Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | HARTFORD LIFE INSURANCE CO | |
Entity Central Index Key | 45,947 | |
Document Type | 10-K | |
Document Period End Date | Dec. 31, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | FY | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 1,000 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Public Float | $ 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Revenues | ||||
Fee income and other | $ 1,097 | $ 1,210 | $ 1,462 | |
Earned premiums | 92 | 32 | 184 | |
Net investment income (loss): | ||||
Net Investment Income | 1,456 | 1,543 | 1,683 | |
Net realized capital gains (losses): | ||||
Total other-than-temporary impairment (“OTTI”) losses | (63) | (31) | (54) | |
Other than Temporary Impairment Losses, Investments, Reclassification Adjustment of Noncredit Portion Included in Net Income, Availabe-for-sale Securities, before Tax | 2 | 2 | 9 | |
Net OTTI losses recognized in earnings | (61) | (29) | (45) | |
Other net realized capital gains (losses) | (85) | 606 | (1,190) | |
Realized Investment Gains (Losses) | (146) | 577 | 326 | |
Total revenues | 2,499 | 3,362 | 3,655 | |
Benefits, losses and expenses | ||||
Amortization of deferred policy acquisition costs | 69 | 206 | 228 | |
Insurance operating costs and other expenses | (524) | (851) | 401 | |
Dividends to policyholders | 2 | 7 | 18 | |
Total benefits, losses and expenses | 1,969 | 2,501 | 3,094 | |
Income from continuing operations before income taxes | 530 | 861 | 561 | |
Income Tax Expense (Benefit) | 30 | 184 | 49 | |
Income from continuing operations, net of tax | 500 | 677 | 512 | |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 0 | 0 | ||
Loss from discontinued operations, net of tax | (41) | |||
Net income | 500 | 677 | 471 | |
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 1 | 6 | |
Net income (loss) attributable to Hartford Life Insurance Company | 500 | 676 | 465 | |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 28 | 23 | (1,491) | |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | $ 0 | |||
Policyholder Benefits and Claims Incurred, Net | 1,402 | 1,460 | 1,758 | |
Business Disposition [Member] | ||||
Benefits, losses and expenses | ||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 0 | $ 0 | $ 1,561 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income | $ 500 | $ 677 | $ 471 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 3 | (24) | (990) |
Other Comprehensive Income (Loss), Net of Tax | (628) | 647 | (1,413) |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (128) | 1,324 | (942) |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 0 | 1 | 6 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (128) | 1,323 | (948) |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | (615) | 659 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 18 | (1) | (905) |
Other Comprehensive Income (Loss), Net of Tax | (1,257) | ||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (15) | (23) | (85) |
Other Comprehensive Income (Loss), Net of Tax | (179) | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (13) | (9) | |
Accumulated Translation Adjustment [Member] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax | $ 23 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | $ 0 | $ (3) |
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 $23,559 and $23,260) | $ 24,657 | $ 25,436 |
Marketable Securities, Fixed Maturities, Current | 165 | 280 |
Available-for-sale Securities, Equity Securities | 459 | 514 |
Mortgage loans (net of allowance for loan losses of $19 and $15) | 2,918 | 3,109 |
Policy loans, at outstanding balance | 1,446 | 1,430 |
Alternative Investments, Fair Value Disclosure | 1,216 | 1,309 |
Other Investments | 293 | 442 |
Short-term Investments | 572 | 2,162 |
Total investments | 31,726 | 34,682 |
Cash | 305 | 258 |
Premiums receivable and agents’ balances, net | 19 | 27 |
Reinsurance recoverables | 20,499 | 20,053 |
Deferred policy acquisition costs | 542 | 521 |
Deferred Tax Assets, Net of Valuation Allowance | 1,581 | 1,237 |
Other Assets | 567 | 308 |
Separate Account Assets | 120,111 | 134,689 |
Total assets | 175,350 | 191,775 |
Liabilities | ||
Reserve for future policy benefits and unpaid losses and loss adjustment expenses | 13,850 | 13,624 |
Other Policyholder Funds | 31,157 | 31,994 |
Other Liabilities | 2,070 | 2,177 |
Separate Accounts, Liability | 120,111 | 134,689 |
Total liabilities | 167,188 | 182,484 |
Stockholder’s Equity | ||
Common stock—1,000 shares authorized, issued and outstanding, par value $5,690 | 6 | 6 |
Additional paid-in capital | 5,687 | 6,688 |
Accumulated other comprehensive income, net of tax | 593 | 1,221 |
Retained earnings | 1,876 | 1,376 |
Total stockholder’s equity | 8,162 | 9,291 |
Total liabilities and stockholder’s equity | $ 175,350 | $ 191,775 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Available-for-sale Debt Securities, Amortized Cost Basis | $ 23,559 | $ 23,260 | |
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 54 | 157 | |
Available-for-sale Equity Securities, Amortized Cost Basis | 471 | 525 | |
Available-for-sale Securities, Equity Securities | 459 | 514 | |
Cash | [1] | $ 12 | $ 22 |
Other liabilities (including variable interest entity liabilities of $12 and $22) | 1,000 | 1,000 | |
Common stock: shares authorized | 1,000 | 1,000 | |
Common stock: shares issued | 1,000 | 1,000 | |
Common stock: shares outstanding | $ 5,690 | $ 5,690 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Available-for-sale Equity Securities, Amortized Cost Basis | $ 1 | $ 0 | |
Equity Securities [Member] | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Available-for-sale Equity Securities, Amortized Cost Basis | [2] | 275 | |
Fixed Maturities [Member] | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 49 | 139 | |
Equity Securities [Member] | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Available-for-sale Equity Securities, Amortized Cost Basis | 293 | 250 | |
Available-for-sale Securities, Equity Securities | 281 | 248 | |
Limited Partnerships and Other Alternative Investments [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 2 | 3 | |
Cash | [1] | 1 | 2 |
Short-term Investments [Member] | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 2 | 15 | |
Commercial Loan [Member] | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Allowance for Loan and Lease Losses, Real Estate | 19 | 15 | |
Cash [Member] | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 0 | $ 0 | |
[1] | Included in other liabilities in the Company’s Consolidated Balance Sheets. | ||
[2] | [3]Excludes equity securities, FVO, with a cost and fair value of $293 and $281, respectively, as of December 31, 2015, and $250 and $248 as of December 31, 2014. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-In Capital | AOCI Attributable to Parent [Member] | Retained Earnings | Non-Controlling Interest | Dividend to Parent [Member] | Extraordinary Item [Member]Dividend to Parent [Member] |
Beginning balance at Dec. 31, 2012 | $ 10,383 | $ 6 | $ 8,155 | $ 1,987 | $ 235 | $ 0 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Capital contributions to parent | (1,196) | (1,196) | 0 | |||||
Net Income (Loss) Attributable to Parent | 465 | 465 | ||||||
Change in noncontrolling interest ownership | (6) | (6) | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 471 | |||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 6 | 6 | ||||||
Total other comprehensive income | (1,413) | (1,413) | ||||||
Ending balance at Dec. 31, 2013 | 8,239 | 6 | 6,959 | 574 | 700 | 0 | ||
Dividends | $ (271) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income (Loss) Attributable to Parent | 676 | 676 | ||||||
Change in noncontrolling interest ownership | (1) | (1) | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 677 | |||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 1 | 1 | ||||||
Total other comprehensive income | 647 | 647 | ||||||
Ending balance at Dec. 31, 2014 | 9,291 | 6 | 6,688 | 1,221 | 1,376 | 0 | ||
Dividends | $ (1,001) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income (Loss) Attributable to Parent | 500 | |||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 500 | |||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | |||||||
Total other comprehensive income | (628) | |||||||
Ending balance at Dec. 31, 2015 | $ 8,162 | $ 6 | $ 5,687 | $ 593 | $ 1,876 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Proceeds from (Payments for) in Securities Sold under Agreements to Repurchase | $ 264 | $ (1,615) | |
Proceeds from Limited Partnership Investments | 252 | $ 152 | 127 |
Payments to Acquire Limited Partnership Interests | 199 | 104 | 99 |
Operating Activities | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 500 | 677 | 471 |
Adjustments to reconcile net income to net cash provided by (used for) operating activities | |||
Amortization of deferred policy acquisition costs | (69) | (206) | (228) |
Additions to deferred policy acquisition costs and present value of future profits | (7) | (14) | (16) |
Change in reserve for future policy benefits and unpaid losses and loss adjustment expenses and unearned premiums | 276 | 586 | 230 |
Change in reinsurance recoverables | (14) | 170 | (795) |
Change in receivables and other assets | 257 | (30) | (80) |
Change in payables and accruals | (479) | (882) | (1,532) |
Change in accrued and deferred income taxes | (62) | 302 | 589 |
Net realized capital (gains) losses | 146 | (577) | (678) |
Net disbursements from investment contracts related to policyholder funds – international unit-linked bonds and pension products | 0 | 0 | (1,833) |
Net decrease in equity securities, trading | 0 | 0 | 1,835 |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 28 | 23 | (1,491) |
Depreciation and amortization (accretion), net | (14) | 6 | 53 |
Other Operating Activities, Cash Flow Statement | 38 | 248 | (328) |
Net Cash Provided by (Used in) Operating Activities | 682 | 669 | (365) |
Proceeds from the sale/maturity/prepayment of: | |||
Fixed maturities, available-for-sale | 11,465 | 10,333 | 19,206 |
Fixed maturities, fair value option | 107 | 358 | 322 |
Equity securities, available-for-sale | 586 | 107 | 81 |
Mortgage loans | 467 | 377 | 355 |
Payments for the purchase of: | |||
Fixed maturities and short-term investments, available-for-sale | (11,755) | (7,385) | (14,532) |
Fixed maturities, fair value option | (67) | (217) | (134) |
Equity securities, available-for-sale | (535) | (363) | (79) |
Mortgage loans | (282) | (146) | (177) |
Proceeds from business sold | 745 | ||
Net proceeds from derivatives | (167) | (66) | (1,900) |
Net decrease in policy loans | (31) | (14) | (7) |
Payments for (Proceeds from) Short-term Investments | 1,604 | (556) | 363 |
Other investing activities, net | 1 | 34 | (20) |
Net cash provided by investing activities | 1,446 | 2,510 | 4,251 |
Financing Activities | |||
Deposits and other additions to investment and universal life-type contracts | 4,674 | 4,567 | 5,943 |
Withdrawals and other deductions from investment and universal life-type contracts | 16,972 | 21,810 | 24,473 |
Net Change Contract Holders Funds | 10,987 | 14,167 | 16,978 |
Payments for Advance to Affiliate | (347) | ||
Capital contributions to parent | 1,001 | 275 | 1,200 |
Net repayments at maturity or settlement of consumer notes | (33) | (13) | (77) |
Net cash used for financing activities | (2,081) | (3,364) | (4,791) |
Foreign exchange rate effect on cash | 0 | (3) | 9 |
Cash, Period Increase (Decrease) | 47 | (188) | |
Net increase (decrease) in cash | (896) | ||
Cash — beginning of year | 258 | 446 | 1,342 |
Cash — end of year | 305 | 258 | 446 |
Supplemental Disclosure of Cash Flow Information | |||
Income tax (payments) refunds received | 80 | (187) | 181 |
Other Significant Noncash Transaction, Value of Consideration Given | $ 0 | $ (4) | $ (4) |
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 Financial Accounting Standards Board (“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 $178 , with no unrealized gains or losses in accumulated OCI. Had the new accounting guidance been in place since the beginning of 2015, the Company would have recognized mark-to-market unrealized losses of $6 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 in the first quarter of 2016 will increase invested assets and other liabilities by an equal amount of less than $80 , with no impact to net income, equity, or cash flows. Revenue Recognition 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. |
Basis of Presentation and Significant Accounting Policies | 1 . Basis of Presentation and Significant Accounting Policies Basis of Presentation Hartford Life Insurance Company (together with its subsidiaries, “HLIC”, “Company”, “we” or “our”) is a provider of insurance and investment products in the United States (“U.S.”) and is a wholly-owned subsidiary of Hartford Life, Inc., a Delaware corporation ("HLI"). The Hartford Financial Services Group, Inc. (“The Hartford”) is the ultimate parent of the Company. On June 30, 2014, HLI completed the sale of the issued and outstanding equity of Hartford Life Insurance KK, a Japanese company ("HLIKK"), to ORIX Life Insurance Corporation ("Buyer"), a subsidiary of ORIX Corporation, a Japanese company. Upon closing HLIKK recaptured certain risks reinsured to the Company and Hartford Life and Annuity Insurance Company ("HLAI"), a wholly owned subsidiary of the Company, by terminating intercompany agreements. The Buyer is responsible for all liabilities related to the recaptured business. However, HLAI has continued to provide reinsurance for yen denominated fixed payout annuities. For further discussion of this transaction, see Note 4 - Reinsurance and Note 10 - Transactions with Affiliates of Notes to Consolidated Financial Statements. Effective April 1, 2014, the Company terminated its modified coinsurance ("modco") and coinsurance with funds withheld reinsurance agreement with White River Life Reinsurance ("WRR"), following receipt of approval from the State of Connecticut Insurance Department ("CTDOI") and Vermont Department of Financial Regulation. On April 30, 2014 The Hartford dissolved WRR. For further discussion of this transaction, see Note 10 - Transactions with Affiliates of Notes to Consolidated Financial Statements. Effective March 3, 2014, The Hartford made Hartford Life and Accident Insurance Company ("HLA") the single nationwide underwriting company for its Group Benefits business by capitalizing HLA to support the Group Benefits business and separating it from the legal entities that support The Hartford's Talcott Resolution operating segment. On January 30, 2014, The Hartford received approval from the CTDOI for HLAI and the Company to dividend approximately $800 of cash and invested assets to HLA and this dividend was paid on February 27, 2014. All of the issued and outstanding equity of the Company was then distributed from HLA to HLI and the Company became a direct subsidiary of HLI. 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 12 - Discontinued Operations and Business Dispositions of Notes to Consolidated Financial Statements. The Consolidated Financial Statements have been prepared on the basis of accounting principles generally accepted in the United States of America (“U.S. GAAP”), which differ materially from the accounting practices prescribed by various insurance regulatory authorities. Consolidation The Consolidated Financial Statements include the accounts of HLIC, 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 HLIC has significant influence over the operating and financing decisions but is not required to consolidate are reported using the equity method. For further discussions on VIEs, see Note 3 - Investments and Derivative Instruments of Notes to Consolidated Financial Statements. All intercompany transactions and balances between HLIC and its subsidiaries have been eliminated. Discontinued Operations The results of operations of a component of the Company are reported in discontinued operations when certain criteria are met as of the date of disposal, or earlier if classified as held-for-sale. When a component is identified for discontinued operations reporting, amounts for prior periods are retrospectively reclassified as discontinued operations. Prior to January 1, 2015, components were identified as discontinued operations if the operations and cash flows of the component had been or would be eliminated from the ongoing operations of the Company as a result of the disposal transaction and the Company would not have any significant continuing involvement in the operations of the component after the disposal transaction. For transactions occurring January 1, 2015 or later, under updated guidance issued by the Financial Accounting Standards Board, components are identified as discontinued operations if they are a major part of an entity's operations and financial results such as a separate major line of business or a separate major geographical area of operations regardless of whether the Company has significant continuing involvement in the operations of the component after the disposal transaction. For information on the specific businesses and related impacts, see Note 12 - Discontinued Operations and Business Dispositions of 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 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; 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. Significant Accounting Policies The Company’s significant accounting policies are as follows: Segment Information The Company has no reportable segments and is comprised of the run-off operations of annuity, and institutional and private-placement life insurance businesses. See Note 12 - Discontinued Operations and Business Dispositions of Notes to Consolidated Financial Statements for further discussion of life and annuity businesses sold. The Company's determination that it has no reportable segments is based on the fact that the Company's chief operating decision maker reviews the Company's financial performance at a consolidated level. Revenue Recognition For investment and universal life-type contracts, the amounts collected from policyholders are considered deposits and are not included in revenue. 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. For the Company’s traditional life and group disability products premiums are recognized as revenue when due from policyholders. 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. The Company is included in The Hartford’s consolidated U.S. Federal income tax return. The Company and The Hartford have entered into a tax sharing agreement under which each member in the consolidated U.S. Federal income tax return will make payments between them such that, with respect to any period, the amount of taxes to be paid by the Company, subject to certain tax adjustments, is consistent with the “parent down” approach. Under this approach, the Company’s deferred tax assets and tax attributes are considered realized by it so long as the group is able to recognize (or currently use) the related deferred tax asset or attribute. Thus the need for a valuation allowance is determined at the consolidated return level rather than at the level of the individual entities comprising the consolidated group. Dividends to Policyholders Policyholder dividends are paid to certain life insurance policyholders. Policies that receive dividends are referred to as participating policies. Participating dividends to policyholders are accrued and reported in other liabilities using an estimate of the amount to be paid based on underlying contractual obligations under policies and applicable state laws. 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 stockholder's 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. 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 on the Company's Consolidated Statements of Operations. Policy loans are carried at outstanding balance. Mortgage loans are recorded at the outstanding principal balance adjusted for amortization of premiums or discounts and net of valuation allowances. Short-term investments are carried at amortized cost, which approximates fair value. Limited partnerships and other alternative investments are reported at their carrying value 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. 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 for which the fair value option was elected, and derivatives contracts (both free-standing and embedded) that do not qualify or are not designated as a hedge for accounting purposes, ineffectiveness on derivatives that qualify for hedge accounting treatment, and the change in value of derivatives in certain fair-value hedge relationships and their associated hedged asset . Impairments and mortgage loan valuation allowances are recognized as net realized capital losses in accordance with the Company’s impairment and mortgage loan valuation allowance policies as discussed in Note 3 - 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. 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 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 3 - Investments and Derivative Instruments of Notes to Consolidated Financial Statements. 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 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. 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 agreements. Included in reinsurance recoverables are balances due from reinsurance companies for paid and unpaid losses and loss adjustment expenses and are presented net of any necessary allowance for uncollectible reinsurance. The Company reinsures certain of its risks to other reinsurers under yearly renewable term, coinsurance, and modified coinsurance arrangements, and variations thereof. 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. 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 4 - Reinsurance and Note 12 - Discontinued Operations and Business Dispositions of Notes to Consolidated Financial Statements. 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 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 |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Future Adoption of New Accounting Standards Financial Instruments In January 2016, the Financial Accounting Standards Board (“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 $178 , with no unrealized gains or losses in accumulated OCI. Had the new accounting guidance been in place since the beginning of 2015, the Company would have recognized mark-to-market unrealized losses of $6 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 in the first quarter of 2016 will increase invested assets and other liabilities by an equal amount of less than $80 , with no impact to net income, equity, or cash flows. Revenue Recognition 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. |
