Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 21, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Central Index Key | 874,766 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 409,609,906 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenues | ||||
Premiums Earned, Net | $ 3,404 | $ 3,337 | $ 10,117 | $ 9,958 |
Fee income | 448 | 524 | 1,376 | 1,522 |
Net investment income (loss): | ||||
Net Investment Income (Loss) | 730 | 810 | 2,335 | 2,402 |
Net realized capital gains (losses): | ||||
Total other-than-temporary impairment (OTTI) losses | (42) | (15) | (67) | (46) |
Other than Temporary Impairment Losses, Investments, Reclassification Adjustment of Noncredit Portion Included in Net Income, Availabe-for-sale Securities, before Tax | 2 | 1 | 4 | 3 |
Net OTTI losses recognized in earnings | (40) | (14) | (63) | (43) |
Gain (Loss) on Investments, Excluding Other than Temporary Impairments | (4) | 83 | 33 | 73 |
Total Realized Investment Gains (Losses) | (44) | 69 | (30) | 30 |
Other revenues | 24 | 29 | 66 | 85 |
Total revenues | 4,562 | 4,769 | 13,864 | 13,997 |
Benefits, losses and expenses | ||||
Benefits, losses and loss adjustment expenses | 2,710 | 2,624 | 8,085 | 8,223 |
Amortization of deferred policy acquisition costs and present value of future profits | 1,212 | 1,348 | ||
Insurance operating costs and other expenses | 971 | 976 | 2,829 | 2,889 |
Interest expense | 88 | 93 | 271 | 282 |
Total benefits, losses and expenses | 4,183 | 4,273 | 12,390 | 12,742 |
Gains (Losses) on Extinguishment of Debt | 0 | 0 | 21 | 0 |
Income from continuing operations before income taxes | 379 | 496 | 1,474 | 1,255 |
Income Tax Expense (Benefit) | 7 | 108 | 222 | 251 |
Income from continuing operations, net of tax | 372 | 388 | 1,252 | 1,004 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 9 | 0 | 9 | (588) |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 381 | $ 388 | $ 1,261 | $ 416 |
Basic | $ 0.90 | $ 0.89 | $ 2.99 | $ 2.25 |
Diluted | 0.88 | 0.86 | 2.92 | 2.15 |
Net income available to common shareholders per common share | ||||
Basic | 0.92 | 0.89 | 3.01 | 0.93 |
Diluted | 0.90 | 0.86 | 2.94 | 0.89 |
Cash dividends declared per common share | $ 0.21 | $ 0.18 | $ 0.57 | $ 0.48 |
Reinsurance Loss on Dispositions [Member] | ||||
Benefits, losses and expenses | ||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ (20) | $ 0 | $ (28) | $ 0 |
Continuing Operations [Member] | ||||
Benefits, losses and expenses | ||||
Amortization of deferred policy acquisition costs and present value of future profits | $ 434 | $ 580 | $ 1,212 | $ 1,348 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Comprehensive Income | ||||
Net Income (Loss) Attributable to Parent | $ 381 | $ 388 | $ 1,261 | $ 416 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 381 | 388 | 1,261 | 416 |
Other Comprehensive Income (Loss), Net of Tax | (48) | (85) | (788) | 1,156 |
Total comprehensive income | 333 | 303 | 473 | 1,572 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||
Comprehensive Income | ||||
Other Comprehensive Income (Loss), Net of Tax | (94) | (62) | (807) | 1,206 |
Accumulated Other-than-Temporary Impairment [Member] | ||||
Comprehensive Income | ||||
Other Comprehensive Income (Loss), Net of Tax | 3 | 2 | 1 | 7 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||
Comprehensive Income | ||||
Other Comprehensive Income (Loss), Net of Tax | 48 | (21) | 20 | 12 |
Accumulated Translation Adjustment [Member] | ||||
Comprehensive Income | ||||
Other Comprehensive Income (Loss), Net of Tax | (14) | (13) | (30) | (91) |
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Comprehensive Income | ||||
Other Comprehensive Income (Loss), Net of Tax | $ 9 | $ 9 | $ 28 | $ 22 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | ||
Investments: | ||||
Fixed maturities, available-for-sale, at fair value (amortized cost of $80,690 and $78,978) (includes variable interest entity assets, at fair value, of $265 and $153) | $ 59,109 | $ 59,384 | ||
Fixed Maturities at Fair Value Using Fair Value Option Variable Interest Entity Assets | 548 | 488 | ||
Equity securities, trading, at fair value (cost of $30,454 and $32,928) | 11 | 11 | [1] | |
Available-for-sale Securities, Equity Securities | 813 | 1,047 | ||
Mortgage loans (net of allowances for loan losses of $83 and $102) | 5,552 | 5,556 | ||
Policy loans, at outstanding balance | 1,428 | 1,431 | ||
Alternative Investments, Fair Value Disclosure | 3,067 | 2,942 | ||
Other investments | 455 | 547 | ||
Short-term investments (includes variable interest entity assets, at fair value, of $1 as of September 30, 2012) | 3,433 | 4,883 | ||
Cash | 665 | 399 | ||
Total investments | 74,405 | 76,278 | ||
Premiums receivable and agents' balances, net | 3,601 | 3,429 | ||
Reinsurance recoverables, net | 23,087 | 22,920 | ||
Deferred policy acquisition costs and present value of future profits | 1,710 | 1,823 | ||
Deferred Tax Assets, Net | 3,062 | 2,897 | ||
Goodwill | 498 | 498 | ||
Property and equipment, net | 932 | 831 | ||
Other assets | 1,859 | 1,236 | ||
Separate account assets | 121,634 | 134,702 | ||
Total assets | 231,453 | 245,013 | ||
Liabilities | ||||
Reserve for future policy benefits and unpaid losses and loss adjustment expenses | 41,685 | 41,444 | ||
Other Policyholder Funds | 31,923 | 32,532 | ||
Unearned premiums | 5,508 | 5,255 | ||
Short-term Debt | 167 | 456 | ||
Long-term Debt, Excluding Current Maturities | 5,359 | 5,653 | ||
Other liabilities (includes variable interest entity liabilities) | 6,973 | 6,251 | ||
Separate Accounts, Liability | 121,634 | [2] | 134,702 | |
Total liabilities | 213,249 | 226,293 | ||
Stockholders' Equity | ||||
Common stock, $0.01 par value - 1,500,000,000 shares authorized | 5 | 5 | ||
Additional paid-in capital | 8,956 | 9,123 | ||
Retained earnings | 12,215 | 11,191 | ||
Treasury stock, at cost | (3,112) | (2,527) | ||
Accumulated other comprehensive income, net of tax | 140 | 928 | ||
Total stockholders' equity | 18,204 | 18,720 | ||
Total liabilities and stockholders' equity | 231,453 | 245,013 | ||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Stockholders' Equity | ||||
Accumulated other comprehensive income, net of tax | $ 140 | $ 928 | ||
[1] | [1]Included in other investments on the Condensed Consolidated Balance Sheets. | |||
[2] | AV includes the contract holder’s investment in the separate account and the general account. |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | |
Available-for-sale Debt Securities, Amortized Cost Basis | $ 56,275 | $ 55,362 | |
Available-for-sale Equity Securities, Amortized Cost Basis | [1] | 676 | |
Available-for-sale Securities, Equity Securities | 813 | 1,047 | |
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 205 | 246 | |
Other liabilities, variable interest entity liabilities | [2] | $ 5 | $ 6 |
Common stock, par value | $ 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 | 79,609,209 | 66,507,690 | |
Commercial Loan [Member] | |||
Valuation Allowance | $ (20) | $ (18) | |
Fixed Maturities [Member] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 191 | 218 | |
Equity Securities [Member] | |||
Available-for-sale Equity Securities, Amortized Cost Basis | 0 | 351 | |
Available-for-sale Securities, Equity Securities | 0 | 348 | |
Short-term Investments [Member] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 4 | 16 | |
Cash [Member] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 7 | 9 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Available-for-sale Equity Securities, Amortized Cost Basis | 1 | 0 | |
Equity Securities [Member] | |||
Available-for-sale Equity Securities, Amortized Cost Basis | 826 | 1,027 | |
Limited Partnerships and Other Alternative Investments [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 2 | 3 | |
Other liabilities, variable interest entity liabilities | [2] | $ 0 | $ 1 |
[1] | Excludes equity securities, FVO, with a cost and fair value of $351 and $348, respectively, as of December 31, 2014. The Company did not hold any equity securities, FVO as of September 30, 2015. | ||
[2] | Included in other liabilities in the Company’s Condensed Consolidated Balance Sheets. |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Changes in Stockholders' Equity Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) shares in Millions, $ in Millions | Total | Common Stocks | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Stockholders' Equity, Total [Member] | Accelerated Share Repurchase Program [Member]Additional Paid-in Capital [Member] | Accelerated Share Repurchase Program [Member]Treasury Stock [Member] |
Adjustments to Additional Paid in Capital [Abstract] | |||||||||
Additional Paid in Capital | $ 9,894 | ||||||||
Retained Earnings (Accumulated Deficit) [Abstract] | |||||||||
Retained Earnings (Accumulated Deficit) | $ 10,683 | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (79) | ||||||||
Stock Repurchased During Period, Value | $ 131 | ||||||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | 766 | ||||||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Employee Stock Purchase Program, Requisite Service Period Recognition | (52) | ||||||||
Allocated Share-based Compensation Expense | $ 64 | ||||||||
Tax expense on employee stock options and awards | 4 | ||||||||
Net Income (Loss) Attributable to Parent | 416 | 416 | |||||||
Dividends, Common Stock, Cash | 213 | ||||||||
Treasury Stock, Value at Dec. 31, 2013 | $ (1,598) | ||||||||
Treasury Stock Transactions, Excluding Value of Shares Reissued [Abstract] | |||||||||
Treasury stock acquired | (971) | $ (394) | |||||||
Issuance of shares under incentive and stock compensation plans from treasury stock | (65) | ||||||||
Return of shares under incentive and stock compensation plans and other to treasury stock | (12) | (14) | |||||||
Treasury Stock, Value at Sep. 30, 2014 | (2,146) | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||
Other Comprehensive Income (Loss), Net of Tax | 1,156 | 1,156 | |||||||
Common Shares Outstanding, at beginning of period (in thousands) at Dec. 31, 2013 | 453,290 | ||||||||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Treasury stock acquired | (39,066) | ||||||||
Issuance of shares under incentive and stock compensation plans | 1,562 | ||||||||
Return of shares under incentive and stock compensation plans and other to treasury stock | (393) | ||||||||
Issuance of Shares for Warrant Exercise | 18,177 | ||||||||
Common Shares Outstanding, at end of period (in thousands) at Sep. 30, 2014 | 433,570 | ||||||||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Adjustments to Additional Paid in Capital, Stock Issued, Own-share Lending Arrangement, Issuance Costs | 766 | ||||||||
Common Stock, Value, Issued | $ 5 | ||||||||
Additional Paid in Capital | 9,013 | ||||||||
Retained Earnings (Accumulated Deficit) | 10,886 | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 1,077 | ||||||||
Total stockholders' equity | $ 18,835 | ||||||||
Common Stock, Value, Issued | 5 | ||||||||
Additional Paid in Capital | 9,123 | 9,123 | |||||||
Retained Earnings (Accumulated Deficit) | 11,191 | 11,191 | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 928 | 928 | |||||||
Total stockholders' equity | 18,720 | ||||||||
Stock Repurchased During Period, Value | $ 0 | ||||||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | 87 | ||||||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Employee Stock Purchase Program, Requisite Service Period Recognition | (164) | ||||||||
Allocated Share-based Compensation Expense | 57 | ||||||||
Tax expense on employee stock options and awards | 27 | ||||||||
Net Income (Loss) Attributable to Parent | 1,261 | 1,261 | |||||||
Dividends, Common Stock, Cash | 237 | ||||||||
Treasury Stock, Value at Dec. 31, 2014 | (2,527) | (2,527) | |||||||
Treasury Stock Transactions, Excluding Value of Shares Reissued [Abstract] | |||||||||
Treasury stock acquired | (800) | $ 0 | |||||||
Issuance of shares under incentive and stock compensation plans from treasury stock | (182) | ||||||||
Return of shares under incentive and stock compensation plans and other to treasury stock | (40) | (54) | |||||||
Treasury Stock, Value at Sep. 30, 2015 | (3,112) | (3,112) | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||
Other Comprehensive Income (Loss), Net of Tax | $ (788) | (788) | |||||||
Common Shares Outstanding, at beginning of period (in thousands) at Dec. 31, 2014 | 424,416 | ||||||||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Treasury stock acquired | (18.6) | (18,625) | |||||||
Issuance of shares under incentive and stock compensation plans | 4,617 | ||||||||
Return of shares under incentive and stock compensation plans and other to treasury stock | (1,306) | ||||||||
Issuance of Shares for Warrant Exercise | 2,212 | ||||||||
Common Shares Outstanding, at end of period (in thousands) at Sep. 30, 2015 | 411,314 | ||||||||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Adjustments to Additional Paid in Capital, Stock Issued, Own-share Lending Arrangement, Issuance Costs | $ 87 | ||||||||
Common Stock, Value, Issued | $ 5 | $ 5 | |||||||
Additional Paid in Capital | 8,956 | $ 8,956 | |||||||
Retained Earnings (Accumulated Deficit) | 12,215 | $ 12,215 | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 140 | $ 140 | |||||||
Total stockholders' equity | $ 18,204 | $ 18,204 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Operating Activities | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 1,261 | $ 416 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Amortization of deferred policy acquisition costs and present value of future profits | (1,212) | (1,348) |
Increase (Decrease) in Deferred Policy Acquisition Costs | (1,055) | (1,032) |
Change in reserve for future policy benefits and unpaid losses and loss adjustment expenses and unearned premiums | 449 | 405 |
Change in reinsurance recoverables | 161 | (108) |
Change in receivables and other assets | (289) | (221) |
Change in payables and accruals | (339) | (840) |
Increase (Decrease) in Deferred Income Taxes | (254) | (43) |
Realized Investment Gains (Losses) | (30) | (127) |
Net decrease in equity securities, trading | 0 | 3,992 |
Depreciation and amortization | 245 | 152 |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | (7) | 659 |
Gains (Losses) on Extinguishment of Debt | (21) | 0 |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | (28) | |
Other operating activities, net | 85 | (54) |
Net cash provided by operating activities | 2,000 | 895 |
Proceeds from Sale, Maturity and Collection of Investments [Abstract] | ||
Proceeds from Sale of Available-for-sale Securities, Debt | 19,210 | 19,960 |
Proceeds from Sale and Maturity of Securities, Fair Value Option | 111 | 378 |
Proceeds from Sale of Available-for-sale Securities, Equity | 1,171 | 293 |
Proceeds from Sale and Collection of Mortgage Notes Receivable | 613 | 333 |
Proceeds from Limited Partnership Investments | 298 | 322 |
Payments for the purchase of investments [Abstract] | ||
Fixed maturities, available-for-sale | (19,919) | (17,247) |
Payments to Acquire Available-for-sale Securities, Fair Value Option | 180 | 320 |
Equity securities, available-for-sale | (1,007) | (210) |
Mortgage loans | (612) | (466) |
Payments to Acquire Limited Partnership Interests | 411 | 221 |
Proceeds from Divestiture of Businesses, Net of Cash Divested | 963 | |
Derivatives, net | 64 | 115 |
Payments for (Proceeds from) Policy Loans | 12 | (8) |
Payments to Acquire Property, Plant, and Equipment | (194) | (57) |
Proceeds from Sale of Short-term Investments | 1,472 | (1,919) |
Other investing activities, net | (1) | (13) |
Net cash used for investing activities | 603 | 1,919 |
Financing Activities | ||
Additions to Contract Holders Funds | 3,703 | 5,448 |
Withdrawals and other deductions from investment and universal life-type contracts | (12,935) | (18,416) |
Net Change Contract Holders Funds | 8,218 | 11,202 |
Repayments at maturity or settlement of consumer notes | (31) | (13) |
Proceeds from (Payments for) in Securities Sold under Agreements to Repurchase | 313 | |
Repayment of long-term debt | (585) | (200) |
Return of shares under incentive and stock compensation plans and other to treasury stock | (40) | (12) |
Payments for Repurchase of Common Stock | (800) | (1,496) |
Dividends paid on common stock | (229) | (213) |
Net cash provided by (used for) financing activities | (2,306) | (3,676) |
Net Receipts from to Investment Contracts Related to Policyholder Funds International Unit Linked Bonds and Pension Products | 0 | 3,992 |
Foreign exchange rate effect on cash | (31) | (126) |
Cash, Period Increase (Decrease) | 266 | (988) |
Cash - beginning of period | 399 | 1,428 |
Cash - end of period | 665 | 440 |
Supplemental Disclosure of Cash Flow Information | ||
Income taxes paid (received) | 80 | 78 |
Interest paid | (258) | (268) |
Reinsurance Loss on Dispositions [Member] | ||
Adjustments to reconcile net income to net cash provided by operating activities | ||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 28 | $ 0 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows Condensed Consolidated Statements of Cash Flows (Parenthetical) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Proceeds from the sale/maturity/prepayment of: | |
Equity securities, available-for-sale | $ 1,171 |
Mortgage loans | $ 613 |
Noncash or Part Noncash Divestiture, Type of Consideration Received | 485 |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies Level 1 (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Basis of Presentation and Significant Accounting Policies |
Basis of Presentation and Accounting Policies | 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 runoff life and annuity products previously sold. On June 30, 2014, the Company completed the sale of all 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. The operations of the Company's Japan business are reported as discontinued operations. For further information regarding the sale of HLIKK and discontinued operations, see the following Discontinued Operations section and Note 13 - Discontinued Operations of Notes to Condensed Consolidated Financial Statements. The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, which differ materially from the accounting practices prescribed by various insurance regulatory authorities. These Condensed Consolidated Financial Statements and Notes should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in the Company's 2014 Form 10-K Annual Report. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full year. The accompanying Condensed Consolidated Financial Statements and Notes are unaudited. These financial statements reflect all adjustments (generally consisting only of normal accruals) which are, in the opinion of management, necessary for the fair presentation of the financial position, results of operations and cash flows for the interim periods. The Company's significant accounting policies are summarized in Note 1 - Basis of Presentation and Significant Accounting Policies of Notes to Consolidated Financial Statements included in the Company's 2014 Form 10-K Annual Report. Consolidation The Condensed 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 information on VIEs see Note 5 - Investments and Derivative Instruments of Notes to Condensed 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 are reported in discontinued operations when certain criteria are met as of the date of disposal, or earlier if classified as held-for-sale. When a component is identified for discontinued operations reporting, amounts for prior periods are retrospectively reclassified as discontinued operations. Prior to January 1, 2015, components were identified as discontinued operations if the operations and cash flows of the component had been or would be eliminated from the ongoing operations of the Company as a result of the disposal transaction and the Company would not have any significant continuing involvement in the operations of the component after the disposal transaction. For transactions occurring January 1, 2015 or later, under updated guidance issued by the Financial Accounting Standards Board, components are identified as discontinued operations if they are 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 regardless of whether the Company has significant continuing involvement in the operations of the component after the disposal transaction. For information on the specific discontinued operations, see Note 13 - Discontinued Operations of Notes to Condensed 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 Condensed Consolidated Financial Statements. Reclassifications Certain reclassifications have been made to prior period financial information to conform to the current period presentation. Future Adoption of New Accounting Standard Amendments to Consolidation Guidance In February 2015, the Financial Accounting Standards Board 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 (modified retrospective approach). The Company will adopt the guidance using a modified retrospective approach effective as of January 1, 2016 and, upon adoption, the new guidance will not have a material effect on the Company’s Consolidated Financial Statements. |
Earnings (Loss) Per Common Shar
Earnings (Loss) Per Common Share Level 1 (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | The following table presents the computation of basic and diluted earnings per common share. Three Months Ended September 30, Nine Months Ended September 30, (In millions, except for per share data) 2015 2014 2015 2014 Earnings Income from continuing operations, net of tax $ 372 $ 388 $ 1,252 $ 1,004 Income (loss) from discontinued operations, net of tax 9 — 9 (588 ) Net income $ 381 $ 388 $ 1,261 $ 416 Shares Weighted average common shares outstanding, basic 413.8 437.2 418.4 445.9 Dilutive effect of stock compensation plans 5.1 5.9 5.0 6.1 Dilutive effect of warrants 4.1 7.7 4.9 13.9 Weighted average common shares outstanding and dilutive potential common shares [1] 423.0 450.8 428.3 465.9 Earnings per common share Basic Income from continuing operations, net of tax $ 0.90 $ 0.89 $ 2.99 $ 2.25 Income (loss) from discontinued operations, net of tax 0.02 — 0.02 (1.32 ) Net income per common share $ 0.92 $ 0.89 $ 3.01 $ 0.93 Diluted Income from continuing operations, net of tax $ 0.88 $ 0.86 $ 2.92 $ 2.15 Income (loss) from discontinued operations, net of tax 0.02 — 0.02 (1.26 ) Net income per common share $ 0.90 $ 0.86 $ 2.94 $ 0.89 [1] Includes 3.5 million common shares for the three and nine months ended September 30, 2014 related to the forward purchase of shares under an accelerated share repurchase agreement (“ASR”), as the effect of excluding these shares would have been anti-dilutive. As the ASR matured in December 2014, the additional 3.5 million common shares have been excluded from shares of treasury stock acquired reported in the accompanying Condensed Consolidated Statements of Changes in Stockholders' Equity for the nine months ended September 30, 2014. Basic earnings per share is computed based on the weighted average number of common shares outstanding during the year. Diluted potential common shares are included in the calculation of diluted per share amounts provided there is income from continuing operations, net of tax. Diluted earnings per share includes the dilutive effect of assumed exercise or issuance of warrants and stock-based awards under compensation plans 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. |
Segment Information Level 1 (No
Segment Information Level 1 (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
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 U.S., along with a variety of customized insurance products and risk management services including professional liability, bond, surety 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, 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 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 a portion of the runoff of the mutual funds which supports the Company's variable annuity products. Talcott Resolution Talcott Resolution is comprised of runoff business from the Company's individual annuity, institutional, and private-placement life insurance businesses. The Company's individual annuity business consists of annuity products for individuals, which include variable, fixed, and payout annuity products. In addition, Talcott Resolution includes the retained Japan fixed payout annuity liabilities, as well as the Company's discontinued Japan annuity business prior to its sale in 2014. 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 annuity contracts from another to fund pension costs and to settle certain group life 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 net income (loss) for each reporting segment, as well as the Corporate category. Three Months Ended September 30, Nine Months Ended September 30, Net Income (Loss) 2015 2014 2015 2014 Commercial Lines $ 211 $ 280 $ 710 $ 721 Personal Lines 19 73 136 142 Property & Casualty Other Operations 16 14 (72 ) (108 ) Group Benefits 42 37 150 143 Mutual Funds 22 22 66 64 Talcott Resolution 74 28 402 (331 ) Corporate (3 ) (66 ) (131 ) (215 ) Net income $ 381 $ 388 $ 1,261 $ 416 The following table presents revenues by product line for each reporting segment, as well as the Corporate category. Three Months Ended September 30, Nine Months Ended September 30, Revenues 2015 2014 2015 2014 Earned premiums and fee income Commercial Lines Workers’ compensation $ 769 $ 738 $ 2,273 $ 2,204 Property 158 142 474 415 Automobile 156 149 456 438 Package business 305 294 896 866 Liability 146 144 423 435 Bond 55 55 163 158 Professional liability 58 56 168 162 Total Commercial Lines 1,647 1,578 4,853 4,678 Personal Lines Automobile 674 662 1,994 1,948 Homeowners 303 302 901 890 Total Personal Lines [1] 977 964 2,895 2,838 Property & Casualty Other Operations 1 — 1 — Group Benefits Group disability 361 357 1,106 1,091 Group life 365 354 1,106 1,113 Other 43 42 133 125 Total Group Benefits 769 753 2,345 2,329 Mutual Funds Mutual Fund 154 150 457 436 Talcott 28 35 88 106 Total Mutual Funds 182 185 545 542 Talcott Resolution 275 379 848 1,084 Corporate 1 2 6 9 Total earned premiums and fee income 3,852 3,861 11,493 11,480 Net investment income 730 810 2,335 2,402 Net realized capital gains (losses) (44 ) 69 (30 ) 30 Other revenues 24 29 66 85 Total revenues $ 4,562 $ 4,769 $ 13,864 $ 13,997 [1] For the three months ended September 30, 2015 and 2014 , AARP members accounted for earned premiums of $797 and $772 , respectively. For the nine months ended September 30, 2015 and 2014 , AARP members accounted for earned premiums of $2.3 billion. |
Fair Value Measurements Level 1
Fair Value Measurements Level 1 (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | The following section applies to 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, 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 w here an investment can be redeemed, or substantially redeemed, at the net asset value per share or equivalent ("NAV") on 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 $471 and $995 , for the three and nine months ended September 30, 2015 , respectively, and $278 and $1.9 billion for the three and nine months ended September 30, 2014 , respectively, which represented previously on-the-run U.S. Treasury securities that are now off-the-run. For the three and nine months ended September 30, 2015 and 2014 , 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 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. September 30, 2015 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets accounted for at fair value on a recurring basis Fixed maturities, AFS Asset-backed-securities ("ABS") $ 2,716 $ — $ 2,689 $ 27 Collateralized debt obligations ("CDOs") 3,031 — 2,486 545 Commercial mortgage-backed securities ("CMBS") 4,542 — 4,373 169 Corporate 26,772 — 25,867 905 Foreign government/government agencies 1,255 — 1,205 50 Municipal 12,211 — 12,161 50 Residential mortgage-backed securities ("RMBS") 3,859 — 2,367 1,492 U.S. Treasuries 4,723 934 3,789 — Total fixed maturities 59,109 934 54,937 3,238 Fixed maturities, FVO 548 1 486 61 Equity securities, trading [1] 11 11 — — Equity securities, AFS 813 565 149 99 Derivative assets Credit derivatives 13 — 13 — Foreign exchange derivatives 10 — 10 — Interest rate derivatives 79 — 69 10 Guaranteed minimum withdrawal benefit ("GMWB") hedging instruments 94 — 9 85 Macro hedge program 100 — — 100 Other derivative contracts 8 — — 8 Total derivative assets [2] 304 — 101 203 Short-term investments 3,433 700 2,733 — Limited partnerships and other alternative investments [3] 815 — 717 98 Reinsurance recoverable for GMWB 73 — — 73 Modified coinsurance reinsurance contracts 62 — 62 — Separate account assets [4] 117,725 77,368 39,847 510 Total assets accounted for at fair value on a recurring basis $ 182,893 $ 79,579 $ 99,032 $ 4,282 Liabilities accounted for at fair value on a recurring basis Other policyholder funds and benefits payable GMWB $ (270 ) $ — $ — $ (270 ) Equity linked notes (21 ) — — (21 ) Total other policyholder funds and benefits payable (291 ) — — (291 ) Derivative liabilities Credit derivatives (29 ) — (29 ) — Commodity derivatives 7 — — 7 Equity derivatives 20 — 20 — Foreign exchange derivatives (469 ) — (469 ) — Interest rate derivatives (648 ) — (618 ) (30 ) GMWB hedging instruments 113 — 27 86 Macro hedge program 83 — — 83 Total derivative liabilities [5] (923 ) — (1,069 ) 146 Total liabilities accounted for at fair value on a recurring basis $ (1,214 ) $ — $ (1,069 ) $ (145 ) December 31, 2014 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets accounted for at fair value on a recurring basis Fixed maturities, AFS ABS $ 2,472 $ — $ 2,350 $ 122 CDOs 2,841 — 2,218 623 CMBS 4,415 — 4,131 284 Corporate 27,359 — 26,319 1,040 Foreign government/government agencies 1,636 — 1,577 59 Municipal 12,871 — 12,805 66 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 [1] 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 [2] 364 — 128 236 Short-term investments 4,883 349 4,534 — Limited partnerships and other alternative investments [3] 770 — 581 189 Reinsurance recoverable for GMWB 56 — — 56 Modified coinsurance reinsurance contracts 34 — 34 — Separate account assets [4] 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 [5] (927 ) — (1,004 ) 77 Consumer notes [6] (3 ) — — (3 ) Total liabilities accounted for at fair value on a recurring basis $ (1,095 ) $ — $ (1,004 ) $ (91 ) [1] Included in other investments on the Condensed Consolidated Balance Sheets. [2] Includes over-the-counter ("OTC") and OTC-cleared derivative instruments in a net positive fair value position after consideration of the accrued interest and impact of collateral posting requirements, which may be imposed by agreements, clearing house rules and applicable law. As of September 30, 2015 , and December 31, 2014 , $136 and $413 , respectively, of cash collateral liability was netted against the derivative asset value in the Condensed Consolidated Balance Sheets and is excluded from the preceding table. See the following footnote 5 for derivative liabilities. [3] Represents hedge funds where investment company accounting has been applied to a wholly-owned fund of funds measured at fair value. [4] Approximately $3.9 billion and $2.5 billion of investment sales receivable, as of September 30, 2015 , and December 31, 2014 , 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. [5] Includes OTC and OTC-cleared derivative instruments in a net negative fair value position (derivative liability) after consideration of the accrued interest and impact of collateral posting requirements, which may be imposed by agreements, clearing house rules and applicable law. In the following Level 3 roll-forward table in this Note 4, the derivative assets and liabilities are referred to as “freestanding derivatives” and are presented on a net basis. [6] 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 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. 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, Equity Securities, and Short-term Investments The fair value of fixed maturities, equity securities, 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 the preceding outlined available market observable information. 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. Private placement securities are priced using a pricing matrix to determine the credit spreads that are used to discount the expected future cash flows for securities for which the Company is unable to obtain a price from a third-party pricing service. 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 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. 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 that utilize independent market data inputs for OTC derivatives, quoted market prices for exchange-traded and OTC-cleared derivatives, or independent broker quotations. Excluding embedded and reinsurance related derivatives, as of September 30, 2015 and December 31, 2014, 96% and 96%, 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. On a daily basis, market valuations are compared to counterparty valuations for OTC derivatives. 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 and all new deals during the month. 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 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. Fair value is determined for these funds using the 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 are classified as Level 2. Valuation Techniques and Inputs for Investments Generally, the Company determines the estimated fair value of its fixed maturities, equity securities, 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 included in the following discussion: 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. • 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 typically 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. Also included in Level 3 are securities 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 the preceding noted Level 2 measurements, but are Level 3 due to their less liquid markets. Additionally, certain long-dated securities are priced based on third party pricing services, including certain municipal securities, foreign government/government agencies, and bank loans. Primary inputs for these long-dated securities are consistent with the typical inputs used in the preceding noted Level 1 and Level 2 measurements, 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 preceding noted Level 1 and Level 2 measurements; but also include equity and interest rate volatility and swap yield curves beyond observable limits, and commodity price curves. Significant Unobservable Inputs for Level 3 Assets Measured at Fair Value 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. Securities Unobservable Inputs As of September 30, 2015 Assets Accounted for at Fair Value on a Recurring Basis Fair Value Predominant Valuation Method Significant Unobservable Input Minimum Maximum Weighted Average [1] Impact of Increase in Input on Fair Value [2] CMBS $ 169 Discounted cash flows Spread (encompasses prepayment, default risk and loss severity) 36 bps 757 bps 228 bps Decrease Corporate [3] 406 Discounted cash flows Spread 70 bps 735 bps 326 bps Decrease Municipal [3] 32 Discounted cash flows Spread 197 bps 197 bps 197 bps Decrease RMBS 1,492 Discounted cash flows Spread 53 bps 1,176 bps 169 bps Decrease Constant prepayment rate —% 100% 4% Decrease [4] Constant default rate —% 14% 6% Decrease Loss severity —% 100% 78% Decrease As of December 31, 2014 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% 2% Decrease [4] Constant default rate 1% 14% 7% Decrease Loss severity —% 100% 78% 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 preceding table. [3] Level 3 corporate and municipal securities excludes those for which the Company bases fair value on broker quotations as noted in the following discussion. [4] Decrease for above market rate coupons and increase for below market rate coupons. Freestanding Derivatives Unobservable Inputs As of September 30, 2015 Fair Value Predominant Valuation Method Significant Unobservable Input Minimum Maximum Impact of Increase in Input on Fair Value [1] Interest rate derivative Interest rate swaps $ (30 ) Discounted cash flows Swap curve beyond 30 years 3 % 3 % Decrease Interest rate swaptions [2] 10 Option model Interest rate volatility 1 % 1 % Increase GMWB hedging instruments Customized swaps 171 Discounted cash flows Equity volatility 10 % 40 % Increase Macro hedge program Equity options 183 Option model Equity volatility 15 % 28 % Increase As of December 31, 2014 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 [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] The swaptions presented are purchased options that have the right to enter into a pay-fixed swap. Securities and derivatives for which the Company bases fair value on broker quotations predominately include ABS, CDOs, and corporate. 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 three and nine months ended September 30, 2015 , no significant adjustments were made by the Company to broker prices received. As of September 30, 2015 and December 31, 2014 , excluded from the preceding tables are hedge funds where investment company accounting has been applied to a wholly-owned fund of funds measured at fair value which total $98 and $189 , 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 a |
Investments and Derivative Inst
Investments and Derivative Instruments Level 1 (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Investments and Derivative Instruments [Abstract] | |
Investments and Derivative Instruments [Text Block] | Net Realized Capital Gains (Losses) Three Months Ended September 30, Nine Months Ended September 30, (Before tax) 2015 2014 2015 2014 Gross gains on sales $ 83 $ 116 $ 401 $ 421 Gross losses on sales (73 ) (29 ) (333 ) (191 ) Net OTTI losses recognized in earnings (40 ) (14 ) (63 ) (43 ) Valuation allowances on mortgage loans 1 — (2 ) (3 ) Periodic net coupon settlements on credit derivatives 3 — 8 1 Results of variable annuity hedge program GMWB derivatives, net (32 ) 6 (35 ) 15 Macro hedge program 51 12 24 (13 ) Total results of variable annuity hedge program 19 18 (11 ) 2 Other, net [1] (37 ) (22 ) (30 ) (157 ) Net realized capital gains (losses) $ (44 ) $ 69 $ (30 ) $ 30 [1] Primarily consists of changes in the value of non-qualifying derivatives, transactional foreign currency revaluation gains (losses) on yen denominated fixed payout annuity liabilities and gains (losses) on non-qualifying derivatives used to hedge the foreign currency exposure of the liabilities. For the three months ended September 30, 2015 and 2014 , gains (losses) from transactional foreign currency revaluation of the yen denominated fixed payout annuity liabilities were $(17) and $83 , respectively. For the nine months ended September 30, 2015 and 2014 , gains (losses) from transactional foreign currency revaluation of the yen denominated fixed payout annuity liabilities were $(1) and $38 , respectively. For the three months ended September 30, 2015 and 2014 , gains (losses) on instruments used to hedge the foreign currency exposure on the fixed payout annuities were $8 and $(86) , respectively. For the nine months ended September 30, 2015 and 2014 , gains (losses) on instruments used to hedge the foreign currency exposure on the fixed payout annuities were $(23) and $(58) , 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 $(29) and $14 , respectively, for the three and nine months ended September 30, 2015 , and $61 and $186 for the three and nine months ended September 30, 2014 , respectively. Proceeds from sales of AFS securities totaled $4.5 billion and $16.3 billion , respectively, for three and nine months ended September 30, 2015 , and $5.2 billion and $19.6 billion for the three and nine months ended September 30, 2014 , respectively. 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 OTTI, 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 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. Impairments for the three and nine months ended September 30, 2015 , were $40 and $63 , respectively, and $14 and $43 for three and nine months ended September 30, 2014 , respectively. Impairments for the three and nine months ended September 30, 2015 , primarily consisted of securities in an unrealized loss position which the Company had made the decision to sell, and impairments caused by issuer specific deterioration. Impairments for the three months ended September 30, 2014 , primarily consisted of securities in an unrealized loss position which the Company had made the decision to sell. Impairments for the nine months ended September 30, 2014 , primarily consisted of credit impairments caused by issuer specific deterioration. The following table presents a roll-forward of the Company’s cumulative credit impairments on debt securities held. Three Months Ended September 30, Nine Months Ended September 30, (Before tax) 2015 2014 2015 2014 Balance as of beginning of period $ (388 ) $ (488 ) $ (424 ) $ (552 ) Additions for credit impairments recognized on [1]: Securities not previously impaired — (1 ) (3 ) (9 ) Securities previously impaired (12 ) (3 ) (13 ) (17 ) Reductions for credit impairments previously recognized on: Securities that matured or were sold during the period 51 49 61 122 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 12 6 40 19 Balance as of end of period $ (337 ) $ (437 ) $ (337 ) $ (437 ) [1] These additions are included in the net OTTI losses recognized in earnings in the Condensed Consolidated Statements of Operations. Available-for-Sale Securities The following table presents the Company’s AFS securities by type. September 30, 2015 December 31, 2014 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Non-Credit OTTI [1] Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Non-Credit OTTI [1] ABS $ 2,715 $ 37 $ (36 ) $ 2,716 $ — $ 2,470 $ 39 $ (37 ) $ 2,472 $ (1 ) CDOs [2] 2,962 89 (17 ) 3,031 — 2,776 98 (36 ) 2,841 — CMBS 4,404 163 (25 ) 4,542 (6 ) 4,235 196 (16 ) 4,415 (6 ) Corporate 25,427 1,636 (291 ) 26,772 (1 ) 25,188 2,382 (211 ) 27,359 (3 ) Foreign govt./govt. agencies 1,258 43 (46 ) 1,255 — 1,592 73 (29 ) 1,636 — Municipal 11,275 959 (23 ) 12,211 — 11,735 1,141 (5 ) 12,871 — RMBS 3,777 101 (19 ) 3,859 — 3,815 122 (19 ) 3,918 (1 ) U.S. Treasuries 4,457 274 (8 ) 4,723 — 3,551 326 (5 ) 3,872 — Total fixed maturities, AFS $ 56,275 $ 3,302 $ (465 ) $ 59,109 $ (7 ) $ 55,362 $ 4,377 $ (358 ) $ 59,384 $ (11 ) Equity securities, AFS [3] 826 34 (47 ) 813 — 676 50 (27 ) 699 — Total AFS securities $ 57,101 $ 3,336 $ (512 ) $ 59,922 $ (7 ) $ 56,038 $ 4,427 $ (385 ) $ 60,083 $ (11 ) [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 September 30, 2015 , and December 31, 2014 . [2] Gross unrealized gains (losses) exclude the fair value of bifurcated embedded derivatives within certain securities. Subsequent changes in value are recorded in net realized capital gains (losses). [3] Excludes equity securities, FVO, with a cost and fair value of $351 and $348 , respectively, as of December 31, 2014 . The Company did not hold any equity securities, FVO as of September 30, 2015 . The following table presents the Company’s fixed maturities, AFS, by contractual maturity year. September 30, 2015 December 31, 2014 Contractual Maturity Amortized Cost Fair Value Amortized Cost Fair Value One year or less $ 2,395 $ 2,413 $ 2,141 $ 2,168 Over one year through five years 10,997 11,427 11,264 11,827 Over five years through ten years 9,190 9,438 8,802 9,226 Over ten years 19,835 21,683 19,859 22,517 Subtotal 42,417 44,961 42,066 45,738 Mortgage-backed and asset-backed securities 13,858 14,148 13,296 13,646 Total fixed maturities, AFS $ 56,275 $ 59,109 $ 55,362 $ 59,384 Estimated maturities may differ from contractual maturities due to security call or prepayment provisions. Due to the potential for variability in payment speeds (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 had no investment 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 agencies as of September 30, 2015 , or December 31, 2014 . Unrealized Losses on AFS Securities 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. September 30, 2015 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 $ 791 $ 789 $ (2 ) $ 358 $ 324 $ (34 ) $ 1,149 $ 1,113 $ (36 ) CDOs [1] 1,047 1,041 (6 ) 1,104 1,090 (11 ) 2,151 2,131 (17 ) CMBS 745 730 (15 ) 189 179 (10 ) 934 909 (25 ) Corporate 6,528 6,298 (230 ) 660 599 (61 ) 7,188 6,897 (291 ) Foreign govt./govt. agencies 517 485 (32 ) 127 113 (14 ) 644 598 (46 ) Municipal 841 821 (20 ) 38 35 (3 ) 879 856 (23 ) RMBS 835 830 (5 ) 402 388 (14 ) 1,237 1,218 (19 ) U.S. Treasuries 766 758 (8 ) 8 8 — 774 766 (8 ) Total fixed maturities, AFS $ 12,070 $ 11,752 $ (318 ) $ 2,886 $ 2,736 $ (147 ) $ 14,956 $ 14,488 $ (465 ) Equity securities, AFS [2] 445 409 (36 ) 74 63 (11 ) 519 472 (47 ) Total securities in an unrealized loss position $ 12,515 $ 12,161 $ (354 ) $ 2,960 $ 2,799 $ (158 ) $ 15,475 $ 14,960 $ (512 ) 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 ) [1] Unrealized losses exclude the change in fair value of bifurcated embedded derivatives within certain securities, for which changes in fair value are recorded in net realized capital gains (losses). [2] As of September 30, 2015 , and December 31, 2014 , excludes equity securities, FVO which are included in equity securities, AFS on the Condensed Consolidated Balance Sheets. As of September 30, 2015 , AFS securities in an unrealized loss position, consisted of 4,208 securities, primarily in the corporate sector, which are depressed primarily due to an increase in interest rates and/or widening of credit spreads since the securities were purchased. As of September 30, 2015 , 88% of these securities were depressed less than 20% of cost or amortized cost. The increase in unrealized losses as compared to December 31, 2014 , was primarily attributable to wider credit spreads, partially offset by a decline 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, structured securities with exposure to commercial and residential real estate and student loan ABS. Corporate securities and student loan ABS, 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. The Company neither has an intention to sell nor does it expect to be required to sell the securities outlined in the preceding discussion. Mortgage Loans 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. September 30, 2015 December 31, 2014 Amortized Cost [1] Valuation Allowance Carrying Value Amortized Cost [1] Valuation Allowance Carrying Value Total commercial mortgage loans $ 5,572 $ (20 ) $ 5,552 $ 5,574 $ (18 ) $ 5,556 [1] Amortized cost represents carrying value prior to valuation allowances, if any. As of September 30, 2015 , and December 31, 2014 , the carrying value of mortgage loans associated with the valuation allowance was $80 and $140 , respectively. There were no mortgage loans held-for-sale as of September 30, 2015 , or December 31, 2014 . As of September 30, 2015 , 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. 2015 2014 Balance, as of January 1 $ (18 ) $ (67 ) (Additions)/Reversals (4 ) (3 ) Deductions 2 51 Balance, as of September 30 $ (20 ) $ (19 ) The weighted-average LTV ratio of the Company’s commercial mortgage loan portfolio was 55% as of September 30, 2015 , 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. DSCR compares 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 2.67x as of September 30, 2015 . As of September 30, 2015 , and December 31, 2014 , the Company held one delinquent commercial mortgage loan past due by 90 days or more. The loan had a total carrying value and valuation allowance of $6 and $2 , 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 September 30, 2015 December 31, 2014 Loan-to-value Carrying Value Avg. Debt-Service Coverage Ratio Carrying Value Avg. Debt-Service Coverage Ratio Greater than 80% $ 23 1.16x $ 53 1.07x 65% - 80% 722 1.80x 789 1.75x Less than 65% 4,807 2.82x 4,714 2.66x Total commercial mortgage loans $ 5,552 2.67x $ 5,556 2.51x The following tables present the carrying value of the Company’s mortgage loans by region and property type. Mortgage Loans by Region September 30, 2015 December 31, 2014 Carrying Value Percent of Total Carrying Value Percent of Total East North Central $ 259 4.7 % $ 211 3.8 % East South Central 14 0.3 % — — % Middle Atlantic 419 7.5 % 468 8.4 % Mountain 47 0.8 % 88 1.6 % New England 406 7.3 % 381 6.9 % Pacific 1,619 29.3 % 1,607 29.0 % South Atlantic 1,173 21.1 % 1,019 18.3 % West North Central 30 0.5 % 44 0.8 % West South Central 311 5.6 % 302 5.4 % Other [1] 1,274 22.9 % 1,436 25.8 % Total mortgage loans $ 5,552 100.0 % $ 5,556 100.0 % [1] Primarily represents loans collateralized by multiple properties in various regions. Mortgage Loans by Property Type September 30, 2015 December 31, 2014 Carrying Value Percent of Total Carrying Percent of Total Commercial Agricultural $ 33 0.6 % $ 46 0.8 % Industrial 1,437 25.9 % 1,476 26.6 % Lodging 26 0.5 % 26 0.5 % Multifamily 1,339 24.1 % 1,190 21.4 % Office 1,504 27.1 % 1,517 27.3 % Retail 1,063 19.1 % 1,147 20.6 % Other 150 2.7 % 154 2.8 % Total mortgage loans $ 5,552 100.0 % $ 5,556 100.0 % Mortgage Servicing The Company originates, sells and services commercial mortgage loans on behalf of third parties and recognizes servicing fees over the period that services are performed in fee income. As of September 30, 2015 , under this program the Company serviced commercial mortgage loans with a total outstanding principal of $148 of which $59 was serviced on behalf of third parties and $89 was retained and reported on the Company’s Condensed Consolidated Balance Sheets, including $20 in separate account assets. Servicing rights are carried at the lower of cost or fair value and were zero as of September 30, 2015 , because servicing fees were market-level fees at origination and remain adequate to compensate the Company to administer the servicing. 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. 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 Condensed 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. September 30, 2015 December 31, 2014 Total Assets Total Liabilities [1] Maximum Exposure to Loss [2] Total Assets Total Liabilities [1] Maximum Exposure to Loss [2] CDOs [3] $ 5 $ 5 $ — $ 5 $ 5 $ — Investment funds [4] 198 — 201 238 — 243 Limited partnerships and other alternative investments 2 — 2 3 1 2 Total $ 205 $ 5 $ 203 $ 246 $ 6 $ 245 [1] Included in other liabilities in the Company’s Condensed 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 cash in the Company’s Condensed Consolidated Balance Sheets. [4] Total assets included in fixed maturities, FVO, short-term investments, equity, AFS, and cash in the Company’s Condensed 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 of funds 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 Condensed Consolidated Balance Sheets. This VIE represents a contingent capital facility ("facility") that has been held by the Company since February 2007 and for which the Company has no implied or unfunded commitments. Assets and liabilities recorded for the contingent capital facility were $8 and $8 , respectively, as of September 30, 2015 , and $12 and $14 , respectively, as of December 31, 2014 . Additionally, the Company has a maximum exposure to loss of $3 and $3 , respectively, as of September 30, 2015 , and December 31, 2014 , 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 included in The Hartford’s 2014 Form 10-K Annual Report. 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 Condensed 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 Condensed Consolidated Balance Sheets. As of September 30, 2015 , the Company reported in fixed maturities, AFS and cash on the Condensed Consolidated Balance Sheets financial collateral pledged relating to repurchase agreements of $315 . The Company reported a corresponding obligation to repurchase the pledged securities of $315 in other liabilities on the Condensed Consolidated Balance Sheets. The Company had no outstanding dollar roll transactions as of September 30, 2015 . The Company had no outstanding repurchase agreements or dollar roll transactions as of December 31, 2014 . The Company is required by law to deposit securities with government agencies in certain states in which it conducts business. As of September 30, 2015 , and December 31, 2014 , the fair value of securities on deposit was approximately $2.7 billion and $2.5 billion , respectively. As of September 30, 2015 , and December 31, 2014 , the Company has pledged as collateral $35 and $34 , respectively, of U.S. gov |
