Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 24, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | HARTFORD FINANCIAL SERVICES GROUP INC/DE | ||
Entity Central Index Key | 874,766 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 396,675,884 | ||
Entity Public Float | $ 17 |
Consolidated Statements of Oper
Consolidated Statements of Operations Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues | |||
Premiums Earned, Net | $ 13,577,000,000 | $ 13,336,000,000 | $ 13,231,000,000 |
Fee income | 1,839,000,000 | 1,996,000,000 | 2,105,000,000 |
Net Investment Income | 3,030,000,000 | 3,154,000,000 | 3,264,000,000 |
Net realized capital gains (losses): | |||
Total other-than-temporary impairment (“OTTI”) losses | (108,000,000) | (64,000,000) | (93,000,000) |
OTTI losses recognized in other comprehensive income (“OCI”) | 6,000,000 | 5,000,000 | 20,000,000 |
Net OTTI losses recognized in earnings | 102,000,000 | 59,000,000 | 73,000,000 |
Gain (Loss) on Disposition of Business | (28,000,000) | (23,000,000) | 1,574,000,000 |
Net realized capital gains (losses), excluding net OTTI losses recognized in earnings | (54,000,000) | 75,000,000 | 296,000,000 |
Realized Investment Gains (Losses) | (156,000,000) | 16,000,000 | 1,798,000,000 |
Other revenues | 87,000,000 | 112,000,000 | 275,000,000 |
Revenues | 18,377,000,000 | 18,614,000,000 | 20,673,000,000 |
Benefits, losses and expenses | |||
Benefits, losses and loss adjustment expenses | 10,775,000,000 | 10,805,000,000 | 11,048,000,000 |
Amortization of deferred policy acquisition costs and present value of future profits | 1,502,000,000 | 1,729,000,000 | 2,701,000,000 |
Insurance operating costs and other expenses | 3,772,000,000 | 4,028,000,000 | 4,176,000,000 |
Loss on extinguishment of debt | 21,000,000 | 0 | 213,000,000 |
Interest expense | 357,000,000 | 376,000,000 | 397,000,000 |
Benefits, Losses and Expenses | 16,399,000,000 | 16,915,000,000 | 19,202,000,000 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 1,978,000,000 | 1,699,000,000 | 1,471,000,000 |
Income Tax Expense (Benefit) | 305,000,000 | 350,000,000 | 246,000,000 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 1,673,000,000 | 1,349,000,000 | 1,225,000,000 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 9,000,000 | (551,000,000) | (1,049,000,000) |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 1,682,000,000 | $ 798,000,000 | $ 176,000,000 |
Income from continuing operations, net of tax, available to common shareholders per common share | |||
Income (Loss) from Continuing Operations, Per Basic Share | $ 4.03 | $ 3.05 | $ 2.71 |
Income (Loss) from Continuing Operations, Per Diluted Share | 3.93 | 2.93 | 2.50 |
Net income (loss) available to common shareholders per common share | |||
Earnings Per Share, Basic | 4.05 | 1.81 | 0.37 |
Earnings Per Share, Diluted | 3.96 | 1.73 | 0.36 |
Cash dividends declared per common share | $ 0.78 | $ 0.66 | $ 0.50 |
Retirement Plans and Individual Life Businesses [Member] | |||
Net realized capital gains (losses): | |||
Gain (Loss) on Disposition of Business | $ (71) | ||
Gain (Loss) on Investments [Member] | |||
Net realized capital gains (losses): | |||
Gain (Loss) on Disposition of Business | $ 0 | $ 0 | (1,575,000,000) |
Reinsurance Loss on Dispositions [Member] | |||
Net realized capital gains (losses): | |||
Gain (Loss) on Disposition of Business | (28,000,000) | (23,000,000) | 1,574,000,000 |
Continuing Operations [Member] | |||
Benefits, losses and expenses | |||
Amortization of deferred policy acquisition costs and present value of future profits | $ 1,502,000,000 | $ 1,729,000,000 | $ 1,794,000,000 |
Consolidated Statements of Ope3
Consolidated Statements of Operations Parentheticals $ in Millions | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Individual Life [Member] | |
Goodwill impairment | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Comprehensive Income | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 421 | $ 381 | $ 413 | $ 467 | $ 382 | $ 388 | $ (467) | $ 495 | $ 1,682 | $ 798 | $ 176 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 425 | 1,805 | (2,746) | ||||||||
Other comprehensive income | |||||||||||
Other Comprehensive Income (Loss), Net of Tax | (1,257) | 1,007 | (2,922) | ||||||||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||||||||||
Other comprehensive income | |||||||||||
Other Comprehensive Income (Loss), Net of Tax | (1,091) | 1,383 | (2,431) | ||||||||
Accumulated Other-than-Temporary Impairment [Member] | |||||||||||
Other comprehensive income | |||||||||||
Other Comprehensive Income (Loss), Net of Tax | (2) | 7 | 35 | ||||||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||||||||||
Other comprehensive income | |||||||||||
Other Comprehensive Income (Loss), Net of Tax | (20) | 42 | (320) | ||||||||
Accumulated Translation Adjustment [Member] | |||||||||||
Other comprehensive income | |||||||||||
Other Comprehensive Income (Loss), Net of Tax | (47) | (99) | (315) | ||||||||
Accumulated Defined Benefit Plans Adjustment [Member] | |||||||||||
Other comprehensive income | |||||||||||
Other Comprehensive Income (Loss), Net of Tax | $ (97) | $ (326) | $ 109 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | ||
Investments: | ||||
Fixed maturities, available-for-sale, at fair value (amortized cost of $79,747 and $78,978) (includes variable interest entity assets, at fair value, of $89 and $153) | $ 59,196 | $ 59,384 | ||
Marketable Securities, Fixed Maturities, Current | 503 | 488 | ||
Equity securities, trading, at fair value (cost of $26,820 and $32,928) | [1] | 11 | 11 | |
Equity securities, available-for-sale, at fair value (cost of $866 and $1,056 ) | 1,121 | 1,047 | ||
Mortgage loans (net of allowances for loan losses of $68 and $102) | 5,624 | 5,556 | ||
Policy loans, at outstanding balance | 1,447 | 1,431 | ||
Alternative Investments, Fair Value Disclosure | 2,874 | 2,942 | ||
Other Investments | 120 | 547 | ||
Short-term Investments | 1,843 | 4,883 | ||
Total investments | 72,728 | 76,278 | ||
Cash | 448 | 399 | ||
Premiums receivable and agents’ balances, net | 3,537 | 3,429 | ||
Reinsurance recoverables, net | 23,189 | 22,920 | ||
Deferred policy acquisition costs and present value of future profits | 1,816 | 1,823 | ||
Deferred Tax Assets, Net | 3,206 | 2,897 | ||
Goodwill | 498 | 498 | ||
Property and equipment, net | 974 | 831 | ||
Other assets | 1,829 | 1,236 | ||
Separate account assets | 120,123 | 134,702 | ||
Total assets | 228,348 | 245,013 | ||
Liabilities | ||||
Reserve for future policy benefits and unpaid losses and loss adjustment expenses | 41,572 | 41,444 | ||
Other Policyholder Funds | 31,670 | 32,532 | ||
Unearned premiums | 5,385 | 5,255 | ||
Short-term Debt | 275 | 456 | ||
Long-term Debt, Excluding Current Maturities | (5,084) | (5,653) | ||
Other liabilities (includes variable interest entity liabilities of $89 and $471) | 6,597 | 6,251 | ||
Separate account liabilities | 120,123 | [2] | 134,702 | |
Liabilities | 210,706 | 226,293 | ||
Stockholders’ Equity | ||||
Common stock, $0.01 par value — 1,500,000,000 shares authorized, 469,744,822 and 469,750,171 shares issued | 5 | 5 | ||
Additional paid-in capital | 8,973 | 9,123 | ||
Retained earnings | 12,550 | 11,191 | ||
Treasury Stock, Value | 3,557 | 2,527 | ||
Accumulated other comprehensive income, net of tax | (329) | 928 | ||
Total stockholders’ equity | 17,642 | 18,720 | ||
Liabilities and Equity | $ 228,348 | $ 245,013 | ||
[1] | [1]Included in other investments on the Consolidated Balance Sheets. | |||
[2] | AV includes the contract holder’s investment in the separate account and the general account. |
Consolidated Balance Sheets Con
Consolidated Balance Sheets Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Available-for-sale Debt Securities, Amortized Cost Basis | $ 56,965 | $ 55,362 | |
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 166 | 246 | |
Available-for-sale Equity Securities, Amortized Cost Basis | 1,135 | 1,027 | |
Available-for-sale Securities, Equity Securities | 1,121 | 1,047 | |
Trading Securities, Equity | [1] | 11 | 11 |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | [2] | $ 12 | $ 6 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |
Common Stock, Shares Authorized | 1,500,000,000 | 1,500,000,000 | |
Common Stock, Shares, Issued | 490,923,222 | 490,923,222 | |
Treasury Stock, Shares | 89,102,038 | 66,507,690 | |
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 | 842 | 676 | |
Available-for-sale Securities, Equity Securities | 839 | 699 | |
Equity Securities [Member] | |||
Available-for-sale Equity Securities, Amortized Cost Basis | 293 | 351 | |
Available-for-sale Securities, Equity Securities | 282 | 348 | |
Fixed Maturities [Member] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 150 | 218 | |
Short-term Investments [Member] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 3 | 16 | |
Cash [Member] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 10 | 9 | |
Commercial Loan [Member] | |||
Allowance for Loan and Lease Losses, Real Estate | 23 | 18 | |
Limited Partnerships and Other Alternative Investments [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 2 | 3 | |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | [2] | $ 0 | $ 1 |
[1] | [1]Included in other investments on the Consolidated Balance Sheets. | ||
[2] | Included in other liabilities in the Company’s Consolidated Balance Sheets. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity Consolidated Statement of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Millions | Total | Stockholders' Equity, Total [Member] | Common Stocks | Preferred Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock, at Cost | Accumulated Other Comprehensive Loss, net of tax |
Preferred Stock, Value, Outstanding | $ 556 | |||||||
Additional Paid in Capital | $ 10,038 | |||||||
Treasury Stock, Value | $ (1,740) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ 2,843 | $ 2,843 | ||||||
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock | 556 | |||||||
Payments for Repurchase of Warrants | (33) | (33) | ||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | (556) | |||||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | (634) | |||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 21,178,000 | |||||||
Balance at beginning of period at Dec. 31, 2012 | $ 10,745 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of shares under incentive and stock compensation plans | 105 | |||||||
Allocated Share-based Compensation Expense | 69 | |||||||
Tax expense on employee stock options and awards | 3 | |||||||
Net Income (Loss) Attributable to Parent | 176 | 176 | ||||||
Dividends on preferred stock | (10) | |||||||
Dividends declared on common stock | (228) | |||||||
Treasury stock acquired | 600 | |||||||
Issuance of shares under incentive and stock compensation plans from treasury stock | 125 | |||||||
Return of shares under incentive and stock compensation plans to treasury stock | (20) | (17) | ||||||
Total other comprehensive income | (2,922) | (2,922) | ||||||
Balance at end of period at Dec. 31, 2013 | $ 18,905 | 10,683 | ||||||
Common Shares Outstanding, at beginning of period at Dec. 31, 2012 | 436,306,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Treasury stock acquired | (19,235,000) | |||||||
Issuance of shares under incentive and stock compensation plans | 2,136,000 | |||||||
Return of shares under incentive and stock compensation plans and other to treasury stock | (592,000) | |||||||
Common Shares Outstanding, at end of period at Dec. 31, 2013 | 453,290,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Adjustments to Additional Paid in Capital, Stock Issued, Own-share Lending Arrangement, Issuance Costs | 634 | |||||||
Stock Issued During Period, Shares, Warrant Exercised | 13,497,000 | |||||||
Preferred Stock, Value, Outstanding | 0 | |||||||
Common Stock, Value, Issued | $ 5 | |||||||
Additional Paid in Capital | 9,894 | |||||||
Treasury Stock, Value | (1,598) | |||||||
Retained Earnings (Accumulated Deficit) | 10,683 | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (79) | (79) | ||||||
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock | 0 | |||||||
Payments for Repurchase of Warrants | 0 | |||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 0 | |||||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | (801) | |||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 0 | |||||||
Issuance of shares under incentive and stock compensation plans | 64 | |||||||
Allocated Share-based Compensation Expense | 98 | 88 | ||||||
Tax expense on employee stock options and awards | 6 | |||||||
Net Income (Loss) Attributable to Parent | 798 | 798 | ||||||
Dividends on preferred stock | 0 | |||||||
Dividends declared on common stock | (290) | |||||||
Treasury stock acquired | 1,796 | |||||||
Issuance of shares under incentive and stock compensation plans from treasury stock | 82 | |||||||
Return of shares under incentive and stock compensation plans to treasury stock | (30) | (16) | ||||||
Total other comprehensive income | 1,007 | 1,007 | ||||||
Balance at end of period at Dec. 31, 2014 | 18,720 | 18,720 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Treasury stock acquired | (49,518,000) | |||||||
Issuance of shares under incentive and stock compensation plans | 2,003,000 | |||||||
Return of shares under incentive and stock compensation plans and other to treasury stock | (439,000) | |||||||
Common Shares Outstanding, at end of period at Dec. 31, 2014 | 424,416,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Adjustments to Additional Paid in Capital, Stock Issued, Own-share Lending Arrangement, Issuance Costs | 801 | |||||||
Stock Issued During Period, Shares, Warrant Exercised | 19,080,000 | |||||||
Preferred Stock, Value, Outstanding | 0 | |||||||
Common Stock, Value, Issued | 5 | $ 5 | ||||||
Additional Paid in Capital | 9,123 | 9,123 | ||||||
Treasury Stock, Value | (2,527) | (2,527) | ||||||
Retained Earnings (Accumulated Deficit) | 11,191 | 11,191 | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 928 | 928 | ||||||
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock | 0 | |||||||
Payments for Repurchase of Warrants | 0 | 0 | ||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 0 | |||||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | (90) | |||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 0 | |||||||
Issuance of shares under incentive and stock compensation plans | 165 | |||||||
Allocated Share-based Compensation Expense | 78 | 78 | ||||||
Tax expense on employee stock options and awards | 27 | |||||||
Net Income (Loss) Attributable to Parent | 1,682 | 1,682 | ||||||
Dividends on preferred stock | 0 | |||||||
Dividends declared on common stock | (323) | |||||||
Treasury stock acquired | 1,250 | |||||||
Issuance of shares under incentive and stock compensation plans from treasury stock | 184 | |||||||
Return of shares under incentive and stock compensation plans to treasury stock | (42) | (54) | ||||||
Total other comprehensive income | (1,257) | (1,257) | ||||||
Balance at end of period at Dec. 31, 2015 | 17,642 | $ 17,642 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Treasury stock acquired | (28,431,000) | |||||||
Issuance of shares under incentive and stock compensation plans | 4,877,000 | |||||||
Return of shares under incentive and stock compensation plans and other to treasury stock | (1,311,000) | |||||||
Common Shares Outstanding, at end of period at Dec. 31, 2015 | 401,821,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Adjustments to Additional Paid in Capital, Stock Issued, Own-share Lending Arrangement, Issuance Costs | 90 | |||||||
Stock Issued During Period, Shares, Warrant Exercised | 2,270,000 | |||||||
Preferred Stock, Value, Outstanding | $ 0 | |||||||
Common Stock, Value, Issued | 5 | $ 5 | ||||||
Additional Paid in Capital | 8,973 | $ 8,973 | ||||||
Treasury Stock, Value | (3,557) | $ (3,557) | ||||||
Retained Earnings (Accumulated Deficit) | 12,550 | $ 12,550 | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (329) | $ (329) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Adjustments to reconcile net income to net cash provided by operating activities | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 1,682 | $ 798 | $ 176 | |
Amortization of deferred policy acquisition costs and present value of future profits | (1,502) | (1,729) | (2,701) | |
Increase (Decrease) in Deferred Policy Acquisition Costs | (1,390) | (1,364) | (1,330) | |
Net realized capital losses | 156 | 141 | (1,149) | |
Depreciation and amortization | 373 | 276 | 189 | |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | (6) | 653 | 102 | [1] |
Loss on extinguishment of debt | (21) | 0 | (213) | |
Gain (Loss) on Disposition of Business | (28) | (23) | 1,574 | |
Other operating activities, net | 153 | 203 | 69 | |
Change in reserve for future policy benefits and unpaid losses and loss adjustment expenses and unearned premiums | 305 | 226 | (308) | |
Change in reinsurance recoverables | 146 | (22) | (561) | |
Change in receivables and other assets | 183 | (122) | (409) | |
Change in payables and accruals | (704) | (937) | 497 | |
Change in accrued and deferred income taxes | 363 | 328 | (526) | |
Net receipts (disbursements) from investment contracts related to policyholder funds — international variable annuities | 0 | (3,993) | (9,189) | |
Net (increase) decrease in equity securities, trading | 0 | 3,993 | 9,188 | |
Net Cash Provided by (Used in) Operating Activities | 2,756 | 1,886 | 1,237 | |
Proceeds from the sale/maturity/prepayment of: | ||||
Fixed maturities, available-for-sale | 25,946 | 25,309 | 40,266 | |
Proceeds from Sale and Maturity of Available-for-sale Securities | 181 | 401 | 322 | |
Equity securities, available-for-sale | 1,319 | 354 | 274 | |
Mortgage loans | 792 | 646 | 468 | |
Partnerships | 624 | 490 | 368 | |
Payments for the purchase of: | ||||
Fixed maturities, available-for-sale | (27,744) | (22,545) | (35,446) | |
Payments to Acquire Available-for-sale Securities | (251) | (369) | (150) | |
Equity securities, available-for-sale | (1,454) | (683) | (212) | |
Mortgage loans | (870) | (604) | (718) | |
Partnerships | (620) | (312) | (353) | |
Proceeds from business sold | 963 | 815 | ||
Derivatives, net | (173) | 10 | (2,208) | |
Change in policy loans, net | (30) | (11) | (5) | |
Payments to Acquire Property, Plant, and Equipment | (307) | (121) | (64) | |
Payments for (Proceeds from) Short-term Investments | 3,071 | (1,814) | 318 | |
Other investing activities, net | 1 | (18) | 70 | |
Net cash used for investing activities | 485 | 1,696 | 3,745 | |
Financing Activities | ||||
Deposits and other additions to investment and universal life-type contracts | 4,718 | 5,289 | 5,942 | |
Withdrawals and other deductions from investment and universal life-type contracts | (17,085) | (21,870) | (25,034) | |
Net Change Contract Holders Funds | 11,046 | 14,366 | 16,978 | |
Repayments at maturity or settlement of consumer notes | (33) | (13) | (77) | |
Net increase (decrease) in securities loaned or sold under agreements to repurchase | 507 | (1,988) | ||
Repurchase of warrants | 0 | (33) | ||
Repayment of long-term debt | (773) | (200) | (1,338) | |
Proceeds from the issuance of long-term debt | 533 | |||
Proceeds from net issuance of shares under incentive and stock compensation plans, excess tax benefit and other | 42 | 30 | 20 | |
Treasury stock acquired | (1,250) | (1,796) | (600) | |
Dividends paid on preferred stock | (21) | |||
Dividends paid on common stock | (316) | (282) | (202) | |
Net cash used for financing activities | (3,144) | (4,476) | (5,820) | |
Foreign exchange rate effect on cash | (48) | (135) | (155) | |
Cash, Period Increase (Decrease) | 49 | (1,029) | (993) | |
Cash - beginning of period | 399 | 1,428 | 2,421 | |
Cash - end of period | 448 | 399 | 1,428 | |
Supplemental Disclosure of Cash Flow Information | ||||
Income taxes paid (received) | 80 | 313 | (69) | |
Interest paid | (361) | (377) | (402) | |
Reinsurance Loss on Dispositions [Member] | ||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||
Gain (Loss) on Disposition of Business | $ (28) | $ (23) | $ 1,574 | |
[1] | Includes income tax benefits of $265 on the sale of HLIKK and $219 on the sale of HLIL for the years ended December 31, 2014 and 2013, respectively. |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Future Adoption of New Accounting Standards Financial Instruments In January 2016, the FASB issued updated guidance for the recognition and measurement of financial instruments. The new guidance will require investments in equity securities to be measured at fair value with changes in fair value reported in net income except for those equity securities that result in consolidation or are accounted for under the equity method of accounting. The new guidance will also require a deferred tax asset resulting from net unrealized losses on available-for-sale fixed maturities that are recognized in accumulated other comprehensive income (“OCI”) to be evaluated for recoverability in combination with the Company’s other deferred tax assets. Under existing guidance, the Company measures investments in equity securities, available-for-sale, at fair value with changes in fair value reported in OCI. As required, the Company will adopt the guidance effective January 1, 2018 through a cumulative effect adjustment to retained earnings. Early adoption is not allowed. The impact to the Company will be increased volatility in net income beginning in 2018. Any difference in the evaluation of deferred tax assets may also affect stockholders equity. Cash flows will not be affected. The impact will depend on the composition of the Company’s investment portfolio in the future and changes in fair value of the Company’s investments. As of December 31, 2015, equity securities available-for-sale totaled $839 , with unrealized losses of $2 in accumulated OCI that would have been classified in retained earnings. Had the new accounting guidance been in place since the beginning of 2015, the Company would have recognized mark-to-market unrealized losses of $17 after-tax in net income for the year ended December 31, 2015. Consolidation The FASB issued updated consolidation guidance. The updates revise existing guidance for when to consolidate 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 January 1, 2016, and may be applied fully retrospectively or through a cumulative effect adjustment to retained earnings as of the 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. Revenue Recognition |
Basis of Presentation and Significant Accounting Policies [Text Block] | Basis of Presentation The Hartford Financial Services Group, Inc. is a holding company for insurance and financial services subsidiaries that provide property and casualty insurance, group life and disability products and mutual funds to individual and business customers in the United States (collectively, “The Hartford”, the “Company”, “we” or “our”). Also, the Company continues to 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 HLIKK 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 18 - Discontinued Operations and Business Dispositions of Notes to Consolidated Financial Statements. On December 12, 2013, the Company completed the sale of the issued and outstanding equity of Hartford Life International Limited, a U.K. company ("HLIL"), to Columbia Insurance Company, a Berkshire Hathaway company. On January 1, 2013, the Company completed the sale of its Retirement Plans business to Massachusetts Mutual Life Insurance Company ("MassMutual") and on January 2, 2013 the Company completed the sale of its Individual Life insurance business to The Prudential Insurance Company of America ("Prudential"), a subsidiary of Prudential Financial, Inc. These sales were structured as reinsurance transactions. For further discussion of these transactions, see Note 18 - Discontinued Operations and Business Dispositions of Notes to Consolidated Financial Statements. The Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which differ materially from the accounting practices prescribed by various insurance regulatory authorities. Consolidation The Consolidated Financial Statements include the accounts of The Hartford Financial Services Group, Inc., companies in which the Company directly or indirectly has a controlling financial interest and those variable interest entities (“VIEs”) which the Company is required to consolidate. Entities in which the Company has significant influence over the operating and financing decisions but is not required to consolidate are reported using the equity method. For further information on VIEs see Note 6 - Investments and Derivative Instruments of the Notes to Consolidated Financial Statements. All intercompany transactions and balances between The Hartford and its subsidiaries and affiliates have been eliminated. Discontinued Operations The results of operations of a component of the Company 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 ("FASB"), 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 18 - Discontinued Operations and Business Dispositions of the Notes to Consolidated Financial Statements. Use of Estimates The preparation of financial statements, in conformity with U.S. GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates include those used in determining property and casualty insurance product reserves, net of reinsurance; estimated gross profits used in the valuation and amortization of assets and liabilities associated with variable annuity and other universal life-type contracts; evaluation of other-than-temporary impairments on available-for-sale securities and valuation allowances on investments; living benefits required to be fair valued; evaluation of goodwill for impairment; valuation of investments and derivative instruments; valuation allowance on deferred tax assets; and contingencies relating to corporate litigation and regulatory matters. Certain of these estimates are particularly sensitive to market conditions, and deterioration and/or volatility in the worldwide debt or equity markets could have a material impact on the Consolidated Financial Statements. Reclassifications Certain reclassifications have been made to prior year financial information to conform to the current year presentation. Future Adoption of New Accounting Standards Financial Instruments In January 2016, the FASB issued updated guidance for the recognition and measurement of financial instruments. The new guidance will require investments in equity securities to be measured at fair value with changes in fair value reported in net income except for those equity securities that result in consolidation or are accounted for under the equity method of accounting. The new guidance will also require a deferred tax asset resulting from net unrealized losses on available-for-sale fixed maturities that are recognized in accumulated other comprehensive income (“OCI”) to be evaluated for recoverability in combination with the Company’s other deferred tax assets. Under existing guidance, the Company measures investments in equity securities, available-for-sale, at fair value with changes in fair value reported in OCI. As required, the Company will adopt the guidance effective January 1, 2018 through a cumulative effect adjustment to retained earnings. Early adoption is not allowed. The impact to the Company will be increased volatility in net income beginning in 2018. Any difference in the evaluation of deferred tax assets may also affect stockholders equity. Cash flows will not be affected. The impact will depend on the composition of the Company’s investment portfolio in the future and changes in fair value of the Company’s investments. As of December 31, 2015, equity securities available-for-sale totaled $839 , with unrealized losses of $2 in accumulated OCI that would have been classified in retained earnings. Had the new accounting guidance been in place since the beginning of 2015, the Company would have recognized mark-to-market unrealized losses of $17 after-tax in net income for the year ended December 31, 2015. Consolidation The FASB issued updated consolidation guidance. The updates revise existing guidance for when to consolidate 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 January 1, 2016, and may be applied fully retrospectively or through a cumulative effect adjustment to retained earnings as of the 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. Revenue Recognition Significant Accounting Policies The Company’s significant accounting policies are as follows: Revenue Recognition Property and casualty insurance premiums are earned on a pro rata basis over the policy period and include accruals for ultimate premium revenue anticipated under auditable and retrospectively rated policies. Unearned premiums represent the premiums applicable to the unexpired terms of policies in force. An estimated allowance for doubtful accounts is recorded on the basis of periodic evaluations of balances due from insureds, management’s experience and current economic conditions. The Company charges off any balances that are determined to be uncollectible. The allowance for doubtful accounts included in premiums receivable and agents’ balances in the Consolidated Balance Sheets was $134 and $131 as of December 31, 2015 and 2014 , respectively. Traditional life products' premiums are recognized as revenue when due from policyholders. Group life, disability and accident premiums are generally both due from policyholders and recognized as revenue on a pro rata basis over the period of the contracts. Fee income for variable annuity and other universal life-type contracts consists of policy charges for policy administration, cost of insurance charges and surrender charges assessed against policyholders’ account balances and are recognized in the period in which services are provided. Amounts representing account value collected from policyholders for investment and universal life-type contracts are considered deposits and are not included in revenue. Unearned revenue reserves, representing amounts assessed as consideration for policy origination of a universal life-type contract, are deferred and recognized in income over the period benefited. The Company provides investment management, administrative and distribution services to mutual funds. The Company earns fees from these mutual funds which are primarily based on the average daily net asset values of the mutual funds and recorded as fee income in the period in which the services are provided. Commission fees are based on the sale proceeds and recognized at the time of the transaction. Transfer agent fees are assessed as a charge per account and recognized as fee income in the period in which the services are provided. Other revenues primarily consists of servicing revenues which are recognized as services are performed. Dividends to Policyholders Policyholder dividends are paid to certain property and casualty and life insurance policyholders. Policies that receive dividends are referred to as participating policies. Participating dividends to policyholders are accrued and reported in insurance operating costs and other expenses and other liabilities using an estimate of the amount to be paid based on underlying contractual obligations under policies and applicable state laws. Net written premiums for participating property and casualty insurance policies represented 10% , 9% and 10% of total net written premiums for the years ended December 31, 2015 , 2014 and 2013 , respectively. Participating dividends to property and casualty policyholders were $17 , $15 and $16 for the years ended December 31, 2015 , 2014 and 2013 , respectively. There were no additional amounts of income allocated to participating policyholders. If limitations exist on the amount of net income from participating life insurance contracts that may be distributed to stockholders, the policyholder’s share of net income on those contracts that cannot be distributed is excluded from stockholders' equity by a charge to operations and an increase to a liability. Investments Overview The Company’s investments in fixed maturities include bonds, structured securities, redeemable preferred stock and commercial paper. Most of these investments, along with certain equity securities, which include common and non-redeemable preferred stocks, are classified as available-for-sale ("AFS") and are carried at fair value. The after-tax difference between fair value and cost or amortized cost is reflected in stockholders’ equity as a component of Accumulated Other Comprehensive Income (Loss) (“AOCI”), after adjustments for the effect of deducting certain life and annuity deferred policy acquisition costs and reserve adjustments. Also included in equity securities, AFS are certain equity securities for which the Company elected the fair value option. These equity securities are carried at fair value with changes in value recorded in realized capital gains and losses on the Company's Consolidated Statements of Operations. Fixed maturities for which the Company elected the fair value option are classified as FVO and are carried at fair value with changes in value recorded in realized capital gains and losses. Policy loans are carried at outstanding balance. Mortgage loans are recorded at the outstanding principal balance adjusted for amortization of premiums or discounts and net of valuation allowances. Short-term investments are carried at amortized cost, which approximates fair value. Limited partnerships and other alternative investments are reported at their carrying value and accounted for under the equity method with the Company’s share of earnings included in net investment income. Recognition of income related to limited partnerships and other alternative investments is delayed due to the availability of the related financial information, as private equity and other funds are generally on a three-month delay and hedge funds on a one-month delay. Accordingly, income for the years ended December 31, 2015 , 2014 , and 2013 may not include the full impact of current year changes in valuation of the underlying assets and liabilities of the funds, which are generally obtained from the limited partnerships and other alternative investments’ general partners. In addition, for investments in a wholly-owned hedge fund of funds, the Company recognizes changes in the fair value of the underlying funds in net investment income, which is consistent with accounting requirements for investment companies. Other investments primarily consist of derivative instruments which are carried at fair value. Net Realized Capital Gains and Losses Net realized capital gains and losses from investment sales are reported as a component of revenues and are determined on a specific identification basis. Net realized capital gains and losses also result from fair value changes in fixed maturities and equity securities FVO, and derivatives contracts (both free-standing and embedded) that do not qualify, or are not designated, as a hedge for accounting purposes, ineffectiveness on derivatives that qualify for hedge accounting treatment, and the change in value of derivatives in certain fair-value hedge relationships and their associated hedged asset. Impairments and mortgage loan valuation allowances are recognized as net realized capital losses in accordance with the Company’s impairment and mortgage loan valuation allowance policies as discussed in Note 6 - Investments and Derivative Instruments of Notes to Consolidated Financial Statements. Foreign currency transaction remeasurements are also included in net realized capital gains and losses. Net Investment Income Interest income from fixed maturities and mortgage loans is recognized when earned on the constant effective yield method based on estimated timing of cash flows. The amortization of premium and accretion of discount for fixed maturities also takes into consideration call and maturity dates that produce the lowest yield. For securitized financial assets subject to prepayment risk, yields are recalculated and adjusted periodically to reflect historical and/or estimated future repayments using the retrospective method; however, if these investments are impaired, any yield adjustments are made using the prospective method. Prepayment fees and make-whole payments on fixed maturities and mortgage loans are recorded in net investment income when earned. For equity securities, dividends will be recognized as investment income on the ex-dividend date. Limited partnerships and other alternative investments primarily use the equity method of accounting to recognize the Company’s share of earnings; however, for a portion of those investments, the Company uses investment fund accounting applied to a wholly-owned fund of funds. For impaired debt securities, the Company accretes the new cost basis to the estimated future cash flows over the expected remaining life of the security by prospectively adjusting the security’s yield, if necessary. The Company’s non-income producing investments were not material for the years ended December 31, 2015 , 2014 and 2013 . Derivative Instruments Overview The Company utilizes a variety of over-the-counter ("OTC") derivative investments, including transactions cleared through a central clearing house ("OTC-cleared"), and exchange-traded derivative instruments as part of its overall risk management strategy. The types of instruments may include swaps, caps, floors, forwards, futures and options to achieve one of four Company-approved objectives: to hedge risk arising from interest rate, equity market, commodity market, credit spread and issuer default, price or currency exchange rate risk or volatility; to manage liquidity; to control transaction costs; or to enter into synthetic replication transactions. Interest rate, volatility, dividend, credit default and index swaps involve the periodic exchange of cash flows with other parties, at specified intervals, calculated using agreed upon rates or other financial variables and notional principal amounts. Generally, little to no cash or principal payments are exchanged at the inception of the contract. Typically, at the time a swap is entered into, the cash flow streams exchanged by the counterparties are equal in value. Interest rate cap and floor contracts entitle the purchaser to receive from the issuer at specified dates, the amount, if any, by which a specified market rate exceeds the cap strike interest rate or falls below the floor strike interest rate, applied to a notional principal amount. A premium payment is made by the purchaser of the contract at its inception and no principal payments are exchanged. Forward contracts are customized commitments that specify a rate of interest or currency exchange rate to be paid or received on an obligation beginning on a future start date and are typically settled in cash. Financial futures are standardized commitments to either purchase or sell designated financial instruments, at a future date, for a specified price and may be settled in cash or through delivery of the underlying instrument. Futures contracts trade on organized exchanges. Margin requirements for futures are met by pledging securities or cash, and changes in the futures’ contract values are settled daily in cash. Option contracts grant the purchaser, for a premium payment, the right to either purchase from or sell to the issuer a financial instrument at a specified price, within a specified period or on a stated date. The contracts may reference commodities, which grant the purchaser the right to either purchase from or sell to the issuer commodities at a specified price, within a specified period or on a stated date. Option contracts are typically settled in cash. Foreign currency swaps exchange an initial principal amount in two currencies, agreeing to re-exchange the currencies at a future date, at an agreed upon exchange rate. There may also be a periodic exchange of payments at specified intervals calculated using the agreed upon rates and exchanged principal amounts. The Company’s derivative transactions conducted in insurance company subsidiaries are used in strategies permitted under the derivative use plans required by the State of Connecticut, the State of Illinois and the State of New York insurance departments. Accounting and Financial Statement Presentation of Derivative Instruments and Hedging Activities Derivative instruments are recognized on the Consolidated Balance Sheets at fair value and are reported in Other Investments and Other Liabilities. For balance sheet presentation purposes, the Company has elected to offset the fair value amounts, income accruals, and related cash collateral receivables and payables of OTC derivative instruments executed in a legal entity and with the same counterparty or under a master netting agreement, which provides the Company with the legal right of offset. The Company also clears interest rate swap and certain credit default swap derivative transactions through central clearing houses. OTC-cleared derivatives require initial collateral at the inception of the trade in the form of cash or highly liquid collateral, such as U.S. Treasuries and government agency investments. Central clearing houses also require additional cash collateral as variation margin based on daily market value movements. For information on collateral, see the derivative collateral arrangements section in Note 6 - Investments and Derivative Instruments of Notes to Consolidated Financial Statement. In addition, OTC-cleared transactions include price alignment interest either received or paid on the variation margin, which is reflected in net investment income. The Company has also elected to offset the fair value amounts, income accruals and related cash collateral receivables and payables of OTC-cleared derivative instruments based on clearing house agreements. On the date the derivative contract is entered into, the Company designates the derivative as (1) a hedge of the fair value of a recognized asset or liability (“fair value” hedge), (2) a hedge of the variability in cash flows of a forecasted transaction or of amounts to be received or paid related to a recognized asset or liability (“cash flow” hedge), (3) a hedge of a net investment in a foreign operation (“net investment” hedge) or (4) held for other investment and/or risk management purposes, which primarily involve managing asset or liability related risks and do not qualify for hedge accounting. Fair Value Hedges Changes in the fair value of a derivative that is designated and qualifies as a fair value hedge, including foreign-currency fair value hedges, along with the changes in the fair value of the hedged asset or liability that is attributable to the hedged risk, are recorded in current period earnings as net realized capital gains and losses with any differences between the net change in fair value of the derivative and the hedged item representing the hedge ineffectiveness. Periodic cash flows and accruals of income/expense (“periodic derivative net coupon settlements”) are recorded in the line item of the Consolidated Statements of Operations in which the cash flows of the hedged item are recorded. Cash Flow Hedges Changes in the fair value of a derivative that is designated and qualifies as a cash flow hedge, including foreign-currency cash flow hedges, are recorded in AOCI and are reclassified into earnings when the variability of the cash flow of the hedged item impacts earnings. Gains and losses on derivative contracts that are reclassified from AOCI to current period earnings are included in the line item in the Consolidated Statements of Operations in which the cash flows of the hedged item are recorded. Any hedge ineffectiveness is recorded immediately in current period earnings as net realized capital gains and losses. Periodic derivative net coupon settlements are recorded in the line item of the Consolidated Statements of Operations in which the cash flows of the hedged item are recorded. Net Investment in a Foreign Operation Hedges Changes in fair value of a derivative used as a hedge of a net investment in a foreign operation, to the extent effective as a hedge, are recorded in the foreign currency translation adjustments account within AOCI. Cumulative changes in fair value recorded in AOCI are reclassified into earnings upon the sale or complete, or substantially complete, liquidation of the foreign entity. Any hedge ineffectiveness is recorded immediately in current period earnings as net realized capital gains and losses. Periodic derivative net coupon settlements are recorded in the line item of the Consolidated Statements of Operations in which the cash flows of the hedged item are recorded. Other Investment and/or Risk Management Activities The Company’s other investment and/or risk management activities primarily relate to strategies used to reduce economic risk or replicate permitted investments and do not receive hedge accounting treatment. Changes in the fair value, including periodic derivative net coupon settlements, of derivative instruments held for other investment and/or risk management purposes are reported in current period earnings as net realized capital gains and losses. Hedge Documentation and Effectiveness Testing To qualify for hedge accounting treatment, a derivative must be highly effective in mitigating the designated changes in fair value or cash flow of the hedged item. At hedge inception, the Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking each hedge transaction. The documentation process includes linking derivatives that are designated as fair value, cash flow, or net investment hedges to specific assets or liabilities on the balance sheet or to specific forecasted transactions and defining the effectiveness and ineffectiveness testing methods to be used. The Company also formally assesses both at the hedge’s inception and ongoing on a quarterly basis, whether the derivatives that are used in hedging transactions have been and are expected to continue to be highly effective in offsetting changes in fair values, cash flows or net investment in foreign operations of hedged items. Hedge effectiveness is assessed primarily using quantitative methods as well as using qualitative methods. Quantitative methods include regression or other statistical analysis of changes in fair value or cash flows associated with the hedge relationship. Qualitative methods may include comparison of critical terms of the derivative to the hedged item. Hedge ineffectiveness of the hedge relationships are measured each reporting period using the “Change in Variable Cash Flows Method”, the “Change in Fair Value Method”, the “Hypothetical Derivative Method”, or the “Dollar Offset Method”. Discontinuance of Hedge Accounting The Company discontinues hedge accounting prospectively when (1) it is determined that the qualifying criteria are no longer met; (2) the derivative is no longer designated as a hedging instrument; or (3) the derivative expires or is sold, terminated or exercised. When hedge accounting is discontinued because it is determined that the derivative no longer qualifies as an effective fair value hedge, the derivative continues to be carried at fair value on the balance sheet with changes in its fair value recognized in current period earnings. Changes in the fair value of the hedged item attributable to the hedged risk is no longer adjusted through current period earnings and the existing basis adjustment is amortized to earnings over the remaining life of the hedged item through the applicable earnings component associated with the hedged item. When hedge accounting is discontinued because the Company becomes aware that it is not probable that the forecasted transaction will occur, the derivative continues to be carried on the balance sheet at its fair value, and gains and losses that were accumulated in AOCI are recognized immediately in earnings. In other situations in which hedge accounting is discontinued, including those where the derivative is sold, terminated or exercised, amounts previously deferred in AOCI are reclassified into earnings when earnings are impacted by the hedged item. Embedded Derivatives The Company purchases and has previously issued financial instruments and products that contain embedded derivative instruments. When it is determined that (1) the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract and (2) a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host for measurement purposes. The embedded derivative, which is reported with the host instrument in the Consolidated Balance Sheets, is carried at fair value with changes in fair value reported in net realized capital gains and losses. Credit Risk Credit risk is defined as the risk of financial loss due to uncertainty of an obligor’s or counterparty’s ability or willingness to meet its obligations in accordance with agreed upon terms. Credit exposures are measured using the market value of the derivatives, resulting in amounts owed to the Company by its counterparties or potential payment obligations from the Company to its counterparties. The Company generally requires that OTC derivative contracts, other than certain forward contracts, be governed by International Swaps and Derivatives Association ("ISDA") agreements which are structured by legal entity and by counterparty, and permit right of offset. These agreements require daily collateral settlement based upon agreed upon thresholds. For purposes of daily derivative collateral maintenance, credit exposures are generally quantified based on the prior business day’s market value and collateral is pledged to and held by, or on behalf of, the Company to the extent the current value of the derivatives exceed the contractual thresholds. For the Company’s domestic derivative programs, the maximum uncollateralized threshold for a derivative counterparty for a single legal entity is $10 . The Company also minimizes the credit risk of derivative instruments by entering into transactions with high quality counterparties primarily rated A or better, which are monitored and evaluated by the Company’s risk management team and reviewed by senior management. OTC-cleared derivatives are governed by clearing house rules. Transactions cleared through a central clearing house reduce risk due to their ability to require daily variation margin, monitor the Company's ability to request additional collateral in the event of a counterparty downgrade, and act as an independent valuation source. In addition, the Company monitors counterparty credit exposure on a monthly basis to ensure compliance with Company policies and statutory limitations. Cash Cash represents cash on hand and demand deposits with banks or other financial institutions. Reinsurance The Company cedes insurance to affiliated and unaffiliated insurers in order to limit its maximum losses and to diversify its exposures and provide statutory surplus relief. Such arrangements do not relieve the Company of its primary liability to policyholders. Failure of reinsurers to honor their obligations could result in losses to the Company. The Company also assumes reinsurance from other insurers and is a member of and participates in reinsurance pools and associations. Assumed reinsurance refers to the Company’s acceptance of certain insurance risks that other insurance companies or pools have underwritten. Reinsurance accounting is followed for ceded and assumed transactions that provide indemnification against loss or liability relating to insurance risk (i.e. risk transfer). To meet risk transfer requirements, a reinsurance agreement must include insurance risk, consisting of underwriting, investment, and timing risk, and a reasonable possibility of a significant loss to the reinsurer. If the ceded and assumed transactions do not meet risk transfer requirements, the Company accounts for these transactions as financing transactions. Premiums, benefits, losses and loss adjustment expenses reflect the net effects of ceded and assumed reinsurance transactions. Included in other assets are prepaid reinsurance premiums, which represent the portion of premiums ceded to reinsurers applic |
Earnings (Loss) per Share Level
Earnings (Loss) per Share Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Common Share | [1] For additional information, see Note 13 - Equity and Note 17 - Stock Compensation Plans of Notes to Consolidated Financial Statements. Basic earnings per share is computed based on the weighted average number of common shares outstanding during the year. Diluted earnings per share includes the dilutive effect of assumed exercise or issuance of warrants and stock-based awards under compensation plans, and assumed conversion of preferred shares to common using the treasury stock method. Diluted potential common shares are included in the calculation of diluted per share amounts provided there is income from continuing operations, net of tax. Under the treasury stock method, for warrants and stock-based awards, shares are assumed to be issued and then reduced for the number of shares repurchaseable with theoretical proceeds at the average market price for the period. Contingently issuable shares are included for the number of shares issuable assuming the end of the reporting period was the end of the contingency period, if dilutive. Under the if-converted method for mandatory convertible preferred stock the conversion to common shares is assumed if the inclusion of these shares and the related dividend adjustment are dilutive to the earnings per share calculation. |
Segment Information Level 1 (No
Segment Information Level 1 (Notes) | 12 Months Ended |
Dec. 31, 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 includes 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 run off of the mutual funds which support 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 variable, fixed, and payout annuity products. In addition, Talcott Resolution includes the retained yen denominated fixed payout annuity liabilities, as well as the Company's discontinued operations from HLIKK prior to its sale in 2014. Corporate The Company includes in the Corporate category the Company’s capital raising activities (including debt financing and related interest expense), purchase accounting adjustments related to goodwill and other expenses not allocated to the reporting 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 revenues by product line for each reporting segment, as well as the Corporate category. For the years ended December 31, Revenues 2015 2014 2013 Earned premiums and fee income Commercial Lines Workers’ compensation $ 3,051 $ 2,971 $ 2,975 Property 637 559 521 Automobile 614 591 579 Package business 1,203 1,163 1,139 Liability 567 582 566 Bond 218 210 201 Professional liability 221 213 222 Total Commercial Lines 6,511 6,289 6,203 Personal Lines Automobile 2,671 2,613 2,522 Homeowners 1,202 1,193 1,138 Total Personal Lines [1] 3,873 3,806 3,660 Property & Casualty Other Operations 32 1 1 Group Benefits Group disability 1,479 1,450 1,452 Group life 1,477 1,478 1,717 Other 180 167 161 Total Group Benefits 3,136 3,095 3,330 Mutual Funds Mutual Fund 607 586 520 Talcott 116 137 148 Total Mutual Funds 723 723 668 Talcott Resolution 1,133 1,407 1,463 Corporate 8 11 11 Total earned premiums and fee income 15,416 15,332 15,336 Net investment income: Securities available-for-sale and other 3,030 3,153 3,263 Equity securities, trading — 1 1 Total net investment income 3,030 3,154 3,264 Net realized capital gains (loss) (156 ) 16 1,798 Other revenues 87 112 275 Total revenues $ 18,377 $ 18,614 $ 20,673 [1] For 2015 , 2014 and 2013 , AARP members accounted for earned premiums of $3.2 billion , $3.0 billion and $2.9 billion , respectively. The following table presents net income (loss) for each reporting segment, as well as the Corporate category. For the years ended December 31, Net income (loss) 2015 2014 2013 Commercial Lines $ 1,003 $ 983 $ 870 Personal Lines 187 207 229 Property & Casualty Other Operations (53 ) (108 ) (2 ) Group Benefits 187 191 192 Mutual Funds 86 87 76 Talcott Resolution 430 (187 ) (634 ) Corporate (158 ) (375 ) (555 ) Net income $ 1,682 $ 798 $ 176 For the years ended December 31, Amortization of deferred policy acquisition costs 2015 2014 2013 Commercial Lines $ 951 $ 919 $ 905 Personal Lines 359 348 332 Group Benefits 31 32 33 Mutual Funds 22 28 39 Talcott Resolution 139 402 485 Total amortization of deferred policy acquisition costs $ 1,502 $ 1,729 $ 1,794 For the years ended December 31, Income tax expense (benefit) 2015 2014 2013 Commercial Lines $ 409 $ 385 $ 320 Personal Lines 82 92 100 Property & Casualty Other Operations (47 ) (51 ) (20 ) Group Benefits 63 63 63 Mutual Funds 48 49 42 Talcott Resolution (17 ) 16 (7 ) Corporate (233 ) (204 ) (252 ) Total income tax expense $ 305 $ 350 $ 246 As of December 31, Assets 2015 2014 Commercial Lines $ 28,388 $ 28,451 Personal Lines 6,147 5,983 Property & Casualty Other Operations 4,562 4,328 Group Benefits 9,666 9,686 Mutual Funds 449 443 Talcott Resolution 175,319 191,801 Corporate 3,817 4,321 Total assets $ 228,348 $ 245,013 |
Fair Value Measurements Level 1
Fair Value Measurements Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | ets and liabilities. Level 3 Valuations that are derived from techniques in which one or more of the significant inputs are unobservable (including assumptions about risk). 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. 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 within illiquid markets and/or priced by independent brokers. The following tables present assets and (liabilities) carried at fair value by hierarchy level. December 31, 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") $ 2,499 $ — $ 2,462 $ 37 Collateralized debt obligations ("CDOs") 3,038 — 2,497 541 Commercial mortgage-backed securities ("CMBS") 4,717 — 4,567 150 Corporate 26,802 — 25,948 854 Foreign government/government agencies 1,308 — 1,248 60 Municipal 12,121 — 12,072 49 Residential mortgage-backed securities ("RMBS") 4,046 — 2,424 1,622 U.S. Treasuries 4,665 740 3,925 — Total fixed maturities 59,196 740 55,143 3,313 Fixed maturities, FVO 503 2 485 16 Equity securities, trading [1] 11 11 — — Equity securities, AFS 1,121 874 154 93 Derivative assets Credit derivatives 21 — 21 — Foreign exchange derivatives 15 — 15 — Interest rate derivatives (227 ) — (227 ) — GMWB hedging instruments 111 — 27 84 Macro hedge program 74 — — 74 Other derivative contracts 7 — — 7 Total derivative assets [2] 1 — (164 ) 165 Short-term investments 1,843 333 1,510 — Limited partnerships and other alternative investments [3] 622 — 548 74 Reinsurance recoverable for GMWB 83 — — 83 Modified coinsurance reinsurance contracts 79 — 79 — Separate account assets [4] 118,174 78,110 39,559 505 Total assets accounted for at fair value on a recurring basis $ 181,633 $ 80,070 $ 97,314 $ 4,249 Liabilities accounted for at fair value on a recurring basis Other policyholder funds and benefits payable GMWB $ (262 ) $ — $ — $ (262 ) Equity linked notes (26 ) — — (26 ) Total other policyholder funds and benefits payable (288 ) — — (288 ) Derivative liabilities Credit derivatives (16 ) — (16 ) — Equity derivatives 41 — 41 — Foreign exchange derivatives (374 ) — (374 ) — Interest rate derivatives (569 ) — (547 ) (22 ) GMWB hedging instruments 47 — (4 ) 51 Macro hedge program 73 — — 73 Total derivative liabilities [5] (798 ) — (900 ) 102 Total liabilities accounted for at fair value on a recurring basis $ (1,086 ) $ — $ (900 ) $ (186 ) 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 Consolidated Balance Sheets. [2] Includes 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 December 31, 2015 and 2014 , $283 and $413 , respectively, of cash collateral liability was netted against the derivative asset value in the Consolidated Balance Sheets and is excluded from the preceding table. See 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 $1.8 billion and $2.5 billion of investment sales receivable, as of December 31, 2015 and 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 market 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. Valuation Techniques, Procedures and Controls 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 using a "waterfall" approach after considering the following pricing sources: quoted prices for identical assets or liabilities, prices from third-party pricing services, independent broker quotations, or internal matrix pricing processes. Typical inputs used by these pricing sources include, but are not limited to, benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, and/or estimated cash flows, prepayment speeds, and default rates. Most fixed maturities do not trade daily. Based on the typical trading volumes and the lack of quoted market prices for fixed maturities, third-party pricing services utilize matrix pricing to derive security prices. Matrix pricing relies on securities' relationships to other benchmark quoted securities, which trade more frequently. Pricing services utilize recently reported trades of identical or similar securities making adjustments through the reporting date based on the preceding outlined available market observable information. If there are no recently reported trades, the third-party pricing services may develop a security price using expected future cash flows based upon collateral performance and discounted at an estimated market rate. Both matrix pricing and discounted cash flow techniques develop prices by factoring in the time value for cash flows and risk, including liquidity and credit. Prices from third-party pricing services may be 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. The Company utilizes an internally developed matrix pricing process for private placement securities for which the Company is unable to obtain a price from a third-party pricing service. The Company's process is similar to the third-party pricing services. The Company develops credit spreads 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 independent public security index and trade information and adjusting for the non-public nature of the securities. Credit spreads combined with risk-free rates are applied to contractual cash flows to develop a price. The Securities Working Group performs ongoing analyses 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 these analyses, 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 utilizing 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 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 for both debt and equity securities 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 observable. Due to the lack of transparency in the process that brokers use to develop prices, most valuations that are based on brokers’ prices are classified as Level 3. Some valuations may be classified as Level 2 if the price can be corroborated with observable market data. Derivative Instruments, including Embedded Derivatives within Investments Derivative instruments are fair valued using pricing valuation models for OTC derivatives that utilize independent market data inputs, quoted market prices for exchange-traded and OTC-cleared derivatives, or independent broker quotations. Excluding embedded and reinsurance related derivatives, as of December 31, 2015 and 2014, 96% and 96%, respectively, of derivatives, based upon notional values, were priced by valuation models, including discounted cash flow models and option-pricing models that utilize present value techniques, or quoted market prices. The remaining derivatives were priced by broker quotations. The Derivatives Working Group performs ongoing analyses 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 analyses. 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 are monthly analyses 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 of validation are presented to the Valuation Committee for approval. There is a monthly control to review changes in pricing sources to ensure that new models are not moved to production until formally approved. The Company utilizes derivative instruments to manage the risk associated with certain assets and liabilities. However, the derivative instrument may not be classified with the same fair value hierarchy level as the associated assets and liabilities. Therefore, the realized and unrealized gains and losses on derivatives reported in the Level 3 rollforward may be offset by realized and unrealized gains and losses of the associated assets and liabilities in other line items of the financial statements. Limited Partnerships and Other Alternative Investments The portion of limited partnerships and other alternative investments recorded at fair value includes hedge funds for which 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 Inputs for Investments For Level 1 investments, which are comprised of on-the-run U.S. Treasuries, money market funds, exchange-traded equity securities, open-ended mutual funds, short-term investments, and exchange traded futures and option contracts, valuations are based on quoted prices for identical assets in active markets that the Company has the ability to access at the measurement date. For the Company’s Level 2 and 3 debt securities, typical inputs used by pricing techniques include, but are not limited to, benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, and/or estimated cash flows, prepayment speeds, and default rates. 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, certain hedge funds 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, and credit default swap indices. ABS and RMBS prices also include estimates of the rate of future principal prepayments over the remaining life of the securities. These 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. • 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. • Equity derivatives – Primary inputs include equity index levels. • 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 generally on a one-month delay. 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 agency securities, 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. Significant inputs for Level 3 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. 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. Transfers between Levels 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 $1.9 billion and $2.5 billion , for the years ended December 31, 2015 and 2014 , respectively, which represented previously on-the-run U.S. Treasury securities that are now off-the-run. For the years ended December 31, 2015 and 2014 , there were no transfers from Level 2 to Level 1. See the fair value roll-forward tables for the years ended December 31, 2015 and 2014 , for the transfers into and out of Level 3. 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 ABS, CRE CDOs, index options and certain corporate securities for which fair values are predominately based on broker quotations. As of December 31, 2015 Securities Unobservable Inputs Assets accounted for at fair value on a recurring basis Fair Value Predominant Valuation Technique Significant Unobservable Input Minimum Maximum Weighted Average [1] Impact of Increase in Input on Fair Value [2] CMBS [3] $ 122 Discounted cash flows Spread (encompasses prepayment, default risk and loss severity) 31 bps 1,505 bps 266 bps Decrease Corporate [3] 339 Discounted cash flows Spread 63 bps 800 bps 306 bps Decrease Municipal [3] 31 Discounted cash flows Spread 193 bps 193 bps 193 bps Decrease RMBS 1,622 Discounted cash flows Spread 30 bps 1,696 bps 178 bps Decrease Constant prepayment rate —% 20.0% 2.0% Decrease [4] Constant default rate 1.0% 10.0% 6.0% Decrease Loss severity —% 100.0% 78.0% 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 —% 7.0% 2.0% Decrease [4] Constant default rate 1.0% 14.0% 7.0% Decrease Loss severity —% 100.0% 78.0% Decrease [1] The weig hted average is determined based on the fair value of the securities. [2] Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table. [3] Level 3 CMBS, 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. As of December 31, 2015 Freestanding Derivatives Unobservable Inputs Fair Value Predominant Valuation Technique 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] 8 Option model Interest rate volatility 1 % 2 % Increase GMWB hedging instruments Equity variance swaps (31 ) Option model Equity volatility 19 % 21 % Increase Equity options 35 Option model Equity volatility 27 % 29 % Increase Customized swaps 131 Discounted cash flows Equity volatility 10 % 40 % Increase Macro hedge program [3] Equity options 179 Option model Equity volatility 14 % 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. [3] Level 3 macro hedge derivatives excludes those for which the Company bases fair value on broker quotations as noted in the following discussion. Securities and derivatives for which the Company bases fair value on broker quotations predominately include ABS, CDOs, index options 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 year ended December 31, 2015 , no significant adjustments were made by the Company to broker prices received. As of December 31, 2015 and 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 $74 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 annuity products with GMWB riders. The GMWB provides the policyholder with a guaranteed remaining balance ("GRB") which is generally equal to premiums less withdrawals. Certain contract provisions can increase the GRB at contractholder election or after the passage of time. If the policyholder’s account value is reduced to a specified level through a combination of market declines and withdrawals but the GRB still has value, the Company is obligated to continue to make annuity payments to the policyholder until the GRB is exhausted. The non-life contingent GMWB represents an embedded derivative in the variable annuity contract. When it is determined that (1) the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract, and (2) a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host for measurement purposes. The embedded derivative is carried at fair value, with changes in fair value reported in net realized capital gains and losses. The Company’s non-life contingent GMWB liability is reported in other policyholder funds and benefits payable in the Consolidated Balance Sheets. The notional value of the embedded derivative is the GRB. In valuing the embedded derivative, the Company attributes to the derivative a portion of the expected fees to be collected over the expected life of the contract from the contract holder equal to the present value of future GMWB claims. The excess of fees collected from the contract holder in the current period over the current period’s attributed fees are associated with the host variable annuity contract and reported in fee income. GMWB Reinsurance Derivative The Company has reinsurance arrangements in place to transfer a portion of its risk of loss due to GMWB. These arrangements are recognized as derivatives and carried at fair value in reinsurance recoverables. Changes in the fair value of the reinsurance agreements are reported in net realized capital gains and losses. The fair value of the GMWB reinsurance derivative is calculated as an aggregation of the components described in the following Living Benefits Required to be Fair Valued discussion and is modeled using significant unobservable policyholder behavior inputs, identical to those used in calculating the underlying liability, such as lapses, fund selection, resets and withdrawal utilization and risk margins. Significant Unobservable Input Unobservable Inputs (Minimum) Unobservable Inputs (Maximum) Impact of Incre |
Investments and Derivative Inst
Investments and Derivative Instruments Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Investments and Derivative Instruments [Abstract] | |
Investments and Derivative Instruments [Text Block] | Net Investment Income (Loss) For the years ended December 31, (Before-tax) 2015 2014 2013 Fixed maturities [1] $ 2,409 $ 2,420 $ 2,552 Equity securities 25 38 30 Mortgage loans 267 265 260 Policy loans 82 80 83 Limited partnerships and other alternative investments 227 294 287 Other investments [2] 138 179 167 Investment expenses (118 ) (122 ) (115 ) Total net investment income $ 3,030 $ 3,154 $ 3,264 [1] Includes net investment income on short-term investments. [2] Includes income from derivatives that hedge fixed maturities and qualify for hedge accounting. Net Realized Capital Gains (Losses) For the years ended December 31, (Before-tax) 2015 2014 2013 Gross gains on sales [1] $ 460 $ 527 $ 2,313 Gross losses on sales (405 ) (250 ) (659 ) Net OTTI losses recognized in earnings (102 ) (59 ) (73 ) Valuation allowances on mortgage loans (5 ) (4 ) (1 ) Periodic net coupon settlements on credit derivatives 11 1 (8 ) Results of variable annuity hedge program GMWB derivatives, net (87 ) 5 262 Macro hedge program (46 ) (11 ) (234 ) Total results of variable annuity hedge program (133 ) (6 ) 28 Other, net [2] 18 (193 ) 198 Net realized capital gains (losses) $ (156 ) $ 16 $ 1,798 [1] Includes $1.5 billion of gains relating to the sales of the Retirement Plans and Individual Life businesses in the year ended December 31, 2013 . [2] 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 years ended December 31, 2015 , 2014 , and 2013 , gains (losses) from transactional foreign currency revaluation of the yen denominated fixed payout annuity liabilities were $4 , $116 , and $250 , respectively. For the years ended December 31, 2015 , 2014 , and 2013 , gains (losses) on instruments used to hedge the foreign currency exposure on the yen denominated fixed payout annuities were $(21) , $(148) , and $(268) , respectively. Also includes gains of $71 relating to the sales of the Retirement Plans and Individual Life businesses for the year ended December 31, 2013 . 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 or losses in AOCI were $(32) , $217 , and $1.5 billion for the years ended December 31, 2015 , 2014 , and 2013 , respectively. Sales of Available-for-Sale Securities For the years ended December 31, 2015 2014 2013 Fixed maturities, AFS Sale proceeds $ 20,615 $ 22,923 $ 39,225 Gross gains [1] 372 456 2,143 Gross losses (317 ) (182 ) (654 ) Equity securities, AFS Sale proceeds $ 1,319 $ 354 $ 274 Gross gains 61 22 96 Gross losses (46 ) (20 ) (20 ) [1] Includes $1.5 billion of gross gains related to the sale of the Individual Life and Retirement Plans businesses for the year ended December 31, 2013. Sales of AFS securities in 2015 were primarily a result of duration and liquidity management, as well as tactical changes to the portfolio as a result of changing market conditions. 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 includes 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. The following table presents the Company's impairments by impairment type . For the years ended December 31, 2015 2014 2013 Intent-to-sell impairments $ 54 $ 17 $ 26 Credit impairments 29 37 32 Impairments on equity securities 16 2 15 Other impairments 3 3 — Total impairments $ 102 $ 59 $ 73 The following table presents a roll-forward of the Company’s cumulative credit impairments on fixed maturities held. For the years ended December 31, (Before-tax) 2015 2014 2013 Balance as of beginning of period $ (424 ) $ (552 ) $ (1,013 ) Additions for credit impairments recognized on [1]: Securities not previously impaired (15 ) (15 ) (19 ) Securities previously impaired (14 ) (22 ) (13 ) Reductions for credit impairments previously recognized on: Securities that matured or were sold during the period 68 138 469 Securities the Company made the decision to sell or more likely than not will be required to sell 2 — 2 Securities due to an increase in expected cash flows 59 27 22 Balance as of end of period $ (324 ) $ (424 ) $ (552 ) [1] These additions are included in the net OTTI losses recognized in earnings in the Consolidated Statements of Operations. Available-for-Sale Securities The following table presents the Company’s AFS securities by type. December 31, 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 $ 2,520 $ 24 $ (45 ) $ 2,499 $ — $ 2,470 $ 39 $ (37 ) $ 2,472 $ (1 ) CDOs [2] 2,989 75 (23 ) 3,038 — 2,776 98 (36 ) 2,841 — CMBS 4,668 105 (56 ) 4,717 (8 ) 4,235 196 (16 ) 4,415 (6 ) Corporate 25,876 1,342 (416 ) 26,802 (3 ) 25,188 2,382 (211 ) 27,359 (3 ) Foreign govt./govt. agencies 1,321 34 (47 ) 1,308 — 1,592 73 (29 ) 1,636 — Municipal 11,124 1,008 (11 ) 12,121 — 11,735 1,141 (5 ) 12,871 — RMBS 3,986 82 (22 ) 4,046 — 3,815 122 (19 ) 3,918 (1 ) U.S. Treasuries 4,481 222 (38 ) 4,665 — 3,551 326 (5 ) 3,872 — Total fixed maturities, AFS 56,965 2,892 (658 ) 59,196 (11 ) 55,362 4,377 (358 ) 59,384 (11 ) Equity securities, AFS [3] 842 38 (41 ) 839 — 676 50 (27 ) 699 — Total AFS securities $ 57,807 $ 2,930 $ (699 ) $ 60,035 $ (11 ) $ 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 December 31, 2015 and 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 $293 and $282 , respectively, as of December 31, 2015 , and $ 351 and $ 348 as of December 31, 2014. The following table presents the Company’s fixed maturities, AFS, by contractual maturity year. December 31, 2015 December 31, 2014 Contractual Maturity Amortized Cost Fair Value Amortized Cost Fair Value One year or less $ 2,373 $ 2,405 $ 2,141 $ 2,168 Over one year through five years 10,929 11,200 11,264 11,827 Over five years through ten years 9,322 9,497 8,802 9,226 Over ten years 20,178 21,794 19,859 22,517 Subtotal 42,802 44,896 42,066 45,738 Mortgage-backed and asset-backed securities 14,163 14,300 13,296 13,646 Total fixed maturities, AFS $ 56,965 $ 59,196 $ 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 securities as of December 31, 2015 or December 31, 2014 . As of December 31, 2015 , other than U.S. government and certain U.S. government agencies, the Company’s three largest exposures by issuer were Morgan Stanley , the State of California , and JP Morgan Chase & Co. which each comprised less than 1% of total invested assets. As of December 31, 2014 , other than U.S. government and certain U.S. government agencies, the Company’s three largest exposures by issuer were the State of Illinois, JP Morgan Chase &Co., and Goldman Sachs Group Inc. which each comprised less than 1% of total invested assets. The Company’s three largest exposures by sector as of December 31, 2015 , were municipal securities, financial services, and CMBS which comprised approximately 17% , 9% and 6% , respectively, of total invested assets. The Company’s three largest exposures by sector as of December 31, 2014 were municipal investments, financial services, and utilities which comprised approximately 17% , 7% and 6% , respectively, of total invested assets. 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. December 31, 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 $ 1,619 $ 1,609 $ (10 ) $ 357 $ 322 $ (35 ) $ 1,976 $ 1,931 $ (45 ) CDOs [1] 1,164 1,154 (10 ) 1,243 1,227 (13 ) 2,407 2,381 (23 ) CMBS 1,726 1,681 (45 ) 189 178 (11 ) 1,915 1,859 (56 ) Corporate 9,206 8,866 (340 ) 656 580 (76 ) 9,862 9,446 (416 ) Foreign govt./govt. agencies 679 646 (33 ) 124 110 (14 ) 803 756 (47 ) Municipal 440 430 (10 ) 18 17 (1 ) 458 447 (11 ) RMBS 1,349 1,340 (9 ) 415 402 (13 ) 1,764 1,742 (22 ) U.S. Treasuries 2,432 2,394 (38 ) 8 8 — 2,440 2,402 (38 ) Total fixed maturities, AFS 18,615 18,120 (495 ) 3,010 2,844 (163 ) 21,625 20,964 (658 ) Equity securities, AFS [2] 480 449 (31 ) 62 52 (10 ) 542 501 (41 ) Total securities in an unrealized loss position $ 19,095 $ 18,569 $ (526 ) $ 3,072 $ 2,896 $ (173 ) $ 22,167 $ 21,465 $ (699 ) 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 December 31, 2015 and 2014 , excludes equity securities, FVO which are included in equity securities, AFS on the Consolidated Balance Sheets. As of December 31, 2015 , AFS securities in an unrealized loss position consisted of 4,850 securities, primarily in the corporate sector, which were depressed primarily due to an increase in interest rates and/or widening of credit spreads since the securities were purchased. As of December 31, 2015 , 91% of these securities were depressed less than 20% of cost or amortized cost. The increase in unrealized losses during 2015 was primarily attributable to wider credit spreads and an increase in interest rates. Most of the securities depressed for twelve months or more relate to corporate securities concentrated in the financial services and energy sectors, student loan ABS, and structured securities with exposure to commercial and residential real estate. Corporate financial services securities and student loan ABS were primarily depressed because the securities have floating-rate coupons and have long-dated maturities, and current credit spreads are wider than when these securities were purchased. Corporate securities within the energy sector are primarily depressed due to a decline in oil prices. For certain commercial and residential real estate securities, current market spreads are 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 after 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. December 31, 2015 December 31, 2014 Amortized Cost [1] Valuation Allowance Carrying Value Amortized Cost [1] Valuation Allowance Carrying Value Total commercial mortgage loans $ 5,647 $ (23 ) $ 5,624 $ 5,574 $ (18 ) $ 5,556 [1] Amortized cost represents carrying value prior to valuation allowances, if any. As of December 31, 2015 and 2014 , the carrying value of mortgage loans associated with the valuation allowance was $82 and $140 , respectively. There were no mortgage loans held-for-sale as of December 31, 2015 , or December 31, 2014. As of December 31, 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. For the years ended December 31, 2015 2014 2013 Balance as of January 1 $ (18 ) $ (67 ) $ (68 ) (Additions)/Reversals (7 ) (4 ) (2 ) Deductions 2 53 3 Balance as of December 31 $ (23 ) $ (18 ) $ (67 ) The weighted-average LTV ratio of the Company’s commercial mortgage loan portfolio was 54% as of December 31, 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 2.63x as of December 31, 2015 . As of December 31, 2015 , the Company held two delinquent commercial mortgage loans past due by 90 days or more . The loans had a total carrying value and valuation allowance of $17 and $20 , respectively, and neither loan was accruing income. As of 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 $7 and $0 , respectively, and was not accruing income. The following table presents the carrying value of the Company’s commercial mortgage loans by LTV and DSCR. Commercial Mortgage Loans Credit Quality December 31, 2015 December 31, 2014 Loan-to-value Carrying Value Avg. Debt-Service Coverage Ratio Carrying Value Avg. Debt-Service Coverage Ratio Greater than 80% $ 24 0.81x $ 53 1.07x 65% - 80% 623 1.82x 789 1.75x Less than 65% 4,977 2.75x 4,714 2.66x Total commercial mortgage loans $ 5,624 2.63x $ 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 December 31, 2015 December 31, 2014 Carrying Value Percent of Total Carrying Value Percent of Total East North Central $ 289 5.1 % $ 211 3.8 % East South Central 14 0.2 % — — % Middle Atlantic 384 6.8 % 468 8.4 % Mountain 32 0.6 % 88 1.6 % New England 446 7.9 % 381 6.9 % Pacific 1,669 29.7 % 1,607 29.0 % South Atlantic 1,174 20.9 % 1,019 18.3 % West North Central 29 0.5 % 44 0.8 % West South Central 318 5.7 % 302 5.4 % Other [1] 1,269 22.6 % 1,436 25.8 % Total mortgage loans $ 5,624 100.0 % $ 5,556 100.0 % [1] Primarily represents loans collateralized by multiple properties in various regions. Mortgage Loans by Property Type December 31, 2015 December 31, 2014 Carrying Value Percent of Total Carrying Value Percent of Total Commercial Agricultural $ 26 0.5 % $ 46 0.8 % Industrial 1,422 25.3 % 1,476 26.6 % Lodging 26 0.5 % 26 0.5 % Multifamily 1,345 23.9 % 1,190 21.4 % Office 1,547 27.5 % 1,517 27.3 % Retail 1,109 19.7 % 1,147 20.6 % Other 149 2.6 % 154 2.8 % Total mortgage loans $ 5,624 100.0 % $ 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 December 31, 2015 , under this program the Company serviced commercial mortgage loans with a total outstanding principal of $359 , of which $129 was serviced on behalf of third parties and $230 was retained and reported on the Company’s Consolidated Balance Sheets, including $54 in separate account assets. Servicing rights are carried at the lower of cost or fair value and were zero as of December 31, 2015 , because servicing fees were market-level fees at origination and remain adequate to compensate the Company to administer the servicing. The Company did not have any mortgage servicing arrangements as of December 31, 2014 . 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 ("the facility"). For further information on the facility, see Note 11 - Debt of Notes to Consolidated Financial Statements. A VIE is an entity that either has investors that lack certain essential characteristics of a controlling financial interest or lacks sufficient funds to finance its own activities without financial support provided by other entities. The Company performs ongoing qualitative assessments of its VIEs to determine whether the Company has a controlling financial interest in the VIE and therefore is the primary beneficiary. The Company is deemed to have a controlling financial interest when it has both the ability to direct the activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. Based on the Company’s assessment, if it determines it is the primary beneficiary, the Company consolidates the VIE in the Company’s Consolidated Financial Statements. Consolidated VIEs The following table presents the carrying value of assets and liabilities and the maximum exposure to loss relating to the VIEs for which the Company is the primary beneficiary. Creditors have no recourse against the Company in the event of default by these VIEs nor does the Company have any implied or unfunded commitments to these VIEs. The Company’s financial or other support provided to these VIEs is limited to its collateral or investment management services and original investment. December 31, 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] 159 7 151 238 — 243 Limited partnerships and other alternative investments 2 — 2 3 1 2 Total $ 166 $ 12 $ 153 $ 246 $ 6 $ 245 [1] Included in other liabilities in the Company’s Consolidated Balance Sheets. [2] The maximum exposure to loss represents the maximum loss amount that the Company could recognize as a reduction in net investment income or as a realized capital loss and is the cost basis of the Company’s investment. [3] Total assets included in cash in the Company’s Consolidated Balance Sheets. [4] Total assets included in fixed maturities, FVO, short-term investments, equity, AFS, and cash in the Company's Consolidated Balance Sheets. CDOs represent structured investment vehicles for which the Company has a controlling financial interest as it provides collateral management services, earns a fee for those services and also holds investments in the securities issued by these vehicles. Investment funds represent 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 and other alternative impairments represent one hedge fund of funds in which the Company holds a majority interest in the fund as an investment. Non-Consolidated VIEs 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 AFS securities table and fixed maturities, FVO, in the Company’s Consolidated Balance Sheets. The Company has not provided financial or other support with respect to these investments other than its original investment. For these investments, the Company determined it is not the primary beneficiary due to the relative size of the Company’s investment in comparison to the principal amount of the structured securities issued by the VIEs, the level of credit subordination which reduces the Company’s obligation to absorb losses or right to receive benefits and the Company’s inability to direct the activities that most significantly impact the economic performance of the VIEs. The Company’s maximum exposure to loss on these investments is limited to the amount of the Company’s investment. In addition, the Company holds a significant variable interest for one VIE for which it is not the primary beneficiary and, therefore, was not consolidated on the Company’s Consolidated Balance Sheets. This VIE represents the 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 facility were $7 and $8 , respectively, as of December 31, 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 December 31, 2015 and 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 11 - Debt of Notes to Consolidated Financial Statements. Securities Lending, Repurchase Agreements and Other Collateral Transactions The Company participates in securities lending programs to generate additional income. Through these programs, certain fixed maturities within the corporate, foreign government/government agencies, and municipal sectors as well as equity securities are loaned from the Company’s portfolio to qualifying third-party borrowers in return for collateral in the form of cash or securities. Borrowers of these securities provide collateral of 102% and 105% of the fair value of the securities lent at the time of the loan for domestic and non-domestic securities, respectively. The borrower will return the securities to the Company for cash or securities collateral at maturity dates generally of 90 days or less. Security collateral on deposit from counterparties in connection with securities lending transactions may not be sold or re-pledged, except in the event of default, and is not reflected on the Company’s consolidated balance sheets. The fair value of the loaned securities is monitored and additional collateral is obtained if the fair value of the collateral falls below 100% of the fair value of the loaned securities. The agreements provide the counterparty the right to sell or re-pledge the securities transferred. If cash, rather than securities, is received as collateral, the cash is typically invested in short-term investments or fixed maturities and is reported as an asset on the consolidated balance sheets. Income associated with securities lending transactions is reported as a component of net investment income on the Company’s consolidated statements of operations. As of December 31, 2015, the fair value of secur |