Fair Value Measurements Level 1
Fair Value Measurements Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | The Company's estimates of fair value for financial assets and financial liabilities are based on the framework established in the fair value accounting guidance. The framework is based on the inputs used in valuation, gives the highest priority to quoted prices in active markets and requires that observable inputs be used in the valuations when available. The Company categorizes its assets and liabilities measured at estimated fair value based on whether the significant inputs into the valuation are observable. 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. 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") $ 846 $ — $ 841 $ 5 Collateralized debt obligations ("CDOs") 1,408 — 1,078 330 Commercial mortgage-backed securities ("CMBS") 1,964 — 1,902 62 Corporate 15,175 — 14,641 534 Foreign government/government agencies 331 — 314 17 States, municipalities and political subdivisions (“Municipal”) 1,132 — 1,083 49 Residential mortgage-backed securities ("RMBS") 1,503 — 875 628 U.S. Treasuries 2,298 123 2,175 — Total fixed maturities 24,657 123 22,909 1,625 Fixed maturities, FVO 165 1 162 2 Equity securities, trading [1] 11 11 — — Equity securities, AFS 459 396 25 38 Derivative assets Credit derivatives 7 — 7 — Foreign exchange derivatives 4 — 4 — Interest rate derivatives 54 — 54 — GMWB hedging instruments 111 — 27 84 Macro hedge program 74 — — 74 Total derivative assets [2] 250 — 92 158 Short-term investments 572 131 441 — Reinsurance recoverable for GMWB 83 — — 83 Modified coinsurance reinsurance contracts 79 — 79 — Separate account assets [3] 118,163 78,099 39,559 505 Total assets accounted for at fair value on a recurring basis $ 144,439 $ 78,761 $ 63,267 $ 2,411 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 (7 ) — (7 ) — Equity derivatives 41 — 41 — Foreign exchange derivatives (376 ) — (376 ) — Interest rate derivatives (431 ) — (402 ) (29 ) GMWB hedging instruments 47 — (4 ) 51 Macro hedge program 73 — — 73 Total derivative liabilities [4] (653 ) — (748 ) 95 Total liabilities accounted for at fair value on a recurring basis $ (941 ) $ — $ (748 ) $ (193 ) 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 $ 1,171 $ — $ 1,089 $ 82 CDOs 1,148 — 788 360 CMBS 1,887 — 1,768 119 Corporate 15,742 — 15,096 646 Foreign government/government agencies 602 — 572 30 Municipal 1,052 — 998 54 RMBS 1,857 — 1,123 734 U.S. Treasuries 1,977 72 1,905 — Total fixed maturities 25,436 72 23,339 2,025 Fixed maturities, FVO 280 — 196 84 Equity securities, trading [1] 11 11 — — Equity securities, AFS 514 411 55 48 Derivative assets Credit derivatives 3 — 5 (2 ) Equity derivatives 2 — — 2 Foreign exchange derivatives (1 ) — (1 ) — Interest rate derivatives 123 — 123 — GMWB hedging instruments 119 — 5 114 Macro hedge program 93 — — 93 Total derivative assets [2] 339 — 132 207 Short-term investments 2,162 199 1,963 — Reinsurance recoverable for GMWB 56 — — 56 Modified coinsurance reinsurance contracts 34 — 34 — Separate account assets [3] 132,198 91,524 40,096 578 Total assets accounted for at fair value on a recurring basis $ 161,030 $ 92,217 $ 65,815 $ 2,998 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 — — 1 (1 ) Equity derivatives 28 — 25 3 Foreign exchange derivatives (444 ) — (444 ) — Interest rate derivatives (409 ) — (382 ) (27 ) GMWB hedging instruments 55 — (1 ) 56 Macro hedge program 48 — — 48 Total derivative liabilities [4] (722 ) — (801 ) 79 Consumer notes [5] (3 ) — — (3 ) Total liabilities accounted for at fair value on a recurring basis $ (890 ) $ — $ (801 ) $ (89 ) [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 December 31, 2014 , $271 and $399 , 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 4 for derivative liabilities. [3] 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. [4] 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 2, the derivative assets and liabilities are referred to as “freestanding derivatives” and are presented on a net basis. [5] Represents embedded derivatives associated with non-funding agreement-backed consumer equity-linked notes. 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 analyses 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, 94% and 95%, 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. 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 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. 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. 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 $711 and $1.4 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] $ 61 Discounted cash flows Spread (encompasses 31bps 1,505bps 230bps Decrease Corporate [3] 213 Discounted cash flows Spread 63bps 800bps 290bps Decrease Municipal [3] 31 Discounted cash flows Spread 193bps 193bps 193bps Decrease RMBS 628 Discounted cash flows Spread 30bps 1,696bps 172bps Decrease Constant prepayment rate — % 20 % 3 % Decrease [4] Constant default rate 1 % 10 % 6 % Decrease Loss severity — % 100 % 79 % Decrease As of December 31, 2014 CMBS $ 119 Discounted cash flows Spread (encompasses 46bps 2,475bps 284bps Decrease Corporate [3] 324 Discounted cash flows Spread 123bps 765bps 267bps Decrease Municipal [3] 32 Discounted cash flows Spread 212bps 212bps 212bps Decrease RMBS 734 Discounted cash flows Spread 23bps 1,904bps 141bps Decrease Constant prepayment rate — % 7 % 3 % Decrease [4] Constant default rate 1 % 14 % 7 % Decrease Loss severity — % 100 % 78 % Decrease [1] The weighted average is determined based on the fair value of the securities. [2] Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the preceding table. [3] Level 3 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 derivatives Interest rate swaps (30 ) Discounted cash flows Swap curve 3% 3% Decrease 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 Equity options [2] 179 Option model Equity volatility 14% 28% Increase As of December 31, 2014 Interest rate derivatives Interest rate swaps (29 ) Discounted cash flows Swap curve 3% 3% Decrease Interest rate swaptions 2 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] 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. Product Derivatives The Company formerly offered and subsequently reinsured certain variable annuity products with GMWB riders. Also, through reinsurance from HLIKK, the Company formerly assumed GMWB, GMIB and guaranteed minimum accumulation benefit ("GMAB") riders. Concurrent with the sale of HLIKK, HLIKK recaptured certain risks that had been reinsured to the Company and HLAI by terminating or modifying intercompany agreements. Upon closing, HLIKK is responsible for all liabilities of the recaptured business. For further discussion on the sale, see Note 12 - Discontinued Operations and Business Dispositions of Notes to Consolidated Financial Statements. The GMWB provides the policyholder with a GRB which is generally equal to premiums less withdrawals. If the policyholder’s account value is reduced 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. Certain contract provisions can increase the GRB at contract holder election or after the passage of time. The GMWB represents an embedded derivative in the variable annuity contract. When it is determined that (1) the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract, and (2) a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host for measurement purposes. The embedded derivative, 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. The Company’s GMWB liability is carried at fair value and reported in other policyholder funds. 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 fees collected from the contract holder equal to the present value of future GMWB claims (the “Attributed Fees”). All changes in the fair value of the embedded derivative are recorded in net realized capital gains and losses. The excess of fees collected from the contract holder over the Attributed Fees are associated with the host variable annuity contract reported in fee income. Effective April 1, 2014 , HLAI, terminated its reinsurance agreement with an affiliated captive reinsurer and recaptured all reinsurance risks. For further information regarding this reinsurance agreement, see Note 10 - Transactions with Affiliates of Notes to Consolidated Financial Statements. Living Benefits Required to be Fair Valued (in Other Policyholder Funds and Benefits Payable) Fair values for GMWBs classified as embedded derivatives are calculated using the income approach based upon internally developed models because active, observable markets do not exist for those items. The fair value of these GMWBs and the related reinsurance and customized freestanding derivatives are calculated as an aggregation of the following components: Best Estimate Claim Payments; Credit Standing Adjustment; and Margins. The resulting aggregation is reconciled or calibrated, if necessary, to market information that is, or may be, available to the Company, but may not be observable by other market participants, including reinsurance discussions and transactions. The Company believes the aggregation of these components, as necessary and as reconciled or calibrated to the market information available to the Company, results in an amount that the Company would be required to transfer to or receive from market participants in an active liquid market, if one existed, for those market participants to assume the risks associated with the guaranteed minimum benefits and the related reinsurance and customized derivatives. The fair value is likely to materially diverge from the ultimate settlement of the liability as the Company believes settlement will be based on our best estimate assumptions rather than those best estimate assumptions plus risk margins. In the absence of any transfer of the guaranteed benefit liability to a third party, the release of risk margins is likely to be reflected as realized gains in future periods’ net income. Each component described in the following discussion is unobservable in the marketplace and requires subjectivity by the Company in determining its value. Oversight of the Company’s valuation policies and processes for product and GMWB reinsurance derivatives is performed by a multidisciplinary group comprised of finance, actuarial and risk management professionals. This multidisciplinary group reviews and approves changes and enhancements to the Company’s valuation model as well as associated controls. Best Estimate Claims Costs The Best Estimate Claims Costs is calcul |
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 | Investments and Derivative Instruments Net Investment Income For the years ended December 31, (Before-tax) 2015 2014 2013 Fixed maturities [1] $ 1,095 $ 1,113 $ 1,253 Equity securities 7 14 8 Mortgage loans 152 156 172 Policy loans 82 80 82 Limited partnerships and other alternative investments 97 141 119 Other investments [2] 82 111 125 Investment expenses (59 ) (72 ) (76 ) Total net investment income $ 1,456 $ 1,543 $ 1,683 [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] $ 239 $ 264 $ 2,196 Gross losses on sales (211 ) (235 ) (700 ) Net OTTI losses recognized in earnings (61 ) (29 ) (45 ) Valuation allowances on mortgage loans (4 ) (4 ) (1 ) Japanese fixed annuity contract hedges, net [2] — (14 ) 6 Periodic net coupon settlements on credit derivatives 6 11 (3 ) Results of variable annuity hedge program GMWB derivatives, net (87 ) 5 262 Macro hedge program (46 ) (11 ) (234 ) Total U.S. program (133 ) (6 ) 28 International Program [3] — (126 ) (963 ) Total results of variable annuity hedge program (133 ) (132 ) (935 ) GMIB/GMAB/GMWB reinsurance — 579 1,107 Modified coinsurance reinsurance contracts 46 395 (1,405 ) Other, net [4] (28 ) (258 ) 106 Net realized capital gains (losses), before-tax $ (146 ) $ 577 $ 326 [1] Includes $1.5 billion of gross gains relating to the sales of the Retirement Plans and Individual Life businesses in the year ended December 31, 2013 . [2] For the years ended December 31, 2014 and 2013 , includes the transactional foreign currency re-valuation gains (losses) of $(51) and $324 , respectively, related to the Japan fixed annuity product, as well as the change in value related to the derivative hedging instruments and the Japan government FVO securities of $37 , and $(318) , respectively. [3] Includes $(2) and $(55) of transactional foreign currency re-valuation losses for the years ended December 31, 2014 and 2013 , respectively. [4] Other, net gains and losses include transactional foreign currency revaluation gains (losses) on the yen denominated fixed payout annuity liabilities and gains (losses) on non-qualifying derivatives used to hedge the foreign currency exposure of the liabilities. Gains (losses) from transactional foreign currency revaluation of the reinsured liabilities were $4 , $116 , and $250 , respectively, for the years ended December 31, 2015 , 2014 and 2013 . Gains (losses) on the instruments used to hedge the foreign currency exposure on the reinsured fixed payout annuities were $(21) , $(148) , and $(268) , respectively, for the years ended December 31, 2015 , 2014 and 2013 . Includes $71 of gains relating to the sales of the Retirement Plans and Individual Life businesses for the year ended December 31, 2013 as well as changes in value of non-qualifying derivatives. Also includes for the year ended December 31, 2014 a loss of $(213) related to the recapture of the GMIB/GMAB/GMWB reinsurance contracts, which is offset by gains on the termination of the embedded derivative reflected in the GMIB/GMAB/GMWB reinsurance line. 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 $(27) , $1 and $1.4 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 $ 9,454 $ 9,084 $ 19,190 Gross gains [1] 195 210 1,867 Gross losses (161 ) (183 ) (421 ) Equity securities, AFS Sale proceeds $ 586 $ 107 $ 81 Gross gains 26 9 254 Gross losses (26 ) (6 ) (263 ) [1] Includes $1.5 billion of gross gains relating to the sales of the Retirement Plans and Individual Life 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 ("intent-to-sell"), 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 $ 24 $ 11 $ 18 Credit impairments 23 16 18 Impairments on equity securities 14 1 9 Other impairments — 1 — Total impairments $ 61 $ 29 $ 45 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, beginning of period $ (296 ) $ (410 ) $ (813 ) Additions for credit impairments recognized on [1]: Securities not previously impaired (11 ) (7 ) (14 ) Securities previously impaired (12 ) (9 ) (4 ) Reductions for credit impairments previously recognized on: Securities that matured or were sold during the period 58 111 403 Securities the Company made the decision to sell or more likely than not will be required to sell 1 — 1 Securities due to an increase in expected cash flows 49 19 $ 17 Balance as of end of period $ (211 ) $ (296 ) $ (410 ) [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 $ 864 $ 16 $ (34 ) $ 846 $ — $ 1,181 $ 20 $ (30 ) $ 1,171 $ — CDOs [2] 1,354 67 (11 ) 1,408 — 1,083 84 (20 ) 1,148 — CMBS 1,936 52 (24 ) 1,964 (3 ) 1,797 97 (7 ) 1,887 (3 ) Corporate 14,425 975 (225 ) 15,175 (3 ) 14,166 1,685 (109 ) 15,742 (3 ) Foreign govt./govt. agencies 328 14 (11 ) 331 — 576 35 (9 ) 602 — Municipal 1,057 80 (5 ) 1,132 — 935 118 (1 ) 1,052 — RMBS 1,468 43 (8 ) 1,503 — 1,805 64 (12 ) 1,857 — U.S. Treasuries 2,127 184 (13 ) 2,298 — 1,717 261 (1 ) 1,977 — Total fixed maturities, AFS 23,559 1,431 (331 ) 24,657 (6 ) 23,260 2,364 (189 ) 25,436 (6 ) Equity securities, AFS [3] 178 11 (11 ) 178 — 275 10 (19 ) 266 — Total AFS securities $ 23,737 $ 1,442 $ (342 ) $ 24,835 $ (6 ) $ 23,535 $ 2,374 $ (208 ) $ 25,702 $ (6 ) [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 $281 , respectively, as of December 31, 2015 , and $250 and $248 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 $ 953 $ 974 $ 1,031 $ 1,043 Over one year through five years 4,973 5,075 4,902 5,168 Over five years through ten years 3,650 3,714 3,345 3,501 Over ten years 8,361 9,173 8,116 9,661 Subtotal 17,937 18,936 17,394 19,373 Mortgage-backed and asset-backed securities 5,622 5,721 5,866 6,063 Total fixed maturities, AFS $ 23,559 $ 24,657 $ 23,260 $ 25,436 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 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, Verizon Communications Inc., and Bank of America Corp. 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 HSBC Holdings PLC, Verizon Communication Inc., and Bank of America Corp., which each comprised less than 1% of total invested assets. The Company’s three largest exposures by sector as of December 31, 2015 , were financial services, utilities, and consumer non-cyclical which comprised approximately 11% , 8% and 7% , respectively, of total invested assets. The Company’s three largest exposures by sector as of December 31, 2014 were financial services, utilities, and consumer non-cyclical which comprised approximately 9% , 8% and 7% , 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 $ 387 $ 385 $ (2 ) $ 271 $ 239 $ (32 ) $ 658 $ 624 $ (34 ) CDOs [1] 608 602 (6 ) 500 493 (5 ) 1,108 1,095 (11 ) CMBS 655 636 (19 ) 99 94 (5 ) 754 730 (24 ) Corporate 4,880 4,696 (184 ) 363 322 (41 ) 5,243 5,018 (225 ) Foreign govt./govt. agencies 144 136 (8 ) 30 27 (3 ) 174 163 (11 ) Municipal 179 174 (5 ) — — — 179 174 (5 ) RMBS 280 279 (1 ) 230 223 (7 ) 510 502 (8 ) U.S. Treasuries 963 950 (13 ) 8 8 — 971 958 (13 ) Total fixed maturities, AFS 8,096 7,858 (238 ) 1,501 1,406 (93 ) 9,597 9,264 (331 ) Equity securities, AFS [2] 83 79 (4 ) 44 37 (7 ) 127 116 (11 ) Total securities in an unrealized loss position $ 8,179 $ 7,937 $ (242 ) $ 1,545 $ 1,443 $ (100 ) $ 9,724 $ 9,380 $ (342 ) 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 $ 368 $ 367 $ (1 ) $ 340 $ 311 $ (29 ) $ 708 $ 678 $ (30 ) CDOs [1] 123 122 (1 ) 771 753 (19 ) 894 875 (20 ) CMBS 109 108 (1 ) 194 188 (6 ) 303 296 (7 ) Corporate 1,542 1,491 (51 ) 661 603 (58 ) 2,203 2,094 (109 ) Foreign govt./govt. agencies 145 140 (5 ) 68 64 (4 ) 213 204 (9 ) Municipal 14 14 — 13 12 (1 ) 27 26 (1 ) RMBS 148 147 (1 ) 229 218 (11 ) 377 365 (12 ) U.S. Treasuries 184 184 — 18 17 (1 ) 202 201 (1 ) Total fixed maturities, AFS 2,633 2,573 (60 ) 2,294 2,166 (129 ) 4,927 4,739 (189 ) Equity securities, AFS [2] 81 75 (6 ) 92 79 (13 ) 173 154 (19 ) Total securities in an unrealized loss position $ 2,714 $ 2,648 $ (66 ) $ 2,386 $ 2,245 $ (142 ) $ 5,100 $ 4,893 $ (208 ) [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 2,814 securities, primarily in the corporate sector, as well as commercial and residential real estate and student loan ABS, 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 , 92% 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 primarily relate to student loan ABS and corporate securities concentrated in the financial services and energy sectors, as well as structured securities with exposure to commercial and residential real estate. Student loan ABS and corporate financial services securities 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 $ 2,937 $ (19 ) $ 2,918 $ 3,124 $ (15 ) $ 3,109 [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 $39 and $49 , 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 $ (15 ) $ (12 ) $ (14 ) (Additions)/Reversals (4 ) (4 ) (2 ) Deductions — 1 4 Balance as of December 31 $ (19 ) $ (15 ) $ (12 ) 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 63% . 