Separate Accounts, Death Benefi
Separate Accounts, Death Benefits and Other Insurance Benefit Features Level 1 (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Separate Accounts Disclosure [Abstract] | |
Separate Accounts, Death Benefits, and Other Insurance Benefit Features [Text Block] | U.S. 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] Universal Life Secondary Guarantees Liability balance as of January 1, 2015 $ 812 $ 2,041 Incurred 119 213 Paid (83 ) — Unlock (43 ) (10 ) Liability balance as of September 30, 2015 $ 805 $ 2,244 Reinsurance recoverable asset, as of January 1, 2015 $ 481 $ 2,041 Incurred 72 203 Paid (66 ) — Unlock 17 — Reinsurance recoverable asset, as of September 30, 2015 $ 504 $ 2,244 U.S. GMDB/GMWB [1] International GMDB/GMIB Universal Life Secondary Guarantees Liability balance as of January 1, 2014 $ 849 $ 272 $ 1,802 Incurred 136 28 174 Paid (85 ) (15 ) — Unlock (90 ) (41 ) 5 Impact of Japan business disposition — (254 ) — Currency translation adjustment — 10 — Liability balance as of September 30, 2014 $ 810 $ — $ 1,981 Reinsurance recoverable asset, as of January 1, 2014 $ 533 $ 23 $ 1,802 Incurred 78 4 179 Paid (66 ) (4 ) — Unlock (62 ) 3 — Impact of Japan business disposition — (27 ) — Currency translation adjustment — 1 — Reinsurance recoverable asset, as of September 30, 2014 $ 483 $ — $ 1,981 [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 September 30, 2015 : Account Value by GMDB/GMWB Type Maximum anniversary value (“MAV”) [1] Account Value (“AV”) [8] Net Amount at Risk (“NAR”) [9] Retained Net Amount at Risk (“RNAR”) [9] Weighted Average Attained Age of Annuitant MAV only $ 14,474 $ 3,162 $ 613 70 With 5% rollup [2] 1,256 260 92 70 With Earnings Protection Benefit Rider (“EPB”) [3] 3,714 502 78 69 With 5% rollup & EPB 485 108 24 72 Total MAV 19,929 4,032 807 Asset Protection Benefit (“APB”) [4] 11,879 838 556 69 Lifetime Income Benefit (“LIB”) — Death Benefit [5] 520 13 13 68 Reset [6] (5-7 years) 2,568 65 65 70 Return of Premium (“ROP”) [7]/Other 9,568 79 72 68 Subtotal Variable Annuity with GMDB/GMWB [10] 44,464 5,027 1,513 69 Less: General Account Value with GMDB/GMWB 3,870 Subtotal Separate Account Liabilities with GMDB 40,594 Separate Account Liabilities without GMDB 81,040 Total Separate Account Liabilities $ 121,634 [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 generally based on market performance that ratchets over time. [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 $7.1 billion of total account value and weighted average attained age of 71 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 September 30, 2015 As of December 31, 2014 Equity securities (including mutual funds) $ 36,934 $ 44,786 Cash and cash equivalents 3,660 4,066 Total $ 40,594 $ 48,852 As of September 30, 2015 and December 31, 2014 , approximately 18% and 17% of the equity securities (including mutual funds), in the preceding table were funds invested in fixed income securities and approximately 82% and 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 4 - Fair Value Measurements of Notes to Condensed Consolidated Financial Statements. |
Income Taxes Level 1 (Notes)
Income Taxes Level 1 (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | A reconciliation of the tax provision at the U.S. federal statutory rate to the provision (benefit) for income taxes is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Tax provision at U.S. federal statutory rate $ 133 $ 173 $ 516 $ 439 Tax-exempt interest (33 ) (35 ) (100 ) (104 ) Dividends-received deduction ("DRD") (36 ) (32 ) (131 ) (85 ) Valuation allowance (60 ) 1 (57 ) 4 Other 3 1 (6 ) (3 ) Provision for income taxes $ 7 $ 108 $ 222 $ 251 The Company’s effective tax rate for the nine months ended September 30, 2015 reflects a $36 net reduction in the provision for income taxes related to uncertain tax positions consisting of a $48 reduction in the provision in second quarter 2015 upon conclusion of the Internal Revenue Service audit of the Company's 2007-2011 federal consolidated corporate income tax returns, offset by a $12 increase in the provision for the three months ended September 30, 2015 due to the filing of the Company's 2014 federal consolidated income tax return. The separate account DRD is estimated for the current year using information from the most recent return, adjusted for current year equity market performance and other appropriate factors, including estimated levels of corporate dividend payments and level of policy owner equity account balances. The actual current year DRD can vary from estimates based on, but not limited to, changes in eligible dividends received in the mutual funds, amounts of distribution from these mutual funds, amounts of short-term capital gains at the mutual fund level and the Company’s taxable income before the DRD. The Company evaluates its DRD computations on a quarterly basis. For further discussion of the Company's effective tax rate, see the capital loss carryover section of this footnote. The federal audit of the years 2012 and 2013 began in March 2015 and is expected to be completed in 2016. Management believes that adequate provision has been made in the financial statements for any potential adjustments that may result from tax examinations and other tax-related matters for all open tax years. The Company’s unrecognized tax benefits were $12 and $48 as of September 30, 2015 and December 31, 2014, respectively. Net deferred income taxes include the future tax benefits associated with the net operating loss carryover, foreign tax credit carryover, capital loss carryover, and alternative minimum tax credit carryover as follows: As of September 30, 2015 December 31, 2014 Expiration Carryover amount Expected tax benefit, gross Carryover amount Expected tax benefit, gross Dates Amount Net operating loss carryover $ 5,465 $ 1,905 $ 5,547 $ 1,936 2016 - 2020 $ 3 2023 - 2033 $ 5,409 No expiration $ 53 Foreign tax credit carryover $ 160 $ 160 $ 178 $ 178 2018 - 2024 $ 160 Capital loss carryover $ 325 $ 114 $ 491 $ 172 2019 $ 318 2020 $ 7 Alternative minimum tax credit carryover $ 639 $ 639 $ 652 $ 652 No expiration $ 639 Net Operating Loss Carryover As of September 30, 2015 and December 31, 2014, the net deferred tax asset included the expected tax benefit attributable to net operating losses of $5,465 and $5,547 , respectively, consisting of U.S. losses of $5,412 and $5,508 , respectively, and foreign losses of $53 and $39 . If unutilized, the U.S. losses expire as follows: $3 from 2016 - 2020 , $5,409 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 $12 has been established as of September 30, 2015 and $9 as of December 31, 2014 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 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 September 30, 2015 and December 31, 2014, the net deferred tax asset included the expected tax benefit attributable to alternative minimum tax credit carryover of $639 and $652 , respectively, and foreign tax credit carryover of $160 and $178 , respectively. The alternative minimum tax credits have no expiration date and the foreign tax credit carryovers expire from 2018 - 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 and begun to purchase 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 September 30, 2015 and December 31, 2014, the net deferred tax asset included the expected tax benefit attributable to the capital loss carryover of $325 and $491 , respectively. The capital loss carryover is largely due to the loss on sale of HLIKK in 2014. As of September 30, 2015 and December 31, 2014, the associated deferred tax asset valuation allowance was $112 and $172 , respectively. If unutilized, $318 of the capital loss carryover will expire in 2019 and $7 in 2020. Utilization of the capital loss carryover requires the Company to realize sufficient taxable capital gains. While the Company has some ability to utilize the remaining capital loss carryover by generating capital gains through tax planning strategies, the Company concluded that it is more likely than not that a portion of this asset will not be realized. The Company's effective tax rate for the three and nine months ended September 30, 2015 reflects a $60 benefit from the partial reduction of the deferred tax asset valuation allowance on the capital loss carryover due to taxable gains on sales of investments in the third quarter of 2015. |
Commitments and Contingencies L
Commitments and Contingencies Level 1 (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 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 in the following discussion 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 in the following discussion, 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, disability, life and inland marine. 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 or other allegedly unfair or improper business practices. 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. In March 2015, the plaintiffs filed a new complaint that, among other things, removed The Hartford Small Company Fund as a plaintiff. HFMC and HIFSCO dispute the allegations and moved for summary judgment in June 2015. At the same time, plaintiffs moved for partial summary judgment with respect to The Hartford Capital Appreciation Fund. Asbestos and Environmental Claims – As discussed in Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Estimates - Property and Casualty Insurance Product Reserves, Net of Reinsurance - Property & Casualty Other Operations Claims, The Hartford continues to receive asbestos and environmental claims that involve significant uncertainty regarding policy coverage issues. Regarding these claims, The Hartford continually reviews its overall reserve levels and reinsurance coverages, as well as the methodologies it uses to estimate its exposures. Because of the significant uncertainties that limit the ability of insurers and reinsurers to estimate the ultimate reserves necessary for unpaid losses and related expenses, particularly those related to asbestos, the ultimate liabilities may exceed the currently recorded reserves. Any such additional liability cannot be reasonably estimated now but could be material to The Hartford’s consolidated operating results and liquidity. 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 September 30, 2015 is $1.2 billion . Of this $1.2 billion the legal entities have posted collateral of $1.6 billion in the normal course of business. In addition, the Company has posted collateral of $34 associated with a customized GMWB derivative. Based on derivative market values as of September 30, 2015 a downgrade of one or two levels below the current financial strength ratings by either Moody’s or S&P would not require additional 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. |
Level 1 (Notes)
Level 1 (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Capital Purchase Program ("CPP") Warrants As of September 30, 2015 and December 31, 2014 , respectively, the Company has 4.5 million and 7.2 million CPP warrants outstanding and exercisable. CPP warrant exercises were 1.1 million and 3.2 million during the three months ended September 30, 2015 and 2014 , respectively and 2.7 million and 24.1 million during the nine months ended September 30, 2015 and 2014 , respectively. 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 declaration of a common stock dividend during the three months ended September 30, 2015 resulted in an adjustment to the CPP warrant exercise price. The CPP warrant exercise price was $9.297 as of September 30, 2015 and $9.388 as of December 31, 2014 . Equity Repurchase Program As of September 30, 2015 , the Company has $1.8 billion remaining under its existing equity repurchase program authorization. In July 2015, the Board of Directors approved a $1.6 billion increase in and extension of the Company's authorized equity repurchase program, bringing the total authorization for equity repurchases to $4.375 billion for the period January 1, 2014 through December 31, 2016 . During the three and nine months ended September 30, 2015 , the Company repurchased 6.5 million and 18.6 million common shares, respectively, for $300 and $800 , respectively. During the period October 1, 2015 to October 21, 2015 , the Company repurchased 1.8 million common shares for $82 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income Loss Level 1 (Notes) | 9 Months Ended |
Sep. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Changes in AOCI, net of tax, by component consist of the following: Three months ended September 30, 2015 Changes in Net Unrealized Gain on Securities OTTI Losses in OCI Net Gain on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments Pension and Other Postretirement Plan Adjustments AOCI, net of tax Beginning balance $ 1,657 $ (7 ) $ 122 $ (24 ) $ (1,560 ) $ 188 OCI before reclassifications (113 ) 2 58 (14 ) (1 ) (68 ) Amounts reclassified from AOCI 19 1 (10 ) — 10 20 OCI, net of tax (94 ) 3 48 (14 ) 9 (48 ) Ending balance $ 1,563 $ (4 ) $ 170 $ (38 ) $ (1,551 ) $ 140 Nine months ended September 30, 2015 Changes in Net Unrealized Gain on Securities OTTI Losses in OCI Net Gain on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments Pension and Other Postretirement Plan Adjustments AOCI, net of tax Beginning balance $ 2,370 $ (5 ) $ 150 $ (8 ) $ (1,579 ) $ 928 OCI before reclassifications (798 ) — 49 (30 ) — (779 ) Amounts reclassified from AOCI (9 ) 1 (29 ) — 28 (9 ) OCI, net of tax (807 ) 1 20 (30 ) 28 (788 ) Ending balance $ 1,563 $ (4 ) $ 170 $ (38 ) $ (1,551 ) $ 140 Reclassifications from AOCI consist of the following: AOCI Amount Reclassified from AOCI Affected Line Item in the Condensed Consolidated Statement of Operations Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Net Unrealized Gain on Securities Available-for-sale securities $ (29 ) $ 14 Net realized capital gains (losses) (29 ) 14 Total before tax (10 ) 5 Income tax expense $ (19 ) $ 9 Net income OTTI Losses in OCI Other than temporary impairments $ (1 ) $ (2 ) Net realized capital gains (losses) (1 ) (2 ) Total before tax — (1 ) Income tax expense $ (1 ) $ (1 ) Net income Net Gains on Cash Flow Hedging Instruments Interest rate swaps $ 1 $ 4 Net realized capital gains (losses) Interest rate swaps 15 47 Net investment income Foreign currency swaps — (7 ) Net realized capital gains (losses) 16 44 Total before tax 6 15 Income tax expense $ 10 $ 29 Net income Pension and Other Postretirement Plan Adjustments Amortization of prior service credit $ 2 $ 5 Insurance operating costs and other expenses Amortization of actuarial loss (17 ) (48 ) Insurance operating costs and other expenses (15 ) (43 ) Total before tax (5 ) (15 ) Income tax expense $ (10 ) $ (28 ) Net income Total amounts reclassified from AOCI $ (20 ) $ 9 Net income Changes in AOCI, net of tax and DAC, by component consist of the following: Three months ended September 30, 2014 Changes in Net Unrealized Gain on Securities OTTI Losses in OCI Net Gain on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments Pension and Other Postretirement Plan Adjustments AOCI, net of tax Beginning balance $ 2,255 $ (7 ) $ 141 $ 13 $ (1,240 ) $ 1,162 OCI before reclassifications (22 ) 1 (15 ) (13 ) 1 (48 ) Amounts reclassified from AOCI (40 ) 1 (6 ) — 8 (37 ) OCI, net of tax (62 ) 2 (21 ) (13 ) 9 (85 ) Ending balance $ 2,193 $ (5 ) $ 120 $ — $ (1,231 ) $ 1,077 Nine months ended September 30, 2014 Changes in Net Unrealized Gain on Securities OTTI Losses in OCI Net Gain on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments Pension and Other Postretirement Plan Adjustments AOCI, net of tax Beginning balance $ 987 $ (12 ) $ 108 $ 91 $ (1,253 ) $ (79 ) OCI before reclassifications 1,277 4 48 21 1 1,351 Amounts reclassified from AOCI (71 ) 3 (36 ) (112 ) 21 (195 ) OCI, net of tax 1,206 7 12 (91 ) 22 1,156 Ending balance $ 2,193 $ (5 ) $ 120 $ — $ (1,231 ) $ 1,077 Reclassifications from AOCI consist of the following: AOCI Amount Reclassified from AOCI Affected Line Item in the Condensed Consolidated Statement of Operations Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Net Unrealized Gain on Securities Available-for-sale securities $ 61 $ 186 Net realized capital gains (losses) 61 186 Total before tax 21 65 Income tax expense (benefit) — 50 Loss from discontinued operations, net of tax $ 40 $ 71 Net income (loss) OTTI Losses in OCI Other than temporary impairments $ (2 ) $ (5 ) Net realized capital gains (losses) (2 ) (5 ) Total before tax (1 ) (2 ) Income tax expense (benefit) $ (1 ) $ (3 ) Net income (loss) Net Gains on Cash Flow Hedging Instruments Interest rate swaps $ (4 ) $ (2 ) Net realized capital gains (losses) Interest rate swaps 22 67 Net investment income Foreign currency swaps (9 ) (9 ) Net realized capital gains (losses) 9 56 Total before tax 3 20 Income tax expense (benefit) $ 6 $ 36 Net income (loss) Foreign Currency Flow Hedging Instruments Currency translation adjustments $ — $ 172 Net realized capital gains (losses) — 172 Total before tax — 60 Income tax expense (benefit) $ — $ 112 Net income (loss) Pension and Other Postretirement Plan Adjustments Amortization of prior service credit $ 2 $ 5 Insurance operating costs and other expenses Amortization of actuarial loss (14 ) (38 ) Insurance operating costs and other expenses (12 ) (33 ) Total before tax (4 ) (12 ) Income tax expense (benefit) $ (8 ) $ (21 ) Net income (loss) Total amounts reclassified from AOCI $ 37 $ 195 Net income (loss) |
Employee Benefit Plans Level 1
Employee Benefit Plans Level 1 (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Company’s employee benefit plans are described in Note 17 - Employee Benefit Plans of Notes to Consolidated Financial Statements included in The Hartford’s 2014 Annual Report on Form 10-K. Components of Net Periodic Cost (Benefit) Net periodic cost (benefit) includes the following components: Pension Benefits Other Postretirement Benefits Three Months Ended September 30, Three Months Ended September 30, 2015 2014 2015 2014 Service cost $ — $ 1 $ — $ — Interest cost 60 67 3 5 Expected return on plan assets (77 ) (81 ) (3 ) (2 ) Amortization of prior service credit — — (2 ) (2 ) Amortization of actuarial loss 16 13 1 1 Net periodic cost (benefit) $ (1 ) $ — $ (1 ) $ 2 Pension Benefits Other Postretirement Benefits Nine months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Service cost $ 1 $ 2 $ — $ — Interest cost 177 194 9 11 Expected return on plan assets (233 ) (244 ) (9 ) (10 ) Amortization of prior service credit — — (5 ) (5 ) Amortization of actuarial loss 45 35 3 3 Net periodic benefit $ (10 ) $ (13 ) $ (2 ) $ (1 ) |
Discontinued Operations Level 1
Discontinued Operations Level 1 (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | The Condensed Consolidated Statements of Operations include a net realized gain on disposal of $9 for the three and nine months ended September 30, 2015 related to discontinued operations. Amounts related to discontinued operations included in the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2014 are summarized in the following table. Nine Months Ended September 30, 2014 Revenues Earned premiums $ (1 ) Fee income 239 Net investment income: Securities available-for-sale and other 18 Equity securities, trading 134 Total net investment income 152 Net realized capital losses (157 ) Total revenues 233 Benefits, losses and expenses Benefits losses and loss adjustment expenses 7 Benefits, losses and loss adjustment expenses - returns credited on international variable annuities 134 Insurance operating costs and other expenses 23 Total benefits, losses and expenses 164 Income before income taxes 69 Income tax benefit (2 ) Income from operations of discontinued operations, net of tax 71 Net realized loss on disposal, net of tax [1] (659 ) Loss from discontinued operations, net of tax $ (588 ) [1] Includes income tax benefit of $241 on the sale of HLIKK for the nine months ended September 30, 2014. following table summarizes the major classes of assets and liabilities transferred by the Company in connection with the sale. 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 |
Debt Level 1 (Notes)
Debt Level 1 (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | for cash the entire $296 aggregate principal amount outstanding of 4.0% senior notes due October 15, 2017 for $317 including a make-whole premium. The Company financed the redemption of the senior notes with cash on hand. |
Basis of Presentation and Acc22
Basis of Presentation and Accounting Policies Level 2 (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Future Adoption of New Accounting Standard Amendments to Consolidation Guidance In February 2015, the Financial Accounting Standards Board 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 (modified retrospective approach). The Company will adopt the guidance using a modified retrospective approach effective as of January 1, 2016 and, upon adoption, the new guidance will not have a material effect on the Company’s Consolidated Financial Statements. |
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 runoff life and annuity products previously sold. On June 30, 2014, the Company completed the sale of all 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. The operations of the Company's Japan business are reported as discontinued operations. For further information regarding the sale of HLIKK and discontinued operations, see the following Discontinued Operations section and Note 13 - Discontinued Operations of Notes to Condensed Consolidated Financial Statements. The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, which differ materially from the accounting practices prescribed by various insurance regulatory authorities. These Condensed Consolidated Financial Statements and Notes should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in the Company's 2014 Form 10-K Annual Report. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full year. The accompanying Condensed Consolidated Financial Statements and Notes are unaudited. These financial statements reflect all adjustments (generally consisting only of normal accruals) which are, in the opinion of management, necessary for the fair presentation of the financial position, results of operations and cash flows for the interim periods. The Company's significant accounting policies are summarized in Note 1 - Basis of Presentation and Significant Accounting Policies of Notes to Consolidated Financial Statements included in the Company's 2014 Form 10-K Annual Report. |
Consolidation | Consolidation The Condensed 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 information on VIEs see Note 5 - Investments and Derivative Instruments of Notes to Condensed 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 are reported in discontinued operations when certain criteria are met as of the date of disposal, or earlier if classified as held-for-sale. When a component is identified for discontinued operations reporting, amounts for prior periods are retrospectively reclassified as discontinued operations. Prior to January 1, 2015, components were identified as discontinued operations if the operations and cash flows of the component had been or would be eliminated from the ongoing operations of the Company as a result of the disposal transaction and the Company would not have any significant continuing involvement in the operations of the component after the disposal transaction. For transactions occurring January 1, 2015 or later, under updated guidance issued by the Financial Accounting Standards Board, components are identified as discontinued operations if they are 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 regardless of whether the Company has significant continuing involvement in the operations of the component after the disposal transaction. For information on the specific discontinued operations, see Note 13 - Discontinued Operations of Notes to Condensed 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 Condensed Consolidated Financial Statements. |
Reclassification, Policy | Reclassifications Certain reclassifications have been made to prior period financial information to conform to the current period presentation. |
Fair Value Measurements Level 2
Fair Value Measurements Level 2 (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | The following section applies to 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, 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 w here an investment can be redeemed, or substantially redeemed, at the net asset value per share or equivalent ("NAV") on 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 $471 and $995 , for the three and nine months ended September 30, 2015 , respectively, and $278 and $1.9 billion for the three and nine months ended September 30, 2014 , respectively, which represented previously on-the-run U.S. Treasury securities that are now off-the-run. For the three and nine months ended September 30, 2015 and 2014 , 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 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 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 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. 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 and Derivative In24
Investments and Derivative Instruments Level 2 (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Investments and Derivative Instruments [Abstract] | |
Variable Interest Entity, Policy [Policy Text Block] | 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. 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 Condensed Consolidated Financial Statements. |
Repurchase Agreements, Valuation, Policy [Policy Text Block] | 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. |
Repurchase Agreements, Collateral, Policy [Policy Text Block] | 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 Condensed Consolidated Balance Sheets. |
Derivatives, Policy [Policy Text Block] | 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, commodity 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. |
Derivatives, Methods of Accounting, Hedge Documentation [Policy Text Block] | Strategies That Qualify for Hedge Accounting Certain derivatives that the Company enters into satisfy the hedge accounting requirements as outlined in Note 1 - Basis of Presentation and Significant Accounting Policies of Notes to Consolidated Financial Statements, included in The Hartford’s 2014 Form 10-K Annual Report. Typically, these hedge relationships include interest rate swaps and, to a lesser extent, foreign currency swaps where the terms or expected cash flows of the hedged item 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. |
Derivatives, Methods of Accounting, Derivatives Not Designated or Qualifying as Hedges [Policy Text Block] | 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, foreign currency, and commodity 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 uses 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 September 30, 2015 , and December 31, 2014 , the notional amount of interest rate swaps in offsetting relationships was $13.0 billion and 13.1 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. Fixed Payout Annuity Hedge The Company formerly offered certain variable annuity products with a guaranteed minimum income benefit ("GMIB") and continues to reinsure certain yen denominated 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 certain structured fixed maturity securities that have embedded credit derivatives, which 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 During 2014, the Company entered into total return swaps to hedge equity risk of specific common stock investments which are accounted for using fair value option in order to align the accounting treatment within net realized capital gains (losses). The Company may also use equity index options to hedge 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. Commodity Contracts During 2015, the Company purchased for $11 put option contracts on West Texas Intermediate oil futures with a strike of $35 dollars per barrel in order to partially offset potential losses related to certain fixed maturity securities that could arise if oil prices decline substantially. These options expire in early 2016. 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 September 30, December 31, 2014 September 30, December 31, 2014 Customized swaps $ 5,851 $ 7,041 $ 155 $ 124 Equity swaps, options, and futures 1,663 3,761 25 39 Interest rate swaps and futures 3,625 3,640 27 11 Total $ 11,139 $ 14,442 $ 207 $ 174 Macro Hedge Program The Company utilizes equity options, swaps, futures, 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 September 30, December 31, 2014 September 30, December 31, 2014 Equity swaps, options, and futures $ 4,272 $ 5,983 $ 183 $ 141 Foreign currency options — 400 — — Total $ 4,272 $ 6,383 $ 183 $ 141 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 September 30, 2015 , and December 31, 2014 , the Company had approximately $918 and $ 1.0 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, which was 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 amount of the embedded derivative reinsurance contracts are the invested assets that are carried at fair value supporting the reinsured reserves. |
Earnings (Loss) Per Common Sh25
Earnings (Loss) Per Common Share Level 3 (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, (In millions, except for per share data) 2015 2014 2015 2014 Earnings Income from continuing operations, net of tax $ 372 $ 388 $ 1,252 $ 1,004 Income (loss) from discontinued operations, net of tax 9 — 9 (588 ) Net income $ 381 $ 388 $ 1,261 $ 416 Shares Weighted average common shares outstanding, basic 413.8 437.2 418.4 445.9 Dilutive effect of stock compensation plans 5.1 5.9 5.0 6.1 Dilutive effect of warrants 4.1 7.7 4.9 13.9 Weighted average common shares outstanding and dilutive potential common shares [1] 423.0 450.8 428.3 465.9 Earnings per common share Basic Income from continuing operations, net of tax $ 0.90 $ 0.89 $ 2.99 $ 2.25 Income (loss) from discontinued operations, net of tax 0.02 — 0.02 (1.32 ) Net income per common share $ 0.92 $ 0.89 $ 3.01 $ 0.93 Diluted Income from continuing operations, net of tax $ 0.88 $ 0.86 $ 2.92 $ 2.15 Income (loss) from discontinued operations, net of tax 0.02 — 0.02 (1.26 ) Net income per common share $ 0.90 $ 0.86 $ 2.94 $ 0.89 |
Segment Information Level 3 (Ta
Segment Information Level 3 (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following table presents net income (loss) for each reporting segment, as well as the Corporate category. Three Months Ended September 30, Nine Months Ended September 30, Net Income (Loss) 2015 2014 2015 2014 Commercial Lines $ 211 $ 280 $ 710 $ 721 Personal Lines 19 73 136 142 Property & Casualty Other Operations 16 14 (72 ) (108 ) Group Benefits 42 37 150 143 Mutual Funds 22 22 66 64 Talcott Resolution 74 28 402 (331 ) Corporate (3 ) (66 ) (131 ) (215 ) Net income $ 381 $ 388 $ 1,261 $ 416 |
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. Three Months Ended September 30, Nine Months Ended September 30, Revenues 2015 2014 2015 2014 Earned premiums and fee income Commercial Lines Workers’ compensation $ 769 $ 738 $ 2,273 $ 2,204 Property 158 142 474 415 Automobile 156 149 456 438 Package business 305 294 896 866 Liability 146 144 423 435 Bond 55 55 163 158 Professional liability 58 56 168 162 Total Commercial Lines 1,647 1,578 4,853 4,678 Personal Lines Automobile 674 662 1,994 1,948 Homeowners 303 302 901 890 Total Personal Lines [1] 977 964 2,895 2,838 Property & Casualty Other Operations 1 — 1 — Group Benefits Group disability 361 357 1,106 1,091 Group life 365 354 1,106 1,113 Other 43 42 133 125 Total Group Benefits 769 753 2,345 2,329 Mutual Funds Mutual Fund 154 150 457 436 Talcott 28 35 88 106 Total Mutual Funds 182 185 545 542 Talcott Resolution 275 379 848 1,084 Corporate 1 2 6 9 Total earned premiums and fee income 3,852 3,861 11,493 11,480 Net investment income 730 810 2,335 2,402 Net realized capital gains (losses) (44 ) 69 (30 ) 30 Other revenues 24 29 66 85 Total revenues $ 4,562 $ 4,769 $ 13,864 $ 13,997 |
Fair Value Measurements Level 3
Fair Value Measurements Level 3 (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Assets and (liabilities) carried at fair value by hierarchy level | September 30, 2015 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets accounted for at fair value on a recurring basis Fixed maturities, AFS Asset-backed-securities ("ABS") $ 2,716 $ — $ 2,689 $ 27 Collateralized debt obligations ("CDOs") 3,031 — 2,486 545 Commercial mortgage-backed securities ("CMBS") 4,542 — 4,373 169 Corporate 26,772 — 25,867 905 Foreign government/government agencies 1,255 — 1,205 50 Municipal 12,211 — 12,161 50 Residential mortgage-backed securities ("RMBS") 3,859 — 2,367 1,492 U.S. Treasuries 4,723 934 3,789 — Total fixed maturities 59,109 934 54,937 3,238 Fixed maturities, FVO 548 1 486 61 Equity securities, trading [1] 11 11 — — Equity securities, AFS 813 565 149 99 Derivative assets Credit derivatives 13 — 13 — Foreign exchange derivatives 10 — 10 — Interest rate derivatives 79 — 69 10 Guaranteed minimum withdrawal benefit ("GMWB") hedging instruments 94 — 9 85 Macro hedge program 100 — — 100 Other derivative contracts 8 — — 8 Total derivative assets [2] 304 — 101 203 Short-term investments 3,433 700 2,733 — Limited partnerships and other alternative investments [3] 815 — 717 98 Reinsurance recoverable for GMWB 73 — — 73 Modified coinsurance reinsurance contracts 62 — 62 — Separate account assets [4] 117,725 77,368 39,847 510 Total assets accounted for at fair value on a recurring basis $ 182,893 $ 79,579 $ 99,032 $ 4,282 Liabilities accounted for at fair value on a recurring basis Other policyholder funds and benefits payable GMWB $ (270 ) $ — $ — $ (270 ) Equity linked notes (21 ) — — (21 ) Total other policyholder funds and benefits payable (291 ) — — (291 ) Derivative liabilities Credit derivatives (29 ) — (29 ) — Commodity derivatives 7 — — 7 Equity derivatives 20 — 20 — Foreign exchange derivatives (469 ) — (469 ) — Interest rate derivatives (648 ) — (618 ) (30 ) GMWB hedging instruments 113 — 27 86 Macro hedge program 83 — — 83 Total derivative liabilities [5] (923 ) — (1,069 ) 146 Total liabilities accounted for at fair value on a recurring basis $ (1,214 ) $ — $ (1,069 ) $ (145 ) December 31, 2014 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets accounted for at fair value on a recurring basis Fixed maturities, AFS ABS $ 2,472 $ — $ 2,350 $ 122 CDOs 2,841 — 2,218 623 CMBS 4,415 — 4,131 284 Corporate 27,359 — 26,319 1,040 Foreign government/government agencies 1,636 — 1,577 59 Municipal 12,871 — 12,805 66 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 [1] 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 [2] 364 — 128 236 Short-term investments 4,883 349 4,534 — Limited partnerships and other alternative investments [3] 770 — 581 189 Reinsurance recoverable for GMWB 56 — — 56 Modified coinsurance reinsurance contracts 34 — 34 — Separate account assets [4] 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 [5] (927 ) — (1,004 ) 77 Consumer notes [6] (3 ) — — (3 ) Total liabilities accounted for at fair value on a recurring basis $ (1,095 ) $ — $ (1,004 ) $ (91 ) [1] Included in other investments on the Condensed Consolidated Balance Sheets. [2] Includes over-the-counter ("OTC") and OTC-cleared derivative instruments in a net positive fair value position after consideration of the accrued interest and impact of collateral posting requirements, which may be imposed by agreements, clearing house rules and applicable law. As of September 30, 2015 , and December 31, 2014 , $136 and $413 , respectively, of cash collateral liability was netted against the derivative asset value in the Condensed Consolidated Balance Sheets and is excluded from the preceding table. See the following footnote 5 for derivative liabilities. [3] Represents hedge funds where investment company accounting has been applied to a wholly-owned fund of funds measured at fair value. [4] Approximately $3.9 billion and $2.5 billion of investment sales receivable, as of September 30, 2015 , and December 31, 2014 , 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. [5] Includes OTC and OTC-cleared derivative instruments in a net negative fair value position (derivative liability) after consideration of the accrued interest and impact of collateral posting requirements, which may be imposed by agreements, clearing house rules and applicable law. In the following Level 3 roll-forward table in this Note 4, the derivative assets and liabilities are referred to as “freestanding derivatives” and are presented on a net basis. [6] Represents embedded derivatives associated with non-funding agreement-backed consumer equity linked notes. |
Information about significant unobservable inputs used in Level 3 assets measured at fair value | Freestanding Derivatives Unobservable Inputs As of September 30, 2015 Fair Value Predominant Valuation Method Significant Unobservable Input Minimum Maximum Impact of Increase in Input on Fair Value [1] Interest rate derivative Interest rate swaps $ (30 ) Discounted cash flows Swap curve beyond 30 years 3 % 3 % Decrease Interest rate swaptions [2] 10 Option model Interest rate volatility 1 % 1 % Increase GMWB hedging instruments Customized swaps 171 Discounted cash flows Equity volatility 10 % 40 % Increase Macro hedge program Equity options 183 Option model Equity volatility 15 % 28 % Increase As of December 31, 2014 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 [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. 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. Securities Unobservable Inputs As of September 30, 2015 Assets Accounted for at Fair Value on a Recurring Basis Fair Value Predominant Valuation Method Significant Unobservable Input Minimum Maximum Weighted Average [1] Impact of Increase in Input on Fair Value [2] CMBS $ 169 Discounted cash flows Spread (encompasses prepayment, default risk and loss severity) 36 bps 757 bps 228 bps Decrease Corporate [3] 406 Discounted cash flows Spread 70 bps 735 bps 326 bps Decrease Municipal [3] 32 Discounted cash flows Spread 197 bps 197 bps 197 bps Decrease RMBS 1,492 Discounted cash flows Spread 53 bps 1,176 bps 169 bps Decrease Constant prepayment rate —% 100% 4% Decrease [4] Constant default rate —% 14% 6% Decrease Loss severity —% 100% 78% Decrease As of December 31, 2014 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% 2% Decrease [4] Constant default rate 1% 14% 7% Decrease Loss severity —% 100% 78% 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 preceding table. [3] Level 3 corporate and municipal securities excludes those for which the Company bases fair value on broker quotations as noted in the following discussion. [4] Decrease for above market rate coupons and increase for below market rate coupons. Freestanding Derivatives Unobservable Inputs As of September 30, 2015 Fair Value Predominant Valuation Method Significant Unobservable Input Minimum Maximum Impact of Increase in Input on Fair Value [1] Interest rate derivative Interest rate swaps $ (30 ) Discounted cash flows Swap curve beyond 30 years 3 % 3 % Decrease Interest rate swaptions [2] 10 Option model Interest rate volatility 1 % 1 % Increase GMWB hedging instruments Customized swaps 171 Discounted cash flows Equity volatility 10 % 40 % Increase Macro hedge program Equity options 183 Option model Equity volatility 15 % 28 % Increase As of December 31, 2014 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 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. |
