | (737 | ) | $ | 1,267 | $ | 1,948 | $ | (1,906 | ) | $ | (2,685 | ) | |||||||||||||||||||||||||||||||||||
[1] | Represents hedge programs formerly associated with the Japan variable and fixed annuity products which were terminated due to the sale of HLIKK during 2014. For further information on the sale, see Note 2 - Business Dispositions of Notes to the Consolidated Financial Statements. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | The derivative instruments related to this strategy are held for other investment purposes. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | These derivatives are embedded within liabilities and are not held for risk management purposes. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offsetting Assets [Table Text Block] | As of December 31, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(i) | (ii) | (iii) =i) - (ii) | (iv) | (v) =iii) - (iv) | (i) | (ii) | (iii) =i) - (ii) | (iv) | (v) =iii) - (iv) | ||||||||||||||||||||||||||||||||||||||||||||||
Net Amounts Presented in the Statement of Financial Position | Collateral Disallowed for Offset in the Statement of Financial Position | Net Amounts Presented in the Statement of Financial Position | Collateral Disallowed for Offset in the Statement of Financial Position | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Financial Position | Derivative Assets [1] | Accrued Interest and Cash Collateral Received [2] | Financial Collateral Received [4] | Net Amount | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Financial Position | Derivative Assets [1] | Accrued Interest and Cash Collateral Received [2] | Financial Collateral Received [4] | Net Amount | ||||||||||||||||||||||||||||||||||||||||||||
Description | Description | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments | $ | 1,175 | $ | 969 | $ | 364 | $ | (158 | ) | $ | 109 | $ | 97 | Other investments | $ | 1,845 | $ | 1,463 | $ | 442 | $ | (60 | ) | $ | 242 | $ | 140 | ||||||||||||||||||||||||||||
Offsetting Liabilities [Table Text Block] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Financial Position | Derivative Liabilities [3] | Accrued Interest and Cash Collateral Pledged [3] | Financial Collateral Pledged [4] | Net Amount | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Financial Position | Derivative Liabilities [3] | Accrued Interest and Cash Collateral Pledged [3] | Financial Collateral Pledged [4] | Net Amount | ||||||||||||||||||||||||||||||||||||||||||||
Description | Description | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | $ | (1,741 | ) | $ | (799 | ) | $ | (927 | ) | $ | (15 | ) | $ | (1,079 | ) | $ | 137 | Other liabilities | $ | (2,626 | ) | $ | (1,496 | ) | $ | (1,223 | ) | $ | 93 | $ | (1,204 | ) | $ | 74 | |||||||||||||||||||||
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | Net Realized Capital Gains(Losses) Recognized in Income on Derivative (Ineffective Portion) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 150 | $ | (315 | ) | $ | 120 | $ | 2 | $ | (3 | ) | $ | — | |||||||||||||||||||||||||||||||||||||||||
Foreign currency swaps | (10 | ) | 12 | (31 | ) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 140 | $ | (303 | ) | $ | 89 | $ | 2 | $ | (3 | ) | $ | — | |||||||||||||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Location | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | Net realized capital gain/(loss) | $ | (1 | ) | $ | 91 | $ | 90 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | Net investment income | 87 | 97 | 140 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency swaps | Net realized capital gain/(loss) | (13 | ) | 4 | (6 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 73 | $ | 192 | $ | 224 | |||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives in Fair Value Hedging Relationships [Table Text Block] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives in Fair Value Hedging Relationships | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) Recognized in Income [1] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative | Hedged Item | Derivative | Hedged Item | Derivative | Hedged Item | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized capital gains (losses) | $ | (3 | ) | $ | 1 | $ | 7 | $ | (12 | ) | $ | (4 | ) | $ | 2 | ||||||||||||||||||||||||||||||||||||||||
Foreign currency swaps | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized capital gains (losses) | — | — | 1 | (1 | ) | (7 | ) | 7 | |||||||||||||||||||||||||||||||||||||||||||||||
Benefits, losses and loss adjustment expenses | — | — | (2 | ) | 2 | (6 | ) | 6 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | (3 | ) | $ | 1 | $ | 6 | $ | (11 | ) | $ | (17 | ) | $ | 15 | ||||||||||||||||||||||||||||||||||||||||
[1] | The amounts presented do not include the periodic net coupon settlements of the derivative or the coupon income (expense) related to the hedged item. The net of the amounts presented represents the ineffective portion of the hedge | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain or Loss Recognized with in Net Realized Capital Gains Losses on Non Qualifying Strategies [Table Text Block] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-qualifying Strategies | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) Recognized within Net Realized Capital Gains (Losses) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps, caps, floors, and forwards | $ | (172 | ) | $ | 50 | $ | 22 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency swaps and forwards | 6 | 5 | 19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Japan fixed payout annuity hedge [1] | (148 | ) | (268 | ) | (300 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Credit contracts | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit derivatives that purchase credit protection | (10 | ) | (38 | ) | (61 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Credit derivatives that assume credit risk | 16 | 71 | 291 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity contracts | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity index swaps and options | 3 | (33 | ) | (39 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Variable annuity hedge program | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
GMWB product derivative | (2 | ) | 1,306 | 1,430 | |||||||||||||||||||||||||||||||||||||||||||||||||||
GMWB reinsurance contracts | 4 | (192 | ) | (280 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
GMWB hedging instruments | 3 | (852 | ) | (631 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Macro hedge program | (11 | ) | (234 | ) | (340 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contingent capital facility put option | (6 | ) | (7 | ) | (6 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Modified coinsurance reinsurance contracts | (34 | ) | 67 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments formerly associated with Japan [3] | (2 | ) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total [2] | $ | (353 | ) | $ | (125 | ) | $ | 105 | |||||||||||||||||||||||||||||||||||||||||||||||
[1] | The associated liability is adjusted for changes in spot rates through realized capital gains and was $116, $250 and $189 for the years ended December 31, 2014, 2013 and 2012, respectively, which is not presented in this table | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 5 - Fair Value Measurements. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | These amounts relate to the termination of the hedging program associated with the Japan variable annuity product due to the sale of HLIKK. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Credit Derivatives [Table Text Block] | The following tables present the notional amount, fair value, weighted average years to maturity, underlying referenced credit obligation type and average credit ratings, and offsetting notional amounts and fair value for credit derivatives in which the Company is assuming credit risk as of December 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Underlying Referenced Credit Obligation(s) [1] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Derivative type by derivative risk exposure | Notional Amount [2] | Fair Value | Weighted Average Years to Maturity | Type | Average Credit Rating | Offsetting Notional Amount [3] | Offsetting Fair Value [3] | ||||||||||||||||||||||||||||||||||||||||||||||||
Single name credit default swaps | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment grade risk exposure | $ | 320 | $ | 5 | 2 years | Corporate Credit/ | BBB+ | $ | 247 | $ | (5 | ) | |||||||||||||||||||||||||||||||||||||||||||
Foreign Gov. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Below investment grade risk exposure | 29 | — | 2 years | Corporate Credit | BB | 29 | (1 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Basket credit default swaps [4] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment grade risk exposure | 2,546 | 33 | 3 years | Corporate Credit | BBB | 1,973 | (25 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Below investment grade risk exposure | 38 | (1 | ) | 12 years | Corporate Credit | D | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Investment grade risk exposure | 722 | (12 | ) | 6 years | CMBS Credit | AA+ | 269 | 3 | |||||||||||||||||||||||||||||||||||||||||||||||
Below investment grade risk exposure | 154 | (22 | ) | 2 years | CMBS Credit | CCC+ | 154 | 23 | |||||||||||||||||||||||||||||||||||||||||||||||
Embedded credit derivatives | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment grade risk exposure | 350 | 342 | 2 years | Corporate Credit | A | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Total [5] | $ | 4,159 | $ | 345 | $ | 2,672 | $ | (5 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unifying Referenced Credit Obligation(s) [1] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Derivative type by derivative risk exposure | Notional Amount [2] | Fair Value | Weighted Average Years to Maturity | Type | Average Credit Rating | Offsetting Notional Amount [3] | Offsetting Fair Value [3] | ||||||||||||||||||||||||||||||||||||||||||||||||
Single name credit default swaps | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment grade risk exposure | $ | 1,259 | $ | 8 | 1 year | Corporate Credit/ | A | $ | 1,066 | $ | (9 | ) | |||||||||||||||||||||||||||||||||||||||||||
Foreign Gov. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Below investment grade risk exposure | 24 | — | 1 year | Corporate Credit | CCC | 24 | (1 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Basket credit default swaps [4] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment grade risk exposure | 3,447 | 50 | 3 years | Corporate Credit | BBB | 2,270 | (35 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Below investment grade risk exposure | 166 | 15 | 5 years | Corporate Credit | BB- | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment grade risk exposure | 327 | (7 | ) | 3 years | CMBS Credit | A | 327 | 7 | |||||||||||||||||||||||||||||||||||||||||||||||
Below investment grade risk exposure | 195 | (31 | ) | 3 years | CMBS Credit | B- | 195 | 31 | |||||||||||||||||||||||||||||||||||||||||||||||
Embedded credit derivatives | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment grade risk exposure | 350 | 339 | 3 years | Corporate Credit | BBB+ | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Total [5] | $ | 5,768 | $ | 374 | $ | 3,882 | $ | (7 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
[1] | The average credit ratings are based on availability and the midpoint of the applicable ratings among Moody’s, S&P, Fitch and Morningstar. If no rating is available from a rating agency, then an internally developed rating is used. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Notional amount is equal to the maximum potential future loss amount. These derivatives are governed by agreements, clearing house rules and applicable law which include collateral posting requirements. There is no additional specific collateral related to these contracts or recourse provisions included in the contracts to offset losses. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | The Company has entered into offsetting credit default swaps to terminate certain existing credit default swaps, thereby offsetting the future changes in value of, or losses paid related to, the original swap. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Includes $3.5 billion and $4.1 billion as of December 31, 2014 and 2013, respectively, of standard market indices of diversified portfolios of corporate and CMBS issuers referenced through credit default swaps. These swaps are subsequently valued based upon the observable standard market index. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 5 - |
Reinsurance_Level_3_Tables
Reinsurance Level 3 (Tables) (USD $) | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | |||||||||
Reinsurance Disclosures [Abstract] | |||||||||||
Reinsurance Recoverables, Net [Table Text Block] | The Company's reinsurance recoverables are summarized as follows: | ||||||||||
As of December 31, | |||||||||||
2014 | 2013 | ||||||||||
Property and Casualty Insurance Products: | |||||||||||
Paid loss and loss adjustment expenses | $ | 133 | $ | 138 | |||||||
Unpaid loss and loss adjustment expenses | 2,868 | 2,841 | |||||||||
Gross reinsurance recoverables | 3,001 | 2,979 | |||||||||
Allowance for uncollectible reinsurance | (271 | ) | (244 | ) | |||||||
Net reinsurance recoverables | $ | 2,730 | $ | 2,735 | |||||||
Life Insurance Products: | |||||||||||
Future policy benefits and unpaid loss and loss adjustment expenses and other policyholder funds and benefits payable | |||||||||||
Sold businesses (MassMutual and Prudential) | $ | 18,997 | $ | 19,374 | |||||||
Other reinsurers | 1,193 | 1,221 | |||||||||
Net reinsurance recoverables [1] | $ | 20,190 | $ | 20,595 | |||||||
Reinsurance recoverables, net | $ | 22,920 | $ | 23,330 | |||||||
Life insurance fees, earned premiums and other | |||||||||||
For the years ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Gross earned premiums, fees and other considerations | $ | 6,029 | $ | 6,435 | $ | 6,905 | |||||
Reinsurance assumed | 193 | 138 | 137 | ||||||||
Reinsurance ceded | (1,720 | ) | (1,780 | ) | (524 | ) | |||||
Net earned premiums, fees and other considerations | $ | 4,502 | $ | 4,793 | $ | 6,518 | |||||
Effect of reinsurance on property and casualty premiums written and earned | |||||||||||
For the years ended December 31, | |||||||||||
Premiums Written | 2014 | 2013 | 2012 | ||||||||
Direct | $ | 10,571 | $ | 10,564 | $ | 10,405 | |||||
Assumed | 275 | 247 | 230 | ||||||||
Ceded | (602 | ) | (882 | ) | (788 | ) | |||||
Net | $ | 10,244 | $ | 9,929 | $ | 9,847 | |||||
Premiums Earned | |||||||||||
Direct | $ | 10,531 | $ | 10,494 | $ | 10,484 | |||||
Assumed | 264 | 241 | 205 | ||||||||
Ceded | (699 | ) | (871 | ) | (796 | ) | |||||
Net | $ | 10,096 | $ | 9,864 | $ | 9,893 | |||||
Reinsurance Recoverables | $22,920 | $23,330 |
Deferred_Policy_Acquisition_Co1
Deferred Policy Acquisition Costs and Present Value of Future Profits Level 3 (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Deferred Policy Acquisition Costs and Present Value of Future Profits [Abstract] | ||||||||||
Deferred Policy Acquisition Costs [Table Text Block] | Changes in the DAC balance are as follows: | |||||||||
For the years ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Balance, beginning of period | $ | 2,161 | $ | 5,725 | $ | 6,556 | ||||
Deferred Costs | 1,364 | 1,330 | 1,639 | |||||||
Amortization — DAC | (1,593 | ) | (1,615 | ) | (1,844 | ) | ||||
Amortization — Unlock charge, pre-tax [1] | (136 | ) | (1,086 | ) | (144 | ) | ||||
Amortization — DAC related to business dispositions [2] [3] | — | (2,229 | ) | — | ||||||
Adjustments to unrealized gains and losses on securities AFS and other | 27 | 122 | (364 | ) | ||||||
Effect of currency translation | — | (86 | ) | (118 | ) | |||||
Balance, end of period | $ | 1,823 | $ | 2,161 | $ | 5,725 | ||||
[1] | Includes Unlock charge of $887 related to elimination of future estimated gross profits on the Japan variable annuity block in the first quarter of 2013. As a result of the Japan annuity business sale completed in June 2014, this Unlock charge has been reclassified to discontinued operations. For further information regarding this transaction, see Note 2 - Business Dispositions of Notes to Consolidated Financial Statements. | |||||||||
[2] | Includes accelerated amortization of $352 and $2,374 recognized upon the sale of the Retirement Plans and Individual Life businesses, respectively, in 2013. For further information, see Note 2 - Business Dispositions of Notes to Consolidated Financial Statements. | |||||||||
[3] | Includes previously unrealized gains on securities AFS of $148 and $349 recognized upon the sale of the Retirement Plans and Individual Life businesses, respectively, in 2013. | |||||||||
Changes in the DAC balance are as follows: | ||||||||||
For the years ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Balance, beginning of period | $ | 2,161 | $ | 5,725 | $ | 6,556 | ||||
Deferred Costs | 1,364 | 1,330 | 1,639 | |||||||
Amortization — DAC | (1,593 | ) | (1,615 | ) | (1,844 | ) | ||||
Amortization — Unlock charge, pre-tax [1] | (136 | ) | (1,086 | ) | (144 | ) | ||||
Amortization — DAC related to business dispositions [2] [3] | — | (2,229 | ) | — | ||||||
Adjustments to unrealized gains and losses on securities AFS and other | 27 | 122 | (364 | ) | ||||||
Effect of currency translation | — | (86 | ) | (118 | ) | |||||
Balance, end of period | $ | 1,823 | $ | 2,161 | $ | 5,725 | ||||
Goodwill_Level_3_Tables
Goodwill Level 3 (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Goodwill, Impaired [Abstract] | ||||||||||
Carrying amount of goodwill allocated to reporting segment | The carrying value of goodwill allocated to reporting units as of December 31, 2014 and 2013 is as follows: | |||||||||
Gross | Accumulated Impairments | Carrying Value | ||||||||
Personal Lines | $ | 119 | $ | — | $ | 119 | ||||
Mutual Funds | 149 | — | 149 | |||||||
Corporate [1] | 585 | (355 | ) | 230 | ||||||
Total | $ | 853 | $ | (355 | ) | $ | 498 | |||
[1] | Carrying value as of December 31, 2014 and 2013 includes $138 and $92 for the Group Benefits and Mutual Funds reporting units, respectively. |
Separate_Accounts_Death_Benefi1
Separate Accounts, Death Benefits, and Other Insurance Benefits Level 3 (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Separate Accounts Disclosure [Abstract] | |||||||||||
Schedule of Minimum Guaranteed Benefit Liabilities [Table Text Block] | |||||||||||
U.S. GMDB/GMWB [1] | International | Universal Life Secondary | |||||||||
GMDB/GMIB | Guarantees | ||||||||||
Liability balance as of January 1, 2014 | $ | 849 | $ | 272 | $ | 1,802 | |||||
Incurred | 173 | 28 | 236 | ||||||||
Paid | (110 | ) | (15 | ) | — | ||||||
Unlock | (100 | ) | (41 | ) | 3 | ||||||
Impact of Japan business disposition | — | (254 | ) | — | |||||||
Currency translation adjustment | — | 10 | — | ||||||||
Liability balance as of December 31, 2014 | $ | 812 | $ | — | $ | 2,041 | |||||
Reinsurance recoverable asset, as of January 1, 2014 | $ | 533 | $ | 23 | $ | 1,802 | |||||
Incurred | 99 | 4 | 239 | ||||||||
Paid | (85 | ) | (4 | ) | — | ||||||
Unlock | (66 | ) | 3 | — | |||||||
Impact of Japan business disposition | — | (27 | ) | — | |||||||
Currency translation adjustment | — | 1 | — | ||||||||
Reinsurance recoverable asset, as of December 31, 2014 | $ | 481 | $ | — | $ | 2,041 | |||||
U.S. GMDB/GMWB [1] | International | Universal Life Secondary | |||||||||
GMDB/GMIB | Guarantees | ||||||||||
Liability balance as of January 1, 2013 | $ | 918 | $ | 661 | $ | 363 | |||||
Incurred | 182 | 82 | 292 | ||||||||
Paid | (135 | ) | (73 | ) | — | ||||||
Unlock | (116 | ) | (301 | ) | 2 | ||||||
Impact of reinsurance transactions (MassMutual and Prudential) | — | — | 1,145 | ||||||||
Currency translation adjustment | — | (97 | ) | — | |||||||
Liability balance as of December 31, 2013 | $ | 849 | $ | 272 | $ | 1,802 | |||||
Reinsurance recoverable asset, as of January 1, 2013 | $ | 608 | $ | 36 | $ | 21 | |||||
Incurred | 104 | 9 | 296 | ||||||||
Paid | (98 | ) | (14 | ) | — | ||||||
Unlock | (81 | ) | (2 | ) | — | ||||||
Impact of reinsurance transactions (MassMutual and Prudential) | — | — | 1,485 | ||||||||
Currency translation adjustment | — | (6 | ) | — | |||||||
Reinsurance recoverable asset, as of December 31, 2013 | $ | 533 | $ | 23 | $ | 1,802 | |||||
[1] | These liability balances include all GMDB benefits, plus the life-contingent portion of GMWB benefits in excess of the return of the GRB. GMWB benefits up to the return of the GRB are embedded derivatives held at fair value and are excluded from these balances. | ||||||||||
Account Value by GMDB Type [Table Text Block] | |||||||||||
Account Value by GMDB/GMWB Type | |||||||||||
Maximum anniversary value (“MAV”) [1] | Account | Net Amount | Retained Net Amount at Risk (“RNAR”) [9] | Weighted Average | |||||||
Value | at Risk | Attained Age of | |||||||||
(“AV”) [8] | (“NAR”) [9] | Annuitant | |||||||||
MAV only | $ | 17,435 | $ | 2,590 | $ | 396 | 70 | ||||
With 5% rollup [2] | 1,451 | 209 | 59 | 70 | |||||||
With Earnings Protection Benefit Rider (“EPB”) [3] | 4,342 | 579 | 83 | 68 | |||||||
With 5% rollup & EPB | 547 | 115 | 25 | 71 | |||||||
Total MAV | 23,775 | 3,493 | 563 | ||||||||
Asset Protection Benefit (“APB”) [4] | 15,183 | 228 | 151 | 68 | |||||||
Lifetime Income Benefit (“LIB”) – Death Benefit [5] | 624 | 7 | 7 | 68 | |||||||
Reset [6] (5-7 years) | 3,036 | 22 | 22 | 69 | |||||||
Return of Premium (“ROP”) [7]/Other | 10,243 | 57 | 50 | 68 | |||||||
Subtotal Variable Annuity with GMDB/GMWB [10] | 52,861 | 3,807 | 793 | 69 | |||||||
Less: General Account Value with GMDB/GMWB | 4,009 | ||||||||||
Subtotal Separate Account Liabilities with GMDB | $ | 48,852 | |||||||||
Separate Account Liabilities without GMDB | $ | 85,850 | |||||||||
Total Separate Account Liabilities | $ | 134,702 | |||||||||
[1] | MAV GMDB is the greatest of current AV, net premiums paid and the highest AV on any anniversary before age 80 years (adjusted for withdrawals). | ||||||||||
[2] | Rollup GMDB is the greatest of the MAV, current AV, net premium paid and premiums (adjusted for withdrawals) accumulated at generally 5% simple interest up to the earlier of age 80 years or 100% of adjusted premiums. | ||||||||||
[3] | EPB GMDB is the greatest of the MAV, current AV, or contract value plus a percentage of the contract’s growth. The contract’s growth is AV less premiums net of withdrawals, subject to a cap of 200% of premiums net of withdrawals. | ||||||||||
[4] | APB GMDB is the greater of current AV or MAV, not to exceed current AV plus 25% times the greater of net premiums and MAV (each adjusted for premiums in the past 12 months). | ||||||||||
[5] | LIB GMDB is the greatest of current AV, net premiums paid, or for certain contracts a benefit amount that ratchets over time, generally based on market performance. | ||||||||||
[6] | Reset GMDB is the greatest of current AV, net premiums paid and the most recent five to seven year anniversary AV before age 80 years (adjusted for withdrawals). | ||||||||||
[7] | ROP GMDB is the greater of current AV or net premiums paid. | ||||||||||
[8] | AV includes the contract holder’s investment in the separate account and the general account. | ||||||||||
[9] | NAR is defined as the guaranteed benefit in excess of the current AV. RNAR represents NAR reduced for reinsurance. NAR and RNAR are highly sensitive to equity markets movements and increase when equity markets decline. | ||||||||||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Table Text Block] | |||||||||||
Asset type | As of December 31, 2014 | As of December 31, 2013 | |||||||||
Equity securities (including mutual funds) | $ | 44,786 | $ | 52,858 | |||||||
Cash and cash equivalents | 4,066 | 4,605 | |||||||||
Total | $ | 48,852 | $ | 57,463 | |||||||
Reserves_for_Future_Policy_Ben1
Reserves for Future Policy Benefits and Unpaid Losses and Loss Adjustment Expenses Level 3 (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||||||||
Property and Casualty Insurance Products Rollforward of Liabilities for Unpaid Losses and Loss Adjustment Expenses | ||||||||||
For the years ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Auto liability | $ | 25 | $ | 144 | $ | (25 | ) | |||
Homeowners | (7 | ) | (6 | ) | (32 | ) | ||||
Professional liability | (17 | ) | (29 | ) | 40 | |||||
Package business | 3 | 2 | (20 | ) | ||||||
General liability | (25 | ) | (75 | ) | (87 | ) | ||||
Bond | 8 | (8 | ) | (9 | ) | |||||
Commercial property | 2 | (7 | ) | (8 | ) | |||||
Net asbestos reserves | 212 | 130 | 48 | |||||||
Net environmental reserves | 30 | 12 | 10 | |||||||
Uncollectible reinsurance | — | (25 | ) | — | ||||||
Workers’ compensation | (7 | ) | (2 | ) | 78 | |||||
Workers’ compensation - NY 25a Fund for Reopened Cases | — | 80 | — | |||||||
Change in workers’ compensation discount, including accretion | 30 | 30 | 52 | |||||||
Catastrophes | (45 | ) | (63 | ) | (66 | ) | ||||
Other reserve re-estimates, net | $ | 19 | $ | 9 | $ | 15 | ||||
Total prior accident years development | $ | 228 | $ | 192 | $ | (4 | ) | |||
Life Insurance Products Liability for future policy benefits and unpaid losses and loss adjustment expenses | ||||||||||
2014 | 2013 | |||||||||
Group life term, disability and accident unpaid losses and loss adjustment expenses | $ | 6,084 | $ | 6,308 | ||||||
Group life other unpaid losses and loss adjustment expenses | 203 | 206 | ||||||||
Individual life unpaid losses and loss adjustment expenses | 171 | 167 | ||||||||
Future policy benefits | 13,180 | 12,988 | ||||||||
Future policy benefits and unpaid losses and loss adjustment expenses | $ | 19,638 | $ | 19,669 | ||||||
Group Insurance Policies [Member] | ||||||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||||||||
Property and Casualty Insurance Products Rollforward of Liabilities for Unpaid Losses and Loss Adjustment Expenses | Life Insurance Products Unpaid Losses and Loss Adjustment Expenses | |||||||||
A rollforward of liabilities for group life, disability and accident, for unpaid losses and loss adjustment expenses follows: | ||||||||||
For the years ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Beginning liabilities for unpaid losses and loss adjustment expenses, gross | $ | 6,308 | $ | 6,547 | $ | 6,547 | ||||
Reinsurance recoverables | 267 | 252 | 233 | |||||||
Beginning liabilities for unpaid losses and loss adjustment expenses, net | 6,041 | 6,295 | 6,314 | |||||||
Add provision for unpaid losses and loss adjustment expenses | ||||||||||
Current year | 2,370 | 2,534 | 2,989 | |||||||
Prior years | (11 | ) | (17 | ) | 52 | |||||
Total provision for unpaid losses and loss adjustment expenses | 2,359 | 2,517 | 3,041 | |||||||
Less payments | ||||||||||
Current year | 1,161 | 1,207 | 1,460 | |||||||
Prior years | 1,426 | 1,564 | 1,600 | |||||||
Total payments | 2,587 | 2,771 | 3,060 | |||||||
Ending liabilities for unpaid losses and loss adjustment expenses, net | 5,813 | 6,041 | 6,295 | |||||||
Reinsurance recoverables | 271 | 267 | 252 | |||||||
Ending liabilities for unpaid losses and loss adjustment expenses, gross | $ | 6,084 | $ | 6,308 | $ | 6,547 | ||||
Property, Liability and Casualty Insurance Product Line [Member] | ||||||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||||||||
Property and Casualty Insurance Products Rollforward of Liabilities for Unpaid Losses and Loss Adjustment Expenses | ||||||||||
For the years ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Beginning liabilities for unpaid losses and loss adjustment expenses, gross | $ | 21,704 | $ | 21,716 | $ | 21,550 | ||||
Reinsurance and other recoverables | 3,028 | 3,027 | 3,033 | |||||||
Beginning liabilities for unpaid losses and loss adjustment expenses, net | 18,676 | 18,689 | 18,517 | |||||||
Add provision for unpaid losses and loss adjustment expenses | ||||||||||
Current year | 6,572 | 6,621 | 7,274 | |||||||
Prior years | 228 | 192 | (4 | ) | ||||||
Total provision for unpaid losses and loss adjustment expenses | 6,800 | 6,813 | 7,270 | |||||||
Less payments | ||||||||||
Current year | 2,639 | 2,552 | 2,882 | |||||||
Prior years | 4,072 | 4,274 | 4,216 | |||||||
Total payments | 6,711 | 6,826 | 7,098 | |||||||
Ending liabilities for unpaid losses and loss adjustment expenses, net | 18,765 | 18,676 | 18,689 | |||||||
Reinsurance and other recoverables | 3,041 | 3,028 | 3,027 | |||||||
Ending liabilities for unpaid losses and loss adjustment expenses, gross | $ | 21,806 | $ | 21,704 | $ | 21,716 | ||||
Commitments_and_Contingencies_2
Commitments and Contingencies Level 3 (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ||||
Operating Leases | ||||
2015 | $ | 42 | ||
2016 | 35 | |||
2017 | 29 | |||
2018 | 22 | |||
2019 | 14 | |||
Thereafter | 12 | |||
Total minimum lease payments [1] | $ | 154 | ||
[1] | Excludes expected future minimum sublease income of approximately $3, $2, $2, $2, $2 and $3 in 2015, 2016, 2017, 2018, 2019 and thereafter respectively. |
Income_Taxes_Level_3_Tables
Income Taxes Level 3 (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||||||||||
Summary of Operating Loss Carryforwards [Table Text Block] | |||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||
2014 | 2013 | Expiration | |||||||||||||||||
Carryover amount | Expected tax benefit, gross | Carryover amount | Expected tax benefit, gross | Dates | Amount | ||||||||||||||
Net operating loss carryover | $ | 5,547 | $ | 1,936 | $ | 3,123 | $ | 1,093 | 2016 | - | 2017 | $ | 3 | ||||||
2023 | - | 2033 | $ | 5,544 | |||||||||||||||
Foreign tax credit carryover | $ | 178 | $ | 178 | $ | 163 | $ | 163 | 2018 | - | 2024 | $ | 178 | ||||||
Capital loss carryover | $ | 491 | $ | 172 | $ | — | $ | — | 2019 | $ | 491 | ||||||||
Alternative minimum tax credit carryover | $ | 652 | $ | 652 | $ | 823 | $ | 823 | No expiration | $ | — | ||||||||
Provision Benefit for Income Taxes [Table Text Block] | The provision (benefit) for income taxes consists of the following: | ||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Income Tax Expense (Benefit) | |||||||||||||||||||
Current - U.S. Federal | $ | (62 | ) | $ | 219 | $ | 33 | ||||||||||||
International | 2 | — | — | ||||||||||||||||
Total current | (60 | ) | 219 | 33 | |||||||||||||||
Deferred - U.S. Federal | 410 | 27 | (342 | ) | |||||||||||||||
Total income tax expense (benefit) | $ | 350 | $ | 246 | $ | (309 | ) | ||||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred tax assets (liabilities) include the following: | ||||||||||||||||||
As of December 31, | |||||||||||||||||||
Deferred Tax Assets | 2014 | 2013 | |||||||||||||||||
Tax discount on loss reserves | $ | 573 | $ | 632 | |||||||||||||||
Tax basis deferred policy acquisition costs | 163 | 207 | |||||||||||||||||
Unearned premium reserve and other underwriting related reserves | 456 | 434 | |||||||||||||||||
Investment-related items [1] | 1,020 | 1,641 | |||||||||||||||||
Insurance product derivatives | 44 | 13 | |||||||||||||||||
Employee benefits | 677 | 523 | |||||||||||||||||
Alternative minimum tax credit | 652 | 823 | |||||||||||||||||
Net operating loss carryover [1] | 1,936 | 1,093 | |||||||||||||||||
Foreign tax credit carryover | 178 | 163 | |||||||||||||||||
Capital loss carryover | 172 | — | |||||||||||||||||
Other | — | 63 | |||||||||||||||||
Total Deferred Tax Assets | 5,871 | 5,592 | |||||||||||||||||
Valuation Allowance | (181 | ) | (4 | ) | |||||||||||||||
Deferred Tax Assets, Net of Valuation Allowance | 5,690 | 5,588 | |||||||||||||||||
Deferred Tax Liabilities | |||||||||||||||||||
Financial statement deferred policy acquisition costs and reserves | (1,040 | ) | (894 | ) | |||||||||||||||
Net unrealized gains on investments | (1,489 | ) | (669 | ) | |||||||||||||||
Other depreciable and amortizable assets | (217 | ) | (185 | ) | |||||||||||||||
Other | (47 | ) | — | ||||||||||||||||
Total Deferred Tax Liabilities | (2,793 | ) | (1,748 | ) | |||||||||||||||
Net Deferred Tax Asset | $ | 2,897 | $ | 3,840 | |||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation of the tax provision (benefit) at the U.S. Federal statutory rate to the provision (benefit) for income taxes is as follows: | ||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Tax provision (benefit) at U.S. Federal statutory rate | $ | 595 | $ | 515 | $ | (31 | ) | ||||||||||||
Tax-exempt interest | (138 | ) | (138 | ) | (141 | ) | |||||||||||||
Dividends received deduction | (114 | ) | (139 | ) | (145 | ) | |||||||||||||
Valuation allowance | 5 | (2 | ) | — | |||||||||||||||
Other | 2 | 10 | 8 | ||||||||||||||||
Provision (benefit) for income taxes | $ | 350 | $ | 246 | $ | (309 | ) | ||||||||||||
Debt_Level_3_Tables
Debt Level 3 (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Debt Disclosure [Abstract] | |||||||
Schedule of Debt [Table Text Block] | |||||||
As of December 31, | |||||||
2014 | 2013 | ||||||
Revolving Credit Facilities | $ | — | $ | 238 | |||
Senior Notes and Debentures | |||||||
4.75% Notes, due 2014 | — | 200 | |||||
4.0% Notes, due 2015 | 289 | 289 | |||||
7.3% Notes, due 2015 | 167 | 167 | |||||
5.5% Notes, due 2016 | 275 | 275 | |||||
5.375% Notes, due 2017 | 415 | 415 | |||||
4.0% Notes, due 2017 | 295 | 295 | |||||
6.3% Notes, due 2018 | 320 | 320 | |||||
6.0% Notes, due 2019 | 413 | 413 | |||||
5.5% Notes, due 2020 | 499 | 499 | |||||
5.125% Notes, due 2022 | 797 | 796 | |||||
7.65% Notes, due 2027 | 80 | 79 | |||||
7.375% Notes, due 2031 | 63 | 63 | |||||
5.95% Notes, due 2036 | 299 | 298 | |||||
6.625% Notes, due 2040 | 295 | 295 | |||||
6.1% Notes, due 2041 | 326 | 326 | |||||
6.625% Notes, due 2042 | 178 | 178 | |||||
4.3% Notes, due 2043 | 298 | 298 | |||||
Junior Subordinated Debentures | |||||||
7.875% Notes, due 2042 | 600 | 600 | |||||
8.125% Notes, due 2068 | 500 | 500 | |||||
Total Notes and Debentures | 6,109 | 6,306 | |||||
Less: Current maturities | 456 | 200 | |||||
Long-Term Debt | 5,653 | 6,106 | |||||
Total Debt | $ | 6,109 | $ | 6,544 | |||
Long-Term Debt Maturities | |||||||
2015 | $ | 456 | |||||
2016 | 275 | ||||||
2017 | 712 | ||||||
2018 | 320 | ||||||
2019 | 413 | ||||||
Thereafter | 4,025 | ||||||
Commercial Paper and Revolving Credit Facility | Revolving Credit Facilities | ||||||
On October 31, 2014, the Company entered into a senior unsecured five-year revolving credit facility (the "Credit Facility”) that provides for up to $1.0 billion of unsecured credit through October 31, 2019, available in U.S. dollars, Euro, Sterling, Canadian dollars, and Japanese Yen, and terminated its $1.75 billion credit facility expiring January 6, 2016. As of December 31, 2014, there were no borrowings outstanding under the Credit Facility. The Credit Facility is available for general corporate purposes. Of the total availability under the Credit Facility, up to $250 is available to support letters of credit issued on behalf of the Company or subsidiaries of the Company. Under the Credit Facility, the Company must maintain a minimum level of consolidated net worth of $13.5 billion. The definition of consolidated net worth under the terms of the Credit Facility excludes AOCI and includes the Company’s outstanding junior subordinated debentures and perpetual preferred securities, net of discount. In addition, the Company’s maximum ratio of consolidated total debt to consolidated total capitalization permitted under the Credit Facility is 35%, and the maximum ratio of subsidiary debt to consolidated total capitalization is 10%. As of December 31, 2014, the Company was in compliance with all financial covenants under the Credit Facility. | |||||||
HLIKK previously had four revolving credit facilities in support of operations. These credit facilities were transfered with the sale of HLIKK on June 30, 2014. |
Equity_Level_3_Tables
Equity Level 3 (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Equity [Abstract] | ||||||||||
Statutory Net Income (Loss) | ||||||||||
For the years ended December 31, | ||||||||||
Statutory Net Income | 2014 | 2013 | 2012 | |||||||
U.S. life insurance subsidiaries, includes domestic captive insurance subsidiaries | $ | 415 | $ | 2,144 | $ | 592 | ||||
Property and casualty insurance subsidiaries | 1,228 | 1,217 | 883 | |||||||
Total | $ | 1,643 | $ | 3,361 | $ | 1,475 | ||||
Statutory Surplus | ||||||||||
As of December 31, | ||||||||||
Statutory Capital and Surplus | 2014 | 2013 | ||||||||
U.S. life insurance subsidiaries, includes domestic captive insurance subsidiaries for 2013 | $ | 7,157 | $ | 6,639 | ||||||
Property and casualty insurance subsidiaries | 8,069 | 8,022 | ||||||||
Total | $ | 15,226 | $ | 14,661 | ||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income, Net of Tax Level 3 (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | nges in AOCI, net of tax and DAC, by component consist of the following: | ||||||||||||||||||
For the year ended December 31, 2014 | |||||||||||||||||||
Net Unrealized Gain on Securities | OTTI Losses in OCI | Net Gain (Loss) on Cash Flow Hedging Instruments | Foreign Currency Translation Adjustments | Pension and Other Postretirement Plan Adjustments | Total AOCI | ||||||||||||||
Beginning balance | $ | 987 | $ | (12 | ) | $ | 108 | $ | 91 | $ | (1,253 | ) | $ | (79 | ) | ||||
OCI before reclassifications | 1,474 | 3 | 89 | 13 | (437 | ) | 1,142 | ||||||||||||
Amounts reclassified from AOCI | (91 | ) | 4 | (47 | ) | (112 | ) | 111 | (135 | ) | |||||||||
Net OCI | 1,383 | 7 | 42 | (99 | ) | (326 | ) | 1,007 | |||||||||||
Ending balance | $ | 2,370 | $ | (5 | ) | $ | 150 | $ | (8 | ) | $ | (1,579 | ) | $ | 928 | ||||
For the year ended December 31, 2013 | |||||||||||||||||||
Net Unrealized Gain on Securities | OTTI Losses in OCI | Net Gain (Loss) on Cash Flow Hedging Instruments | Foreign Currency Translation Adjustments | Pension and Other Postretirement Plan Adjustments | Total AOCI | ||||||||||||||
Beginning balance | $ | 3,418 | $ | (47 | ) | $ | 428 | $ | 406 | $ | (1,362 | ) | $ | 2,843 | |||||
OCI before reclassifications | (1,416 | ) | 51 | (195 | ) | (337 | ) | 74 | (1,823 | ) | |||||||||
Amounts reclassified from AOCI | (1,015 | ) | (16 | ) | (125 | ) | 22 | 35 | (1,099 | ) | |||||||||
Net OCI | (2,431 | ) | 35 | (320 | ) | (315 | ) | 109 | (2,922 | ) | |||||||||
Ending balance | $ | 987 | $ | (12 | ) | $ | 108 | $ | 91 | $ | (1,253 | ) | $ | (79 | ) | ||||
For the year ended December 31, 2012 | |||||||||||||||||||
Net Unrealized Gain on Securities | OTTI Losses in OCI | Net Gain (Loss) on Cash Flow Hedging Instruments | Foreign Currency Translation Adjustments | Pension and Other Postretirement Plan Adjustments | Total AOCI | ||||||||||||||
Beginning balance | $ | 1,511 | $ | (99 | ) | $ | 516 | $ | 574 | $ | (1,251 | ) | $ | 1,251 | |||||
OCI before reclassifications | 1,928 | 149 | 58 | (168 | ) | (320 | ) | 1,647 | |||||||||||
Amounts reclassified from AOCI | (21 | ) | (97 | ) | (146 | ) | — | 209 | (55 | ) | |||||||||
Net OCI | 1,907 | 52 | (88 | ) | (168 | ) | (111 | ) | 1,592 | ||||||||||
Ending balance | $ | 3,418 | $ | (47 | ) | $ | 428 | $ | 406 | $ | (1,362 | ) | $ | 2,843 | |||||
Reclassifications from AOCI consist of the following: | |||||||||||||||||||
AOCI | Amount Reclassified from AOCI | Affected Line Item in the Consolidated Statement of Operations | |||||||||||||||||
For the year ended December 31, 2014 | For the year ended December 31, 2013 | For the year ended December 31, 2012 | |||||||||||||||||
Net Unrealized Gain on Securities | |||||||||||||||||||
Available-for-sale securities [1] | $ | 217 | $ | 1,515 | $ | 32 | Net realized capital gains (losses) | ||||||||||||
217 | 1,515 | 32 | Total before tax | ||||||||||||||||
76 | 531 | 11 | Income tax expense | ||||||||||||||||
(50 | ) | 31 | — | Loss from discontinued operations, net of tax | |||||||||||||||
$ | 91 | $ | 1,015 | $ | 21 | Net income (loss) | |||||||||||||
OTTI Losses in OCI | |||||||||||||||||||
Other than temporary impairments | $ | (6 | ) | $ | 25 | $ | 149 | Net realized capital gains (losses) | |||||||||||
(6 | ) | 25 | 149 | Total before tax | |||||||||||||||
(2 | ) | 9 | 52 | Income tax expense | |||||||||||||||
(4 | ) | 16 | 97 | Net income (loss) | |||||||||||||||
Net Gain (Loss) on Cash Flow Hedging Instruments | |||||||||||||||||||
Interest rate swaps [2] | $ | (1 | ) | $ | 91 | $ | 90 | Net realized capital gains (losses) | |||||||||||
Interest rate swaps | 87 | 97 | 140 | Net investment income | |||||||||||||||
Foreign currency swaps | (13 | ) | 4 | (6 | ) | Net realized capital gains (losses) | |||||||||||||
73 | 192 | 224 | Total before tax | ||||||||||||||||
26 | 67 | 78 | Income tax expense | ||||||||||||||||
$ | 47 | $ | 125 | $ | 146 | Net income (loss) | |||||||||||||
Foreign Currency Translation Adjustments | |||||||||||||||||||
Currency translation adjustments [3] | $ | 172 | $ | (34 | ) | $ | — | Net realized capital gains (losses) | |||||||||||
172 | (34 | ) | — | Total before tax | |||||||||||||||
60 | (12 | ) | — | Income tax expense | |||||||||||||||
$ | 112 | $ | (22 | ) | $ | — | Net income (loss) | ||||||||||||
Pension and Other Postretirement Plan Adjustments | |||||||||||||||||||
Amortization of prior service costs | $ | 7 | $ | 7 | $ | (90 | ) | Insurance operating costs and other expenses | |||||||||||
Amortization of actuarial gains (losses) | (50 | ) | (61 | ) | (232 | ) | Insurance operating costs and other expenses | ||||||||||||
Settlement loss | (128 | ) | — | — | Insurance operating costs and other expenses | ||||||||||||||
(171 | ) | (54 | ) | (322 | ) | Total before tax | |||||||||||||
(60 | ) | (19 | ) | (113 | ) | Income tax expense | |||||||||||||
(111 | ) | (35 | ) | (209 | ) | Net income (loss) | |||||||||||||
Total amounts reclassified from AOCI | $ | 135 | $ | 1,099 | $ | 55 | Net income (loss) | ||||||||||||
[1] | The December 31, 2013 amount includes $1.5 billion of net unrealized gains on securities relating to the sales of the Retirement Plans and Individual Life businesses. | ||||||||||||||||||
[2] | The December 31, 2013 amount includes $71 of net gains on cash flow hedging instruments relating to the sales of the Retirement Plans and Individual Life businesses. | ||||||||||||||||||
[3] | The December 31, 2014 amount relates to the sale of the HLIKK variable and fixed annuity business and the December 31, 2013 amount relates to the sale of the UK variable annuity business. | ||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in AOCI, net of tax and DAC, by component consist of the following: | ||||||||||||||||||
For the year ended December 31, 2014 | |||||||||||||||||||
Net Unrealized Gain on Securities | OTTI Losses in OCI | Net Gain (Loss) on Cash Flow Hedging Instruments | Foreign Currency Translation Adjustments | Pension and Other Postretirement Plan Adjustments | Total AOCI | ||||||||||||||
Beginning balance | $ | 987 | $ | (12 | ) | $ | 108 | $ | 91 | $ | (1,253 | ) | $ | (79 | ) | ||||
OCI before reclassifications | 1,474 | 3 | 89 | 13 | (437 | ) | 1,142 | ||||||||||||
Amounts reclassified from AOCI | (91 | ) | 4 | (47 | ) | (112 | ) | 111 | (135 | ) | |||||||||
Net OCI | 1,383 | 7 | 42 | (99 | ) | (326 | ) | 1,007 | |||||||||||
Ending balance | $ | 2,370 | $ | (5 | ) | $ | 150 | $ | (8 | ) | $ | (1,579 | ) | $ | 928 | ||||
For the year ended December 31, 2013 | |||||||||||||||||||
Net Unrealized Gain on Securities | OTTI Losses in OCI | Net Gain (Loss) on Cash Flow Hedging Instruments | Foreign Currency Translation Adjustments | Pension and Other Postretirement Plan Adjustments | Total AOCI | ||||||||||||||
Beginning balance | $ | 3,418 | $ | (47 | ) | $ | 428 | $ | 406 | $ | (1,362 | ) | $ | 2,843 | |||||
OCI before reclassifications | (1,416 | ) | 51 | (195 | ) | (337 | ) | 74 | (1,823 | ) | |||||||||
Amounts reclassified from AOCI | (1,015 | ) | (16 | ) | (125 | ) | 22 | 35 | (1,099 | ) | |||||||||
Net OCI | (2,431 | ) | 35 | (320 | ) | (315 | ) | 109 | (2,922 | ) | |||||||||
Ending balance | $ | 987 | $ | (12 | ) | $ | 108 | $ | 91 | $ | (1,253 | ) | $ | (79 | ) | ||||
For the year ended December 31, 2012 | |||||||||||||||||||
Net Unrealized Gain on Securities | OTTI Losses in OCI | Net Gain (Loss) on Cash Flow Hedging Instruments | Foreign Currency Translation Adjustments | Pension and Other Postretirement Plan Adjustments | Total AOCI | ||||||||||||||
Beginning balance | $ | 1,511 | $ | (99 | ) | $ | 516 | $ | 574 | $ | (1,251 | ) | $ | 1,251 | |||||
OCI before reclassifications | 1,928 | 149 | 58 | (168 | ) | (320 | ) | 1,647 | |||||||||||
Amounts reclassified from AOCI | (21 | ) | (97 | ) | (146 | ) | — | 209 | (55 | ) | |||||||||
Net OCI | 1,907 | 52 | (88 | ) | (168 | ) | (111 | ) | 1,592 | ||||||||||
Ending balance | $ | 3,418 | $ | (47 | ) | $ | 428 | $ | 406 | $ | (1,362 | ) | $ | 2,843 | |||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Reclassifications from AOCI consist of the following: | ||||||||||||||||||
AOCI | Amount Reclassified from AOCI | Affected Line Item in the Consolidated Statement of Operations | |||||||||||||||||
For the year ended December 31, 2014 | For the year ended December 31, 2013 | For the year ended December 31, 2012 | |||||||||||||||||
Net Unrealized Gain on Securities | |||||||||||||||||||
Available-for-sale securities [1] | $ | 217 | $ | 1,515 | $ | 32 | Net realized capital gains (losses) | ||||||||||||
217 | 1,515 | 32 | Total before tax | ||||||||||||||||
76 | 531 | 11 | Income tax expense | ||||||||||||||||
(50 | ) | 31 | — | Loss from discontinued operations, net of tax | |||||||||||||||
$ | 91 | $ | 1,015 | $ | 21 | Net income (loss) | |||||||||||||
OTTI Losses in OCI | |||||||||||||||||||
Other than temporary impairments | $ | (6 | ) | $ | 25 | $ | 149 | Net realized capital gains (losses) | |||||||||||
(6 | ) | 25 | 149 | Total before tax | |||||||||||||||
(2 | ) | 9 | 52 | Income tax expense | |||||||||||||||
(4 | ) | 16 | 97 | Net income (loss) | |||||||||||||||
Net Gain (Loss) on Cash Flow Hedging Instruments | |||||||||||||||||||
Interest rate swaps [2] | $ | (1 | ) | $ | 91 | $ | 90 | Net realized capital gains (losses) | |||||||||||
Interest rate swaps | 87 | 97 | 140 | Net investment income | |||||||||||||||