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 2.45 x as of December 31, 2015 . As of December 31, 2015 , 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 $15 and $16 , respectively, and was not accruing income. As of December 31, 2014 , the Company held no delinquent commercial mortgage loans past due by 90 days or more. 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% $ 15 0.91x $ 21 1.14x 65% - 80% 280 1.78x 452 1.71x Less than 65% 2,623 2.54x 2,636 2.49x Total commercial mortgage loans $ 2,918 2.45x $ 3,109 2.36x 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 $ 66 2.3% $ 64 2.1% East South Central 14 0.5% — —% Middle Atlantic 210 7.2% 272 8.7% Mountain 4 0.1% 35 1.1% New England 163 5.6% 146 4.7% Pacific 933 32.0% 905 29.1% South Atlantic 579 19.8% 532 17.1% West North Central 1 —% 15 0.5% West South Central 125 4.3% 125 4.0% Other [1] 823 28.2% 1,015 32.7% Total mortgage loans $ 2,918 100% $ 3,109 100% [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 $ 16 0.5 % $ 22 0.7 % Industrial 829 28.4 % 989 31.8 % Lodging 26 0.9 % 26 0.8 % Multifamily 557 19.1 % 522 16.8 % Office 729 25.0 % 723 23.3 % Retail 650 22.3 % 713 22.9 % Other 111 3.8 % 114 3.7 % Total mortgage loans $ 2,918 100 % $ 3,109 100 % Variable Interest Entities The Company is involved with various special purpose entities and other entities that are deemed to be VIEs primarily as a collateral or investment manager and as an investor through normal investment activities, as well as a means of accessing capital through a contingent capital facility ("the facility"). For further information on the facility, see Note 7 - 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] Investment funds [3] $ 52 $ 11 $ 42 $ 154 $ 20 $ 138 Limited partnerships and other alternative investments 2 1 1 3 2 1 Total $ 54 $ 12 $ 43 $ 157 $ 22 $ 139 [1] Included in other liabilities in the Company’s Consolidated Balance Sheets. [2] The maximum exposure to loss represents the maximum loss amount that the Company could recognize as a reduction in net investment income or as a realized capital loss and is the cost basis of the Company’s investment. [3] Total assets included in fixed maturities, FVO, short-term investments, and equity, AFS in the Company's Consolidated Balance Sheets. Investment funds represent fixed income funds for which the Company has management and control of investments which is the activity that most significantly impacts its economic performance. The decline in investments funds is due to redemptions paid by one of the funds. Limited partnerships represent one hedge fund of funds for which the Company holds a majority interest in the fund as an investment. Non-Consolidated VIEs The Company, 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 security 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. 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 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 securities on loan and the associated liability for cash collateral received was $15 and $15 , respectively. The Company had no securities on loan as of December 31, 2014 . From time to time, the Company enters into repurchase agreements to manage liquidity or to earn incremental spread income. A repurchase agreement is a transaction in which one party (transferor) agrees to sell securities to another party (transferee) in return for cash (or securities), with a simultaneous agreement to repurchase the same securities at a specified price at a later date. A dollar roll is a type of repurchase agreement where a mortgage backed security is sold with an agreement to repurchase substantially the same security at a specified time in the future. These transactions generally have a contractual maturity of ninety days or less. As part of repurchase agreements, the Company transfers collateral of U.S. government and government agency securities and receives cash. For repurchase agreements, the Company obtains cash in an amount equal to at least 95% of the fair value of the securities transferred. The agreements contain contractual provisions that require additional collateral to be transferred when necessary and provide the counterparty the right to sell or re-pledge the securities transferred. The cash received from the repurchase program is typically invested in short-term investments or fixed maturities. Repurchase agreements include master netting provisions that provide the counterparties the right to offset claims and apply securities held by them with respect to their obligations in the event of a default. Although the Company has the contractual right to offset claims, fixed maturities do not meet the specific condition |
Reinsurance Level 1(Notes)
Reinsurance Level 1(Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance | Reinsurance 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. Concurrent with the sale of HLIKK in 2014, HLIKK recaptured certain risks that had been reinsured to the Company and HLAI by terminating or modifying intercompany agreements. Upon closing, HLIKK became responsible for all liabilities of the recaptured business. HLAI has, however, continued to provide reinsurance for yen denominated fixed payout annuities approximating $619 , as of December 31, 2015 . For further discussion of this transaction, see Note 10 - Transactions with Affiliates of Notes to Consolidated Financial Statements. 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 $1,094 , $845 , and $915 for the years ended December 31, 2015 , 2014, and 2013, respectively. In addition, the Company has reinsured a portion of the risk associated with U.S. variable annuities and the associated GMDB and GMWB riders. The Company also maintains a reinsurance agreement with HLA, whereby the Company cedes both group life and group accident and health risk. Under this treaty, the Company ceded group life premium of $64 , $85 , and $71 for the years ended December 31, 2015 , 2014, and 2013, respectively. The Company ceded accident and health premiums to HLA of $129 , $365 , and $152 for the years ended December 31, 2015 , 2014, and 2013, respectively. Effective April 1, 2014, HLAI, terminated its modco and coinsurance with funds withheld reinsurance agreement with WRR. Under this transaction, the Company ceded $5 and $31 for the years ended December 31, 2014 and 2013, respectively. For further information regarding the WRR reinsurance agreement, see Note 10 - Transactions with Affiliates of Notes to Consolidated Financial Statements. Reinsurance Recoverables Reinsurance recoverables include balances due from reinsurance companies and are presented net of an allowance for uncollectible reinsurance. Reinsurance recoverables include an estimate of the amount of gross losses and loss adjustment expense reserves that may be ceded under the terms of the reinsurance agreements, including incurred but not reported unpaid losses. The Company’s estimate of losses and loss adjustment expense reserves ceded to reinsurers is based on assumptions that are consistent with those used in establishing the gross reserves for business ceded to the reinsurance contracts. The Company calculates its ceded reinsurance projection based on the terms of any applicable reinsurance agreements, 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, Reinsurance Recoverables 2015 2014 Future policy benefits and unpaid loss and loss adjustment expenses and other policyholder funds and benefits payable Sold businesses (MassMutual and Prudential) $ 18,993 $ 18,606 Other reinsurers 1,506 1,447 Gross reinsurance recoverables $ 20,499 $ 20,053 As of December 31, 2015 , the Company has reinsurance recoverables from MassMutual and Prudential of $8.6 billion and $10.4 billion , respectively. As of December 31, 2014, the Company has reinsurance recoverables from MassMutual and Prudential of $8.6 billion and $10.0 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 $1.6 billion of reinsurance recoverables from Prudential representing approximately 20% of the Company's consolidated stockholder's equity. As of December 31, 2015 , the Company has no other reinsurance-related concentrations of credit risk greater than 10% of the Company’s consolidated stockholder's equity. No allowance for uncollectible reinsurance is required as of December 31, 2015 and December 31, 2014 . 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 earned premiums, fee income and other is as follows: Year Ended December 31, 2015 2014 2013 Gross earned premiums, fee income and other $ 2,877 $ 3,228 $ 3,502 Reinsurance assumed 113 74 13 Reinsurance ceded (1,801 ) (2,060 ) (1,869 ) Net earned premiums, fee income and other $ 1,189 $ 1,242 $ 1,646 |
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 [Table Text Block] | Changes in the DAC balance are as follows: For the years ended December 31, 2015 2014 2013 Balance, beginning of period $ 521 $ 689 $ 3,072 Deferred costs 7 14 16 Amortization — DAC (82 ) (110 ) (124 ) Amortization — Unlock benefit (charge), pre-tax 13 (96 ) (104 ) Amortization — DAC related to business dispositions [1] [2] — — (2,229 ) Adjustments to unrealized gains and losses on securities AFS and other 83 24 58 Balance, end of period $ 542 $ 521 $ 689 Deferred Policy Acquisition Costs Changes in the DAC balance are as follows: For the years ended December 31, 2015 2014 2013 Balance, beginning of period $ 521 $ 689 $ 3,072 Deferred costs 7 14 16 Amortization — DAC (82 ) (110 ) (124 ) Amortization — Unlock benefit (charge), pre-tax 13 (96 ) (104 ) Amortization — DAC related to business dispositions [1] [2] — — (2,229 ) Adjustments to unrealized gains and losses on securities AFS and other 83 24 58 Balance, end of period $ 542 $ 521 $ 689 [1] 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 12 - Discontinued Operations and Business Dispositions of Notes to Consolidated Financial Statements. [2] 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. |
Separate Accounts, Death Benefi
Separate Accounts, Death Benefits and Other Insurance Benefit Features Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Separate Accounts Disclosure [Abstract] | |
Separate Accounts, Death Benefits and Other Insurance Benefit Features | Separate Accounts, Death Benefits and Other Insurance Benefit Features Changes in the gross GMDB/GMWB and universal life secondary guarantee benefits are as follows: 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 $ 480 $ 2,041 Incurred [2] 132 272 Paid (89 ) — Reinsurance recoverable asset, as of December 31, 2015 $ 523 $ 2,313 GMDB/GMWB [1] Universal Life Secondary Guarantees Liability balance as of January 1, 2014 $ 849 $ 1,802 Incurred [2] 73 239 Paid (110 ) — Liability balance as of December 31, 2014 $ 812 $ 2,041 Reinsurance recoverable asset, as of January 1, 2014 $ 533 $ 1,802 Incurred [2] 32 239 Paid (85 ) — Reinsurance recoverable asset, as of December 31, 2014 $ 480 $ 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 79,688 Total Separate Account Liabilities $ 120,111 [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 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 and 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 market 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. The account balances of contracts with guarantees were invested in variable separate accounts as follows: Asset type December 31, 2015 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 2 - Fair Value Measurements of Notes to Consolidated Financial Statements. |
Commitments and Contingencies L
Commitments and Contingencies Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies 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 reserves 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 Lease Commitments The rent paid to Hartford Fire Insurance Company ("Hartford Fire") for operating leases was $9 , $7 and $2 for the years ended December 31, 2015 , 2014 and 2013 , respectively. Future minimum lease commitments as of December 31, 2015 are immaterial. Unfunded Commitments As of December 31, 2015 , the Company has outstanding commitments totaling $378 , of which $299 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, $76 of the outstanding commitments are related to various funding obligations associated with private placement securities. The remaining outstanding commitments of $3 relate to mortgage loans the Company is expecting to fund in the first half of 2016. Guaranty Fund and Other Insurance-related Assessments In all states, insurers licensed to transact certain classes of insurance are required to become members of a guaranty fund. In most states, in the event of the insolvency of an insurer writing any such class of insurance in the state, members of the funds are assessed to pay certain claims of the insolvent insurer. A particular state’s fund assesses its members based on their respective written premiums in the state for the classes of insurance in which the insolvent insurer was engaged. Assessments are generally limited for any year to one or two percent of premiums written per year depending on the state. Liabilities for guaranty funds and other insurance-related assessments are accrued when an assessment is probable, when it can be reasonably estimated, and when the event obligating the Company to pay an imposed or probable assessment has occurred. Liabilities for guaranty funds and other insurance-related assessments are not discounted and are included as part of other liabilities in the Consolidated Balance Sheets. As of December 31, 2015 and 2014 , the liability balance was $15 . As of December 31, 2015 and 2014 , $27 related to premium tax offsets was included in other assets. 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 $870 . Of this $870 the legal entities have posted collateral of $998 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. |
Income Tax Level 1 (Notes)
Income Tax Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax | Income Taxes 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 $ 36 $ (339 ) $ (208 ) Deferred - U.S. Federal (6 ) 523 257 Total income tax expense $ 30 $ 184 $ 49 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 basis deferred policy acquisition costs $ 119 $ 124 Unearned premium reserve and other underwriting related reserves 4 12 Investment-related items 524 1,094 Insurance product derivatives 90 44 Net operating loss carryover 1,166 1,116 Alternative minimum tax credit 232 246 Foreign tax credit carryover 122 58 Other 16 — Total Deferred Tax Assets 2,273 2,694 Net Deferred Tax Assets 2,273 2,694 Deferred Tax Liabilities Financial statement deferred policy acquisition costs and reserves (220 ) (585 ) Net unrealized gain on investments (432 ) (816 ) Employee benefits (40 ) (39 ) Depreciable and amortizable assets — (1 ) Other — (16 ) Total Deferred Tax Liabilities (692 ) (1,457 ) Net Deferred Tax Asset $ 1,581 $ 1,237 The Company has a current income tax receivable of $276 and $231 as of December 31, 2015 and 2014, respectively. If the Company were to follow a “separate entity” approach, the current tax benefit related to any of the Company’s tax attributes realized by virtue of its inclusion in The Hartford’s consolidated tax return would have been recorded directly to equity rather than income. These benefits were $0 , $0 and $0 for the years ended December 31, 2015 , 2014 and 2013 , respectively. The Company believes it is more likely than not the deferred tax assets will be fully realized. Consequently no valuation allowance has been provided. 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. Net Operating Loss Carryover As of December 31, 2015 and December 31, 2014 , the net deferred tax asset included the expected tax benefit attributable to net operating losses of $3,333 and $3,189 , respectively. If unutilized, $3,331 of the losses expire from 2023- 2033 . 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. annuity business, including from the hedging program. Given the continued runoff of the U.S. fixed and variable annuity business, the exposure to taxable losses is significantly lessened. Accordingly, given the expected future consolidated group earnings which includes earnings from non-life companies in the group, the Company believes sufficient taxable income will be generated in the future to utilize its net operating loss carryover. Although the Company believes there will be sufficient future taxable income to fully recover the remainder of the loss carryover, the Company's estimate of the likely realization may change over time. Alternative Minimum Tax Credit and Foreign Tax Credit Carryover As of December 31, 2015 and December 31, 2014 , the net deferred tax asset included the expected tax benefit attributable to alternative minimum tax credit carryover of $232 and $246 and foreign tax credit carryover of $122 and $58 respectively. The alternative minimum tax credits have no expiration date and the foreign tax credit carryover expire from 2019 to 2024 . These credits are available to offset regular federal income taxes from future taxable income and although the Company believes there will be sufficient future regular federal consolidated group 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 of the U.S. net operating loss carryover. However, the Company has identified certain investments which allow for utilization of the foreign tax credits without first using the net operating loss carryover. Consequently, the Company believes it is more likely than not the foreign tax credit carryover will be fully realized. Accordingly, no valuation allowance has been provided on either the alternative minimum tax carryover or foreign tax credit carryover. The Company or one or more of its subsidiaries files income tax returns in the U.S. federal jurisdiction, and various states and foreign jurisdictions. The Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations for years prior to 2007. The audit of the years 2007-2011 were concluded in 2015, with no material impact on the consolidated financial condition or results of operations. 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 assessments that may result from tax examinations and other tax-related matters for all open tax years. The Company’s unrecognized tax benefits are settled with the parent consistent with the terms of a tax sharing agreement. The Company’s effective tax rate for the year ended December 31, 2015 reflects a $36 net reduction in the provision for income taxes from intercompany tax settlements. A reconciliation of the tax provision at the U.S. Federal statutory rate to the provision for income taxes is as follows: For the years ended December 31, 2015 2014 2013 Tax provision at the U.S. federal statutory rate $ 186 $ 301 $ 196 Dividends received deduction ("DRD") (152 ) (109 ) (135 ) Foreign related investments (3 ) (8 ) (7 ) Other (1 ) — (5 ) Provision for income taxes $ 30 $ 184 $ 49 The separate account DRD is estimated for the current year using information from the most recent return, adjusted for current year equity market performance and other appropriate factors, including estimated levels of corporate dividend payments and level of policy owner equity account balances. The actual current year DRD can vary from estimates based on, but not limited to, changes in eligible dividends received in the mutual funds, amounts of distributions from these mutual funds, amounts of short-term capital gains at the mutual fund level and the Company’s taxable income before the DRD. |
Debt Level 1 (Notes)
Debt Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt Collateralized Advances The Company is a member of the Federal Home Loan Bank of Boston (“FHLBB”). Membership allows the Company access to collateralized advances, which may be used to support various spread-based business 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 CTDOI will permit the Company to pledge up to $1.2 billion in qualifying assets to secure FHLBB advances for 2016. The amount of advances that can be taken are dependent on the asset types pledged to secure the advances. The pledge limit is recalculated annually based on statutory admitted assets and capital and surplus. The Company would need to seek the prior approval of the CTDOI in order to exceed these limits. As of December 31, 2015, the Company had no advances outstanding under the FHLBB facility. |