Reinsurance Level 1 (Notes)
Reinsurance Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance [Text Block] | The Company cedes insurance to affiliated and unaffiliated insurers to enable the Company to manage capital and risk exposure. Such arrangements do not relieve the Company of its primary liability to policyholders. Failure of reinsurers to honor their obligations could result in losses to the Company. The Company's procedures include careful initial selection of its reinsurers, structuring agreements to provide collateral funds where necessary, and regularly monitoring the financial condition and ratings of its reinsurers. The Company has ceded reinsurance in connection with the sales of its Retirement Plans and Individual Life businesses in 2013 to MassMutual and Prudential, respectively. Reinsurance Recoverables Reinsurance recoverables include balances due from reinsurance companies and are presented net of an allowance for uncollectible reinsurance. Reinsurance recoverables include an estimate of the amount of gross losses and loss adjustment expense reserves that may be ceded under the terms of the reinsurance agreements, including incurred but not reported unpaid losses. The Company’s estimate of losses and loss adjustment expense reserves ceded to reinsurers is based on assumptions that are consistent with those used in establishing the gross reserves for business ceded to the reinsurance contracts. The Company calculates its ceded reinsurance projection based on the terms of any applicable facultative and treaty reinsurance, including an estimate of how incurred but not reported losses will ultimately be ceded under reinsurance agreements. Accordingly, the Company’s estimate of reinsurance recoverables is subject to similar risks and uncertainties as the estimate of the gross reserve for unpaid losses and loss adjustment expenses. The Company's reinsurance recoverables are summarized as follows: As of December 31, 2015 December 31, 2014 Property and Casualty Insurance Products: Paid loss and loss adjustment expenses $ 119 $ 133 Unpaid loss and loss adjustment expenses 2,662 2,868 Gross reinsurance recoverables 2,781 3,001 Allowance for uncollectible reinsurance (266 ) (271 ) Net reinsurance recoverables $ 2,515 $ 2,730 Life Insurance Products: Future policy benefits and unpaid loss and loss adjustment expenses and other policyholder funds and benefits payable Sold businesses (MassMutual and Prudential) $ 19,369 $ 18,997 Other reinsurers 1,305 1,193 Net reinsurance recoverables [1] $ 20,674 $ 20,190 Reinsurance recoverables, net $ 23,189 $ 22,920 [1] No allowance for uncollectible reinsurance is required as of December 31, 2015 and December 31, 2014. As of December 31, 2015 , the Company has reinsurance recoverables from MassMutual and Prudential of $8.6 billion and $10.8 billion, respectively. As of December 31, 2014 , the Company had reinsurance recoverables from MassMutual and Prudential of $8.6 billion and $10.4 billion, respectively. The Company's obligations to its direct policyholders that have been reinsured to MassMutual and Prudential are secured by invested assets held in trust. Net of invested assets held in trust, as of December 31, 2015 , the Company has no reinsurance-related concentrations of credit risk greater than 10% of the Company’s consolidated stockholders’ equity. The allowance for uncollectible reinsurance reflects management’s best estimate of reinsurance cessions that may be uncollectible in the future due to reinsurers’ unwillingness or inability to pay. The Company analyzes recent developments in commutation activity between reinsurers and cedants, recent trends in arbitration and litigation outcomes in disputes between reinsurers and cedants and the overall credit quality of the Company’s reinsurers. Based on this analysis, the Company may adjust the allowance for uncollectible reinsurance or charge off reinsurer balances that are determined to be uncollectible. Where its contracts permit, the Company secures future claim obligations with various forms of collateral, including irrevocable letters of credit, secured trusts, funds held accounts and group-wide offsets. Due to the inherent uncertainties as to collection and the length of time before reinsurance recoverables become due, it is possible that future adjustments to the Company’s reinsurance recoverables, net of the allowance, could be required, which could have a material adverse effect on the Company’s consolidated results of operations or cash flows in a particular quarter or annual period. Insurance Revenues The effect of reinsurance on property and casualty premiums written and earned is as follows: For the years ended December 31, Premiums Written 2015 2014 2013 Direct $ 10,861 $ 10,571 $ 10,564 Assumed 297 275 247 Ceded (580 ) (602 ) (882 ) Net $ 10,578 $ 10,244 $ 9,929 Premiums Earned Direct $ 10,704 $ 10,531 $ 10,494 Assumed 298 264 241 Ceded (586 ) (699 ) (871 ) Net $ 10,416 $ 10,096 $ 9,864 The reduction in ceded premium for the years ended December 31, 2015 and 2014 were driven by the Company's decision to exit unprofitable programs, including captive programs where the Company ceded direct premiums to insured captive insurance companies. Ceded losses, which reduce losses and loss adjustment expenses incurred, were $336 , $502 , and $459 for the years ended December 31, 2015 , 2014, and 2013, respectively. The effect of reinsurance on life insurance earned premiums and fee income is as follows: For the years ended December 31, 2015 2014 2013 Gross earned premiums, fees and other considerations $ 5,767 $ 6,029 $ 6,435 Reinsurance assumed 209 193 138 Reinsurance ceded (1,707 ) (1,720 ) (1,780 ) Net earned premiums, fees and other considerations $ 4,269 $ 4,502 $ 4,793 The Company reinsures certain of its risks to other reinsurers under yearly renewable term, coinsurance, and modified coinsurance arrangements, and variations thereto. Yearly renewable term and coinsurance arrangements result in passing all or a portion of the risk to the reinsurer. Generally, the reinsurer receives a proportionate amount of the premiums less an allowance for commissions and expenses and is liable for a corresponding proportionate amount of all benefit payments. Modified coinsurance is similar to coinsurance except that the cash and investments that support the liabilities for contract benefits are not transferred to the assuming company, and settlements are made on a net basis between the companies. The cost of reinsurance related to long-duration contracts is accounted for over the life of the underlying reinsured policies using assumptions consistent with those used to account for the underlying policies. Insurance recoveries on ceded reinsurance agreements, which reduce death and other benefits, were $1,111 , $863 , and $913 for the years ended December 31, 2015 , 2014, and 2013, respectively. In addition, the Company has reinsured a portion of the risk associated with variable annuities and the associated GMDB and GMWB riders. |
Deferred Policy Acquisition Cos
Deferred Policy Acquisition Costs and Present Value of Future Profits Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Policy Acquisition Costs and Present Value of Future Profits [Abstract] | |
Deferred Policy Acquisition Costs and Present Value of Future Profits | Changes in the DAC balance are as follows: For the years ended December 31, 2015 2014 2013 Balance, beginning of period $ 1,823 $ 2,161 $ 5,725 Deferred costs 1,390 1,364 1,330 Amortization — DAC (1,571 ) (1,593 ) (1,615 ) Amortization — Unlock benefit (charge), pre-tax [1] 69 (136 ) (1,086 ) Amortization — DAC related to business dispositions [2] [3] — — (2,229 ) Adjustments to unrealized gains and losses on securities AFS and other 105 27 122 Effect of currency translation — — (86 ) Balance, end of period $ 1,816 $ 1,823 $ 2,161 [1] Includes Unlock charge of $887 related to elimination of future estimated gross profits on the HLIKK variable annuity block in 2013. As a result of the HLIKK annuity business sale completed in June 2014, this Unlock charge has been reclassified to discontinued operations. For further information regarding this transaction, see Note 18 - Discontinued Operations and Business Dispositions of Notes to Consolidated Financial Statements. [2] Includes accelerated amortization of $352 and $2,374 recognized upon the sale of the Retirement Plans and Individual Life businesses, respectively, in 2013. For further information, see Note 18 - Discontinued Operations and Business Dispositions of Notes to Consolidated Financial Statements. [3] Includes previously unrealized gains on securities AFS of $148 and $349 recognized upon the sale of the Retirement Plans and Individual Life businesses, respectively, in 2013. Changes in the DAC balance are as follows: For the years ended December 31, 2015 2014 2013 Balance, beginning of period $ 1,823 $ 2,161 $ 5,725 Deferred costs 1,390 1,364 1,330 Amortization — DAC (1,571 ) (1,593 ) (1,615 ) Amortization — Unlock benefit (charge), pre-tax [1] 69 (136 ) (1,086 ) Amortization — DAC related to business dispositions [2] [3] — — (2,229 ) Adjustments to unrealized gains and losses on securities AFS and other 105 27 122 Effect of currency translation — — (86 ) Balance, end of period $ 1,816 $ 1,823 $ 2,161 |
Goodwill Level 1 (Notes)
Goodwill Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill, Impaired [Abstract] | |
Goodwill | The carrying value of goodwill allocated to reporting units as of December 31, 2015 and 2014 is as follows: Gross Accumulated Impairments Carrying Value Personal Lines $ 119 $ — $ 119 Mutual Funds 149 — 149 Corporate [1] 585 (355 ) 230 Total $ 853 $ (355 ) $ 498 [1] G oodwill within Corporate is primarily attributed to the Company’s “buy-back” of Hartford Life, Inc. ("HLI") in 2000 and was allocated to each of Hartford Life’s reporting units based on the reporting unit’s fair value of in-force business at the buy-back date. Although this goodwill was allocated to each reporting unit, it is held in Corporate for segment reporting. Accumulated impairments relate to reporting units with no remaining goodwill. Carrying value as of December 31, 2015 and 2014 includes $138 and $92 for the Group Benefits and Mutual Funds reporting units, respectively. Year ended December 31, 2015 The annual goodwill assessment for the Mutual Funds, Group Benefits, and Personal Lines reporting units was completed as of October 31, 2015, which resulted in no write-downs of goodwill for the year ended December 31, 2015. All reporting units passed the first step of their annual impairment test with a significant margin. Year ended December 31, 2014 The annual goodwill assessment for the Group Benefits, Personal Lines, and Mutual Funds reporting units was completed as of October 31, 2014, which resulted in no write-downs of goodwill for the year ended December 31, 2014. The reporting units passed the first step of their annual impairment test with a significant margin with the exception of the Group Benefits reporting unit. Group Benefits passed the first step of its annual impairment test with less than a 10% margin. The fair value of the Group Benefits reporting unit is based on discounted cash flows using earnings projections on in force business and future business growth. Year ended December 31, 2013 During the first quarter of 2013, the Company completed the sale of its Retirement Plans business to MassMutual. Accordingly, the carrying value of the reporting unit's goodwill of $156 was reduced and included in reinsurance loss on disposition in the Company's Consolidated Statements of Operations. The annual goodwill assessment for the Mutual Funds, Group Benefits, and Personal Lines reporting units was completed as of October 31, 2013, which resulted in no write-downs of goodwill for the year ended December 31, 2013. All reporting units passed the first step of their annual impairment test with a significant margin. |
Separate Accounts, Death Benefi
Separate Accounts, Death Benefits, and Other Insurance Benefits Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Separate Accounts Disclosure [Abstract] | |
Separate Accounts, Death Benefits, and Other Insurance Benefit Features [Text Block] | GMDB/GMWB, International GMDB/GMIB, and Universal Life Secondary Guarantee Benefits Changes in the gross U.S. GMDB/GMWB, International GMDB/GMIB, and universal life secondary guarantee benefits are as follows: U.S. GMDB/GMWB [1] Universal Life Secondary Guarantees Liability balance as of January 1, 2015 $ 812 $ 2,041 Incurred [2] 163 272 Paid (112 ) — Liability balance as of December 31, 2015 $ 863 $ 2,313 Reinsurance recoverable asset, as of January 1, 2015 $ 481 $ 2,041 Incurred [2] 131 272 Paid (89 ) — Reinsurance recoverable asset, as of December 31, 2015 $ 523 $ 2,313 U.S. GMDB/GMWB [1] International GMDB/GMIB Universal Life Secondary Guarantees Liability balance as of January 1, 2014 $ 849 $ 272 $ 1,802 Incurred [2] 73 (13 ) 239 Paid (110 ) (15 ) — Impact of HLIKK business disposition — (254 ) — Currency translation adjustment — 10 — Liability balance as of December 31, 2014 $ 812 $ — $ 2,041 Reinsurance recoverable asset, as of January 1, 2014 $ 533 $ 23 $ 1,802 Incurred [2] 33 7 239 Paid (85 ) (4 ) — Impact of HLIKK business disposition — (27 ) — Currency translation adjustment — 1 — Reinsurance recoverable asset, as of December 31, 2014 $ 481 $ — $ 2,041 [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. [2] Includes the portion of assessments established as additions to reserves as well as changes in estimates affecting the reserves. The following table provides details concerning GMDB/GMWB exposure as of December 31, 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 $ 14,540 $ 2,743 $ 477 70 With 5% rollup [2] 1,257 227 77 71 With Earnings Protection Benefit Rider (“EPB”) [3] 3,697 490 77 69 With 5% rollup & EPB 487 107 23 72 Total MAV 19,981 3,567 654 Asset Protection Benefit (“APB”) [4] 11,707 519 346 69 Lifetime Income Benefit (“LIB”) – Death Benefit [5] 516 9 9 69 Reset [6] (5-7 years) 2,582 32 32 70 Return of Premium (“ROP”) [7]/Other 9,459 71 64 68 Subtotal Variable Annuity with GMDB/GMWB [10] 44,245 4,198 1,105 69 Less: General Account Value with GMDB/GMWB 3,822 Subtotal Separate Account Liabilities with GMDB $ 40,423 Separate Account Liabilities without GMDB $ 79,700 Total Separate Account Liabilities $ 120,123 [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 $7.0 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 December 31, 2015 As of December 31, 2014 Equity securities (including mutual funds) $ 36,970 $ 44,786 Cash and cash equivalents 3,453 4,066 Total $ 40,423 $ 48,852 As of December 31, 2015 and December 31, 2014 , approximately 17% of the equity securities (including mutual funds), in the preceding table were funds invested in fixed income securities and approximately 83% were funds invested in equity securities. For further information on guaranteed living benefits that are accounted for at fair value, such as GMWB, see Note 4 - Fair Value Measurements of Notes to Consolidated Financial Statements. perty and Casualty Insurance Products Unpaid Losses and Loss Adjustment Expenses A roll-forward of liabilities for unpaid losses and loss adjustment expenses follows: For the years ended December 31, 2015 2014 2013 Beginning liabilities for unpaid losses and loss adjustment expenses, gross $ 21,806 $ 21,704 $ 21,716 Reinsurance and other recoverables 3,041 3,028 3,027 Beginning liabilities for unpaid losses and loss adjustment expenses, net 18,765 18,676 18,689 Provision for unpaid losses and loss adjustment expenses Current accident year 6,647 6,572 6,621 Prior accident year development 250 228 192 Total provision for unpaid losses and loss adjustment expenses 6,897 6,800 6,813 Less: payments Current accident year 2,653 2,639 2,552 Prior accident years 4,066 4,072 4,274 Total payments 6,719 6,711 6,826 Ending liabilities for unpaid losses and loss adjustment expenses, net 18,943 18,765 18,676 Reinsurance and other recoverables [1] 2,882 3,041 3,028 Ending liabilities for unpaid losses and loss adjustment expenses, gross $ 21,825 $ 21,806 $ 21,704 [1] Includes reinsurance recoverables of $2,515 , $2,730 and $2,735 as of December 31, 2015 , 2014 and 2013 , respectively. As of December 31, 2015 and 2014 , property and casualty insurance products reserves were discounted by a total of $523 and $556 , respectively. The current accident year benefit from discounting property and casualty insurance products reserves was $35 in 2015 , $34 in 2014 and $46 in 2013 . The reduction in the discount benefit in 2014 as compared to 2013 reflects lower claim volume and a shorter than expected payment pattern in 2014. Accretion of discounts for prior accident years totaled $38 in 2015 , $31 in 2014 , and $31 in 2013 . The reserves recorded for the Company’s property and casualty insurance products at December 31, 2015 represent the Company’s best estimate of its ultimate liability for losses and loss adjustment expenses related to losses covered by policies written by the Company. However, because of the significant uncertainties surrounding reserves, and particularly asbestos and environmental exposures, it is possible that management’s estimate of the ultimate liabilities for these claims may change and that the required adjustment to recorded reserves could exceed the currently recorded reserves by an amount that could be material to the Company’s results of operations or cash flows. For additional information, see Note 12 - Commitments and Contingencies , Guaranty Fund and Other Insurance-related Assessments. Losses and loss adjustment expenses are also impacted by trends including frequency and severity as well as changes in the legislative and regulatory environment. In the case of the reserves for asbestos exposures, factors contributing to the high degree of uncertainty include inadequate loss development patterns, plaintiffs’ expanding theories of liability, the risks inherent in major litigation, and inconsistent emerging legal doctrines. In the case of the reserves for environmental exposures, factors contributing to the high degree of uncertainty include expanding theories of liabilities and damages, the risks inherent in major litigation, inconsistent decisions concerning the existence and scope of coverage for environmental claims, and uncertainty as to the monetary amount being sought by the claimant from the insured. The following table presents (favorable) unfavorable prior accident year development: For the years ended December 31, 2015 2014 2013 Auto liability $ 54 $ 25 $ 144 Homeowners 9 (7 ) (6 ) Professional liability (36 ) (17 ) (29 ) Package business 28 3 2 General liability 8 (25 ) (75 ) Bond (2 ) 8 (8 ) Commercial property (6 ) 2 (7 ) Net asbestos reserves 146 212 130 Net environmental reserves 55 30 12 Uncollectible reinsurance — — (25 ) Workers’ compensation (37 ) (7 ) (2 ) Workers’ compensation - NY 25a Fund for Reopened Cases — — 80 Workers’ compensation discount accretion 29 30 30 Catastrophes (18 ) (45 ) (63 ) Other reserve re-estimates, net 20 19 9 Total prior accident year development $ 250 $ 228 $ 192 Net unfavorable reserve development in 2015 primarily included the following: • an increase in commercial auto liability reserves, predominantly for accident years 2010 through 2013; • an increase in package business reserves driven by higher than expected severity on liability claims; • an increase in net asbestos and net environmental reserves driven by the annual ground-up asbestos and environmental reserve evaluations; • partially offset by a decrease in professional liability reserves, for accident years 2009 through 2012; • also offset by a decrease in and workers' compensation reserves, due to an improvement in claim closure rates resulting in a decrease in outstanding claims for permanently disabled claimants; and • also offset by a decrease in catastrophe reserves primarily for accident year 2014. Net unfavorable reserve development in 2014 primarily included the following: • an increase in commercial auto liability reserves, for several accident years; • an increase in net asbestos reserves driven by the annual ground-up asbestos reserve evaluation; • partially offset by a decrease in general liability reserves due to lower frequency in late emerging claims; and • also offset by a decrease in professional liability reserves, for accident years 2010, 2012 and 2013; and • also offset by a decrease in catastrophe reserves primarily for accident year 2013. Net unfavorable reserve development in 2013 primarily included the following: • an increase in commercial auto liability reserves, for accident years 2010 through 2012; • an increase related to the closing of the New York Section 25A Fund for Reopened Cases; • an increase in net asbestos reserves driven by the annual ground-up asbestos reserve evaluation; • partially offset by a decrease in general liability reserves, for accident years 2006 through 2011; and • also offset by a decrease in professional liability reserves, for accident years 2008 through 2012; and • also offset by a decrease in catastrophe reserves primarily related to Storm Sandy. Life Insurance, Disability and Accident Products Unpaid Losses and Loss Adjustment Expenses A roll-forward of liabilities for group life, disability and accident, for unpaid losses and loss adjustment expenses follows: For the years ended December 31, 2015 2014 2013 Beginning liabilities for unpaid losses and loss adjustment expenses, gross $ 6,084 $ 6,308 $ 6,547 Reinsurance recoverables 271 267 252 Beginning liabilities for unpaid losses and loss adjustment expenses, net 5,813 6,041 6,295 Provision for unpaid losses and loss adjustment expenses Current accident year 2,371 2,370 2,534 Prior accident year development 64 (11 ) (17 ) Total provision for unpaid losses and loss adjustment expenses 2,435 2,359 2,517 Less: payments Current accident year 1,214 1,161 1,207 Prior accident years 1,354 1,426 1,564 Total payments 2,568 2,587 2,771 Ending liabilities for unpaid losses and loss adjustment expenses, net 5,680 5,813 6,041 Reinsurance recoverables 285 271 267 Ending liabilities for unpaid losses and loss adjustment expenses, gross $ 5,965 $ 6,084 $ 6,308 The liability for unpaid losses and loss adjustment expenses for group life, disability and accident contracts was discounted to present value using rates based on the Company’s earned investment yield estimated at the time the claims are incurred. The increase in the provision for unpaid losses and loss adjustment expenses is primarily due to higher claim severity on the long-term disability product. The liability for future policy benefits and unpaid losses and loss adjustment expenses is as follows: As of December 31, 2015 2014 Group life term, disability and accident unpaid losses and loss adjustment expenses $ 5,965 $ 6,084 Group life other unpaid losses and loss adjustment expenses 174 203 Individual life unpaid losses and loss adjustment expenses 257 171 Future policy benefits 13,351 13,180 Future policy benefits, unpaid losses and loss adjustment expenses $ 19,747 $ 19,638 |
Reserves for Future Policy Bene
Reserves for Future Policy Benefits and Unpaid Losses and Loss Adjustment Expenses Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] | |
Reserves for Future Policy Benefits and Unpaid Losses and Loss Adjustment Expenses | 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 [2] 163 272 Paid (112 ) — Liability balance as of December 31, 2015 $ 863 $ 2,313 Reinsurance recoverable asset, as of January 1, 2015 $ 481 $ 2,041 Incurred [2] 131 272 Paid (89 ) — Reinsurance recoverable asset, as of December 31, 2015 $ 523 $ 2,313 U.S. GMDB/GMWB [1] International GMDB/GMIB Universal Life Secondary Guarantees Liability balance as of January 1, 2014 $ 849 $ 272 $ 1,802 Incurred [2] 73 (13 ) 239 Paid (110 ) (15 ) — Impact of HLIKK business disposition — (254 ) — Currency translation adjustment — 10 — Liability balance as of December 31, 2014 $ 812 $ — $ 2,041 Reinsurance recoverable asset, as of January 1, 2014 $ 533 $ 23 $ 1,802 Incurred [2] 33 7 239 Paid (85 ) (4 ) — Impact of HLIKK business disposition — (27 ) — Currency translation adjustment — 1 — Reinsurance recoverable asset, as of December 31, 2014 $ 481 $ — $ 2,041 [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. [2] Includes the portion of assessments established as additions to reserves as well as changes in estimates affecting the reserves. The following table provides details concerning GMDB/GMWB exposure as of December 31, 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 $ 14,540 $ 2,743 $ 477 70 With 5% rollup [2] 1,257 227 77 71 With Earnings Protection Benefit Rider (“EPB”) [3] 3,697 490 77 69 With 5% rollup & EPB 487 107 23 72 Total MAV 19,981 3,567 654 Asset Protection Benefit (“APB”) [4] 11,707 519 346 69 Lifetime Income Benefit (“LIB”) – Death Benefit [5] 516 9 9 69 Reset [6] (5-7 years) 2,582 32 32 70 Return of Premium (“ROP”) [7]/Other 9,459 71 64 68 Subtotal Variable Annuity with GMDB/GMWB [10] 44,245 4,198 1,105 69 Less: General Account Value with GMDB/GMWB 3,822 Subtotal Separate Account Liabilities with GMDB $ 40,423 Separate Account Liabilities without GMDB $ 79,700 Total Separate Account Liabilities $ 120,123 [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 $7.0 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 December 31, 2015 As of December 31, 2014 Equity securities (including mutual funds) $ 36,970 $ 44,786 Cash and cash equivalents 3,453 4,066 Total $ 40,423 $ 48,852 As of December 31, 2015 and December 31, 2014 , approximately 17% of the equity securities (including mutual funds), in the preceding table were funds invested in fixed income securities and approximately 83% were funds invested in equity securities. For further information on guaranteed living benefits that are accounted for at fair value, such as GMWB, see Note 4 - Fair Value Measurements of Notes to Consolidated Financial Statements. perty and Casualty Insurance Products Unpaid Losses and Loss Adjustment Expenses A roll-forward of liabilities for unpaid losses and loss adjustment expenses follows: For the years ended December 31, 2015 2014 2013 Beginning liabilities for unpaid losses and loss adjustment expenses, gross $ 21,806 $ 21,704 $ 21,716 Reinsurance and other recoverables 3,041 3,028 3,027 Beginning liabilities for unpaid losses and loss adjustment expenses, net 18,765 18,676 18,689 Provision for unpaid losses and loss adjustment expenses Current accident year 6,647 6,572 6,621 Prior accident year development 250 228 192 Total provision for unpaid losses and loss adjustment expenses 6,897 6,800 6,813 Less: payments Current accident year 2,653 2,639 2,552 Prior accident years 4,066 4,072 4,274 Total payments 6,719 6,711 6,826 Ending liabilities for unpaid losses and loss adjustment expenses, net 18,943 18,765 18,676 Reinsurance and other recoverables [1] 2,882 3,041 3,028 Ending liabilities for unpaid losses and loss adjustment expenses, gross $ 21,825 $ 21,806 $ 21,704 [1] Includes reinsurance recoverables of $2,515 , $2,730 and $2,735 as of December 31, 2015 , 2014 and 2013 , respectively. As of December 31, 2015 and 2014 , property and casualty insurance products reserves were discounted by a total of $523 and $556 , respectively. The current accident year benefit from discounting property and casualty insurance products reserves was $35 in 2015 , $34 in 2014 and $46 in 2013 . The reduction in the discount benefit in 2014 as compared to 2013 reflects lower claim volume and a shorter than expected payment pattern in 2014. Accretion of discounts for prior accident years totaled $38 in 2015 , $31 in 2014 , and $31 in 2013 . The reserves recorded for the Company’s property and casualty insurance products at December 31, 2015 represent the Company’s best estimate of its ultimate liability for losses and loss adjustment expenses related to losses covered by policies written by the Company. However, because of the significant uncertainties surrounding reserves, and particularly asbestos and environmental exposures, it is possible that management’s estimate of the ultimate liabilities for these claims may change and that the required adjustment to recorded reserves could exceed the currently recorded reserves by an amount that could be material to the Company’s results of operations or cash flows. For additional information, see Note 12 - Commitments and Contingencies , Guaranty Fund and Other Insurance-related Assessments. Losses and loss adjustment expenses are also impacted by trends including frequency and severity as well as changes in the legislative and regulatory environment. In the case of the reserves for asbestos exposures, factors contributing to the high degree of uncertainty include inadequate loss development patterns, plaintiffs’ expanding theories of liability, the risks inherent in major litigation, and inconsistent emerging legal doctrines. In the case of the reserves for environmental exposures, factors contributing to the high degree of uncertainty include expanding theories of liabilities and damages, the risks inherent in major litigation, inconsistent decisions concerning the existence and scope of coverage for environmental claims, and uncertainty as to the monetary amount being sought by the claimant from the insured. The following table presents (favorable) unfavorable prior accident year development: For the years ended December 31, 2015 2014 2013 Auto liability $ 54 $ 25 $ 144 Homeowners 9 (7 ) (6 ) Professional liability (36 ) (17 ) (29 ) Package business 28 3 2 General liability 8 (25 ) (75 ) Bond (2 ) 8 (8 ) Commercial property (6 ) 2 (7 ) Net asbestos reserves 146 212 130 Net environmental reserves 55 30 12 Uncollectible reinsurance — — (25 ) Workers’ compensation (37 ) (7 ) (2 ) Workers’ compensation - NY 25a Fund for Reopened Cases — — 80 Workers’ compensation discount accretion 29 30 30 Catastrophes (18 ) (45 ) (63 ) Other reserve re-estimates, net 20 19 9 Total prior accident year development $ 250 $ 228 $ 192 Net unfavorable reserve development in 2015 primarily included the following: • an increase in commercial auto liability reserves, predominantly for accident years 2010 through 2013; • an increase in package business reserves driven by higher than expected severity on liability claims; • an increase in net asbestos and net environmental reserves driven by the annual ground-up asbestos and environmental reserve evaluations; • partially offset by a decrease in professional liability reserves, for accident years 2009 through 2012; • also offset by a decrease in and workers' compensation reserves, due to an improvement in claim closure rates resulting in a decrease in outstanding claims for permanently disabled claimants; and • also offset by a decrease in catastrophe reserves primarily for accident year 2014. Net unfavorable reserve development in 2014 primarily included the following: • an increase in commercial auto liability reserves, for several accident years; • an increase in net asbestos reserves driven by the annual ground-up asbestos reserve evaluation; • partially offset by a decrease in general liability reserves due to lower frequency in late emerging claims; and • also offset by a decrease in professional liability reserves, for accident years 2010, 2012 and 2013; and • also offset by a decrease in catastrophe reserves primarily for accident year 2013. Net unfavorable reserve development in 2013 primarily included the following: • an increase in commercial auto liability reserves, for accident years 2010 through 2012; • an increase related to the closing of the New York Section 25A Fund for Reopened Cases; • an increase in net asbestos reserves driven by the annual ground-up asbestos reserve evaluation; • partially offset by a decrease in general liability reserves, for accident years 2006 through 2011; and • also offset by a decrease in professional liability reserves, for accident years 2008 through 2012; and • also offset by a decrease in catastrophe reserves primarily related to Storm Sandy. Life Insurance, Disability and Accident Products Unpaid Losses and Loss Adjustment Expenses A roll-forward of liabilities for group life, disability and accident, for unpaid losses and loss adjustment expenses follows: For the years ended December 31, 2015 2014 2013 Beginning liabilities for unpaid losses and loss adjustment expenses, gross $ 6,084 $ 6,308 $ 6,547 Reinsurance recoverables 271 267 252 Beginning liabilities for unpaid losses and loss adjustment expenses, net 5,813 6,041 6,295 Provision for unpaid losses and loss adjustment expenses Current accident year 2,371 2,370 2,534 Prior accident year development 64 (11 ) (17 ) Total provision for unpaid losses and loss adjustment expenses 2,435 2,359 2,517 Less: payments Current accident year 1,214 1,161 1,207 Prior accident years 1,354 1,426 1,564 Total payments 2,568 2,587 2,771 Ending liabilities for unpaid losses and loss adjustment expenses, net 5,680 5,813 6,041 Reinsurance recoverables 285 271 267 Ending liabilities for unpaid losses and loss adjustment expenses, gross $ 5,965 $ 6,084 $ 6,308 The liability for unpaid losses and loss adjustment expenses for group life, disability and accident contracts was discounted to present value using rates based on the Company’s earned investment yield estimated at the time the claims are incurred. The increase in the provision for unpaid losses and loss adjustment expenses is primarily due to higher claim severity on the long-term disability product. The liability for future policy benefits and unpaid losses and loss adjustment expenses is as follows: As of December 31, 2015 2014 Group life term, disability and accident unpaid losses and loss adjustment expenses $ 5,965 $ 6,084 Group life other unpaid losses and loss adjustment expenses 174 203 Individual life unpaid losses and loss adjustment expenses 257 171 Future policy benefits 13,351 13,180 Future policy benefits, unpaid losses and loss adjustment expenses $ 19,747 $ 19,638 |
Commitments and Contingencies L
Commitments and Contingencies Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Contingencies Relating to Corporate Litigation and Regulatory Matters Management evaluates each contingent matter separately. A loss is recorded if probable and reasonably estimable. Management establishes liabilities for these contingencies at its “best estimate,” or, if no one number within the range of possible losses is more probable than any other, the Company records an estimated liability at the low end of the range of losses. Litigation The Hartford is involved in claims litigation arising in the ordinary course of business, both as a liability insurer defending or providing indemnity for third-party claims brought against insureds and as an insurer defending coverage claims brought against it. The Hartford accounts for such activity through the establishment of unpaid loss and loss adjustment expense reserves. Subject to the uncertainties 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 The Company continues to receive asbestos and environmental claims. Asbestos claims relate primarily to bodily injuries asserted by people who came in contact with asbestos or products containing asbestos. Environmental claims relate primarily to pollution and related clean-up costs. The Company wrote several different categories of insurance contracts that may cover asbestos and environmental claims. First, the Company wrote primary policies providing the first layer of coverage in an insured’s liability program. Second, the Company wrote excess policies providing higher layers of coverage for losses that exhaust the limits of underlying coverage. Third, the Company acted as a reinsurer assuming a portion of those risks assumed by other insurers writing primary, excess and reinsurance coverages. Fourth, subsidiaries of the Company participated in the London Market, writing both direct insurance and assumed reinsurance business. Significant uncertainty limits the ability of insurers and reinsurers to estimate the ultimate reserves necessary for unpaid losses and expenses related to environmental and particularly asbestos claims. The degree of variability of reserve estimates for these exposures is significantly greater than for other more traditional exposures. In the case of the reserves for asbestos exposures, factors contributing to the high degree of uncertainty include inadequate loss development patterns, plaintiffs’ expanding theories of liability, the risks inherent in major litigation, and inconsistent emerging legal doctrines. Furthermore, over time, insurers, including the Company, have experienced significant changes in the rate at which asbestos claims are brought, the claims experience of particular insureds, and the value of claims, making predictions of future exposure from past experience uncertain. Plaintiffs and insureds also have sought to use bankruptcy proceedings, including “pre-packaged” bankruptcies, to accelerate and increase loss payments by insurers. In addition, some policyholders have asserted new classes of claims for coverages to which an aggregate limit of liability may not apply. Further uncertainties include insolvencies of other carriers and unanticipated developments pertaining to the Company’s ability to recover reinsurance for asbestos and environmental claims. Management believes these issues are not likely to be resolved in the near future. In the case of the reserves for environmental exposures, factors contributing to the high degree of uncertainty include expanding theories of liability and damages, the risks inherent in major litigation, inconsistent decisions concerning the existence and scope of coverage for environmental claims, and uncertainty as to the monetary amount being sought by the claimant from the insured. The reporting pattern for assumed reinsurance claims, including those related to asbestos and environmental claims, is much longer than for direct claims. In many instances, it takes months or years to determine that the policyholder’s own obligations have been met and how the reinsurance in question may apply to such claims. The delay in reporting reinsurance claims and exposures adds to the uncertainty of estimating the related reserves. It is also not possible to predict changes in the legal and legislative environment and their effect on the future development of asbestos and environmental claims. Given the factors described above, the Company believes the actuarial tools and other techniques it employs to estimate the ultimate cost of claims for more traditional kinds of insurance exposure are less precise in estimating reserves for asbestos and environmental exposures. For this reason, the Company principally relies on exposure-based analysis to estimate the ultimate costs of these claims and regularly evaluates new account information in assessing its potential asbestos and environmental exposures. The Company supplements this exposure-based analysis with evaluations of the Company’s historical direct net loss and expense paid and reported experience, and net loss and expense paid and reported experience by calendar and/or report year, to assess any emerging trends, fluctuations or characteristics suggested by the aggregate paid and reported activity. As of December 31, 2015 and 2014 , the Company reported $1.7 billion of net asbestos reserves and $256 and $247 of net environmental reserves, respectively. The Company believes that its current asbestos and environmental reserves are appropriate. However, analyses of future developments could cause The Hartford to change its estimates and ranges of its asbestos and environmental reserves, and the effect of these changes could be material to the Company’s consolidated operating results and liquidity. Lease Commitments The total rental expense on operating leases was $60 , $62 , and $79 in 2015 , 2014 , and 2013 , respectively, which excludes sublease rental income of $3 , $4 , and $8 in 2015 , 2014 and 2013 , respectively. Future minimum lease commitments as of December 31, 2015 are as follows: Operating Leases 2016 $ 39 2017 33 2018 27 2019 19 2020 12 Thereafter 13 Total minimum lease payments [1] $ 143 [1] Excludes expected future minimum sublease income of approximately $3 , $2 , $2 , $2 , $2 and $0 in 2016 , 2017 , 2018 , 2019 , 2020 and thereafter respectively. The Company’s lease commitments consist primarily of lease agreements for office space, data processing, furniture and fixtures, office equipment, and transportation equipment that expire at various dates. Capital lease assets are included in property and equipment. Unfunded Commitments As of December 31, 2015 , the Company has outstanding commitments totaling $1.0 billion , of which $748 is committed to fund limited partnership and other alternative investments, which may be called by the partnership during the commitment period to fund the purchase of new investments and partnership expenses. Additionally, $236 of the outstanding commitments relate to various funding obligations associated with private placement securities. The remaining outstanding commitments of $31 relate to mortgage loans the Company is expecting to fund in the first half of 2016. Derivative Commitments Certain of the Company’s derivative agreements contain provisions that are tied to the financial strength ratings, as set by nationally recognized statistical agencies, of the individual legal entity that entered into the derivative agreement. If the legal entity’s financial strength were to fall below certain ratings, the counterparties to the derivative agreements could demand immediate and ongoing full collateralization and in certain instances demand immediate settlement of all outstanding derivative positions traded under each impacted bilateral agreement. The settlement amount is determined by netting the derivative positions transacted under each agreement. If the termination rights were to be exercised by the counterparties, it could impact the legal entity’s ability to conduct hedging activities by increasing the associated costs and decreasing the willingness of counterparties to transact with the legal entity. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that are in a net liability position as of December 31, 2015 was $1.3 billion . Of this $1.3 billion the legal entities have posted collateral of $1.5 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 December 31, 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. Guarantees In the ordinary course of selling businesses or entities to third parties, the Company has agreed to indemnify purchasers for losses arising out of breaches of representations and warranties with respect to the business or entities being sold, covenants and obligations of the Company and/or its subsidiaries following the closing. These obligations are typically subject to various time limitations, defined by the contract or by operation of law, such as statutes of limitation. In some cases, the maximum potential obligation is subject to contractual limitations, while in other cases such limitations are not specified or applicable. The Company does not expect to make any payments on these guarantees and is not carrying any liabilities associated with these guarantees. |
Income Taxes Level 1 (Notes)
Income Taxes Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax | Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions, as applicable. Income (loss) from continuing operations before income taxes included income from domestic operations of $2,017 , $1,736 and $1,473 for the years ended December 31, 2015 , 2014 and 2013 , and losses from foreign operations of $(39) , $(37) and $(2) for the years ended December 31, 2015 , 2014 and 2013 . The provision (benefit) for income taxes consists of the following: For the years ended December 31, 2015 2014 2013 Income Tax Expense (Benefit) Current - U.S. Federal $ (55 ) $ (62 ) $ 219 International 3 2 — Total current (52 ) (60 ) 219 Deferred - U.S. Federal 357 410 27 Total income tax expense $ 305 $ 350 $ 246 Deferred tax assets and liabilities on the consolidated balance sheets represent the tax consequences of differences between the financial reporting and tax basis of assets and liabilities. Deferred tax assets (liabilities) include the following: As of December 31, Deferred Tax Assets 2015 2014 Tax discount on loss reserves $ 524 $ 573 Tax basis deferred policy acquisition costs 162 163 Unearned premium reserve and other underwriting related reserves 377 456 Investment-related items 831 1,020 Insurance product derivatives 90 44 Employee benefits 655 677 Alternative minimum tax credit 639 652 Net operating loss carryover 1,831 1,936 Foreign tax credit carryover 154 178 Capital loss carryover 78 172 Total Deferred Tax Assets 5,341 5,871 Valuation Allowance (79 ) (181 ) Deferred Tax Assets, Net of Valuation Allowance 5,262 5,690 Deferred Tax Liabilities Financial statement deferred policy acquisition costs and reserves (943 ) (1,040 ) Net unrealized gains on investments (842 ) (1,489 ) Other depreciable and amortizable assets (229 ) (217 ) Other (42 ) (47 ) Total Deferred Tax Liabilities (2,056 ) (2,793 ) Net Deferred Tax Asset $ 3,206 $ 2,897 The Company has recorded a deferred tax asset valuation allowance that is adequate to reduce the total deferred tax asset to an amount that will more likely than not be realized. In assessing the need for a valuation allowance, management considered future taxable temporary difference reversals, future taxable income exclusive of reversing temporary differences and carryovers, taxable income in open carry back years and other tax planning strategies. From time to time, tax planning strategies could include holding a portion of debt securities with market value losses until recovery, altering the level of tax exempt securities held, making investments which have specific tax characteristics, and business considerations such as asset-liability matching. Management views such tax planning strategies as prudent and feasible and would implement them, if necessary, to realize the deferred tax assets. As shown in the deferred tax assets (liabilities) table above, included in net deferred income taxes are the future tax benefits associated with the net operating loss carryover, foreign tax credit carryover, capital loss carryover, and alternative minimum tax credit carryover as follows: As of December 31, 2015 December 31, 2014 Expiration Carryover amount Expected tax benefit, gross Carryover amount Expected tax benefit, gross Dates Amount Net operating loss carryover - U.S. $ 5,182 $ 1,814 $ 5,508 $ 1,928 2016 - 2020 $ 4 2023 - 2033 $ 5,178 Net operating loss carryover - foreign $ 89 $ 17 $ 39 $ 8 No expiration $ 89 Foreign tax credit carryover $ 154 $ 154 $ 178 $ 178 2019 - 2024 $ 154 Capital loss carryover $ 222 $ 78 $ 491 $ 172 2019 $ 222 Alternative minimum tax credit carryover $ 639 $ 639 $ 652 $ 652 No expiration $ 639 Net Operating Loss Carryover Due to limitations on the use of certain losses, a valuation allowance of $1 and $9 has been established as of December 31, 2015 and December 31, 2014 , respectively, in order to recognize only the portion of net operating losses that will more likely than not be realized. The Company's effective tax rate for the year ended December 31, 2015 reflects an $8 benefit from the partial reduction of the deferred tax asset valuation allowance on the net operating loss carryover. Utilization of these loss carryovers is dependent upon the generation of sufficient future taxable income. 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 HLIKK 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 These credit carryovers 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 began 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 December 31, 2015 and December 31, 2014 , the net deferred tax asset before valuation allowance included the expected tax benefit attributable to the capital loss carryover. The capital loss carryover is largely due to the loss on sale of HLIKK in 2014. As of December 31, 2015 and December 31, 2014 , the associated deferred tax asset valuation allowance was $78 and $172 , respectively. Utilization of the capital loss carryover requires the Company to realize taxable capital gains. The Company's effective tax rate for the year ended December 31, 2015 reflects a $94 benefit from the partial reduction of the deferred tax asset valuation on the capital loss carryover due to taxable gains on the termination of certain derivatives. The Company concluded that it is more likely than not that the remaining capital loss carryovers will not be realized. A reconciliation of the tax provision at the U.S. federal statutory rate to the provision (benefit) for income taxes is as follows: For the years ended December 31, 2015 2014 2013 Tax provision at U.S. federal statutory rate $ 692 $ 595 $ 515 Tax-exempt interest (132 ) (138 ) (138 ) Dividends received deduction (156 ) (114 ) (139 ) Increase (decrease) in valuation allowance (102 ) 5 (2 ) Other 3 2 10 Provision for income taxes $ 305 $ 350 $ 246 The Company’s effective tax rate for the year ended December 31, 2015 reflects a $36 net reduction in the provision for income taxes related to the release of reserves due to the resolution of uncertain tax positions consisting of a $48 reduction in the provision 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 due to the filing of the Company's 2014 federal consolidated income tax return. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: For the year ended December 31, 2015 Balance, beginning of period $ 48 Gross increases - tax positions in prior period 12 Gross decreases - tax positions in prior period (48 ) Balance, end of period $ 12 The Company’s unrecognized tax benefits were unchanged during the years ended December 31, 2014, and 2013 remaining at $48 as of December 31, 2014, and 2013. The entire amount of unrecognized tax benefits, if recognized, would affect the effective tax rate in the period of the release. As of December 31, 2015, the Company had a current income tax payable of $5 . 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 classifies interest and penalties (if applicable) as income tax expense in the consolidated financial statements. The Company recognized interest expense of $0 , $0 , and $5 for the years ended December 31, 2015 , 2014 and 2013, respectively. The Company had approximately $0 and $1 of interest payable as of December 31, 2015 and 2014, respectively. The Company does not believe it would be subject to any penalties in any open tax years and, therefore, has not recorded any accrual for penalties. |
Debt Level 1 (Notes)
Debt Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Company’s long-term debt securities are issued by either HFSG Holding Company or HLI, and are unsecured obligations of HFSG Holding Company or HLI, and rank on a parity with all other unsecured and unsubordinated indebtedness of HFSG Holding Company or HLI. Debt is carried net of discount. Short-term and long-term debt by issuance are as follows: As of December 31, 2015 2014 Revolving Credit Facilities $ — $ — Senior Notes and Debentures 4.0% Notes, due 2015 — 289 7.3% Notes, due 2015 — 167 5.5% Notes, due 2016 275 275 5.375% Notes, due 2017 416 415 4.0% Notes, due 2017 — 295 6.3% Notes, due 2018 320 320 6.0% Notes, due 2019 413 413 5.5% Notes, due 2020 499 499 5.125% Notes, due 2022 797 797 7.65% Notes, due 2027 80 80 7.375% Notes, due 2031 63 63 5.95% Notes, due 2036 299 299 6.625% Notes, due 2040 295 295 6.1% Notes, due 2041 326 326 6.625% Notes, due 2042 178 178 4.3% Notes, due 2043 298 298 Junior Subordinated Debentures 7.875% Notes, due 2042 600 600 8.125% Notes, due 2068 500 500 Total Notes and Debentures 5,359 6,109 Less: Current maturities 275 456 Long-Term Debt 5,084 5,653 Total Debt $ 5,359 $ 6,109 The effective interest rate on the 6.1% senior notes due 2041 is 7.9% . The effective interest rate on the remaining notes does not differ materially from the stated rate. The Company incurred interest expense of $357 , $376 and $397 on long-term debt for the years ended December 31, 2015 , 2014 and 2013 , respectively. Collateralized Advances Hartford Life Insurance Company (“HLIC”), an indirect wholly owned subsidiary, is a member of the Federal Home Loan Bank of Boston (“FHLBB”). Membership allows HLIC access to collateralized advances, which may be used to support various spread-based businesses and enhance liquidity management. FHLBB membership requires the company to own member stock and advances require the purchase of activity stock. The amount of advances that can be taken are dependent on the asset types pledged to secure the advances. The Connecticut Department of Insurance (“CTDOI”) will permit HLIC to pledge up to $1.2 billion in qualifying assets to secure FHLBB advances for 2016 . The pledge limit is recalculated annually based on statutory admitted assets and capital and surplus. HLIC would need to seek the prior approval of the CTDOI in order to exceed these limits. As of December 31, 2015 , HLIC had no advances outstanding under the FHLBB facility. Senior Notes On March 30, 2015, the Company repaid its $289 , 4.0% senior notes at maturity. On May 27, 2015, the Company redeemed 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. On November 2, 2015, the Company repaid its $167 , 7.3% senior notes at maturity. The Company funded the maturities of the 4.0% and 7.3% senior notes along with the redemption of the 4.0% senior notes with cash on hand. Junior Subordinated Debentures Issue Face Value Interest Rate [1] Call Date Interest Rate Subsequent to Call Date [2] Final Maturity 7.875% Debentures $ 600 7.875 % [2] April 15, 2022 3 Month LIBOR + 5.596% April 15, 2042 8.125% Debentures [3] $ 500 8.125 % [4] June 15, 2018 3 Month LIBOR + 4.6025% June 15, 2068 [1] Interest rate in effect until call date. [2] Payable quarterly in arrears. [3] The 8.125% debentures have a scheduled maturity date of June 15, 2038. The Company is required to use reasonable efforts to sell certain qualifying replacement securities in order to repay the debentures at the scheduled maturity date. [4] Payable semi-annually in arrears. The debentures are unsecured, subordinated and junior in right of payment and upon liquidation to all of the Company’s existing and future senior indebtedness. In addition, the debentures are effectively subordinated to all of the Company’s subsidiaries’ existing and future indebtedness and other liabilities, including obligations to policyholders. The debentures do not limit the Company’s or the Company’s subsidiaries’ ability to incur additional debt, including debt that ranks senior in right of payment and upon liquidation to the debentures. The Company has the right to defer interest payments for up to ten consecutive years without giving rise to an event of default. Deferred interest will continue to accrue and will accrue additional interest at the then applicable interest rate. If the Company defers interest payments, the Company generally may not make payments on or redeem or purchase any shares of its capital stock or any of its debt securities or guarantees that rank upon liquidation, dissolution or winding up equally with or junior to the debentures, subject to certain limited exceptions. If the Company defers interest on the 8.125% debentures for five consecutive years or, if earlier, pays current interest during a deferral period, the Company will be required to pay deferred interest from proceeds from the sale of certain qualifying securities. The 7.875% and 8.125% debentures may be redeemed in whole prior to the call date upon certain tax or rating agency events, at a price equal to the greater of 100% of the principal amount being redeemed and the applicable make-whole amount plus any accrued and unpaid interest. The Company may elect to redeem the 8.125% debentures in whole or part at its option prior to the call date at a price equal to the greater of 100% of the principal amount being redeemed and the applicable make-whole amount plus any accrued and unpaid interest. The Company may elect to redeem the 7.875% and 8.125% debentures in whole or in part on or after the call date for the principal amount being redeemed plus accrued and unpaid interest to the date of redemption. In connection with the offering of the 8.125% debentures, the Company entered into a replacement capital covenant ("RCC") for the benefit of holders of one or more designated series of the Company's indebtedness, initially the Company’s 6.1% notes due 2041. Under the terms of the RCC, if the Company redeems the 8.125% debentures at any time prior to June 15, 2048 it can only do so with the proceeds from the sale of certain qualifying replacement securities. Long-Term Debt Maturities Long-term debt maturities (at par values), as of December 31, 2015 are summarized as follows: 2016 $ 275 2017 416 2018 320 2019 413 2020 500 Thereafter 3,525 Shelf Registrations On August 9, 2013, the Company filed with the Securities and Exchange Commission (the “SEC”) an automatic shelf registration statement (Registration No. 333-190506) for the potential offering and sale of debt and equity securities. The registration statement allows for the following types of securities to be offered: debt securities, junior subordinated debt securities, preferred stock, common stock, depositary shares, warrants, stock purchase contracts, and stock purchase units. In that The Hartford is a well-known seasoned issuer, as defined in Rule 405 under the Securities Act of 1933, the registration statement went effective immediately upon filing and The Hartford may offer and sell an unlimited amount of securities under the registration statement during the three-year life of the registration statement. Contingent Capital Facility The Company is party to a put option agreement that provides The Hartford with the right to require the Glen Meadow ABC Trust, a Delaware statutory trust, at any time and from time to time, to purchase The Hartford’s junior subordinated notes in a maximum aggregate principal amount not to exceed $500 . Under the Put Option Agreement, The Hartford pays the Glen Meadow ABC Trust premiums on a periodic basis, calculated with respect to the aggregate principal amount of notes that The Hartford had the right to put to the Glen Meadow ABC Trust for such period. The Hartford has agreed to reimburse the Glen Meadow ABC Trust for certain fees and ordinary expenses. The Company holds a variable interest in the Glen Meadow ABC Trust where the Company is not the primary beneficiary. As a result, the Company did not consolidate the Glen Meadow ABC Trust. As of December 31, 2015 , The Hartford has not exercised its right to require Glen Meadow ABC Trust to purchase the notes. As a result, the notes remain a source of capital for the HFSG Holding Company. Revolving Credit Facilities The Company has a senior unsecured five-year revolving credit facility (the “Credit Facility”) that provides for borrowing capacity up to $1.0 billion of unsecured credit through October 31, 2019 available in U.S. dollars, Euro, Sterling, Canadian dollars and Japanese Yen. As of December 31, 2015 , no borrowings were outstanding under the Credit Facility. As of December 31, 2015 , the Company was in compliance with all financial covenants within the Credit Facility. Commercial Paper The Hartford’s maximum borrowings available under its commercial paper program are $1.0 billion . The Company is dependent upon market conditions to access short-term financing through the issuance of commercial paper to investors. As of December 31, 2015 , there was no commercial paper outstanding. |
Equity Level 1 (Notes)
Equity Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Series F Preferred Stock In 2010, the Company issued 23 million depositary shares, each representing a 1/40th interest in the Company's 7.25% Series F mandatory convertible preferred stock at a price of $25 per depositary share and received net proceeds of approximately $556 . Cumulative dividends on each share of the Series F mandatory convertible preferred stock were payable at a rate of 7.25% per annum on the initial liquidation preference of $1,000 per share. The Series F mandatory convertible preferred stock was converted to 21.2 million shares of common stock on April 1, 2013. Capital Purchase Program ("CPP") Warrants As of December 31, 2015 and 2014 , respectively, the Company has 4.4 million and 7.2 million CPP warrants outstanding and exercisable. The CPP warrants were issued in 2009 as part of a program established by the U.S. Department of the Treasury under the Emergency Economic Stabilization Act of 2008. The CPP warrants expire in 2019. CPP warrant exercises were 2.8 million , 25.2 million and 18.1 million during the years ended December 31, 2015 , 2014 and 2013 , respectively. During the year ended December 31, 2013, the Company also repurchased 1.6 million CPP warrants for $33 under the Company's authorized equity repurchase program. The declaration of common stock dividends by the Company in excess of a threshold triggers a provision in the Company's warrant agreement with The Bank of New York Mellon resulting in adjustments to the CPP warrant exercise price. Accordingly, the CPP warrant exercise price was $9.264 , $9.388 and $9.504 as of December 31, 2015 , 2014 and 2013 , respectively. The exercise price will be settled by the Company's withholding the number of common shares issuable upon exercise of the warrants equal to the value of the aggregate exercise price of the warrants so exercised determined by reference to the closing price of the Company's common stock on the trading day on which the warrants are exercised and notice is delivered to the warrant agent. Equity Repurchase Program In 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 , with $1.3 billion remaining as of December 31, 2015 . Any repurchase of shares under the equity repurchase program is dependent on market conditions and other factors. During the period January 1, 2016 through February 24, 2016 , the Company repurchased 5.3 million common shares for $211 . Statutory Results The domestic insurance subsidiaries of The Hartford prepare their statutory financial statements in conformity with statutory accounting practices prescribed or permitted by the applicable state insurance department which vary materially from U.S. GAAP. Prescribed statutory accounting practices include publications of the National Association of Insurance Commissioners (“NAIC”), as well as state laws, regulations and general administrative rules. The differences between statutory financial statements and financial statements prepared in accordance with U.S. GAAP vary between domestic and foreign jurisdictions. The principal differences are that statutory financial statements do not reflect deferred policy acquisition costs and limit deferred income taxes, predominately use interest rate and mortality assumptions prescribed by the NAIC for life benefit reserves, generally carry bonds at amortized cost, and present reinsurance assets and liabilities net of reinsurance. For reporting purposes, statutory capital and surplus is referred to collectively as "statutory capital". Statutory net income and statutory capital are as follows: For the years ended December 31, Statutory Net Income 2015 2014 2013 Life insurance subsidiaries $ 539 $ 415 $ 2,144 Property and casualty insurance subsidiaries 1,486 1,228 1,217 Total $ 2,025 $ 1,643 $ 3,361 As of December 31, Statutory Capital 2015 2014 Life insurance subsidiaries $ 6,591 $ 7,157 Property and casualty insurance subsidiaries 8,563 8,069 Total $ 15,154 $ 15,226 Regulatory Capital Requirements The Company's U.S. insurance companies' states of domicile impose risk-based capital (“RBC”) requirements. The requirements provide a means of measuring the minimum amount of statutory capital appropriate for an insurance company to support its overall business operations based on its size and risk profile. Regulatory compliance is determined by a ratio of a company's total adjusted capital (“TAC”) to its authorized control level RBC (“ACL RBC”). Companies below specific trigger points or ratios are classified within certain levels, each of which requires specified corrective action. The minimum level of TAC before corrective action commences (“Company Action Level”) is two times the ACL RBC. The adequacy of a company's capital is determined by the ratio of a company's TAC to its Company Action Level, known as the "RBC ratio". All of the Company's operating insurance subsidiaries had RBC ratios in excess of the minimum levels required by the applicable insurance regulations. On an aggregate basis, the Company's U.S. property and casualty insurance companies' RBC ratio was in excess of 200% of its Company Action Level as of December 31, 2015 and 2014. The RBC ratios for the Company's principal life insurance operating subsidiaries were all in excess of 400% of their Company Action Levels as of December 31, 2015 and 2014 . The reporting of RBC ratios is not intended for the purpose of ranking any insurance company, or for use in connection with any marketing, advertising, or promotional activities. Similar to the RBC ratios that are employed by U.S. insurance regulators, regulatory authorities in the international jurisdictions in which the Company operates generally establish minimum solvency requirements for insurance companies. All of the Company's international insurance subsidiaries have solvency margins in excess of the minimum levels required by the applicable regulatory authorities. Dividend Restrictions Dividends to the HFSG Holding Company from its insurance subsidiaries are restricted by insurance regulation. The payment of dividends by Connecticut-domiciled insurers is limited under the insurance holding company laws of Connecticut. These laws require notice to and approval by the state insurance commissioner for the declaration or payment of any dividend, which, together with other dividends or distributions made within the preceding twelve months, exceeds the greater of (i) 10% of the insurer’s policyholder surplus as of December 31 of the preceding year or (ii) net income (or net gain from operations, if such company is a life insurance company) for the twelve-month period ending on the thirty-first day of December last preceding, in each case determined under statutory insurance accounting principles. In addition, if any dividend of a Connecticut-domiciled insurer exceeds the insurer’s earned surplus, it requires the prior approval of the Connecticut Insurance Commissioner. The insurance holding company laws of the other jurisdictions in which The Hartford’s insurance subsidiaries are incorporated (or deemed commercially domiciled) generally contain similar (although in certain instances somewhat more restrictive) limitations on the payment of dividends. Dividends paid to HFSG Holding Company by its life insurance subsidiaries are further dependent on cash requirements of HLI and other factors. In addition to statutory limitations on paying dividends, the Company also takes other items into consideration when determining dividends from subsidiaries. These considerations include, but are not limited to, expected earnings and capitalization of the subsidiary, regulatory capital requirements and liquidity requirements of the individual operating company. During 2015, HFSG Holding Company received approximately $900 of dividends from its property and casualty insurance subsidiaries including approximately $200 which was subsequently contributed to a U.K subsidiary to effect the consolidation of certain property and casualty run-off entities in the U.K. In addition to the property-casualty insurance subsidiaries dividends, HFSG Holding Company received approximately $1.1 billion through a series of transactions with HLI’s life insurance subsidiaries. In 2016, The Company’s property and casualty insurance subsidiaries are permitted to pay up to a maximum of approximately $1.6 billion in dividends to HFSG Holding Company without prior approval from the applicable insurance commissioner. In 2016, HFSG Holding Company anticipates receiving net dividends of approximately $800 from its property-casualty insurance subsidiaries. In 2016, Hartford Life and Accident Insurance Company ("HLA") is permitted to pay up to a maximum of $165 in dividends without prior approval from the insurance commissioner. In 2016, HFSG Holding Company anticipates receiving dividends of approximately $240 from HLA, subject to regulatory approval. On January 29, 2016 HLIC paid an extraordinary dividend of $500 , based on approval received from the CTDOI. As a result of this dividend, HLIC has no ordinary dividend capacity for the remainder of 2016. HFSG Holding Company anticipates receiving an additional $250 of extraordinary dividends from HLIC during 2016, subject to regulatory approval. There are no current restrictions on the HFSG Holding Company's ability to pay dividends to its shareholders. Restricted Net Assets The Company's insurance subsidiaries had net assets of $19 billion , determined in accordance with U.S. GAAP, that were restricted from payment to the HFSG Holding Company, without prior regulatory approval at December 31, 2015. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income, Net of Tax Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | Changes in AOCI, net of tax, by component consist of the following: For the year ended December 31, 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 (1,112 ) (3 ) 18 (47 ) (135 ) (1,279 ) Amounts reclassified from AOCI 21 1 (38 ) — 38 22 OCI, net of tax (1,091 ) (2 ) (20 ) (47 ) (97 ) (1,257 ) Ending balance $ 1,279 $ (7 ) $ 130 $ (55 ) $ (1,676 ) $ (329 ) For the year ended December 31, 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 1,474 3 89 13 (437 ) 1,142 Amounts reclassified from AOCI (91 ) 4 (47 ) (112 ) 111 (135 ) OCI, net of tax 1,383 7 42 (99 ) (326 ) 1,007 Ending balance $ 2,370 $ (5 ) $ 150 $ (8 ) $ (1,579 ) $ 928 For the year ended December 31, 2013 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 $ 3,418 $ (47 ) $ 428 $ 406 $ (1,362 ) $ 2,843 OCI before reclassifications (1,416 ) 51 (195 ) (337 ) 74 (1,823 ) Amounts reclassified from AOCI (1,015 ) (16 ) (125 ) 22 35 (1,099 ) OCI, net of tax (2,431 ) 35 (320 ) (315 ) 109 (2,922 ) Ending balance $ 987 $ (12 ) $ 108 $ 91 $ (1,253 ) $ (79 ) Reclassifications from AOCI consist of the following: AOCI Amount Reclassified from AOCI Affected Line Item in the Consolidated Statement of Operations For the year ended December 31, 2015 For the year ended December 31, 2014 For the year ended December 31, 2013 Net Unrealized Gain on Securities Available-for-sale securities [1] $ (32 ) $ 217 $ 1,515 Net realized capital gains (losses) (32 ) 217 1,515 Total before tax (11 ) 76 531 Income tax expense — 50 31 Income (loss) from discontinued operations, net of tax $ (21 ) $ 91 $ 1,015 Net income OTTI Losses in OCI Other than temporary impairments $ (2 ) $ (6 ) $ 25 Net realized capital gains (losses) (2 ) (6 ) 25 Total before tax (1 ) (2 ) 9 Income tax expense (1 ) (4 ) 16 Net income Net Gain on Cash Flow Hedging Instruments Interest rate swaps [2] $ 4 $ (1 ) $ 91 Net realized capital gains (losses) Interest rate swaps 64 87 97 Net investment income Foreign currency swaps (9 ) (13 ) 4 Net realized capital gains (losses) 59 73 192 Total before tax 21 26 67 Income tax expense $ 38 $ 47 $ 125 Net income Foreign Currency Translation Adjustments Currency translation adjustments [3] $ — $ 172 $ (34 ) Net realized capital gains (losses) — 172 (34 ) Total before tax — 60 (12 ) Income tax expense $ — $ 112 $ (22 ) Net income Pension and Other Postretirement Plan Adjustments Amortization of prior service credit $ 7 $ 7 $ 7 Insurance operating costs and other expenses Amortization of actuarial loss (65 ) (50 ) (61 ) Insurance operating costs and other expenses Settlement loss — (128 ) — Insurance operating costs and other expenses (58 ) (171 ) (54 ) Total before tax (20 ) (60 ) (19 ) Income tax expense (38 ) (111 ) (35 ) Net income Total amounts reclassified from AOCI $ (22 ) $ 135 $ 1,099 Net income [1] The December 31, 2013 amount includes $1.5 billion of net unrealized gains on securities relating to the sales of the Retirement Plans and Individual Life businesses. [2] The December 31, 2013 amount includes $71 of net gains on cash flow hedging instruments relating to the sales of the Retirement Plans and Individual Life businesses. [3] The December 31, 2014 amount relates to the sale of the HLIKK variable and fixed annuity business and the December 31, 2013 amount relates to the sale of the UK variable annuity business. |
Employee Benefit Plans Level 1