Foreign currency swaps | (13 | ) | 4 | (6 | ) | Net realized capital gains (losses) | |||||||||||||
73 | 192 | 224 | Total before tax | ||||||||||||||||
26 | 67 | 78 | Income tax expense | ||||||||||||||||
$ | 47 | $ | 125 | $ | 146 | Net income (loss) | |||||||||||||
Foreign Currency Translation Adjustments | |||||||||||||||||||
Currency translation adjustments [3] | $ | 172 | $ | (34 | ) | $ | — | Net realized capital gains (losses) | |||||||||||
172 | (34 | ) | — | Total before tax | |||||||||||||||
60 | (12 | ) | — | Income tax expense | |||||||||||||||
$ | 112 | $ | (22 | ) | $ | — | Net income (loss) | ||||||||||||
Pension and Other Postretirement Plan Adjustments | |||||||||||||||||||
Amortization of prior service costs | $ | 7 | $ | 7 | $ | (90 | ) | Insurance operating costs and other expenses | |||||||||||
Amortization of actuarial gains (losses) | (50 | ) | (61 | ) | (232 | ) | Insurance operating costs and other expenses | ||||||||||||
Settlement loss | (128 | ) | — | — | Insurance operating costs and other expenses | ||||||||||||||
(171 | ) | (54 | ) | (322 | ) | Total before tax | |||||||||||||
(60 | ) | (19 | ) | (113 | ) | Income tax expense | |||||||||||||
(111 | ) | (35 | ) | (209 | ) | Net income (loss) | |||||||||||||
Total amounts reclassified from AOCI | $ | 135 | $ | 1,099 | $ | 55 | Net income (loss) | ||||||||||||
Employee_Benefit_Plans_Level_3
Employee Benefit Plans Level 3 (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | |||||||||||||||||||
Weighted average assumptions used in calculating net periodic benefit cost other postretirement pension plans | |||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Discount rate | 4 | % | 4.75 | % | 3.75 | % | 4.25 | % | |||||||||||
Weighted average assumptions used in calculating the net periodic benefit cost for the company pension plans | |||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Discount rate | 4.75 | % | 4 | % | 4.5 | % | |||||||||||||
Expected long-term rate of return on plan assets | 7.1 | % | 7.1 | % | 7.3 | % | |||||||||||||
Rate of increase in compensation levels | — | % | 3.75 | % | 3.75 | % | |||||||||||||
Weighted average assumptions used in calculating the net periodic benefit cost for the company other postretirement plans | |||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Discount rate | 4.25 | % | 3.5 | % | 4 | % | |||||||||||||
Expected long-term rate of return on plan assets | 7.1 | % | 7.1 | % | 7.3 | % | |||||||||||||
Assumed health care cost trend rates | |||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Pre-65 health care cost trend rate | 7.7 | % | 8.05 | % | 8.45 | % | |||||||||||||
Post-65 health care cost trend rate | 5.6 | % | 5.7 | % | 6.15 | % | |||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5 | % | 5 | % | 4.75 | % | |||||||||||||
Year that the rate reaches the ultimate trend rate | 2023 | 2021 | 2020 | ||||||||||||||||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||||||||||||||||||
Amounts recognized in other comprehensive income (loss) | |||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Amortization of actuarial loss | $ | 45 | $ | 59 | $ | 5 | $ | 2 | |||||||||||
Settlement loss | 128 | — | — | — | |||||||||||||||
Amortization of prior service credit | — | — | (7 | ) | (7 | ) | |||||||||||||
Net gain (loss) arising during the year | (622 | ) | 137 | (51 | ) | (21 | ) | ||||||||||||
Total | $ | (449 | ) | $ | 196 | $ | (53 | ) | $ | (26 | ) | ||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | |||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 2 | $ | 1 | $ | 92 | $ | — | $ | — | $ | 2 | |||||||
Interest cost | 258 | 238 | 250 | 14 | 11 | 14 | |||||||||||||
Expected return on plan assets | (325 | ) | (315 | ) | (312 | ) | (14 | ) | (14 | ) | (14 | ) | |||||||
Amortization of prior service credit | — | — | (9 | ) | (7 | ) | (7 | ) | (4 | ) | |||||||||
Amortization of actuarial loss | 45 | 59 | 231 | 5 | 2 | 1 | |||||||||||||
Settlements | 128 | — | 1 | — | — | — | |||||||||||||
Curtailment gain due to plan freeze | — | — | (11 | ) | — | — | (1 | ) | |||||||||||
Net periodic benefit cost | $ | 108 | $ | (17 | ) | $ | 242 | $ | (2 | ) | $ | (8 | ) | $ | (2 | ) | |||
Change in plan assets | |||||||||||||||||||
Other Postretirement | |||||||||||||||||||
Pension Benefits | Benefits | ||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||
Change in Plan Assets | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Fair value of plan assets — beginning of year | $ | 4,630 | $ | 4,850 | $ | 213 | $ | 220 | |||||||||||
Actual return on plan assets | 565 | (27 | ) | 16 | 13 | ||||||||||||||
Employer contributions | 101 | 101 | — | — | |||||||||||||||
Benefits paid [1] | (245 | ) | (278 | ) | (33 | ) | (20 | ) | |||||||||||
Expenses paid | (24 | ) | (15 | ) | — | — | |||||||||||||
Settlements | (319 | ) | — | — | — | ||||||||||||||
Foreign exchange adjustment | (1 | ) | (1 | ) | — | — | |||||||||||||
Fair value of plan assets — end of year | $ | 4,707 | $ | 4,630 | $ | 196 | $ | 213 | |||||||||||
Funded status — end of year | $ | (1,318 | ) | $ | (886 | ) | $ | (142 | ) | $ | (99 | ) | |||||||
Change in benefit obligation | |||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||
Change in Benefit Obligation | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Benefit obligation — beginning of year | $ | 5,516 | $ | 6,080 | $ | 312 | $ | 313 | |||||||||||
Service cost (excluding expenses) | 2 | 1 | — | — | |||||||||||||||
Interest cost | 258 | 238 | 14 | 11 | |||||||||||||||
Plan participants’ contributions | — | — | 26 | 24 | |||||||||||||||
Actuarial loss (gain) | (8 | ) | 14 | 38 | 39 | ||||||||||||||
Settlements | (319 | ) | — | — | — | ||||||||||||||
Change in assumptions | 846 | (508 | ) | 16 | (19 | ) | |||||||||||||
Benefits paid | (268 | ) | (308 | ) | (70 | ) | (58 | ) | |||||||||||
Retiree drug subsidy | — | — | 2 | 2 | |||||||||||||||
Foreign exchange adjustment | (2 | ) | (1 | ) | — | — | |||||||||||||
Benefit obligation — end of year | $ | 6,025 | $ | 5,516 | $ | 338 | $ | 312 | |||||||||||
Amounts recognized in consolidated balance sheet | |||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||
As of December 31, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Other liabilities | $ | 1,318 | $ | 886 | $ | 142 | $ | 99 | |||||||||||
Defined benefit pension plans with accumulated benefit obligation in excess of plan assets | |||||||||||||||||||
As of December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Projected benefit obligation | $ | 6,025 | $ | 5,516 | |||||||||||||||
Accumulated benefit obligation | 6,024 | 5,515 | |||||||||||||||||
Fair value of plan assets | 4,707 | 4,630 | |||||||||||||||||
Amounts in accumulated other comprehensive income (loss) on a before tax basis that have not yet been recognized as components of net periodic benefit cost | |||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||
As of December 31, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Net loss | $ | (2,428 | ) | $ | (1,979 | ) | $ | (124 | ) | $ | (77 | ) | |||||||
Prior service credit | — | — | 97 | 103 | |||||||||||||||
Total | $ | (2,428 | ) | $ | (1,979 | ) | $ | (27 | ) | $ | 26 | ||||||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||||||||||||||||
Fair value of other postretirement plan assets | |||||||||||||||||||
Other Postretirement Plan Assets | |||||||||||||||||||
at Fair Value as of December 31, 2014 | |||||||||||||||||||
Asset Category | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Short-term investments | $ | 8 | $ | 5 | $ | — | $ | 13 | |||||||||||
Fixed Income Securities: | |||||||||||||||||||
Corporate | — | 41 | 3 | 44 | |||||||||||||||
RMBS | — | 22 | 3 | 25 | |||||||||||||||
U.S. Treasuries | 1 | 44 | — | 45 | |||||||||||||||
Foreign government | — | 2 | — | 2 | |||||||||||||||
CMBS | — | 15 | — | 15 | |||||||||||||||
Other fixed income | — | 7 | — | 7 | |||||||||||||||
Equity Securities: | |||||||||||||||||||
Large-cap | 49 | — | — | 49 | |||||||||||||||
Total other postretirement plan assets at fair value [1] | $ | 58 | $ | 136 | $ | 6 | $ | 200 | |||||||||||
Other Postretirement Plan Assets | |||||||||||||||||||
at Fair Value as of December 31, 2013 | |||||||||||||||||||
Asset Category | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Short-term investments | $ | — | $ | 10 | $ | — | $ | 10 | |||||||||||
Fixed Income Securities: | |||||||||||||||||||
Corporate | — | 55 | — | 55 | |||||||||||||||
RMBS | — | 19 | — | 19 | |||||||||||||||
U.S. Treasuries | — | 38 | — | 38 | |||||||||||||||
Foreign government | — | 1 | — | 1 | |||||||||||||||
CMBS | — | 24 | — | 24 | |||||||||||||||
Other fixed income | — | 4 | — | 4 | |||||||||||||||
Equity Securities: | |||||||||||||||||||
Large-cap | — | 66 | — | 66 | |||||||||||||||
Total other postretirement plan assets at fair value [1] | $ | — | $ | 217 | $ | — | $ | 217 | |||||||||||
[1] | Excludes approximately $5 of investment payables net of investment receivables that are not carried at fair value and approximately $1 of interest receivable carried at fair value. | ||||||||||||||||||
Target allocation by asset category | |||||||||||||||||||
Target Asset Allocation | |||||||||||||||||||
Pension Plans | Other Postretirement Plans | ||||||||||||||||||
(minimum) | (maximum) | (minimum) | (maximum) | ||||||||||||||||
Equity securities | 10 | % | 25 | % | 15 | % | 35 | % | |||||||||||
Fixed income securities | 50 | % | 70 | % | 65 | % | 85 | % | |||||||||||
Alternative assets | 10 | % | 25 | % | — | % | — | % | |||||||||||
Weighted average asset allocation | |||||||||||||||||||
Pension Plans | Other Postretirement Plans | ||||||||||||||||||
Percentage of Assets | Percentage of Assets | ||||||||||||||||||
at Fair Value | at Fair Value | ||||||||||||||||||
As of December 31, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Equity securities | 21 | % | 23 | % | 25 | % | 31 | % | |||||||||||
Fixed income securities | 62 | % | 57 | % | 75 | % | 68 | % | |||||||||||
Alternative assets | 17 | % | 20 | % | — | % | 1 | % | |||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||
Pension plan asset fair value measurements using significant unobservable inputs | |||||||||||||||||||
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Assets | Corporate | RMBS | Foreign government | Other fixed income | Hedge funds | Totals | |||||||||||||
Fair Value as of January 1, 2013 | $ | 3 | $ | 3 | $ | 2 | $ | 9 | $ | 263 | $ | 280 | |||||||
Realized gains/(losses), net | — | — | — | — | (6 | ) | (6 | ) | |||||||||||
Changes in unrealized gains/(losses), net | — | — | — | (1 | ) | 2 | 1 | ||||||||||||
Purchases | 12 | — | 2 | 10 | 200 | 224 | |||||||||||||
Sales | (3 | ) | (1 | ) | — | (3 | ) | (79 | ) | (86 | ) | ||||||||
Transfers into Level 3 | — | — | — | 1 | 36 | 37 | |||||||||||||
Transfers out of Level 3 | — | — | — | (4 | ) | (55 | ) | (59 | ) | ||||||||||
Fair Value as of December 31, 2013 | $ | 12 | $ | 2 | $ | 4 | $ | 12 | $ | 361 | $ | 391 | |||||||
Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Assets | Corporate | RMBS | Foreign government | Other fixed income | Hedge funds | Totals | |||||||||||||
Fair Value as of January 1, 2014 | $ | 12 | $ | 2 | $ | 4 | $ | 12 | $ | 361 | $ | 391 | |||||||
Realized gains (losses), net | — | — | — | — | 4 | 4 | |||||||||||||
Changes in unrealized gains (losses), net | — | 7 | 1 | (5 | ) | 4 | 7 | ||||||||||||
Purchases | 12 | 3 | 2 | 6 | 219 | 242 | |||||||||||||
Sales | (5 | ) | (1 | ) | (2 | ) | (2 | ) | (183 | ) | (193 | ) | |||||||
Transfers into Level 3 | 20 | 17 | — | 7 | — | 44 | |||||||||||||
Transfers out of Level 3 | (5 | ) | — | — | (9 | ) | (224 | ) | (238 | ) | |||||||||
Fair Value as of December 31, 2014 | $ | 34 | $ | 28 | $ | 5 | $ | 9 | $ | 181 | $ | 257 | |||||||
Fair values of company pension plan assets | |||||||||||||||||||
Pension Plan Assets at Fair Value as of December 31, 2014 | |||||||||||||||||||
Asset Category | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Short-term investments: | $ | 56 | $ | 252 | $ | — | $ | 308 | |||||||||||
Fixed Income Securities: | |||||||||||||||||||
Corporate | — | 919 | 34 | 953 | |||||||||||||||
RMBS | — | 181 | 28 | 209 | |||||||||||||||
U.S. Treasuries | 24 | 1,198 | 5 | 1,227 | |||||||||||||||
Foreign government | — | 65 | 5 | 70 | |||||||||||||||
CMBS | — | 156 | — | 156 | |||||||||||||||
Other fixed income [1] | — | 93 | 4 | 97 | |||||||||||||||
Equity Securities: | |||||||||||||||||||
Large-cap domestic | 526 | — | — | 526 | |||||||||||||||
International | 435 | 3 | — | 438 | |||||||||||||||
Other investments: | |||||||||||||||||||
Hedge funds | — | 562 | 181 | 743 | |||||||||||||||
Total pension plan assets at fair value [2] | $ | 1,041 | $ | 3,429 | $ | 257 | $ | 4,727 | |||||||||||
[1] | Includes ABS, municipal bonds, and foreign bonds. | ||||||||||||||||||
[2] | Excludes approximately $42 of investment payables net of investment receivables that are excluded from this disclosure requirement because they are trade receivables in the ordinary course of business where the carrying amount approximates fair value. Also excludes approximately $22 of interest receivable. | ||||||||||||||||||
Pension Plan Assets at Fair Value as of December 31, 2013 | |||||||||||||||||||
Asset Category | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Short-term investments: | $ | 13 | $ | 364 | $ | — | $ | 377 | |||||||||||
Fixed Income Securities: | |||||||||||||||||||
Corporate | — | 890 | 12 | 902 | |||||||||||||||
RMBS | — | 156 | 2 | 158 | |||||||||||||||
U.S. Treasuries | 10 | 922 | 1 | 933 | |||||||||||||||
Foreign government | — | 42 | 4 | 46 | |||||||||||||||
CMBS | — | 196 | 1 | 197 | |||||||||||||||
Other fixed income [1] | — | 85 | 10 | 95 | |||||||||||||||
Equity Securities: | |||||||||||||||||||
Large-cap domestic | — | 514 | — | 514 | |||||||||||||||
Mid-cap domestic | 50 | — | — | 50 | |||||||||||||||
Small-cap domestic | 50 | — | — | 50 | |||||||||||||||
International | 459 | 1 | — | 460 | |||||||||||||||
Other investments: | |||||||||||||||||||
Hedge funds | — | 499 | 361 | 860 | |||||||||||||||
Total pension plan assets at fair value [2] | $ | 582 | $ | 3,669 | $ | 391 | $ | 4,642 | |||||||||||
[1] | Includes ABS and municipal bonds. | ||||||||||||||||||
[2] | Excludes approximately $34 of investment payables net of investment receivables that are excluded from this disclosure requirement because they are trade receivables in the ordinary course of business where the carrying amount approximates fair value. Also excludes approximately $22 of interest receivable. | ||||||||||||||||||
Defined Benefit Plan Prior Contributions [Table Text Block] | |||||||||||||||||||
Employer Contributions | Pension Benefits | Other Postretirement Benefits | |||||||||||||||||
2014 | $ | 101 | $ | — | |||||||||||||||
2013 | $ | 101 | $ | — | |||||||||||||||
Defined Benefit Plan, Expected Future Benefit Payments, Rolling Maturity [Abstract] | |||||||||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | |||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||
2015 | $ | 318 | $ | 42 | |||||||||||||||
2016 | 324 | 40 | |||||||||||||||||
2017 | 327 | 38 | |||||||||||||||||
2018 | 332 | 35 | |||||||||||||||||
2019 | 338 | 32 | |||||||||||||||||
2020 - 2024 | 1,735 | 123 | |||||||||||||||||
Total | $ | 3,374 | $ | 310 | |||||||||||||||
Prescription Drug Subsidy Receipts [Table Text Block] | |||||||||||||||||||
2015 | $ | 3 | |||||||||||||||||
2016 | 3 | ||||||||||||||||||
2017 | 3 | ||||||||||||||||||
2018 | 3 | ||||||||||||||||||
2019 | 3 | ||||||||||||||||||
2020 - 2024 | 18 | ||||||||||||||||||
Total | $ | 33 | |||||||||||||||||
Stock_Compensation_Plans_Level1
Stock Compensation Plans Level 3 (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Stock based Compensation Plans | |||||||||||||
For the years ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Stock-based compensation plans expense | $ | 98 | $ | 69 | $ | 95 | |||||||
Income tax benefit | (34 | ) | (24 | ) | (33 | ) | |||||||
Total stock-based compensation plans expense, after-tax | $ | 64 | $ | 45 | $ | 62 | |||||||
The risk-free rate for periods within the contractual life of the option | |||||||||||||
For the years ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Expected dividend yield | 1.70% | 1.70% | 1.30% | ||||||||||
Expected annualized spot volatility | 25.9 | % | - | 57.80% | 31.1 | % | - | 48.10% | 38.6 | % | - | 51.50% | |
Weighted average annualized volatility | 35.10% | 47.30% | 51.40% | ||||||||||
Risk-free spot rate | 0.1 | % | - | 2.80% | 0.1 | % | - | 1.90% | 0.1 | % | - | 2.00% | |
Expected term | 5.0 years | 5.0 years | 5.2 years | ||||||||||
Summary of the status of non-qualified stock options included in the company's stock plans | |||||||||||||
For the years ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Volatility of common stock | 31.60% | 42.80% | 70.00% | ||||||||||
Average volatility of peer companies | 17 | % | - | 29.00% | 20 | % | - | 36.00% | 26 | % | - | 75.00% | |
Average correlation coefficient of peer companies | 62.00% | 76.00% | 78.00% | ||||||||||
Risk-free spot rate | 0.70% | 0.40% | 0.40% | ||||||||||
Term | 3.0 years | 3.0 years | 3.0 years | ||||||||||
Number of Options | Weighted | Weighted | Aggregate | ||||||||||
(in thousands) | Average | Average | Intrinsic Value | ||||||||||
Exercise Price | Remaining | ||||||||||||
Contractual | |||||||||||||
Term | |||||||||||||
For the year ended December 31, 2014 | |||||||||||||
Outstanding at beginning of year | 4,534 | $ | 36.34 | ||||||||||
Granted | 925 | $ | 35.83 | ||||||||||
Exercised | (603 | ) | $ | 20.03 | |||||||||
Forfeited | (608 | ) | $ | 68.53 | |||||||||
Expired | (503 | ) | $ | 65.96 | |||||||||
Outstanding at end of year | 3,745 | $ | 29.64 | 7.4 years | $ | 53 | |||||||
Outstanding, fully vested and expected to vest | 3,688 | $ | 27.18 | 7.4 years | $ | 50 | |||||||
Exercisable at end of year | 1,705 | $ | 30.64 | 6.3 years | $ | 26 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable [Table Text Block] | |||||||||||||
Restricted Stock and | Performance Shares | ||||||||||||
Restricted Stock Units | |||||||||||||
Number of Shares | Weighted-Average | Number of Shares | Weighted-Average | ||||||||||
(in thousands) | Grant-Date | (in thousands) | Grant date | ||||||||||
Fair Value | Fair Value | ||||||||||||
Non-vested shares | For the year ended December 31, 2014 | ||||||||||||
Non-vested at beginning of year | 7,172 | $ | 24.26 | 1,371 | $ | 24.95 | |||||||
Granted | 1,824 | $ | 35.74 | 334 | $ | 36.45 | |||||||
Performance based adjustment | — | $ | — | 347 | $ | 20.63 | |||||||
Vested | (1,071 | ) | $ | 27.73 | (880 | ) | $ | 20.63 | |||||
Forfeited | (693 | ) | $ | 24.69 | (109 | ) | $ | 26.79 | |||||
Non-vested at end of year | 7,232 | $ | 26.59 | 1,063 | $ | 30.55 | |||||||
Discontinued_Operations_Level_1
Discontinued Operations Level 3 (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | The following table summarizes the major classes of assets and liabilities transferred by the Company in connection with the sale of HLIKK. | |||||||||
Carrying Value | ||||||||||
As of Closing | ||||||||||
Assets | ||||||||||
Cash and investments | $ | 18,733 | ||||||||
Reinsurance recoverables | $ | 46 | ||||||||
Property and equipment, net | $ | 18 | ||||||||
Other assets | $ | 988 | ||||||||
Liabilities | ||||||||||
Reserve for future policy benefits and unpaid loss and loss adjustment expenses | $ | 320 | ||||||||
Other policyholder funds and benefits payable | $ | 2,265 | ||||||||
Other policyholder funds and benefits payable - international variable annuities | $ | 16,465 | ||||||||
Short-term debt | $ | 247 | ||||||||
Other liabilities | $ | 102 | ||||||||
The following table summarizes the amounts related to discontinued operations in the Consolidated Statements of Operations. | ||||||||||
For the years ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Revenues | ||||||||||
Earned premiums | $ | (1 | ) | $ | (1 | ) | $ | (6 | ) | |
Fee income and other | 239 | 713 | 865 | |||||||
Net investment income | ||||||||||
Securities available-for-sale and other | 18 | 96 | 111 | |||||||
Equity securities, trading | 134 | 6,200 | 4,564 | |||||||
Total net investment income | 152 | 6,296 | 4,675 | |||||||
Net realized capital losses | (157 | ) | (1,340 | ) | (1,208 | ) | ||||
Total revenues | 233 | 5,668 | 4,326 | |||||||
Benefits, losses and expenses | ||||||||||
Benefits, losses and loss adjustment expenses | 7 | (98 | ) | 55 | ||||||
Benefits, losses and loss adjustment expenses - returns credited on international variable annuities | 134 | 6,200 | 4,564 | |||||||
Amortization of DAC | — | 907 | (2 | ) | ||||||
Insurance operating costs and other expenses | 23 | 127 | 153 | |||||||
Total benefits, losses and expenses | 164 | 7,136 | 4,770 | |||||||
Income (loss) before income taxes | 69 | (1,468 | ) | (444 | ) | |||||
Income tax benefit | (2 | ) | (521 | ) | (187 | ) | ||||
Income (loss) from operations of discontinued operations, net of tax | 71 | (947 | ) | (257 | ) | |||||
Net realized capital loss on disposal, net of tax [1] | (622 | ) | (102 | ) | (1 | ) | ||||
Loss from discontinued operations, net of tax | $ | (551 | ) | $ | (1,049 | ) | $ | (258 | ) | |
[1] | Includes income tax benefits of $265 on the sale of HLIKK and $219 on the sale of HLIL for the years ended December 31, 2014 and 2013, respectively. |
Restructuring_Severance_and_Ot1
Restructuring, Severance and Other Costs Level 3 (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Restructuring Costs [Abstract] | ||||||||||||||||
Restructuring and Related Costs [Table Text Block] | ||||||||||||||||
For the years ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Severance benefits | $ | 16 | $ | 22 | $ | 148 | ||||||||||
Professional fees | 1 | 19 | 44 | |||||||||||||
Asset impairment charges | 42 | 20 | 5 | |||||||||||||
Contract termination and other charges | 12 | 6 | 2 | |||||||||||||
Total restructuring and other costs | $ | 71 | $ | 67 | $ | 199 | ||||||||||
Commercial Lines | $ | 6 | ||||||||||||||
Personal Lines | 3 | |||||||||||||||
Group Benefits | 1 | |||||||||||||||
Mutual Funds | 4 | |||||||||||||||
Talcott Resolution | 69 | |||||||||||||||
Corporate | 303 | |||||||||||||||
Total estimated restructuring and other costs | $ | 386 | ||||||||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | ||||||||||||||||
For the years ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Commercial Lines | $ | — | $ | 1 | $ | 5 | ||||||||||
Personal Lines | — | — | 1 | |||||||||||||
Group Benefits | — | — | 1 | |||||||||||||
Mutual Funds | — | 1 | 3 | |||||||||||||
Talcott Resolution | — | 1 | 68 | |||||||||||||
Corporate | 71 | 64 | 121 | |||||||||||||
Total restructuring and other costs | $ | 71 | $ | 67 | $ | 199 | ||||||||||
For the year ended December 31, 2014 | ||||||||||||||||
Severance Benefits and Related Costs | Professional Fees | Asset impairment charges | Contract Termination and Other Charges | Total Restructuring and Other Costs | ||||||||||||
Balance, beginning of period | $ | 22 | $ | — | $ | — | $ | 6 | $ | 28 | ||||||
Accruals/provisions | 16 | — | 43 | 12 | 71 | |||||||||||
Payments/write-offs | (28 | ) | — | (43 | ) | (12 | ) | (83 | ) | |||||||
Balance, end of period | $ | 10 | $ | — | $ | — | $ | 6 | $ | 16 | ||||||
For the year ended December 31, 2013 | ||||||||||||||||
Severance Benefits and Related Costs | Professional Fees | Asset impairment charges | Contract Termination and Other Charges | Total Restructuring and Other Costs | ||||||||||||
Balance, beginning of period | $ | 70 | $ | — | $ | — | $ | — | $ | 70 | ||||||
Accruals/provisions | 22 | 19 | 20 | 6 | 67 | |||||||||||
Payments/write-offs | (70 | ) | (19 | ) | (20 | ) | — | (109 | ) | |||||||
Balance, end of period | $ | 22 | $ | — | $ | — | $ | 6 | $ | 28 | ||||||
Quarterly_Results_Unaudited_Le1
Quarterly Results (Unaudited) Level 3 (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | |||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Revenues | $ | 4,612 | $ | 6,300 | $ | 4,616 | $ | 4,734 | $ | 4,769 | $ | 4,862 | $ | 4,617 | $ | 4,777 | |||||||||
Benefits, losses and expenses | 4,003 | 5,994 | 4,466 | 4,497 | 4,273 | 4,416 | 4,173 | 4,295 | |||||||||||||||||
Income from continuing operations, net of tax | 466 | 243 | 150 | 233 | 388 | 365 | 345 | 384 | |||||||||||||||||
Income (loss) from discontinued operations, net of tax | 29 | (484 | ) | (617 | ) | (423 | ) | — | (72 | ) | 37 | (70 | ) | ||||||||||||
Net income (loss) | 495 | (241 | ) | (467 | ) | (190 | ) | 388 | 293 | 382 | 314 | ||||||||||||||
Less: Preferred stock dividends and discount accretion | — | 10 | — | — | — | — | — | — | |||||||||||||||||
Net income (loss) available to common shareholders [1] | $ | 495 | $ | (251 | ) | $ | (467 | ) | $ | (190 | ) | $ | 388 | $ | 293 | $ | 382 | $ | 314 | ||||||
Basic earnings (losses) per common share | $ | 1.1 | $ | (0.58 | ) | $ | (1.04 | ) | $ | (0.42 | ) | $ | 0.89 | $ | 0.65 | $ | 0.89 | $ | 0.7 | ||||||
Diluted earnings (losses) per common share | $ | 1.03 | $ | (0.49 | ) | $ | (1.00 | ) | $ | (0.39 | ) | $ | 0.86 | $ | 0.6 | $ | 0.86 | $ | 0.65 | ||||||
Weighted average common shares outstanding, basic | 449.8 | 436.3 | 450.6 | 451.4 | 437.2 | 452.1 | 429.6 | 451.1 | |||||||||||||||||
Weighted average shares outstanding and dilutive potential common shares [2] | 478.6 | 493.1 | 467.9 | 489 | 450.8 | 490.6 | 442.6 | 486.1 | |||||||||||||||||
[1] | Weighted average common shares outstanding and dilutive potential common shares are used in the calculation of diluted earnings (losses) per common share in periods of losses when the impact is dilutive to income from continuing operations, net of tax, available to common shareholders. | ||||||||||||||||||||||||
[2] | The three months ended March 31, 2013 includes the dilutive effect of the assumed conversion of 21.2 million preferred shares. The preferred shares converted to 21.2 million common shares in April 2013. |
Schedule_I_Summary_of_Investme1
Schedule I Summary of Investments - Other Than Investments in Affiliates Level 3 (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Summary of Investments, Other than Investments in Related Parties [Abstract] | ||||||||||
Summary of Investment Holdings, Schedule of Investments [Table Text Block] | ||||||||||
As of December 31, 2014 | ||||||||||
Type of Investment | Cost | Fair Value | Amount at | |||||||
which shown on Balance Sheet | ||||||||||
Fixed Maturities | ||||||||||
Bonds and notes | ||||||||||
U.S. government and government agencies and authorities (guaranteed and sponsored) | $ | 7,135 | $ | 7,596 | $ | 7,596 | ||||
States, municipalities and political subdivisions | 11,735 | 12,871 | 12,871 | |||||||
Foreign governments | 1,592 | 1,636 | 1,636 | |||||||
Public utilities | 4,278 | 4,761 | 4,761 | |||||||
All other corporate bonds | 20,910 | 22,598 | 22,598 | |||||||
All other mortgage-backed and asset-backed securities | 9,712 | 9,922 | 9,922 | |||||||
Total fixed maturities, available-for-sale | 55,362 | 59,384 | 59,384 | |||||||
Fixed maturities, at fair value using fair value option | 478 | 488 | 488 | |||||||
Total fixed maturities | 55,840 | 59,872 | 59,872 | |||||||
Equity Securities | ||||||||||
Common stocks | ||||||||||
Industrial, miscellaneous and all other | 844 | 853 | 853 | |||||||
Non-redeemable preferred stocks | 183 | 194 | 194 | |||||||
Total equity securities, available-for-sale | 1,027 | 1,047 | 1,047 | |||||||
Equity securities, trading | 10 | 11 | 11 | |||||||
Total equity securities | 1,037 | 1,058 | 1,058 | |||||||
Mortgage loans | 5,556 | 5,840 | 5,556 | |||||||
Policy loans | 1,431 | 1,431 | 1,431 | |||||||
Investments in partnerships and trusts | 2,942 | 2,942 | 2,942 | |||||||
Futures, options and miscellaneous | 940 | 536 | 536 | |||||||
Short-term investments | 4,883 | 4,883 | 4,883 | |||||||
Total investments | $ | 72,629 | $ | 76,562 | $ | 76,278 | ||||
Schedule_II_Condensed_Financia1
Schedule II Condensed Financial Information of The Hartford Financial Services Group, Inc. Level 3 (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||
Condensed Balance Sheet [Table Text Block] | ( | |||||||||
Condensed Income Statement [Table Text Block] | ||||||||||
For the years ended December 31, | ||||||||||
Condensed Statements of Operations and Comprehensive Income | 2014 | 2013 | 2012 | |||||||
Net investment income | $ | 11 | $ | 10 | $ | 3 | ||||
Net realized capital losses | (6 | ) | (7 | ) | (6 | ) | ||||
Total revenues | 5 | 3 | (3 | ) | ||||||
Interest expense | 365 | 384 | 439 | |||||||
Other expenses | 134 | 178 | 926 | |||||||
Total expenses | 499 | 562 | 1,365 | |||||||
Loss before income taxes and earnings of subsidiaries | (494 | ) | (559 | ) | (1,368 | ) | ||||
Income tax benefit | (172 | ) | (187 | ) | (482 | ) | ||||
Loss before earnings of subsidiaries | (322 | ) | (372 | ) | (886 | ) | ||||
Earnings of subsidiaries | 1,120 | 548 | 848 | |||||||
Net income (loss) | 798 | 176 | (38 | ) | ||||||
Other comprehensive income (loss) - parent company: | ||||||||||
Change in net gain/loss on cash-flow hedging instruments | — | (11 | ) | — | ||||||
Change in net unrealized gain/loss on securities | 10 | (13 | ) | 1 | ||||||
Change in pension and other postretirement plan adjustments | (292 | ) | 127 | (172 | ) | |||||
Other comprehensive income (loss), net of taxes before other comprehensive income of subsidiaries | (282 | ) | 103 | (171 | ) | |||||
Other comprehensive income of subsidiaries [2] | 1,289 | (3,025 | ) | 1,763 | ||||||
Total other comprehensive income (loss) [2] | 1,007 | (2,922 | ) | 1,592 | ||||||
Total comprehensive income (loss) [2] | $ | 1,805 | $ | (2,746 | ) | $ | 1,554 | |||
[1] | Net payables to affiliates as of December 31, 2013 was net of a $655 note receivable from White River Life Reinsurance Company ("WRR"), an affiliate captive reinsurer, and the Company, pursuant to an intercompany agreement. | |||||||||
Condensed Cash Flow Statement [Table Text Block] | ||||||||||
For the years ended December 31, | ||||||||||
Condensed Statements of Cash Flows | 2014 | 2013 | 2012 | |||||||
Operating Activities | ||||||||||
Net income | $ | 798 | $ | 176 | $ | (38 | ) | |||
Loss on extinguishment of debt | — | 176 | 910 | |||||||
Undistributed earnings of subsidiaries | (1,120 | ) | (549 | ) | (847 | ) | ||||
Change in operating assets and liabilities | 3,376 | 1,170 | 770 | |||||||
Cash provided by operating activities | 3,054 | 973 | 795 | |||||||
Investing Activities | ||||||||||
Net sales of short-term investments | (212 | ) | (454 | ) | 213 | |||||
Capital contributions to subsidiaries | (585 | ) | 1,211 | (334 | ) | |||||
Cash provided by (used for) investing activities | (797 | ) | 757 | (121 | ) | |||||
Financing Activities | ||||||||||
Proceeds from issuance of long-term debt | — | 295 | 2,123 | |||||||
Repurchase of warrants | — | (33 | ) | (300 | ) | |||||
Repayments of long-term debt | (200 | ) | (1,190 | ) | (2,133 | ) | ||||
Treasury stock acquired | (1,796 | ) | (600 | ) | (154 | ) | ||||
Proceeds from net issuances of common shares under incentive and stock compensation plans and excess tax benefits | 21 | 20 | 7 | |||||||
Dividends paid — Preferred shares | — | (21 | ) | (42 | ) | |||||
Dividends paid — Common Shares | (282 | ) | (201 | ) | (175 | ) | ||||
Cash used for financing activities | (2,257 | ) | (1,730 | ) | (674 | ) | ||||
Net change in cash | — | — | — | |||||||
Cash — beginning of year | — | — | — | |||||||
Cash — end of year | $ | — | $ | — | $ | — | ||||
Supplemental Disclosure of Cash Flow Information | ||||||||||
Interest Paid | $ | 366 | $ | 366 | $ | 443 | ||||
Dividends Received from Subsidiaries | $ | 2,589 | $ | 1,096 | $ | 1,026 | ||||
Schedule_III_Supplementary_Ins1
Schedule III Supplementary Insurance Information Level 3 (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Supplementary Insurance Information, by Segment [Line Items] | |||||||||||||||||||
Supplementary Insurance Information, for Insurance Companies Disclosure [Text Block] | |||||||||||||||||||
Segment | Deferred Policy | Future Policy Benefits, | Unearned Premiums [1] | Other | |||||||||||||||
Acquisition Costs [1] | Unpaid Losses and Loss Adjustment Expenses [1] | Policyholder | |||||||||||||||||
Funds and Benefits Payable [1] | |||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||
Commercial Lines | $ | 421 | $ | 16,505 | $ | 3,184 | $ | — | |||||||||||
Personal Lines | 155 | 1,874 | 1,914 | — | |||||||||||||||
Property & Casualty Other Operations | — | 3,427 | 1 | — | |||||||||||||||
Group Benefits | 36 | 6,540 | 45 | 518 | |||||||||||||||
Mutual Funds | 11 | — | — | — | |||||||||||||||
Talcott Resolution | 1,200 | 13,098 | 111 | 32,014 | |||||||||||||||
Corporate | — | — | — | — | |||||||||||||||
Consolidated | $ | 1,823 | $ | 41,444 | $ | 5,255 | $ | 32,532 | |||||||||||
As of December 31, 2013 | |||||||||||||||||||
Commercial Lines | $ | 404 | $ | 16,293 | 3,188 | — | |||||||||||||
Personal Lines | 145 | 1,864 | 1,858 | — | |||||||||||||||
Property & Casualty Other Operations | — | 3,548 | 1 | — | |||||||||||||||
Group Benefits | 41 | 6,547 | 65 | 188 | |||||||||||||||
Mutual Funds | 19 | — | — | — | |||||||||||||||
Talcott Resolution | 1,552 | 13,122 | 112 | 58,571 | |||||||||||||||
Corporate | — | (1 | ) | 1 | 4 | ||||||||||||||
Consolidated | $ | 2,161 | $ | 41,373 | $ | 5,225 | $ | 58,763 | |||||||||||
Segment | Earned | Net | Benefits, Losses | Amortization of | Insurance | Net Written Premiums [3] | |||||||||||||
Premiums, | Investment Income (Loss) | and Loss | Deferred Policy | Operating | |||||||||||||||
Fee Income and Other | Adjustment Expenses | Acquisition Costs | Costs and | ||||||||||||||||
Other | |||||||||||||||||||
Expenses [2] | |||||||||||||||||||
For the year ended December 31, 2014 | |||||||||||||||||||
Commercial Lines | $ | 6,402 | $ | 958 | $ | 3,855 | $ | 919 | $ | 1,194 | $ | 6,381 | |||||||
Personal Lines | 3,806 | 129 | 2,684 | 348 | 599 | 3,861 | |||||||||||||
Property & Casualty Other Operations | 1 | 129 | 261 | — | 31 | 2 | |||||||||||||
Group Benefits | 3,095 | 374 | 2,362 | 32 | 836 | — | |||||||||||||
Mutual Funds | 723 | — | — | 28 | 559 | — | |||||||||||||
Talcott Resolution | 1,407 | 1,542 | 1,643 | 402 | 544 | — | |||||||||||||
Corporate | 10 | 22 | — | — | 618 | — | |||||||||||||
Consolidated | $ | 15,444 | $ | 3,154 | $ | 10,805 | $ | 1,729 | $ | 4,381 | $ | 10,244 | |||||||
For the year ended December 31, 2013 | |||||||||||||||||||
Commercial Lines | $ | 6,315 | $ | 984 | $ | 4,085 | $ | 905 | $ | 1,190 | $ | 6,208 | |||||||
Personal Lines | 3,823 | 145 | 2,580 | 332 | 761 | 3,719 | |||||||||||||
Property & Casualty Other Operations | — | 141 | 148 | — | 27 | 2 | |||||||||||||
Group Benefits | 3,330 | 390 | 2,518 | 33 | 964 | — | |||||||||||||
Mutual Funds | 668 | — | — | 39 | 511 | — | |||||||||||||
Talcott Resolution [4] | 1,463 | 1,577 | 1,717 | 485 | 2,150 | — | |||||||||||||
Corporate | 12 | 27 | — | — | 757 | — | |||||||||||||
Consolidated | $ | 15,611 | $ | 3,264 | $ | 11,048 | $ | 1,794 | $ | 6,360 | $ | 9,929 | |||||||
For the year ended December 31, 2012 | |||||||||||||||||||
Commercial Lines | $ | 6,361 | $ | 924 | $ | 4,575 | $ | 927 | $ | 1,139 | $ | 6,209 | |||||||
Personal Lines | 3,791 | 159 | 2,630 | 332 | 769 | 3,630 | |||||||||||||
Property & Casualty Other Operations | (2 | ) | 149 | 65 | — | 28 | 8 | ||||||||||||
Group Benefits | 3,810 | 405 | 3,029 | 33 | 1,033 | — | |||||||||||||
Mutual Funds | 626 | (3 | ) | — | 35 | 479 | — | ||||||||||||
Talcott Resolution [4] | 2,708 | 2,462 | 2,896 | 663 | 1,692 | — | |||||||||||||
Corporate | 168 | 31 | — | — | 1,850 | — | |||||||||||||
Consolidated | $ | 17,462 | $ | 4,127 | $ | 13,195 | $ | 1,990 | $ | 6,990 | $ | 9,847 | |||||||
SUPPLEMENTARY INSURANCE INFORMATION | |||||||||||||||||||
(In millions) | |||||||||||||||||||
Segment | Deferred Policy | Future Policy Benefits, | Unearned Premiums [1] | Other | |||||||||||||||
Acquisition Costs [1] | Unpaid Losses and Loss Adjustment Expenses [1] | Policyholder | |||||||||||||||||
Funds and Benefits Payable [1] | |||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||
Commercial Lines | $ | 421 | $ | 16,505 | $ | 3,184 | $ | — | |||||||||||
Personal Lines | 155 | 1,874 | 1,914 | — | |||||||||||||||
Property & Casualty Other Operations | — | 3,427 | 1 | — | |||||||||||||||
Group Benefits | 36 | 6,540 | 45 | 518 | |||||||||||||||
Mutual Funds | 11 | — | — | — | |||||||||||||||
Talcott Resolution | 1,200 | 13,098 | 111 | 32,014 | |||||||||||||||
Corporate | — | — | — | — | |||||||||||||||
Consolidated | $ | 1,823 | $ | 41,444 | $ | 5,255 | $ | 32,532 | |||||||||||
As of December 31, 2013 | |||||||||||||||||||
Commercial Lines | $ | 404 | $ | 16,293 | 3,188 | — | |||||||||||||
Personal Lines | 145 | 1,864 | 1,858 | — | |||||||||||||||
Property & Casualty Other Operations | — | 3,548 | 1 | — | |||||||||||||||
Group Benefits | 41 | 6,547 | 65 | 188 | |||||||||||||||
Mutual Funds | 19 | — | — | — | |||||||||||||||
Talcott Resolution | 1,552 | 13,122 | 112 | 58,571 | |||||||||||||||
Corporate | — | (1 | ) | 1 | 4 | ||||||||||||||
Consolidated | $ | 2,161 | $ | 41,373 | $ | 5,225 | $ | 58,763 | |||||||||||
Segment | Earned | Net | Benefits, Losses | Amortization of | Insurance | Net Written Premiums [3] | |||||||||||||
Premiums, | Investment Income (Loss) | and Loss | Deferred Policy | Operating | |||||||||||||||
Fee Income and Other | Adjustment Expenses | Acquisition Costs | Costs and | ||||||||||||||||
Other | |||||||||||||||||||
Expenses [2] | |||||||||||||||||||
For the year ended December 31, 2014 | |||||||||||||||||||
Commercial Lines | $ | 6,402 | $ | 958 | $ | 3,855 | $ | 919 | $ | 1,194 | $ | 6,381 | |||||||
Personal Lines | 3,806 | 129 | 2,684 | 348 | 599 | 3,861 | |||||||||||||
Property & Casualty Other Operations | 1 | 129 | 261 | — | 31 | 2 | |||||||||||||
Group Benefits | 3,095 | 374 | 2,362 | 32 | 836 | — | |||||||||||||
Mutual Funds | 723 | — | — | 28 | 559 | — | |||||||||||||
Talcott Resolution | 1,407 | 1,542 | 1,643 | 402 | 544 | — | |||||||||||||
Corporate | 10 | 22 | — | — | 618 | — | |||||||||||||
Consolidated | $ | 15,444 | $ | 3,154 | $ | 10,805 | $ | 1,729 | $ | 4,381 | $ | 10,244 | |||||||
For the year ended December 31, 2013 | |||||||||||||||||||
Commercial Lines | $ | 6,315 | $ | 984 | $ | 4,085 | $ | 905 | $ | 1,190 | $ | 6,208 | |||||||
Personal Lines | 3,823 | 145 | 2,580 | 332 | 761 | 3,719 | |||||||||||||
Property & Casualty Other Operations | — | 141 | 148 | — | 27 | 2 | |||||||||||||
Group Benefits | 3,330 | 390 | 2,518 | 33 | 964 | — | |||||||||||||
Mutual Funds | 668 | — | — | 39 | 511 | — | |||||||||||||
Talcott Resolution [4] | 1,463 | 1,577 | 1,717 | 485 | 2,150 | — | |||||||||||||
Corporate | 12 | 27 | — | — | 757 | — | |||||||||||||
Consolidated | $ | 15,611 | $ | 3,264 | $ | 11,048 | $ | 1,794 | $ | 6,360 | $ | 9,929 | |||||||
For the year ended December 31, 2012 | |||||||||||||||||||
Commercial Lines | $ | 6,361 | $ | 924 | $ | 4,575 | $ | 927 | $ | 1,139 | $ | 6,209 | |||||||
Personal Lines | 3,791 | 159 | 2,630 | 332 | 769 | 3,630 | |||||||||||||
Property & Casualty Other Operations | (2 | ) | 149 | 65 | — | 28 | 8 | ||||||||||||
Group Benefits | 3,810 | 405 | 3,029 | 33 | 1,033 | — | |||||||||||||
Mutual Funds | 626 | (3 | ) | — | 35 | 479 | — | ||||||||||||
Talcott Resolution [4] | 2,708 | 2,462 | 2,896 | 663 | 1,692 | — | |||||||||||||
Corporate | 168 | 31 | — | — | 1,850 | — | |||||||||||||
Consolidated | $ | 17,462 | $ | 4,127 | $ | 13,195 | $ | 1,990 | $ | 6,990 | $ | 9,847 | |||||||
[1] | In 2014, the Company prospectively changed its methodology for allocating assets and liabilities to align with the legal entity capital of Property and Casualty, Group Benefits, Mutual Funds and Talcott Resolution and, within Property and Casualty, align assets and liabilities following the Company's internal capital allocation models. This resulted in a reallocation of assets and liabilities from Corporate to the segments. | ||||||||||||||||||
[2] | Includes interest expense, goodwill impairment, loss on extinguishment of debt, and reinsurance loss on disposition. | ||||||||||||||||||
[3] | Excludes life insurance pursuant to Regulation S-X. | ||||||||||||||||||
[4] | For the years ended, December 31, 2013 and 2012, Talcott Resolution was recast to reflect the impact of the sale of HLIKK. For further information regarding this transaction, see Note 2 - Business Dispositions of Notes to Consolidated Financial Statements. |
Schedule_IV_Reinsurance_Level_1
Schedule IV Reinsurance Level 3 (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract] | |||||||||||||||
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Text Block] | |||||||||||||||
Gross | Ceded to Other | Assumed | Net | Percentage | |||||||||||
Amount | Companies | From Other | Amount | of Amount | |||||||||||
Companies | Assumed | ||||||||||||||
to Net | |||||||||||||||
For the year ended December 31, 2014 | |||||||||||||||
Life insurance in-force | $ | 875,229 | $ | 240,285 | $ | 21,987 | $ | 656,931 | 3 | % | |||||
Insurance revenues | |||||||||||||||
Property and casualty insurance | $ | 10,531 | $ | 699 | $ | 264 | $ | 10,096 | 3 | % | |||||
Life insurance and annuities | 4,414 | 1,666 | 137 | 2,885 | 5 | % | |||||||||
Accident and health insurance | 1,615 | 54 | 56 | 1,617 | 3 | % | |||||||||
Total insurance revenues | $ | 16,560 | $ | 2,419 | $ | 457 | $ | 14,598 | 3 | % | |||||
For the year ended December 31, 2013 | |||||||||||||||
Life insurance in-force | $ | 883,387 | $ | 278,059 | $ | 49,789 | $ | 655,117 | 8 | % | |||||
Insurance revenues | |||||||||||||||
Property and casualty insurance | $ | 10,494 | $ | 871 | $ | 241 | $ | 9,864 | 2 | % | |||||
Life insurance and annuities | 4,819 | 1,718 | 80 | 3,181 | 3 | % | |||||||||
Accident and health insurance | 1,616 | 62 | 58 | 1,612 | 4 | % | |||||||||
Total insurance revenues | $ | 16,929 | $ | 2,651 | $ | 379 | $ | 14,657 | 3 | % | |||||
For the year ended December 31, 2012 | |||||||||||||||
Life insurance in-force | $ | 946,160 | $ | 137,719 | $ | 48,032 | $ | 856,473 | 6 | % | |||||
Insurance revenues | |||||||||||||||
Property and casualty insurance | $ | 10,484 | $ | 796 | $ | 205 | $ | 9,893 | 2 | % | |||||
Life insurance and annuities | 4,977 | 458 | 69 | 4,588 | 2 | % | |||||||||
Accident and health insurance | 1,928 | 66 | 68 | 1,930 | 4 | % | |||||||||
Total insurance revenues | $ | 17,389 | $ | 1,320 | $ | 342 | $ | 16,411 | 2 | % | |||||
REINSURANCE | |||||||||||||||
(In millions) | |||||||||||||||
Gross | Ceded to Other | Assumed | Net | Percentage | |||||||||||
Amount | Companies | From Other | Amount | of Amount | |||||||||||
Companies | Assumed | ||||||||||||||
to Net | |||||||||||||||
For the year ended December 31, 2014 | |||||||||||||||
Life insurance in-force | $ | 875,229 | $ | 240,285 | $ | 21,987 | $ | 656,931 | 3 | % | |||||
Insurance revenues | |||||||||||||||
Property and casualty insurance | $ | 10,531 | $ | 699 | $ | 264 | $ | 10,096 | 3 | % | |||||
Life insurance and annuities | 4,414 | 1,666 | 137 | 2,885 | 5 | % | |||||||||
Accident and health insurance | 1,615 | 54 | 56 | 1,617 | 3 | % | |||||||||
Total insurance revenues | $ | 16,560 | $ | 2,419 | $ | 457 | $ | 14,598 | 3 | % | |||||
For the year ended December 31, 2013 | |||||||||||||||
Life insurance in-force | $ | 883,387 | $ | 278,059 | $ | 49,789 | $ | 655,117 | 8 | % | |||||
Insurance revenues | |||||||||||||||
Property and casualty insurance | $ | 10,494 | $ | 871 | $ | 241 | $ | 9,864 | 2 | % | |||||
Life insurance and annuities | 4,819 | 1,718 | 80 | 3,181 | 3 | % | |||||||||
Accident and health insurance | 1,616 | 62 | 58 | 1,612 | 4 | % | |||||||||
Total insurance revenues | $ | 16,929 | $ | 2,651 | $ | 379 | $ | 14,657 | 3 | % | |||||
For the year ended December 31, 2012 | |||||||||||||||
Life insurance in-force | $ | 946,160 | $ | 137,719 | $ | 48,032 | $ | 856,473 | 6 | % | |||||
Insurance revenues | |||||||||||||||
Property and casualty insurance | $ | 10,484 | $ | 796 | $ | 205 | $ | 9,893 | 2 | % | |||||
Life insurance and annuities | 4,977 | 458 | 69 | 4,588 | 2 | % | |||||||||
Accident and health insurance | 1,928 | 66 | 68 | 1,930 | 4 | % | |||||||||
Total insurance revenues | $ | 17,389 | $ | 1,320 | $ | 342 | $ | 16,411 | 2 | % | |||||
Schedule_V_Valuation_and_Quali1
Schedule V Valuation and Qualifying Accounts Level 3 (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||
Summary of Valuation Allowance [Table Text Block] | ||||||||||||||||
Balance | Charged to | Translation | Write-offs/ | Balance | ||||||||||||
January 1, | Costs and | Adjustment | Payments/ | December 31, | ||||||||||||
Expenses | Other | |||||||||||||||
2014 | ||||||||||||||||
Allowance for doubtful accounts and other | $ | 125 | $ | 50 | $ | — | $ | (44 | ) | $ | 131 | |||||
Allowance for uncollectible reinsurance | 244 | 30 | — | (3 | ) | 271 | ||||||||||
Valuation allowance on mortgage loans | 67 | 4 | — | (53 | ) | 18 | ||||||||||
Valuation allowance for deferred taxes | 4 | 5 | — | 172 | 181 | |||||||||||
2013 | ||||||||||||||||
Allowance for doubtful accounts and other | $ | 117 | $ | 56 | $ | — | $ | (48 | ) | $ | 125 | |||||
Allowance for uncollectible reinsurance | 268 | (1 | ) | 2 | (25 | ) | 244 | |||||||||
Valuation allowance on mortgage loans | 68 | 2 | — | (3 | ) | 67 | ||||||||||
Valuation allowance for deferred taxes | 58 | (2 | ) | — | (52 | ) | 4 | |||||||||
2012 | ||||||||||||||||
Allowance for doubtful accounts and other | $ | 119 | $ | 44 | $ | — | $ | (46 | ) | $ | 117 | |||||
Allowance for uncollectible reinsurance | 290 | 10 | — | (32 | ) | 268 | ||||||||||
Valuation allowance on mortgage loans | 102 | (14 | ) | — | (20 | ) | 68 | |||||||||
Valuation allowance for deferred taxes | 83 | (25 | ) | — | — | 58 | ||||||||||
Schedule_VI_Supplemental_Infor1
Schedule VI Supplemental Information Concerning Property and Casualty Insurance Operations Level 3 (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Supplemental Information for Property, Casualty Insurance Underwriters [Abstract] | |||||||||||||
Schedule of Supplemental Information for Property, Casualty Insurance Underwriters [Text Block] | |||||||||||||
Discount | Losses and Loss Adjustment | Paid Losses and | |||||||||||
Deducted From Liabilities [1] | Expenses Incurred Related to: | Loss Adjustment Expenses | |||||||||||
Current Year | Prior Year | ||||||||||||
Years ended December 31, | |||||||||||||
2014 | $ | 556 | $ | 6,572 | $ | 228 | $ | 6,711 | |||||