Statutory Results Level 1 (Note
Statutory Results Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Insurance [Abstract] | |
Statutory Results | Statutory Results The domestic insurance subsidiaries of the Company 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, 2015 2014 2013 Combined statutory net income $ 371 $ 132 $ 1,290 Statutory capital $ 4,939 $ 5,564 $ 5,005 Statutory accounting practices do not consolidate the net income (loss) of subsidiaries as performed under U.S. GAAP. The combined statutory net income above represents the total statutory net income of the Company, and its other insurance subsidiaries. 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". The Company and all of its operating insurance subsidiaries had RBC ratios in excess of the minimum levels required by the applicable insurance regulations. The RBC ratios for the Company and its 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 company, or for use in connection with any marketing, advertising of promotional activities. Dividends and Capital Contributions Dividends to the Company from its insurance subsidiaries are restricted, as is the ability of the Company to pay dividends to its parent company. Future dividend decisions will be based on, and affected by, a number of factors, including the operating results and financial requirements of the Company on a stand-alone basis and the impact of regulatory restrictions. 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) 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 CTDOI. The insurance holding company laws of the other jurisdictions in which the Company’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. In 2015 the Company paid dividends of approximately $1.0 billion to its parent, based on the approval of the CTDOI. The Company’s subsidiaries are permitted to pay up to a maximum of approximately $415 in dividends without prior approval from the applicable insurance commissioner. On January 29, 2016, Hartford Life and Annuity paid an extraordinary dividend of $500 to the Company which was subsequently paid as an extraordinary dividend to HLI. As a result of this dividend, the Company has no ordinary dividend capacity remaining for the year. The Company anticipates paying an additional $250 of extraordinary dividends to its parent during 2016, subject to regulatory approval. Y ear Ended December 31, 2014 On January 30, 2014, The Company received approval from the CTDOI for HLAI and HLIC to dividend approximately $800 of cash and invested assets to HLA and this dividend was paid on February 27, 2014. All of the issued and outstanding equity of the Company was then distributed from HLA to Hartford Life, Inc ("HLI"). On April 30, 2014 , The Hartford contributed capital of approximately $1.0 billion to HLAI in connection with the dissolution of WRR. For further discussion of transactions with WRR, see Note 10 - Transactions with Affiliates. On July 8, 2014, The Hartford received approval from the CTDOI for HLAI to dividend approximately $500 to HLIC. This dividend was paid on July 15, 2014 and then distributed to HLI. |
Transactions with Affiliates Le
Transactions with Affiliates Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Parent Company Transactions Transactions of the Company with Hartford Fire, Hartford Holdings Inc. ("HHI") and its affiliates relate principally to tax settlements, reinsurance, insurance coverage, rental and service fees, payment of dividends and capital contributions. In addition, an affiliated entity purchased annuity contracts from the Company to fund structured settlement periodic payment obligations as part of claims settlements with The Hartford's property and casualty subsidiaries and self-insured entities. As of December 31, 2015 and 2014 , the Company had $53 and $54 , respectively, of reserves for claim annuities purchased by affiliated entities. For the years ended December 31, 2015 , 2014 and 2013 , the Company recorded earned premiums of $3 , $3 , and $8 for these intercompany claim annuities. Reserves for annuities issued by the Company to The Hartford's property and casualty subsidiaries to fund structured settlement payments where the claimant has not released The Hartford's property and casualty subsidiaries of their primary obligation totaled $746 and $776 as of December 31, 2015 and 2014 , respectively. Substantially all general insurance expenses related to the Company, including rent and employee benefit plan expenses are initially paid by The Hartford. Expenses are allocated to the Company using specific identification if available, or other applicable methods that would include a blend of revenue, expense and capital. The Company has issued a guarantee to retirees and vested terminated employees (“Retirees”) of The Hartford Retirement Plan for Employees (“the Plan”) who retired or terminated prior to January 1, 2004 . The Plan is sponsored by The Hartford. The guarantee is an irrevocable commitment to pay all accrued benefits which the Retiree or the Retiree’s designated beneficiary is entitled to receive under the Plan in the event the Plan assets are insufficient to fund those benefits and The Hartford is unable to provide sufficient assets to fund those benefits. The Company believes that the likelihood that payments will be required under this guarantee is remote. In 1990 , Hartford Fire guaranteed the obligations of the Company with respect to life, accident and health insurance and annuity contracts issued after January 1, 1990 . The guarantee was issued to provide an increased level of security to potential purchasers of the Company's products. Although the guarantee was terminated in 1997 , it still covers policies that were issued from 1990 to 1997 . As of December 31, 2015 and 2014 , no recoverables have been recorded for this guarantee, as the Company was able to meet these policyholder obligations. Reinsurance Assumed from Affiliates The Company and HLAI formerly reinsured certain fixed annuity products and variable annuity product GMDB, GMIB, GMWB and GMAB riders from HLIKK, a former Japanese affiliate that was sold on June 30, 2014 to ORIX Life Insurance Corporation. As of December 31, 2013 , $2.6 billion of fixed annuity account value had been assumed by the Company and HLAI. Concurrent with the sale of HLIKK in 2014, HLIKK recaptured certain risks that had been reinsured to the Company and HLAI by terminating or modifying intercompany agreements. This recapture resulted in the Company and HLAI transferring approximately $1.6 billion of assets supporting the recaptured reserves. The Company recognized a loss on this recapture of $213 . Upon closing, HLIKK is responsible for all liabilities of the recaptured business. HLAI continues to provide reinsurance for yen denominated fixed payout annuities approximating $619 and $763 as of December 31, 2015 and 2014, respectively. Reinsurance Ceded to Affiliates The Company also maintains a reinsurance agreement with HLA, whereby the Company cedes both group life and group accident and health risk. Under this treaty, the Company ceded group life premium of $64 , $85 , and $71 for the years ended December 31, 2015 , 2014, and 2013, respectively. The Company ceded accident and health premiums to HLA of $129 , 365 , and $152 for the years ended December 31, 2015 , 2014, and 2013, respectively. Effective April 1, 2014 , HLAI, terminated its modco and coinsurance with funds withheld reinsurance agreement with WRR, following receipt of approval from the CTDOI and Vermont Department of Financial Regulation. As a result, the Company reclassified $310 in aggregate reserves for annuity contracts from funds withheld within Other liabilities to Other policyholder funds and benefits payable. The Company recognized a gain of $213 in the year ended December 31, 2014 resulting from the termination of derivatives associated with the reinsurance transaction. On April 30, 2014 , The Hartford dissolved WRR which resulted in WRR paying off a $655 surplus note and returning $367 in capital to The Hartford, all of which was contributed as capital to HLAI to support the recaptured risks. The impact of the modco and coinsurance with funds withheld reinsurance agreement with WRR on the Company’s Consolidated Statements of Operations prior to termination in 2014 was as follows: For the years ended December 31, 2014 2013 Earned premiums $ (5 ) $ (31 ) Net realized losses [1] (103 ) (1,665 ) Total revenues (108 ) (1,696 ) Benefits, losses and loss adjustment expenses (1 ) (8 ) Insurance operating costs and other expenses (4 ) (1,158 ) Total expenses (5 ) (1,166 ) Loss before income taxes (103 ) (530 ) Income tax benefit (36 ) (185 ) Net loss $ (67 ) $ (345 ) [1] Amounts represent the change in valuation of the derivative associated with this transaction. Champlain Life Reinsurance Company Effective November 1, 2007 , HLAI entered into a modco and coinsurance with funds withheld agreement with Champlain Life Reinsurance Company ("Champlain Life"), an affiliate captive insurance company, to provide statutory surplus relief for certain life insurance policies. The agreement was accounted for as a financing transaction in accordance with U.S. GAAP. Simultaneous with the sale of the Individual Life business to Prudential, HLAI recaptured the business assumed by Champlain Life. As a result, on January 2, 2013, HLAI was relieved of its funds withheld obligation to Champlain Life of $691 ; HLAI paid a recapture fee of $347 to Champlain Life; and, HLAI recognized a pre-tax gain of $344 ( $224 after-tax). HLAI simultaneously ceded the recaptured reserves to Prudential and recognized the gain on recapture as part of the reinsurance loss on disposition. |
Restructuring and Other Costs L
Restructuring and Other Costs Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring Costs [Abstract] | |
Restructuring and Other Costs | Restructuring and Other Costs The Company has completed the restructuring activities initiated in 2011 and 2012. Termination benefits related to workforce reductions and lease and other contract terminations have been accrued through December 31, 2015. For related discussion of the Company's business disposition transactions, see Note 12 - 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, pre-tax incurred by the Company in connection with these activities were as follows: For the years ended December 31, 2015 2014 2013 Severance benefits and related costs $ 1 $ 8 $ 7 Professional fees — — 15 Asset impairment charges — 9 5 Total restructuring and other costs $ 1 $ 17 $ 27 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 Total Restructuring and Other Costs Balance, beginning of period $ 4 $ — $ — $ 4 Accruals/provisions 1 — — 1 Payments/write-offs (5 ) — — (5 ) Balance, end of period $ — $ — $ — $ — For the year ended December 31, 2014 Severance Benefits and Related Costs Professional Fees Asset Impairment Charges Total Restructuring and Other Costs Balance, beginning of period $ 1 $ — $ — $ 1 Accruals/provisions 8 — 9 17 Payments/write-offs (5 ) — (9 ) (14 ) Balance, end of period $ 4 $ — $ — $ 4 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Changes in AOCI, net of tax, by component consist of the following: For the year ended December 31, 2015 Changes in Net Unrealized Gain on Securities Net Gain on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments AOCI, net of tax Beginning balance $ 1,154 $ 70 $ (3 ) $ 1,221 OCI before reclassifications (633 ) 2 — (631 ) Amounts reclassified from AOCI 18 (15 ) — 3 OCI, net of tax (615 ) (13 ) — (628 ) Ending balance $ 539 $ 57 $ (3 ) $ 593 For the year ended December 31, 2014 Changes in Net Unrealized Gain on Securities Net Gain on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments AOCI, net of tax Beginning balance $ 495 $ 79 $ — $ 574 OCI before reclassifications 660 14 (3 ) 671 Amounts reclassified from AOCI (1 ) (23 ) — (24 ) OCI, net of tax 659 (9 ) (3 ) 647 Ending balance $ 1,154 $ 70 $ (3 ) $ 1,221 For the year ended December 31, 2013 Changes in Net Unrealized Gain on Securities Net Gain on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments AOCI, net of tax Beginning balance $ 1,752 $ 258 $ (23 ) $ 1,987 OCI before reclassifications (352 ) (94 ) 23 (423 ) Amounts reclassified from AOCI (905 ) (85 ) — (990 ) OCI, net of tax (1,257 ) (179 ) 23 (1,413 ) Ending balance $ 495 $ 79 $ — $ 574 Reclassifications from AOCI consist of the following: Amount Reclassified from AOCI AOCI For the Year Ended December 31, 2015 For the Year Ended December 31, 2014 For the Year Ended December 31, 2013 Affected Line Item in the Consolidated Statement of Operations Net Unrealized Gain on Securities Available-for-sale securities [1] $ (27 ) $ 1 $ 1,392 Net realized capital gains (losses) (27 ) 1 1,392 Total before tax (9 ) — 487 Income tax expense $ (18 ) $ 1 $ 905 Net income Net Gains on Cash-Flow Hedging Instruments Interest rate swaps [2] $ (1 ) $ (1 ) $ 70 Net realized capital gains (losses) Interest rate swaps 33 50 57 Net investment income Foreign currency swaps (9 ) (13 ) 4 Net realized capital gains (losses) 23 36 131 Total before tax 8 13 46 Income tax expense $ 15 $ 23 $ 85 Net income Total amounts reclassified from AOCI $ (3 ) $ 24 $ 990 Net income [1] The December 31, 2013 amounts 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 amounts includes $71 of net gains on cash flow hedging instruments relating to the sales of the Retirement Plans and Individual Life businesses. |
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, HLI completed the sale of its Retirement Plans business to MassMutual for a ceding commission of $355 . The business sold included products and services to corporations pursuant to Section 401(k) of the Internal Revenue Code of 1986, as amended (the “Code”), and products and services 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 gain of $45 for the year ended December 31, 2013. The Company recognized $565 in reinsurance loss on disposition including a reduction in goodwill of $87 , offset by $634 in realized capital gains for a $69 impact to income, pre-tax. 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 $100 relating to deferred acquisition costs, deferred income taxes, goodwill, 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 HLI completed the sale of its Individual Life insurance business to Prudential for consideration of $615 , consisting primarily of a ceding commission, of which $590 is attributable to the Company. 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 in 2013 consisting of a reinsurance loss partially offset by realized capital gains and a goodwill impairment loss of $61 , pre-tax, in 2012. Upon closing the Company recognized an additional reinsurance loss on disposition of $927 , including a reduction in goodwill of $163 offset by realized capital gains of $927 for a $0 impact on income, pre-tax. In addition, the Company reinsured $8.3 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 under the Individual Life business. The Company also transferred invested assets with a carrying value of $7.6 billion , exclusive of $1.4 billion 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, goodwill and other assets, and other non-cash decreases in liabilities totaling $1.9 billion relating to other liabilities 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 $13,596) [1] $ 15,015 Equity securities, AFS, at fair value (cost of $27) [2] 28 Fixed maturities, at fair value using the FVO [3] 16 Mortgage loans (net of allowances for loan losses of $1) 1,288 Policy loans, at outstanding balance 542 Total invested assets transferred $ 16,889 [1] Includes $14.4 billion and $657 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 and Business Dispositions Discontinued Operations Sale of Hartford Life International Limited ("HLIL") On December 12, 2013, the Company completed the sale of all of the issued and outstanding equity of HLIL, an indirect wholly-owned subsidiary of the Company, 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 ("HLL"), 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 $51 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 results of operations reflected as discontinued operations in the Consolidated Statements of Operations, consisting of amounts related to HLIL, is as follows: For the year ended December 31, 2013 Revenues Earned Premiums $ (23 ) Fee income and other 14 Net investment income Securities available-for-sale and other (3 ) Equity securities, trading 139 Total net investment income 136 Net realized capital gains (losses) (14 ) Total revenues 113 Benefits, losses and expenses Benefits, losses and loss adjustment expenses 2 Benefits, losses and loss adjustment expenses - returns credited on international variable annuity 139 Amortization of DAC — Insurance operating costs and other expenses (33 ) Total benefits, losses and expenses 108 Income before income taxes 5 Income tax benefit (5 ) Income from operations of discontinued operations, net of tax 10 Net realized capital losses on disposal, net of tax (51 ) Income (loss) from discontinued operations, net of tax $ (41 ) |
Quarterly Results (Unaudited) L
Quarterly Results (Unaudited) Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results (Unaudited) | Quarterly Results (Unaudited) Three months ended March 31, June 30, September 30, December 31, 2015 2014 2015 2014 2015 2014 2015 2014 Total revenues $ 668 $ 495 $ 702 $ 1,396 $ 630 $ 789 $ 499 $ 682 Total benefits, losses and expenses 483 451 461 826 500 699 525 525 Net income 145 57 230 399 118 91 7 130 Less: Net income (loss) attributable to the noncontrolling interest — 1 — (1 ) 1 3 (1 ) (2 ) Net income attributable to Hartford Life Insurance Company $ 145 $ 56 $ 230 $ 400 $ 117 $ 88 $ 8 $ 132 |
Schedule I - Summary of Investm
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 | SCHEDULE I SUMMARY OF INVESTMENTS—OTHER THAN INVESTMENTS IN AFFILIATES ($ in millions) As of December 31, 2015 Type of Investment Cost Fair Value Amount at which shown on Balance Sheet Fixed Maturities Bonds and notes U.S. government and government agencies and authorities (guaranteed and sponsored) $ 3,263 $ 3,476 $ 3,476 States, municipalities and political subdivisions 1,057 1,132 1,132 Foreign governments 328 331 331 Public utilities 2,419 2,603 2,603 All other corporate bonds 12,006 12,572 12,572 All other mortgage-backed and asset-backed securities 4,486 4,543 4,543 Total fixed maturities, available-for-sale 23,559 24,657 24,657 Fixed maturities, at fair value using fair value option 158 165 165 Total fixed maturities 23,717 24,822 24,822 Equity Securities Common stocks Industrial, miscellaneous and all other 431 419 419 Non-redeemable preferred stocks 40 40 40 Total equity securities, available-for-sale 471 459 459 Equity securities, trading 10 11 11 Total equity securities 481 470 470 Mortgage loans 2,918 2,995 2,918 Policy loans 1,446 1,446 1,446 Futures, options and miscellaneous 394 282 282 Short-term investments 572 572 572 Investments in partnerships and trusts 1,216 1,216 Total investments $ 30,744 $ 31,726 |
Schedule IV - Schedule of Reins
Schedule IV - Schedule of 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] | SCHEDULE IV 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 $ 306,472 $ 234,306 $ 713 $ 72,879 1 % Insurance revenues Life insurance and annuities $ 2,687 $ 1,673 $ 113 $ 1,127 10 % Accident and health insurance 190 128 — 62 — % Total insurance revenues $ 2,877 $ 1,801 $ 113 $ 1,189 10 % For the year ended December 31, 2014 Life insurance in force $ 327,772 $ 255,185 $ 797 $ 73,384 1 % Insurance revenues Life insurance and annuities $ 2,979 $ 1,691 $ 74 $ 1,362 5 % Accident and health insurance 249 369 — (120 ) — % Total insurance revenues $ 3,228 $ 2,060 $ 74 $ 1,242 6 % For the year ended December 31, 2013 Life insurance in force $ 318,652 $ 241,684 $ 815 $ 77,783 1 % Insurance revenues Life insurance and annuities $ 3,238 $ 1,714 $ 13 $ 1,537 1 % Accident and health insurance 264 155 — 109 — % Total insurance revenues $ 3,502 $ 1,869 $ 13 $ 1,646 1 % 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 $ 306,472 $ 234,306 $ 713 $ 72,879 1 % Insurance revenues Life insurance and annuities $ 2,687 $ 1,673 $ 113 $ 1,127 10 % Accident and health insurance 190 128 — 62 — % Total insurance revenues $ 2,877 $ 1,801 $ 113 $ 1,189 10 % For the year ended December 31, 2014 Life insurance in force $ 327,772 $ 255,185 $ 797 $ 73,384 1 % Insurance revenues Life insurance and annuities $ 2,979 $ 1,691 $ 74 $ 1,362 5 % Accident and health insurance 249 369 — (120 ) — % Total insurance revenues $ 3,228 $ 2,060 $ 74 $ 1,242 6 % For the year ended December 31, 2013 Life insurance in force $ 318,652 $ 241,684 $ 815 $ 77,783 1 % Insurance revenues Life insurance and annuities $ 3,238 $ 1,714 $ 13 $ 1,537 1 % Accident and health insurance 264 155 — 109 — % Total insurance revenues $ 3,502 $ 1,869 $ 13 $ 1,646 1 % |