Employee Benefit Plans Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | The Company maintains The Hartford Retirement Plan for U.S. Employees, a U.S. qualified defined benefit pension plan (the “Plan”) that covers substantially all U.S. employees hired prior to January 1, 2013. The Company also maintains non-qualified pension plans to provide retirement benefits previously accrued that are in excess of Internal Revenue Code limitations. The Plan includes two benefit formulas, both of which are frozen: a final average pay formula (for which all accruals ceased as of December 31, 2008) and a cash balance formula for which benefit accruals ceased as of December 31, 2012, although interest will continue to accrue to existing cash balance formula account balances. Participants as of December 31, 2012 continue to earn vesting credit with respect to their frozen accrued benefits if they continue to work. The Hartford Excess Pension Plan II, the Company's non-qualified excess pension benefit plan for certain highly compensated employees, is also frozen. The Company provides certain health care and life insurance benefits for eligible retired employees. The Company’s contribution for health care benefits will depend upon the retiree’s date of retirement and years of service. In addition, the plan has a defined dollar cap for certain retirees which limits average Company contributions. The Hartford has prefunded a portion of the health care obligations through a trust fund where such prefunding can be accomplished on a tax effective basis. Effective January 1, 2002, Company-subsidized retiree medical, retiree dental and retiree life insurance benefits were eliminated for employees with original hire dates with the Company on or after January 1, 2002. The Company also amended its postretirement medical, dental and life insurance coverage plans to no longer provide subsidized coverage for employees who retire on or after January 1, 2014. Assumptions Pursuant to accounting principles related to the Company’s pension and other postretirement obligations to employees under its various benefit plans, the Company is required to make a significant number of assumptions in order to calculate the related liabilities and expenses each period. The two economic assumptions that have the most impact on pension and other postretirement expense are the discount rate and the expected long-term rate of return on plan assets. In determining the discount rate assumption, the Company utilizes a discounted cash flow analysis of the Company’s pension and other postretirement obligations and currently available market and industry data. The yield curve utilized in the cash flow analysis reflects high-quality fixed income investments consistent with the maturity profile of the expected liability cash flows. Based on all available information, it was determined that 4.25% and 4.00% were the appropriate discount rates as of December 31, 2015 to calculate the Company’s pension and other postretirement obligations, respectively. The Company determines the expected long-term rate of return assumption based on an analysis of actual compound rates of return earned over various historical time periods. The Company also considers the investment volatility, duration and total returns for various time periods related to the characteristics of the pension obligation, which are influenced by the Company's workforce demographics.In addition, the Company considers long-term market return expectations for an investment mix that generally anticipates 60% fixed income securities and 40% non fixed income securities (global equities, hedge funds and private market alternatives) to derive an expected long-term rate of return. Based upon these analyses, management determined the long-term rate of return assumption to be 6.90% and 7.10% for the years ended December 31, 2015 and 2014 , respectively. To determine the Company's 2016 expense, the Company is currently assuming an expected long-term rate of return on plan assets of 6.70% . Weighted average assumptions used in calculating the Company's benefit obligations and the net amount recognized were as follows: Pension Benefits Other Postretirement Benefits For the years ended December 31, 2015 2014 2015 2014 Discount rate 4.25 % 4.00 % 4.00 % 3.75 % Weighted average assumptions used in calculating the net periodic benefit cost for the Company’s pension plans were as follows: For the years ended December 31, 2015 2014 2013 Discount rate 4.00 % 4.75 % 4.00 % Expected long-term rate of return on plan assets 6.90 % 7.10 % 7.10 % Rate of increase in compensation levels — % — % 3.75 % Weighted average assumptions used in calculating the net periodic benefit cost for the Company’s other postretirement plans were as follows: For the years ended December 31, 2015 2014 2013 Discount rate 3.75 % 4.25 % 3.50 % Expected long-term rate of return on plan assets 6.90 % 7.10 % 7.10 % Assumed health care cost trend rates were as follows: For the years ended December 31, 2015 2014 2013 Pre-65 health care cost trend rate 7.30 % 7.70 % 8.05 % Post-65 health care cost trend rate 5.50 % 5.60 % 5.70 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 5.00 % 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate 2023 2023 2021 A one-percentage point change in assumed health care cost trend rates would have an insignificant effect on the amounts reported for other postretirement plans. Obligations and Funded Status The following tables set forth a reconciliation of beginning and ending balances of the benefit obligation and fair value of plan assets, as well as the funded status of the Company's defined benefit pension and postretirement health care and life insurance benefit plans. International plans represent an immaterial percentage of total pension assets, liabilities and expense and, for reporting purposes, are combined with domestic plans. Pension Benefits Other Postretirement Benefits For the years ended December 31, Change in Benefit Obligation 2015 2014 2015 2014 Benefit obligation — beginning of year $ 6,025 $ 5,516 $ 338 $ 312 Service cost 2 2 — — Interest cost 235 258 12 14 Plan participants’ contributions — — 25 26 Actuarial loss (gain) 18 (8 ) — 38 Settlements — (319 ) — — Changes in assumptions (236 ) 846 (8 ) 16 Benefits paid (307 ) (268 ) (68 ) (70 ) Retiree drug subsidy — — 2 2 Foreign exchange adjustment (3 ) (2 ) — — Benefit obligation — end of year $ 5,734 $ 6,025 $ 301 $ 338 Settlements in 2014 were primarily the result of the Company's extension of a limited time voluntary lump sum offer to approximately 13,500 vested participants in the U.S. qualified defined benefit pension plan who had separated from service, but who had not yet commenced annuity benefits. The Company made lump sum benefit payments totaling $274 to approximately 5,600 vested participants. The Company also made lump sum payments of $45 to eligible cash balance participants independent of the voluntary lump sum offer. Changes in assumptions in 2015 primarily included the effect of an increase in the discount rate. Changes in assumptions in 2014 included an increase of $279 related to the Company's use of updated mortality rates reflecting improved life expectancy and an increase of $567 related to a reduction in the discount rate. Pension Benefits Other Postretirement Benefits For the years ended December 31, Change in Plan Assets 2015 2014 2015 2014 Fair value of plan assets — beginning of year $ 4,707 $ 4,630 $ 196 $ 213 Actual return on plan assets (72 ) 565 2 16 Employer contributions 101 101 — — Benefits paid [1] (282 ) (245 ) (36 ) (33 ) Expenses paid (21 ) (24 ) — — Settlements — (319 ) — — Foreign exchange adjustment (3 ) (1 ) — — Fair value of plan assets — end of year $ 4,430 $ 4,707 $ 162 $ 196 Funded status — end of year $ (1,304 ) $ (1,318 ) $ (139 ) $ (142 ) [1] Other postretirement benefits paid represent non-key employee postretirement medical benefits paid from the Company's prefunded trust fund. The fair value of assets for pension benefits, and hence the funded status, presented in the table above excludes assets of $127 and $129 as of December 31, 2015 and 2014 , respectively, held in rabbi trusts and designated for the non-qualified pension plans. The assets do not qualify as plan assets; however, the assets are available to pay benefits for certain retired, terminated and active participants. Such assets are available to the Company’s general creditors in the event of insolvency. The rabbi trust assets consist of equity and fixed income investments. To the extent the fair value of these rabbi trusts were included in the table above, pension plan assets would have been $4,557 and $4,836 as of December 31, 2015 and 2014 , respectively, and the funded status of pension benefits would have been $(1,177) and $(1,189) as of December 31, 2015 and 2014 , respectively. The following table provides information for the Company's defined benefit pension plans with an accumulated benefit obligation in excess of plan assets. As of December 31, 2015 2014 Projected benefit obligation $ 5,734 $ 6,025 Accumulated benefit obligation 5,732 6,024 Fair value of plan assets 4,430 4,707 As of December 31, 2015 , pension and other postretirement benefits plan assets totaling $4.6 billion were invested in the separate accounts of HLIC. Amounts recognized in the Company's Consolidated Balance Sheets consist of: Pension Benefits Other Postretirement Benefits As of December 31, 2015 2014 2015 2014 Other liabilities $ 1,304 $ 1,318 $ 139 $ 142 Components of Net Periodic Benefit Cost (Benefit) and Other Amounts Recognized in Other Comprehensive Income (Loss) Net periodic benefit cost (benefit) includes the following components: Pension Benefits Other Postretirement Benefits For the years ended December 31, 2015 2014 2013 2015 2014 2013 Service cost $ 2 $ 2 $ 1 $ — $ — $ — Interest cost 235 258 238 12 14 11 Expected return on plan assets (311 ) (325 ) (315 ) (12 ) (14 ) (14 ) Amortization of prior service credit — — — (7 ) (7 ) (7 ) Amortization of actuarial loss 60 45 59 5 5 2 Settlements — 128 — — — — Net periodic benefit cost (benefit) $ (14 ) $ 108 $ (17 ) $ (2 ) $ (2 ) $ (8 ) Amounts recognized in other comprehensive income (loss) were as follows: Pension Benefits Other Postretirement Benefits For the years ended December 31, 2015 2014 2015 2014 Amortization of actuarial loss $ 60 $ 45 $ 5 $ 5 Settlement loss — 128 — — Amortization of prior service credit — — (7 ) (7 ) Net loss arising during the year (185 ) (622 ) (3 ) (51 ) Total $ (125 ) $ (449 ) $ (5 ) $ (53 ) Amounts in accumulated other comprehensive income (loss) on a before tax basis that have not yet been recognized as components of net periodic benefit cost consist of: Pension Benefits Other Postretirement Benefits As of December 31, 2015 2014 2015 2014 Net loss $ (2,553 ) $ (2,428 ) $ (123 ) $ (124 ) Prior service credit — — 91 97 Total $ (2,553 ) $ (2,428 ) $ (32 ) $ (27 ) The estimated net loss for the defined benefit pension plans that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost during 2016 is $55 . The estimated prior service cost for the other postretirement benefit plans that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost during 2016 is $(7) . The estimated net loss for the other postretirement plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost during 2016 is $5 . Plan Assets Investment Strategy and Target Allocation The overall investment strategy of the Plan is to maximize total investment returns to provide sufficient funding for present and anticipated future benefit obligations within the constraints of a prudent level of portfolio risk and diversification. With respect to asset management, the oversight responsibility of the Plan rests with The Hartford’s Pension Fund Trust and Investment Committee composed of individuals whose responsibilities include establishing overall objectives and the setting of investment policy; selecting appropriate investment options and ranges; reviewing the asset allocation mix and asset allocation targets on a regular basis; and monitoring performance to determine whether or not the rate of return objectives are being met and that policy and guidelines are being followed. The Company believes that the asset allocation decision will be the single most important factor determining the long-term performance of the Plan. The Company’s pension plan and other postretirement benefit plans’ target allocation by asset category is presented in the table below. Target Asset Allocation Pension Plans Other Postretirement Plans (minimum) (maximum) (minimum) (maximum) Equity securities 5 % 20 % 15 % 45 % Fixed income securities 50 % 70 % 55 % 85 % Alternative assets 10 % 45 % — % — % Divergent market performance among different asset classes may, from time to time, cause the asset allocation to deviate from the desired asset allocation ranges. The asset allocation mix is reviewed on a periodic basis. If it is determined that an asset allocation mix rebalancing is required, future portfolio additions and withdrawals will be used, as necessary, to bring the allocation within tactical ranges. The Company’s pension plan and other postretirement benefit plans’ weighted average asset allocation is presented in the table below. Pension Plans Other Postretirement Plans Percentage of Assets Percentage of Assets at Fair Value at Fair Value As of December 31, 2015 2014 2015 2014 Equity securities 20 % 21 % 25 % 25 % Fixed income securities 66 % 62 % 75 % 75 % Alternative assets 14 % 17 % — % — % Total 100 % 100 % 100 % 100 % The majority of the Plan assets are invested in separate accounts managed by HIMCO, a wholly-owned subsidiary of the Company. The Plan invests in commingled funds and partnerships managed by unaffiliated managers for emerging markets, equity, hedge funds and other alternative investments. These portfolios encompass multiple asset classes reflecting the current needs of the Plan, the investment preferences and risk tolerance of the Plan and the desired degree of diversification. These asset classes include publicly traded equities, bonds and alternative investments and are made up of individual investments in cash and cash equivalents, equity securities, debt securities, asset-backed securities and hedge funds. Hedge fund investments represent a diversified portfolio of partnership investments in absolute-return investment strategies. In addition, the Company uses U.S. Treasury bond futures contracts and U.S. Treasury STRIPS in a duration overlay program to adjust the duration of Plan assets to better match the duration of the benefit obligation. Investment Valuation For further discussion of the valuation of investments, see Note 4 - Fair Value Measurements of Notes to Consolidated Financial Statements. Pension Plan Assets The fair values of the Company’s pension plan assets by asset category are as follows: Pension Plan Assets at Fair Value as of December 31, 2015 Asset Category Level 1 Level 2 Level 3 Total Short-term investments: $ 7 $ 274 $ — $ 281 Fixed Income Securities: Corporate — 922 19 941 RMBS — 242 24 266 U.S. Treasuries 16 1,029 3 1,048 Foreign government — 49 5 54 CMBS — 183 — 183 Other fixed income [1] — 105 1 106 Mortgage Loans — — 54 54 Equity Securities: Large-cap domestic 500 11 1 512 International 298 87 — 385 Other investments: Hedge funds — 566 54 620 Private Market Alternatives — — 20 20 Total pension plan assets at fair value [2] $ 821 $ 3,468 $ 181 $ 4,470 [1] Includes ABS, municipal bonds, and foreign bonds. [2] Excludes approximately $67 of investment payables net of investment receivables that are excluded from this disclosure requirement because they are trade receivables in the ordinary course of business where the carrying amount approximates fair value. Also excludes approximately $27 of interest receivable. The fair values of the Company’s pension plan assets by asset category are as follows: Pension Plan Assets at Fair Value as of December 31, 2014 Asset Category Level 1 Level 2 Level 3 Total Short-term investments: $ 56 $ 252 $ — $ 308 Fixed Income Securities: Corporate — 919 34 953 RMBS — 181 28 209 U.S. Treasuries 24 1,198 5 1,227 Foreign government — 65 5 70 CMBS — 156 — 156 Other fixed income [1] — 93 4 97 Equity Securities: Large-cap domestic 526 — — 526 Mid-cap domestic — — — — Small-cap domestic — — — — International 435 3 — 438 Other investments: Hedge funds — 562 181 743 Total pension plan assets at fair value [2] $ 1,041 $ 3,429 $ 257 $ 4,727 [1] Includes ABS and municipal bonds. [2] Excludes approximately $42 of investment payables net of investment receivables that are excluded from this disclosure requirement because they are trade receivables in the ordinary course of business where the carrying amount approximates fair value. Also excludes approximately $22 of interest receivable. The tables below provide fair value level 3 rollforwards for the Pension Plan Assets for which significant unobservable inputs (Level 3) are used in the fair value measurement on a recurring basis. The Plan classifies the fair value of financial instruments within Level 3 if there are no observable markets for the instruments or, in the absence of active markets, if one or more of the significant inputs used to determine fair value are based on the Plan’s own assumptions. Therefore, the gains and losses in the tables below include changes in fair value due to both observable and unobservable factors. Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Assets Corporate RMBS Foreign government Mortgage loans Other [1] Hedge funds Private Market Alternatives Totals Fair Value as of January 1, 2015 $ 34 $ 28 $ 5 $ — $ 9 $ 181 $ — $ 257 Realized gains (losses), net — — — — — — — — Changes in unrealized gains (losses), net (2 ) — (1 ) — (1 ) — 3 (1 ) Purchases 12 14 1 54 3 2 17 103 Settlements — (14 ) — — (3 ) — — (17 ) Sales (11 ) (2 ) — — (1 ) (24 ) — (38 ) Transfers into Level 3 — 4 — — 1 — — 5 Transfers out of Level 3 (14 ) (6 ) — — (3 ) (105 ) — (128 ) Fair Value as of December 31, 2015 $ 19 $ 24 $ 5 $ 54 $ 5 $ 54 $ 20 $ 181 [1] "Other" includes U.S. Treasuries, Other fixed income and Large-cap domestic equities investments. During the year ended December 31, 2015 , transfers into and (out) of Level 3 are primarily attributable to the appearance of or lack thereof of market observable information and the re-evaluation of the observability of pricing inputs. Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Assets Corporate RMBS Foreign government Other fixed income Hedge funds Totals Fair Value as of January 1, 2014 $ 12 $ 2 $ 4 $ 12 $ 361 $ 391 Realized gains (losses), net — — — — 4 4 Changes in unrealized gains (losses), net — 7 1 (5 ) 4 7 Purchases 12 3 2 6 219 242 Sales (5 ) (1 ) (2 ) (2 ) (183 ) (193 ) Transfers into Level 3 20 17 — 7 — 44 Transfers out of Level 3 (5 ) — — (9 ) (224 ) (238 ) Fair Value as of December 31, 2014 $ 34 $ 28 $ 5 $ 9 $ 181 $ 257 During the year ended December 31, 2014 , transfers in and/or (out) of Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs. There was no Company common stock included in the Plan’s assets as of December 31, 2015 and 2014 . The fair value of the Company’s other postretirement plan assets by asset category are as follows: Other Postretirement Plan Assets at Fair Value as of December 31, 2015 Asset Category Level 1 Level 2 Level 3 Total Short-term investments $ — $ 16 $ — $ 16 Fixed Income Securities: Corporate — 36 2 38 RMBS — 27 3 30 U.S. Treasuries — 23 — 23 Foreign government — 2 — 2 CMBS — 14 — 14 Other fixed income — 7 — 7 Equity Securities: Large-cap 41 — — 41 Total other postretirement plan assets at fair value [1] $ 41 $ 125 $ 5 $ 171 [1] Excludes approximately $10 of investment payables net of investment receivables that are excluded from this disclosure requirement because they are trade receivables in the ordinary course of business where the carrying amount approximates fair value. Also excludes approximately $1 of interest receivable. The fair value of the Company’s other postretirement plan assets by asset category are as follows: Other Postretirement Plan Assets at Fair Value as of December 31, 2014 Asset Category Level 1 Level 2 Level 3 Total Short-term investments $ 8 $ 5 $ — $ 13 Fixed Income Securities: Corporate — 41 3 44 RMBS — 22 3 25 U.S. Treasuries 1 44 — 45 Foreign government — 2 — 2 CMBS — 15 — 15 Other fixed income — 7 — 7 Equity Securities: Large-cap 49 — — 49 Total other postretirement plan assets at fair value [1] $ 58 $ 136 $ 6 $ 200 [1] Excludes approximately $5 of investment payables net of investment receivables that are not carried at fair value and approximately $1 of interest receivable carried at fair value. Other Postretirement Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Assets Corporate RMBS Foreign Government Other Fixed Income Totals Fair Value as of January 1, 2015 $ 3 $ 3 $ — $ — $ 6 Changes in unrealized gains (losses), net — — — — — Purchases 1 1 — — 2 Settlements — (1 ) — — (1 ) Sales (1 ) — — — (1 ) Transfers into Level 3 — — — — — Transfers out of Level 3 (1 ) — — — (1 ) Fair Value as of December 31, 2015 $ 2 $ 3 $ — $ — $ 5 Other Postretirement Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Assets Corporate RMBS Foreign Government Other Fixed Income Totals Fair Value as of January 1, 2014 $ — $ — $ — $ — $ — Realized gains (losses), net — — — — — Changes in unrealized gains (losses), net — — — — — Purchases 3 3 — — 6 Sales — — — — — Transfers into Level 3 — — — — — Transfers out of Level 3 — — — — — Fair Value as of December 31, 2014 $ 3 $ 3 $ — $ — $ 6 There was no Company common stock included in the other postretirement benefit plan assets as of December 31, 2015 and 2014 . Concentration of Risk In order to minimize risk, the Plan maintains a listing of permissible and prohibited investments. In addition, the Plan has certain concentration limits and investment quality requirements imposed on permissible investment options. Permissible investments include U.S. equity, international equity, alternative asset and fixed income investments including derivative instruments. Derivative instruments include future contracts, options, swaps, currency forwards, caps or floors and will be used to control risk or enhance return but will not be used for leverage purposes. Securities specifically prohibited from purchase include, but are not limited to: shares or fixed income instruments issued by The Hartford, short sales of any type within long-only portfolios, non-derivative securities involving the use of margin, leveraged floaters and inverse floaters, including money market obligations, natural resource real properties such as oil, gas or timber and precious metals. Other than U.S. government and certain U.S. government agencies backed by the full faith and credit of the U.S. government, the Plan does not have any material exposure to any concentration risk of a single issuer. Cash Flows The following table illustrates the Company’s contributions. Employer Contributions Pension Benefits Other Postretirement Benefits 2015 $ 101 $ — 2014 $ 101 $ — In 2015 , the Company, at its discretion, made $100 in contributions to the U.S. qualified defined benefit pension plan. The Company does not have a 2016 required minimum funding contribution for the U.S. qualified defined benefit pension plan. The Company has not determined whether, and to what extent, contributions may be made to the U. S. qualified defined benefit pension plan in 2016 . The Company will monitor the funded status of the U.S. qualified defined benefit pension plan during 2016 to make this determination. Employer contributions in 2015 and 2014 were made in cash and did not include contributions of the Company’s common stock. Benefit Payments The following table sets forth amounts of benefits expected to be paid over the next ten years from the Company’s pension and other postretirement plans as of December 31, 2015 : Pension Benefits Other Postretirement Benefits 2016 $ 327 $ 40 2017 332 38 2018 338 35 2019 345 32 2020 346 29 2021 - 2025 1,738 113 Total $ 3,426 $ 287 In addition, the following table sets forth amounts of other postretirement benefits expected to be received under the Medicare Part D Subsidy over the next ten years as of December 31, 2015 : 2016 $ 3 2017 3 2018 3 2019 3 2020 3 2021 - 2025 18 Total $ 33 |
Stock Compensation Plans Level
Stock Compensation Plans Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Compensation Plans | Company's stock-based compensation plans are described below. Shares issued in satisfaction of stock-based compensation may be made available from authorized but unissued shares, shares held by the Company in treasury or from shares purchased in the open market. In 2015 , 2014 and 2013 , the Company issued shares from treasury in satisfaction of stock-based compensation. The Company recognized stock-based compensation expense as follows: For the years ended December 31, 2015 2014 2013 Stock-based compensation plans expense $ 78 $ 98 $ 69 Income tax benefit (27 ) (34 ) (24 ) Total stock-based compensation plans expense, after-tax $ 51 $ 64 $ 45 In 2014, the Company modified a former executive’s awards to receive retirement treatment. The incremental compensation cost resulting from the modifications totaled $16 of which $11 was recognized at the modification date. The remainder is recognized over the remaining service period. The Company did not capitalize any cost of stock-based compensation. As of December 31, 2015 , the total compensation cost related to non-vested awards not yet recognized was $90 , which is expected to be recognized over a weighted average period of 1.8 years . Stock Plan On May 21, 2014, at the Company’s Annual Meeting of Shareholders, the shareholders approved The Hartford 2014 Incentive Stock Plan (the “Incentive Stock Plan”) which supersedes and replaces earlier incentive stock plans and as a result is currently the only plan pursuant to which future stock-based awards may be granted (other than the Subsidiary Stock Plan and the Employee Stock Purchase Plan described below). The terms of the Incentive Stock Plan are substantially similar to the terms of the earlier incentive stock plans, with changes primarily to ensure alignment with market practices and simplify administration. These changes did not result in incremental compensation cost for outstanding awards. The Incentive Stock Plan provides for awards to be granted in the form of non-qualified or incentive stock options qualifying under Section 422 of the Internal Revenue Code, stock appreciation rights, performance shares, restricted stock or restricted stock units, or any other form of stock-based award. The maximum number of shares, subject to adjustments set forth in the Incentive Stock Plan, that may be issued to Company employees and third party service providers during the 10-year duration of the Incentive Stock Plan is 12,000,000 shares. If any award under an earlier incentive stock plan is forfeited, terminated, surrendered, exchanged, expires unexercised, or is settled in cash in lieu of stock (including to effect tax withholding) or for the net issuance of a lesser number of shares than the number subject to the award, the shares of stock subject to such award (or the relevant portion thereof) shall be available for awards under the Incentive Stock Plan and such shares shall be added to the maximum limit. As of December 31, 2015 , there were 12,086,260 shares available for future issuance. The fair values of awards granted under the Incentive Stock Plan are measured as of the grant date and expensed ratably over the awards’ vesting periods, generally 3 years . For stock option awards to retirement-eligible employees the Company recognizes the expense over a period shorter than the stated vesting period because the employees receive accelerated vesting upon retirement and therefore the vesting period is considered non-substantive. Stock Option Awards Under the Incentive Stock Plan, options granted have an exercise price at least equal to the market price of the Company’s common stock on the date of grant, and an option’s maximum term is not to exceed 10 years . Options generally become exercisable over a three year period commencing one year from the date of grant. Certain other options become exercisable at the later of three years from the date of grant or upon specified market appreciation of the Company's common shares. The Company uses a hybrid lattice/Monte-Carlo based option valuation model (the “valuation model”) that incorporates the possibility of early exercise of options into the valuation. The valuation model also incorporates the Company’s historical termination and exercise experience to determine the option value. The valuation model incorporates ranges of assumptions for inputs, and those ranges are disclosed below. The term structure of volatility is generally constructed utilizing implied volatilities from exchange-traded options, CPP warrants related to the Company’s stock, historical volatility of the Company’s stock and other factors. The Company uses historical data to estimate option exercise and employee termination within the valuation model, and accommodates variations in employee preference and risk-tolerance by segregating the grantee pool into a series of behavioral cohorts and conducting a fair valuation for each cohort individually. The expected term of options granted is derived from the output of the option valuation model and represents, in a mathematical sense, the period of time that options are expected to be outstanding. The risk-free rate for periods within the contractual life of the option is based on the U.S. Constant Maturity Treasury yield curve in effect at the time of grant. For the years ended December 31, 2015 2014 2013 Expected dividend yield 1.8% 1.7% 1.7% Expected annualized spot volatility 22.1 % - 39.4% 25.9 % - 57.8% 31.1 % - 48.1% Weighted average annualized volatility 32.7% 35.1% 47.3% Risk-free spot rate — % - 2.6% 0.1 % - 2.8% 0.1 % - 1.9% Expected term 5.0 years 5.0 years 5.0 years A summary of non-qualified stock option activity under the Company’s Incentive Stock Plan is presented below. Number of Options (in thousands) Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value For the year ended December 31, 2015 Outstanding at beginning of year 3,745 $ 29.64 Granted 862 $ 41.25 Exercised (754 ) $ 22.18 Forfeited — $ — Expired (53 ) $ 76.80 Outstanding at end of year 3,800 $ 33.09 6.5 years $ 45 Outstanding, fully vested and expected to vest 3,749 $ 33.53 6.5 years $ 42 Exercisable at end of year 2,351 $ 30.34 5.2 years $ 36 Aggregate intrinsic value represents the value of the Company's closing stock price on the last trading day of the period in excess of the exercise price multiplied by the number of options outstanding or exercisable. The aggregate intrinsic value excludes the effect of stock options that have a zero or negative intrinsic value. The weighted average grant-date fair value per share of options granted during the years ended December 31, 2015 , 2014 , and 2013 was $10.60 , $10.59 and $7.78 , respectively. The total intrinsic value of options exercised during the years ended December 31, 2015 , 2014 and 2013 was $16 , $10 , and $5 , respectively. Share Awards Share awards granted under the Incentive Stock Plan and outstanding include restricted stock units, restricted stock and performance shares. Restricted Stock and Restricted Stock Units Restricted stock units are share equivalents that are credited with dividend equivalents. Dividend equivalents are accumulated and paid in incremental shares when the underlying units vest. Restricted stock are shares of The Hartford's common stock with restrictions as to transferability until vested. Restricted stock units and restricted stock awards are valued equal to the market price of the Company’s common stock on the date of grant. Generally, restricted stock units vest at the end of or over three years; certain restricted stock units vest at the end of 5 years . Equity awards granted to non-employee directors generally vest in one year and were made in the form of restricted stock in 2014 and restricted stock units in 2015. Performance Shares Performance shares become payable within a range of 0% to 200% of the number of shares initially granted based upon the attainment of specific performance goals achieved at the end of or over three years. While most performance shares vest at the end of or over three years, certain performance shares vest at the end of five years. Performance share awards that are not dependent on market conditions are valued equal to the market price of the Company's common stock on the date of grant less a discount for the absence of dividends. Stock-compensation expense for these performance share awards without market conditions is based on a current estimate of the number of awards expected to vest and, therefore, may change during the performance period as new estimates of performance are available. Other performance share awards or portions thereof have a market condition based upon the Company's total shareholder return relative to a group of peer companies within a three year period. Stock compensation expense for these performance share awards is based on the number of awards expected to vest as estimated at the grant date and therefore does not change for changes in estimated performance. The Company uses a risk neutral Monte-Carlo valuation model that incorporates time to maturity, implied volatilities of the Company and the peer companies, and correlations between the Company and the peer companies and interest rates. The range for assumptions of inputs are disclosed below. For the years ended December 31, 2015 2014 2013 Volatility of common stock 21.4% 31.6% 42.8% Average volatility of peer companies 14.0 % - 24.0% 17.0 % - 29.0% 20.0 % - 36.0% Average correlation coefficient of peer companies 54.0% 62.0% 76.0% Risk-free spot rate 1.1% 0.7% 0.4% Term 3.0 years 3.0 years 3.0 years Total Share Awards A summary of non-vested share award activity under the Company's Incentive Stock Plan is presented below. Restricted Stock and Restricted Stock Units Performance Shares Number of Shares (in thousands) Weighted-Average Grant-Date Fair Value Number of Shares (in thousands) Weighted-Average Grant date Fair Value Non-vested shares For the year ended December 31, 2015 Non-vested at beginning of year 7,232 $ 26.59 1,063 $ 30.55 Granted 1,603 $ 42.25 398 $ 42.40 Performance based adjustment 407 $ 24.15 Vested (2,708 ) $ 20.95 (814 ) $ 24.15 Forfeited (259 ) $ 36.90 (279 ) $ 33.47 Non-vested at end of year 5,868 $ 33.12 775 $ 37.35 The weighted average grant-date fair value per share of restricted stock units and restricted stock granted during the years ended December 31, 2015 , 2014 , and 2013 was $42.25 , $35.74 and $27.72 , respectively. The weighted average grant-date fair value per share of performance shares granted during the years ended December 31, 2015 , 2014 , and 2013 was $42.40 , $36.45 and $27.92 , respectively. The total fair value of shares vested during the years ended December 31, 2015 , 2014 and 2013 was $144 , $75 and $42 , respectively, based on actual or estimated performance factors. The Company did not make cash payments in settlement of stock compensation during the years ended December 31, 2015 , 2014 and 2013 . Subsidiary Stock Plan In 2013 the Company established a subsidiary stock-based compensation plan similar to The Hartford Incentive Stock Plan except that it awards non-public subsidiary stock as compensation. The Company recognized stock-based compensation plans expense of $7 , $4 and $1 in the years ended December 31, 2015 , 2014 and 2013, respectively, for the subsidiary stock plan. Upon employee vesting of subsidiary stock, the Company will recognize a noncontrolling equity interest. Employees will be restricted from selling vested subsidiary stock to other than the Company and the Company will have discretion on the amount of stock to repurchase. Therefore the subsidiary stock is classified as equity because it is not mandatorily redeemable. Employee Stock Purchase Plan The Company sponsors The Hartford Employee Stock Purchase Plan (“ESPP”). Under this plan, eligible employees of The Hartford purchase common stock of the Company at a discount rate of 5% of the market price per share on the last trading day of the offering period. Accordingly, the plan is a noncompensatory plan. Employees purchase a variable number of shares of stock through payroll deductions elected as of the beginning of the offering period. The Company may sell up to 15,400,000 shares of stock to eligible employees under the ESPP. As of December 31, 2015 , there were 4,944,278 shares available for future issuance. During the years ended December 31, 2015 , 2014 and 2013 , 249,344 shares, 258,609 shares, and 321,723 shares were sold, respectively. The weighted average per share fair value of the discount under the ESPP was $ 2.15 , $ 1.70 and $ 1.00 during the years ended December 31, 2015 , 2014 and 2013 , respectively. The fair value is estimated based on the 5% discount off the market price per share on the last trading day of the offering period. |
Discontinued Operations and Bus
Discontinued Operations and Business Dispositions Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Business Dispositions Sale of Retirement Plans On January 1, 2013, the Company completed the sale of its Retirement Plans business to MassMutual for a ceding commission of $355 . The business sold included products and services provided to corporations pursuant to Section 401(k) of the Internal Revenue Code of 1986, as amended (the “Code”), and products and services provided to municipalities and not-for-profit organizations under Sections 457 and 403(b) of the Code, collectively referred to as government plans. The sale was structured as a reinsurance transaction and resulted in an after-tax loss of $24 for the year ended December 31, 2013. The after-tax loss is primarily driven by the reduction in goodwill that is non-deductible for income tax purposes. The Company recognized a reinsurance loss on disposition of $634 offset by $634 in net realized capital gains for the year ended December 31, 2013. Upon closing, the Company reinsured $9.2 billion of policyholder liabilities and $26.3 billion of separate account liabilities under an indemnity reinsurance arrangement. The reinsurance transaction does not extinguish the Company's primary liability on the insurance policies issued under the Retirement Plans business. The Company also transferred invested assets with a carrying value of $9.3 billion , net of the ceding commission, to MassMutual and recognized other non-cash decreases in assets totaling $200 relating to deferred acquisition costs, deferred income taxes, goodwill, property and equipment and other assets associated with the disposition. The Company continued to sell retirement plans during the transition period which ended on June 30, 2014. MassMutual has assumed all expenses and risks for these sales through the reinsurance agreement. Sale of Individual Life On January 2, 2013, the Company completed the sale of its Individual Life insurance business to Prudential for consideration of $615 consisting primarily of a ceding commission. The business sold included variable universal life, universal life, and term life insurance. The sale was structured as a reinsurance transaction and resulted in a loss on business disposition consisting of a reinsurance loss partially offset by realized capital gains. The Company recognized a reinsurance loss on business disposition of $533 , pre-tax, which included a goodwill impairment charge of $342 and a loss accrual for premium deficiency of $191 , for the year ended December 31, 2012. Upon closing the Company recognized an additional $940 in reinsurance loss on disposition offset by $940 in realized capital gains for a $0 impact on income, pre-tax, for the year ended December 31, 2013. In addition, the Company reinsured $8.7 billion of policyholder liabilities and $5.3 billion of separate account liabilities under indemnity reinsurance arrangements. The reinsurance transaction does not extinguish the Company's primary liability on the insurance policies issued under the Individual Life business. The Company also transferred invested assets with a carrying value of $8.0 billion , exclusive of $1.4 billion of assets supporting the modified coinsurance agreement, net of cash transferred in place of short-term investments, to Prudential and recognized other non-cash decreases in assets totaling $1.8 billion relating to deferred acquisition costs, deferred income taxes, property and equipment and other assets and other non-cash decreases in liabilities totaling $1.5 billion relating to other liabilities including the $191 loss accrual for premium deficiency, associated with the disposition. The Company continued to sell life insurance products and riders during the transition period which ended on June 30, 2014. Prudential has assumed all expenses and risk for these sales through the reinsurance agreement. Composition of Invested Assets Transferred The following table summarizes invested assets transferred by the Company in 2013 in connection with the sale of the Retirement Plans and Individual Life businesses. Carrying Value As of December 31, 2012 Fixed maturities, at fair value (amortized cost of $13,916) [1] $ 15,349 Equity securities, AFS, at fair value (cost of $35) [2] 37 Fixed maturities, at fair value using the FVO [3] 16 Mortgage loans (net of allowances for loan losses of $1) 1,364 Policy loans, at outstanding balance 582 Total invested assets transferred $ 17,348 [1] Includes $14.7 billion and $670 of securities in level 2 and 3 of the fair value hierarchy, respectively. [2] All equity securities transferred are included in level 2 of the fair value hierarchy. [3] All FVO securities transferred are included in level 3 of the fair value hierarchy. |
Discontinued Operations | Discontinued Operations On June 30, 2014, the Company completed the sale of all of the issued and outstanding equity of HLIKK to ORIX Life Insurance Corporation ("Buyer"), a subsidiary of ORIX Corporation, a Japanese company for cash proceeds of $963 . The sale transaction resulted in an after-tax loss on disposition of $659 in the year ended December 31, 2014. The operations of the Company's HLIKK business meet the criteria for reporting as discontinued operations. The Company's HLIKK business is included in the Talcott Resolution reporting segment. Concurrently with the sale, HLIKK recaptured certain risks that had been reinsured to the Company’s U.S. subsidiaries, Hartford Life and Annuity Insurance Company ("HLAI") and HLIC by terminating intercompany agreements. Upon closing, the Buyer became responsible for all liabilities for the recaptured business. The Company has, however, continued to provide reinsurance for yen denominated fixed payout annuities of approximately $619 as of December 31, 2015 . The 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 Sale of Hartford Life International Limited On December 12, 2013, the Company completed the sale of all of the issued and outstanding equity of HLIL in a cash transaction to Columbia Insurance Company, a Berkshire Hathaway company, for approximately $285 . At closing, HLIL’s sole asset was its subsidiary, Hartford Life Limited, a Dublin-based company that sold variable annuities in the U.K. from 2005 to 2009. The sale transaction resulted in an after-tax loss of $102 upon disposition in the year ended December 31, 2013. The operations of the Company's U.K. variable annuity business meet the criteria for reporting as discontinued operations. The Company's U.K. variable annuities business is included in the Talcott Resolution reporting segment. The Consolidated Statements of Operations include a net realized gain on disposal of $9 for the year ended December 31, 2015 related to discontinued operations. Amounts related to discontinued operations included in the Consolidated Statements of Operations for the year ended December 31, 2014 and 2013 are summarized in the following table. For the years ended December 31, 2014 2013 Revenues Earned premiums $ (1 ) $ (1 ) Fee income and other 239 713 Net investment income Securities available-for-sale and other 18 96 Equity securities, trading 134 6,200 Total net investment income 152 6,296 Net realized capital losses (157 ) (1,340 ) Total revenues 233 5,668 Benefits, losses and expenses Benefits, losses and loss adjustment expenses 7 (98 ) Benefits, losses and loss adjustment expenses - returns credited on international variable annuities 134 6,200 Amortization of DAC — 907 Insurance operating costs and other expenses 23 127 Total benefits, losses and expenses 164 7,136 Income (loss) before income taxes 69 (1,468 ) Income tax benefit (2 ) (521 ) Income (loss) from operations of discontinued operations, net of tax 71 (947 ) Net realized capital loss on disposal, net of tax [1] (622 ) (102 ) Loss from discontinued operations, net of tax $ (551 ) $ (1,049 ) [1] Includes income tax benefits of $265 on the sale of HLIKK and $219 on the sale of HLIL for the years ended December 31, 2014 and 2013, respectively. |
Restructuring, Severance and Ot
Restructuring, Severance and Other Costs Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring Costs [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | related discussion of the Company's business disposition transactions, see Note 18 - Discontinued Operations and Business Dispositions of Notes to Consolidated Financial Statements. The Company has completed substantially all of its restructuring activities related to consolidation of its real estate operations initiated in 2013 consistent with the Company's strategic business realignment. Restructuring and other costs, including costs incurred to date, as of December 31, 2015 were as follows: Commercial Lines $ 6 Personal Lines 3 Group Benefits 1 Mutual Funds 4 Talcott Resolution 69 Corporate 299 Total restructuring and other costs $ 382 Restructuring and other costs, pre-tax incurred in connection with these activities were as follows: For the years ended December 31, 2015 2014 2013 Severance benefits $ 6 $ 16 $ 22 Professional fees — 1 19 Asset impairment charges 17 42 20 Contract termination and other charges (3 ) 12 6 Total restructuring and other costs $ 20 $ 71 $ 67 Restructuring and other costs costs, included in insurance operating costs and other expenses in the Consolidated Statements of Operations for each reporting segment, as well as the Corporate category are as follows: For the years ended December 31, 2015 2014 2013 Commercial Lines $ — $ — $ 1 Personal Lines — — — Group Benefits — — — Mutual Funds — — 1 Talcott Resolution — — 1 Corporate 20 71 64 Total restructuring and other costs $ 20 $ 71 $ 67 The tables below provide roll-forwards for accrued restructuring and other costs included in other liabilities in the Consolidated Balance Sheets. For the year ended December 31, 2015 Severance Benefits and Related Costs Professional Fees Asset impairment charges Contract Termination and Other Charges Total Restructuring and Other Costs Balance, beginning of period $ 10 $ — $ — $ 6 $ 16 Accruals/provisions 6 — 17 (3 ) 20 Payments/write-offs (11 ) — (17 ) (3 ) (31 ) Balance, end of period $ 5 $ — $ — $ — $ 5 For the year ended December 31, 2014 Severance Benefits and Related Costs Professional Fees Asset impairment charges Contract Termination and Other Charges Total Restructuring and Other Costs Balance, beginning of period $ 22 $ — $ — $ 6 $ 28 Accruals/provisions 16 — 43 12 71 Payments/write-offs (28 ) — (43 ) (12 ) (83 ) Balance, end of period $ 10 $ — $ — $ 6 $ 16 |
Quarterly Results (Unaudited) L
Quarterly Results (Unaudited) Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | 20 . Quarterly Results (Unaudited) Three months ended March 31, June 30, September 30, December 31, 2015 2014 2015 2014 2015 2014 2015 2014 Revenues $ 4,617 $ 4,612 $ 4,685 $ 4,616 $ 4,562 $ 4,769 $ 4,513 $ 4,617 Benefits, losses and expenses 3,992 4,003 4,215 4,466 4,183 4,273 4,009 4,173 Income from continuing operations, net of tax 467 466 413 150 372 388 421 345 Income (loss) from discontinued operations, net of tax — 29 — (617 ) 9 — — 37 Net income (loss) 467 495 413 (467 ) 381 388 421 382 Basic earnings (losses) per common share $ 1.11 $ 1.10 $ 0.99 $ (1.04 ) $ 0.92 $ 0.89 $ 1.03 $ 0.89 Diluted earnings (losses) per common share $ 1.08 $ 1.03 $ 0.96 $ (1.00 ) $ 0.90 $ 0.86 $ 1.01 $ 0.86 Weighted average common shares outstanding, basic 422.6 449.8 418.7 450.6 413.8 437.2 406.9 429.6 Weighted average shares outstanding and dilutive potential common shares 433.7 478.6 428.1 467.9 423.0 450.8 415.9 442.6 |
Schedule I Summary of Investmen
Schedule I Summary of Investments - Other Than Investments in Affiliates Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Investments, Other than Investments in Related Parties [Abstract] | |
Summary of Investments - Other Than Investments in Affiliates | SUMMARY OF INVESTMENTS — OTHER THAN INVESTMENTS IN AFFILIATES (In millions) As of December 31, 2015 Type of Investment Cost Fair Value Amount at Fixed Maturities Bonds and notes U.S. government and government agencies and authorities (guaranteed and sponsored) $ 7,911 $ 8,179 $ 8,179 States, municipalities and political subdivisions 11,124 12,121 12,121 Foreign governments 1,321 1,308 1,308 Public utilities 4,395 4,634 4,634 All other corporate bonds 21,481 22,168 22,168 All other mortgage-backed and asset-backed securities 10,733 10,786 10,786 Total fixed maturities, available-for-sale 56,965 59,196 59,196 Fixed maturities, at fair value using fair value option 510 503 503 Total fixed maturities 57,475 59,699 59,699 Equity Securities Common stocks Industrial, miscellaneous and all other 969 956 956 Non-redeemable preferred stocks 166 165 165 Total equity securities, available-for-sale 1,135 1,121 1,121 Equity securities, trading 10 11 11 Total equity securities 1,145 1,132 1,132 Mortgage loans 5,624 5,736 5,624 Policy loans 1,447 1,447 1,447 Futures, options and miscellaneous 588 109 109 Short-term investments 1,843 1,843 1,843 Investments in partnerships and trusts 2,874 2,874 Total investments $ 70,996 $ 72,728 |
Schedule II Condensed Financial
Schedule II Condensed Financial Information of The Hartford Financial Services Group, Inc. Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information of The Hartford Financial Services Group, Inc. Registrant | THE HARTFORD FINANCIAL SERVICES GROUP, INC. SCHEDULE II CONDENSED FINANCIAL INFORMATION OF THE HARTFORD FINANCIAL SERVICES GROUP, INC. (Registrant) (In millions) As of December 31, Condensed Balance Sheets 2015 2014 Assets Fixed maturities, available-for-sale, at fair value $ 1,361 $ 1,093 Other investments 7 12 Short-term investments 350 961 Investment in affiliates 22,601 23,800 Deferred income taxes 1,450 1,582 Unamortized issue costs 43 49 Other assets 37 36 Total assets $ 25,849 $ 27,533 Liabilities and Stockholders’ Equity Net payable to affiliates $ 1,355 $ 1,218 Short-term debt (includes current maturities of long-term debt) 275 456 Long-term debt 4,941 5,510 Other liabilities 1,636 1,629 Total liabilities 8,207 8,813 Total stockholders’ equity 17,642 18,720 Total liabilities and stockholders’ equity $ 25,849 $ 27,533 For the years ended December 31, Condensed Statements of Operations and Comprehensive Income 2015 2014 2013 Net investment income $ 14 $ 11 $ 10 Net realized capital losses (6 ) (6 ) (7 ) Total revenues 8 5 3 Interest expense 346 365 384 Other expenses 35 134 178 Total expenses 381 499 562 Loss before income taxes and earnings of subsidiaries (373 ) (494 ) (559 ) Income tax benefit (131 ) (172 ) (187 ) Loss before earnings of subsidiaries (242 ) (322 ) (372 ) Earnings of subsidiaries 1,924 1,120 548 Net income (loss) 1,682 798 176 Other comprehensive income (loss) - parent company: Change in net gain/loss on cash-flow hedging instruments — — (11 ) Change in net unrealized gain/loss on securities (1 ) 10 (13 ) Change in pension and other postretirement plan adjustments (82 ) (292 ) 127 Other comprehensive income (loss), net of taxes before other comprehensive income of subsidiaries (83 ) (282 ) 103 Other comprehensive income of subsidiaries (1,174 ) 1,289 (3,025 ) Total other comprehensive income (loss) (1,257 ) 1,007 (2,922 ) Total comprehensive income (loss) $ 425 $ 1,805 $ (2,746 ) THE HARTFORD FINANCIAL SERVICES GROUP, INC. SCHEDULE II CONDENSED FINANCIAL INFORMATION OF THE HARTFORD FINANCIAL SERVICES GROUP, INC. (continued) (Registrant) (In millions) For the years ended December 31, Condensed Statements of Cash Flows 2015 2014 2013 Operating Activities Net income $ 1,682 $ 798 $ 176 Loss on extinguishment of debt 21 — 176 Undistributed earnings of subsidiaries (1,924 ) (1,120 ) (549 ) Change in operating assets and liabilities 1,167 3,376 1,170 Cash provided by operating activities 946 3,054 973 Investing Activities Net sales of short-term investments 609 (212 ) (454 ) Capital contributions to subsidiaries 742 (585 ) 1,211 Cash provided by (used for) investing activities 1,351 (797 ) 757 Financing Activities Proceeds from issuance of long-term debt — — 295 Repurchase of warrants — — (33 ) Repayments of long-term debt (773 ) (200 ) (1,190 ) Treasury stock acquired (1,250 ) (1,796 ) (600 ) Proceeds from net issuances of common shares under incentive and stock compensation plans and excess tax benefits 42 21 20 Dividends paid — Preferred shares — — (21 ) Dividends paid — Common Shares (316 ) (282 ) (201 ) Cash used for financing activities (2,297 ) (2,257 ) (1,730 ) Net change in cash — — — Cash — beginning of year — — — Cash — end of year $ — $ — $ — Supplemental Disclosure of Cash Flow Information Interest Paid $ 351 $ 366 $ 366 Dividends Received from Subsidiaries $ 1,127 $ 2,589 $ 1,096 |
Schedule III Supplementary Insu
Schedule III Supplementary Insurance Information Level 1 (Schedule) | 12 Months Ended |
Dec. 31, 2015 | |
Supplementary Insurance Information [Abstract] | |
Supplementary Insurance Information | SUPPLEMENTARY INSURANCE INFORMATION (In millions) Segment Deferred Policy Acquisition Costs Future Policy Benefits, Unpaid Losses and Loss Adjustment Expenses Unearned Premiums Other Policyholder Funds and Benefits Payable As of December 31, 2015 Commercial Lines $ 435 $ 16,559 $ 3,271 $ — Personal Lines 155 1,845 1,959 — Property & Casualty Other Operations — 3,421 3 — Group Benefits 35 6,379 43 495 Mutual Funds 11 — — — Talcott Resolution 1,180 13,368 109 31,175 Corporate — — — — Consolidated $ 1,816 $ 41,572 $ 5,385 $ 31,670 As of December 31, 2014 Commercial Lines $ 421 $ 16,505 3,184 — Personal Lines 155 1,874 1,914 — Property & Casualty Other Operations — 3,427 1 — Group Benefits 36 6,540 45 518 Mutual Funds 11 — — — Talcott Resolution 1,200 13,098 111 32,014 Corporate — — — — Consolidated $ 1,823 $ 41,444 $ 5,255 $ 32,532 Segment Earned Premiums, Fee Income and Other Net Investment Income (Loss) Benefits, Losses and Loss Adjustment Expenses Amortization of Deferred Policy Acquisition Costs Insurance Operating Costs and Other Expenses [1] Net Written Premiums [2] For the year ended December 31, 2015 Commercial Lines $ 6,598 $ 910 $ 3,886 $ 951 $ 1,260 $ 6,625 Personal Lines 3,873 128 2,768 359 609 3,918 Property & Casualty Other Operations 32 133 243 — 25 35 Group Benefits 3,136 371 2,427 31 788 — Mutual Funds 723 1 — 22 568 — Talcott Resolution 1,133 1,470 1,451 139 441 — Corporate 8 17 — — 431 — Consolidated $ 15,503 $ 3,030 $ 10,775 $ 1,502 $ 4,122 $ 10,578 For the year ended December 31, 2014 Commercial Lines $ 6,402 $ 958 $ 3,855 $ 919 $ 1,194 $ 6,381 Personal Lines 3,806 129 2,684 348 599 3,861 Property & Casualty Other Operations 1 129 261 — 31 2 Group Benefits 3,095 374 2,362 32 836 — Mutual Funds 723 — — 28 559 — Talcott Resolution 1,407 1,542 1,643 402 544 — Corporate 10 22 — — 618 — Consolidated $ 15,444 $ 3,154 $ 10,805 $ 1,729 $ 4,381 $ 10,244 For the year ended December 31, 2013 Commercial Lines $ 6,315 $ 984 $ 4,085 $ 905 $ 1,190 $ 6,208 Personal Lines 3,823 145 2,580 332 761 3,719 Property & Casualty Other Operations — 141 148 — 27 2 Group Benefits 3,330 390 2,518 33 964 — Mutual Funds 668 — — 39 511 — Talcott Resolution [3] 1,463 1,577 1,717 485 2,150 — Corporate 12 27 — — 757 — Consolidated $ 15,611 $ 3,264 $ 11,048 $ 1,794 $ 6,360 $ 9,929 [1] Includes interest expense, goodwill impairment, loss on extinguishment of debt, restructuring and other costs, and reinsurance loss on disposition. [2] Excludes life insurance pursuant to Regulation S-X. [3] For the year ended, December 31, 2013, Talcott Resolution was recast to reflect the impact of the sale of HLIKK. For further information regarding this transaction, see Note 18 - Discontinued Operations and Business Dispositions of Notes to Consolidated Financial Statements. Segment Deferred Policy Acquisition Costs Future Policy Benefits, Unpaid Losses and Loss Adjustment Expenses Unearned Premiums Other Policyholder Funds and Benefits Payable As of December 31, 2015 Commercial Lines $ 435 $ 16,559 $ 3,271 $ — Personal Lines 155 1,845 1,959 — Property & Casualty Other Operations — 3,421 3 — Group Benefits 35 6,379 43 495 Mutual Funds 11 — — — Talcott Resolution 1,180 13,368 109 31,175 Corporate — — — — Consolidated $ 1,816 $ 41,572 $ 5,385 $ 31,670 As of December 31, 2014 Commercial Lines $ 421 $ 16,505 3,184 — Personal Lines 155 1,874 1,914 — Property & Casualty Other Operations — 3,427 1 — Group Benefits 36 6,540 45 518 Mutual Funds 11 — — — Talcott Resolution 1,200 13,098 111 32,014 Corporate — — — — Consolidated $ 1,823 $ 41,444 $ 5,255 $ 32,532 Segment Earned Premiums, Fee Income and Other Net Investment Income (Loss) Benefits, Losses and Loss Adjustment Expenses Amortization of Deferred Policy Acquisition Costs Insurance Operating Costs and Other Expenses [1] Net Written Premiums [2] For the year ended December 31, 2015 Commercial Lines $ 6,598 $ 910 $ 3,886 $ 951 $ 1,260 $ 6,625 Personal Lines 3,873 128 2,768 359 609 3,918 Property & Casualty Other Operations 32 133 243 — 25 35 Group Benefits 3,136 371 2,427 31 788 — Mutual Funds 723 1 — 22 568 — Talcott Resolution 1,133 1,470 1,451 139 441 — Corporate 8 17 — — 431 — Consolidated $ 15,503 $ 3,030 $ 10,775 $ 1,502 $ 4,122 $ 10,578 For the year ended December 31, 2014 Commercial Lines $ 6,402 $ 958 $ 3,855 $ 919 $ 1,194 $ 6,381 Personal Lines 3,806 129 2,684 348 599 3,861 Property & Casualty Other Operations 1 129 261 — 31 2 Group Benefits 3,095 374 2,362 32 836 — Mutual Funds 723 — — 28 559 — Talcott Resolution 1,407 1,542 1,643 402 544 — Corporate 10 22 — — 618 — Consolidated $ 15,444 $ 3,154 $ 10,805 $ 1,729 $ 4,381 $ 10,244 For the year ended December 31, 2013 Commercial Lines $ 6,315 $ 984 $ 4,085 $ 905 $ 1,190 $ 6,208 Personal Lines 3,823 145 2,580 332 761 3,719 Property & Casualty Other Operations — 141 148 — 27 2 Group Benefits 3,330 390 2,518 33 964 — Mutual Funds 668 — — 39 511 — Talcott Resolution [3] 1,463 1,577 1,717 485 2,150 — Corporate 12 27 — — 757 — Consolidated $ 15,611 $ 3,264 $ 11,048 $ 1,794 $ 6,360 $ 9,929 |
Schedule IV Reinsurance Level 1
Schedule IV Reinsurance Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract] | |
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Text Block] | Gross Amount Ceded to Other Companies Assumed From Other Companies Net Amount Percentage of Amount Assumed to Net For the year ended December 31, 2015 Life insurance in-force $ 619,722 $ 4,880 $ 21,406 $ 636,248 3 % Insurance revenues Property and casualty insurance $ 10,704 $ 586 $ 298 $ 10,416 3 % Life insurance and annuities 4,099 1,650 161 2,610 6 % Accident and health insurance 1,668 57 48 1,659 3 % Total insurance revenues $ 16,471 $ 2,293 $ 507 $ 14,685 3 % For the year ended December 31, 2014 Life insurance in-force $ 875,229 $ 240,285 $ 21,987 $ 656,931 3 % Insurance revenues Property and casualty insurance $ 10,531 $ 699 $ 264 $ 10,096 3 % Life insurance and annuities 4,414 1,666 137 2,885 5 % Accident and health insurance 1,615 54 56 1,617 3 % Total insurance revenues $ 16,560 $ 2,419 $ 457 $ 14,598 3 % For the year ended December 31, 2013 Life insurance in-force $ 883,387 $ 278,059 $ 49,789 $ 655,117 8 % Insurance revenues Property and casualty insurance $ 10,494 $ 871 $ 241 $ 9,864 2 % Life insurance and annuities 4,819 1,718 80 3,181 3 % Accident and health insurance 1,616 62 58 1,612 4 % Total insurance revenues $ 16,929 $ 2,651 $ 379 $ 14,657 3 % REINSURANCE (In millions) Gross Amount Ceded to Other Companies Assumed From Other Companies Net Amount Percentage of Amount Assumed to Net For the year ended December 31, 2015 Life insurance in-force $ 619,722 $ 4,880 $ 21,406 $ 636,248 3 % Insurance revenues Property and casualty insurance $ 10,704 $ 586 $ 298 $ 10,416 3 % Life insurance and annuities 4,099 1,650 161 2,610 6 % Accident and health insurance 1,668 57 48 1,659 3 % Total insurance revenues $ 16,471 $ 2,293 $ 507 $ 14,685 3 % For the year ended December 31, 2014 Life insurance in-force $ 875,229 $ 240,285 $ 21,987 $ 656,931 3 % Insurance revenues Property and casualty insurance $ 10,531 $ 699 $ 264 $ 10,096 3 % Life insurance and annuities 4,414 1,666 137 2,885 5 % Accident and health insurance 1,615 54 56 1,617 3 % Total insurance revenues $ 16,560 $ 2,419 $ 457 $ 14,598 3 % For the year ended December 31, 2013 Life insurance in-force $ 883,387 $ 278,059 $ 49,789 $ 655,117 8 % Insurance revenues Property and casualty insurance $ 10,494 $ 871 $ 241 $ 9,864 2 % Life insurance and annuities 4,819 1,718 80 3,181 3 % Accident and health insurance 1,616 62 58 1,612 4 % Total insurance revenues $ 16,929 $ 2,651 $ 379 $ 14,657 3 % |
Schedule V Valuation and Qualif
Schedule V Valuation and Qualifying Accounts Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | VALUATION AND QUALIFYING ACCOUNTS (In millions) Balance January 1, Increase (decrease) in Costs and Expenses Translation Adjustment Write-offs/ Payments/ Other Balance December 31, 2015 Allowance for doubtful accounts and other $ 131 $ 44 $ — $ (41 ) $ 134 Allowance for uncollectible reinsurance 271 12 — (17 ) 266 Valuation allowance on mortgage loans 18 7 — (2 ) 23 Valuation allowance for deferred taxes 181 (102 ) — — 79 2014 Allowance for doubtful accounts and other $ 125 $ 50 $ — $ (44 ) $ 131 Allowance for uncollectible reinsurance 244 30 — (3 ) 271 Valuation allowance on mortgage loans 67 4 — (53 ) 18 Valuation allowance for deferred taxes 4 5 — 172 181 2013 Allowance for doubtful accounts and other $ 117 $ 56 $ — $ (48 ) $ 125 Allowance for uncollectible reinsurance 268 (1 ) 2 (25 ) 244 Valuation allowance on mortgage loans 68 2 — (3 ) 67 Valuation allowance for deferred taxes 58 (2 ) — (52 ) 4 |
Schedule VI Supplemental Inform
Schedule VI Supplemental Information Concerning Property and Casualty Insurance Operations Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Information for Property, Casualty Insurance Underwriters [Abstract] | |
Supplemental Information Concerning Property and Casualty Insurance Operations | THE HARTFORD FINANCIAL SERVICES GROUP, INC. SCHEDULE VI SUPPLEMENTAL INFORMATION CONCERNING PROPERTY AND CASUALTY INSURANCE OPERATIONS (In millions) Discount Deducted From Liabilities [1] Losses and Loss Adjustment Expenses Incurred Related to: Paid Losses and Loss Adjustment Expenses Current Year Prior Year Years ended December 31, 2015 $ 523 $ 6,647 $ 250 $ 6,719 2014 $ 556 $ 6,572 $ 228 $ 6,711 2013 $ 553 $ 6,621 $ 192 $ 6,826 [1] Reserves for permanently disabled claimants have been discounted using the weighted average interest rates of 3.24% , 3.50% , and 3.50% for the years ended December 31, 2015 , 2014 , and 2013 , respectively. Discount Deducted From Liabilities [1] Losses and Loss Adjustment Expenses Incurred Related to: Paid Losses and Loss Adjustment Expenses Current Year Prior Year Years ended December 31, 2015 $ 523 $ 6,647 $ 250 $ 6,719 2014 $ 556 $ 6,572 $ 228 $ 6,711 2013 $ 553 $ 6,621 $ 192 $ 6,826 |
Basis of Presentation and Acc35
Basis of Presentation and Accounting Policies Level 2 (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Item Effected [Line Items] | |
Contingent Liability Reserve Estimate, Policy [Policy Text Block] | Life Insurance Products Liabilities for future policy benefits are calculated by the net level premium method using interest, withdrawal and mortality assumptions appropriate at the time the policies were issued. The methods used in determining the liability for unpaid losses and future policy benefits are standard actuarial methods. For the tabular reserves, discount rates are based on the Company’s earned investment yield and the morbidity/mortality tables used are standard industry tables modified to reflect the Company’s actual experience when appropriate. These reserves are computed such that they are expected to meet the Company’s future policy obligations. Future policy benefits are computed at amounts that, with additions from estimated premiums to be received and with interest on such reserves compounded annually at certain assumed rates, are expected to be sufficient to meet the Company’s policy obligations at their maturities or in the event of an insured’s death. Changes in or deviations from the assumptions used for mortality, morbidity, expected future premiums and interest can significantly affect the Company’s reserve levels and related future operations. Liabilities for the Company’s group life and disability contracts, as well as its individual term life insurance policies, include amounts for unpaid losses and future policy benefits. Liabilities for unpaid losses include estimates of amounts to fully settle known reported claims, as well as claims related to insured events that the Company estimates have been incurred but have not yet been reported. These reserve estimates are based on known facts and interpretations of circumstances, and consideration of various internal factors including The Hartford’s experience with similar cases, historical trends involving claim payment patterns, loss payments, pending levels of unpaid claims, loss control programs and product mix. In addition, the reserve estimates are influenced by consideration of various external factors including court decisions, economic conditions and public attitudes. The effects of inflation are implicitly considered in the reserving process. Group life and disability contracts with long tail claim liabilities are discounted because the payment pattern and the ultimate costs are reasonably fixed and determinable on an individual claim basis. These reserves were discounted to present value using a weighted average interest rate of 4.41% in 2015 and 4.53% in 2014 . |
Basis of Presentation | Basis of Presentation The Hartford Financial Services Group, Inc. is a holding company for insurance and financial services subsidiaries that provide property and casualty insurance, group life and disability products and mutual funds to individual and business customers in the United States (collectively, “The Hartford”, the “Company”, “we” or “our”). Also, the Company continues to 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 HLIKK 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 18 - Discontinued Operations and Business Dispositions of Notes to Consolidated Financial Statements. On December 12, 2013, the Company completed the sale of the issued and outstanding equity of Hartford Life International Limited, a U.K. company ("HLIL"), to Columbia Insurance Company, a Berkshire Hathaway company. On January 1, 2013, the Company completed the sale of its Retirement Plans business to Massachusetts Mutual Life Insurance Company ("MassMutual") and on January 2, 2013 the Company completed the sale of its Individual Life insurance business to The Prudential Insurance Company of America ("Prudential"), a subsidiary of Prudential Financial, Inc. These sales were structured as reinsurance transactions. For further discussion of these transactions, see Note 18 - Discontinued Operations and Business Dispositions of Notes to Consolidated Financial Statements. The Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which differ materially from the accounting practices prescribed by various insurance regulatory authorities. |
Consolidation | Consolidation The Consolidated Financial Statements include the accounts of The Hartford Financial Services Group, Inc., companies in which the Company directly or indirectly has a controlling financial interest and those variable interest entities (“VIEs”) which the Company is required to consolidate. Entities in which the Company has significant influence over the operating and financing decisions but is not required to consolidate are reported using the equity method. For further information on VIEs see Note 6 - Investments and Derivative Instruments of the Notes to Consolidated Financial Statements. All intercompany transactions and balances between The Hartford and its subsidiaries and affiliates have been eliminated. |
Discontinued Operations | Discontinued Operations The results of operations of a component of the Company 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 ("FASB"), 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 18 - Discontinued Operations and Business Dispositions of the Notes to Consolidated Financial Statements. |
Use of Estimates | Use of Estimates The preparation of financial statements, in conformity with U.S. GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates include those used in determining property and casualty insurance product reserves, net of reinsurance; estimated gross profits used in the valuation and amortization of assets and liabilities associated with variable annuity and other universal life-type contracts; evaluation of other-than-temporary impairments on available-for-sale securities and valuation allowances on investments; living benefits required to be fair valued; evaluation of goodwill for impairment; valuation of investments and derivative instruments; valuation allowance on deferred tax assets; and contingencies relating to corporate litigation and regulatory matters. Certain of these estimates are particularly sensitive to market conditions, and deterioration and/or volatility in the worldwide debt or equity markets could have a material impact on the Consolidated Financial Statements. |
Reclassifications | Reclassifications Certain reclassifications have been made to prior year financial information to conform to the current year presentation. |
New Accounting Pronouncements, Policy [Policy Text Block] | Future Adoption of New Accounting Standards Financial Instruments In January 2016, the FASB issued updated guidance for the recognition and measurement of financial instruments. The new guidance will require investments in equity securities to be measured at fair value with changes in fair value reported in net income except for those equity securities that result in consolidation or are accounted for under the equity method of accounting. The new guidance will also require a deferred tax asset resulting from net unrealized losses on available-for-sale fixed maturities that are recognized in accumulated other comprehensive income (“OCI”) to be evaluated for recoverability in combination with the Company’s other deferred tax assets. Under existing guidance, the Company measures investments in equity securities, available-for-sale, at fair value with changes in fair value reported in OCI. As required, the Company will adopt the guidance effective January 1, 2018 through a cumulative effect adjustment to retained earnings. Early adoption is not allowed. The impact to the Company will be increased volatility in net income beginning in 2018. Any difference in the evaluation of deferred tax assets may also affect stockholders equity. Cash flows will not be affected. The impact will depend on the composition of the Company’s investment portfolio in the future and changes in fair value of the Company’s investments. As of December 31, 2015, equity securities available-for-sale totaled $839 , with unrealized losses of $2 in accumulated OCI that would have been classified in retained earnings. Had the new accounting guidance been in place since the beginning of 2015, the Company would have recognized mark-to-market unrealized losses of $17 after-tax in net income for the year ended December 31, 2015. Consolidation The FASB issued updated consolidation guidance. The updates revise existing guidance for when to consolidate 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 January 1, 2016, and may be applied fully retrospectively or through a cumulative effect adjustment to retained earnings as of the 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. Revenue Recognition |
Revenue Recognition | Revenue Recognition Property and casualty insurance premiums are earned on a pro rata basis over the policy period and include accruals for ultimate premium revenue anticipated under auditable and retrospectively rated policies. Unearned premiums represent the premiums applicable to the unexpired terms of policies in force. An estimated allowance for doubtful accounts is recorded on the basis of periodic evaluations of balances due from insureds, management’s experience and current economic conditions. The Company charges off any balances that are determined to be uncollectible. The allowance for doubtful accounts included in premiums receivable and agents’ balances in the Consolidated Balance Sheets was $134 and $131 as of December 31, 2015 and 2014 , respectively. Traditional life products' premiums are recognized as revenue when due from policyholders. Group life, disability and accident premiums are generally both due from policyholders and recognized as revenue on a pro rata basis over the period of the contracts. Fee income for variable annuity and other universal life-type contracts consists of policy charges for policy administration, cost of insurance charges and surrender charges assessed against policyholders’ account balances and are recognized in the period in which services are provided. Amounts representing account value collected from policyholders for investment and universal life-type contracts are considered deposits and are not included in revenue. Unearned revenue reserves, representing amounts assessed as consideration for policy origination of a universal life-type contract, are deferred and recognized in income over the period benefited. The Company provides investment management, administrative and distribution services to mutual funds. The Company earns fees from these mutual funds which are primarily based on the average daily net asset values of the mutual funds and recorded as fee income in the period in which the services are provided. Commission fees are based on the sale proceeds and recognized at the time of the transaction. Transfer agent fees are assessed as a charge per account and recognized as fee income in the period in which the services are provided. Other revenues primarily consists of servicing revenues which are recognized as services are performed. |
Dividends to Policyholders | Dividends to Policyholders Policyholder dividends are paid to certain property and casualty and life insurance policyholders. Policies that receive dividends are referred to as participating policies. Participating dividends to policyholders are accrued and reported in insurance operating costs and other expenses and other liabilities using an estimate of the amount to be paid based on underlying contractual obligations under policies and applicable state laws. Net written premiums for participating property and casualty insurance policies represented 10% , 9% and 10% of total net written premiums for the years ended December 31, 2015 , 2014 and 2013 , respectively. Participating dividends to property and casualty policyholders were $17 , $15 and $16 for the years ended December 31, 2015 , 2014 and 2013 , respectively. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Valuation Techniques, Procedures and Controls 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. The fair value hierarchy categorizes the inputs in the valuation techniques used to measure fair value into three broad Levels (Level 1, 2 or 3). Level 1 Unadjusted quoted prices for identical assets, or liabilities, in active markets that the Company has the ability to access at the measurement date. Level 2 Observable inputs, other than quoted prices included in Level 1, for the asset or liability, or prices for similar assets and liabilities. Level 3 Valuations that are derived from techniques in which one or more of the significant inputs are unobservable (including assumptions about risk). 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. 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 within illiquid markets and/or priced by independent brokers. The following tables present assets and (liabilities) carried at fair value by hierarchy level. |
Investments | Investments Overview The Company’s investments in fixed maturities include bonds, structured securities, redeemable preferred stock and commercial paper. Most of these investments, along with certain equity securities, which include common and non-redeemable preferred stocks, are classified as available-for-sale ("AFS") and are carried at fair value. The after-tax difference between fair value and cost or amortized cost is reflected in stockholders’ equity as a component of Accumulated Other Comprehensive Income (Loss) (“AOCI”), after adjustments for the effect of deducting certain life and annuity deferred policy acquisition costs and reserve adjustments. Also included in equity securities, AFS are certain equity securities for which the Company elected the fair value option. These equity securities are carried at fair value with changes in value recorded in realized capital gains and losses on the Company's Consolidated Statements of Operations. Fixed maturities for which the Company elected the fair value option are classified as FVO and are carried at fair value with changes in value recorded in realized capital gains and losses. Policy loans are carried at outstanding balance. Mortgage loans are recorded at the outstanding principal balance adjusted for amortization of premiums or discounts and net of valuation allowances. Short-term investments are carried at amortized cost, which approximates fair value. Limited partnerships and other alternative investments are reported at their carrying value and accounted for under the equity method with the Company’s share of earnings included in net investment income. Recognition of income related to limited partnerships and other alternative investments is delayed due to the availability of the related financial information, as private equity and other funds are generally on a three-month delay and hedge funds on a one-month delay. Accordingly, income for the years ended December 31, 2015 , 2014 , and 2013 may not include the full impact of current year changes in valuation of the underlying assets and liabilities of the funds, which are generally obtained from the limited partnerships and other alternative investments’ general partners. In addition, for investments in a wholly-owned hedge fund of funds, the Company recognizes changes in the fair value of the underlying funds in net investment income, which is consistent with accounting requirements for investment companies. Other investments primarily consist of derivative instruments which are carried at fair value. Net Realized Capital Gains and Losses Net realized capital gains and losses from investment sales are reported as a component of revenues and are determined on a specific identification basis. Net realized capital gains and losses also result from fair value changes in fixed maturities and equity securities FVO, and derivatives contracts (both free-standing and embedded) that do not qualify, or are not designated, as a hedge for accounting purposes, ineffectiveness on derivatives that qualify for hedge accounting treatment, and the change in value of derivatives in certain fair-value hedge relationships and their associated hedged asset. Impairments and mortgage loan valuation allowances are recognized as net realized capital losses in accordance with the Company’s impairment and mortgage loan valuation allowance policies as discussed in Note 6 - Investments and Derivative Instruments of Notes to Consolidated Financial Statements. Foreign currency transaction remeasurements are also included in net realized capital gains and losses. Net Investment Income Interest income from fixed maturities and mortgage loans is recognized when earned on the constant effective yield method based on estimated timing of cash flows. The amortization of premium and accretion of discount for fixed maturities also takes into consideration call and maturity dates that produce the lowest yield. For securitized financial assets subject to prepayment risk, yields are recalculated and adjusted periodically to reflect historical and/or estimated future repayments using the retrospective method; however, if these investments are impaired, any yield adjustments are made using the prospective method. Prepayment fees and make-whole payments on fixed maturities and mortgage loans are recorded in net investment income when earned. For equity securities, dividends will be recognized as investment income on the ex-dividend date. Limited partnerships and other alternative investments primarily use the equity method of accounting to recognize the Company’s share of earnings; however, for a portion of those investments, the Company uses investment fund accounting applied to a wholly-owned fund of funds. For impaired debt securities, the Company accretes the new cost basis to the estimated future cash flows over the expected remaining life of the security by prospectively adjusting the security’s yield, if necessary. The Company’s non-income producing investments were not material for the years ended December 31, 2015 , 2014 and 2013 . |
Derivatives Instruments | Derivative Instruments Overview The Company utilizes a variety of over-the-counter ("OTC") derivative investments, including transactions cleared through a central clearing house ("OTC-cleared"), and exchange-traded derivative instruments as part of its overall risk management strategy. The types of instruments may include swaps, caps, floors, forwards, futures and options to achieve one of four Company-approved objectives: to hedge risk arising from interest rate, equity market, commodity market, credit spread and issuer default, price or currency exchange rate risk or volatility; to manage liquidity; to control transaction costs; or to enter into synthetic replication transactions. Interest rate, volatility, dividend, credit default and index swaps involve the periodic exchange of cash flows with other parties, at specified intervals, calculated using agreed upon rates or other financial variables and notional principal amounts. Generally, little to no cash or principal payments are exchanged at the inception of the contract. Typically, at the time a swap is entered into, the cash flow streams exchanged by the counterparties are equal in value. Interest rate cap and floor contracts entitle the purchaser to receive from the issuer at specified dates, the amount, if any, by which a specified market rate exceeds the cap strike interest rate or falls below the floor strike interest rate, applied to a notional principal amount. A premium payment is made by the purchaser of the contract at its inception and no principal payments are exchanged. Forward contracts are customized commitments that specify a rate of interest or currency exchange rate to be paid or received on an obligation beginning on a future start date and are typically settled in cash. Financial futures are standardized commitments to either purchase or sell designated financial instruments, at a future date, for a specified price and may be settled in cash or through delivery of the underlying instrument. Futures contracts trade on organized exchanges. Margin requirements for futures are met by pledging securities or cash, and changes in the futures’ contract values are settled daily in cash. Option contracts grant the purchaser, for a premium payment, the right to either purchase from or sell to the issuer a financial instrument at a specified price, within a specified period or on a stated date. The contracts may reference commodities, which grant the purchaser the right to either purchase from or sell to the issuer commodities at a specified price, within a specified period or on a stated date. Option contracts are typically settled in cash. Foreign currency swaps exchange an initial principal amount in two currencies, agreeing to re-exchange the currencies at a future date, at an agreed upon exchange rate. There may also be a periodic exchange of payments at specified intervals calculated using the agreed upon rates and exchanged principal amounts. The Company’s derivative transactions conducted in insurance company subsidiaries are used in strategies permitted under the derivative use plans required by the State of Connecticut, the State of Illinois and the State of New York insurance departments. Accounting and Financial Statement Presentation of Derivative Instruments and Hedging Activities Derivative instruments are recognized on the Consolidated Balance Sheets at fair value and are reported in Other Investments and Other Liabilities. For balance sheet presentation purposes, the Company has elected to offset the fair value amounts, income accruals, and related cash collateral receivables and payables of OTC derivative instruments executed in a legal entity and with the same counterparty or under a master netting agreement, which provides the Company with the legal right of offset. The Company also clears interest rate swap and certain credit default swap derivative transactions through central clearing houses. OTC-cleared derivatives require initial collateral at the inception of the trade in the form of cash or highly liquid collateral, such as U.S. Treasuries and government agency investments. Central clearing houses also require additional cash collateral as variation margin based on daily market value movements. For information on collateral, see the derivative collateral arrangements section in Note 6 - Investments and Derivative Instruments of Notes to Consolidated Financial Statement. In addition, OTC-cleared transactions include price alignment interest either received or paid on the variation margin, which is reflected in net investment income. The Company has also elected to offset the fair value amounts, income accruals and related cash collateral receivables and payables of OTC-cleared derivative instruments based on clearing house agreements. On the date the derivative contract is entered into, the Company designates the derivative as (1) a hedge of the fair value of a recognized asset or liability (“fair value” hedge), (2) a hedge of the variability in cash flows of a forecasted transaction or of amounts to be received or paid related to a recognized asset or liability (“cash flow” hedge), (3) a hedge of a net investment in a foreign operation (“net investment” hedge) or (4) held for other investment and/or risk management purposes, which primarily involve managing asset or liability related risks and do not qualify for hedge accounting. Fair Value Hedges Changes in the fair value of a derivative that is designated and qualifies as a fair value hedge, including foreign-currency fair value hedges, along with the changes in the fair value of the hedged asset or liability that is attributable to the hedged risk, are recorded in current period earnings as net realized capital gains and losses with any differences between the net change in fair value of the derivative and the hedged item representing the hedge ineffectiveness. Periodic cash flows and accruals of income/expense (“periodic derivative net coupon settlements”) are recorded in the line item of the Consolidated Statements of Operations in which the cash flows of the hedged item are recorded. Cash Flow Hedges Changes in the fair value of a derivative that is designated and qualifies as a cash flow hedge, including foreign-currency cash flow hedges, are recorded in AOCI and are reclassified into earnings when the variability of the cash flow of the hedged item impacts earnings. Gains and losses on derivative contracts that are reclassified from AOCI to current period earnings are included in the line item in the Consolidated Statements of Operations in which the cash flows of the hedged item are recorded. Any hedge ineffectiveness is recorded immediately in current period earnings as net realized capital gains and losses. Periodic derivative net coupon settlements are recorded in the line item of the Consolidated Statements of Operations in which the cash flows of the hedged item are recorded. Net Investment in a Foreign Operation Hedges Changes in fair value of a derivative used as a hedge of a net investment in a foreign operation, to the extent effective as a hedge, are recorded in the foreign currency translation adjustments account within AOCI. Cumulative changes in fair value recorded in AOCI are reclassified into earnings upon the sale or complete, or substantially complete, liquidation of the foreign entity. Any hedge ineffectiveness is recorded immediately in current period earnings as net realized capital gains and losses. Periodic derivative net coupon settlements are recorded in the line item of the Consolidated Statements of Operations in which the cash flows of the hedged item are recorded. Other Investment and/or Risk Management Activities The Company’s other investment and/or risk management activities primarily relate to strategies used to reduce economic risk or replicate permitted investments and do not receive hedge accounting treatment. Changes in the fair value, including periodic derivative net coupon settlements, of derivative instruments held for other investment and/or risk management purposes are reported in current period earnings as net realized capital gains and losses. Hedge Documentation and Effectiveness Testing To qualify for hedge accounting treatment, a derivative must be highly effective in mitigating the designated changes in fair value or cash flow of the hedged item. At hedge inception, the Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking each hedge transaction. The documentation process includes linking derivatives that are designated as fair value, cash flow, or net investment hedges to specific assets or liabilities on the balance sheet or to specific forecasted transactions and defining the effectiveness and ineffectiveness testing methods to be used. The Company also formally assesses both at the hedge’s inception and ongoing on a quarterly basis, whether the derivatives that are used in hedging transactions have been and are expected to continue to be highly effective in offsetting changes in fair values, cash flows or net investment in foreign operations of hedged items. Hedge effectiveness is assessed primarily using quantitative methods as well as using qualitative methods. Quantitative methods include regression or other statistical analysis of changes in fair value or cash flows associated with the hedge relationship. Qualitative methods may include comparison of critical terms of the derivative to the hedged item. Hedge ineffectiveness of the hedge relationships are measured each reporting period using the “Change in Variable Cash Flows Method”, the “Change in Fair Value Method”, the “Hypothetical Derivative Method”, or the “Dollar Offset Method”. Discontinuance of Hedge Accounting The Company discontinues hedge accounting prospectively when (1) it is determined that the qualifying criteria are no longer met; (2) the derivative is no longer designated as a hedging instrument; or (3) the derivative expires or is sold, terminated or exercised. When hedge accounting is discontinued because it is determined that the derivative no longer qualifies as an effective fair value hedge, the derivative continues to be carried at fair value on the balance sheet with changes in its fair value recognized in current period earnings. Changes in the fair value of the hedged item attributable to the hedged risk is no longer adjusted through current period earnings and the existing basis adjustment is amortized to earnings over the remaining life of the hedged item through the applicable earnings component associated with the hedged item. When hedge accounting is discontinued because the Company becomes aware that it is not probable that the forecasted transaction will occur, the derivative continues to be carried on the balance sheet at its fair value, and gains and losses that were accumulated in AOCI are recognized immediately in earnings. In other situations in which hedge accounting is discontinued, including those where the derivative is sold, terminated or exercised, amounts previously deferred in AOCI are reclassified into earnings when earnings are impacted by the hedged item. Embedded Derivatives The Company purchases and has previously issued financial instruments and products that contain embedded derivative instruments. When it is determined that (1) the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract and (2) a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host for measurement purposes. The embedded derivative, which is reported with the host instrument in the Consolidated Balance Sheets, is carried at fair value with changes in fair value reported in net realized capital gains and losses. Credit Risk Credit risk is defined as the risk of financial loss due to uncertainty of an obligor’s or counterparty’s ability or willingness to meet its obligations in accordance with agreed upon terms. Credit exposures are measured using the market value of the derivatives, resulting in amounts owed to the Company by its counterparties or potential payment obligations from the Company to its counterparties. The Company generally requires that OTC derivative contracts, other than certain forward contracts, be governed by International Swaps and Derivatives Association ("ISDA") agreements which are structured by legal entity and by counterparty, and permit right of offset. These agreements require daily collateral settlement based upon agreed upon thresholds. For purposes of daily derivative collateral maintenance, credit exposures are generally quantified based on the prior business day’s market value and collateral is pledged to and held by, or on behalf of, the Company to the extent the current value of the derivatives exceed the contractual thresholds. For the Company’s domestic derivative programs, the maximum uncollateralized threshold for a derivative counterparty for a single legal entity is $10 . The Company also minimizes the credit risk of derivative instruments by entering into transactions with high quality counterparties primarily rated A or better, which are monitored and evaluated by the Company’s risk management team and reviewed by senior management. OTC-cleared derivatives are governed by clearing house rules. Transactions cleared through a central clearing house reduce risk due to their ability to require daily variation margin, monitor the Company's ability to request additional collateral in the event of a counterparty downgrade, and act as an independent valuation source. In addition, the Company monitors counterparty credit exposure on a monthly basis to ensure compliance with Company policies and statutory limitations. |