2013 | $ | 553 | $ | 6,621 | $ | 192 | $ | 6,826 | |||||
2012 | $ | 538 | $ | 7,274 | $ | (4 | ) | $ | 7,098 | ||||
[1] | Reserves for permanently disabled claimants have been discounted using the weighted average interest rates of 3.5%, 3.5%, and 4.0% for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||||
THE HARTFORD FINANCIAL SERVICES GROUP, INC. | |||||||||||||
SCHEDULE VI | |||||||||||||
SUPPLEMENTAL INFORMATION CONCERNING | |||||||||||||
PROPERTY AND CASUALTY INSURANCE OPERATIONS | |||||||||||||
(In millions) | |||||||||||||
Discount | Losses and Loss Adjustment | Paid Losses and | |||||||||||
Deducted From Liabilities [1] | Expenses Incurred Related to: | Loss Adjustment Expenses | |||||||||||
Current Year | Prior Year | ||||||||||||
Years ended December 31, | |||||||||||||
2014 | $ | 556 | $ | 6,572 | $ | 228 | $ | 6,711 | |||||
2013 | $ | 553 | $ | 6,621 | $ | 192 | $ | 6,826 | |||||
2012 | $ | 538 | $ | 7,274 | $ | (4 | ) | $ | 7,098 | ||||
[1] | Reserves for permanently disabled claimants have been discounted using the weighted average interest rates of 3.5%, 3.5%, and 4.0% for the years ended December 31, 2014, 2013, and 2012, respectively. |
Basis_of_Presentation_and_Acco2
Basis of Presentation and Accounting Policies Level 4 (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $2,300,000,000 | $2,200,000,000 | |
Gross Profit Estimates Term for Most Contracts | 20 years | ||
Maximum Uncollateralized Threshold for Derivative Counter Party for Single Level Entity | 10,000,000 | ||
Valuation Allowance, Loss Contingency for Loans, LTV Ratio | 90.00% | ||
Participating Dividend to Policyholders | 15,000,000 | 16,000,000 | 14,000,000 |
Participating Policies as Percentage of Gross Insurance in Force | 1.00% | 1.00% | 1.00% |
Policyholder Dividends, Expense | 7,000,000 | 18,000,000 | 20,000,000 |
Depreciation, Depletion and Amortization, Nonproduction | 198,000,000 | 174,000,000 | 183,000,000 |
Annuity Obligations | 776,000,000 | 805,000,000 | |
Weighted Average Discount Rate, Percent | 4.00% | ||
Allowance for Doubtful Accounts and Other [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Doubtful Accounts, Premiums and Other Receivables | 131,000,000 | 125,000,000 | 117,000,000 |
Property, Liability and Casualty Insurance Product Line [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Percentage of Net Premium Written Represented by Participating Property and Casualty Insurance Policies | 9.00% | 10.00% | 9.00% |
Workers Compensation [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Discounted Deducted From Liabilities | $1,000,000,000 | ||
Weighted Average Discount Rate, Percent | 3.50% | 3.50% | |
Structured Settlements [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Weighted Average Discount Rate, Percent | 6.70% | ||
group life term, disability and accident [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Weighted Average Discount Rate, Percent | 4.53% | 4.71% |
Business_Dispositions_Level_4_
Business Dispositions Level 4 (Details) (USD $) | 3 Months Ended | 12 Months Ended | 6 Months Ended | ||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jan. 02, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Reinsurance Recoverables | $22,920,000,000 | $23,330,000,000 | $22,920,000,000 | $23,330,000,000 | |||||||||
Property, Plant and Equipment, Net | 831,000,000 | 877,000,000 | 831,000,000 | 877,000,000 | |||||||||
Other Assets | 1,236,000,000 | 2,998,000,000 | 1,236,000,000 | 2,998,000,000 | |||||||||
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense | 41,444,000,000 | 41,373,000,000 | 41,444,000,000 | 41,373,000,000 | |||||||||
Asset Impairment Charges | 42,000,000 | 20,000,000 | 5,000,000 | ||||||||||
Separate Accounts, Liability | 134,702,000,000 | 140,886,000,000 | 134,702,000,000 | 140,886,000,000 | |||||||||
Disposal Group, Assets of Business Transferred under Contractual Arrangement | 1,000,000,000 | 1,300,000,000 | 1,000,000,000 | 1,300,000,000 | |||||||||
Revenues | 4,617,000,000 | 4,769,000,000 | 4,616,000,000 | 4,612,000,000 | 4,777,000,000 | 4,862,000,000 | 4,734,000,000 | 6,300,000,000 | 18,614,000,000 | 20,673,000,000 | 22,086,000,000 | ||
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | 69,000,000 | -1,468,000,000 | -444,000,000 | ||||||||||
Net Income (Loss) Attributable to Parent | 382,000,000 | 388,000,000 | -467,000,000 | 495,000,000 | 314,000,000 | 293,000,000 | -190,000,000 | -241,000,000 | 798,000,000 | 176,000,000 | -38,000,000 | ||
Other Policyholder Funds | 32,532,000,000 | 39,029,000,000 | 32,532,000,000 | 39,029,000,000 | |||||||||
Short-term debt | 456,000,000 | 438,000,000 | 456,000,000 | 438,000,000 | |||||||||
Other Liabilities | 6,251,000,000 | 6,188,000,000 | 6,251,000,000 | 6,188,000,000 | |||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 622,000,000 | 102,000,000 | 1,000,000 | ||||||||||
Liabilities | 226,293,000,000 | 258,979,000,000 | 226,293,000,000 | 258,979,000,000 | |||||||||
Available-for-sale Securities, Equity Securities | 1,047,000,000 | 868,000,000 | 1,047,000,000 | 868,000,000 | |||||||||
Available-for-sale Securities, Debt Securities | 59,384,000,000 | 62,357,000,000 | 59,384,000,000 | 62,357,000,000 | |||||||||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 5,556,000,000 | 5,598,000,000 | 5,556,000,000 | 5,598,000,000 | |||||||||
Loans, Gross, Insurance Policy | 1,431,000,000 | 1,420,000,000 | 1,431,000,000 | 1,420,000,000 | |||||||||
Retirement Plans and Individual Life Businesses [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Available for sale securities, Fair Value | 15,349,000,000 | ||||||||||||
Reinsurance loss on disposition, including goodwill impairment | 71 | 110 | |||||||||||
International Annuity [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Other Policyholder Funds | 0 | 19,734,000,000 | 0 | 19,734,000,000 | |||||||||
Hartford Life International Limited [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Sale of Business, Cash Consideration Received on Transaction | 285,000,000 | 285,000,000 | |||||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | -102,000,000 | ||||||||||||
Retirement Plans [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Fees and Commissions | 355,000,000 | ||||||||||||
Reinsurance Recoverables | 8,600,000,000 | 9,500,000,000 | 8,600,000,000 | 9,500,000,000 | |||||||||
Reinsurance loss on disposition, including goodwill impairment | 24,000,000 | ||||||||||||
Policyholder Funds | 9,200,000,000 | ||||||||||||
Separate Accounts, Liability | 26,300,000,000 | ||||||||||||
Disposal Group, Including Discontinued Operation, Other Assets | 200,000,000 | ||||||||||||
Revenues | 706,000,000 | ||||||||||||
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | -39,000,000 | ||||||||||||
Retirement Plans [Member] | Mass Mutual [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Disposal Group, Assets of Business Transferred under Contractual Arrangement | 9,300,000,000 | ||||||||||||
Individual Life [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Fees and Commissions | 615,000,000 | ||||||||||||
Reinsurance Recoverables | 10,400,000,000 | 9,900,000,000 | 10,400,000,000 | 9,900,000,000 | |||||||||
Reinsurance loss on disposition, including goodwill impairment | 0 | 533,000,000 | |||||||||||
Premium Deficiency | 191,000,000 | ||||||||||||
Policyholder Funds | 8,700,000,000 | 8,700,000,000 | |||||||||||
Separate Accounts, Liability | 5,300,000,000 | 5,300,000,000 | |||||||||||
Disposal Group, Including Discontinued Operation, Other Assets | 1,800,000,000 | ||||||||||||
Disposal Group, Including Discontinued Operation, Other Liabilities | 1,500,000,000 | 1,500,000,000 | |||||||||||
Loss Contingency, Loss in Period | 191,000,000 | ||||||||||||
Revenues | 1,400,000,000 | ||||||||||||
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | -172,000,000 | ||||||||||||
Individual Life [Member] | Prudential [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Disposal Group, Assets of Business Transferred under Contractual Arrangement | 8,000,000,000 | ||||||||||||
Assets supporting the modified coinsurance agreement, not transferred to prudential | 1,400,000,000 | ||||||||||||
Retirement [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Disposal Group, Assets of Business Transferred under Contractual Arrangement | 17,348,000,000 | ||||||||||||
Available-for-sale Securities, Equity Securities | 37,000,000 | ||||||||||||
Available-for-sale Securities, Debt Securities | 16,000,000 | ||||||||||||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 1,364,000,000 | ||||||||||||
Loans, Gross, Insurance Policy | 582,000,000 | ||||||||||||
Reinsurance Loss on Dispositions [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Reinsurance loss on disposition, including goodwill impairment | 23,000,000 | -1,574,000,000 | -533,000,000 | ||||||||||
Reinsurance Loss on Dispositions [Member] | Retirement Plans [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Reinsurance loss on disposition, including goodwill impairment | 634,000,000 | ||||||||||||
Reinsurance Loss on Dispositions [Member] | Individual Life [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Reinsurance loss on disposition, including goodwill impairment | 940,000,000 | ||||||||||||
Gain (Loss) on Investments [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Reinsurance loss on disposition, including goodwill impairment | 0 | 1,575,000,000 | 0 | ||||||||||
Gain (Loss) on Investments [Member] | Retirement Plans [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Reinsurance loss on disposition, including goodwill impairment | 634,000,000 | ||||||||||||
Gain (Loss) on Investments [Member] | Individual Life [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Reinsurance loss on disposition, including goodwill impairment | 940,000,000 | ||||||||||||
Hartford Life Insurance K.K. [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Sale of Business, Cash Consideration Received on Transaction | 963,000,000 | 963,000,000 | |||||||||||
Investments and Cash | 18,733,000,000 | 18,733,000,000 | |||||||||||
Reinsurance Recoverables | 46,000,000 | 46,000,000 | |||||||||||
Property, Plant and Equipment, Net | 18,000,000 | 18,000,000 | |||||||||||
Other Assets | 988,000,000 | 988,000,000 | |||||||||||
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense | 320,000,000 | 320,000,000 | |||||||||||
Other Policyholder Funds | 2,265,000,000 | 2,265,000,000 | |||||||||||
Short-term debt | 247,000,000 | 247,000,000 | |||||||||||
Other Liabilities | 102,000,000 | 102,000,000 | |||||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 659,000,000 | ||||||||||||
Hartford Life Insurance K.K. [Member] | International Annuity [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Other Policyholder Funds | 16,465,000,000 | 16,465,000,000 | |||||||||||
Fair Value, Inputs, Level 2 [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Available-for-sale Securities, Equity Securities | 163,000,000 | 337,000,000 | 163,000,000 | 337,000,000 | |||||||||
Available-for-sale Securities, Debt Securities | 55,803,000,000 | 56,892,000,000 | 55,803,000,000 | 56,892,000,000 | |||||||||
Fair Value, Inputs, Level 2 [Member] | Retirement Plans and Individual Life Businesses [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Available for sale securities, Fair Value | 14,700,000,000 | ||||||||||||
Fair Value, Inputs, Level 3 [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Available-for-sale Securities, Equity Securities | 98,000,000 | 77,000,000 | 98,000,000 | 77,000,000 | |||||||||
Available-for-sale Securities, Debt Securities | 3,475,000,000 | 4,154,000,000 | 3,475,000,000 | 4,154,000,000 | |||||||||
Fair Value, Inputs, Level 3 [Member] | Retirement Plans and Individual Life Businesses [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Available for sale securities, Fair Value | 670,000,000 | ||||||||||||
Investment Contracts [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Liabilities | 0 | 0 | |||||||||||
Investment Contracts [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | JAPAN | Hartford Life Insurance K.K. [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Liabilities | 763,000,000 | 763,000,000 | |||||||||||
Goodwill [Member] | Individual Life [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Asset Impairment Charges | $342,000,000 |
Earnings_Loss_per_Share_Level_2
Earnings (Loss) per Share Level 4 (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Net Income (Loss) Attributable to Parent [Abstract] | |||||||||||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | $1,349 | $1,225 | $220 | ||||||||||||||||
Preferred Stock Dividends, Income Statement Impact | 0 | 10 | 42 | ||||||||||||||||
Income loss from Continuing Operations Net of Tax Available to Common Shareholders | 1,349 | 1,215 | 178 | ||||||||||||||||
Dilutive Securities, Effect on Basic Earnings Per Share | 0 | 10 | 42 | ||||||||||||||||
Income (Loss) from Continuing Operations Net of Tax Available to Common Stockholders Diluted | 1,349 | 1,225 | 220 | ||||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 37 | 0 | -617 | 29 | -70 | -72 | -423 | -484 | -551 | -1,049 | -258 | ||||||||
Net Income (Loss) Attributable to Parent | 382 | 388 | -467 | 495 | 314 | 293 | -190 | -241 | 798 | 176 | -38 | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic | 382 | 388 | -467 | 495 | 314 | 293 | -190 | -251 | 798 | 166 | -80 | ||||||||
Net Income (Loss) Available to Common Stockholders, Diluted | $798 | $176 | ($38) | ||||||||||||||||
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |||||||||||||||||||
Weighted Average Number of Shares Outstanding, Basic | 429.6 | 437.2 | 450.6 | 449.8 | 451.1 | 452.1 | 451.4 | 436.3 | 441.8 | 447.7 | 437.7 | ||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 6.3 | 4.5 | 2.2 | ||||||||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Preferred Stock | 21.2 | 0 | 6.2 | 0 | |||||||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants | 12.1 | 32.2 | 26 | ||||||||||||||||
Weighted Average Number of Shares Outstanding, Diluted | 442.6 | [1] | 450.8 | [1] | 467.9 | [1] | 478.6 | [1] | 486.1 | [1] | 490.6 | [1] | 489 | [1] | 493.1 | [1] | 460.2 | 490.6 | 465.9 |
Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||||||||||
Income (Loss) from Continuing Operations, Per Basic Share | $3.05 | $2.71 | $0.41 | ||||||||||||||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | ($1.24) | ($2.34) | ($0.59) | ||||||||||||||||
Earnings Per Share, Basic | $890,000 | $890,000 | ($1,040,000) | $1,100,000 | $700,000 | $650,000 | ($420,000) | ($580,000) | $1.81 | $0.37 | ($0.18) | ||||||||
Income (Loss) from Continuing Operations, Per Diluted Share | $2.93 | $2.50 | $0.38 | ||||||||||||||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | ($1.20) | ($2.14) | ($0.55) | ||||||||||||||||
Earnings Per Share, Diluted | $860,000 | $860,000 | ($1,000,000) | $1,030,000 | $650,000 | $600,000 | ($390,000) | ($490,000) | $1.73 | $0.36 | ($0.17) | ||||||||
Weighted Average Number Diluted Shares Outstanding Assuming Conversion of Preferred Shares | 486.8 | ||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 20.9 | ||||||||||||||||||
[1] | [1]Weighted average common shares outstanding and dilutive potential common shares are used in the calculation of diluted earnings (losses) per common share in periods of losses when the impact is dilutive to income from continuing operations, net of tax, available to common shareholders. |
Segment_Information_Level_4_De
Segment Information Level 4 (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment Reporting Information [Line Items] | |||||||||||
Number of Reportable Segments | 6 | ||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||||||||
Premiums Earned, Net | $13,336,000,000 | $13,231,000,000 | $13,637,000,000 | ||||||||
earned premium, fee income and other considerations | 15,332,000,000 | 15,336,000,000 | 17,204,000,000 | ||||||||
Insurance Commissions and Fees | 1,996,000,000 | 2,105,000,000 | 3,567,000,000 | ||||||||
Total net investment income | 3,154,000,000 | 3,264,000,000 | 4,127,000,000 | ||||||||
Net realized capital losses | 16,000,000 | 1,798,000,000 | 497,000,000 | ||||||||
Other revenues | 112,000,000 | 275,000,000 | 258,000,000 | ||||||||
Segments, Geographical Areas [Abstract] | |||||||||||
Revenues | 4,617,000,000 | 4,769,000,000 | 4,616,000,000 | 4,612,000,000 | 4,777,000,000 | 4,862,000,000 | 4,734,000,000 | 6,300,000,000 | 18,614,000,000 | 20,673,000,000 | 22,086,000,000 |
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 798,000,000 | 176,000,000 | -38,000,000 | ||||||||
Segment Reporting Information, Income (Loss) before Income Taxes [Abstract] | |||||||||||
Income Tax Expense (Benefit) | 350,000,000 | 246,000,000 | -309,000,000 | ||||||||
Assets by Segment [Abstract] | |||||||||||
Assets | 245,013,000,000 | 277,884,000,000 | 245,013,000,000 | 277,884,000,000 | |||||||
Proprietary [Member] | |||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||||||||
Fees and Commissions | 137,000,000 | 148,000,000 | 207,000,000 | ||||||||
Non Proprietary [Member] | |||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||||||||
Fees and Commissions | 586,000,000 | 520,000,000 | 419,000,000 | ||||||||
Other Group Benefit [Member] | |||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||||||||
Premiums Earned, Net | 167,000,000 | 161,000,000 | 194,000,000 | ||||||||
Group Life and Accident [Member] | |||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||||||||
Premiums Earned, Net | 1,478,000,000 | 1,717,000,000 | 1,881,000,000 | ||||||||
Group Disability [Member] | |||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||||||||
Premiums Earned, Net | 1,450,000,000 | 1,452,000,000 | 1,735,000,000 | ||||||||
Homeowners [Member] | |||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||||||||
Premiums Earned, Net | 1,193,000,000 | 1,138,000,000 | 1,110,000,000 | ||||||||
Automobiles Consumer [Member] | |||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||||||||
Premiums Earned, Net | 2,613,000,000 | 2,522,000,000 | 2,526,000,000 | ||||||||
Professional Liability [Member] | |||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||||||||
Premiums Earned, Net | 213,000,000 | 222,000,000 | 253,000,000 | ||||||||
Fidelity and Surety [Member] | |||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||||||||
Premiums Earned, Net | 210,000,000 | 201,000,000 | 205,000,000 | ||||||||
Liability [Member] | |||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||||||||
Premiums Earned, Net | 582,000,000 | 566,000,000 | 562,000,000 | ||||||||
Package Business [Member] | |||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||||||||
Premiums Earned, Net | 1,163,000,000 | 1,139,000,000 | 1,160,000,000 | ||||||||
Property Insurance Product Line [Member] | |||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||||||||
Premiums Earned, Net | 559,000,000 | 521,000,000 | 505,000,000 | ||||||||
Automobiles Commercial [Member] | |||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||||||||
Premiums Earned, Net | 591,000,000 | 579,000,000 | 587,000,000 | ||||||||
Workers Compensation [Member] | |||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||||||||
Premiums Earned, Net | 2,971,000,000 | 2,975,000,000 | 2,987,000,000 | ||||||||
Available-for-sale Securities [Member] | |||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||||||||
Total net investment income | 3,153,000,000 | 3,263,000,000 | 4,126,000,000 | ||||||||
Equity Securities [Member] | |||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||||||||
Total net investment income | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||
Property & Casualty Commercial [Member] | |||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||||||||
Premiums Earned, Net | 6,289,000,000 | 6,203,000,000 | 6,259,000,000 | ||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 983,000,000 | 870,000,000 | 547,000,000 | ||||||||
Deferred Policy Acquisition Costs Disclosures [Abstract] | |||||||||||
Amortization of deferred policy acquisition costs and present value of future profits | 919,000,000 | 905,000,000 | 927,000,000 | ||||||||
Segment Reporting Information, Income (Loss) before Income Taxes [Abstract] | |||||||||||
Income Tax Expense (Benefit) | 385,000,000 | 320,000,000 | 159,000,000 | ||||||||
Assets by Segment [Abstract] | |||||||||||
Assets | 28,451,000,000 | 27,119,000,000 | 28,451,000,000 | 27,119,000,000 | |||||||
Property and Casualty, Personal Insurance Product Line [Member] | |||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||||||||
Premiums Earned, Net | 3,806,000,000 | 3,660,000,000 | 3,636,000,000 | ||||||||
Segment Information (Textual) [Abstract] | |||||||||||
AARP earned premiums | 3,000,000,000 | 2,900,000,000 | 2,800,000,000 | ||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 207,000,000 | 229,000,000 | 166,000,000 | ||||||||
Deferred Policy Acquisition Costs Disclosures [Abstract] | |||||||||||
Amortization of deferred policy acquisition costs and present value of future profits | 348,000,000 | 332,000,000 | 332,000,000 | ||||||||
Segment Reporting Information, Income (Loss) before Income Taxes [Abstract] | |||||||||||
Income Tax Expense (Benefit) | 92,000,000 | 100,000,000 | 65,000,000 | ||||||||
Assets by Segment [Abstract] | |||||||||||
Assets | 5,983,000,000 | 5,873,000,000 | 5,983,000,000 | 5,873,000,000 | |||||||
Property and Casualty Other Operations [Member] | |||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||||||||
Premiums Earned, Net | 1,000,000 | 1,000,000 | -2,000,000 | ||||||||
Segment Reporting Information, Income (Loss) before Income Taxes [Abstract] | |||||||||||
Income Tax Expense (Benefit) | -51,000,000 | -20,000,000 | 14,000,000 | ||||||||
Assets by Segment [Abstract] | |||||||||||
Assets | 4,328,000,000 | 4,331,000,000 | 4,328,000,000 | 4,331,000,000 | |||||||
Group Benefits [Member] | |||||||||||
Deferred Policy Acquisition Costs Disclosures [Abstract] | |||||||||||
Amortization of deferred policy acquisition costs and present value of future profits | 32,000,000 | 33,000,000 | 33,000,000 | ||||||||
Segment Reporting Information, Income (Loss) before Income Taxes [Abstract] | |||||||||||
Income Tax Expense (Benefit) | 63,000,000 | 63,000,000 | 31,000,000 | ||||||||
Assets by Segment [Abstract] | |||||||||||
Assets | 9,686,000,000 | 8,882,000,000 | 9,686,000,000 | 8,882,000,000 | |||||||
Mutual Funds [Member] | |||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||||||||
Fees and Commissions | 723,000,000 | 668,000,000 | 626,000,000 | ||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 87,000,000 | 76,000,000 | 71,000,000 | ||||||||
Deferred Policy Acquisition Costs Disclosures [Abstract] | |||||||||||
Amortization of deferred policy acquisition costs and present value of future profits | 28,000,000 | 39,000,000 | 35,000,000 | ||||||||
Segment Reporting Information, Income (Loss) before Income Taxes [Abstract] | |||||||||||
Income Tax Expense (Benefit) | 49,000,000 | 42,000,000 | 38,000,000 | ||||||||
Assets by Segment [Abstract] | |||||||||||
Assets | 443,000,000 | 307,000,000 | 443,000,000 | 307,000,000 | |||||||
Talcott Resolution [Member] | |||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||||||||
earned premium, fee income and other considerations | 1,407,000,000 | 1,463,000,000 | 2,708,000,000 | ||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | -187,000,000 | -634,000,000 | 1,000,000 | ||||||||
Talcott Resolution [Member] | |||||||||||
Deferred Policy Acquisition Costs Disclosures [Abstract] | |||||||||||
Amortization of deferred policy acquisition costs and present value of future profits | 402,000,000 | 485,000,000 | 663,000,000 | ||||||||
Segment Reporting Information, Income (Loss) before Income Taxes [Abstract] | |||||||||||
Income Tax Expense (Benefit) | 16,000,000 | -7,000,000 | -99,000,000 | ||||||||
Assets by Segment [Abstract] | |||||||||||
Assets | 191,801,000,000 | 222,269,000,000 | 191,801,000,000 | 222,269,000,000 | |||||||
Corporate [Member] | |||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||||||||
Insurance Commissions and Fees | 11,000,000 | 11,000,000 | 167,000,000 | ||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | -375,000,000 | -555,000,000 | -1,009,000,000 | ||||||||
Segment Reporting Information, Income (Loss) before Income Taxes [Abstract] | |||||||||||
Income Tax Expense (Benefit) | -204,000,000 | -252,000,000 | -517,000,000 | ||||||||
Assets by Segment [Abstract] | |||||||||||
Assets | 4,321,000,000 | 9,103,000,000 | 4,321,000,000 | 9,103,000,000 | |||||||
Other Insurance Product Line [Member] | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | -108,000,000 | -2,000,000 | 57,000,000 | ||||||||
Group Insurance Policies [Member] | |||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||||||||
Premiums Earned, Net | 3,095,000,000 | 3,330,000,000 | 3,810,000,000 | ||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $191,000,000 | $192,000,000 | $129,000,000 |
Fair_Value_Measurements_Level_2
Fair Value Measurements Level 4 Fair Value by Hierarchy (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | $0 | |
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Debt Securities | 59,384,000,000 | 62,357,000,000 |
Marketable Securities, Fixed Maturities | 488,000,000 | 844,000,000 |
Trading Securities, Equity | 11,000,000 | 19,745,000,000 |
Available-for-sale Securities, Equity Securities | 1,047,000,000 | 868,000,000 |
Other Short-term Investments | 4,883,000,000 | 4,008,000,000 |
Alternative Investments, Fair Value Disclosure | 2,942,000,000 | 3,040,000,000 |
Reinsurance Recoverables | 22,920,000,000 | 23,330,000,000 |
Separate Account Assets | 134,702,000,000 | 140,886,000,000 |
Assets, Fair Value Disclosure | 199,248,000,000 | 227,776,000,000 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | -1,095,000,000 | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 137,000,000 | 74,000,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Debt Securities | 106,000,000 | 1,311,000,000 |
Marketable Securities, Fixed Maturities | 0 | 0 |
Trading Securities, Equity | 11,000,000 | 12,000,000 |
Available-for-sale Securities, Equity Securities | 786,000,000 | 454,000,000 |
Other Short-term Investments | 349,000,000 | 427,000,000 |
Assets, Fair Value Disclosure | 92,789,000,000 | 102,134,000,000 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Debt Securities | 55,803,000,000 | 56,892,000,000 |
Marketable Securities, Fixed Maturities | 396,000,000 | 651,000,000 |
Trading Securities, Equity | 0 | 19,733,000,000 |
Available-for-sale Securities, Equity Securities | 163,000,000 | 337,000,000 |
Other Short-term Investments | 4,534,000,000 | 3,581,000,000 |
Assets, Fair Value Disclosure | 101,735,000,000 | 120,072,000,000 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | -1,004,000,000 | |
Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Debt Securities | 3,475,000,000 | 4,154,000,000 |
Marketable Securities, Fixed Maturities | 92,000,000 | 193,000,000 |
Trading Securities, Equity | 0 | 0 |
Available-for-sale Securities, Equity Securities | 98,000,000 | 77,000,000 |
Other Short-term Investments | 0 | 0 |
Assets, Fair Value Disclosure | 4,724,000,000 | 5,570,000,000 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | -91,000,000 | |
Fair Value, Measurements, Recurring [Member] | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | -1,273,000,000 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | -1,247,000,000 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | -26,000,000 | |
Asset-backed Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Debt Securities | 2,472,000,000 | 2,365,000,000 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Debt Securities | 2,350,000,000 | 2,218,000,000 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Debt Securities | 122,000,000 | 147,000,000 |
Collateralized Debt Obligations [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Debt Securities | 2,841,000,000 | 2,387,000,000 |
Collateralized Debt Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Collateralized Debt Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Debt Securities | 2,218,000,000 | 1,723,000,000 |
Collateralized Debt Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Debt Securities | 623,000,000 | 664,000,000 |
Commercial Mortgage Backed Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Debt Securities | 4,415,000,000 | 4,446,000,000 |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Debt Securities | 4,131,000,000 | 3,783,000,000 |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Debt Securities | 284,000,000 | 663,000,000 |
Commercial Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Debt Securities | 284,000,000 | 663,000,000 |
Corporate Debt Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Debt Securities | 27,359,000,000 | 28,490,000,000 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Debt Securities | 26,319,000,000 | 27,216,000,000 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Debt Securities | 1,040,000,000 | 1,274,000,000 |
Foreign Government Debt Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Debt Securities | 1,636,000,000 | 4,104,000,000 |
Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Debt Securities | 1,577,000,000 | 4,039,000,000 |
Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Debt Securities | 59,000,000 | 65,000,000 |
US States and Political Subdivisions Debt Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Debt Securities | 12,871,000,000 | 12,173,000,000 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Debt Securities | 12,805,000,000 | 12,104,000,000 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Debt Securities | 66,000,000 | 69,000,000 |
Residential Mortgage Backed Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Debt Securities | 3,918,000,000 | 4,647,000,000 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Debt Securities | 2,637,000,000 | 3,375,000,000 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Debt Securities | 1,281,000,000 | 1,272,000,000 |
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Debt Securities | 1,281,000,000 | 1,272,000,000 |
US Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | 2,500,000,000 | 1,300,000,000 |
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Debt Securities | 3,872,000,000 | 3,745,000,000 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Debt Securities | 106,000,000 | 1,311,000,000 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Debt Securities | 3,766,000,000 | 2,434,000,000 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Other Policyholder Funds and Benefits Payable [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | -165,000,000 | |
Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | -165,000,000 | |
Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | -48,000,000 | |
Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | -48,000,000 | |
Credit Risk Contract [Member] | Other Investments [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 8,000,000 | 25,000,000 |
Credit Risk Contract [Member] | Other Investments [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Credit Risk Contract [Member] | Other Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 10,000,000 | 20,000,000 |
Credit Risk Contract [Member] | Other Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | -2,000,000 | 5,000,000 |
Credit Risk Contract [Member] | Other Liabilities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | -16,000,000 | |
Credit Risk Contract [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Credit Risk Contract [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | -9,000,000 | |
Credit Risk Contract [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | -7,000,000 | |
Credit Risk Contract [Member] | Other Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | -12,000,000 | |
Credit Risk Contract [Member] | Other Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Credit Risk Contract [Member] | Other Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | -9,000,000 | |
Credit Risk Contract [Member] | Other Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | -3,000,000 | |
Equity Contract [Member] | Other Investments [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 3,000,000 | |
Equity Contract [Member] | Other Investments [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Equity Contract [Member] | Other Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Equity Contract [Member] | Other Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 3,000,000 | |
Equity Contract [Member] | Other Liabilities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 28,000,000 | |
Equity Contract [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Equity Contract [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 25,000,000 | |
Equity Contract [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 3,000,000 | |
Equity Contract [Member] | Other Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 19,000,000 | |
Equity Contract [Member] | Other Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Equity Contract [Member] | Other Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 16,000,000 | |
Equity Contract [Member] | Other Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 3,000,000 | |
Foreign Exchange Contract [Member] | Other Investments [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 14,000,000 | |
Foreign Exchange Contract [Member] | Other Investments [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Foreign Exchange Contract [Member] | Other Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 14,000,000 | |
Foreign Exchange Contract [Member] | Other Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Foreign Exchange Contract [Member] | Other Liabilities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | -445,000,000 | |
Foreign Exchange Contract [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Foreign Exchange Contract [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | -445,000,000 | |
Foreign Exchange Contract [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Foreign Exchange Contract [Member] | Other Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | -388,000,000 | |
Foreign Exchange Contract [Member] | Other Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Foreign Exchange Contract [Member] | Other Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | -388,000,000 | |
Foreign Exchange Contract [Member] | Other Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Interest Rate Contract [Member] | Other Investments [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 129,000,000 | -21,000,000 |
Interest Rate Contract [Member] | Other Investments [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Interest Rate Contract [Member] | Other Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 113,000,000 | -63,000,000 |
Interest Rate Contract [Member] | Other Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 16,000,000 | 42,000,000 |
Interest Rate Contract [Member] | Other Liabilities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | -597,000,000 | |
Interest Rate Contract [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Interest Rate Contract [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | -574,000,000 | |
Interest Rate Contract [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | -23,000,000 | |
Interest Rate Contract [Member] | Other Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | -582,000,000 | |
Interest Rate Contract [Member] | Other Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Interest Rate Contract [Member] | Other Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | -558,000,000 | |
Interest Rate Contract [Member] | Other Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | -24,000,000 | |
Other Contract [Member] | Other Investments [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 12,000,000 | 17,000,000 |
Other Contract [Member] | Other Investments [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Other Contract [Member] | Other Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Other Contract [Member] | Other Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 12,000,000 | 17,000,000 |
Derivative Financial Instruments, Assets [Member] | Other Investments [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 364,000,000 | 442,000,000 |
Derivative Financial Instruments, Assets [Member] | Other Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 128,000,000 | 170,000,000 |
Derivative Financial Instruments, Assets [Member] | Other Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 236,000,000 | 272,000,000 |
Derivative Financial Instruments, Liabilities [Member] | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 413,000,000 | 128,000,000 |
Derivative Financial Instruments, Liabilities [Member] | Other Liabilities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | -927,000,000 | -1,223,000,000 |
Derivative Financial Instruments, Liabilities [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Derivative Financial Instruments, Liabilities [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | -1,004,000,000 | -1,247,000,000 |
Derivative Financial Instruments, Liabilities [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 77,000,000 | 24,000,000 |
Embedded Derivative Financial Instruments [Member] | Other Liabilities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | -3,000,000 | -2,000,000 |
Embedded Derivative Financial Instruments [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Embedded Derivative Financial Instruments [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Embedded Derivative Financial Instruments [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | -3,000,000 | -2,000,000 |
GMWB Reinsurance [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Reinsurance Recoverables | 56,000,000 | 29,000,000 |
GMWB Reinsurance [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Reinsurance Recoverables | 0 | 0 |
GMWB Reinsurance [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Reinsurance Recoverables | 0 | 0 |
GMWB Reinsurance [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Reinsurance Recoverables | 56,000,000 | 29,000,000 |
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Reinsurance Recoverables | 34,000,000 | 67,000,000 |
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Reinsurance Recoverables | 0 | 0 |
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Reinsurance Recoverables | 34,000,000 | 67,000,000 |
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Reinsurance Recoverables | 0 | 0 |
Equity Linked Notes [Member] | Other Policyholder Funds and Benefits Payable [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | -26,000,000 | |
Equity Linked Notes [Member] | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Equity Linked Notes [Member] | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Equity Linked Notes [Member] | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | -26,000,000 | |
Equity Linked Notes [Member] | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | -18,000,000 | |
Equity Linked Notes [Member] | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Equity Linked Notes [Member] | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Equity Linked Notes [Member] | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | -18,000,000 | |
UNITED STATES | US GMWB Hedging Instruments [Member] | Other Investments [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 119,000,000 | 26,000,000 |
UNITED STATES | US GMWB Hedging Instruments [Member] | Other Investments [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
UNITED STATES | US GMWB Hedging Instruments [Member] | Other Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 5,000,000 | -42,000,000 |
UNITED STATES | US GMWB Hedging Instruments [Member] | Other Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 114,000,000 | 68,000,000 |
UNITED STATES | US GMWB Hedging Instruments [Member] | Other Liabilities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 55,000,000 | 15,000,000 |
UNITED STATES | US GMWB Hedging Instruments [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
UNITED STATES | US GMWB Hedging Instruments [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | -1,000,000 | -63,000,000 |
UNITED STATES | US GMWB Hedging Instruments [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 56,000,000 | 78,000,000 |
UNITED STATES | Macro Hedge Program [Member] | Other Investments [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 93,000,000 | 109,000,000 |
UNITED STATES | Macro Hedge Program [Member] | Other Investments [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
UNITED STATES | Macro Hedge Program [Member] | Other Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
UNITED STATES | Macro Hedge Program [Member] | Other Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 93,000,000 | 109,000,000 |
UNITED STATES | Macro Hedge Program [Member] | Other Liabilities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 48,000,000 | 30,000,000 |
UNITED STATES | Macro Hedge Program [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
UNITED STATES | Macro Hedge Program [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
UNITED STATES | Macro Hedge Program [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 48,000,000 | 30,000,000 |
JAPAN | International Program Hedging Instruments [Member] | Other Investments [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 272,000,000 | |
JAPAN | International Program Hedging Instruments [Member] | Other Investments [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
JAPAN | International Program Hedging Instruments [Member] | Other Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 241,000,000 | |
JAPAN | International Program Hedging Instruments [Member] | Other Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 31,000,000 | |
JAPAN | International Program Hedging Instruments [Member] | Other Liabilities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | -305,000,000 | |
JAPAN | International Program Hedging Instruments [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
JAPAN | International Program Hedging Instruments [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | -245,000,000 | |
JAPAN | International Program Hedging Instruments [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | -60,000,000 | |
Portion at Other than Fair Value Measurement [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Separate Account Assets | 2,500,000,000 | 2,400,000,000 |
Portion at Fair Value Measurement [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Alternative Investments, Fair Value Disclosure | 770,000,000 | 921,000,000 |
Separate Account Assets | 132,211,000,000 | 138,495,000,000 |
Portion at Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Alternative Investments, Fair Value Disclosure | 0 | 0 |
Separate Account Assets | 91,537,000,000 | 99,930,000,000 |
Portion at Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Alternative Investments, Fair Value Disclosure | 581,000,000 | 813,000,000 |
Separate Account Assets | 40,096,000,000 | 37,828,000,000 |
Portion at Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Alternative Investments, Fair Value Disclosure | 189,000,000 | 108,000,000 |
Separate Account Assets | 578,000,000 | 737,000,000 |
Guaranteed Minimum Withdrawal Benefit [Member] | UNITED STATES | Other Policyholder Funds and Benefits Payable [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | -139,000,000 | |
Guaranteed Minimum Withdrawal Benefit [Member] | UNITED STATES | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Guaranteed Minimum Withdrawal Benefit [Member] | UNITED STATES | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Guaranteed Minimum Withdrawal Benefit [Member] | UNITED STATES | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | -139,000,000 | |
Guaranteed Minimum Withdrawal Benefit [Member] | UNITED STATES | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | -36,000,000 | |
Guaranteed Minimum Withdrawal Benefit [Member] | UNITED STATES | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Guaranteed Minimum Withdrawal Benefit [Member] | UNITED STATES | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Guaranteed Minimum Withdrawal Benefit [Member] | UNITED STATES | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | -36,000,000 | |
Guaranteed Minimum Withdrawal Benefit [Member] | International [Member] | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 3,000,000 | |
Guaranteed Minimum Withdrawal Benefit [Member] | International [Member] | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Guaranteed Minimum Withdrawal Benefit [Member] | International [Member] | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Guaranteed Minimum Withdrawal Benefit [Member] | International [Member] | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 3,000,000 | |
Other Guaranteed Living Benefits [Member] | International [Member] | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 3,000,000 | |
Other Guaranteed Living Benefits [Member] | International [Member] | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Other Guaranteed Living Benefits [Member] | International [Member] | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Other Guaranteed Living Benefits [Member] | International [Member] | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | $3,000,000 |
Fair_Value_Measurements_Level_3
Fair Value Measurements Level 4 Pricing Controls, Broker Inputs, and Valuation (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Adjustments to Broker Prices Received | $0 |
Derivative Financial Instruments, Assets [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurements, Valuation Techniques | Derivative instruments are fair valued using pricing valuation models for OTC derivatives that utilize independent market data inputs, quoted market prices for exchange-traded and OTC-cleared derivatives, or independent broker quotations. Excluding embedded and reinsurance related derivatives, as of DecemberB 31, 2014 and 2013, 96% and 97%, respectively, of derivatives, based upon notional values, were priced by valuation models or quoted market prices. The remaining derivatives were priced by broker quotations. |