Schedule V - Valuation and Qual
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] | SCHEDULE V VALUATION AND QUALIFYING ACCOUNTS (In millions) Balance January 1, Charged to Costs and Expenses Translation Adjustment Write-offs/Payments/Other Balance December 31, 2015 Valuation allowance on mortgage loans $ 15 $ 4 $ — $ — $ 19 2014 Valuation allowance on mortgage loans $ 12 $ 4 $ — $ (1 ) $ 15 2013 Valuation allowance on deferred tax asset $ 53 $ — $ — $ (53 ) $ — Valuation allowance on mortgage loans 14 2 — (4 ) 12 |
Basis of Presentation and Acc26
Basis of Presentation and Accounting Policies Level 2 (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Business Description and Basis of Presentation [Text Block] | Hartford Life Insurance Company (together with its subsidiaries, “HLIC”, “Company”, “we” or “our”) is a provider of insurance and investment products in the United States (“U.S.”) and is a wholly-owned subsidiary of Hartford Life, Inc., a Delaware corporation ("HLI"). The Hartford Financial Services Group, Inc. (“The Hartford”) is the ultimate parent of the Company. On June 30, 2014, HLI completed the sale of the issued and outstanding equity of Hartford Life Insurance KK, a Japanese company ("HLIKK"), to ORIX Life Insurance Corporation ("Buyer"), a subsidiary of ORIX Corporation, a Japanese company. Upon closing HLIKK recaptured certain risks reinsured to the Company and Hartford Life and Annuity Insurance Company ("HLAI"), a wholly owned subsidiary of the Company, by terminating intercompany agreements. The Buyer is responsible for all liabilities related to the recaptured business. However, HLAI has continued to provide reinsurance for yen denominated fixed payout annuities. For further discussion of this transaction, see Note 4 - Reinsurance and Note 10 - Transactions with Affiliates of Notes to Consolidated Financial Statements. Effective April 1, 2014, the Company terminated its modified coinsurance ("modco") and coinsurance with funds withheld reinsurance agreement with White River Life Reinsurance ("WRR"), following receipt of approval from the State of Connecticut Insurance Department ("CTDOI") and Vermont Department of Financial Regulation. On April 30, 2014 The Hartford dissolved WRR. For further discussion of this transaction, see Note 10 - Transactions with Affiliates of Notes to Consolidated Financial Statements. Effective March 3, 2014, The Hartford made Hartford Life and Accident Insurance Company ("HLA") the single nationwide underwriting company for its Group Benefits business by capitalizing HLA to support the Group Benefits business and separating it from the legal entities that support The Hartford's Talcott Resolution operating segment. On January 30, 2014, The Hartford received approval from the CTDOI for HLAI and the Company to dividend approximately $800 of cash and invested assets to HLA and this dividend was paid on February 27, 2014. All of the issued and outstanding equity of the Company was then distributed from HLA to HLI and the Company became a direct subsidiary of HLI. 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 12 - Discontinued Operations and Business Dispositions of Notes to Consolidated Financial Statements. The Consolidated Financial Statements have been prepared on the basis of accounting principles generally accepted in the United States of America (“U.S. GAAP”), which differ materially from the accounting practices prescribed by various insurance regulatory authorities. |
Consolidation | The Consolidated Financial Statements include the accounts of HLIC, 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 HLIC has significant influence over the operating and financing decisions but is not required to consolidate are reported using the equity method. For further discussions on VIEs, see Note 3 - Investments and Derivative Instruments of Notes to Consolidated Financial Statements. All intercompany transactions and balances between HLIC and its subsidiaries have been eliminated. |
Discontinued Operations | Discontinued Operations The results of operations of a component of the Company are reported in discontinued operations when certain criteria are met as of the date of disposal, or earlier if classified as held-for-sale. When a component is identified for discontinued operations reporting, amounts for prior periods are retrospectively reclassified as discontinued operations. Prior to January 1, 2015, components were identified as discontinued operations if the operations and cash flows of the component had been or would be eliminated from the ongoing operations of the Company as a result of the disposal transaction and the Company would not have any significant continuing involvement in the operations of the component after the disposal transaction. For transactions occurring January 1, 2015 or later, under updated guidance issued by the Financial Accounting Standards Board, components are identified as discontinued operations if they are a major part of an entity's operations and financial results such as a separate major line of business or a separate major geographical area of operations regardless of whether the Company has significant continuing involvement in the operations of the component after the disposal transaction. For information on the specific businesses and related impacts, see Note 12 - Discontinued Operations and Business Dispositions of 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 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; 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. |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain reclassifications have been made to prior year financial information to conform to the current year presentation. |
Segment Information | Segment Information The Company has no reportable segments and is comprised of the run-off operations of annuity, and institutional and private-placement life insurance businesses. See Note 12 - Discontinued Operations and Business Dispositions of Notes to Consolidated Financial Statements for further discussion of life and annuity businesses sold. The Company's determination that it has no reportable segments is based on the fact that the Company's chief operating decision maker reviews the Company's financial performance at a consolidated level. |
Revenue Recognition | Revenue Recognition For investment and universal life-type contracts, the amounts collected from policyholders are considered deposits and are not included in revenue. 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. For the Company’s traditional life and group disability products premiums are recognized as revenue when due from policyholders. |
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. The Company is included in The Hartford’s consolidated U.S. Federal income tax return. The Company and The Hartford have entered into a tax sharing agreement under which each member in the consolidated U.S. Federal income tax return will make payments between them such that, with respect to any period, the amount of taxes to be paid by the Company, subject to certain tax adjustments, is consistent with the “parent down” approach. Under this approach, the Company’s deferred tax assets and tax attributes are considered realized by it so long as the group is able to recognize (or currently use) the related deferred tax asset or attribute. Thus the need for a valuation allowance is determined at the consolidated return level rather than at the level of the individual entities comprising the consolidated group. |
Dividends to Policyholders | Policyholder dividends are paid to certain life insurance policyholders. Policies that receive dividends are referred to as participating policies. Participating dividends to policyholders are accrued and reported in other liabilities using an estimate of the amount to be paid based on underlying contractual obligations under policies and applicable state laws. 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 stockholder's equity by a charge to operations and an increase to a liability. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | s The Company determines the fair values of certain financial assets and liabilities based on quoted market prices where available and where prices represent a reasonable estimate of fair value. The Company also determines fair value based on future cash flows discounted at the appropriate current market rate. Fair values reflect adjustments for counterparty credit quality, the Company’s default spreads, liquidity and, where appropriate, risk margins on unobservable parameters. The fair value process is monitored by the Valuation Committee, which is a cross-functional group of senior management within the Company that meets at least quarterly. The Valuation Committee is co-chaired by the Heads of Investment Operations and Accounting, and has representation from various investment sector professionals, accounting, operations, legal, compliance and risk management. The purpose of the committee is to oversee the pricing policy and procedures by ensuring objective and reliable valuation practices and pricing of financial instruments, as well as addressing valuation issues and approving changes to valuation methodologies and pricing sources. There are also two working groups under the Valuation Committee, a Securities Fair Value Working Group (“Securities Working Group”) and a Derivatives Fair Value Working Group ("Derivatives Working Group"), which include various investment, operations, accounting and risk management professionals that meet monthly to review market data trends, pricing and trading statistics and results, and any proposed pricing methodology changes. The Company also has an enterprise-wide Operational Risk Management function, led by the Chief Operational Risk Officer, which is responsible for establishing, maintaining and communicating the framework, principles and guidelines of the Company's operational risk management program. This includes model risk management which provides an independent review of the suitability, characteristics and reliability of model inputs; as well as, an analysis of significant changes to current models. |
Investments | 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. 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 on the Company's Consolidated Statements of Operations. Policy loans are carried at outstanding balance. Mortgage loans are recorded at the outstanding principal balance adjusted for amortization of premiums or discounts and net of valuation allowances. Short-term investments are carried at amortized cost, which approximates fair value. Limited partnerships and other alternative investments are reported at their carrying value 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. 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 for which the fair value option was elected, and derivatives contracts (both free-standing and embedded) that do not qualify or are not designated as a hedge for accounting purposes, ineffectiveness on derivatives that qualify for hedge accounting treatment, and the change in value of derivatives in certain fair-value hedge relationships and their associated hedged asset . Impairments and mortgage loan valuation allowances are recognized as net realized capital losses in accordance with the Company’s impairment and mortgage loan valuation allowance policies as discussed in Note 3 - 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. 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 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 3 - Investments and Derivative Instruments of Notes to Consolidated Financial Statements. 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 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. 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 agreements. Included in reinsurance recoverables are balances due from reinsurance companies for paid and unpaid losses and loss adjustment expenses and are presented net of any necessary allowance for uncollectible reinsurance. The Company reinsures certain of its risks to other reinsurers under yearly renewable term, coinsurance, and modified coinsurance arrangements, and variations thereof. 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. 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 4 - Reinsurance and Note 12 - Discontinued Operations and Business Dispositions 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 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; f ull 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 a 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 expense 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. |
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 the GMWBs and the universal life insurance secondary guarantees require an additional liability to 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. |
Reserves for Future Policy Benefits and Unpaid Losses and Loss Adjustment | Reserve for Future Policy Benefits and Unpaid Losses and Loss Adjustment Expenses Liabilities for the Company’s group life and disability contracts as well 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. 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. |
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 Translation | Foreign Currency Foreign currency translation gains and losses are reflected in stockholder's 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. |
Fair Value Measurements Level 2
Fair Value Measurements Level 2 (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | s 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. |
Commitments and Contingencies28
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 reserves 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. |
Fair Value Measurements Level 3
Fair Value Measurements Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Assets and (liabilities) carried at fair value by hierarchy level | 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") $ 846 $ — $ 841 $ 5 Collateralized debt obligations ("CDOs") 1,408 — 1,078 330 Commercial mortgage-backed securities ("CMBS") 1,964 — 1,902 62 Corporate 15,175 — 14,641 534 Foreign government/government agencies 331 — 314 17 States, municipalities and political subdivisions (“Municipal”) 1,132 — 1,083 49 Residential mortgage-backed securities ("RMBS") 1,503 — 875 628 U.S. Treasuries 2,298 123 2,175 — Total fixed maturities 24,657 123 22,909 1,625 Fixed maturities, FVO 165 1 162 2 Equity securities, trading [1] 11 11 — — Equity securities, AFS 459 396 25 38 Derivative assets Credit derivatives 7 — 7 — Foreign exchange derivatives 4 — 4 — Interest rate derivatives 54 — 54 — GMWB hedging instruments 111 — 27 84 Macro hedge program 74 — — 74 Total derivative assets [2] 250 — 92 158 Short-term investments 572 131 441 — Reinsurance recoverable for GMWB 83 — — 83 Modified coinsurance reinsurance contracts 79 — 79 — Separate account assets [3] 118,163 78,099 39,559 505 Total assets accounted for at fair value on a recurring basis $ 144,439 $ 78,761 $ 63,267 $ 2,411 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 (7 ) — (7 ) — Equity derivatives 41 — 41 — Foreign exchange derivatives (376 ) — (376 ) — Interest rate derivatives (431 ) — (402 ) (29 ) GMWB hedging instruments 47 — (4 ) 51 Macro hedge program 73 — — 73 Total derivative liabilities [4] (653 ) — (748 ) 95 Total liabilities accounted for at fair value on a recurring basis $ (941 ) $ — $ (748 ) $ (193 ) 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 $ 1,171 $ — $ 1,089 $ 82 CDOs 1,148 — 788 360 CMBS 1,887 — 1,768 119 Corporate 15,742 — 15,096 646 Foreign government/government agencies 602 — 572 30 Municipal 1,052 — 998 54 RMBS 1,857 — 1,123 734 U.S. Treasuries 1,977 72 1,905 — Total fixed maturities 25,436 72 23,339 2,025 Fixed maturities, FVO 280 — 196 84 Equity securities, trading [1] 11 11 — — Equity securities, AFS 514 411 55 48 Derivative assets Credit derivatives 3 — 5 (2 ) Equity derivatives 2 — — 2 Foreign exchange derivatives (1 ) — (1 ) — Interest rate derivatives 123 — 123 — GMWB hedging instruments 119 — 5 114 Macro hedge program 93 — — 93 Total derivative assets [2] 339 — 132 207 Short-term investments 2,162 199 1,963 — Reinsurance recoverable for GMWB 56 — — 56 Modified coinsurance reinsurance contracts 34 — 34 — Separate account assets [3] 132,198 91,524 40,096 578 Total assets accounted for at fair value on a recurring basis $ 161,030 $ 92,217 $ 65,815 $ 2,998 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 — — 1 (1 ) Equity derivatives 28 — 25 3 Foreign exchange derivatives (444 ) — (444 ) — Interest rate derivatives (409 ) — (382 ) (27 ) GMWB hedging instruments 55 — (1 ) 56 Macro hedge program 48 — — 48 Total derivative liabilities [4] (722 ) — (801 ) 79 Consumer notes [5] (3 ) — — (3 ) Total liabilities accounted for at fair value on a recurring basis $ (890 ) $ — $ (801 ) $ (89 ) [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 December 31, 2014 , $271 and $399 , 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 4 for derivative liabilities. [3] 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. [4] 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 2, the derivative assets and liabilities are referred to as “freestanding derivatives” and are presented on a net basis. [5] Represents embedded derivatives associated with non-funding agreement-backed consumer equity-linked notes. |
Information about significant unobservable inputs used in Level 3 assets measured at fair value | 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 derivatives Interest rate swaps (30 ) Discounted cash flows Swap curve 3% 3% Decrease 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 Equity options [2] 179 Option model Equity volatility 14% 28% Increase As of December 31, 2014 Interest rate derivatives Interest rate swaps (29 ) Discounted cash flows Swap curve 3% 3% Decrease Interest rate swaptions 2 Option Model Interest rate volatility 1% 1% Increase GMWB hedging instruments Equity options 46 Option model Equity volatility 22% 34% Increase Customized swaps 124 Discounted cash flows Equity volatility 10% 40% Increase Macro hedge program Equity options 141 Option model Equity volatility 27% 28% Increase [1] Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table. Changes are based on long positions, unless otherwise noted. Changes in fair value will be inversely impacted for short positions. The following tables present information about significant unobservable inputs used in Level 3 assets measured at fair value. The tables exclude 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] $ 61 Discounted cash flows Spread (encompasses 31bps 1,505bps 230bps Decrease Corporate [3] 213 Discounted cash flows Spread 63bps 800bps 290bps Decrease Municipal [3] 31 Discounted cash flows Spread 193bps 193bps 193bps Decrease RMBS 628 Discounted cash flows Spread 30bps 1,696bps 172bps Decrease Constant prepayment rate — % 20 % 3 % Decrease [4] Constant default rate 1 % 10 % 6 % Decrease Loss severity — % 100 % 79 % Decrease As of December 31, 2014 CMBS $ 119 Discounted cash flows Spread (encompasses 46bps 2,475bps 284bps Decrease Corporate [3] 324 Discounted cash flows Spread 123bps 765bps 267bps Decrease Municipal [3] 32 Discounted cash flows Spread 212bps 212bps 212bps Decrease RMBS 734 Discounted cash flows Spread 23bps 1,904bps 141bps Decrease Constant prepayment rate — % 7 % 3 % Decrease [4] Constant default rate 1 % 14 % 7 % Decrease Loss severity — % 100 % 78 % Decrease [1] The weighted average is determined based on the fair value of the securities. [2] Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the preceding table. [3] Level 3 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. Unobservable Inputs Significant Unobservable Input Minimum Maximum Impact of Increase in Input on Fair Value Measurement [1] Withdrawal Utilization [2] 20% 100% Increase Withdrawal Rates [3] —% 8% Increase Lapse Rates [4] —% 75% Decrease Reset Elections [5] 20% 75% Increase Equity Volatility [6] 10% 40% Increase [1] Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table. [2] Range represents assumed cumulative percentages of policyholders taking withdrawals. [3] Range represents assumed cumulative annual amount withdrawn by policyholders. [4] Range represents assumed annual percentages of full surrender of the underlying variable annuity contracts across all policy durations for in force business. [5] Range represents assumed cumulative percentages of policyholders that would elect to reset their guaranteed benefit base. [6] Range represents implied market volatilities for equity indices based on multiple pricing sources. |