Roll-forward of Financial Instruments Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) | For the three months ended September 30, 2015 Fixed Maturities, AFS Assets ABS CDOs CMBS Corporate Foreign Govt./Govt. Agencies Municipal RMBS Total Fixed Maturities, AFS Fixed Maturities, FVO Fair value as of June 30, 2015 $ 53 $ 564 $ 214 $ 931 $ 40 $ 49 $ 1,540 $ 3,391 $ 86 Total realized/unrealized gains (losses) Included in net income [1] [2] [6] — (1 ) 1 (9 ) — — — (9 ) — Included in OCI [3] — (9 ) (5 ) 1 (1 ) 1 (6 ) (19 ) — Purchases 8 — 6 38 3 — 71 126 2 Settlements (2 ) (9 ) (26 ) (22 ) (1 ) — (56 ) (116 ) (24 ) Sales (3 ) — — (47 ) (2 ) — (57 ) (109 ) (1 ) Transfers into Level 3 [4] — — 2 51 11 — — 64 — Transfers out of Level 3 [4] (29 ) — (23 ) (38 ) — — — (90 ) (2 ) Fair value as of September 30, 2015 $ 27 $ 545 $ 169 $ 905 $ 50 $ 50 $ 1,492 $ 3,238 $ 61 Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2015 [2] [7] $ — $ — $ (1 ) $ (11 ) $ — $ — $ — $ (12 ) $ — Freestanding Derivatives [5] Assets (Liabilities) Equity Securities, AFS Credit Commodity Equity Interest Rate GMWB Hedging Macro Hedge Program Other Contracts Total Free- Standing Derivatives [5] Fair value as of June 30, 2015 $ 97 $ — $ 3 $ 3 $ (14 ) $ 125 $ 165 $ 9 $ 291 Total realized/unrealized gains (losses) Included in net income [1] [2] [6] (6 ) — 4 (3 ) (6 ) 46 18 (1 ) 58 Included in OCI [3] 5 — — — — — — — — Purchases 4 — — — — — — — — Sales (1 ) — — — — — — — — Fair value as of September 30, 2015 $ 99 $ — $ 7 $ — $ (20 ) $ 171 $ 183 $ 8 $ 349 Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2015 [2] [7] $ (6 ) $ — $ 4 $ — $ (5 ) $ 48 $ 12 $ (1 ) $ 58 Assets Limited Partnerships and Other Alternative Investments Reinsurance Recoverable for GMWB Separate Accounts Fair value as of June 30, 2015 $ 230 $ 50 $ 735 Total realized/unrealized gains (losses) Included in net income [1] [2] [6] (12 ) 46 (10 ) Included in OCI [3] — — (2 ) Purchases 11 — 69 Settlements — (23 ) (6 ) Sales — — (201 ) Transfers into Level 3 [4] — — 1 Transfers out of Level 3 [4] (131 ) — (76 ) Fair value as of September 30, 2015 $ 98 $ 73 $ 510 Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2015 [2] [7] $ (12 ) $ 46 $ (7 ) Other Policyholder Funds and Benefits Payable Liabilities Guaranteed Withdrawal Benefits Equity Linked Notes Total Other Policyholder Funds and Benefits Payable Consumer Notes Fair value as of June 30, 2015 $ (112 ) $ (26 ) $ (138 ) $ (3 ) Total realized/unrealized gains (losses) Included in net income [1] [2] [6] (177 ) 5 (172 ) 3 Settlements 19 — 19 — Fair value as of September 30, 2015 $ (270 ) $ (21 ) $ (291 ) $ — Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2015 [2] [7] $ (177 ) $ 5 $ (172 ) $ 3 For the nine months ended September 30, 2015 Fixed Maturities, AFS Assets ABS CDOs CMBS Corporate Foreign Govt./Govt. Agencies Municipal RMBS Total Fixed Maturities, AFS Fixed Maturities, FVO Fair value as of January 1, 2015 $ 122 $ 623 $ 284 $ 1,040 $ 59 $ 66 $ 1,281 $ 3,475 $ 92 Total realized/unrealized gains (losses) Included in net income [1] [2] [6] 1 (5 ) 2 (13 ) — 1 (2 ) (16 ) (7 ) Included in OCI [3] (2 ) 8 (8 ) (41 ) (4 ) (4 ) (6 ) (57 ) — Purchases 79 — 45 61 15 — 516 716 21 Settlements (6 ) (34 ) (64 ) (51 ) (3 ) (13 ) (149 ) (320 ) (24 ) Sales (16 ) — (6 ) (80 ) (28 ) — (142 ) (272 ) (8 ) Transfers into Level 3 [4] 1 — 7 202 11 — 47 268 — Transfers out of Level 3 [4] (152 ) (47 ) (91 ) (213 ) — — (53 ) (556 ) (13 ) Fair value as of September 30, 2015 $ 27 $ 545 $ 169 $ 905 $ 50 $ 50 $ 1,492 $ 3,238 $ 61 Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2015 [2] [7] $ 1 $ (1 ) $ (2 ) $ (11 ) $ — $ — $ — $ (13 ) $ (2 ) Freestanding Derivatives [5] Assets (Liabilities) Equity Securities, AFS Credit Commodity Equity Interest Rate GMWB Hedging Macro Hedge Program Other Contracts Total Free-Standing Derivatives [5] Fair value as of January 1, 2015 $ 98 $ (9 ) $ — $ 6 $ (7 ) $ 170 $ 141 $ 12 $ 313 Total realized/unrealized gains (losses) Included in net income [1] [2] [6] 6 (1 ) (3 ) 9 (8 ) 21 (5 ) (4 ) 9 Included in OCI [3] 1 — — — — — — — — Purchases 16 (13 ) — — — — 47 — 34 Settlements — — — (15 ) (5 ) (20 ) — — (40 ) Sales (17 ) — — — — — — — — Transfers into Level 3 [4] — — 10 — — — — — 10 Transfers out of Level 3 [4] (5 ) 23 — — — — — — 23 Fair value as of September 30, 2015 $ 99 $ — $ 7 $ — $ (20 ) $ 171 $ 183 $ 8 $ 349 Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2015 [2] [7] $ (6 ) $ 2 $ (4 ) $ 3 $ (17 ) $ 32 $ (3 ) $ (5 ) $ 8 Assets Limited Partnerships and Other Alternative Investments Reinsurance Recoverable for GMWB Separate Accounts Fair value as of January 1, 2015 $ 189 $ 56 $ 578 Total realized/unrealized gains (losses) Included in net income [1] [2] [6] (4 ) 31 (3 ) Included in OCI [3] — — (3 ) Purchases 44 — 331 Settlements — (14 ) (16 ) Sales — — (251 ) Transfers into Level 3 [4] — — 7 Transfers out of Level 3 [4] (131 ) — (133 ) Fair value as of September 30, 2015 $ 98 $ 73 $ 510 Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2015 [2] [7] $ (4 ) $ 31 $ — Other Policyholder Funds and Benefits Payable Liabilities Guaranteed Withdrawal Benefits Equity Linked Notes Total Other Policyholder Funds and Benefits Payable Consumer Notes Fair value as of January 1, 2015 $ (139 ) $ (26 ) $ (165 ) $ (3 ) Total realized/unrealized gains (losses) Included in net income [1] [2] [6] (118 ) 5 (113 ) 3 Settlements (13 ) — (13 ) — Fair value as of September 30, 2015 $ (270 ) $ (21 ) $ (291 ) $ — Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2015 [2] [7] $ (118 ) $ 5 $ (113 ) $ 3 For the three months ended September 30, 2014 Fixed Maturities, AFS Assets ABS CDOs CMBS Corporate Foreign Govt./Govt. Agencies Municipal RMBS Total Fixed Maturities, AFS Fixed Maturities, FVO Fair value as of June 30, 2014 $ 73 $ 612 $ 471 $ 1,205 $ 55 $ 63 $ 1,295 $ 3,774 $ 139 Total realized/unrealized gains (losses) Included in net income [1] [2] [6] — 12 (1 ) (2 ) — — 3 12 1 Included in OCI [3] — (5 ) 2 (7 ) — 1 3 (6 ) — Purchases 35 — 25 21 — — 120 201 4 Settlements — (17 ) (155 ) (16 ) (1 ) — (47 ) (236 ) (46 ) Sales — (12 ) — (18 ) (5 ) — (116 ) (151 ) — Transfers into Level 3 [4] 75 — 11 25 — — — 111 — Transfers out of Level 3 [4] (42 ) — (22 ) (65 ) — — — (129 ) — Fair value as of September 30, 2014 $ 141 $ 590 $ 331 $ 1,143 $ 49 $ 64 $ 1,258 $ 3,576 $ 98 Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2014 [2] [7] $ — $ — $ (1 ) $ (2 ) $ — $ — $ — $ (3 ) $ 1 Freestanding Derivatives [5] Assets (Liabilities) Equity Securities, AFS Credit Equity Interest Rate GMWB Hedging Macro Hedge Program Other Contracts Total Free-Standing Derivatives [5] Fair value as of June 30, 2014 $ 80 $ (1 ) $ 2 $ 21 $ 97 $ 120 $ 15 $ 254 Total realized/unrealized gains (losses) Included in net income [1] [2] [6] — (4 ) — (5 ) 40 11 (2 ) 40 Included in OCI [3] (1 ) — — — — — — — Purchases 9 (3 ) — — — 3 — — Transfers into Level 3 [4] — — — (26 ) — — — (26 ) Transfers out of Level 3 [4] — 6 — — — — — 6 Fair value as of September 30, 2014 $ 88 $ (2 ) $ 2 $ (10 ) $ 137 $ 134 $ 13 $ 274 Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2014 [2] [7] $ — $ (4 ) $ — $ (4 ) $ 41 $ 11 $ (1 ) $ 43 Assets Limited Partnerships and Other Alternative Investments Reinsurance Recoverable for GMWB Separate Accounts Fair value as of June 30, 2014 $ 67 $ 31 $ 813 Total realized/unrealized gains (losses) Included in net income [1] [2] [6] — 2 4 Purchases 20 — 33 Settlements — 3 (1 ) Sales — — (56 ) Transfers into Level 3 [4] — — 1 Transfers out of Level 3 [4] — — (3 ) Fair value as of September 30, 2014 $ 87 $ 36 $ 791 Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2014 [2] [7] $ — $ 2 $ — Other Policyholder Funds and Benefits Payable Liabilities Guaranteed Withdrawal Benefits Equity Linked Notes Total Other Policyholder Funds and Benefits Payable Consumer Notes Fair value as of June 30, 2014 $ 2 $ (22 ) $ (20 ) $ (2 ) Total realized/unrealized gains (losses) Included in net income [1] [2] [6] (37 ) (1 ) (38 ) — Settlements (21 ) — (21 ) — Fair value as of September 30, 2014 $ (56 ) $ (23 ) $ (79 ) $ (2 ) Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2014 [2] [7] $ (37 ) $ (1 ) $ (38 ) $ — For the nine months ended September 30, 2014 Fixed Maturities, AFS Assets ABS CDOs CMBS Corporate Foreign Govt./Govt. Agencies Municipal RMBS Total Fixed Maturities, AFS Fixed Maturities, 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 29 (20 ) (2 ) — 11 30 16 Included in OCI [3] 3 3 (22 ) 21 7 5 13 30 — Purchases 72 — 115 112 3 16 383 701 14 Settlements (2 ) (52 ) (235 ) (41 ) (3 ) — (143 ) (476 ) (121 ) Sales (18 ) (12 ) (103 ) (129 ) (21 ) (1 ) (223 ) (507 ) (4 ) Transfers into Level 3 [4] 75 72 16 225 — — — 388 1 Transfers out of Level 3 [4] (136 ) (97 ) (132 ) (299 ) — (25 ) (55 ) (744 ) (1 ) Fair value as of September 30, 2014 $ 141 $ 590 $ 331 $ 1,143 $ 49 $ 64 $ 1,258 $ 3,576 $ 98 Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2014 [2] [7] $ — $ — $ (1 ) $ (23 ) $ (2 ) $ — $ (1 ) $ (27 ) $ 20 Freestanding Derivatives [5] Assets (Liabilities) Equity Securities, AFS Credit Equity Interest Rate GMWB Hedging Macro Hedge Program Intl. Program Hedging Other Contracts Total Free-Standing 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] (2 ) (7 ) (1 ) (28 ) (20 ) (14 ) 28 (4 ) (46 ) Included in OCI [3] 4 — — — — — — — — Purchases 9 (3 ) — — 4 9 9 — 19 Settlements — — — — 7 — (41 ) — (34 ) Transfers out of Level 3 [4] — 6 — — — — 33 — 39 Fair value as of September 30, 2014 $ 88 $ (2 ) $ 2 $ (10 ) $ 137 $ 134 $ — $ 13 $ 274 Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2014 [2] [7] $ (2 ) $ (4 ) $ — $ (27 ) $ (35 ) $ (14 ) $ (18 ) $ (2 ) $ (100 ) Assets Limited Partnerships and Other Alternative Investments Reinsurance Recoverable for GMWB Separate Accounts Fair value as of January 1, 2014 $ 108 $ 29 $ 737 Total realized/unrealized gains (losses) Included in net income [1] [2] [6] (5 ) (9 ) 8 Purchases 50 — 298 Settlements — 16 (2 ) Sales (24 ) — (219 ) Transfers into Level 3 [4] — — 5 Transfers out of Level 3 [4] (42 ) — (36 ) Fair value as of September 30, 2014 $ 87 $ 36 $ 791 Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2014 [2] [7] $ (5 ) $ (9 ) $ 6 Other Policyholder Funds and Benefits Payable Liabilities Guaranteed Withdrawal Benefits International Guaranteed Living Benefits International Other Living Benefits Equity Linked Notes Total Other Policyholder Funds and Benefits Payable Consumer Notes 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] 54 — — (5 ) 49 — Settlements (74 ) (3 ) (3 ) — (80 ) — Fair value as of September 30, 2014 $ (56 ) $ — $ — $ (23 ) $ (79 ) $ (2 ) Changes in unrealized gains (losses) included in net income related to financial instruments still held at September 30, 2014 [2] [7] $ 54 $ — $ — $ (5 ) $ 49 $ — |
Fair value of assets and liabilities accounted for using the fair value option | Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Assets Fixed maturities, FVO Corporate $ (2 ) $ (5 ) $ (5 ) $ (1 ) CDOs 1 — 2 14 Foreign government (3 ) (1 ) (4 ) 1 RMBS — (1 ) — — Total fixed maturities, FVO $ (4 ) $ (7 ) $ (7 ) $ 14 Equity, FVO — — 3 — Total realized capital gains (losses) $ (4 ) $ (7 ) $ (4 ) $ 14 |
Fair value of assets and liabilities accounted for using the fair value option | September 30, 2015 December 31, 2014 Assets Fixed maturities, FVO ABS $ 12 $ 15 CDOs 50 69 CMBS 24 22 Corporate 98 133 Foreign government 36 30 U.S government 5 2 Municipals 2 2 RMBS 321 215 Total fixed maturities, FVO $ 548 $ 488 Equity, FVO [1] $ — $ 348 |
Financial Instruments Not Carried at Fair Value | The following table presents carrying amounts and fair values of the Company’s financial instruments not carried at fair value and not included in the preceding fair value discussion. September 30, 2015 December 31, 2014 Fair Value Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value Assets Policy loans Level 3 $ 1,428 $ 1,428 $ 1,431 $ 1,431 Mortgage loans Level 3 5,552 5,749 5,556 5,840 Liabilities Other policyholder funds and benefits payable [1] Level 3 $ 6,768 $ 7,000 $ 7,304 $ 7,522 Senior notes [2] Level 2 4,426 5,064 5,009 5,837 Junior subordinated debentures [2] Level 2 1,100 1,289 1,100 1,291 Consumer notes [3] [4] Level 3 40 40 68 68 Assumed investment contracts [4] Level 3 783 851 763 851 [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 Condensed 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 Condensed Consolidated Balance Sheets. |
Investments and Derivative In28
Investments and Derivative Instruments Level 3 (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments [Abstract] | |
Net Realized Capital Gains (Losses) | Net Realized Capital Gains (Losses) Three Months Ended September 30, Nine Months Ended September 30, (Before tax) 2015 2014 2015 2014 Gross gains on sales $ 83 $ 116 $ 401 $ 421 Gross losses on sales (73 ) (29 ) (333 ) (191 ) Net OTTI losses recognized in earnings (40 ) (14 ) (63 ) (43 ) Valuation allowances on mortgage loans 1 — (2 ) (3 ) Periodic net coupon settlements on credit derivatives 3 — 8 1 Results of variable annuity hedge program GMWB derivatives, net (32 ) 6 (35 ) 15 Macro hedge program 51 12 24 (13 ) Total results of variable annuity hedge program 19 18 (11 ) 2 Other, net [1] (37 ) (22 ) (30 ) (157 ) Net realized capital gains (losses) $ (44 ) $ 69 $ (30 ) $ 30 [1] Primarily consists of changes in the value of non-qualifying derivatives, transactional foreign currency revaluation gains (losses) on yen denominated fixed payout annuity liabilities and gains (losses) on non-qualifying derivatives used to hedge the foreign currency exposure of the liabilities. For the three months ended September 30, 2015 and 2014 , gains (losses) from transactional foreign currency revaluation of the yen denominated fixed payout annuity liabilities were $(17) and $83 , respectively. For the nine months ended September 30, 2015 and 2014 , gains (losses) from transactional foreign currency revaluation of the yen denominated fixed payout annuity liabilities were $(1) and $38 , respectively. For the three months ended September 30, 2015 and 2014 , gains (losses) on instruments used to hedge the foreign currency exposure on the fixed payout annuities were $8 and $(86) , respectively. For the nine months ended September 30, 2015 and 2014 , gains (losses) on instruments used to hedge the foreign currency exposure on the fixed payout annuities were $(23) and $(58) , 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 $(29) and $14 , respectively, for the three and nine months ended September 30, 2015 , and $61 and $186 for the three and nine months ended September 30, 2014 , respectively. Proceeds from sales of AFS securities totaled $4.5 billion and $16.3 billion , respectively, for three and nine months ended September 30, 2015 , and $5.2 billion and $19.6 billion for the three and nine months ended September 30, 2014 , respectively. |
Other-Than-Temporary Impairment Losses | 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 OTTI, 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 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. Impairments for the three and nine months ended September 30, 2015 , were $40 and $63 , respectively, and $14 and $43 for three and nine months ended September 30, 2014 , respectively. Impairments for the three and nine months ended September 30, 2015 , primarily consisted of securities in an unrealized loss position which the Company had made the decision to sell, and impairments caused by issuer specific deterioration. Impairments for the three months ended September 30, 2014 , primarily consisted of securities in an unrealized loss position which the Company had made the decision to sell. Impairments for the nine months ended September 30, 2014 , primarily consisted of credit impairments caused by issuer specific deterioration. The following table presents a roll-forward of the Company’s cumulative credit impairments on debt securities held. Three Months Ended September 30, Nine Months Ended September 30, (Before tax) 2015 2014 2015 2014 Balance as of beginning of period $ (388 ) $ (488 ) $ (424 ) $ (552 ) Additions for credit impairments recognized on [1]: Securities not previously impaired — (1 ) (3 ) (9 ) Securities previously impaired (12 ) (3 ) (13 ) (17 ) Reductions for credit impairments previously recognized on: Securities that matured or were sold during the period 51 49 61 122 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 12 6 40 19 Balance as of end of period $ (337 ) $ (437 ) $ (337 ) $ (437 ) [1] These additions are included in the net OTTI losses recognized in earnings in the Condensed Consolidated Statements of Operations. |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Available-for-Sale Securities The following table presents the Company’s AFS securities by type. September 30, 2015 December 31, 2014 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Non-Credit OTTI [1] Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Non-Credit OTTI [1] ABS $ 2,715 $ 37 $ (36 ) $ 2,716 $ — $ 2,470 $ 39 $ (37 ) $ 2,472 $ (1 ) CDOs [2] 2,962 89 (17 ) 3,031 — 2,776 98 (36 ) 2,841 — CMBS 4,404 163 (25 ) 4,542 (6 ) 4,235 196 (16 ) 4,415 (6 ) Corporate 25,427 1,636 (291 ) 26,772 (1 ) 25,188 2,382 (211 ) 27,359 (3 ) Foreign govt./govt. agencies 1,258 43 (46 ) 1,255 — 1,592 73 (29 ) 1,636 — Municipal 11,275 959 (23 ) 12,211 — 11,735 1,141 (5 ) 12,871 — RMBS 3,777 101 (19 ) 3,859 — 3,815 122 (19 ) 3,918 (1 ) U.S. Treasuries 4,457 274 (8 ) 4,723 — 3,551 326 (5 ) 3,872 — Total fixed maturities, AFS $ 56,275 $ 3,302 $ (465 ) $ 59,109 $ (7 ) $ 55,362 $ 4,377 $ (358 ) $ 59,384 $ (11 ) Equity securities, AFS [3] 826 34 (47 ) 813 — 676 50 (27 ) 699 — Total AFS securities $ 57,101 $ 3,336 $ (512 ) $ 59,922 $ (7 ) $ 56,038 $ 4,427 $ (385 ) $ 60,083 $ (11 ) [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 September 30, 2015 , and December 31, 2014 . [2] Gross unrealized gains (losses) exclude the fair value of bifurcated embedded derivatives within certain securities. Subsequent changes in value are recorded in net realized capital gains (losses). [3] Excludes equity securities, FVO, with a cost and fair value of $351 and $348 , respectively, as of December 31, 2014 . The Company did not hold any equity securities, FVO as of September 30, 2015 . |
Investments Classified by Contractual Maturity Date [Table Text Block] | The following table presents the Company’s fixed maturities, AFS, by contractual maturity year. September 30, 2015 December 31, 2014 Contractual Maturity Amortized Cost Fair Value Amortized Cost Fair Value One year or less $ 2,395 $ 2,413 $ 2,141 $ 2,168 Over one year through five years 10,997 11,427 11,264 11,827 Over five years through ten years 9,190 9,438 8,802 9,226 Over ten years 19,835 21,683 19,859 22,517 Subtotal 42,417 44,961 42,066 45,738 Mortgage-backed and asset-backed securities 13,858 14,148 13,296 13,646 Total fixed maturities, AFS $ 56,275 $ 59,109 $ 55,362 $ 59,384 Estimated maturities may differ from contractual maturities due to security call or prepayment provisions. Due to the potential for variability in payment speeds (i.e. prepayments or extensions), mortgage-backed and asset-backed securities are not categorized by contractual maturity. |
Unrealized Loss Aging on AFS Securities [Table Text Block] | Unrealized Losses on AFS Securities 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. September 30, 2015 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 $ 791 $ 789 $ (2 ) $ 358 $ 324 $ (34 ) $ 1,149 $ 1,113 $ (36 ) CDOs [1] 1,047 1,041 (6 ) 1,104 1,090 (11 ) 2,151 2,131 (17 ) CMBS 745 730 (15 ) 189 179 (10 ) 934 909 (25 ) Corporate 6,528 6,298 (230 ) 660 599 (61 ) 7,188 6,897 (291 ) Foreign govt./govt. agencies 517 485 (32 ) 127 113 (14 ) 644 598 (46 ) Municipal 841 821 (20 ) 38 35 (3 ) 879 856 (23 ) RMBS 835 830 (5 ) 402 388 (14 ) 1,237 1,218 (19 ) U.S. Treasuries 766 758 (8 ) 8 8 — 774 766 (8 ) Total fixed maturities, AFS $ 12,070 $ 11,752 $ (318 ) $ 2,886 $ 2,736 $ (147 ) $ 14,956 $ 14,488 $ (465 ) Equity securities, AFS [2] 445 409 (36 ) 74 63 (11 ) 519 472 (47 ) Total securities in an unrealized loss position $ 12,515 $ 12,161 $ (354 ) $ 2,960 $ 2,799 $ (158 ) $ 15,475 $ 14,960 $ (512 ) 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 ) [1] Unrealized losses exclude the change in fair value of bifurcated embedded derivatives within certain securities, for which changes in fair value are recorded in net realized capital gains (losses). [2] As of September 30, 2015 , and December 31, 2014 , excludes equity securities, FVO which are included in equity securities, AFS on the Condensed Consolidated Balance Sheets. As of September 30, 2015 , AFS securities in an unrealized loss position, consisted of 4,208 securities, primarily in the corporate sector, which are depressed primarily due to an increase in interest rates and/or widening of credit spreads since the securities were purchased. As of September 30, 2015 , 88% of these securities were depressed less than 20% of cost or amortized cost. The increase in unrealized losses as compared to December 31, 2014 , was primarily attributable to wider credit spreads, partially offset by a decline in interest rates. |
Schedule of Variable Interest Entities [Table Text Block] | 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. September 30, 2015 December 31, 2014 Total Assets Total Liabilities [1] Maximum Exposure to Loss [2] Total Assets Total Liabilities [1] Maximum Exposure to Loss [2] CDOs [3] $ 5 $ 5 $ — $ 5 $ 5 $ — Investment funds [4] 198 — 201 238 — 243 Limited partnerships and other alternative investments 2 — 2 3 1 2 Total $ 205 $ 5 $ 203 $ 246 $ 6 $ 245 [1] Included in other liabilities in the Company’s Condensed 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 cash in the Company’s Condensed Consolidated Balance Sheets. [4] Total assets included in fixed maturities, FVO, short-term investments, equity, AFS, and cash in the Company’s Condensed 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 of funds for which the Company holds a majority interest in the fund as an investment. |
Non-qualifying Strategies for Hedge Accounting [Abstract] | |
Notional and Fair Value for Macro Hedge Program [Table Text Block] | Notional Amount Fair Value September 30, December 31, 2014 September 30, December 31, 2014 Customized swaps $ 5,851 $ 7,041 $ 155 $ 124 Equity swaps, options, and futures 1,663 3,761 25 39 Interest rate swaps and futures 3,625 3,640 27 11 Total $ 11,139 $ 14,442 $ 207 $ 174 Macro Hedge Program The Company utilizes equity options, swaps, futures, 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 September 30, December 31, 2014 September 30, December 31, 2014 Equity swaps, options, and futures $ 4,272 $ 5,983 $ 183 $ 141 Foreign currency options — 400 — — Total $ 4,272 $ 6,383 $ 183 $ 141 |
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 Sep. 30, 2015 Dec. 31, 2014 Sep. 30, 2015 Dec. 31, 2014 Sep. 30, 2015 Dec. 31, 2014 Sep. 30, 2015 Dec. 31, 2014 Cash flow hedges Interest rate swaps $ 3,974 $ 3,999 $ 88 $ 44 $ 89 $ 52 $ (1 ) $ (8 ) Foreign currency swaps 143 143 (20 ) (19 ) 6 3 (26 ) (22 ) Total cash flow hedges 4,117 4,142 68 25 95 55 (27 ) (30 ) Fair value hedges Interest rate swaps 43 32 — — — — — — Total fair value hedges 43 32 — — — — — — Non-qualifying strategies Interest rate contracts Interest rate swaps and futures 14,442 15,254 (657 ) (512 ) 492 536 (1,149 ) (1,048 ) Foreign exchange contracts Foreign currency swaps and forwards 305 177 11 1 11 3 — (2 ) Fixed payout annuity hedge 1,319 1,319 (450 ) (427 ) — — (450 ) (427 ) Credit contracts Credit derivatives that purchase credit protection 304 595 11 (6 ) 14 4 (3 ) (10 ) Credit derivatives that assume credit risk [1] 2,645 1,487 (28 ) 3 5 14 (33 ) (11 ) Credit derivatives in offsetting positions 4,127 5,343 (2 ) (3 ) 39 53 (41 ) (56 ) Equity contracts Equity index swaps and options 124 635 (1 ) 2 20 31 (21 ) (29 ) Commodity contracts Commodity options 486 — 7 — 7 — — — Variable annuity hedge program GMWB product derivatives [2] 15,730 17,908 (270 ) (139 ) — — (270 ) (139 ) GMWB reinsurance contracts 3,233 3,659 73 56 73 56 — — GMWB hedging instruments 11,139 14,442 207 174 331 289 (124 ) (115 ) Macro hedge program 4,272 6,383 183 141 224 180 (41 ) (39 ) Other Contingent capital facility put option 500 500 8 12 8 12 — — Modified coinsurance reinsurance contracts 918 974 62 34 62 34 — — Total non-qualifying strategies 59,544 68,676 (846 ) (664 ) 1,286 1,212 (2,132 ) (1,876 ) Total cash flow hedges, fair value hedges, and non-qualifying strategies $ 63,704 $ 72,850 $ (778 ) $ (639 ) $ 1,381 $ 1,267 $ (2,159 ) $ (1,906 ) Balance Sheet Location Fixed maturities, available-for-sale $ 447 $ 454 $ (3 ) $ 2 $ — $ 2 $ (3 ) $ — Other investments 11,123 23,014 304 364 363 624 (59 ) (260 ) Other liabilities 32,203 26,791 (923 ) (930 ) 883 551 (1,806 ) (1,481 ) Reinsurance recoverables 4,151 4,633 135 90 135 90 — — Other policyholder funds and benefits payable 15,780 17,958 (291 ) (165 ) — — (291 ) (165 ) Total derivatives $ 63,704 $ 72,850 $ (778 ) $ (639 ) $ 1,381 $ 1,267 $ (2,159 ) $ (1,906 ) [1] The derivative instruments related to this strategy are held for other investment purposes. [2] These derivatives are embedded within liabilities and are not held for risk management purposes. |
Offsetting Assets [Table Text Block] | 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 Condensed 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 in the preceding discussion. Also included in the tables are financial collateral receivables and payables, which are contractually permitted to be offset upon an event of default, although are disallowed for offsetting under U.S. GAAP. As of September 30, 2015 (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 $ 1,246 $ 1,036 $ 304 $ (94 ) $ 125 $ 85 (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 |
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 Description Other liabilities $ (1,741 ) $ (799 ) $ (927 ) $ (15 ) $ (1,079 ) $ 137 [1] Included in other invested assets in the Company's Condensed Consolidated Balance Sheets. [2] Included in other assets in the Company's Condensed Consolidated Balance Sheets and amount presented is limited to the net derivative receivable associated with each counterparty. [3] Included in other liabilities in the Company's Condensed Consolidated Balance Sheets and amount presented is limited to the net derivative payable associated with each counterparty. [4] Excludes collateral associated with exchange-traded derivative instruments. 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 $ (1,865 ) $ (892 ) $ (923 ) $ (50 ) $ (949 ) $ (24 ) |
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) Three Months Ended September 30, Nine Months Ended September 30, Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 2015 2014 2015 2014 Interest rate swaps $ 91 $ (19 ) $ 76 $ 82 $ — $ 4 $ — $ 3 Foreign currency swaps — (2 ) (1 ) (5 ) — — — — Total $ 91 $ (21 ) $ 75 $ 77 $ — $ 4 $ — $ 3 Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) Three Months Ended September 30, Nine Months Ended September 30, Location 2015 2014 2015 2014 Interest rate swaps Net realized capital gains (losses) $ 1 $ (4 ) $ 4 $ (2 ) Interest rate swaps Net investment income 15 22 47 67 Foreign currency swaps Net realized capital gains (losses) — (9 ) (7 ) (9 ) Total $ 16 $ 9 $ 44 $ 56 |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | rivatives in Fair Value Hedging Relationships Gain or (Loss) Recognized in Income [1] Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Location Derivative Hedge Item Derivative Hedge Item Derivative Hedge Item Derivative Hedge Item Interest rate swaps Net realized capital gain (loss) $ — $ — $ 2 $ (2 ) $ — $ — $ — $ (1 ) [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] | Derivatives Used in Non-Qualifying Strategies Gain or (Loss) Recognized within Net Realized Capital Gains and Losses Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Interest rate contracts Interest rate swaps $ (11 ) $ (8 ) $ (16 ) $ (153 ) Foreign exchange contracts Foreign currency swaps and forwards 3 6 11 2 Fixed payout annuity hedge [1] 8 (86 ) (23 ) (58 ) Credit contracts Credit derivatives that purchase credit protection 7 1 5 (9 ) Credit derivatives that assume credit risk (23 ) (11 ) (25 ) 8 Equity contracts Equity index swaps and options 1 — 4 (1 ) Commodity contracts Commodity options 2 — (8 ) — Variable annuity hedge program GMWB product derivatives (150 ) (37 ) (91 ) 54 GMWB reinsurance contracts 24 2 15 (9 ) GMWB hedging instruments 94 41 41 (30 ) Macro hedge program 51 12 24 (13 ) Other Contingent capital facility put option (2 ) (2 ) (5 ) (5 ) Modified coinsurance reinsurance contracts 2 9 28 (26 ) Derivative instruments formerly associated with Japan [2] — (2 ) — (2 ) Total [3] $ 6 $ (75 ) $ (40 ) $ (242 ) [1] Not included in this amount is the associated liability adjustment for changes in foreign exchange spot rates through realized capital gains of $(17) and $83 for the three months ended September 30, 2015 and 2014 , respectively, and $(1) and $38 for the nine months ended September 30, 2015 and 2014 , respectively. [2] These amounts relate to the termination of the hedging program associated with the Japan variable annuity product due to the sale of HLIKK. [3] 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 4 |
Disclosure of Credit Derivatives [Table Text Block] | 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 that would be permissible investments under the Company's investment policies. 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 diversified portfolios of corporate and CMBS 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 September 30, 2015 , and December 31, 2014 . As of September 30, 2015 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 $ 226 $ (1 ) 2 years Corporate Credit/ BBB $ 226 $ — Below investment grade risk exposure 25 — 1 year Corporate Credit BB+ 25 — Basket credit default swaps [4] Investment grade risk exposure 2,985 19 4 years Corporate Credit BBB+ 1,414 (14 ) Investment grade risk exposure 970 (32 ) 6 years CMBS Credit AA+ 246 1 Below investment grade risk exposure 153 (23 ) 1 year CMBS Credit CCC 153 23 Embedded credit derivatives Investment grade risk exposure 350 346 2 years Corporate Credit A+ — — Total [5] $ 4,709 $ 309 $ 2,064 $ 10 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 ) 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 ) [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 $4.1 billion and $3.5 billion as of September 30, 2015 , and December 31, 2014 , 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 4 - Fair Value Measurements |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | The following tables present the carrying value of the Company’s mortgage loans by region and property type. Mortgage Loans by Region September 30, 2015 December 31, 2014 Carrying Value Percent of Total Carrying Value Percent of Total East North Central $ 259 4.7 % $ 211 3.8 % East South Central 14 0.3 % — — % Middle Atlantic 419 7.5 % 468 8.4 % Mountain 47 0.8 % 88 1.6 % New England 406 7.3 % 381 6.9 % Pacific 1,619 29.3 % 1,607 29.0 % South Atlantic 1,173 21.1 % 1,019 18.3 % West North Central 30 0.5 % 44 0.8 % West South Central 311 5.6 % 302 5.4 % Other [1] 1,274 22.9 % 1,436 25.8 % Total mortgage loans $ 5,552 100.0 % $ 5,556 100.0 % [1] Primarily represents loans collateralized by multiple properties in various regions. 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. 2015 2014 Balance, as of January 1 $ (18 ) $ (67 ) (Additions)/Reversals (4 ) (3 ) Deductions 2 51 Balance, as of September 30 $ (20 ) $ (19 ) Mortgage Loans 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. September 30, 2015 December 31, 2014 Amortized Cost [1] Valuation Allowance Carrying Value Amortized Cost [1] Valuation Allowance Carrying Value Total commercial mortgage loans $ 5,572 $ (20 ) $ 5,552 $ 5,574 $ (18 ) $ 5,556 [1] Amortized cost represents carrying value prior to valuation allowances, if any. As of September 30, 2015 , and December 31, 2014 , the carrying value of mortgage loans associated with the valuation allowance was $80 and $140 , respectively. There were no mortgage loans held-for-sale as of September 30, 2015 , or December 31, 2014 . As of September 30, 2015 , 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. Mortgage Loans by Property Type September 30, 2015 December 31, 2014 Carrying Value Percent of Total Carrying Percent of Total Commercial Agricultural $ 33 0.6 % $ 46 0.8 % Industrial 1,437 25.9 % 1,476 26.6 % Lodging 26 0.5 % 26 0.5 % Multifamily 1,339 24.1 % 1,190 21.4 % Office 1,504 27.1 % 1,517 27.3 % Retail 1,063 19.1 % 1,147 20.6 % Other 150 2.7 % 154 2.8 % Total mortgage loans $ 5,552 100.0 % $ 5,556 100.0 % The following table presents the carrying value of the Company’s commercial mortgage loans by LTV and DSCR. Commercial Mortgage Loans Credit Quality September 30, 2015 December 31, 2014 Loan-to-value Carrying Value Avg. Debt-Service Coverage Ratio Carrying Value Avg. Debt-Service Coverage Ratio Greater than 80% $ 23 1.16x $ 53 1.07x 65% - 80% 722 1.80x 789 1.75x Less than 65% 4,807 2.82x 4,714 2.66x Total commercial mortgage loans $ 5,552 2.67x $ 5,556 2.51x |
Separate Accounts, Death Bene29
Separate Accounts, Death Benefits and Other Insurance Benefit Features Level 3 (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Separate Accounts Disclosure [Abstract] | |
Changes in the gross U.S. GMDB, International GMDB/GMIB, and UL Secondary Guarantee Benefits [Table Text Block] | U.S. 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] Universal Life Secondary Guarantees Liability balance as of January 1, 2015 $ 812 $ 2,041 Incurred 119 213 Paid (83 ) — Unlock (43 ) (10 ) Liability balance as of September 30, 2015 $ 805 $ 2,244 Reinsurance recoverable asset, as of January 1, 2015 $ 481 $ 2,041 Incurred 72 203 Paid (66 ) — Unlock 17 — Reinsurance recoverable asset, as of September 30, 2015 $ 504 $ 2,244 U.S. GMDB/GMWB [1] International GMDB/GMIB Universal Life Secondary Guarantees Liability balance as of January 1, 2014 $ 849 $ 272 $ 1,802 Incurred 136 28 174 Paid (85 ) (15 ) — Unlock (90 ) (41 ) 5 Impact of Japan business disposition — (254 ) — Currency translation adjustment — 10 — Liability balance as of September 30, 2014 $ 810 $ — $ 1,981 Reinsurance recoverable asset, as of January 1, 2014 $ 533 $ 23 $ 1,802 Incurred 78 4 179 Paid (66 ) (4 ) — Unlock (62 ) 3 — Impact of Japan business disposition — (27 ) — Currency translation adjustment — 1 — Reinsurance recoverable asset, as of September 30, 2014 $ 483 $ — $ 1,981 [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. |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Table Text Block] | The following table provides details concerning GMDB/GMWB exposure as of September 30, 2015 : Account Value by GMDB/GMWB Type Maximum anniversary value (“MAV”) [1] Account Value (“AV”) [8] Net Amount at Risk (“NAR”) [9] Retained Net Amount at Risk (“RNAR”) [9] Weighted Average Attained Age of Annuitant MAV only $ 14,474 $ 3,162 $ 613 70 With 5% rollup [2] 1,256 260 92 70 With Earnings Protection Benefit Rider (“EPB”) [3] 3,714 502 78 69 With 5% rollup & EPB 485 108 24 72 Total MAV 19,929 4,032 807 Asset Protection Benefit (“APB”) [4] 11,879 838 556 69 Lifetime Income Benefit (“LIB”) — Death Benefit [5] 520 13 13 68 Reset [6] (5-7 years) 2,568 65 65 70 Return of Premium (“ROP”) [7]/Other 9,568 79 72 68 Subtotal Variable Annuity with GMDB/GMWB [10] 44,464 5,027 1,513 69 Less: General Account Value with GMDB/GMWB 3,870 Subtotal Separate Account Liabilities with GMDB 40,594 Separate Account Liabilities without GMDB 81,040 Total Separate Account Liabilities $ 121,634 [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 generally based on market performance that ratchets over time. [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 $7.1 billion of total account value and weighted average attained age of 71 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 September 30, 2015 As of December 31, 2014 Equity securities (including mutual funds) $ 36,934 $ 44,786 Cash and cash equivalents 3,660 4,066 Total $ 40,594 $ 48,852 |
Income Taxes Level 3 (Tables)
Income Taxes Level 3 (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Tax provision at U.S. federal statutory rate $ 133 $ 173 $ 516 $ 439 Tax-exempt interest (33 ) (35 ) (100 ) (104 ) Dividends-received deduction ("DRD") (36 ) (32 ) (131 ) (85 ) Valuation allowance (60 ) 1 (57 ) 4 Other 3 1 (6 ) (3 ) Provision for income taxes $ 7 $ 108 $ 222 $ 251 |
Summary of Operating Loss Carryforwards [Table Text Block] | As of September 30, 2015 December 31, 2014 Expiration Carryover amount Expected tax benefit, gross Carryover amount Expected tax benefit, gross Dates Amount Net operating loss carryover $ 5,465 $ 1,905 $ 5,547 $ 1,936 2016 - 2020 $ 3 2023 - 2033 $ 5,409 No expiration $ 53 Foreign tax credit carryover $ 160 $ 160 $ 178 $ 178 2018 - 2024 $ 160 Capital loss carryover $ 325 $ 114 $ 491 $ 172 2019 $ 318 2020 $ 7 Alternative minimum tax credit carryover $ 639 $ 639 $ 652 $ 652 No expiration $ 639 |
Accumulated Other Comprehensi31
Accumulated Other Comprehensive Income Loss Level 3 (Tables) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in AOCI, net of tax, by component consist of the following: Three months ended September 30, 2015 Changes in Net Unrealized Gain on Securities OTTI Losses in OCI Net Gain on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments Pension and Other Postretirement Plan Adjustments AOCI, net of tax Beginning balance $ 1,657 $ (7 ) $ 122 $ (24 ) $ (1,560 ) $ 188 OCI before reclassifications (113 ) 2 58 (14 ) (1 ) (68 ) Amounts reclassified from AOCI 19 1 (10 ) — 10 20 OCI, net of tax (94 ) 3 48 (14 ) 9 (48 ) Ending balance $ 1,563 $ (4 ) $ 170 $ (38 ) $ (1,551 ) $ 140 Nine months ended September 30, 2015 Changes in Net Unrealized Gain on Securities OTTI Losses in OCI Net Gain on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments Pension and Other Postretirement Plan Adjustments AOCI, net of tax Beginning balance $ 2,370 $ (5 ) $ 150 $ (8 ) $ (1,579 ) $ 928 OCI before reclassifications (798 ) — 49 (30 ) — (779 ) Amounts reclassified from AOCI (9 ) 1 (29 ) — 28 (9 ) OCI, net of tax (807 ) 1 20 (30 ) 28 (788 ) Ending balance $ 1,563 $ (4 ) $ 170 $ (38 ) $ (1,551 ) $ 140 | Three months ended September 30, 2014 Changes in Net Unrealized Gain on Securities OTTI Losses in OCI Net Gain on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments Pension and Other Postretirement Plan Adjustments AOCI, net of tax Beginning balance $ 2,255 $ (7 ) $ 141 $ 13 $ (1,240 ) $ 1,162 OCI before reclassifications (22 ) 1 (15 ) (13 ) 1 (48 ) Amounts reclassified from AOCI (40 ) 1 (6 ) — 8 (37 ) OCI, net of tax (62 ) 2 (21 ) (13 ) 9 (85 ) Ending balance $ 2,193 $ (5 ) $ 120 $ — $ (1,231 ) $ 1,077 Nine months ended September 30, 2014 Changes in Net Unrealized Gain on Securities OTTI Losses in OCI Net Gain on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments Pension and Other Postretirement Plan Adjustments AOCI, net of tax Beginning balance $ 987 $ (12 ) $ 108 $ 91 $ (1,253 ) $ (79 ) OCI before reclassifications 1,277 4 48 21 1 1,351 Amounts reclassified from AOCI (71 ) 3 (36 ) (112 ) 21 (195 ) OCI, net of tax 1,206 7 12 (91 ) 22 1,156 Ending balance $ 2,193 $ (5 ) $ 120 $ — $ (1,231 ) $ 1,077 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | AOCI Amount Reclassified from AOCI Affected Line Item in the Condensed Consolidated Statement of Operations Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Net Unrealized Gain on Securities Available-for-sale securities $ (29 ) $ 14 Net realized capital gains (losses) (29 ) 14 Total before tax (10 ) 5 Income tax expense $ (19 ) $ 9 Net income OTTI Losses in OCI Other than temporary impairments $ (1 ) $ (2 ) Net realized capital gains (losses) (1 ) (2 ) Total before tax — (1 ) Income tax expense $ (1 ) $ (1 ) Net income Net Gains on Cash Flow Hedging Instruments Interest rate swaps $ 1 $ 4 Net realized capital gains (losses) Interest rate swaps 15 47 Net investment income Foreign currency swaps — (7 ) Net realized capital gains (losses) 16 44 Total before tax 6 15 Income tax expense $ 10 $ 29 Net income Pension and Other Postretirement Plan Adjustments Amortization of prior service credit $ 2 $ 5 Insurance operating costs and other expenses Amortization of actuarial loss (17 ) (48 ) Insurance operating costs and other expenses (15 ) (43 ) Total before tax (5 ) (15 ) Income tax expense $ (10 ) $ (28 ) Net income Total amounts reclassified from AOCI $ (20 ) $ 9 Net income | AOCI Amount Reclassified from AOCI Affected Line Item in the Condensed Consolidated Statement of Operations Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Net Unrealized Gain on Securities Available-for-sale securities $ 61 $ 186 Net realized capital gains (losses) 61 186 Total before tax 21 65 Income tax expense (benefit) — 50 Loss from discontinued operations, net of tax $ 40 $ 71 Net income (loss) OTTI Losses in OCI Other than temporary impairments $ (2 ) $ (5 ) Net realized capital gains (losses) (2 ) (5 ) Total before tax (1 ) (2 ) Income tax expense (benefit) $ (1 ) $ (3 ) Net income (loss) Net Gains on Cash Flow Hedging Instruments Interest rate swaps $ (4 ) $ (2 ) Net realized capital gains (losses) Interest rate swaps 22 67 Net investment income Foreign currency swaps (9 ) (9 ) Net realized capital gains (losses) 9 56 Total before tax 3 20 Income tax expense (benefit) $ 6 $ 36 Net income (loss) Foreign Currency Flow Hedging Instruments Currency translation adjustments $ — $ 172 Net realized capital gains (losses) — 172 Total before tax — 60 Income tax expense (benefit) $ — $ 112 Net income (loss) Pension and Other Postretirement Plan Adjustments Amortization of prior service credit $ 2 $ 5 Insurance operating costs and other expenses Amortization of actuarial loss (14 ) (38 ) Insurance operating costs and other expenses (12 ) (33 ) Total before tax (4 ) (12 ) Income tax expense (benefit) $ (8 ) $ (21 ) Net income (loss) Total amounts reclassified from AOCI $ 37 $ 195 Net income (loss) |
Employee Benefit Plans Level 3
Employee Benefit Plans Level 3 (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Components of net periodic benefit cost | Pension Benefits Other Postretirement Benefits Three Months Ended September 30, Three Months Ended September 30, 2015 2014 2015 2014 Service cost $ — $ 1 $ — $ — Interest cost 60 67 3 5 Expected return on plan assets (77 ) (81 ) (3 ) (2 ) Amortization of prior service credit — — (2 ) (2 ) Amortization of actuarial loss 16 13 1 1 Net periodic cost (benefit) $ (1 ) $ — $ (1 ) $ 2 |
Discontinued Operations Level 3
Discontinued Operations Level 3 (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | The Condensed Consolidated Statements of Operations include a net realized gain on disposal of $9 for the three and nine months ended September 30, 2015 related to discontinued operations. Amounts related to discontinued operations included in the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2014 are summarized in the following table. Nine Months Ended September 30, 2014 Revenues Earned premiums $ (1 ) Fee income 239 Net investment income: Securities available-for-sale and other 18 Equity securities, trading 134 Total net investment income 152 Net realized capital losses (157 ) Total revenues 233 Benefits, losses and expenses Benefits losses and loss adjustment expenses 7 Benefits, losses and loss adjustment expenses - returns credited on international variable annuities 134 Insurance operating costs and other expenses 23 Total benefits, losses and expenses 164 Income before income taxes 69 Income tax benefit (2 ) Income from operations of discontinued operations, net of tax 71 Net realized loss on disposal, net of tax [1] (659 ) Loss from discontinued operations, net of tax $ (588 ) [1] Includes income tax benefit of $241 on the sale of HLIKK for the nine months ended September 30, 2014. following table summarizes the major classes of assets and liabilities transferred by the Company in connection with the sale. 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 |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | The Condensed Consolidated Statements of Operations include a net realized gain on disposal of $9 for the three and nine months ended September 30, 2015 related to discontinued operations. Amounts related to discontinued operations included in the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2014 are summarized in the following table. |
Earnings (Loss) Per Common Sh34
Earnings (Loss) Per Common Share Level 4 (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net Income (Loss) Attributable to Parent [Abstract] | |||||
Income (Loss) from Continuing Operations Attributable to Parent | $ 372 | $ 388 | $ 1,252 | $ 1,004 | |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 9 | 0 | 9 | (588) | |
Net Income (Loss) Attributable to Parent | $ 381 | $ 388 | $ 1,261 | $ 416 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |||||
Weighted Average Number of Shares Outstanding, Basic | 413.8 | 437.2 | 418.4 | 445.9 | |
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants | 4.1 | 7.7 | 4.9 | 13.9 | |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 5.1 | 5.9 | 5 | 6.1 | |
Weighted Average Number of Shares Outstanding, Diluted | 423 | 450.8 | 428.3 | 465.9 | |
Earnings Per Share, Basic and Diluted [Abstract] | |||||
Income (Loss) from Continuing Operations, Per Basic Share | $ 0.90 | $ 0.89 | $ 2.99 | $ 2.25 | |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0.02 | 0 | 0.02 | (1.32) | |
Earnings Per Share, Basic | 0.92 | 0.89 | 3.01 | 0.93 | |
Income (Loss) from Continuing Operations, Per Diluted Share | 0.88 | 0.86 | 2.92 | 2.15 | |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0.02 | 0 | 0.02 | (1.26) | |
Earnings Per Share, Diluted | $ 0.90 | $ 0.86 | $ 2.94 | $ 0.89 | |
Accelerated Share Repurchase Program [Member] | |||||
Stock Repurchased During Period, Shares | 3.5 |
Segment Information Level 4 (De
Segment Information Level 4 (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | ||
Segment Reporting Information [Line Items] | |||||
Number of company reporting segments | 6 | ||||
Segment Reporting Information, Operating Income (Loss) [Abstract] | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 381 | $ 388 | $ 1,261 | $ 416 | |
Net Income (Loss) Attributable to Parent | 381 | 388 | 1,261 | 416 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||
Earned premiums and fee income | 3,852 | 3,861 | 11,493 | 11,480 | |
Insurance Commissions and Fees | 448 | 524 | 1,376 | 1,522 | |
Net Investment Income (Loss) | 730 | 810 | 2,335 | 2,402 | |
Total Realized Investment Gains (Losses) | (44) | 69 | (30) | 30 | |
Other Income | 24 | 29 | 66 | 85 | |
Revenues | 4,562 | 4,769 | 13,864 | 13,997 | |
Premiums Earned, Net | 3,404 | 3,337 | 10,117 | 9,958 | |
Property and Casualty, Commercial Insurance Product Line [Member] | |||||
Segment Reporting Information, Operating Income (Loss) [Abstract] | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 211 | 280 | 710 | 721 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||
Earned premiums and fee income | 1,647 | 1,578 | 4,853 | 4,678 | |
Property and Casualty, Personal Insurance Product Line [Member] | |||||
Segment Reporting Information, Operating Income (Loss) [Abstract] | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 19 | 73 | 136 | 142 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||
Earned premiums and fee income | [1] | 977 | 964 | 2,895 | 2,838 |