Fair_Value_Measurements_Level_4
Fair Value Measurements Level 4 Significant Unobservable Inputs (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Alternative Investments, Fair Value Disclosure | 2,942 | 3,040 |
Available-for-sale Securities, Debt Securities | 59,384 | 62,357 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Available-for-sale Securities, Debt Securities | 3,475 | 4,154 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Measurements, Valuation Techniques | Discounted cash flows | Discounted cash flows |
Residential Mortgage Backed Securities [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Loss Severity | 0.00% | 0.00% |
Fair Value Inputs, Probability of Default | 1.00% | 1.00% |
Fair Value Inputs, Prepayment Rate | 0.00% | 0.00% |
Fair Value Inputs, Counterparty Credit Risk | 23.00% | 62.00% |
Residential Mortgage Backed Securities [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Loss Severity | 100.00% | 100.00% |
Fair Value Inputs, Probability of Default | 14.00% | 22.00% |
Fair Value Inputs, Prepayment Rate | 7.00% | 10.00% |
Fair Value Inputs, Counterparty Credit Risk | 1904.00% | 1748.00% |
Residential Mortgage Backed Securities [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Loss Severity | 78.00% | 80.00% |
Fair Value Inputs, Probability of Default | 7.00% | 8.00% |
Fair Value Inputs, Prepayment Rate | 2.00% | 3.00% |
Fair Value Inputs, Counterparty Credit Risk | 142.00% | 232.00% |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Measurements, Valuation Techniques | Discounted cash flows | Discounted cash flows |
Fair Value Measurements, Significant Assumptions | Spread | Spread |
Fair Value Measurements, Sensitivity Analysis, Description | Decrease | Decrease |
US States and Political Subdivisions Debt Securities [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Treasury Yield | 212.00% | 184.00% |
US States and Political Subdivisions Debt Securities [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Treasury Yield | 212.00% | 184.00% |
US States and Political Subdivisions Debt Securities [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Treasury Yield | 212.00% | 184.00% |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Measurements, Valuation Techniques | Discounted cash flows | Discounted cash flows |
Fair Value Measurements, Significant Assumptions | Spread | Spread |
Fair Value Measurements, Sensitivity Analysis, Description | Decrease | Decrease |
Corporate Debt Securities [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Counterparty Credit Risk | 123.00% | 119.00% |
Corporate Debt Securities [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Counterparty Credit Risk | 765.00% | 5594.00% |
Corporate Debt Securities [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Counterparty Credit Risk | 279.00% | 344.00% |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Measurements, Valuation Techniques | Discounted cash flows | Discounted cash flows |
Fair Value Measurements, Significant Assumptions | SpreadB (encompassesB prepayment, default risk and loss severity) | SpreadB (encompassesB prepayment, default risk and loss severity) |
Fair Value Measurements, Sensitivity Analysis, Description | Decrease | Decrease |
Commercial Mortgage Backed Securities [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Counterparty Credit Risk | 46.00% | 99.00% |
Commercial Mortgage Backed Securities [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Counterparty Credit Risk | 2475.00% | 3000.00% |
Commercial Mortgage Backed Securities [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Counterparty Credit Risk | 284.00% | 527.00% |
Residential Mortgage Backed Securities [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Available-for-sale Securities, Debt Securities | 3,918 | 4,647 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Available-for-sale Securities, Debt Securities | 1,281 | 1,272 |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Available-for-sale Securities, Debt Securities | 12,871 | 12,173 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Available-for-sale Securities, Debt Securities | 66 | 69 |
Corporate Debt Securities [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Available-for-sale Securities, Debt Securities | 27,359 | 28,490 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Available-for-sale Securities, Debt Securities | 1,040 | 1,274 |
Commercial Mortgage Backed Securities [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Available-for-sale Securities, Debt Securities | 4,415 | 4,446 |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Available-for-sale Securities, Debt Securities | 284 | 663 |
Fair Value, Measurements, Recurring [Member] | Limited Partnerships and Other Alternative Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Measurements, Valuation Processes, Description | The predominant valuation method uses a NAV calculated on a monthly basis and represents funds where the Company does not have the ability to redeem the investment in the near-term at that NAV, including an assessment of the investee's liquidity. | |
Fair Value, Measurements, Recurring [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Available-for-sale Securities, Debt Securities | 1,281 | 1,272 |
Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Non-Broker Priced [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Available-for-sale Securities, Debt Securities | 32 | 29 |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | Non-Broker Priced [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Available-for-sale Securities, Debt Securities | 568 | 665 |
Fair Value, Measurements, Recurring [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Available-for-sale Securities, Debt Securities | 284 | 663 |
Spread [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Measurements, Significant Assumptions | Spread | Spread |
Fair Value Measurements, Sensitivity Analysis, Description | Decrease | Decrease |
Prepayment Rate [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Measurements, Significant Assumptions | Constant prepayment rate | Constant prepayment rate |
Fair Value Measurements, Sensitivity Analysis, Description | Decrease [4] | Decrease [4] |
Probability of Default [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Measurements, Significant Assumptions | Constant default rate | Constant default rate |
Fair Value Measurements, Sensitivity Analysis, Description | Decrease | Decrease |
Loss Severity [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Measurements, Significant Assumptions | Loss severity | Loss severity |
Fair Value Measurements, Sensitivity Analysis, Description | Decrease | Decrease |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Withdrawal Utilization [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Measurements, Sensitivity Analysis, Description | Increase | |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Withdrawal Utilization [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Unobservable Input Range | 20.00% | |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Withdrawal Utilization [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Unobservable Input Range | 100.00% | |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Withdrawal Rates [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Measurements, Sensitivity Analysis, Description | Increase | |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Withdrawal Rates [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Unobservable Input Range | 0.00% | |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Withdrawal Rates [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Unobservable Input Range | 8.00% | |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Lapse Rates [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Measurements, Sensitivity Analysis, Description | Decrease | |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Lapse Rates [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Unobservable Input Range | 0.00% | |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Lapse Rates [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Unobservable Input Range | 75.00% | |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Reset Elections [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Measurements, Sensitivity Analysis, Description | Increase | |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Reset Elections [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Unobservable Input Range | 20.00% | |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Reset Elections [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Unobservable Input Range | 75.00% | |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Equity Volatility [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Measurements, Sensitivity Analysis, Description | Increase | |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Equity Volatility [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Unobservable Input Range | 10.00% | |
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Equity Volatility [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Unobservable Input Range | 40.00% | |
Interest Rate Contract [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | -29 | -24 |
Fair Value Measurements, Valuation Techniques | Discounted cash flows | Discounted cash flows |
Fair Value Measurements, Significant Assumptions | Swap curve beyond 30 years | SwapB curveB beyondB 30B years |
Fair Value Measurements, Sensitivity Analysis, Description | Decrease | Increase |
Interest Rate Contract [Member] | Interest Rate Swap [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Measurements, Unobservable Swap Curve | 3.00% | 4.00% |
Interest Rate Contract [Member] | Interest Rate Swap [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Measurements, Unobservable Swap Curve | 3.00% | 4.00% |
US GMWB Hedging Instruments [Member] | Equity Option [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 46 | 72 |
Fair Value Measurements, Valuation Techniques | Option model | Option model |
Fair Value Measurements, Significant Assumptions | Equity volatility | Equity volatility |
Fair Value Measurements, Sensitivity Analysis, Description | Increase | Increase |
US GMWB Hedging Instruments [Member] | Equity Option [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Assumptions, Expected Volatility Rate | 22.00% | 21.00% |
US GMWB Hedging Instruments [Member] | Equity Option [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Assumptions, Expected Volatility Rate | 34.00% | 29.00% |
US GMWB Hedging Instruments [Member] | Customized Swaps [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 124 | 74 |
Fair Value Measurements, Valuation Techniques | Discounted cash flows | Discounted cash flows |
Fair Value Measurements, Significant Assumptions | Equity volatility | Equity volatility |
Fair Value Measurements, Sensitivity Analysis, Description | Increase | Increase |
US GMWB Hedging Instruments [Member] | Customized Swaps [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Assumptions, Expected Volatility Rate | 10.00% | 10.00% |
US GMWB Hedging Instruments [Member] | Customized Swaps [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Assumptions, Expected Volatility Rate | 40.00% | 50.00% |
US Macro Hedge Program [Member] | Equity Option [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 141 | 139 |
Fair Value Measurements, Valuation Techniques | Option model | Option model |
Fair Value Measurements, Significant Assumptions | Equity volatility | Equity volatility |
Fair Value Measurements, Sensitivity Analysis, Description | Increase | Increase |
US Macro Hedge Program [Member] | Equity Option [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Assumptions, Expected Volatility Rate | 27.00% | 24.00% |
US Macro Hedge Program [Member] | Equity Option [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Assumptions, Expected Volatility Rate | 28.00% | 31.00% |
International Program Hedging Instruments [Member] | Equity Option [Member] | Non-Broker Priced [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | -35 | |
Fair Value Measurements, Valuation Techniques | Option model | |
Fair Value Measurements, Significant Assumptions | Equity volatility | |
Fair Value Measurements, Sensitivity Analysis, Description | Increase | |
International Program Hedging Instruments [Member] | Equity Option [Member] | Minimum [Member] | Non-Broker Priced [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Assumptions, Expected Volatility Rate | 24.00% | |
International Program Hedging Instruments [Member] | Equity Option [Member] | Maximum [Member] | Non-Broker Priced [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Assumptions, Expected Volatility Rate | 37.00% | |
Long [Member] | Interest Rate Swaption [Member] | Minimum [Member] | Non-Broker Priced [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Assumptions, Expected Volatility Rate | 1.00% | |
Long [Member] | Interest Rate Swaption [Member] | Maximum [Member] | Non-Broker Priced [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Assumptions, Expected Volatility Rate | 1.00% | |
Long [Member] | Interest Rate Contract [Member] | Interest Rate Swaption [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 22 | 42 |
Fair Value Measurements, Valuation Techniques | Option model | Option model |
Fair Value Measurements, Significant Assumptions | Interest rate volatility | Interest rate volatility |
Fair Value Measurements, Sensitivity Analysis, Description | Increase | Increase |
Long [Member] | Interest Rate Contract [Member] | Interest Rate Swaption [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Assumptions, Expected Volatility Rate | 1.00% | 1.00% |
Long [Member] | Interest Rate Contract [Member] | Interest Rate Swaption [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Assumptions, Expected Volatility Rate | 1.00% | 1.00% |
Long [Member] | International Program Hedging Instruments [Member] | Interest Rate Swaption [Member] | Non-Broker Priced [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 50 | |
Fair Value Measurements, Valuation Techniques | Option model | |
Fair Value Measurements, Significant Assumptions | Interest rate volatility | |
Fair Value Measurements, Sensitivity Analysis, Description | Increase | |
Short [Member] | Interest Rate Swaption [Member] | Minimum [Member] | Non-Broker Priced [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Assumptions, Expected Volatility Rate | 0.00% | |
Short [Member] | Interest Rate Swaption [Member] | Maximum [Member] | Non-Broker Priced [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Assumptions, Expected Volatility Rate | 1.00% | |
Short [Member] | International Program Hedging Instruments [Member] | Interest Rate Swaption [Member] | Non-Broker Priced [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | -13 | |
Fair Value Measurements, Valuation Techniques | Option model | |
Fair Value Measurements, Significant Assumptions | Interest rate volatility | |
Fair Value Measurements, Sensitivity Analysis, Description | Decrease |
Fair_Value_Measurements_Level_5
Fair Value Measurements Level 4 Credit Standing Adjustments and Behavior Risk Margins (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | ($353) | ($125) | $105 |
Credit standing adjustment asset (liability), net | 1 | -1 | |
Credit standing adjustment assumption net of reinsurance [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 3 | -13 | -69 |
Gain (Loss) Due to Changes in Assumptions [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 31 | 75 | 274 |
GMWB Derivatives, Net [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Behavior Risk Margin | 74 | 108 | |
GMWB Derivatives, Net [Member] | Behavior Risk Margin Update Due to Underlying Fund Performance [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | $5 | $33 | $106 |
Fair_Value_Measurements_Level_6
Fair Value Measurements Level 4 Fair Value Level 3 Roll Forward (Details) (Fair Value, Inputs, Level 3 [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | ($6) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 391 | 280 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 1 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 224 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 86 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | 737 | 583 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 13 | 23 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 339 | 250 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | -3 | -2 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 37 | 45 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | -344 | -74 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | 578 | 737 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 8 | 21 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | -201 | -88 | |
Limited Partnerships and Other Alternative Investments [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | 108 | 314 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 1 | -18 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 130 | 135 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 0 | 0 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 53 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | -79 | -301 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | 189 | 108 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 1 | -18 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | -24 | -22 | |
Derivative [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | 296 | 925 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | -17 | -694 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 39 | 3 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | -34 | -11 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | -2 | -8 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | 31 | 81 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | 313 | 296 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | -79 | -979 | |
Fixed Maturities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | 16 | 43 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | -19 | 59 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 92 | 193 | 214 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 16 | 19 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 136 | 3 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 4 | 94 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 2 | 4 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 6 | 2 | |
Available-for-sale Securities [Member] | Equity Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | -2 | -15 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 3 | -15 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 98 | 77 | 84 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 2 | 6 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 30 | 14 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 14 | 3 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 9 | ||
Available-for-sale Securities [Member] | Fixed Maturities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | -21 | -27 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | -25 | 29 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 3,475 | 4,154 | 5,738 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | -10 | 304 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 916 | 855 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 559 | 598 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 643 | 1,631 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 847 | 792 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 419 | 249 | |
Available-for-sale Securities [Member] | Asset-backed Securities [Member] | Fixed Maturities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | -7 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | -9 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 122 | 147 | 278 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | -3 | 31 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 72 | 96 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 3 | 8 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 18 | 139 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 154 | 105 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 75 | 3 | |
Available-for-sale Securities [Member] | Collateralized Debt Obligations [Member] | Fixed Maturities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | -12 | 22 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 623 | 664 | 944 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 4 | 138 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 48 | 92 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 60 | 126 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 12 | 365 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 97 | 73 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 72 | 32 | |
Available-for-sale Securities [Member] | Commercial Mortgage Backed Securities [Member] | Fixed Maturities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | -3 | -10 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | -28 | -27 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 284 | 663 | 859 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 27 | 115 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 126 | 50 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 253 | 142 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 123 | 208 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 147 | 49 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 17 | 65 | |
Available-for-sale Securities [Member] | Corporate Debt Securities [Member] | Fixed Maturities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | -15 | -9 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 24 | 5 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1,040 | 1,274 | 2,001 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | -10 | -12 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 145 | 180 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 46 | 132 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 205 | 403 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 369 | 514 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 255 | 149 | |
Available-for-sale Securities [Member] | Foreign Government Debt Securities [Member] | Fixed Maturities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | -2 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 2 | -2 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 59 | 65 | 56 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | -9 | -9 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 15 | 45 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 4 | 4 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 24 | 15 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 6 | ||
Available-for-sale Securities [Member] | US States and Political Subdivisions Debt Securities [Member] | Fixed Maturities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 2 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 66 | 69 | 227 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | -7 | -11 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 16 | 21 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 1 | 126 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 25 | 44 | |
Available-for-sale Securities [Member] | Residential Mortgage Backed Securities [Member] | Fixed Maturities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | -1 | -1 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | -11 | 38 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1,281 | 1,272 | 1,373 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | -12 | 52 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 494 | 371 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 193 | 186 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 260 | 375 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 55 | 1 | |
Credit Risk Contract [Member] | Derivative [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | 2 | 4 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | -4 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | -7 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | -2 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | -9 | 2 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | -4 | -1 | |
Foreign Exchange Contract [Member] | Derivative [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 2 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | -2 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | 0 | ||
Equity Contract [Member] | Derivative [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | 3 | 57 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 3 | -37 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | -7 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | -10 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | 6 | 3 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 1 | -22 | |
Interest Rate Contract [Member] | Derivative [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | 18 | -32 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | -42 | 24 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 19 | -3 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 3 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | -2 | 26 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | -7 | 18 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | -43 | 9 | |
Other Contract [Member] | Derivative [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | 17 | 23 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | -5 | -6 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | 12 | 17 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | -3 | -6 | |
Reinsurance Recoverables [Member] | UNITED STATES | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | 29 | 191 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 4 | -192 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 23 | 30 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | 56 | 29 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 4 | -192 | |
US GMWB Hedging Instruments [Member] | UNITED STATES | Derivative [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | 146 | 519 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 13 | -372 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 4 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 7 | -4 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | 3 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | 170 | 146 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | -1 | -390 | |
US Macro Hedge Program [Member] | UNITED STATES | Derivative [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | 139 | 286 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | -12 | -191 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 14 | 44 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | 141 | 139 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | -11 | -187 | |
International Program Hedging Instruments [Member] | JAPAN | Derivative [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | -29 | 68 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 28 | -112 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 9 | -38 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | -41 | -1 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | -8 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | 33 | 62 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | 0 | -29 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | -18 | -382 | |
Guaranteed Minimum Withdrawal Benefit [Member] | Other Policyholder Funds and Benefits Payable [Member] | UNITED STATES | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | -36 | -1,249 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | -2 | 1,306 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | -101 | -93 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | -139 | -36 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | -2 | 1,306 | |
Fair Value, Measurements, Recurring [Member] | Other Policyholder Funds and Benefits Payable [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | -48 | -1,304 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | -10 | 1,312 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | -107 | -56 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | -165 | -48 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | -10 | 1,312 | |
Fair Value, Measurements, Recurring [Member] | Other Policyholder Funds and Benefits Payable [Member] | Equity Linked Notes [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | -18 | -7 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | -8 | -10 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 0 | -1 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | -26 | -18 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | -8 | -10 | |
Fair Value, Measurements, Recurring [Member] | Other Liabilities [Member] | Embedded Derivative Financial Instruments [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | -2 | -2 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | -1 | 0 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 0 | 0 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | -3 | -2 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | -1 | 0 | |
Fair Value, Measurements, Recurring [Member] | Guaranteed Minimum Withdrawal Benefit [Member] | Other Policyholder Funds and Benefits Payable [Member] | International [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | 3 | -50 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 0 | 13 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | -3 | 40 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | 0 | 3 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 0 | 13 | |
Fair Value, Measurements, Recurring [Member] | Other Guaranteed Living Benefits [Member] | Other Policyholder Funds and Benefits Payable [Member] | International [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | 3 | 2 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 0 | 3 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | -3 | -2 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | 0 | 3 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | $0 | $3 |
Fair_Value_Measurements_Level_7
Fair Value Measurements Level 4 Fair Value Option (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | $199,248 | $227,776 |
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 11 | -6 |
Equity Securities [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | 348 | 0 |
Fixed Maturities [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | 488 | 844 |
Equity Securities [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | -3 | 0 |
Asset-backed Securities [Member] | Fixed Maturities [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | 15 | 3 |
Corporate Debt Securities [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | -3 | -13 |
Corporate Debt Securities [Member] | Fixed Maturities [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | 133 | 92 |
Collateralized Debt Obligations [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 18 | 11 |
Collateralized Debt Obligations [Member] | Fixed Maturities [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | 69 | 183 |
Commercial Mortgage Backed Securities [Member] | Fixed Maturities [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | 22 | 8 |
Foreign Government Debt Securities [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 0 | -4 |
Foreign Government Debt Securities [Member] | Fixed Maturities [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | 30 | 518 |
Residential Mortgage Backed Securities [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | -1 | 0 |
Residential Mortgage Backed Securities [Member] | Fixed Maturities [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | 215 | 15 |
US Treasury Bond Securities [Member] | Fixed Maturities [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | 2 | 24 |
Municipal Bonds [Member] | Fixed Maturities [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | 2 | 1 |
Fixed Maturities [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $14 | ($6) |
Fair_Value_Measurements_Level_8
Fair Value Measurements Level 4 Financial Instruments Not Carried at Fair Value (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $245,013 | $277,884 |
Assets, Fair Value Disclosure | 199,248 | 227,776 |
Liabilities | 226,293 | 258,979 |
Long-term Line of Credit | 0 | 238 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 4,724 | 5,570 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 101,735 | 120,072 |
Policy Loans [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 1,431 | 1,420 |
Policy Loans [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 1,431 | 1,480 |
Mortgage Loans on Real Estate [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 5,556 | 5,598 |
Mortgage Loans on Real Estate [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 5,840 | 5,641 |
Other Policyholder Funds and Benefits Payable [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 7,304 | 9,152 |
Other Policyholder Funds and Benefits Payable [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Liabilities Fair Value Disclosure | 7,522 | 9,352 |
Senior Notes [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 5,009 | 5,206 |
Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Liabilities Fair Value Disclosure | 5,837 | 5,845 |
Junior Subordinated Debt [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 1,100 | 1,100 |
Junior Subordinated Debt [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Liabilities Fair Value Disclosure | 1,291 | 1,271 |
Revolving Credit Facility [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Liabilities Fair Value Disclosure | 0 | 238 |
Investment Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Liabilities Fair Value Disclosure | 851 | |
Investment Contracts [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0 | |
Investment Contracts [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Liabilities Fair Value Disclosure | 0 | |
Other Liabilities [Member] | Embedded Derivative Financial Instruments [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 68 | 82 |
Other Liabilities [Member] | Embedded Derivative Financial Instruments [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Liabilities Fair Value Disclosure | $68 | $82 |
Investments_and_Derivative_Ins2
Investments and Derivative Instruments Level 4 Investment Income (Details) (USD $) | 12 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Investment Income [Line Items] | |||||||
Derivative, Gain (Loss) on Derivative, Net | ($353,000,000) | ($125,000,000) | $105,000,000 | ||||
Net Investment Income [Abstract] | |||||||
Net Investment Income | 3,154,000,000 | 3,264,000,000 | 4,127,000,000 | ||||
Investment Income, Investment Expense | -122,000,000 | -115,000,000 | -105,000,000 | ||||
Net Realized Capital Gains (Losses) Table [Abstract] | |||||||
Gain on Derivative Instruments, Pretax | 527,000,000 | 2,313,000,000 | 801,000,000 | ||||
Loss on Derivative Instruments, Pretax | 250,000,000 | 659,000,000 | 420,000,000 | ||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 59,000,000 | 73,000,000 | 349,000,000 | ||||
Periodic Net Coupon Settlements on Credit Derivatives | 1,000,000 | -8,000,000 | -18,000,000 | ||||
Other Net Realized Capital Gains Losses | -193,000,000 | 198,000,000 | 290,000,000 | ||||
Realized Investment Gains (Losses) | 16,000,000 | 1,798,000,000 | 497,000,000 | ||||
Net Realized Capital Gains (Losses) Footnote [Abstract] | |||||||
Gain (Loss) on Investments, Excluding Other than Temporary Impairments | 75,000,000 | 296,000,000 | 846,000,000 | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Change in Status | 0 | 2,000,000 | 0 | ||||
Sale of Available-for-sale Securities [Abstract] | |||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | 424,000,000 | 552,000,000 | 1,013,000,000 | 1,676,000,000 | |||
Fixed Maturities [Member] | |||||||
Net Investment Income [Abstract] | |||||||
Net Investment Income | 2,420,000,000 | [1] | 2,552,000,000 | [1] | 3,299,000,000 | ||
Equity Securities [Member] | |||||||
Net Investment Income [Abstract] | |||||||
Net Investment Income | 38,000,000 | 30,000,000 | 36,000,000 | ||||
Mortgage Loans on Real Estate [Member] | |||||||
Net Investment Income [Abstract] | |||||||
Net Investment Income | 265,000,000 | 260,000,000 | 334,000,000 | ||||
Policy Loans [Member] | |||||||
Net Investment Income [Abstract] | |||||||
Net Investment Income | 80,000,000 | 83,000,000 | 119,000,000 | ||||
Limited Partnerships and Other Alternative Investments [Member] | |||||||
Net Investment Income [Abstract] | |||||||
Net Investment Income | 294,000,000 | 287,000,000 | 196,000,000 | ||||
Other Investments [Member] | |||||||
Net Investment Income [Abstract] | |||||||
Net Investment Income | 179,000,000 | [2] | 167,000,000 | [2] | 248,000,000 | ||
Mortgage Loans on Real Estate [Member] | |||||||
Net Realized Capital Gains (Losses) Table [Abstract] | |||||||
Valuation Allowances and Reserves, Adjustments | 4,000,000 | 1,000,000 | -14,000,000 | ||||
UNITED STATES | Macro Hedge Program [Member] | |||||||
Net Realized Capital Gains (Losses) Table [Abstract] | |||||||
Gain (Loss) on Hedging Activity | -11,000,000 | -234,000,000 | -340,000,000 | ||||
UNITED STATES | GMWB Derivatives, Net [Member] | |||||||
Net Realized Capital Gains (Losses) Table [Abstract] | |||||||
Gain (Loss) on Hedging Activity | 5,000,000 | 262,000,000 | 519,000,000 | ||||
UNITED STATES | Variable Annuity [Member] | |||||||
Net Realized Capital Gains (Losses) Table [Abstract] | |||||||
Gain (Loss) on Hedging Activity | -6,000,000 | 28,000,000 | 179,000,000 | ||||
Retirement Plans and Individual Life Businesses [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||||||
Net Realized Capital Gains (Losses) Footnote [Abstract] | |||||||
Gain (Loss) on Investments, Excluding Other than Temporary Impairments | 1,500,000,000 | 1,500,000,000 | |||||
Business Disposition [Member] | |||||||
Net Realized Capital Gains (Losses) Footnote [Abstract] | |||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Change in Status | 177,000,000 | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||||||
Net Realized Capital Gains (Losses) Footnote [Abstract] | |||||||
Gain (Loss) on Investments, Excluding Other than Temporary Impairments | 217,000,000 | 1,515,000,000 | 32,000,000 | ||||
Equity Securities [Member] | |||||||
Sale of Available-for-sale Securities [Abstract] | |||||||
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds | 354,000,000 | 274,000,000 | 295,000,000 | ||||
Available-for-sale Securities, Gross Realized Gains | 22,000,000 | 96,000,000 | 34,000,000 | ||||
Available-for-sale Securities, Gross Realized Losses | -20,000,000 | -6,000,000 | -20,000,000 | ||||
Debt Securities [Member] | |||||||
Sale of Available-for-sale Securities [Abstract] | |||||||
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds | 22,923,000,000 | 39,225,000,000 | 41,442,000,000 | ||||
Available-for-sale Securities, Gross Realized Gains | 456,000,000 | 2,143,000,000 | 825,000,000 | ||||
Available-for-sale Securities, Gross Realized Losses | -182,000,000 | -645,000,000 | -399,000,000 | ||||
Retirement Plans and Individual Life Businesses [Member] | |||||||
Investment Income [Line Items] | |||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 71 | 110 | |||||
Three Win Related Foreign Currency Swaps [Member] | JAPAN | |||||||
Net Realized Capital Gains (Losses) Footnote [Abstract] | |||||||
Associated Liability Adjusted for Changes in Spot Rates Through Realized Capital Gain | 116,000,000 | 250,000,000 | 189,000,000 | ||||
Fixed Annuity Hedging Instruments [Member] | JAPAN | |||||||
Investment Income [Line Items] | |||||||
Derivative, Gain (Loss) on Derivative, Net | ($148,000,000) | ($268,000,000) | ($300,000,000) | [3] | |||
[1] | Includes net investment income on short-term investments. | ||||||
[2] | Includes income from derivatives that hedge fixed maturities and qualify for hedge accounting. | ||||||
[3] | The associated liability is adjusted for changes in spot rates through realized capital gains and was $116, $250 and $189 for the years ended DecemberB 31, 2014, 2013 and 2012, respectively |
Investments_and_Derivative_Ins3
Investments and Derivative Instruments Level 4 Other-Than-Temporary Impairment Losses (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other-Than-Temporary Impairment Losses [Roll Forward] | |||
Other than Temporary Impairment, as of Jan. 1 | ($552) | ($1,013) | ($1,676) |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, No Previous Impairment | -15 | -19 | -28 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses | 22 | 13 | 20 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Securities Sold | 138 | 469 | 700 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Change in Status | 0 | 2 | 0 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Cash Flows | 27 | 22 | 11 |
Other than Temporary Impairment, as of Dec. 31 | ($424) | ($552) | ($1,013) |
Investments_and_Derivative_Ins4
Investments and Derivative Instruments Level 4 Available-for-Sale Securities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
securities | ||
Available-for-sale Securities, by Type [Abstract] | ||
Available-for-sale Securities, Amortized Cost Basis | $56,038,000,000 | $61,491,000,000 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax | 4,427,000,000 | 2,813,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 385,000,000 | 1,077,000,000 |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Loss, before Tax | 50,000,000 | 67,000,000 |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Loss, before Tax | -27,000,000 | -49,000,000 |
Available-for-sale Securities, Equity Securities | 1,047,000,000 | 868,000,000 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 4,377,000,000 | 2,746,000,000 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | -358,000,000 | -1,028,000,000 |
Available-for-sale Securities | 63,225,000,000 | |
Available-for-sale Securities Non Credit OTTI | 11,000,000 | 19,000,000 |
Available-for-sale Equity Securities, Amortized Cost Basis | 1,027,000,000 | 850,000,000 |
Investments Classified by Contractual Maturity Date [Abstract] | ||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis | 2,141,000,000 | 2,195,000,000 |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 2,168,000,000 | 2,228,000,000 |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | 11,264,000,000 | 11,930,000,000 |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 11,827,000,000 | 12,470,000,000 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis | 8,802,000,000 | 10,814,000,000 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 9,226,000,000 | 11,183,000,000 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 19,859,000,000 | 22,031,000,000 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 22,517,000,000 | 22,631,000,000 |
Available-for-sale Securities Debt Maturities Before Mortgage Backed and Asset Backed Securities Amortized Cost | 42,066,000,000 | 46,970,000,000 |
Available for Sale Securities Debt Maturities Before Mortgage Backed and Asset Backed Securities Fair Value | 45,738,000,000 | 48,512,000,000 |
Mortgage Backed and Asset Backed Securities Amortized Cost | 13,296,000,000 | 13,671,000,000 |
Mortgage Backed and Asset Backed Securities Fair Value | 13,646,000,000 | 13,845,000,000 |
Available-for-sale Debt Securities, Amortized Cost Basis | 55,362,000,000 | 60,641,000,000 |
Available-for-sale Securities, Debt Securities | 59,384,000,000 | 62,357,000,000 |
Unrealized Loss Aging for AFS Securities, by Type [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 6,318,000,000 | 18,031,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 6,174,000,000 | 17,468,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 144,000,000 | 563,000,000 |
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 4,667,000,000 | 5,625,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 4,429,000,000 | 5,109,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 241,000,000 | 514,000,000 |
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 10,985,000,000 | 23,656,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 10,603,000,000 | 22,577,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | 385,000,000 | 1,077,000,000 |
Number of Securities Included in AFS Securities in Unrealized Loss Position | 3,065 | |
Percentage of Gross Unrealized Losses Depressed Less than Twenty Percent of Cost or Amortized Cost | 92.00% | |
Securities Depressed to Cost or Amortized Cost Lower Limit | 20.00% | |
Asset-backed Securities [Member] | ||
Available-for-sale Securities, by Type [Abstract] | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 39,000,000 | 25,000,000 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | -37,000,000 | -64,000,000 |
Available-for-sale Securities Non Credit OTTI | 1,000,000 | 2,000,000 |
Investments Classified by Contractual Maturity Date [Abstract] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 2,470,000,000 | 2,404,000,000 |
Available-for-sale Securities, Debt Securities | 2,472,000,000 | 2,365,000,000 |
Unrealized Loss Aging for AFS Securities, by Type [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 897,000,000 | 893,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 893,000,000 | 888,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 4,000,000 | 5,000,000 |
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 473,000,000 | 477,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 440,000,000 | 418,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 33,000,000 | 59,000,000 |
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 1,370,000,000 | 1,370,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,333,000,000 | 1,306,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | 37,000,000 | 64,000,000 |
Collateralized Debt Obligations [Member] | ||
Available-for-sale Securities, by Type [Abstract] | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 98,000,000 | 108,000,000 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | -36,000,000 | -59,000,000 |