Roll-forward of Financial Instruments Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) | Fixed Maturities, AFS Fixed Maturities, FVO Assets ABS CDOs CMBS Corporate Foreign govt./govt. agencies Municipal RMBS Total Fixed Maturities, AFS Fair value as of January 1, 2015 $ 82 $ 360 $ 119 $ 646 $ 30 $ 54 $ 734 $ 2,025 $ 84 Total realized/unrealized gains (losses) Included in net income [1] [2] — (1 ) — (18 ) — — (2 ) (21 ) (5 ) Included in OCI [3] (2 ) 3 (5 ) (38 ) (3 ) (5 ) (2 ) (52 ) 1 Purchases 22 — 18 45 5 — 154 244 6 Settlements — (26 ) (36 ) (21 ) (3 ) — (126 ) (212 ) (23 ) Sales (6 ) — (3 ) (43 ) (15 ) — (127 ) (194 ) (50 ) Transfers into Level 3 [4] 1 — 4 99 3 — 16 123 — Transfers out of Level 3 [4] (92 ) (6 ) (35 ) (136 ) — — (19 ) (288 ) (11 ) Fair value as of December 31, 2015 $ 5 $ 330 $ 62 $ 534 $ 17 $ 49 $ 628 $ 1,625 $ 2 Changes in unrealized gains (losses) included in net income related to financial instruments still held at December 31, 2015 [2] [6] $ — $ (1 ) $ (1 ) $ (17 ) $ — $ — $ (3 ) $ (22 ) $ (3 ) Freestanding Derivatives [5] Assets (Liabilities) Equity Securities AFS Credit Commodity Equity Interest Rate GMWB Hedging Macro Hedge Program Total Free- Standing Derivatives [5] Fair value as of January 1, 2015 $ 48 $ (3 ) $ — $ 5 $ (27 ) $ 170 $ 141 $ 286 Total realized/unrealized gains (losses) Included in net income [1] [2] (5 ) 1 (3 ) 5 (1 ) (16 ) (41 ) (55 ) Included in OCI [3] 1 — — — — — — Purchases 11 (8 ) — — — 47 39 Settlements (1 ) — (3 ) (10 ) (1 ) (19 ) — (33 ) Sales (13 ) — — — — — — Transfers into Level 3 [4] — — 6 — — — — 6 Transfers out of Level 3 [4] (3 ) 10 — — — — 10 Fair value as of December 31, 2015 $ 38 $ — $ — $ — $ (29 ) $ 135 $ 147 $ 253 Changes in unrealized gains (losses) included in net income related to financial instruments still held at December 31, 2015 [2] [6] $ (5 ) $ — $ — $ — $ — $ (5 ) $ (34 ) $ (39 ) Assets Reinsurance Recoverable for GMWB Separate Accounts Fair value as of January 1, 2015 $ 56 $ 578 Total realized/unrealized gains (losses) Included in net income [1] [2] 9 12 Included in OCI [3] — (5 ) Purchases — 394 Settlements 18 (19 ) Sales — (265 ) Transfers into Level 3 [4] — 12 Transfers out of Level 3 [4] — (202 ) Fair value as of December 31, 2015 $ 83 $ 505 Changes in unrealized gains (losses) included in net income related to financial instruments still held at December 31, 2015 [2] [6] $ 9 $ 11 Other Policyholder Funds and Benefits Payable Liabilities Guaranteed Withdrawal Benefits [7] 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] (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] [6] $ (59 ) $ — $ 3 The tables below provide a fair value roll forward for the year ended December 31, 2014 , for the Level 3 financial instruments. 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 $ 108 $ 428 $ 360 $ 790 $ 38 $ 49 $ 798 $ 2,571 $ 178 Total realized/unrealized gains (losses) Included in net income [1] [2] — 11 6 (10 ) (1 ) — 11 17 17 Included in OCI [3] 2 (7 ) (6 ) 16 5 6 4 20 — Purchases 32 6 26 62 6 — 230 362 14 Settlements (1 ) (44 ) (175 ) (36 ) (4 ) — (127 ) (387 ) (121 ) Sales (11 ) (21 ) (34 ) (96 ) (14 ) (1 ) (150 ) (327 ) (4 ) Transfers into Level 3 [4] 71 48 7 146 — — — 272 — Transfers out of Level 3 [4] (119 ) (61 ) (65 ) (226 ) — — (32 ) (503 ) — Fair value as of December 31, 2014 $ 82 $ 360 $ 119 $ 646 $ 30 $ 54 $ 734 $ 2,025 $ 84 Changes in unrealized gains (losses) included in net income related to financial instruments still held at December 31, 2014 [2] [6] $ — $ — $ (2 ) $ (4 ) $ (2 ) $ — $ (1 ) $ (9 ) $ 14 Freestanding Derivatives [5] Assets (Liabilities) Equity Securities, AFS Credit Foreign Exchange Contracts Equity Interest Rate GMWB Hedging Macro Hedge Program Intl. Program Hedging Total Free-Standing Derivatives [5] Fair value as of January 1, 2014 $ 51 $ 2 $ — $ 2 $ (24 ) $ 146 $ 139 $ (61 ) $ 204 Total realized/unrealized gains (losses) Included in net income [1] [2] 4 (2 ) 2 3 (5 ) 13 (12 ) 24 23 Included in OCI [3] 1 — — — — — — — — Purchases 6 (2 ) — — 4 4 14 9 29 Settlements — — — — — 7 — (5 ) 2 Sales (14 ) — — — — — — — — Transfers into Level 3 [4] — — (2 ) — — — — — (2 ) Transfers out of Level 3 [4] — (1 ) — — (2 ) — — 33 30 Fair value as of December 31, 2014 $ 48 $ (3 ) $ — $ 5 $ (27 ) $ 170 $ 141 $ — $ 286 Changes in unrealized gains (losses) included in net income related to financial instruments still held at December 31, 2014 [2] [6] $ (1 ) $ (3 ) $ — $ — $ (5 ) $ 1 $ (11 ) $ 17 $ (1 ) Assets Reinsurance Recoverable for GMWB Separate Accounts Fair value as of January 1, 2014 $ (465 ) $ 737 Total realized/unrealized gains (losses) Included in net income [1] [2] 441 13 Purchases — 339 Settlements 80 (3 ) Sales — (201 ) Transfers into Level 3 [4] — 37 Transfers out of Level 3 [4] — (344 ) Fair value as of December 31, 2014 $ 56 $ 578 Changes in unrealized gains (losses) included in net income related to financial instruments still held at December 31, 2014 [2] [6] $ 441 $ 8 Other Policyholder Funds and Benefits Payable [1] Liabilities Guaranteed Living Benefits [6] Equity Linked Notes Total Other Policyholder Funds and Benefits Payable Consumer Notes Fair value as of January 1, 2014 $ (576 ) $ (18 ) $ (594 ) $ (2 ) Total realized/unrealized gains (losses) Included in net income [1] [2] 577 (8 ) 569 (1 ) Settlements (140 ) — (140 ) — 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] [6] $ 167 $ (8 ) $ 159 $ (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 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 and the re-evaluation of the observability of pricing inputs. [5] Derivative instruments are reported in this table on a net basis for asset (liability) positions and reported in the Consolidated Balance Sheet in other investments and other liabilities. [6] Includes both market and non-market impacts in deriving realized and unrealized gains (losses). [7] Settlements of other liabilities reflect the removal of liabilities carried at fair value upon the deconsolidation of a variable interest entity. See Note 3 - Investments and Derivative Instruments of Notes to Consolidated Financial Statements for additional information. F |
Fair value of assets and liabilities accounted for using the fair value option | 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. Year Ended December 31, 2015 2014 Assets Fixed maturities, FVO CDOs $ 1 $ 21 Corporate (3 ) (3 ) Foreign government 2 16 Total fixed maturities, FVO $ — $ 34 Equity, FVO (12 ) (2 ) Total realized capital gains (losses) $ (12 ) $ 32 |
Fair value of assets and liabilities accounted for using the fair value option | The following table presents the fair value of assets and liabilities accounted for using the fair value option included in the Company's Consolidated Balance Sheets. Year Ended December 31, 2015 2014 Assets Fixed maturities, FVO ABS $ 4 $ 13 CDOs 1 67 CMBS 6 15 Corporate 31 96 Foreign government 1 3 Municipals — 2 RMBS 119 82 U.S. Government 3 2 Total fixed maturities, FVO $ 165 $ 280 Equity, FVO [1] $ 281 $ 248 [1] Included in equity securities, AFS on the Consolidated Balance Sheets. Fi |
Financial Instruments Not Carried at Fair Value | e following table presents carrying amounts and fair values of the Company's financial instruments not carried at fair value. December 31, 2015 December 31, 2014 Fair Value Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value Assets Policy loans Level 3 $ 1,446 $ 1,446 $ 1,430 $ 1,430 Mortgage loans Level 3 2,918 2,995 3,109 3,280 Liabilities Other policyholder funds and benefits payable [1] Level 3 6,611 6,802 7,134 7,353 Consumer notes [2] [3] Level 3 38 38 68 68 Assumed investment contracts [3] Level 3 619 682 763 851 [1] Excludes group accident and health and universal life insurance contracts, including corporate owned life insurance. [2] Excludes amounts carried at fair value and included in disclosures above. [3] Included in other liabilities in the Consolidated Balance Sheets. |
Investments and Derivative In30
Investments and Derivative Instruments Level 3 (Tables) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Investments [Abstract] | ||
Investment Income [Table Text Block] | For the years ended December 31, (Before-tax) 2015 2014 2013 Fixed maturities [1] $ 1,095 $ 1,113 $ 1,253 Equity securities 7 14 8 Mortgage loans 152 156 172 Policy loans 82 80 82 Limited partnerships and other alternative investments 97 141 119 Other investments [2] 82 111 125 Investment expenses (59 ) (72 ) (76 ) Total net investment income $ 1,456 $ 1,543 $ 1,683 [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] | For the years ended December 31, (Before-tax) 2015 2014 2013 Gross gains on sales [1] $ 239 $ 264 $ 2,196 Gross losses on sales (211 ) (235 ) (700 ) Net OTTI losses recognized in earnings (61 ) (29 ) (45 ) Valuation allowances on mortgage loans (4 ) (4 ) (1 ) Japanese fixed annuity contract hedges, net [2] — (14 ) 6 Periodic net coupon settlements on credit derivatives 6 11 (3 ) Results of variable annuity hedge program GMWB derivatives, net (87 ) 5 262 Macro hedge program (46 ) (11 ) (234 ) Total U.S. program (133 ) (6 ) 28 International Program [3] — (126 ) (963 ) Total results of variable annuity hedge program (133 ) (132 ) (935 ) GMIB/GMAB/GMWB reinsurance — 579 1,107 Modified coinsurance reinsurance contracts 46 395 (1,405 ) Other, net [4] (28 ) (258 ) 106 Net realized capital gains (losses), before-tax $ (146 ) $ 577 $ 326 [1] Includes $1.5 billion of gross gains relating to the sales of the Retirement Plans and Individual Life businesses in the year ended December 31, 2013 . [2] For the years ended December 31, 2014 and 2013 , includes the transactional foreign currency re-valuation gains (losses) of $(51) and $324 , respectively, related to the Japan fixed annuity product, as well as the change in value related to the derivative hedging instruments and the Japan government FVO securities of $37 , and $(318) , respectively. [3] Includes $(2) and $(55) of transactional foreign currency re-valuation losses for the years ended December 31, 2014 and 2013 , respectively. [4] Other, net gains and losses include transactional foreign currency revaluation gains (losses) on the yen denominated fixed payout annuity liabilities and gains (losses) on non-qualifying derivatives used to hedge the foreign currency exposure of the liabilities. Gains (losses) from transactional foreign currency revaluation of the reinsured liabilities were $4 , $116 , and $250 , respectively, for the years ended December 31, 2015 , 2014 and 2013 . Gains (losses) on the instruments used to hedge the foreign currency exposure on the reinsured fixed payout annuities were $(21) , $(148) , and $(268) , respectively, for the years ended December 31, 2015 , 2014 and 2013 . Includes $71 of gains relating to the sales of the Retirement Plans and Individual Life businesses for the year ended December 31, 2013 as well as changes in value of non-qualifying derivatives. Also includes for the year ended December 31, 2014 a loss of $(213) related to the recapture of the GMIB/GMAB/GMWB reinsurance contracts, which is offset by gains on the termination of the embedded derivative reflected in the GMIB/GMAB/GMWB reinsurance line. | |
Available-for-sale Securities [Table Text Block] | For the years ended December 31, 2015 2014 2013 Fixed maturities, AFS Sale proceeds $ 9,454 $ 9,084 $ 19,190 Gross gains [1] 195 210 1,867 Gross losses (161 ) (183 ) (421 ) Equity securities, AFS Sale proceeds $ 586 $ 107 $ 81 Gross gains 26 9 254 Gross losses (26 ) (6 ) (263 ) | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block] | For the years ended December 31, 2015 2014 2013 Intent-to-sell impairments $ 24 $ 11 $ 18 Credit impairments 23 16 18 Impairments on equity securities 14 1 9 Other impairments — 1 — Total impairments $ 61 $ 29 $ 45 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, beginning of period $ (296 ) $ (410 ) $ (813 ) Additions for credit impairments recognized on [1]: Securities not previously impaired (11 ) (7 ) (14 ) Securities previously impaired (12 ) (9 ) (4 ) Reductions for credit impairments previously recognized on: Securities that matured or were sold during the period 58 111 403 Securities the Company made the decision to sell or more likely than not will be required to sell 1 — 1 Securities due to an increase in expected cash flows 49 19 $ 17 Balance as of end of period $ (211 ) $ (296 ) $ (410 ) [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] | 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 $ 864 $ 16 $ (34 ) $ 846 $ — $ 1,181 $ 20 $ (30 ) $ 1,171 $ — CDOs [2] 1,354 67 (11 ) 1,408 — 1,083 84 (20 ) 1,148 — CMBS 1,936 52 (24 ) 1,964 (3 ) 1,797 97 (7 ) 1,887 (3 ) Corporate 14,425 975 (225 ) 15,175 (3 ) 14,166 1,685 (109 ) 15,742 (3 ) Foreign govt./govt. agencies 328 14 (11 ) 331 — 576 35 (9 ) 602 — Municipal 1,057 80 (5 ) 1,132 — 935 118 (1 ) 1,052 — RMBS 1,468 43 (8 ) 1,503 — 1,805 64 (12 ) 1,857 — U.S. Treasuries 2,127 184 (13 ) 2,298 — 1,717 261 (1 ) 1,977 — Total fixed maturities, AFS 23,559 1,431 (331 ) 24,657 (6 ) 23,260 2,364 (189 ) 25,436 (6 ) Equity securities, AFS [3] 178 11 (11 ) 178 — 275 10 (19 ) 266 — Total AFS securities $ 23,737 $ 1,442 $ (342 ) $ 24,835 $ (6 ) $ 23,535 $ 2,374 $ (208 ) $ 25,702 $ (6 ) [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 $281 , respectively, as of December 31, 2015 , and $250 and $248 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 $ 953 $ 974 $ 1,031 $ 1,043 Over one year through five years 4,973 5,075 4,902 5,168 Over five years through ten years 3,650 3,714 3,345 3,501 Over ten years 8,361 9,173 8,116 9,661 Subtotal 17,937 18,936 17,394 19,373 Mortgage-backed and asset-backed securities 5,622 5,721 5,866 6,063 Total fixed maturities, AFS $ 23,559 $ 24,657 $ 23,260 $ 25,436 | |
Schedule of Unrealized Loss on Investments [Table Text Block] | 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 $ 387 $ 385 $ (2 ) $ 271 $ 239 $ (32 ) $ 658 $ 624 $ (34 ) CDOs [1] 608 602 (6 ) 500 493 (5 ) 1,108 1,095 (11 ) CMBS 655 636 (19 ) 99 94 (5 ) 754 730 (24 ) Corporate 4,880 4,696 (184 ) 363 322 (41 ) 5,243 5,018 (225 ) Foreign govt./govt. agencies 144 136 (8 ) 30 27 (3 ) 174 163 (11 ) Municipal 179 174 (5 ) — — — 179 174 (5 ) RMBS 280 279 (1 ) 230 223 (7 ) 510 502 (8 ) U.S. Treasuries 963 950 (13 ) 8 8 — 971 958 (13 ) Total fixed maturities, AFS 8,096 7,858 (238 ) 1,501 1,406 (93 ) 9,597 9,264 (331 ) Equity securities, AFS [2] 83 79 (4 ) 44 37 (7 ) 127 116 (11 ) Total securities in an unrealized loss position $ 8,179 $ 7,937 $ (242 ) $ 1,545 $ 1,443 $ (100 ) $ 9,724 $ 9,380 $ (342 ) 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 $ 368 $ 367 $ (1 ) $ 340 $ 311 $ (29 ) $ 708 $ 678 $ (30 ) CDOs [1] 123 122 (1 ) 771 753 (19 ) 894 875 (20 ) CMBS 109 108 (1 ) 194 188 (6 ) 303 296 (7 ) Corporate 1,542 1,491 (51 ) 661 603 (58 ) 2,203 2,094 (109 ) Foreign govt./govt. agencies 145 140 (5 ) 68 64 (4 ) 213 204 (9 ) Municipal 14 14 — 13 12 (1 ) 27 26 (1 ) RMBS 148 147 (1 ) 229 218 (11 ) 377 365 (12 ) U.S. Treasuries 184 184 — 18 17 (1 ) 202 201 (1 ) Total fixed maturities, AFS 2,633 2,573 (60 ) 2,294 2,166 (129 ) 4,927 4,739 (189 ) Equity securities, AFS [2] 81 75 (6 ) 92 79 (13 ) 173 154 (19 ) Total securities in an unrealized loss position $ 2,714 $ 2,648 $ (66 ) $ 2,386 $ 2,245 $ (142 ) $ 5,100 $ 4,893 $ (208 ) [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). | |
Mortgage Loans [Table Text Block] | December 31, 2015 December 31, 2014 Amortized Cost [1] Valuation Allowance Carrying Value Amortized Cost [1] Valuation Allowance Carrying Value Total commercial mortgage loans $ 2,937 $ (19 ) $ 2,918 $ 3,124 $ (15 ) $ 3,109 [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 $ (15 ) $ (12 ) $ (14 ) (Additions)/Reversals (4 ) (4 ) (2 ) Deductions — 1 4 Balance as of December 31 $ (19 ) $ (15 ) $ (12 ) | |
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 $ 66 2.3% $ 64 2.1% East South Central 14 0.5% — —% Middle Atlantic 210 7.2% 272 8.7% Mountain 4 0.1% 35 1.1% New England 163 5.6% 146 4.7% Pacific 933 32.0% 905 29.1% South Atlantic 579 19.8% 532 17.1% West North Central 1 —% 15 0.5% West South Central 125 4.3% 125 4.0% Other [1] 823 28.2% 1,015 32.7% Total mortgage loans $ 2,918 100% $ 3,109 100% [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 $ 16 0.5 % $ 22 0.7 % Industrial 829 28.4 % 989 31.8 % Lodging 26 0.9 % 26 0.8 % Multifamily 557 19.1 % 522 16.8 % Office 729 25.0 % 723 23.3 % Retail 650 22.3 % 713 22.9 % Other 111 3.8 % 114 3.7 % Total mortgage loans $ 2,918 100 % $ 3,109 100 % 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% $ 15 0.91x $ 21 1.14x 65% - 80% 280 1.78x 452 1.71x Less than 65% 2,623 2.54x 2,636 2.49x Total commercial mortgage loans $ 2,918 2.45x $ 3,109 2.36x | |
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] Investment funds [3] $ 52 $ 11 $ 42 $ 154 $ 20 $ 138 Limited partnerships and other alternative investments 2 1 1 3 2 1 Total $ 54 $ 12 $ 43 $ 157 $ 22 $ 139 [1] Included in other liabilities in the Company’s Consolidated Balance Sheets. [2] The maximum exposure to loss represents the maximum loss amount that the Company could recognize as a reduction in net investment income or as a realized capital loss and is the cost basis of the Company’s investment. [3] Total assets included in fixed maturities, FVO, short-term investments, and equity, AFS in the Company's Consolidated Balance Sheets. | |
Derivative Instruments [Abstract] | ||
Notional and Fair Value for GMWB Hedging Instruments [Table Text Block] | The Company utilizes equity options, swaps, futures, and foreign currency options to partially hedge against a decline in the equity markets and the resulting statutory surplus and capital impact primarily arising from the guaranteed minimum death benefit ("GMDB") and GMWB obligations. The following table presents notional and fair value for the macro hedge program. Notional Amount Fair Value December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014 Equity options and swaps $ 4,548 $ 5,983 $ 147 $ 141 Foreign currency options — 400 — — Total $ 4,548 $ 6,383 $ 147 $ 141 Notional Amount Fair Value December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014 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 $ 1,766 $ 2,242 $ 38 $ 37 $ 38 $ 37 $ — $ — Foreign currency swaps 143 143 (19 ) (19 ) 7 3 (26 ) (22 ) Total cash flow hedges 1,909 2,385 19 18 45 40 (26 ) (22 ) 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 4,710 4,857 (415 ) (323 ) 285 385 (700 ) (708 ) Foreign exchange contracts Foreign currency swaps and forwards 386 60 4 — 4 — — — Fixed payout annuity hedge 1,063 1,319 (357 ) (427 ) — — (357 ) (427 ) Credit contracts Credit derivatives that purchase credit protection 249 276 10 (1 ) 12 4 (2 ) (5 ) Credit derivatives that assume credit risk [1] 1,435 946 (10 ) 7 5 11 (15 ) (4 ) Credit derivatives in offsetting positions 1,435 2,175 (1 ) (1 ) 17 21 (18 ) (22 ) Equity contracts Equity index swaps and options 404 422 15 1 41 30 (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 Modified coinsurance reinsurance contracts 895 974 79 34 79 34 — — Total non-qualifying strategies 44,309 53,421 (549 ) (478 ) 969 1,010 (1,518 ) (1,488 ) Total cash flow hedges, fair value hedges, and non-qualifying strategies $ 46,241 $ 55,838 $ (530 ) $ (460 ) $ 1,014 $ 1,050 $ (1,544 ) $ (1,510 ) Balance Sheet Location Fixed maturities, available-for-sale $ 184 $ 186 $ (1 ) $ 1 $ — $ 1 $ (1 ) $ — Other investments 11,837 13,588 250 339 360 478 (110 ) (139 ) Other liabilities 15,071 19,473 (653 ) (725 ) 492 481 (1,145 ) (1,206 ) 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 $ 46,241 $ 55,838 $ (530 ) $ (460 ) $ 1,014 $ 1,050 $ (1,544 ) $ (1,510 ) [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] | (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 $ 852 $ 692 $ 250 $ (90 ) $ 99 $ 61 | (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 $ 959 $ 801 $ 339 $ (181 ) $ 83 $ 75 |
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 $ (1,255 ) $ (499 ) $ (653 ) $ (103 ) $ (753 ) $ (3 ) | 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 $ (1,345 ) $ (574 ) $ (722 ) $ (49 ) $ (900 ) $ 129 |
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 $ 3 $ 34 $ (158 ) $ — $ 2 $ (2 ) Foreign currency swaps — (10 ) 12 — — — Total $ 3 $ 24 $ (146 ) $ — $ 2 $ (2 ) Derivatives in Cash Flow Hedging Relationships Gain (Loss) Reclassified from AOCI into Income (Effective Portion) 2015 2014 2013 Interest rate swaps Net realized capital gains (losses) $ (1 ) $ (1 ) $ 70 Interest rate swaps Net investment income (loss) 33 50 57 Foreign currency swaps Net realized capital gains (losses) (9 ) (13 ) 4 Total $ 23 $ 36 $ 131 | |