Affinity Earned Premiums | 797 | 772 | 2,300 | ||
Property & Casualty Other Operations [Member] | |||||
Segment Reporting Information, Operating Income (Loss) [Abstract] | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 16 | 14 | (72) | (108) | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||
Earned premiums and fee income | 1 | ||||
Revenues | 0 | ||||
Premiums Earned, Net | 1 | 0 | |||
Group Insurance Policies [Member] | |||||
Segment Reporting Information, Operating Income (Loss) [Abstract] | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 42 | 37 | 150 | 143 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||
Earned premiums and fee income | 769 | 753 | 2,345 | 2,329 | |
Mutual Funds [Member] | |||||
Segment Reporting Information, Operating Income (Loss) [Abstract] | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 22 | 22 | 66 | 64 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||
Earned premiums and fee income | 182 | 185 | 545 | 542 | |
Talcott Resolution [Member] | |||||
Segment Reporting Information, Operating Income (Loss) [Abstract] | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 74 | 28 | 402 | (331) | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||
Earned premiums and fee income | 275 | 379 | 848 | 1,084 | |
Corporate Segment [Member] | |||||
Segment Reporting Information, Operating Income (Loss) [Abstract] | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (3) | (66) | (131) | (215) | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||
Insurance Commissions and Fees | 1 | 2 | 6 | 9 | |
Non Proprietary [Member] | Mutual Funds [Member] | |||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||
Earned premiums and fee income | 154 | 150 | 457 | 436 | |
Accident and Health Insurance Product Line [Member] | Property and Casualty, Commercial Insurance Product Line [Member] | |||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||
Earned premiums and fee income | 769 | 738 | 2,273 | 2,204 | |
Accident and Health Insurance Product Line [Member] | Group Insurance Policies [Member] | |||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||
Earned premiums and fee income | 361 | 357 | 1,106 | 1,091 | |
Property Insurance Product Line [Member] | Property and Casualty, Commercial Insurance Product Line [Member] | |||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||
Earned premiums and fee income | 158 | 142 | 474 | 415 | |
Automobiles Commercial [Member] | Property and Casualty, Commercial Insurance Product Line [Member] | |||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||
Earned premiums and fee income | 156 | 149 | 456 | 438 | |
Package Business [Member] | Property and Casualty, Commercial Insurance Product Line [Member] | |||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||
Earned premiums and fee income | 305 | 294 | 896 | 866 | |
Liability [Member] | Property and Casualty, Commercial Insurance Product Line [Member] | |||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||
Earned premiums and fee income | 146 | 144 | 423 | 435 | |
Surety Product Line [Member] | Property and Casualty, Commercial Insurance Product Line [Member] | |||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||
Earned premiums and fee income | 55 | 55 | 163 | 158 | |
Professional Liability [Member] | Property and Casualty, Commercial Insurance Product Line [Member] | |||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||
Earned premiums and fee income | 58 | 56 | 168 | 162 | |
Automobiles Consumer [Member] | Property and Casualty, Personal Insurance Product Line [Member] | |||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||
Earned premiums and fee income | 674 | 662 | 1,994 | 1,948 | |
Homeowners [Member] | Property and Casualty, Personal Insurance Product Line [Member] | |||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||
Earned premiums and fee income | 303 | 302 | 901 | 890 | |
Life Insurance Product Line [Member] | Group Insurance Policies [Member] | |||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||
Earned premiums and fee income | 365 | 354 | 1,106 | 1,113 | |
Property & Casualty Other Operations [Member] | Group Insurance Policies [Member] | |||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||
Earned premiums and fee income | 43 | 42 | 133 | 125 | |
Proprietary [Member] | Mutual Funds [Member] | |||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||
Earned premiums and fee income | $ 28 | $ 35 | $ 88 | $ 106 | |
[1] | [1]For the three months ended September 30, 2015 and 2014, AARP members accounted for earned premiums of $797 and $772, respectively. |
Fair Value Measurements Level 4
Fair Value Measurements Level 4 Fair Value by Hierarchy (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | $ 0 | $ 0 | |||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total fixed maturities | 59,109 | $ 59,384 | |||||
Fixed maturities, FVO | 548 | 488 | |||||
Trading Securities, Equity | 11 | 11 | [1] | ||||
Available-for-sale Securities, Equity Securities | 813 | 1,047 | |||||
Short-term investments | 3,433 | 4,883 | |||||
Alternative Investments, Fair Value Disclosure | 3,067 | 2,942 | |||||
Reinsurance recoverable for U.S. GMWB | 23,087 | 22,920 | |||||
Separate account assets | 121,634 | 134,702 | |||||
Assets, Fair Value Disclosure | 182,893 | 199,248 | |||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Total liabilities accounted for at fair value on a recurring basis | (1,214) | (1,095) | |||||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 24 | 137 | |||||
Other policyholder funds and benefits payable [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | (291) | ||||||
Credit derivative [Member] | Other Investments [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 13 | 8 | |||||
Credit derivative [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | (29) | ||||||
Commodity Contract [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 7 | ||||||
Equity Contract [Member] | Other Investments [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 3 | ||||||
Equity Contract [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 20 | ||||||
Foreign Exchange Contract [Member] | Other Investments [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 10 | ||||||
Foreign Exchange Contract [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | (469) | ||||||
Interest Rate Contract [Member] | Other Investments [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 79 | 129 | |||||
Interest Rate Contract [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | (648) | ||||||
Other Contract [Member] | Other Investments [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 8 | 12 | |||||
Derivative Financial Instruments, Assets [Member] | Other Investments [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | [1] | 304 | 364 | [2] | |||
Derivative Financial Instruments, Liabilities [Member] | |||||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 136 | 413 | |||||
Derivative Financial Instruments, Liabilities [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | [3] | (923) | (927) | [4] | |||
Embedded Derivative Financial Instruments [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | [5] | (3) | |||||
ABS [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total fixed maturities | 2,716 | 2,472 | |||||
Collateralized Debt Obligations [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total fixed maturities | [6] | 3,031 | 2,841 | ||||
CMBS [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total fixed maturities | 4,542 | 4,415 | |||||
Corporate [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total fixed maturities | 26,772 | 27,359 | |||||
Foreign Government Debt Securities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total fixed maturities | 1,255 | 1,636 | |||||
Municipal [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total fixed maturities | 12,211 | 12,871 | |||||
RMBS [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total fixed maturities | 3,859 | 3,918 | |||||
U.S. Treasuries [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total fixed maturities | 4,723 | 3,872 | |||||
Level 1 [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total fixed maturities | 934 | 106 | |||||
Fixed maturities, FVO | 1 | 0 | |||||
Trading Securities, Equity | 11 | 11 | [1] | ||||
Available-for-sale Securities, Equity Securities | 565 | 786 | |||||
Short-term investments | 700 | 349 | |||||
Assets, Fair Value Disclosure | 79,579 | 92,789 | |||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Total liabilities accounted for at fair value on a recurring basis | 0 | 0 | |||||
Level 1 [Member] | Other policyholder funds and benefits payable [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||||||
Level 1 [Member] | Credit derivative [Member] | Other Investments [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | |||||
Level 1 [Member] | Credit derivative [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||||||
Level 1 [Member] | Commodity Contract [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||||||
Level 1 [Member] | Equity Contract [Member] | Other Investments [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||||||
Level 1 [Member] | Equity Contract [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||||||
Level 1 [Member] | Foreign Exchange Contract [Member] | Other Investments [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||||||
Level 1 [Member] | Foreign Exchange Contract [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||||||
Level 1 [Member] | Interest Rate Contract [Member] | Other Investments [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | |||||
Level 1 [Member] | Interest Rate Contract [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||||||
Level 1 [Member] | Other Contract [Member] | Other Investments [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | |||||
Level 1 [Member] | Derivative Financial Instruments, Liabilities [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | [3] | 0 | [4] | |||
Level 1 [Member] | Embedded Derivative Financial Instruments [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | [5] | 0 | |||||
Level 1 [Member] | ABS [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total fixed maturities | 0 | 0 | |||||
Level 1 [Member] | Collateralized Debt Obligations [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total fixed maturities | 0 | 0 | |||||
Level 1 [Member] | CMBS [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total fixed maturities | 0 | 0 | |||||
Level 1 [Member] | Corporate [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total fixed maturities | 0 | 0 | |||||
Level 1 [Member] | Foreign Government Debt Securities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total fixed maturities | 0 | 0 | |||||
Level 1 [Member] | Municipal [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total fixed maturities | 0 | 0 | |||||
Level 1 [Member] | RMBS [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total fixed maturities | 0 | 0 | |||||
Level 1 [Member] | U.S. Treasuries [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total fixed maturities | 934 | 106 | |||||
Level 2 [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total fixed maturities | 54,937 | 55,803 | |||||
Fixed maturities, FVO | 486 | 396 | |||||
Trading Securities, Equity | 0 | 0 | [1] | ||||
Available-for-sale Securities, Equity Securities | 149 | 163 | |||||
Short-term investments | 2,733 | 4,534 | |||||
Assets, Fair Value Disclosure | 99,032 | 101,735 | |||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Total liabilities accounted for at fair value on a recurring basis | (1,069) | (1,004) | |||||
Level 2 [Member] | Other policyholder funds and benefits payable [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||||||
Level 2 [Member] | Credit derivative [Member] | Other Investments [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 13 | 10 | |||||
Level 2 [Member] | Credit derivative [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | (29) | ||||||
Level 2 [Member] | Commodity Contract [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||||||
Level 2 [Member] | Equity Contract [Member] | Other Investments [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||||||
Level 2 [Member] | Equity Contract [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 20 | ||||||
Level 2 [Member] | Foreign Exchange Contract [Member] | Other Investments [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 10 | ||||||
Level 2 [Member] | Foreign Exchange Contract [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | (469) | ||||||
Level 2 [Member] | Interest Rate Contract [Member] | Other Investments [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 69 | 113 | |||||
Level 2 [Member] | Interest Rate Contract [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | (618) | ||||||
Level 2 [Member] | Other Contract [Member] | Other Investments [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | |||||
Level 2 [Member] | Derivative Financial Instruments, Assets [Member] | Other Investments [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 101 | [1] | 128 | [2] | |||
Level 2 [Member] | Derivative Financial Instruments, Liabilities [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | (1,069) | [3] | (1,004) | [4] | |||
Level 2 [Member] | Embedded Derivative Financial Instruments [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | [5] | 0 | |||||
Level 2 [Member] | ABS [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total fixed maturities | 2,689 | 2,350 | |||||
Level 2 [Member] | Collateralized Debt Obligations [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total fixed maturities | 2,486 | 2,218 | |||||
Level 2 [Member] | CMBS [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total fixed maturities | 4,373 | 4,131 | |||||
Level 2 [Member] | Corporate [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total fixed maturities | 25,867 | 26,319 | |||||
Level 2 [Member] | Foreign Government Debt Securities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total fixed maturities | 1,205 | 1,577 | |||||
Level 2 [Member] | Municipal [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total fixed maturities | 12,161 | 12,805 | |||||
Level 2 [Member] | RMBS [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total fixed maturities | 2,367 | 2,637 | |||||
Level 2 [Member] | U.S. Treasuries [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total fixed maturities | 3,789 | 3,766 | |||||
Level 3 [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total fixed maturities | 3,238 | 3,475 | |||||
Fixed maturities, FVO | 61 | 92 | |||||
Trading Securities, Equity | 0 | 0 | [1] | ||||
Available-for-sale Securities, Equity Securities | 99 | 98 | |||||
Short-term investments | 0 | 0 | |||||
Assets, Fair Value Disclosure | 4,282 | 4,724 | |||||
Liabilities, Fair Value Disclosure [Abstract] | |||||||
Total liabilities accounted for at fair value on a recurring basis | (145) | (91) | |||||
Level 3 [Member] | Other policyholder funds and benefits payable [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | (291) | ||||||
Level 3 [Member] | Credit derivative [Member] | Other Investments [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | (2) | |||||
Level 3 [Member] | Credit derivative [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||||||
Level 3 [Member] | Commodity Contract [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 7 | ||||||
Level 3 [Member] | Equity Contract [Member] | Other Investments [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 3 | ||||||
Level 3 [Member] | Equity Contract [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||||||
Level 3 [Member] | Foreign Exchange Contract [Member] | Other Investments [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||||||
Level 3 [Member] | Foreign Exchange Contract [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||||||
Level 3 [Member] | Interest Rate Contract [Member] | Other Investments [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 10 | 16 | |||||
Level 3 [Member] | Interest Rate Contract [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | (30) | ||||||
Level 3 [Member] | Other Contract [Member] | Other Investments [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 8 | 12 | |||||
Level 3 [Member] | Derivative Financial Instruments, Assets [Member] | Other Investments [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 203 | [1] | 236 | [2] | |||
Level 3 [Member] | Derivative Financial Instruments, Liabilities [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 146 | [3] | 77 | [4] | |||
Level 3 [Member] | Embedded Derivative Financial Instruments [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | [5] | (3) | |||||
Level 3 [Member] | ABS [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total fixed maturities | 27 | 122 | |||||
Level 3 [Member] | Collateralized Debt Obligations [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total fixed maturities | 545 | 623 | |||||
Level 3 [Member] | CMBS [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total fixed maturities | 169 | 284 | |||||
Level 3 [Member] | Corporate [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total fixed maturities | 905 | 1,040 | |||||
Level 3 [Member] | Foreign Government Debt Securities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total fixed maturities | 50 | 59 | |||||
Level 3 [Member] | Municipal [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total fixed maturities | 50 | 66 | |||||
Level 3 [Member] | RMBS [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total fixed maturities | 1,492 | 1,281 | |||||
Level 3 [Member] | U.S. Treasuries [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total fixed maturities | 0 | 0 | |||||
Fair Value, Measurements, Recurring [Member] | Other policyholder funds and benefits payable [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | (165) | ||||||
Fair Value, Measurements, Recurring [Member] | Credit derivative [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | (16) | ||||||
Fair Value, Measurements, Recurring [Member] | Equity Contract [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 28 | ||||||
Fair Value, Measurements, Recurring [Member] | Foreign Exchange Contract [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | (445) | ||||||
Fair Value, Measurements, Recurring [Member] | Interest Rate Contract [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | (597) | ||||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Other policyholder funds and benefits payable [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Credit derivative [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Equity Contract [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Foreign Exchange Contract [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Interest Rate Contract [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Other policyholder funds and benefits payable [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Credit derivative [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | (9) | ||||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Equity Contract [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 25 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Foreign Exchange Contract [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | (445) | ||||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Interest Rate Contract [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | (574) | ||||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Alternative Investments, Fair Value Disclosure | 98 | 189 | |||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Other policyholder funds and benefits payable [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | (165) | ||||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Credit derivative [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | (7) | ||||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Equity Contract [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 3 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Foreign Exchange Contract [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Interest Rate Contract [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | (23) | ||||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | CMBS [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total fixed maturities | 169 | 284 | |||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | RMBS [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Total fixed maturities | 1,492 | 1,281 | |||||
Interim Period [Member] | U.S. Treasuries [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | 471 | 278 | |||||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | 0 | $ 0 | |||||
Annual Period [Member] | U.S. Treasuries [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | 995 | $ 1,900 | |||||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | 0 | $ 0 | |||||
US GMWB Hedging Instruments [Member] | Level 3 [Member] | Other Contract [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 171 | 124 | |||||
US GMWB Hedging Instruments [Member] | UNITED STATES | Other Investments [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 94 | 119 | |||||
US GMWB Hedging Instruments [Member] | UNITED STATES | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 113 | 55 | |||||
US GMWB Hedging Instruments [Member] | UNITED STATES | Level 1 [Member] | Other Investments [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | |||||
US GMWB Hedging Instruments [Member] | UNITED STATES | Level 1 [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | |||||
US GMWB Hedging Instruments [Member] | UNITED STATES | Level 2 [Member] | Other Investments [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 9 | 5 | |||||
US GMWB Hedging Instruments [Member] | UNITED STATES | Level 2 [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 27 | (1) | |||||
US GMWB Hedging Instruments [Member] | UNITED STATES | Level 3 [Member] | Other Investments [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 85 | 114 | |||||
US GMWB Hedging Instruments [Member] | UNITED STATES | Level 3 [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 86 | 56 | |||||
Equity Linked Notes [Member] | Other policyholder funds and benefits payable [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | (21) | ||||||
Equity Linked Notes [Member] | Level 1 [Member] | Other policyholder funds and benefits payable [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||||||
Equity Linked Notes [Member] | Level 2 [Member] | Other policyholder funds and benefits payable [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||||||
Equity Linked Notes [Member] | Level 3 [Member] | Other policyholder funds and benefits payable [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | (21) | ||||||
Equity Linked Notes [Member] | Fair Value, Measurements, Recurring [Member] | Other policyholder funds and benefits payable [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | (26) | ||||||
Equity Linked Notes [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Other policyholder funds and benefits payable [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||||||
Equity Linked Notes [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Other policyholder funds and benefits payable [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||||||
Equity Linked Notes [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Other policyholder funds and benefits payable [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | (26) | ||||||
GMWB Reinsurance [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Reinsurance recoverable for U.S. GMWB | 73 | 56 | |||||
GMWB Reinsurance [Member] | Level 1 [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Reinsurance recoverable for U.S. GMWB | 0 | 0 | |||||
GMWB Reinsurance [Member] | Level 2 [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Reinsurance recoverable for U.S. GMWB | 0 | 0 | |||||
GMWB Reinsurance [Member] | Level 3 [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Reinsurance recoverable for U.S. GMWB | 73 | 56 | |||||
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Reinsurance recoverable for U.S. GMWB | 62 | 34 | |||||
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | Level 1 [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Reinsurance recoverable for U.S. GMWB | 0 | 0 | |||||
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | Level 2 [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Reinsurance recoverable for U.S. GMWB | 62 | 34 | |||||
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | Level 3 [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Reinsurance recoverable for U.S. GMWB | 0 | 0 | |||||
Macro Hedge Program [Member] | UNITED STATES | Other Investments [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 100 | 93 | |||||
Macro Hedge Program [Member] | UNITED STATES | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 83 | 48 | |||||
Macro Hedge Program [Member] | UNITED STATES | Level 1 [Member] | Other Investments [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | |||||
Macro Hedge Program [Member] | UNITED STATES | Level 1 [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | |||||
Macro Hedge Program [Member] | UNITED STATES | Level 2 [Member] | Other Investments [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | |||||
Macro Hedge Program [Member] | UNITED STATES | Level 2 [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | |||||
Macro Hedge Program [Member] | UNITED STATES | Level 3 [Member] | Other Investments [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 100 | 93 | |||||
Macro Hedge Program [Member] | UNITED STATES | Level 3 [Member] | Other liabilities [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 83 | 48 | |||||
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 | (270) | ||||||
Guaranteed Minimum Withdrawal Benefit [Member] | UNITED STATES | Level 1 [Member] | Other policyholder funds and benefits payable [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||||||
Guaranteed Minimum Withdrawal Benefit [Member] | UNITED STATES | Level 2 [Member] | Other policyholder funds and benefits payable [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||||||
Guaranteed Minimum Withdrawal Benefit [Member] | UNITED STATES | Level 3 [Member] | Other policyholder funds and benefits payable [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | (270) | ||||||
Guaranteed Minimum Withdrawal Benefit [Member] | UNITED STATES | Fair Value, Measurements, Recurring [Member] | Other policyholder funds and benefits payable [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | (139) | ||||||
Guaranteed Minimum Withdrawal Benefit [Member] | UNITED STATES | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Other policyholder funds and benefits payable [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||||||
Guaranteed Minimum Withdrawal Benefit [Member] | UNITED STATES | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Other policyholder funds and benefits payable [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||||||
Guaranteed Minimum Withdrawal Benefit [Member] | UNITED STATES | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Other policyholder funds and benefits payable [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | (139) | ||||||
Portion at Fair Value Measurement [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Alternative Investments, Fair Value Disclosure | 815 | [2] | 770 | [7] | |||
Separate account assets | 117,725 | [7] | 132,211 | [3] | |||
Portion at Fair Value Measurement [Member] | Level 1 [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Alternative Investments, Fair Value Disclosure | 0 | [2] | 0 | [7] | |||
Separate account assets | 77,368 | [7] | 91,537 | [3] | |||
Portion at Fair Value Measurement [Member] | Level 2 [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Alternative Investments, Fair Value Disclosure | 717 | [2] | 581 | [7] | |||
Separate account assets | 39,847 | [7] | 40,096 | [3] | |||
Portion at Fair Value Measurement [Member] | Level 3 [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Alternative Investments, Fair Value Disclosure | 98 | [2] | 189 | [7] | |||
Separate account assets | 510 | [7] | 578 | [3] | |||
Portion at Other than Fair Value Measurement [Member] | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||
Separate account assets | [7] | $ 3,900 | $ 2,500 | ||||
[1] | [1]Included in other investments on the Condensed Consolidated Balance Sheets. | ||||||
[2] | [2]Includes over-the-counter ("OTC") and OTC-cleared derivative instruments in a net positive fair value position after consideration of the accrued interest and impact of collateral posting requirements, which may be imposed by agreements, clearing house rules and applicable law. As of September 30, 2015, and December 31, 2014, $136 and $413, respectively, of cash collateral liability was netted against the derivative asset value in the Condensed Consolidated Balance Sheets and is excluded from the preceding table. See the following footnote 5 for derivative liabilities. | ||||||
[3] | [4]Approximately $3.9 billion and $2.5 billion of investment sales receivable, as of September 30, 2015, and December 31, 2014, respectively, are excluded from this disclosure requirement because they are trade receivables in the ordinary course of business where the carrying amount approximates fair value. | ||||||
[4] | [5]Includes OTC and OTC-cleared derivative instruments in a net negative fair value position (derivative liability) after consideration of the accrued interest and impact of collateral posting requirements, which may be imposed by agreements, clearing house rules and applicable law. In the following Level 3 roll-forward table in this Note 4, the derivative assets and liabilities are referred to as “freestanding derivatives” and are presented on a net basis. | ||||||
[5] | [6]Represents embedded derivatives associated with non-funding agreement-backed consumer equity linked notes. | ||||||
[6] | Gross unrealized gains (losses) exclude the fair value of bifurcated embedded derivatives within certain securities. Subsequent changes in value are recorded in net realized capital gains (losses). | ||||||
[7] | [3]Represents hedge funds where investment company accounting has been applied to a wholly-owned fund of funds measured at fair value. |
Fair Value Measurements Level37
Fair Value Measurements Level 4 Significant Unobservable Inputs (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2013 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Adjustments to Broker Prices Received | 0.00% | ||||||||
Alternative Investments, Fair Value Disclosure | $ 3,067 | $ 3,067 | $ 2,942 | ||||||
Available-for-sale Securities, Debt Securities | 59,109 | 59,109 | 59,384 | ||||||
Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 510 | $ 791 | 510 | $ 791 | 578 | $ 735 | $ 737 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [1],[2] | (7) | 6 | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [1],[3],[4] | (10) | (3) | 8 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | [5] | (3) | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | [5] | (2) | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 69 | 331 | 298 | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 6 | 16 | 2 | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 201 | 251 | 219 | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | [6] | 1 | 7 | 5 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | [6] | 76 | 133 | 36 | |||||
Available-for-sale Securities, Debt Securities | 3,238 | 3,238 | 3,475 | ||||||
Fixed Maturities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 61 | 98 | 61 | 98 | 92 | 86 | $ 139 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 1 | (2) | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 1 | 7 | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 2 | 4 | 21 | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 24 | 46 | 24 | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 1 | 8 | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | 2 | 13 | |||||||
Limited Partnerships and Other Alternative Investments [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 98 | 87 | 98 | 87 | $ 189 | 230 | $ 108 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [1],[2] | (12) | (4) | (5) | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [1],[3],[4] | (12) | (4) | (5) | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 11 | 44 | 50 | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 0 | 0 | 0 | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 24 | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | [6] | 131 | $ 131 | 42 | |||||
CMBS [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Measurements, Valuation Techniques | Discounted cash flows | Discounted cash flows | |||||||
Fair Value Measurements, Significant Assumptions | Spread (encompasses prepayment, default risk and loss severity) | Spread (encompasses prepayment, default risk and loss severity) | |||||||
Positive or negative relationship of change in input to change in fair value measurement | Decrease | Decrease | |||||||
CMBS [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Inputs, Counterparty Credit Risk | 757.00% | 2475.00% | |||||||
CMBS [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Inputs, Counterparty Credit Risk | 36.00% | 46.00% | |||||||
CMBS [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Inputs, Counterparty Credit Risk | 228.00% | 284.00% | |||||||
Corporate [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Measurements, Valuation Techniques | Discounted cash flows | Discounted cash flows | |||||||
Fair Value Measurements, Significant Assumptions | Spread | Spread | |||||||
Positive or negative relationship of change in input to change in fair value measurement | Decrease | Decrease | |||||||
Corporate [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Inputs, Counterparty Credit Risk | 735.00% | 765.00% | |||||||
Corporate [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Inputs, Counterparty Credit Risk | 70.00% | 123.00% | |||||||
Corporate [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Inputs, Counterparty Credit Risk | 326.00% | 279.00% | |||||||
Municipal [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Measurements, Valuation Techniques | Discounted cash flows | Discounted cash flows | |||||||
Fair Value Measurements, Significant Assumptions | Spread | Spread | |||||||
Positive or negative relationship of change in input to change in fair value measurement | Decrease | Decrease | |||||||
Municipal [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Inputs, Treasury Yield | 197.00% | 212.00% | |||||||
Municipal [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Inputs, Treasury Yield | 197.00% | 212.00% | |||||||
Municipal [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Inputs, Treasury Yield | 197.00% | 212.00% | |||||||
RMBS [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Measurements, Valuation Techniques | Discounted cash flows | Discounted cash flows | |||||||
RMBS [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Inputs, Counterparty Credit Risk | 1176.00% | 1904.00% | |||||||
Fair Value Inputs, Prepayment Rate | 100.00% | 7.00% | |||||||
Fair Value Inputs, Probability of Default | 14.00% | 14.00% | |||||||
Fair Value Inputs, Loss Severity | 100.00% | 100.00% | |||||||
RMBS [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Inputs, Counterparty Credit Risk | 53.00% | 23.00% | |||||||
Fair Value Inputs, Prepayment Rate | 0.00% | 0.00% | |||||||
Fair Value Inputs, Probability of Default | 0.00% | 1.00% | |||||||
Fair Value Inputs, Loss Severity | 0.00% | 0.00% | |||||||
RMBS [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Inputs, Counterparty Credit Risk | 169.00% | 142.00% | |||||||
Fair Value Inputs, Prepayment Rate | 4.00% | 2.00% | |||||||
Fair Value Inputs, Probability of Default | 6.00% | 7.00% | |||||||
Fair Value Inputs, Loss Severity | 78.00% | 78.00% | |||||||
Spread [Member] | RMBS [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Measurements, Significant Assumptions | Spread | Spread | |||||||
Positive or negative relationship of change in input to change in fair value measurement | Decrease | Decrease | |||||||
Withdrawal Utilization [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Positive or negative relationship of change in input to change in fair value measurement | [7],[8] | Increase | |||||||
Withdrawal Utilization [Member] | Maximum [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Unobservable Input Range | [8] | 100.00% | |||||||
Withdrawal Utilization [Member] | Minimum [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Unobservable Input Range | [8] | 20.00% | |||||||
Withdrawal Rates [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Positive or negative relationship of change in input to change in fair value measurement | [7],[9] | Increase | |||||||
Withdrawal Rates [Member] | Maximum [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Unobservable Input Range | [9] | 8.00% | |||||||
Withdrawal Rates [Member] | Minimum [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Unobservable Input Range | [9] | 0.00% | |||||||
Lapse Rates [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Positive or negative relationship of change in input to change in fair value measurement | [7],[10] | Decrease | |||||||
Lapse Rates [Member] | Maximum [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Unobservable Input Range | [10] | 75.00% | |||||||
Lapse Rates [Member] | Minimum [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Unobservable Input Range | [10] | 0.00% | |||||||
Reset Elections [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Positive or negative relationship of change in input to change in fair value measurement | [7],[11] | Increase | |||||||
Reset Elections [Member] | Maximum [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Unobservable Input Range | [11] | 75.00% | |||||||
Reset Elections [Member] | Minimum [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Unobservable Input Range | [11] | 20.00% | |||||||
Equity Volatility [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Positive or negative relationship of change in input to change in fair value measurement | [7],[12] | Increase | |||||||
Equity Volatility [Member] | Maximum [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Unobservable Input Range | [12] | 40.00% | |||||||
Equity Volatility [Member] | Minimum [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Unobservable Input Range | [12] | 10.00% | |||||||
Prepayment Rate [Member] | RMBS [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Measurements, Significant Assumptions | Constant prepayment rate | Constant prepayment rate | |||||||
Positive or negative relationship of change in input to change in fair value measurement | Decrease [4] | Decrease [4] | |||||||
Probability of Default [Member] | RMBS [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Measurements, Significant Assumptions | Constant default rate | Constant default rate | |||||||
Positive or negative relationship of change in input to change in fair value measurement | Decrease | Decrease | |||||||
Loss Severity [Member] | RMBS [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Measurements, Significant Assumptions | Loss severity | Loss severity | |||||||
Positive or negative relationship of change in input to change in fair value measurement | Decrease | Decrease | |||||||
Asset-backed Securities [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Available-for-sale Securities, Debt Securities | 2,716 | $ 2,716 | $ 2,472 | ||||||
Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Available-for-sale Securities, Debt Securities | 27 | 27 | 122 | ||||||
Foreign Government Debt Securities [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Available-for-sale Securities, Debt Securities | 1,255 | 1,255 | 1,636 | ||||||
Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Available-for-sale Securities, Debt Securities | 50 | 50 | 59 | ||||||
RMBS [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Available-for-sale Securities, Debt Securities | 3,859 | 3,859 | 3,918 | ||||||
RMBS [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Available-for-sale Securities, Debt Securities | 1,492 | 1,492 | 1,281 | ||||||
Municipal [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Available-for-sale Securities, Debt Securities | 12,211 | 12,211 | 12,871 | ||||||
Municipal [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Available-for-sale Securities, Debt Securities | 50 | 50 | 66 | ||||||
Corporate [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Available-for-sale Securities, Debt Securities | 26,772 | 26,772 | 27,359 | ||||||
Corporate [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Available-for-sale Securities, Debt Securities | 905 | 905 | 1,040 | ||||||
CMBS [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Available-for-sale Securities, Debt Securities | 4,542 | 4,542 | 4,415 | ||||||
CMBS [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Available-for-sale Securities, Debt Securities | 169 | 169 | 284 | ||||||
Collateralized Debt Obligations [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Available-for-sale Securities, Debt Securities | [13] | 3,031 | 3,031 | 2,841 | |||||
Collateralized Debt Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Available-for-sale Securities, Debt Securities | 545 | 545 | 623 | ||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Alternative Investments, Fair Value Disclosure | 98 | $ 98 | 189 | ||||||
Fair Value, Measurements, Recurring [Member] | Limited Partnerships and Other Alternative Investments [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [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] | RMBS [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Available-for-sale Securities, Debt Securities | 1,492 | $ 1,492 | 1,281 | ||||||
Fair Value, Measurements, Recurring [Member] | Municipal [Member] | Non-Broker Priced [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Available-for-sale Securities, Debt Securities | 32 | 32 | 32 | ||||||
Fair Value, Measurements, Recurring [Member] | Corporate [Member] | Non-Broker Priced [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Available-for-sale Securities, Debt Securities | 406 | 406 | 568 | ||||||
Fair Value, Measurements, Recurring [Member] | CMBS [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Available-for-sale Securities, Debt Securities | 169 | $ 169 | $ 284 | ||||||
Other Contract [Member] | US GMWB Hedging Instruments [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Measurements, Valuation Techniques | Discounted cash flows | Discounted cash flows | |||||||
Fair Value Measurements, Significant Assumptions | Equity volatility | Equity volatility | |||||||
Positive or negative relationship of change in input to change in fair value measurement | Increase | Increase | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 171 | $ 171 | $ 124 | ||||||
Other Contract [Member] | Maximum [Member] | US GMWB Hedging Instruments [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Assumptions, Expected Volatility Rate | 40.00% | 40.00% | |||||||
Other Contract [Member] | Minimum [Member] | US GMWB Hedging Instruments [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Assumptions, Expected Volatility Rate | 10.00% | 10.00% | |||||||
Equity Option [Member] | US Macro Hedge Program [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Measurements, Valuation Techniques | Option model | Option model | |||||||
Fair Value Measurements, Significant Assumptions | Equity volatility | Equity volatility | |||||||
Positive or negative relationship of change in input to change in fair value measurement | Increase | Increase | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 183 | $ 183 | $ 141 | ||||||
Equity Option [Member] | US GMWB Hedging Instruments [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Measurements, Valuation Techniques | Option model | ||||||||
Fair Value Measurements, Significant Assumptions | Equity volatility | ||||||||
Positive or negative relationship of change in input to change in fair value measurement | Increase | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | $ 46 | ||||||||
Equity Option [Member] | Maximum [Member] | US Macro Hedge Program [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Assumptions, Expected Volatility Rate | 28.00% | 28.00% | |||||||
Equity Option [Member] | Maximum [Member] | US GMWB Hedging Instruments [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Assumptions, Expected Volatility Rate | 34.00% | ||||||||
Equity Option [Member] | Minimum [Member] | US Macro Hedge Program [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Assumptions, Expected Volatility Rate | 15.00% | 27.00% | |||||||
Equity Option [Member] | Minimum [Member] | US GMWB Hedging Instruments [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Assumptions, Expected Volatility Rate | 22.00% | ||||||||
Interest Rate Swap [Member] | Interest Rate Contract [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Measurements, Valuation Techniques | Discounted cash flows | Discounted cash flows | |||||||
Fair Value Measurements, Significant Assumptions | Swap curve beyond 30 years | Swap curve beyond 30 years | |||||||
Positive or negative relationship of change in input to change in fair value measurement | Decrease | Decrease | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | (30) | $ (30) | $ (29) | ||||||
Interest Rate Swap [Member] | Maximum [Member] | Interest Rate Contract [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Measurements, Unobservable Swap Curve | 3.00% | 3.00% | |||||||
Interest Rate Swap [Member] | Minimum [Member] | Interest Rate Contract [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Measurements, Unobservable Swap Curve | 3.00% | 3.00% | |||||||
Interest Rate Swaption [Member] | Long [Member] | Interest Rate Contract [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Measurements, Valuation Techniques | Option model | Option model | |||||||
Fair Value Measurements, Significant Assumptions | Interest rate volatility | Interest rate volatility | |||||||
Positive or negative relationship of change in input to change in fair value measurement | Increase | Increase | |||||||
Derivative Assets (Liabilities), at Fair Value, Net | 10 | $ 10 | $ 22 | ||||||