Available-for-sale Securities Non Credit OTTI | 0 | 0 |
Investments Classified by Contractual Maturity Date [Abstract] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 2,776,000,000 | 2,340,000,000 |
Available-for-sale Securities, Debt Securities | 2,841,000,000 | 2,387,000,000 |
Unrealized Loss Aging for AFS Securities, by Type [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 748,000,000 | 137,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 743,000,000 | 135,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 5,000,000 | 2,000,000 |
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 1,489,000,000 | 1,933,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,461,000,000 | 1,874,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 31,000,000 | 57,000,000 |
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 2,237,000,000 | 2,070,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 2,204,000,000 | 2,009,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | 36,000,000 | 59,000,000 |
Commercial Mortgage Backed Securities [Member] | ||
Available-for-sale Securities, by Type [Abstract] | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 196,000,000 | 216,000,000 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | -16,000,000 | -58,000,000 |
Available-for-sale Securities Non Credit OTTI | 6,000,000 | 6,000,000 |
Investments Classified by Contractual Maturity Date [Abstract] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 4,235,000,000 | 4,288,000,000 |
Available-for-sale Securities, Debt Securities | 4,415,000,000 | 4,446,000,000 |
Unrealized Loss Aging for AFS Securities, by Type [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 230,000,000 | 812,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 227,000,000 | 788,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 3,000,000 | 24,000,000 |
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 319,000,000 | 610,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 306,000,000 | 576,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 13,000,000 | 34,000,000 |
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 549,000,000 | 1,422,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 533,000,000 | 1,364,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | 16,000,000 | 58,000,000 |
Corporate Debt Securities [Member] | ||
Available-for-sale Securities, by Type [Abstract] | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 2,382,000,000 | 1,823,000,000 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | -211,000,000 | -346,000,000 |
Available-for-sale Securities Non Credit OTTI | 3,000,000 | 7,000,000 |
Investments Classified by Contractual Maturity Date [Abstract] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 25,188,000,000 | 27,013,000,000 |
Available-for-sale Securities, Debt Securities | 27,359,000,000 | 28,490,000,000 |
Unrealized Loss Aging for AFS Securities, by Type [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 3,082,000,000 | 4,922,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 2,980,000,000 | 4,737,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 102,000,000 | 185,000,000 |
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 1,177,000,000 | 1,225,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,068,000,000 | 1,064,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 109,000,000 | 161,000,000 |
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 4,259,000,000 | 6,147,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 4,048,000,000 | 5,801,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | 211,000,000 | 346,000,000 |
Foreign Government Debt Securities [Member] | ||
Available-for-sale Securities, by Type [Abstract] | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 73,000,000 | 52,000,000 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | -29,000,000 | -176,000,000 |
Available-for-sale Securities Non Credit OTTI | 0 | 0 |
Investments Classified by Contractual Maturity Date [Abstract] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 1,592,000,000 | 4,228,000,000 |
Available-for-sale Securities, Debt Securities | 1,636,000,000 | 4,104,000,000 |
Unrealized Loss Aging for AFS Securities, by Type [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 363,000,000 | 2,961,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 349,000,000 | 2,868,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 14,000,000 | 93,000,000 |
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 227,000,000 | 343,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 212,000,000 | 260,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 15,000,000 | 83,000,000 |
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 590,000,000 | 3,304,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 561,000,000 | 3,128,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | 29,000,000 | 176,000,000 |
Municipal Bonds [Member] | ||
Unrealized Loss Aging for AFS Securities, by Type [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 74,000,000 | 3,150,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 73,000,000 | 2,994,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1,000,000 | 156,000,000 |
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 86,000,000 | 190,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 82,000,000 | 162,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 4,000,000 | 28,000,000 |
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 160,000,000 | 3,340,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 155,000,000 | 3,156,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | 5,000,000 | 184,000,000 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale Securities, by Type [Abstract] | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 1,141,000,000 | 425,000,000 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | -5,000,000 | -184,000,000 |
Available-for-sale Securities Non Credit OTTI | 0 | 0 |
Investments Classified by Contractual Maturity Date [Abstract] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 11,735,000,000 | 11,932,000,000 |
Available-for-sale Securities, Debt Securities | 12,871,000,000 | 12,173,000,000 |
Residential Mortgage Backed Securities [Member] | ||
Available-for-sale Securities, by Type [Abstract] | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 122,000,000 | 90,000,000 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | -19,000,000 | -82,000,000 |
Available-for-sale Securities Non Credit OTTI | 1,000,000 | 4,000,000 |
Investments Classified by Contractual Maturity Date [Abstract] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 3,815,000,000 | 4,639,000,000 |
Available-for-sale Securities, Debt Securities | 3,918,000,000 | 4,647,000,000 |
Unrealized Loss Aging for AFS Securities, by Type [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 320,000,000 | 2,046,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 318,000,000 | 2,008,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 2,000,000 | 38,000,000 |
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 433,000,000 | 591,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 416,000,000 | 547,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 17,000,000 | 44,000,000 |
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 753,000,000 | 2,637,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 734,000,000 | 2,555,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | 19,000,000 | 82,000,000 |
US Treasury Securities [Member] | ||
Available-for-sale Securities, by Type [Abstract] | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 326,000,000 | 7,000,000 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | -5,000,000 | -59,000,000 |
Available-for-sale Securities Non Credit OTTI | 0 | 0 |
Investments Classified by Contractual Maturity Date [Abstract] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 3,551,000,000 | 3,797,000,000 |
Available-for-sale Securities, Debt Securities | 3,872,000,000 | 3,745,000,000 |
Unrealized Loss Aging for AFS Securities, by Type [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 432,000,000 | 2,914,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 431,000,000 | 2,862,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1,000,000 | 52,000,000 |
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 361,000,000 | 33,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 357,000,000 | 26,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 4,000,000 | 7,000,000 |
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 793,000,000 | 2,947,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 788,000,000 | 2,888,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | 5,000,000 | 59,000,000 |
Debt Securities [Member] | ||
Available-for-sale Securities, by Type [Abstract] | ||
Available-for-sale Securities Non Credit OTTI | 11,000,000 | 19,000,000 |
Unrealized Loss Aging for AFS Securities, by Type [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 6,146,000,000 | 17,835,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 6,014,000,000 | 17,280,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 132,000,000 | 555,000,000 |
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 4,565,000,000 | 5,402,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 4,342,000,000 | 4,927,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 226,000,000 | 473,000,000 |
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 10,711,000,000 | 23,237,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 10,356,000,000 | 22,207,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | 358,000,000 | 1,028,000,000 |
Equity Securities [Member] | ||
Available-for-sale Securities, by Type [Abstract] | ||
Available-for-sale Securities Non Credit OTTI | 0 | 0 |
Unrealized Loss Aging for AFS Securities, by Type [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 172,000,000 | 196,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 160,000,000 | 188,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 12,000,000 | 8,000,000 |
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 102,000,000 | 223,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 87,000,000 | 182,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 15,000,000 | 41,000,000 |
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 274,000,000 | 419,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 247,000,000 | 370,000,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | 27,000,000 | 49,000,000 |
Available-for-sale Securities [Member] | ||
Available-for-sale Securities, by Type [Abstract] | ||
Available-for-sale Securities, Equity Securities | 699,000,000 | 868,000,000 |
Available-for-sale Securities | 60,083,000,000 | |
Available-for-sale Equity Securities, Amortized Cost Basis | 676,000,000 | |
Equity Securities [Member] | ||
Available-for-sale Securities, by Type [Abstract] | ||
Available-for-sale Securities, Equity Securities | 348,000,000 | 0 |
Available-for-sale Equity Securities, Amortized Cost Basis | $351,000,000 |
Investments_and_Derivative_Ins5
Investments and Derivative Instruments Level 4 Concentration of Credit Risk (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
JAPAN | Foreign Government Debt Securities [Member] | ||
Concentration of Credit Risk [Line Items] | ||
Stockholders' Equity Attributable to Parent | $2,600,000,000 | |
Fair Value, Concentration of Risk, Investments, Percent of Stockholders' Equity | 14.00% | |
Fair Value, Concentration of Risk, Investments, Percent of Invested Assets | 3.00% | |
Largest Exposure by Issuer, Percent of Invested Assets | 4.00% | |
ILLINOIS | US States and Political Subdivisions Debt Securities [Member] | ||
Concentration of Credit Risk [Line Items] | ||
Largest Exposure by Issuer, Percent of Invested Assets | 1.00% | 4.00% |
Municipal Bonds [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Concentration of Credit Risk [Line Items] | ||
Largest Exposure by Sector, Percent of Invested Assets | 17.00% | 15.00% |
Financial Services [Member] | Corporate Debt Securities [Member] | ||
Concentration of Credit Risk [Line Items] | ||
Largest Exposure by Sector, Percent of Invested Assets | 7.00% | 7.00% |
Public Utility, Bonds [Member] | Corporate Debt Securities [Member] | ||
Concentration of Credit Risk [Line Items] | ||
Largest Exposure by Sector, Percent of Invested Assets | 6.00% | 8.00% |
Investments_and_Derivative_Ins6
Investments and Derivative Instruments Level 4 Mortgage Loans (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Mortgage Loans on Real Estate [Abstract] | |||
Available-for-sale Securities, Amortized Cost Basis | $56,038,000,000 | $61,491,000,000 | |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 5,556,000,000 | 5,598,000,000 | |
Available-for-sale Securities Mortgage Loans Percent | 100.00% | 100.00% | |
Movement in Valuation Allowance for Mortgage Loans [Roll Forward] | |||
Original Weighted Average Loan to Value Ratio of Commercial Mortgage loan | 62.00% | ||
Current Weighted Average Loan to Value Ratio of Commercial Mortgage Loan | 57.00% | ||
Commercial Mortgage Loans Credit Quality [Abstract] | |||
Average Debt Service Coverage Ratio | 2.51 | ||
Agricultural [Member] | |||
Mortgage Loans on Real Estate [Abstract] | |||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 46,000,000 | 125,000,000 | |
Available-for-sale Securities Mortgage Loans Percent | 0.80% | 2.20% | |
Commercial Loan [Member] | |||
Mortgage Loans on Real Estate [Abstract] | |||
Available-for-sale Securities, Amortized Cost Basis | 5,574,000,000 | 5,665,000,000 | |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 5,556,000,000 | 5,598,000,000 | |
Movement in Valuation Allowance for Mortgage Loans [Roll Forward] | |||
Allowance, as of Jan. 1 | 67,000,000 | 68,000,000 | 102,000,000 |
Allowance for Loan and Lease Losses, Period Increase (Decrease) | 4,000,000 | 2,000,000 | -14,000,000 |
Allowance for Loan and Lease Losses, Write-offs | 53,000,000 | 3,000,000 | 20,000,000 |
Allowance, as of Dec. 31 | 18,000,000 | 67,000,000 | 68,000,000 |
Mortgage Loans on Commercial, Number of Delinquent Loans | 1 | 1 | |
Commercial Mortgage Loans Credit Quality [Abstract] | |||
Average Debt Service Coverage Ratio | 2.51 | 2.34 | |
Industrial Property [Member] | |||
Mortgage Loans on Real Estate [Abstract] | |||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 1,476,000,000 | 1,718,000,000 | |
Available-for-sale Securities Mortgage Loans Percent | 26.60% | 30.70% | |
Lodging [Member] | |||
Mortgage Loans on Real Estate [Abstract] | |||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 26,000,000 | 27,000,000 | |
Available-for-sale Securities Mortgage Loans Percent | 0.50% | 0.50% | |
Multifamily [Member] | |||
Mortgage Loans on Real Estate [Abstract] | |||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 1,190,000,000 | 1,155,000,000 | |
Available-for-sale Securities Mortgage Loans Percent | 21.40% | 20.60% | |
Office [Member] | |||
Mortgage Loans on Real Estate [Abstract] | |||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 1,517,000,000 | 1,278,000,000 | |
Available-for-sale Securities Mortgage Loans Percent | 27.30% | 22.80% | |
Retail [Member] | |||
Mortgage Loans on Real Estate [Abstract] | |||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 1,147,000,000 | 1,140,000,000 | |
Available-for-sale Securities Mortgage Loans Percent | 20.60% | 20.40% | |
Other Property Type Mortgage [Member] | |||
Mortgage Loans on Real Estate [Abstract] | |||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 154,000,000 | 155,000,000 | |
Available-for-sale Securities Mortgage Loans Percent | 2.80% | 2.80% | |
Allowance for Loan and Lease Losses [Member] | |||
Mortgage Loans on Real Estate [Abstract] | |||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 140,000,000 | 191,000,000 | |
Assets Held-for-sale [Member] | |||
Mortgage Loans on Real Estate [Abstract] | |||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 61,000,000 | ||
Assets Held-for-sale [Member] | Commercial Loan [Member] | |||
Movement in Valuation Allowance for Mortgage Loans [Roll Forward] | |||
Allowance, as of Dec. 31 | 3,000,000 | ||
Mortgage Loans on Real Estate [Member] | Commercial Loan [Member] | |||
Movement in Valuation Allowance for Mortgage Loans [Roll Forward] | |||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 7,000,000 | 0 | |
Financing Receivable, Allowance for Credit Losses | 0 | 0 | |
LTV Greater Than 80% [Member] | Commercial Loan [Member] | |||
Mortgage Loans on Real Estate [Abstract] | |||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 53,000,000 | 101,000,000 | |
Commercial Mortgage Loans Credit Quality [Abstract] | |||
Average Debt Service Coverage Ratio | 1.07 | 0.99 | |
LTV Between 65% to 80% [Member] | Commercial Loan [Member] | |||
Mortgage Loans on Real Estate [Abstract] | |||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 789,000,000 | 1,195,000,000 | |
Commercial Mortgage Loans Credit Quality [Abstract] | |||
Average Debt Service Coverage Ratio | 1.75 | 1.82 | |
LTV Less Than 65% [Member] | Commercial Loan [Member] | |||
Mortgage Loans on Real Estate [Abstract] | |||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 4,714,000,000 | 4,302,000,000 | |
Commercial Mortgage Loans Credit Quality [Abstract] | |||
Average Debt Service Coverage Ratio | 2.66 | 2.53 | |
East North Central [Member] | |||
Mortgage Loans on Real Estate [Abstract] | |||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 211,000,000 | 187,000,000 | |
Available-for-sale Securities Mortgage Loans Percent | 3.80% | 3.30% | |
Middle Atlantic [Member] | |||
Mortgage Loans on Real Estate [Abstract] | |||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 468,000,000 | 409,000,000 | |
Available-for-sale Securities Mortgage Loans Percent | 8.40% | 7.30% | |
Mountain [Member] | |||
Mortgage Loans on Real Estate [Abstract] | |||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 88,000,000 | 104,000,000 | |
Available-for-sale Securities Mortgage Loans Percent | 1.60% | 0.00% | |
New England [Member] | |||
Mortgage Loans on Real Estate [Abstract] | |||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 381,000,000 | 353,000,000 | |
Available-for-sale Securities Mortgage Loans Percent | 6.90% | 6.30% | |
Pacific [Member] | |||
Mortgage Loans on Real Estate [Abstract] | |||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 1,607,000,000 | 1,587,000,000 | |
Available-for-sale Securities Mortgage Loans Percent | 29.00% | 28.30% | |
South Atlantic [Member] | |||
Mortgage Loans on Real Estate [Abstract] | |||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 1,019,000,000 | 899,000,000 | |
Available-for-sale Securities Mortgage Loans Percent | 18.30% | 16.10% | |
West North Central [Member] | |||
Mortgage Loans on Real Estate [Abstract] | |||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 44,000,000 | 47,000,000 | |
Available-for-sale Securities Mortgage Loans Percent | 0.80% | 0.80% | |
West South Central [Member] | |||
Mortgage Loans on Real Estate [Abstract] | |||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 302,000,000 | 338,000,000 | |
Available-for-sale Securities Mortgage Loans Percent | 5.40% | 6.00% | |
Region Others [Member] | |||
Mortgage Loans on Real Estate [Abstract] | |||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $1,436,000,000 | $1,674,000,000 | |
Available-for-sale Securities Mortgage Loans Percent | 25.80% | 30.00% |
Investments_and_Derivative_Ins7
Investments and Derivative Instruments Level 4 Variable Interest Entities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Consolidated Variable Interest Entities [Abstract] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $246 | $199 |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 6 | 33 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 245 | 177 |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Consolidated Variable Interest Entities [Abstract] | ||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 3 | 3 |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | 12 | 17 |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Liabilities | 14 | 19 |
Collateralized Debt Obligations [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Consolidated Variable Interest Entities [Abstract] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 5 | 31 |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 5 | 33 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 0 | 0 |
Fixed Income Funds [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Consolidated Variable Interest Entities [Abstract] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 238 | 164 |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 0 | 0 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 243 | 173 |
Limited Partnerships and Other Alternative Investments [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Consolidated Variable Interest Entities [Abstract] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 3 | 4 |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 1 | 0 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $2 | $4 |
Investments_and_Derivative_Ins8
Investments and Derivative Instruments Level 4 Repurchase Agreements, Dollar Roll Transactions and Other Collateral Transactions (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Secured Debt, Repurchase Agreements | $0 | |
Securities Reserve Deposit Required and Made | 2,500,000,000 | 1,900,000,000 |
US Treasury Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Available-for-sale Securities Pledged as Collateral | 34,000,000 | 34,000,000 |
JAPAN | Foreign Government Debt [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Available-for-sale Securities Pledged as Collateral | 272,000,000 | |
Loans Pledged as Collateral | $238,000,000 |
Investments_and_Derivative_Ins9
Investments and Derivative Instruments Level 4 Equity Method Investments (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity Method Investments | $2,900,000,000 | $2,900,000,000 | |||||||||
Outstanding Commitments to Fund Limited Partnership and Other Alternative Investments | 604,000,000 | 604,000,000 | |||||||||
Aggregate Investment Loss Percentage of Company's Pre Tax Consolidated Net Income Minimum | 10.00% | ||||||||||
Assets | 245,013,000,000 | 277,884,000,000 | 245,013,000,000 | 277,884,000,000 | |||||||
Liabilities | 226,293,000,000 | 258,979,000,000 | 226,293,000,000 | 258,979,000,000 | |||||||
Net Investment Income | 3,154,000,000 | 3,264,000,000 | 4,127,000,000 | ||||||||
Net Income (Loss) Attributable to Parent | 382,000,000 | 388,000,000 | -467,000,000 | 495,000,000 | 314,000,000 | 293,000,000 | -190,000,000 | -241,000,000 | 798,000,000 | 176,000,000 | -38,000,000 |
Limited Partner [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Assets | 85,800,000,000 | 85,600,000,000 | 85,800,000,000 | 85,600,000,000 | |||||||
Liabilities | 10,600,000,000 | 11,400,000,000 | 10,600,000,000 | 11,400,000,000 | |||||||
Net Investment Income | 3,600,000,000 | 1,800,000,000 | 1,000,000,000 | ||||||||
Net Income (Loss) Attributable to Parent | $9,600,000,000 | $8,400,000,000 | $7,200,000,000 |
Recovered_Sheet1
Investments and Derivative Instruments Level 4 Non-qualifying Strategies for Hedge Accounting (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Maximum Aggregate Principal Amount of Junior Subordinated Notes | $500 | |||
Derivative, Notional Amount | 72,850 | 159,441 | ||
Derivative, Fair Value, Net | -639 | -737 | ||
Gain (Loss) Recognized within Net Realized Capital Gains (Losses) [Abstract] | ||||
Derivative, Gain (Loss) on Derivative, Net | -353 | -125 | 105 | |
Gain (Loss) Recognized within Net Realized Capital Gains (Losses) Footnote [Abstract] | ||||
Disposal Group, Assets of Business Transferred under Contractual Arrangement | 1,000 | 1,300 | ||
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | ||||
Gain (Loss) Recognized within Net Realized Capital Gains (Losses) [Abstract] | ||||
Derivative, Gain (Loss) on Derivative, Net | -34 | 67 | 0 | |
Interest Rate Swaps Caps Floors and Futures [Member] | ||||
Gain (Loss) Recognized within Net Realized Capital Gains (Losses) [Abstract] | ||||
Derivative, Gain (Loss) on Derivative, Net | -172 | 50 | 22 | |
Interest Rate Swap [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Notional Amount | 13,100 | 6,900 | ||
Foreign Currency Swaps and Forwards [Member] | ||||
Gain (Loss) Recognized within Net Realized Capital Gains (Losses) [Abstract] | ||||
Derivative, Gain (Loss) on Derivative, Net | 6 | 5 | 19 | |
Credit Derivatives that Purchase Credit Protection [Member] | ||||
Gain (Loss) Recognized within Net Realized Capital Gains (Losses) [Abstract] | ||||
Derivative, Gain (Loss) on Derivative, Net | -10 | -38 | -61 | |
Credit Derivatives that Assume Credit Risk [Member] | ||||
Gain (Loss) Recognized within Net Realized Capital Gains (Losses) [Abstract] | ||||
Derivative, Gain (Loss) on Derivative, Net | 16 | 71 | 291 | |
Equity Index Swaps and Options [Member] | ||||
Gain (Loss) Recognized within Net Realized Capital Gains (Losses) [Abstract] | ||||
Derivative, Gain (Loss) on Derivative, Net | 3 | -33 | -39 | |
Contingent Capital Facility Put Option [Member] | ||||
Gain (Loss) Recognized within Net Realized Capital Gains (Losses) [Abstract] | ||||
Derivative, Gain (Loss) on Derivative, Net | -6 | -7 | -6 | |
Derivatives formerly associated with Japan [Member] | ||||
Gain (Loss) Recognized within Net Realized Capital Gains (Losses) [Abstract] | ||||
Derivative, Gain (Loss) on Derivative, Net | -2 | 0 | 0 | |
UNITED STATES | GMWB Hedging Instruments [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Notional Amount | 14,442 | 18,691 | ||
Derivative, Fair Value, Net | 174 | 41 | ||
Gain (Loss) Recognized within Net Realized Capital Gains (Losses) [Abstract] | ||||
Derivative, Gain (Loss) on Derivative, Net | 3 | -852 | -631 | |
UNITED STATES | GMWB Product Derivatives [Member] | ||||
Gain (Loss) Recognized within Net Realized Capital Gains (Losses) [Abstract] | ||||
Derivative, Gain (Loss) on Derivative, Net | -2 | 1,306 | 1,430 | |
UNITED STATES | GMWB Reinsurance [Member] | ||||
Gain (Loss) Recognized within Net Realized Capital Gains (Losses) [Abstract] | ||||
Derivative, Gain (Loss) on Derivative, Net | 4 | -192 | -280 | |
JAPAN | Three Win Related Foreign Currency Swaps [Member] | ||||
Gain (Loss) Recognized within Net Realized Capital Gains (Losses) Footnote [Abstract] | ||||
Associated Liability Adjusted for Changes in Spot Rates Through Realized Capital Gain | 116 | 250 | 189 | |
JAPAN | Fixed Annuity Hedging Instruments [Member] | ||||
Gain (Loss) Recognized within Net Realized Capital Gains (Losses) [Abstract] | ||||
Derivative, Gain (Loss) on Derivative, Net | -148 | -268 | -300 | [1] |
Contingent Capital Facility Put Option [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Maximum Aggregate Principal Amount of Junior Subordinated Notes | 500 | |||
Derivative, Notional Amount | 500 | 500 | ||
Derivative, Fair Value, Net | 12 | 17 | ||
Macro Hedge Program [Member] | UNITED STATES | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Notional Amount | 6,383 | 9,934 | ||
Derivative, Fair Value, Net | 141 | 139 | ||
Gain (Loss) Recognized within Net Realized Capital Gains (Losses) [Abstract] | ||||
Derivative, Gain (Loss) on Derivative, Net | -11 | -234 | -340 | |
Macro Hedge Program [Member] | UNITED STATES | Equity Option [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Notional Amount | 5,983 | 9,934 | ||
Derivative, Fair Value, Net | 141 | 139 | ||
Macro Hedge Program [Member] | JAPAN | Foreign Exchange Option [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Notional Amount | 400 | 0 | ||
Derivative, Fair Value, Net | 0 | 0 | ||
Customized Swaps [Member] | UNITED STATES | GMWB Hedging Instruments [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Notional Amount | 7,041 | 7,839 | ||
Derivative, Fair Value, Net | 124 | 74 | ||
Equity Swaps, Options and Futures [Member] | UNITED STATES | GMWB Hedging Instruments [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Notional Amount | 3,761 | 4,237 | ||
Derivative, Fair Value, Net | 39 | 44 | ||
Interest Rate Swaps and Futures [Member] | UNITED STATES | GMWB Hedging Instruments [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Notional Amount | 3,640 | 6,615 | ||
Derivative, Fair Value, Net | 11 | -77 | ||
Lehman Brothers [Member] | Derivative [Member] | ||||
Gain (Loss) Recognized within Net Realized Capital Gains (Losses) Footnote [Abstract] | ||||
Gain (Loss) from Hedged Firm Commitment Not Qualifying as Fair Value Hedge, Net | $13 | $0 | $9 | |
[1] | The associated liability is adjusted for changes in spot rates through realized capital gains and was $116, $250 and $189 for the years ended DecemberB 31, 2014, 2013 and 2012, respectively |
Recovered_Sheet2
Investments and Derivative Instruments Level 4 Derivative Balance Sheet Classification (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Derivative Balance Sheet Location [Line Items] | ||
Derivative, Notional Amount | $72,850,000,000 | $159,441,000,000 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 1,100,000,000 | 1,300,000,000 |
Derivative, Fair Value, Net | -639,000,000 | -737,000,000 |
Derivative Asset, Fair Value, Gross Asset | 1,175,000,000 | 1,845,000,000 |
Derivative Liability, Fair Value, Gross Liability | 1,741,000,000 | 2,626,000,000 |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 1,267,000,000 | 1,948,000,000 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 1,906,000,000 | 2,685,000,000 |
Fixed Maturities [Member] | ||
Derivative Balance Sheet Location [Line Items] | ||
Derivative, Notional Amount | 454,000,000 | 473,000,000 |
Derivative, Fair Value, Net | 2,000,000 | -2,000,000 |
Derivative Asset, Fair Value, Gross Asset | 2,000,000 | 1,000,000 |
Derivative Liability, Fair Value, Gross Liability | 0 | 3,000,000 |
Other Investments [Member] | ||
Derivative Balance Sheet Location [Line Items] | ||
Derivative, Notional Amount | 23,014,000,000 | 53,219,000,000 |
Derivative, Fair Value, Net | 364,000,000 | 442,000,000 |
Derivative Asset, Fair Value, Gross Asset | 624,000,000 | 909,000,000 |
Derivative Liability, Fair Value, Gross Liability | 260,000,000 | 467,000,000 |
Other Liabilities [Member] | ||
Derivative Balance Sheet Location [Line Items] | ||
Derivative, Notional Amount | 26,791,000,000 | 78,064,000,000 |
Derivative, Fair Value, Net | -930,000,000 | -1,225,000,000 |
Derivative Asset, Fair Value, Gross Asset | 551,000,000 | 936,000,000 |
Derivative Liability, Fair Value, Gross Liability | 1,481,000,000 | 2,161,000,000 |
Reinsurance Recoverables [Member] | ||
Derivative Balance Sheet Location [Line Items] | ||
Derivative, Notional Amount | 4,633,000,000 | 5,758,000,000 |
Derivative, Fair Value, Net | 90,000,000 | 96,000,000 |
Derivative Asset, Fair Value, Gross Asset | 90,000,000 | 96,000,000 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Other Policyholder Funds and Benefits Payable [Member] | ||
Derivative Balance Sheet Location [Line Items] | ||
Derivative, Notional Amount | 17,958,000,000 | 21,927,000,000 |
Derivative, Fair Value, Net | -165,000,000 | -48,000,000 |
Derivative Asset, Fair Value, Gross Asset | 0 | 6,000,000 |
Derivative Liability, Fair Value, Gross Liability | 165,000,000 | 54,000,000 |
Interest Rate Swap [Member] | ||
Derivative Balance Sheet Location [Line Items] | ||
Derivative, Notional Amount | 13,100,000,000 | 6,900,000,000 |
Cash Flow Hedging Interest Rate Swaps [Member] | ||
Derivative Balance Sheet Location [Line Items] | ||
Derivative, Notional Amount | 3,999,000,000 | 5,026,000,000 |
Derivative, Fair Value, Net | 44,000,000 | -92,000,000 |
Derivative Asset, Fair Value, Gross Asset | 52,000,000 | 50,000,000 |
Derivative Liability, Fair Value, Gross Liability | 8,000,000 | 142,000,000 |
Cash Flow Hedges Foreign Currency Swaps [Member] | ||
Derivative Balance Sheet Location [Line Items] | ||
Derivative, Notional Amount | 143,000,000 | 143,000,000 |
Derivative, Fair Value, Net | -19,000,000 | -5,000,000 |
Derivative Asset, Fair Value, Gross Asset | 3,000,000 | 2,000,000 |
Derivative Liability, Fair Value, Gross Liability | 22,000,000 | 7,000,000 |
Cash Flow Hedging [Member] | ||
Derivative Balance Sheet Location [Line Items] | ||
Derivative, Notional Amount | 4,142,000,000 | 5,169,000,000 |
Derivative, Fair Value, Net | 25,000,000 | -97,000,000 |
Derivative Asset, Fair Value, Gross Asset | 55,000,000 | 52,000,000 |
Derivative Liability, Fair Value, Gross Liability | 30,000,000 | 149,000,000 |
Fair Value Hedging Interest Rate Swaps [Member] | ||
Derivative Balance Sheet Location [Line Items] | ||
Derivative, Notional Amount | 32,000,000 | 1,799,000,000 |
Derivative, Fair Value, Net | 0 | -24,000,000 |
Derivative Asset, Fair Value, Gross Asset | 0 | 3,000,000 |
Derivative Liability, Fair Value, Gross Liability | 0 | 27,000,000 |
Fair Value Hedging [Member] | ||
Derivative Balance Sheet Location [Line Items] | ||
Derivative, Notional Amount | 32,000,000 | 1,799,000,000 |
Derivative, Fair Value, Net | 0 | -24,000,000 |
Derivative Asset, Fair Value, Gross Asset | 0 | 3,000,000 |
Derivative Liability, Fair Value, Gross Liability | 0 | 27,000,000 |
Interest Rate Swaps Caps Floors and Futures [Member] | ||
Derivative Balance Sheet Location [Line Items] | ||
Derivative, Notional Amount | 15,254,000,000 | 8,453,000,000 |
Derivative, Fair Value, Net | -512,000,000 | -487,000,000 |
Derivative Asset, Fair Value, Gross Asset | 536,000,000 | 171,000,000 |
Derivative Liability, Fair Value, Gross Liability | 1,048,000,000 | 658,000,000 |
Foreign Currency Swaps and Forwards Non-qualifying as Hedges [Member] | ||
Derivative Balance Sheet Location [Line Items] | ||
Derivative, Notional Amount | 177,000,000 | 258,000,000 |
Derivative, Fair Value, Net | 1,000,000 | -9,000,000 |
Derivative Asset, Fair Value, Gross Asset | 3,000,000 | 6,000,000 |
Derivative Liability, Fair Value, Gross Liability | 2,000,000 | 15,000,000 |
Credit Derivatives that Purchase Credit Protection [Member] | ||
Derivative Balance Sheet Location [Line Items] | ||
Derivative, Notional Amount | 595,000,000 | 938,000,000 |
Derivative, Fair Value, Net | -6,000,000 | -15,000,000 |
Derivative Asset, Fair Value, Gross Asset | 4,000,000 | 1,000,000 |
Derivative Liability, Fair Value, Gross Liability | 10,000,000 | 16,000,000 |
Credit Derivatives that Assume Credit Risk [Member] | ||
Derivative Balance Sheet Location [Line Items] | ||
Derivative, Notional Amount | 1,487,000,000 | 1,886,000,000 |
Derivative, Fair Value, Net | 3,000,000 | 33,000,000 |
Derivative Asset, Fair Value, Gross Asset | 14,000,000 | 36,000,000 |
Derivative Liability, Fair Value, Gross Liability | 11,000,000 | 3,000,000 |
Credit Derivatives in Offsetting Positions [Member] | ||
Derivative Balance Sheet Location [Line Items] | ||
Derivative, Notional Amount | 5,343,000,000 | 7,764,000,000 |
Derivative, Fair Value, Net | -3,000,000 | -7,000,000 |
Derivative Asset, Fair Value, Gross Asset | 53,000,000 | 76,000,000 |
Derivative Liability, Fair Value, Gross Liability | 56,000,000 | 83,000,000 |
Equity Index Swaps Options [Member] | ||
Derivative Balance Sheet Location [Line Items] | ||
Derivative, Notional Amount | 635,000,000 | 358,000,000 |
Derivative, Fair Value, Net | 2,000,000 | -1,000,000 |
Derivative Asset, Fair Value, Gross Asset | 31,000,000 | 19,000,000 |
Derivative Liability, Fair Value, Gross Liability | 29,000,000 | 20,000,000 |
International Program Product Derivatives [Member] | ||
Derivative Balance Sheet Location [Line Items] | ||
Derivative, Notional Amount | 0 | 366,000,000 |
Derivative, Fair Value, Net | 0 | 6,000,000 |
Derivative Asset, Fair Value, Gross Asset | 0 | 6,000,000 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
International Program Hedging Instruments [Member] | ||
Derivative Balance Sheet Location [Line Items] | ||
Derivative, Notional Amount | 0 | 73,048,000,000 |
Derivative, Fair Value, Net | 0 | -33,000,000 |
Derivative Asset, Fair Value, Gross Asset | 0 | 866,000,000 |
Derivative Liability, Fair Value, Gross Liability | 0 | 899,000,000 |
Contingent Capital Facility Put Option [Member] | ||
Derivative Balance Sheet Location [Line Items] | ||
Derivative, Notional Amount | 500,000,000 | 500,000,000 |
Derivative, Fair Value, Net | 12,000,000 | 17,000,000 |
Derivative Asset, Fair Value, Gross Asset | 12,000,000 | 17,000,000 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | ||
Derivative Balance Sheet Location [Line Items] | ||
Derivative, Notional Amount | 974,000,000 | 1,250,000,000 |
Derivative, Fair Value, Net | 34,000,000 | 67,000,000 |
Derivative Asset, Fair Value, Gross Asset | 34,000,000 | 67,000,000 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Non-qualifying Strategies [Member] | ||
Derivative Balance Sheet Location [Line Items] | ||
Derivative, Notional Amount | 68,676,000,000 | 152,473,000,000 |
Derivative, Fair Value, Net | -664,000,000 | -616,000,000 |
Derivative Asset, Fair Value, Gross Asset | 1,212,000,000 | 1,893,000,000 |
Derivative Liability, Fair Value, Gross Liability | 1,876,000,000 | 2,509,000,000 |
JAPAN | Three Win Related Foreign Currency Swaps [Member] | ||
Derivative Balance Sheet Location [Line Items] | ||
Derivative, Notional Amount | 1,319,000,000 | 1,571,000,000 |
Derivative, Fair Value, Net | -427,000,000 | -354,000,000 |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 427,000,000 | 354,000,000 |
JAPAN | Fixed Annuity Hedging Instruments [Member] | ||
Derivative Balance Sheet Location [Line Items] | ||
Derivative, Notional Amount | 0 | 1,436,000,000 |
Derivative, Fair Value, Net | 0 | -6,000,000 |
Derivative Asset, Fair Value, Gross Asset | 0 | 88,000,000 |
Derivative Liability, Fair Value, Gross Liability | 0 | 94,000,000 |
UNITED STATES | GMWB Hedging Instruments [Member] | ||
Derivative Balance Sheet Location [Line Items] | ||
Derivative, Notional Amount | 14,442,000,000 | 18,691,000,000 |
Derivative, Fair Value, Net | 174,000,000 | 41,000,000 |
Derivative Asset, Fair Value, Gross Asset | 289,000,000 | 333,000,000 |
Derivative Liability, Fair Value, Gross Liability | 115,000,000 | 292,000,000 |
UNITED STATES | Macro Hedge Program [Member] | ||
Derivative Balance Sheet Location [Line Items] | ||
Derivative, Notional Amount | 6,383,000,000 | 9,934,000,000 |
Derivative, Fair Value, Net | 141,000,000 | 139,000,000 |
Derivative Asset, Fair Value, Gross Asset | 180,000,000 | 178,000,000 |
Derivative Liability, Fair Value, Gross Liability | 39,000,000 | 39,000,000 |
UNITED STATES | GMWB Product Derivatives [Member] | ||
Derivative Balance Sheet Location [Line Items] | ||
Derivative, Notional Amount | 17,908,000,000 | 21,512,000,000 |
Derivative, Fair Value, Net | -139,000,000 | -36,000,000 |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 139,000,000 | 36,000,000 |
UNITED STATES | GMWB Reinsurance [Member] | ||
Derivative Balance Sheet Location [Line Items] | ||
Derivative, Notional Amount | 3,659,000,000 | 4,508,000,000 |
Derivative, Fair Value, Net | 56,000,000 | 29,000,000 |
Derivative Asset, Fair Value, Gross Asset | 56,000,000 | 29,000,000 |
Derivative Liability, Fair Value, Gross Liability | $0 | $0 |
Recovered_Sheet3
Investments and Derivative Instruments Level 4 Offsetting of Derivative Assets and Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Offsetting Derivative Assets [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | $1,175 | $1,845 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 969 | 1,463 |
Derivative, Collateral, Obligation to Return Cash | -158 | -60 |
Derivative Asset, Fair Value of Collateral | 109 | 242 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 97 | 140 |
Offsetting Derivative Liabilities [Abstract] | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 137 | 74 |
Derivative Liability, Fair Value of Collateral | 1,079 | 1,204 |
Derivative, Collateral, Right to Reclaim Cash | -15 | 93 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 799 | 1,496 |
Derivative Liability, Fair Value, Gross Liability | 1,741 | 2,626 |
Derivative Financial Instruments, Liabilities [Member] | ||
Offsetting Derivative Liabilities [Abstract] | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 413 | 128 |
Other Liabilities [Member] | ||
Offsetting Derivative Assets [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 551 | 936 |
Offsetting Derivative Liabilities [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | 1,481 | 2,161 |
Other Liabilities [Member] | Embedded Derivative Financial Instruments [Member] | ||
Offsetting Derivative Assets [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | -3 | -2 |
Other Liabilities [Member] | Derivative Financial Instruments, Liabilities [Member] | ||
Offsetting Derivative Assets [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | -927 | -1,223 |
Other Investments [Member] | ||
Offsetting Derivative Assets [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 624 | 909 |
Offsetting Derivative Liabilities [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | 260 | 467 |
Other Investments [Member] | Derivative Financial Instruments, Assets [Member] | ||
Offsetting Derivative Assets [Abstract] | ||
Derivative Assets (Liabilities), at Fair Value, Net | $364 | $442 |
Recovered_Sheet4
Investments and Derivative Instruments Level 4 Cash Flow Hedges (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Derivatives in Cash Flow Hedging Relationships [Abstract] | |||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $63,000,000 | ||
Maximum Term Over for Hedging Exposure to Variability of Future Cash Flows | 2 years | ||
Cash Flow Hedging [Member] | |||
Derivatives in Cash Flow Hedging Relationships [Abstract] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 140,000,000 | -303,000,000 | 89,000,000 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 2,000,000 | -3,000,000 | 0 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 73,000,000 | 192,000,000 | 224,000,000 |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||
Derivatives in Cash Flow Hedging Relationships [Abstract] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 150,000,000 | -315,000,000 | 120,000,000 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 2,000,000 | -3,000,000 | |
Interest Rate Swap [Member] | Gain (Loss) on Investments [Member] | Cash Flow Hedging [Member] | |||
Derivatives in Cash Flow Hedging Relationships [Abstract] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -1,000,000 | ||
Interest Rate Swap [Member] | Investment Income [Member] | Cash Flow Hedging [Member] | |||
Derivatives in Cash Flow Hedging Relationships [Abstract] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 87,000,000 | ||
Currency Swap [Member] | Cash Flow Hedging [Member] | |||
Derivatives in Cash Flow Hedging Relationships [Abstract] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | -10,000,000 | 12,000,000 | -31,000,000 |
Currency Swap [Member] | Gain (Loss) on Investments [Member] | Cash Flow Hedging [Member] | |||
Derivatives in Cash Flow Hedging Relationships [Abstract] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -13,000,000 | ||
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Derivatives in Cash Flow Hedging Relationships [Abstract] | |||
Loss on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring | $0 | $99,000,000 |
Recovered_Sheet5
Investments and Derivative Instruments Level 4 Fair Value Hedges (Details) (Fair Value Hedging [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value Hedges [Line Items] | |||
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | ($3) | $6 | ($17) |
Derivative Instruments Gain (Loss) Recognized in Income on Hedged Item Net | 1 | -11 | 15 |
Gain (Loss) on Investments [Member] | Interest Rate Swap [Member] | |||
Fair Value Hedges [Line Items] | |||
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | -3 | 7 | -4 |
Derivative Instruments Gain (Loss) Recognized in Income on Hedged Item Net | 1 | -12 | 2 |
Gain (Loss) on Investments [Member] | Currency Swap [Member] | |||
Fair Value Hedges [Line Items] | |||
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | 0 | 1 | -7 |
Derivative Instruments Gain (Loss) Recognized in Income on Hedged Item Net | 0 | -1 | 7 |
Benefits, losses and loss adjustment expenses [Member] | Currency Swap [Member] | |||
Fair Value Hedges [Line Items] | |||
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | 0 | -2 | -6 |
Derivative Instruments Gain (Loss) Recognized in Income on Hedged Item Net | $0 | $2 | $6 |
Recovered_Sheet6
Investments and Derivative Instruments Level 4 Credit Derivatives (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | $72,850,000,000 | $159,441,000,000 |
Derivative, Fair Value, Net | -639,000,000 | -737,000,000 |
Basket Credit Default Swaps [Member] | ||
Credit Derivatives [Line Items] | ||
Amount of Standard Market Indices of Diversified Portfolios of Corporate Issuers | 3,500,000,000 | 4,100,000,000 |
Credit [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | 4,159,000,000 | 5,768,000,000 |
Derivative, Fair Value, Net | 345,000,000 | 374,000,000 |
Offsetting Notional Amount | 2,672,000,000 | 3,882,000,000 |
Derivative, Fair Value, Amount Offset Against Collateral, Net | -5,000,000 | -7,000,000 |
Investment Grade Risk Exposure [Member] | Credit [Member] | Single Name Credit Default Swaps [Member] | Corporate Credit of Foreign Government [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | 320,000,000 | 1,259,000,000 |
Derivative, Fair Value, Net | 5,000,000 | 8,000,000 |
Derivative, Average Remaining Maturity | 2 years | 1 year |
Underlying Referenced Credit Obligation Type | CorporateB Credit/ Foreign Gov. | CorporateB Credit/ Foreign Gov. |
Average Credit Rating | BBB+ | A |
Offsetting Notional Amount | 247,000,000 | 1,066,000,000 |
Derivative, Fair Value, Amount Offset Against Collateral, Net | -5,000,000 | -9,000,000 |
Investment Grade Risk Exposure [Member] | Credit [Member] | Basket Credit Default Swaps [Member] | Corporate Credit [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | 2,546,000,000 | 3,447,000,000 |
Derivative, Fair Value, Net | 33,000,000 | 50,000,000 |
Derivative, Average Remaining Maturity | 3 years | 3 years |
Underlying Referenced Credit Obligation Type | Corporate Credit | Corporate Credit |
Average Credit Rating | BBB | BBB |
Offsetting Notional Amount | 1,973,000,000 | 2,270,000,000 |
Derivative, Fair Value, Amount Offset Against Collateral, Net | -25,000,000 | -35,000,000 |