Cash | Cash Cash represents cash on hand and demand deposits with banks or other financial institutions. |
Reinsurance | Reinsurance The Company cedes insurance to affiliated and unaffiliated insurers in order to limit its maximum losses and to diversify its exposures and provide statutory surplus relief. Such arrangements do not relieve the Company of its primary liability to policyholders. Failure of reinsurers to honor their obligations could result in losses to the Company. The Company also assumes reinsurance from other insurers and is a member of and participates in reinsurance pools and associations. Assumed reinsurance refers to the Company’s acceptance of certain insurance risks that other insurance companies or pools have underwritten. Reinsurance accounting is followed for ceded and assumed transactions that provide indemnification against loss or liability relating to insurance risk (i.e. risk transfer). To meet risk transfer requirements, a reinsurance agreement must include insurance risk, consisting of underwriting, investment, and timing risk, and a reasonable possibility of a significant loss to the reinsurer. If the ceded and assumed transactions do not meet risk transfer requirements, the Company accounts for these transactions as financing transactions. Premiums, benefits, losses and loss adjustment expenses reflect the net effects of ceded and assumed reinsurance transactions. Included in other assets are prepaid reinsurance premiums, which represent the portion of premiums ceded to reinsurers applicable to the unexpired terms of the reinsurance contracts. Included in reinsurance recoverables are balances due from reinsurance companies for paid and unpaid losses and loss adjustment expenses and are presented net of an allowance for uncollectible reinsurance. Changes in the allowance for uncollectible reinsurance are reported in benefits, losses and loss adjustment expenses in the Company's Consolidated Statements of Operations. The Company evaluates the financial condition of its reinsurers and concentrations of credit risk. Reinsurance is placed with reinsurers that meet strict financial criteria established by the Company. The Company entered into two reinsurance transactions upon completion of the sales of its Retirement Plans and Individual Life businesses in 2013. For further discussion of these transactions, see Note 18 - Discontinued Operations and Business Dispositions and Note 5 - Reinsurance of Notes to Consolidated Financial Statements. |
Deferred Policy Acquisition Costs and Present Value of Future Profits | Deferred Policy Acquisition Costs Deferred policy acquisition costs ("DAC") represent costs that are directly related to the acquisition of new and renewal insurance contracts and incremental direct costs of contract acquisition that are incurred in transactions with either independent third parties or employees. Such costs primarily include commissions, premium taxes, costs of policy issuance and underwriting, and certain other expenses that are directly related to successfully issued contracts. For property and casualty insurance products and group life, disability and accident contracts, costs are deferred and amortized ratably over the period the related premiums are earned. Deferred acquisition costs are reviewed to determine if they are recoverable from future income, and if not, are charged to expense. Anticipated investment income is considered in the determination of the recoverability of DAC. For life insurance products, the DAC asset related to most universal life-type contracts (including variable annuities) is amortized over the estimated life of the contracts acquired in proportion to the present value of estimated gross profits (“EGPs”). EGPs are also used to amortize other assets and liabilities in the Company’s Consolidated Balance Sheets, such as sales inducement assets (“SIA”). Components of EGPs are also used to determine reserves for universal life-type contracts (including variable annuities) with death or other insurance benefits such as guaranteed minimum death, life-contingent guaranteed minimum withdrawal and universal life insurance secondary guarantee benefits. These benefits are accounted for and collectively referred to as death and other insurance benefit reserves and are held in addition to the account value liability representing policyholder funds. For most life insurance product contracts, including variable annuities, the Company estimates gross profits over 20 years as EGPs emerging subsequent to that timeframe are immaterial. Products sold in a particular year are aggregated into cohorts. Future gross profits for each cohort are projected over the estimated lives of the underlying contracts, based on future account value projections for variable annuity and variable universal life products. The projection of future account values requires the use of certain assumptions including: separate account returns; separate account fund mix; fees assessed against the contract holder’s account balance; full surrender and partial withdrawal rates; interest margin; mortality; and the extent and duration of hedging activities and hedging costs. The Company determines EGPs from a single deterministic reversion to mean (“RTM”) separate account return projection which is an estimation technique commonly used by insurance entities to project future separate account returns. Through this estimation technique, the Company’s DAC model is adjusted to reflect actual account values at the end of each quarter. Through consideration of recent market returns, the Company will unlock ("Unlock"), or adjust, projected returns over a future period so that the account value returns to the long-term expected rate of return, providing that those projected returns do not exceed certain caps. This Unlock for future separate account returns is determined each quarter. In the fourth quarter of 2015, the Company completed a comprehensive policyholder behavior assumption study which resulted in a non-market related after-tax benefit and incorporated the results of that study into its projection of future gross profits. Additionally, throughout the year, the Company evaluates various aspects of policyholder behavior and will revise its policyholder assumptions if credible emerging data indicates that changes are warranted. The Company will continue to evaluate its assumptions related to policyholder behavior as initiatives to reduce the size of the variable annuity business are implemented by management. Upon completion of an annual assumption study or evaluation of credible new information, the Company will revise its assumptions to reflect its current best estimate. These assumption revisions will change the projected account values and the related EGPs in the DAC and SIA amortization models, as well as, the death and other insurance benefit reserving models. All assumption changes that affect the estimate of future EGPs including the update of current account values, the use of the RTM estimation technique and policyholder behavior assumptions are considered an Unlock in the period of revision. An Unlock adjusts the DAC, SIA and death and other insurance benefit reserve balances in the Consolidated Balance Sheets with an offsetting benefit or charge in the Consolidated Statements of Operations in the period of the revision. An Unlock revises EGPs to reflect the Company’s current best estimate assumptions. The Company also tests the aggregate recoverability of DAC by comparing the existing DAC balance to the present value of future EGPs. An Unlock that results in an after-tax benefit generally occurs as a result of actual experience or future expectations of product profitability being favorable compared to previous estimates. An Unlock that results in an after-tax charge generally occurs as a result of actual experience or future expectations of product profitability being unfavorable compared to previous estimates. |
Income Taxes | Income Taxes The Company recognizes taxes payable or refundable for the current year and deferred taxes for the tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years the temporary differences are expected to reverse. A deferred tax provision is recorded for the tax effects of differences between the Company's current taxable income and its income before tax under generally accepted accounting principles in the Consolidated Statements of Operations. For deferred tax assets, the Company records a valuation allowance that is adequate to reduce the total deferred tax asset to an amount that will more likely than not be realized. |
Goodwill | Goodwill Goodwill represents the excess of costs over the fair value of net assets acquired. Goodwill is not amortized but is reviewed for impairment at least annually or more frequently if events occur or circumstances change that would indicate that a triggering event for a potential impairment has occurred. The goodwill impairment test follows a two-step process. In the first step, the fair value of a reporting unit is compared to its carrying value. If the carrying value of a reporting unit exceeds its fair value, the second step of the impairment test is performed for purposes of measuring the impairment. In the second step, the fair value of the reporting unit is allocated to all of the assets and liabilities of the reporting unit to determine an implied goodwill value. If the carrying amount of the reporting unit’s goodwill exceeds the implied goodwill value, an impairment loss is recognized in an amount equal to that excess. Management’s determination of the fair value of each reporting unit incorporates multiple inputs into discounted cash flow calculations, including assumptions that market participants would make in valuing the reporting unit. Assumptions include levels of economic capital, future business growth, earnings projections and assets under management for certain reporting units and the weighted average cost of capital used for purposes of discounting. Decreases in the amount of capital allocated to a reporting unit, decreases in business growth, decreases in earnings projections and increases in the weighted average cost of capital will all cause a reporting unit’s fair value to decrease, increasing the possibility of impairments. |
Property and Equipment | Property and Equipment Property and equipment which includes capitalized software is carried at cost net of accumulated depreciation and amortization. Depreciation and amortization is based on the estimated useful lives of the various classes of property and equipment and is determined principally on the straight-line method. Accumulated depreciation was $2.3 billion and $2.3 billion as of December 31, 2015 and 2014 , respectively. Depreciation expense was $164 , $198 , and $174 for the years ended December 31, 2015 , 2014 and 2013 , respectively. |
Separate Accounts, Death Benefits and Other Insurance Benefit Features | Separate Accounts, Death Benefits and Other Insurance Benefit Features The Company records the variable account value portion of variable annuity and variable life insurance products and institutional and governmental investment contracts within separate accounts. Separate account assets are reported at fair value and separate account liabilities are reported at amounts consistent with separate account assets. Investment income and gains and losses from those separate account assets accrue directly to the policyholder, who assumes the related investment risk, and are offset by change in the related liability with changes reported in the same line item in the Consolidated Statements of Operations. The Company earns fees for investment management, certain administrative expenses, and mortality and expense risks assumed which are reported in fee income. Certain contracts classified as universal life-type include death and other insurance benefit features including guaranteed minimum death benefit ("GMDB"), guaranteed minimum income benefit ("GMIB"), and guaranteed minimum withdrawal benefit ("GMWB") riders offered with variable annuity contracts, or secondary guarantee benefits offered with universal life insurance contracts. GMWBs that represent embedded derivatives are accounted for at fair value. Universal life insurance secondary guarantee benefits ensure that the policy will not terminate, and will continue to provide a death benefit, even if there is insufficient policy value to cover the monthly deductions and charges. For the Company's GMWB products, the withdrawal benefit can exceed the guaranteed remaining balance ("GRB"), which is generally equal to premiums less withdrawals. These GMDBs, GMIBs, the life-contingent portion of GMWBs and the universal life insurance secondary guarantees require an additional liability be held above the account value liability representing the policyholders’ funds. This liability is reported in reserve for future policy benefits in the Company’s Consolidated Balance Sheets. Changes in the death and other insurance benefit reserves are recorded in benefits, losses and loss adjustment expenses in the Company’s Consolidated Statements of Operations. The death and other insurance benefit liability is determined by estimating the expected present value of the benefits in excess of the policyholder’s expected account value in proportion to the present value of total expected fees. The liability is accrued as actual fees are earned. The expected present value of benefits and fees are generally derived from a set of stochastic scenarios, that have been calibrated to our RTM separate account returns, and assumptions including market rates of return, volatility, discount rates, lapse rates and mortality experience. Consistent with the Company’s policy on the Unlock, the Company regularly evaluates estimates used and adjusts the additional liability balance, with a related charge or credit to benefits, losses and loss adjustment expense. For further information on the Unlock, see the Deferred Policy Acquisition Costs accounting policy section within this footnote. The Company reinsures a portion of its in-force GMDB and all of its universal life insurance secondary guarantees and net reinsurance costs are recognized ratably over the accumulation period based on total expected assessments. |
Other Policyholder Funds and Benefits Payable | Other Policyholder Funds and Benefits Payable Other policyholder funds and benefits payable consist of non-variable account values associated with variable annuity and other universal life-type contracts and investment contracts. Investment contracts consist of institutional and governmental products, without life contingencies, including funding agreements, certain structured settlements and guaranteed investment contracts. The liability for investment contracts is equal to the balance that accrues to the benefit of the contract holder as of the financial statement date, which includes the accumulation of deposits plus credited interest, less withdrawals and amounts assessed through the financial statement date. |
Foreign Currency Transactions | Foreign Currency Foreign currency translation gains and losses are reflected in stockholders’ equity as a component of accumulated other comprehensive income (loss). The Company’s foreign subsidiaries’ balance sheet accounts are translated at the exchange rates in effect at each year end and income statement accounts are translated at the average rates of exchange prevailing during the year. The national currencies of the international operations are generally their functional currencies. Gains and losses resulting from the remeasurement of foreign currency transactions are reflected in earnings in realized capital gains (losses) in the period in which they occur. |
Property Liability Reserve Estimate, Policy [Policy Text Block] | Property and Casualty Insurance Products The Hartford establishes property and casualty insurance product reserves to provide for the estimated costs of paying claims under insurance policies written by the Company. These reserves include estimates for both claims that have been reported and those that have been incurred but not reported, and include estimates of all losses and loss adjustment expenses associated with processing and settling these claims. Estimating the ultimate cost of future losses and loss adjustment expenses is an uncertain and complex process. This estimation process is based significantly on the assumption that past developments are an appropriate predictor of future events, and involves a variety of actuarial techniques that analyze experience, trends and other relevant factors. The uncertainties involved with the reserving process have become increasingly difficult due to a number of complex factors including social and economic trends and changes in the concepts of legal liability and damage awards. Accordingly, final claim settlements may vary from the present estimates, particularly when those payments may not occur until well into the future. The Hartford regularly reviews the adequacy of its estimated losses and loss adjustment expense reserves by line of business within the various reporting segments. Adjustments to previously established reserves are reflected in the operating results of the period in which the adjustment is determined to be necessary. Such adjustments could possibly be significant, reflecting any variety of new and adverse or favorable trends. Most of the Company’s property and casualty insurance products reserves are not discounted. However, the Company has discounted to present value certain reserves for indemnity payments due to permanently disabled claimants under workers’ compensation policies at an average interest rate of 3.24% and 3.50% in 2015 and 2014 , respectively. These discounted reserves totaled approximately $1.1 billion and $1.0 billion at December 31, 2015 and 2014 . The Company also has discounted liabilities for structured settlement agreements that provide fixed periodic payments to claimants. These structured settlements include annuities purchased to fund unpaid losses for permanently disabled claimants. Most of the annuities have been issued by the Company and these structured settlements are recorded at present value as annuity obligations, either within the reserve for future policy benefits if the annuity benefits are life-contingent or within other policyholder funds and benefits payable if the annuity benefits are not life-contingent. Annuities issued by the Company to fund structured settlement payments where the claimant has not released the Company of its obligation totaled $746 and $776 as of December 31, 2015 and 2014 , respectively. These structured settlement liabilities were discounted to present value using an average interest rate of 6.68% in 2015 and 6.67% in 2014 . |
Fair Value Measurements Level 2
Fair Value Measurements Level 2 (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Valuation Techniques, Procedures and Controls 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. The fair value hierarchy categorizes the inputs in the valuation techniques used to measure fair value into three broad Levels (Level 1, 2 or 3). Level 1 Unadjusted quoted prices for identical assets, or liabilities, in active markets that the Company has the ability to access at the measurement date. Level 2 Observable inputs, other than quoted prices included in Level 1, for the asset or liability, or prices for similar assets and liabilities. Level 3 Valuations that are derived from techniques in which one or more of the significant inputs are unobservable (including assumptions about risk). 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. 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 within illiquid markets and/or priced by independent brokers. The following tables present assets and (liabilities) carried at fair value by hierarchy level. |
Commitments and Contingencies37
Commitments and Contingencies Level 2 (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies, Policy [Policy Text Block] | Contingencies Relating to Corporate Litigation and Regulatory Matters Management evaluates each contingent matter separately. A loss is recorded if probable and reasonably estimable. Management establishes liabilities for these contingencies at its “best estimate,” or, if no one number within the range of possible losses is more probable than any other, the Company records an estimated liability at the low end of the range of losses. |
Earnings (Loss) per Share Lev38
Earnings (Loss) per Share Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Common Share | For the years ended December 31, (In millions, except for per share data) 2015 2014 2013 Earnings Income from continuing operations Income from continuing operations, net of tax $ 1,673 $ 1,349 $ 1,225 Less: Preferred stock dividends — — 10 Income from continuing operations, net of tax, available to common shareholders 1,673 1,349 1,215 Add: Dilutive effect of preferred stock dividends — — 10 Income from continuing operations, net of tax, available to common shareholders and assumed conversion of preferred shares $ 1,673 $ 1,349 $ 1,225 Income (loss) from discontinued operations, net of tax $ 9 $ (551 ) $ (1,049 ) Net income Net income $ 1,682 $ 798 $ 176 Less: Preferred stock dividends — — 10 Net income available to common shareholders 1,682 798 166 Add: Dilutive effect of preferred stock dividends — — 10 Net income available to common shareholders and assumed conversion of preferred shares $ 1,682 $ 798 $ 176 Shares Weighted average common shares outstanding, basic 415.5 441.8 447.7 Dilutive effect of warrants 4.7 12.1 32.2 Dilutive effect of stock-based awards under compensation plans 5.0 6.3 4.5 Dilutive effect of mandatory convertible preferred shares — — 6.2 Weighted average shares outstanding and dilutive potential common shares [1] 425.2 460.2 490.6 Earnings (loss) per common share Basic Income from continuing operations, net of tax, available to common shareholders $ 4.03 $ 3.05 $ 2.71 Income (loss) from discontinued operations, net of tax 0.02 (1.24 ) (2.34 ) Net income available to common shareholders $ 4.05 $ 1.81 $ 0.37 Diluted Income from continuing operations, net of tax, available to common shareholders $ 3.93 $ 2.93 $ 2.50 Income (loss) from discontinued operations, net of tax 0.03 (1.20 ) (2.14 ) Net income available to common shareholders $ 3.96 $ 1.73 $ 0.36 |
Segment Information Level 3 (Ta
Segment Information Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | For the years ended December 31, Revenues 2015 2014 2013 Earned premiums and fee income Commercial Lines Workers’ compensation $ 3,051 $ 2,971 $ 2,975 Property 637 559 521 Automobile 614 591 579 Package business 1,203 1,163 1,139 Liability 567 582 566 Bond 218 210 201 Professional liability 221 213 222 Total Commercial Lines 6,511 6,289 6,203 Personal Lines Automobile 2,671 2,613 2,522 Homeowners 1,202 1,193 1,138 Total Personal Lines [1] 3,873 3,806 3,660 Property & Casualty Other Operations 32 1 1 Group Benefits Group disability 1,479 1,450 1,452 Group life 1,477 1,478 1,717 Other 180 167 161 Total Group Benefits 3,136 3,095 3,330 Mutual Funds Mutual Fund 607 586 520 Talcott 116 137 148 Total Mutual Funds 723 723 668 Talcott Resolution 1,133 1,407 1,463 Corporate 8 11 11 Total earned premiums and fee income 15,416 15,332 15,336 Net investment income: Securities available-for-sale and other 3,030 3,153 3,263 Equity securities, trading — 1 1 Total net investment income 3,030 3,154 3,264 Net realized capital gains (loss) (156 ) 16 1,798 Other revenues 87 112 275 Total revenues $ 18,377 $ 18,614 $ 20,673 |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the years ended December 31, Net income (loss) 2015 2014 2013 Commercial Lines $ 1,003 $ 983 $ 870 Personal Lines 187 207 229 Property & Casualty Other Operations (53 ) (108 ) (2 ) Group Benefits 187 191 192 Mutual Funds 86 87 76 Talcott Resolution 430 (187 ) (634 ) Corporate (158 ) (375 ) (555 ) Net income $ 1,682 $ 798 $ 176 |
Amortization of deferred policy acquisition costs and present value of future profits | For the years ended December 31, Amortization of deferred policy acquisition costs 2015 2014 2013 Commercial Lines $ 951 $ 919 $ 905 Personal Lines 359 348 332 Group Benefits 31 32 33 Mutual Funds 22 28 39 Talcott Resolution 139 402 485 Total amortization of deferred policy acquisition costs $ 1,502 $ 1,729 $ 1,794 |
Income tax expense (benefit) | For the years ended December 31, Income tax expense (benefit) 2015 2014 2013 Commercial Lines $ 409 $ 385 $ 320 Personal Lines 82 92 100 Property & Casualty Other Operations (47 ) (51 ) (20 ) Group Benefits 63 63 63 Mutual Funds 48 49 42 Talcott Resolution (17 ) 16 (7 ) Corporate (233 ) (204 ) (252 ) Total income tax expense $ 305 $ 350 $ 246 |
Assets | As of December 31, Assets 2015 2014 Commercial Lines $ 28,388 $ 28,451 Personal Lines 6,147 5,983 Property & Casualty Other Operations 4,562 4,328 Group Benefits 9,666 9,686 Mutual Funds 449 443 Talcott Resolution 175,319 191,801 Corporate 3,817 4,321 Total assets $ 228,348 $ 245,013 |
Level 3 (Tables)
Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following tables present assets and (liabilities) carried at fair value by hierarchy level. December 31, 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") $ 2,499 $ — $ 2,462 $ 37 Collateralized debt obligations ("CDOs") 3,038 — 2,497 541 Commercial mortgage-backed securities ("CMBS") 4,717 — 4,567 150 Corporate 26,802 — 25,948 854 Foreign government/government agencies 1,308 — 1,248 60 Municipal 12,121 — 12,072 49 Residential mortgage-backed securities ("RMBS") 4,046 — 2,424 1,622 U.S. Treasuries 4,665 740 3,925 — Total fixed maturities 59,196 740 55,143 3,313 Fixed maturities, FVO 503 2 485 16 Equity securities, trading [1] 11 11 — — Equity securities, AFS 1,121 874 154 93 Derivative assets Credit derivatives 21 — 21 — Foreign exchange derivatives 15 — 15 — Interest rate derivatives (227 ) — (227 ) — GMWB hedging instruments 111 — 27 84 Macro hedge program 74 — — 74 Other derivative contracts 7 — — 7 Total derivative assets [2] 1 — (164 ) 165 Short-term investments 1,843 333 1,510 — Limited partnerships and other alternative investments [3] 622 — 548 74 Reinsurance recoverable for GMWB 83 — — 83 Modified coinsurance reinsurance contracts 79 — 79 — Separate account assets [4] 118,174 78,110 39,559 505 Total assets accounted for at fair value on a recurring basis $ 181,633 $ 80,070 $ 97,314 $ 4,249 Liabilities accounted for at fair value on a recurring basis Other policyholder funds and benefits payable GMWB $ (262 ) $ — $ — $ (262 ) Equity linked notes (26 ) — — (26 ) Total other policyholder funds and benefits payable (288 ) — — (288 ) Derivative liabilities Credit derivatives (16 ) — (16 ) — Equity derivatives 41 — 41 — Foreign exchange derivatives (374 ) — (374 ) — Interest rate derivatives (569 ) — (547 ) (22 ) GMWB hedging instruments 47 — (4 ) 51 Macro hedge program 73 — — 73 Total derivative liabilities [5] (798 ) — (900 ) 102 Total liabilities accounted for at fair value on a recurring basis $ (1,086 ) $ — $ (900 ) $ (186 ) 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 Consolidated Balance Sheets. [2] Includes 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 December 31, 2015 and 2014 , $283 and $413 , respectively, of cash collateral liability was netted against the derivative asset value in the Consolidated Balance Sheets and is excluded from the preceding table. See 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 $1.8 billion and $2.5 billion of investment sales receivable, as of December 31, 2015 and 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 market 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. |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | The following tables present information about significant unobservable inputs used in Level 3 assets measured at fair value. The tables exclude ABS, CRE CDOs, index options and certain corporate securities for which fair values are predominately based on broker quotations. As of December 31, 2015 Securities Unobservable Inputs Assets accounted for at fair value on a recurring basis Fair Value Predominant Valuation Technique Significant Unobservable Input Minimum Maximum Weighted Average [1] Impact of Increase in Input on Fair Value [2] CMBS [3] $ 122 Discounted cash flows Spread (encompasses prepayment, default risk and loss severity) 31 bps 1,505 bps 266 bps Decrease Corporate [3] 339 Discounted cash flows Spread 63 bps 800 bps 306 bps Decrease Municipal [3] 31 Discounted cash flows Spread 193 bps 193 bps 193 bps Decrease RMBS 1,622 Discounted cash flows Spread 30 bps 1,696 bps 178 bps Decrease Constant prepayment rate —% 20.0% 2.0% Decrease [4] Constant default rate 1.0% 10.0% 6.0% Decrease Loss severity —% 100.0% 78.0% 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 —% 7.0% 2.0% Decrease [4] Constant default rate 1.0% 14.0% 7.0% Decrease Loss severity —% 100.0% 78.0% Decrease [1] The weig hted average is determined based on the fair value of the securities. [2] Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table. [3] Level 3 CMBS, 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. As of December 31, 2015 Freestanding Derivatives Unobservable Inputs Fair Value Predominant Valuation Technique 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] 8 Option model Interest rate volatility 1 % 2 % Increase GMWB hedging instruments Equity variance swaps (31 ) Option model Equity volatility 19 % 21 % Increase Equity options 35 Option model Equity volatility 27 % 29 % Increase Customized swaps 131 Discounted cash flows Equity volatility 10 % 40 % Increase Macro hedge program [3] Equity options 179 Option model Equity volatility 14 % 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. |
Fair Value Disclosures [Text Block] | ets and liabilities. Level 3 Valuations that are derived from techniques in which one or more of the significant inputs are unobservable (including assumptions about risk). 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. 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 within illiquid markets and/or priced by independent brokers. The following tables present assets and (liabilities) carried at fair value by hierarchy level. December 31, 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") $ 2,499 $ — $ 2,462 $ 37 Collateralized debt obligations ("CDOs") 3,038 — 2,497 541 Commercial mortgage-backed securities ("CMBS") 4,717 — 4,567 150 Corporate 26,802 — 25,948 854 Foreign government/government agencies 1,308 — 1,248 60 Municipal 12,121 — 12,072 49 Residential mortgage-backed securities ("RMBS") 4,046 — 2,424 1,622 U.S. Treasuries 4,665 740 3,925 — Total fixed maturities 59,196 740 55,143 3,313 Fixed maturities, FVO 503 2 485 16 Equity securities, trading [1] 11 11 — — Equity securities, AFS 1,121 874 154 93 Derivative assets Credit derivatives 21 — 21 — Foreign exchange derivatives 15 — 15 — Interest rate derivatives (227 ) — (227 ) — GMWB hedging instruments 111 — 27 84 Macro hedge program 74 — — 74 Other derivative contracts 7 — — 7 Total derivative assets [2] 1 — (164 ) 165 Short-term investments 1,843 333 1,510 — Limited partnerships and other alternative investments [3] 622 — 548 74 Reinsurance recoverable for GMWB 83 — — 83 Modified coinsurance reinsurance contracts 79 — 79 — Separate account assets [4] 118,174 78,110 39,559 505 Total assets accounted for at fair value on a recurring basis $ 181,633 $ 80,070 $ 97,314 $ 4,249 Liabilities accounted for at fair value on a recurring basis Other policyholder funds and benefits payable GMWB $ (262 ) $ — $ — $ (262 ) Equity linked notes (26 ) — — (26 ) Total other policyholder funds and benefits payable (288 ) — — (288 ) Derivative liabilities Credit derivatives (16 ) — (16 ) — Equity derivatives 41 — 41 — Foreign exchange derivatives (374 ) — (374 ) — Interest rate derivatives (569 ) — (547 ) (22 ) GMWB hedging instruments 47 — (4 ) 51 Macro hedge program 73 — — 73 Total derivative liabilities [5] (798 ) — (900 ) 102 Total liabilities accounted for at fair value on a recurring basis $ (1,086 ) $ — $ (900 ) $ (186 ) 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 Consolidated Balance Sheets. [2] Includes 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 December 31, 2015 and 2014 , $283 and $413 , respectively, of cash collateral liability was netted against the derivative asset value in the Consolidated Balance Sheets and is excluded from the preceding table. See 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 $1.8 billion and $2.5 billion of investment sales receivable, as of December 31, 2015 and 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 market 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. Valuation Techniques, Procedures and Controls 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 using a "waterfall" approach after considering the following pricing sources: quoted prices for identical assets or liabilities, prices from third-party pricing services, independent broker quotations, or internal matrix pricing processes. Typical inputs used by these pricing sources include, but are not limited to, benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, and/or estimated cash flows, prepayment speeds, and default rates. Most fixed maturities do not trade daily. Based on the typical trading volumes and the lack of quoted market prices for fixed maturities, third-party pricing services utilize matrix pricing to derive security prices. Matrix pricing relies on securities' relationships to other benchmark quoted securities, which trade more frequently. Pricing services utilize recently reported trades of identical or similar securities making adjustments through the reporting date based on the preceding outlined available market observable information. If there are no recently reported trades, the third-party pricing services may develop a security price using expected future cash flows based upon collateral performance and discounted at an estimated market rate. Both matrix pricing and discounted cash flow techniques develop prices by factoring in the time value for cash flows and risk, including liquidity and credit. Prices from third-party pricing services may be 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. The Company utilizes an internally developed matrix pricing process for private placement securities for which the Company is unable to obtain a price from a third-party pricing service. The Company's process is similar to the third-party pricing services. The Company develops credit spreads 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 independent public security index and trade information and adjusting for the non-public nature of the securities. Credit spreads combined with risk-free rates are applied to contractual cash flows to develop a price. The Securities Working Group performs ongoing analyses 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 these analyses, 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 utilizing 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 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 for both debt and equity securities 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 observable. Due to the lack of transparency in the process that brokers use to develop prices, most valuations that are based on brokers’ prices are classified as Level 3. Some valuations may be classified as Level 2 if the price can be corroborated with observable market data. Derivative Instruments, including Embedded Derivatives within Investments Derivative instruments are fair valued using pricing valuation models for OTC derivatives that utilize independent market data inputs, quoted market prices for exchange-traded and OTC-cleared derivatives, or independent broker quotations. Excluding embedded and reinsurance related derivatives, as of December 31, 2015 and 2014, 96% and 96%, respectively, of derivatives, based upon notional values, were priced by valuation models, including discounted cash flow models and option-pricing models that utilize present value techniques, or quoted market prices. The remaining derivatives were priced by broker quotations. The Derivatives Working Group performs ongoing analyses 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 analyses. 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 are monthly analyses 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 of validation are presented to the Valuation Committee for approval. There is a monthly control to review changes in pricing sources to ensure that new models are not moved to production until formally approved. The Company utilizes derivative instruments to manage the risk associated with certain assets and liabilities. However, the derivative instrument may not be classified with the same fair value hierarchy level as the associated assets and liabilities. Therefore, the realized and unrealized gains and losses on derivatives reported in the Level 3 rollforward may be offset by realized and unrealized gains and losses of the associated assets and liabilities in other line items of the financial statements. Limited Partnerships and Other Alternative Investments The portion of limited partnerships and other alternative investments recorded at fair value includes hedge funds for which 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 Inputs for Investments For Level 1 investments, which are comprised of on-the-run U.S. Treasuries, money market funds, exchange-traded equity securities, open-ended mutual funds, short-term investments, and exchange traded futures and option contracts, valuations are based on quoted prices for identical assets in active markets that the Company has the ability to access at the measurement date. For the Company’s Level 2 and 3 debt securities, typical inputs used by pricing techniques include, but are not limited to, benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, and/or estimated cash flows, prepayment speeds, and default rates. 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, certain hedge funds 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, and credit default swap indices. ABS and RMBS prices also include estimates of the rate of future principal prepayments over the remaining life of the securities. These 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. • 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. • Equity derivatives – Primary inputs include equity index levels. • 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 generally on a one-month delay. 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 agency securities, 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. Significant inputs for Level 3 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. 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. Transfers between Levels 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 $1.9 billion and $2.5 billion , for the years ended December 31, 2015 and 2014 , respectively, which represented previously on-the-run U.S. Treasury securities that are now off-the-run. For the years ended December 31, 2015 and 2014 , there were no transfers from Level 2 to Level 1. See the fair value roll-forward tables for the years ended December 31, 2015 and 2014 , for the transfers into and out of Level 3. 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 ABS, CRE CDOs, index options and certain corporate securities for which fair values are predominately based on broker quotations. As of December 31, 2015 Securities Unobservable Inputs Assets accounted for at fair value on a recurring basis Fair Value Predominant Valuation Technique Significant Unobservable Input Minimum Maximum Weighted Average [1] Impact of Increase in Input on Fair Value [2] CMBS [3] $ 122 Discounted cash flows Spread (encompasses prepayment, default risk and loss severity) 31 bps 1,505 bps 266 bps Decrease Corporate [3] 339 Discounted cash flows Spread 63 bps 800 bps 306 bps Decrease Municipal [3] 31 Discounted cash flows Spread 193 bps 193 bps 193 bps Decrease RMBS 1,622 Discounted cash flows Spread 30 bps 1,696 bps 178 bps Decrease Constant prepayment rate —% 20.0% 2.0% Decrease [4] Constant default rate 1.0% 10.0% 6.0% Decrease Loss severity —% 100.0% 78.0% 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 —% 7.0% 2.0% Decrease [4] Constant default rate 1.0% 14.0% 7.0% Decrease Loss severity —% 100.0% 78.0% Decrease [1] The weig hted average is determined based on the fair value of the securities. [2] Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table. [3] Level 3 CMBS, 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. As of December 31, 2015 Freestanding Derivatives Unobservable Inputs Fair Value Predominant Valuation Technique 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] 8 Option model Interest rate volatility 1 % 2 % Increase GMWB hedging instruments Equity variance swaps (31 ) Option model Equity volatility 19 % 21 % Increase Equity options 35 Option model Equity volatility 27 % 29 % Increase Customized swaps 131 Discounted cash flows Equity volatility 10 % 40 % Increase Macro hedge program [3] Equity options 179 Option model Equity volatility 14 % 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. [3] Level 3 macro hedge derivatives excludes those for which the Company bases fair value on broker quotations as noted in the following discussion. Securities and derivatives for which the Company bases fair value on broker quotations predominately include ABS, CDOs, index options 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 year ended December 31, 2015 , no significant adjustments were made by the Company to broker prices received. As of December 31, 2015 and 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 $74 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 annuity products with GMWB riders. The GMWB provides the policyholder with a guaranteed remaining balance ("GRB") which is generally equal to premiums less withdrawals. Certain contract provisions can increase the GRB at contractholder election or after the passage of time. If the policyholder’s account value is reduced to a specified level through a combination of market declines and withdrawals but the GRB still has value, the Company is obligated to continue to make annuity payments to the policyholder until the GRB is exhausted. The non-life contingent GMWB represents an embedded derivative in the variable annuity contract. When it is determined that (1) the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract, and (2) a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host for measurement purposes. The embedded derivative is carried at fair value, with changes in fair value reported in net realized capital gains and losses. The Company’s non-life contingent GMWB liability is reported in other policyholder funds and benefits payable in the Consolidated Balance Sheets. The notional value of the embedded derivative is the GRB. In valuing the embedded derivative, the Company attributes to the derivative a portion of the expected fees to be collected over the expected life of the contract from the contract holder equal to the present value of future GMWB claims. The excess of fees collected from the contract holder in the current period over the current period’s attributed fees are associated with the host variable annuity contract and reported in fee income. GMWB Reinsurance Derivative The Company has reinsurance arrangements in place to transfer a portion of its risk of loss due to GMWB. These arrangements are recognized as derivatives and carried at fair value in reinsurance recoverables. Changes in the fair value of the reinsurance agreements are reported in net realized capital gains and losses. The fair value of the GMWB reinsurance derivative is calculated as an aggregation of the components described in the following Living Benefits Required to be Fair Valued discussion and is modeled using significant unobservable policyholder behavior inputs, identical to those used in calculating the underlying liability, such as lapses, fund selection, resets and withdrawal utilization and risk margins. Significant Unobservable Input Unobservable Inputs (Minimum) Unobservable Inputs (Maximum) Impact of Incre |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) The following tables provide fair value roll-forwards for the years ended December 31, 2015 and 2014 , for the financial instruments classified as Level 3. For the year ended December 31, 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 ) 1 (22 ) — 1 (3 ) (27 ) (8 ) Included in OCI [3] (2 ) 6 (14 ) (60 ) (5 ) (5 ) (7 ) (87 ) (1 ) Purchases 99 — 47 109 27 — 754 1,036 25 Settlements (9 ) (36 ) (72 ) (74 ) (4 ) (13 ) (207 ) (415 ) (24 ) Sales (16 ) — (6 ) (111 ) (28 ) — (172 ) (333 ) (54 ) Transfers into Level 3 [4] 1 — 7 233 11 — 47 299 1 Transfers out of Level 3 [4] (159 ) (47 ) (97 ) (261 ) — — (71 ) (635 ) (15 ) Fair value as of December 31, 2015 $ 37 $ 541 $ 150 $ 854 $ 60 $ 49 $ 1,622 $ 3,313 $ 16 Changes in unrealized gains (losses) included in net income related to financial instruments still held at December 31, 2015 [2] [7] $ 1 $ (5 ) $ 1 $ (21 ) $ — $ 1 $ (3 ) $ (26 ) $ (4 ) 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] — (1 ) (4 ) 9 (10 ) (16 ) (41 ) (5 ) (68 ) Included in OCI [3] — — — — — — — — — Purchases 23 (13 ) — — — — 47 — 34 Settlements — — (6 ) (15 ) (5 ) (19 ) — — (45 ) Sales (23 ) — — — — — — — — Transfers into Level 3 [4] — — 10 — — — — — 10 Transfers out of Level 3 [4] (5 ) 23 — — — — — — 23 Fair value as of December 31, 2015 $ 93 $ — $ — $ — $ (22 ) $ 135 $ 147 $ 7 $ 267 Changes in unrealized gains (losses) included in net income related to financial instruments still held at December 31, 2015 [2] [7] $ — $ — $ — $ — $ (3 ) $ (5 ) $ (34 ) $ (4 ) $ (46 ) 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] (19 ) 9 12 Included in OCI [3] — — (5 ) Purchases 55 — 394 Settlements — 18 (19 ) Sales (20 ) — (265 ) Transfers into Level 3 [4] — — 12 Transfers out of Level 3 [4] (131 ) — (202 ) Fair value as of December 31, 2015 $ 74 $ 83 $ 505 Changes in unrealized gains (losses) included in net income related to financial instruments still held at December 31, 2015 [2] [7] $ (19 ) $ 9 $ 11 Other Policyholder Funds and Benefits Payable Liabilities Guaranteed Withdrawal Benefits Equity Linked Notes Consumer Notes Fair value as of January 1, 2015 $ (139 ) $ (26 ) $ (3 ) Total realized/unrealized gains (losses) Included in net income [1] [2] [6] (59 ) — 3 Settlements (64 ) — — Fair value as of December 31, 2015 $ (262 ) $ (26 ) $ — Changes in unrealized gains (losses) included in net income related to financial instruments still held at December 31, 2015 [2] [7] $ (59 ) $ — $ 3 For the year ended December 31, 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 28 (24 ) (2 ) — 11 25 19 Included in OCI [3] 3 (4 ) (27 ) 10 9 7 12 10 — Purchases 72 48 126 145 15 16 494 916 16 Settlements (3 ) (60 ) (253 ) (46 ) (4 ) — (193 ) (559 ) (136 ) Sales (18 ) (12 ) (123 ) (205 ) (24 ) (1 ) (260 ) (643 ) (4 ) Transfers into Level 3 [4] 75 72 17 255 — — — 419 6 Transfers out of Level 3 [4] (154 ) (97 ) (147 ) (369 ) — (25 ) (55 ) (847 ) (2 ) Fair value as of December 31, 2014 $ 122 $ 623 $ 284 $ 1,040 $ 59 $ 66 $ 1,281 $ 3,475 $ 92 Changes in unrealized gains (losses) included in net income related to financial instruments still held at December 31, 2014 [2] [7] $ — $ — $ (3 ) $ (15 ) $ (2 ) $ — $ (1 ) $ (21 ) $ 16 Freestanding Derivatives [5] Assets (Liabilities) Equity Securities, AFS Credit Foreign Exchange contracts 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] 3 (4 ) 2 3 (42 ) 13 (12 ) 28 (5 ) (17 ) Included in OCI [3] 2 — — — — — — — — — Purchases 30 (7 ) — — 19 4 14 9 — 39 Settlements — — — — — 7 — (41 ) — (34 ) Sales (14 ) — — — — — — — — — Transfers into Level 3 [4] — — (2 ) — — — — — — (2 ) Transfers out of Level 3 [4] — — — — (2 ) — — 33 — 31 Fair value as of December 31, 2014 $ 98 $ (9 ) $ — $ 6 $ (7 ) $ 170 $ 141 $ — $ 12 $ 313 Changes in unrealized gains (losses) included in net income related to financial instruments still held at December 31, 2014 [2] [7] $ (2 ) $ (4 ) $ — $ 1 $ (43 ) $ (1 ) $ (11 ) $ (18 ) $ (3 ) $ (79 ) Assets Limited Partnerships and Other Alternative Investments Reinsurance 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] 1 4 13 Purchases 130 — 339 Settlements — 23 (3 ) Sales (24 ) — (201 ) Transfers into Level 3 [4] 53 — 37 Transfers out of Level 3 [4] (79 ) — (344 ) Fair value as of December 31, 2014 $ 189 $ 56 $ 578 Changes in unrealized gains (losses) included in net income related to financial instruments still held at December 31, 2014 [2] [7] $ 1 $ 4 $ 8 Other Policyholder Funds and Benefits Payable Liabilities Guaranteed 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] (2 ) — — (8 ) (10 ) (1 ) Settlements (101 ) (3 ) (3 ) — (107 ) — Fair value as of December 31, 2014 $ (139 ) $ — $ — $ (26 ) $ (165 ) $ (3 ) Changes in unrealized gains (losses) included in net income related to financial instruments still held at December 31, 2014 [2] [7] $ (2 ) $ — $ — $ (8 ) $ (10 ) $ (1 ) [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 reinsurance derivatives and embedded derivatives. [2] All amounts in these rows are reported in net realized capital gains (losses). The realized/unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on net income for the Company. All amounts are before income taxes and amortization of DAC. [3] All amounts are before income taxes and amortization of DAC. [4] Transfers in and/or (out) of Level 3 are primarily attributable to the availability of market observable information, the re-evaluation of the observability of pricing inputs and liquidity restrictions. [5] Derivative instruments are reported in this table on a net basis for asset (liability) positions and reported in the Consolidated Balance Sheets in other investments and other liabilities. [6] Includes both market and non-market impacts in deriving realized and unrealized gains (losses). [7] Amounts presented are for Level 3 only and therefore may not agree to other disclosures included herein. |
Fair Value, Option, Quantitative Disclosures [Table Text Block] | The following table presents the changes in fair value of those assets and liabilities accounted for using the fair value option reported in net realized capital gains and losses in the Company’s Consolidated Statements of Operations. For the years ended December 31, 2015 2014 Assets Fixed maturities, FVO Corporate $ (7 ) $ (3 ) CDOs 1 18 Foreign government 2 — RMBS — (1 ) Total fixed maturities, FVO $ (4 ) $ 14 Equity, FVO (12 ) (3 ) Total realized capital gains (losses) $ (16 ) $ 11 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | As of December 31, 2015 2014 Assets Fixed maturities, FVO ABS $ 13 $ 15 CDOs 6 69 CMBS 24 22 Corporate 87 133 Foreign government 2 30 U.S. government 3 2 Municipals — 2 RMBS 368 215 Total fixed maturities, FVO $ 503 $ 488 Equity, FVO [1] $ 282 $ 348 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | December 31, 2015 December 31, 2014 Fair Value Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value Assets Policy loans Level 3 $ 1,447 $ 1,447 $ 1,431 $ 1,431 Mortgage loans Level 3 5,624 5,736 5,556 5,840 Liabilities Other policyholder funds and benefits payable [1] Level 3 $ 6,706 $ 6,898 $ 7,304 $ 7,522 Senior notes [2] Level 2 4,259 4,811 5,009 5,837 Junior subordinated debentures [2] Level 2 1,100 1,304 1,100 1,291 Consumer notes [3] [4] Level 3 38 38 68 68 Assumed investment contracts [4] Level 3 619 682 763 851 [1] Excludes guarantees on variable annuities, group accident and health contracts and universal life insurance contracts, including corporate owned life insurance. [2] Included in long-term debt in the Consolidated Balance Sheets, except for current maturities, which are included in short-term debt. [3] Excludes amounts carried at fair value and included in preceding disclosures. |
Investments and Derivative In41
Investments and Derivative Instruments Level 3 (Tables) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Investments [Abstract] | ||
Investment Income [Table Text Block] | Net Investment Income (Loss) For the years ended December 31, (Before-tax) 2015 2014 2013 Fixed maturities [1] $ 2,409 $ 2,420 $ 2,552 Equity securities 25 38 30 Mortgage loans 267 265 260 Policy loans 82 80 83 Limited partnerships and other alternative investments 227 294 287 Other investments [2] 138 179 167 Investment expenses (118 ) (122 ) (115 ) Total net investment income $ 3,030 $ 3,154 $ 3,264 [1] Includes net investment income on short-term investments. [2] Includes income from derivatives that hedge fixed maturities and qualify for hedge accounting. | |
Realized Gain (Loss) on Investments [Table Text Block] | Net Realized Capital Gains (Losses) For the years ended December 31, (Before-tax) 2015 2014 2013 Gross gains on sales [1] $ 460 $ 527 $ 2,313 Gross losses on sales (405 ) (250 ) (659 ) Net OTTI losses recognized in earnings (102 ) (59 ) (73 ) Valuation allowances on mortgage loans (5 ) (4 ) (1 ) Periodic net coupon settlements on credit derivatives 11 1 (8 ) Results of variable annuity hedge program GMWB derivatives, net (87 ) 5 262 Macro hedge program (46 ) (11 ) (234 ) Total results of variable annuity hedge program (133 ) (6 ) 28 Other, net [2] 18 (193 ) 198 Net realized capital gains (losses) $ (156 ) $ 16 $ 1,798 [1] Includes $1.5 billion of gains relating to the sales of the Retirement Plans and Individual Life businesses in the year ended December 31, 2013 . [2] 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 years ended December 31, 2015 , 2014 , and 2013 , gains (losses) from transactional foreign currency revaluation of the yen denominated fixed payout annuity liabilities were $4 , $116 , and $250 , respectively. For the years ended December 31, 2015 , 2014 , and 2013 , gains (losses) on instruments used to hedge the foreign currency exposure on the yen denominated fixed payout annuities were $(21) , $(148) , and $(268) , respectively. Also includes gains of $71 relating to the sales of the Retirement Plans and Individual Life businesses for the year ended December 31, 2013 | |
Available-for-sale Securities [Table Text Block] | For the years ended December 31, 2015 2014 2013 Fixed maturities, AFS Sale proceeds $ 20,615 $ 22,923 $ 39,225 Gross gains [1] 372 456 2,143 Gross losses (317 ) (182 ) (654 ) Equity securities, AFS Sale proceeds $ 1,319 $ 354 $ 274 Gross gains 61 22 96 Gross losses (46 ) (20 ) (20 ) | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block] | For the years ended December 31, (Before-tax) 2015 2014 2013 Balance as of beginning of period $ (424 ) $ (552 ) $ (1,013 ) Additions for credit impairments recognized on [1]: Securities not previously impaired (15 ) (15 ) (19 ) Securities previously impaired (14 ) (22 ) (13 ) Reductions for credit impairments previously recognized on: Securities that matured or were sold during the period 68 138 469 Securities the Company made the decision to sell or more likely than not will be required to sell 2 — 2 Securities due to an increase in expected cash flows 59 27 22 Balance as of end of period $ (324 ) $ (424 ) $ (552 ) [1] These additions are included in the net OTTI losses recognized in earnings in the Consolidated Statements of Operations. | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | December 31, 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 $ 2,520 $ 24 $ (45 ) $ 2,499 $ — $ 2,470 $ 39 $ (37 ) $ 2,472 $ (1 ) CDOs [2] 2,989 75 (23 ) 3,038 — 2,776 98 (36 ) 2,841 — CMBS 4,668 105 (56 ) 4,717 (8 ) 4,235 196 (16 ) 4,415 (6 ) Corporate 25,876 1,342 (416 ) 26,802 (3 ) 25,188 2,382 (211 ) 27,359 (3 ) Foreign govt./govt. agencies 1,321 34 (47 ) 1,308 — 1,592 73 (29 ) 1,636 — Municipal 11,124 1,008 (11 ) 12,121 — 11,735 1,141 (5 ) 12,871 — RMBS 3,986 82 (22 ) 4,046 — 3,815 122 (19 ) 3,918 (1 ) U.S. Treasuries 4,481 222 (38 ) 4,665 — 3,551 326 (5 ) 3,872 — Total fixed maturities, AFS 56,965 2,892 (658 ) 59,196 (11 ) 55,362 4,377 (358 ) 59,384 (11 ) Equity securities, AFS [3] 842 38 (41 ) 839 — 676 50 (27 ) 699 — Total AFS securities $ 57,807 $ 2,930 $ (699 ) $ 60,035 $ (11 ) $ 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 December 31, 2015 and 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 $293 and $282 , respectively, as of December 31, 2015 , and $ 351 and $ 348 as of December 31, 2014. | |
Investments Classified by Contractual Maturity Date [Table Text Block] | The following table presents the Company’s fixed maturities, AFS, by contractual maturity year. December 31, 2015 December 31, 2014 Contractual Maturity Amortized Cost Fair Value Amortized Cost Fair Value One year or less $ 2,373 $ 2,405 $ 2,141 $ 2,168 Over one year through five years 10,929 11,200 11,264 11,827 Over five years through ten years 9,322 9,497 8,802 9,226 Over ten years 20,178 21,794 19,859 22,517 Subtotal 42,802 44,896 42,066 45,738 Mortgage-backed and asset-backed securities 14,163 14,300 13,296 13,646 Total fixed maturities, AFS $ 56,965 $ 59,196 $ 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. | |
Schedule of Unrealized Loss on Investments [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. December 31, 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 $ 1,619 $ 1,609 $ (10 ) $ 357 $ 322 $ (35 ) $ 1,976 $ 1,931 $ (45 ) CDOs [1] 1,164 1,154 (10 ) 1,243 1,227 (13 ) 2,407 2,381 (23 ) CMBS 1,726 1,681 (45 ) 189 178 (11 ) 1,915 1,859 (56 ) Corporate 9,206 8,866 (340 ) 656 580 (76 ) 9,862 9,446 (416 ) Foreign govt./govt. agencies 679 646 (33 ) 124 110 (14 ) 803 756 (47 ) Municipal 440 430 (10 ) 18 17 (1 ) 458 447 (11 ) RMBS 1,349 1,340 (9 ) 415 402 (13 ) 1,764 1,742 (22 ) U.S. Treasuries 2,432 2,394 (38 ) 8 8 — 2,440 2,402 (38 ) Total fixed maturities, AFS 18,615 18,120 (495 ) 3,010 2,844 (163 ) 21,625 20,964 (658 ) Equity securities, AFS [2] 480 449 (31 ) 62 52 (10 ) 542 501 (41 ) Total securities in an unrealized loss position $ 19,095 $ 18,569 $ (526 ) $ 3,072 $ 2,896 $ (173 ) $ 22,167 $ 21,465 $ (699 ) 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 December 31, 2015 and 2014 , excludes equity securities, FVO which are included in equity securities, AFS on the Consolidated Balance Sheets. | |
Mortgage Loans [Table Text Block] | 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 after 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. December 31, 2015 December 31, 2014 Amortized Cost [1] Valuation Allowance Carrying Value Amortized Cost [1] Valuation Allowance Carrying Value Total commercial mortgage loans $ 5,647 $ (23 ) $ 5,624 $ 5,574 $ (18 ) $ 5,556 [1] Amortized cost represents carrying value prior to valuation allowances, if any. | |
Valuation Allowance for Mortgage Loans [Table Text Block] | The following table presents the activity within the Company’s valuation allowance for mortgage loans. These loans have been evaluated both individually and collectively for impairment. Loans evaluated collectively for impairment are immaterial. For the years ended December 31, 2015 2014 2013 Balance as of January 1 $ (18 ) $ (67 ) $ (68 ) (Additions)/Reversals (7 ) (4 ) (2 ) Deductions 2 53 3 Balance as of December 31 $ (23 ) $ (18 ) $ (67 ) | |
Commercial Mortgage Loans Credit Quality [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 December 31, 2015 December 31, 2014 Carrying Value Percent of Total Carrying Value Percent of Total East North Central $ 289 5.1 % $ 211 3.8 % East South Central 14 0.2 % — — % Middle Atlantic 384 6.8 % 468 8.4 % Mountain 32 0.6 % 88 1.6 % New England 446 7.9 % 381 6.9 % Pacific 1,669 29.7 % 1,607 29.0 % South Atlantic 1,174 20.9 % 1,019 18.3 % West North Central 29 0.5 % 44 0.8 % West South Central 318 5.7 % 302 5.4 % Other [1] 1,269 22.6 % 1,436 25.8 % Total mortgage loans $ 5,624 100.0 % $ 5,556 100.0 % [1] Primarily represents loans collateralized by multiple properties in various regions. Mortgage Loans by Property Type December 31, 2015 December 31, 2014 Carrying Value Percent of Total Carrying Value Percent of Total Commercial Agricultural $ 26 0.5 % $ 46 0.8 % Industrial 1,422 25.3 % 1,476 26.6 % Lodging 26 0.5 % 26 0.5 % Multifamily 1,345 23.9 % 1,190 21.4 % Office 1,547 27.5 % 1,517 27.3 % Retail 1,109 19.7 % 1,147 20.6 % Other 149 2.6 % 154 2.8 % Total mortgage loans $ 5,624 100.0 % $ 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 December 31, 2015 December 31, 2014 Loan-to-value Carrying Value Avg. Debt-Service Coverage Ratio Carrying Value Avg. Debt-Service Coverage Ratio Greater than 80% $ 24 0.81x $ 53 1.07x 65% - 80% 623 1.82x 789 1.75x Less than 65% 4,977 2.75x 4,714 2.66x Total commercial mortgage loans $ 5,624 2.63x $ 5,556 2.51x | |
Schedule of Variable Interest Entities [Table Text Block] | December 31, 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] 159 7 151 238 — 243 Limited partnerships and other alternative investments 2 — 2 3 1 2 Total $ 166 $ 12 $ 153 $ 246 $ 6 $ 245 [1] Included in other liabilities in the Company’s Consolidated Balance Sheets. [2] The maximum exposure to loss represents the maximum loss amount that the Company could recognize as a reduction in net investment income or as a realized capital loss and is the cost basis of the Company’s investment. [3] Total assets included in cash in the Company’s Consolidated Balance Sheets. [4] Total assets included in fixed maturities, FVO, short-term investments, equity, AFS, and cash in the Company's Consolidated Balance Sheets. | |
Derivative Instruments [Abstract] | ||
Notional and Fair Value for GMWB Hedging Instruments [Table Text Block] | Notional Amount Fair Value December 31, December 31, December 31, December 31, Equity swaps, options, and futures $ 4,548 $ 5,983 $ 147 $ 141 Foreign currency options — 400 — — Total $ 4,548 $ 6,383 $ 147 $ 141 Notional Amount Fair Value December 31, December 31, December 31, December 31, Customized swaps $ 5,877 $ 7,041 $ 131 $ 124 Equity swaps, options, and futures 1,362 3,761 2 39 Interest rate swaps and futures 3,740 3,640 25 11 Total $ 10,979 $ 14,442 $ 158 $ 174 | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Net Derivatives Asset Derivatives Liability Derivatives Notional Amount Fair Value Fair Value Fair Value Hedge Designation/ Derivative Type Dec 31, 2015 Dec 31, 2014 Dec 31, 2015 Dec 31, 2014 Dec 31, 2015 Dec 31, 2014 Dec 31, 2015 Dec 31, 2014 Cash flow hedges Interest rate swaps $ 3,527 $ 3,999 $ 17 $ 44 $ 50 $ 52 $ (33 ) $ (8 ) Foreign currency swaps 143 143 (19 ) (19 ) 7 3 (26 ) (22 ) Total cash flow hedges 3,670 4,142 (2 ) 25 57 55 (59 ) (30 ) Fair value hedges Interest rate swaps 23 32 — — — — — — Total fair value hedges 23 32 — — — — — — Non-qualifying strategies Interest rate contracts Interest rate swaps and futures 14,290 15,254 (814 ) (512 ) 297 536 (1,111 ) (1,048 ) Foreign exchange contracts Foreign currency swaps and forwards 653 177 17 1 17 3 — (2 ) Fixed payout annuity hedge 1,063 1,319 (357 ) (427 ) — — (357 ) (427 ) Credit contracts Credit derivatives that purchase credit protection 423 595 18 (6 ) 22 4 (4 ) (10 ) Credit derivatives that assume credit risk [1] 2,458 1,487 (13 ) 3 9 14 (22 ) (11 ) Credit derivatives in offsetting positions 4,059 5,343 (2 ) (3 ) 40 53 (42 ) (56 ) Equity contracts Equity index swaps and options 419 635 15 2 41 31 (26 ) (29 ) Variable annuity hedge program GMWB product derivatives [2] 15,099 17,908 (262 ) (139 ) — — (262 ) (139 ) GMWB reinsurance contracts 3,106 3,659 83 56 83 56 — — GMWB hedging instruments 10,979 14,442 158 174 264 289 (106 ) (115 ) Macro hedge program 4,548 6,383 147 141 179 180 (32 ) (39 ) Other Contingent capital facility put option 500 500 7 12 7 12 — — Modified coinsurance reinsurance contracts 895 974 79 34 79 34 — — Total non-qualifying strategies 58,492 68,676 (924 ) (664 ) 1,038 1,212 (1,962 ) (1,876 ) Total cash flow hedges, fair value hedges, and non-qualifying strategies $ 62,185 $ 72,850 $ (926 ) $ (639 ) $ 1,095 $ 1,267 $ (2,021 ) $ (1,906 ) Balance Sheet Location Fixed maturities, available-for-sale $ 425 $ 454 $ (3 ) $ 2 $ — $ 2 $ (3 ) $ — Other investments 23,253 23,014 1 364 409 624 (408 ) (260 ) Other liabilities 19,358 26,791 (798 ) (930 ) 524 551 (1,322 ) (1,481 ) Reinsurance recoverables 4,000 4,633 162 90 162 90 — — Other policyholder funds and benefits payable 15,149 17,958 (288 ) (165 ) — — (288 ) (165 ) Total derivatives $ 62,185 $ 72,850 $ (926 ) $ (639 ) $ 1,095 $ 1,267 $ (2,021 ) $ (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] | As of December 31, 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 $ 933 $ 756 $ 1 $ 176 $ 100 $ 77 | As of December 31, 2014 (i) (ii) (iii) = (i) - (ii) (iv) (v) = (iii) - (iv) Net Amounts Presented in the Statement of Financial Position Collateral Disallowed for Offset in the Statement of Financial Position Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Financial Position Derivative Assets [1] Accrued Interest and Cash Collateral Received [2] Financial Collateral Received [4] Net Amount Description Other investments $ 1,175 $ 969 $ 364 $ (158 ) $ 109 $ 97 |
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 $ (1,730 ) $ (818 ) $ (798 ) $ (114 ) $ (889 ) $ (23 ) | 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 |
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) 2015 2014 2013 2015 2014 2013 Interest rate swaps $ 28 $ 150 $ (315 ) $ — $ 2 $ (3 ) Foreign currency swaps — (10 ) 12 — — — Total $ 28 $ 140 $ (303 ) $ — $ 2 $ (3 ) Derivatives in Cash Flow Hedging Relationships Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Location 2015 2014 2013 Interest rate swaps Net realized capital gain/(loss) $ 4 $ (1 ) $ 91 Interest rate swaps Net investment income 64 87 97 Foreign currency swaps Net realized capital gain/(loss) (9 ) (13 ) 4 Total $ 59 $ 73 $ 192 | |
Derivatives in Fair Value Hedging Relationships [Table Text Block] | Derivatives in Fair Value Hedging Relationships Gain (Loss) Recognized in Income [1] 2015 2014 2013 Derivative Hedged Item Derivative Hedged Item Derivative Hedged Item Interest rate swaps Net realized capital gains (losses) $ — $ — $ (3 ) $ 1 $ 7 $ (12 ) Foreign currency swaps Net realized capital gains (losses) — — — — 1 (1 ) Benefits, losses and loss adjustment expenses — — — — (2 ) 2 Total $ — $ — $ (3 ) $ 1 $ 6 $ (11 ) [1] The amounts presented do not include the periodic net coupon settlements of the derivative or the coupon income (expense) related to the hedged item. The net of the amounts presented represents the ineffective portion of the hedge | |
Gain or Loss Recognized with in Net Realized Capital Gains Losses on Non Qualifying Strategies [Table Text Block] | Non-qualifying Strategies Gain (Loss) Recognized within Net Realized Capital Gains (Losses) December 31, 2015 2014 2013 Interest rate contracts Interest rate swaps, caps, floors, and forwards $ (15 ) $ (172 ) $ 50 Foreign exchange contracts Foreign currency swaps and forwards 18 6 5 Fixed payout annuity hedge [1] (21 ) (148 ) (268 ) Credit contracts Credit derivatives that purchase credit protection 8 (10 ) (38 ) Credit derivatives that assume credit risk (11 ) 16 71 Equity contracts Equity index swaps and options 19 3 (33 ) Commodity contracts Commodity options (9 ) — — Variable annuity hedge program GMWB product derivative (59 ) (2 ) 1,306 GMWB reinsurance contracts 17 4 (192 ) GMWB hedging instruments (45 ) 3 (852 ) Macro hedge program (46 ) (11 ) (234 ) Other Contingent capital facility put option (6 ) (6 ) (7 ) Modified coinsurance reinsurance contracts 46 (34 ) 67 Derivative instruments formerly associated with HLIKK [2] — (2 ) — Total [3] $ (104 ) $ (353 ) $ (125 ) [1] The associated liability is adjusted for changes in spot rates through realized capital gains and was $4 , $116 and $250 for the years ended December 31, 2015 , 2014 and 2013 , respectively, which is not presented in this table [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] | |
Disclosure of Credit Derivatives [Table Text Block] | The following tables present the notional amount, fair value, weighted average years to maturity, underlying referenced credit obligation type and average credit ratings, and offsetting notional amounts and fair value for credit derivatives in which the Company is assuming credit risk as of December 31, 2015 and 2014 . As of December 31, 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 $ 190 $ (1 ) 1 year Corporate Credit/ BBB+ $ 176 $ (1 ) Below investment grade risk exposure 77 (2 ) 2 years Corporate Credit B 77 1 Basket credit default swaps [4] Investment grade risk exposure 3,036 22 4 years Corporate Credit BBB+ 1,411 (13 ) Investment grade risk exposure 681 (19 ) 6 years CMBS Credit AA+ 212 1 Below investment grade risk exposure 153 (25 ) 1 year CMBS Credit CCC 153 25 Embedded credit derivatives Investment grade risk exposure 350 346 1 year Corporate Credit A+ — — Total [5] $ 4,487 $ 321 $ 2,029 $ 13 As of December 31, 2014 Unifying Referenced Credit Obligation(s) [1] Credit Derivative Type by Derivative Risk Exposure Notional Amount [2] Fair Value Weighted Average Years to Maturity Type Average Credit Rating Offsetting Notional Amount [3] Offsetting Fair Value [3] Single name credit default swaps Investment grade risk exposure $ 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 $3.9 billion and $3.5 billion as of December 31, 2015 and 2014 , respectively, of notional amount on swaps of standard market indices of diversified portfolios of corporate and CMBS issuers referenced through credit default swaps. These swaps are subsequently valued based upon the observable standard market index. [5] Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 4 - |
Reinsurance Level 3 (Tables)
Reinsurance Level 3 (Tables) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||
Reinsurance Recoverables, Net [Table Text Block] | The Company's reinsurance recoverables are summarized as follows: As of December 31, 2015 December 31, 2014 Property and Casualty Insurance Products: Paid loss and loss adjustment expenses $ 119 $ 133 Unpaid loss and loss adjustment expenses 2,662 2,868 Gross reinsurance recoverables 2,781 3,001 Allowance for uncollectible reinsurance (266 ) (271 ) Net reinsurance recoverables $ 2,515 $ 2,730 Life Insurance Products: Future policy benefits and unpaid loss and loss adjustment expenses and other policyholder funds and benefits payable Sold businesses (MassMutual and Prudential) $ 19,369 $ 18,997 Other reinsurers 1,305 1,193 Net reinsurance recoverables [1] $ 20,674 $ 20,190 Reinsurance recoverables, net $ 23,189 $ 22,920 | |
Life insurance fees, earned premiums and other | For the years ended December 31, 2015 2014 2013 Gross earned premiums, fees and other considerations $ 5,767 $ 6,029 $ 6,435 Reinsurance assumed 209 193 138 Reinsurance ceded (1,707 ) (1,720 ) (1,780 ) Net earned premiums, fees and other considerations $ 4,269 $ 4,502 $ 4,793 | |
Effect of reinsurance on property and casualty premiums written and earned | For the years ended December 31, Premiums Written 2015 2014 2013 Direct $ 10,861 $ 10,571 $ 10,564 Assumed 297 275 247 Ceded (580 ) (602 ) (882 ) Net $ 10,578 $ 10,244 $ 9,929 Premiums Earned Direct $ 10,704 $ 10,531 $ 10,494 Assumed 298 264 241 Ceded (586 ) (699 ) (871 ) Net $ 10,416 $ 10,096 $ 9,864 | |
Reinsurance Recoverables | $ 23,189 | $ 22,920 |
Deferred Policy Acquisition C43
Deferred Policy Acquisition Costs and Present Value of Future Profits Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Policy Acquisition Costs and Present Value of Future Profits [Abstract] | |
Deferred Policy Acquisition Costs [Table Text Block] | Changes in the DAC balance are as follows: For the years ended December 31, 2015 2014 2013 Balance, beginning of period $ 1,823 $ 2,161 $ 5,725 Deferred costs 1,390 1,364 1,330 Amortization — DAC (1,571 ) (1,593 ) (1,615 ) Amortization — Unlock benefit (charge), pre-tax [1] 69 (136 ) (1,086 ) Amortization — DAC related to business dispositions [2] [3] — — (2,229 ) Adjustments to unrealized gains and losses on securities AFS and other 105 27 122 Effect of currency translation — — (86 ) Balance, end of period $ 1,816 $ 1,823 $ 2,161 [1] Includes Unlock charge of $887 related to elimination of future estimated gross profits on the HLIKK variable annuity block in 2013. As a result of the HLIKK annuity business sale completed in June 2014, this Unlock charge has been reclassified to discontinued operations. For further information regarding this transaction, see Note 18 - Discontinued Operations and Business Dispositions of Notes to Consolidated Financial Statements. [2] Includes accelerated amortization of $352 and $2,374 recognized upon the sale of the Retirement Plans and Individual Life businesses, respectively, in 2013. For further information, see Note 18 - Discontinued Operations and Business Dispositions of Notes to Consolidated Financial Statements. [3] Includes previously unrealized gains on securities AFS of $148 and $349 recognized upon the sale of the Retirement Plans and Individual Life businesses, respectively, in 2013. Changes in the DAC balance are as follows: For the years ended December 31, 2015 2014 2013 Balance, beginning of period $ 1,823 $ 2,161 $ 5,725 Deferred costs 1,390 1,364 1,330 Amortization — DAC (1,571 ) (1,593 ) (1,615 ) Amortization — Unlock benefit (charge), pre-tax [1] 69 (136 ) (1,086 ) Amortization — DAC related to business dispositions [2] [3] — — (2,229 ) Adjustments to unrealized gains and losses on securities AFS and other 105 27 122 Effect of currency translation — — (86 ) Balance, end of period $ 1,816 $ 1,823 $ 2,161 |
Goodwill Level 3 (Tables)
Goodwill Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill, Impaired [Abstract] | |
Carrying amount of goodwill allocated to reporting segment | Gross Accumulated Impairments Carrying Value Personal Lines $ 119 $ — $ 119 Mutual Funds 149 — 149 Corporate [1] 585 (355 ) 230 Total $ 853 $ (355 ) $ 498 |
Separate Accounts, Death Bene45
Separate Accounts, Death Benefits, and Other Insurance Benefits Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Separate Accounts Disclosure [Abstract] | |
Schedule of Minimum Guaranteed Benefit Liabilities [Table Text Block] | U.S. GMDB/GMWB [1] Universal Life Secondary Guarantees Liability balance as of January 1, 2015 $ 812 $ 2,041 Incurred [2] 163 272 Paid (112 ) — Liability balance as of December 31, 2015 $ 863 $ 2,313 Reinsurance recoverable asset, as of January 1, 2015 $ 481 $ 2,041 Incurred [2] 131 272 Paid (89 ) — Reinsurance recoverable asset, as of December 31, 2015 $ 523 $ 2,313 U.S. GMDB/GMWB [1] International GMDB/GMIB Universal Life Secondary Guarantees Liability balance as of January 1, 2014 $ 849 $ 272 $ 1,802 Incurred [2] 73 (13 ) 239 Paid (110 ) (15 ) — Impact of HLIKK business disposition — (254 ) — Currency translation adjustment — 10 — Liability balance as of December 31, 2014 $ 812 $ — $ 2,041 Reinsurance recoverable asset, as of January 1, 2014 $ 533 $ 23 $ 1,802 Incurred [2] 33 7 239 Paid (85 ) (4 ) — Impact of HLIKK business disposition — (27 ) — Currency translation adjustment — 1 — Reinsurance recoverable asset, as of December 31, 2014 $ 481 $ — $ 2,041 [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] | 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 $ 14,540 $ 2,743 $ 477 70 With 5% rollup [2] 1,257 227 77 71 With Earnings Protection Benefit Rider (“EPB”) [3] 3,697 490 77 69 With 5% rollup & EPB 487 107 23 72 Total MAV 19,981 3,567 654 Asset Protection Benefit (“APB”) [4] 11,707 519 346 69 Lifetime Income Benefit (“LIB”) – Death Benefit [5] 516 9 9 69 Reset [6] (5-7 years) 2,582 32 32 70 Return of Premium (“ROP”) [7]/Other 9,459 71 64 68 Subtotal Variable Annuity with GMDB/GMWB [10] 44,245 4,198 1,105 69 Less: General Account Value with GMDB/GMWB 3,822 Subtotal Separate Account Liabilities with GMDB $ 40,423 Separate Account Liabilities without GMDB $ 79,700 Total Separate Account Liabilities $ 120,123 [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 $7.0 billion of total account value and weighted average attained age of 71 years . There is no NAR or retained NAR related to these contracts. I |
Reserves for Future Policy Be46
Reserves for Future Policy Benefits and Unpaid Losses and Loss Adjustment Expenses Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Liability for Future Policy Benefit, by Product Segment [Line Items] | |
Property and Casualty Insurance Products Rollforward of Liabilities for Unpaid Losses and Loss Adjustment Expenses | The following table presents (favorable) unfavorable prior accident year development: For the years ended December 31, 2015 2014 2013 Auto liability $ 54 $ 25 $ 144 Homeowners 9 (7 ) (6 ) Professional liability (36 ) (17 ) (29 ) Package business 28 3 2 General liability 8 (25 ) (75 ) Bond (2 ) 8 (8 ) Commercial property (6 ) 2 (7 ) Net asbestos reserves 146 212 130 Net environmental reserves 55 30 12 Uncollectible reinsurance — — (25 ) Workers’ compensation (37 ) (7 ) (2 ) Workers’ compensation - NY 25a Fund for Reopened Cases — — 80 Workers’ compensation discount accretion 29 30 30 Catastrophes (18 ) (45 ) (63 ) Other reserve re-estimates, net 20 19 9 Total prior accident year development $ 250 $ 228 $ 192 Net unfavorable reserve development in 2015 primarily included the following: • an increase in commercial auto liability reserves, predominantly for accident years 2010 through 2013; • an increase in package business reserves driven by higher than expected severity on liability claims; • an increase in net asbestos and net environmental reserves driven by the annual ground-up asbestos and environmental reserve evaluations; • partially offset by a decrease in professional liability reserves, for accident years 2009 through 2012; • also offset by a decrease in and workers' compensation reserves, due to an improvement in claim closure rates resulting in a decrease in outstanding claims for permanently disabled claimants; and • also offset by a decrease in catastrophe reserves primarily for accident year 2014. Net unfavorable reserve development in 2014 primarily included the following: • an increase in commercial auto liability reserves, for several accident years; • an increase in net asbestos reserves driven by the annual ground-up asbestos reserve evaluation; • partially offset by a decrease in general liability reserves due to lower frequency in late emerging claims; and • also offset by a decrease in professional liability reserves, for accident years 2010, 2012 and 2013; and • also offset by a decrease in catastrophe reserves primarily for accident year 2013. Net unfavorable reserve development in 2013 primarily included the following: • an increase in commercial auto liability reserves, for accident years 2010 through 2012; • an increase related to the closing of the New York Section 25A Fund for Reopened Cases; • an increase in net asbestos reserves driven by the annual ground-up asbestos reserve evaluation; • partially offset by a decrease in general liability reserves, for accident years 2006 through 2011; and • also offset by a decrease in professional liability reserves, for accident years 2008 through 2012; and • also offset by a decrease in catastrophe reserves primarily related to Storm Sandy. |
Life Insurance Products Liability for future policy benefits and unpaid losses and loss adjustment expenses | The liability for future policy benefits and unpaid losses and loss adjustment expenses is as follows: As of December 31, 2015 2014 Group life term, disability and accident unpaid losses and loss adjustment expenses $ 5,965 $ 6,084 Group life other unpaid losses and loss adjustment expenses 174 203 Individual life unpaid losses and loss adjustment expenses 257 171 Future policy benefits 13,351 13,180 Future policy benefits, unpaid losses and loss adjustment expenses $ 19,747 $ 19,638 |
Group Insurance Policies [Member] | |
Liability for Future Policy Benefit, by Product Segment [Line Items] | |
Property and Casualty Insurance Products Rollforward of Liabilities for Unpaid Losses and Loss Adjustment Expenses | Life Insurance, Disability and Accident Products Unpaid Losses and Loss Adjustment Expenses A roll-forward of liabilities for group life, disability and accident, for unpaid losses and loss adjustment expenses follows: For the years ended December 31, 2015 2014 2013 Beginning liabilities for unpaid losses and loss adjustment expenses, gross $ 6,084 $ 6,308 $ 6,547 Reinsurance recoverables 271 267 252 Beginning liabilities for unpaid losses and loss adjustment expenses, net 5,813 6,041 6,295 Provision for unpaid losses and loss adjustment expenses Current accident year 2,371 2,370 2,534 Prior accident year development 64 (11 ) (17 ) Total provision for unpaid losses and loss adjustment expenses 2,435 2,359 2,517 Less: payments Current accident year 1,214 1,161 1,207 Prior accident years 1,354 1,426 1,564 Total payments 2,568 2,587 2,771 Ending liabilities for unpaid losses and loss adjustment expenses, net 5,680 5,813 6,041 Reinsurance recoverables 285 271 267 Ending liabilities for unpaid losses and loss adjustment expenses, gross $ 5,965 $ 6,084 $ 6,308 The liability for unpaid losses and loss adjustment expenses for group life, disability and accident contracts was discounted to present value using rates based on the Company’s earned investment yield estimated at the time the claims are incurred. The increase in the provision for unpaid losses and loss adjustment expenses is primarily due to higher claim severity on the long-term disability product. |
Property, Liability and Casualty Insurance Product Line [Member] | |
Liability for Future Policy Benefit, by Product Segment [Line Items] | |
Property and Casualty Insurance Products Rollforward of Liabilities for Unpaid Losses and Loss Adjustment Expenses | A roll-forward of liabilities for unpaid losses and loss adjustment expenses follows: For the years ended December 31, 2015 2014 2013 Beginning liabilities for unpaid losses and loss adjustment expenses, gross $ 21,806 $ 21,704 $ 21,716 Reinsurance and other recoverables 3,041 3,028 3,027 Beginning liabilities for unpaid losses and loss adjustment expenses, net 18,765 18,676 18,689 Provision for unpaid losses and loss adjustment expenses Current accident year 6,647 6,572 6,621 Prior accident year development 250 228 192 Total provision for unpaid losses and loss adjustment expenses 6,897 6,800 6,813 Less: payments Current accident year 2,653 2,639 2,552 Prior accident years 4,066 4,072 4,274 Total payments 6,719 6,711 6,826 Ending liabilities for unpaid losses and loss adjustment expenses, net 18,943 18,765 18,676 Reinsurance and other recoverables [1] 2,882 3,041 3,028 Ending liabilities for unpaid losses and loss adjustment expenses, gross $ 21,825 $ 21,806 $ 21,704 [1] Includes reinsurance recoverables of $2,515 , $2,730 and $2,735 as of December 31, 2015 , 2014 and 2013 , respectively. As of December 31, 2015 and 2014 , property and casualty insurance products reserves were discounted by a total of $523 and $556 , respectively. The current accident year benefit from discounting property and casualty insurance products reserves was $35 in 2015 , $34 in 2014 and $46 in 2013 . The reduction in the discount benefit in 2014 as compared to 2013 reflects lower claim volume and a shorter than expected payment pattern in 2014. Accretion of discounts for prior accident years totaled $38 in 2015 , $31 in 2014 , and $31 in 2013 . The reserves recorded for the Company’s property and casualty insurance products at December 31, 2015 represent the Company’s best estimate of its ultimate liability for losses and loss adjustment expenses related to losses covered by policies written by the Company. However, because of the significant uncertainties surrounding reserves, and particularly asbestos and environmental exposures, it is possible that management’s estimate of the ultimate liabilities for these claims may change and that the required adjustment to recorded reserves could exceed the currently recorded reserves by an amount that could be material to the Company’s results of operations or cash flows. For additional information, see Note 12 - Commitments and Contingencies , Guaranty Fund and Other Insurance-related Assessments. Losses and loss adjustment expenses are also impacted by trends including frequency and severity as well as changes in the legislative and regulatory environment. In the case of the reserves for asbestos exposures, factors contributing to the high degree of uncertainty include inadequate loss development patterns, plaintiffs’ expanding theories of liability, the risks inherent in major litigation, and inconsistent emerging legal doctrines. In the case of the reserves for environmental exposures, factors contributing to the high degree of uncertainty include expanding theories of liabilities and damages, the risks inherent in major litigation, inconsistent decisions concerning the existence and scope of coverage for environmental claims, and uncertainty as to the monetary amount being sought by the claimant from the insured. |