Interest Rate Swaption [Member] | Long [Member] | Maximum [Member] | Interest Rate Contract [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Assumptions, Expected Volatility Rate | 1.00% | 1.00% | |||||||
Interest Rate Swaption [Member] | Long [Member] | Minimum [Member] | Interest Rate Contract [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value Assumptions, Expected Volatility Rate | 1.00% | 1.00% | |||||||
Available-for-sale Securities [Member] | Fixed Maturities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 3,238 | 3,576 | $ 3,238 | 3,576 | $ 3,475 | 3,391 | 3,774 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [1],[2] | (12) | (3) | (13) | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [1],[3],[4] | (9) | 12 | 16 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | [5] | (19) | (6) | 57 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | [5] | 30 | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 126 | 201 | 716 | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 116 | 236 | 320 | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 109 | 151 | 272 | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | [6] | 64 | 111 | 268 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | [6] | 90 | 129 | 556 | |||||
Available-for-sale Securities [Member] | Asset-backed Securities [Member] | Fixed Maturities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 27 | 141 | 27 | 141 | 122 | 53 | 73 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [1],[2] | 1 | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [1],[3],[4] | (1) | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | [5] | 2 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | [5] | 3 | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 8 | 35 | 79 | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 2 | 6 | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 3 | 16 | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | [6] | 75 | 1 | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | [6] | 29 | 42 | 152 | |||||
Available-for-sale Securities [Member] | Foreign Government Debt Securities [Member] | Fixed Maturities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 50 | 49 | 50 | 49 | 59 | 40 | 55 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | [5] | (1) | 4 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | [5] | 7 | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 3 | 15 | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 1 | 1 | 3 | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 2 | 5 | 28 | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | [6] | 11 | 11 | ||||||
Available-for-sale Securities [Member] | RMBS [Member] | Fixed Maturities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 1,492 | 1,258 | 1,492 | 1,258 | 1,281 | 1,540 | 1,295 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [1],[3],[4] | 3 | 2 | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | [5] | (6) | 3 | 6 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | [5] | 13 | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 71 | 120 | 516 | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 56 | 47 | 149 | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 57 | 116 | 142 | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | [6] | 47 | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | [6] | 53 | |||||||
Available-for-sale Securities [Member] | Municipal [Member] | Fixed Maturities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 50 | 64 | 50 | 64 | 66 | 49 | 63 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [1],[3],[4] | (1) | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | [5] | 1 | 1 | 4 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | [5] | 5 | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 13 | ||||||||
Available-for-sale Securities [Member] | Corporate [Member] | Fixed Maturities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 905 | 1,143 | 905 | 1,143 | 1,040 | 931 | 1,205 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [1],[2] | (11) | (2) | (11) | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [1],[3],[4] | (9) | (2) | 13 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | [5] | 1 | (7) | 41 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | [5] | 21 | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 38 | 21 | 61 | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 22 | 16 | 51 | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 47 | 18 | 80 | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | [6] | 51 | 25 | 202 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | [6] | 38 | 65 | 213 | |||||
Available-for-sale Securities [Member] | CMBS [Member] | Fixed Maturities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 169 | 331 | 169 | 331 | 284 | 214 | 471 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [1],[2] | (1) | (1) | (2) | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [1],[3],[4] | 1 | (1) | (2) | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | [5] | (5) | 2 | 8 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | [5] | (22) | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 6 | 25 | 45 | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 26 | 155 | 64 | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 6 | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | [6] | 2 | 11 | 7 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | [6] | 23 | 22 | 91 | |||||
Available-for-sale Securities [Member] | Collateralized Debt Obligations [Member] | Fixed Maturities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 545 | 590 | 545 | 590 | $ 623 | $ 564 | $ 612 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [1],[2] | (1) | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [1],[3],[4] | (1) | 12 | 5 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | [5] | (9) | (5) | (8) | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | [5] | $ 3 | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | $ 9 | 17 | 34 | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | $ 12 | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | [6] | $ 47 | |||||||
[1] | [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 of DAC. | ||||||||
[2] | [7]Amounts presented are for Level 3 only and therefore may not agree to other disclosures included herein. | ||||||||
[3] | [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. | ||||||||
[4] | [6]Includes both market and non-market impacts in deriving realized and unrealized gains (losses). | ||||||||
[5] | [3]All amounts are before income taxes and amortization of DAC. | ||||||||
[6] | [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. | ||||||||
[7] | Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table. | ||||||||
[8] | [2]Range represents assumed cumulative percentages of policyholders taking withdrawals. | ||||||||
[9] | Range represents assumed cumulative annual amount withdrawn by policyholders. | ||||||||
[10] | Range represents assumed annual percentages of full surrender of the underlying variable annuity contracts across all policy durations for in force business. | ||||||||
[11] | Range represents assumed cumulative percentages of policyholders that would elect to reset their guaranteed benefit base. | ||||||||
[12] | Range represents implied market volatilities for equity indices based on multiple pricing sources. | ||||||||
[13] | Gross unrealized gains (losses) exclude the fair value of bifurcated embedded derivatives within certain securities. Subsequent changes in value are recorded in net realized capital gains (losses). |
Fair Value Measurements Level38
Fair Value Measurements Level 4 Fair Value Level 3 Roll Forward (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Available-for-sale Equity Securities, Amortized Cost Basis | [1] | $ 676 | ||||||||||
Available-for-sale Securities, Debt Securities | $ 59,109 | $ 59,109 | 59,384 | |||||||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1,214 | 1,214 | 1,095 | |||||||||
Other Short-term Investments | 3,433 | 3,433 | 4,883 | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Marketable Securities, Fixed Maturities | 548 | 548 | 488 | |||||||||
Trading Securities, Equity | 11 | 11 | 11 | [2] | ||||||||
Available-for-sale Securities, Equity Securities | 813 | 813 | 1,047 | |||||||||
Reinsurance Recoverables | 23,087 | 23,087 | 22,920 | |||||||||
Separate Account Assets | 121,634 | 121,634 | 134,702 | |||||||||
Assets, Fair Value Disclosure | 182,893 | 182,893 | 199,248 | |||||||||
Fixed Maturities [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Assets, Fair Value Disclosure | 548 | 548 | 488 | |||||||||
Equity Securities [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Assets, Fair Value Disclosure | 0 | 0 | 348 | |||||||||
Fair Value, Inputs, Level 1 [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Available-for-sale Securities, Debt Securities | 934 | 934 | 106 | |||||||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | 0 | |||||||||
Other Short-term Investments | 700 | 700 | 349 | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Marketable Securities, Fixed Maturities | 1 | 1 | 0 | |||||||||
Trading Securities, Equity | 11 | 11 | 11 | [2] | ||||||||
Available-for-sale Securities, Equity Securities | 565 | 565 | 786 | |||||||||
Assets, Fair Value Disclosure | 79,579 | 79,579 | 92,789 | |||||||||
Fair Value, Inputs, Level 2 [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Available-for-sale Securities, Debt Securities | 54,937 | 54,937 | 55,803 | |||||||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1,069 | 1,069 | 1,004 | |||||||||
Other Short-term Investments | 2,733 | 2,733 | 4,534 | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Marketable Securities, Fixed Maturities | 486 | 486 | 396 | |||||||||
Trading Securities, Equity | 0 | 0 | 0 | [2] | ||||||||
Available-for-sale Securities, Equity Securities | 149 | 149 | 163 | |||||||||
Assets, Fair Value Disclosure | 99,032 | 99,032 | 101,735 | |||||||||
Fair Value, Inputs, Level 3 [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 791 | $ 791 | $ 813 | |||||||||
Available-for-sale Securities, Debt Securities | 3,238 | 3,238 | 3,475 | |||||||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 145 | 145 | 91 | |||||||||
Other Short-term Investments | 0 | 0 | 0 | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 510 | 791 | 510 | 791 | $ 735 | 578 | $ 737 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [3],[4],[5] | (10) | (3) | 8 | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | [6] | (3) | ||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 69 | 331 | 298 | |||||||||
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Netted Against Liability Settlements | (6) | (16) | (2) | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | (201) | (251) | (219) | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | [7] | 1 | 7 | 5 | ||||||||
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Netted Against Liability Transfers Out of Level Three | [7] | (76) | (133) | (36) | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [4],[8] | (7) | 6 | |||||||||
Marketable Securities, Fixed Maturities | 61 | 61 | 92 | |||||||||
Trading Securities, Equity | 0 | 0 | 0 | [2] | ||||||||
Available-for-sale Securities, Equity Securities | 99 | 99 | 98 | |||||||||
Assets, Fair Value Disclosure | 4,282 | 4,282 | 4,724 | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | [3],[4],[5] | 4 | ||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | [6] | (2) | ||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 33 | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 1 | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 56 | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | [7] | 1 | ||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | [7] | 3 | ||||||||||
Fair Value, Inputs, Level 3 [Member] | Limited Partnerships and Other Alternative Investments [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 87 | 87 | 67 | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 98 | 87 | 98 | 87 | 230 | 189 | 108 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [3],[4],[5] | (12) | (4) | (5) | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 11 | 44 | 50 | |||||||||
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Netted Against Liability Settlements | 0 | 0 | 0 | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | (24) | |||||||||||
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Netted Against Liability Transfers Out of Level Three | [7] | (131) | (131) | (42) | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [4],[8] | (12) | (4) | (5) | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | [3],[4],[5] | 0 | ||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 20 | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | [4],[8] | 0 | ||||||||||
Fair Value, Inputs, Level 3 [Member] | Fixed Maturities [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 98 | 98 | 193 | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 61 | 98 | 61 | 98 | 86 | 92 | 139 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 1 | 7 | ||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 2 | 4 | 21 | |||||||||
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Netted Against Liability Settlements | (24) | (46) | (24) | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | (1) | (8) | ||||||||||
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Netted Against Liability Transfers Out of Level Three | (2) | (13) | ||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 1 | (2) | ||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 16 | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 14 | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 121 | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 4 | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 1 | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 1 | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | 20 | |||||||||||
Fair Value, Inputs, Level 3 [Member] | Free standing Derivatives [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | [9] | 349 | 274 | 349 | 274 | 291 | 313 | 254 | 296 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [3],[4],[5],[9] | 58 | 40 | 9 | (46) | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | [9] | 34 | 19 | |||||||||
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Netted Against Liability Settlements | [9] | (40) | (34) | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | [7],[9] | (26) | 10 | |||||||||
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Netted Against Liability Transfers Out of Level Three | [7],[9] | 6 | 23 | 39 | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [4],[8],[9] | 58 | 43 | 8 | (100) | |||||||
GMWB Reinsurance [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Reinsurance Recoverables | 73 | 73 | 56 | |||||||||
GMWB Reinsurance [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Reinsurance Recoverables | 0 | 0 | 0 | |||||||||
GMWB Reinsurance [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Reinsurance Recoverables | 0 | 0 | 0 | |||||||||
GMWB Reinsurance [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Reinsurance Recoverables | 73 | 73 | 56 | |||||||||
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Reinsurance Recoverables | 62 | 62 | 34 | |||||||||
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Reinsurance Recoverables | 0 | 0 | 0 | |||||||||
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Reinsurance Recoverables | 62 | 62 | 34 | |||||||||
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Reinsurance Recoverables | 0 | 0 | 0 | |||||||||
Credit Risk Contract [Member] | Fair Value, Inputs, Level 3 [Member] | Free standing Derivatives [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | [9] | 0 | (2) | 0 | (2) | 0 | (9) | (1) | 2 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [3],[4],[5],[9] | (4) | (1) | (7) | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | [9] | (3) | (13) | (3) | ||||||||
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Netted Against Liability Transfers Out of Level Three | [7],[9] | 6 | 23 | 6 | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [4],[8],[9] | (4) | 2 | (4) | ||||||||
Commodity Contract [Member] | Fair Value, Inputs, Level 3 [Member] | Free standing Derivatives [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | [9] | 7 | 7 | 3 | 0 | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [3],[4],[5],[9] | 4 | (3) | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | [7],[9] | 10 | ||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [4],[8],[9] | 4 | (4) | |||||||||
Equity Contract [Member] | Fair Value, Inputs, Level 3 [Member] | Free standing Derivatives [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | [9] | 0 | 2 | 0 | 2 | 3 | 6 | 2 | 3 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [3],[4],[5],[9] | (3) | 9 | (1) | ||||||||
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Netted Against Liability Settlements | [9] | (15) | ||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [4],[8],[9] | 3 | ||||||||||
Interest Rate Contract [Member] | Fair Value, Inputs, Level 3 [Member] | Free standing Derivatives [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | [9] | (20) | (10) | (20) | (10) | (14) | (7) | 21 | 18 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [3],[4],[5],[9] | (6) | (5) | (8) | (28) | |||||||
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Netted Against Liability Settlements | [9] | (5) | ||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | [7],[9] | (26) | ||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [4],[8],[9] | (5) | (4) | (17) | (27) | |||||||
Other Contract [Member] | Fair Value, Inputs, Level 3 [Member] | Free standing Derivatives [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | [9] | 8 | 13 | 8 | 13 | 9 | 12 | 15 | 17 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [3],[4],[5],[9] | (1) | (2) | (4) | (4) | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [4],[8],[9] | (1) | (1) | (5) | (2) | |||||||
Fair Value, Measurements, Recurring [Member] | Other Liabilities [Member] | Embedded Derivative Financial Instruments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 0 | (2) | 0 | (2) | (3) | (3) | (2) | (2) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 3 | 0 | 3 | 0 | ||||||||
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Netted Against Liability Settlements | 0 | 0 | 0 | 0 | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 3 | 0 | 3 | 0 | ||||||||
Fair Value, Measurements, Recurring [Member] | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | (291) | (79) | (291) | (79) | (138) | (165) | (20) | (48) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (172) | (38) | (113) | 49 | ||||||||
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Netted Against Liability Settlements | 19 | (21) | (13) | (80) | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | (172) | (38) | (113) | 49 | ||||||||
Fair Value, Measurements, Recurring [Member] | Other Policyholder Funds and Benefits Payable [Member] | Equity Linked Notes [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | (21) | (23) | (21) | (23) | (26) | (26) | (22) | (18) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 5 | (1) | 5 | (5) | ||||||||
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Netted Against Liability Settlements | 0 | 0 | 0 | 0 | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 5 | (1) | 5 | (5) | ||||||||
Non-US [Member] | International Program Hedging Instruments [Member] | Fair Value, Inputs, Level 3 [Member] | Free standing Derivatives [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | [9] | 0 | 0 | (29) | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [3],[4],[5],[9] | 28 | ||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | [9] | 9 | ||||||||||
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Netted Against Liability Settlements | [9] | (41) | ||||||||||
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Netted Against Liability Transfers Out of Level Three | [7],[9] | 33 | ||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [4],[8],[9] | (18) | ||||||||||
Non-US [Member] | Fair Value, Measurements, Recurring [Member] | Other Policyholder Funds and Benefits Payable [Member] | Guaranteed Minimum Withdrawal Benefit [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 0 | 0 | 3 | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 0 | |||||||||||
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Netted Against Liability Settlements | (3) | |||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 0 | |||||||||||
Non-US [Member] | Fair Value, Measurements, Recurring [Member] | Other Policyholder Funds and Benefits Payable [Member] | Other Guaranteed Living Benefits [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 0 | 0 | 3 | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 0 | |||||||||||
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Netted Against Liability Settlements | (3) | |||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 0 | |||||||||||
UNITED STATES | Reinsurance Recoverable [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 73 | 36 | 73 | 36 | 50 | 56 | 31 | 29 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 46 | 2 | [3],[4],[5] | 31 | (9) | [3],[4],[5] | ||||||
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Netted Against Liability Settlements | (23) | 3 | 14 | 16 | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [4],[8] | 46 | 2 | 31 | (9) | |||||||
UNITED STATES | US GMWB Hedging Instruments [Member] | Fair Value, Inputs, Level 3 [Member] | Free standing Derivatives [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | [9] | 171 | 137 | 171 | 137 | 125 | 170 | 97 | 146 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [3],[4],[5],[9] | 46 | 40 | 21 | (20) | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | [9] | 4 | ||||||||||
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Netted Against Liability Settlements | [9] | (20) | 7 | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [4],[8],[9] | 48 | 41 | 32 | (35) | |||||||
UNITED STATES | US Macro Hedge Program [Member] | Fair Value, Inputs, Level 3 [Member] | Free standing Derivatives [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | [9] | 183 | 134 | 183 | 134 | 165 | 141 | 120 | 139 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [3],[4],[5],[9] | 18 | 11 | (5) | (14) | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | [9] | 3 | 47 | 9 | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [4],[8],[9] | 12 | 11 | (3) | (14) | |||||||
UNITED STATES | Other Policyholder Funds and Benefits Payable [Member] | Guaranteed Minimum Withdrawal Benefit [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | (270) | (56) | (270) | (56) | (112) | (139) | 2 | (36) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [3],[4],[5] | (177) | (37) | (118) | 54 | |||||||
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Netted Against Liability Settlements | 19 | (21) | (13) | (74) | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [4],[8] | (177) | (37) | (118) | 54 | |||||||
Equity Securities [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Available-for-sale Equity Securities, Amortized Cost Basis | 0 | 0 | 351 | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Available-for-sale Securities, Equity Securities | 0 | 0 | 348 | |||||||||
Available-for-sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Maturities [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 3,576 | 3,576 | 4,154 | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 3,238 | 3,576 | 3,238 | 3,576 | 3,391 | 3,475 | 3,774 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [3],[4],[5] | (9) | 12 | 16 | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | [6] | (19) | (6) | 57 | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 126 | 201 | 716 | |||||||||
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Netted Against Liability Settlements | (116) | (236) | (320) | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | (109) | (151) | (272) | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | [7] | 64 | 111 | 268 | ||||||||
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Netted Against Liability Transfers Out of Level Three | [7] | (90) | (129) | (556) | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [4],[8] | (12) | (3) | (13) | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | [3],[4],[5] | 30 | ||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | [6] | 30 | ||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 701 | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 476 | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 507 | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | [7] | 388 | ||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | [7] | 744 | ||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | [4],[8] | (27) | ||||||||||
Available-for-sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | [9] | 99 | 88 | 99 | 88 | 97 | 98 | 80 | 77 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [3],[4],[5] | (6) | 6 | (2) | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | [6] | 5 | (1) | 1 | 4 | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | [9] | 4 | 9 | 16 | 9 | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | [9] | (1) | (17) | |||||||||
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Netted Against Liability Transfers Out of Level Three | [7] | (5) | ||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [4],[8] | (6) | (6) | (2) | ||||||||
US Treasury Securities [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Available-for-sale Securities, Debt Securities | 4,723 | 4,723 | 3,872 | |||||||||
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Available-for-sale Securities, Debt Securities | 934 | 934 | 106 | |||||||||
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Available-for-sale Securities, Debt Securities | 3,789 | 3,789 | 3,766 | |||||||||
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Available-for-sale Securities, Debt Securities | 0 | 0 | 0 | |||||||||
Residential Mortgage Backed Securities [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Available-for-sale Securities, Debt Securities | 3,859 | 3,859 | 3,918 | |||||||||
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Available-for-sale Securities, Debt Securities | 0 | 0 | 0 | |||||||||
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Available-for-sale Securities, Debt Securities | 2,367 | 2,367 | 2,637 | |||||||||
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Available-for-sale Securities, Debt Securities | 1,492 | 1,492 | 1,281 | |||||||||
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Available-for-sale Securities, Debt Securities | 1,492 | 1,492 | 1,281 | |||||||||
Residential Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Maturities [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1,258 | 1,258 | 1,272 | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 1,492 | 1,258 | 1,492 | 1,258 | 1,540 | 1,281 | 1,295 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [3],[4],[5] | 3 | 2 | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | [6] | (6) | 3 | 6 | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 71 | 120 | 516 | |||||||||
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Netted Against Liability Settlements | (56) | (47) | (149) | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | (57) | (116) | (142) | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | [7] | 47 | ||||||||||
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Netted Against Liability Transfers Out of Level Three | [7] | (53) | ||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | [3],[4],[5] | 11 | ||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | [6] | 13 | ||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 383 | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 143 | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 223 | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | [7] | 55 | ||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | [4],[8] | (1) | ||||||||||
Corporate Debt Securities [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Available-for-sale Securities, Debt Securities | 26,772 | 26,772 | 27,359 | |||||||||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Available-for-sale Securities, Debt Securities | 0 | 0 | 0 | |||||||||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Available-for-sale Securities, Debt Securities | 25,867 | 25,867 | 26,319 | |||||||||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Available-for-sale Securities, Debt Securities | 905 | 905 | 1,040 | |||||||||
Corporate Debt Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Maturities [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1,143 | 1,143 | 1,274 | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 905 | 1,143 | 905 | 1,143 | 931 | 1,040 | 1,205 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [3],[4],[5] | (9) | (2) | 13 | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | [6] | 1 | (7) | 41 | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 38 | 21 | 61 | |||||||||
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Netted Against Liability Settlements | (22) | (16) | (51) | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | (47) | (18) | (80) | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | [7] | 51 | 25 | 202 | ||||||||
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Netted Against Liability Transfers Out of Level Three | [7] | (38) | (65) | (213) | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [4],[8] | (11) | (2) | (11) | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | [3],[4],[5] | (20) | ||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | [6] | 21 | ||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 112 | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 41 | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 129 | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | [7] | 225 | ||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | [7] | 299 | ||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | [4],[8] | (23) | ||||||||||
US States and Political Subdivisions Debt Securities [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Available-for-sale Securities, Debt Securities | 12,211 | 12,211 | 12,871 | |||||||||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Available-for-sale Securities, Debt Securities | 0 | 0 | 0 | |||||||||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Available-for-sale Securities, Debt Securities | 12,161 | 12,161 | 12,805 | |||||||||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Available-for-sale Securities, Debt Securities | 50 | 50 | 66 | |||||||||
US States and Political Subdivisions Debt Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Maturities [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 64 | 64 | 69 | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 50 | 64 | 50 | 64 | 49 | 66 | 63 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [3],[4],[5] | (1) | ||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | [6] | 1 | 1 | 4 | ||||||||
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Netted Against Liability Settlements | (13) | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | [6] | 5 | ||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 16 | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 1 | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | [7] | 25 | ||||||||||
Collateralized Debt Obligations [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Available-for-sale Securities, Debt Securities | [10] | 3,031 | 3,031 | 2,841 | ||||||||
Collateralized Debt Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Available-for-sale Securities, Debt Securities | 0 | 0 | 0 | |||||||||
Collateralized Debt Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Available-for-sale Securities, Debt Securities | 2,486 | 2,486 | 2,218 | |||||||||
Collateralized Debt Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Available-for-sale Securities, Debt Securities | 545 | 545 | 623 | |||||||||
Collateralized Debt Obligations [Member] | Available-for-sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Maturities [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 590 | 590 | 664 | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 545 | 590 | 545 | 590 | 564 | 623 | 612 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [3],[4],[5] | (1) | 12 | 5 | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | [6] | (9) | (5) | (8) | ||||||||
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Netted Against Liability Settlements | (9) | (17) | (34) | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | (12) | |||||||||||
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Netted Against Liability Transfers Out of Level Three | [7] | (47) | ||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [4],[8] | (1) | ||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | [3],[4],[5] | 12 | ||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | [6] | 3 | ||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 52 | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 12 | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | [7] | 72 | ||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | [7] | 97 | ||||||||||
Commercial Mortgage Backed Securities [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Available-for-sale Securities, Debt Securities | 4,542 | 4,542 | 4,415 | |||||||||
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Available-for-sale Securities, Debt Securities | 0 | 0 | 0 | |||||||||
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Available-for-sale Securities, Debt Securities | 4,373 | 4,373 | 4,131 | |||||||||
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Available-for-sale Securities, Debt Securities | 169 | 169 | 284 | |||||||||
Commercial Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Available-for-sale Securities, Debt Securities | 169 | 169 | 284 | |||||||||
Commercial Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Maturities [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 331 | 331 | 663 | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 169 | 331 | 169 | 331 | 214 | 284 | 471 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [3],[4],[5] | 1 | (1) | (2) | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | [6] | (5) | 2 | 8 | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 6 | 25 | 45 | |||||||||
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Netted Against Liability Settlements | (26) | (155) | (64) | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | (6) | |||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | [7] | 2 | 11 | 7 | ||||||||
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Netted Against Liability Transfers Out of Level Three | [7] | (23) | (22) | (91) | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [4],[8] | (1) | (1) | (2) | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | [3],[4],[5] | 29 | ||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | [6] | (22) | ||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 115 | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 235 | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 103 | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | [7] | 16 | ||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | [7] | 132 | ||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | [4],[8] | (1) | ||||||||||
Asset-backed Securities [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Available-for-sale Securities, Debt Securities | 2,716 | 2,716 | 2,472 | |||||||||
Asset-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Available-for-sale Securities, Debt Securities | 0 | 0 | 0 | |||||||||
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Available-for-sale Securities, Debt Securities | 2,689 | 2,689 | 2,350 | |||||||||
Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Available-for-sale Securities, Debt Securities | 27 | 27 | 122 | |||||||||
Asset-backed Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Maturities [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 141 | 141 | 147 | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 27 | 141 | 27 | 141 | 53 | 122 | 73 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [3],[4],[5] | (1) | ||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | [6] | 2 | ||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 8 | 35 | 79 | |||||||||
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Netted Against Liability Settlements | (2) | (6) | ||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | (3) | (16) | ||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | [7] | 75 | 1 | |||||||||
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Netted Against Liability Transfers Out of Level Three | [7] | (29) | (42) | (152) | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [4],[8] | 1 | ||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | [6] | 3 | ||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 72 | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 2 | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 18 | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | [7] | 75 | ||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | [7] | 136 | ||||||||||
Foreign Government Debt Securities [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Available-for-sale Securities, Debt Securities | 1,255 | 1,255 | 1,636 | |||||||||
Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Available-for-sale Securities, Debt Securities | 0 | 0 | 0 | |||||||||
Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Available-for-sale Securities, Debt Securities | 1,205 | 1,205 | 1,577 | |||||||||
Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Available-for-sale Securities, Debt Securities | 50 | 50 | 59 | |||||||||
Foreign Government Debt Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Maturities [Member] | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 49 | 49 | $ 65 | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 50 | 49 | 50 | 49 | $ 40 | $ 59 | $ 55 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | [6] | (1) | 4 | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 3 | 15 | ||||||||||
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Netted Against Liability Settlements | (1) | (1) | (3) | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | (2) | $ (5) | (28) | |||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | [7] | $ 11 | $ 11 | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | [3],[4],[5] | (2) | ||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | [6] | 7 | ||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 3 | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 3 | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 21 | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | [4],[8] | $ (2) | ||||||||||
[1] | Excludes equity securities, FVO, with a cost and fair value of $351 and $348, respectively, as of December 31, 2014. The Company did not hold any equity securities, FVO as of September 30, 2015. | |||||||||||
[2] | [1]Included in other investments on the Condensed Consolidated Balance Sheets. | |||||||||||
[3] | [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. | |||||||||||
[4] | [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 of DAC. | |||||||||||
[5] | [6]Includes both market and non-market impacts in deriving realized and unrealized gains (losses). | |||||||||||
[6] | [3]All amounts are before income taxes and amortization of DAC. | |||||||||||
[7] | [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. | |||||||||||
[8] | [7]Amounts presented are for Level 3 only and therefore may not agree to other disclosures included herein. | |||||||||||
[9] | [5]Derivative instruments are reported in this table on a net basis for asset (liability) positions and reported in the Condensed Consolidated Balance Sheets in other investments and other liabilities. | |||||||||||
[10] | Gross unrealized gains (losses) exclude the fair value of bifurcated embedded derivatives within certain securities. Subsequent changes in value are recorded in net realized capital gains (losses). |
Fair Value Measurements Level39
Fair Value Measurements Level 4 Pricing Controls and Broker Inputs to Valuation (Details) | 9 Months Ended |
Sep. 30, 2015 | |
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 that utilize independent market data inputs for OTC derivatives, quoted market prices for exchange-traded and OTC-cleared derivatives, or independent broker quotations. Excluding embedded and reinsurance related derivatives, as of September 30, 2015 and December 31, 2014, 96% and 96%, 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 Level40
Fair Value Measurements Level 4 Credit Standing Adjustments and Behavior Risk Margins (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net | $ 19 | $ 18 | |||
Credit Standing Adjustment | 0 | $ 0 | $ 1 | ||
Credit standing adjustment assumption net of reinsurance [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 2 | (1) | $ 2 | |
Gain (Loss) Due to Changes in Assumptions [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 31 | |||
GMWB Derivatives, Net [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Behavior Risk Margin | 78 | 78 | $ 74 | ||
GMWB Derivatives, Net [Member] | Gain (Loss) Due to Changes in Assumptions [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 31 | 0 | 31 | |
GMWB Derivatives, Net [Member] | Behavior Risk Margin Update Due to Underlying Fund Performance [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net | $ (21) | $ (8) | $ (10) | $ 12 |
Fair Value Measurements Level41
Fair Value Measurements Level 4 Fair Value Option (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Available-for-sale Securities, Equity Securities | $ 813 | $ 813 | $ 1,047 | |||
Available-for-sale Equity Securities, Amortized Cost Basis | [1] | 676 | ||||
Fair Value of Assets Accounted for Using Fair Value Option | 182,893 | 182,893 | 199,248 | |||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | (4) | $ (7) | (4) | $ 14 | ||
Corporate Debt Securities [Member] | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | (2) | (5) | (5) | (1) | ||
Collateralized Debt Obligations [Member] | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 1 | 0 | 2 | 14 | ||
Foreign Government Debt Securities [Member] | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | (3) | (1) | (4) | 1 | ||
Residential Mortgage Backed Securities [Member] | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 0 | (1) | 0 | 0 | ||
Fixed Maturities [Member] | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | (4) | (7) | (7) | 14 | ||
Equity Securities [Member] | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Available-for-sale Securities, Equity Securities | 0 | 0 | 348 | |||
Available-for-sale Equity Securities, Amortized Cost Basis | 0 | 0 | 351 | |||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 0 | $ 0 | 3 | $ 0 | ||
Equity Securities [Member] | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Fair Value of Assets Accounted for Using Fair Value Option | 0 | 0 | 348 | |||
Fixed Maturities [Member] | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Fair Value of Assets Accounted for Using Fair Value Option | 548 | 548 | 488 | |||
Fixed Maturities [Member] | Asset-backed Securities [Member] | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Fair Value of Assets Accounted for Using Fair Value Option | 12 | 12 | 15 | |||
Fixed Maturities [Member] | Corporate Debt Securities [Member] | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Fair Value of Assets Accounted for Using Fair Value Option | 98 | 98 | 133 | |||
Fixed Maturities [Member] | Collateralized Debt Obligations [Member] | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Fair Value of Assets Accounted for Using Fair Value Option | 50 | 50 | 69 | |||
Fixed Maturities [Member] | Commercial Mortgage Backed Securities [Member] | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Fair Value of Assets Accounted for Using Fair Value Option | 24 | 24 | 22 | |||
Fixed Maturities [Member] | Foreign Government Debt Securities [Member] | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Fair Value of Assets Accounted for Using Fair Value Option | 36 | 36 | 30 | |||
Fixed Maturities [Member] | Residential Mortgage Backed Securities [Member] | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Fair Value of Assets Accounted for Using Fair Value Option | 321 | 321 | 215 | |||
Fixed Maturities [Member] | US Treasury Bond Securities [Member] | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Fair Value of Assets Accounted for Using Fair Value Option | 5 | 5 | 2 | |||
Fixed Maturities [Member] | Municipal Bonds [Member] | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Fair Value of Assets Accounted for Using Fair Value Option | $ 2 | $ 2 | $ 2 | |||
[1] | Excludes equity securities, FVO, with a cost and fair value of $351 and $348, respectively, as of December 31, 2014. The Company did not hold any equity securities, FVO as of September 30, 2015. |
Fair Value Measurements Level42
Fair Value Measurements Level 4 Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | $ 231,453 | $ 245,013 | |
Assets, Fair Value Disclosure | 182,893 | 199,248 | |
Liabilities | 213,249 | 226,293 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 4,282 | 4,724 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 99,032 | 101,735 | |
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 | ||
Reported Value Measurement [Member] | Embedded Derivative Financial Instruments [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liabilities | [1],[2] | 40 | 68 |
Reported Value Measurement [Member] | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liabilities | [3] | 6,768 | 7,304 |
Reported Value Measurement [Member] | Senior Notes [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liabilities | [4] | 4,426 | 5,009 |
Reported Value Measurement [Member] | Junior Subordinated Debt [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liabilities | [4] | 1,100 | 1,100 |
Reported Value Measurement [Member] | Investment Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liabilities | [2] | 763 | |
Reported Value Measurement [Member] | Policy Loans [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 1,428 | 1,431 | |