Investment Grade Risk Exposure [Member] | Credit [Member] | Basket Credit Default Swaps [Member] | CMBS Credit [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | 722,000,000 | 166,000,000 |
Derivative, Fair Value, Net | -12,000,000 | 15,000,000 |
Derivative, Average Remaining Maturity | 6 years | 5 years |
Underlying Referenced Credit Obligation Type | CMBS Credit | CMBS Credit |
Average Credit Rating | AA+ | BB- |
Offsetting Notional Amount | 269,000,000 | 327,000,000 |
Derivative, Fair Value, Amount Offset Against Collateral, Net | 3,000,000 | 7,000,000 |
Investment Grade Risk Exposure [Member] | Credit [Member] | Embedded Credit Derivatives [Member] | Corporate Credit [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | 350,000,000 | 350,000,000 |
Derivative, Fair Value, Net | 342,000,000 | 339,000,000 |
Derivative, Average Remaining Maturity | 2 years | 3 years |
Underlying Referenced Credit Obligation Type | Corporate Credit | Corporate Credit |
Average Credit Rating | A | BBB+ |
Offsetting Notional Amount | 0 | 0 |
Derivative, Fair Value, Amount Offset Against Collateral, Net | 0 | 0 |
Below Investment Grade Risk Exposure [Member] | Credit [Member] | Single Name Credit Default Swaps [Member] | Corporate Credit [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | 29,000,000 | 24,000,000 |
Derivative, Fair Value, Net | 0 | 0 |
Derivative, Average Remaining Maturity | 2 years | 1 year |
Underlying Referenced Credit Obligation Type | Corporate Credit | Corporate Credit |
Average Credit Rating | BB | CCC |
Offsetting Notional Amount | 29,000,000 | 24,000,000 |
Derivative, Fair Value, Amount Offset Against Collateral, Net | -1,000,000 | -1,000,000 |
Below Investment Grade Risk Exposure [Member] | Credit [Member] | Basket Credit Default Swaps [Member] | Corporate Credit [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | 38,000,000 | 327,000,000 |
Derivative, Fair Value, Net | -1,000,000 | -7,000,000 |
Derivative, Average Remaining Maturity | 12 years | 3 years |
Underlying Referenced Credit Obligation Type | Corporate Credit | Corporate Credit |
Average Credit Rating | D | A |
Offsetting Notional Amount | 0 | 0 |
Derivative, Fair Value, Amount Offset Against Collateral, Net | 0 | 0 |
Below Investment Grade Risk Exposure [Member] | Credit [Member] | Basket Credit Default Swaps [Member] | CMBS Credit [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Notional Amount | 154,000,000 | 195,000,000 |
Derivative, Fair Value, Net | -22,000,000 | -31,000,000 |
Derivative, Average Remaining Maturity | 2 years | 3 years |
Underlying Referenced Credit Obligation Type | CMBS Credit | CMBS Credit |
Average Credit Rating | CCC+ | B- |
Offsetting Notional Amount | 154,000,000 | 195,000,000 |
Derivative, Fair Value, Amount Offset Against Collateral, Net | $23,000,000 | $31,000,000 |
Recovered_Sheet7
Investments and Derivative Instruments Level 4 Derivative Collateral Arrangements (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Collateral Arrangements [Line Items] | ||
Security Owned and Pledged as Collateral, Fair Value | $120,000,000 | $347,000,000 |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 327,000,000 | 180,000,000 |
Derivative, Collateral, Obligation to Return Securities | 109,000,000 | 243,000,000 |
Fair Value of Securities Received as Collateral that Can be Resold or Repledged | 97,000,000 | 191,000,000 |
Securities Received as Collateral, Amount Repledged and Sold | 0 | 39,000,000 |
Fixed Maturities [Member] | ||
Derivative Collateral Arrangements [Line Items] | ||
Security Owned and Pledged as Collateral, Fair Value | $1,100,000,000 | $1,300,000,000 |
J.P. Morgan Chase [Member] | Corporate Debt Securities [Member] | ||
Derivative Collateral Arrangements [Line Items] | ||
Largest Exposure by Issuer, Percent of Invested Assets | 1.00% | |
GOLDMAN SACH MTF [Member] | Corporate Debt Securities [Member] | ||
Derivative Collateral Arrangements [Line Items] | ||
Largest Exposure by Issuer, Percent of Invested Assets | 1.00% | 4.00% |
ILLINOIS | US States and Political Subdivisions Debt Securities [Member] | ||
Derivative Collateral Arrangements [Line Items] | ||
Largest Exposure by Issuer, Percent of Invested Assets | 1.00% | 4.00% |
Reinsurance_Level_4_Reinsuranc
Reinsurance Level 4 Reinsurance Recoverable (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||
Reinsurance Recoverables on Paid Losses | $133,000,000 | $138,000,000 |
Reinsurance Recoverables on Unpaid Losses, Gross | 2,868,000,000 | 2,841,000,000 |
Premiums Receivable, Allowance for Doubtful Accounts | -271,000,000 | -244,000,000 |
Reinsurance Recoverables | 22,920,000,000 | 23,330,000,000 |
Property, Liability and Casualty Insurance Product Line [Member] | ||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||
Gross reinsurance recoverable | 3,001,000,000 | 2,979,000,000 |
Reinsurance Recoverables | 2,730,000,000 | 2,735,000,000 |
Life Insurance Product Line [Member] | ||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||
Reinsurance Recoverables | 20,190,000,000 | 20,595,000,000 |
Life Insurance Product Line [Member] | Continuing Operations [Member] | ||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||
Reinsurance Recoverables | 1,193,000,000 | 1,221,000,000 |
Retirement Plans [Member] | ||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||
Reinsurance Recoverables | 8,600,000,000 | 9,500,000,000 |
Retirement Plans and Individual Life Businesses [Member] | Life Insurance Product Line [Member] | ||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||
Reinsurance Recoverables | 18,997,000,000 | 19,374,000,000 |
Fair Value of Assets Held in Trust | 9,000,000,000 | |
Individual Life [Member] | ||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||
Reinsurance Recoverables | 10,400,000,000 | 9,900,000,000 |
Reinsurance Recoverables [Member] | ||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||
Fair Value, Concentration of Risk, Investments | $0 |
Reinsurance_Level_4_Insurance_
Reinsurance Level 4 Insurance Revenue (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Largest Amount of Life Insurance Retained on Any One Life by Any Company Comprising of Life | $10 | $10 | |
Policyholder Benefits and Claims Incurred, Ceded | 502 | 459 | 512 |
Insurance Recoveries | 863 | 913 | 285 |
Premiums Earned, Net [Abstract] | |||
Direct Premiums Earned | 16,560 | 16,929 | 17,389 |
Assumed Premiums Earned | 457 | 379 | 342 |
Ceded Premiums Earned | -2,419 | -2,651 | -1,320 |
Premiums Earned, Net, Life | 14,598 | 14,657 | 16,411 |
Life Insurance Product Line [Member] | |||
Premiums Earned, Net [Abstract] | |||
Gross Fee Income Earned Premium and Other Life | 6,029 | 6,435 | 6,905 |
Assumed Premiums Earned | 193 | 138 | 137 |
Ceded Premiums Earned | -1,720 | -1,780 | -524 |
Premiums Earned, Net, Life | 4,502 | 4,793 | 6,518 |
Property, Liability and Casualty Insurance Product Line [Member] | |||
Premiums Written, Net [Abstract] | |||
Direct Premiums Written | 10,571 | 10,564 | 10,405 |
Assumed Premiums Written | 275 | 247 | 230 |
Ceded Premiums Written | 602 | 882 | 788 |
Premiums Written, Net | 10,244 | 9,929 | 9,847 |
Premiums Earned, Net [Abstract] | |||
Direct Premiums Earned | 10,531 | 10,494 | 10,484 |
Assumed Premiums Earned | 264 | 241 | 205 |
Ceded Premiums Earned | -699 | -871 | -796 |
Premiums Earned, Net, Property and Casualty | $10,096 | $9,864 | $9,893 |
Deferred_Policy_Acquisition_Co2
Deferred Policy Acquisition Costs and Present Value of Future Profits Level 4 (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Movement Analysis of Deferred Policy Acquisition Costs and Present Value of Future Profits [Roll Forward] | |||
Balance, beginning of period | $2,161,000,000 | $5,725,000,000 | $6,556,000,000 |
Deferred Policy Acquisition Costs and Present Value of Future Profits, Additions | 1,364,000,000 | 1,330,000,000 | 1,639,000,000 |
Deferred Policy Acquisition Cost, Amortization Expense, Effect of Adjustments to Estimated Gross Profit | -136,000,000 | -1,086,000,000 | -144,000,000 |
Adjustments to unrealized gains and losses on securities available-for-sale and other | -27,000,000 | -122,000,000 | 364,000,000 |
Effect of currency translation | 0 | 86,000,000 | 118,000,000 |
Balance, end of period | 1,823,000,000 | 2,161,000,000 | 5,725,000,000 |
Retirement Plans and Individual Life Businesses [Member] | |||
Movement Analysis of Deferred Policy Acquisition Costs and Present Value of Future Profits [Roll Forward] | |||
Deferred Policy Acquisition Cost, Amortization Expense | 0 | -2,229,000,000 | 0 |
Retirement Plans [Member] | |||
Movement Analysis of Deferred Policy Acquisition Costs and Present Value of Future Profits [Roll Forward] | |||
Adjustments to unrealized gains and losses on securities available-for-sale and other | 0 | ||
Deferred Policy Acquisition Costs, Period Increase (Decrease) | 0 | ||
Individual Life [Member] | |||
Movement Analysis of Deferred Policy Acquisition Costs and Present Value of Future Profits [Roll Forward] | |||
Adjustments to unrealized gains and losses on securities available-for-sale and other | 0 | ||
Deferred Policy Acquisition Costs, Period Increase (Decrease) | 0 | ||
Variable Annuity [Member] | |||
Movement Analysis of Deferred Policy Acquisition Costs and Present Value of Future Profits [Roll Forward] | |||
Deferred Policy Acquisition Cost, Amortization Expense, Effect of Adjustments to Estimated Gross Profit | -887 | ||
Continuing Operations [Member] | |||
Movement Analysis of Deferred Policy Acquisition Costs and Present Value of Future Profits [Roll Forward] | |||
Deferred Policy Acquisition Cost, Amortization Expense | ($1,593,000,000) | ($1,615,000,000) | ($1,844,000,000) |
Goodwill_Level_4_Details
Goodwill Level 4 (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | |||
segments | |||||||
Goodwill [Line Items] | |||||||
Gross | $853,000,000 | $853,000,000 | |||||
Goodwill, Impaired, Accumulated Impairment Loss | -355,000,000 | -355,000,000 | |||||
Carrying Value | 498,000,000 | 498,000,000 | 498,000,000 | 498,000,000 | |||
Goodwill, Written off Related to Sale of Business Unit | 156 | ||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 6,000,000 | 6,000,000 | |||||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 6,000,000 | 6,000,000 | |||||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 6,000,000 | 6,000,000 | |||||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 6,000,000 | 6,000,000 | |||||
Group Benefits [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill impairment loss | 0 | 0 | |||||
Annual impairment test margin, percent | 10.00% | 10.00% | |||||
Corporate Segment [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill impairment loss | 0 | ||||||
Property and Casualty, Personal Insurance Product Line [Member] | |||||||
Goodwill [Line Items] | |||||||
Gross | 119,000,000 | 119,000,000 | |||||
Goodwill, Impaired, Accumulated Impairment Loss | 0 | 0 | |||||
Carrying Value | 119,000,000 | 119,000,000 | |||||
Goodwill impairment loss | 0 | ||||||
Mutual Funds [Member] | |||||||
Goodwill [Line Items] | |||||||
Gross | 149,000,000 | 149,000,000 | |||||
Goodwill, Impaired, Accumulated Impairment Loss | 0 | 0 | |||||
Carrying Value | 149,000,000 | 149,000,000 | |||||
Goodwill impairment loss | 0 | ||||||
Individual Life [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill impairment loss | 342,000,000 | 0 | 342 | ||||
Retirement Plans [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill impairment loss | 0 | 0 | |||||
Annual impairment test margin, percent | 10.00% | 10.00% | |||||
Number of Company Reporting Segments which completed interim impairment test | 2 | 2 | |||||
Corporate [Member] | |||||||
Goodwill [Line Items] | |||||||
Gross | 585,000,000 | 585,000,000 | |||||
Goodwill, Impaired, Accumulated Impairment Loss | -355,000,000 | [1] | -355,000,000 | [1] | |||
Carrying Value | 230,000,000 | 230,000,000 | |||||
Group Benefits [Member] | |||||||
Goodwill [Line Items] | |||||||
Carrying Value | 138,000,000 | 138,000,000 | |||||
Mutual Funds [Member] | |||||||
Goodwill [Line Items] | |||||||
Carrying Value | $92,000,000 | $92,000,000 | |||||
[1] | Carrying value as of December 31, 2014 and 2013 includes $138 and $92 for the Group Benefits and Mutual Funds reporting units, respectively. |
Separate_Accounts_Death_Benefi2
Separate Accounts, Death Benefits, and Other Insurance Benefits Level 4 (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | |
Movement in Changes in U.S. GMDB/GMWB, International GMDB/GMIB, and UL Secondary Guarantee Benefits [Roll Forward] | |||||
Deferred Policy Acquisition Cost, Amortization Expense, Effect of Adjustments to Estimated Gross Profit | $136,000,000 | $1,086,000,000 | $144,000,000 | ||
Deferred Policy Acquisition Cost, Foreign Currency Translation Adjustment | 0 | -86,000,000 | -118,000,000 | ||
Account Value by GMDB Type [Abstract] | |||||
Net Amount at Risk by Product and Guarantee, General Account Value | 23,775,000,000 | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 3,493,000,000 | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 563,000,000 | ||||
Separate Accounts, Liability | 134,702,000,000 | 140,886,000,000 | 140,886,000,000 | ||
Schedule of Fair Value of Separate Accounts [Abstract] | |||||
Schedule of Fair Value of Separate Accounts by Major Category of Investment, Fair Value | 48,852,000,000 | 57,463,000,000 | 57,463,000,000 | ||
Invested in Fixed Income Securities | 17.00% | ||||
Invested in Equity Securities | 83.00% | ||||
Return of Premium ROP Other [Member] | |||||
Account Value by GMDB Type [Abstract] | |||||
Net Amount at Risk by Product and Guarantee, General Account Value | 10,243,000,000 | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 57,000,000 | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 50,000,000 | ||||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 68 years | ||||
Reset [Member] | |||||
Account Value by GMDB Type [Abstract] | |||||
Net Amount at Risk by Product and Guarantee, General Account Value | 3,036,000,000 | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 22,000,000 | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 22,000,000 | ||||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 69 years | ||||
Lifetime Income Benefit ("LIB") - Death Benefit [Member] | |||||
Account Value by GMDB Type [Abstract] | |||||
Net Amount at Risk by Product and Guarantee, General Account Value | 624,000,000 | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 7,000,000 | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 7,000,000 | ||||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 68 years | ||||
Asset Protection Benefit ("APB") [Member] | |||||
Account Value by GMDB Type [Abstract] | |||||
Net Amount at Risk by Product and Guarantee, General Account Value | 15,183,000,000 | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 228,000,000 | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 151,000,000 | ||||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 68 years | ||||
With Five Percent Rollup and EPB [Member] | |||||
Account Value by GMDB Type [Abstract] | |||||
Net Amount at Risk by Product and Guarantee, General Account Value | 547,000,000 | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 115,000,000 | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 25,000,000 | ||||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 71 years | ||||
With Earnings Protection Benefit Rider (EPB) [Member] | |||||
Account Value by GMDB Type [Abstract] | |||||
Net Amount at Risk by Product and Guarantee, General Account Value | 4,342,000,000 | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 579,000,000 | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 83,000,000 | ||||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 68 years | ||||
With Five Percent Rollup [Member] | |||||
Account Value by GMDB Type [Abstract] | |||||
Net Amount at Risk by Product and Guarantee, General Account Value | 1,451,000,000 | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 209,000,000 | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 59,000,000 | ||||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 70 years | ||||
MAV Only [Member] | |||||
Account Value by GMDB Type [Abstract] | |||||
Net Amount at Risk by Product and Guarantee, General Account Value | 17,435,000,000 | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 2,590,000,000 | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 396,000,000 | ||||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 70 years | ||||
Guaranteed Minimum Death Benefit [Member] | |||||
Account Value by GMDB Type [Abstract] | |||||
Net Amount at Risk by Product and Guarantee, General Account Value | 4,009,000,000 | ||||
Universal Life [Member] | GMDB GMIB [Member] | |||||
Movement in Changes in U.S. GMDB/GMWB, International GMDB/GMIB, and UL Secondary Guarantee Benefits [Roll Forward] | |||||
Liabilities for Guarantees on Long Duration Contracts, Business Disposition Impact | 0 | 1,145,000,000 | |||
reinsurance recoverable asset impact of business disposition | 0 | 1,485,000,000 | |||
Universal Life [Member] | Secondary Guarantees [Member] | |||||
Movement in Changes in U.S. GMDB/GMWB, International GMDB/GMIB, and UL Secondary Guarantee Benefits [Roll Forward] | |||||
Liabilities, as of Jan. 1 | 1,802,000,000 | 363,000,000 | 1,802,000,000 | ||
Liabilities for Guarantees on Long-Duration Contracts, Incurred Benefits | 236,000,000 | 292,000,000 | |||
Deferred Policy Acquisition Cost, Amortization Expense, Effect of Adjustments to Estimated Gross Profit | 3,000,000 | 2,000,000 | |||
Liabilities, as of Dec. 31 | 2,041,000,000 | 1,802,000,000 | 1,802,000,000 | 1,802,000,000 | |
Reinsurance Recoverable, as of Jan. 1 | 1,802,000,000 | 21,000,000 | 1,802,000,000 | ||
Reinsurance Recoverable Asset Incurred | 239,000,000 | 296,000,000 | |||
Reinsurance Recoverable, as of Dec. 31 | 2,041,000,000 | 1,802,000,000 | 1,802,000,000 | 1,802,000,000 | |
JAPAN | Guaranteed Minimum Death Benefit [Member] | |||||
Account Value by GMDB Type [Abstract] | |||||
Separate Accounts, Liability | 85,850,000,000 | ||||
UNITED STATES | Guaranteed Minimum Withdrawal Benefit [Member] | |||||
Account Value by GMDB Type [Abstract] | |||||
Net Amount at Risk by Product and Guarantee, General Account Value | 8,500,000,000 | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 0 | ||||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 70 years | ||||
UNITED STATES | GMDB GMIB [Member] | |||||
Movement in Changes in U.S. GMDB/GMWB, International GMDB/GMIB, and UL Secondary Guarantee Benefits [Roll Forward] | |||||
Deferred Policy Acquisition Cost, Amortization Expense, Effect of Adjustments to Estimated Gross Profit | -100,000,000 | -116,000,000 | |||
Liabilities for Guarantees on Long Duration Contracts, Business Disposition Impact | 0 | 0 | |||
reinsurance recoverable asset impact of business disposition | 0 | 0 | |||
UNITED STATES | Guaranteed Minimum Death Benefit [Member] | |||||
Movement in Changes in U.S. GMDB/GMWB, International GMDB/GMIB, and UL Secondary Guarantee Benefits [Roll Forward] | |||||
Liabilities, as of Jan. 1 | 849,000,000 | 918,000,000 | 849,000,000 | ||
Liabilities for Guarantees on Long-Duration Contracts, Incurred Benefits | 173,000,000 | 182,000,000 | |||
Liabilities for Guarantees on Long-Duration Contracts, Benefits Paid | 110,000,000 | 135,000,000 | |||
Liabilities, as of Dec. 31 | 812,000,000 | 849,000,000 | 849,000,000 | 849,000,000 | |
Reinsurance Recoverable, as of Jan. 1 | 533,000,000 | 608,000,000 | 533,000,000 | ||
Reinsurance Recoverable Asset Incurred | 99,000,000 | 104,000,000 | |||
Reinsurance Recoverable Asset Paid | 85,000,000 | 98,000,000 | |||
Reinsurance Recoverable, as of Dec. 31 | 481,000,000 | 533,000,000 | 533,000,000 | 533,000,000 | |
Account Value by GMDB Type [Abstract] | |||||
Net Amount at Risk by Product and Guarantee, General Account Value | 52,861,000,000 | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 3,807,000,000 | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 793,000,000 | ||||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 69 years | ||||
Separate Accounts, Liability | 48,852,000,000 | ||||
International [Member] | GMDB GMIB [Member] | |||||
Movement in Changes in U.S. GMDB/GMWB, International GMDB/GMIB, and UL Secondary Guarantee Benefits [Roll Forward] | |||||
Liabilities, as of Jan. 1 | 272,000,000 | 661,000,000 | 272,000,000 | ||
Liabilities for Guarantees on Long-Duration Contracts, Incurred Benefits | 28,000,000 | 82,000,000 | |||
Liabilities for Guarantees on Long-Duration Contracts, Benefits Paid | 15,000,000 | 73,000,000 | |||
Deferred Policy Acquisition Cost, Amortization Expense, Effect of Adjustments to Estimated Gross Profit | -41,000,000 | -301,000,000 | |||
Liabilities for Guarantees on Long Duration Contracts, Business Disposition Impact | 254,000,000 | 0 | |||
Deferred Policy Acquisition Cost, Foreign Currency Translation Adjustment | 10,000,000 | -97,000,000 | |||
Liabilities, as of Dec. 31 | 0 | 272,000,000 | 272,000,000 | ||
Reinsurance Recoverable, as of Jan. 1 | 23,000,000 | 36,000,000 | 23,000,000 | ||
Reinsurance Recoverable Asset Incurred | 4,000,000 | 9,000,000 | |||
Reinsurance Recoverable Asset Paid | 4,000,000 | 14,000,000 | |||
reinsurance recoverable asset impact of business disposition | 27,000,000 | 0 | |||
Reinsurance Recoverable, as of Dec. 31 | 0 | 23,000,000 | 23,000,000 | ||
Reinsurance Recoverables [Member] | UNITED STATES | Guaranteed Minimum Death Benefit [Member] | |||||
Movement in Changes in U.S. GMDB/GMWB, International GMDB/GMIB, and UL Secondary Guarantee Benefits [Roll Forward] | |||||
Deferred Policy Acquisition Cost, Amortization Expense, Effect of Adjustments to Estimated Gross Profit | -66,000,000 | -81,000,000 | |||
Reinsurance Recoverables [Member] | International [Member] | GMDB GMIB [Member] | |||||
Movement in Changes in U.S. GMDB/GMWB, International GMDB/GMIB, and UL Secondary Guarantee Benefits [Roll Forward] | |||||
Deferred Policy Acquisition Cost, Amortization Expense, Effect of Adjustments to Estimated Gross Profit | 3,000,000 | -2,000,000 | |||
Deferred Policy Acquisition Cost, Foreign Currency Translation Adjustment | 1,000,000 | -6,000,000 | |||
Cash and Cash Equivalents [Member] | |||||
Schedule of Fair Value of Separate Accounts [Abstract] | |||||
Schedule of Fair Value of Separate Accounts by Major Category of Investment, Fair Value | 4,066,000,000 | 4,605,000,000 | 4,605,000,000 | ||
Equity Securities Including Mutual Funds [Member] | |||||
Schedule of Fair Value of Separate Accounts [Abstract] | |||||
Schedule of Fair Value of Separate Accounts by Major Category of Investment, Fair Value | $44,786,000,000 | $52,858,000,000 | $52,858,000,000 |
Reserves_for_Future_Policy_Ben2
Reserves for Future Policy Benefits and Unpaid Losses and Loss Adjustment Expenses Level 4 P&C Liabilities for Unpaid Losses and Loss Adjustment Expenses (Details) (USD $) | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Less payment | |||||||
Prior years | ($228) | ($192) | $4 | ||||
Reinsurance recoverables, Ending Balance | 22,920 | 23,330 | |||||
Reserves for Future Policy Benefits and Unpaid Losses and Loss Adjustment Expenses (Textual) [Abstract] | |||||||
Current accident year benefit from discounting property and casualty reserves | 34 | 46 | 48 | ||||
Accretion of discounts for prior accident years | 31 | 31 | 52 | ||||
Annuity Obligations | 776 | 805 | |||||
Property, Liability and Casualty Insurance Product Line [Member] | |||||||
Product Information [Line Items] | |||||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 3,041 | 3,028 | 3,027 | 3,033 | |||
Reserve Development | |||||||
Beginning liabilities for unpaid losses and loss adjustment expenses, gross | 21,704 | 21,716 | 21,550 | ||||
Beginning liabilities for unpaid losses and loss adjustment expenses, net | 18,765 | 18,676 | 18,689 | 18,517 | |||
Add provision for unpaid losses and loss adjustment expenses | |||||||
Current Year Claims and Claims Adjustment Expense | 6,572 | 6,621 | 7,274 | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | 6,800 | 6,813 | 7,270 | ||||
Less payment | |||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Current Year | 2,639 | 2,552 | 2,882 | ||||
Prior years | -228 | -192 | 4 | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Prior Years | 4,072 | 4,274 | 4,216 | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid | 6,711 | 6,826 | 7,098 | ||||
Ending liabilities for unpaid losses and loss adjustment expenses, net | 18,765 | 18,676 | 18,689 | 18,517 | |||
Reinsurance recoverables, Ending Balance | 2,730 | 2,735 | |||||
Ending liabilities for unpaid losses and loss adjustment expenses, gross | 21,806 | 21,704 | 21,716 | ||||
Property, Liability and Casualty Insurance Product Line [Member] | |||||||
Product Information [Line Items] | |||||||
Supplemental Information for Property, Casualty Insurance Underwriters, Discount Deducted from Reserves | $556 | [1] | $553 | [1] | $538 | [1] | |
[1] | Reserves for permanently disabled claimants have been discounted using the weighted average interest rates of 3.5%, 3.5%, and 4.0% for the years ended DecemberB 31, 2014, 2013, and 2012, respectively. |
Reserves_for_Future_Policy_Ben3
Reserves for Future Policy Benefits and Unpaid Losses and Loss Adjustment Expenses Level 4 Prior Accident Years Reserve Development (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Prior accident years reserve development | |||
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | $228 | $192 | ($4) |
Auto liability [Member] | |||
Prior accident years reserve development | |||
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | 25 | 144 | -25 |
Homeowners [Member] | |||
Prior accident years reserve development | |||
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | -7 | -6 | -32 |
Professional Liability [Member] | |||
Prior accident years reserve development | |||
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | -17 | -29 | 40 |
Package Business [Member] | |||
Prior accident years reserve development | |||
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | 3 | 2 | -20 |
Workers Compensation [Member] | |||
Prior accident years reserve development | |||
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | -7 | -2 | 78 |
Workers Compensation NY Section 25A [Member] | |||
Prior accident years reserve development | |||
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | 0 | 80 | 0 |
General liability [Member] | |||
Prior accident years reserve development | |||
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | -25 | -75 | -87 |
Fidelity and Surety [Member] | |||
Prior accident years reserve development | |||
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | 8 | -8 | -9 |
Commercial property [Member] | |||
Prior accident years reserve development | |||
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | 2 | -7 | -8 |
Net asbestos reserves [Member] | |||
Prior accident years reserve development | |||
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | 212 | 130 | 48 |
Net environmental reserves [Member] | |||
Prior accident years reserve development | |||
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | 30 | 12 | 10 |
Uncollectible reinsurance [Member] | |||
Prior accident years reserve development | |||
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | 0 | -25 | 0 |
Change in workers compensation discount, including accretion [Member] | |||
Prior accident years reserve development | |||
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | 30 | 30 | 52 |
Catastrophes [Member] | |||
Prior accident years reserve development | |||
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | -45 | -63 | -66 |
Other reserve re-estimates [Member] | |||
Prior accident years reserve development | |||
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | $19 | $9 | $15 |
Reserves_for_Future_Policy_Ben4
Reserves for Future Policy Benefits and Unpaid Losses and Loss Adjustment Expenses Level 4 Life Liabilities for Unpaid Losses and Loss Adjustment Expenses (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reinsurance Recoverables | $22,920 | $23,330 | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | 228 | 192 | -4 | |
Group Insurance Policies [Member] | ||||
Liability for Claims and Claims Adjustment Expense | 6,084 | 6,308 | 6,547 | 6,547 |
Reinsurance Recoverables | 271 | 267 | 252 | 233 |
Beginning liabilities for unpaid losses and loss adjustment expenses, net | 5,813 | 6,041 | 6,295 | 6,314 |
Current Year Claims and Claims Adjustment Expense | 2,370 | 2,534 | 2,989 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | 11 | 17 | -52 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | 2,359 | 2,517 | 3,041 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Current Year | 1,161 | 1,207 | 1,460 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Prior Years | 1,426 | 1,564 | 1,600 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid | $2,587 | $2,771 | $3,060 |
Reserves_for_Future_Policy_Ben5
Reserves for Future Policy Benefits and Unpaid Losses and Loss Adjustment Expenses Level 4 Liability for Future Policy Benefits and Unpaid Losses and Loss Adjustment Expenses (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Liability for future policy benefits and unpaid losses and loss adjustment expenses | ||
Future policy benefits | $13,180 | $12,988 |
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense | 41,444 | 41,373 |
group life term, disability and accident [Member] | ||
Liability for future policy benefits and unpaid losses and loss adjustment expenses | ||
Group life term, disability and accident unpaid losses and loss adjustment expenses | 6,084 | 6,308 |
group life other [Member] | ||
Liability for future policy benefits and unpaid losses and loss adjustment expenses | ||
Group life other unpaid losses and loss adjustment expenses | 203 | 206 |
Individual Life [Member] | ||
Liability for future policy benefits and unpaid losses and loss adjustment expenses | ||
Group life other unpaid losses and loss adjustment expenses | 171 | 167 |
Group, life and future policy benefits [Member] | ||
Liability for future policy benefits and unpaid losses and loss adjustment expenses | ||
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense | $19,638 | $19,669 |
Commitments_and_Contingencies_3
Commitments and Contingencies Level 4 (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Loss Contingencies [Line Items] | ||||
Minimum Percentage of Premiums Written Per Year to be Considered for Assessment Under Guaranty Fund | $0.01 | |||
Leases [Abstract] | ||||
Operating Leases, Rent Expense | 62,000,000 | 79,000,000 | 105,000,000 | |
Operating Leases, Income Statement, Sublease Revenue | 4,000,000 | 8,000,000 | 6,000,000 | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 42,000,000 | |||
Operating Leases, Future Minimum Payments, Due in Two Years | 35,000,000 | |||
Operating Leases, Future Minimum Payments, Due in Three Years | 29,000,000 | |||
Operating Leases, Future Minimum Payments, Due in Four Years | 22,000,000 | |||
Operating Leases, Future Minimum Payments, Due in Five Years | 14,000,000 | |||
Operating Leases, Future Minimum Payments, Due Thereafter | 12,000,000 | |||
Operating Leases, Future Minimum Payments Due | 154,000,000 | [1] | ||
Operating Leases, Future Minimum Payments Receivable, Current | 3,000,000 | |||
Operating Leases, Future Minimum Payments Receivable, in Two Years | 2,000,000 | |||
Operating Leases, Future Minimum Payments Receivable, in Three Years | 2,000,000 | |||
Operating Leases, Future Minimum Payments Receivable, in Four Years | 2,000,000 | |||
Operating Leases, Future Minimum Payments Receivable, in Five Years | 2,000,000 | |||
Operating Leases, Future Minimum Payments Receivable, Thereafter | 3,000,000 | |||
Unfunded Commitments [Abstract] | ||||
Unfunded Commitments | 865,000,000 | |||
Commitments to Fund Limited Partnership and Other Alternative Investments | 604,000,000 | |||
Commitments to Fund Mortgage Loans | 246,000,000 | |||
Derivative Liability [Abstract] | ||||
Derivative, Net Liability Position, Aggregate Fair Value | 1,000,000,000 | |||
Collateral Already Posted, Aggregate Fair Value | 1,300,000,000 | |||
Maximum Percentage of Premiums Written Per Year to be Considered for Assessment Under Guaranty Fund | 0.02 | |||
Guaranty Liabilities | 131,000,000 | 138,000,000 | ||
Net Asbestos Reserves [Member] | ||||
Loss Contingencies [Line Items] | ||||
Liability for Asbestos and Environmental Claims, Net | 1,700,000,000 | |||
Net Environmental Reserves [Member] | ||||
Loss Contingencies [Line Items] | ||||
Liability for Asbestos and Environmental Claims, Net | 247,000,000 | 276,000,000 | ||
GMWB Product Derivatives [Member] | ||||
Derivative Liability [Abstract] | ||||
Derivative Instrument, Collateral Payment, Preventing Termination | 41,000,000 | |||
Single Notch Downgrade [Member] | ||||
Derivative Liability [Abstract] | ||||
Additional Collateral, Aggregate Fair Value | 4,000,000 | |||
Double Notch Downgrade [Member] | ||||
Derivative Liability [Abstract] | ||||
Additional Collateral, Aggregate Fair Value | 18,000,000 | |||
Other Assets [Member] | ||||
Derivative Liability [Abstract] | ||||
Loss Contingency Accrual, Insurance-related Assessment, Premium Tax Offset | $42,000,000 | $37,000,000 | ||
[1] | Excludes expected future minimum sublease income of approximately $3, $2, $2, $2, $2 and $3 in 2015, 2016, 2017, 2018, 2019 and thereafter respectively. |
Income_Taxes_Level_4_Income_lo
Income Taxes Level 4 Income (loss) Continuing Operations (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Income (loss) from continuing operations before income taxes, domestic | $1,736 | $1,473 | ($106) |
Income (loss) from continuing operations before income taxes, foreign | -37 | -2 | 17 |
Current - U.S. Federal income tax expense (benefit) | -62 | 219 | 33 |
Current - International income tax expense (benefit) | 2 | 0 | 0 |
Total current income tax expense (benefit) | -60 | 219 | 33 |
Deferred - U.S. Federal income tax expense (benefit) excluding NOL carryforward | 410 | 27 | -342 |
Income Tax Expense (Benefit) | $350 | $246 | ($309) |
Income_Taxes_Level_4_Deferred_
Income Taxes Level 4 Deferred tax assets (liabilities) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Contingency [Line Items] | ||
Valuation Allowance, Commentary | The Company has recorded a deferred tax asset valuation allowance that is adequate to reduce the total deferred tax asset to an amount that will more likely than not be realized. In assessing the need for a valuation allowance, management considered future taxable temporary difference reversals, future taxable income exclusive of reversing temporary differences and carryovers, taxable income in open carry back years and other tax planning strategies. From time to time, tax planning strategies could include holding a portion of debt securities with market value losses until recovery, altering the level of tax exempt securities held, making investments which have specific tax characteristics, and business considerations such as asset-liability matching. Management views such tax planning strategies as prudent and feasible and would implement them, if necessary, to realize the deferred tax assets. | |
Deferred Tax Assets, Net of Valuation Allowance [Abstract] | ||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Loss Reserves | $573,000,000 | $632,000,000 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Policyholder Liabilities | 163,000,000 | 207,000,000 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Unearned Premiums Reserve | 456,000,000 | 434,000,000 |
Deferred Tax Assets, Investments | 1,020,000,000 | 1,641,000,000 |
Deferred Tax Assets, Derivative Instruments | 44,000,000 | 13,000,000 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits | 677,000,000 | 523,000,000 |
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | 652,000,000 | 823,000,000 |
Deferred Tax Assets, Operating Loss Carryforwards | 1,936,000,000 | 1,093,000,000 |
Deferred Tax Assets, Capital Loss Carryforwards | 491,000,000 | 0 |
Deferred Tax Assets, Other | 0 | 63,000,000 |
Deferred Tax Assets, Gross | 5,871,000,000 | 5,592,000,000 |
Deferred Tax Assets, Valuation Allowance | 181,000,000 | 4,000,000 |
Deferred Tax Assets, Net of Valuation Allowance | 5,690,000,000 | 5,588,000,000 |
Tax Credit Carryforward, Valuation Allowance | 9 | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 5,547,000,000 | |
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 178,000,000 | 163,000,000 |
Operating Loss Carryforwards | 3,123,000,000 | |
Components of Deferred Tax Liabilities [Abstract] | ||
Deferred Tax Liabilities, Deferred Expense, Deferred Policy Acquisition Cost | 1,040,000,000 | 894,000,000 |
Tax Basis of Investments, Unrealized Appreciation (Depreciation), Net | -1,489,000,000 | -669,000,000 |
Deferred Tax Liabilities, Deferred Expense | 217,000,000 | 185,000,000 |
Deferred Tax Liabilities, Other | 47,000,000 | 0 |
Deferred Tax Liabilities, Gross | 2,793,000,000 | 1,748,000,000 |
Operating Loss Carryforwards, Valuation Allowance | 172,000,000 | |
Deferred Tax Assets, Net | 2,897,000,000 | 3,840,000,000 |
Before Tax [Member] | ||
Deferred Tax Assets, Net of Valuation Allowance [Abstract] | ||
Tax Credit Carryforward, Deferred Tax Asset | 178,000,000 | 163,000,000 |
Deferred Tax Assets, Capital Loss Carryforwards | 172,000,000 | 0 |
Other Liabilities [Member] | JAPAN | ||
Components of Deferred Tax Liabilities [Abstract] | ||
Deferred Tax Liabilities, Net | 0 | 61,000,000 |
UNITED STATES | Before Tax [Member] | ||
Deferred Tax Assets, Net of Valuation Allowance [Abstract] | ||
Deferred Tax Assets, Operating Loss Carryforwards | 5,508,000,000 | 3,123,000,000 |
Foreign [Member] | ||
Deferred Tax Assets, Net of Valuation Allowance [Abstract] | ||
Deferred Tax Assets, Operating Loss Carryforwards | 39,000,000 | 0 |
Earliest Tax Year [Member] | ||
Deferred Tax Assets, Net of Valuation Allowance [Abstract] | ||
Tax Credit Carryforward, Expiration Date | 31-Dec-18 | |
Operating Loss Carryforwards, Expiration Date | 31-Dec-16 | |
Expiring within Tax Years 2016 to 2017 [Member] | ||
Deferred Tax Assets, Net of Valuation Allowance [Abstract] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 3,000,000 | |
Latest Tax Year [Member] | ||
Deferred Tax Assets, Net of Valuation Allowance [Abstract] | ||
Tax Credit Carryforward, Expiration Date | 31-Dec-24 | |
Operating Loss Carryforwards, Expiration Date | 31-Dec-33 | |
Expiring within Tax Years 2018 to 2024 [Member] | ||
Deferred Tax Assets, Net of Valuation Allowance [Abstract] | ||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 178,000,000 | |
Expiring within Tax Years 2023 to 2033 [Member] | ||
Deferred Tax Assets, Net of Valuation Allowance [Abstract] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 5,544,000,000 | |
Expiring Tax Year 2019 [Member] | ||
Deferred Tax Assets, Net of Valuation Allowance [Abstract] | ||
Deferred Tax Assets, Capital Loss Carryforwards | 491,000,000 | |
No expiration tax year [Member] | ||
Deferred Tax Assets, Net of Valuation Allowance [Abstract] | ||
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | $0 |
Income_Taxes_Level_4_Current_a
Income Taxes Level 4 Current and Deferred Income Taxes (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Income Tax Contingency [Line Items] | ||
Income Taxes Receivable | $38 | $72 |
CANADA | ||
Income Tax Contingency [Line Items] | ||
Income Taxes Receivable | 2 | |
JAPAN | ||
Income Tax Contingency [Line Items] | ||
Income Taxes Receivable | $70 |
Income_Taxes_Level_4_Unrecogni
Income Taxes Level 4 Unrecognized tax benefit (expense) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Income Tax Contingency [Line Items] | |
Unrecognized Tax Benefits | $48 |
Income_Taxes_Level_4_Effective
Income Taxes Level 4 Effective Income Tax Rate Reconciliation (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Contingency [Line Items] | |||
Income Tax Examination, Interest Expense | $0 | $5 | $0 |
Interest Payable | 1 | ||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | 595 | 515 | -31 |
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Amount | 138 | 138 | 141 |
Effective Income Tax Rate Reconciliation, Deduction, Dividends, Amount | 114 | 139 | 145 |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 5 | -2 | 0 |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 2 | 10 | 8 |
Income Tax Expense (Benefit) | 350 | 246 | -309 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Income Tax Contingency [Line Items] | |||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | ($2) | ($25) |
Debt_Level_4_Details
Debt Level 4 (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Mar. 31, 2013 | |
Short-term Debt [Abstract] | ||||||||
Long-term Line of Credit | $0 | $238,000,000 | ||||||
Senior Notes | 300,000,000 | |||||||
Junior Subordinated Notes | 2,125,000,000 | 2,125,000,000 | ||||||
Notes Payable | 6,109,000,000 | 6,306,000,000 | ||||||
Long-term Debt, Excluding Current Maturities | 5,653,000,000 | 6,106,000,000 | ||||||
Current maturity adjustment to long-term debt | -456,000,000 | -200,000,000 | ||||||
Debt, Long-term and Short-term, Combined Amount | 6,109,000,000 | 6,544,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.60% | 5.60% | ||||||
Financial Instruments Owned and Pledged as Collateral, Amount Eligible to be Repledged by Counterparty | 1,390,000,000 | |||||||
Debt Instrument, Repurchased Face Amount | 800,000,000 | |||||||
Extinguishment of Debt, Amount | 213,000,000 | |||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.30% | |||||||
Proceeds from Notes Payable | 295 | |||||||
Maximum Aggregate Principal Amount of Junior Subordinated Notes | 500,000,000 | |||||||
Gains (Losses) on Extinguishment of Debt | 587,000,000 | 0 | -213,000,000 | -910,000,000 | ||||
Debt Instrument, Face Amount | 600,000,000 | 600,000,000 | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.70% | |||||||
Line of Credit Facility [Abstract] | ||||||||
Commercial Paper | 1,000,000,000 | 2,000,000,000 | ||||||
Medium-term Notes [Abstract] | ||||||||
Debt Instrument, Debt Default, Amount | 25,000,000 | 25,000,000 | ||||||
Subordinated Borrowing Terms and Conditions | $586, | |||||||
Maturities of Long-term Debt [Abstract] | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 456,000,000 | |||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 275,000,000 | |||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 712,000,000 | |||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 320,000,000 | |||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 413,000,000 | |||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 4,025,000,000 | |||||||
Commercial Paper, Outstanding | 0 | |||||||
Junior Subordinated Debt [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||||||
Maximum Aggregate Principal Amount of Junior Subordinated Notes | 1,750,000,000 | 1,750,000,000 | ||||||
Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility [Abstract] | ||||||||
Ratio of Debt of Subsidiaries to Net Capital | 10.00% | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,750,000,000 | |||||||
Line Of Credit Facility Maximum Borrowing Capacity Available Support Letters Of Credit | 0 | |||||||
Net Worth After Tax Effect | 13,500,000,000 | |||||||
Five Year Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility [Abstract] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,000,000,000 | |||||||
Revolving Credit Facility [Member] | Four Year Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility [Abstract] | ||||||||
Line of Credit, Term of Credit Facility | 4 years | |||||||
Revolving Credit Facility [Member] | Five Year Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility [Abstract] | ||||||||
Line of Credit, Term of Credit Facility | 5 years | |||||||
Senior Note Four Point Seven Five Percent Due in Two Thousand Fourteen [Member] | ||||||||
Short-term Debt [Abstract] | ||||||||
Senior Notes | 0 | |||||||
Senior Note Four Point Zero Percent Due in Two Thousand Fifteen [Member] | ||||||||
Short-term Debt [Abstract] | ||||||||
Senior Notes | 289,000,000 | |||||||
Senior Note 4.75% Due 2014 [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | |||||||
Senior Note 4.0% Due 2015 [Member] | ||||||||
Short-term Debt [Abstract] | ||||||||
Senior Notes | 289,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | |||||||
Senior Note 7.3% Due 2015 [Member] | ||||||||
Short-term Debt [Abstract] | ||||||||
Senior Notes | 167,000,000 | 167,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.30% | |||||||
Senior Note 5.5% Due 2016 [Member] | ||||||||
Short-term Debt [Abstract] | ||||||||
Senior Notes | 275,000,000 | 275,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | |||||||
Senior Note 5.375% Due 2017 [Member] | ||||||||
Short-term Debt [Abstract] | ||||||||
Senior Notes | 415,000,000 | 415,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.38% | |||||||
Senior Note 4.0% Due 2017 [Member] | ||||||||
Short-term Debt [Abstract] | ||||||||
Senior Notes | 295,000,000 | 295,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | |||||||
Senior Note 6.3% Due 2018 [Member] | ||||||||
Short-term Debt [Abstract] | ||||||||
Senior Notes | 320,000,000 | 320,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.30% | |||||||
Senior Note 6.0% Due 2019 [Member] | ||||||||
Short-term Debt [Abstract] | ||||||||
Senior Notes | 413,000,000 | 413,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||||
Senior Note 5.5% Due 2020 [Member] | ||||||||
Short-term Debt [Abstract] | ||||||||
Senior Notes | 499,000,000 | 499,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | |||||||
Senior Note 5.125% Due 2022 [Member] | ||||||||
Short-term Debt [Abstract] | ||||||||
Senior Notes | 797,000,000 | 796,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.13% | |||||||
Senior Note 7.65% Due 2027 [Member] | ||||||||
Short-term Debt [Abstract] | ||||||||
Senior Notes | 80,000,000 | 79,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.65% | |||||||
Senior Note 7.375% Due 2031 [Member] | ||||||||
Short-term Debt [Abstract] | ||||||||
Senior Notes | 63,000,000 | 63,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.38% | |||||||
Senior Note 5.95% Due 2036 [Member] | ||||||||
Short-term Debt [Abstract] | ||||||||