Commitments and Contingencies47
Commitments and Contingencies Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Operating Leases 2016 $ 39 2017 33 2018 27 2019 19 2020 12 Thereafter 13 Total minimum lease payments [1] $ 143 [1] Excludes expected future minimum sublease income of approximately $3 , $2 , $2 , $2 , $2 and $0 in 2016 , 2017 , 2018 , 2019 , 2020 and thereafter respectively. |
Income Taxes Level 3 (Tables)
Income Taxes Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Operating Loss Carryforwards [Line Items] | |
Summary of Operating Loss Carryforwards [Table Text Block] | As of December 31, 2015 December 31, 2014 Expiration Carryover amount Expected tax benefit, gross Carryover amount Expected tax benefit, gross Dates Amount Net operating loss carryover - U.S. $ 5,182 $ 1,814 $ 5,508 $ 1,928 2016 - 2020 $ 4 2023 - 2033 $ 5,178 Net operating loss carryover - foreign $ 89 $ 17 $ 39 $ 8 No expiration $ 89 Foreign tax credit carryover $ 154 $ 154 $ 178 $ 178 2019 - 2024 $ 154 Capital loss carryover $ 222 $ 78 $ 491 $ 172 2019 $ 222 Alternative minimum tax credit carryover $ 639 $ 639 $ 652 $ 652 No expiration $ 639 |
Provision Benefit for Income Taxes [Table Text Block] | The provision (benefit) for income taxes consists of the following: For the years ended December 31, 2015 2014 2013 Income Tax Expense (Benefit) Current - U.S. Federal $ (55 ) $ (62 ) $ 219 International 3 2 — Total current (52 ) (60 ) 219 Deferred - U.S. Federal 357 410 27 Total income tax expense $ 305 $ 350 $ 246 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred tax assets (liabilities) include the following: As of December 31, Deferred Tax Assets 2015 2014 Tax discount on loss reserves $ 524 $ 573 Tax basis deferred policy acquisition costs 162 163 Unearned premium reserve and other underwriting related reserves 377 456 Investment-related items 831 1,020 Insurance product derivatives 90 44 Employee benefits 655 677 Alternative minimum tax credit 639 652 Net operating loss carryover 1,831 1,936 Foreign tax credit carryover 154 178 Capital loss carryover 78 172 Total Deferred Tax Assets 5,341 5,871 Valuation Allowance (79 ) (181 ) Deferred Tax Assets, Net of Valuation Allowance 5,262 5,690 Deferred Tax Liabilities Financial statement deferred policy acquisition costs and reserves (943 ) (1,040 ) Net unrealized gains on investments (842 ) (1,489 ) Other depreciable and amortizable assets (229 ) (217 ) Other (42 ) (47 ) Total Deferred Tax Liabilities (2,056 ) (2,793 ) Net Deferred Tax Asset $ 3,206 $ 2,897 |
Schedule of Effective Income Tax Rate Reconciliation [Table 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: For the years ended December 31, 2015 2014 2013 Tax provision at U.S. federal statutory rate $ 692 $ 595 $ 515 Tax-exempt interest (132 ) (138 ) (138 ) Dividends received deduction (156 ) (114 ) (139 ) Increase (decrease) in valuation allowance (102 ) 5 (2 ) Other 3 2 10 Provision for income taxes $ 305 $ 350 $ 246 The Company’s effective tax rate for the year ended December 31, 2015 reflects a $36 net reduction in the provision for income taxes related to the release of reserves due to the resolution of uncertain tax positions consisting of a $48 reduction in the provision 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 due to the filing of the Company's 2014 federal consolidated income tax return. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: For the year ended December 31, 2015 Balance, beginning of period $ 48 Gross increases - tax positions in prior period 12 Gross decreases - tax positions in prior period (48 ) Balance, end of period $ 12 The Company’s unrecognized tax benefits were unchanged during the years ended December 31, 2014, and 2013 remaining at $48 as of December 31, 2014, and 2013. The entire amount of unrecognized tax benefits, if recognized, would affect the effective tax rate in the period of the release. As of December 31, 2015, the Company had a current income tax payable of $5 . 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 classifies interest and penalties (if applicable) as income tax expense in the consolidated financial statements. The Company recognized interest expense of $0 , $0 , and $5 for the years ended December 31, 2015 , 2014 and 2013, respectively. The Company had approximately $0 and $1 of interest payable as of December 31, 2015 and 2014, respectively. The Company does not believe it would be subject to any penalties in any open tax years and, therefore, has not recorded any accrual for penalties. |
Debt Level 3 (Tables)
Debt Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Subordinated Borrowing [Table Text Block] | Issue Face Value Interest Rate [1] Call Date Interest Rate Subsequent to Call Date [2] Final Maturity 7.875% Debentures $ 600 7.875 % [2] April 15, 2022 3 Month LIBOR + 5.596% April 15, 2042 8.125% Debentures [3] $ 500 8.125 % [4] June 15, 2018 3 Month LIBOR + 4.6025% June 15, 2068 [1] Interest rate in effect until call date. [2] Payable quarterly in arrears. [3] The 8.125% debentures have a scheduled maturity date of June 15, 2038. The Company is required to use reasonable efforts to sell certain qualifying replacement securities in order to repay the debentures at the scheduled maturity date. [4] Payable semi-annually in arrears. |
Schedule of Debt [Table Text Block] | As of December 31, 2015 2014 Revolving Credit Facilities $ — $ — Senior Notes and Debentures 4.0% Notes, due 2015 — 289 7.3% Notes, due 2015 — 167 5.5% Notes, due 2016 275 275 5.375% Notes, due 2017 416 415 4.0% Notes, due 2017 — 295 6.3% Notes, due 2018 320 320 6.0% Notes, due 2019 413 413 5.5% Notes, due 2020 499 499 5.125% Notes, due 2022 797 797 7.65% Notes, due 2027 80 80 7.375% Notes, due 2031 63 63 5.95% Notes, due 2036 299 299 6.625% Notes, due 2040 295 295 6.1% Notes, due 2041 326 326 6.625% Notes, due 2042 178 178 4.3% Notes, due 2043 298 298 Junior Subordinated Debentures 7.875% Notes, due 2042 600 600 8.125% Notes, due 2068 500 500 Total Notes and Debentures 5,359 6,109 Less: Current maturities 275 456 Long-Term Debt 5,084 5,653 Total Debt $ 5,359 $ 6,109 |
Long-Term Debt Maturities | 2016 $ 275 2017 416 2018 320 2019 413 2020 500 Thereafter 3,525 |
Commercial Paper and Revolving Credit Facility | Revolving Credit Facilities The Company has a senior unsecured five-year revolving credit facility (the “Credit Facility”) that provides for borrowing capacity up to $1.0 billion of unsecured credit through October 31, 2019 available in U.S. dollars, Euro, Sterling, Canadian dollars and Japanese Yen. As of December 31, 2015 , no borrowings were outstanding under the Credit Facility. As of December 31, 2015 , the Company was in compliance with all financial covenants within the Credit Facility. |
Equity Level 3 (Tables)
Equity Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Statutory Net Income (Loss) | For the years ended December 31, Statutory Net Income 2015 2014 2013 Life insurance subsidiaries $ 539 $ 415 $ 2,144 Property and casualty insurance subsidiaries 1,486 1,228 1,217 Total $ 2,025 $ 1,643 $ 3,361 |
Statutory Surplus | As of December 31, Statutory Capital 2015 2014 Life insurance subsidiaries $ 6,591 $ 7,157 Property and casualty insurance subsidiaries 8,563 8,069 Total $ 15,154 $ 15,226 |
Accumulated Other Comprehensi51
Accumulated Other Comprehensive Income, Net of Tax Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Changes in AOCI, net of tax, by component consist of the following: For the year ended December 31, 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 (1,112 ) (3 ) 18 (47 ) (135 ) (1,279 ) Amounts reclassified from AOCI 21 1 (38 ) — 38 22 OCI, net of tax (1,091 ) (2 ) (20 ) (47 ) (97 ) (1,257 ) Ending balance $ 1,279 $ (7 ) $ 130 $ (55 ) $ (1,676 ) $ (329 ) For the year ended December 31, 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 1,474 3 89 13 (437 ) 1,142 Amounts reclassified from AOCI (91 ) 4 (47 ) (112 ) 111 (135 ) OCI, net of tax 1,383 7 42 (99 ) (326 ) 1,007 Ending balance $ 2,370 $ (5 ) $ 150 $ (8 ) $ (1,579 ) $ 928 For the year ended December 31, 2013 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 $ 3,418 $ (47 ) $ 428 $ 406 $ (1,362 ) $ 2,843 OCI before reclassifications (1,416 ) 51 (195 ) (337 ) 74 (1,823 ) Amounts reclassified from AOCI (1,015 ) (16 ) (125 ) 22 35 (1,099 ) OCI, net of tax (2,431 ) 35 (320 ) (315 ) 109 (2,922 ) Ending balance $ 987 $ (12 ) $ 108 $ 91 $ (1,253 ) $ (79 ) Reclassifications from AOCI consist of the following: AOCI Amount Reclassified from AOCI Affected Line Item in the Consolidated Statement of Operations For the year ended December 31, 2015 For the year ended December 31, 2014 For the year ended December 31, 2013 Net Unrealized Gain on Securities Available-for-sale securities [1] $ (32 ) $ 217 $ 1,515 Net realized capital gains (losses) (32 ) 217 1,515 Total before tax (11 ) 76 531 Income tax expense — 50 31 Income (loss) from discontinued operations, net of tax $ (21 ) $ 91 $ 1,015 Net income OTTI Losses in OCI Other than temporary impairments $ (2 ) $ (6 ) $ 25 Net realized capital gains (losses) (2 ) (6 ) 25 Total before tax (1 ) (2 ) 9 Income tax expense (1 ) (4 ) 16 Net income Net Gain on Cash Flow Hedging Instruments Interest rate swaps [2] $ 4 $ (1 ) $ 91 Net realized capital gains (losses) Interest rate swaps 64 87 97 Net investment income Foreign currency swaps (9 ) (13 ) 4 Net realized capital gains (losses) 59 73 192 Total before tax 21 26 67 Income tax expense $ 38 $ 47 $ 125 Net income Foreign Currency Translation Adjustments Currency translation adjustments [3] $ — $ 172 $ (34 ) Net realized capital gains (losses) — 172 (34 ) Total before tax — 60 (12 ) Income tax expense $ — $ 112 $ (22 ) Net income Pension and Other Postretirement Plan Adjustments Amortization of prior service credit $ 7 $ 7 $ 7 Insurance operating costs and other expenses Amortization of actuarial loss (65 ) (50 ) (61 ) Insurance operating costs and other expenses Settlement loss — (128 ) — Insurance operating costs and other expenses (58 ) (171 ) (54 ) Total before tax (20 ) (60 ) (19 ) Income tax expense (38 ) (111 ) (35 ) Net income Total amounts reclassified from AOCI $ (22 ) $ 135 $ 1,099 Net income [1] The December 31, 2013 amount includes $1.5 billion of net unrealized gains on securities relating to the sales of the Retirement Plans and Individual Life businesses. [2] The December 31, 2013 amount includes $71 of net gains on cash flow hedging instruments relating to the sales of the Retirement Plans and Individual Life businesses. [3] The December 31, 2014 amount relates to the sale of the HLIKK variable and fixed annuity business and the December 31, 2013 amount relates to the sale of the UK variable annuity business. |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in AOCI, net of tax, by component consist of the following: For the year ended December 31, 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 (1,112 ) (3 ) 18 (47 ) (135 ) (1,279 ) Amounts reclassified from AOCI 21 1 (38 ) — 38 22 OCI, net of tax (1,091 ) (2 ) (20 ) (47 ) (97 ) (1,257 ) Ending balance $ 1,279 $ (7 ) $ 130 $ (55 ) $ (1,676 ) $ (329 ) For the year ended December 31, 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 1,474 3 89 13 (437 ) 1,142 Amounts reclassified from AOCI (91 ) 4 (47 ) (112 ) 111 (135 ) OCI, net of tax 1,383 7 42 (99 ) (326 ) 1,007 Ending balance $ 2,370 $ (5 ) $ 150 $ (8 ) $ (1,579 ) $ 928 For the year ended December 31, 2013 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 $ 3,418 $ (47 ) $ 428 $ 406 $ (1,362 ) $ 2,843 OCI before reclassifications (1,416 ) 51 (195 ) (337 ) 74 (1,823 ) Amounts reclassified from AOCI (1,015 ) (16 ) (125 ) 22 35 (1,099 ) OCI, net of tax (2,431 ) 35 (320 ) (315 ) 109 (2,922 ) Ending balance $ 987 $ (12 ) $ 108 $ 91 $ (1,253 ) $ (79 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Reclassifications from AOCI consist of the following: AOCI Amount Reclassified from AOCI Affected Line Item in the Consolidated Statement of Operations For the year ended December 31, 2015 For the year ended December 31, 2014 For the year ended December 31, 2013 Net Unrealized Gain on Securities Available-for-sale securities [1] $ (32 ) $ 217 $ 1,515 Net realized capital gains (losses) (32 ) 217 1,515 Total before tax (11 ) 76 531 Income tax expense — 50 31 Income (loss) from discontinued operations, net of tax $ (21 ) $ 91 $ 1,015 Net income OTTI Losses in OCI Other than temporary impairments $ (2 ) $ (6 ) $ 25 Net realized capital gains (losses) (2 ) (6 ) 25 Total before tax (1 ) (2 ) 9 Income tax expense (1 ) (4 ) 16 Net income Net Gain on Cash Flow Hedging Instruments Interest rate swaps [2] $ 4 $ (1 ) $ 91 Net realized capital gains (losses) Interest rate swaps 64 87 97 Net investment income Foreign currency swaps (9 ) (13 ) 4 Net realized capital gains (losses) 59 73 192 Total before tax 21 26 67 Income tax expense $ 38 $ 47 $ 125 Net income Foreign Currency Translation Adjustments Currency translation adjustments [3] $ — $ 172 $ (34 ) Net realized capital gains (losses) — 172 (34 ) Total before tax — 60 (12 ) Income tax expense $ — $ 112 $ (22 ) Net income Pension and Other Postretirement Plan Adjustments Amortization of prior service credit $ 7 $ 7 $ 7 Insurance operating costs and other expenses Amortization of actuarial loss (65 ) (50 ) (61 ) Insurance operating costs and other expenses Settlement loss — (128 ) — Insurance operating costs and other expenses (58 ) (171 ) (54 ) Total before tax (20 ) (60 ) (19 ) Income tax expense (38 ) (111 ) (35 ) Net income Total amounts reclassified from AOCI $ (22 ) $ 135 $ 1,099 Net income [1] The December 31, 2013 amount includes $1.5 billion of net unrealized gains on securities relating to the sales of the Retirement Plans and Individual Life businesses. [2] The December 31, 2013 amount includes $71 of net gains on cash flow hedging instruments relating to the sales of the Retirement Plans and Individual Life businesses. [3] The December 31, 2014 amount relates to the sale of the HLIKK variable and fixed annuity business and the December 31, 2013 amount relates to the sale of the UK variable annuity business. |
Employee Benefit Plans Level 3
Employee Benefit Plans Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | |
Weighted average assumptions used in calculating net periodic benefit cost other postretirement pension plans | Pension Benefits Other Postretirement Benefits For the years ended December 31, 2015 2014 2015 2014 Discount rate 4.25 % 4.00 % 4.00 % 3.75 % |
Weighted average assumptions used in calculating the net periodic benefit cost for the company pension plans | For the years ended December 31, 2015 2014 2013 Discount rate 4.00 % 4.75 % 4.00 % Expected long-term rate of return on plan assets 6.90 % 7.10 % 7.10 % Rate of increase in compensation levels — % — % 3.75 % |
Weighted average assumptions used in calculating the net periodic benefit cost for the company other postretirement plans | For the years ended December 31, 2015 2014 2013 Discount rate 3.75 % 4.25 % 3.50 % Expected long-term rate of return on plan assets 6.90 % 7.10 % 7.10 % |
Assumed health care cost trend rates | For the years ended December 31, 2015 2014 2013 Pre-65 health care cost trend rate 7.30 % 7.70 % 8.05 % Post-65 health care cost trend rate 5.50 % 5.60 % 5.70 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 5.00 % 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate 2023 2023 2021 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | |
Amounts recognized in other comprehensive income (loss) | Pension Benefits Other Postretirement Benefits For the years ended December 31, 2015 2014 2015 2014 Amortization of actuarial loss $ 60 $ 45 $ 5 $ 5 Settlement loss — 128 — — Amortization of prior service credit — — (7 ) (7 ) Net loss arising during the year (185 ) (622 ) (3 ) (51 ) Total $ (125 ) $ (449 ) $ (5 ) $ (53 ) |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Pension Benefits Other Postretirement Benefits For the years ended December 31, 2015 2014 2013 2015 2014 2013 Service cost $ 2 $ 2 $ 1 $ — $ — $ — Interest cost 235 258 238 12 14 11 Expected return on plan assets (311 ) (325 ) (315 ) (12 ) (14 ) (14 ) Amortization of prior service credit — — — (7 ) (7 ) (7 ) Amortization of actuarial loss 60 45 59 5 5 2 Settlements — 128 — — — — Net periodic benefit cost (benefit) $ (14 ) $ 108 $ (17 ) $ (2 ) $ (2 ) $ (8 ) |
Change in plan assets | Pension Benefits Other Postretirement Benefits For the years ended December 31, Change in Plan Assets 2015 2014 2015 2014 Fair value of plan assets — beginning of year $ 4,707 $ 4,630 $ 196 $ 213 Actual return on plan assets (72 ) 565 2 16 Employer contributions 101 101 — — Benefits paid [1] (282 ) (245 ) (36 ) (33 ) Expenses paid (21 ) (24 ) — — Settlements — (319 ) — — Foreign exchange adjustment (3 ) (1 ) — — Fair value of plan assets — end of year $ 4,430 $ 4,707 $ 162 $ 196 Funded status — end of year $ (1,304 ) $ (1,318 ) $ (139 ) $ (142 ) |
Change in benefit obligation | Pension Benefits Other Postretirement Benefits For the years ended December 31, Change in Benefit Obligation 2015 2014 2015 2014 Benefit obligation — beginning of year $ 6,025 $ 5,516 $ 338 $ 312 Service cost 2 2 — — Interest cost 235 258 12 14 Plan participants’ contributions — — 25 26 Actuarial loss (gain) 18 (8 ) — 38 Settlements — (319 ) — — Changes in assumptions (236 ) 846 (8 ) 16 Benefits paid (307 ) (268 ) (68 ) (70 ) Retiree drug subsidy — — 2 2 Foreign exchange adjustment (3 ) (2 ) — — Benefit obligation — end of year $ 5,734 $ 6,025 $ 301 $ 338 |
Amounts recognized in consolidated balance sheet | Pension Benefits Other Postretirement Benefits As of December 31, 2015 2014 2015 2014 Other liabilities $ 1,304 $ 1,318 $ 139 $ 142 |
Defined benefit pension plans with accumulated benefit obligation in excess of plan assets | As of December 31, 2015 2014 Projected benefit obligation $ 5,734 $ 6,025 Accumulated benefit obligation 5,732 6,024 Fair value of plan assets 4,430 4,707 |
Amounts in accumulated other comprehensive income (loss) on a before tax basis that have not yet been recognized as components of net periodic benefit cost | Pension Benefits Other Postretirement Benefits As of December 31, 2015 2014 2015 2014 Net loss $ (2,553 ) $ (2,428 ) $ (123 ) $ (124 ) Prior service credit — — 91 97 Total $ (2,553 ) $ (2,428 ) $ (32 ) $ (27 ) |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |
Fair value of other postretirement plan assets | Other Postretirement Plan Assets at Fair Value as of December 31, 2014 Asset Category Level 1 Level 2 Level 3 Total Short-term investments $ 8 $ 5 $ — $ 13 Fixed Income Securities: Corporate — 41 3 44 RMBS — 22 3 25 U.S. Treasuries 1 44 — 45 Foreign government — 2 — 2 CMBS — 15 — 15 Other fixed income — 7 — 7 Equity Securities: Large-cap 49 — — 49 Total other postretirement plan assets at fair value [1] $ 58 $ 136 $ 6 $ 200 [1] Excludes approximately $5 of investment payables net of investment receivables that are not carried at fair value and approximately $1 of interest receivable carried at fair value. Other Postretirement Plan Assets at Fair Value as of December 31, 2015 Asset Category Level 1 Level 2 Level 3 Total Short-term investments $ — $ 16 $ — $ 16 Fixed Income Securities: Corporate — 36 2 38 RMBS — 27 3 30 U.S. Treasuries — 23 — 23 Foreign government — 2 — 2 CMBS — 14 — 14 Other fixed income — 7 — 7 Equity Securities: Large-cap 41 — — 41 Total other postretirement plan assets at fair value [1] $ 41 $ 125 $ 5 $ 171 |
Target allocation by asset category | Target Asset Allocation Pension Plans Other Postretirement Plans (minimum) (maximum) (minimum) (maximum) Equity securities 5 % 20 % 15 % 45 % Fixed income securities 50 % 70 % 55 % 85 % Alternative assets 10 % 45 % — % — % |
Weighted average asset allocation | Pension Plans Other Postretirement Plans Percentage of Assets Percentage of Assets at Fair Value at Fair Value As of December 31, 2015 2014 2015 2014 Equity securities 20 % 21 % 25 % 25 % Fixed income securities 66 % 62 % 75 % 75 % Alternative assets 14 % 17 % — % — % Total 100 % 100 % 100 % 100 % |
Pension plan asset fair value measurements using significant unobservable inputs | Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Assets Corporate RMBS Foreign government Mortgage loans Other [1] Hedge funds Private Market Alternatives Totals Fair Value as of January 1, 2015 $ 34 $ 28 $ 5 $ — $ 9 $ 181 $ — $ 257 Realized gains (losses), net — — — — — — — — Changes in unrealized gains (losses), net (2 ) — (1 ) — (1 ) — 3 (1 ) Purchases 12 14 1 54 3 2 17 103 Settlements — (14 ) — — (3 ) — — (17 ) Sales (11 ) (2 ) — — (1 ) (24 ) — (38 ) Transfers into Level 3 — 4 — — 1 — — 5 Transfers out of Level 3 (14 ) (6 ) — — (3 ) (105 ) — (128 ) Fair Value as of December 31, 2015 $ 19 $ 24 $ 5 $ 54 $ 5 $ 54 $ 20 $ 181 Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Assets Corporate RMBS Foreign government Other fixed income Hedge funds Totals Fair Value as of January 1, 2014 $ 12 $ 2 $ 4 $ 12 $ 361 $ 391 Realized gains (losses), net — — — — 4 4 Changes in unrealized gains (losses), net — 7 1 (5 ) 4 7 Purchases 12 3 2 6 219 242 Sales (5 ) (1 ) (2 ) (2 ) (183 ) (193 ) Transfers into Level 3 20 17 — 7 — 44 Transfers out of Level 3 (5 ) — — (9 ) (224 ) (238 ) Fair Value as of December 31, 2014 $ 34 $ 28 $ 5 $ 9 $ 181 $ 257 |
Fair values of company pension plan assets | Pension Plan Assets at Fair Value as of December 31, 2015 Asset Category Level 1 Level 2 Level 3 Total Short-term investments: $ 7 $ 274 $ — $ 281 Fixed Income Securities: Corporate — 922 19 941 RMBS — 242 24 266 U.S. Treasuries 16 1,029 3 1,048 Foreign government — 49 5 54 CMBS — 183 — 183 Other fixed income [1] — 105 1 106 Mortgage Loans — — 54 54 Equity Securities: Large-cap domestic 500 11 1 512 International 298 87 — 385 Other investments: Hedge funds — 566 54 620 Private Market Alternatives — — 20 20 Total pension plan assets at fair value [2] $ 821 $ 3,468 $ 181 $ 4,470 [1] Includes ABS, municipal bonds, and foreign bonds. [2] Excludes approximately $67 of investment payables net of investment receivables that are excluded from this disclosure requirement because they are trade receivables in the ordinary course of business where the carrying amount approximates fair value. Also excludes approximately $27 of interest receivable. Pension Plan Assets at Fair Value as of December 31, 2014 Asset Category Level 1 Level 2 Level 3 Total Short-term investments: $ 56 $ 252 $ — $ 308 Fixed Income Securities: Corporate — 919 34 953 RMBS — 181 28 209 U.S. Treasuries 24 1,198 5 1,227 Foreign government — 65 5 70 CMBS — 156 — 156 Other fixed income [1] — 93 4 97 Equity Securities: Large-cap domestic 526 — — 526 Mid-cap domestic — — — — Small-cap domestic — — — — International 435 3 — 438 Other investments: Hedge funds — 562 181 743 Total pension plan assets at fair value [2] $ 1,041 $ 3,429 $ 257 $ 4,727 [1] Includes ABS and municipal bonds. [2] Excludes approximately $42 of investment payables net of investment receivables that are excluded from this disclosure requirement because they are trade receivables in the ordinary course of business where the carrying amount approximates fair value. Also excludes approximately $22 of interest receivable. |
Defined Benefit Plan Prior Contributions [Table Text Block] | Employer Contributions Pension Benefits Other Postretirement Benefits 2015 $ 101 $ — 2014 $ 101 $ — |
Defined Benefit Plan, Expected Future Benefit Payments, Rolling Maturity [Abstract] | |
Schedule of Expected Benefit Payments [Table Text Block] | Pension Benefits Other Postretirement Benefits 2016 $ 327 $ 40 2017 332 38 2018 338 35 2019 345 32 2020 346 29 2021 - 2025 1,738 113 Total $ 3,426 $ 287 |
Prescription Drug Subsidy Receipts [Table Text Block] | 2016 $ 3 2017 3 2018 3 2019 3 2020 3 2021 - 2025 18 Total $ 33 |
Stock Compensation Plans Leve53
Stock Compensation Plans Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock based Compensation Plans | For the years ended December 31, 2015 2014 2013 Stock-based compensation plans expense $ 78 $ 98 $ 69 Income tax benefit (27 ) (34 ) (24 ) Total stock-based compensation plans expense, after-tax $ 51 $ 64 $ 45 |
The risk-free rate for periods within the contractual life of the option | For the years ended December 31, 2015 2014 2013 Expected dividend yield 1.8% 1.7% 1.7% Expected annualized spot volatility 22.1 % - 39.4% 25.9 % - 57.8% 31.1 % - 48.1% Weighted average annualized volatility 32.7% 35.1% 47.3% Risk-free spot rate — % - 2.6% 0.1 % - 2.8% 0.1 % - 1.9% Expected term 5.0 years 5.0 years 5.0 years |
Summary of the status of non-qualified stock options included in the company's stock plans | Number of Options (in thousands) Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value For the year ended December 31, 2015 Outstanding at beginning of year 3,745 $ 29.64 Granted 862 $ 41.25 Exercised (754 ) $ 22.18 Forfeited — $ — Expired (53 ) $ 76.80 Outstanding at end of year 3,800 $ 33.09 6.5 years $ 45 Outstanding, fully vested and expected to vest 3,749 $ 33.53 6.5 years $ 42 Exercisable at end of year 2,351 $ 30.34 5.2 years $ 36 For the years ended December 31, 2015 2014 2013 Volatility of common stock 21.4% 31.6% 42.8% Average volatility of peer companies 14.0 % - 24.0% 17.0 % - 29.0% 20.0 % - 36.0% Average correlation coefficient of peer companies 54.0% 62.0% 76.0% Risk-free spot rate 1.1% 0.7% 0.4% Term 3.0 years 3.0 years 3.0 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable [Table Text Block] | Restricted Stock and Restricted Stock Units Performance Shares Number of Shares (in thousands) Weighted-Average Grant-Date Fair Value Number of Shares (in thousands) Weighted-Average Grant date Fair Value Non-vested shares For the year ended December 31, 2015 Non-vested at beginning of year 7,232 $ 26.59 1,063 $ 30.55 Granted 1,603 $ 42.25 398 $ 42.40 Performance based adjustment 407 $ 24.15 Vested (2,708 ) $ 20.95 (814 ) $ 24.15 Forfeited (259 ) $ 36.90 (279 ) $ 33.47 Non-vested at end of year 5,868 $ 33.12 775 $ 37.35 |
Discontinued Operations and B54
Discontinued Operations and Business Dispositions Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2013 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Assets and Liabilities Transferred [Table Text Block] | Composition of Invested Assets Transferred The following table summarizes invested assets transferred by the Company in 2013 in connection with the sale of the Retirement Plans and Individual Life businesses. Carrying Value As of December 31, 2012 Fixed maturities, at fair value (amortized cost of $13,916) [1] $ 15,349 Equity securities, AFS, at fair value (cost of $35) [2] 37 Fixed maturities, at fair value using the FVO [3] 16 Mortgage loans (net of allowances for loan losses of $1) 1,364 Policy loans, at outstanding balance 582 Total invested assets transferred $ 17,348 [1] Includes $14.7 billion and $670 of securities in level 2 and 3 of the fair value hierarchy, respectively. [2] All equity securities transferred are included in level 2 of the fair value hierarchy. [3] All FVO securities transferred are included in level 3 of the fair value hierarchy. |
Restructuring, Severance and 55
Restructuring, Severance and Other Costs Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring Costs [Abstract] | |
Restructuring and Related Costs [Table Text Block] | Commercial Lines $ 6 Personal Lines 3 Group Benefits 1 Mutual Funds 4 Talcott Resolution 69 Corporate 299 Total restructuring and other costs $ 382 For the years ended December 31, 2015 2014 2013 Severance benefits $ 6 $ 16 $ 22 Professional fees — 1 19 Asset impairment charges 17 42 20 Contract termination and other charges (3 ) 12 6 Total restructuring and other costs $ 20 $ 71 $ 67 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | For the year ended December 31, 2015 Severance Benefits and Related Costs Professional Fees Asset impairment charges Contract Termination and Other Charges Total Restructuring and Other Costs Balance, beginning of period $ 10 $ — $ — $ 6 $ 16 Accruals/provisions 6 — 17 (3 ) 20 Payments/write-offs (11 ) — (17 ) (3 ) (31 ) Balance, end of period $ 5 $ — $ — $ — $ 5 For the year ended December 31, 2014 Severance Benefits and Related Costs Professional Fees Asset impairment charges Contract Termination and Other Charges Total Restructuring and Other Costs Balance, beginning of period $ 22 $ — $ — $ 6 $ 28 Accruals/provisions 16 — 43 12 71 Payments/write-offs (28 ) — (43 ) (12 ) (83 ) Balance, end of period $ 10 $ — $ — $ 6 $ 16 For the years ended December 31, 2015 2014 2013 Commercial Lines $ — $ — $ 1 Personal Lines — — — Group Benefits — — — Mutual Funds — — 1 Talcott Resolution — — 1 Corporate 20 71 64 Total restructuring and other costs $ 20 $ 71 $ 67 |
Quarterly Results (Unaudited)56
Quarterly Results (Unaudited) Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | Three months ended March 31, June 30, September 30, December 31, 2015 2014 2015 2014 2015 2014 2015 2014 Revenues $ 4,617 $ 4,612 $ 4,685 $ 4,616 $ 4,562 $ 4,769 $ 4,513 $ 4,617 Benefits, losses and expenses 3,992 4,003 4,215 4,466 4,183 4,273 4,009 4,173 Income from continuing operations, net of tax 467 466 413 150 372 388 421 345 Income (loss) from discontinued operations, net of tax — 29 — (617 ) 9 — — 37 Net income (loss) 467 495 413 (467 ) 381 388 421 382 Basic earnings (losses) per common share $ 1.11 $ 1.10 $ 0.99 $ (1.04 ) $ 0.92 $ 0.89 $ 1.03 $ 0.89 Diluted earnings (losses) per common share $ 1.08 $ 1.03 $ 0.96 $ (1.00 ) $ 0.90 $ 0.86 $ 1.01 $ 0.86 Weighted average common shares outstanding, basic 422.6 449.8 418.7 450.6 413.8 437.2 406.9 429.6 Weighted average shares outstanding and dilutive potential common shares 433.7 478.6 428.1 467.9 423.0 450.8 415.9 442.6 |
Schedule I Summary of Investm57
Schedule I Summary of Investments - Other Than Investments in Affiliates Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Investments, Other than Investments in Related Parties [Abstract] | |
Summary of Investment Holdings, Schedule of Investments [Table Text Block] | As of December 31, 2015 Type of Investment Cost Fair Value Amount at Fixed Maturities Bonds and notes U.S. government and government agencies and authorities (guaranteed and sponsored) $ 7,911 $ 8,179 $ 8,179 States, municipalities and political subdivisions 11,124 12,121 12,121 Foreign governments 1,321 1,308 1,308 Public utilities 4,395 4,634 4,634 All other corporate bonds 21,481 22,168 22,168 All other mortgage-backed and asset-backed securities 10,733 10,786 10,786 Total fixed maturities, available-for-sale 56,965 59,196 59,196 Fixed maturities, at fair value using fair value option 510 503 503 Total fixed maturities 57,475 59,699 59,699 Equity Securities Common stocks Industrial, miscellaneous and all other 969 956 956 Non-redeemable preferred stocks 166 165 165 Total equity securities, available-for-sale 1,135 1,121 1,121 Equity securities, trading 10 11 11 Total equity securities 1,145 1,132 1,132 Mortgage loans 5,624 5,736 5,624 Policy loans 1,447 1,447 1,447 Futures, options and miscellaneous 588 109 109 Short-term investments 1,843 1,843 1,843 Investments in partnerships and trusts 2,874 2,874 Total investments $ 70,996 $ 72,728 |
Schedule II Condensed Financi58
Schedule II Condensed Financial Information of The Hartford Financial Services Group, Inc. Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheet [Table Text Block] | ( |
Condensed Income Statement [Table Text Block] | For the years ended December 31, Condensed Statements of Operations and Comprehensive Income 2015 2014 2013 Net investment income $ 14 $ 11 $ 10 Net realized capital losses (6 ) (6 ) (7 ) Total revenues 8 5 3 Interest expense 346 365 384 Other expenses 35 134 178 Total expenses 381 499 562 Loss before income taxes and earnings of subsidiaries (373 ) (494 ) (559 ) Income tax benefit (131 ) (172 ) (187 ) Loss before earnings of subsidiaries (242 ) (322 ) (372 ) Earnings of subsidiaries 1,924 1,120 548 Net income (loss) 1,682 798 176 Other comprehensive income (loss) - parent company: Change in net gain/loss on cash-flow hedging instruments — — (11 ) Change in net unrealized gain/loss on securities (1 ) 10 (13 ) Change in pension and other postretirement plan adjustments (82 ) (292 ) 127 Other comprehensive income (loss), net of taxes before other comprehensive income of subsidiaries (83 ) (282 ) 103 Other comprehensive income of subsidiaries (1,174 ) 1,289 (3,025 ) Total other comprehensive income (loss) (1,257 ) 1,007 (2,922 ) Total comprehensive income (loss) $ 425 $ 1,805 $ (2,746 ) |
Condensed Cash Flow Statement [Table Text Block] | For the years ended December 31, Condensed Statements of Cash Flows 2015 2014 2013 Operating Activities Net income $ 1,682 $ 798 $ 176 Loss on extinguishment of debt 21 — 176 Undistributed earnings of subsidiaries (1,924 ) (1,120 ) (549 ) Change in operating assets and liabilities 1,167 3,376 1,170 Cash provided by operating activities 946 3,054 973 Investing Activities Net sales of short-term investments 609 (212 ) (454 ) Capital contributions to subsidiaries 742 (585 ) 1,211 Cash provided by (used for) investing activities 1,351 (797 ) 757 Financing Activities Proceeds from issuance of long-term debt — — 295 Repurchase of warrants — — (33 ) Repayments of long-term debt (773 ) (200 ) (1,190 ) Treasury stock acquired (1,250 ) (1,796 ) (600 ) Proceeds from net issuances of common shares under incentive and stock compensation plans and excess tax benefits 42 21 20 Dividends paid — Preferred shares — — (21 ) Dividends paid — Common Shares (316 ) (282 ) (201 ) Cash used for financing activities (2,297 ) (2,257 ) (1,730 ) Net change in cash — — — Cash — beginning of year — — — Cash — end of year $ — $ — $ — Supplemental Disclosure of Cash Flow Information Interest Paid $ 351 $ 366 $ 366 Dividends Received from Subsidiaries $ 1,127 $ 2,589 $ 1,096 |
Schedule III Supplementary In59
Schedule III Supplementary Insurance Information Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplementary Insurance Information, by Segment [Line Items] | |
Supplementary Insurance Information, for Insurance Companies Disclosure [Text Block] | SUPPLEMENTARY INSURANCE INFORMATION (In millions) Segment Deferred Policy Acquisition Costs Future Policy Benefits, Unpaid Losses and Loss Adjustment Expenses Unearned Premiums Other Policyholder Funds and Benefits Payable As of December 31, 2015 Commercial Lines $ 435 $ 16,559 $ 3,271 $ — Personal Lines 155 1,845 1,959 — Property & Casualty Other Operations — 3,421 3 — Group Benefits 35 6,379 43 495 Mutual Funds 11 — — — Talcott Resolution 1,180 13,368 109 31,175 Corporate — — — — Consolidated $ 1,816 $ 41,572 $ 5,385 $ 31,670 As of December 31, 2014 Commercial Lines $ 421 $ 16,505 3,184 — Personal Lines 155 1,874 1,914 — Property & Casualty Other Operations — 3,427 1 — Group Benefits 36 6,540 45 518 Mutual Funds 11 — — — Talcott Resolution 1,200 13,098 111 32,014 Corporate — — — — Consolidated $ 1,823 $ 41,444 $ 5,255 $ 32,532 Segment Earned Premiums, Fee Income and Other Net Investment Income (Loss) Benefits, Losses and Loss Adjustment Expenses Amortization of Deferred Policy Acquisition Costs Insurance Operating Costs and Other Expenses [1] Net Written Premiums [2] For the year ended December 31, 2015 Commercial Lines $ 6,598 $ 910 $ 3,886 $ 951 $ 1,260 $ 6,625 Personal Lines 3,873 128 2,768 359 609 3,918 Property & Casualty Other Operations 32 133 243 — 25 35 Group Benefits 3,136 371 2,427 31 788 — Mutual Funds 723 1 — 22 568 — Talcott Resolution 1,133 1,470 1,451 139 441 — Corporate 8 17 — — 431 — Consolidated $ 15,503 $ 3,030 $ 10,775 $ 1,502 $ 4,122 $ 10,578 For the year ended December 31, 2014 Commercial Lines $ 6,402 $ 958 $ 3,855 $ 919 $ 1,194 $ 6,381 Personal Lines 3,806 129 2,684 348 599 3,861 Property & Casualty Other Operations 1 129 261 — 31 2 Group Benefits 3,095 374 2,362 32 836 — Mutual Funds 723 — — 28 559 — Talcott Resolution 1,407 1,542 1,643 402 544 — Corporate 10 22 — — 618 — Consolidated $ 15,444 $ 3,154 $ 10,805 $ 1,729 $ 4,381 $ 10,244 For the year ended December 31, 2013 Commercial Lines $ 6,315 $ 984 $ 4,085 $ 905 $ 1,190 $ 6,208 Personal Lines 3,823 145 2,580 332 761 3,719 Property & Casualty Other Operations — 141 148 — 27 2 Group Benefits 3,330 390 2,518 33 964 — Mutual Funds 668 — — 39 511 — Talcott Resolution [3] 1,463 1,577 1,717 485 2,150 — Corporate 12 27 — — 757 — Consolidated $ 15,611 $ 3,264 $ 11,048 $ 1,794 $ 6,360 $ 9,929 [1] Includes interest expense, goodwill impairment, loss on extinguishment of debt, restructuring and other costs, and reinsurance loss on disposition. [2] Excludes life insurance pursuant to Regulation S-X. [3] For the year ended, December 31, 2013, Talcott Resolution was recast to reflect the impact of the sale of HLIKK. For further information regarding this transaction, see Note 18 - Discontinued Operations and Business Dispositions of Notes to Consolidated Financial Statements. Segment Deferred Policy Acquisition Costs Future Policy Benefits, Unpaid Losses and Loss Adjustment Expenses Unearned Premiums Other Policyholder Funds and Benefits Payable As of December 31, 2015 Commercial Lines $ 435 $ 16,559 $ 3,271 $ — Personal Lines 155 1,845 1,959 — Property & Casualty Other Operations — 3,421 3 — Group Benefits 35 6,379 43 495 Mutual Funds 11 — — — Talcott Resolution 1,180 13,368 109 31,175 Corporate — — — — Consolidated $ 1,816 $ 41,572 $ 5,385 $ 31,670 As of December 31, 2014 Commercial Lines $ 421 $ 16,505 3,184 — Personal Lines 155 1,874 1,914 — Property & Casualty Other Operations — 3,427 1 — Group Benefits 36 6,540 45 518 Mutual Funds 11 — — — Talcott Resolution 1,200 13,098 111 32,014 Corporate — — — — Consolidated $ 1,823 $ 41,444 $ 5,255 $ 32,532 Segment Earned Premiums, Fee Income and Other Net Investment Income (Loss) Benefits, Losses and Loss Adjustment Expenses Amortization of Deferred Policy Acquisition Costs Insurance Operating Costs and Other Expenses [1] Net Written Premiums [2] For the year ended December 31, 2015 Commercial Lines $ 6,598 $ 910 $ 3,886 $ 951 $ 1,260 $ 6,625 Personal Lines 3,873 128 2,768 359 609 3,918 Property & Casualty Other Operations 32 133 243 — 25 35 Group Benefits 3,136 371 2,427 31 788 — Mutual Funds 723 1 — 22 568 — Talcott Resolution 1,133 1,470 1,451 139 441 — Corporate 8 17 — — 431 — Consolidated $ 15,503 $ 3,030 $ 10,775 $ 1,502 $ 4,122 $ 10,578 For the year ended December 31, 2014 Commercial Lines $ 6,402 $ 958 $ 3,855 $ 919 $ 1,194 $ 6,381 Personal Lines 3,806 129 2,684 348 599 3,861 Property & Casualty Other Operations 1 129 261 — 31 2 Group Benefits 3,095 374 2,362 32 836 — Mutual Funds 723 — — 28 559 — Talcott Resolution 1,407 1,542 1,643 402 544 — Corporate 10 22 — — 618 — Consolidated $ 15,444 $ 3,154 $ 10,805 $ 1,729 $ 4,381 $ 10,244 For the year ended December 31, 2013 Commercial Lines $ 6,315 $ 984 $ 4,085 $ 905 $ 1,190 $ 6,208 Personal Lines 3,823 145 2,580 332 761 3,719 Property & Casualty Other Operations — 141 148 — 27 2 Group Benefits 3,330 390 2,518 33 964 — Mutual Funds 668 — — 39 511 — Talcott Resolution [3] 1,463 1,577 1,717 485 2,150 — Corporate 12 27 — — 757 — Consolidated $ 15,611 $ 3,264 $ 11,048 $ 1,794 $ 6,360 $ 9,929 |
Schedule IV Reinsurance Level 3
Schedule IV Reinsurance Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Text Block] | Gross Amount Ceded to Other Companies Assumed From Other Companies Net Amount Percentage of Amount Assumed to Net For the year ended December 31, 2015 Life insurance in-force $ 619,722 $ 4,880 $ 21,406 $ 636,248 3 % Insurance revenues Property and casualty insurance $ 10,704 $ 586 $ 298 $ 10,416 3 % Life insurance and annuities 4,099 1,650 161 2,610 6 % Accident and health insurance 1,668 57 48 1,659 3 % Total insurance revenues $ 16,471 $ 2,293 $ 507 $ 14,685 3 % For the year ended December 31, 2014 Life insurance in-force $ 875,229 $ 240,285 $ 21,987 $ 656,931 3 % Insurance revenues Property and casualty insurance $ 10,531 $ 699 $ 264 $ 10,096 3 % Life insurance and annuities 4,414 1,666 137 2,885 5 % Accident and health insurance 1,615 54 56 1,617 3 % Total insurance revenues $ 16,560 $ 2,419 $ 457 $ 14,598 3 % For the year ended December 31, 2013 Life insurance in-force $ 883,387 $ 278,059 $ 49,789 $ 655,117 8 % Insurance revenues Property and casualty insurance $ 10,494 $ 871 $ 241 $ 9,864 2 % Life insurance and annuities 4,819 1,718 80 3,181 3 % Accident and health insurance 1,616 62 58 1,612 4 % Total insurance revenues $ 16,929 $ 2,651 $ 379 $ 14,657 3 % REINSURANCE (In millions) Gross Amount Ceded to Other Companies Assumed From Other Companies Net Amount Percentage of Amount Assumed to Net For the year ended December 31, 2015 Life insurance in-force $ 619,722 $ 4,880 $ 21,406 $ 636,248 3 % Insurance revenues Property and casualty insurance $ 10,704 $ 586 $ 298 $ 10,416 3 % Life insurance and annuities 4,099 1,650 161 2,610 6 % Accident and health insurance 1,668 57 48 1,659 3 % Total insurance revenues $ 16,471 $ 2,293 $ 507 $ 14,685 3 % For the year ended December 31, 2014 Life insurance in-force $ 875,229 $ 240,285 $ 21,987 $ 656,931 3 % Insurance revenues Property and casualty insurance $ 10,531 $ 699 $ 264 $ 10,096 3 % Life insurance and annuities 4,414 1,666 137 2,885 5 % Accident and health insurance 1,615 54 56 1,617 3 % Total insurance revenues $ 16,560 $ 2,419 $ 457 $ 14,598 3 % For the year ended December 31, 2013 Life insurance in-force $ 883,387 $ 278,059 $ 49,789 $ 655,117 8 % Insurance revenues Property and casualty insurance $ 10,494 $ 871 $ 241 $ 9,864 2 % Life insurance and annuities 4,819 1,718 80 3,181 3 % Accident and health insurance 1,616 62 58 1,612 4 % Total insurance revenues $ 16,929 $ 2,651 $ 379 $ 14,657 3 % |
Schedule V Valuation and Qual61
Schedule V Valuation and Qualifying Accounts Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Summary of Valuation Allowance [Table Text Block] | Balance January 1, Increase (decrease) in Costs and Expenses Translation Adjustment Write-offs/ Payments/ Other Balance December 31, 2015 Allowance for doubtful accounts and other $ 131 $ 44 $ — $ (41 ) $ 134 Allowance for uncollectible reinsurance 271 12 — (17 ) 266 Valuation allowance on mortgage loans 18 7 — (2 ) 23 Valuation allowance for deferred taxes 181 (102 ) — — 79 2014 Allowance for doubtful accounts and other $ 125 $ 50 $ — $ (44 ) $ 131 Allowance for uncollectible reinsurance 244 30 — (3 ) 271 Valuation allowance on mortgage loans 67 4 — (53 ) 18 Valuation allowance for deferred taxes 4 5 — 172 181 2013 Allowance for doubtful accounts and other $ 117 $ 56 $ — $ (48 ) $ 125 Allowance for uncollectible reinsurance 268 (1 ) 2 (25 ) 244 Valuation allowance on mortgage loans 68 2 — (3 ) 67 Valuation allowance for deferred taxes 58 (2 ) — (52 ) 4 |
Schedule VI Supplemental Info62
Schedule VI Supplemental Information Concerning Property and Casualty Insurance Operations Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Information for Property, Casualty Insurance Underwriters [Abstract] | |
Schedule of Supplemental Information for Property, Casualty Insurance Underwriters [Text Block] | THE HARTFORD FINANCIAL SERVICES GROUP, INC. SCHEDULE VI SUPPLEMENTAL INFORMATION CONCERNING PROPERTY AND CASUALTY INSURANCE OPERATIONS (In millions) Discount Deducted From Liabilities [1] Losses and Loss Adjustment Expenses Incurred Related to: Paid Losses and Loss Adjustment Expenses Current Year Prior Year Years ended December 31, 2015 $ 523 $ 6,647 $ 250 $ 6,719 2014 $ 556 $ 6,572 $ 228 $ 6,711 2013 $ 553 $ 6,621 $ 192 $ 6,826 [1] Reserves for permanently disabled claimants have been discounted using the weighted average interest rates of 3.24% , 3.50% , and 3.50% for the years ended December 31, 2015 , 2014 , and 2013 , respectively. Discount Deducted From Liabilities [1] Losses and Loss Adjustment Expenses Incurred Related to: Paid Losses and Loss Adjustment Expenses Current Year Prior Year Years ended December 31, 2015 $ 523 $ 6,647 $ 250 $ 6,719 2014 $ 556 $ 6,572 $ 228 $ 6,711 2013 $ 553 $ 6,621 $ 192 $ 6,826 |
Basis of Presentation and Acc63
Basis of Presentation and Accounting Policies Level 4 (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Available-for-sale Securities, Equity Securities | $ 1,121,000,000 | $ 1,047,000,000 | |
Other Comprehensive Income (Loss), Net of Tax | (1,257,000,000) | 1,007,000,000 | $ (2,922,000,000) |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 2,300,000,000 | 2,300,000,000 | |
Gross Profit Estimates Term for Most Contracts | 20 years | ||
Maximum Uncollateralized Threshold for Derivative Counter Party for Single Level Entity | $ 10,000,000 | ||
Participating Dividend to Policyholders | 17,000,000 | $ 16,000,000 | $ 15,000,000 |
Participating Policies as Percentage of Gross Insurance in Force | 1.00% | 1.00% | |
Depreciation, Depletion and Amortization, Nonproduction | 164,000,000 | $ 198,000,000 | $ 174,000,000 |
Annuity Obligations | 746,000,000 | 776,000,000 | |
Allowance for Doubtful Accounts and Other [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Doubtful Accounts, Premiums and Other Receivables | 134,000,000 | 131,000,000 | 125,000,000 |
Property, Liability and Casualty Insurance Product Line [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Premiums Written, Net | 0.10 | 0.09 | $ 0.10 |
Accident and Health Insurance Product Line [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Discounted Deducted From Liabilities | $ 1,100,000,000 | $ 1,000,000,000 | |
Weighted Average Discount Rate, Percent | 3.24% | 3.50% | 3.50% |
Structured Settlements [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Weighted Average Discount Rate, Percent | 6.68% | 6.67% | |
group life term, disability and accident [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Weighted Average Discount Rate, Percent | 4.41% | 4.53% | |
HIG_Accounting Standards Update 2016-01 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Description | In January 2016, the FASB issued updated guidance for the recognition and measurement of financial instruments. The new guidance will require investments in equity securities to be measured at fair value with changes in fair value reported in net income except for those equity securities that result in consolidation or are accounted for under the equity method of accounting. The new guidance will also require a deferred tax asset resulting from net unrealized losses on available-for-sale fixed maturities that are recognized in accumulated other comprehensive income (“OCI”) to be evaluated for recoverability in combination with the Company’s other deferred tax assets. Under existing guidance, the Company measures investments in equity securities, available-for-sale, at fair value with changes in fair value reported in OCI. As required, the Company will adopt the guidance effective January 1, 2018 through a cumulative effect adjustment to retained earnings. Early adoption is not allowed. The impact to the Company will be increased volatility in net income beginning in 2018. Any difference in the evaluation of deferred tax assets may also affect stockholders equity. Cash flows will not be affected. The impact will depend on the composition of the Company’s investment portfolio in the future and changes in fair value of the Company’s investments. | ||
HIG_Accounting Standards Update 2015-2 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Description | The FASB issued updated consolidation guidance. The updates revise existing guidance for when to consolidate 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 January 1, 2016, and may be applied fully retrospectively or through a cumulative effect adjustment to retained earnings as of the 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. | ||
HIG_Accounting Standards Update 2014_09 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Description | The FASB issued updated guidance for recognizing revenue. The guidance excludes insurance contracts and financial instruments. Revenue is to be recognized when, or as, goods or services are transferred to customers in an amount that reflects the consideration that an entity is expected to be entitled in exchange for those goods or services, and this accounting guidance is similar to current accounting for many transactions. This guidance is effective retrospectively on January 1, 2018, with a choice of restating prior periods or recognizing a cumulative effect for contracts in place as of the adoption. Early adoption is permitted as of January 1, 2017. The Company has not yet determined its method for adoption or estimated the effect of the adoption on the Company’s Consolidated Financial Statements. | ||
Equity Securities [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Available-for-sale Securities, Equity Securities | $ 839,000,000 | $ 699,000,000 | |
Accumulated Other-than-Temporary Impairment [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Other Comprehensive Income (Loss), Net of Tax | (2,000,000) | $ 7,000,000 | $ 35,000,000 |
Net Income Impact [Member] | HIG_Accounting Standards Update 2016-01 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | $ 17,000,000 |
Earnings (Loss) per Share Lev64
Earnings (Loss) per Share Level 4 (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Net Income (Loss) Attributable to Parent [Abstract] | ||||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | $ 1,673 | $ 1,349 | $ 1,225 | |||||||||
Preferred Stock Dividends, Income Statement Impact | 0 | 0 | 10 | |||||||||
Income loss from Continuing Operations Net of Tax Available to Common Shareholders | 1,673 | 1,349 | 1,215 | |||||||||
Dilutive Securities, Effect on Basic Earnings Per Share | 0 | 0 | 10 | |||||||||
Income (Loss) from Continuing Operations Net of Tax Available to Common Stockholders Diluted | 1,673 | 1,349 | 1,225 | |||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 0 | $ 9 | $ 0 | $ 0 | $ 37 | $ 0 | $ (617) | $ 29 | 9 | (551) | (1,049) | |
Net Income (Loss) Attributable to Parent | 1,682 | 798 | 176 | |||||||||
Net Income (Loss) Available to Common Stockholders, Basic | 1,682 | 798 | 166 | |||||||||
Net Income (Loss) Available to Common Stockholders, Diluted | $ 1,682 | $ 798 | $ 176 | |||||||||
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||||||||||
Weighted Average Number of Shares Outstanding, Basic | 406.9 | 413.8 | 418.7 | 422.6 | 429.6 | 437.2 | 450.6 | 449.8 | 415.5 | 441.8 | 447.7 | |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 5 | 6.3 | 32.2 | |||||||||
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants | 4.7 | 12.1 | 4.5 | |||||||||
Weighted Average Number of Shares Outstanding, Diluted | 415.9 | 423 | 428.1 | 433.7 | 442.6 | 450.8 | 467.9 | 478.6 | 425.2 | 460.2 | 490.6 | [1] |
Earnings Per Share, Basic and Diluted [Abstract] | ||||||||||||
Income (Loss) from Continuing Operations, Per Basic Share | $ 4.03 | $ 3.05 | $ 2.71 | |||||||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0.02 | (1.24) | (2.34) | |||||||||
Earnings Per Share, Basic | $ 1.03 | $ 0.92 | $ 0.99 | $ 1.11 | $ 0.89 | $ 0.89 | $ (1.04) | $ 1.10 | 4.05 | 1.81 | 0.37 | |
Income (Loss) from Continuing Operations, Per Diluted Share | 3.93 | 2.93 | 2.50 | |||||||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0.03 | (1.20) | (2.14) | |||||||||
Earnings Per Share, Diluted | $ 1.01 | $ 0.90 | $ 0.96 | $ 1.08 | $ 0.86 | $ 0.86 | $ (1) | $ 1.03 | $ 3.96 | $ 1.73 | $ 0.36 | |
Weighted Average Number Diluted Shares Outstanding Assuming Conversion of Preferred Shares | 0 | 0 | 6.2 | |||||||||
[1] | [1]For additional information, see Note 13 - Equity and Note 17 - Stock Compensation Plans of Notes to Consolidated Financial Statements. |
Segment Information Level 4 (De
Segment Information Level 4 (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | ||
Segment Reporting Information [Line Items] | ||||||||||||
Deferred Policy Acquisition Cost, Amortization Expense | $ 1,571 | $ 1,593 | $ 1,615 | |||||||||
Earned premiums and fee income | $ 15,416 | 15,332 | 15,336 | |||||||||
Number of Reportable Segments | 6 | |||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ||||||||||||
Premiums Earned, Net | $ 13,577 | 13,336 | 13,231 | |||||||||
Insurance Commissions and Fees | 1,839 | 1,996 | 2,105 | |||||||||
Total net investment income | 3,030 | 3,154 | 3,264 | |||||||||
Net realized capital losses | (156) | 16 | 1,798 | |||||||||
Other revenues | 87 | 112 | 275 | |||||||||
Segments, Geographical Areas [Abstract] | ||||||||||||
Revenues | $ 4,513 | $ 4,562 | $ 4,685 | $ 4,617 | $ 4,617 | $ 4,769 | $ 4,616 | $ 4,612 | 18,377 | 18,614 | 20,673 | |
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 421 | $ 381 | $ 413 | $ 467 | 382 | $ 388 | $ (467) | $ 495 | 1,682 | 798 | 176 | |
Segment Reporting Information, Income (Loss) before Income Taxes [Abstract] | ||||||||||||
Income Tax Expense (Benefit) | 305 | 350 | 246 | |||||||||
Assets by Segment [Abstract] | ||||||||||||
Assets | 228,348 | 245,013 | 228,348 | 245,013 | ||||||||
Amortization of deferred policy acquisition costs and present value of future profits | (1,502) | (1,729) | (2,701) | |||||||||
Available-for-sale Securities [Member] | ||||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ||||||||||||
Total net investment income | 3,030 | 3,153 | 3,263 | |||||||||
Equity Securities [Member] | ||||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ||||||||||||
Total net investment income | 0 | 1 | 1 | |||||||||
Property & Casualty Commercial [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Deferred Policy Acquisition Cost, Amortization Expense | 951 | 919 | 905 | |||||||||
Earned premiums and fee income | 6,511 | 6,289 | 6,203 | |||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 1,003 | 983 | 870 | |||||||||
Segment Reporting Information, Income (Loss) before Income Taxes [Abstract] | ||||||||||||
Income Tax Expense (Benefit) | 409 | 385 | 320 | |||||||||
Assets by Segment [Abstract] | ||||||||||||
Assets | 28,388 | 28,451 | 28,388 | 28,451 | ||||||||
Property and Casualty, Personal Insurance Product Line [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Deferred Policy Acquisition Cost, Amortization Expense | 359 | 348 | 332 | |||||||||
Earned premiums and fee income | [1] | 3,873 | 3,806 | 3,660 | ||||||||
Segment Information (Textual) [Abstract] | ||||||||||||
AARP earned premiums | 3,200 | 3,000 | 2,900 | |||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 187 | 207 | 229 | |||||||||
Segment Reporting Information, Income (Loss) before Income Taxes [Abstract] | ||||||||||||
Income Tax Expense (Benefit) | 82 | 92 | 100 | |||||||||
Assets by Segment [Abstract] | ||||||||||||
Assets | 6,147 | 5,983 | 6,147 | 5,983 | ||||||||
Group Benefits [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Deferred Policy Acquisition Cost, Amortization Expense | 31 | 32 | 33 | |||||||||
Segment Reporting Information, Income (Loss) before Income Taxes [Abstract] | ||||||||||||
Income Tax Expense (Benefit) | 63 | 63 | 63 | |||||||||
Assets by Segment [Abstract] | ||||||||||||
Assets | 9,666 | 9,686 | 9,666 | 9,686 | ||||||||
Mutual Funds [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Deferred Policy Acquisition Cost, Amortization Expense | 22 | 28 | 39 | |||||||||
Earned premiums and fee income | 723 | 723 | 668 | |||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 86 | 87 | 76 | |||||||||
Segment Reporting Information, Income (Loss) before Income Taxes [Abstract] | ||||||||||||
Income Tax Expense (Benefit) | 48 | 49 | 42 | |||||||||
Assets by Segment [Abstract] | ||||||||||||
Assets | 449 | 443 | 449 | 443 | ||||||||
Talcott Resolution [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Earned premiums and fee income | 1,133 | 1,407 | 1,463 | |||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 430 | (187) | (634) | |||||||||
Talcott Resolution [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Deferred Policy Acquisition Cost, Amortization Expense | 139 | 402 | 485 | |||||||||
Segment Reporting Information, Income (Loss) before Income Taxes [Abstract] | ||||||||||||
Income Tax Expense (Benefit) | (17) | 16 | (7) | |||||||||
Assets by Segment [Abstract] | ||||||||||||
Assets | 175,319 | 191,801 | 175,319 | 191,801 | ||||||||
Corporate [Member] | ||||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ||||||||||||
Insurance Commissions and Fees | 8 | 11 | 11 | |||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (158) | (375) | (555) | |||||||||
Segment Reporting Information, Income (Loss) before Income Taxes [Abstract] | ||||||||||||
Income Tax Expense (Benefit) | (233) | (204) | (252) | |||||||||
Assets by Segment [Abstract] | ||||||||||||
Assets | [2] | 3,817 | 4,321 | 3,817 | 4,321 | |||||||
Other Insurance Product Line [Member] | ||||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ||||||||||||
Premiums Earned, Net | 32 | 1 | 1 | |||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (53) | (108) | (2) | |||||||||
Segment Reporting Information, Income (Loss) before Income Taxes [Abstract] | ||||||||||||
Income Tax Expense (Benefit) | (47) | (51) | (20) | |||||||||
Assets by Segment [Abstract] | ||||||||||||
Assets | $ 4,562 | $ 4,328 | 4,562 | 4,328 | ||||||||
Group Insurance Policies [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Earned premiums and fee income | 3,136 | 3,095 | 3,330 | |||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 187 | 191 | 192 | |||||||||
Fixed Equity and other mutual fund investments [Member] | Mutual Funds [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Earned premiums and fee income | 607 | 586 | 520 | |||||||||
Homeowners [Member] | Property and Casualty, Personal Insurance Product Line [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Earned premiums and fee income | 1,202 | 1,193 | 1,138 | |||||||||
Automobiles Consumer [Member] | Property and Casualty, Personal Insurance Product Line [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Earned premiums and fee income | 2,671 | 2,613 | 2,522 | |||||||||
Surety Product Line [Member] | Property & Casualty Commercial [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Earned premiums and fee income | 218 | 210 | 201 | |||||||||
Liability [Member] | Property & Casualty Commercial [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Earned premiums and fee income | 567 | 582 | 566 | |||||||||
Package Business [Member] | Property & Casualty Commercial [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Earned premiums and fee income | 1,203 | 1,163 | 1,139 | |||||||||
Automobiles Commercial [Member] | Property & Casualty Commercial [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Earned premiums and fee income | 614 | 591 | 579 | |||||||||
Accident and Health Insurance Product Line [Member] | Property & Casualty Commercial [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Earned premiums and fee income | 3,051 | 2,971 | 2,975 | |||||||||
Accident and Health Insurance Product Line [Member] | Group Insurance Policies [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Earned premiums and fee income | 1,479 | 1,450 | 1,452 | |||||||||
Property Insurance Product Line [Member] | Property & Casualty Commercial [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Earned premiums and fee income | 637 | 559 | 521 | |||||||||
Other Insurance Product Line [Member] | Group Insurance Policies [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Earned premiums and fee income | 180 | 167 | 161 | |||||||||
Life Insurance Product Line [Member] | Group Insurance Policies [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Earned premiums and fee income | 1,477 | 1,478 | 1,717 | |||||||||
Investments Product Line [Member] | Mutual Funds [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Earned premiums and fee income | 116 | 137 | 148 | |||||||||
Professional Liability [Member] | Property & Casualty Commercial [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Earned premiums and fee income | 221 | 213 | 222 | |||||||||
Continuing Operations [Member] | ||||||||||||
Assets by Segment [Abstract] | ||||||||||||
Amortization of deferred policy acquisition costs and present value of future profits | $ (1,502) | $ (1,729) | $ (1,794) | |||||||||
[1] | For 2015, 2014 and 2013, AARP members accounted for earned premiums of $3.2 billion, $3.0 billion and $2.9 billion, respectively. | |||||||||||
[2] | Text selection found with no content. |
Fair Value Measurements Level 4
Fair Value Measurements Level 4 Fair Value by Hierarchy (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities | $ 59,196 | $ 59,384 | |
Assets, Fair Value Disclosure [Abstract] | |||
Marketable Securities, Fixed Maturities | 503 | 488 | |
Trading Securities, Equity | [1] | 11 | 11 |
Available-for-sale Securities, Equity Securities | 1,121 | 1,047 | |
Other Short-term Investments | 1,843 | 4,883 | |
Alternative Investments, Fair Value Disclosure | 2,874 | 2,942 | |
Reinsurance Recoverables | 23,189 | 22,920 | |
Separate Account Assets | 120,123 | 134,702 | |
Assets, Fair Value Disclosure | 181,633 | 199,248 | |
Liabilities, Fair Value Disclosure [Abstract] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (1,086) | (1,095) | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 23 | 137 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities | 740 | 106 | |
Assets, Fair Value Disclosure [Abstract] | |||
Marketable Securities, Fixed Maturities | 2 | 0 | |
Trading Securities, Equity | [1] | 11 | 11 |
Available-for-sale Securities, Equity Securities | 874 | 786 | |
Other Short-term Investments | 333 | 349 | |
Assets, Fair Value Disclosure | 80,070 | 92,789 | |
Liabilities, Fair Value Disclosure [Abstract] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities | 55,143 | 55,803 | |
Assets, Fair Value Disclosure [Abstract] | |||
Marketable Securities, Fixed Maturities | 485 | 396 | |
Trading Securities, Equity | [1] | 0 | 0 |
Available-for-sale Securities, Equity Securities | 154 | 163 | |
Other Short-term Investments | 1,510 | 4,534 | |
Assets, Fair Value Disclosure | 97,314 | 101,735 | |
Liabilities, Fair Value Disclosure [Abstract] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (900) | (1,004) | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities | 3,313 | 3,475 | |
Assets, Fair Value Disclosure [Abstract] | |||
Marketable Securities, Fixed Maturities | 16 | 92 | |
Trading Securities, Equity | [1] | 0 | 0 |
Available-for-sale Securities, Equity Securities | 93 | 98 | |
Other Short-term Investments | 0 | 0 | |
Assets, Fair Value Disclosure | 4,249 | 4,724 | |
Liabilities, Fair Value Disclosure [Abstract] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (186) | (91) | |
Asset-backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities | 2,499 | 2,472 | |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities | 0 | 0 | |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities | 2,462 | 2,350 | |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities | 37 | 122 | |
Collateralized Debt Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities | 3,038 | 2,841 | |
Collateralized Debt Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities | 0 | 0 | |
Collateralized Debt Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities | 2,497 | 2,218 | |
Collateralized Debt Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities | 541 | 623 | |
Commercial Mortgage Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities | 4,717 | 4,415 | |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities | 0 | 0 | |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities | 4,567 | 4,131 | |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities | 150 | 284 | |
Commercial Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities | 122 | 284 | |
Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities | 26,802 | 27,359 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities | 0 | 0 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities | 25,948 | 26,319 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities | 854 | 1,040 | |
Foreign Government Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities | 1,308 | 1,636 | |
Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities | 0 | 0 | |
Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities | 1,248 | 1,577 | |
Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities | 60 | 59 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities | 12,121 | 12,871 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities | 0 | 0 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities | 12,072 | 12,805 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities | 49 | 66 | |
Residential Mortgage Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities | 4,046 | 3,918 | |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities | 0 | 0 | |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities | 2,424 | 2,637 | |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities | 1,622 | 1,281 | |
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities | 1,622 | 1,281 | |
US Treasury Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities | 4,665 | 3,872 | |
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities | 740 | 106 | |
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities | 3,925 | 3,766 | |
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities | 0 | 0 | |
Other Policyholder Funds and Benefits Payable [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | (288) | ||
Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||
Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||
Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | (288) | ||
Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | (165) | ||
Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||
Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||
Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | (165) | ||
Credit Risk Contract [Member] | Other Investments [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 21 | 8 | |
Credit Risk Contract [Member] | Other Investments [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | |
Credit Risk Contract [Member] | Other Investments [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 21 | 10 | |
Credit Risk Contract [Member] | Other Investments [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | (2) | |
Credit Risk Contract [Member] | Other Liabilities [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | (16) | ||
Credit Risk Contract [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||
Credit Risk Contract [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | (16) | ||
Credit Risk Contract [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||
Credit Risk Contract [Member] | Other Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | (16) | ||
Credit Risk Contract [Member] | Other Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||
Credit Risk Contract [Member] | Other Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | (9) | ||
Credit Risk Contract [Member] | Other Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | (7) | ||
Equity Contract [Member] | Other Investments [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 3 | ||
Equity Contract [Member] | Other Investments [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||
Equity Contract [Member] | Other Investments [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||
Equity Contract [Member] | Other Investments [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 3 | ||
Equity Contract [Member] | Other Liabilities [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 41 | ||
Equity Contract [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||
Equity Contract [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 41 | ||
Equity Contract [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||
Equity Contract [Member] | Other Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 28 | ||
Equity Contract [Member] | Other Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||
Equity Contract [Member] | Other Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 25 | ||
Equity Contract [Member] | Other Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 3 | ||
Foreign Exchange Contract [Member] | Other Investments [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 15 | ||
Foreign Exchange Contract [Member] | Other Investments [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||
Foreign Exchange Contract [Member] | Other Investments [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 15 | ||
Foreign Exchange Contract [Member] | Other Investments [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||
Foreign Exchange Contract [Member] | Other Liabilities [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | (374) | ||
Foreign Exchange Contract [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||
Foreign Exchange Contract [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | (374) | ||
Foreign Exchange Contract [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||
Foreign Exchange Contract [Member] | Other Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | (445) | ||
Foreign Exchange Contract [Member] | Other Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||
Foreign Exchange Contract [Member] | Other Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | (445) | ||
Foreign Exchange Contract [Member] | Other Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||
Interest Rate Contract [Member] | Other Investments [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | (227) | 129 | |
Interest Rate Contract [Member] | Other Investments [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | |
Interest Rate Contract [Member] | Other Investments [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | (227) | 113 | |
Interest Rate Contract [Member] | Other Investments [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 16 | |
Interest Rate Contract [Member] | Other Liabilities [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | (569) | ||
Interest Rate Contract [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||
Interest Rate Contract [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | (547) | ||
Interest Rate Contract [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | (22) | ||
Interest Rate Contract [Member] | Other Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | (597) | ||
Interest Rate Contract [Member] | Other Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||
Interest Rate Contract [Member] | Other Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | (574) | ||
Interest Rate Contract [Member] | Other Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | (23) | ||
Other Contract [Member] | Other Investments [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 7 | 12 | |
Other Contract [Member] | Other Investments [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | |
Other Contract [Member] | Other Investments [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | |
Other Contract [Member] | Other Investments [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 7 | 12 | |
Derivative Financial Instruments, Assets [Member] | Other Investments [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | [2] | 1 | 364 |
Derivative Financial Instruments, Assets [Member] | Other Investments [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | [2] | (164) | 128 |
Derivative Financial Instruments, Assets [Member] | Other Investments [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | [2] | 165 | 236 |
Derivative Financial Instruments, Liabilities [Member] | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 283 | 413 | |
Derivative Financial Instruments, Liabilities [Member] | Other Liabilities [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | [3] | (798) | (927) |
Derivative Financial Instruments, Liabilities [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | [3] | 0 | 0 |
Derivative Financial Instruments, Liabilities [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | [3] | (900) | (1,004) |
Derivative Financial Instruments, Liabilities [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | [3] | 102 | 77 |
Embedded Derivative Financial Instruments [Member] | Other Liabilities [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | [4] | (3) | |
Embedded Derivative Financial Instruments [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | [4] | 0 | |
Embedded Derivative Financial Instruments [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | [4] | 0 | |
Embedded Derivative Financial Instruments [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | [4] | (3) | |
US GMWB Hedging Instruments [Member] | Other Contract [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 131 | 124 | |
GMWB Reinsurance [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Reinsurance Recoverables | 83 | 56 | |
GMWB Reinsurance [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Reinsurance Recoverables | 0 | 0 | |
GMWB Reinsurance [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Reinsurance Recoverables | 0 | 0 | |
GMWB Reinsurance [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Reinsurance Recoverables | 56 | ||
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Reinsurance Recoverables | 79 | 34 | |
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Reinsurance Recoverables | 0 | 0 | |
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Reinsurance Recoverables | 79 | 34 | |
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Reinsurance Recoverables | 0 | 0 | |
Equity Linked Notes [Member] | Other Policyholder Funds and Benefits Payable [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | (26) | ||
Equity Linked Notes [Member] | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||
Equity Linked Notes [Member] | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||
Equity Linked Notes [Member] | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | (26) | ||
Equity Linked Notes [Member] | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||
Equity Linked Notes [Member] | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||
Equity Linked Notes [Member] | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | (26) | ||
UNITED STATES | US GMWB Hedging Instruments [Member] | Other Investments [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 111 | 119 | |
UNITED STATES | US GMWB Hedging Instruments [Member] | Other Investments [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | |
UNITED STATES | US GMWB Hedging Instruments [Member] | Other Investments [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 27 | 5 | |
UNITED STATES | US GMWB Hedging Instruments [Member] | Other Investments [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 84 | 114 | |
UNITED STATES | US GMWB Hedging Instruments [Member] | Other Liabilities [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 47 | 55 | |
UNITED STATES | US GMWB Hedging Instruments [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | |
UNITED STATES | US GMWB Hedging Instruments [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | (4) | (1) | |
UNITED STATES | US GMWB Hedging Instruments [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 51 | 56 | |
UNITED STATES | Macro Hedge Program [Member] | Other Investments [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 74 | 93 | |
UNITED STATES | Macro Hedge Program [Member] | Other Investments [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | |
UNITED STATES | Macro Hedge Program [Member] | Other Investments [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | |
UNITED STATES | Macro Hedge Program [Member] | Other Investments [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 74 | 93 | |
UNITED STATES | Macro Hedge Program [Member] | Other Liabilities [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 73 | 48 | |
UNITED STATES | Macro Hedge Program [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | |
UNITED STATES | Macro Hedge Program [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | |
UNITED STATES | Macro Hedge Program [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 73 | 48 | |
Portion at Other than Fair Value Measurement [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Separate Account Assets | 1,800 | 2,500 | |
Portion at Fair Value Measurement [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Alternative Investments, Fair Value Disclosure | [5] | 622 | 770 |
Separate Account Assets | [6] | 118,174 | 132,211 |
Portion at Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Alternative Investments, Fair Value Disclosure | [5] | 0 | 0 |
Separate Account Assets | [6] | 78,110 | 91,537 |
Portion at Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Alternative Investments, Fair Value Disclosure | [5] | 548 | 581 |
Separate Account Assets | [6] | 39,559 | 40,096 |
Portion at Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Alternative Investments, Fair Value Disclosure | [5] | 74 | 189 |
Separate Account Assets | [6] | 505 | 578 |
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 | (262) | ||
Guaranteed Minimum Withdrawal Benefit [Member] | UNITED STATES | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||
Guaranteed Minimum Withdrawal Benefit [Member] | UNITED STATES | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||
Guaranteed Minimum Withdrawal Benefit [Member] | UNITED STATES | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | $ (262) | ||
Guaranteed Minimum Withdrawal Benefit [Member] | UNITED STATES | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | (139) | ||
Guaranteed Minimum Withdrawal Benefit [Member] | UNITED STATES | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||
Guaranteed Minimum Withdrawal Benefit [Member] | UNITED STATES | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||
Guaranteed Minimum Withdrawal Benefit [Member] | UNITED STATES | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | $ (139) | ||
[1] | [1]Included in other investments on the Consolidated Balance Sheets. | ||
[2] | [2]Includes 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 December 31, 2015 and 2014, $283 and $413, respectively, of cash collateral liability was netted against the derivative asset value in the Consolidated Balance Sheets and is excluded from the preceding table. See footnote 5 for derivative liabilities. | ||
[3] | [5]Includes OTC and OTC-cleared derivative instruments in a net negative fair market value position (derivative liability) after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements, clearing house rules and applicable law. In the following Level 3 roll-forward table in this Note 4, the derivative assets and liabilities are referred to as “freestanding derivatives” and are presented on a net basis. | ||
[4] | [6]Represents embedded derivatives associated with non-funding agreement-backed consumer equity linked notes | ||
[5] | Represents hedge funds where investment company accounting has been applied to a wholly-owned fund of funds measured at fair value. | ||
[6] | [3]Represents hedge funds where investment company accounting has been applied to a wholly-owned fund of funds measured at fair value. |
Fair Value Measurements Level67
Fair Value Measurements Level 4 Pricing Controls, Broker Inputs, and Valuation (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Adjustments to Broker Prices Received | 0.00% | |||
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | $ 0 | $ 0 | ||
Derivative Financial Instruments, Assets [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Measurements, Valuation Techniques | Derivative instruments are fair valued using pricing valuation models for OTC derivatives that utilize independent market data inputs, quoted market prices for exchange-traded and OTC-cleared derivatives, or independent broker quotations. Excluding embedded and reinsurance related derivatives, as of December 31, 2015 and 2014, 96% and 96%, respectively, of derivatives, based upon notional values, were priced by valuation models, including discounted cash flow models and option-pricing models that utilize present value techniques, or quoted market prices. The remaining derivatives were priced by broker quotations. | |||
Interest Rate Contract [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Assets (Liabilities), at Fair Value, Net | $ (30,000,000) | $ (29,000,000) | ||
Fair Value Measurements, Valuation Techniques | Discounted cash flows | Discounted cash flows | ||
Fair Value Measurements, Sensitivity Analysis, Description | [1] | Decrease | Decrease | |
Fair Value Measurements, Significant Assumptions | Swap curve beyond 30 years | Swap curve beyond 30 years | ||
US GMWB Hedging Instruments [Member] | Variance Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Assets (Liabilities), at Fair Value, Net | $ (31,000,000) | |||
Fair Value Measurements, Valuation Techniques | Option model | |||
Fair Value Measurements, Sensitivity Analysis, Description | [1] | Increase | ||
Fair Value Measurements, Significant Assumptions | Equity volatility | |||
US GMWB Hedging Instruments [Member] | Equity Option [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Assets (Liabilities), at Fair Value, Net | $ 35,000,000 | $ 46,000,000 | ||
Fair Value Measurements, Valuation Techniques | Option model | Option model | ||
Fair Value Measurements, Sensitivity Analysis, Description | [1] | Increase | Increase | |
Fair Value Measurements, Significant Assumptions | Equity volatility | Equity volatility | ||
US GMWB Hedging Instruments [Member] | Other Contract [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Assets (Liabilities), at Fair Value, Net | $ 131,000,000 | $ 124,000,000 | ||
Fair Value Measurements, Valuation Techniques | Discounted cash flows | Discounted cash flows | ||
Fair Value Measurements, Sensitivity Analysis, Description | [1] | Increase | Increase | |
Fair Value Measurements, Significant Assumptions | Equity volatility | Equity volatility | ||
US Macro Hedge Program [Member] | Equity Option [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Assets (Liabilities), at Fair Value, Net | $ 179,000,000 | $ 141,000,000 | ||
Fair Value Measurements, Valuation Techniques | Option model | Option model | ||
Fair Value Measurements, Sensitivity Analysis, Description | [1] | Increase | Increase | |
Fair Value Measurements, Significant Assumptions | Equity volatility | Equity volatility | ||
Long [Member] | Interest Rate Contract [Member] | Interest Rate Swaption [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Assets (Liabilities), at Fair Value, Net | $ 8,000,000 | [2] | $ 22,000,000 | |
Fair Value Measurements, Valuation Techniques | Option model | Option model | ||
Fair Value Measurements, Sensitivity Analysis, Description | [1] | Increase | Increase | |
Fair Value Measurements, Significant Assumptions | Interest rate volatility | Interest rate volatility | ||
Minimum [Member] | Interest Rate Contract [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Measurements, Unobservable Swap Curve | 3.00% | 3.00% | ||
Minimum [Member] | US GMWB Hedging Instruments [Member] | Variance Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Assumptions, Expected Volatility Rate | 19.00% | |||
Minimum [Member] | US GMWB Hedging Instruments [Member] | Equity Option [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Assumptions, Expected Volatility Rate | 27.00% | 22.00% | ||
Minimum [Member] | US GMWB Hedging Instruments [Member] | Other Contract [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Assumptions, Expected Volatility Rate | 10.00% | 10.00% | ||
Minimum [Member] | US Macro Hedge Program [Member] | Equity Option [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Assumptions, Expected Volatility Rate | 14.00% | 27.00% | ||
Minimum [Member] | Long [Member] | Interest Rate Contract [Member] | Interest Rate Swaption [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Assumptions, Expected Volatility Rate | 1.00% | 1.00% | ||
Maximum [Member] | Interest Rate Contract [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Measurements, Unobservable Swap Curve | 3.00% | 3.00% | ||
Maximum [Member] | US GMWB Hedging Instruments [Member] | Variance Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Assumptions, Expected Volatility Rate | 21.00% | |||
Maximum [Member] | US GMWB Hedging Instruments [Member] | Equity Option [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Assumptions, Expected Volatility Rate | 29.00% | 34.00% | ||
Maximum [Member] | US GMWB Hedging Instruments [Member] | Other Contract [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Assumptions, Expected Volatility Rate | 40.00% | 40.00% | ||