Derivatives in Fair Value Hedging Relationships [Table Text Block] | The Company recognized in income gains (losses) representing the ineffective portion of fair value hedges as follows: Derivatives in Fair Value Hedging Relationships Gain (Loss) Recognized in Income [1] 2015 2014 2013 Derivative Hedged Item Derivative Hedged Item Derivative Hedged Item Interest rate swaps Net realized capital gains (losses) $ — $ — $ (2 ) $ 4 $ 27 $ (24 ) Foreign currency swaps Net realized capital gains (losses) — — — — 1 (1 ) Benefits, losses and loss adjustment expenses — — — — (2 ) 2 Total $ — $ — $ (2 ) $ 4 $ 26 $ (23 ) [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. | |
Disclosure of Credit Derivatives [Table Text Block] | he 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 $ 118 $ — 1 year Corporate Credit/ Foreign Gov. BBB+ $ 115 $ (1 ) Below investment grade risk exposure 43 (2 ) 2 years Corporate Credit CCC+ 43 1 Basket credit default swaps [4] Investment grade risk exposure 1,265 7 4 years Corporate Credit BBB+ 345 (2 ) Below investment grade risk exposure — — Corporate Credit — — Investment grade risk exposure 503 (14 ) 6 years CMBS Credit AAA- 141 1 Below investment grade risk exposure 74 (13 ) 1 year CMBS Credit CCC 74 13 Embedded credit derivatives Investment grade risk exposure 150 148 1 year Corporate Credit A+ — — Total [5] $ 2,153 $ 126 $ 718 $ 12 As of December 31, 2014 Underlying Referenced Credit Obligation(s) [1] Credit Derivative type by derivative risk exposure Notional Amount [2] Fair Value Weighted Average Years to Maturity Type Average Credit Rating Offsetting Notional Amount [3] Offsetting Fair Value [3] Single name credit default swaps Investment grade risk exposure $ 212 $ 3 3 years Corporate Credit/ Foreign Gov. A- $ 163 $ (3 ) Below investment grade risk exposure 4 — 1 year Corporate Credit CCC 4 — Basket credit default swaps [4] Investment grade risk exposure 1,240 14 4 years Corporate Credit BBB+ 667 (6 ) Below investment grade risk exposure 9 (1 ) 5 years Corporate Credit BBB- — — Investment grade risk exposure 344 (4 ) 5 years CMBS Credit AA 179 2 Below investment grade risk exposure 75 (11 ) 2 years CMBS Credit CCC+ 75 11 Embedded credit derivatives Investment grade risk exposure 150 147 2 years Corporate Credit A — — Total [5] $ 2,034 $ 148 $ 1,088 $ 4 [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 $1.8 billion and $1.7 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 2 - Fair Value Measurements. | |
Gain or Loss Recognized with in Net Realized Capital Gains Losses on Non Qualifying Strategies [Table Text Block] | he following table presents the gain or loss recognized in income on non-qualifying strategies: Non-qualifying Strategies Gain (Loss) Recognized within Net Realized Capital Gains (Losses) December 31, 2015 2014 2013 Interest rate contracts Interest rate swaps, caps, floors, and forwards $ (7 ) $ (6 ) $ (5 ) Foreign exchange contracts Foreign currency swaps and forwards 5 4 4 Fixed payout annuity hedge [1] (21 ) (148 ) (268 ) Japanese fixed annuity hedging instruments [2] — 22 (207 ) Credit contracts Credit derivatives that purchase credit protection 3 (6 ) (20 ) Credit derivatives that assume credit risk (4 ) 10 46 Equity contracts Equity index swaps and options 19 7 (22 ) Commodity contracts Commodity options (5 ) — — Variable annuity hedge program GMWB product derivatives (59 ) (2 ) 1,306 GMWB reinsurance contracts 17 4 (192 ) GMWB hedging instruments (45 ) 3 (852 ) Macro hedge program (46 ) (11 ) (234 ) International program hedging instruments — (126 ) (963 ) Other GMAB, GMWB, and GMIB reinsurance contracts — 579 1,107 Modified coinsurance reinsurance contracts 46 395 (1,405 ) Derivatives formerly associated with Japan [3] — (2 ) — Total [4] $ (97 ) $ 723 $ (1,705 ) [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] The associated liability is adjusted for changes in spot rates through realized capital gains and losses and was $(51) and $324 for the years ended December 31, 2014 , and 2013 , respectively. [3] These amounts relate to the termination of the hedging program associated with the Japan variable annuity product due to the sale of HLIKK. [4] 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 2 - Fair Value Measurements. |
Reinsurance Level 3 (Tables)
Reinsurance Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance Recoverable [Table Text Block] | As of December 31, Reinsurance Recoverables 2015 2014 Future policy benefits and unpaid loss and loss adjustment expenses and other policyholder funds and benefits payable Sold businesses (MassMutual and Prudential) $ 18,993 $ 18,606 Other reinsurers 1,506 1,447 Gross reinsurance recoverables $ 20,499 $ 20,053 |
Life Insurance Fees Earned Premiums and Other [Table Text Block] | Year Ended December 31, 2015 2014 2013 Gross earned premiums, fee income and other $ 2,877 $ 3,228 $ 3,502 Reinsurance assumed 113 74 13 Reinsurance ceded (1,801 ) (2,060 ) (1,869 ) Net earned premiums, fee income and other $ 1,189 $ 1,242 $ 1,646 |
Deferred Policy Acquisition C32
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] | |
Changes in 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 $ 521 $ 689 $ 3,072 Deferred costs 7 14 16 Amortization — DAC (82 ) (110 ) (124 ) Amortization — Unlock benefit (charge), pre-tax 13 (96 ) (104 ) Amortization — DAC related to business dispositions [1] [2] — — (2,229 ) Adjustments to unrealized gains and losses on securities AFS and other 83 24 58 Balance, end of period $ 542 $ 521 $ 689 Deferred Policy Acquisition Costs Changes in the DAC balance are as follows: For the years ended December 31, 2015 2014 2013 Balance, beginning of period $ 521 $ 689 $ 3,072 Deferred costs 7 14 16 Amortization — DAC (82 ) (110 ) (124 ) Amortization — Unlock benefit (charge), pre-tax 13 (96 ) (104 ) Amortization — DAC related to business dispositions [1] [2] — — (2,229 ) Adjustments to unrealized gains and losses on securities AFS and other 83 24 58 Balance, end of period $ 542 $ 521 $ 689 [1] 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 12 - Discontinued Operations and Business Dispositions of Notes to Consolidated Financial Statements. [2] 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. |
Separate Accounts, Death Bene33
Separate Accounts, Death Benefits and Other Insurance Benefit Features Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Separate Accounts Disclosure [Abstract] | |
Changes in the gross U.S. GMDB, International GMDB/GMIB, and UL secondary guarantee benefits | Changes in the gross GMDB/GMWB and universal life secondary guarantee benefits are as follows: 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 $ 480 $ 2,041 Incurred [2] 132 272 Paid (89 ) — Reinsurance recoverable asset, as of December 31, 2015 $ 523 $ 2,313 GMDB/GMWB [1] Universal Life Secondary Guarantees Liability balance as of January 1, 2014 $ 849 $ 1,802 Incurred [2] 73 239 Paid (110 ) — Liability balance as of December 31, 2014 $ 812 $ 2,041 Reinsurance recoverable asset, as of January 1, 2014 $ 533 $ 1,802 Incurred [2] 32 239 Paid (85 ) — Reinsurance recoverable asset, as of December 31, 2014 $ 480 $ 2,041 |
Account balances of contracts with guarantees | account balances of contracts with guarantees were invested in variable separate accounts as follows: Asset type December 31, 2015 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 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 79,688 Total Separate Account Liabilities $ 120,111 [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 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 and 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 market movements and increase when equity markets decline. |
Commitments and Contingencies34
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] | Future minimum lease commitments as of December 31, 2015 are immaterial. |
Income Tax Level 3 (Tables)
Income Tax Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
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 for income taxes is as follows: For the years ended December 31, 2015 2014 2013 Tax provision at the U.S. federal statutory rate $ 186 $ 301 $ 196 Dividends received deduction ("DRD") (152 ) (109 ) (135 ) Foreign related investments (3 ) (8 ) (7 ) Other (1 ) — (5 ) Provision for income taxes $ 30 $ 184 $ 49 The separate account DRD is estimated for the current year using information from the most recent return, adjusted for current year equity market performance and other appropriate factors, including estimated levels of corporate dividend payments and level of policy owner equity account balances. The actual current year DRD can vary from estimates based on, but not limited to, changes in eligible dividends received in the mutual funds, amounts of distributions from these mutual funds, amounts of short-term capital gains at the mutual fund level and the Company’s taxable income before the DRD. |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ncome taxes consists of the following: For the years ended December 31, 2015 2014 2013 Income Tax Expense (Benefit) Current - U.S. Federal $ 36 $ (339 ) $ (208 ) Deferred - U.S. Federal (6 ) 523 257 Total income tax expense $ 30 $ 184 $ 49 |
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 basis deferred policy acquisition costs $ 119 $ 124 Unearned premium reserve and other underwriting related reserves 4 12 Investment-related items 524 1,094 Insurance product derivatives 90 44 Net operating loss carryover 1,166 1,116 Alternative minimum tax credit 232 246 Foreign tax credit carryover 122 58 Other 16 — Total Deferred Tax Assets 2,273 2,694 Net Deferred Tax Assets 2,273 2,694 Deferred Tax Liabilities Financial statement deferred policy acquisition costs and reserves (220 ) (585 ) Net unrealized gain on investments (432 ) (816 ) Employee benefits (40 ) (39 ) Depreciable and amortizable assets — (1 ) Other — (16 ) Total Deferred Tax Liabilities (692 ) (1,457 ) Net Deferred Tax Asset $ 1,581 $ 1,237 |
Statutory Results Level 3 (Tabl
Statutory Results Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Insurance [Abstract] | |
Statutory net income and surplus amounts | tatutory net income and statutory capital are as follows: For the years ended December 31, 2015 2014 2013 Combined statutory net income $ 371 $ 132 $ 1,290 Statutory capital $ 4,939 $ 5,564 $ 5,005 |
Transactions with Affiliates 37
Transactions with Affiliates Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | For the years ended December 31, 2014 2013 Earned premiums $ (5 ) $ (31 ) Net realized losses [1] (103 ) (1,665 ) Total revenues (108 ) (1,696 ) Benefits, losses and loss adjustment expenses (1 ) (8 ) Insurance operating costs and other expenses (4 ) (1,158 ) Total expenses (5 ) (1,166 ) Loss before income taxes (103 ) (530 ) Income tax benefit (36 ) (185 ) Net loss $ (67 ) $ (345 ) [1] Amounts represent the change in valuation of the derivative associated with this transaction. |
Restructuring and Other Costs38
Restructuring and Other Costs Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring Costs [Abstract] | |
Schedule of restructuring and related costs | Restructuring and other costs, pre-tax incurred by the Company in connection with these activities were as follows: For the years ended December 31, 2015 2014 2013 Severance benefits and related costs $ 1 $ 8 $ 7 Professional fees — — 15 Asset impairment charges — 9 5 Total restructuring and other costs $ 1 $ 17 $ 27 |
Schedule of restructuring liability balance | For the year ended December 31, 2015 Severance Benefits and Related Costs Professional Fees Asset Impairment Charges Total Restructuring and Other Costs Balance, beginning of period $ 4 $ — $ — $ 4 Accruals/provisions 1 — — 1 Payments/write-offs (5 ) — — (5 ) Balance, end of period $ — $ — $ — $ — For the year ended December 31, 2014 Severance Benefits and Related Costs Professional Fees Asset Impairment Charges Total Restructuring and Other Costs Balance, beginning of period $ 1 $ — $ — $ 1 Accruals/provisions 8 — 9 17 Payments/write-offs (5 ) — (9 ) (14 ) Balance, end of period $ 4 $ — $ — $ 4 |
Accumulated Other Comprehensi39
Accumulated Other Comprehensive Income Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of 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 Net Gain on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments AOCI, net of tax Beginning balance $ 1,154 $ 70 $ (3 ) $ 1,221 OCI before reclassifications (633 ) 2 — (631 ) Amounts reclassified from AOCI 18 (15 ) — 3 OCI, net of tax (615 ) (13 ) — (628 ) Ending balance $ 539 $ 57 $ (3 ) $ 593 For the year ended December 31, 2014 Changes in Net Unrealized Gain on Securities Net Gain on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments AOCI, net of tax Beginning balance $ 495 $ 79 $ — $ 574 OCI before reclassifications 660 14 (3 ) 671 Amounts reclassified from AOCI (1 ) (23 ) — (24 ) OCI, net of tax 659 (9 ) (3 ) 647 Ending balance $ 1,154 $ 70 $ (3 ) $ 1,221 For the year ended December 31, 2013 Changes in Net Unrealized Gain on Securities Net Gain on Cash Flow Hedging Instruments Foreign Currency Translation Adjustments AOCI, net of tax Beginning balance $ 1,752 $ 258 $ (23 ) $ 1,987 OCI before reclassifications (352 ) (94 ) 23 (423 ) Amounts reclassified from AOCI (905 ) (85 ) — (990 ) OCI, net of tax (1,257 ) (179 ) 23 (1,413 ) Ending balance $ 495 $ 79 $ — $ 574 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Reclassifications from AOCI consist of the following: Amount Reclassified from AOCI AOCI For the Year Ended December 31, 2015 For the Year Ended December 31, 2014 For the Year Ended December 31, 2013 Affected Line Item in the Consolidated Statement of Operations Net Unrealized Gain on Securities Available-for-sale securities [1] $ (27 ) $ 1 $ 1,392 Net realized capital gains (losses) (27 ) 1 1,392 Total before tax (9 ) — 487 Income tax expense $ (18 ) $ 1 $ 905 Net income Net Gains on Cash-Flow Hedging Instruments Interest rate swaps [2] $ (1 ) $ (1 ) $ 70 Net realized capital gains (losses) Interest rate swaps 33 50 57 Net investment income Foreign currency swaps (9 ) (13 ) 4 Net realized capital gains (losses) 23 36 131 Total before tax 8 13 46 Income tax expense $ 15 $ 23 $ 85 Net income Total amounts reclassified from AOCI $ (3 ) $ 24 $ 990 Net income |
Discontinued Operations and B40
Discontinued Operations and Business Dispositions Level 3 (Tables) | 12 Months Ended | |
Dec. 31, 2015 | 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 $13,596) [1] $ 15,015 Equity securities, AFS, at fair value (cost of $27) [2] 28 Fixed maturities, at fair value using the FVO [3] 16 Mortgage loans (net of allowances for loan losses of $1) 1,288 Policy loans, at outstanding balance 542 Total invested assets transferred $ 16,889 [1] Includes $14.4 billion and $657 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. | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Discontinued Operations and Business Dispositions Discontinued Operations Sale of Hartford Life International Limited ("HLIL") On December 12, 2013, the Company completed the sale of all of the issued and outstanding equity of HLIL, an indirect wholly-owned subsidiary of the Company, 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 ("HLL"), 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 $51 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 results of operations reflected as discontinued operations in the Consolidated Statements of Operations, consisting of amounts related to HLIL, is as follows: For the year ended December 31, 2013 Revenues Earned Premiums $ (23 ) Fee income and other 14 Net investment income Securities available-for-sale and other (3 ) Equity securities, trading 139 Total net investment income 136 Net realized capital gains (losses) (14 ) Total revenues 113 Benefits, losses and expenses Benefits, losses and loss adjustment expenses 2 Benefits, losses and loss adjustment expenses - returns credited on international variable annuity 139 Amortization of DAC — Insurance operating costs and other expenses (33 ) Total benefits, losses and expenses 108 Income before income taxes 5 Income tax benefit (5 ) Income from operations of discontinued operations, net of tax 10 Net realized capital losses on disposal, net of tax (51 ) Income (loss) from discontinued operations, net of tax $ (41 ) |
Quarterly Results (Unaudited)41
Quarterly Results (Unaudited) Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Three months ended March 31, June 30, September 30, December 31, 2015 2014 2015 2014 2015 2014 2015 2014 Total revenues $ 668 $ 495 $ 702 $ 1,396 $ 630 $ 789 $ 499 $ 682 Total benefits, losses and expenses 483 451 461 826 500 699 525 525 Net income 145 57 230 399 118 91 7 130 Less: Net income (loss) attributable to the noncontrolling interest — 1 — (1 ) 1 3 (1 ) (2 ) Net income attributable to Hartford Life Insurance Company $ 145 $ 56 $ 230 $ 400 $ 117 $ 88 $ 8 $ 132 |
Schedule I - Summary of Inves42
Schedule I - Summary of Investments - Other Than Investments in Affiliates Level 3 (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Investments [Abstract] | |
Summary of Investment Holdings, Schedule of Investments [Table Text Block] | As of December 31, 2015 Type of Investment Cost Fair Value Amount at which shown on Balance Sheet Fixed Maturities Bonds and notes U.S. government and government agencies and authorities (guaranteed and sponsored) $ 3,263 $ 3,476 $ 3,476 States, municipalities and political subdivisions 1,057 1,132 1,132 Foreign governments 328 331 331 Public utilities 2,419 2,603 2,603 All other corporate bonds 12,006 12,572 12,572 All other mortgage-backed and asset-backed securities 4,486 4,543 4,543 Total fixed maturities, available-for-sale 23,559 24,657 24,657 Fixed maturities, at fair value using fair value option 158 165 165 Total fixed maturities 23,717 24,822 24,822 Equity Securities Common stocks Industrial, miscellaneous and all other 431 419 419 Non-redeemable preferred stocks 40 40 40 Total equity securities, available-for-sale 471 459 459 Equity securities, trading 10 11 11 Total equity securities 481 470 470 Mortgage loans 2,918 2,995 2,918 Policy loans 1,446 1,446 1,446 Futures, options and miscellaneous 394 282 282 Short-term investments 572 572 572 Investments in partnerships and trusts 1,216 1,216 Total investments $ 30,744 $ 31,726 |
Schedule IV - Schedule of Rei43
Schedule IV - Schedule of Reinsurance Level 3 (Table) | 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] | SCHEDULE IV 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 $ 306,472 $ 234,306 $ 713 $ 72,879 1 % Insurance revenues Life insurance and annuities $ 2,687 $ 1,673 $ 113 $ 1,127 10 % Accident and health insurance 190 128 — 62 — % Total insurance revenues $ 2,877 $ 1,801 $ 113 $ 1,189 10 % For the year ended December 31, 2014 Life insurance in force $ 327,772 $ 255,185 $ 797 $ 73,384 1 % Insurance revenues Life insurance and annuities $ 2,979 $ 1,691 $ 74 $ 1,362 5 % Accident and health insurance 249 369 — (120 ) — % Total insurance revenues $ 3,228 $ 2,060 $ 74 $ 1,242 6 % For the year ended December 31, 2013 Life insurance in force $ 318,652 $ 241,684 $ 815 $ 77,783 1 % Insurance revenues Life insurance and annuities $ 3,238 $ 1,714 $ 13 $ 1,537 1 % Accident and health insurance 264 155 — 109 — % Total insurance revenues $ 3,502 $ 1,869 $ 13 $ 1,646 1 % 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 $ 306,472 $ 234,306 $ 713 $ 72,879 1 % Insurance revenues Life insurance and annuities $ 2,687 $ 1,673 $ 113 $ 1,127 10 % Accident and health insurance 190 128 — 62 — % Total insurance revenues $ 2,877 $ 1,801 $ 113 $ 1,189 10 % For the year ended December 31, 2014 Life insurance in force $ 327,772 $ 255,185 $ 797 $ 73,384 1 % Insurance revenues Life insurance and annuities $ 2,979 $ 1,691 $ 74 $ 1,362 5 % Accident and health insurance 249 369 — (120 ) — % Total insurance revenues $ 3,228 $ 2,060 $ 74 $ 1,242 6 % For the year ended December 31, 2013 Life insurance in force $ 318,652 $ 241,684 $ 815 $ 77,783 1 % Insurance revenues Life insurance and annuities $ 3,238 $ 1,714 $ 13 $ 1,537 1 % Accident and health insurance 264 155 — 109 — % Total insurance revenues $ 3,502 $ 1,869 $ 13 $ 1,646 1 % |
Schedule V - Valuation and Qu44
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, Charged to Costs and Expenses Translation Adjustment Write-offs/Payments/Other Balance December 31, 2015 Valuation allowance on mortgage loans $ 15 $ 4 $ — $ — $ 19 2014 Valuation allowance on mortgage loans $ 12 $ 4 $ — $ (1 ) $ 15 2013 Valuation allowance on deferred tax asset $ 53 $ — $ — $ (53 ) $ — Valuation allowance on mortgage loans 14 2 — (4 ) 12 |
Basis of Presentation and Acc45