Senior Notes | 299,000,000 | 298,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.95% | |||||||
Senior Note 6.625% Due 2040 [Member] | ||||||||
Short-term Debt [Abstract] | ||||||||
Senior Notes | 295,000,000 | 295,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.63% | |||||||
Senior Note 6.1% Due 2041 [Member] | ||||||||
Short-term Debt [Abstract] | ||||||||
Senior Notes | 326,000,000 | 326,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.10% | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 7.90% | |||||||
Fair Value, Estimate Not Practicable, Maturity Date [Member] | ||||||||
Short-term Debt [Abstract] | ||||||||
Senior Notes | 0.061 | 0.061 | ||||||
Senior Note 6.625% Due 2042 [Member] | ||||||||
Short-term Debt [Abstract] | ||||||||
Senior Notes | 178,000,000 | 178,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.63% | |||||||
Senior Note 4.3% Due in 2043 [Member] | ||||||||
Short-term Debt [Abstract] | ||||||||
Senior Notes | 298,000,000 | 298,000,000 | ||||||
7.875% Notes, due 2042 [Member] | ||||||||
Short-term Debt [Abstract] | ||||||||
Junior Subordinated Notes | 600,000,000 | 600,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.88% | 7.88% | 7.88% | |||||
8.125% Notes, due 2068 [Member] | ||||||||
Short-term Debt [Abstract] | ||||||||
Junior Subordinated Notes | $500,000,000 | $500,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.13% | 8.13% | 8.13% | |||||
Junior Subordinated Debt [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | 10.00% | ||||||
Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility [Abstract] | ||||||||
Ratio of Indebtedness to Net Capital | 0.35 |
Equity_Level_4_Preferred_Stock
Equity Level 4 Preferred Stock & SE Warrants (Details) (USD $) | 0 Months Ended | ||||||
Mar. 23, 2010 | Mar. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 17, 2008 | Mar. 31, 2013 | |
Class of Stock [Line Items] | |||||||
Depository shares, issued | 23,000,000 | ||||||
Interest in mandatory convertible preferred stock series F represented by each depositary share | 1/40th | ||||||
Sale of depository shares price per share | $25 | ||||||
Net proceeds from issuance of depository shares | $556,000,000 | ||||||
Exercise price of warrant | $9.39 | $9.50 | $9.60 | ||||
Warrants Issued to Allianz [Member] | |||||||
Class of Stock [Line Items] | |||||||
Exercise price of warrant | $25.23 | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 69,351,806 | ||||||
Reclassification of Warrants from Equity to Other Liabilities | $300 | ||||||
Note Warrant [Member] | Warrants For Series B And C Before Anti Dilution Provision Trigger [Member] | |||||||
Class of Stock [Line Items] | |||||||
Exercise price of warrant | $25.32 | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 69,115,324 | ||||||
Series F Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Cumulative dividend on mandatory convertible preferred stock | 7.25% | ||||||
Preferred stock, liquidation preference per share | $1,000 | ||||||
Convertible preferred stock shares, Series F, reserved for future issuance | 21,200,000 |
Equity_Level_4_Capital_Purchas
Equity Level 4 Capital Purchase Program (Details) (USD $) | 1 Months Ended | 12 Months Ended | 3 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jul. 29, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2014 |
Class of Stock [Line Items] | |||||
Stock Repurchase Program, Authorized Amount | 2,775 | 2,775 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 979 | 979 | |||
Exercise price of warrant | $9.50 | 9.388 | 9.599 | 9.388 | |
Proceeds from Warrant Exercises | 33 | ||||
Class of Warrant or Right, Outstanding | 32,400,000 | 7,200,000 | 7,200,000 | ||
Treasury stock acquired | ($165) | ||||
Warrant [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Issued During Period, Shares, Warrant Exercised | 18,100,000 | 25,200,000 | |||
Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Treasury stock acquired | -19,235,000 | -49,518,000 | -8,045,000 | ||
Accelerated Share Repurchase Program [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Repurchased During Period, Shares | 1,600,000 |
Equity_Level_4_Stock_Repurchas
Equity Level 4 Stock Repurchase Program (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jul. 29, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2015 |
Class of Stock [Line Items] | |||||
Stock Repurchase Program, Authorized Amount | $2,775 | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 979 | ||||
Stock Repurchase Program, Increase in Number of Shares Authorized to be Repurchased | 1,525 | ||||
Payments for Repurchase of Common Stock | 1,796 | 600 | 154 | ||
Common stock repurchased, value | $165 | ||||
Class of Warrant or Right, Outstanding | 7,200,000 | 32,400,000 | |||
Common Stock, Dividends, Per Share, Declared | $0.66 | $0.50 | $0.40 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $9.39 | $9.50 | $9.60 | ||
Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Treasury stock acquired | 49,518,000 | 19,235,000 | 8,045,000 | ||
Subsequent Event [Member] | |||||
Class of Stock [Line Items] | |||||
Treasury stock acquired | 4,100,000 |
Equity_Level_4_Statutory_Net_I
Equity Level 4 Statutory Net Income (Loss) and Statutory Surplus (Details) (USD $) | 12 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2015 | Dec. 31, 2015 | Jan. 31, 2015 | Mar. 31, 2015 | |
Statutory Accounting Practices [Line Items] | |||||||
Payments of Ordinary Dividends, Common Stock | $282,000,000 | $202,000,000 | $175,000,000 | ||||
Statutory Net Income (Loss) | |||||||
Statutory Net Income (Loss) | 1,643,000,000 | 3,361,000,000 | 1,475,000,000 | ||||
Statutory surplus | |||||||
Statutory Capital and surplus | 15,226,000,000 | 14,661,000,000 | |||||
Statutory Accounting Practices, Risk Based Capital Requirements Compliance Assertion | All of the Company's operating insurance subsidiaries had RBC ratios in excess of the minimum levels required by the applicable insurance regulations. On an aggregate basis, the Company's U.S. property and casualty insurance companies' RBC ratio was in excess of 200% of its Company Action Level as of December 31, 2014 and 2013. The RBC ratios for the Company's principal life insurance operating subsidiaries were all in excess of 425% of their Company Action Levels as of December 31, 2014 and 2013 | ||||||
Restrictions on Parent Company's Ability to Pay Dividends | no | ||||||
Amount of Restricted Net Assets for Consolidated and Unconsolidated Subsidiaries | 21,000,000,000 | ||||||
U.S. life insurance subsidiaries, includes domestic captive insurance subsidiaries | |||||||
Statutory Net Income (Loss) | |||||||
Statutory Net Income (Loss) | 415,000,000 | 2,144,000,000 | 592,000,000 | ||||
Statutory surplus | |||||||
Statutory Capital and surplus | 7,157,000,000 | 6,639,000,000 | |||||
Property and casualty insurance subsidiaries | |||||||
Statutory Accounting Practices [Line Items] | |||||||
Amount Received as Dividend Distribution From Subsidiary to Fund Holding Company | 2,500,000,000 | ||||||
Statutory Accounting Practices, Dividends Paid with Approval of Regulatory Agency | 1,400,000,000 | ||||||
Statutory Net Income (Loss) | |||||||
Statutory Net Income (Loss) | 1,228,000,000 | 1,217,000,000 | 883,000,000 | ||||
Statutory surplus | |||||||
Statutory Capital and surplus | 8,069,000,000 | 8,022,000,000 | |||||
JAPAN | |||||||
Statutory surplus | |||||||
Statutory Capital and surplus | 1,200,000,000 | ||||||
International Life Insurance Subsidiaries [Member] | |||||||
Statutory surplus | |||||||
Statutory Accounting Practices, Risk Based Capital Requirements Compliance Assertion | All of the Company's international insurance subsidiaries have solvency margins in excess of the minimum levels required by the applicable regulatory authorities. | ||||||
Property and Casualty Insurance Subsidiaries [Member] | |||||||
Statutory Accounting Practices [Line Items] | |||||||
Amount Received as Dividend Distribution From Subsidiary to Fund Intercompany Note | 97,000,000 | ||||||
Scenario, Forecast [Member] | |||||||
Statutory Accounting Practices [Line Items] | |||||||
Payments of Ordinary Dividends, Common Stock | 0 | ||||||
Scenario, Forecast [Member] | Property and casualty insurance subsidiaries | |||||||
Statutory surplus | |||||||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval | 1,500,000,000 | ||||||
Amount Anticipated to be Received as Dividend Distribution from Subsidiary | 600,000,000 | ||||||
Scenario, Forecast [Member] | Hartford Life Insurance Company [Member] | |||||||
Statutory Accounting Practices [Line Items] | |||||||
Statutory Accounting Practices, Dividends Paid with Approval of Regulatory Agency | 500,000,000 | ||||||
Statutory surplus | |||||||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval | 0 | ||||||
Amount Anticipated to be Received as Dividend Distribution from Subsidiary | 500,000,000 | ||||||
Scenario, Forecast [Member] | Hartford Life and Accident Insurance Company [Member] | |||||||
Statutory Accounting Practices [Line Items] | |||||||
Statutory Accounting Practices, Dividends Paid with Approval of Regulatory Agency | 100,000,000 | ||||||
Statutory surplus | |||||||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval | 155,000,000 | ||||||
Amount Anticipated to be Received as Dividend Distribution from Subsidiary | $100,000,000 |
Equity_Level_4_Dividends_from_
Equity Level 4 Dividends from Insurance Subsidiaries (Details) (USD $) | 12 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2015 | Dec. 31, 2015 | Jan. 31, 2015 | Mar. 31, 2015 | |
Class of Stock [Line Items] | |||||||
Restrictions on Parent Company's Ability to Pay Dividends | no | ||||||
Payments of Ordinary Dividends, Common Stock | $282,000,000 | $202,000,000 | $175,000,000 | ||||
Restricted net assets | 21,000,000,000 | ||||||
Property and Casualty Insurance Subsidiaries [Member] | |||||||
Class of Stock [Line Items] | |||||||
Dividend relating to funding interest payments on intercompany note | 97,000,000 | ||||||
Property and Casualty Insurance Subsidiaries [Member] | |||||||
Class of Stock [Line Items] | |||||||
Dividends to fund holding company obligations | 2,500,000,000 | ||||||
Statutory Accounting Practices, Dividends Paid with Approval of Regulatory Agency | 1,400,000,000 | ||||||
Scenario, Forecast [Member] | |||||||
Class of Stock [Line Items] | |||||||
Payments of Ordinary Dividends, Common Stock | 0 | ||||||
Scenario, Forecast [Member] | Property and Casualty Insurance Subsidiaries [Member] | |||||||
Class of Stock [Line Items] | |||||||
Amount available for dividend distribution without prior approval from regulatory agency | 1,500,000,000 | ||||||
Amount Anticipated to be Received as Dividend Distribution from Subsidiary | 600,000,000 | ||||||
Scenario, Forecast [Member] | Hartford Life and Accident Insurance Company [Member] | |||||||
Class of Stock [Line Items] | |||||||
Amount available for dividend distribution without prior approval from regulatory agency | 155,000,000 | ||||||
Amount Anticipated to be Received as Dividend Distribution from Subsidiary | 100,000,000 | ||||||
Statutory Accounting Practices, Dividends Paid with Approval of Regulatory Agency | 100,000,000 | ||||||
Scenario, Forecast [Member] | Hartford Life Insurance Company [Member] | |||||||
Class of Stock [Line Items] | |||||||
Amount available for dividend distribution without prior approval from regulatory agency | 0 | ||||||
Amount Anticipated to be Received as Dividend Distribution from Subsidiary | 500,000,000 | ||||||
Statutory Accounting Practices, Dividends Paid with Approval of Regulatory Agency | $500,000,000 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income, Net of Tax Level 4 (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||
Balance at the end of period, Accumulated Other Comprehensive Income (Loss) | $928,000,000 | ($79,000,000) | $928,000,000 | ($79,000,000) | $2,843,000,000 | ||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 1,142,000,000 | -1,823,000,000 | 1,647,000,000 | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -135,000,000 | -1,099,000,000 | -55,000,000 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | 1,007,000,000 | -2,922,000,000 | 1,592,000,000 | ||||||||
Balance at the beginning of period, Accumulated Other Comprehensive Income (Loss) | -79,000,000 | 2,843,000,000 | -79,000,000 | 2,843,000,000 | 1,251,000,000 | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||
Net realized capital gains (losses), excluding net OTTI losses recognized in earnings | 75,000,000 | 296,000,000 | 846,000,000 | ||||||||
Income Tax Expense (Benefit) | 350,000,000 | 246,000,000 | -309,000,000 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 37,000,000 | 0 | -617,000,000 | 29,000,000 | -70,000,000 | -72,000,000 | -423,000,000 | -484,000,000 | -551,000,000 | -1,049,000,000 | -258,000,000 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||
Balance at the end of period, Accumulated Other Comprehensive Income (Loss) | 2,370,000,000 | 987,000,000 | 2,370,000,000 | 987,000,000 | 3,418,000,000 | ||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 1,474,000,000 | -1,416,000,000 | 1,928,000,000 | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -91,000,000 | -1,015,000,000 | -21,000,000 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | 1,383,000,000 | -2,431,000,000 | 1,907,000,000 | ||||||||
Balance at the beginning of period, Accumulated Other Comprehensive Income (Loss) | 987,000,000 | 3,418,000,000 | 987,000,000 | 3,418,000,000 | 1,511,000,000 | ||||||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Retirement Plans and Individual Life Businesses [Member] | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||
Net realized capital gains (losses), excluding net OTTI losses recognized in earnings | 1,500,000,000 | 1,500,000,000 | |||||||||
Accumulated Other-than-Temporary Impairment [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||
Balance at the end of period, Accumulated Other Comprehensive Income (Loss) | -5,000,000 | -12,000,000 | -5,000,000 | -12,000,000 | -47,000,000 | ||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 3,000,000 | 51,000,000 | 149,000,000 | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 4,000,000 | -16,000,000 | -97,000,000 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | 7,000,000 | 35,000,000 | 52,000,000 | ||||||||
Balance at the beginning of period, Accumulated Other Comprehensive Income (Loss) | -12,000,000 | -47,000,000 | -12,000,000 | -47,000,000 | -99,000,000 | ||||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||
Balance at the end of period, Accumulated Other Comprehensive Income (Loss) | 150,000,000 | 108,000,000 | 150,000,000 | 108,000,000 | 428,000,000 | ||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 89,000,000 | -195,000,000 | 58,000,000 | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -47,000,000 | -125,000,000 | -146,000,000 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | 42,000,000 | -320,000,000 | -88,000,000 | ||||||||
Balance at the beginning of period, Accumulated Other Comprehensive Income (Loss) | 108,000,000 | 428,000,000 | 108,000,000 | 428,000,000 | 516,000,000 | ||||||
Accumulated Translation Adjustment [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||
Balance at the end of period, Accumulated Other Comprehensive Income (Loss) | -8,000,000 | 91,000,000 | -8,000,000 | 91,000,000 | 406,000,000 | ||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 13,000,000 | -337,000,000 | -168,000,000 | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -112,000,000 | 22,000,000 | 0 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | -99,000,000 | -315,000,000 | -168,000,000 | ||||||||
Balance at the beginning of period, Accumulated Other Comprehensive Income (Loss) | 91,000,000 | 406,000,000 | 91,000,000 | 406,000,000 | 574,000,000 | ||||||
Accumulated Other Comprehensive Income (Loss) [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||
Balance at the end of period, Accumulated Other Comprehensive Income (Loss) | 928,000,000 | -79,000,000 | -79,000,000 | 928,000,000 | -79,000,000 | 2,843,000,000 | |||||
Other Comprehensive Income (Loss), Net of Tax | 1,007,000,000 | -2,922,000,000 | 1,592,000,000 | ||||||||
Balance at the beginning of period, Accumulated Other Comprehensive Income (Loss) | -79,000,000 | 2,843,000,000 | -79,000,000 | 2,843,000,000 | 1,251,000,000 | ||||||
Accumulated Defined Benefit Plans Adjustment [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||
Balance at the end of period, Accumulated Other Comprehensive Income (Loss) | -1,579,000,000 | -1,253,000,000 | -1,579,000,000 | -1,253,000,000 | -1,362,000,000 | ||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -437,000,000 | 74,000,000 | -320,000,000 | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 111,000,000 | 35,000,000 | 209,000,000 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | -326,000,000 | 109,000,000 | -111,000,000 | ||||||||
Balance at the beginning of period, Accumulated Other Comprehensive Income (Loss) | -1,253,000,000 | -1,362,000,000 | -1,253,000,000 | -1,362,000,000 | -1,251,000,000 | ||||||
Cash Flow Hedging [Member] | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 73,000,000 | 192,000,000 | 224,000,000 | ||||||||
Cash Flow Hedging [Member] | Retirement Plans and Individual Life Businesses [Member] | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 71 | ||||||||||
Interest Rate Swap [Member] | Gain (Loss) on Investments [Member] | Cash Flow Hedging [Member] | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -1,000,000 | ||||||||||
Interest Rate Swap [Member] | Investment Income [Member] | Cash Flow Hedging [Member] | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 87,000,000 | ||||||||||
Currency Swap [Member] | Gain (Loss) on Investments [Member] | Cash Flow Hedging [Member] | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -13,000,000 | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -1,099,000,000 | -55,000,000 | |||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 91,000,000 | 1,015,000,000 | 21,000,000 | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||
Net realized capital gains (losses), excluding net OTTI losses recognized in earnings | 217,000,000 | 1,515,000,000 | 32,000,000 | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 217,000,000 | 1,515,000,000 | 32,000,000 | ||||||||
Income Tax Expense (Benefit) | 76,000,000 | 531,000,000 | 11,000,000 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | -50,000,000 | 31,000,000 | 0 | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | 172,000,000 | -34,000,000 | 0 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Other-than-Temporary Impairment [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -4,000,000 | 16,000,000 | 97,000,000 | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||
Net realized capital gains (losses), excluding net OTTI losses recognized in earnings | -6,000,000 | 25,000,000 | 149,000,000 | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | -6,000,000 | 25,000,000 | |||||||||
Income Tax Expense (Benefit) | -2,000,000 | 9,000,000 | 52,000,000 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Translation Adjustment [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 112,000,000 | -22,000,000 | 0 | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 172,000,000 | -34,000,000 | 0 | ||||||||
Income Tax Expense (Benefit) | 60,000,000 | -12,000,000 | 0 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 111,000,000 | 35,000,000 | 209,000,000 | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | -171,000,000 | -54,000,000 | -322,000,000 | ||||||||
Income Tax Expense (Benefit) | -60,000,000 | -19,000,000 | -113,000,000 | ||||||||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 7,000,000 | 7,000,000 | -90,000,000 | ||||||||
Defined Benefit Plan, Actuarial Gain (Loss) | -50,000,000 | -61,000,000 | -232,000,000 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Cash Flow Hedging [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -47,000,000 | -125,000,000 | -146,000,000 | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 73,000,000 | 192,000,000 | 224,000,000 | ||||||||
Income Tax Expense (Benefit) | 26,000,000 | 67,000,000 | 78,000,000 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest Rate Swap [Member] | Gain (Loss) on Investments [Member] | Cash Flow Hedging [Member] | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -1,000,000 | 91,000,000 | 90,000,000 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest Rate Swap [Member] | Investment Income [Member] | Cash Flow Hedging [Member] | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 87,000,000 | 97,000,000 | 140,000,000 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Currency Swap [Member] | Gain (Loss) on Investments [Member] | Cash Flow Hedging [Member] | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | ($13,000,000) | $4,000,000 | ($6,000,000) |
Employee_Benefit_Plans_Level_4
Employee Benefit Plans Level 4 Assumptions (Details) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2015 | |
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | ||||
Minimum maturity of bonds in benefits obligation | 0 years | |||
Maximum maturity of bonds in benefits obligation | 30 years | |||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ||||
Pre-65 health care cost trend rate | 7.70% | 8.05% | 8.45% | |
Post-65 health care cost trend rate | 5.60% | 5.70% | 6.15% | |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5.00% | 5.00% | 4.75% | |
Year that the rate reaches the ultimate trend rate | 2023 | 2021 | 2020 | |
Pension Benefits [Member] | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||||
Discount rate | 4.00% | 4.75% | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||||
Discount rate, net periodic benefit cost | 4.75% | 4.00% | 4.50% | |
Expected long-term rate of return on plan assets | 7.10% | 7.10% | 7.30% | |
Rate of increase in compensation levels | 0.00% | 3.75% | 3.75% | |
Other Postretirement Benefits [Member] | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||||
Discount rate | 3.75% | 4.25% | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||||
Discount rate, net periodic benefit cost | 4.25% | 3.50% | 4.00% | |
Expected long-term rate of return on plan assets | 7.10% | 7.10% | 7.30% | |
Scenario, Forecast [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||||
Expected long-term rate of return on plan assets | 6.90% | |||
Alternative Assets [Member] | ||||
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | ||||
Anticipated portion of fixed income securities in investment mix | 20.00% | |||
Fixed Income Funds [Member] | ||||
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | ||||
Anticipated portion of fixed income securities in investment mix | 60.00% | |||
Equity Securities [Member] | ||||
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | ||||
Anticipated portion of fixed income securities in investment mix | 20.00% | |||
The Hartford 2010 Incentive Stock Plan (ISOP) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 12,603,158 |
Employee_Benefit_Plans_Level_41
Employee Benefit Plans Level 4 Obligations and Funded Status (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Contributions by Employer | $100 | ||
Trusts [Abstract] | |||
Assets held in rabbi trusts and designated for non qualified pension plans. | 129 | 123 | |
Fair value of pension plan assets under rabbi trust | 4,836 | 4,753 | |
Funded status of pension benefits including fair value of pension plan assets under rabbi trust | 1,189 | 763 | |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | |||
Expired, number of options | -503 | ||
Projected benefit obligation | 6,025 | 5,516 | |
Accumulated benefit obligation | 6,024 | 5,515 | |
Fair value of plan assets | 4,707 | 4,630 | |
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Benefit Obligation | 338 | 312 | 313 |
Defined Benefit Plan, Service Cost | 0 | 0 | 2 |
Defined Benefit Plan, Interest Cost | 14 | 11 | 14 |
Defined Benefit Plan, Contributions by Plan Participants | 26 | 24 | |
Defined Benefit Plan, Actuarial Gain (Loss) | -38 | -39 | |
Defined Benefit Plan, Settlements, Benefit Obligation | 0 | 0 | |
Defined Benefit Plan, Plan Amendments | -16 | -19 | |
Defined Benefit Plan Benefit Obligation Benefits Paid | 70 | 58 | |
Defined Benefit Plan, Gross Prescription Drug Subsidy Receipts Received | 2 | 2 | |
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | 0 | 0 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Funded Status of Plan | -142 | -99 | |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | 0 | 0 | |
Defined Benefit Plan, Settlements, Plan Assets | 0 | 0 | |
Defined Benefit Plan Expenses Paid | 0 | 0 | |
Defined Benefit Plan, Benefits Paid | -33 | -20 | |
Defined Benefit Plan, Contributions by Employer | 0 | 0 | |
Defined Benefit Plan, Actual Return on Plan Assets | 16 | 13 | |
Defined Benefit Plan, Fair Value of Plan Assets | 196 | 213 | 220 |
Increase (Decrease) in Other Operating Assets and Liabilities, Net [Abstract] | |||
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | 142 | 99 | |
Pension Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Benefit Obligation | 6,025 | 5,516 | 6,080 |
Defined Benefit Plan, Service Cost | 2 | 1 | 92 |
Defined Benefit Plan, Interest Cost | 258 | 238 | 250 |
Defined Benefit Plan, Contributions by Plan Participants | 0 | 0 | |
Defined Benefit Plan, Actuarial Gain (Loss) | 8 | -14 | |
Defined Benefit Plan, Settlements, Benefit Obligation | 319 | 0 | |
Defined Benefit Plan, Plan Amendments | -846 | -508 | |
Defined Benefit Plan Benefit Obligation Benefits Paid | 268 | 308 | |
Defined Benefit Plan, Gross Prescription Drug Subsidy Receipts Received | 0 | 0 | |
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | -2 | -1 | |
Mortality, Morbidity and Surrender Rate Assumption | 279 | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate Support, Methodology and Source Data | 567 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Funded Status of Plan | -1,318 | -886 | |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | -1 | -1 | |
Defined Benefit Plan, Settlements, Plan Assets | 319 | 0 | |
Defined Benefit Plan Expenses Paid | -24 | -15 | |
Defined Benefit Plan, Benefits Paid | -245 | -278 | |
Defined Benefit Plan, Contributions by Employer | 101 | 101 | |
Defined Benefit Plan, Actual Return on Plan Assets | 565 | -27 | |
Defined Benefit Plan, Fair Value of Plan Assets | 4,707 | 4,630 | 4,850 |
Increase (Decrease) in Other Operating Assets and Liabilities, Net [Abstract] | |||
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | 1,318 | 886 | |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | |||
Accumulated benefit obligation | 6,024 | 5,515 | |
Lump Sum Benefit Payment [Member] | Pension Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Settlements, Benefit Obligation | 274 | ||
Cash [Member] | Pension Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Settlements, Benefit Obligation | $45 |
Employee_Benefit_Plans_Level_42
Employee Benefit Plans Level 4 Net Periodic Benefits Cost and Other Recognized in the OCI (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Actuarial Gain (Loss), before Tax | $45 | $59 | |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Defined Benefit Plan, Service Cost | 2 | 1 | 92 |
Defined Benefit Plan, Interest Cost | 258 | 238 | 250 |
Defined Benefit Plan, Expected Return on Plan Assets | -325 | -315 | -312 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0 | -9 |
Defined Benefit Plan, Amortization of Gains (Losses) | 45 | 59 | 231 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | 128 | 0 | 1 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0 | 0 | -11 |
Defined Benefit Plan, Net Periodic Benefit Cost | 108 | -17 | 242 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||
Other Comprehensive Income (Loss), Finalization of Pension and Other Postretirement Benefit Plan Valuation, before Tax | 128 | 0 | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | 0 | 0 | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | -622 | 137 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | -449 | 196 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | |||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 2,428 | 1,979 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | 0 | 0 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | -2,428 | -1,979 | |
Defined Benefit Plan, Future Amortization of Gain (Loss) | 58 | ||
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Actuarial Gain (Loss), before Tax | 5 | 2 | |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Defined Benefit Plan, Service Cost | 0 | 0 | 2 |
Defined Benefit Plan, Interest Cost | 14 | 11 | 14 |
Defined Benefit Plan, Expected Return on Plan Assets | -14 | -14 | -14 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | -7 | -7 | -4 |
Defined Benefit Plan, Amortization of Gains (Losses) | 5 | 2 | 1 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | 0 | 0 | 0 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0 | 0 | -1 |
Defined Benefit Plan, Net Periodic Benefit Cost | -2 | -8 | -2 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||
Other Comprehensive Income (Loss), Finalization of Pension and Other Postretirement Benefit Plan Valuation, before Tax | 0 | 0 | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | -7 | -7 | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | -51 | -21 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | -53 | -26 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | |||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 124 | 77 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | 97 | 103 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | -27 | 26 | |
Defined Benefit Plan, Future Amortization of Gain (Loss) | $0 |
Employee_Benefit_Plans_Level_43
Employee Benefit Plans Level 4 Defined Benefit Plan, Information about Plan Assets (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2012 | |||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation | $5,516,000,000 | $6,025,000,000 | |||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation | 5,515,000,000 | 6,024,000,000 | |||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | 4,630,000,000 | 4,707,000,000 | |||
Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Defined Benefit Plan, Transfers Between Measurement Levels | -59,000,000 | ||||
Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 391,000,000 | 280,000,000 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | -6,000,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 1,000,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 224,000,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | -86,000,000 | ||||
Defined Benefit Plan, Transfers Between Measurement Levels | 37,000,000 | ||||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 12,000,000 | 3,000,000 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 12,000,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | -3,000,000 | ||||
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 2,000,000 | 3,000,000 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | -1,000,000 | ||||
Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 4,000,000 | 2,000,000 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 2,000,000 | ||||
Other Fixed Income [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Defined Benefit Plan, Transfers Between Measurement Levels | -4,000,000 | ||||
Other Fixed Income [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 12,000,000 | 9,000,000 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | -1,000,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 10,000,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | -3,000,000 | ||||
Defined Benefit Plan, Transfers Between Measurement Levels | 1,000,000 | ||||
Hedge Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Defined Benefit Plan, Transfers Between Measurement Levels | -55,000,000 | ||||
Hedge Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 361,000,000 | 263,000,000 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | -6,000,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 2,000,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 200,000,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | -79,000,000 | ||||
Defined Benefit Plan, Transfers Between Measurement Levels | 36,000,000 | ||||
Other Pension Plan [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 3,000,000 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 3,000,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | ||||
Other Pension Plan [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 3,000,000 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 3,000,000 | ||||
Other Pension Plan [Member] | Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||||
Other Pension Plan [Member] | Other Fixed Income [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | ||||
Other Pension Plan [Member] | Hedge Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 6,000,000 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 6,000,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | ||||
Pension Plan [Member] | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Defined Benefit Plan Weighted Average Allocation Percentage of Asset Equity Securities | 23.00% | 21.00% | |||
Defined Benefit Plan Weighted Average Allocation Percentage of Asset Debt Securities | 57.00% | 62.00% | |||
Defined Benefit Plan Weighted Average Allocation Percentage of Asset Other | 20.00% | 17.00% | |||
Defined Benefit Plan Weighted Average Allocation Percentage of Assets | 100.00% | 100.00% | |||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 4,642,000,000 | [1] | -4,727,000,000 | [2] | |
Investment Payables Net of Investment Receivables | 34,000,000 | 42,000,000 | |||
Interest Receivables | 22,000,000 | 22,000,000 | |||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation | 5,515,000,000 | 6,024,000,000 | |||
Defined Benefit Plan, Settlements, Benefit Obligation | 0 | 319,000,000 | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate Support, Methodology and Source Data | 567 | ||||
Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 582,000,000 | [1] | -1,041,000,000 | [2] | |
Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Defined Benefit Plan, Transfers Between Measurement Levels | -238,000,000 | ||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 3,669,000,000 | [1] | -3,429,000,000 | [2] | |
Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 391,000,000 | 257,000,000 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 4,000,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 7,000,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 242,000,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | -193,000,000 | ||||
Defined Benefit Plan, Transfers Between Measurement Levels | 44,000,000 | ||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 391,000,000 | [1] | -257,000,000 | [2] | |
Pension Plan [Member] | Short-term Investments [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 377,000,000 | 308,000,000 | |||
Pension Plan [Member] | Short-term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 13,000,000 | 56,000,000 | |||
Pension Plan [Member] | Short-term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 364,000,000 | 252,000,000 | |||
Pension Plan [Member] | Short-term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 0 | 0 | |||
Pension Plan [Member] | Equity Securities [Member] | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 10.00% | ||||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 25.00% | ||||
Pension Plan [Member] | Fixed Income Funds [Member] | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 50.00% | ||||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 70.00% | ||||
Pension Plan [Member] | Alternative Assets [Member] | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 10.00% | ||||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 25.00% | ||||
Pension Plan [Member] | Corporate Debt Securities [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 902,000,000 | 953,000,000 | |||
Pension Plan [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 0 | 0 | |||
Pension Plan [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Defined Benefit Plan, Transfers Between Measurement Levels | -5,000,000 | ||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 890,000,000 | 919,000,000 | |||
Pension Plan [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 12,000,000 | 34,000,000 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 12,000,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | -5,000,000 | ||||
Defined Benefit Plan, Transfers Between Measurement Levels | 20,000,000 | ||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 12,000,000 | 34,000,000 | |||
Pension Plan [Member] | Residential Mortgage Backed Securities [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 158,000,000 | 209,000,000 | |||
Pension Plan [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 0 | 0 | |||
Pension Plan [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 156,000,000 | 181,000,000 | |||
Pension Plan [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 2,000,000 | 28,000,000 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 7,000,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 3,000,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | -1,000,000 | ||||
Defined Benefit Plan, Transfers Between Measurement Levels | 17,000,000 | ||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 2,000,000 | 28,000,000 | |||
Pension Plan [Member] | US Treasury Securities [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 933,000,000 | 1,227,000,000 | |||
Pension Plan [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 10,000,000 | 24,000,000 | |||
Pension Plan [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 922,000,000 | 1,198,000,000 | |||
Pension Plan [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 1,000,000 | 5,000,000 | |||
Pension Plan [Member] | Foreign Government Debt Securities [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 46,000,000 | 70,000,000 | |||
Pension Plan [Member] | Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 0 | 0 | |||
Pension Plan [Member] | Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 42,000,000 | 65,000,000 | |||
Pension Plan [Member] | Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 4,000,000 | 5,000,000 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 1,000,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 2,000,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | -2,000,000 | ||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 4,000,000 | 5,000,000 | |||
Pension Plan [Member] | Commercial Mortgage Backed Securities [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 197,000,000 | 156,000,000 | |||
Pension Plan [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 0 | 0 | |||
Pension Plan [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 196,000,000 | 156,000,000 | |||
Pension Plan [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 1,000,000 | 0 | |||
Pension Plan [Member] | Other Fixed Income [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 95,000,000 | [3] | 97,000,000 | [4] | |
Pension Plan [Member] | Other Fixed Income [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 0 | [3] | 0 | [4] | |
Pension Plan [Member] | Other Fixed Income [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Defined Benefit Plan, Transfers Between Measurement Levels | -9,000,000 | ||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 85,000,000 | [3] | 93,000,000 | [4] | |
Pension Plan [Member] | Other Fixed Income [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 12,000,000 | 9,000,000 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | -5,000,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 6,000,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | -2,000,000 | ||||
Defined Benefit Plan, Transfers Between Measurement Levels | 7,000,000 | ||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 10,000,000 | [3] | 4,000,000 | [4] | |
Pension Plan [Member] | Hedge Funds [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 860,000,000 | -743,000,000 | |||
Pension Plan [Member] | Hedge Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 0 | 0 | |||
Pension Plan [Member] | Hedge Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Defined Benefit Plan, Transfers Between Measurement Levels | -224,000,000 | ||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 499,000,000 | -562,000,000 | |||
Pension Plan [Member] | Hedge Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 361,000,000 | 181,000,000 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 4,000,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 4,000,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 219,000,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | -183,000,000 | ||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 361,000,000 | -181,000,000 | |||
Other Postretirement Benefit Plan [Member] | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Defined Benefit Plan Weighted Average Allocation Percentage of Asset Equity Securities | 31.00% | 25.00% | |||
Defined Benefit Plan Weighted Average Allocation Percentage of Asset Debt Securities | 68.00% | 75.00% | |||
Defined Benefit Plan Weighted Average Allocation Percentage of Asset Other | 1.00% | 0.00% | |||
Defined Benefit Plan Weighted Average Allocation Percentage of Assets | 100.00% | 100.00% | |||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 217,000,000 | [5] | 200,000,000 | [6] | |
Investment Payables Net of Investment Receivables | 5,000,000 | 5,000,000 | |||
Interest Receivables | 1,000,000 | 1,000,000 | |||
Defined Benefit Plan, Settlements, Benefit Obligation | 0 | 0 | |||
Other Postretirement Benefit Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 58,000,000 | [6] | |||
Other Postretirement Benefit Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 217,000,000 | [5] | 136,000,000 | [6] | |
Other Postretirement Benefit Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 6,000,000 | [6] | |||
Other Postretirement Benefit Plan [Member] | Short-term Investments [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 10,000,000 | 13,000,000 | |||
Other Postretirement Benefit Plan [Member] | Short-term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 8,000,000 | ||||
Other Postretirement Benefit Plan [Member] | Short-term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 10,000,000 | 5,000,000 | |||
Other Postretirement Benefit Plan [Member] | Equity Securities [Member] | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 15.00% | ||||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 35.00% | ||||
Other Postretirement Benefit Plan [Member] | Equity Securities [Member] | Large Capitalization [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 66,000,000 | 49,000,000 | |||
Other Postretirement Benefit Plan [Member] | Equity Securities [Member] | Large Capitalization [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 49,000,000 | ||||
Other Postretirement Benefit Plan [Member] | Equity Securities [Member] | Large Capitalization [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 66,000,000 | 0 | |||
Other Postretirement Benefit Plan [Member] | Fixed Income Funds [Member] | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 65.00% | ||||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 85.00% | ||||
Other Postretirement Benefit Plan [Member] | Alternative Assets [Member] | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 0.00% | ||||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 0.00% | ||||
Other Postretirement Benefit Plan [Member] | Corporate Debt Securities [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 55,000,000 | 44,000,000 | |||
Other Postretirement Benefit Plan [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 55,000,000 | 41,000,000 | |||
Other Postretirement Benefit Plan [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 3,000,000 | ||||
Other Postretirement Benefit Plan [Member] | Residential Mortgage Backed Securities [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 19,000,000 | 25,000,000 | |||
Other Postretirement Benefit Plan [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 19,000,000 | 22,000,000 | |||
Other Postretirement Benefit Plan [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 3,000,000 | ||||
Other Postretirement Benefit Plan [Member] | US Treasury Securities [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 38,000,000 | 45,000,000 | |||
Other Postretirement Benefit Plan [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 1,000,000 | ||||
Other Postretirement Benefit Plan [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 38,000,000 | 44,000,000 | |||
Other Postretirement Benefit Plan [Member] | Foreign Government Debt Securities [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 1,000,000 | 2,000,000 | |||
Other Postretirement Benefit Plan [Member] | Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 1,000,000 | 2,000,000 | |||
Other Postretirement Benefit Plan [Member] | Commercial Mortgage Backed Securities [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 24,000,000 | 15,000,000 | |||
Other Postretirement Benefit Plan [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 24,000,000 | 15,000,000 | |||
Other Postretirement Benefit Plan [Member] | Other Fixed Income [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 4,000,000 | 7,000,000 | |||
Other Postretirement Benefit Plan [Member] | Other Fixed Income [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 4,000,000 | 7,000,000 | |||
UNITED STATES | Pension Plan [Member] | Equity Securities [Member] | Large Capitalization [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 514,000,000 | 526,000,000 | |||
UNITED STATES | Pension Plan [Member] | Equity Securities [Member] | Large Capitalization [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 0 | 526,000,000 | |||
UNITED STATES | Pension Plan [Member] | Equity Securities [Member] | Large Capitalization [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 514,000,000 | 0 | |||
UNITED STATES | Pension Plan [Member] | Equity Securities [Member] | Large Capitalization [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 0 | 0 | |||