Reported Value Measurement [Member] | Mortgages [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 5,552 | 5,556 | |
Estimate of Fair Value Measurement [Member] | Embedded Derivative Financial Instruments [Member] | Other Liabilities [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 | [1],[2] | 40 | 68 |
Estimate of Fair Value Measurement [Member] | Other Policyholder Funds and Benefits Payable [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 | [3] | 7,000 | 7,522 |
Estimate of Fair Value Measurement [Member] | Senior Notes [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 | [4] | 5,064 | 5,837 |
Estimate of Fair Value Measurement [Member] | Junior Subordinated Debt [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 | [4] | 1,289 | 1,291 |
Estimate of Fair Value Measurement [Member] | 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 | [2] | 851 | |
Estimate of Fair Value Measurement [Member] | Policy Loans [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 1,428 | 1,431 | |
Estimate of Fair Value Measurement [Member] | Mortgages [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 5,749 | $ 5,840 | |
JAPAN | Hartford Life Insurance K.K. [Member] | Reported Value Measurement [Member] | Investment Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liabilities | $ 783 | ||
[1] | Excludes amounts carried at fair value and included in preceding disclosures. | ||
[2] | Included in other liabilities in the Condensed Consolidated Balance Sheets. | ||
[3] | Excludes guarantees on variable annuities, group accident and health and universal life insurance contracts, including corporate owned life insurance. | ||
[4] | Included in long-term debt in the Condensed Consolidated Balance Sheets, except for current maturities, which are included in short-term debt. |
Investments and Derivative In43
Investments and Derivative Instruments Level 4 Net Realized Capital Gains (Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | ||||
Net Realized Capital Gains (Losses) [Line Items] | ||||||||
Derivative, Notional Amount | $ 63,704 | $ 63,704 | $ 72,850 | |||||
Derivative, Fair Value, Net | (778) | (778) | (639) | |||||
Gain (Loss) on Investments [Abstract] | ||||||||
Gain on Derivative Instruments, Pretax | 83 | $ 116 | 401 | $ 421 | ||||
Loss on Derivative Instruments, Pretax | (73) | (29) | (333) | (191) | ||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 40 | 14 | 63 | 43 | ||||
Periodic Net Coupon Settlements on Credit Derivatives | 3 | 0 | 8 | 1 | ||||
Total Realized Investment Gains (Losses) | (44) | 69 | (30) | 30 | ||||
Gain (Loss) on Investments, Excluding Other than Temporary Impairments | (4) | 83 | 33 | 73 | ||||
Derivative, Gain (Loss) on Derivative, Net | 19 | 18 | ||||||
Proceeds from Sale of Available-for-sale Securities | 4,500 | 5,200 | 16,300 | 19,600 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 12,515 | 12,515 | 6,318 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 12,161 | 12,161 | 6,174 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 354 | 354 | 144 | |||||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 2,960 | 2,960 | 4,667 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2,799 | 2,799 | 4,429 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 158 | 158 | 241 | |||||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 15,475 | 15,475 | 10,985 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 14,960 | 14,960 | 10,603 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 512 | 512 | 385 | |||||
Derivative Asset, Fair Value, Gross Asset | 1,246 | 1,246 | 1,175 | |||||
Derivative Liability, Fair Value, Gross Liability | 1,865 | 1,865 | 1,741 | |||||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 1,381 | 1,381 | 1,267 | |||||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 2,159 | 2,159 | 1,906 | |||||
GMWB Hedging Instruments [Member] | UNITED STATES | ||||||||
Net Realized Capital Gains (Losses) [Line Items] | ||||||||
Derivative, Notional Amount | 11,139 | 11,139 | 14,442 | |||||
Derivative, Fair Value, Net | 207 | 207 | 174 | |||||
Three Win Related Foreign Currency Swaps [Member] | JAPAN | ||||||||
Gain (Loss) on Investments [Abstract] | ||||||||
Change in Unrealized Gain (Loss) on Hedged Item in Foreign Currency Fair Value Hedge | (17) | 83 | (1) | 38 | ||||
Mortgages [Member] | ||||||||
Gain (Loss) on Investments [Abstract] | ||||||||
Valuation Allowances and Reserves, Adjustments | (1) | 0 | 2 | 3 | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||||||
Gain (Loss) on Investments [Abstract] | ||||||||
Gain (Loss) on Investments, Excluding Other than Temporary Impairments | (29) | 61 | 14 | 186 | ||||
Collateralized Debt Obligations [Member] | ||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | [1] | 1,047 | 1,047 | 748 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | [1] | 1,041 | 1,041 | 743 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | [1] | 6 | 6 | 5 | ||||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | [1] | 1,104 | 1,104 | 1,489 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | [1] | 1,090 | 1,090 | 1,461 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | [1] | 11 | 11 | 31 | ||||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | [1] | 2,151 | 2,151 | 2,237 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | [1] | 2,131 | 2,131 | 2,204 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | [1] | 17 | 17 | 36 | ||||
Asset-backed Securities [Member] | ||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 791 | 791 | 897 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 789 | 789 | 893 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 2 | 2 | 4 | |||||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 358 | 358 | 473 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 324 | 324 | 440 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 34 | 34 | 33 | |||||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 1,149 | 1,149 | 1,370 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,113 | 1,113 | 1,333 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 36 | 36 | 37 | |||||
Commercial Mortgage Backed Securities [Member] | ||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 745 | 745 | 230 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 730 | 730 | 227 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 15 | 15 | 3 | |||||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 189 | 189 | 319 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 179 | 179 | 306 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 10 | 10 | 13 | |||||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 934 | 934 | 549 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 909 | 909 | 533 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 25 | 25 | 16 | |||||
Corporate Debt Securities [Member] | ||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 6,528 | 6,528 | 3,082 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 6,298 | 6,298 | 2,980 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 230 | 230 | 102 | |||||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 660 | 660 | 1,177 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 599 | 599 | 1,068 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 61 | 61 | 109 | |||||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 7,188 | 7,188 | 4,259 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 6,897 | 6,897 | 4,048 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 291 | 291 | 211 | |||||
Foreign Government Debt Securities [Member] | ||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 517 | 517 | 363 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 485 | 485 | 349 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 32 | 32 | 14 | |||||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 127 | 127 | 227 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 113 | 113 | 212 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 14 | 14 | 15 | |||||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 644 | 644 | 590 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 598 | 598 | 561 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 46 | 46 | 29 | |||||
Municipal Bonds [Member] | ||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 841 | 841 | 74 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 821 | 821 | 73 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 20 | 20 | 1 | |||||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 38 | 38 | 86 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 35 | 35 | 82 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 3 | 3 | 4 | |||||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 879 | 879 | 160 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 856 | 856 | 155 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 23 | 23 | 5 | |||||
Residential Mortgage Backed Securities [Member] | ||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 835 | 835 | 320 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 830 | 830 | 318 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 5 | 5 | 2 | |||||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 402 | 402 | 433 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 388 | 388 | 416 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 14 | 14 | 17 | |||||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 1,237 | 1,237 | 753 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,218 | 1,218 | 734 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 19 | 19 | 19 | |||||
US Treasury Securities [Member] | ||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 766 | 766 | 432 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 758 | 758 | 431 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 8 | 8 | 1 | |||||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 8 | 8 | 361 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 8 | 8 | 357 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 | 4 | |||||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 774 | 774 | 793 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 766 | 766 | 788 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 8 | 8 | 5 | |||||
Debt Securities [Member] | ||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 12,070 | 12,070 | 6,146 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 11,752 | 11,752 | 6,014 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 318 | 318 | 132 | |||||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 2,886 | 2,886 | 4,565 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2,736 | 2,736 | 4,342 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 147 | 147 | 226 | |||||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 14,956 | 14,956 | 10,711 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 14,488 | 14,488 | 10,356 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 465 | 465 | 358 | |||||
Equity Securities [Member] | ||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | [2] | 445 | 445 | 172 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | [2] | 409 | 409 | 160 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | [2] | 36 | 36 | 12 | ||||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | [2] | 74 | 74 | 102 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | [2] | 63 | 63 | 87 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | [2] | 11 | 11 | 15 | ||||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | [2] | 519 | 519 | 274 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | [2] | 472 | 472 | 247 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | [2] | 47 | 47 | 27 | ||||
Other Investments [Member] | ||||||||
Gain (Loss) on Investments [Abstract] | ||||||||
Total Realized Investment Gains (Losses) | [3] | (37) | (22) | (30) | (157) | |||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||||||
Net Realized Capital Gains (Losses) [Line Items] | ||||||||
Derivative, Notional Amount | 4,117 | 4,117 | 4,142 | |||||
Derivative, Fair Value, Net | 68 | 68 | 25 | |||||
Gain (Loss) on Investments [Abstract] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 16 | 9 | 44 | 56 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 95 | 95 | 55 | |||||
Derivative Liability, Fair Value, Gross Liability | 27 | 27 | 30 | |||||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member] | ||||||||
Net Realized Capital Gains (Losses) [Line Items] | ||||||||
Derivative, Notional Amount | 3,974 | 3,974 | 3,999 | |||||
Derivative, Fair Value, Net | 88 | 88 | 44 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 89 | 89 | 52 | |||||
Derivative Liability, Fair Value, Gross Liability | 1 | 1 | 8 | |||||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | ||||||||
Net Realized Capital Gains (Losses) [Line Items] | ||||||||
Derivative, Notional Amount | 143 | 143 | 143 | |||||
Derivative, Fair Value, Net | (20) | (20) | (19) | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 6 | 6 | 3 | |||||
Derivative Liability, Fair Value, Gross Liability | 26 | 26 | 22 | |||||
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | ||||||||
Net Realized Capital Gains (Losses) [Line Items] | ||||||||
Derivative, Notional Amount | 43 | 43 | 32 | |||||
Derivative, Fair Value, Net | 0 | 0 | 0 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | 0 | |||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | 0 | |||||
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Interest Rate Contract [Member] | ||||||||
Net Realized Capital Gains (Losses) [Line Items] | ||||||||
Derivative, Notional Amount | 43 | 43 | 32 | |||||
Derivative, Fair Value, Net | 0 | 0 | 0 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | 0 | |||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | 0 | |||||
Not Designated as Hedging Instrument [Member] | ||||||||
Net Realized Capital Gains (Losses) [Line Items] | ||||||||
Derivative, Notional Amount | 59,544 | 59,544 | 68,676 | |||||
Derivative, Fair Value, Net | (846) | (846) | (664) | |||||
Gain (Loss) on Investments [Abstract] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | 6 | [4] | (75) | [4] | (40) | (242) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 1,286 | 1,286 | 1,212 | |||||
Derivative Liability, Fair Value, Gross Liability | 2,132 | 2,132 | 1,876 | |||||
Not Designated as Hedging Instrument [Member] | GMWB Hedging Instruments [Member] | UNITED STATES | ||||||||
Net Realized Capital Gains (Losses) [Line Items] | ||||||||
Derivative, Notional Amount | 11,139 | 11,139 | 14,442 | |||||
Derivative, Fair Value, Net | 207 | 207 | 174 | |||||
Gain (Loss) on Investments [Abstract] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | 94 | 41 | 41 | (30) | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 331 | 331 | 289 | |||||
Derivative Liability, Fair Value, Gross Liability | 124 | 124 | 115 | |||||
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | ||||||||
Gain (Loss) on Investments [Abstract] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | (11) | (8) | (16) | (153) | ||||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||||||||
Gain (Loss) on Investments [Abstract] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | 3 | 6 | 11 | 2 | ||||
Not Designated as Hedging Instrument [Member] | Three Win Related Foreign Currency Swaps [Member] | JAPAN | ||||||||
Gain (Loss) on Investments [Abstract] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | [5] | 8 | (86) | |||||
Not Designated as Hedging Instrument [Member] | Macro Hedge Program [Member] | UNITED STATES | ||||||||
Net Realized Capital Gains (Losses) [Line Items] | ||||||||
Derivative, Notional Amount | 4,272 | 4,272 | 6,383 | |||||
Derivative, Fair Value, Net | 183 | 183 | 141 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 224 | 224 | 180 | |||||
Derivative Liability, Fair Value, Gross Liability | 41 | 41 | 39 | |||||
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | Not Designated as Hedging Instrument [Member] | ||||||||
Net Realized Capital Gains (Losses) [Line Items] | ||||||||
Derivative, Notional Amount | 918 | 918 | 974 | |||||
Derivative, Fair Value, Net | 62 | 62 | 34 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 62 | 62 | 34 | |||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | 0 | |||||
Put Option [Member] | Not Designated as Hedging Instrument [Member] | ||||||||
Net Realized Capital Gains (Losses) [Line Items] | ||||||||
Derivative, Notional Amount | 500 | 500 | 500 | |||||
Derivative, Fair Value, Net | 8 | 8 | 12 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 8 | 8 | 12 | |||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | 0 | |||||
GMWB Reinsurance [Member] | Not Designated as Hedging Instrument [Member] | UNITED STATES | ||||||||
Net Realized Capital Gains (Losses) [Line Items] | ||||||||
Derivative, Notional Amount | 3,233 | 3,233 | 3,659 | |||||
Derivative, Fair Value, Net | 73 | 73 | 56 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 73 | 73 | 56 | |||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | 0 | |||||
GMWB Product Derivatives [Member] | Not Designated as Hedging Instrument [Member] | UNITED STATES | ||||||||
Net Realized Capital Gains (Losses) [Line Items] | ||||||||
Derivative, Notional Amount | [6] | 15,730 | 15,730 | 17,908 | ||||
Derivative, Fair Value, Net | [6] | (270) | (270) | (139) | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||||||
Derivative Asset, Fair Value, Gross Asset | [6] | 0 | 0 | 0 | ||||
Derivative Liability, Fair Value, Gross Liability | [6] | 270 | 270 | 139 | ||||
Commodity Option [Member] | Not Designated as Hedging Instrument [Member] | ||||||||
Net Realized Capital Gains (Losses) [Line Items] | ||||||||
Derivative, Notional Amount | 486 | 486 | 0 | |||||
Derivative, Fair Value, Net | 7 | 7 | 0 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 7 | 7 | 0 | |||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | 0 | |||||
Equity Contract [Member] | GMWB Hedging Instruments [Member] | UNITED STATES | ||||||||
Net Realized Capital Gains (Losses) [Line Items] | ||||||||
Derivative, Notional Amount | 1,663 | 1,663 | 3,761 | |||||
Derivative, Fair Value, Net | 25 | 25 | 39 | |||||
Equity Contract [Member] | Not Designated as Hedging Instrument [Member] | ||||||||
Net Realized Capital Gains (Losses) [Line Items] | ||||||||
Derivative, Notional Amount | 124 | 124 | 635 | |||||
Derivative, Fair Value, Net | (1) | (1) | 2 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 20 | 20 | 31 | |||||
Derivative Liability, Fair Value, Gross Liability | 21 | 21 | 29 | |||||
Credit Derivatives in Offsetting Positions [Member] | Not Designated as Hedging Instrument [Member] | ||||||||
Net Realized Capital Gains (Losses) [Line Items] | ||||||||
Derivative, Notional Amount | 4,127 | 4,127 | 5,343 | |||||
Derivative, Fair Value, Net | (2) | (2) | (3) | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 39 | 39 | 53 | |||||
Derivative Liability, Fair Value, Gross Liability | 41 | 41 | 56 | |||||
Credit Default Swap, Selling Protection [Member] | Not Designated as Hedging Instrument [Member] | ||||||||
Net Realized Capital Gains (Losses) [Line Items] | ||||||||
Derivative, Notional Amount | [7] | 2,645 | 2,645 | 1,487 | ||||
Derivative, Fair Value, Net | [7] | (28) | (28) | 3 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||||||
Derivative Asset, Fair Value, Gross Asset | [7] | 5 | 5 | 14 | ||||
Derivative Liability, Fair Value, Gross Liability | [7] | 33 | 33 | 11 | ||||
Credit Default Swap, Buying Protection [Member] | Not Designated as Hedging Instrument [Member] | ||||||||
Net Realized Capital Gains (Losses) [Line Items] | ||||||||
Derivative, Notional Amount | 304 | 304 | 595 | |||||
Derivative, Fair Value, Net | 11 | 11 | (6) | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 14 | 14 | 4 | |||||
Derivative Liability, Fair Value, Gross Liability | 3 | 3 | 10 | |||||
Three Win Related Foreign Currency Swaps [Member] | Not Designated as Hedging Instrument [Member] | JAPAN | ||||||||
Net Realized Capital Gains (Losses) [Line Items] | ||||||||
Derivative, Notional Amount | 1,319 | 1,319 | 1,319 | |||||
Derivative, Fair Value, Net | (450) | (450) | (427) | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | 0 | |||||
Derivative Liability, Fair Value, Gross Liability | 450 | 450 | 427 | |||||
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | ||||||||
Net Realized Capital Gains (Losses) [Line Items] | ||||||||
Derivative, Notional Amount | 305 | 305 | 177 | |||||
Derivative, Fair Value, Net | 11 | 11 | 1 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 11 | 11 | 3 | |||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | 2 | |||||
Interest Rate Contract [Member] | GMWB Hedging Instruments [Member] | UNITED STATES | ||||||||
Net Realized Capital Gains (Losses) [Line Items] | ||||||||
Derivative, Notional Amount | 3,625 | 3,625 | 3,640 | |||||
Derivative, Fair Value, Net | 27 | 27 | 11 | |||||
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | ||||||||
Net Realized Capital Gains (Losses) [Line Items] | ||||||||
Derivative, Notional Amount | 14,442 | 14,442 | 15,254 | |||||
Derivative, Fair Value, Net | (657) | (657) | (512) | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 492 | 492 | 536 | |||||
Derivative Liability, Fair Value, Gross Liability | 1,149 | 1,149 | 1,048 | |||||
Macro Hedge Program [Member] | UNITED STATES | ||||||||
Net Realized Capital Gains (Losses) [Line Items] | ||||||||
Derivative, Notional Amount | 4,272 | 4,272 | 6,383 | |||||
Derivative, Fair Value, Net | 183 | 183 | 141 | |||||
Macro Hedge Program [Member] | Not Designated as Hedging Instrument [Member] | UNITED STATES | ||||||||
Gain (Loss) on Investments [Abstract] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | 51 | $ 12 | 24 | $ (13) | ||||
Other Liabilities [Member] | ||||||||
Net Realized Capital Gains (Losses) [Line Items] | ||||||||
Derivative, Notional Amount | 32,203 | 32,203 | 26,791 | |||||
Derivative, Fair Value, Net | (923) | (923) | (930) | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 883 | 883 | 551 | |||||
Derivative Liability, Fair Value, Gross Liability | 1,806 | 1,806 | 1,481 | |||||
Fixed Maturities [Member] | ||||||||
Net Realized Capital Gains (Losses) [Line Items] | ||||||||
Derivative, Notional Amount | 447 | 447 | 454 | |||||
Derivative, Fair Value, Net | (3) | (3) | 2 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | 2 | |||||
Derivative Liability, Fair Value, Gross Liability | 3 | 3 | 0 | |||||
Other Investments [Member] | ||||||||
Net Realized Capital Gains (Losses) [Line Items] | ||||||||
Derivative, Notional Amount | 11,123 | 11,123 | 23,014 | |||||
Derivative, Fair Value, Net | 304 | 304 | 364 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 363 | 363 | 624 | |||||
Derivative Liability, Fair Value, Gross Liability | 59 | 59 | 260 | |||||
Reinsurance Recoverable [Member] | ||||||||
Net Realized Capital Gains (Losses) [Line Items] | ||||||||
Derivative, Notional Amount | 4,151 | 4,151 | 4,633 | |||||
Derivative, Fair Value, Net | 135 | 135 | 90 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 135 | 135 | 90 | |||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | 0 | |||||
Other Policyholder Funds and Benefits Payable [Member] | ||||||||
Net Realized Capital Gains (Losses) [Line Items] | ||||||||
Derivative, Notional Amount | 15,780 | 15,780 | 17,958 | |||||
Derivative, Fair Value, Net | (291) | (291) | (165) | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | 0 | |||||
Derivative Liability, Fair Value, Gross Liability | $ 291 | $ 291 | $ 165 | |||||
[1] | Unrealized losses exclude the change in fair value of bifurcated embedded derivatives within certain securities, for which changes in fair value are recorded in net realized capital gains (losses). | |||||||
[2] | As of September 30, 2015, and December 31, 2014, excludes equity securities, FVO which are included in equity securities, AFS on the Condensed Consolidated Balance Sheets. | |||||||
[3] | Primarily consists of changes in the value of non-qualifying derivatives, transactional foreign currency revaluation gains (losses) on yen denominated fixed payout annuity liabilities and gains (losses) on non-qualifying derivatives used to hedge the foreign currency exposure of the liabilities. For the three months ended September 30, 2015 and 2014, gains (losses) from transactional foreign currency revaluation of the yen denominated fixed payout annuity liabilities were $(17) and $83, respectively. For the nine months ended September 30, 2015 and 2014, gains (losses) from transactional foreign currency revaluation of the yen denominated fixed payout annuity liabilities were $(1) and $38, respectively. For the three months ended September 30, 2015 and 2014, gains (losses) on instruments used to hedge the foreign currency exposure on the fixed payout annuities were $8 and $(86), respectively. For the nine months ended September 30, 2015 and 2014, gains (losses) on instruments used to hedge the foreign currency exposure on the fixed payout annuities were $(23) and $(58), respectively. | |||||||
[4] | These amounts relate to the termination of the hedging program associated with the Japan variable annuity product due to the sale of HLIKK. | |||||||
[5] | Not included in this amount is the associated liability adjustment for changes in foreign exchange spot rates through realized capital gains of $(17) and $83 for the three months ended September 30, 2015 and 2014, respectively, and $(1) and $38 for the nine months ended September 30, 2015 and 2014, respectively. | |||||||
[6] | These derivatives are embedded within liabilities and are not held for risk management purposes. | |||||||
[7] | The derivative instruments related to this strategy are held for other investment purposes. |
Investments and Derivative In44
Investments and Derivative Instruments Level 4 Other-Than-Temporary Impairment Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Other-Than-Temporary Impairment Losses [Line Items] | |||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Period Increase (Decrease) | $ 40 | $ 14 | $ 63 | $ 43 | |
Other-Than-Temporary Impairment Losses [Roll Forward] | |||||
Balance as of beginning of period | (388) | (488) | (424) | (552) | |
Additions for credit impairments recognized on securities not previously impaired | [1] | 0 | (1) | (3) | (9) |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses | [1] | 12 | 3 | 13 | 17 |
Securities that matured or were sold during the period | 51 | 49 | 61 | 122 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Change in Status | 0 | 0 | 2 | 0 | |
Securities due to an increase in expected cash flows | 12 | 6 | 40 | 19 | |
Balance as of end of period | $ (337) | $ (437) | $ (337) | $ (437) | |
[1] | These additions are included in the net OTTI losses recognized in earnings in the Condensed Consolidated Statements of Operations. |
Investments and Derivative In45
Investments and Derivative Instruments Level 4 Available-for-Sale Securities (Details) $ in Millions | 3 Months Ended | |||
Sep. 30, 2015USD ($)securities | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | ||
Schedule of Available-for-sale Securities [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ 19 | $ 18 | ||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | ||||
Available-for-sale Debt Securities, Amortized Cost Basis | 56,275 | $ 55,362 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 3,302 | 4,377 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 465 | 358 | ||
Available-for-sale Equity Securities, Amortized Cost Basis | [1] | 676 | ||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | [1] | 34 | 50 | |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Loss, before Tax | [1] | 47 | 27 | |
Available-for-sale Securities, Equity Securities | 813 | 1,047 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 3,336 | 4,427 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 512 | 385 | ||
Available-for-sale Securities, Amortized Cost Basis | 57,101 | 56,038 | ||
Available-for-sale Securities | 60,083 | |||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||||
One year or less, amortized cost | 2,395 | 2,141 | ||
Over one year through five years, amortized cost | 10,997 | 11,264 | ||
Over five years through ten years, amortized cost | 9,190 | 8,802 | ||
Over ten years, amortized cost | 19,835 | 19,859 | ||
Mortgage-backed and asset-backed securities, amortized cost | 13,858 | 13,296 | ||
Total fixed maturities, AFS, amortized cost | 56,275 | 55,362 | ||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||||
One year or less, fair value | 2,413 | 2,168 | ||
Over one year through five years, fair value | 11,427 | 11,827 | ||
Over five years through ten years, fair value | 9,438 | 9,226 | ||
Over ten years, fair value | 21,683 | 22,517 | ||
Mortgage-backed and asset-backed securities, fair value | 14,148 | 13,646 | ||
Total fixed maturities, AFS, fair value | 59,109 | 59,384 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 12,515 | 6,318 | ||
Less Than 12 Months, Fair Value | 12,161 | 6,174 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 354 | 144 | ||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 2,960 | 4,667 | ||
12 Months or More, Fair Value | 2,799 | 4,429 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 158 | 241 | ||
Amortized Cost | 15,475 | 10,985 | ||
Fair Value | 14,960 | 10,603 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 512 | 385 | ||
Number of Securities Included in AFS Securities in Unrealized Loss Position | securities | 4,208 | |||
Percentage of Gross Unrealized Losses Depressed Less than Twenty Percent of Cost or Amortized Cost | 88.00% | |||
Asset-backed Securities [Member] | ||||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | ||||
Available-for-sale Debt Securities, Amortized Cost Basis | $ 2,715 | 2,470 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 37 | 39 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 36 | 37 | ||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | [2] | 0 | 1 | |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||||
Total fixed maturities, AFS, amortized cost | 2,715 | 2,470 | ||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||||
Total fixed maturities, AFS, fair value | 2,716 | 2,472 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 791 | 897 | ||
Less Than 12 Months, Fair Value | 789 | 893 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 2 | 4 | ||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 358 | 473 | ||
12 Months or More, Fair Value | 324 | 440 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 34 | 33 | ||
Amortized Cost | 1,149 | 1,370 | ||
Fair Value | 1,113 | 1,333 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 36 | 37 | ||
Collateralized Debt Obligations [Member] | ||||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | ||||
Available-for-sale Debt Securities, Amortized Cost Basis | [3] | 2,962 | 2,776 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | [3] | 89 | 98 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | [3] | 17 | 36 | |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | [2],[3] | 0 | 0 | |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||||
Total fixed maturities, AFS, amortized cost | [3] | 2,962 | 2,776 | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||||
Total fixed maturities, AFS, fair value | [3] | 3,031 | 2,841 | |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | [4] | 1,047 | 748 | |
Less Than 12 Months, Fair Value | [4] | 1,041 | 743 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | [4] | 6 | 5 | |
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | [4] | 1,104 | 1,489 | |
12 Months or More, Fair Value | [4] | 1,090 | 1,461 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | [4] | 11 | 31 | |
Amortized Cost | [4] | 2,151 | 2,237 | |
Fair Value | [4] | 2,131 | 2,204 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | [4] | 17 | 36 | |
Commercial Mortgage Backed Securities [Member] | ||||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | ||||
Available-for-sale Debt Securities, Amortized Cost Basis | 4,404 | 4,235 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 163 | 196 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 25 | 16 | ||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | [2] | 6 | 6 | |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||||
Total fixed maturities, AFS, amortized cost | 4,404 | 4,235 | ||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||||
Total fixed maturities, AFS, fair value | 4,542 | 4,415 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 745 | 230 | ||
Less Than 12 Months, Fair Value | 730 | 227 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 15 | 3 | ||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 189 | 319 | ||
12 Months or More, Fair Value | 179 | 306 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 10 | 13 | ||
Amortized Cost | 934 | 549 | ||
Fair Value | 909 | 533 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 25 | 16 | ||
Corporate Debt Securities [Member] | ||||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | ||||
Available-for-sale Debt Securities, Amortized Cost Basis | 25,427 | 25,188 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 1,636 | 2,382 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 291 | 211 | ||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | [2] | 1 | 3 | |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||||
Total fixed maturities, AFS, amortized cost | 25,427 | 25,188 | ||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||||
Total fixed maturities, AFS, fair value | 26,772 | 27,359 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 6,528 | 3,082 | ||
Less Than 12 Months, Fair Value | 6,298 | 2,980 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 230 | 102 | ||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 660 | 1,177 | ||
12 Months or More, Fair Value | 599 | 1,068 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 61 | 109 | ||
Amortized Cost | 7,188 | 4,259 | ||
Fair Value | 6,897 | 4,048 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 291 | 211 | ||
Foreign Government Debt Securities [Member] | ||||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | ||||
Available-for-sale Debt Securities, Amortized Cost Basis | 1,258 | 1,592 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 43 | 73 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 46 | 29 | ||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | [2] | 0 | 0 | |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||||
Total fixed maturities, AFS, amortized cost | 1,258 | 1,592 | ||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||||
Total fixed maturities, AFS, fair value | 1,255 | 1,636 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 517 | 363 | ||
Less Than 12 Months, Fair Value | 485 | 349 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 32 | 14 | ||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 127 | 227 | ||
12 Months or More, Fair Value | 113 | 212 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 14 | 15 | ||
Amortized Cost | 644 | 590 | ||
Fair Value | 598 | 561 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 46 | 29 | ||
Municipal Bonds [Member] | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 841 | 74 | ||
Less Than 12 Months, Fair Value | 821 | 73 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 20 | 1 | ||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 38 | 86 | ||
12 Months or More, Fair Value | 35 | 82 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 3 | 4 | ||
Amortized Cost | 879 | 160 | ||
Fair Value | 856 | 155 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 23 | 5 | ||
US States and Political Subdivisions Debt Securities [Member] | ||||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | ||||
Available-for-sale Debt Securities, Amortized Cost Basis | 11,275 | 11,735 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 959 | 1,141 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 23 | 5 | ||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | [2] | 0 | 0 | |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||||
Total fixed maturities, AFS, amortized cost | 11,275 | 11,735 | ||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||||
Total fixed maturities, AFS, fair value | 12,211 | 12,871 | ||
Residential Mortgage Backed Securities [Member] | ||||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | ||||
Available-for-sale Debt Securities, Amortized Cost Basis | 3,777 | 3,815 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 101 | 122 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 19 | 19 | ||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | [2] | 0 | 1 | |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||||
Total fixed maturities, AFS, amortized cost | 3,777 | 3,815 | ||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||||
Total fixed maturities, AFS, fair value | 3,859 | 3,918 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 835 | 320 | ||
Less Than 12 Months, Fair Value | 830 | 318 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 5 | 2 | ||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 402 | 433 | ||
12 Months or More, Fair Value | 388 | 416 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 14 | 17 | ||
Amortized Cost | 1,237 | 753 | ||
Fair Value | 1,218 | 734 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 19 | 19 | ||
US Treasury Securities [Member] | ||||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | ||||
Available-for-sale Debt Securities, Amortized Cost Basis | 4,457 | 3,551 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 274 | 326 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 8 | 5 | ||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | [2] | 0 | 0 | |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||||
Total fixed maturities, AFS, amortized cost | 4,457 | 3,551 | ||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||||
Total fixed maturities, AFS, fair value | 4,723 | 3,872 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 766 | 432 | ||
Less Than 12 Months, Fair Value | 758 | 431 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 8 | 1 | ||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 8 | 361 | ||
12 Months or More, Fair Value | 8 | 357 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 4 | ||
Amortized Cost | 774 | 793 | ||
Fair Value | 766 | 788 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 8 | 5 | ||
Debt Securities [Member] | ||||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | ||||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | [2] | 7 | 11 | |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 12,070 | 6,146 | ||
Less Than 12 Months, Fair Value | 11,752 | 6,014 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 318 | 132 | ||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 2,886 | 4,565 | ||
12 Months or More, Fair Value | 2,736 | 4,342 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 147 | 226 | ||
Amortized Cost | 14,956 | 10,711 | ||
Fair Value | 14,488 | 10,356 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 465 | 358 | ||
Available-for-sale Securities [Member] | ||||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | ||||
Available-for-sale Equity Securities, Amortized Cost Basis | [1] | 826 | ||
Available-for-sale Securities, Equity Securities | [1] | 813 | 699 | |
Available-for-sale Securities | 59,922 | |||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | [2] | 7 | 11 | |
Equity Securities [Member] | ||||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | ||||
Available-for-sale Equity Securities, Amortized Cost Basis | 826 | 1,027 | ||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | [1],[2] | 0 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | [5] | 445 | 172 | |
Less Than 12 Months, Fair Value | [5] | 409 | 160 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | [5] | 36 | 12 | |
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | [5] | 74 | 102 | |
12 Months or More, Fair Value | [5] | 63 | 87 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | [5] | 11 | 15 | |
Amortized Cost | [5] | 519 | 274 | |
Fair Value | [5] | 472 | 247 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | [5] | 47 | 27 | |
Fixed maturities available-for-sale, excluding mortgage-backed and asset-backed securities [Member] | ||||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | ||||
Available-for-sale Debt Securities, Amortized Cost Basis | 42,417 | 42,066 | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||||
Total fixed maturities, AFS, amortized cost | 42,417 | 42,066 | ||
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||||
Total fixed maturities, AFS, fair value | 44,961 | 45,738 | ||
Equity Securities [Member] | ||||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | ||||
Available-for-sale Equity Securities, Amortized Cost Basis | 0 | 351 | ||
Available-for-sale Securities, Equity Securities | $ 0 | $ 348 | ||
[1] | Excludes equity securities, FVO, with a cost and fair value of $351 and $348, respectively, as of December 31, 2014. The Company did not hold any equity securities, FVO as of September 30, 2015. | |||
[2] | Represents the amount of cumulative non-credit OTTI losses recognized in OCI on securities that also had credit impairments. These losses are included in gross unrealized losses as of September 30, 2015, and December 31, 2014. | |||
[3] | Gross unrealized gains (losses) exclude the fair value of bifurcated embedded derivatives within certain securities. Subsequent changes in value are recorded in net realized capital gains (losses). | |||
[4] | Unrealized losses exclude the change in fair value of bifurcated embedded derivatives within certain securities, for which changes in fair value are recorded in net realized capital gains (losses). | |||
[5] | As of September 30, 2015, and December 31, 2014, excludes equity securities, FVO which are included in equity securities, AFS on the Condensed Consolidated Balance Sheets. |
Investments and Derivative In46
Investments and Derivative Instruments Level 4 Mortgage Loans (Details) | 9 Months Ended | ||||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) | ||
Mortgage Loans [Line Items] | |||||
Servicing Asset | $ 0 | ||||
Loans and Leases Receivable, Allowance [Abstract] | |||||
Available-for-sale Securities, Amortized Cost Basis | 57,101,000,000 | $ 56,038,000,000 | |||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 5,552,000,000 | 5,556,000,000 | |||
Loan to Value and Credit Quality [Abstract] | |||||
Current Weighted Average Loan to Value Ratio of Commercial Mortgage Loan | 55.00% | ||||
Original Weighted Average Loan to Value Ratio of Commercial Mortgage loan | 62.00% | ||||
Average Debt Service Coverage Ratio | 2.67 | ||||
Commercial Mortgage Loans Credit Quality [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 5,552,000,000 | 5,556,000,000 | |||
Available-for-sale Securities Mortgage Loans Average Debt Service Coverage Ratio | 2.67 | ||||
Entity Registrant Name | HARTFORD FINANCIAL SERVICES GROUP INC/DE | ||||
Mortgage Loans on Real Estate by Region and Property Type [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 5,552,000,000 | 5,556,000,000 | |||
agriculture loans [Member] | |||||
Loans and Leases Receivable, Allowance [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 33,000,000 | 46,000,000 | |||
Commercial Mortgage Loans Credit Quality [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 33,000,000 | 46,000,000 | |||
Mortgage Loans on Real Estate by Region and Property Type [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 33,000,000 | 46,000,000 | |||
Industrial Property [Member] | |||||
Loans and Leases Receivable, Allowance [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 1,437,000,000 | 1,476,000,000 | |||
Commercial Mortgage Loans Credit Quality [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 1,437,000,000 | 1,476,000,000 | |||
Mortgage Loans on Real Estate by Region and Property Type [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 1,437,000,000 | 1,476,000,000 | |||
Hotel [Member] | |||||
Loans and Leases Receivable, Allowance [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 26,000,000 | 26,000,000 | |||
Commercial Mortgage Loans Credit Quality [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 26,000,000 | 26,000,000 | |||
Mortgage Loans on Real Estate by Region and Property Type [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 26,000,000 | 26,000,000 | |||
Multifamily [Member] | |||||
Loans and Leases Receivable, Allowance [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 1,339,000,000 | 1,190,000,000 | |||
Commercial Mortgage Loans Credit Quality [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 1,339,000,000 | 1,190,000,000 | |||
Mortgage Loans on Real Estate by Region and Property Type [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 1,339,000,000 | 1,190,000,000 | |||
Office Building [Member] | |||||
Loans and Leases Receivable, Allowance [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 1,504,000,000 | 1,517,000,000 | |||
Commercial Mortgage Loans Credit Quality [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 1,504,000,000 | 1,517,000,000 | |||
Mortgage Loans on Real Estate by Region and Property Type [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 1,504,000,000 | 1,517,000,000 | |||
Retail Site [Member] | |||||
Loans and Leases Receivable, Allowance [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 1,063,000,000 | 1,147,000,000 | |||
Commercial Mortgage Loans Credit Quality [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 1,063,000,000 | 1,147,000,000 | |||
Mortgage Loans on Real Estate by Region and Property Type [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 1,063,000,000 | 1,147,000,000 | |||
Other Property [Member] | |||||
Loans and Leases Receivable, Allowance [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 150,000,000 | 154,000,000 | |||
Commercial Mortgage Loans Credit Quality [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 150,000,000 | 154,000,000 | |||
Mortgage Loans on Real Estate by Region and Property Type [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 150,000,000 | 154,000,000 | |||
East North Central [Member] | |||||
Loans and Leases Receivable, Allowance [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 259,000,000 | 211,000,000 | |||
Commercial Mortgage Loans Credit Quality [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 259,000,000 | 211,000,000 | |||
Mortgage Loans on Real Estate by Region and Property Type [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 259,000,000 | 211,000,000 | |||
East South Central [Member] [Domain] | |||||