Maximum [Member] | US Macro Hedge Program [Member] | Equity Option [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Assumptions, Expected Volatility Rate | 28.00% | 28.00% | ||
Maximum [Member] | Long [Member] | Interest Rate Contract [Member] | Interest Rate Swaption [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Assumptions, Expected Volatility Rate | 2.00% | 1.00% | ||
US Treasury Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | $ 1,900,000,000 | $ 2,500,000,000 | ||
[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. |
Fair Value Measurements Level68
Fair Value Measurements Level 4 Significant Unobservable Inputs (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Alternative Investments, Fair Value Disclosure | $ 2,874 | $ 2,942 | ||||
Available-for-sale Securities, Debt Securities | 59,196 | 59,384 | ||||
Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Available-for-sale Securities, Debt Securities | 3,313 | 3,475 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 505 | [1] | 578 | $ 737 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [2],[3],[4] | 12 | 13 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | [5] | (5) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 394 | 339 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (19) | 3 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | (265) | 201 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | [1] | 12 | 37 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | [1] | (202) | 344 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [2],[6] | 11 | 8 | |||
Limited Partnerships and Other Alternative Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 74 | [1] | 189 | $ 108 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [2],[3],[4] | (19) | 1 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 55 | 130 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 0 | 0 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 20 | 24 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | [1] | 53 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | [1] | 131 | 79 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [2],[6] | $ (19) | $ 1 | |||
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Measurements, Valuation Techniques | Discounted cash flows | Discounted cash flows | ||||
Residential Mortgage Backed Securities [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Inputs, Loss Severity | 0.00% | 0.00% | ||||
Fair Value Inputs, Probability of Default | 1.00% | 1.00% | ||||
Fair Value Inputs, Prepayment Rate | 0.00% | 0.00% | ||||
Fair Value Inputs, Counterparty Credit Risk | 30.00% | 23.00% | ||||
Residential Mortgage Backed Securities [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Inputs, Loss Severity | 0.00% | 100.00% | ||||
Fair Value Inputs, Probability of Default | 10.00% | 14.00% | ||||
Fair Value Inputs, Prepayment Rate | 20.00% | 7.00% | ||||
Fair Value Inputs, Counterparty Credit Risk | 1696.00% | 1904.00% | ||||
Residential Mortgage Backed Securities [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Inputs, Loss Severity | 0.00% | 0.00% | ||||
Fair Value Inputs, Probability of Default | 6.00% | 7.00% | ||||
Fair Value Inputs, Prepayment Rate | 2.00% | 2.00% | ||||
Fair Value Inputs, Counterparty Credit Risk | 178.00% | [7] | 142.00% | [8] | ||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Measurements, Valuation Techniques | Discounted cash flows | Discounted cash flows | ||||
Fair Value Measurements, Significant Assumptions | Spread | Spread | ||||
Fair Value Measurements, Sensitivity Analysis, Description | [8] | Decrease | Decrease | |||
US States and Political Subdivisions Debt Securities [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Inputs, Treasury Yield | 193.00% | 212.00% | ||||
US States and Political Subdivisions Debt Securities [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Inputs, Treasury Yield | 193.00% | 212.00% | ||||
US States and Political Subdivisions Debt Securities [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Inputs, Treasury Yield | 193.00% | [7] | 212.00% | [8] | ||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Measurements, Valuation Techniques | Discounted cash flows | Discounted cash flows | ||||
Fair Value Measurements, Significant Assumptions | Spread | Spread | ||||
Fair Value Measurements, Sensitivity Analysis, Description | [8] | Decrease | Decrease | |||
Corporate Debt Securities [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Inputs, Counterparty Credit Risk | 63.00% | 123.00% | ||||
Corporate Debt Securities [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Inputs, Counterparty Credit Risk | 800.00% | 765.00% | ||||
Corporate Debt Securities [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Inputs, Counterparty Credit Risk | 306.00% | [7] | 279.00% | [8] | ||
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Measurements, Valuation Techniques | Discounted cash flows | Discounted cash flows | ||||
Fair Value Measurements, Significant Assumptions | Spread (encompasses prepayment, default risk and loss severity) | Spread (encompasses prepayment, default risk and loss severity) | ||||
Fair Value Measurements, Sensitivity Analysis, Description | [8] | Decrease | Decrease | |||
Commercial Mortgage Backed Securities [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Inputs, Counterparty Credit Risk | 31.00% | 46.00% | ||||
Commercial Mortgage Backed Securities [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Inputs, Counterparty Credit Risk | 1505.00% | 2475.00% | ||||
Commercial Mortgage Backed Securities [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Inputs, Counterparty Credit Risk | 266.00% | [7] | 284.00% | [8] | ||
Residential Mortgage Backed Securities [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Available-for-sale Securities, Debt Securities | $ 4,046 | $ 3,918 | ||||
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Available-for-sale Securities, Debt Securities | 1,622 | 1,281 | ||||
US States and Political Subdivisions Debt Securities [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Available-for-sale Securities, Debt Securities | 12,121 | 12,871 | ||||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Available-for-sale Securities, Debt Securities | 49 | 66 | ||||
Corporate Debt Securities [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Available-for-sale Securities, Debt Securities | 26,802 | 27,359 | ||||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Available-for-sale Securities, Debt Securities | 854 | 1,040 | ||||
Commercial Mortgage Backed Securities [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Available-for-sale Securities, Debt Securities | 4,717 | 4,415 | ||||
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Available-for-sale Securities, Debt Securities | $ 150 | 284 | ||||
Fair Value, Measurements, Recurring [Member] | Limited Partnerships and Other Alternative Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Measurements, Valuation Processes, Description | The predominant valuation method uses a NAV calculated on a monthly basis and represents funds where the Company does not have the ability to redeem the investment in the near-term at that NAV, including an assessment of the investee's liquidity. | |||||
Fair Value, Measurements, Recurring [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Available-for-sale Securities, Debt Securities | $ 1,622 | 1,281 | ||||
Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Non-Broker Priced [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Available-for-sale Securities, Debt Securities | [9] | 31 | 32 | |||
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | Non-Broker Priced [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Available-for-sale Securities, Debt Securities | [9] | 339 | 568 | |||
Fair Value, Measurements, Recurring [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Available-for-sale Securities, Debt Securities | $ 122 | $ 284 | ||||
Spread [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Measurements, Significant Assumptions | Spread | Spread | ||||
Fair Value Measurements, Sensitivity Analysis, Description | [8] | Decrease | Decrease | |||
Prepayment Rate [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Measurements, Significant Assumptions | Constant prepayment rate | Constant prepayment rate | ||||
Fair Value Measurements, Sensitivity Analysis, Description | [8],[10] | Decrease [4] | Decrease [4] | |||
Probability of Default [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Measurements, Significant Assumptions | Constant default rate | Constant default rate | ||||
Fair Value Measurements, Sensitivity Analysis, Description | [8] | Decrease | Decrease | |||
Loss Severity [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Measurements, Significant Assumptions | Loss severity | Loss severity | ||||
Fair Value Measurements, Sensitivity Analysis, Description | [8] | Decrease | Decrease | |||
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Withdrawal Utilization [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Measurements, Sensitivity Analysis, Description | [11] | Increase | ||||
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Withdrawal Utilization [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Unobservable Input Range | [12] | 20.00% | ||||
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Withdrawal Utilization [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Unobservable Input Range | [12] | 100.00% | ||||
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Withdrawal Rates [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Measurements, Sensitivity Analysis, Description | [11] | Increase | ||||
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Withdrawal Rates [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Unobservable Input Range | [13] | 0.00% | ||||
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Withdrawal Rates [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Unobservable Input Range | [13] | 8.00% | ||||
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Lapse Rates [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Measurements, Sensitivity Analysis, Description | [11] | Decrease | ||||
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Lapse Rates [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Unobservable Input Range | [14] | 0.00% | ||||
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Lapse Rates [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Unobservable Input Range | [14] | 75.00% | ||||
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Reset Elections [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Measurements, Sensitivity Analysis, Description | [11] | Increase | ||||
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Reset Elections [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Unobservable Input Range | [15] | 20.00% | ||||
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Reset Elections [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Unobservable Input Range | [15] | 75.00% | ||||
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Equity Volatility [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Measurements, Sensitivity Analysis, Description | [11] | Increase | ||||
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Equity Volatility [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Unobservable Input Range | [16] | 10.00% | ||||
Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Equity Volatility [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Unobservable Input Range | [16] | 40.00% | ||||
Interest Rate Contract [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Derivative Assets (Liabilities), at Fair Value, Net | $ (30) | $ (29) | ||||
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 | ||||
Fair Value Measurements, Sensitivity Analysis, Description | [17] | Decrease | Decrease | |||
Interest Rate Contract [Member] | Interest Rate Swap [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Measurements, Unobservable Swap Curve | 3.00% | 3.00% | ||||
Interest Rate Contract [Member] | Interest Rate Swap [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Measurements, Unobservable Swap Curve | 3.00% | 3.00% | ||||
US GMWB Hedging Instruments [Member] | Equity Option [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Derivative Assets (Liabilities), at Fair Value, Net | $ 35 | $ 46 | ||||
Fair Value Measurements, Valuation Techniques | Option model | Option model | ||||
Fair Value Measurements, Significant Assumptions | Equity volatility | Equity volatility | ||||
Fair Value Measurements, Sensitivity Analysis, Description | [17] | Increase | Increase | |||
US GMWB Hedging Instruments [Member] | Equity Option [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Assumptions, Expected Volatility Rate | 27.00% | 22.00% | ||||
US GMWB Hedging Instruments [Member] | Equity Option [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Assumptions, Expected Volatility Rate | 29.00% | 34.00% | ||||
US GMWB Hedging Instruments [Member] | Other Contract [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Derivative Assets (Liabilities), at Fair Value, Net | $ 131 | $ 124 | ||||
Fair Value Measurements, Valuation Techniques | Discounted cash flows | Discounted cash flows | ||||
Fair Value Measurements, Significant Assumptions | Equity volatility | Equity volatility | ||||
Fair Value Measurements, Sensitivity Analysis, Description | [17] | Increase | Increase | |||
US GMWB Hedging Instruments [Member] | Other Contract [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Assumptions, Expected Volatility Rate | 10.00% | 10.00% | ||||
US GMWB Hedging Instruments [Member] | Other Contract [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Assumptions, Expected Volatility Rate | 40.00% | 40.00% | ||||
US Macro Hedge Program [Member] | Equity Option [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Derivative Assets (Liabilities), at Fair Value, Net | $ 179 | $ 141 | ||||
Fair Value Measurements, Valuation Techniques | Option model | Option model | ||||
Fair Value Measurements, Significant Assumptions | Equity volatility | Equity volatility | ||||
Fair Value Measurements, Sensitivity Analysis, Description | [17] | Increase | Increase | |||
US Macro Hedge Program [Member] | Equity Option [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Assumptions, Expected Volatility Rate | 14.00% | 27.00% | ||||
US Macro Hedge Program [Member] | Equity Option [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Assumptions, Expected Volatility Rate | 28.00% | 28.00% | ||||
Long [Member] | Interest Rate Contract [Member] | Interest Rate Swaption [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Derivative Assets (Liabilities), at Fair Value, Net | $ 8 | [18] | $ 22 | |||
Fair Value Measurements, Valuation Techniques | Option model | Option model | ||||
Fair Value Measurements, Significant Assumptions | Interest rate volatility | Interest rate volatility | ||||
Fair Value Measurements, Sensitivity Analysis, Description | [17] | Increase | Increase | |||
Long [Member] | Interest Rate Contract [Member] | Interest Rate Swaption [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Assumptions, Expected Volatility Rate | 1.00% | 1.00% | ||||
Long [Member] | Interest Rate Contract [Member] | Interest Rate Swaption [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair Value Assumptions, Expected Volatility Rate | 2.00% | 1.00% | ||||
Portion at Fair Value Measurement [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Alternative Investments, Fair Value Disclosure | [19] | $ 622 | $ 770 | |||
Portion at Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Alternative Investments, Fair Value Disclosure | [19] | $ 74 | $ 189 | |||
[1] | Transfers in and/or (out) of Level 3 are primarily attributable to the availability of market observable information, the re-evaluation of the observability of pricing inputs and liquidity restrictions. | |||||
[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. | |||||
[3] | Includes both market and non-market impacts in deriving realized and unrealized gains (losses). | |||||
[4] | 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 reinsurance derivatives and embedded derivatives. | |||||
[5] | All amounts are before income taxes and amortization of DAC. | |||||
[6] | [7]Amounts presented are for Level 3 only and therefore may not agree to other disclosures included herein. | |||||
[7] | [1]The weighted average is determined based on the fair value of the securities. | |||||
[8] | [2]Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table. | |||||
[9] | [3]Level 3 CMBS, corporate and municipal securities excludes those for which the Company bases fair value on broker quotations as noted in the following discussion. | |||||
[10] | [4]Decrease for above market rate coupons and increase for below market rate coupons. | |||||
[11] | Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table. | |||||
[12] | [2]Range represents assumed cumulative percentages of policyholders taking withdrawals. | |||||
[13] | [4]Range represents assumed annual percentages of full surrender of the underlying variable annuity contracts across all policy durations for in force business. | |||||
[14] | [4]Range represents assumed annual percentages of full surrender of the underlying variable annuity contracts across all policy durations for in force business. | |||||
[15] | [5]Range represents assumed cumulative percentages of policyholders that would elect to reset their guaranteed benefit base. | |||||
[16] | [6]Range represents implied market volatilities for equity indices based on multiple pricing sources. | |||||
[17] | 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. | |||||
[18] | The swaptions presented are purchased options that have the right to enter into a pay-fixed swap. | |||||
[19] | Represents hedge funds where investment company accounting has been applied to a wholly-owned fund of funds measured at fair value. |
Fair Value Measurements Level69
Fair Value Measurements Level 4 Credit Standing Adjustments and Behavior Risk Margins (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | [1] | $ (104) | $ (353) | $ (125) |
Credit standing adjustment asset (liability), net | 0 | 1 | ||
Credit standing adjustment assumption net of reinsurance [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (2) | 3 | (13) | |
Gain (Loss) Due to Changes in Assumptions [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (42) | 31 | 75 | |
GMWB Derivatives, Net [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Behavior Risk Margin | 45 | 74 | ||
GMWB Derivatives, Net [Member] | Behavior Risk Margin Update Due to Underlying Fund Performance [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ (18) | $ 5 | $ 33 | |
[1] | [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 - Fair Value Measurements. |
Fair Value Measurements Level70
Fair Value Measurements Level 4 Fair Value Level 3 Roll Forward (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | $ 4 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 257 | $ 391 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 7 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 242 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 193 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | $ 578 | 737 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [1],[2],[3] | 12 | 13 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | [4] | (5) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 394 | 339 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 19 | (3) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | [5] | 12 | 37 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | [5] | 202 | (344) | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | 505 | [5] | 578 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [1],[6] | 11 | 8 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 265 | (201) | ||||
Limited Partnerships and Other Alternative Investments [Member] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | 189 | 108 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [1],[2],[3] | (19) | 1 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 55 | 130 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 0 | 0 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | [5] | 53 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | [5] | (131) | (79) | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | 74 | [5] | 189 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [1],[6] | (19) | 1 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | (20) | (24) | ||||
Derivative [Member] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | 313 | 296 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [1],[2],[3] | (68) | (17) | [7] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 34 | 39 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (45) | (34) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | [5] | 10 | (2) | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | [5] | 23 | 31 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | 267 | 313 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [1],[6] | (46) | (79) | |||
Fixed Maturities [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | 16 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | [1],[2],[3] | 19 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 92 | 193 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 16 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 136 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 4 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | [5] | 2 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | [5] | 6 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | 92 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [1],[2],[3] | 8 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | [4] | 1 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 25 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (24) | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | [5] | 1 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | [5] | (15) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | 16 | 92 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [1],[6] | (4) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | (54) | |||||
Available-for-sale Securities [Member] | Equity Securities [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 14 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | 98 | 77 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [1],[2],[3] | 3 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 2 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 23 | 30 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | [5] | (5) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | 93 | 98 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [1],[6] | (2) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | (23) | |||||
Available-for-sale Securities [Member] | Fixed Maturities [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | (21) | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | [1],[2],[3] | 25 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 3,475 | 4,154 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | [4] | 10 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 916 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 559 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 643 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | [5] | 847 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | [5] | 419 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | 3,475 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [1],[2],[3] | 27 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | [4] | 87 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 1,036 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (415) | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | [5] | 299 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | [5] | (635) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | 3,313 | 3,475 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [1],[6] | (26) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | (333) | |||||
Available-for-sale Securities [Member] | Asset-backed Securities [Member] | Fixed Maturities [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 122 | 147 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | [4] | 3 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 72 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 3 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 18 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | [5] | 154 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | [5] | 75 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | 122 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [1],[2],[3] | (1) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | [4] | 2 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 99 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (9) | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | [5] | 1 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | [5] | (159) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | 37 | 122 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [1],[6] | 1 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | (16) | |||||
Available-for-sale Securities [Member] | Collateralized Debt Obligations [Member] | Fixed Maturities [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | [1],[2],[3] | 12 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 623 | 664 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | [4] | (4) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 48 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 60 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 12 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | [5] | 97 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | [5] | 72 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | 623 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [1],[2],[3] | 5 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | [4] | (6) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (36) | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | [5] | (47) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | 541 | 623 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [1],[6] | (5) | ||||
Available-for-sale Securities [Member] | Commercial Mortgage Backed Securities [Member] | Fixed Maturities [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | (3) | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | [1],[2],[3] | 28 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 284 | 663 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | [4] | (27) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 126 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 253 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 123 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | [5] | 147 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | [5] | 17 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | 284 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [1],[2],[3] | (1) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | [4] | 14 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 47 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (72) | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | [5] | 7 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | [5] | (97) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | 150 | 284 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [1],[6] | 1 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | (6) | |||||
Available-for-sale Securities [Member] | Corporate Debt Securities [Member] | Fixed Maturities [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | (15) | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | [1],[2],[3] | (24) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1,040 | 1,274 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | [4] | 10 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 145 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 46 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 205 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | [5] | 369 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | [5] | 255 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | 1,040 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [1],[2],[3] | 22 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | [4] | 60 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 109 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (74) | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | [5] | 233 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | [5] | (261) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | 854 | 1,040 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [1],[6] | (21) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | (111) | |||||
Available-for-sale Securities [Member] | Foreign Government Debt Securities [Member] | Fixed Maturities [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | (2) | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | [1],[2],[3] | (2) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 59 | 65 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | [4] | 9 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 15 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 4 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 24 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | 59 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | [4] | 5 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 27 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (4) | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | [5] | 11 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | 60 | 59 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | (28) | |||||
Available-for-sale Securities [Member] | US States and Political Subdivisions Debt Securities [Member] | Fixed Maturities [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 66 | 69 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | [4] | 7 | ||||
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 | [5] | 25 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | 66 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [1],[2],[3] | (1) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | [4] | 5 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (13) | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | 49 | 66 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [1],[6] | 1 | ||||
Available-for-sale Securities [Member] | Residential Mortgage Backed Securities [Member] | Fixed Maturities [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | (1) | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | [1],[2],[3] | 11 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1,281 | $ 1,272 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | [4] | 12 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 494 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 193 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 260 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | [5] | 55 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | 1,281 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [1],[2],[3] | 3 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | [4] | 7 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 754 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (207) | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | [5] | 47 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | [5] | (71) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | 1,622 | 1,281 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [1],[6] | (3) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | (172) | |||||
Credit Risk Contract [Member] | Derivative [Member] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | (9) | 2 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [1],[2],[3] | (1) | (4) | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | (13) | (7) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | [5] | 23 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | 0 | (9) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [1],[6] | (4) | ||||
Commodity Contract [Member] | Derivative [Member] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | 0 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [1],[2],[3] | (4) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (6) | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | [5] | 10 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | 0 | 0 | ||||
Foreign Exchange Contract [Member] | Derivative [Member] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | 0 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [1],[2],[3] | 2 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | [5] | (2) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | 0 | |||||
Equity Contract [Member] | Derivative [Member] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | 6 | 3 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [1],[2],[3] | 9 | 3 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (15) | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | 0 | 6 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [1],[6] | 1 | ||||
Interest Rate Contract [Member] | Derivative [Member] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | (7) | 18 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [1],[2],[3] | (10) | (42) | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 19 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (5) | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | [5] | (2) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | (22) | (7) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [1],[6] | (3) | (43) | |||
Other Contract [Member] | Derivative [Member] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | 12 | 17 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [1],[2],[3] | (5) | (5) | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | 7 | 12 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [1],[6] | (4) | (3) | |||
GMWB Reinsurance [Member] | UNITED STATES | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | [5] | 83 | ||||
Reinsurance Recoverable [Member] | UNITED STATES | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | 56 | 29 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [1],[2],[3] | 9 | 4 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 18 | 23 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | 56 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [1],[6] | 9 | 4 | |||
US GMWB Hedging Instruments [Member] | UNITED STATES | Derivative [Member] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | 170 | 146 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [1],[2],[3] | (16) | 13 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 4 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (19) | 7 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | 135 | 170 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [1],[6] | (5) | (1) | |||
US Macro Hedge Program [Member] | UNITED STATES | Derivative [Member] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | 141 | 139 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [1],[2],[3] | (41) | (12) | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 47 | 14 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | 147 | 141 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [1],[6] | (34) | (11) | |||
International Program Hedging Instruments [Member] | Non-US [Member] | Derivative [Member] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | 0 | (29) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [1],[2],[3] | 28 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 9 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (41) | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | [5] | 33 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | 0 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [1],[6] | (18) | ||||
Guaranteed Minimum Withdrawal Benefit [Member] | Other Policyholder Funds and Benefits Payable [Member] | UNITED STATES | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | (139) | (36) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [1],[3] | (59) | [4] | (2) | [2] | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (64) | (101) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | (262) | (139) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | (59) | (2) | [1],[6] | |||
Fair Value, Measurements, Recurring [Member] | Other Policyholder Funds and Benefits Payable [Member] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | (165) | (48) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [1],[2],[3] | (10) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (107) | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | (165) | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | [1],[6] | (10) | ||||
Fair Value, Measurements, Recurring [Member] | Other Policyholder Funds and Benefits Payable [Member] | Equity Linked Notes [Member] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | (26) | (18) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | [1],[3] | 0 | [4] | (8) | [2] | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 0 | 0 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | (26) | (26) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 0 | (8) | [1],[6] | |||
Fair Value, Measurements, Recurring [Member] | Other Liabilities [Member] | Embedded Derivative Financial Instruments [Member] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | (3) | (2) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 3 | (1) | [1],[2],[3] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 0 | 0 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | 0 | (3) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 3 | (1) | [1],[6] | |||
Fair Value, Measurements, Recurring [Member] | Other Guaranteed Living Benefits [Member] | Other Policyholder Funds and Benefits Payable [Member] | Non-US [Member] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | 0 | 3 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 0 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (3) | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | 0 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 0 | |||||
Fair Value, Measurements, Recurring [Member] | Guaranteed Minimum Withdrawal Benefit [Member] | Other Policyholder Funds and Benefits Payable [Member] | Non-US [Member] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period Start | $ 0 | 3 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 0 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (3) | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Period End | 0 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | $ 0 | |||||
[1] | 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] | Includes both market and non-market impacts in deriving realized and unrealized gains (losses). | |||||
[3] | 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 reinsurance derivatives and embedded derivatives. | |||||
[4] | All amounts are before income taxes and amortization of DAC. | |||||
[5] | Transfers in and/or (out) of Level 3 are primarily attributable to the availability of market observable information, the re-evaluation of the observability of pricing inputs and liquidity restrictions. | |||||
[6] | [7]Amounts presented are for Level 3 only and therefore may not agree to other disclosures included herein. | |||||
[7] | Derivative instruments are reported in this table on a net basis for asset (liability) positions and reported in the Consolidated Balance Sheets in other investments and other liabilities. |
Fair Value Measurements Level71
Fair Value Measurements Level 4 Fair Value Option (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets, Fair Value Disclosure | $ 181,633 | $ 199,248 | |
Fair Value, Option, Changes in Fair Value, Gain (Loss) | (16) | 11 | |
Equity Securities [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets, Fair Value Disclosure | [1] | 282 | 348 |
Fixed Maturities [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets, Fair Value Disclosure | 503 | 488 | |
Equity Securities [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | (12) | (3) | |
Asset-backed Securities [Member] | Fixed Maturities [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets, Fair Value Disclosure | 13 | 15 | |
Corporate Debt Securities [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | (7) | (3) | |
Corporate Debt Securities [Member] | Fixed Maturities [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets, Fair Value Disclosure | 87 | 133 | |
Collateralized Debt Obligations [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 1 | 18 | |
Collateralized Debt Obligations [Member] | Fixed Maturities [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets, Fair Value Disclosure | 6 | 69 | |
Commercial Mortgage Backed Securities [Member] | Fixed Maturities [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets, Fair Value Disclosure | 24 | 22 | |
Foreign Government Debt Securities [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 2 | 0 | |
Foreign Government Debt Securities [Member] | Fixed Maturities [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets, Fair Value Disclosure | 2 | 30 | |
Residential Mortgage Backed Securities [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 0 | (1) | |
Residential Mortgage Backed Securities [Member] | Fixed Maturities [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets, Fair Value Disclosure | 368 | 215 | |
US Treasury Bond Securities [Member] | Fixed Maturities [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets, Fair Value Disclosure | 3 | 2 | |
Municipal Bonds [Member] | Fixed Maturities [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets, Fair Value Disclosure | 0 | 2 | |
Fixed Maturities [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ (4) | $ 14 | |
[1] | [1] Included in equity securities, AFS on the Consolidated Balance Sheets. |
Fair Value Measurements Level72
Fair Value Measurements Level 4 Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets | $ 228,348 | $ 245,013 | ||
Assets, Fair Value Disclosure | 181,633 | 199,248 | ||
Liabilities | 210,706 | 226,293 | ||
Long-term Line of Credit | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, Fair Value Disclosure | 4,249 | 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 | 97,314 | 101,735 | ||
Policy Loans [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, Fair Value Disclosure | 1,447 | 1,431 | ||
Policy Loans [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets | 1,447 | 1,431 | ||
Mortgage Loans on Real Estate [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, Fair Value Disclosure | 5,736 | 5,840 | ||
Mortgage Loans on Real Estate [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets | 5,624 | 5,556 | ||
Other Policyholder Funds and Benefits Payable [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial Liabilities Fair Value Disclosure | [1] | 6,898 | 7,522 | |
Other Policyholder Funds and Benefits Payable [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Liabilities | [1] | 6,706 | 7,304 | |
Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial Liabilities Fair Value Disclosure | [2] | 4,811 | 5,837 | |
Senior Notes [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Liabilities | [2] | 4,259 | 5,009 | |
Junior Subordinated Debt [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial Liabilities Fair Value Disclosure | [2] | 1,304 | 1,291 | |
Junior Subordinated Debt [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Liabilities | [2] | 1,100 | 1,100 | |
Investment Contracts [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial Liabilities Fair Value Disclosure | [3] | 682 | 851 | |
Investment Contracts [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Liabilities | [3] | 619 | 763 | |
Other Liabilities [Member] | Embedded Derivative Financial Instruments [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial Liabilities Fair Value Disclosure | 38 | 68 | [3],[4] | |
Other Liabilities [Member] | Embedded Derivative Financial Instruments [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Liabilities | [3],[4] | $ 38 | $ 68 | |
[1] | Excludes guarantees on variable annuities, group accident and health contracts and universal life insurance contracts, including corporate owned life insurance. | |||
[2] | [2]Included in long-term debt in the Consolidated Balance Sheets, except for current maturities, which are included in short-term debt. | |||
[3] | [4]Included in other liabilities in the Consolidated Balance Sheets. | |||
[4] | [3]Excludes amounts carried at fair value and included in preceding disclosures. |
Investments and Derivative In73
Investments and Derivative Instruments Level 4 Investment Income (Details) - USD ($) | 12 Months Ended | |||||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||
Investment Income [Line Items] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | [1] | $ (104,000,000) | $ (353,000,000) | $ (125,000,000) | ||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 28,000,000 | 23,000,000 | (1,574,000,000) | |||||
Net Investment Income [Abstract] | ||||||||
Net Investment Income | 3,030,000,000 | 3,154,000,000 | 3,264,000,000 | |||||
Investment Income, Investment Expense | (118,000,000) | (122,000,000) | (115,000,000) | |||||
Net Realized Capital Gains (Losses) Table [Abstract] | ||||||||
Gain on Derivative Instruments, Pretax | 460,000,000 | 527,000,000 | 2,313,000,000 | |||||
Loss on Derivative Instruments, Pretax | 405,000,000 | 250,000,000 | 659,000,000 | |||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 102,000,000 | 59,000,000 | 73,000,000 | |||||
Periodic Net Coupon Settlements on Credit Derivatives | 11,000,000 | 1,000,000 | (8,000,000) | |||||
Realized Investment Gains (Losses) | (156,000,000) | 16,000,000 | 1,798,000,000 | |||||
Gain (Loss) on Investments, Excluding Other than Temporary Impairments | (54,000,000) | 75,000,000 | 296,000,000 | |||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Change in Status | 2,000,000 | 0 | 2,000,000 | |||||
Sale of Available-for-sale Securities [Abstract] | ||||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | 324,000,000 | 424,000,000 | 552,000,000 | $ 1,013,000,000 | ||||
Fixed Maturities [Member] | ||||||||
Net Investment Income [Abstract] | ||||||||
Net Investment Income | [3] | 2,409,000,000 | [2] | 2,420,000,000 | [2] | 2,552,000,000 | ||
Equity Securities [Member] | ||||||||
Net Investment Income [Abstract] | ||||||||
Net Investment Income | 25,000,000 | 38,000,000 | 30,000,000 | |||||
Net Realized Capital Gains (Losses) Table [Abstract] | ||||||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 16,000,000 | 2,000,000 | 15,000,000 | |||||
Mortgage Loans on Real Estate [Member] | ||||||||
Net Investment Income [Abstract] | ||||||||
Net Investment Income | 267,000,000 | 265,000,000 | 260,000,000 | |||||
Policy Loans [Member] | ||||||||
Net Investment Income [Abstract] | ||||||||
Net Investment Income | 82,000,000 | 80,000,000 | 83,000,000 | |||||
Limited Partnerships and Other Alternative Investments [Member] | ||||||||
Net Investment Income [Abstract] | ||||||||
Net Investment Income | 227,000,000 | 294,000,000 | 287,000,000 | |||||
Other Investments [Member] | ||||||||
Net Investment Income [Abstract] | ||||||||
Net Investment Income | [5] | 138,000,000 | [4] | 179,000,000 | [4] | 167,000,000 | ||
Net Realized Capital Gains (Losses) Table [Abstract] | ||||||||
Realized Investment Gains (Losses) | 18,000,000 | (193,000,000) | 198,000,000 | |||||
Mortgage Loans on Real Estate [Member] | ||||||||
Net Realized Capital Gains (Losses) Table [Abstract] | ||||||||
Valuation Allowances and Reserves, Adjustments | 5,000,000 | 4,000,000 | 1,000,000 | |||||
Retirement Plans and Individual Life Businesses [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||||||
Net Realized Capital Gains (Losses) Table [Abstract] | ||||||||
Gain (Loss) on Investments, Excluding Other than Temporary Impairments | 1,500,000,000 | 1,500,000,000 | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||||||
Net Realized Capital Gains (Losses) Table [Abstract] | ||||||||
Gain (Loss) on Investments, Excluding Other than Temporary Impairments | (32,000,000) | 217,000,000 | 1,515,000,000 | [6] | ||||
Equity Securities [Member] | ||||||||
Sale of Available-for-sale Securities [Abstract] | ||||||||
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds | 1,319,000,000 | 354,000,000 | 274,000,000 | |||||
Available-for-sale Securities, Gross Realized Gains | 61,000,000 | 22,000,000 | 96,000,000 | |||||
Available-for-sale Securities, Gross Realized Losses | (46,000,000) | (20,000,000) | (20,000,000) | |||||
Debt Securities [Member] | ||||||||
Sale of Available-for-sale Securities [Abstract] | ||||||||
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds | 20,615,000,000 | 22,923,000,000 | 39,225,000,000 | |||||
Available-for-sale Securities, Gross Realized Gains | 372,000,000 | 456,000,000 | 2,143,000,000 | [7] | ||||
Available-for-sale Securities, Gross Realized Losses | (317,000,000) | (182,000,000) | (654,000,000) | |||||
Retirement Plans and Individual Life Businesses [Member] | ||||||||
Investment Income [Line Items] | ||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 71 | |||||||
GMWB Product Derivatives [Member] | UNITED STATES | ||||||||
Investment Income [Line Items] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | 1,306,000,000 | |||||||
Three Win Related Foreign Currency Swaps [Member] | JAPAN | ||||||||
Net Realized Capital Gains (Losses) Table [Abstract] | ||||||||
Change in Unrealized Gain (Loss) on Hedged Item in Foreign Currency Fair Value Hedge | 4,000,000 | 116,000,000 | 250,000,000 | |||||
Macro Hedge Program [Member] | UNITED STATES | ||||||||
Investment Income [Line Items] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | (234,000,000) | |||||||
Not Designated as Hedging Instrument [Member] | GMWB Product Derivatives [Member] | UNITED STATES | ||||||||
Investment Income [Line Items] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | (59,000,000) | (2,000,000) | ||||||
Not Designated as Hedging Instrument [Member] | Fixed Annuity Hedging Instruments [Member] | JAPAN | ||||||||
Investment Income [Line Items] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | [8] | (21,000,000) | (148,000,000) | (268,000,000) | ||||
Not Designated as Hedging Instrument [Member] | Variable Annuity [Member] | UNITED STATES | ||||||||
Investment Income [Line Items] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | (133,000,000) | (6,000,000) | 28,000,000 | |||||
Not Designated as Hedging Instrument [Member] | GMWB Derivatives, Net [Member] | UNITED STATES | ||||||||
Investment Income [Line Items] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | (87,000,000) | 5,000,000 | 262,000,000 | |||||
Not Designated as Hedging Instrument [Member] | Macro Hedge Program [Member] | UNITED STATES | ||||||||
Investment Income [Line Items] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | $ (46,000,000) | $ (11,000,000) | $ (234,000,000) | |||||
[1] | [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 - Fair Value Measurements. | |||||||
[2] | Includes net investment income on short-term investments. | |||||||
[3] | [1]Includes net investment income on short-term investments | |||||||
[4] | Includes income from derivatives that hedge fixed maturities and qualify for hedge accounting. | |||||||
[5] | [2]Includes income from derivatives that hedge fixed maturities and qualify for hedge accounting. | |||||||
[6] | The December 31, 2013 amount includes $1.5 billion of net unrealized gains on securities relating to the sales of the Retirement Plans and Individual Life businesses. | |||||||
[7] | Includes $1.5 billion of gross gains related to the sale of the Individual Life and Retirement Plans businesses for the year ended December 31, 2013. | |||||||
[8] | The associated liability is adjusted for changes in spot rates through realized capital gains and was $4, $116 and $250 for the years ended December 31, 2015, 2014 and 2013, respectively |
Investments and Derivative In74
Investments and Derivative Instruments Level 4 Other-Than-Temporary Impairment Losses (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Other-Than-Temporary Impairment Losses [Line Items] | ||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities | $ 102 | $ 59 | $ 73 | |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Held-to-maturity Securities | 29 | 37 | 32 | |
Other-Than-Temporary Impairment Losses [Roll Forward] | ||||
Other than Temporary Impairment, as of Jan. 1 | (424) | (552) | (1,013) | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, No Previous Impairment | [1] | (15) | (15) | (19) |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses | [1] | 14 | 22 | 13 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Securities Sold | 68 | 138 | 469 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Change in Status | 2 | 0 | 2 | |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 102 | 59 | 73 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Cash Flows | 59 | 27 | 22 | |
Other than Temporary Impairment, as of Dec. 31 | (324) | (424) | (552) | |
Available-for-sale Securities [Member] | ||||
Other-Than-Temporary Impairment Losses [Line Items] | ||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities | 54 | 17 | 26 | |
Equity Securities [Member] | ||||
Other-Than-Temporary Impairment Losses [Roll Forward] | ||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 16 | 2 | 15 | |
Other Equity Securities [Member] | ||||
Other-Than-Temporary Impairment Losses [Roll Forward] | ||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $ 3 | $ 3 | $ 0 | |
[1] | These additions are included in the net OTTI losses recognized in earnings in the Consolidated Statements of Operations. |
Investments and Derivative In75
Investments and Derivative Instruments Level 4 Available-for-Sale Securities (Details) $ in Millions | Dec. 31, 2015USD ($)securities | Dec. 31, 2014USD ($) | |||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Debt Securities, Amortized Cost Basis | $ 56,965 | $ 55,362 | |||
Available-for-sale Equity Securities, Amortized Cost Basis | 1,135 | 1,027 | |||
Available-for-sale Securities, Amortized Cost Basis | 57,807 | 56,038 | |||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 2,892 | 4,377 | |||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 2,930 | 4,427 | |||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (658) | (358) | |||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 699 | 385 | |||
Available-for-sale Securities, Debt Securities | 59,196 | 59,384 | |||
Available-for-sale Securities, Equity Securities | 1,121 | 1,047 | |||
Available-for-sale Securities | 60,083 | ||||
Investments Classified by Contractual Maturity Date [Abstract] | |||||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis | 2,373 | 2,141 | |||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 2,405 | 2,168 | |||
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | 10,929 | 11,264 | |||
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 11,200 | 11,827 | |||
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis | 9,322 | 8,802 | |||
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 9,497 | 9,226 | |||
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 20,178 | 19,859 | |||
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 21,794 | 22,517 | |||
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Amortized Cost Basis | 14,163 | 13,296 | |||
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value | 14,300 | 13,646 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 19,095 | 6,318 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 18,569 | 6,174 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 526 | 144 | |||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 3,072 | 4,667 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2,896 | 4,429 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 173 | 241 | |||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 22,167 | 10,985 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 21,465 | 10,603 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | $ 699 | 385 | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | securities | 4,850 | ||||
Percentage of Gross Unrealized Losses Depressed Less than Twenty Percent of Cost or Amortized Cost | 91.00% | ||||
Fixed maturities available-for-sale, excluding mortgage-backed and asset-backed securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Debt Securities, Amortized Cost Basis | $ 42,802 | 42,066 | |||
Available-for-sale Securities, Debt Securities | 44,896 | 45,738 | |||
Asset-backed Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Debt Securities, Amortized Cost Basis | 2,520 | 2,470 | |||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 24 | 39 | |||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (45) | (37) | |||
Available-for-sale Securities, Debt Securities | 2,499 | 2,472 | |||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | [1] | 0 | 1 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 1,619 | 897 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,609 | 893 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 10 | 4 | |||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 357 | 473 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 322 | 440 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 35 | 33 | |||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 1,976 | 1,370 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,931 | 1,333 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | 45 | 37 | |||
Collateralized Debt Obligations [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Debt Securities, Amortized Cost Basis | 2,989 | 2,776 | |||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 75 | 98 | |||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (23) | (36) | |||
Available-for-sale Securities, Debt Securities | 3,038 | 2,841 | |||
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, Fair Value [Abstract] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 1,164 | [3] | 748 | [4] | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,154 | [3] | 743 | [4] | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 10 | [3] | 5 | [4] | |
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 1,243 | [3] | 1,489 | [4] | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,227 | [3] | 1,461 | [4] | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 13 | [3] | 31 | [4] | |
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 2,407 | [3] | 2,237 | [4] | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 2,381 | [3] | 2,204 | [4] | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | 23 | [3] | 36 | [4] | |
Commercial Mortgage Backed Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Debt Securities, Amortized Cost Basis | 4,668 | 4,235 | |||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 105 | 196 | |||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (56) | (16) | |||
Available-for-sale Securities, Debt Securities | 4,717 | 4,415 | |||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | [1] | 8 | 6 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 1,726 | 230 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,681 | 227 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 45 | 3 | |||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 189 | 319 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 178 | 306 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 11 | 13 | |||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 1,915 | 549 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,859 | 533 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | 56 | 16 | |||
Corporate Debt Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Debt Securities, Amortized Cost Basis | 25,876 | 25,188 | |||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 1,342 | 2,382 | |||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (416) | (211) | |||
Available-for-sale Securities, Debt Securities | 26,802 | 27,359 | |||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | [1] | 3 | 3 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 9,206 | 3,082 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 8,866 | 2,980 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 340 | 102 | |||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 656 | 1,177 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 580 | 1,068 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 76 | 109 | |||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 9,862 | 4,259 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 9,446 | 4,048 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | 416 | 211 | |||
Foreign Government Debt Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Debt Securities, Amortized Cost Basis | 1,321 | 1,592 | |||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 34 | 73 | |||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (47) | (29) | |||
Available-for-sale Securities, Debt Securities | 1,308 | 1,636 | |||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | [1] | 0 | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 679 | 363 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 646 | 349 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 33 | 14 | |||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 124 | 227 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 110 | 212 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 14 | 15 | |||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 803 | 590 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 756 | 561 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | 47 | 29 | |||
Municipal Bonds [Member] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 440 | 74 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 430 | 73 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 10 | 1 | |||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 18 | 86 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 17 | 82 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 1 | 4 | |||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 458 | 160 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 447 | 155 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | 11 | 5 | |||
US States and Political Subdivisions Debt Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Debt Securities, Amortized Cost Basis | 11,124 | 11,735 | |||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 1,008 | 1,141 | |||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (11) | (5) | |||
Available-for-sale Securities, Debt Securities | 12,121 | 12,871 | |||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | [1] | 0 | 0 | ||
Residential Mortgage Backed Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Debt Securities, Amortized Cost Basis | 3,986 | 3,815 | |||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 82 | 122 | |||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (22) | (19) | |||
Available-for-sale Securities, Debt Securities | 4,046 | 3,918 | |||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | [1] | 0 | 1 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 1,349 | 320 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,340 | 318 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 9 | 2 | |||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 415 | 433 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 402 | 416 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 13 | 17 | |||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 1,764 | 753 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,742 | 734 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | 22 | 19 | |||
US Treasury Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Debt Securities, Amortized Cost Basis | 4,481 | 3,551 | |||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 222 | 326 | |||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (38) | (5) | |||
Available-for-sale Securities, Debt Securities | 4,665 | 3,872 | |||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | [1] | 0 | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 2,432 | 432 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 2,394 | 431 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 38 | 1 | |||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 8 | 361 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 8 | 357 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 0 | 4 | |||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 2,440 | 793 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 2,402 | 788 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | 38 | 5 | |||
Debt Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | [1] | 11 | 11 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 18,615 | 6,146 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 18,120 | 6,014 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 495 | 132 | |||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 3,010 | 4,565 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2,844 | 4,342 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 163 | 226 | |||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 21,625 | 10,711 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 20,964 | 10,356 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | 658 | 358 | |||
Equity Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Equity Securities, Amortized Cost Basis | 842 | 676 | |||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Loss, before Tax | 38 | 50 | |||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Loss, before Tax | (41) | (27) | |||
Available-for-sale Securities, Equity Securities | 839 | 699 | |||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | [1],[5] | 0 | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | [4] | 480 | 172 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | [4] | 449 | 160 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | [4] | 31 | 12 | ||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | [4] | 62 | 102 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | [4] | 52 | 87 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | [4] | 10 | 15 | ||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | [4] | 542 | 274 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | [4] | 501 | 247 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | [4] | 41 | 27 | ||
Available-for-sale Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Securities | 60,035 | ||||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | [1] | 11 | 11 | ||
Equity Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Equity Securities, Amortized Cost Basis | 293 | 351 | |||
Available-for-sale Securities, Equity Securities | 282 | $ 348 | |||
Fixed Maturities [Member] | |||||
Available-for-sale Securities Pledged as Collateral for Parenthetical Disclosure [Abstract] | |||||
Available-for-sale Securities Pledged as Collateral | 440 | ||||
Cash [Member] | |||||
Available-for-sale Securities Pledged as Collateral for Parenthetical Disclosure [Abstract] | |||||
Available-for-sale Securities Pledged as Collateral | $ 5 | ||||
[1] | Represents the amount of cumulative non-credit OTTI losses recognized in OCI on securities that also had credit impairments. These losses are included in gross unrealized losses as of December 31, 2015 and 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] | 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). | ||||
[4] | As of December 31, 2015 and 2014, excludes equity securities, FVO which are included in equity securities, AFS on the Consolidated Balance Sheets. | ||||
[5] | Excludes equity securities, FVO with a cost and fair value of $293 and $282, respectively, as of December 31, 2015, and $351 and $348 as of December 31, 2014. |
Investments and Derivative In76
Investments and Derivative Instruments Level 4 Concentration of Credit Risk (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Concentration of Credit Risk [Line Items] | ||
Concentration Risk, Benchmark Description | greater than 10% of the Company's stockholders' equity | |
Fair Value, Concentration of Risk, Investments | $ 0 | $ 0 |
Commercial Mortgage Backed Securities [Member] | ||
Concentration of Credit Risk [Line Items] | ||
Largest Exposure by Sector, Percent of Invested Assets | 6.00% | |
GOLDMAN SACH MTF [Member] | Corporate Debt Securities [Member] | ||
Concentration of Credit Risk [Line Items] | ||
Largest Exposure by Issuer, Percent of Invested Assets | 1.00% | |
Morgan Stanley [Member] | Corporate Debt Securities [Member] | ||
Concentration of Credit Risk [Line Items] | ||
Largest Exposure by Issuer, Percent of Invested Assets | 1.00% | |
J.P. Morgan Chase [Member] | Corporate Debt Securities [Member] | ||
Concentration of Credit Risk [Line Items] | ||
Largest Exposure by Issuer, Percent of Invested Assets | 1.00% | |
ILLINOIS | US States and Political Subdivisions Debt Securities [Member] | ||
Concentration of Credit Risk [Line Items] | ||
Largest Exposure by Issuer, Percent of Invested Assets | 1.00% | |
Municipal Bonds [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Concentration of Credit Risk [Line Items] | ||
Largest Exposure by Sector, Percent of Invested Assets | 17.00% | 17.00% |
Financial Services [Member] | Corporate Debt Securities [Member] | ||
Concentration of Credit Risk [Line Items] | ||
Largest Exposure by Sector, Percent of Invested Assets | 9.00% | 7.00% |
Public Utility, Bonds [Member] | Corporate Debt Securities [Member] | ||
Concentration of Credit Risk [Line Items] | ||
Largest Exposure by Sector, Percent of Invested Assets | 6.00% |
Investments and Derivative In77
Investments and Derivative Instruments Level 4 Mortgage Loans (Details) | 12 Months Ended | ||||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |||
Mortgage Loans on Real Estate [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 5,624,000,000 | $ 5,556,000,000 | [1] | ||
Movement in Valuation Allowance for Mortgage Loans [Roll Forward] | |||||
Current Weighted Average Loan to Value Ratio of Commercial Mortgage Loan | 54.00% | ||||
Original Weighted Average Loan to Value Ratio of Commercial Mortgage loan | 62.00% | ||||
Average Debt Service Coverage Ratio | 2.63 | ||||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, (Investment Based Operations Presentation) [Abstract] | |||||
Servicing Asset at Fair Value, Amount | $ 0 | ||||
Commercial Loan [Member] | |||||
Mortgage Loans on Real Estate [Line Items] | |||||
Mortgage Loans on Real Estate | [2] | 5,647,000,000 | 5,574,000,000 | ||
Mortgage Loans on Real Estate [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 5,624,000,000 | 5,556,000,000 | |||
Movement in Valuation Allowance for Mortgage Loans [Roll Forward] | |||||
Allowance, as of Jan. 1 | 18,000,000 | 67,000,000 | $ 68,000,000 | ||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | 7,000,000 | 4,000,000 | 2,000,000 | ||
Allowance for Loan and Lease Losses, Write-offs | 2,000,000 | 53,000,000 | 3,000,000 | ||
Allowance, as of Dec. 31 | $ 23,000,000 | $ 18,000,000 | $ 67,000,000 | ||
Average Debt Service Coverage Ratio | 2.63 | 2.51 | |||
Mortgage Loans on Commercial, Number of Delinquent Loans | $ 1 | ||||
Allowance for Loan and Lease Losses [Member] | |||||
Mortgage Loans on Real Estate [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 82,000,000 | 140,000,000 | |||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |||||
Mortgage Loans on Real Estate [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 0 | 0 | |||
Mortgage Loans on Real Estate [Member] | Commercial Loan [Member] | |||||
Movement in Valuation Allowance for Mortgage Loans [Roll Forward] | |||||
Mortgage Loans on Commercial, Number of Delinquent Loans | 17 | 7,000,000 | |||
Mortgage Loans on Real Estate, Write-down or Reserve, Amount | 20,000,000 | 0 | |||
East North Central [Member] | |||||
Mortgage Loans on Real Estate [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 289,000,000 | 211,000,000 | [1] | ||
East South Central [Member] [Domain] | |||||
Mortgage Loans on Real Estate [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 14,000,000 | 0 | [1] | ||
Middle Atlantic [Member] | |||||
Mortgage Loans on Real Estate [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 384,000,000 | 468,000,000 | [1] | ||
Mountain [Member] | |||||
Mortgage Loans on Real Estate [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 32,000,000 | 88,000,000 | [1] | ||
New England [Member] | |||||
Mortgage Loans on Real Estate [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 446,000,000 | 381,000,000 | [1] | ||
Pacific [Member] | |||||
Mortgage Loans on Real Estate [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 1,669,000,000 | 1,607,000,000 | [1] | ||
South Atlantic [Member] | |||||
Mortgage Loans on Real Estate [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 1,174,000,000 | 1,019,000,000 | [1] | ||
West North Central [Member] | |||||
Mortgage Loans on Real Estate [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 29,000,000 | 44,000,000 | [1] | ||
West South Central [Member] | |||||
Mortgage Loans on Real Estate [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 318,000,000 | 302,000,000 | [1] | ||
Region Others [Member] | |||||
Mortgage Loans on Real Estate [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | [1] | $ 1,269,000,000 | $ 1,436,000,000 | ||
Mortgage Loans on Real Estate [Member] | |||||
Movement in Valuation Allowance for Mortgage Loans [Roll Forward] | |||||
Investment Owned, Percent of Net Assets | 100.00% | 100.00% | |||
Mortgage Loans on Real Estate [Member] | East North Central [Member] | |||||
Movement in Valuation Allowance for Mortgage Loans [Roll Forward] | |||||
Investment Owned, Percent of Net Assets | 5.10% | 3.80% | |||
Mortgage Loans on Real Estate [Member] | East South Central [Member] [Domain] | |||||
Movement in Valuation Allowance for Mortgage Loans [Roll Forward] | |||||
Investment Owned, Percent of Net Assets | 0.20% | 0.00% | |||
Mortgage Loans on Real Estate [Member] | Middle Atlantic [Member] | |||||
Movement in Valuation Allowance for Mortgage Loans [Roll Forward] | |||||
Investment Owned, Percent of Net Assets | 6.80% | 8.40% | |||
Mortgage Loans on Real Estate [Member] | Mountain [Member] | |||||
Movement in Valuation Allowance for Mortgage Loans [Roll Forward] | |||||
Investment Owned, Percent of Net Assets | 0.60% | 1.60% | |||
Mortgage Loans on Real Estate [Member] | New England [Member] | |||||
Movement in Valuation Allowance for Mortgage Loans [Roll Forward] | |||||
Investment Owned, Percent of Net Assets | 7.90% | 6.90% | |||
Mortgage Loans on Real Estate [Member] | Pacific [Member] | |||||
Movement in Valuation Allowance for Mortgage Loans [Roll Forward] | |||||
Investment Owned, Percent of Net Assets | 29.70% | 29.00% | |||
Mortgage Loans on Real Estate [Member] | South Atlantic [Member] | |||||
Movement in Valuation Allowance for Mortgage Loans [Roll Forward] | |||||
Investment Owned, Percent of Net Assets | 20.90% | 18.30% | |||
Mortgage Loans on Real Estate [Member] | West North Central [Member] | |||||
Movement in Valuation Allowance for Mortgage Loans [Roll Forward] | |||||
Investment Owned, Percent of Net Assets | 0.50% | 0.80% | |||
Mortgage Loans on Real Estate [Member] | West South Central [Member] | |||||
Movement in Valuation Allowance for Mortgage Loans [Roll Forward] | |||||
Investment Owned, Percent of Net Assets | 5.70% | 5.40% | |||
Mortgage Loans on Real Estate [Member] | Region Others [Member] | |||||
Movement in Valuation Allowance for Mortgage Loans [Roll Forward] | |||||
Investment Owned, Percent of Net Assets | 22.60% | 25.80% | |||
Office Building [Member] | |||||
Mortgage Loans on Real Estate [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 1,547,000,000 | $ 1,517,000,000 | |||
Office Building [Member] | Mortgage Loans on Real Estate [Member] | |||||
Movement in Valuation Allowance for Mortgage Loans [Roll Forward] | |||||
Investment Owned, Percent of Net Assets | 27.50% | 27.30% | |||
Hotel [Member] | |||||
Mortgage Loans on Real Estate [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 26,000,000 | $ 26,000,000 | |||
Hotel [Member] | Mortgage Loans on Real Estate [Member] | |||||
Movement in Valuation Allowance for Mortgage Loans [Roll Forward] | |||||
Investment Owned, Percent of Net Assets | 0.50% | 0.50% | |||
Industrial Property [Member] | |||||
Mortgage Loans on Real Estate [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 1,422,000,000 | $ 1,476,000,000 | |||
Industrial Property [Member] | Mortgage Loans on Real Estate [Member] | |||||
Movement in Valuation Allowance for Mortgage Loans [Roll Forward] | |||||
Investment Owned, Percent of Net Assets | 25.30% | 26.60% | |||
agriculture loans [Member] | |||||
Mortgage Loans on Real Estate [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 26,000,000 | $ 46,000,000 | |||
agriculture loans [Member] | Mortgage Loans on Real Estate [Member] | |||||
Movement in Valuation Allowance for Mortgage Loans [Roll Forward] | |||||
Investment Owned, Percent of Net Assets | 0.50% | 0.80% | |||
Multifamily [Member] | |||||
Mortgage Loans on Real Estate [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 1,345,000,000 | $ 1,190,000,000 | |||
Multifamily [Member] | Mortgage Loans on Real Estate [Member] | |||||
Movement in Valuation Allowance for Mortgage Loans [Roll Forward] | |||||
Investment Owned, Percent of Net Assets | 23.90% | 21.40% | |||
Retail Site [Member] | |||||
Mortgage Loans on Real Estate [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 1,109,000,000 | $ 1,147,000,000 | |||
Retail Site [Member] | Mortgage Loans on Real Estate [Member] | |||||
Movement in Valuation Allowance for Mortgage Loans [Roll Forward] | |||||
Investment Owned, Percent of Net Assets | 19.70% | 20.60% | |||
Other Property [Member] | |||||
Mortgage Loans on Real Estate [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 149,000,000 | $ 154,000,000 | |||
Other Property [Member] | Mortgage Loans on Real Estate [Member] | |||||
Movement in Valuation Allowance for Mortgage Loans [Roll Forward] | |||||
Investment Owned, Percent of Net Assets | 2.60% | 2.80% | |||
Commercial Loan [Member] | |||||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, (Investment Based Operations Presentation) [Abstract] | |||||
Servicing Asset at Amortized Cost, Fair Value | $ 359,000,000 | ||||
Continuing Involvement with Derecognized Transferred Financial Assets, Amount Outstanding | 129,000,000 | ||||
Commercial Loan [Member] | Investments [Member] | |||||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, (Investment Based Operations Presentation) [Abstract] | |||||
Continuing Involvement with Continued to be Recognized Transferred Financial Assets, Amount Outstanding | 230,000,000 | ||||
Commercial Loan [Member] | Separate Accounts [Member] | |||||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, (Investment Based Operations Presentation) [Abstract] | |||||
Continuing Involvement with Continued to be Recognized Transferred Financial Assets, Amount Outstanding | 54,000,000 | ||||
LTV 80 to 100 Percent [Member] | Commercial Loan [Member] | |||||
Mortgage Loans on Real Estate [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 24,000,000 | $ 53,000,000 | |||
Movement in Valuation Allowance for Mortgage Loans [Roll Forward] | |||||
Average Debt Service Coverage Ratio | 0.81 | 1.07 | |||
LTV Between 65 to 80 Percent [Member] | Commercial Loan [Member] | |||||
Mortgage Loans on Real Estate [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 623,000,000 | $ 789,000,000 | |||
Movement in Valuation Allowance for Mortgage Loans [Roll Forward] | |||||
Average Debt Service Coverage Ratio | 1.82 | 1.75 | |||
LTV Less than 65 Percent [Member] | Commercial Loan [Member] | |||||
Mortgage Loans on Real Estate [Abstract] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 4,977,000,000 | $ 4,714,000,000 | |||
Movement in Valuation Allowance for Mortgage Loans [Roll Forward] | |||||
Average Debt Service Coverage Ratio | 2.75 | 2.66 | |||
[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 In78
Investments and Derivative Instruments Level 4 Variable Interest Entities (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | ||
Consolidated Variable Interest Entities [Abstract] | ||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 166 | $ 246 | ||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | [1] | 12 | 6 | |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | [2] | 153 | 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 | 7 | 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] | 5 | 5 | |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | [2] | 0 | 0 | |
Fixed Income Funds [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||
Consolidated Variable Interest Entities [Abstract] | ||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 159 | [4] | 238 | |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | [1] | 7 | 0 | |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | [2] | 151 | 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 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 Consolidated Balance Sheets. | |||
[4] | Total assets included in fixed maturities, FVO, short-term investments, equity, AFS, and cash in the Company's Consolidated Balance Sheets. |
Investments and Derivative In79
Investments and Derivative Instruments Level 4 Repurchase Agreements, Dollar Roll Transactions and Other Collateral Transactions (Details) - USD ($) | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Assets Sold under Agreements to Repurchase [Line Items] | |||
Securities Loaned | $ 67,000,000 | $ 0 | |
Securities Held as Collateral, at Fair Value | 68,000,000 | ||
Secured Debt, Repurchase Agreements | 0 | ||
Securities Reserve Deposit Required and Made | $ 2,500,000,000 | $ 2,500,000,000 | |
Other Liabilities [Member] | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Assets Sold under Agreements to Repurchase, Repurchase Liability | $ 445,000,000 |
Investments and Derivative In80
Investments and Derivative Instruments Level 4 Equity Method Investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investments | $ 2,900 | ||
Outstanding Commitments to Fund Limited Partnership and Other Alternative Investments | $ 748 | ||
Aggregate Investment Loss Percentage of Company's Pre Tax Consolidated Net Income Minimum | 10.00% | ||
Assets | $ 228,348 | $ 245,013 | |
Liabilities | 210,706 | 226,293 | |
Net Investment Income | 3,030 | 3,154 | $ 3,264 |
Net Income (Loss) Attributable to Parent | 1,682 | 798 | 176 |
Limited Partner [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Assets | 95,500 | 85,800 | |
Liabilities | 15,200 | 10,600 | |
Net Investment Income | 1,000 | 3,600 | 1,800 |
Net Income (Loss) Attributable to Parent | $ 6,300 | $ 9,600 | $ 8,400 |
Investments and Derivative In81
Investments and Derivative Instruments Level 4 Non-qualifying Strategies for Hedge Accounting (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015USD ($)$ / Barrels | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Notional Amount | $ 62,185 | $ 72,850 | ||
Derivative Liability, Fair Value, Gross Liability | 1,730 | 1,741 | ||
Maximum Aggregate Principal Amount of Junior Subordinated Notes | 500 | |||
Derivative, Fair Value, Net | (926) | (639) | ||
Derivative Asset, Fair Value, Gross Asset | 933 | 1,175 | ||
Derivative, Gain (Loss) on Derivative, Net | [1] | (104) | (353) | $ (125) |
Invested Assets Suppoting Modco | 895 | 1,000 | ||
Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Notional Amount | 58,492 | 68,676 | ||
Derivative Liability, Fair Value, Gross Liability | 1,962 | 1,876 | ||
Derivative, Fair Value, Net | (924) | (664) | ||
Derivative Asset, Fair Value, Gross Asset | 1,038 | 1,212 | ||
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 67 | |||
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 46 | (34) | ||
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (15) | (172) | 50 | |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 18 | 6 | 5 | |
Put Option [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (6) | (6) | (7) | |
Interest Rate Swap [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Notional Amount | 12,900 | 13,100 | ||
Credit Default Swap, Selling Protection [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (11) | 16 | 71 | |
Equity Contract [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 19 | 3 | (33) | |
Commodity Option [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (9) | 0 | 0 | |
Credit Default Swap, Buying Protection [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 8 | (10) | (38) | |
Derivatives formerly associated with Japan [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | [2] | 0 | (2) | 0 |
UNITED STATES | GMWB Hedging Instruments [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Notional Amount | 10,979 | 14,442 | ||
Derivative, Fair Value, Net | 158 | 174 | ||
Derivative, Gain (Loss) on Derivative, Net | (852) | |||
UNITED STATES | GMWB Hedging Instruments [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Notional Amount | 10,979 | 14,442 | ||
Derivative Liability, Fair Value, Gross Liability | 106 | 115 | ||