UNITED STATES | Pension Plan [Member] | Equity Securities [Member] | Mid Capitalization [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 50,000,000 | ||||
UNITED STATES | Pension Plan [Member] | Equity Securities [Member] | Mid Capitalization [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 50,000,000 | ||||
UNITED STATES | Pension Plan [Member] | Equity Securities [Member] | Mid Capitalization [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 0 | ||||
UNITED STATES | Pension Plan [Member] | Equity Securities [Member] | Mid Capitalization [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 0 | ||||
UNITED STATES | Pension Plan [Member] | Equity Securities [Member] | Small Capitalization [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 50,000,000 | ||||
UNITED STATES | Pension Plan [Member] | Equity Securities [Member] | Small Capitalization [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 50,000,000 | ||||
UNITED STATES | Pension Plan [Member] | Equity Securities [Member] | Small Capitalization [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 0 | ||||
UNITED STATES | Pension Plan [Member] | Equity Securities [Member] | Small Capitalization [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 0 | ||||
International [Member] | Pension Plan [Member] | Equity Securities [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 460,000,000 | 438,000,000 | |||
International [Member] | Pension Plan [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 459,000,000 | 435,000,000 | |||
International [Member] | Pension Plan [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 1,000,000 | 3,000,000 | |||
International [Member] | Pension Plan [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 0 | 0 | |||
Hartford Life Insurance Company [Member] | Separate Accounts [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Assets for Plan Benefits | $4,900,000,000 | ||||
[1] | Excludes approximately $34 of investment payables net of investment receivables that are excluded from this disclosure requirement because they are trade receivables in the ordinary course of business where the carrying amount approximates fair value. Also excludes approximately $22 of interest receivable. | ||||
[2] | Excludes approximately $42 of investment payables net of investment receivables that are excluded from this disclosure requirement because they are trade receivables in the ordinary course of business where the carrying amount approximates fair value. Also excludes approximately $22 of interest receivable. | ||||
[3] | Includes ABS and municipal bonds. | ||||
[4] | Includes ABS, municipal bonds, and foreign bonds. | ||||
[5] | Excludes approximately $5 of investment payables net of investment receivables that are not carried at fair value and approximately $1 of interest receivable carried at fair value. | ||||
[6] | Excludes approximately $5 of investment payables net of investment receivables that are excluded from this disclosure requirement because they are trade receivables in the ordinary course of business where the carrying amount approximates fair value. Also excludes approximately $1 of interest receivable. |
Employee_Benefit_Plans_Level_44
Employee Benefit Plans Level 4 Cash Flows (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Contributions by Employer | $100 | |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Contributions by Employer | 101 | 101 |
Other Postretirement Benefit Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Contributions by Employer | 0 | 0 |
UNITED STATES | Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Contributions by Employer | 101 | 101 |
UNITED STATES | Other Postretirement Benefit Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Contributions by Employer | $0 | $0 |
Employee_Benefit_Plans_Level_45
Employee Benefit Plans Level 4 Benefit Payments (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Prescription Drug Subsidy Receipts, Rolling Maturity [Abstract] | |
Prescription Drug Subsidy Receipts, Next Twelve Months | $3 |
Prescription Drug Subsidy Receipts, Year Two | 3 |
Prescription Drug Subsidy Receipts, Year Three | 3 |
Prescription Drug Subsidy Receipts, Year Four | 3 |
Prescription Drug Subsidy Receipts, Year Five | 3 |
Prescription Drug Subsidy Receipts, after Year Five | 18 |
Prescription Drug Subsidy Receipts Net | -33 |
Pension Plan [Member] | |
Defined Benefit Plan, Expected Future Benefit Payments, Rolling Maturity [Abstract] | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 318 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 324 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 327 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 332 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 338 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 1,735 |
Net Defined Benefit Plan Expected Future Benefit Payments | -3,374 |
Other Postretirement Benefit Plan [Member] | |
Defined Benefit Plan, Expected Future Benefit Payments, Rolling Maturity [Abstract] | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 42 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 40 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 38 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 35 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 32 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 123 |
Net Defined Benefit Plan Expected Future Benefit Payments | ($310) |
Employee_Benefit_Plans_Level_46
Employee Benefit Plans Level 4 Investment and Savings Plan (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Assets | $245,013,000,000 | $277,884,000,000 | |
Defined Contribution Plan Non Elective Contribution Percent | 2.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 6.00% | 3.00% | |
Cost to Company Related to Investment and Saving Plan | 113,000,000 | 123,000,000 | 58,000,000 |
Earning of Employees Below and Above Limit | 1,000,000 | 110,000 | |
Contribution Percentage of Base Salary Related to Earning of employees Below Limit | 1.50% | ||
Contribution Percentage of Base Salary Related to Earning of Employees Above Limit | 0.50% | ||
Separate Accounts [Member] | Hartford Life Insurance Company [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Assets | 368,000,000 | ||
Defined Benefit Plan, Assets for Plan Benefits | $4,900,000,000 |
Stock_Compensation_Plans_Level2
Stock Compensation Plans Level 4 Stock Compensation Plans (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock based Compensation Plans | ||||
Stock-based compensation plans expense | $98,000,000 | $69,000,000 | $95,000,000 | |
Income tax benefit | -34,000,000 | -24,000,000 | -33,000,000 | |
Total stock-based compensation plans expense, after-tax | 64,000,000 | 45,000,000 | 62,000,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost | 16,000,000 | 11,000,000 | ||
Total compensation cost related to non-vested awards not yet recognized | $86,000,000 | $86,000,000 | ||
Weighted average period of compensation cost recognized (in years) | 1 year 329 days | |||
Stock Compensation Plans (Textual) [Abstract] | ||||
Period commencing from date of grant | 3 years | |||
The Hartford 2014 Incentive Stock Plan (ISOP) [Member] | ||||
Stock Compensation Plans (Textual) [Abstract] | ||||
Maximum limit of shares awarded | 12,000,000 | 12,000,000 | ||
The Hartford 2010 Incentive Stock Plan (ISOP) [Member] | ||||
Stock Compensation Plans (Textual) [Abstract] | ||||
Maximum limit of shares awarded | 12,603,158 | 12,603,158 |
Stock_Compensation_Plans_Level3
Stock Compensation Plans Level 4 Stock Option Awards (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 3,745 | 4,534 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $29.64 | $36.34 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 7 years 4 months 12 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $53 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 925 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 603 | ||
Share-based Compensation Arrangement by Share-based Payment Award Options Exercised in Period Weighted Average Exercise Price | $20.03 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 608 | ||
Share-based Compensation Arrangement by Share-based Payment Award Options Forfeited in Period Weighted Average Exercise Price | $68.53 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 503 | ||
Share-based Compensation Arrangement by Share-based Payment Award Options Expired in Period Weighted Average Exercise Price | $65.96 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 3,688 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $27.18 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 7 years 4 months 12 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | 50 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,705 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $30.64 | ||
Share-based Compensation Arrangement by Share-based Payment Award Option Exercisable Weighted Average Remaining Contractual Term | 6 years 3 months 12 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 26 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $35.83 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $10 | $5 | $4 |
Employee Stock Option [Member] | |||
The risk-free rate for periods within the contractual life of the option | |||
Expected dividend yield | 1.70% | 1.70% | 1.30% |
Expected annualized spot volatility minimum | 25.90% | 31.10% | 38.60% |
Expected annualized spot volatility maximum | 57.80% | 48.10% | 51.50% |
Weighted average annualized volatility | 35.10% | 47.30% | 51.40% |
Risk-free spot rate minimum | 0.10% | 0.10% | 0.10% |
Risk-free spot rate maximum | 2.80% | 1.90% | 2.00% |
Expected term | 5 years | 5 years | 5 years 2 months |
Stock_Compensation_Plans_Level4
Stock Compensation Plans Level 4 Share Awards (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
The Hartford 2010 Incentive Stock Plan (ISOP) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years | ||
The Hartford 2014 Incentive Stock Plan (ISOP) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 0 |
Stock_Compensation_Plans_Level5
Stock Compensation Plans Level 4 Performance Shares (Details) (Performance Shares [Member]) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 31.60% | 42.80% | 70.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Average correlation coefficient of peer companies | 62.00% | 76.00% | 78.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 0.70% | 0.40% | 0.40% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | P3Y | P3Y | P3Y | ||
Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate | 17.00% | 20.00% | 26.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | 0 | ||||
Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate | 29.00% | 36.00% | 75.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | 2 |
Stock_Compensation_Plans_Level6
Stock Compensation Plans Level 4 Total Share Awards (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $10.59 | $7.78 | $7.41 |
Restricted Stock and Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 7,232,000 | 7,172,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,824,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | -1,071,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | -693,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $26.59 | $24.26 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $35.74 | $27.72 | $21.97 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $27.73 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $24.69 | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,063,000 | 1,371,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 334,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | -880,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | -109,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $30.55 | $24.95 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $36.45 | $27.92 | $20.63 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $20.63 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $26.79 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $75 | $42 | $20 |
Stock_Compensation_Plans_Level7
Stock Compensation Plans Level 4 Restricted Unit Awards (Details) (Restricted Stock Units (RSUs) [Member]) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 0 |
Stock_Compensation_Plans_Level8
Stock Compensation Plans Level 4 Subsidiary Stock Plan (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Share-based Compensation | $4,000,000 | $1,000,000 |
Stock_Compensation_Plans_Level9
Stock Compensation Plans Level 4 Employee Stock Purchase Plan (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Purchase Date | 5.00% | |||
Employee Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date | 5.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 15,400,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 5,193,622 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 258,609 | 321,723 | 688,655 | |
Weighted Average Per Share Fair Value of Discount | $1.70 | $1 | $1.03 |
Discontinued_Operations_Level_2
Discontinued Operations Level 4 (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenue | |||
Disposal Group, Including Discontinued Opeation, Earned Premium | ($1) | ($1) | ($6) |
Fee income and other | 239 | 713 | 865 |
Disposal Group, Including Discontinued Operation, Net Investment Income, Securities Available-for-sale and Other | 18 | 96 | 111 |
Disposal Group, Including Discontinued Operation, Net Investment Income, Equity Securities, Trading | 134 | 6,200 | 4,564 |
Disposal Group Including Discontinued Operations, Net Investment Income | 152 | 6,296 | 4,675 |
Net realized capital losses | -157 | -1,340 | -1,208 |
Total revenues | 233 | 5,668 | 4,326 |
Benefits, losses and expenses | |||
Disposal Group, Including Discontinued Operation, Benefits Losses and Loss Adjustment Expenses | 7 | -98 | 55 |
Disposal Group, Including Discontinued Operation Benefits, Losses and Loss Adjustment Expenses, Returns Credited on International Variable Annuities | 10,805 | 11,048 | 13,195 |
Amortization of DAC | 0 | 907 | -2 |
Insurance operating costs and other expenses | 23 | 127 | 153 |
Total benefits, losses and expenses | 164 | 7,136 | 4,770 |
Income (loss) before income taxes | 69 | -1,468 | -444 |
Income Tax Expense (Benefit) | 350 | 246 | -309 |
Income tax benefit | -2 | -521 | -187 |
Income (loss) from operations of discontinued operations, net of tax | 71 | -947 | -257 |
Net realized capital gain (loss) on disposal, net of tax | -622 | -102 | -1 |
Income (loss) from discontinued operations, net of tax | -551 | -1,049 | -258 |
Hartford Life Insurance K.K. [Member] | |||
Benefits, losses and expenses | |||
Income tax benefit | 265 | ||
International Annuity [Member] | |||
Benefits, losses and expenses | |||
Disposal Group, Including Discontinued Operation Benefits, Losses and Loss Adjustment Expenses, Returns Credited on International Variable Annuities | 134 | 6,200 | 4,564 |
Hartford Life International Limited [Member] | |||
Benefits, losses and expenses | |||
Income tax benefit | 219 | ||
Net realized capital gain (loss) on disposal, net of tax | $102 |
Restructuring_Severance_and_Ot2
Restructuring, Severance and Other Costs Level 4 (Details) (USD $) | 12 Months Ended | |||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | ||||||||||||||||||
For the years ended December 31, | ||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
Commercial Lines | $ | — | $ | 1 | $ | 5 | ||||||||||||
Personal Lines | — | — | 1 | |||||||||||||||
Group Benefits | — | — | 1 | |||||||||||||||
Mutual Funds | — | 1 | 3 | |||||||||||||||
Talcott Resolution | — | 1 | 68 | |||||||||||||||
Corporate | 71 | 64 | 121 | |||||||||||||||
Total restructuring and other costs | $ | 71 | $ | 67 | $ | 199 | ||||||||||||
For the year ended December 31, 2014 | ||||||||||||||||||
Severance Benefits and Related Costs | Professional Fees | Asset impairment charges | Contract Termination and Other Charges | Total Restructuring and Other Costs | ||||||||||||||
Balance, beginning of period | $ | 22 | $ | — | $ | — | $ | 6 | $ | 28 | ||||||||
Accruals/provisions | 16 | — | 43 | 12 | 71 | |||||||||||||
Payments/write-offs | (28 | ) | — | (43 | ) | (12 | ) | (83 | ) | |||||||||
Balance, end of period | $ | 10 | $ | — | $ | — | $ | 6 | $ | 16 | ||||||||
For the year ended December 31, 2013 | ||||||||||||||||||
Severance Benefits and Related Costs | Professional Fees | Asset impairment charges | Contract Termination and Other Charges | Total Restructuring and Other Costs | ||||||||||||||
Balance, beginning of period | $ | 70 | $ | — | $ | — | $ | — | $ | 70 | ||||||||
Accruals/provisions | 22 | 19 | 20 | 6 | 67 | |||||||||||||
Payments/write-offs | (70 | ) | (19 | ) | (20 | ) | — | (109 | ) | |||||||||
Balance, end of period | $ | 22 | $ | — | $ | — | $ | 6 | $ | 28 | ||||||||
Restructuring and Related Cost, Cost Incurred to Date by segment | $386 | |||||||||||||||||
Restructuring and Other Costs [Abstract] | ||||||||||||||||||
Severance Costs | 16 | 22 | 148 | |||||||||||||||
Professional Fees | 1 | 19 | 44 | |||||||||||||||
Asset Impairment Charges | 42 | 20 | 5 | |||||||||||||||
Other Restructuring Costs | 12 | 6 | 2 | |||||||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||||||||||
Balance, Beginning of Period | 28 | 70 | ||||||||||||||||
Restructuring Charges | 71 | 67 | 199 | |||||||||||||||
Payments/Write offs | -83 | -109 | ||||||||||||||||
Balance, End of Period | 16 | 28 | 70 | |||||||||||||||
Restructuring and Related Cost, Cost Incurred to Date | 362 | |||||||||||||||||
restructuringprofessionalfees [Member] | ||||||||||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||||||||||
Balance, Beginning of Period | 0 | 0 | ||||||||||||||||
Restructuring Charges | 0 | 19 | ||||||||||||||||
Payments/Write offs | 0 | -19 | ||||||||||||||||
Balance, End of Period | 0 | 0 | ||||||||||||||||
Asset Impairment Charges [Member] | ||||||||||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||||||||||
Balance, Beginning of Period | 0 | 0 | ||||||||||||||||
Restructuring Charges | 43 | 20 | ||||||||||||||||
Payments/Write offs | -43 | -20 | ||||||||||||||||
Balance, End of Period | 0 | 0 | ||||||||||||||||
Contract Termination [Member] | ||||||||||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||||||||||
Balance, Beginning of Period | 6 | 0 | ||||||||||||||||
Restructuring Charges | 12 | 6 | ||||||||||||||||
Payments/Write offs | -12 | 0 | ||||||||||||||||
Balance, End of Period | 6 | 6 | ||||||||||||||||
Employee Severance [Member] | ||||||||||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||||||||||
Balance, Beginning of Period | 22 | 70 | ||||||||||||||||
Restructuring Charges | 16 | 22 | ||||||||||||||||
Payments/Write offs | -28 | -70 | ||||||||||||||||
Balance, End of Period | 10 | 22 | ||||||||||||||||
Property and Casualty, Commercial Insurance Product Line [Member] | ||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||
Restructuring and Related Cost, Cost Incurred to Date by segment | 6 | |||||||||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||||||||||
Restructuring Charges | 0 | 1 | 5 | |||||||||||||||
Property and Casualty, Personal Insurance Product Line [Member] | ||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||
Restructuring and Related Cost, Cost Incurred to Date by segment | 3 | |||||||||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||||||||||
Restructuring Charges | 0 | 0 | 1 | |||||||||||||||
Group Benefits [Member] | ||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||
Restructuring and Related Cost, Cost Incurred to Date by segment | 1 | |||||||||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||||||||||
Restructuring Charges | 0 | 0 | 1 | |||||||||||||||
Mutual Funds [Member] | ||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||
Restructuring and Related Cost, Cost Incurred to Date by segment | 4 | |||||||||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||||||||||
Restructuring Charges | 0 | 1 | 3 | |||||||||||||||
Life Other Operations [Member] | ||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||
Restructuring and Related Cost, Cost Incurred to Date by segment | 69 | |||||||||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||||||||||
Restructuring Charges | 0 | 1 | 68 | |||||||||||||||
Corporate [Member] | ||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||
Restructuring and Related Cost, Cost Incurred to Date by segment | 303 | |||||||||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||||||||||
Restructuring Charges | $71 | $64 | $121 | |||||||||||||||
Maximum [Member] | ||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||
Months to Complete Restructuring Plan | 6 months | |||||||||||||||||
Months to Complete Real Estate Consolidation Plan | 12 months |
Quarterly_Results_Unaudited_Le2
Quarterly Results (Unaudited) Level 4 (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Preferred Stock | 21.2 | 0 | 6.2 | 0 | |||||||||||||||
Revenues | $4,617 | $4,769 | $4,616 | $4,612 | $4,777 | $4,862 | $4,734 | $6,300 | $18,614 | $20,673 | $22,086 | ||||||||
Benefits, Losses and Expenses | 4,173 | 4,273 | 4,466 | 4,003 | 4,295 | 4,416 | 4,497 | 5,994 | 16,915 | 19,202 | 22,175 | ||||||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 345 | 388 | 150 | 466 | 384 | 365 | 233 | 243 | 1,349 | 1,225 | 220 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 37 | 0 | -617 | 29 | -70 | -72 | -423 | -484 | -551 | -1,049 | -258 | ||||||||
Net Income (Loss) Attributable to Parent | 382 | 388 | -467 | 495 | 314 | 293 | -190 | -241 | 798 | 176 | -38 | ||||||||
Preferred Stock Dividends and Other Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10 | |||||||||||
Net Income (Loss) Available to Common Stockholders, Basic | 382 | 388 | -467 | 495 | 314 | 293 | -190 | -251 | 798 | 166 | -80 | ||||||||
Earnings Per Share, Basic | $890,000 | $890,000 | ($1,040,000) | $1,100,000 | $700,000 | $650,000 | ($420,000) | ($580,000) | $1.81 | $0.37 | ($0.18) | ||||||||
Earnings Per Share, Diluted | $860,000 | $860,000 | ($1,000,000) | $1,030,000 | $650,000 | $600,000 | ($390,000) | ($490,000) | $1.73 | $0.36 | ($0.17) | ||||||||
Weighted Average Number of Shares Outstanding, Basic | 429.6 | 437.2 | 450.6 | 449.8 | 451.1 | 452.1 | 451.4 | 436.3 | 441.8 | 447.7 | 437.7 | ||||||||
Weighted Average Number of Shares Outstanding, Diluted | 442.6 | [1] | 450.8 | [1] | 467.9 | [1] | 478.6 | [1] | 486.1 | [1] | 490.6 | [1] | 489 | [1] | 493.1 | [1] | 460.2 | 490.6 | 465.9 |
Convertible Preferred Stock Converted to Other Securities | $21.20 | ||||||||||||||||||
[1] | [1]Weighted average common shares outstanding and dilutive potential common shares are used in the calculation of diluted earnings (losses) per common share in periods of losses when the impact is dilutive to income from continuing operations, net of tax, available to common shareholders. |
Schedule_I_Summary_of_Investme2
Schedule I Summary of Investments - Other Than Investments in Affiliates Level 4 (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | $72,629 |
Fair Value | 76,562 |
Amount which shown on Balance Sheet | 76,278 |
Fixed Maturities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 55,840 |
Fair Value | 59,872 |
Amount which shown on Balance Sheet | 59,872 |
Industrial, miscellaneous and all other [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 844 |
Fair Value | 853 |
Amount which shown on Balance Sheet | 853 |
Non-redeemable preferred stocks [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 183 |
Fair Value | 194 |
Amount which shown on Balance Sheet | 194 |
Equity securities, trading [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 10 |
Fair Value | 11 |
Amount which shown on Balance Sheet | 11 |
Equity Securities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 1,037 |
Fair Value | 1,058 |
Amount which shown on Balance Sheet | 1,058 |
Mortgage loans [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 5,556 |
Fair Value | 5,840 |
Amount which shown on Balance Sheet | 5,556 |
Policy Loans [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 1,431 |
Fair Value | 1,431 |
Amount which shown on Balance Sheet | 1,431 |
Investments in partnerships and trusts [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 2,942 |
Fair Value | 2,942 |
Amount which shown on Balance Sheet | 2,942 |
Futures Options and Miscellaneous [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 940 |
Fair Value | 536 |
Amount which shown on Balance Sheet | 536 |
Short-term Investments [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 4,883 |
Fair Value | 4,883 |
Amount which shown on Balance Sheet | 4,883 |
Available-for-sale Securities [Member] | Equity Securities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 1,027 |
Fair Value | 1,047 |
Amount which shown on Balance Sheet | 1,047 |
Available-for-sale Securities [Member] | Fixed Maturities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 478 |
Fair Value | 488 |
Amount which shown on Balance Sheet | 488 |
Portion at Fair Value Measurement [Member] | U.S. government and government agencies and authorities (guaranteed and sponsored) [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 7,135 |
Fair Value | 7,596 |
Amount which shown on Balance Sheet | 7,596 |
Portion at Fair Value Measurement [Member] | US States and Political Subdivisions Debt Securities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 11,735 |
Fair Value | 12,871 |
Amount which shown on Balance Sheet | 12,871 |
Portion at Fair Value Measurement [Member] | Foreign governments [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 1,592 |
Fair Value | 1,636 |
Amount which shown on Balance Sheet | 1,636 |
Portion at Fair Value Measurement [Member] | Public utilities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 4,278 |
Fair Value | 4,761 |
Amount which shown on Balance Sheet | 4,761 |
Portion at Fair Value Measurement [Member] | All other corporate bonds [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 20,910 |
Fair Value | 22,598 |
Amount which shown on Balance Sheet | 22,598 |
Portion at Fair Value Measurement [Member] | All Other Mortgage Backed and Asset Backed Securities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 9,712 |
Fair Value | 9,922 |
Amount which shown on Balance Sheet | 9,922 |
Portion at Fair Value Measurement [Member] | Available-for-sale Securities [Member] | Fixed Maturities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 55,362 |
Fair Value | 59,384 |
Amount which shown on Balance Sheet | $59,384 |
Schedule_II_Condensed_Financia2
Schedule II Condensed Financial Information of The Hartford Financial Services Group, Inc. Level 4 Balance Sheet (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets | ||
Fixed maturities, available-for-sale, at fair value | $59,384 | $62,357 |
Short-term investments | 4,883 | 4,008 |
Deferred Tax Assets, Net | 2,897 | 3,840 |
Other assets | 1,236 | 2,998 |
Assets | 245,013 | 277,884 |
Liabilities and Stockholder's Equity | ||
Long-term debt | 5,653 | 6,106 |
Other Liabilities | 6,251 | 6,188 |
Liabilities | 226,293 | 258,979 |
Stockholders' Equity Attributable to Parent | 18,720 | 18,905 |
Liabilities and Equity | 245,013 | 277,884 |
Parent Company [Member] | ||
Assets | ||
Fixed maturities, available-for-sale, at fair value | 1,093 | 1,064 |
Other investments | 12 | 17 |
Short-term investments | 961 | 801 |
Investment in affiliates | 23,800 | 23,353 |
Deferred Tax Assets, Net | 1,582 | 1,227 |
Unamortized Issue Costs | 49 | 51 |
Other assets | 36 | 45 |
Assets | 27,533 | 26,558 |
Liabilities and Stockholder's Equity | ||
Net payable to affiliates | 1,218 | 407 |
Debt, Current | 456 | 200 |
Long-term debt | 5,510 | 5,964 |
Other Liabilities | 1,629 | 1,082 |
Liabilities | 8,813 | 7,653 |
Stockholders' Equity Attributable to Parent | 18,720 | 18,905 |
Liabilities and Equity | $27,533 | $26,558 |
Schedule_II_Condensed_Financia3
Schedule II Condensed Financial Information of The Hartford Financial Services Group, Inc. Level 4 Statements of Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2014 |
Consolidated Statements of Operations and Comprehensive Income | ||||||||||||
Net investment income (loss) | $3,154 | $3,264 | $4,127 | |||||||||
Net realized capital gains (losses) | -16 | -1,798 | -497 | |||||||||
Revenues | 4,617 | 4,769 | 4,616 | 4,612 | 4,777 | 4,862 | 4,734 | 6,300 | 18,614 | 20,673 | 22,086 | |
Interest expense | 376 | 397 | 457 | |||||||||
Total benefits, losses and expenses | 4,173 | 4,273 | 4,466 | 4,003 | 4,295 | 4,416 | 4,497 | 5,994 | 16,915 | 19,202 | 22,175 | |
Income Tax Expense (Benefit) | 350 | 246 | -309 | |||||||||
Net Income (Loss) Attributable to Parent | 382 | 388 | -467 | 495 | 314 | 293 | -190 | -241 | 798 | 176 | -38 | |
Other Comprehensive Income (Loss), Net of Tax | 1,007 | -2,922 | 1,592 | |||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 1,805 | -2,746 | 1,554 | |||||||||
White River Life Reinsurance [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Accounts and Notes Receivable, Net | 655 | |||||||||||
Parent Company [Member] | ||||||||||||
Consolidated Statements of Operations and Comprehensive Income | ||||||||||||
Net investment income (loss) | 11 | 10 | 3 | |||||||||
Net realized capital gains (losses) | 6 | 7 | 6 | |||||||||
Revenues | 5 | 3 | -3 | |||||||||
Interest expense | 365 | 384 | 439 | |||||||||
Other expenses | 134 | 178 | 926 | |||||||||
Total benefits, losses and expenses | 499 | 562 | 1,365 | |||||||||
Loss before income taxes and earnings (losses) of subsidiaries | -494 | -559 | -1,368 | |||||||||
Income Tax Expense (Benefit) | -172 | -187 | -482 | |||||||||
Loss Before Earnings Losses of Subsidiaries | -322 | -372 | -886 | |||||||||
Earnings (losses) of subsidiaries | 1,120 | 548 | 848 | |||||||||
Net Income (Loss) Attributable to Parent | 798 | 176 | -38 | |||||||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 0 | -11 | 0 | |||||||||
Change in net unrealized gain/loss on securities | -10 | 13 | -1 | |||||||||
Change in pension and other postretirement plan adjustments | 292 | -127 | 172 | |||||||||
Other Comprehensive Income (Loss), Before Other Comprehensive Income of Subsidiaries, Net of Tax | -282 | 103 | -171 | |||||||||
Other comprehensive income of subsidiaries | $1,289 | ($3,025) | $1,763 |
Schedule_II_Condensed_Financia4
Schedule II Condensed Financial Information of The Hartford Financial Services Group, Inc. Level 4 Cash Flow Disclosures (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
Jul. 29, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2009 | |
Operating Activities | ||||||||||||||
Net Income (Loss) Attributable to Parent | $382,000,000 | $388,000,000 | ($467,000,000) | $495,000,000 | $314,000,000 | $293,000,000 | ($190,000,000) | ($241,000,000) | $798,000,000 | $176,000,000 | ($38,000,000) | |||
Loss on extinguishment of debt | -587,000,000 | 0 | 213,000,000 | 910,000,000 | ||||||||||
Net cash provided by operating activities | 1,886,000,000 | 1,237,000,000 | 2,681,000,000 | |||||||||||
Investing Activities | ||||||||||||||
Net sales (purchases) of short-term investments | -1,814,000,000 | 318,000,000 | 1,400,000,000 | |||||||||||
Net cash used for investing activities | 1,696,000,000 | 3,745,000,000 | -2,557,000,000 | |||||||||||
Financing Activities | ||||||||||||||
Proceeds from the issuance of long-term debt | 533,000,000 | 2,123,000,000 | ||||||||||||
Repurchase of warrants | 0 | -33,000,000 | -300,000,000 | |||||||||||
Treasury stock acquired | 165,000,000 | |||||||||||||
Dividends paid on preferred stock | -21,000,000 | -42,000,000 | ||||||||||||
Dividends paid on common stock | -282,000,000 | -202,000,000 | -175,000,000 | |||||||||||
Net cash used for financing activities | -4,476,000,000 | -5,820,000,000 | -228,000,000 | |||||||||||
Cash, Period Increase (Decrease) | -1,029,000,000 | -993,000,000 | -160,000,000 | |||||||||||
Cash - beginning of period | 1,428,000,000 | 2,421,000,000 | 1,428,000,000 | 2,421,000,000 | 2,581,000,000 | |||||||||
Cash - end of period | 399,000,000 | 1,428,000,000 | 399,000,000 | 1,428,000,000 | 2,421,000,000 | |||||||||
Supplemental Disclosure of Cash Flow Information | ||||||||||||||
Interest paid | 377,000,000 | 402,000,000 | 461,000,000 | |||||||||||
Parent Company [Member] | ||||||||||||||
Operating Activities | ||||||||||||||
Net Income (Loss) Attributable to Parent | 798,000,000 | 176,000,000 | -38,000,000 | |||||||||||
Loss on extinguishment of debt | 0 | 176,000,000 | 910,000,000 | |||||||||||
Undistributed earnings (losses) of subsidiaries | -1,120,000,000 | -549,000,000 | -847,000,000 | |||||||||||
Change in operating assets and liabilities | 3,376,000,000 | 1,170,000,000 | 770,000,000 | |||||||||||
Net cash provided by operating activities | 3,054,000,000 | 973,000,000 | 795,000,000 | |||||||||||
Investing Activities | ||||||||||||||
Net sales (purchases) of short-term investments | -212,000,000 | -454,000,000 | 213,000,000 | |||||||||||
Capital contributions to subsidiaries | -585,000,000 | 1,211,000,000 | -334,000,000 | |||||||||||
Net cash used for investing activities | -797,000,000 | 757,000,000 | -121,000,000 | |||||||||||
Financing Activities | ||||||||||||||
Proceeds from the issuance of long-term debt | 0 | 295,000,000 | 2,123,000,000 | |||||||||||
Repurchase of warrants | 0 | -33,000,000 | -300,000,000 | |||||||||||
Repayments of long-term debt | -200,000,000 | -1,190,000,000 | -2,133,000,000 | |||||||||||
Treasury stock acquired | -1,796,000,000 | -600,000,000 | -154,000,000 | |||||||||||
Proceeds and Excess Tax Benefit from Share-based Compensation | 21,000,000 | 20,000,000 | 7,000,000 | |||||||||||
Dividends paid on preferred stock | 0 | -21,000,000 | -42,000,000 | |||||||||||
Dividends paid on common stock | -282,000,000 | -201,000,000 | -175,000,000 | |||||||||||
Net cash used for financing activities | -2,257,000,000 | -1,730,000,000 | -674,000,000 | |||||||||||
Cash, Period Increase (Decrease) | 0 | 0 | 0 | |||||||||||
Cash - beginning of period | 0 | 0 | 0 | 0 | 0 | |||||||||
Cash - end of period | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Supplemental Disclosure of Cash Flow Information | ||||||||||||||
Interest paid | 366,000,000 | 366,000,000 | 443,000,000 | |||||||||||
Dividends Received from Subsidiaries | $2,589,000,000 | $1,096,000,000 | $1,026,000,000 |
Schedule_III_Supplementary_Ins2
Schedule III Supplementary Insurance Information Level 4 (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Schedule of Supplementary Insurance Information [Abstract] | ||||||
Supplementary Insurance Information, Deferred Policy Acquisition Costs | $1,823 | $2,161 | ||||
Future Policy Benefits, Unpaid Losses and Loss Adjustment Expenses | 41,444 | 41,373 | ||||
Unearned Premiums | 5,255 | 5,225 | ||||
Other Policyholder Funds and Benefits Payable | 32,532 | 58,763 | ||||
Earned Premiums, Fee Income and Other | 15,444 | 15,611 | 17,462 | |||
Net Investment Income (Loss) | 3,154 | 3,264 | 4,127 | |||
Benefits, Losses and Loss Adjustment Expenses | 10,805 | 11,048 | 13,195 | |||
Amortization of Deferred Policy Acquisition Costs and Present Value of Future Profits | 1,729 | 1,794 | 1,990 | |||
Net Written Premiums | 10,244 | [1] | 9,929 | [1] | 9,847 | [1] |
Insurance Operating Costs and Other Expenses | 4,381 | [2] | 6,360 | [2] | 6,990 | [2] |
Property & Casualty Commercial [Member] | ||||||
Schedule of Supplementary Insurance Information [Abstract] | ||||||
Supplementary Insurance Information, Deferred Policy Acquisition Costs | 421 | 404 | ||||
Future Policy Benefits, Unpaid Losses and Loss Adjustment Expenses | 16,505 | 16,293 | ||||
Unearned Premiums | 3,184 | 3,188 | ||||
Other Policyholder Funds and Benefits Payable | 0 | 0 | ||||
Earned Premiums, Fee Income and Other | 6,402 | 6,315 | 6,361 | |||
Net Investment Income (Loss) | 958 | 984 | 924 | |||
Benefits, Losses and Loss Adjustment Expenses | 3,855 | 4,085 | 4,575 | |||
Amortization of Deferred Policy Acquisition Costs and Present Value of Future Profits | 919 | 905 | 927 | |||
Net Written Premiums | 6,381 | [1] | 6,208 | [1] | 6,209 | [1] |
Insurance Operating Costs and Other Expenses | 1,194 | [2] | 1,190 | [2] | 1,139 | [2] |
Property and Casualty, Personal Insurance Product Line [Member] | ||||||
Schedule of Supplementary Insurance Information [Abstract] | ||||||
Supplementary Insurance Information, Deferred Policy Acquisition Costs | 155 | 145 | ||||
Future Policy Benefits, Unpaid Losses and Loss Adjustment Expenses | 1,874 | 1,864 | ||||
Unearned Premiums | 1,914 | 1,858 | ||||
Other Policyholder Funds and Benefits Payable | 0 | 0 | ||||
Earned Premiums, Fee Income and Other | 3,806 | 3,823 | 3,791 | |||
Net Investment Income (Loss) | 129 | 145 | 159 | |||
Benefits, Losses and Loss Adjustment Expenses | 2,684 | 2,580 | 2,630 | |||
Amortization of Deferred Policy Acquisition Costs and Present Value of Future Profits | 348 | 332 | 332 | |||
Net Written Premiums | 3,861 | [1] | 3,719 | [1] | 3,630 | [1] |
Insurance Operating Costs and Other Expenses | 599 | [2] | 761 | [2] | 769 | [2] |
Property & Casualty Other Operations [Member] | ||||||
Schedule of Supplementary Insurance Information [Abstract] | ||||||
Supplementary Insurance Information, Deferred Policy Acquisition Costs | 0 | 0 | ||||
Future Policy Benefits, Unpaid Losses and Loss Adjustment Expenses | 3,427 | 3,548 | ||||
Unearned Premiums | 1 | 1 | ||||
Other Policyholder Funds and Benefits Payable | 0 | 0 | ||||
Earned Premiums, Fee Income and Other | 1 | 0 | -2 | |||
Net Investment Income (Loss) | 129 | 141 | 149 | |||
Benefits, Losses and Loss Adjustment Expenses | 261 | 148 | 65 | |||
Amortization of Deferred Policy Acquisition Costs and Present Value of Future Profits | 0 | 0 | 0 | |||
Net Written Premiums | 2 | [1] | 2 | [1] | 8 | [1] |
Insurance Operating Costs and Other Expenses | 31 | [2] | 27 | [2] | 28 | [2] |
Group Benefits [Member] | ||||||
Schedule of Supplementary Insurance Information [Abstract] | ||||||
Supplementary Insurance Information, Deferred Policy Acquisition Costs | 36 | 41 | ||||
Future Policy Benefits, Unpaid Losses and Loss Adjustment Expenses | 6,540 | 6,547 | ||||
Unearned Premiums | 45 | 65 | ||||
Other Policyholder Funds and Benefits Payable | 518 | 188 | ||||
Earned Premiums, Fee Income and Other | 3,095 | 3,330 | 3,810 | |||
Net Investment Income (Loss) | 374 | 390 | 405 | |||
Benefits, Losses and Loss Adjustment Expenses | 2,362 | 2,518 | 3,029 | |||
Amortization of Deferred Policy Acquisition Costs and Present Value of Future Profits | 32 | 33 | 33 | |||
Net Written Premiums | 0 | [1] | 0 | [1] | 0 | [1] |
Insurance Operating Costs and Other Expenses | 836 | [2] | 964 | [2] | 1,033 | [2] |
Mutual Funds [Member] | ||||||
Schedule of Supplementary Insurance Information [Abstract] | ||||||
Supplementary Insurance Information, Deferred Policy Acquisition Costs | 11 | 19 | ||||
Future Policy Benefits, Unpaid Losses and Loss Adjustment Expenses | 0 | 0 | ||||
Unearned Premiums | 0 | 0 | ||||
Other Policyholder Funds and Benefits Payable | 0 | 0 | ||||
Earned Premiums, Fee Income and Other | 723 | 668 | 626 | |||
Net Investment Income (Loss) | 0 | 0 | -3 | |||
Benefits, Losses and Loss Adjustment Expenses | 0 | 0 | 0 | |||
Amortization of Deferred Policy Acquisition Costs and Present Value of Future Profits | 28 | 39 | 35 | |||
Net Written Premiums | 0 | [1] | 0 | [1] | 0 | [1] |
Insurance Operating Costs and Other Expenses | 559 | [2] | 511 | [2] | 479 | [2] |
Talcott Resolution [Member] | ||||||
Schedule of Supplementary Insurance Information [Abstract] | ||||||
Supplementary Insurance Information, Deferred Policy Acquisition Costs | 1,200 | 1,552 | ||||
Future Policy Benefits, Unpaid Losses and Loss Adjustment Expenses | 13,098 | 13,122 | ||||
Unearned Premiums | 111 | 112 | ||||
Other Policyholder Funds and Benefits Payable | 32,014 | 58,571 | ||||
Earned Premiums, Fee Income and Other | 1,407 | 1,463 | 2,708 | |||
Net Investment Income (Loss) | 1,542 | 1,577 | 2,462 | |||
Benefits, Losses and Loss Adjustment Expenses | 1,643 | 1,717 | 2,896 | |||
Amortization of Deferred Policy Acquisition Costs and Present Value of Future Profits | 402 | 485 | 663 | |||
Net Written Premiums | 0 | [1] | 0 | [1] | 0 | [1] |
Insurance Operating Costs and Other Expenses | 544 | [2] | 2,150 | [2] | 1,692 | [2] |
Corporate [Member] | ||||||
Schedule of Supplementary Insurance Information [Abstract] | ||||||
Supplementary Insurance Information, Deferred Policy Acquisition Costs | 0 | 0 | ||||
Future Policy Benefits, Unpaid Losses and Loss Adjustment Expenses | 0 | -1 | ||||
Unearned Premiums | 0 | 1 | ||||
Other Policyholder Funds and Benefits Payable | 0 | 4 | ||||
Earned Premiums, Fee Income and Other | 10 | 12 | 168 | |||
Net Investment Income (Loss) | 22 | 27 | 31 | |||
Benefits, Losses and Loss Adjustment Expenses | 0 | 0 | 0 | |||
Amortization of Deferred Policy Acquisition Costs and Present Value of Future Profits | 0 | 0 | 0 | |||
Net Written Premiums | 0 | [1] | 0 | [1] | 0 | [1] |
Insurance Operating Costs and Other Expenses | $618 | [2] | $757 | [2] | $1,850 | [2] |
[1] | Excludes life insurance pursuant to Regulation S-X.[4]For the years ended, December 31, 2013 and 2012, Talcott Resolution was recast to reflect the impact of the sale of HLIKK. For further information regarding this transaction, see Note 2 - Business Dispositions of Notes to Consolidated Financial Statements. | |||||
[2] | Includes interest expense, goodwill impairment, loss on extinguishment of debt, and reinsurance loss on disposition. |
Schedule_IV_Reinsurance_Level_2
Schedule IV Reinsurance Level 4 (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Life Insurance in Force, Net [Abstract] | |||
Life Insurance in Force, Gross | $875,229 | $883,387 | $946,160 |
Ceded Premiums, Life Insurance in Force | 240,285 | 278,059 | 137,719 |
Assumed Premiums, Life Insurance in Force | 21,987 | 49,789 | 48,032 |
Premiums, Net, Life Insurance in Force | 656,931 | 655,117 | 856,473 |
Life Insurance in Force Premiums, Percentage Assumed to Net | 3.00% | 8.00% | 6.00% |
Insurance Services Revenue [Abstract] | |||
Direct Premiums Earned | 16,560 | 16,929 | 17,389 |
Ceded to Other Companies | 2,419 | 2,651 | 1,320 |
Assumed From Other Companies | 457 | 379 | 342 |
Premiums Earned, Net, Life | 14,598 | 14,657 | 16,411 |
Percentage of Amount Assumed to Net | 3.00% | 3.00% | 2.00% |
Property, Liability and Casualty Insurance Product Line [Member] | |||
Insurance Services Revenue [Abstract] | |||
Direct Premiums Earned | 10,531 | 10,494 | 10,484 |
Ceded to Other Companies | 699 | 871 | 796 |
Assumed From Other Companies | 264 | 241 | 205 |
Premiums Earned, Net, Property and Casualty | 10,096 | 9,864 | 9,893 |
Percentage of Amount Assumed to Net | 3.00% | 2.00% | 2.00% |
Life and Annuity Insurance Product Line [Member] | |||
Insurance Services Revenue [Abstract] | |||
Gross Fee Income Earned Premium and Other Life | 4,414 | 4,819 | 4,977 |
Ceded to Other Companies | 1,666 | 1,718 | 458 |
Assumed From Other Companies | 137 | 80 | 69 |
Premiums Earned, Net, Life | 2,885 | 3,181 | 4,588 |
Percentage of Amount Assumed to Net | 5.00% | 3.00% | 2.00% |
Accident and Health Insurance [Member] | |||
Insurance Services Revenue [Abstract] | |||
Gross Fee Income Earned Premium and Other Life | 1,615 | 1,616 | 1,928 |
Ceded to Other Companies | 54 | 62 | 66 |
Assumed From Other Companies | 56 | 58 | 68 |
Premiums Earned, Net, Life | $1,617 | $1,612 | $1,930 |
Percentage of Amount Assumed to Net | 3.00% | 4.00% | 4.00% |
Schedule_V_Valuation_and_Quali2
Schedule V Valuation and Qualifying Accounts Level 4 (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2009 |
Movement in Valuation allowance and reserves | ||||
Valuation allowance, deferred tax | $5 | ($2) | $0 | |
Allowance for doubtful accounts and other [Member] | ||||
Movement in Valuation allowance and reserves | ||||
Balance January 1, | 125 | 117 | 119 | |
Charged to Costs and Expenses | -50 | -56 | -44 | |
Translation Adjustment | 0 | 0 | ||
Write-offs/ Payments/ Other | -44 | -48 | -46 | |
Balance December 31, | 125 | 117 | 119 | |
Allowance for Doubtful Accounts, Premiums and Other Receivables | 131 | 125 | 117 | |
Allowance for uncollectible reinsurance [Member] | ||||
Movement in Valuation allowance and reserves | ||||
Balance January 1, | 244 | 268 | 290 | |
Charged to Costs and Expenses | -30 | -1 | -10 | |
Translation Adjustment | 0 | 2 | 0 | |
Write-offs/ Payments/ Other | -3 | -25 | -32 | |
Balance December 31, | 271 | 244 | 268 | 290 |
Valuation allowance on mortgage loans [Member] | ||||
Movement in Valuation allowance and reserves | ||||
Balance January 1, | 67 | 68 | 102 | |
Charged to Costs and Expenses | -4 | -2 | -14 | |
Translation Adjustment | 0 | 0 | ||
Write-offs/ Payments/ Other | -53 | -3 | -20 | |
Balance December 31, | 18 | 67 | 68 | 102 |
Valuation allowance for deferred taxes [Member] | ||||
Movement in Valuation allowance and reserves | ||||
Balance January 1, | 4 | 58 | 83 | |
Valuation allowance, deferred tax | -2 | -25 | ||
Translation Adjustment | 0 | 0 | ||
Write-offs/ Payments/ Other | -172 | -52 | 0 | |
Balance December 31, | $181 | $4 | $58 | $83 |
Schedule_VI_Supplemental_Infor2
Schedule VI Supplemental Information Concerning Property and Casualty Insurance Operations Level 4 (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items] | ||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | $228 | $192 | ($4) | |||
Weighted Average Discount Rate, Percent | 4.00% | |||||
Property, Liability and Casualty Insurance Product Line [Member] | ||||||
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items] | ||||||
Supplemental Information for Property, Casualty Insurance Underwriters, Discount Deducted from Reserves | $556 | [1] | $553 | [1] | $538 | [1] |
Workers Compensation [Member] | ||||||
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items] | ||||||
Weighted Average Discount Rate, Percent | 3.50% | 3.50% | ||||
[1] | Reserves for permanently disabled claimants have been discounted using the weighted average interest rates of 3.5%, 3.5%, and 4.0% for the years ended DecemberB 31, 2014, 2013, and 2012, respectively. |
Uncategorized_Items
Uncategorized Items | |||
[us-gaap_AdditionalPaidInCapital] | 10,391,000,000 | ||
[us-gaap_PreferredStockValueOutstanding] | 556,000,000 | ||
[us-gaap_TreasuryStockValue] | 1,718,000,000 |