Loans and Leases Receivable, Allowance [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 14,000,000 | 0 | |||
Commercial Mortgage Loans Credit Quality [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 14,000,000 | 0 | |||
Mortgage Loans on Real Estate by Region and Property Type [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 14,000,000 | 0 | |||
Middle Atlantic [Member] | |||||
Loans and Leases Receivable, Allowance [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 419,000,000 | 468,000,000 | |||
Commercial Mortgage Loans Credit Quality [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 419,000,000 | 468,000,000 | |||
Mortgage Loans on Real Estate by Region and Property Type [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 419,000,000 | 468,000,000 | |||
Mountain [Member] | |||||
Loans and Leases Receivable, Allowance [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 47,000,000 | 88,000,000 | |||
Commercial Mortgage Loans Credit Quality [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 47,000,000 | 88,000,000 | |||
Mortgage Loans on Real Estate by Region and Property Type [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 47,000,000 | 88,000,000 | |||
New England [Member] | |||||
Loans and Leases Receivable, Allowance [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 406,000,000 | 381,000,000 | |||
Commercial Mortgage Loans Credit Quality [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 406,000,000 | 381,000,000 | |||
Mortgage Loans on Real Estate by Region and Property Type [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 406,000,000 | 381,000,000 | |||
Pacific [Member] | |||||
Loans and Leases Receivable, Allowance [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 1,619,000,000 | 1,607,000,000 | |||
Commercial Mortgage Loans Credit Quality [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 1,619,000,000 | 1,607,000,000 | |||
Mortgage Loans on Real Estate by Region and Property Type [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 1,619,000,000 | 1,607,000,000 | |||
South Atlantic [Member] | |||||
Loans and Leases Receivable, Allowance [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 1,173,000,000 | 1,019,000,000 | |||
Commercial Mortgage Loans Credit Quality [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 1,173,000,000 | 1,019,000,000 | |||
Mortgage Loans on Real Estate by Region and Property Type [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 1,173,000,000 | 1,019,000,000 | |||
West North Central [Member] | |||||
Loans and Leases Receivable, Allowance [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 30,000,000 | 44,000,000 | |||
Commercial Mortgage Loans Credit Quality [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 30,000,000 | 44,000,000 | |||
Mortgage Loans on Real Estate by Region and Property Type [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 30,000,000 | 44,000,000 | |||
West South Central [Member] | |||||
Loans and Leases Receivable, Allowance [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 311,000,000 | 302,000,000 | |||
Commercial Mortgage Loans Credit Quality [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 311,000,000 | 302,000,000 | |||
Mortgage Loans on Real Estate by Region and Property Type [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 311,000,000 | 302,000,000 | |||
Region Others [Member] | |||||
Loans and Leases Receivable, Allowance [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | [1] | 1,274,000,000 | 1,436,000,000 | ||
Commercial Mortgage Loans Credit Quality [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | [1] | 1,274,000,000 | 1,436,000,000 | ||
Mortgage Loans on Real Estate by Region and Property Type [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | [1] | 1,274,000,000 | 1,436,000,000 | ||
Allowance for Loan and Lease Losses [Member] | |||||
Loans and Leases Receivable, Allowance [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 80,000,000 | 140,000,000 | |||
Commercial Mortgage Loans Credit Quality [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 80,000,000 | 140,000,000 | |||
Mortgage Loans on Real Estate by Region and Property Type [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 80,000,000 | 140,000,000 | |||
Assets Held-for-sale [Member] | |||||
Loans and Leases Receivable, Allowance [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 0 | ||||
Commercial Mortgage Loans Credit Quality [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 0 | ||||
Mortgage Loans on Real Estate by Region and Property Type [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 0 | ||||
Commercial Loan [Member] | |||||
Loans and Leases Receivable, Allowance [Abstract] | |||||
Available-for-sale Securities, Amortized Cost Basis | [2] | 5,572,000,000 | 5,574,000,000 | ||
Allowance for Loan and Lease Losses, Real Estate | $ 18,000,000 | $ 67,000,000 | 20,000,000 | 18,000,000 | |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 5,552,000,000 | $ 5,556,000,000 | |||
Movement in Valuation Allowance for Mortgage Loans [Roll Forward] | |||||
Valuation allowance, beginning of period | 18,000,000 | 67,000,000 | |||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | 4,000,000 | 3,000,000 | |||
Allowance for Loan and Lease Losses, Write-offs | 2,000,000 | 51,000,000 | |||
Valuation allowance, end of period | $ 20,000,000 | $ 19,000,000 | |||
Loan to Value and Credit Quality [Abstract] | |||||
Average Debt Service Coverage Ratio | 2.67 | 2.51 | |||
Commercial Mortgage Loans Credit Quality [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 5,552,000,000 | $ 5,556,000,000 | |||
Available-for-sale Securities Mortgage Loans Average Debt Service Coverage Ratio | 2.67 | 2.51 | |||
Mortgage Loans on Real Estate by Region and Property Type [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 5,552,000,000 | $ 5,556,000,000 | |||
Commercial Loan [Member] | LTV 80 to 100 Percent [Member] | |||||
Loans and Leases Receivable, Allowance [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 23,000,000 | $ 53,000,000 | |||
Loan to Value and Credit Quality [Abstract] | |||||
Average Debt Service Coverage Ratio | 1.16 | 1.07 | |||
Commercial Mortgage Loans Credit Quality [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 23,000,000 | $ 53,000,000 | |||
Available-for-sale Securities Mortgage Loans Average Debt Service Coverage Ratio | 1.16 | 1.07 | |||
Mortgage Loans on Real Estate by Region and Property Type [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 23,000,000 | $ 53,000,000 | |||
Commercial Loan [Member] | LTV Between 65 to 80 Percent [Member] | |||||
Loans and Leases Receivable, Allowance [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 722,000,000 | $ 789,000,000 | |||
Loan to Value and Credit Quality [Abstract] | |||||
Average Debt Service Coverage Ratio | 1.80 | 1.75 | |||
Commercial Mortgage Loans Credit Quality [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 722,000,000 | $ 789,000,000 | |||
Available-for-sale Securities Mortgage Loans Average Debt Service Coverage Ratio | 1.80 | 1.75 | |||
Mortgage Loans on Real Estate by Region and Property Type [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 722,000,000 | $ 789,000,000 | |||
Commercial Loan [Member] | LTV Less than 65 Percent [Member] | |||||
Loans and Leases Receivable, Allowance [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 4,807,000,000 | $ 4,714,000,000 | |||
Loan to Value and Credit Quality [Abstract] | |||||
Average Debt Service Coverage Ratio | 2.82 | 2.66 | |||
Commercial Mortgage Loans Credit Quality [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 4,807,000,000 | $ 4,714,000,000 | |||
Available-for-sale Securities Mortgage Loans Average Debt Service Coverage Ratio | 2.82 | 2.66 | |||
Mortgage Loans on Real Estate by Region and Property Type [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 4,807,000,000 | $ 4,714,000,000 | |||
Commercial Loan [Member] | Mortgages [Member] | |||||
Loan to Value and Credit Quality [Abstract] | |||||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 6,000,000 | ||||
Financing Receivable, Allowance for Credit Losses | $ 2,000,000 | ||||
Mortgages [Member] | |||||
Mortgage Loans on Real Estate by Region and Property Type [Abstract] | |||||
Available-for-sale Securities Mortgage Loans Percent | 100.00% | 100.00% | |||
Mortgages [Member] | agriculture loans [Member] | |||||
Mortgage Loans on Real Estate by Region and Property Type [Abstract] | |||||
Available-for-sale Securities Mortgage Loans Percent | 0.60% | 0.80% | |||
Mortgages [Member] | Industrial Property [Member] | |||||
Mortgage Loans on Real Estate by Region and Property Type [Abstract] | |||||
Available-for-sale Securities Mortgage Loans Percent | 25.90% | 26.60% | |||
Mortgages [Member] | Hotel [Member] | |||||
Mortgage Loans on Real Estate by Region and Property Type [Abstract] | |||||
Available-for-sale Securities Mortgage Loans Percent | 0.50% | 0.50% | |||
Mortgages [Member] | Multifamily [Member] | |||||
Mortgage Loans on Real Estate by Region and Property Type [Abstract] | |||||
Available-for-sale Securities Mortgage Loans Percent | 24.10% | 21.40% | |||
Mortgages [Member] | Office Building [Member] | |||||
Mortgage Loans on Real Estate by Region and Property Type [Abstract] | |||||
Available-for-sale Securities Mortgage Loans Percent | 27.10% | 27.30% | |||
Mortgages [Member] | Retail Site [Member] | |||||
Mortgage Loans on Real Estate by Region and Property Type [Abstract] | |||||
Available-for-sale Securities Mortgage Loans Percent | 19.10% | 20.60% | |||
Mortgages [Member] | Other Property [Member] | |||||
Mortgage Loans on Real Estate by Region and Property Type [Abstract] | |||||
Available-for-sale Securities Mortgage Loans Percent | 2.70% | 2.80% | |||
Mortgages [Member] | East North Central [Member] | |||||
Mortgage Loans on Real Estate by Region and Property Type [Abstract] | |||||
Available-for-sale Securities Mortgage Loans Percent | 4.70% | 3.80% | |||
Mortgages [Member] | East South Central [Member] [Domain] | |||||
Mortgage Loans on Real Estate by Region and Property Type [Abstract] | |||||
Available-for-sale Securities Mortgage Loans Percent | 0.30% | 0.00% | |||
Mortgages [Member] | Middle Atlantic [Member] | |||||
Mortgage Loans on Real Estate by Region and Property Type [Abstract] | |||||
Available-for-sale Securities Mortgage Loans Percent | 7.50% | 8.40% | |||
Mortgages [Member] | Mountain [Member] | |||||
Mortgage Loans on Real Estate by Region and Property Type [Abstract] | |||||
Available-for-sale Securities Mortgage Loans Percent | 0.80% | 1.60% | |||
Mortgages [Member] | New England [Member] | |||||
Mortgage Loans on Real Estate by Region and Property Type [Abstract] | |||||
Available-for-sale Securities Mortgage Loans Percent | 7.30% | 6.90% | |||
Mortgages [Member] | Pacific [Member] | |||||
Mortgage Loans on Real Estate by Region and Property Type [Abstract] | |||||
Available-for-sale Securities Mortgage Loans Percent | 29.30% | 29.00% | |||
Mortgages [Member] | South Atlantic [Member] | |||||
Mortgage Loans on Real Estate by Region and Property Type [Abstract] | |||||
Available-for-sale Securities Mortgage Loans Percent | 21.10% | 18.30% | |||
Mortgages [Member] | West North Central [Member] | |||||
Mortgage Loans on Real Estate by Region and Property Type [Abstract] | |||||
Available-for-sale Securities Mortgage Loans Percent | 0.50% | 0.80% | |||
Mortgages [Member] | West South Central [Member] | |||||
Mortgage Loans on Real Estate by Region and Property Type [Abstract] | |||||
Available-for-sale Securities Mortgage Loans Percent | 5.60% | 5.40% | |||
Mortgages [Member] | Region Others [Member] | |||||
Mortgage Loans on Real Estate by Region and Property Type [Abstract] | |||||
Available-for-sale Securities Mortgage Loans Percent | [1] | 22.90% | 25.80% | ||
Nonperforming Financial Instruments [Member] | Commercial Loan [Member] | |||||
Loan to Value and Credit Quality [Abstract] | |||||
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans | $ 1 | $ 1 | |||
Commercial Loan [Member] | |||||
Mortgage Loans [Line Items] | |||||
Servicing Asset at Amortized Cost, Fair Value | 148,000,000 | ||||
Continuing Involvement with Derecognized Transferred Financial Assets, Amount Outstanding | 59,000,000 | ||||
Investments [Member] | Commercial Loan [Member] | |||||
Mortgage Loans [Line Items] | |||||
Continuing Involvement with Continued to be Recognized Transferred Financial Assets, Amount Outstanding | 89,000,000 | ||||
Separate Accounts [Member] | Commercial Loan [Member] | |||||
Mortgage Loans [Line Items] | |||||
Continuing Involvement with Continued to be Recognized Transferred Financial Assets, Amount Outstanding | $ 20,000,000 | ||||
[1] | Primarily represents loans collateralized by multiple properties in various regions. | ||||
[2] | Amortized cost represents carrying value prior to valuation allowances, if any. |
Investments and Derivative In47
Investments and Derivative Instruments Level 4 Variable Interest Entities (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | |
Consolidated Variable Interest Entities [Abstract] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 205 | $ 246 | |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | [1] | 5 | 6 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | [2] | 203 | 245 |
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 | 8 | 12 | |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Liabilities | 8 | 14 | |
Collateralized Debt Obligations [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Consolidated Variable Interest Entities [Abstract] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | [3] | 5 | 5 |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | [1],[3] | 5 | 5 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | [2],[3] | 0 | 0 |
Fixed Income Funds [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Consolidated Variable Interest Entities [Abstract] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | [4] | 198 | 238 |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | [1],[4] | 0 | 0 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | [2],[4] | 201 | 243 |
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 | 2 | 3 | |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | [1] | 0 | 1 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | [2] | $ 2 | $ 2 |
[1] | Included in other liabilities in the Company’s Condensed 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 cash in the Company’s Condensed Consolidated Balance Sheets. | ||
[4] | Total assets included in fixed maturities, FVO, short-term investments, equity, AFS, and cash in the Company’s Condensed Consolidated Balance Sheets. |
Investments and Derivative In48
Investments and Derivative Instruments Level 4 Repurchase Agreements, Dollar Roll Transactions and Other Collateral Transactions (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Repurchase Agreements, Dollar Roll Transactions and Other Collateral Transactions [Line Items] | ||
Secured Debt, Repurchase Agreements | $ 0 | |
Interest-bearing Deposit Liabilities, Domestic | $ 2,700,000,000 | 2,500,000,000 |
Secured Debt, Dollar Rolls | 0 | 0 |
US Treasury Securities [Member] | ||
Repurchase Agreements, Dollar Roll Transactions and Other Collateral Transactions [Line Items] | ||
Available-for-sale Securities Pledged as Collateral | 35,000,000 | $ 34,000,000 |
Fixed Maturities [Member] | ||
Repurchase Agreements, Dollar Roll Transactions and Other Collateral Transactions [Line Items] | ||
Available-for-sale Securities Pledged as Collateral | 315,000,000 | |
Other Liabilities [Member] | ||
Repurchase Agreements, Dollar Roll Transactions and Other Collateral Transactions [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | $ 315,000,000 |
Investments and Derivative In49
Investments and Derivative Instruments Level 4 Non-qualifying Strategies for Hedge Accounting (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||||
Non-qualifying Strategies for Hedge Accounting [Line Items] | ||||||||
Derivative, Notional Amount | $ 63,704,000,000 | $ 72,850,000,000 | $ 63,704,000,000 | |||||
Derivative, Fair Value, Net | (778,000,000) | (639,000,000) | (778,000,000) | |||||
Invested Assets Suppoting Modco | 918,000,000 | 1,000,000,000 | 918,000,000 | |||||
Derivative Non-Qualifying Strategy Gain (Loss) Recognized within Net Realized Capital Gains (Losses) [Abstract] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | 19,000,000 | $ 18,000,000 | ||||||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 1,200,000,000 | 1,100,000,000 | 1,200,000,000 | |||||
Financing Receivable, Allowance for Credit Losses, Recovery | 0 | 2,000,000 | $ 11,000,000 | |||||
Interest Rate Swap [Member] | ||||||||
Non-qualifying Strategies for Hedge Accounting [Line Items] | ||||||||
Derivative, Notional Amount | 13,000,000,000 | 13,100,000,000 | 13,000,000,000 | |||||
UNITED STATES | GMWB Hedging Instruments [Member] | ||||||||
Non-qualifying Strategies for Hedge Accounting [Line Items] | ||||||||
Derivative, Notional Amount | 11,139,000,000 | 14,442,000,000 | 11,139,000,000 | |||||
Derivative, Fair Value, Net | 207,000,000 | 174,000,000 | 207,000,000 | |||||
JAPAN | Three Win Related Foreign Currency Swaps [Member] | ||||||||
Derivative Non-Qualifying Strategy Gain (Loss) Recognized within Net Realized Capital Gains (Losses) [Abstract] | ||||||||
Change in Unrealized Gain (Loss) on Hedged Item in Foreign Currency Fair Value Hedge | (17,000,000) | 83,000,000 | (1,000,000) | 38,000,000 | ||||
GMWB Derivatives, Net [Member] | UNITED STATES | ||||||||
Derivative Non-Qualifying Strategy Gain (Loss) Recognized within Net Realized Capital Gains (Losses) [Abstract] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | (32,000,000) | 6,000,000 | ||||||
Macro Hedge Program [Member] | UNITED STATES | ||||||||
Derivative Non-Qualifying Strategy Gain (Loss) Recognized within Net Realized Capital Gains (Losses) [Abstract] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | 51,000,000 | 12,000,000 | ||||||
Not Designated as Hedging Instrument [Member] | ||||||||
Non-qualifying Strategies for Hedge Accounting [Line Items] | ||||||||
Derivative, Notional Amount | 59,544,000,000 | 68,676,000,000 | 59,544,000,000 | |||||
Derivative, Fair Value, Net | (846,000,000) | (664,000,000) | (846,000,000) | |||||
Derivative Non-Qualifying Strategy Gain (Loss) Recognized within Net Realized Capital Gains (Losses) [Abstract] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | 6,000,000 | [1] | (75,000,000) | [1] | (40,000,000) | (242,000,000) | ||
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | ||||||||
Derivative Non-Qualifying Strategy Gain (Loss) Recognized within Net Realized Capital Gains (Losses) [Abstract] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | (11,000,000) | (8,000,000) | (16,000,000) | (153,000,000) | ||||
Not Designated as Hedging Instrument [Member] | Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | ||||||||
Derivative Non-Qualifying Strategy Gain (Loss) Recognized within Net Realized Capital Gains (Losses) [Abstract] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | 2,000,000 | 9,000,000 | 28,000,000 | (26,000,000) | ||||
Not Designated as Hedging Instrument [Member] | Put Option [Member] | ||||||||
Derivative Non-Qualifying Strategy Gain (Loss) Recognized within Net Realized Capital Gains (Losses) [Abstract] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | (2,000,000) | (2,000,000) | (5,000,000) | (5,000,000) | ||||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||||||||
Derivative Non-Qualifying Strategy Gain (Loss) Recognized within Net Realized Capital Gains (Losses) [Abstract] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | 3,000,000 | 6,000,000 | 11,000,000 | 2,000,000 | ||||
Not Designated as Hedging Instrument [Member] | Credit Default Swap, Buying Protection [Member] | ||||||||
Derivative Non-Qualifying Strategy Gain (Loss) Recognized within Net Realized Capital Gains (Losses) [Abstract] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | 7,000,000 | 1,000,000 | 5,000,000 | (9,000,000) | ||||
Not Designated as Hedging Instrument [Member] | Credit Default Swap, Selling Protection [Member] | ||||||||
Derivative Non-Qualifying Strategy Gain (Loss) Recognized within Net Realized Capital Gains (Losses) [Abstract] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | (23,000,000) | (11,000,000) | (25,000,000) | 8,000,000 | ||||
Not Designated as Hedging Instrument [Member] | Commodity Option [Member] | ||||||||
Derivative Non-Qualifying Strategy Gain (Loss) Recognized within Net Realized Capital Gains (Losses) [Abstract] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | 2,000,000 | 0 | (8,000,000) | 0 | ||||
Not Designated as Hedging Instrument [Member] | Equity Contract [Member] | ||||||||
Derivative Non-Qualifying Strategy Gain (Loss) Recognized within Net Realized Capital Gains (Losses) [Abstract] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | 1,000,000 | 0 | 4,000,000 | (1,000,000) | ||||
Not Designated as Hedging Instrument [Member] | Derivatives formerly associated with Japan [Member] | ||||||||
Derivative Non-Qualifying Strategy Gain (Loss) Recognized within Net Realized Capital Gains (Losses) [Abstract] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | 0 | (2,000,000) | 0 | (2,000,000) | ||||
Not Designated as Hedging Instrument [Member] | UNITED STATES | GMWB Hedging Instruments [Member] | ||||||||
Non-qualifying Strategies for Hedge Accounting [Line Items] | ||||||||
Derivative, Notional Amount | 11,139,000,000 | 14,442,000,000 | 11,139,000,000 | |||||
Derivative, Fair Value, Net | 207,000,000 | 174,000,000 | 207,000,000 | |||||
Derivative Non-Qualifying Strategy Gain (Loss) Recognized within Net Realized Capital Gains (Losses) [Abstract] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | 94,000,000 | 41,000,000 | 41,000,000 | (30,000,000) | ||||
Not Designated as Hedging Instrument [Member] | UNITED STATES | GMWB Product Derivatives [Member] | ||||||||
Derivative Non-Qualifying Strategy Gain (Loss) Recognized within Net Realized Capital Gains (Losses) [Abstract] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | (150,000,000) | (37,000,000) | (91,000,000) | 54,000,000 | ||||
Not Designated as Hedging Instrument [Member] | UNITED STATES | GMWB Reinsurance [Member] | ||||||||
Derivative Non-Qualifying Strategy Gain (Loss) Recognized within Net Realized Capital Gains (Losses) [Abstract] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | 24,000,000 | 2,000,000 | 15,000,000 | (9,000,000) | ||||
Not Designated as Hedging Instrument [Member] | UNITED STATES | Macro Hedge Program [Member] | ||||||||
Non-qualifying Strategies for Hedge Accounting [Line Items] | ||||||||
Derivative, Notional Amount | 4,272,000,000 | 6,383,000,000 | 4,272,000,000 | |||||
Derivative, Fair Value, Net | 183,000,000 | $ 141,000,000 | 183,000,000 | |||||
Not Designated as Hedging Instrument [Member] | JAPAN | Three Win Related Foreign Currency Swaps [Member] | ||||||||
Derivative Non-Qualifying Strategy Gain (Loss) Recognized within Net Realized Capital Gains (Losses) [Abstract] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | [2] | $ 8,000,000 | $ (86,000,000) | |||||
Not Designated as Hedging Instrument [Member] | JAPAN | Fixed Annuity Hedging Instruments [Member] | ||||||||
Derivative Non-Qualifying Strategy Gain (Loss) Recognized within Net Realized Capital Gains (Losses) [Abstract] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | [2] | $ (23,000,000) | $ (58,000,000) | |||||
[1] | These amounts relate to the termination of the hedging program associated with the Japan variable annuity product due to the sale of HLIKK. | |||||||
[2] | Not included in this amount is the associated liability adjustment for changes in foreign exchange spot rates through realized capital gains of $(17) and $83 for the three months ended September 30, 2015 and 2014, respectively, and $(1) and $38 for the nine months ended September 30, 2015 and 2014, respectively. |
Investments and Derivative In50
Investments and Derivative Instruments Level 4 Derivative Balance Sheet Classification (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |||
Derivative Balance Sheet Classification [Table] | |||||
Financing Receivable, Allowance for Credit Losses, Recovery | $ 0 | $ 2,000,000 | $ 11,000,000 | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 1,100,000,000 | 1,200,000,000 | |||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Abstract] | |||||
Derivative, Notional Amount | 72,850,000,000 | 63,704,000,000 | |||
Derivative, Fair Value, Net | (639,000,000) | (778,000,000) | |||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 1,267,000,000 | 1,381,000,000 | |||
Derivative Asset, Fair Value, Gross Asset | 1,175,000,000 | 1,246,000,000 | |||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 1,906,000,000 | 2,159,000,000 | |||
Derivative Liability, Fair Value, Gross Liability | (1,741,000,000) | (1,865,000,000) | |||
Reinsurance Recoverable [Member] | |||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Abstract] | |||||
Derivative, Notional Amount | 4,633,000,000 | 4,151,000,000 | |||
Derivative, Fair Value, Net | 90,000,000 | 135,000,000 | |||
Derivative Asset, Fair Value, Gross Asset | 90,000,000 | 135,000,000 | |||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |||
Fixed Maturities [Member] | |||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Abstract] | |||||
Derivative, Notional Amount | 454,000,000 | 447,000,000 | |||
Derivative, Fair Value, Net | 2,000,000 | (3,000,000) | |||
Derivative Asset, Fair Value, Gross Asset | 2,000,000 | 0 | |||
Derivative Liability, Fair Value, Gross Liability | 0 | (3,000,000) | |||
Other Investments [Member] | |||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Abstract] | |||||
Derivative, Notional Amount | 23,014,000,000 | 11,123,000,000 | |||
Derivative, Fair Value, Net | 364,000,000 | 304,000,000 | |||
Derivative Asset, Fair Value, Gross Asset | 624,000,000 | 363,000,000 | |||
Derivative Liability, Fair Value, Gross Liability | (260,000,000) | (59,000,000) | |||
Other Liabilities [Member] | |||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Abstract] | |||||
Derivative, Notional Amount | 26,791,000,000 | 32,203,000,000 | |||
Derivative, Fair Value, Net | (930,000,000) | (923,000,000) | |||
Derivative Asset, Fair Value, Gross Asset | 551,000,000 | 883,000,000 | |||
Derivative Liability, Fair Value, Gross Liability | (1,481,000,000) | (1,806,000,000) | |||
Other Policyholder Funds and Benefits Payable [Member] | |||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Abstract] | |||||
Derivative, Notional Amount | 17,958,000,000 | 15,780,000,000 | |||
Derivative, Fair Value, Net | (165,000,000) | (291,000,000) | |||
Derivative, Fair Value, Net | 291,000,000 | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |||
Derivative Liability, Fair Value, Gross Liability | (165,000,000) | (291,000,000) | |||
Not Designated as Hedging Instrument [Member] | |||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Abstract] | |||||
Derivative, Notional Amount | 68,676,000,000 | 59,544,000,000 | |||
Derivative, Fair Value, Net | (664,000,000) | (846,000,000) | |||
Derivative Asset, Fair Value, Gross Asset | 1,212,000,000 | 1,286,000,000 | |||
Derivative Liability, Fair Value, Gross Liability | (1,876,000,000) | (2,132,000,000) | |||
Interest Rate Contract [Member] | Other Investments [Member] | |||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Abstract] | |||||
Derivative, Fair Value, Net | (129,000,000) | (79,000,000) | |||
Interest Rate Contract [Member] | Other Liabilities [Member] | |||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Abstract] | |||||
Derivative, Fair Value, Net | 648,000,000 | ||||
Foreign Exchange Contract [Member] | Other Investments [Member] | |||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Abstract] | |||||
Derivative, Fair Value, Net | (10,000,000) | ||||
Foreign Exchange Contract [Member] | Other Liabilities [Member] | |||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Abstract] | |||||
Derivative, Fair Value, Net | 469,000,000 | ||||
Derivative Financial Instruments, Assets [Member] | Other Investments [Member] | |||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Abstract] | |||||
Derivative, Fair Value, Net | [1] | (364,000,000) | [2] | (304,000,000) | |
Derivative Financial Instruments, Liabilities [Member] | Other Liabilities [Member] | |||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Abstract] | |||||
Derivative, Fair Value, Net | [3] | 927,000,000 | [4] | 923,000,000 | |
Embedded Derivative Financial Instruments [Member] | Other Liabilities [Member] | |||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Abstract] | |||||
Derivative, Fair Value, Net | [5] | 3,000,000 | |||
Interest Rate Swap [Member] | |||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Abstract] | |||||
Derivative, Notional Amount | 13,100,000,000 | 13,000,000,000 | |||
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | |||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Abstract] | |||||
Derivative, Notional Amount | 177,000,000 | 305,000,000 | |||
Derivative, Fair Value, Net | 1,000,000 | 11,000,000 | |||
Derivative Asset, Fair Value, Gross Asset | 3,000,000 | 11,000,000 | |||
Derivative Liability, Fair Value, Gross Liability | (2,000,000) | 0 | |||
Credit Default Swap, Buying Protection [Member] | Not Designated as Hedging Instrument [Member] | |||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Abstract] | |||||
Derivative, Notional Amount | 595,000,000 | 304,000,000 | |||
Derivative, Fair Value, Net | (6,000,000) | 11,000,000 | |||
Derivative Asset, Fair Value, Gross Asset | 4,000,000 | 14,000,000 | |||
Derivative Liability, Fair Value, Gross Liability | (10,000,000) | (3,000,000) | |||
Credit Default Swap, Selling Protection [Member] | Not Designated as Hedging Instrument [Member] | |||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Abstract] | |||||
Derivative, Notional Amount | [6] | 1,487,000,000 | 2,645,000,000 | ||
Derivative, Fair Value, Net | [6] | 3,000,000 | (28,000,000) | ||
Derivative Asset, Fair Value, Gross Asset | [6] | 14,000,000 | 5,000,000 | ||
Derivative Liability, Fair Value, Gross Liability | [6] | (11,000,000) | (33,000,000) | ||
Credit Derivatives in Offsetting Positions [Member] | Not Designated as Hedging Instrument [Member] | |||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Abstract] | |||||
Derivative, Notional Amount | 5,343,000,000 | 4,127,000,000 | |||
Derivative, Fair Value, Net | (3,000,000) | (2,000,000) | |||
Derivative Asset, Fair Value, Gross Asset | 53,000,000 | 39,000,000 | |||
Derivative Liability, Fair Value, Gross Liability | (56,000,000) | (41,000,000) | |||
Equity Contract [Member] | Not Designated as Hedging Instrument [Member] | |||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Abstract] | |||||
Derivative, Notional Amount | 635,000,000 | 124,000,000 | |||
Derivative, Fair Value, Net | 2,000,000 | (1,000,000) | |||
Derivative Asset, Fair Value, Gross Asset | 31,000,000 | 20,000,000 | |||
Derivative Liability, Fair Value, Gross Liability | (29,000,000) | (21,000,000) | |||
Commodity Option [Member] | Not Designated as Hedging Instrument [Member] | |||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Abstract] | |||||
Derivative, Notional Amount | 0 | 486,000,000 | |||
Derivative, Fair Value, Net | 0 | 7,000,000 | |||
Derivative Asset, Fair Value, Gross Asset | 0 | 7,000,000 | |||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |||
Put Option [Member] | Not Designated as Hedging Instrument [Member] | |||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Abstract] | |||||
Derivative, Notional Amount | 500,000,000 | 500,000,000 | |||
Derivative, Fair Value, Net | 12,000,000 | 8,000,000 | |||
Derivative Asset, Fair Value, Gross Asset | 12,000,000 | 8,000,000 | |||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |||
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | Not Designated as Hedging Instrument [Member] | |||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Abstract] | |||||
Derivative, Notional Amount | 974,000,000 | 918,000,000 | |||
Derivative, Fair Value, Net | 34,000,000 | 62,000,000 | |||
Derivative Asset, Fair Value, Gross Asset | 34,000,000 | 62,000,000 | |||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |||
JAPAN | Three Win Related Foreign Currency Swaps [Member] | Not Designated as Hedging Instrument [Member] | |||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Abstract] | |||||
Derivative, Notional Amount | 1,319,000,000 | 1,319,000,000 | |||
Derivative, Fair Value, Net | (427,000,000) | (450,000,000) | |||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |||
Derivative Liability, Fair Value, Gross Liability | (427,000,000) | (450,000,000) | |||
UNITED STATES | GMWB Hedging Instruments [Member] | |||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Abstract] | |||||
Derivative, Notional Amount | 14,442,000,000 | 11,139,000,000 | |||
Derivative, Fair Value, Net | 174,000,000 | 207,000,000 | |||
UNITED STATES | GMWB Hedging Instruments [Member] | Not Designated as Hedging Instrument [Member] | |||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Abstract] | |||||
Derivative, Notional Amount | 14,442,000,000 | 11,139,000,000 | |||
Derivative, Fair Value, Net | 174,000,000 | 207,000,000 | |||
Derivative Asset, Fair Value, Gross Asset | 289,000,000 | 331,000,000 | |||
Derivative Liability, Fair Value, Gross Liability | (115,000,000) | (124,000,000) | |||
UNITED STATES | Macro Hedge Program [Member] | Not Designated as Hedging Instrument [Member] | |||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Abstract] | |||||
Derivative, Notional Amount | 6,383,000,000 | 4,272,000,000 | |||
Derivative, Fair Value, Net | 141,000,000 | 183,000,000 | |||
Derivative Asset, Fair Value, Gross Asset | 180,000,000 | 224,000,000 | |||
Derivative Liability, Fair Value, Gross Liability | (39,000,000) | (41,000,000) | |||
UNITED STATES | Macro Hedge Program [Member] | |||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Abstract] | |||||
Derivative, Notional Amount | 6,383,000,000 | 4,272,000,000 | |||
Derivative, Fair Value, Net | 141,000,000 | 183,000,000 | |||
UNITED STATES | Macro Hedge Program [Member] | Other Investments [Member] | |||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Abstract] | |||||
Derivative, Fair Value, Net | (93,000,000) | (100,000,000) | |||
UNITED STATES | Macro Hedge Program [Member] | Other Liabilities [Member] | |||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Abstract] | |||||
Derivative, Fair Value, Net | (48,000,000) | (83,000,000) | |||
UNITED STATES | Equity Contract [Member] | GMWB Hedging Instruments [Member] | |||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Abstract] | |||||
Derivative, Notional Amount | 3,761,000,000 | 1,663,000,000 | |||
Derivative, Fair Value, Net | 39,000,000 | 25,000,000 | |||
UNITED STATES | GMWB Product Derivatives [Member] | Not Designated as Hedging Instrument [Member] | |||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Abstract] | |||||
Derivative, Notional Amount | [7] | 17,908,000,000 | 15,730,000,000 | ||
Derivative, Fair Value, Net | [7] | (139,000,000) | (270,000,000) | ||
Derivative Asset, Fair Value, Gross Asset | [7] | 0 | 0 | ||
Derivative Liability, Fair Value, Gross Liability | [7] | (139,000,000) | (270,000,000) | ||
UNITED STATES | GMWB Reinsurance [Member] | Not Designated as Hedging Instrument [Member] | |||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Abstract] | |||||
Derivative, Notional Amount | 3,659,000,000 | 3,233,000,000 | |||
Derivative, Fair Value, Net | 56,000,000 | 73,000,000 | |||
Derivative Asset, Fair Value, Gross Asset | 56,000,000 | 73,000,000 | |||
Derivative Liability, Fair Value, Gross Liability | $ 0 | $ 0 | |||
[1] | [1]Included in other investments on the Condensed Consolidated Balance Sheets. | ||||
[2] | [2]Includes over-the-counter ("OTC") and OTC-cleared derivative instruments in a net positive fair value position after consideration of the accrued interest and impact of collateral posting requirements, which may be imposed by agreements, clearing house rules and applicable law. As of September 30, 2015, and December 31, 2014, $136 and $413, respectively, of cash collateral liability was netted against the derivative asset value in the Condensed Consolidated Balance Sheets and is excluded from the preceding table. See the following footnote 5 for derivative liabilities. | ||||
[3] | [4]Approximately $3.9 billion and $2.5 billion of investment sales receivable, as of September 30, 2015, and December 31, 2014, respectively, are excluded from this disclosure requirement because they are trade receivables in the ordinary course of business where the carrying amount approximates fair value. | ||||
[4] | [5]Includes OTC and OTC-cleared derivative instruments in a net negative fair value position (derivative liability) after consideration of the accrued interest and impact of collateral posting requirements, which may be imposed by agreements, clearing house rules and applicable law. In the following Level 3 roll-forward table in this Note 4, the derivative assets and liabilities are referred to as “freestanding derivatives” and are presented on a net basis. | ||||
[5] | [6]Represents embedded derivatives associated with non-funding agreement-backed consumer equity linked notes. | ||||
[6] | The derivative instruments related to this strategy are held for other investment purposes. | ||||
[7] | These derivatives are embedded within liabilities and are not held for risk management purposes. |
Investments and Derivative In51
Investments and Derivative Instruments Level 4 Offsetting of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | ||
Offsetting Derivative Assets [Abstract] | ||||
Derivative Asset, Fair Value, Gross Asset | $ 1,246 | $ 1,175 | ||
Derivative Asset, Fair Value, Gross Liability | 1,036 | 969 | ||
Derivative, Collateral, Obligation to Return Cash | [1] | (94) | (158) | |
Derivative Asset, Fair Value of Collateral | [2] | 125 | 109 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 85 | 97 | ||
Offsetting Derivative Liabilities [Abstract] | ||||
Derivative Liability, Fair Value, Gross Liability | 1,865 | 1,741 | ||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (892) | (799) | ||
Derivative, Collateral, Right to Reclaim Cash | [3] | (50) | (15) | |
Derivative Liability, Fair Value of Collateral | [2] | (949) | (1,079) | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | (24) | (137) | ||
Other Liabilities [Member] | ||||
Offsetting Derivative Assets [Abstract] | ||||
Derivative Asset, Fair Value, Gross Asset | 883 | 551 | ||
Offsetting Derivative Liabilities [Abstract] | ||||
Derivative Liability, Fair Value, Gross Liability | 1,806 | 1,481 | ||
Other Investments [Member] | ||||
Offsetting Derivative Assets [Abstract] | ||||
Derivative Asset, Fair Value, Gross Asset | 363 | 624 | ||
Offsetting Derivative Liabilities [Abstract] | ||||
Derivative Liability, Fair Value, Gross Liability | 59 | 260 | ||
Embedded Derivative Financial Instruments [Member] | Other Liabilities [Member] | ||||
Offsetting Derivative Assets [Abstract] | ||||
Derivative Assets (Liabilities), at Fair Value, Net | [4] | (3) | ||
Derivative Financial Instruments, Liabilities [Member] | ||||
Offsetting Derivative Liabilities [Abstract] | ||||
Derivative Liability, Fair Value, Amount Offset Against Collateral | (136) | (413) | ||
Derivative Financial Instruments, Liabilities [Member] | Other Liabilities [Member] | ||||
Offsetting Derivative Assets [Abstract] | ||||
Derivative Assets (Liabilities), at Fair Value, Net | [5] | (923) | (927) | [6] |
Derivative Financial Instruments, Assets [Member] | Other Investments [Member] | ||||
Offsetting Derivative Assets [Abstract] | ||||
Derivative Assets (Liabilities), at Fair Value, Net | [7] | $ 304 | $ 364 | [8] |
[1] | Included in other assets in the Company's Condensed Consolidated Balance Sheets and amount presented is limited to the net derivative receivable associated with each counterparty. | |||
[2] | Excludes collateral associated with exchange-traded derivative instruments | |||
[3] | Included in other liabilities in the Company's Condensed Consolidated Balance Sheets and amount presented is limited to the net derivative payable associated with each counterparty. | |||
[4] | [6]Represents embedded derivatives associated with non-funding agreement-backed consumer equity linked notes. | |||
[5] | [4]Approximately $3.9 billion and $2.5 billion of investment sales receivable, as of September 30, 2015, and December 31, 2014, 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. | |||
[6] | [5]Includes OTC and OTC-cleared derivative instruments in a net negative fair value position (derivative liability) after consideration of the accrued interest and impact of collateral posting requirements, which may be imposed by agreements, clearing house rules and applicable law. In the following Level 3 roll-forward table in this Note 4, the derivative assets and liabilities are referred to as “freestanding derivatives” and are presented on a net basis. | |||
[7] | [1]Included in other investments on the Condensed Consolidated Balance Sheets. | |||
[8] | [2]Includes over-the-counter ("OTC") and OTC-cleared derivative instruments in a net positive fair value position after consideration of the accrued interest and impact of collateral posting requirements, which may be imposed by agreements, clearing house rules and applicable law. As of September 30, 2015, and December 31, 2014, $136 and $413, respectively, of cash collateral liability was netted against the derivative asset value in the Condensed Consolidated Balance Sheets and is excluded from the preceding table. See the following footnote 5 for derivative liabilities. |
Investments and Derivative In52
Investments and Derivative Instruments Level 4 Cash Flow Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Effect of Cash Flow Hedges on Results of Operations [Abstract] | ||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 51 | |||
Maximum Term Over for Hedging Exposure to Variability of Future Cash Flows | 3 years | |||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Effect of Cash Flow Hedges on Results of Operations [Abstract] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ 91 | $ (21) | $ 75 | $ 77 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 4 | 0 | 3 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 16 | 9 | 44 | 56 |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||
Effect of Cash Flow Hedges on Results of Operations [Abstract] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 76 | 82 | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 3 | |||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Effect of Cash Flow Hedges on Results of Operations [Abstract] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 91 | (19) | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 4 | |||
Currency Swap [Member] | Cash Flow Hedging [Member] | ||||
Effect of Cash Flow Hedges on Results of Operations [Abstract] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (1) | (5) | ||
Currency Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Effect of Cash Flow Hedges on Results of Operations [Abstract] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (2) | |||
Gain (Loss) on Investments [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Effect of Cash Flow Hedges on Results of Operations [Abstract] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1 | 4 | (2) | |
Gain (Loss) on Investments [Member] | Currency Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Effect of Cash Flow Hedges on Results of Operations [Abstract] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | (7) | (9) | |
Investment Income [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Effect of Cash Flow Hedges on Results of Operations [Abstract] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 15 | 47 | ||
Interest Income [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Effect of Cash Flow Hedges on Results of Operations [Abstract] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 67 | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gain (Loss) on Investments [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||
Effect of Cash Flow Hedges on Results of Operations [Abstract] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1 | 4 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gain (Loss) on Investments [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Effect of Cash Flow Hedges on Results of Operations [Abstract] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (4) | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gain (Loss) on Investments [Member] | Currency Swap [Member] | Cash Flow Hedging [Member] | ||||
Effect of Cash Flow Hedges on Results of Operations [Abstract] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | (7) | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gain (Loss) on Investments [Member] | Currency Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Effect of Cash Flow Hedges on Results of Operations [Abstract] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (9) | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Investment Income [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||
Effect of Cash Flow Hedges on Results of Operations [Abstract] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 15 | 47 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Investment Income [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Effect of Cash Flow Hedges on Results of Operations [Abstract] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 22 | |||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Effect of Cash Flow Hedges on Results of Operations [Abstract] | ||||
Loss on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring | $ 0 | $ 0 | $ 0 |
Investments and Derivative In53
Investments and Derivative Instruments Level 4 Fair Value Hedges (Details) - Gain (Loss) on Investments [Member] - Fair Value Hedging [Member] - Interest Rate Swap [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | [1] | Sep. 30, 2015 | Sep. 30, 2014 | ||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Instruments Gain (Loss) Recognized in Income on Hedged Item Net | $ 0 | $ (2) | $ 0 | $ (1) | ||
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | $ 0 | [1] | $ 2 | $ 0 | $ 0 | |
[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. |
Investments and Derivative In54
Investments and Derivative Instruments Level 4 Credit Derivatives (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | ||