Derivative, Fair Value, Net | 158 | 174 | ||
Derivative Asset, Fair Value, Gross Asset | 264 | 289 | ||
Derivative, Gain (Loss) on Derivative, Net | (45) | 3 | ||
UNITED STATES | GMWB Product Derivatives [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 1,306 | |||
UNITED STATES | GMWB Product Derivatives [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (59) | (2) | ||
UNITED STATES | GMWB Reinsurance [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (192) | |||
UNITED STATES | GMWB Reinsurance [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 17 | 4 | ||
JAPAN | Three Win Related Foreign Currency Swaps [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Foreign Currency Fair Value Hedge | 4 | 116 | 250 | |
JAPAN | Fixed Annuity Hedging Instruments [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | [3] | (21) | (148) | (268) |
Commodity Option [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Cost of Hedge | $ 0 | |||
Derivative, Price Risk Option Strike Price | $ / Barrels | 35 | |||
Other Contract [Member] | UNITED STATES | GMWB Hedging Instruments [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Notional Amount | $ 5,877 | 7,041 | ||
Derivative, Fair Value, Net | 131 | 124 | ||
Put Option [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Maximum Aggregate Principal Amount of Junior Subordinated Notes | 500 | |||
Put Option [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Notional Amount | 500 | 500 | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Derivative, Fair Value, Net | 7 | 12 | ||
Derivative Asset, Fair Value, Gross Asset | 7 | 12 | ||
Macro Hedge Program [Member] | UNITED STATES | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Notional Amount | 4,548 | 6,383 | ||
Derivative, Fair Value, Net | 147 | 141 | ||
Derivative, Gain (Loss) on Derivative, Net | (234) | |||
Macro Hedge Program [Member] | UNITED STATES | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (46) | (11) | (234) | |
Macro Hedge Program [Member] | UNITED STATES | Equity Option [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Notional Amount | 4,548 | 5,983 | ||
Derivative, Fair Value, Net | 147 | 141 | ||
Macro Hedge Program [Member] | JAPAN | Foreign Exchange Option [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Notional Amount | 0 | 400 | ||
Derivative, Fair Value, Net | 0 | 0 | ||
Lehman Brothers [Member] | Derivative [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gain (Loss) from Hedged Firm Commitment Not Qualifying as Fair Value Hedge, Net | 3 | 13 | $ 0 | |
Reinsurance Recoverable [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative, Notional Amount | 4,000 | 4,633 | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Derivative, Fair Value, Net | 162 | 90 | ||
Derivative Asset, Fair Value, Gross Asset | $ 162 | $ 90 | ||
[1] | [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 - Fair Value Measurements. | |||
[2] | ] | |||
[3] | The associated liability is adjusted for changes in spot rates through realized capital gains and was $4, $116 and $250 for the years ended December 31, 2015, 2014 and 2013, respectively |
Investments and Derivative In82
Investments and Derivative Instruments Level 4 Derivative Balance Sheet Classification (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Balance Sheet Location [Line Items] | |||
Derivative, Notional Amount | $ 62,185 | $ 72,850 | |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 1,100 | ||
Derivative, Fair Value, Net | (926) | (639) | |
Derivative Asset, Fair Value, Gross Asset | 933 | 1,175 | |
Derivative Liability, Fair Value, Gross Liability | 1,730 | 1,741 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 1,095 | 1,267 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 2,021 | 1,906 | |
Fixed Maturities [Member] | |||
Derivative Balance Sheet Location [Line Items] | |||
Derivative, Notional Amount | 425 | 454 | |
Derivative, Fair Value, Net | (3) | 2 | |
Derivative Asset, Fair Value, Gross Asset | 0 | 2 | |
Derivative Liability, Fair Value, Gross Liability | 3 | 0 | |
Other Investments [Member] | |||
Derivative Balance Sheet Location [Line Items] | |||
Derivative, Notional Amount | 23,253 | 23,014 | |
Derivative, Fair Value, Net | 1 | 364 | |
Derivative Asset, Fair Value, Gross Asset | 409 | 624 | |
Derivative Liability, Fair Value, Gross Liability | 408 | 260 | |
Other Liabilities [Member] | |||
Derivative Balance Sheet Location [Line Items] | |||
Derivative, Notional Amount | 19,358 | 26,791 | |
Derivative, Fair Value, Net | (798) | (930) | |
Derivative Asset, Fair Value, Gross Asset | 524 | 551 | |
Derivative Liability, Fair Value, Gross Liability | 1,322 | 1,481 | |
Reinsurance Recoverable [Member] | |||
Derivative Balance Sheet Location [Line Items] | |||
Derivative, Notional Amount | 4,000 | 4,633 | |
Derivative, Fair Value, Net | 162 | 90 | |
Derivative Asset, Fair Value, Gross Asset | 162 | 90 | |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |
Other Policyholder Funds and Benefits Payable [Member] | |||
Derivative Balance Sheet Location [Line Items] | |||
Derivative, Notional Amount | 15,149 | 17,958 | |
Derivative, Fair Value, Net | (288) | (165) | |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |
Derivative Liability, Fair Value, Gross Liability | 288 | 165 | |
Not Designated as Hedging Instrument [Member] | |||
Derivative Balance Sheet Location [Line Items] | |||
Derivative, Notional Amount | 58,492 | 68,676 | |
Derivative, Fair Value, Net | (924) | (664) | |
Derivative Asset, Fair Value, Gross Asset | 1,038 | 1,212 | |
Derivative Liability, Fair Value, Gross Liability | 1,962 | 1,876 | |
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Balance Sheet Location [Line Items] | |||
Derivative, Notional Amount | 14,290 | 15,254 | |
Derivative, Fair Value, Net | (814) | (512) | |
Derivative Asset, Fair Value, Gross Asset | 297 | 536 | |
Derivative Liability, Fair Value, Gross Liability | 1,111 | 1,048 | |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Balance Sheet Location [Line Items] | |||
Derivative, Notional Amount | 653 | 177 | |
Derivative, Fair Value, Net | 17 | 1 | |
Derivative Asset, Fair Value, Gross Asset | 17 | 3 | |
Derivative Liability, Fair Value, Gross Liability | 0 | 2 | |
Credit Default Swap, Selling Protection [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Balance Sheet Location [Line Items] | |||
Derivative, Notional Amount | [1] | 2,458 | 1,487 |
Derivative, Fair Value, Net | [1] | (13) | 3 |
Derivative Asset, Fair Value, Gross Asset | [1] | 9 | 14 |
Derivative Liability, Fair Value, Gross Liability | [1] | 22 | 11 |
Cash Flow Hedging [Member] | |||
Derivative Balance Sheet Location [Line Items] | |||
Derivative, Notional Amount | 3,670 | 4,142 | |
Derivative, Fair Value, Net | (2) | 25 | |
Derivative Asset, Fair Value, Gross Asset | 57 | 55 | |
Derivative Liability, Fair Value, Gross Liability | 59 | 30 | |
Fair Value Hedging [Member] | |||
Derivative Balance Sheet Location [Line Items] | |||
Derivative, Notional Amount | 23 | 32 | |
Derivative, Fair Value, Net | 0 | 0 | |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |
Credit Default Swap, Buying Protection [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Balance Sheet Location [Line Items] | |||
Derivative, Notional Amount | 423 | 595 | |
Derivative, Fair Value, Net | 18 | (6) | |
Derivative Asset, Fair Value, Gross Asset | 22 | 4 | |
Derivative Liability, Fair Value, Gross Liability | 4 | 10 | |
Credit Derivatives in Offsetting Positions [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Balance Sheet Location [Line Items] | |||
Derivative, Notional Amount | 4,059 | 5,343 | |
Derivative, Fair Value, Net | (2) | (3) | |
Derivative Asset, Fair Value, Gross Asset | 40 | 53 | |
Derivative Liability, Fair Value, Gross Liability | 42 | 56 | |
Put Option [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Balance Sheet Location [Line Items] | |||
Derivative, Notional Amount | 500 | 500 | |
Derivative, Fair Value, Net | 7 | 12 | |
Derivative Asset, Fair Value, Gross Asset | 7 | 12 | |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Balance Sheet Location [Line Items] | |||
Derivative, Notional Amount | 895 | 974 | |
Derivative, Fair Value, Net | 79 | 34 | |
Derivative Asset, Fair Value, Gross Asset | 79 | 34 | |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |
Equity Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Balance Sheet Location [Line Items] | |||
Derivative, Notional Amount | 419 | 635 | |
Derivative, Fair Value, Net | 15 | 2 | |
Derivative Asset, Fair Value, Gross Asset | 41 | 31 | |
Derivative Liability, Fair Value, Gross Liability | 26 | 29 | |
JAPAN | Three Win Related Foreign Currency Swaps [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Balance Sheet Location [Line Items] | |||
Derivative, Notional Amount | 1,063 | 1,319 | |
Derivative, Fair Value, Net | (357) | (427) | |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |
Derivative Liability, Fair Value, Gross Liability | 357 | 427 | |
UNITED STATES | GMWB Hedging Instruments [Member] | |||
Derivative Balance Sheet Location [Line Items] | |||
Derivative, Notional Amount | 10,979 | 14,442 | |
Derivative, Fair Value, Net | 158 | 174 | |
UNITED STATES | GMWB Hedging Instruments [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Balance Sheet Location [Line Items] | |||
Derivative, Notional Amount | 10,979 | 14,442 | |
Derivative, Fair Value, Net | 158 | 174 | |
Derivative Asset, Fair Value, Gross Asset | 264 | 289 | |
Derivative Liability, Fair Value, Gross Liability | 106 | 115 | |
UNITED STATES | Macro Hedge Program [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Balance Sheet Location [Line Items] | |||
Derivative, Notional Amount | 4,548 | 6,383 | |
Derivative, Fair Value, Net | 147 | 141 | |
Derivative Asset, Fair Value, Gross Asset | 179 | 180 | |
Derivative Liability, Fair Value, Gross Liability | 32 | 39 | |
UNITED STATES | Interest Rate Contract [Member] | GMWB Hedging Instruments [Member] | |||
Derivative Balance Sheet Location [Line Items] | |||
Derivative, Notional Amount | 3,740 | 3,640 | |
Derivative, Fair Value, Net | 25 | 11 | |
UNITED STATES | GMWB Product Derivatives [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Balance Sheet Location [Line Items] | |||
Derivative, Notional Amount | [2] | 15,099 | 17,908 |
Derivative, Fair Value, Net | [2] | (262) | (139) |
Derivative Asset, Fair Value, Gross Asset | [2] | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | [2] | 262 | 139 |
UNITED STATES | GMWB Reinsurance [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Balance Sheet Location [Line Items] | |||
Derivative, Notional Amount | 3,106 | 3,659 | |
Derivative, Fair Value, Net | 83 | 56 | |
Derivative Asset, Fair Value, Gross Asset | 83 | 56 | |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |
UNITED STATES | Equity Contract [Member] | GMWB Hedging Instruments [Member] | |||
Derivative Balance Sheet Location [Line Items] | |||
Derivative, Notional Amount | 1,362 | 3,761 | |
Derivative, Fair Value, Net | 2 | 39 | |
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Balance Sheet Location [Line Items] | |||
Derivative, Notional Amount | 143 | 143 | |
Derivative, Fair Value, Net | (19) | (19) | |
Derivative Asset, Fair Value, Gross Asset | 7 | 3 | |
Derivative Liability, Fair Value, Gross Liability | 26 | 22 | |
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Balance Sheet Location [Line Items] | |||
Derivative, Notional Amount | 3,527 | 3,999 | |
Derivative, Fair Value, Net | 17 | 44 | |
Derivative Asset, Fair Value, Gross Asset | 50 | 52 | |
Derivative Liability, Fair Value, Gross Liability | 33 | 8 | |
Fair Value Hedging [Member] | Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Balance Sheet Location [Line Items] | |||
Derivative, Notional Amount | 23 | 32 | |
Derivative, Fair Value, Net | 0 | 0 | |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |
Derivative Liability, Fair Value, Gross Liability | $ 0 | $ 0 | |
[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. |
Investments and Derivative In83
Investments and Derivative Instruments Level 4 Offsetting of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Offsetting Derivative Assets [Abstract] | |||
Derivative Asset, Fair Value, Gross Asset | $ 933 | $ 1,175 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 756 | 969 | |
Derivative, Collateral, Obligation to Return Cash | 176 | 158 | |
Derivative Asset, Fair Value of Collateral | 100 | 109 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 77 | 97 | |
Offsetting Derivative Liabilities [Abstract] | |||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 23 | 137 | |
Derivative Liability, Fair Value of Collateral | 889 | 1,079 | |
Derivative, Collateral, Right to Reclaim Cash | 114 | 15 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 818 | 799 | |
Derivative Liability, Fair Value, Gross Liability | 1,730 | 1,741 | |
Derivative Financial Instruments, Liabilities [Member] | |||
Offsetting Derivative Liabilities [Abstract] | |||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 283 | 413 | |
Other Liabilities [Member] | |||
Offsetting Derivative Assets [Abstract] | |||
Derivative Asset, Fair Value, Gross Asset | 524 | 551 | |
Offsetting Derivative Liabilities [Abstract] | |||
Derivative Liability, Fair Value, Gross Liability | 1,322 | 1,481 | |
Other Liabilities [Member] | Embedded Derivative Financial Instruments [Member] | |||
Offsetting Derivative Assets [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | [1] | (3) | |
Other Liabilities [Member] | Derivative Financial Instruments, Liabilities [Member] | |||
Offsetting Derivative Assets [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | [2] | (798) | (927) |
Other Investments [Member] | |||
Offsetting Derivative Assets [Abstract] | |||
Derivative Asset, Fair Value, Gross Asset | 409 | 624 | |
Offsetting Derivative Liabilities [Abstract] | |||
Derivative Liability, Fair Value, Gross Liability | 408 | 260 | |
Other Investments [Member] | Derivative Financial Instruments, Assets [Member] | |||
Offsetting Derivative Assets [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | [3] | $ 1 | $ 364 |
[1] | [6]Represents embedded derivatives associated with non-funding agreement-backed consumer equity linked notes | ||
[2] | [5]Includes OTC and OTC-cleared derivative instruments in a net negative fair market 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. | ||
[3] | [2]Includes 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 December 31, 2015 and 2014, $283 and $413, respectively, of cash collateral liability was netted against the derivative asset value in the Consolidated Balance Sheets and is excluded from the preceding table. See footnote 5 for derivative liabilities. |
Investments and Derivative In84
Investments and Derivative Instruments Level 4 Cash Flow Hedges (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivatives in Cash Flow Hedging Relationships [Abstract] | |||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 54,000,000 | ||
Maximum Term Over for Hedging Exposure to Variability of Future Cash Flows | 3 years | ||
Cash Flow Hedging [Member] | |||
Derivatives in Cash Flow Hedging Relationships [Abstract] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ 28,000,000 | $ 140,000,000 | $ (303,000,000) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 2,000,000 | (3,000,000) |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 59,000,000 | 73,000,000 | 192,000,000 |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||
Derivatives in Cash Flow Hedging Relationships [Abstract] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 28,000,000 | 150,000,000 | (315,000,000) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 2,000,000 | (3,000,000) | |
Currency Swap [Member] | Cash Flow Hedging [Member] | |||
Derivatives in Cash Flow Hedging Relationships [Abstract] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (10,000,000) | 12,000,000 | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Derivatives in Cash Flow Hedging Relationships [Abstract] | |||
Loss on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring | $ 0 | $ 0 | $ 0 |
Investments and Derivative In85
Investments and Derivative Instruments Level 4 Fair Value Hedges (Details) - Fair Value Hedging [Member] - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Fair Value Hedges [Line Items] | ||||
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | [1] | $ 0 | $ (3) | $ 6 |
Increase (Decrease) in Fair Value of Hedged Item in Interest Rate Fair Value Hedge | [1] | 0 | 1 | (11) |
Gain (Loss) on Investments [Member] | Interest Rate Swap [Member] | ||||
Fair Value Hedges [Line Items] | ||||
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | 7 | |||
Gain (Loss) on Investments [Member] | Currency Swap [Member] | ||||
Fair Value Hedges [Line Items] | ||||
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | 0 | 0 | 1 | |
Increase (Decrease) in Fair Value of Hedged Item in Interest Rate Fair Value Hedge | 0 | 0 | (1) | |
Benefits, losses and loss adjustment expenses [Member] | Currency Swap [Member] | ||||
Fair Value Hedges [Line Items] | ||||
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | 0 | 0 | (2) | |
Increase (Decrease) in Fair Value of Hedged Item in Interest Rate Fair Value Hedge | 0 | 0 | 2 | |
Designated as Hedging Instrument [Member] | Gain (Loss) on Investments [Member] | Interest Rate Swap [Member] | ||||
Fair Value Hedges [Line Items] | ||||
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | 0 | (3) | ||
Increase (Decrease) in Fair Value of Hedged Item in Interest Rate Fair Value Hedge | $ 0 | $ 1 | $ (12) | |
[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 In86
Investments and Derivative Instruments Level 4 Credit Derivatives (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | |||
Credit Derivatives [Line Items] | ||||
Derivative, Notional Amount | $ 62,185 | $ 72,850 | ||
Derivative, Fair Value, Net | (926) | (639) | ||
Credit Default Swap, Selling Protection [Member] | ||||
Credit Derivatives [Line Items] | ||||
Derivative, Notional Amount | 4,487 | 4,159 | [1],[2] | |
Single Name Credit Default Swaps [Member] | Credit Default Swap, Selling Protection [Member] | Debt Securities Payable [Member] | Standard & Poor's, BBB+ Rating [Member] | External Credit Rating, Investment Grade [Member] | ||||
Credit Derivatives [Line Items] | ||||
Derivative, Notional Amount | 190 | 320 | [3] | |
Credit Risk Derivatives, at Fair Value, Net | $ (1) | $ 5 | ||
Average Term of Credit Risk Derivatives | 1 year | 2 years | ||
Single Name Credit Default Swaps [Member] | 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 [Line Items] | ||||
Derivative, Notional Amount | $ 77 | $ 29 | [3] | |
Credit Risk Derivatives, at Fair Value, Net | $ (2) | $ 0 | ||
Average Term of Credit Risk Derivatives | 2 years | 2 years | ||
Basket Credit Default Swaps [Member] | ||||
Credit Derivatives [Line Items] | ||||
Amount of Standard Market Indices of Diversified Portfolios of Corporate Issuers | $ 3,900 | $ 3,500 | ||
Basket Credit Default Swaps [Member] | Credit Default Swap, Selling Protection [Member] | Debt Securities Payable [Member] | Standard & Poor's, BBB+ Rating [Member] | External Credit Rating, Investment Grade [Member] | ||||
Credit Derivatives [Line Items] | ||||
Derivative, Notional Amount | 3,036 | 2,546 | [3] | |
Credit Risk Derivatives, at Fair Value, Net | $ 22 | $ 33 | ||
Average Term of Credit Risk Derivatives | 4 years | 3 years | ||
Basket Credit Default Swaps [Member] | 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 [Line Items] | ||||
Derivative, Notional Amount | [3] | $ 38 | ||
Credit Risk Derivatives, at Fair Value, Net | $ (1) | |||
Average Term of Credit Risk Derivatives | 12 years | |||
Basket Credit Default Swaps [Member] | 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 [Line Items] | ||||
Derivative, Notional Amount | $ 681 | $ 722 | [3] | |
Credit Risk Derivatives, at Fair Value, Net | $ (19) | $ (12) | ||
Average Term of Credit Risk Derivatives | 6 years | 6 years | ||
Basket Credit Default Swaps [Member] | 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 [Line Items] | ||||
Derivative, Notional Amount | $ 153 | $ 154 | [3] | |
Credit Risk Derivatives, at Fair Value, Net | $ (25) | $ (22) | ||
Average Term of Credit Risk Derivatives | 1 year | 2 years | ||
Embedded Derivative Financial Instruments [Member] | Credit Default Swap, Selling Protection [Member] | Debt Securities Payable [Member] | Standard & Poor's, A+ Rating [Member] | External Credit Rating, Investment Grade [Member] | ||||
Credit Derivatives [Line Items] | ||||
Derivative, Notional Amount | $ 350 | $ 350 | [2] | |
Credit Risk Derivatives, at Fair Value, Net | $ 346 | $ 342 | ||
Average Term of Credit Risk Derivatives | 1 year | 2 years | ||
Credit [Member] | ||||
Credit Derivatives [Line Items] | ||||
Derivative, Fair Value, Net | $ 321 | $ 345 | [1] | |
Derivative, Fair Value, Amount Offset Against Collateral, Net | 13 | (5) | [4] | |
Credit Derivatives in Offsetting Positions [Member] | Credit Default Swap, Selling Protection [Member] | ||||
Credit Derivatives [Line Items] | ||||
Derivative, Notional Amount | 2,029 | 2,672 | [1],[4] | |
Credit Derivatives in Offsetting Positions [Member] | Single Name Credit Default Swaps [Member] | Credit Default Swap, Selling Protection [Member] | Debt Securities Payable [Member] | Standard & Poor's, BBB+ Rating [Member] | External Credit Rating, Investment Grade [Member] | ||||
Credit Derivatives [Line Items] | ||||
Derivative, Notional Amount | 176 | 247 | [4] | |
Credit Risk Derivatives, at Fair Value, Net | (1) | (5) | [4] | |
Credit Derivatives in Offsetting Positions [Member] | Single Name Credit Default Swaps [Member] | 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 [Line Items] | ||||
Derivative, Notional Amount | 77 | 29 | [4] | |
Credit Risk Derivatives, at Fair Value, Net | 1 | (1) | [4] | |
Credit Derivatives in Offsetting Positions [Member] | Basket Credit Default Swaps [Member] | Credit Default Swap, Selling Protection [Member] | Debt Securities Payable [Member] | Standard & Poor's, BBB+ Rating [Member] | External Credit Rating, Investment Grade [Member] | ||||
Credit Derivatives [Line Items] | ||||
Derivative, Notional Amount | 1,411 | 1,973 | [4] | |
Credit Risk Derivatives, at Fair Value, Net | (13) | (25) | [4] | |
Credit Derivatives in Offsetting Positions [Member] | Basket Credit Default Swaps [Member] | 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 [Line Items] | ||||
Derivative, Notional Amount | [4] | 0 | ||
Credit Risk Derivatives, at Fair Value, Net | [4] | 0 | ||
Credit Derivatives in Offsetting Positions [Member] | Basket Credit Default Swaps [Member] | 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 [Line Items] | ||||
Derivative, Notional Amount | 212 | 269 | [4] | |
Credit Risk Derivatives, at Fair Value, Net | 1 | 3 | [4] | |
Credit Derivatives in Offsetting Positions [Member] | Basket Credit Default Swaps [Member] | 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 [Line Items] | ||||
Derivative, Notional Amount | 153 | 154 | [4] | |
Credit Risk Derivatives, at Fair Value, Net | 25 | 23 | [4] | |
Credit Derivatives in Offsetting Positions [Member] | Embedded Derivative Financial Instruments [Member] | Credit Default Swap, Selling Protection [Member] | Debt Securities Payable [Member] | Standard & Poor's, A+ Rating [Member] | External Credit Rating, Investment Grade [Member] | ||||
Credit Derivatives [Line Items] | ||||
Derivative, Notional Amount | 0 | 0 | [4] | |
Credit Risk Derivatives, at Fair Value, Net | $ 0 | $ 0 | [4] | |
[1] | 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 | |||
[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] | [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. | |||
[4] | [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. |
Investments and Derivative In87
Investments and Derivative Instruments Level 4 Derivative Collateral Arrangements (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2015 | |
Derivative Collateral Arrangements [Line Items] | ||
Fair Value, Concentration of Risk, Investments | $ 0 | $ 0 |
Security Owned and Pledged as Collateral, Fair Value | 120,000,000 | 488,000,000 |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 327,000,000 | 369,000,000 |
Derivative, Collateral, Obligation to Return Securities | 109,000,000 | 100,000,000 |
Fair Value of Securities Received as Collateral that Can be Resold or Repledged | 97,000,000 | 100,000,000 |
Securities Received as Collateral, Amount Repledged and Sold | 0 | |
Fixed Maturities [Member] | ||
Derivative Collateral Arrangements [Line Items] | ||
Security Owned and Pledged as Collateral, Fair Value | $ 1,100,000,000 | $ 1,100,000,000 |
J.P. Morgan Chase [Member] | Corporate Debt Securities [Member] | ||
Derivative Collateral Arrangements [Line Items] | ||
Largest Exposure by Issuer, Percent of Invested Assets | 1.00% | |
GOLDMAN SACH MTF [Member] | Corporate Debt Securities [Member] | ||
Derivative Collateral Arrangements [Line Items] | ||
Largest Exposure by Issuer, Percent of Invested Assets | 1.00% | |
ILLINOIS | US States and Political Subdivisions Debt Securities [Member] | ||
Derivative Collateral Arrangements [Line Items] | ||
Largest Exposure by Issuer, Percent of Invested Assets | 1.00% | |
US Treasury Securities [Member] | ||
Derivative Collateral Arrangements [Line Items] | ||
Available-for-sale Securities Pledged as Collateral | $ 34,000,000 | $ 35,000,000 |
Reinsurance Level 4 Reinsurance
Reinsurance Level 4 Reinsurance Recoverable (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||
Reinsurance Recoverables on Paid Losses | $ 119,000,000 | $ 133,000,000 | ||
Reinsurance Recoverables on Unpaid Losses, Gross | 2,662,000,000 | 2,868,000,000 | ||
Premiums Receivable, Allowance for Doubtful Accounts | (266,000,000) | (271,000,000) | ||
Reinsurance Recoverables | 23,189,000,000 | 22,920,000,000 | ||
Fair Value, Concentration of Risk, Investments | 0 | 0 | ||
Property, Liability and Casualty Insurance Product Line [Member] | ||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||
Gross reinsurance recoverable | 2,781,000,000 | 3,001,000,000 | ||
Reinsurance Recoverables | 2,515,000,000 | 2,730,000,000 | $ 2,735,000,000 | |
Life Insurance Product Line [Member] | ||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||
Reinsurance Recoverables | [1] | 20,674,000,000 | 20,190,000,000 | |
Life Insurance Product Line [Member] | Continuing Operations [Member] | ||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||
Reinsurance Recoverables | 1,305,000,000 | 1,193,000,000 | ||
Retirement Plans and Individual Life Businesses [Member] | Life Insurance Product Line [Member] | ||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||
Reinsurance Recoverables | 19,369,000,000 | 18,997,000,000 | ||
Retirement Plans [Member] | ||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||
Reinsurance Recoverables | 8,600,000,000 | 8,600,000,000 | ||
Individual Life [Member] | ||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||
Reinsurance Recoverables | 10,800,000,000 | $ 10,400,000,000 | ||
Reinsurance Recoverable [Member] | ||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||
Fair Value, Concentration of Risk, Investments | $ 0 | |||
[1] | [1]No allowance for uncollectible reinsurance is required as of December 31, 2015 and December 31, 2014. |
Reinsurance Level 4 Insurance R
Reinsurance Level 4 Insurance Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||
Policyholder Benefits and Claims Incurred, Ceded | $ 336 | $ 0 | $ 459 | |
Insurance Recoveries | 1,111 | 863 | 913 | |
Premiums Earned, Net [Abstract] | ||||
Direct Premiums Earned | 16,471 | 16,560 | 16,929 | |
Assumed Premiums Earned | 507 | 457 | 379 | |
Ceded Premiums Earned | 2,293 | 2,419 | 2,651 | |
Premiums Earned, Net, Life | 14,685 | 14,598 | 14,657 | |
Life Insurance Product Line [Member] | ||||
Premiums Earned, Net [Abstract] | ||||
Gross Fee Income Earned Premium and Other Life | $ 6,435 | 5,767 | 6,029 | |
Assumed Premiums Earned | 138 | 209 | 193 | |
Ceded Premiums Earned | $ 1,780 | 1,707 | 1,720 | |
Premiums Earned, Net, Life | 4,269 | 4,502 | 4,793 | |
Property, Liability and Casualty Insurance Product Line [Member] | ||||
Premiums Written, Net [Abstract] | ||||
Direct Premiums Written | 10,861 | 10,571 | 10,564 | |
Assumed Premiums Written | 297 | 275 | 247 | |
Ceded Premiums Written | (580) | (602) | (882) | |
Premiums Written, Net | 10,578 | 10,244 | 9,929 | |
Premiums Earned, Net [Abstract] | ||||
Direct Premiums Earned | 10,704 | 10,531 | 10,494 | |
Assumed Premiums Earned | 298 | 264 | 241 | |
Ceded Premiums Earned | 586 | 699 | 871 | |
Premiums Earned, Net, Property and Casualty | $ 10,416 | $ 10,096 | $ 9,864 |
Deferred Policy Acquisition C90
Deferred Policy Acquisition Costs and Present Value of Future Profits Level 4 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Movement Analysis of Deferred Policy Acquisition Costs and Present Value of Future Profits [Roll Forward] | |||
Balance, beginning of period | $ 1,823 | $ 2,161 | $ 5,725 |
Deferred Policy Acquisition Costs and Present Value of Future Profits, Additions | 1,390 | 1,364 | 1,330 |
Deferred Policy Acquisition Cost, Amortization Expense | (1,571) | (1,593) | (1,615) |
Deferred Policy Acquisition Cost, Amortization Expense, Effect of Adjustments to Estimated Gross Profit | 69 | (136) | (1,086) |
Adjustments to unrealized gains and losses on securities available-for-sale and other | (105) | (27) | (122) |
Effect of currency translation | 0 | 0 | 86 |
Balance, end of period | 1,816 | 1,823 | 2,161 |
Retirement Plans and Individual Life Businesses [Member] | |||
Movement Analysis of Deferred Policy Acquisition Costs and Present Value of Future Profits [Roll Forward] | |||
Deferred Policy Acquisition Cost, Amortization Expense | $ 0 | $ 0 | (2,229) |
Retirement Plans [Member] | |||
Movement Analysis of Deferred Policy Acquisition Costs and Present Value of Future Profits [Roll Forward] | |||
Adjustments to unrealized gains and losses on securities available-for-sale and other | 148 | ||
Deferred Policy Acquisition Costs, Period Increase (Decrease) | 352 | ||
Individual Life [Member] | |||
Movement Analysis of Deferred Policy Acquisition Costs and Present Value of Future Profits [Roll Forward] | |||
Adjustments to unrealized gains and losses on securities available-for-sale and other | 349 | ||
Deferred Policy Acquisition Costs, Period Increase (Decrease) | 2,374 | ||
Variable Annuity [Member] | |||
Movement Analysis of Deferred Policy Acquisition Costs and Present Value of Future Profits [Roll Forward] | |||
Deferred Policy Acquisition Cost, Amortization Expense, Effect of Adjustments to Estimated Gross Profit | $ (887) |
Goodwill Level 4 (Details)
Goodwill Level 4 (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015USD ($)segments | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | ||
Goodwill [Line Items] | ||||
Gross | $ 853 | |||
Goodwill, Impaired, Accumulated Impairment Loss | (355) | |||
Carrying Value | 498 | $ 498 | ||
Goodwill, Written off Related to Sale of Business Unit | $ 156 | |||
Group Benefits [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill impairment loss | 0 | $ 0 | ||
Annual Impairment Test Margin, Percent | 10.00% | |||
Corporate Segment [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill impairment loss | $ 0 | |||
Property and Casualty, Personal Insurance Product Line [Member] | ||||
Goodwill [Line Items] | ||||
Gross | 119 | |||
Goodwill, Impaired, Accumulated Impairment Loss | 0 | |||
Carrying Value | 119 | |||
Goodwill impairment loss | 0 | |||
Mutual Funds [Member] | ||||
Goodwill [Line Items] | ||||
Gross | 149 | |||
Goodwill, Impaired, Accumulated Impairment Loss | 0 | |||
Carrying Value | $ 149 | |||
Individual Life [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill impairment loss | 0 | |||
Retirement Plans [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill impairment loss | $ 0 | |||
Annual Impairment Test Margin, Percent | 10.00% | |||
Number of Company Reporting Segments which completed interim impairment test | segments | 2 | |||
Corporate [Member] | ||||
Goodwill [Line Items] | ||||
Gross | $ 585 | |||
Goodwill, Impaired, Accumulated Impairment Loss | [1] | (355) | ||
Carrying Value | 230 | |||
Group Benefits [Member] | ||||
Goodwill [Line Items] | ||||
Carrying Value | 138 | |||
Mutual Funds [Member] | ||||
Goodwill [Line Items] | ||||
Carrying Value | $ 92 | |||
[1] | Carrying value as of December 31, 2015 and 2014 includes $138 and $92 for the Group Benefits and Mutual Funds reporting units, respectively. |
Separate Accounts, Death Bene92
Separate Accounts, Death Benefits, and Other Insurance Benefits Level 4 (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Movement in Changes in U.S. GMDB/GMWB, International GMDB/GMIB, and UL Secondary Guarantee Benefits [Roll Forward] | |||||
Deferred Policy Acquisition Cost, Foreign Currency Translation Adjustment | $ 0 | $ 0 | $ (86,000,000) | ||
Reinsurance Recoverables on Paid Losses | 119,000,000 | 133,000,000 | |||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||
Net Amount at Risk by Product and Guarantee, General Account Value | [1],[2] | 19,981,000,000 | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | [2],[3] | 3,567,000,000 | |||
Separate Accounts, Liability | 120,123,000,000 | [1] | 134,702,000,000 | ||
Net Amount at Risk by Product and Guarantee, Separate Account Value | [1] | 79,700,000,000 | |||
Schedule of Fair Value of Separate Accounts [Abstract] | |||||
Schedule of Fair Value of Separate Accounts by Major Category of Investment, Fair Value | $ 40,423,000,000 | $ 48,852,000,000 | |||
Invested in Equity Securities | 83.00% | 83.00% | |||
Invested in Fixed Income Securities | 17.00% | 17.00% | |||
JAPAN | |||||
Movement in Changes in U.S. GMDB/GMWB, International GMDB/GMIB, and UL Secondary Guarantee Benefits [Roll Forward] | |||||
Liabilities, as of Jan. 1 | $ 0 | $ 272,000,000 | |||
Liabilities for Guarantees on Long-Duration Contracts, Incurred Benefits | [4] | (13,000,000) | |||
Liabilities for Guarantees on Long-Duration Contracts, Benefits Paid | 15,000,000 | ||||
Liabilities for Guarantees on Long Duration Contracts, Business Disposition Impact | 254,000,000 | ||||
Deferred Policy Acquisition Cost, Foreign Currency Translation Adjustment | 10,000,000 | ||||
Liabilities, as of Dec. 31 | 0 | 272,000,000 | |||
Reinsurance Recoverable, as of Jan. 1 | 0 | 23,000,000 | |||
Reinsurance Recoverable, as of Dec. 31 | 0 | 23,000,000 | |||
Universal Life [Member] | |||||
Movement in Changes in U.S. GMDB/GMWB, International GMDB/GMIB, and UL Secondary Guarantee Benefits [Roll Forward] | |||||
Liabilities, as of Jan. 1 | 2,041,000,000 | ||||
Liabilities for Guarantees on Long-Duration Contracts, Incurred Benefits | (272,000,000) | ||||
Liabilities, as of Dec. 31 | 2,313,000,000 | 2,041,000,000 | |||
Reinsurance Recoverable, as of Jan. 1 | 2,041,000,000 | ||||
Reinsurance Recoverable, as of Dec. 31 | 2,313,000,000 | 2,041,000,000 | |||
Reinsurance Recoverable [Member] | JAPAN | |||||
Movement in Changes in U.S. GMDB/GMWB, International GMDB/GMIB, and UL Secondary Guarantee Benefits [Roll Forward] | |||||
Deferred Policy Acquisition Cost, Foreign Currency Translation Adjustment | 1,000,000 | ||||
Reinsurance Recoverables on Unpaid Losses | [4] | 7,000,000 | |||
Reinsurance Recoverables on Paid Losses | 4,000,000 | ||||
reinsurance recoverable asset impact of business disposition | 27,000,000 | ||||
Reinsurance Recoverable [Member] | Universal Life [Member] | |||||
Movement in Changes in U.S. GMDB/GMWB, International GMDB/GMIB, and UL Secondary Guarantee Benefits [Roll Forward] | |||||
Reinsurance Recoverables on Unpaid Losses | [4] | 272,000,000 | |||
Equity Securities [Member] | |||||
Schedule of Fair Value of Separate Accounts [Abstract] | |||||
Schedule of Fair Value of Separate Accounts by Major Category of Investment, Fair Value | 36,970,000,000 | 44,786,000,000 | |||
Cash and Cash Equivalents [Member] | |||||
Schedule of Fair Value of Separate Accounts [Abstract] | |||||
Schedule of Fair Value of Separate Accounts by Major Category of Investment, Fair Value | 3,453,000,000 | 4,066,000,000 | |||
Guaranteed Minimum Withdrawal Benefit [Member] | |||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 7,000,000,000 | ||||
Guaranteed Minimum Withdrawal Benefit [Member] | UNITED STATES | |||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 71 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],[2] | $ 487,000,000 | |||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | [2] | 72 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],[2] | $ 3,697,000,000 | |||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | [2] | 69 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],[2] | $ 1,257,000,000 | |||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | [2] | 71 years | |||
Annuitization Benefit [Member] | |||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | [2],[3] | $ 654,000,000 | |||
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 | ||||
MAV Only [Member] | |||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||
Net Amount at Risk by Product and Guarantee, General Account Value | [1],[2] | $ 14,540,000,000 | |||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | [2] | 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] | $ 3,822,000,000 | |||
Separate Accounts, Liability | [1] | 40,423,000,000 | |||
Guaranteed Minimum Death Benefit [Member] | UNITED STATES | |||||
Movement in Changes in U.S. GMDB/GMWB, International GMDB/GMIB, and UL Secondary Guarantee Benefits [Roll Forward] | |||||
Liabilities, as of Jan. 1 | [5] | 812,000,000 | 849,000,000 | ||
Liabilities for Guarantees on Long-Duration Contracts, Incurred Benefits | [4],[5] | (163,000,000) | (73,000,000) | ||
Liabilities for Guarantees on Long-Duration Contracts, Benefits Paid | [5] | 112,000,000 | 110,000,000 | ||
Liabilities for Guarantees on Long Duration Contracts, Business Disposition Impact | [5] | 0 | |||
Liabilities, as of Dec. 31 | [5] | 863,000,000 | 812,000,000 | 849,000,000 | |
Reinsurance Recoverable, as of Jan. 1 | [5] | 481,000,000 | 533,000,000 | ||
Reinsurance Recoverables on Unpaid Losses | [4],[5] | 131,000,000 | |||
Reinsurance Recoverable, as of Dec. 31 | [5] | 523,000,000 | 481,000,000 | 533,000,000 | |
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||
Net Amount at Risk by Product and Guarantee, General Account Value | [1],[6] | $ 44,245,000,000 | |||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | [6] | 69 years | |||
Guaranteed Minimum Death Benefit [Member] | Reinsurance Recoverable [Member] | UNITED STATES | |||||
Movement in Changes in U.S. GMDB/GMWB, International GMDB/GMIB, and UL Secondary Guarantee Benefits [Roll Forward] | |||||
Reinsurance Recoverables on Unpaid Losses | [4],[5] | 33,000,000 | |||
Reinsurance Recoverables on Paid Losses | [5] | $ 89,000,000 | 85,000,000 | ||
reinsurance recoverable asset impact of business disposition | [5] | 0 | |||
Reset [Member] | |||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||
Net Amount at Risk by Product and Guarantee, General Account Value | [1],[7] | $ 2,582,000,000 | |||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | [7] | 70 years | |||
Return of Net Deposit [Member] | |||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||
Net Amount at Risk by Product and Guarantee, General Account Value | [1],[8] | $ 9,459,000,000 | |||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | [8] | 68 years | |||
Secondary Guarantees [Member] | Universal Life [Member] | |||||
Movement in Changes in U.S. GMDB/GMWB, International GMDB/GMIB, and UL Secondary Guarantee Benefits [Roll Forward] | |||||
Liabilities, as of Jan. 1 | $ 2,041,000,000 | 1,802,000,000 | |||
Liabilities for Guarantees on Long-Duration Contracts, Incurred Benefits | [4] | (239,000,000) | |||
Liabilities for Guarantees on Long Duration Contracts, Business Disposition Impact | 0 | ||||
Liabilities, as of Dec. 31 | 2,041,000,000 | 1,802,000,000 | |||
Reinsurance Recoverable, as of Jan. 1 | 2,041,000,000 | 1,802,000,000 | |||
Reinsurance Recoverable, as of Dec. 31 | 2,041,000,000 | $ 1,802,000,000 | |||
Secondary Guarantees [Member] | Reinsurance Recoverable [Member] | Universal Life [Member] | |||||
Movement in Changes in U.S. GMDB/GMWB, International GMDB/GMIB, and UL Secondary Guarantee Benefits [Roll Forward] | |||||
Reinsurance Recoverables on Unpaid Losses | [4] | 239,000,000 | |||
reinsurance recoverable asset impact of business disposition | $ 0 | ||||
Asset Protection Benefit [Member] | |||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 11,707,000,000 | ||||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 69 years | ||||
Lifetime Income Benefit [Member] | |||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 516,000,000 | ||||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 69 years | ||||
Lifetime Income Benefit [Member] | |||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | $ 9,000,000 | ||||
Lifetime Income Benefit [Member] | Annuitization Benefit [Member] | |||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 9,000,000 | ||||
Asset Protection Benefit [Member] | |||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 519,000,000 | ||||
Asset Protection Benefit [Member] | Annuitization Benefit [Member] | |||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 346,000,000 | ||||
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 | [3],[6] | 4,198,000,000 | |||
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 | [3],[6] | 1,105,000,000 | |||
Return of Net Deposit [Member] | |||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | [3],[8] | 71,000,000 | |||
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 | [3],[8] | 64,000,000 | |||
MAV Only [Member] | |||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | [2],[3] | 2,743,000,000 | |||
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],[3] | 477,000,000 | |||
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],[3] | 227,000,000 | |||
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],[3] | 77,000,000 | |||
Reset [Member] | |||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | [3],[7] | 32,000,000 | |||
Reset [Member] | Annuitization Benefit [Member] | |||||
Minimum Guarantees, Net Amount at Risk [Abstract] | |||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | [3],[7] | 32,000,000 | |||
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],[3] | 490,000,000 | |||
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],[3] | 77,000,000 | |||
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],[3] | 107,000,000 | |||
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],[3] | $ 23,000,000 | |||
[1] | AV includes the contract holder’s investment in the separate account and the general account. | ||||
[2] | 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). | ||||
[3] | 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. | ||||
[4] | [2]Includes the portion of assessments established as additions to reserves as well as changes in estimates affecting the reserves. | ||||
[5] | [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. | ||||
[6] | 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 $7.0 billion of total account value and weighted average attained age of 71 years. There is no NAR or retained NAR related to these contracts. | ||||
[7] | Reset GMDB is the greatest of current AV, net premiums paid and the most recent five to seven year anniversary AV before age 80 years (adjusted for withdrawals). | ||||
[8] | ROP GMDB is the greater of current AV or net premiums paid. |
Reserves for Future Policy Be93
Reserves for Future Policy Benefits and Unpaid Losses and Loss Adjustment Expenses Level 4 P&C Liabilities for Unpaid Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||
Less payment | |||||||||||
Reinsurance Recoverables | $ 23,189 | $ 22,920 | |||||||||
Reserves for Future Policy Benefits and Unpaid Losses and Loss Adjustment Expenses (Textual) [Abstract] | |||||||||||
Current accident year benefit from discounting property and casualty reserves | $ 35 | $ 34 | $ 46 | ||||||||
Accretion of discounts for prior accident years | 38 | 31 | 31 | ||||||||
Group Insurance Policies [Member] | |||||||||||
Reserve Development | |||||||||||
Beginning liabilities for unpaid losses and loss adjustment expenses, gross | 6,084 | 6,308 | 6,547 | ||||||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 285 | 271 | $ 267 | $ 252 | |||||||
Beginning liabilities for unpaid losses and loss adjustment expenses, net | 5,680 | 5,813 | 6,041 | 5,680 | 5,813 | 6,041 | 6,295 | ||||
Add provision for unpaid losses and loss adjustment expenses | |||||||||||
Current Year Claims and Claims Adjustment Expense | 2,371 | 2,370 | 2,534 | ||||||||
Prior years | (64) | 11 | 17 | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | 2,435 | 2,359 | 2,517 | ||||||||
Less payment | |||||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Current Year | 1,214 | 1,161 | 1,207 | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Prior Years | 1,354 | 1,426 | 1,564 | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid | 2,568 | 2,587 | 2,771 | ||||||||
Ending liabilities for unpaid losses and loss adjustment expenses, net | 5,680 | 5,813 | 6,041 | ||||||||
Ending liabilities for unpaid losses and loss adjustment expenses, gross | 5,965 | 6,084 | 6,308 | ||||||||
Property, Liability and Casualty Insurance Product Line [Member] | |||||||||||
Reserve Development | |||||||||||
Beginning liabilities for unpaid losses and loss adjustment expenses, gross | 21,806 | 21,704 | 21,716 | ||||||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 2,882 | [1] | 3,041 | [1] | 3,028 | [1] | 3,027 | ||||
Beginning liabilities for unpaid losses and loss adjustment expenses, net | 18,943 | 18,765 | 18,676 | 18,943 | 18,765 | 18,676 | $ 18,689 | ||||
Add provision for unpaid losses and loss adjustment expenses | |||||||||||
Current Year Claims and Claims Adjustment Expense | 6,647 | 6,572 | 6,621 | ||||||||
Prior years | (250) | (228) | (192) | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | 6,897 | 6,800 | 6,813 | ||||||||
Less payment | |||||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Current Year | 2,653 | 2,639 | 2,552 | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Prior Years | 4,066 | 4,072 | 4,274 | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid | 6,719 | 6,711 | 6,826 | ||||||||
Ending liabilities for unpaid losses and loss adjustment expenses, net | 18,943 | 18,765 | 18,676 | ||||||||
Ending liabilities for unpaid losses and loss adjustment expenses, gross | $ 21,825 | $ 21,806 | $ 21,704 | ||||||||
Reinsurance Recoverables | 2,515 | 2,730 | 2,735 | ||||||||
Property, Liability and Casualty Insurance Product Line [Member] | |||||||||||
Reserves for Future Policy Benefits and Unpaid Losses and Loss Adjustment Expenses (Textual) [Abstract] | |||||||||||
Supplemental Information for Property, Casualty Insurance Underwriters, Discount Deducted from Reserves | [2] | $ 523 | $ 556 | $ 553 | |||||||
[1] | Includes reinsurance recoverables of $2,515, $2,730 and $2,735 as of December 31, 2015, 2014 and 2013, respectively. | ||||||||||
[2] | Reserves for permanently disabled claimants have been discounted using the weighted average interest rates of 3.24%, 3.50%, and 3.50% for the years ended December 31, 2015, 2014, and 2013, respectively. |
Reserves for Future Policy Be94
Reserves for Future Policy Benefits and Unpaid Losses and Loss Adjustment Expenses Level 4 Prior Accident Years Reserve Development (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Prior accident years reserve development | |||
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | $ 250 | $ 228 | $ 192 |
Auto liability [Member] | |||
Prior accident years reserve development | |||
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | 54 | 25 | 144 |
Homeowners [Member] | |||
Prior accident years reserve development | |||
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | 9 | (7) | (6) |
Professional Liability [Member] | |||
Prior accident years reserve development | |||
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | (36) | (17) | (29) |
Package Business [Member] | |||
Prior accident years reserve development | |||
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | 28 | 3 | 2 |
Accident and Health Insurance Product Line [Member] | |||
Prior accident years reserve development | |||
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | (37) | (7) | (2) |
Workers Compensation NY Section 25A [Member] | |||
Prior accident years reserve development | |||
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | 0 | 0 | 80 |
General liability [Member] | |||
Prior accident years reserve development | |||
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | 8 | (25) | (75) |
Fidelity and Surety [Member] | |||
Prior accident years reserve development | |||
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | (2) | 8 | (8) |
Commercial property [Member] | |||
Prior accident years reserve development | |||
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | (6) | 2 | (7) |
Net asbestos reserves [Member] | |||
Prior accident years reserve development | |||
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | 146 | 212 | 130 |
Net environmental reserves [Member] | |||
Prior accident years reserve development | |||
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | 55 | 30 | 12 |
Uncollectible reinsurance [Member] | |||
Prior accident years reserve development | |||
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | 0 | 0 | (25) |
Change in workers compensation discount, including accretion [Member] | |||
Prior accident years reserve development | |||
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | 29 | 30 | 30 |
Catastrophes [Member] | |||
Prior accident years reserve development | |||
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | (18) | (45) | (63) |
Other reserve re-estimates [Member] | |||
Prior accident years reserve development | |||
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | $ 20 | $ 19 | $ 9 |
Reserves for Future Policy Be95
Reserves for Future Policy Benefits and Unpaid Losses and Loss Adjustment Expenses Level 4 Life Liabilities for Unpaid Losses and Loss Adjustment Expenses (Details) - Group Insurance Policies [Member] - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Liability for Claims and Claims Adjustment Expense | $ 5,965 | $ 6,084 | $ 6,308 | $ 6,547 |
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 285 | 271 | 267 | 252 |
Beginning liabilities for unpaid losses and loss adjustment expenses, net | 5,680 | 5,813 | 6,041 | $ 6,295 |
Current Year Claims and Claims Adjustment Expense | 2,371 | 2,370 | 2,534 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | 64 | (11) | (17) | |
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | 2,435 | 2,359 | 2,517 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Current Year | 1,214 | 1,161 | 1,207 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Prior Years | 1,354 | 1,426 | 1,564 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid | $ 2,568 | $ 2,587 | $ 2,771 |
Reserves for Future Policy Be96
Reserves for Future Policy Benefits and Unpaid Losses and Loss Adjustment Expenses Level 4 Liability for Future Policy Benefits and Unpaid Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Liability for future policy benefits and unpaid losses and loss adjustment expenses | ||
Future policy benefits | $ 13,351 | $ 13,180 |
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense | 41,572 | 41,444 |
group life term, disability and accident [Member] | ||
Liability for future policy benefits and unpaid losses and loss adjustment expenses | ||
Group life term, disability and accident unpaid losses and loss adjustment expenses | 5,965 | 6,084 |
group life other [Member] | ||
Liability for future policy benefits and unpaid losses and loss adjustment expenses | ||
Group life other unpaid losses and loss adjustment expenses | 174 | 203 |
Individual Life [Member] | ||
Liability for future policy benefits and unpaid losses and loss adjustment expenses | ||
Group life other unpaid losses and loss adjustment expenses | 257 | 171 |
Group, life and future policy benefits [Member] | ||
Liability for future policy benefits and unpaid losses and loss adjustment expenses | ||
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense | $ 19,747 | $ 19,638 |
Commitments and Contingencies97
Commitments and Contingencies Level 4 (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Loss Contingencies [Line Items] | ||||
Minimum Percentage of Premiums Written Per Year to be Considered for Assessment Under Guaranty Fund | $ 0.01 | |||
Leases [Abstract] | ||||
Operating Leases, Rent Expense | 60,000,000 | $ 62,000,000 | $ 79,000,000 | |
Operating Leases, Income Statement, Sublease Revenue | 3,000,000 | 4,000,000 | $ 8,000,000 | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 39,000,000 | |||
Operating Leases, Future Minimum Payments, Due in Two Years | 33,000,000 | |||
Operating Leases, Future Minimum Payments, Due in Three Years | 27,000,000 | |||
Operating Leases, Future Minimum Payments, Due in Four Years | 19,000,000 | |||
Operating Leases, Future Minimum Payments, Due in Five Years | 12,000,000 | |||
Operating Leases, Future Minimum Payments, Due Thereafter | 13,000,000 | |||
Operating Leases, Future Minimum Payments Due | [1] | 143,000,000 | ||
Operating Leases, Future Minimum Payments Receivable, Current | 3,000,000 | |||
Operating Leases, Future Minimum Payments Receivable, in Two Years | 2,000,000 | |||
Operating Leases, Future Minimum Payments Receivable, in Three Years | 2,000,000 | |||
Operating Leases, Future Minimum Payments Receivable, in Four Years | 2,000,000 | |||
Operating Leases, Future Minimum Payments Receivable, in Five Years | 2,000,000 | |||
Operating Leases, Future Minimum Payments Receivable, Thereafter | 0 | |||
Unfunded Commitments [Abstract] | ||||
Unfunded Commitments | 1,000,000,000 | |||
Commitments to Fund Limited Partnership and Other Alternative Investments | 748,000,000 | |||
Commitment to fund Private placement securities | 236,000,000 | |||
Commitments to Fund Mortgage Loans | 31,000,000 | |||
Derivative Liability [Abstract] | ||||
Derivative, Net Liability Position, Aggregate Fair Value | 1,300,000,000 | |||
Collateral Already Posted, Aggregate Fair Value | 1,500,000,000 | |||
Maximum Percentage of Premiums Written Per Year to be Considered for Assessment Under Guaranty Fund | 0.02 | |||
Guaranty Liabilities | 138,000,000 | 131,000,000 | ||
Net Asbestos Reserves [Member] | ||||
Loss Contingencies [Line Items] | ||||
Liability for Asbestos and Environmental Claims, Net | 1,700,000,000 | |||
Net Environmental Reserves [Member] | ||||
Loss Contingencies [Line Items] | ||||
Liability for Asbestos and Environmental Claims, Net | 256,000,000 | 247,000,000 | ||
GMWB Product Derivatives [Member] | ||||
Derivative Liability [Abstract] | ||||
Collateral Already Posted, Aggregate Fair Value | 34,000,000 | |||
Other Assets [Member] | ||||
Derivative Liability [Abstract] | ||||
Loss Contingency Accrual, Insurance-related Assessment, Premium Tax Offset | $ 44,000,000 | $ 42,000,000 | ||
[1] | Excludes expected future minimum sublease income of approximately $3, $2, $2, $2, $2 and $0 in 2016, 2017, 2018, 2019, 2020 and thereafter respectively. |
Income Taxes Level 4 Income (lo
Income Taxes Level 4 Income (loss) Continuing Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Income (loss) from continuing operations before income taxes, domestic | $ 2,017 | $ 1,736 | $ 1,473 |
Income (loss) from continuing operations before income taxes, foreign | (39) | (37) | (2) |
Current - U.S. Federal income tax expense (benefit) | (55) | (62) | 219 |
Current - International income tax expense (benefit) | 3 | 2 | 0 |
Total current income tax expense (benefit) | (52) | (60) | 219 |
Deferred - U.S. Federal income tax expense (benefit) excluding NOL carryforward | 357 | 410 | 27 |
Income Tax Expense (Benefit) | $ 305 | $ 350 | $ 246 |
Income Taxes Level 4 Deferred t
Income Taxes Level 4 Deferred tax assets (liabilities) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Contingency [Line Items] | ||
Valuation Allowance, Commentary | The Company has recorded a deferred tax asset valuation allowance that is adequate to reduce the total deferred tax asset to an amount that will more likely than not be realized. In assessing the need for a valuation allowance, management considered future taxable temporary difference reversals, future taxable income exclusive of reversing temporary differences and carryovers, taxable income in open carry back years and other tax planning strategies. From time to time, tax planning strategies could include holding a portion of debt securities with market value losses until recovery, altering the level of tax exempt securities held, making investments which have specific tax characteristics, and business considerations such as asset-liability matching. Management views such tax planning strategies as prudent and feasible and would implement them, if necessary, to realize the deferred tax assets. | |
Deferred Tax Assets, Net of Valuation Allowance [Abstract] | ||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Loss Reserves | $ 524 | $ 573 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | 162 | 163 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Unearned Premiums Reserve | 377 | 456 |
Deferred Tax Assets, Investments | 831 | 1,020 |
Deferred Tax Assets, Derivative Instruments | 90 | 44 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits | 655 | 677 |
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | 639 | 652 |
Deferred Tax Assets, Operating Loss Carryforwards | 1,831 | 1,936 |
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 154 | 178 |
Deferred Tax Assets, Tax Credit Carryforwards | 178 | |
Deferred Tax Assets, Capital Loss Carryforwards | 78 | 172 |
Deferred Tax Assets, Gross | 5,341 | 5,871 |
Deferred Tax Assets, Valuation Allowance | (79) | (181) |
Deferred Tax Assets, Net of Valuation Allowance | 5,262 | 5,690 |
Tax Credit Carryforward, Valuation Allowance | 1 | 9 |
Deferred Tax Assets, Tax Credit Carryforwards, Research | 8 | |
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 8 | |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 1,928 | |
Components of Deferred Tax Liabilities [Abstract] | ||
Deferred Tax Liabilities, Deferred Expense, Deferred Policy Acquisition Cost | (943) | (1,040) |
Tax Basis of Investments, Unrealized Appreciation (Depreciation), Net | (842) | (1,489) |
Deferred Tax Liabilities, Deferred Expense | 229 | 217 |
Deferred Tax Liabilities, Other | (42) | (47) |
Deferred Tax Liabilities, Gross | 2,056 | 2,793 |
Operating Loss Carryforwards, Valuation Allowance | 78 | 172 |
Deferred Tax Assets, Net | 3,206 | 2,897 |
Domestic Tax Authority [Member] | ||
Deferred Tax Assets, Net of Valuation Allowance [Abstract] | ||
Deferred Tax Assets, Operating Loss Carryforwards | 1,814 | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 5,182 | |
Operating Loss Carryforwards | 5,508 | |
Foreign Tax Authority [Member] | ||
Deferred Tax Assets, Net of Valuation Allowance [Abstract] | ||
Deferred Tax Assets, Operating Loss Carryforwards | 17 | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 89 | |
Operating Loss Carryforwards | 39 | |
Before Tax [Member] | ||
Deferred Tax Assets, Net of Valuation Allowance [Abstract] | ||
Deferred Tax Assets, Tax Credit Carryforwards | 154 | |
Deferred Tax Assets, Capital Loss Carryforwards | $ 222 | $ 491 |
Earliest Tax Year [Member] | ||
Deferred Tax Assets, Net of Valuation Allowance [Abstract] | ||
Tax Credit Carryforward, Expiration Date | Dec. 31, 2019 | |
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2016 | |
Expiring within Tax Years 2016 to 2017 [Member] | ||
Deferred Tax Assets, Net of Valuation Allowance [Abstract] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 4 | |
Latest Tax Year [Member] | ||
Deferred Tax Assets, Net of Valuation Allowance [Abstract] | ||
Tax Credit Carryforward, Expiration Date | Dec. 31, 2024 | |
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2033 | |
Expiring within Tax Years 2018 to 2024 [Member] | ||
Deferred Tax Assets, Net of Valuation Allowance [Abstract] | ||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | $ 154 | |
Expiring within Tax Years 2023 to 2033 [Member] | ||
Deferred Tax Assets, Net of Valuation Allowance [Abstract] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 5,178 | |
Expiring Tax Year 2019 [Member] | ||
Deferred Tax Assets, Net of Valuation Allowance [Abstract] | ||
Deferred Tax Assets, Capital Loss Carryforwards | 222 | |
No expiration tax year [Member] | ||
Deferred Tax Assets, Net of Valuation Allowance [Abstract] | ||
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | 639 | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 89 |
Income Taxes Level 4 Current an
Income Taxes Level 4 Current and Deferred Income Taxes (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Contingency [Line Items] | ||
Income Taxes Receivable | $ 5 | |
Deferred Tax Assets, Operating Loss Carryforwards | $ 1,831 | 1,936 |
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 8 | |
Operating Loss Carryforwards, Valuation Allowance | 78 | 172 |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 1,928 | |
Domestic Tax Authority [Member] | ||
Income Tax Contingency [Line Items] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 5,182 | |
Deferred Tax Assets, Operating Loss Carryforwards | 1,814 | |
Operating Loss Carryforwards | 5,508 | |
Foreign Tax Authority [Member] | ||
Income Tax Contingency [Line Items] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 89 | |
Deferred Tax Assets, Operating Loss Carryforwards | $ 17 | |
Operating Loss Carryforwards | $ 39 |
Income Taxes Level 4 Unrecogniz
Income Taxes Level 4 Unrecognized tax benefit (expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Contingency [Line Items] | |||||
Unrecognized Tax Benefits | $ 12 | $ 48 | $ 48 | ||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | $ 12 | 12 | |||
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | $ (48) | $ (48) |
Income Taxes Level 4 Effective
Income Taxes Level 4 Effective Income Tax Rate Reconciliation (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Contingency [Line Items] | ||||||
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, Period Increase (Decrease) | $ 36,000,000 | |||||
Income Tax Examination, Interest Expense | 0 | $ 0 | $ 5,000,000 | |||
Interest Payable | $ 0 | 0 | 1,000,000 | |||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | 692,000,000 | 595,000,000 | 515,000,000 | |||
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Amount | 132,000,000 | 138,000,000 | 138,000,000 | |||
Effective Income Tax Rate Reconciliation, Deduction, Dividends, Amount | 156,000,000 | 114,000,000 | 139,000,000 | |||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | (102,000,000) | 5,000,000 | (2,000,000) | |||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 3,000,000 | 2,000,000 | 10,000,000 | |||
Income Tax Expense (Benefit) | 305,000,000 | 350,000,000 | 246,000,000 | |||
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | $ 48,000,000 | 48,000,000 | ||||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | $ 12,000,000 | 12,000,000 | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 60,000,000 | 94,000,000 | ||||
Unrecognized Tax Benefits | $ 12,000,000 | $ 12,000,000 | 48,000,000 | 48,000,000 | ||
Valuation Allowance of Deferred Tax Assets [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ 5,000,000 | $ (2,000,000) |
Debt Level 4 (Details)
Debt Level 4 (Details) - USD ($) | 12 Months Ended | 240 Months Ended | 600 Months Ended | ||||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 15, 2042 | Jun. 15, 2068 | Nov. 02, 2015 | May. 27, 2015 | Mar. 30, 2015 | Jun. 30, 2012 | |
Short-term Debt [Abstract] | |||||||||
Long-term Line of Credit | $ 0 | $ 0 | |||||||
Notes Payable | 5,359,000,000 | 6,109,000,000 | |||||||
Long-term Debt, Excluding Current Maturities | 5,084,000,000 | 5,653,000,000 | |||||||
Current maturity adjustment to long-term debt | (275,000,000) | (456,000,000) | |||||||
Debt, Long-term and Short-term, Combined Amount | 5,359,000,000 | 6,109,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | |||||||||
Interest Expense | 357,000,000 | 376,000,000 | $ 397,000,000 | ||||||
Financial Instruments Owned and Pledged as Collateral, Amount Eligible to be Repledged by Counterparty | 1,200,000,000 | ||||||||
Maximum Aggregate Principal Amount of Junior Subordinated Notes | 500,000,000 | ||||||||
Loss on extinguishment of debt | (21,000,000) | 0 | $ (213,000,000) | ||||||
Long-term Federal Home Loan Bank Advances | 0 | ||||||||
Line of Credit Facility [Abstract] | |||||||||
Commercial Paper | 1,000,000,000 | ||||||||
Maturities of Long-term Debt [Abstract] | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 275,000,000 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 416,000,000 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 320,000,000 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 413,000,000 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 500,000,000 | ||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 3,525,000,000 | ||||||||
Commercial Paper, Outstanding | 0 | ||||||||
Debt Instrument, Repurchased Face Amount | $ 0 | ||||||||
Debt Instrument, Repurchase Amount | $ 0 | $ 0 | $ 0 | ||||||
Five Year Revolving Credit Facility [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,000,000,000 | ||||||||
Borrowings [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Line of Credit Facility, Maximum Amount Outstanding During Period | 0 | ||||||||
Senior Note Five Point Five Percent Due in Two Thousand Sixteen [Member] | |||||||||
Short-term Debt [Abstract] | |||||||||
Senior Notes | 275,000,000 | ||||||||
Senior Note Seven Point Three Percent Due in Two Thousand Fifteen [Member] | |||||||||
Short-term Debt [Abstract] | |||||||||
Senior Notes | $ 0 | ||||||||
Revolving Credit Facility [Member] | Four Year Revolving Credit Facility [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Line of Credit, Term of Credit Facility | 4 years | ||||||||
Revolving Credit Facility [Member] | Five Year Revolving Credit Facility [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Line of Credit, Term of Credit Facility | 5 years | ||||||||
Senior Note Four Point Zero Percent Due in Two Thousand Fifteen [Member] | |||||||||
Short-term Debt [Abstract] | |||||||||
Senior Notes | $ 0 | ||||||||
Senior Note Four Point Zero Percent Due in Two Thousand Fifteen [Member] | |||||||||
Short-term Debt [Abstract] | |||||||||
Senior Notes | 289,000,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | ||||||||
Senior Note Seven Point Three Percent Due in Two Thousand Fifteen [Member] | |||||||||
Short-term Debt [Abstract] | |||||||||
Senior Notes | 167,000,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.30% | ||||||||
Senior Note Five Point Five Percent Due in Two Thousand Sixteen [Member] | |||||||||
Short-term Debt [Abstract] | |||||||||
Senior Notes | 275,000,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | ||||||||
Senior Note 5.375% Due 2017 [Member] | |||||||||
Short-term Debt [Abstract] | |||||||||
Senior Notes | $ 416,000,000 | 415,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | ||||||||
Senior Note 4.0% Due 2017 [Member] | |||||||||
Short-term Debt [Abstract] | |||||||||
Senior Notes | $ 0 | 295,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | ||||||||
Senior Note 6.3% Due 2018 [Member] | |||||||||
Short-term Debt [Abstract] | |||||||||
Senior Notes | $ 320,000,000 | 320,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.30% | ||||||||
Senior Note 6.0% Due 2019 [Member] | |||||||||
Short-term Debt [Abstract] | |||||||||
Senior Notes | $ 413,000,000 | 413,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||||||||
Senior Note 5.5% Due 2020 [Member] | |||||||||
Short-term Debt [Abstract] | |||||||||
Senior Notes | $ 499,000,000 | 499,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | ||||||||
Senior Note 5.125% Due 2022 [Member] | |||||||||
Short-term Debt [Abstract] | |||||||||
Senior Notes | $ 797,000,000 | 797,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.125% | ||||||||
Senior Note 7.65% Due 2027 [Member] | |||||||||
Short-term Debt [Abstract] | |||||||||
Senior Notes | $ 80,000,000 | 80,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.65% | ||||||||
Senior Note 7.375% Due 2031 [Member] | |||||||||
Short-term Debt [Abstract] | |||||||||
Senior Notes | $ 63,000,000 | 63,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.375% | ||||||||
Senior Note 5.95% Due 2036 [Member] | |||||||||
Short-term Debt [Abstract] | |||||||||
Senior Notes | $ 299,000,000 | 299,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.95% | ||||||||
Senior Note 6.625% Due 2040 [Member] | |||||||||
Short-term Debt [Abstract] | |||||||||
Senior Notes | $ 295,000,000 | 295,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.625% | ||||||||
Senior Note 6.1% Due 2041 [Member] | |||||||||
Short-term Debt [Abstract] | |||||||||
Senior Notes | $ 326,000,000 | 326,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.10% | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 7.90% | ||||||||
Senior Note 6.625% Due 2042 [Member] | |||||||||
Short-term Debt [Abstract] | |||||||||
Senior Notes | $ 178,000,000 | 178,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.625% | ||||||||
Senior Note 4.3% Due in 2043 [Member] | |||||||||
Short-term Debt [Abstract] | |||||||||
Senior Notes | $ 298,000,000 | 298,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.30% | ||||||||
7.875% Notes, due 2042 [Member] | |||||||||
Short-term Debt [Abstract] | |||||||||
Junior Subordinated Notes | $ 600,000,000 | 600,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.875% | ||||||||
8.125% Notes, due 2068 [Member] | |||||||||
Short-term Debt [Abstract] | |||||||||
Junior Subordinated Notes | $ 500,000,000 | $ 500,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.125% | ||||||||
Fair Value, Estimate Not Practicable, Maturity Date [Member] | |||||||||
Short-term Debt [Abstract] | |||||||||
Senior Notes | $ 0.061 | ||||||||
Scenario, Forecast [Member] | 7.875% Notes, due 2042 [Member] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | |||||||||
Debt Instrument, Interest Rate Terms | 3 Month LIBOR + 5.596% | ||||||||
Scenario, Forecast [Member] | 8.125% Notes, due 2068 [Member] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | |||||||||
Debt Instrument, Interest Rate Terms | 3 Month LIBOR + 4.6025% |
Equity Level 4 Preferred Stock
Equity Level 4 Preferred Stock & SE Warrants (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Mar. 23, 2010 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
Class of Stock [Line Items] | |||||
Depository shares, issued | 23 | ||||
Interest in mandatory convertible preferred stock series F represented by each depositary share | 1/40th | ||||
Sale of depository shares price per share | $ 25 | ||||
Net proceeds from issuance of depository shares | $ 556 | ||||
Exercise price of warrant | $ 9.264 | $ 9.388 | $ 9.504 | ||
Series F Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Cumulative dividend on mandatory convertible preferred stock | 7.25% | ||||
Preferred stock, liquidation preference per share | $ 1,000 | ||||
Convertible preferred stock shares, Series F, reserved for future issuance | 21.2 |
Equity Level 4 Capital Purchase
Equity Level 4 Capital Purchase Program (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Class of Stock [Line Items] | ||||
Class of Warrant or Right, Outstanding | 4.4 | 7.2 | ||
Payments for Repurchase of Warrants | $ 0 | $ 33 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 9.264 | $ 9.388 | $ 9.504 | |
Warrant [Member] | ||||
Class of Stock [Line Items] | ||||
Warrants Exercised | 18.1 | 2.8 | 25.2 | |
Stock Repurchased During Period, Shares | 1.6 | |||
Additional Paid-in Capital [Member] | ||||
Class of Stock [Line Items] | ||||
Payments for Repurchase of Warrants | $ 0 | $ 0 | $ 33 |
Equity Level 4 Equity Repurchas
Equity Level 4 Equity Repurchase Program (Details) - USD ($) shares in Millions, $ in Millions | 2 Months Ended | 12 Months Ended |
Feb. 24, 2016 | Dec. 31, 2015 | |
Class of Stock [Line Items] | ||
Stock Repurchase Program, Increase in Number of Shares Authorized to be Repurchased | $ 1,600 | |
Stock Repurchase Program, Authorized Amount | 4,375 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 1,300 | |
Subsequent Event [Member] | ||
Class of Stock [Line Items] | ||
Treasury Stock, Shares, Acquired | 5.3 | |
Treasury Stock, Value, Acquired, Cost Method | $ 211 |
Equity Level 4 Statutory Net In
Equity Level 4 Statutory Net Income (Loss) and Statutory Surplus (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statutory Accounting Practices [Line Items] | ||||
Payments of Ordinary Dividends, Common Stock | $ 316 | $ 282 | $ 202 | |
Statutory Net Income (Loss) | ||||
Statutory Net Income (Loss) | 2,025 | 1,643 | 3,361 | |
Statutory surplus | ||||
Statutory Capital and surplus | $ 15,154 | 15,226 | ||
Statutory Accounting Practices, Risk Based Capital Requirements Compliance Assertion | All of the Company's operating insurance subsidiaries had RBC ratios in excess of the minimum levels required by the applicable insurance regulations. On an aggregate basis, the Company's U.S. property and casualty insurance companies' RBC ratio was in excess of 200% of its Company Action Level as of December 31, 2015 and 2014. The RBC ratios for the Company's principal life insurance operating subsidiaries were all in excess of 400% of their Company Action Levels as of December 31, 2015 and 2014 | |||
Restrictions on Parent Company's Ability to Pay Dividends | no | |||
Amount of Restricted Net Assets for Consolidated and Unconsolidated Subsidiaries | $ 19,000 | |||
U.S. life insurance subsidiaries, includes domestic captive insurance subsidiaries | ||||
Statutory Net Income (Loss) | ||||
Statutory Net Income (Loss) | 539 | 415 | 2,144 | |
Statutory surplus | ||||
Statutory Capital and surplus | 6,591 | 7,157 | ||
Property and casualty insurance subsidiaries | ||||
Statutory Accounting Practices [Line Items] | ||||
Statutory Accounting Practices, Dividends Paid with Approval of Regulatory Agency | 900 | |||
Statutory Net Income (Loss) | ||||
Statutory Net Income (Loss) | 1,486 | 1,228 | $ 1,217 | |
Statutory surplus | ||||
Statutory Capital and surplus | 8,563 | $ 8,069 | ||
Property and casualty insurance subsidiaries | ||||
Statutory Accounting Practices [Line Items] | ||||
Statutory Accounting Practices, Dividends Paid with Approval of Regulatory Agency | $ 200 | |||
International Life Insurance Subsidiaries [Member] | ||||
Statutory surplus | ||||
Statutory Accounting Practices, Risk Based Capital Requirements Compliance Assertion | All of the Company's international insurance subsidiaries have solvency margins in excess of the minimum levels required by the applicable regulatory authorities. | |||
Scenario, Forecast [Member] | Property and casualty insurance subsidiaries | ||||
Statutory Accounting Practices [Line Items] | ||||
Statutory Accounting Practices, Dividends Paid with Approval of Regulatory Agency | $ 800 | |||
Statutory surplus | ||||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval | 1,600 | |||
Scenario, Forecast [Member] | Hartford Life and Accident Insurance Company [Member] | ||||
Statutory Accounting Practices [Line Items] | ||||
Payments of Ordinary Dividends, Common Stock | $ 240 |
Equity Level 4 Dividends from I
Equity Level 4 Dividends from Insurance Subsidiaries (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Class of Stock [Line Items] | ||||
Percent Available for Dividend Distribution without Prior Approval from Regulatory Agency | 10.00% | |||
Restrictions on Parent Company's Ability to Pay Dividends | no | |||
Payments of Ordinary Dividends, Common Stock | $ 316 | $ 282 | $ 202 | |
Restricted net assets | 19,000 | |||
Property and Casualty Insurance Subsidiaries [Member] | ||||
Class of Stock [Line Items] | ||||
Statutory Accounting Practices, Dividends Paid with Approval of Regulatory Agency | 900 | |||
Hartford Life Inc [Domain] | ||||
Class of Stock [Line Items] | ||||
Statutory Accounting Practices, Dividends Paid with Approval of Regulatory Agency | 1,100 | |||
Property and Casualty Insurance Subsidiaries [Member] | ||||
Class of Stock [Line Items] | ||||
Statutory Accounting Practices, Dividends Paid with Approval of Regulatory Agency | $ 200 | |||
Scenario, Forecast [Member] | Subsidiaries [Member] | ||||
Class of Stock [Line Items] | ||||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval | $ 165 | |||
Scenario, Forecast [Member] | Property and Casualty Insurance Subsidiaries [Member] | ||||
Class of Stock [Line Items] | ||||
Statutory Accounting Practices, Dividends Paid with Approval of Regulatory Agency | 800 | |||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval | 1,600 | |||
Scenario, Forecast [Member] | Hartford Life Insurance Company [Member] | ||||
Class of Stock [Line Items] | ||||
Statutory Accounting Practices, Dividends Paid with Approval of Regulatory Agency | 250 | |||
Scenario, Forecast [Member] | Hartford Life and Accident Insurance Company [Member] | ||||
Class of Stock [Line Items] | ||||
Payments of Ordinary Dividends, Common Stock | 240 | |||
Subsequent Event [Member] | Subsidiaries [Member] | ||||
Class of Stock [Line Items] | ||||
Statutory Accounting Practices, Dividends Paid with Approval of Regulatory Agency | $ 500 |
Accumulated Other Comprehens109
Accumulated Other Comprehensive Income, Net of Tax Level 4 (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (329,000,000) | $ 928,000,000 | $ (329,000,000) | $ 928,000,000 | $ (79,000,000) | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||
Balance at the end of period, Accumulated Other Comprehensive Income (Loss) | (329,000,000) | 928,000,000 | (329,000,000) | 928,000,000 | (79,000,000) | ||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (1,279,000,000) | 1,142,000,000 | (1,823,000,000) | ||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (22,000,000) | 135,000,000 | 1,099,000,000 | ||||||||||
Other Comprehensive Income (Loss), Net of Tax | (1,257,000,000) | 1,007,000,000 | (2,922,000,000) | ||||||||||
Balance at the beginning of period, Accumulated Other Comprehensive Income (Loss) | $ 928,000,000 | $ (79,000,000) | 928,000,000 | (79,000,000) | 2,843,000,000 | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||||
Net realized capital gains (losses), excluding net OTTI losses recognized in earnings | (54,000,000) | 75,000,000 | 296,000,000 | ||||||||||
Income Tax Expense (Benefit) | 305,000,000 | 350,000,000 | 246,000,000 | ||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | $ 9,000,000 | $ 0 | 0 | 37,000,000 | $ 0 | $ (617,000,000) | 29,000,000 | 9,000,000 | (551,000,000) | (1,049,000,000) | ||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,279,000,000 | 2,370,000,000 | 1,279,000,000 | 2,370,000,000 | 987,000,000 | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||
Balance at the end of period, Accumulated Other Comprehensive Income (Loss) | 2,370,000,000 | 2,370,000,000 | 987,000,000 | ||||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (1,112,000,000) | 1,474,000,000 | (1,416,000,000) | ||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (21,000,000) | 91,000,000 | 1,015,000,000 | ||||||||||
Other Comprehensive Income (Loss), Net of Tax | (1,091,000,000) | 1,383,000,000 | (2,431,000,000) | ||||||||||
Balance at the beginning of period, Accumulated Other Comprehensive Income (Loss) | 2,370,000,000 | 987,000,000 | 2,370,000,000 | 987,000,000 | 3,418,000,000 | ||||||||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Retirement Plans and Individual Life Businesses [Member] | |||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||||
Net realized capital gains (losses), excluding net OTTI losses recognized in earnings | 1,500,000,000 | 1,500,000,000 | |||||||||||
Accumulated Other-than-Temporary Impairment [Member] | |||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (7,000,000) | (5,000,000) | (7,000,000) | (5,000,000) | (12,000,000) | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||
Balance at the end of period, Accumulated Other Comprehensive Income (Loss) | (5,000,000) | (5,000,000) | (12,000,000) | ||||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (3,000,000) | 3,000,000 | 51,000,000 | ||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (1,000,000) | (4,000,000) | 16,000,000 | ||||||||||
Other Comprehensive Income (Loss), Net of Tax | (2,000,000) | 7,000,000 | 35,000,000 | ||||||||||
Balance at the beginning of period, Accumulated Other Comprehensive Income (Loss) | (5,000,000) | (12,000,000) | (5,000,000) | (12,000,000) | (47,000,000) | ||||||||
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 | 130,000,000 | 150,000,000 | 130,000,000 | 150,000,000 | 108,000,000 | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||
Balance at the end of period, Accumulated Other Comprehensive Income (Loss) | 150,000,000 | 150,000,000 | 108,000,000 | ||||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 18,000,000 | 89,000,000 | (195,000,000) | ||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 38,000,000 | 47,000,000 | 125,000,000 | ||||||||||
Other Comprehensive Income (Loss), Net of Tax | (20,000,000) | 42,000,000 | (320,000,000) | ||||||||||
Balance at the beginning of period, Accumulated Other Comprehensive Income (Loss) | 150,000,000 | 108,000,000 | 150,000,000 | 108,000,000 | 428,000,000 | ||||||||
Accumulated Translation Adjustment [Member] | |||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (55,000,000) | (8,000,000) | (55,000,000) | (8,000,000) | 91,000,000 | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||
Balance at the end of period, Accumulated Other Comprehensive Income (Loss) | (8,000,000) | (8,000,000) | 91,000,000 | ||||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (47,000,000) | 13,000,000 | (337,000,000) | ||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 112,000,000 | (22,000,000) | ||||||||||
Other Comprehensive Income (Loss), Net of Tax | (47,000,000) | (99,000,000) | (315,000,000) | ||||||||||
Balance at the beginning of period, Accumulated Other Comprehensive Income (Loss) | (8,000,000) | 91,000,000 | (8,000,000) | 91,000,000 | 406,000,000 | ||||||||
Accumulated Other Comprehensive Income (Loss) [Member] | |||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||
Balance at the end of period, Accumulated Other Comprehensive Income (Loss) | (329,000,000) | 928,000,000 | (329,000,000) | 928,000,000 | (79,000,000) | ||||||||
Other Comprehensive Income (Loss), Net of Tax | (1,257,000,000) | 1,007,000,000 | (2,922,000,000) | ||||||||||
Balance at the beginning of period, Accumulated Other Comprehensive Income (Loss) | 928,000,000 | (79,000,000) | 928,000,000 | (79,000,000) | 2,843,000,000 | ||||||||
Accumulated Defined Benefit Plans Adjustment [Member] | |||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (1,676,000,000) | (1,579,000,000) | (1,676,000,000) | (1,579,000,000) | (1,253,000,000) | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||
Balance at the end of period, Accumulated Other Comprehensive Income (Loss) | $ (1,579,000,000) | (1,579,000,000) | (1,253,000,000) | ||||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (135,000,000) | (437,000,000) | 74,000,000 | ||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (38,000,000) | (111,000,000) | (35,000,000) | ||||||||||
Other Comprehensive Income (Loss), Net of Tax | (97,000,000) | (326,000,000) | 109,000,000 | ||||||||||
Balance at the beginning of period, Accumulated Other Comprehensive Income (Loss) | $ (1,579,000,000) | $ (1,253,000,000) | (1,579,000,000) | (1,253,000,000) | (1,362,000,000) | ||||||||
Cash Flow Hedging [Member] | |||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 59,000,000 | 73,000,000 | 192,000,000 | ||||||||||
Cash Flow Hedging [Member] | Retirement Plans and Individual Life Businesses [Member] | |||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 71 | ||||||||||||
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 | 22,000,000 | ||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits [Member] | |||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (135,000,000) | (1,099,000,000) | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 21,000,000 | (91,000,000) | 1,015,000,000 | ||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||||
Net realized capital gains (losses), excluding net OTTI losses recognized in earnings | (32,000,000) | 217,000,000 | 1,515,000,000 | [1] | |||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (32,000,000) | 217,000,000 | 1,515,000,000 | ||||||||||
Income Tax Expense (Benefit) | (11,000,000) | 76,000,000 | 531,000,000 | ||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 50,000,000 | 31,000,000 | ||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | 0 | 172,000,000 | [2] | (34,000,000) | [2] | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Other-than-Temporary Impairment [Member] | |||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1,000,000 | 4,000,000 | 16,000,000 | ||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||||
Net realized capital gains (losses), excluding net OTTI losses recognized in earnings | (2,000,000) | (6,000,000) | 25,000,000 | ||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (2,000,000) | (6,000,000) | 25,000,000 | ||||||||||
Income Tax Expense (Benefit) | (1,000,000) | (2,000,000) | 9,000,000 | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Translation Adjustment [Member] | |||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 112,000,000 | (22,000,000) | ||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 0 | 172,000,000 | (34,000,000) | ||||||||||
Income Tax Expense (Benefit) | 0 | 60,000,000 | (12,000,000) | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits [Member] | |||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 38,000,000 | 111,000,000 | 35,000,000 | ||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (58,000,000) | (171,000,000) | (54,000,000) | ||||||||||
Income Tax Expense (Benefit) | (20,000,000) | (60,000,000) | (19,000,000) | ||||||||||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 7,000,000 | 7,000,000 | 7,000,000 | ||||||||||
Defined Benefit Plan, Actuarial Gain (Loss) | (65,000,000) | (50,000,000) | (61,000,000) | ||||||||||
Defined Benefit Plan, Settlements, Plan Assets | 0 | (128,000,000) | 0 | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Cash Flow Hedging [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (38,000,000) | (47,000,000) | (125,000,000) | ||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 59,000,000 | 73,000,000 | 192,000,000 | ||||||||||
Income Tax Expense (Benefit) | 21,000,000 | 26,000,000 | 67,000,000 | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest Rate Swap [Member] | Gain (Loss) on Investments [Member] | Cash Flow Hedging [Member] | |||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 4,000,000 | 91,000,000 | [3] | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest Rate Swap [Member] | Investment Income [Member] | Cash Flow Hedging [Member] | |||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 64,000,000 | 97,000,000 | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Currency Swap [Member] | Gain (Loss) on Investments [Member] | Cash Flow Hedging [Member] | |||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (9,000,000) | $ 4,000,000 | |||||||||||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Gain (Loss) on Investments [Member] | Cash Flow Hedging [Member] | |||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 4,000,000 | (1,000,000) | |||||||||||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Investment Income [Member] | Cash Flow Hedging [Member] | |||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 64,000,000 | ||||||||||||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Interest Income [Member] | Cash Flow Hedging [Member] | |||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 87,000,000 | ||||||||||||
Designated as Hedging Instrument [Member] | Currency Swap [Member] | Gain (Loss) on Investments [Member] | Cash Flow Hedging [Member] | |||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (9,000,000) | $ (13,000,000) | |||||||||||
[1] | The December 31, 2013 amount includes $1.5 billion of net unrealized gains on securities relating to the sales of the Retirement Plans and Individual Life businesses. | ||||||||||||
[2] | The December 31, 2014 amount relates to the sale of the HLIKK variable and fixed annuity business and the December 31, 2013 amount relates to the sale of the UK variable annuity business. | ||||||||||||
[3] | The December 31, 2013 amount includes $71 of net gains on cash flow hedging instruments relating to the sales of the Retirement Plans and Individual Life businesses. |
Employee Benefit Plans Level 4
Employee Benefit Plans Level 4 Assumptions (Details) - shares | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ||||
Pre-65 health care cost trend rate | 7.30% | 7.70% | 8.05% | |
Post-65 health care cost trend rate | 5.50% | 5.60% | 5.70% | |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5.00% | 5.00% | 5.00% | |
Year that the rate reaches the ultimate trend rate | 2,023 | 2,023 | 2,021 | |
Pension Benefits [Member] | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||||
Discount rate | 4.25% | 4.00% | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||||
Discount rate, net periodic benefit cost | 4.00% | 4.75% | 4.00% | |
Expected long-term rate of return on plan assets | 6.90% | 7.10% | 7.10% | |
Rate of increase in compensation levels | 0.00% | 0.00% | 3.75% | |
Other Postretirement Benefits [Member] | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||||
Discount rate | 4.00% | 3.75% | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||||
Discount rate, net periodic benefit cost | 3.75% | 4.25% | 3.50% | |
Expected long-term rate of return on plan assets | 6.90% | 7.10% | 7.10% | |
Scenario, Forecast [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||||
Expected long-term rate of return on plan assets | 6.70% | |||
Fixed Income Funds [Member] | ||||
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | ||||
Anticipated portion of fixed income securities in investment mix | 60.00% | |||
Equity Securities [Member] | ||||
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | ||||
Anticipated portion of fixed income securities in investment mix | 40.00% | |||
The Hartford 2010 Incentive Stock Plan (ISOP) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 12,086,260 |
Employee Benefit Plans Level111
Employee Benefit Plans Level 4 Obligations and Funded Status (Details) - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Contributions by Employer | $ 0 | ||
Trusts [Abstract] | |||
Assets held in rabbi trusts and designated for non qualified pension plans. | 127 | $ 129 | |
Fair value of pension plan assets under rabbi trust | 0 | 0 | |
Funded status of pension benefits including fair value of pension plan assets under rabbi trust | $ 1,177 | 0 | |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | |||
Expired, number of options | (53) | ||
Projected benefit obligation | $ 5,734 | 6,025 | |
Accumulated benefit obligation | 5,732 | 6,024 | |
Fair value of plan assets | 4,430 | 4,707 | |
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Benefit Obligation | 301 | 338 | $ 312 |
Defined Benefit Plan, Service Cost | 0 | 0 | 0 |
Defined Benefit Plan, Interest Cost | 12 | 14 | 11 |
Defined Benefit Plan, Contributions by Plan Participants | 25 | 26 | |
Defined Benefit Plan, Actuarial Gain (Loss) | 0 | (38) | |
Defined Benefit Plan, Settlements, Benefit Obligation | 0 | 0 | |
Defined Benefit Plan, Plan Amendments | 8 | 16 | |
Defined Benefit Plan Benefit Obligation Benefits Paid | 68 | 70 | |
Defined Benefit Plan, Gross Prescription Drug Subsidy Receipts Received | 2 | 2 | |
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | 0 | 0 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Funded Status of Plan | (139) | (142) | |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | 0 | 0 | |
Defined Benefit Plan, Settlements, Plan Assets | 0 | 0 | |
Defined Benefit Plan Expenses Paid | 0 | 0 | |
Defined Benefit Plan, Benefits Paid | (36) | (33) | |
Defined Benefit Plan, Contributions by Employer | 0 | 0 | |
Defined Benefit Plan, Actual Return on Plan Assets | 2 | 16 | |
Defined Benefit Plan, Fair Value of Plan Assets | 162 | 196 | 213 |
Increase (Decrease) in Other Operating Assets and Liabilities, Net [Abstract] | |||
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | 139 | 142 | |
Pension Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Benefit Obligation | 5,734 | 6,025 | 5,516 |
Defined Benefit Plan, Service Cost | 2 | 2 | 1 |
Defined Benefit Plan, Interest Cost | 235 | 258 | 238 |
Defined Benefit Plan, Contributions by Plan Participants | 0 | 0 | |
Defined Benefit Plan, Actuarial Gain (Loss) | (18) | 8 | |
Defined Benefit Plan, Settlements, Benefit Obligation | 0 | 319 | |
Defined Benefit Plan, Plan Amendments | 236 | 846 | |
Defined Benefit Plan Benefit Obligation Benefits Paid | 307 | 268 | |
Defined Benefit Plan, Gross Prescription Drug Subsidy Receipts Received | 0 | 0 | |
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | $ (3) | (2) | |
Mortality, Morbidity and Surrender Rate Assumption | 279 | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate Support, Methodology and Source Data | 567 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Funded Status of Plan | $ (1,304) | (1,318) | |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | (3) | (1) | |
Defined Benefit Plan, Settlements, Plan Assets | 0 | 319 | |
Defined Benefit Plan Expenses Paid | (21) | (24) | |
Defined Benefit Plan, Benefits Paid | (282) | (245) | |
Defined Benefit Plan, Contributions by Employer | 101 | 101 | |
Defined Benefit Plan, Actual Return on Plan Assets | (72) | 565 | |
Defined Benefit Plan, Fair Value of Plan Assets | 4,430 | 4,707 | $ 4,630 |
Increase (Decrease) in Other Operating Assets and Liabilities, Net [Abstract] | |||
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | $ 1,304 | 1,318 | |
Lump Sum Benefit Payment [Member] | Pension Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Settlements, Benefit Obligation | 274 | ||
Cash [Member] | Pension Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Settlements, Benefit Obligation | $ 45 |
Employee Benefit Plans Level112
Employee Benefit Plans Level 4 Net Periodic Benefits Cost and Other Recognized in the OCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Actuarial Gain (Loss), before Tax | $ 60 | $ 45 | |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Defined Benefit Plan, Service Cost | 2 | 2 | $ 1 |
Defined Benefit Plan, Interest Cost | 235 | 258 | 238 |
Defined Benefit Plan, Expected Return on Plan Assets | (311) | (325) | (315) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0 | 0 |
Defined Benefit Plan, Amortization of Gains (Losses) | 60 | 45 | 59 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | 128 | 0 | |
Defined Benefit Plan, Net Periodic Benefit Cost | (14) | 108 | (17) |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||
Other Comprehensive Income (Loss), Finalization of Pension and Other Postretirement Benefit Plan Valuation, before Tax | 0 | 128 | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | 0 | 0 | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | (185) | (622) | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | (125) | (449) | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | |||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 2,553 | 2,428 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | 0 | 0 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | (2,553) | (2,428) | |
Defined Benefit Plan, Future Amortization of Gain (Loss) | 55 | ||
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Actuarial Gain (Loss), before Tax | 5 | 5 | |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Defined Benefit Plan, Service Cost | 0 | 0 | 0 |
Defined Benefit Plan, Interest Cost | 12 | 14 | 11 |
Defined Benefit Plan, Expected Return on Plan Assets | (12) | (14) | (14) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (7) | (7) | (7) |
Defined Benefit Plan, Amortization of Gains (Losses) | 5 | 5 | 2 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost | (2) | (2) | $ (8) |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||
Other Comprehensive Income (Loss), Finalization of Pension and Other Postretirement Benefit Plan Valuation, before Tax | 0 | 0 | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | (7) | (7) | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | (3) | (51) | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | (5) | (53) | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | |||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 123 | 124 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | 91 | 97 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | (32) | $ (27) | |
Defined Benefit Plan, Future Amortization of Gain (Loss) | $ 5 |
Employee Benefit Plans Level113
Employee Benefit Plans Level 4 Defined Benefit Plan, Information about Plan Assets (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation | $ 5,734,000,000 | $ 6,025,000,000 | |||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation | 5,732,000,000 | 6,024,000,000 | |||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | 4,430,000,000 | 4,707,000,000 | |||
Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Defined Benefit Plan, Transfers Between Measurement Levels | (238,000,000) | ||||
Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 257,000,000 | $ 391,000,000 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 4,000,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 7,000,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 242,000,000 | ||||
Defined Benefit Plan Issuance | (17,000,000) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (193,000,000) | ||||
Defined Benefit Plan, Transfers Between Measurement Levels | 44,000,000 | ||||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Defined Benefit Plan, Transfers Between Measurement Levels | (5,000,000) | ||||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 34,000,000 | 12,000,000 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 12,000,000 | ||||
Defined Benefit Plan Issuance | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (5,000,000) | ||||
Defined Benefit Plan, Transfers Between Measurement Levels | 20,000,000 | ||||
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 28,000,000 | 2,000,000 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 7,000,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 3,000,000 | ||||
Defined Benefit Plan Issuance | (14,000,000) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (1,000,000) | ||||
Defined Benefit Plan, Transfers Between Measurement Levels | 17,000,000 | ||||
Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 5,000,000 | 4,000,000 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 1,000,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 2,000,000 | ||||
Defined Benefit Plan Issuance | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (2,000,000) | ||||
Mortgage Loans on Real Estate, Loan Category [Domain] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Defined Benefit Plan Issuance | 0 | ||||
Other Fixed Income [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Defined Benefit Plan, Transfers Between Measurement Levels | (9,000,000) | ||||
Other Fixed Income [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 9,000,000 | 12,000,000 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (5,000,000) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 6,000,000 | ||||
Defined Benefit Plan Issuance | (3,000,000) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (2,000,000) | ||||
Defined Benefit Plan, Transfers Between Measurement Levels | 7,000,000 | ||||
Hedge Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Defined Benefit Plan, Transfers Between Measurement Levels | (224,000,000) | ||||
Hedge Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 181,000,000 | 361,000,000 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 4,000,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 4,000,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 219,000,000 | ||||
Defined Benefit Plan Issuance | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (183,000,000) | ||||
Private Equity Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Defined Benefit Plan Issuance | 0 | ||||
Other Pension Plan [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Defined Benefit Plan, Transfers Between Measurement Levels | (1,000,000) | ||||
Other Pension Plan [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 2,000,000 | 3,000,000 | 0 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Realized Gain (Loss) | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 1,000,000 | 3,000,000 | |||
Defined Benefit Plan Issuance | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (1,000,000) | 0 | |||
Other Pension Plan [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 3,000,000 | 3,000,000 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 1,000,000 | 3,000,000 | |||
Defined Benefit Plan Issuance | (1,000,000) | ||||
Other Pension Plan [Member] | Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | 0 | ||
Defined Benefit Plan Issuance | 0 | ||||
Other Pension Plan [Member] | Other Fixed Income [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | 0 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Realized Gain (Loss) | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | |||
Defined Benefit Plan Issuance | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | 0 | |||
Other Pension Plan [Member] | Hedge Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Defined Benefit Plan, Transfers Between Measurement Levels | (1,000,000) | ||||
Other Pension Plan [Member] | Hedge Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 5,000,000 | 6,000,000 | 0 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Realized Gain (Loss) | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 2,000,000 | 6,000,000 | |||
Defined Benefit Plan Issuance | (1,000,000) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (1,000,000) | 0 | |||
Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | $ 0 | $ 0 | 0 | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Defined Benefit Plan Weighted Average Allocation Percentage of Asset Equity Securities | 20.00% | 21.00% | |||
Defined Benefit Plan Weighted Average Allocation Percentage of Asset Debt Securities | 66.00% | 62.00% | |||
Defined Benefit Plan Weighted Average Allocation Percentage of Asset Other | 14.00% | 17.00% | |||
Defined Benefit Plan Weighted Average Allocation Percentage of Assets | 100.00% | 100.00% | |||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | $ 4,470,000,000 | [1] | $ (4,727,000,000) | [2] | |
Investment Payables Net of Investment Receivables | 0 | 0 | |||
Interest Receivables | 0 | 0 | |||
Defined Benefit Plan, Settlements, Benefit Obligation | $ 0 | 319,000,000 | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate Support, Methodology and Source Data | 567 | ||||
Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | $ 821,000,000 | [1] | (1,041,000,000) | [2] | |
Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Defined Benefit Plan, Transfers Between Measurement Levels | (128,000,000) | ||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 3,468,000,000 | [1] | (3,429,000,000) | [2] | |
Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 181,000,000 | 257,000,000 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (1,000,000) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 103,000,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (38,000,000) | ||||
Defined Benefit Plan, Transfers Between Measurement Levels | 5,000,000 | ||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 181,000,000 | [1] | (257,000,000) | [2] | |
Pension Plan [Member] | Short-term Investments [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (281,000,000) | (308,000,000) | |||
Pension Plan [Member] | Short-term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (7,000,000) | (56,000,000) | |||
Pension Plan [Member] | Short-term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (274,000,000) | (252,000,000) | |||
Pension Plan [Member] | Short-term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | $ 0 | 0 | |||
Pension Plan [Member] | Equity Securities [Member] | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 5.00% | ||||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 20.00% | ||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | $ (385,000,000) | (438,000,000) | |||
Pension Plan [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (298,000,000) | (435,000,000) | |||
Pension Plan [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (87,000,000) | (3,000,000) | |||
Pension Plan [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | $ 0 | 0 | |||
Pension Plan [Member] | Fixed Income Funds [Member] | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 50.00% | ||||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 70.00% | ||||
Pension Plan [Member] | Alternative Assets [Member] | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 10.00% | ||||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 45.00% | ||||
Pension Plan [Member] | Corporate Debt Securities [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | $ (941,000,000) | (953,000,000) | |||
Pension Plan [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 0 | 0 | |||
Pension Plan [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Defined Benefit Plan, Transfers Between Measurement Levels | (14,000,000) | ||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (922,000,000) | (919,000,000) | |||
Pension Plan [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 19,000,000 | 34,000,000 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (2,000,000) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 12,000,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (11,000,000) | ||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (19,000,000) | (34,000,000) | |||
Pension Plan [Member] | Residential Mortgage Backed Securities [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (266,000,000) | (209,000,000) | |||
Pension Plan [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 0 | 0 | |||
Pension Plan [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Defined Benefit Plan, Transfers Between Measurement Levels | (6,000,000) | ||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (242,000,000) | (181,000,000) | |||
Pension Plan [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 24,000,000 | 28,000,000 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 14,000,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (2,000,000) | ||||
Defined Benefit Plan, Transfers Between Measurement Levels | 4,000,000 | ||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (24,000,000) | (28,000,000) | |||
Pension Plan [Member] | US Treasury Securities [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (1,048,000,000) | (1,227,000,000) | |||
Pension Plan [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (16,000,000) | (24,000,000) | |||
Pension Plan [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (1,029,000,000) | (1,198,000,000) | |||
Pension Plan [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (3,000,000) | (5,000,000) | |||
Pension Plan [Member] | Foreign Government Debt Securities [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (54,000,000) | (70,000,000) | |||
Pension Plan [Member] | Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 0 | 0 | |||
Pension Plan [Member] | Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (49,000,000) | (65,000,000) | |||
Pension Plan [Member] | Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 5,000,000 | 5,000,000 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (1,000,000) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 1,000,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | ||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (5,000,000) | (5,000,000) | |||
Pension Plan [Member] | Mortgage Loans on Real Estate, Loan Category [Domain] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 54,000,000 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 54,000,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | ||||
Pension Plan [Member] | Commercial Mortgage Backed Securities [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (183,000,000) | (156,000,000) | |||
Pension Plan [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 0 | 0 | |||
Pension Plan [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (183,000,000) | (156,000,000) | |||
Pension Plan [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 0 | 0 | |||
Pension Plan [Member] | Other Fixed Income [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (106,000,000) | [3] | (97,000,000) | [4] | |
Pension Plan [Member] | Other Fixed Income [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 0 | [3] | 0 | [4] | |
Pension Plan [Member] | Other Fixed Income [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Defined Benefit Plan, Transfers Between Measurement Levels | (3,000,000) | ||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (105,000,000) | [3] | (93,000,000) | [4] | |
Pension Plan [Member] | Other Fixed Income [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 5,000,000 | 9,000,000 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (1,000,000) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 3,000,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (1,000,000) | ||||
Defined Benefit Plan, Transfers Between Measurement Levels | 1,000,000 | ||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (1,000,000) | [3] | (4,000,000) | [4] | |
Pension Plan [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (54,000,000) | ||||
Pension Plan [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 0 | ||||
Pension Plan [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 0 | ||||
Pension Plan [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (54,000,000) | ||||
Pension Plan [Member] | Hedge Funds [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 620,000,000 | (743,000,000) | |||
Pension Plan [Member] | Hedge Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 0 | 0 | |||
Pension Plan [Member] | Hedge Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Defined Benefit Plan, Transfers Between Measurement Levels | (105,000,000) | ||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 566,000,000 | (562,000,000) | |||
Pension Plan [Member] | Hedge Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 54,000,000 | 181,000,000 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 2,000,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (24,000,000) | ||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 54,000,000 | (181,000,000) | |||
Pension Plan [Member] | Private Equity Funds [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 20,000,000 | ||||
Pension Plan [Member] | Private Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 0 | ||||
Pension Plan [Member] | Private Equity Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 0 | ||||
Pension Plan [Member] | Private Equity Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Transfers, Net [Abstract] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 20,000,000 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 3,000,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 17,000,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | ||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 20,000,000 | ||||
Other Postretirement Benefit Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | $ (7,000,000) | $ (7,000,000) | $ (7,000,000) | ||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Defined Benefit Plan Weighted Average Allocation Percentage of Asset Equity Securities | 25.00% | 25.00% | |||
Defined Benefit Plan Weighted Average Allocation Percentage of Asset Debt Securities | 75.00% | 75.00% | |||
Defined Benefit Plan Weighted Average Allocation Percentage of Asset Other | 0.00% | 0.00% | |||
Defined Benefit Plan Weighted Average Allocation Percentage of Assets | 100.00% | 100.00% | |||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | $ (171,000,000) | [5] | $ (200,000,000) | [6] | |
Investment Payables Net of Investment Receivables | 10,000,000 | 5 | |||
Interest Receivables | 1,000,000 | 1 | |||
Defined Benefit Plan, Settlements, Benefit Obligation | 0 | 0 | |||
Other Postretirement Benefit Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (41,000,000) | [5] | (58,000,000) | [6] | |
Other Postretirement Benefit Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (125,000,000) | (136,000,000) | |||
Other Postretirement Benefit Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (5,000,000) | [5] | (6,000,000) | [6] | |
Other Postretirement Benefit Plan [Member] | Short-term Investments [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (16,000,000) | (13,000,000) | |||
Other Postretirement Benefit Plan [Member] | Short-term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (8,000,000) | ||||
Other Postretirement Benefit Plan [Member] | Short-term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | $ (16,000,000) | (5,000,000) | |||
Other Postretirement Benefit Plan [Member] | Equity Securities [Member] | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 15.00% | ||||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 45.00% | ||||
Other Postretirement Benefit Plan [Member] | Equity Securities [Member] | Large Capitalization [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | $ (41,000,000) | (49,000,000) | |||
Other Postretirement Benefit Plan [Member] | Equity Securities [Member] | Large Capitalization [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (41,000,000) | (49,000,000) | |||
Other Postretirement Benefit Plan [Member] | Equity Securities [Member] | Large Capitalization [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | $ 0 | 0 | |||
Other Postretirement Benefit Plan [Member] | Fixed Income Funds [Member] | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 55.00% | ||||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 85.00% | ||||
Other Postretirement Benefit Plan [Member] | Alternative Assets [Member] | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 0.00% | ||||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 0.00% | ||||
Other Postretirement Benefit Plan [Member] | Corporate Debt Securities [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | $ (38,000,000) | (44,000,000) | |||
Other Postretirement Benefit Plan [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (36,000,000) | (41,000,000) | |||
Other Postretirement Benefit Plan [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (2,000,000) | (3,000,000) | |||
Other Postretirement Benefit Plan [Member] | Residential Mortgage Backed Securities [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (30,000,000) | (25,000,000) | |||
Other Postretirement Benefit Plan [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (27,000,000) | (22,000,000) | |||
Other Postretirement Benefit Plan [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (3,000,000) | (3,000,000) | |||
Other Postretirement Benefit Plan [Member] | US Treasury Securities [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (23,000,000) | (45,000,000) | |||
Other Postretirement Benefit Plan [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (1,000,000) | ||||
Other Postretirement Benefit Plan [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (23,000,000) | (44,000,000) | |||
Other Postretirement Benefit Plan [Member] | Foreign Government Debt Securities [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (2,000,000) | (2,000,000) | |||
Other Postretirement Benefit Plan [Member] | Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (2,000,000) | (2,000,000) | |||
Other Postretirement Benefit Plan [Member] | Commercial Mortgage Backed Securities [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (14,000,000) | (15,000,000) | |||
Other Postretirement Benefit Plan [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (14,000,000) | (15,000,000) | |||
Other Postretirement Benefit Plan [Member] | Other Fixed Income [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (7,000,000) | (7,000,000) | |||
Other Postretirement Benefit Plan [Member] | Other Fixed Income [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (7,000,000) | (7,000,000) | |||
UNITED STATES | Pension Plan [Member] | Equity Securities [Member] | Large Capitalization [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (512,000,000) | (526,000,000) | |||
UNITED STATES | Pension Plan [Member] | Equity Securities [Member] | Large Capitalization [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (500,000,000) | (526,000,000) | |||
UNITED STATES | Pension Plan [Member] | Equity Securities [Member] | Large Capitalization [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (11,000,000) | 0 | |||
UNITED STATES | Pension Plan [Member] | Equity Securities [Member] | Large Capitalization [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | (1,000,000) | 0 | |||
UNITED STATES | Pension Plan [Member] | Equity Securities [Member] | Mid Capitalization [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 0 | ||||
UNITED STATES | Pension Plan [Member] | Equity Securities [Member] | Mid Capitalization [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 0 | ||||
UNITED STATES | Pension Plan [Member] | Equity Securities [Member] | Mid Capitalization [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 0 | ||||
UNITED STATES | Pension Plan [Member] | Equity Securities [Member] | Mid Capitalization [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 0 | ||||
UNITED STATES | Pension Plan [Member] | Equity Securities [Member] | Small Capitalization [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 0 | ||||
UNITED STATES | Pension Plan [Member] | Equity Securities [Member] | Small Capitalization [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 0 | ||||
UNITED STATES | Pension Plan [Member] | Equity Securities [Member] | Small Capitalization [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | 0 | ||||
UNITED STATES | Pension Plan [Member] | Equity Securities [Member] | Small Capitalization [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques and Inputs [Abstract] | |||||
Defined Benefit Plan Fair Value Of Plan Assets Net Of Certain Items Not Carried At Fair Value | $ 0 | ||||
Hartford Life Insurance Company [Member] | Separate Accounts [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Assets for Plan Benefits | $ 4,600,000,000 | ||||
[1] | Excludes approximately $67 of investment payables net of investment receivables that are excluded from this disclosure requirement because they are trade receivables in the ordinary course of business where the carrying amount approximates fair value. Also excludes approximately $27 of interest receivable. | ||||
[2] | Excludes approximately $42 of investment payables net of investment receivables that are excluded from this disclosure requirement because they are trade receivables in the ordinary course of business where the carrying amount approximates fair value. Also excludes approximately $22 of interest receivable. | ||||
[3] | Includes ABS, municipal bonds, and foreign bonds. | ||||
[4] | Includes ABS and municipal bonds. | ||||
[5] | Excludes approximately $10 of investment payables net of investment receivables that are excluded from this disclosure requirement because they are trade receivables in the ordinary course of business where the carrying amount approximates fair value. Also excludes approximately $1 of interest receivable. | ||||
[6] | Excludes approximately $5 of investment payables net of investment receivables that are not carried at fair value and approximately $1 of interest receivable carried at fair value. |
Employee Benefit Plans Level114
Employee Benefit Plans Level 4 Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Contributions by Employer | $ 0 | |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Contributions by Employer | 101 | $ 101 |
Other Postretirement Benefit Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Contributions by Employer | 0 | 0 |
UNITED STATES | Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Contributions by Employer | 101 | 101 |
UNITED STATES | Other Postretirement Benefit Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Contributions by Employer | $ 0 | $ 0 |
Employee Benefit Plans Level115
Employee Benefit Plans Level 4 Benefit Payments (Details) $ in Millions | Dec. 31, 2015USD ($) |
Prescription Drug Subsidy Receipts, Rolling Maturity [Abstract] | |
Prescription Drug Subsidy Receipts, Next Twelve Months | $ 3 |
Prescription Drug Subsidy Receipts, Year Two | 3 |
Prescription Drug Subsidy Receipts, Year Three | 3 |
Prescription Drug Subsidy Receipts, Year Four | 3 |
Prescription Drug Subsidy Receipts, Year Five | 3 |
Prescription Drug Subsidy Receipts, after Year Five | 18 |
Prescription Drug Subsidy Receipts Net | (33) |
Pension Plan [Member] | |
Defined Benefit Plan, Expected Future Benefit Payments, Rolling Maturity [Abstract] | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 327 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 332 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 338 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 345 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 346 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 1,738 |
Net Defined Benefit Plan Expected Future Benefit Payments | (3,426) |
Other Postretirement Benefit Plan [Member] | |
Defined Benefit Plan, Expected Future Benefit Payments, Rolling Maturity [Abstract] | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 40 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 38 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 35 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 32 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 29 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 113 |
Net Defined Benefit Plan Expected Future Benefit Payments | $ (287) |
Employee Benefit Plans Level116
Employee Benefit Plans Level 4 Investment and Savings Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Contribution Plan Non Elective Contribution Percent | 2.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 6.00% | ||
Earning of Employees Below and Above Limit | $ 1 | ||
Cost to Company Related to Investment and Saving Plan | 0 | $ 0 | $ 123 |
Assets | 228,348 | $ 245,013 | |
Separate Accounts [Member] | Hartford Life Insurance Company [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Assets | $ 376 |
Stock Compensation Plans Lev117
Stock Compensation Plans Level 4 Stock Compensation Plans (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Jun. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock based Compensation Plans | |||||
Stock-based compensation plans expense | $ 78 | $ 98 | $ 69 | ||
Income tax benefit | (27) | (34) | (24) | ||
Total stock-based compensation plans expense, after-tax | 51 | 64 | $ 45 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost | $ 11 | $ 16 | |||
Total compensation cost related to non-vested awards not yet recognized | $ 90 | $ 90 | |||
Weighted average period of compensation cost recognized (in years) | 1 year 10 months | ||||
Stock Compensation Plans (Textual) [Abstract] | |||||
Period commencing from date of grant | 3 years | ||||
The Hartford 2014 Incentive Stock Plan (ISOP) [Member] | |||||
Stock Compensation Plans (Textual) [Abstract] | |||||
Maximum limit of shares awarded | 12,000,000 | 12,000,000 | |||
The Hartford 2010 Incentive Stock Plan (ISOP) [Member] | |||||
Stock Compensation Plans (Textual) [Abstract] | |||||
Maximum limit of shares awarded | 12,086,260 | 12,086,260 |
Stock Compensation Plans Lev118
Stock Compensation Plans Level 4 Stock Option Awards (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 3,800 | 3,745 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 33.09 | $ 29.64 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years 6 months | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 45 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 862 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 754 | ||
Share-based Compensation Arrangement by Share-based Payment Award Options Exercised in Period Weighted Average Exercise Price | $ 22.18 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award Options Forfeited in Period Weighted Average Exercise Price | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 53 | ||
Share-based Compensation Arrangement by Share-based Payment Award Options Expired in Period Weighted Average Exercise Price | $ 76.80 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 3,749 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 33.53 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 6 years 6 months | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $ 42 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 2,351 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 30.34 | ||
Share-based Compensation Arrangement by Share-based Payment Award Option Exercisable Weighted Average Remaining Contractual Term | 5 years 2 months | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 36 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 41.25 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 16 | $ 10 | $ 5 |
Employee Stock Option [Member] | |||
The risk-free rate for periods within the contractual life of the option | |||
Expected dividend yield | 1.80% | 1.70% | 1.70% |
Expected annualized spot volatility minimum | 22.10% | 25.90% | 31.10% |
Expected annualized spot volatility maximum | 39.40% | 57.80% | 48.10% |
Weighted average annualized volatility | 32.70% | 35.10% | 47.30% |
Risk-free spot rate minimum | 0.00% | 0.10% | 0.10% |
Risk-free spot rate maximum | 2.60% | 2.80% | 1.90% |
Expected term | 5 years | 5 years | 5 years |
Stock Compensation Plans Lev119
Stock Compensation Plans Level 4 Share Awards (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation | $ 7 | $ 0 | $ 1 |
The Hartford 2010 Incentive Stock Plan (ISOP) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years | ||
The Hartford 2014 Incentive Stock Plan (ISOP) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Restricted Stock and Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,603,000 | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 398,000 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 |
Stock Compensation Plans Lev120
Stock Compensation Plans Level 4 Performance Shares (Details) - Performance Shares [Member] | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 21.40% | 31.60% | 42.80% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Average correlation coefficient of peer companies | 54.00% | 62.00% | 76.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 1.10% | 0.70% | 0.40% |
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | 3.0 years | P3Y | P3Y |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate | 14.00% | 17.00% | 20.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | 0 | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate | 24.00% | 29.00% | 36.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | 2 |
Stock Compensation Plans Lev121
Stock Compensation Plans Level 4 Total Share Awards (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 10.60 | $ 10.59 | $ 7.78 |
Restricted Stock and Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 5,868 | 7,232 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,603 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (2,708) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (259) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 33.12 | $ 26.59 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 42.25 | $ 35.74 | 27.72 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 20.95 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 36.90 | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 775 | 1,063 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 398 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Period Increase (Decrease) | 407 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Intrinsic Value | $ 24.15 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (814) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (279) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 37.35 | $ 30.55 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 42.40 | $ 36.45 | $ 27.92 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 24.15 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 33.47 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 144 | $ 75 | $ 42 |
Stock Compensation Plans Lev122
Stock Compensation Plans Level 4 Restricted Unit Awards (Details) | 12 Months Ended |
Dec. 31, 2014shares | |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 |
Stock Compensation Plans Lev123
Stock Compensation Plans Level 4 Subsidiary Stock Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Share-based Compensation | $ 7 | $ 0 | $ 1 |
Stock Compensation Plans Lev124
Stock Compensation Plans Level 4 Employee Stock Purchase Plan (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Purchase Date | 5.00% | ||
Employee Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date | 5.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 15,400,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 4,944,278 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 249,344 | 258,609 | 321,723 |
Weighted Average Per Share Fair Value of Discount | $ 2.15 | $ 1.70 | $ 1 |
Discontinued Operations and 125
Discontinued Operations and Business Dispositions Level 4 (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 02, 2013 | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Separate Accounts, Liability | $ 120,123,000,000 | [1] | $ 134,702,000,000 | $ 120,123,000,000 | [1] | $ 134,702,000,000 | ||||||||||||
Asset Impairment Charges | 17,000,000 | 42,000,000 | $ 20,000,000 | |||||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 28,000,000 | 23,000,000 | (1,574,000,000) | |||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | $ 9,000,000 | $ 0 | $ 0 | 37,000,000 | $ 0 | $ (617,000,000) | $ 29,000,000 | 9,000,000 | (551,000,000) | (1,049,000,000) | |||||||
Other Liabilities | 6,597,000,000 | 6,251,000,000 | 6,597,000,000 | 6,251,000,000 | ||||||||||||||
Short-term Debt | 275,000,000 | 456,000,000 | 275,000,000 | 456,000,000 | ||||||||||||||
Other Policyholder Funds | 31,670,000,000 | 32,532,000,000 | 31,670,000,000 | 32,532,000,000 | ||||||||||||||
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense | 41,572,000,000 | 41,444,000,000 | 41,572,000,000 | 41,444,000,000 | ||||||||||||||
Other Assets | 1,829,000,000 | 1,236,000,000 | 1,829,000,000 | 1,236,000,000 | ||||||||||||||
Property, Plant and Equipment, Net | 974,000,000 | 831,000,000 | 974,000,000 | 831,000,000 | ||||||||||||||
Reinsurance Recoverables | 23,189,000,000 | 22,920,000,000 | 23,189,000,000 | 22,920,000,000 | ||||||||||||||
Liabilities | 210,706,000,000 | 226,293,000,000 | 210,706,000,000 | 226,293,000,000 | ||||||||||||||
Income Tax Expense (Benefit) | 305,000,000 | 350,000,000 | 246,000,000 | |||||||||||||||
Revenue [Abstract] | ||||||||||||||||||
Premiums Earned, Net | 13,577,000,000 | 13,336,000,000 | 13,231,000,000 | |||||||||||||||
Disposal Group, Including Discontinued Operation, Net Investment Income, Securities Available-for-sale and Other | 3,030,000,000 | 3,154,000,000 | 3,264,000,000 | |||||||||||||||
Net realized capital gains (losses) | 156,000,000 | (16,000,000) | (1,798,000,000) | |||||||||||||||
Benefits, losses and expenses | ||||||||||||||||||
Disposal Group, Including Discontinued Operation Benefits, Losses and Loss Adjustment Expenses, Returns Credited on International Variable Annuities | 10,775,000,000 | 10,805,000,000 | 11,048,000,000 | |||||||||||||||
Amortization of DAC | 1,502,000,000 | 1,729,000,000 | 2,701,000,000 | |||||||||||||||
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ||||||||||||||||||
Available-for-sale Securities, Equity Securities | 1,121,000,000 | 1,047,000,000 | 1,121,000,000 | 1,047,000,000 | ||||||||||||||
Available-for-sale Securities, Debt Securities | 59,196,000,000 | 59,384,000,000 | 59,196,000,000 | 59,384,000,000 | ||||||||||||||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 5,624,000,000 | 5,556,000,000 | 5,624,000,000 | 5,556,000,000 | ||||||||||||||
Loans, Gross, Insurance Policy | 1,447,000,000 | 1,431,000,000 | 1,447,000,000 | 1,431,000,000 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||||||||||||||||
Income (loss) from operations of discontinued operations, net of tax | 71,000,000 | (947,000,000) | ||||||||||||||||
Net realized capital gain (loss) on disposal, net of tax | 659,000,000 | 6,000,000 | (653,000,000) | (102,000,000) | [2] | |||||||||||||
Hartford Life International Limited [Member] | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Disposal Group, Including Discontinued Operation, Consideration | 285,000,000 | |||||||||||||||||
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation | 219,000,000 | |||||||||||||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||||||||||||||||
Net realized capital gain (loss) on disposal, net of tax | (622,000,000) | [2] | 102,000,000 | |||||||||||||||
Retirement Plans [Member] | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Disposal Group, Including Discontinued Operation, Other Assets | $ 200,000,000 | |||||||||||||||||
Separate Accounts, Liability | 26,300,000,000 | |||||||||||||||||
Policyholder Funds | 9,200,000,000 | |||||||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 24,000,000 | |||||||||||||||||
Fees and Commissions | 355,000,000 | |||||||||||||||||
Reinsurance Recoverables | 8,600,000,000 | 8,600,000,000 | 8,600,000,000 | 8,600,000,000 | ||||||||||||||
Hartford Life Insurance K.K. [Member] | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation | 265,000,000 | |||||||||||||||||
Individual Life [Member] | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Loss Contingency, Loss in Period | 191,000,000 | |||||||||||||||||
Disposal Group, Including Discontinued Operation, Other Liabilities | 1,500,000,000 | |||||||||||||||||
Disposal Group, Including Discontinued Operation, Other Assets | 1,800,000,000 | |||||||||||||||||
Separate Accounts, Liability | 5,300,000,000 | |||||||||||||||||
Policyholder Funds | 8,700,000,000 | |||||||||||||||||
Premium Deficiency | $ 191,000,000 | |||||||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | 533,000,000 | ||||||||||||||||
Fees and Commissions | 615,000,000 | |||||||||||||||||
Reinsurance Recoverables | 10,800,000,000 | 10,400,000,000 | 10,800,000,000 | 10,400,000,000 | ||||||||||||||
Retirement Plans and Individual Life Businesses [Member] | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 71 | |||||||||||||||||
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ||||||||||||||||||
Available for sale securities, Fair Value | [3] | 15,349,000,000 | ||||||||||||||||
Retirement [Member] | ||||||||||||||||||
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ||||||||||||||||||
Available-for-sale Securities, Equity Securities | [4] | 37,000,000 | ||||||||||||||||
Available-for-sale Securities, Debt Securities | [5] | 16,000,000 | ||||||||||||||||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 1,364,000,000 | |||||||||||||||||
Loans, Gross, Insurance Policy | 582,000,000 | |||||||||||||||||
Disposal Group, Including Discontinued Operation, Assets | 17,348,000,000 | |||||||||||||||||
Equity Securities [Member] | ||||||||||||||||||
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ||||||||||||||||||
Available-for-sale Securities, Equity Securities | 839,000,000 | 699,000,000 | 839,000,000 | 699,000,000 | ||||||||||||||
Hartford Life Insurance K.K. [Member] | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Other Liabilities | 102,000,000 | |||||||||||||||||
Short-term Debt | 247,000,000 | |||||||||||||||||
Other Policyholder Funds | 2,265,000,000 | |||||||||||||||||
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense | 320,000,000 | |||||||||||||||||
Other Assets | 988,000,000 | |||||||||||||||||
Property, Plant and Equipment, Net | 18,000,000 | |||||||||||||||||
Reinsurance Recoverables | 46,000,000 | |||||||||||||||||
Investments and Cash | 18,733,000,000 | |||||||||||||||||
Hartford Life Insurance K.K. [Member] | International Annuity [Member] | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Other Policyholder Funds | 16,465,000,000 | |||||||||||||||||
Reinsurance Loss on Dispositions [Member] | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 28,000,000 | 23,000,000 | (1,574,000,000) | |||||||||||||||
Reinsurance Loss on Dispositions [Member] | Retirement Plans [Member] | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 634,000,000 | |||||||||||||||||
Reinsurance Loss on Dispositions [Member] | Individual Life [Member] | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 940,000,000 | |||||||||||||||||
Gain (Loss) on Investments [Member] | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | 0 | 1,575,000,000 | |||||||||||||||
Gain (Loss) on Investments [Member] | Retirement Plans [Member] | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 634,000,000 | |||||||||||||||||
Gain (Loss) on Investments [Member] | Individual Life [Member] | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 940,000,000 | |||||||||||||||||
Mass Mutual [Member] | Retirement Plans [Member] | ||||||||||||||||||
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ||||||||||||||||||
Disposal Group, Including Discontinued Operation, Assets | 9,300,000,000 | |||||||||||||||||
Prudential [Member] | Individual Life [Member] | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Assets supporting the modified coinsurance agreement, not transferred to prudential | 1,400,000,000 | |||||||||||||||||
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ||||||||||||||||||
Disposal Group, Including Discontinued Operation, Assets | 8,000,000,000 | |||||||||||||||||
Fair Value, Inputs, Level 2 [Member] | ||||||||||||||||||
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ||||||||||||||||||
Available for sale securities, Fair Value | 14,700,000,000 | |||||||||||||||||
Available-for-sale Securities, Equity Securities | 154,000,000 | 163,000,000 | 154,000,000 | 163,000,000 | ||||||||||||||
Available-for-sale Securities, Debt Securities | 55,143,000,000 | 55,803,000,000 | 55,143,000,000 | 55,803,000,000 | ||||||||||||||
Fair Value, Inputs, Level 2 [Member] | JAPAN | 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 | 619,000,000 | 619,000,000 | ||||||||||||||||
Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ||||||||||||||||||
Available for sale securities, Fair Value | $ 670,000,000 | |||||||||||||||||
Available-for-sale Securities, Equity Securities | 93,000,000 | 98,000,000 | 93,000,000 | 98,000,000 | ||||||||||||||
Available-for-sale Securities, Debt Securities | 3,313,000,000 | 3,475,000,000 | 3,313,000,000 | 3,475,000,000 | ||||||||||||||
Fair Value, Inputs, Level 3 [Member] | Reported Value Measurement [Member] | Investment Contracts [Member] | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Liabilities | [6] | $ 619,000,000 | $ 763,000,000 | $ 619,000,000 | 763,000,000 | |||||||||||||
Goodwill [Member] | Individual Life [Member] | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Asset Impairment Charges | $ 342,000,000 | |||||||||||||||||
Discontinued Operations, Disposed of by Sale [Member] | ||||||||||||||||||
Revenue [Abstract] | ||||||||||||||||||
Premiums Earned, Net | (1,000,000) | (1,000,000) | ||||||||||||||||
Fee income and other | 239,000,000 | 713,000,000 | ||||||||||||||||
Disposal Group, Including Discontinued Operation, Net Investment Income, Securities Available-for-sale and Other | 152,000,000 | 6,296,000,000 | ||||||||||||||||
Net realized capital gains (losses) | 157,000,000 | 1,340,000,000 | ||||||||||||||||
Total revenues | 233,000,000 | 5,668,000,000 | ||||||||||||||||
Benefits, losses and expenses | ||||||||||||||||||
Disposal Group, Including Discontinued Operation Benefits, Losses and Loss Adjustment Expenses, Returns Credited on International Variable Annuities | 7,000,000 | (98,000,000) | ||||||||||||||||
Amortization of DAC | 0 | 907,000,000 | ||||||||||||||||
Insurance operating costs and other expenses | 23,000,000 | 127,000,000 | ||||||||||||||||
Total benefits, losses and expenses | 164,000,000 | 7,136,000,000 | ||||||||||||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||||||||||||||||
Income (loss) before income taxes | 69,000,000 | (1,468,000,000) | ||||||||||||||||
Income tax benefit | (2,000,000) | (521,000,000) | ||||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (551,000,000) | (1,049,000,000) | ||||||||||||||||
Discontinued Operations, Disposed of by Sale [Member] | International Annuity [Member] | ||||||||||||||||||
Benefits, losses and expenses | ||||||||||||||||||
Disposal Group, Including Discontinued Operation Benefits, Losses and Loss Adjustment Expenses, Returns Credited on International Variable Annuities | 134,000,000 | 6,200,000,000 | ||||||||||||||||
Discontinued Operations, Disposed of by Sale [Member] | Available-for-sale Securities [Member] | ||||||||||||||||||
Revenue [Abstract] | ||||||||||||||||||
Disposal Group, Including Discontinued Operation, Net Investment Income, Securities Available-for-sale and Other | 18,000,000 | 96,000,000 | ||||||||||||||||
Discontinued Operations, Disposed of by Sale [Member] | Equity Securities [Member] | Trading Securities [Member] | ||||||||||||||||||
Revenue [Abstract] | ||||||||||||||||||
Disposal Group, Including Discontinued Operation, Net Investment Income, Securities Available-for-sale and Other | $ 134,000,000 | $ 6,200,000,000 | ||||||||||||||||
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] | ||||||||||||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 963,000,000 | |||||||||||||||||
[1] | AV includes the contract holder’s investment in the separate account and the general account. | |||||||||||||||||
[2] | Includes income tax benefits of $265 on the sale of HLIKK and $219 on the sale of HLIL for the years ended December 31, 2014 and 2013, respectively. | |||||||||||||||||
[3] | Includes $14.7 billion and $670 of securities in level 2 and 3 of the fair value hierarchy, respectively | |||||||||||||||||
[4] | All equity securities transferred are included in level 2 of the fair value hierarchy. | |||||||||||||||||
[5] | All FVO securities transferred are included in level 3 of the fair value hierarchy. | |||||||||||||||||
[6] | [4]Included in other liabilities in the Consolidated Balance Sheets. |
Restructuring, Severance and126
Restructuring, Severance and Other Costs Level 4 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | |||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | For the year ended December 31, 2015 Severance Benefits and Related Costs Professional Fees Asset impairment charges Contract Termination and Other Charges Total Restructuring and Other Costs Balance, beginning of period $ 10 $ — $ — $ 6 $ 16 Accruals/provisions 6 — 17 (3 ) 20 Payments/write-offs (11 ) — (17 ) (3 ) (31 ) Balance, end of period $ 5 $ — $ — $ — $ 5 For the year ended December 31, 2014 Severance Benefits and Related Costs Professional Fees Asset impairment charges Contract Termination and Other Charges Total Restructuring and Other Costs Balance, beginning of period $ 22 $ — $ — $ 6 $ 28 Accruals/provisions 16 — 43 12 71 Payments/write-offs (28 ) — (43 ) (12 ) (83 ) Balance, end of period $ 10 $ — $ — $ 6 $ 16 For the years ended December 31, 2015 2014 2013 Commercial Lines $ — $ — $ 1 Personal Lines — — — Group Benefits — — — Mutual Funds — — 1 Talcott Resolution — — 1 Corporate 20 71 64 Total restructuring and other costs $ 20 $ 71 $ 67 | ||
Restructuring and Related Cost, Cost Incurred to Date by segment | $ 382 | ||
Restructuring and Other Costs [Abstract] | |||
Severance Costs | 6 | $ 16 | $ 22 |
Professional Fees | 0 | 1 | 19 |
Asset Impairment Charges | 17 | 42 | 20 |
Other Restructuring Costs | (3) | (12) | (6) |
Restructuring Reserve [Roll Forward] | |||
Balance, Beginning of Period | 16 | 28 | |
Restructuring Charges | (20) | (71) | (67) |
Payments/Write offs | (31) | (83) | |
Balance, End of Period | 5 | 16 | 28 |
restructuringprofessionalfees [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance, Beginning of Period | 0 | 0 | |
Restructuring Charges | 0 | 0 | |
Payments/Write offs | 0 | 0 | |
Balance, End of Period | 0 | 0 | 0 |
Asset Impairment Charges [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance, Beginning of Period | 0 | 0 | |
Restructuring Charges | (17) | (43) | |
Payments/Write offs | (17) | (43) | |
Balance, End of Period | 0 | 0 | 0 |
Contract Termination [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance, Beginning of Period | 6 | 6 | |
Restructuring Charges | (3) | (12) | |
Payments/Write offs | (3) | (12) | |
Balance, End of Period | 0 | 6 | 6 |
Employee Severance [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance, Beginning of Period | 10 | 22 | |
Restructuring Charges | (6) | (16) | |
Payments/Write offs | (11) | (28) | |
Balance, End of Period | 5 | 10 | 22 |
Property and Casualty, Commercial Insurance Product Line [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date by segment | 6 | ||
Restructuring Reserve [Roll Forward] | |||
Restructuring Charges | 0 | 0 | (1) |
Property and Casualty, Personal Insurance Product Line [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date by segment | 3 | ||
Restructuring Reserve [Roll Forward] | |||
Restructuring Charges | 0 | 0 | 0 |
Group Benefits [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date by segment | 1 | ||
Restructuring Reserve [Roll Forward] | |||
Restructuring Charges | 0 | 0 | 0 |
Mutual Funds [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date by segment | 4 | ||
Restructuring Reserve [Roll Forward] | |||
Restructuring Charges | 0 | 0 | (1) |
Life Other Operations [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date by segment | 69 | ||
Restructuring Reserve [Roll Forward] | |||
Restructuring Charges | 0 | 0 | (1) |
Corporate [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date by segment | 299 | ||
Restructuring Reserve [Roll Forward] | |||
Restructuring Charges | $ (20) | $ (71) | $ (64) |
Quarterly Results (Unaudited127
Quarterly Results (Unaudited) Level 4 (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||
Revenues | $ 4,513 | $ 4,562 | $ 4,685 | $ 4,617 | $ 4,617 | $ 4,769 | $ 4,616 | $ 4,612 | $ 18,377 | $ 18,614 | $ 20,673 | |
Benefits, Losses and Expenses | 4,009 | 4,183 | 4,215 | 3,992 | 4,173 | 4,273 | 4,466 | 4,003 | 16,399 | 16,915 | 19,202 | |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 421 | 372 | 413 | 467 | 345 | 388 | 150 | 466 | 1,673 | 1,349 | 1,225 | |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 9 | 0 | 0 | 37 | 0 | (617) | 29 | 9 | (551) | (1,049) | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 421 | $ 381 | $ 413 | $ 467 | $ 382 | $ 388 | $ (467) | $ 495 | $ 1,682 | $ 798 | $ 176 | |
Earnings Per Share, Basic | $ 1.03 | $ 0.92 | $ 0.99 | $ 1.11 | $ 0.89 | $ 0.89 | $ (1.04) | $ 1.10 | $ 4.05 | $ 1.81 | $ 0.37 | |
Earnings Per Share, Diluted | $ 1.01 | $ 0.90 | $ 0.96 | $ 1.08 | $ 0.86 | $ 0.86 | $ (1) | $ 1.03 | $ 3.96 | $ 1.73 | $ 0.36 | |
Weighted Average Number of Shares Outstanding, Basic | 406.9 | 413.8 | 418.7 | 422.6 | 429.6 | 437.2 | 450.6 | 449.8 | 415.5 | 441.8 | 447.7 | |
Weighted Average Number of Shares Outstanding, Diluted | 415.9 | 423 | 428.1 | 433.7 | 442.6 | 450.8 | 467.9 | 478.6 | 425.2 | 460.2 | 490.6 | [1] |
[1] | [1]For additional information, see Note 13 - Equity and Note 17 - Stock Compensation Plans of Notes to Consolidated Financial Statements. |
Schedule I Summary of Invest128
Schedule I Summary of Investments - Other Than Investments in Affiliates Level 4 (Details) $ in Millions | Dec. 31, 2015USD ($) |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | $ 70,996 |
Amount which shown on Balance Sheet | 72,728 |
Fixed Maturities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 57,475 |
Fair Value | 59,699 |
Amount which shown on Balance Sheet | 59,699 |
Industrial, miscellaneous and all other [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 969 |
Fair Value | 956 |
Amount which shown on Balance Sheet | 956 |
Non-redeemable preferred stocks [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 166 |
Fair Value | 165 |
Amount which shown on Balance Sheet | 165 |
Equity Securities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 1,145 |
Fair Value | 1,132 |
Amount which shown on Balance Sheet | 1,132 |
Mortgage loans [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 5,624 |
Fair Value | 5,736 |
Amount which shown on Balance Sheet | 5,624 |
Policy Loans [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 1,447 |
Fair Value | 1,447 |
Amount which shown on Balance Sheet | 1,447 |
Investments in partnerships and trusts [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | $ 2,874 |
Fair Value | |
Amount which shown on Balance Sheet | $ 2,874 |
Futures Options and Miscellaneous [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 588 |
Fair Value | 109 |
Amount which shown on Balance Sheet | 109 |
Short-term Investments [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 1,843 |
Fair Value | 1,843 |
Amount which shown on Balance Sheet | 1,843 |
Trading Securities [Member] | Equity Securities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 10 |
Fair Value | 11 |
Amount which shown on Balance Sheet | 11 |
Available-for-sale Securities [Member] | Equity Securities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 1,135 |
Fair Value | 1,121 |
Amount which shown on Balance Sheet | 1,121 |
Available-for-sale Securities [Member] | Fixed Maturities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 510 |
Fair Value | 503 |
Amount which shown on Balance Sheet | 503 |
Portion at Fair Value Measurement [Member] | U.S. government and government agencies and authorities (guaranteed and sponsored) [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 7,911 |
Fair Value | 8,179 |
Amount which shown on Balance Sheet | 8,179 |
Portion at Fair Value Measurement [Member] | US States and Political Subdivisions Debt Securities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 11,124 |
Fair Value | 12,121 |
Amount which shown on Balance Sheet | 12,121 |
Portion at Fair Value Measurement [Member] | Foreign governments [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 1,321 |
Fair Value | 1,308 |
Amount which shown on Balance Sheet | 1,308 |
Portion at Fair Value Measurement [Member] | Public utilities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 4,395 |
Fair Value | 4,634 |
Amount which shown on Balance Sheet | 4,634 |
Portion at Fair Value Measurement [Member] | All other corporate bonds [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 21,481 |
Fair Value | 22,168 |
Amount which shown on Balance Sheet | 22,168 |
Portion at Fair Value Measurement [Member] | All Other Mortgage Backed and Asset Backed Securities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 10,733 |
Fair Value | 10,786 |
Amount which shown on Balance Sheet | 10,786 |
Portion at Fair Value Measurement [Member] | Available-for-sale Securities [Member] | Fixed Maturities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 56,965 |
Fair Value | 59,196 |
Amount which shown on Balance Sheet | $ 59,196 |
Schedule II Condensed Financ129
Schedule II Condensed Financial Information of The Hartford Financial Services Group, Inc. Level 4 Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Fixed maturities, available-for-sale, at fair value (amortized cost of $79,747 and $78,978) (includes variable interest entity assets, at fair value, of $89 and $153) | $ 59,196 | $ 59,384 |
Short-term investments | 1,843 | 4,883 |
Deferred Tax Assets, Net | 3,206 | 2,897 |
Other assets | 1,829 | 1,236 |
Assets | 228,348 | 245,013 |
Liabilities and Stockholder's Equity | ||
Long-term Debt, Excluding Current Maturities | 5,084 | 5,653 |
Other Liabilities | 6,597 | 6,251 |
Liabilities | 210,706 | 226,293 |
Stockholders' Equity Attributable to Parent | 17,642 | 18,720 |
Liabilities and Equity | 228,348 | 245,013 |
Parent Company [Member] | ||
Assets | ||
Fixed maturities, available-for-sale, at fair value (amortized cost of $79,747 and $78,978) (includes variable interest entity assets, at fair value, of $89 and $153) | 1,361 | 1,093 |
Other investments | 7 | 12 |
Short-term investments | 350 | 961 |
Investment in affiliates | 22,601 | 23,800 |
Deferred Tax Assets, Net | 1,450 | 1,582 |
Unamortized Issue Costs | 43 | 49 |
Other assets | 37 | 36 |
Assets | 25,849 | 27,533 |
Liabilities and Stockholder's Equity | ||
Net payable to affiliates | 1,355 | 1,218 |
Debt, Current | 275 | 456 |
Long-term Debt, Excluding Current Maturities | 4,941 | 5,510 |
Other Liabilities | 1,636 | 1,629 |
Liabilities | 8,207 | 8,813 |
Stockholders' Equity Attributable to Parent | 17,642 | 18,720 |
Liabilities and Equity | $ 25,849 | $ 27,533 |
Schedule II Condensed Financ130
Schedule II Condensed Financial Information of The Hartford Financial Services Group, Inc. Level 4 Statements of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Consolidated Statements of Operations and Comprehensive Income | |||||||||||
Net Investment Income | $ 3,030 | $ 3,154 | $ 3,264 | ||||||||
Realized Investment Gains (Losses) | (156) | 16 | 1,798 | ||||||||
Revenues | $ 4,513 | $ 4,562 | $ 4,685 | $ 4,617 | $ 4,617 | $ 4,769 | $ 4,616 | $ 4,612 | 18,377 | 18,614 | 20,673 |
Interest Expense | 357 | 376 | 397 | ||||||||
Benefits, Losses and Expenses | $ 4,009 | $ 4,183 | $ 4,215 | $ 3,992 | $ 4,173 | $ 4,273 | $ 4,466 | $ 4,003 | 16,399 | 16,915 | 19,202 |
Income Tax Expense (Benefit) | 305 | 350 | 246 | ||||||||
Net Income (Loss) Attributable to Parent | 1,682 | 798 | 176 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | (1,257) | 1,007 | (2,922) | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 425 | 1,805 | (2,746) | ||||||||
Parent Company [Member] | |||||||||||
Consolidated Statements of Operations and Comprehensive Income | |||||||||||
Net Investment Income | 14 | 11 | 10 | ||||||||
Realized Investment Gains (Losses) | (6) | (6) | (7) | ||||||||
Revenues | 8 | 5 | 3 | ||||||||
Interest Expense | 346 | 365 | 384 | ||||||||
Other Cost and Expense, Operating | 35 | 134 | 178 | ||||||||
Benefits, Losses and Expenses | 381 | 499 | 562 | ||||||||
Operating Income (Loss) | (373) | (494) | (559) | ||||||||
Income Tax Expense (Benefit) | (131) | (172) | (187) | ||||||||
Loss Before Earnings Losses of Subsidiaries | (242) | (322) | (372) | ||||||||
Income (Loss) from Subsidiaries, Net of Tax | 1,924 | 1,120 | 548 | ||||||||
Net Income (Loss) Attributable to Parent | 1,682 | 798 | 176 | ||||||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 0 | 0 | (11) | ||||||||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | (1) | 10 | (13) | ||||||||
Other Comprehensive Income (Loss), Finalization of Pension and Other Postretirement Benefit Plan Valuation, Net of Tax | (82) | (292) | 127 | ||||||||
Other Comprehensive Income (Loss), Before Other Comprehensive Income of Subsidiaries, Net of Tax | (83) | (282) | 103 | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $ 1,174 | $ (1,289) | $ 3,025 |
Schedule II Condensed Financ131
Schedule II Condensed Financial Information of The Hartford Financial Services Group, Inc. Level 4 Cash Flow Disclosures (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Activities | |||
Net Income (Loss) Attributable to Parent | $ 1,682 | $ 798 | $ 176 |
Loss on extinguishment of debt | (21) | 0 | (213) |
Net Cash Provided by (Used in) Operating Activities | 2,756 | 1,886 | 1,237 |
Investing Activities | |||
Net sales (purchases) of short-term investments | 3,071 | (1,814) | 318 |
Net cash used for investing activities | 485 | 1,696 | 3,745 |
Financing Activities | |||
Proceeds from the issuance of long-term debt | 533 | ||
Repurchase of warrants | 0 | (33) | |
Dividends paid on preferred stock | (21) | ||
Dividends paid on common stock | (316) | (282) | (202) |
Net cash used for financing activities | (3,144) | (4,476) | (5,820) |
Effect of Exchange Rate on Cash and Cash Equivalents | (48) | (135) | (155) |
Cash, Period Increase (Decrease) | 49 | (1,029) | (993) |
Cash - beginning of period | 399 | 1,428 | 2,421 |
Cash - end of period | 448 | 399 | 1,428 |
Supplemental Disclosure of Cash Flow Information | |||
Interest paid | 361 | 377 | 402 |
Parent Company [Member] | |||
Operating Activities | |||
Net Income (Loss) Attributable to Parent | 1,682 | 798 | 176 |
Loss on extinguishment of debt | (21) | 0 | (176) |
Undistributed earnings (losses) of subsidiaries | (1,924) | (1,120) | (549) |
Change in operating assets and liabilities | 1,167 | 3,376 | 1,170 |
Net Cash Provided by (Used in) Operating Activities | 946 | 3,054 | 973 |
Investing Activities | |||
Net sales (purchases) of short-term investments | 609 | (212) | (454) |
Capital contributions to subsidiaries | 742 | (585) | 1,211 |
Net cash used for investing activities | 1,351 | (797) | 757 |
Financing Activities | |||
Proceeds from the issuance of long-term debt | 0 | 0 | 295 |
Repurchase of warrants | 0 | 0 | (33) |
Repayments of long-term debt | (773) | (200) | (1,190) |
Treasury stock acquired | (1,250) | (1,796) | (600) |
Proceeds and Excess Tax Benefit from Share-based Compensation | 42 | 21 | 20 |
Dividends paid on preferred stock | 0 | 0 | (21) |
Dividends paid on common stock | (316) | (282) | (201) |
Net cash used for financing activities | (2,297) | (2,257) | (1,730) |
Cash, Period Increase (Decrease) | 0 | 0 | 0 |
Cash - beginning of period | 0 | 0 | 0 |
Cash - end of period | 0 | 0 | 0 |
Supplemental Disclosure of Cash Flow Information | |||
Interest paid | 351 | 366 | 366 |
Dividends Received from Subsidiaries | $ 1,127 | $ 2,589 | $ 1,096 |
Schedule III Supplementary I132
Schedule III Supplementary Insurance Information Level 4 (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Schedule of Supplementary Insurance Information [Abstract] | ||||||
Supplementary Insurance Information, Deferred Policy Acquisition Costs | $ 1,816 | $ 1,823 | [1] | |||
Future Policy Benefits, Unpaid Losses and Loss Adjustment Expenses | 41,572 | 41,444 | [1] | |||
Unearned Premiums | 5,385 | 5,255 | [1] | |||
Other Policyholder Funds and Benefits Payable | 31,670 | 32,532 | [1] | |||
Earned Premiums, Fee Income and Other | 15,503 | 15,444 | $ 15,611 | |||
Net Investment Income (Loss) | 3,030 | 3,154 | 3,264 | |||
Benefits, Losses and Loss Adjustment Expenses | 10,775 | 10,805 | 11,048 | |||
Amortization of Deferred Policy Acquisition Costs and Present Value of Future Profits | 1,502 | 1,729 | 1,794 | |||
Net Written Premiums | [2] | 10,578 | 10,244 | 9,929 | ||
Insurance Operating Costs and Other Expenses | [3] | 4,122 | 4,381 | 6,360 | ||
Property & Casualty Commercial [Member] | ||||||
Schedule of Supplementary Insurance Information [Abstract] | ||||||
Supplementary Insurance Information, Deferred Policy Acquisition Costs | 435 | 421 | [1] | |||
Future Policy Benefits, Unpaid Losses and Loss Adjustment Expenses | 16,559 | 16,505 | [1] | |||
Unearned Premiums | 3,271 | 3,184 | [1] | |||
Other Policyholder Funds and Benefits Payable | 0 | 0 | [1] | |||
Earned Premiums, Fee Income and Other | 6,598 | 6,402 | 6,315 | |||
Net Investment Income (Loss) | 910 | 958 | 984 | |||
Benefits, Losses and Loss Adjustment Expenses | 3,886 | 3,855 | 4,085 | |||
Amortization of Deferred Policy Acquisition Costs and Present Value of Future Profits | 951 | 919 | 905 | |||
Net Written Premiums | [2] | 6,625 | 6,381 | 6,208 | ||
Insurance Operating Costs and Other Expenses | [3] | 1,260 | 1,194 | 1,190 | ||
Property and Casualty, Personal Insurance Product Line [Member] | ||||||
Schedule of Supplementary Insurance Information [Abstract] | ||||||
Supplementary Insurance Information, Deferred Policy Acquisition Costs | 155 | 155 | [1] | |||
Future Policy Benefits, Unpaid Losses and Loss Adjustment Expenses | 1,845 | 1,874 | [1] | |||
Unearned Premiums | 1,959 | 1,914 | [1] | |||
Other Policyholder Funds and Benefits Payable | 0 | 0 | [1] | |||
Earned Premiums, Fee Income and Other | 3,873 | 3,806 | 3,823 | |||
Net Investment Income (Loss) | 128 | 129 | 145 | |||
Benefits, Losses and Loss Adjustment Expenses | 2,768 | 2,684 | 2,580 | |||
Amortization of Deferred Policy Acquisition Costs and Present Value of Future Profits | 359 | 348 | 332 | |||
Net Written Premiums | [2] | 3,918 | 3,861 | 3,719 | ||
Insurance Operating Costs and Other Expenses | [3] | 609 | 599 | 761 | ||
Other Insurance Product Line [Member] | ||||||
Schedule of Supplementary Insurance Information [Abstract] | ||||||
Supplementary Insurance Information, Deferred Policy Acquisition Costs | 0 | 0 | [1] | |||
Future Policy Benefits, Unpaid Losses and Loss Adjustment Expenses | 3,421 | 3,427 | [1] | |||
Unearned Premiums | 3 | 1 | [1] | |||
Other Policyholder Funds and Benefits Payable | 0 | 0 | [1] | |||
Earned Premiums, Fee Income and Other | 32 | 1 | 0 | |||
Net Investment Income (Loss) | 133 | 129 | 141 | |||
Benefits, Losses and Loss Adjustment Expenses | 243 | 261 | 148 | |||
Amortization of Deferred Policy Acquisition Costs and Present Value of Future Profits | 0 | 0 | 0 | |||
Net Written Premiums | [2] | 35 | 2 | 2 | ||
Insurance Operating Costs and Other Expenses | [3] | 25 | 31 | 27 | ||
Group Benefits [Member] | ||||||
Schedule of Supplementary Insurance Information [Abstract] | ||||||
Supplementary Insurance Information, Deferred Policy Acquisition Costs | 35 | 36 | [1] | |||
Future Policy Benefits, Unpaid Losses and Loss Adjustment Expenses | 6,379 | 6,540 | [1] | |||
Unearned Premiums | 43 | 45 | [1] | |||
Other Policyholder Funds and Benefits Payable | 495 | 518 | [1] | |||
Earned Premiums, Fee Income and Other | 3,136 | 3,095 | 3,330 | |||
Net Investment Income (Loss) | 371 | 374 | 390 | |||
Benefits, Losses and Loss Adjustment Expenses | 2,427 | 2,362 | 2,518 | |||
Amortization of Deferred Policy Acquisition Costs and Present Value of Future Profits | 31 | 32 | 33 | |||
Net Written Premiums | [2] | 0 | 0 | 0 | ||
Insurance Operating Costs and Other Expenses | [3] | 788 | 836 | 964 | ||
Mutual Funds [Member] | ||||||
Schedule of Supplementary Insurance Information [Abstract] | ||||||
Supplementary Insurance Information, Deferred Policy Acquisition Costs | 11 | 11 | [1] | |||
Future Policy Benefits, Unpaid Losses and Loss Adjustment Expenses | 0 | 0 | [1] | |||
Unearned Premiums | 0 | 0 | [1] | |||
Other Policyholder Funds and Benefits Payable | 0 | 0 | [1] | |||
Earned Premiums, Fee Income and Other | 723 | 723 | 668 | |||
Net Investment Income (Loss) | 1 | 0 | 0 | |||
Benefits, Losses and Loss Adjustment Expenses | 0 | 0 | 0 | |||
Amortization of Deferred Policy Acquisition Costs and Present Value of Future Profits | 22 | 28 | 39 | |||
Net Written Premiums | [2] | 0 | 0 | 0 | ||
Insurance Operating Costs and Other Expenses | [3] | 568 | 559 | 511 | ||
Talcott Resolution [Member] | ||||||
Schedule of Supplementary Insurance Information [Abstract] | ||||||
Supplementary Insurance Information, Deferred Policy Acquisition Costs | 1,180 | 1,200 | [1] | |||
Future Policy Benefits, Unpaid Losses and Loss Adjustment Expenses | 13,368 | 13,098 | [1] | |||
Unearned Premiums | 109 | 111 | [1] | |||
Other Policyholder Funds and Benefits Payable | 31,175 | 32,014 | [1] | |||
Earned Premiums, Fee Income and Other | 1,133 | 1,407 | 1,463 | [4] | ||
Net Investment Income (Loss) | 1,470 | 1,542 | 1,577 | [4] | ||
Benefits, Losses and Loss Adjustment Expenses | 1,451 | 1,643 | 1,717 | [4] | ||
Amortization of Deferred Policy Acquisition Costs and Present Value of Future Profits | 139 | 402 | 485 | [4] | ||
Net Written Premiums | [2] | 0 | 0 | 0 | [4] | |
Insurance Operating Costs and Other Expenses | [3] | 441 | 544 | 2,150 | [4] | |
Corporate [Member] | ||||||
Schedule of Supplementary Insurance Information [Abstract] | ||||||
Supplementary Insurance Information, Deferred Policy Acquisition Costs | 0 | 0 | [1] | |||
Future Policy Benefits, Unpaid Losses and Loss Adjustment Expenses | 0 | 0 | [1] | |||
Unearned Premiums | 0 | 0 | [1] | |||
Other Policyholder Funds and Benefits Payable | 0 | 0 | [1] | |||
Earned Premiums, Fee Income and Other | 8 | 10 | 12 | |||
Net Investment Income (Loss) | 17 | 22 | 27 | |||
Benefits, Losses and Loss Adjustment Expenses | 0 | 0 | 0 | |||
Amortization of Deferred Policy Acquisition Costs and Present Value of Future Profits | 0 | 0 | 0 | |||
Net Written Premiums | [2] | 0 | 0 | 0 | ||
Insurance Operating Costs and Other Expenses | [3] | $ 431 | $ 618 | $ 757 | ||
[1] | SegmentDeferred PolicyAcquisition Costs Future Policy Benefits,Unpaid Losses and Loss Adjustment Expenses Unearned Premiums OtherPolicyholderFunds and Benefits Payable As of December 31, 2015 Commercial Lines$435$16,559$3,271$— Personal Lines1551,8451,959— Property & Casualty Other Operations—3,4213— Group Benefits356,37943495 Mutual Funds11——— Talcott Resolution1,18013,36810931,175 Corporate———— Consolidated$1,816$41,572$5,385$31,670 As of December 31, 2014 Commercial Lines$421$16,5053,184— Personal Lines1551,8741,914— Property & Casualty Other Operations—3,4271— Group Benefits366,54045518 Mutual Funds11——— Talcott Resolution1,20013,09811132,014 Corporate———— Consolidated$1,823$41,444$5,255$32,532 | |||||
[2] | Excludes life insurance pursuant to Regulation S-X. | |||||
[3] | Includes interest expense, goodwill impairment, loss on extinguishment of debt, restructuring and other costs, and reinsurance loss on disposition. | |||||
[4] | For the year ended, December 31, 2013, Talcott Resolution was recast to reflect the impact of the sale of HLIKK. For further information regarding this transaction, see Note 18 - Discontinued Operations and Business Dispositions of Notes to Consolidated Financial Statements. |
Schedule IV Reinsurance Level 4
Schedule IV Reinsurance Level 4 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Life Insurance in Force, Net [Abstract] | |||
Life Insurance in Force, Gross | $ 619,722 | $ 875,229 | $ 883,387 |
Ceded Premiums, Life Insurance in Force | 4,880 | 240,285 | 278,059 |
Assumed Premiums, Life Insurance in Force | 21,406 | 21,987 | 49,789 |
Premiums, Net, Life Insurance in Force | $ 636,248 | $ 656,931 | $ 655,117 |
Life Insurance in Force Premiums, Percentage Assumed to Net | 3.00% | 3.00% | 8.00% |
Insurance Services Revenue [Abstract] | |||
Direct Premiums Earned | $ 16,471 | $ 16,560 | $ 16,929 |
Ceded Premiums Earned | 2,293 | 2,419 | 2,651 |
Assumed From Other Companies | 507 | 457 | 379 |
Premiums Earned, Net, Life | $ 14,685 | $ 14,598 | $ 14,657 |
Percentage of Amount Assumed to Net | 3.00% | 3.00% | 3.00% |
Property, Liability and Casualty Insurance Product Line [Member] | |||
Insurance Services Revenue [Abstract] | |||
Direct Premiums Earned | $ 10,704 | $ 10,531 | $ 10,494 |
Ceded Premiums Earned | 586 | 699 | 871 |
Assumed From Other Companies | 298 | 264 | 241 |
Premiums Earned, Net, Property and Casualty | $ 10,416 | $ 10,096 | $ 9,864 |
Percentage of Amount Assumed to Net | 3.00% | 3.00% | 2.00% |
Life and Annuity Insurance Product Line [Member] | |||
Insurance Services Revenue [Abstract] | |||
Gross Fee Income Earned Premium and Other Life | $ 4,099 | $ 4,414 | $ 4,819 |
Ceded Premiums Earned | 1,650 | 1,666 | 1,718 |
Assumed From Other Companies | 161 | 137 | 80 |
Premiums Earned, Net, Life | $ 2,610 | $ 2,885 | $ 3,181 |
Percentage of Amount Assumed to Net | 6.00% | 5.00% | 3.00% |
Accident and Health Insurance Product Line [Member] | |||
Insurance Services Revenue [Abstract] | |||
Gross Fee Income Earned Premium and Other Life | $ 1,668 | $ 1,615 | $ 1,616 |
Ceded Premiums Earned | 57 | 54 | 62 |
Assumed From Other Companies | 48 | 56 | 58 |
Premiums Earned, Net, Life | $ 1,659 | $ 1,617 | $ 1,612 |
Percentage of Amount Assumed to Net | 3.00% | 3.00% | 4.00% |
Schedule V Valuation and Qua134
Schedule V Valuation and Qualifying Accounts Level 4 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Movement in Valuation allowance and reserves | |||
Valuation allowance, deferred tax | $ (102) | $ 5 | $ (2) |
Allowance for doubtful accounts and other [Member] | |||
Movement in Valuation allowance and reserves | |||
Balance January 1, | 125 | 117 | |
Charged to Costs and Expenses | (44) | (50) | (56) |
Translation Adjustment | 0 | 0 | 0 |
Write-offs/ Payments/ Other | (41) | (44) | (48) |
Balance December 31, | 125 | ||
Allowance for Doubtful Accounts, Premiums and Other Receivables | 134 | 131 | 125 |
Allowance for uncollectible reinsurance [Member] | |||
Movement in Valuation allowance and reserves | |||
Balance January 1, | 271 | 244 | 268 |
Charged to Costs and Expenses | (12) | (30) | (1) |
Translation Adjustment | 0 | 0 | 2 |
Write-offs/ Payments/ Other | (17) | (3) | (25) |
Balance December 31, | 266 | 271 | 244 |
Valuation allowance on mortgage loans [Member] | |||
Movement in Valuation allowance and reserves | |||
Balance January 1, | 18 | 67 | 68 |
Charged to Costs and Expenses | (7) | (4) | (2) |
Translation Adjustment | 0 | 0 | 0 |
Write-offs/ Payments/ Other | (2) | (53) | (3) |
Balance December 31, | 23 | 18 | 67 |
Valuation allowance for deferred taxes [Member] | |||
Movement in Valuation allowance and reserves | |||
Balance January 1, | 181 | 4 | 58 |
Valuation allowance, deferred tax | 5 | (2) | |
Translation Adjustment | 0 | 0 | 0 |
Write-offs/ Payments/ Other | 0 | (172) | (52) |
Balance December 31, | $ 79 | $ 181 | $ 4 |
Schedule VI Supplemental Inf135
Schedule VI Supplemental Information Concerning Property and Casualty Insurance Operations Level 4 (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items] | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | $ 250 | $ 228 | $ 192 | |
Property, Liability and Casualty Insurance Product Line [Member] | ||||
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items] | ||||
Supplemental Information for Property, Casualty Insurance Underwriters, Discount Deducted from Reserves | [1] | $ 523 | $ 556 | $ 553 |
Accident and Health Insurance Product Line [Member] | ||||
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items] | ||||
Weighted Average Discount Rate, Percent | 3.24% | 3.50% | 3.50% | |
[1] | Reserves for permanently disabled claimants have been discounted using the weighted average interest rates of 3.24%, 3.50%, and 3.50% for the years ended December 31, 2015, 2014, and 2013, respectively. |
Uncategorized Items - hig-20151
Label | Element | Value |
Additional Paid-in Capital [Member] | ||
Allocated Share-based Compensation Expense | us-gaap_AllocatedShareBasedCompensationExpense | $ 69,000,000 |