Credit Derivatives [Line Items] | |||
Derivative, Notional Amount | $ 63,704 | $ 72,850 | |
Basket Credit Default Swaps [Member] | |||
Credit Derivatives Footnote [Abstract] | |||
Amount of Standard Market Indices of Diversified Portfolios of Corporate Issuers | 4,100 | 3,500 | |
Credit Default Swap, Selling Protection [Member] | |||
Credit Derivatives [Line Items] | |||
Derivative, Notional Amount | [1],[2] | 4,709 | 4,159 |
Credit Risk Derivatives, at Fair Value, Net | 309 | 345 | |
Credit Default Swap, Selling Protection [Member] | Credit Derivatives in Offsetting Positions [Member] | |||
Credit Derivatives [Line Items] | |||
Derivative, Notional Amount | [1],[2] | 2,064 | 2,672 |
Credit Risk Derivatives, at Fair Value, Net | 10 | (5) | |
Credit Default Swap, Selling Protection [Member] | Debt Securities Payable [Member] | Standard & Poor's, BB Rating [Member] | External Credit Rating, Non Investment Grade [Member] | Single Name Credit Default Swaps [Member] | |||
Credit Derivatives [Line Items] | |||
Derivative, Notional Amount | [1] | 25 | 29 |
Credit Risk Derivatives, at Fair Value, Net | $ 0 | $ 0 | |
Derivative, Average Remaining Maturity | 1 year | 2 years | |
Credit Default Swap, Selling Protection [Member] | Debt Securities Payable [Member] | Standard & Poor's, BB Rating [Member] | External Credit Rating, Non Investment Grade [Member] | Credit Derivatives in Offsetting Positions [Member] | Single Name Credit Default Swaps [Member] | |||
Credit Derivatives [Line Items] | |||
Derivative, Notional Amount | [1] | $ 25 | $ 29 |
Credit Risk Derivatives, at Fair Value, Net | 0 | (1) | |
Credit Default Swap, Selling Protection [Member] | Debt Securities Payable [Member] | Standard & Poor's, BBB+ Rating [Member] | External Credit Rating, Investment Grade [Member] | Single Name Credit Default Swaps [Member] | |||
Credit Derivatives [Line Items] | |||
Derivative, Notional Amount | [1] | 226 | 320 |
Credit Risk Derivatives, at Fair Value, Net | $ (1) | $ 5 | |
Derivative, Average Remaining Maturity | 2 years | 2 years | |
Credit Default Swap, Selling Protection [Member] | Debt Securities Payable [Member] | Standard & Poor's, BBB+ Rating [Member] | External Credit Rating, Investment Grade [Member] | Basket Credit Default Swaps [Member] | |||
Credit Derivatives [Line Items] | |||
Derivative, Notional Amount | [1] | $ 2,985 | $ 2,546 |
Credit Risk Derivatives, at Fair Value, Net | $ 19 | $ 33 | |
Derivative, Average Remaining Maturity | 4 years | 3 years | |
Credit Default Swap, Selling Protection [Member] | Debt Securities Payable [Member] | Standard & Poor's, BBB+ Rating [Member] | External Credit Rating, Investment Grade [Member] | Credit Derivatives in Offsetting Positions [Member] | Single Name Credit Default Swaps [Member] | |||
Credit Derivatives [Line Items] | |||
Derivative, Notional Amount | [1] | $ 226 | $ 247 |
Credit Risk Derivatives, at Fair Value, Net | 0 | (5) | |
Credit Default Swap, Selling Protection [Member] | Debt Securities Payable [Member] | Standard & Poor's, BBB+ Rating [Member] | External Credit Rating, Investment Grade [Member] | Credit Derivatives in Offsetting Positions [Member] | Basket Credit Default Swaps [Member] | |||
Credit Derivatives [Line Items] | |||
Derivative, Notional Amount | [1] | 1,414 | 1,973 |
Credit Risk Derivatives, at Fair Value, Net | (14) | (25) | |
Credit Default Swap, Selling Protection [Member] | Debt Securities Payable [Member] | Standard & Poor's, B Rating [Member] | External Credit Rating, Non Investment Grade [Member] | Basket Credit Default Swaps [Member] | |||
Credit Derivatives [Line Items] | |||
Derivative, Notional Amount | [1],[2],[3] | 38 | |
Credit Risk Derivatives, at Fair Value, Net | [2],[3] | $ (1) | |
Derivative, Average Remaining Maturity | [2],[3] | 12 years | |
Credit Default Swap, Selling Protection [Member] | Debt Securities Payable [Member] | Standard & Poor's, B Rating [Member] | External Credit Rating, Non Investment Grade [Member] | Credit Derivatives in Offsetting Positions [Member] | Basket Credit Default Swaps [Member] | |||
Credit Derivatives [Line Items] | |||
Derivative, Notional Amount | [1],[2],[3] | $ 0 | |
Credit Risk Derivatives, at Fair Value, Net | [2],[3] | 0 | |
Credit Default Swap, Selling Protection [Member] | Debt Securities Payable [Member] | Standard & Poor's, A+ Rating [Member] | External Credit Rating, Investment Grade [Member] | Embedded Derivative Financial Instruments [Member] | |||
Credit Derivatives [Line Items] | |||
Derivative, Notional Amount | [1] | 350 | 350 |
Credit Risk Derivatives, at Fair Value, Net | $ 346 | $ 342 | |
Derivative, Average Remaining Maturity | 2 years | 2 years | |
Credit Default Swap, Selling Protection [Member] | Debt Securities Payable [Member] | Standard & Poor's, A+ Rating [Member] | External Credit Rating, Investment Grade [Member] | Credit Derivatives in Offsetting Positions [Member] | Embedded Derivative Financial Instruments [Member] | |||
Credit Derivatives [Line Items] | |||
Derivative, Notional Amount | [1] | $ 0 | $ 0 |
Credit Risk Derivatives, at Fair Value, Net | 0 | 0 | |
Credit Default Swap, Selling Protection [Member] | Collateralized Mortgage Backed Securities [Member] | Standard & Poor's, AA+ Rating [Member] | External Credit Rating, Investment Grade [Member] | Basket Credit Default Swaps [Member] | |||
Credit Derivatives [Line Items] | |||
Derivative, Notional Amount | [1] | 970 | 722 |
Credit Risk Derivatives, at Fair Value, Net | $ (32) | $ (12) | |
Derivative, Average Remaining Maturity | 6 years | 6 years | |
Credit Default Swap, Selling Protection [Member] | Collateralized Mortgage Backed Securities [Member] | Standard & Poor's, AA+ Rating [Member] | External Credit Rating, Investment Grade [Member] | Credit Derivatives in Offsetting Positions [Member] | Basket Credit Default Swaps [Member] | |||
Credit Derivatives [Line Items] | |||
Derivative, Notional Amount | [1] | $ 246 | $ 269 |
Credit Risk Derivatives, at Fair Value, Net | 1 | 3 | |
Credit Default Swap, Selling Protection [Member] | Collateralized Mortgage Backed Securities [Member] | Standard & Poor's, CCC+ Rating [Member] | External Credit Rating, Non Investment Grade [Member] | Basket Credit Default Swaps [Member] | |||
Credit Derivatives [Line Items] | |||
Derivative, Notional Amount | [1] | 153 | 154 |
Credit Risk Derivatives, at Fair Value, Net | $ (23) | $ (22) | |
Derivative, Average Remaining Maturity | 1 year | 2 years | |
Credit Default Swap, Selling Protection [Member] | Collateralized Mortgage Backed Securities [Member] | Standard & Poor's, CCC+ Rating [Member] | External Credit Rating, Non Investment Grade [Member] | Credit Derivatives in Offsetting Positions [Member] | Basket Credit Default Swaps [Member] | |||
Credit Derivatives [Line Items] | |||
Derivative, Notional Amount | [1] | $ 153 | $ 154 |
Credit Risk Derivatives, at Fair Value, Net | $ 23 | $ 23 | |
[1] | 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. | ||
[2] | [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. | ||
[3] | Includes $4.1 billion and $3.5 billion as of September 30, 2015, and December 31, 2014, respectively, of standard market indices of diversified portfolios of corporate and CMBS issuers referenced through credit default swaps. These swaps are subsequently valued based upon the observable standard market index. |
Investments and Derivative In55
Investments and Derivative Instruments Level 4 Derivative Collateral Arrangements (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2014 | Sep. 30, 2015 | |
Derivative Collateral Arrangements [Line Items] | ||
Derivative, Notional Amount | $ 72,850 | $ 63,704 |
Security Owned and Pledged as Collateral, Fair Value | 120 | 298 |
Fair Value of Securities Received as Collateral that Can be Resold or Repledged | 97 | 131 |
Securities Received as Collateral, Amount Repledged and Sold | 0 | |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 327 | 433 |
Derivative, Collateral, Obligation to Return Securities | 109 | 122 |
Fixed Maturities [Member] | ||
Derivative Collateral Arrangements [Line Items] | ||
Security Owned and Pledged as Collateral, Fair Value | $ 1,100 | $ 1,200 |
Investments and Derivative In56
Investments and Derivative Instruments Level 4 Concentration of Credit Risk (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Concentration of Credit Risk [Abstract] | |
Fair Value, Concentration of Risk, Investments | $ 0 |
Concentration Risk, Benchmark Description | greater than 10% of the Company's stockholders' equity |
Separate Accounts, Death Bene57
Separate Accounts, Death Benefits and Other Insurance Benefit Features Level 4 (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | ||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||||||||
Net Amount at Risk by Product and Guarantee, General Account Value | [1] | $ 19,929,000,000 | $ 19,929,000,000 | ||||||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | [2] | 4,032,000,000 | 4,032,000,000 | ||||||||
Separate Accounts, Liability | 121,634,000,000 | [1] | 121,634,000,000 | [1] | $ 134,702,000,000 | ||||||
Separate Accounts by Major Category of Investment [Abstract] | |||||||||||
Schedule of Fair Value of Separate Accounts by Major Category of Investment, Fair Value | $ 40,594,000,000 | $ 40,594,000,000 | $ 48,852,000,000 | ||||||||
Invested in Fixed Income Securities | 18.00% | 18.00% | 17.00% | ||||||||
Invested in Equity Securities | 82.00% | 82.00% | 83.00% | ||||||||
Equity Securities [Member] | |||||||||||
Separate Accounts by Major Category of Investment [Abstract] | |||||||||||
Schedule of Fair Value of Separate Accounts by Major Category of Investment, Fair Value | $ 36,934,000,000 | $ 36,934,000,000 | $ 44,786,000,000 | ||||||||
Cash and Cash Equivalents [Member] | |||||||||||
Separate Accounts by Major Category of Investment [Abstract] | |||||||||||
Schedule of Fair Value of Separate Accounts by Major Category of Investment, Fair Value | 3,660,000,000 | 3,660,000,000 | 4,066,000,000 | ||||||||
Return of Net Deposit [Member] | |||||||||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||||||||
Net Amount at Risk by Product and Guarantee, General Account Value | [1],[3] | 9,568,000,000 | $ 9,568,000,000 | ||||||||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | [3] | 68 years | |||||||||
Annuitization Benefit [Member] | |||||||||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||||||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | [2] | 807,000,000 | $ 807,000,000 | ||||||||
Annuitization Benefit [Member] | UNITED STATES | |||||||||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||||||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 0 | 0 | |||||||||
Guaranteed Minimum Withdrawal Benefit [Member] | UNITED STATES | |||||||||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||||||||
Net Amount at Risk by Product and Guarantee, General Account Value | 7,100,000,000 | $ 7,100,000,000 | |||||||||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 71 years | ||||||||||
MAV Only [Member] | |||||||||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||||||||
Net Amount at Risk by Product and Guarantee, General Account Value | [1],[4] | 14,474,000,000 | $ 14,474,000,000 | ||||||||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | [4] | 70 years | |||||||||
With Five Percent Rollup [Member] | |||||||||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||||||||
Net Amount at Risk by Product and Guarantee, General Account Value | [1],[4],[5] | 1,256,000,000 | $ 1,256,000,000 | ||||||||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | [4],[5] | 70 years | |||||||||
With Earnings Protection Benefit Rider (EPB) [Member] | |||||||||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||||||||
Net Amount at Risk by Product and Guarantee, General Account Value | [1],[4],[6] | 3,714,000,000 | $ 3,714,000,000 | ||||||||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | [4],[6] | 69 years | |||||||||
With Five Percent Rollup and EPB [Member] | |||||||||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||||||||
Net Amount at Risk by Product and Guarantee, General Account Value | [1],[4] | 485,000,000 | $ 485,000,000 | ||||||||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | [4] | 72 years | |||||||||
Asset Protection Benefit ("APB") [Member] | |||||||||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||||||||
Net Amount at Risk by Product and Guarantee, General Account Value | [1],[7] | 11,879,000,000 | $ 11,879,000,000 | ||||||||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | [7] | 69 years | |||||||||
Lifetime Income Benefit ("LIB") - Death Benefit [Member] | |||||||||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||||||||
Net Amount at Risk by Product and Guarantee, General Account Value | [1],[8] | 520,000,000 | $ 520,000,000 | ||||||||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | [8] | 68 years | |||||||||
Reset [Member] | |||||||||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||||||||
Net Amount at Risk by Product and Guarantee, General Account Value | [1],[9] | 2,568,000,000 | $ 2,568,000,000 | ||||||||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | [9] | 70 years | |||||||||
Guaranteed Minimum Death Benefit [Member] | |||||||||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||||||||
Net Amount at Risk by Product and Guarantee, General Account Value | [1] | 3,870,000,000 | $ 3,870,000,000 | ||||||||
Guaranteed Minimum Death Benefit [Member] | UNITED STATES | |||||||||||
Movement in Changes in the gross U.S. GMDB, International GMDB/GMIB, and UL Secondary Guarantee Benefits [Roll Forward] | |||||||||||
Liability, balance as of January 1 | 812,000,000 | $ 849,000,000 | |||||||||
Incurred | 119,000,000 | 136,000,000 | |||||||||
Liabilities for Guarantees on Long-Duration Contracts, Benefits Paid | (83,000,000) | (85,000,000) | |||||||||
Liability balance as of September 30 | 805,000,000 | $ 810,000,000 | 805,000,000 | 810,000,000 | |||||||
Reinsurance recoverable asset, as of January 1 | 481,000,000 | 533,000,000 | |||||||||
Reinsurance recoverable asset, as of September 30 | 504,000,000 | 483,000,000 | 504,000,000 | 483,000,000 | |||||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||||||||
Net Amount at Risk by Product and Guarantee, General Account Value | [1],[10] | 44,464,000,000 | $ 44,464,000,000 | ||||||||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | [10] | 69 years | |||||||||
Separate Accounts, Liability | [1] | 40,594,000,000 | $ 40,594,000,000 | ||||||||
Guaranteed Minimum Death Benefit [Member] | JAPAN | |||||||||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||||||||
Separate Accounts, Liability | [1] | 81,040,000,000 | 81,040,000,000 | ||||||||
Guaranteed Minimum Death Benefit [Member] | Reinsurance Recoverable [Member] | UNITED STATES | |||||||||||
Movement in Changes in the gross U.S. GMDB, International GMDB/GMIB, and UL Secondary Guarantee Benefits [Roll Forward] | |||||||||||
Deferred Policy Acquisition Cost, Amortization Expense, Effect of Adjustments to Estimated Gross Profit | (17,000,000) | 62,000,000 | |||||||||
reinsurance recoverable asset impact of business disposition | 0 | ||||||||||
Incurred | 72,000,000 | 78,000,000 | 72,000,000 | 78,000,000 | |||||||
Paid | (66,000,000) | (66,000,000) | (66,000,000) | (66,000,000) | |||||||
GMDB GMIB [Member] | UNITED STATES | |||||||||||
Movement in Changes in the gross U.S. GMDB, International GMDB/GMIB, and UL Secondary Guarantee Benefits [Roll Forward] | |||||||||||
Deferred Policy Acquisition Cost, Amortization Expense, Effect of Adjustments to Estimated Gross Profit | 43,000,000 | 90,000,000 | |||||||||
Liabilities for Guarantees on Long Duration Contracts, Business Disposition Impact | 0 | ||||||||||
GMDB GMIB [Member] | JAPAN | |||||||||||
Movement in Changes in the gross U.S. GMDB, International GMDB/GMIB, and UL Secondary Guarantee Benefits [Roll Forward] | |||||||||||
Liability, balance as of January 1 | 272,000,000 | ||||||||||
Incurred | 28,000,000 | ||||||||||
Liabilities for Guarantees on Long-Duration Contracts, Benefits Paid | (15,000,000) | ||||||||||
Deferred Policy Acquisition Cost, Amortization Expense, Effect of Adjustments to Estimated Gross Profit | 41,000,000 | ||||||||||
Liabilities for Guarantees on Long Duration Contracts, Business Disposition Impact | (254,000,000) | ||||||||||
Liability balance as of September 30 | 0 | 0 | |||||||||
Reinsurance recoverable asset, as of January 1 | 23,000,000 | ||||||||||
Deferred Policy Acquisition Cost, Foreign Currency Translation Adjustment | 10,000,000 | ||||||||||
Reinsurance recoverable asset, as of September 30 | 0 | 0 | |||||||||
GMDB GMIB [Member] | Reinsurance Recoverable [Member] | JAPAN | |||||||||||
Movement in Changes in the gross U.S. GMDB, 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) | ||||||||||
reinsurance recoverable asset impact of business disposition | (27,000,000) | ||||||||||
Incurred | 4,000,000 | 4,000,000 | |||||||||
Paid | (4,000,000) | (4,000,000) | |||||||||
Deferred Policy Acquisition Cost, Foreign Currency Translation Adjustment | 1,000,000 | ||||||||||
Secondary Guarantees [Member] | Universal Life [Member] | |||||||||||
Movement in Changes in the gross U.S. GMDB, International GMDB/GMIB, and UL Secondary Guarantee Benefits [Roll Forward] | |||||||||||
Liability, balance as of January 1 | 2,041,000,000 | 1,802,000,000 | |||||||||
Incurred | 213,000,000 | 174,000,000 | |||||||||
Deferred Policy Acquisition Cost, Amortization Expense, Effect of Adjustments to Estimated Gross Profit | 10,000,000 | (5,000,000) | |||||||||
Liabilities for Guarantees on Long Duration Contracts, Business Disposition Impact | 0 | ||||||||||
Liability balance as of September 30 | 2,244,000,000 | 1,981,000,000 | 2,244,000,000 | 1,981,000,000 | |||||||
Reinsurance recoverable asset, as of January 1 | 2,041,000,000 | 1,802,000,000 | |||||||||
Reinsurance recoverable asset, as of September 30 | 2,244,000,000 | 1,981,000,000 | 2,244,000,000 | 1,981,000,000 | |||||||
Secondary Guarantees [Member] | Reinsurance Recoverable [Member] | Universal Life [Member] | |||||||||||
Movement in Changes in the gross U.S. GMDB, International GMDB/GMIB, and UL Secondary Guarantee Benefits [Roll Forward] | |||||||||||
Deferred Policy Acquisition Cost, Amortization Expense, Effect of Adjustments to Estimated Gross Profit | 0 | ||||||||||
reinsurance recoverable asset impact of business disposition | 0 | ||||||||||
Incurred | 203,000,000 | 179,000,000 | 203,000,000 | 179,000,000 | |||||||
Return of Net Deposit [Member] | |||||||||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||||||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | [2],[3] | 79,000,000 | 79,000,000 | ||||||||
Return of Net Deposit [Member] | Annuitization Benefit [Member] | |||||||||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||||||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | [2],[3] | 72,000,000 | 72,000,000 | ||||||||
Guaranteed Minimum Death Benefit [Member] | UNITED STATES | |||||||||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||||||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | [2],[10] | 5,027,000,000 | 5,027,000,000 | ||||||||
Guaranteed Minimum Death Benefit [Member] | Annuitization Benefit [Member] | UNITED STATES | |||||||||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||||||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | [2],[10] | 1,513,000,000 | 1,513,000,000 | ||||||||
Reset [Member] | |||||||||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||||||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | [2],[9] | 65,000,000 | 65,000,000 | ||||||||
Reset [Member] | Annuitization Benefit [Member] | |||||||||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||||||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | [2],[9] | 65,000,000 | 65,000,000 | ||||||||
Lifetime Income Benefit ("LIB") - Death Benefit [Member] | |||||||||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||||||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | [2],[8] | 13,000,000 | 13,000,000 | ||||||||
Lifetime Income Benefit ("LIB") - Death Benefit [Member] | Annuitization Benefit [Member] | |||||||||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||||||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | [2],[8] | 13,000,000 | 13,000,000 | ||||||||
Asset Protection Benefit ("APB") [Member] | |||||||||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||||||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | [2],[7] | 838,000,000 | 838,000,000 | ||||||||
Asset Protection Benefit ("APB") [Member] | Annuitization Benefit [Member] | |||||||||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||||||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | [2],[7] | 556,000,000 | 556,000,000 | ||||||||
With Five Percent Rollup and EPB [Member] | |||||||||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||||||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | [2],[4] | 108,000,000 | 108,000,000 | ||||||||
With Five Percent Rollup and EPB [Member] | Annuitization Benefit [Member] | |||||||||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||||||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | [2],[4] | 24,000,000 | 24,000,000 | ||||||||
With Earnings Protection Benefit Rider (EPB) [Member] | |||||||||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||||||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | [2],[4],[6] | 502,000,000 | 502,000,000 | ||||||||
With Earnings Protection Benefit Rider (EPB) [Member] | Annuitization Benefit [Member] | |||||||||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||||||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | [2],[4],[6] | 78,000,000 | 78,000,000 | ||||||||
With Five Percent Rollup [Member] | |||||||||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||||||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | [2],[4],[5] | 260,000,000 | 260,000,000 | ||||||||
With Five Percent Rollup [Member] | Annuitization Benefit [Member] | |||||||||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||||||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | [2],[4],[5] | 92,000,000 | 92,000,000 | ||||||||
MAV Only [Member] | |||||||||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||||||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | [2],[4] | 3,162,000,000 | 3,162,000,000 | ||||||||
MAV Only [Member] | Annuitization Benefit [Member] | |||||||||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||||||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | [2],[4] | 613,000,000 | 613,000,000 | ||||||||
Fair Value, Inputs, Level 3 [Member] | |||||||||||
Separate Accounts Disclosure [Line Items] | |||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 510,000,000 | 791,000,000 | 510,000,000 | 791,000,000 | $ 735,000,000 | 578,000,000 | $ 737,000,000 | ||||
Separate Accounts by Major Category of Investment [Abstract] | |||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [11],[12],[13] | (10,000,000) | (3,000,000) | 8,000,000 | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 6,000,000 | 16,000,000 | 2,000,000 | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [12],[14] | (7,000,000) | 6,000,000 | ||||||||
Fair Value, Inputs, Level 3 [Member] | Guaranteed Minimum Withdrawal Benefit [Member] | Other Policyholder Funds and Benefits Payable [Member] | UNITED STATES | |||||||||||
Separate Accounts Disclosure [Line Items] | |||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | (270,000,000) | (56,000,000) | (270,000,000) | (56,000,000) | (112,000,000) | (139,000,000) | $ 2,000,000 | (36,000,000) | |||
Separate Accounts by Major Category of Investment [Abstract] | |||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [11],[12],[13] | (177,000,000) | (37,000,000) | (118,000,000) | 54,000,000 | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (19,000,000) | 21,000,000 | 13,000,000 | 74,000,000 | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [12],[14] | (177,000,000) | (37,000,000) | (118,000,000) | 54,000,000 | ||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Policyholder Funds and Benefits Payable [Member] | |||||||||||
Separate Accounts Disclosure [Line Items] | |||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | (291,000,000) | (79,000,000) | (291,000,000) | (79,000,000) | (138,000,000) | (165,000,000) | (20,000,000) | (48,000,000) | |||
Separate Accounts by Major Category of Investment [Abstract] | |||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (172,000,000) | (38,000,000) | (113,000,000) | 49,000,000 | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (19,000,000) | 21,000,000 | 13,000,000 | 80,000,000 | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | (172,000,000) | (38,000,000) | (113,000,000) | 49,000,000 | |||||||
Equity Linked Notes [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Policyholder Funds and Benefits Payable [Member] | |||||||||||
Separate Accounts Disclosure [Line Items] | |||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | (21,000,000) | (23,000,000) | (21,000,000) | (23,000,000) | (26,000,000) | (26,000,000) | (22,000,000) | (18,000,000) | |||
Separate Accounts by Major Category of Investment [Abstract] | |||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 5,000,000 | (1,000,000) | 5,000,000 | (5,000,000) | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 0 | 0 | 0 | 0 | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 5,000,000 | (1,000,000) | 5,000,000 | (5,000,000) | |||||||
Embedded Derivative Financial Instruments [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Liabilities [Member] | |||||||||||
Separate Accounts Disclosure [Line Items] | |||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 0 | (2,000,000) | 0 | (2,000,000) | $ (3,000,000) | $ (3,000,000) | $ (2,000,000) | $ (2,000,000) | |||
Separate Accounts by Major Category of Investment [Abstract] | |||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 3,000,000 | 0 | 3,000,000 | 0 | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 0 | 0 | 0 | 0 | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | $ 3,000,000 | $ 0 | $ 3,000,000 | $ 0 | |||||||
[1] | AV includes the contract holder’s investment in the separate account and the general account. | ||||||||||
[2] | [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. | ||||||||||
[3] | ROP GMDB is the greater of current AV or net premiums paid. | ||||||||||
[4] | 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). | ||||||||||
[5] | 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. | ||||||||||
[6] | 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. | ||||||||||
[7] | 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). | ||||||||||
[8] | LIB GMDB is the greatest of current AV; net premiums paid; or, for certain contracts, a benefit amount generally based on market performance that ratchets over time. | ||||||||||
[9] | 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). | ||||||||||
[10] | [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 $7.1 billion of total account value and weighted average attained age of 71 years. There is no NAR or retained NAR related to these contracts. | ||||||||||
[11] | [1]The Company classifies gains and losses on GMWB reinsurance derivatives and GMWB embedded derivatives as unrealized gains (losses) for purposes of disclosure in this table because it is impracticable to track on a contract-by-contract basis the realized gains (losses) for these derivatives and embedded derivatives. | ||||||||||
[12] | [2]All amounts in these rows are reported in net realized capital gains (losses). The realized/unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on net income for the Company. All amounts are before income taxes and amortization of DAC. | ||||||||||
[13] | [6]Includes both market and non-market impacts in deriving realized and unrealized gains (losses). | ||||||||||
[14] | [7]Amounts presented are for Level 3 only and therefore may not agree to other disclosures included herein. |
Income Taxes Level 4 Effective
Income Taxes Level 4 Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Income Tax Contingency [Line Items] | ||||||
Unrecognized Tax Benefits, Period Increase (Decrease) | $ 36 | |||||
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | $ 48 | $ 48 | ||||
Income Tax Examination, Description | The federal audit of the years 2012 and 2013 began in March 2015 and is expected to be completed in 2016. Management believes that adequate provision has been made in the financial statements for any potential adjustments that may result from tax examinations and other tax-related matters for all open tax years. | |||||
Unrecognized Tax Benefits | $ 12 | $ 12 | $ 48 | |||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | 133 | $ 173 | 516 | $ 439 | ||
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Amount | (33) | (35) | (100) | (104) | ||
Effective Income Tax Rate Reconciliation, Deduction, Dividends, Amount | (36) | (32) | (131) | (85) | ||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | (60) | 1 | (57) | 4 | ||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 3 | 1 | (6) | (3) | ||
Income Tax Expense (Benefit) | 7 | $ 108 | 222 | $ 251 | ||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 12 | 12 | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 60 | $ 60 |
Income Taxes Level 4 Net Operat
Income Taxes Level 4 Net Operating Loss Carryover (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 5,465 | $ 5,547 |
Tax Credit Carryforward, Valuation Allowance | 12 | 9 |
Deferred Tax Assets, Operating Loss Carryforwards | $ 1,905 | 1,936 |
Earliest Tax Year [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2016 | |
Expiring within Tax Years 2016 to 2017 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 3 | |
Latest Tax Year [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2033 | |
Expiring within Tax Years 2023 to 2033 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 5,409 | |
No expiration tax year [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 53 | |
Non-US [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 53 | 39 |
Before Tax [Member] | UNITED STATES | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 5,412 | $ 5,508 |
Income Taxes Level 4 AMT credit
Income Taxes Level 4 AMT credit and foreign tax credit carryover (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | $ 160 | $ 178 |
Deferred Tax Assets, Capital Loss Carryforwards | 325 | 491 |
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | 639 | 652 |
No expiration tax year [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | $ 639 | |
Earliest Tax Year [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Tax Credit Carryforward, Expiration Date | Dec. 31, 2018 | |
Latest Tax Year [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Tax Credit Carryforward, Expiration Date | Dec. 31, 2024 | |
Expiring within Tax Years 2018 to 2024 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | $ 160 | |
Expiring Tax Year 2019 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Capital Loss Carryforwards | 318 | |
Expiring Tax Year 2020 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Capital Loss Carryforwards | 7 | |
Before Tax [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Tax Credit Carryforward, Deferred Tax Asset | 160 | 178 |
Deferred Tax Assets, Capital Loss Carryforwards | $ 114 | $ 172 |
Income Taxes Level 4 Capital Lo
Income Taxes Level 4 Capital Loss Carryover (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | |
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Capital Loss Carryforwards | $ 325 | $ 325 | $ 491 |
Operating Loss Carryforwards, Valuation Allowance | 112 | 112 | 172 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 60 | 60 | |
Unrecognized Tax Benefits | 12 | 12 | 48 |
Expiring Tax Year 2019 [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Capital Loss Carryforwards | 318 | 318 | |
Expiring Tax Year 2020 [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Capital Loss Carryforwards | 7 | 7 | |
Before Tax [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Capital Loss Carryforwards | $ 114 | $ 114 | $ 172 |
Commitments and Contingencies62
Commitments and Contingencies Level 4 (Details) $ in Millions | Sep. 30, 2015USD ($) |
Derivative Commitments [Line Items] | |
Derivative, Net Liability Position, Aggregate Fair Value | $ 1,200 |
Collateral Already Posted, Aggregate Fair Value | 1,600 |
GMWB Product Derivatives [Member] | |
Derivative Commitments [Line Items] | |
Collateral Already Posted, Aggregate Fair Value | $ 34 |
Equity Level 4 (Details)
Equity Level 4 (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Oct. 21, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Class of Warrant or Right [Line Items] | ||||||
Stock Repurchase Program, Authorized Amount | $ 4,375 | $ 4,375 | ||||
Treasury stock acquired | 6.5 | 18.6 | ||||
Payments for Repurchase of Common Stock | $ 300 | $ 800 | $ 1,496 | |||
Warrants outstanding | 4.5 | 4.5 | 7.2 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 9.297 | $ 9.297 | $ 9.388 | |||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 1,800 | 1,800 | ||||
Stock Repurchase Program, Increase in Number of Shares Authorized to be Repurchased | $ 1,600 | |||||
Warrant [Member] | ||||||
Class of Warrant or Right [Line Items] | ||||||
Warrants Exercised | 1.1 | 3.2 | 2.7 | 24.1 | ||
Treasury Stock [Member] | ||||||
Class of Warrant or Right [Line Items] | ||||||
Treasury Stock, Value, Acquired, Cost Method | $ 800 | $ 971 | ||||
Common Stock [Member] | ||||||
Class of Warrant or Right [Line Items] | ||||||
Treasury stock acquired | 18,625 | 39,066 | ||||
Subsequent Event [Member] | ||||||
Class of Warrant or Right [Line Items] | ||||||
Treasury Stock, Value, Acquired, Cost Method | $ 82 | |||||
Treasury stock acquired | 1.8 |
Accumulated Other Comprehensi64
Accumulated Other Comprehensive Income Loss Level 4 (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 140 | $ 1,077 | $ 140 | $ 1,077 | $ 188 | $ 928 | $ 1,162 | $ (79) |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (68) | (48) | (779) | 1,351 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 20 | (37) | (9) | (195) | ||||
Other Comprehensive Income (Loss), Net of Tax | (48) | (85) | (788) | 1,156 | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Net realized capital gains (losses), excluding net OTTI losses recognized in earnings | 4 | (83) | (33) | (73) | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 9 | 0 | 9 | (588) | ||||
Income Tax Expense (Benefit) | 7 | 108 | 222 | 251 | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (20) | 9 | ||||||
Other Postretirement Benefit Plan [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 37 | 195 | ||||||
Gain (Loss) on Investments [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1 | 4 | ||||||
Gain (Loss) on Investments [Member] | Currency Swap [Member] | Cash Flow Hedging [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | (7) | ||||||
Investment Income [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 15 | 47 | ||||||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,563 | 2,193 | 1,563 | 2,193 | 1,657 | 2,370 | 2,255 | 987 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (113) | (22) | (798) | 1,277 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 19 | (40) | (9) | (71) | ||||
Other Comprehensive Income (Loss), Net of Tax | (94) | (62) | (807) | 1,206 | ||||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (19) | 40 | 9 | 71 | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | 0 | 172 | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Net realized capital gains (losses), excluding net OTTI losses recognized in earnings | 29 | (61) | (14) | (186) | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 50 | ||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (29) | 61 | 14 | 186 | ||||
Income Tax Expense (Benefit) | (10) | 21 | 5 | 65 | ||||
Accumulated Other-than-Temporary Impairment [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (4) | (5) | (4) | (5) | (7) | (5) | (7) | (12) |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 2 | 1 | 0 | 4 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1 | 1 | 1 | 3 | ||||
Other Comprehensive Income (Loss), Net of Tax | 3 | 2 | 1 | 7 | ||||
Accumulated Other-than-Temporary Impairment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (1) | (1) | (1) | (3) | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Net realized capital gains (losses), excluding net OTTI losses recognized in earnings | 1 | 2 | 2 | 5 | ||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (1) | (2) | (2) | (5) | ||||
Income Tax Expense (Benefit) | 0 | (1) | (1) | (2) | ||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 170 | 120 | 170 | 120 | 122 | 150 | 141 | 108 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 58 | (15) | 49 | 48 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (10) | (6) | (29) | (36) | ||||
Other Comprehensive Income (Loss), Net of Tax | 48 | (21) | 20 | 12 | ||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Cash Flow Hedging [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 10 | 6 | 29 | 36 | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 16 | 9 | 44 | 56 | ||||
Income Tax Expense (Benefit) | 6 | 3 | 15 | 20 | ||||
Accumulated Translation Adjustment [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (38) | 0 | (38) | 0 | (24) | (8) | 13 | 91 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (14) | (13) | (30) | 21 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 | (112) | ||||
Other Comprehensive Income (Loss), Net of Tax | (14) | (13) | (30) | (91) | ||||
Accumulated Translation Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | (112) | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 0 | 172 | ||||||
Income Tax Expense (Benefit) | 0 | 60 | ||||||
Accumulated Defined Benefit Plans Adjustment [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (1,551) | (1,231) | (1,551) | (1,231) | $ (1,560) | $ (1,579) | $ (1,240) | $ (1,253) |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (1) | 1 | 0 | 1 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 10 | 8 | 28 | 21 | ||||
Other Comprehensive Income (Loss), Net of Tax | 9 | 9 | 28 | 22 | ||||
Accumulated Defined Benefit Plans Adjustment [Member] | Other Postretirement Benefit Plan [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (10) | (8) | (28) | (21) | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 2 | 2 | 5 | 5 | ||||
Defined Benefit Plan, Actuarial Gain (Loss) | (17) | (14) | (48) | (38) | ||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (15) | (12) | (43) | (33) | ||||
Income Tax Expense (Benefit) | (5) | (4) | (15) | (12) | ||||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 16 | 9 | 44 | 56 | ||||
Designated as Hedging Instrument [Member] | Gain (Loss) on Investments [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1 | 4 | (2) | |||||
Designated as Hedging Instrument [Member] | Gain (Loss) on Investments [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (4) | |||||||
Designated as Hedging Instrument [Member] | Gain (Loss) on Investments [Member] | Currency Swap [Member] | Cash Flow Hedging [Member] | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | (7) | $ (9) | |||||
Designated as Hedging Instrument [Member] | Gain (Loss) on Investments [Member] | Currency Swap [Member] | Cash Flow Hedging [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (9) | |||||||
Designated as Hedging Instrument [Member] | Investment Income [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 15 | $ 47 | ||||||
Designated as Hedging Instrument [Member] | Investment Income [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 22 |
Employee Benefit Plans Level 4
Employee Benefit Plans Level 4 (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Pension Benefits [Member] | ||||
Component of periodic benefit cost | ||||
Defined Benefit Plan, Service Cost | $ 0 | $ 1 | $ 1 | $ 2 |
Interest cost | 60 | 67 | 177 | 194 |
Expected return on plan assets | (77) | (81) | (233) | (244) |
Amortization of prior service credit | 0 | 0 | 0 | 0 |
Amortization of actuarial loss | 16 | 13 | ||
Net periodic benefit cost | (1) | 0 | (10) | (13) |
Defined Benefit Plan, Amortization of Gains (Losses) | (45) | (35) | ||
Other Postretirement Benefits [Member] | ||||
Component of periodic benefit cost | ||||
Defined Benefit Plan, Service Cost | 0 | 0 | 0 | 0 |
Interest cost | 3 | 5 | 9 | 11 |
Expected return on plan assets | (3) | (2) | (9) | (10) |
Amortization of prior service credit | (2) | (2) | (5) | (5) |
Amortization of actuarial loss | 1 | 1 | ||
Net periodic benefit cost | $ (1) | $ 2 | (2) | (1) |
Defined Benefit Plan, Amortization of Gains (Losses) | $ (3) | $ (3) |
Discontinued Operations Level 4
Discontinued Operations Level 4 (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Jun. 30, 2014 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 9 | $ 0 | $ 9 | $ (588) | |||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | (659) | 7 | (659) | ||||
Earned premiums | 3,404 | 3,337 | 10,117 | 9,958 | |||
Net Investment Income | 730 | 810 | 2,335 | 2,402 | |||
Net realized capital losses | (44) | 69 | (30) | 30 | |||
Policyholder Benefits and Claims Incurred, Net | 2,710 | 2,624 | 8,085 | 8,223 | |||
Deferred Policy Acquisition Costs and Present Value of Future Profits, Amortization | 1,212 | 1,348 | |||||
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax | 71 | ||||||
Income Tax Expense (Benefit) | 7 | $ 108 | 222 | 251 | |||
Liabilities | 213,249 | 213,249 | $ 226,293 | ||||
Reinsurance Recoverables | 23,087 | 23,087 | 22,920 | ||||
Property, Plant and Equipment, Net | 932 | 932 | 831 | ||||
Other Assets | 1,859 | 1,859 | 1,236 | ||||
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense | 41,685 | 41,685 | 41,444 | ||||
Other Policyholder Funds | 31,923 | 31,923 | 32,532 | ||||
Short-term Debt | 167 | 167 | 456 | ||||
Other Liabilities | 6,973 | 6,973 | 6,251 | ||||
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation | 241 | ||||||
Hartford Life Insurance K.K. [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Income Tax Expense (Benefit) | 241 | ||||||
Hartford Life Insurance K.K. [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Investments and Cash | $ 18,733 | ||||||
Reinsurance Recoverables | 46 | ||||||
Property, Plant and Equipment, Net | 18 | ||||||
Other Assets | 988 | ||||||
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense | 320 | ||||||
Other Policyholder Funds | 2,265 | ||||||
Short-term Debt | 247 | ||||||
Other Liabilities | 102 | ||||||
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 | ||||||
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Investment Contracts [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Liabilities | [1] | $ 763 | |||||
JAPAN | Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Investment Contracts [Member] | Hartford Life Insurance K.K. [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Liabilities | $ 783 | $ 783 | |||||
Discontinued Operations, Disposed of by Sale [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Earned premiums | (1) | ||||||
Fee income | 239 | ||||||
Net Investment Income | 152 | ||||||
Net realized capital losses | (157) | ||||||
Total revenues | 233 | ||||||
Policyholder Benefits and Claims Incurred, Net | 7 | ||||||
Disposal Group, Including Discontinued Operation, Other Expense | 23 | ||||||
Disposal Group, Including Discontinued Operation, Operating Expense | 164 | ||||||
Income before income taxes | 69 | ||||||
Income tax benefit | (2) | ||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (588) | ||||||
Discontinued Operations, Disposed of by Sale [Member] | International Annuity [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Policyholder Benefits and Claims Incurred, Net | 134 | ||||||
Discontinued Operations, Disposed of by Sale [Member] | 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 | ||||||
Available-for-sale Securities [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Net Investment Income | 18 | ||||||
Equity Securities [Member] | Trading Securities [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Net Investment Income | $ 134 | ||||||
[1] | Included in other liabilities in the Condensed Consolidated Balance Sheets. |
Debt Level 4 (Details)
Debt Level 4 (Details) $ in Millions | May. 27, 2015USD ($) |
Debt Disclosure [Abstract] | |
Debt Instrument, Repurchased Face Amount | $ 296 |
Debt Instrument, Repurchase Amount | $ 317 |
Uncategorized Items - hig-20150
Label | Element | Value |
UNITED STATES | Variable Annuity [Member] | ||
Gain (Loss) on Hedging Activity | us-gaap_GainLossOnOilAndGasHedgingActivity | $ 2 |
Gain (Loss) on Hedging Activity | us-gaap_GainLossOnOilAndGasHedgingActivity | (11) |
UNITED STATES | GMWB Derivatives, Net [Member] | ||
Gain (Loss) on Hedging Activity | us-gaap_GainLossOnOilAndGasHedgingActivity | 15 |
Gain (Loss) on Hedging Activity | us-gaap_GainLossOnOilAndGasHedgingActivity | (35) |
UNITED STATES | Macro Hedge Program [Member] | ||
Gain (Loss) on Hedging Activity | us-gaap_GainLossOnOilAndGasHedgingActivity | (13) |
Gain (Loss) on Hedging Activity | us-gaap_GainLossOnOilAndGasHedgingActivity | 24 |
Commodity Option [Member] | ||
Derivative, Cost of Hedge | us-gaap_DerivativeCostOfHedge | $ 11 |
Derivative, Price Risk Option Strike Price | us-gaap_DerivativePriceRiskOptionStrikePrice | 35 |
Put Option [Member] | ||
Maximum Aggregate Principal Amount of Junior Subordinated Notes | hig_MaximumAggregatePrincipalAmountOfJuniorSubordinatedNotes | $ 500 |
Foreign Exchange Option [Member] | Macro Hedge Program [Member] | JAPAN | ||
Derivative, Notional Amount | invest_DerivativeNotionalAmount | 400 |
Derivative, Notional Amount | invest_DerivativeNotionalAmount | 0 |
Derivative, Fair Value, Net | us-gaap_DerivativeFairValueOfDerivativeNet | 0 |
Derivative, Fair Value, Net | us-gaap_DerivativeFairValueOfDerivativeNet | 0 |
Equity Option [Member] | Macro Hedge Program [Member] | UNITED STATES | ||
Derivative, Notional Amount | invest_DerivativeNotionalAmount | 5,983 |
Derivative, Notional Amount | invest_DerivativeNotionalAmount | 4,272 |
Derivative, Fair Value, Net | us-gaap_DerivativeFairValueOfDerivativeNet | 141 |
Derivative, Fair Value, Net | us-gaap_DerivativeFairValueOfDerivativeNet | 183 |
GMWB Hedging Instruments [Member] | Other Contract [Member] | UNITED STATES | ||
Derivative, Notional Amount | invest_DerivativeNotionalAmount | 7,041 |
Derivative, Notional Amount | invest_DerivativeNotionalAmount | 5,851 |
Derivative, Fair Value, Net | us-gaap_DerivativeFairValueOfDerivativeNet | 124 |
Derivative, Fair Value, Net | us-gaap_DerivativeFairValueOfDerivativeNet | $ 155 |