Basis of Presentation and Accounting Policies Level 4 (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Available-for-sale Securities, Equity Securities | $ 459,000,000 | $ 514,000,000 | ||||
Fixed annuities transfered from HLIKK to HLIC and HLAI | 1,600,000,000 | $ 2,600,000,000 | ||||
Liabilities | 167,188,000,000 | 182,484,000,000 | ||||
Stockholders' Equity Attributable to Parent | 8,162,000,000 | 9,291,000,000 | ||||
Maximum uncollateralized threshold for derivative counter party, single level entity | $ 10,000,000 | |||||
Gross profit estimates term | 20 years | |||||
Statutory Accounting Practices, Dividends Paid with Approval of Regulatory Agency | $ 800 | $ 1,000,000,000 | ||||
Reinsurance Recoverables | 20,499,000,000 | 20,053,000,000 | ||||
Fair Value, Inputs, Level 2 [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Available-for-sale Securities, Equity Securities | $ 25,000,000 | 55,000,000 | ||||
Individual Life [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Goodwill impairment loss | $ 0 | |||||
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. | |||||
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). | |||||
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 Financial Accounting Standards Board (“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. | |||||
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, Description | 6 | |||||
Investments [Member] | 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 | 80 | |||||
Available-for-sale Securities [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Available-for-sale Securities, Equity Securities | [1] | $ 178,000,000 | $ 266,000,000 | |||
[1] | [3]Excludes equity securities, FVO, with a cost and fair value of $293 and $281, respectively, as of December 31, 2015, and $250 and $248 as of December 31, 2014. |
Fair Value Measurements Level 4
Fair Value Measurements Level 4 Fair Value by Hierarchy (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | |||
Assets accounted for at fair value on a recurring basis | ||||
Available-for-sale Securities, Debt Securities | $ 24,657 | $ 25,436 | ||
Marketable Securities, Fixed Maturities | 165 | 280 | ||
Equity securities, trading [1] | 11 | 11 | ||
Equity securities, AFS | 459 | 514 | ||
Short-term investments | 572 | 2,162 | ||
Alternative Investments, Fair Value Disclosure | 1,216 | 1,309 | ||
Reinsurance Recoverables | 20,499 | 20,053 | ||
Separate Account Assets | 120,111 | 134,689 | ||
Total assets accounted for at fair value on a recurring basis | 144,439 | 161,030 | ||
Liabilities accounted for at fair value on a recurring basis | ||||
Total liabilities accounted for at fair value on a recurring basis | (941) | |||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 3 | 129 | ||
Separate Account Assets, at Carrying Value | 1,800 | 2,500 | ||
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | 0 | |||
Other policyholder funds and benefits payable [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | (288) | |||
Derivative Financial Instruments, Liabilities [Member] | ||||
Liabilities accounted for at fair value on a recurring basis | ||||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 271 | 399 | ||
Derivative Financial Instruments, Liabilities [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | (653) | (722) | [1] | |
Credit derivative [Member] | Other Investments [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 7 | 3 | ||
Credit derivative [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | (7) | |||
Equity Contract [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 41 | |||
Foreign exchange derivative [Member] | Other Investments [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 4 | (1) | ||
Foreign exchange derivative [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | (376) | |||
Interest Rate Contract [Member] | Other Investments [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 54 | 123 | ||
Interest Rate Contract [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | (431) | |||
Derivative Financial Instruments, Assets [Member] | Other Investments [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 250 | 339 | [2] | |
Embedded Derivative Financial Instruments [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | (3) | |||
ABS [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Available-for-sale Securities, Debt Securities | 846 | 1,171 | ||
Collateralized Debt Obligations [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Available-for-sale Securities, Debt Securities | [3] | 1,408 | 1,148 | |
Commercial Mortgage Backed Securities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Available-for-sale Securities, Debt Securities | 1,964 | 1,887 | ||
Corporate [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Available-for-sale Securities, Debt Securities | 15,175 | 15,742 | ||
Foreign Government Debt Securities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Available-for-sale Securities, Debt Securities | 331 | 602 | ||
US States and Political Subdivisions Debt Securities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Available-for-sale Securities, Debt Securities | 1,132 | 1,052 | ||
Residential Mortgage Backed Securities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Available-for-sale Securities, Debt Securities | 1,503 | 1,857 | ||
US Treasury Securities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Available-for-sale Securities, Debt Securities | 2,298 | 1,977 | ||
Liabilities accounted for at fair value on a recurring basis | ||||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | 700 | 1,400 | ||
Level 1 [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Available-for-sale Securities, Debt Securities | 123 | 72 | ||
Marketable Securities, Fixed Maturities | 1 | 0 | ||
Equity securities, trading [1] | 11 | 11 | ||
Equity securities, AFS | 396 | 411 | ||
Short-term investments | 131 | 199 | ||
Total assets accounted for at fair value on a recurring basis | 78,761 | 92,217 | ||
Liabilities accounted for at fair value on a recurring basis | ||||
Total liabilities accounted for at fair value on a recurring basis | 0 | |||
Level 1 [Member] | Other policyholder funds and benefits payable [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |||
Level 1 [Member] | Derivative Financial Instruments, Liabilities [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | ||
Level 1 [Member] | Credit derivative [Member] | Other Investments [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | ||
Level 1 [Member] | Credit derivative [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |||
Level 1 [Member] | Equity Contract [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |||
Level 1 [Member] | Foreign exchange derivative [Member] | Other Investments [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | ||
Level 1 [Member] | Foreign exchange derivative [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |||
Level 1 [Member] | Interest Rate Contract [Member] | Other Investments [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | ||
Level 1 [Member] | Interest Rate Contract [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |||
Level 1 [Member] | Embedded Derivative Financial Instruments [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |||
Level 1 [Member] | ABS [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Available-for-sale Securities, Debt Securities | 0 | 0 | ||
Level 1 [Member] | Collateralized Debt Obligations [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Available-for-sale Securities, Debt Securities | 0 | 0 | ||
Level 1 [Member] | Commercial Mortgage Backed Securities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Available-for-sale Securities, Debt Securities | 0 | 0 | ||
Level 1 [Member] | Corporate [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Available-for-sale Securities, Debt Securities | 0 | 0 | ||
Level 1 [Member] | Foreign Government Debt Securities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Available-for-sale Securities, Debt Securities | 0 | 0 | ||
Level 1 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Available-for-sale Securities, Debt Securities | 0 | 0 | ||
Level 1 [Member] | Residential Mortgage Backed Securities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Available-for-sale Securities, Debt Securities | 0 | 0 | ||
Level 1 [Member] | US Treasury Securities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Available-for-sale Securities, Debt Securities | 123 | 72 | ||
Level 2 [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Available-for-sale Securities, Debt Securities | 22,909 | 23,339 | ||
Marketable Securities, Fixed Maturities | 162 | 196 | ||
Equity securities, trading [1] | 0 | 0 | ||
Equity securities, AFS | 25 | 55 | ||
Short-term investments | 441 | 1,963 | ||
Total assets accounted for at fair value on a recurring basis | 63,267 | 65,815 | ||
Liabilities accounted for at fair value on a recurring basis | ||||
Total liabilities accounted for at fair value on a recurring basis | (748) | |||
Level 2 [Member] | Other policyholder funds and benefits payable [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |||
Level 2 [Member] | Derivative Financial Instruments, Liabilities [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | (748) | (801) | ||
Level 2 [Member] | Credit derivative [Member] | Other Investments [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 7 | 5 | ||
Level 2 [Member] | Credit derivative [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | (7) | |||
Level 2 [Member] | Equity Contract [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 41 | |||
Level 2 [Member] | Foreign exchange derivative [Member] | Other Investments [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 4 | (1) | ||
Level 2 [Member] | Foreign exchange derivative [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | (376) | |||
Level 2 [Member] | Interest Rate Contract [Member] | Other Investments [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 54 | 123 | ||
Level 2 [Member] | Interest Rate Contract [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | (402) | |||
Level 2 [Member] | Derivative Financial Instruments, Assets [Member] | Other Investments [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 92 | 132 | ||
Level 2 [Member] | Embedded Derivative Financial Instruments [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |||
Level 2 [Member] | ABS [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Available-for-sale Securities, Debt Securities | 841 | 1,089 | ||
Level 2 [Member] | Collateralized Debt Obligations [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Available-for-sale Securities, Debt Securities | 1,078 | 788 | ||
Level 2 [Member] | Commercial Mortgage Backed Securities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Available-for-sale Securities, Debt Securities | 1,902 | 1,768 | ||
Level 2 [Member] | Corporate [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Available-for-sale Securities, Debt Securities | 14,641 | 15,096 | ||
Level 2 [Member] | Foreign Government Debt Securities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Available-for-sale Securities, Debt Securities | 314 | 572 | ||
Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Available-for-sale Securities, Debt Securities | 1,083 | 998 | ||
Level 2 [Member] | Residential Mortgage Backed Securities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Available-for-sale Securities, Debt Securities | 875 | 1,123 | ||
Level 2 [Member] | US Treasury Securities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Available-for-sale Securities, Debt Securities | 2,175 | 1,905 | ||
Level 3 [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Available-for-sale Securities, Debt Securities | 1,625 | 2,025 | ||
Marketable Securities, Fixed Maturities | 2 | 84 | ||
Equity securities, trading [1] | 0 | 0 | ||
Equity securities, AFS | 38 | 48 | ||
Short-term investments | 0 | 0 | ||
Total assets accounted for at fair value on a recurring basis | 2,411 | 2,998 | ||
Liabilities accounted for at fair value on a recurring basis | ||||
Total liabilities accounted for at fair value on a recurring basis | (193) | |||
Level 3 [Member] | Other policyholder funds and benefits payable [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | (288) | |||
Level 3 [Member] | Derivative Financial Instruments, Liabilities [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 95 | 79 | ||
Level 3 [Member] | Credit derivative [Member] | Other Investments [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | (2) | ||
Level 3 [Member] | Credit derivative [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |||
Level 3 [Member] | Equity Contract [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |||
Level 3 [Member] | Foreign exchange derivative [Member] | Other Investments [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | ||
Level 3 [Member] | Foreign exchange derivative [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |||
Level 3 [Member] | Interest Rate Contract [Member] | Other Investments [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | ||
Level 3 [Member] | Interest Rate Contract [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | (29) | |||
Level 3 [Member] | Derivative Financial Instruments, Assets [Member] | Other Investments [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 158 | 207 | ||
Level 3 [Member] | Embedded Derivative Financial Instruments [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | (3) | |||
Level 3 [Member] | ABS [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Available-for-sale Securities, Debt Securities | 5 | 82 | ||
Level 3 [Member] | Collateralized Debt Obligations [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Available-for-sale Securities, Debt Securities | 330 | 360 | ||
Level 3 [Member] | Commercial Mortgage Backed Securities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Available-for-sale Securities, Debt Securities | 62 | 119 | ||
Level 3 [Member] | Corporate [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Available-for-sale Securities, Debt Securities | 534 | 646 | ||
Level 3 [Member] | Foreign Government Debt Securities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Available-for-sale Securities, Debt Securities | 17 | 30 | ||
Level 3 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Available-for-sale Securities, Debt Securities | 49 | 54 | ||
Level 3 [Member] | Residential Mortgage Backed Securities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Available-for-sale Securities, Debt Securities | 628 | 734 | ||
Level 3 [Member] | US Treasury Securities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Available-for-sale Securities, Debt Securities | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | ||||
Liabilities accounted for at fair value on a recurring basis | ||||
Total liabilities accounted for at fair value on a recurring basis | (890) | |||
Fair Value, Measurements, Recurring [Member] | Other policyholder funds and benefits payable [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | (165) | |||
Fair Value, Measurements, Recurring [Member] | Credit derivative [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |||
Fair Value, Measurements, Recurring [Member] | Equity Contract [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Asset | 2 | |||
Fair Value, Measurements, Recurring [Member] | Equity Contract [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 28 | |||
Fair Value, Measurements, Recurring [Member] | Foreign exchange derivative [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | (444) | |||
Fair Value, Measurements, Recurring [Member] | Interest Rate Contract [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | (409) | |||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||||
Liabilities accounted for at fair value on a recurring basis | ||||
Total liabilities accounted for at fair value on a recurring basis | 0 | |||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Other policyholder funds and benefits payable [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Credit derivative [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Equity Contract [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Asset | 0 | |||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Equity Contract [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Foreign exchange derivative [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Interest Rate Contract [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||||
Liabilities accounted for at fair value on a recurring basis | ||||
Total liabilities accounted for at fair value on a recurring basis | (801) | |||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Other policyholder funds and benefits payable [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Credit derivative [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 1 | |||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Equity Contract [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Asset | 0 | |||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Equity Contract [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 25 | |||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Foreign exchange derivative [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | (444) | |||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Interest Rate Contract [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | (382) | |||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||||
Liabilities accounted for at fair value on a recurring basis | ||||
Total liabilities accounted for at fair value on a recurring basis | (89) | |||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Other policyholder funds and benefits payable [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | (165) | |||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Credit derivative [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | (1) | |||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Equity Contract [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Asset | 2 | |||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Equity Contract [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 3 | |||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Foreign exchange derivative [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Interest Rate Contract [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | (27) | |||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Commercial Mortgage Backed Securities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Available-for-sale Securities, Debt Securities | 61 | 119 | ||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Residential Mortgage Backed Securities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Available-for-sale Securities, Debt Securities | $ 628 | 734 | ||
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, 94% and 95%, 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. | |||
UNITED STATES | Guaranteed Minimum Withdrawal Benefit [Member] | Other policyholder funds and benefits payable [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | $ (262) | |||
UNITED STATES | Level 1 [Member] | Guaranteed Minimum Withdrawal Benefit [Member] | Other policyholder funds and benefits payable [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |||
UNITED STATES | Level 2 [Member] | Guaranteed Minimum Withdrawal Benefit [Member] | Other policyholder funds and benefits payable [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |||
UNITED STATES | Level 3 [Member] | Guaranteed Minimum Withdrawal Benefit [Member] | Other policyholder funds and benefits payable [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | (262) | |||
UNITED STATES | Fair Value, Measurements, Recurring [Member] | Guaranteed Minimum Withdrawal Benefit [Member] | Other policyholder funds and benefits payable [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | (139) | |||
UNITED STATES | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Guaranteed Minimum Withdrawal Benefit [Member] | Other policyholder funds and benefits payable [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |||
UNITED STATES | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Guaranteed Minimum Withdrawal Benefit [Member] | Other policyholder funds and benefits payable [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |||
UNITED STATES | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Guaranteed Minimum Withdrawal Benefit [Member] | Other policyholder funds and benefits payable [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | (139) | |||
GMWB Reinsurance [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Reinsurance Recoverables | 83 | 56 | ||
GMWB Reinsurance [Member] | Level 1 [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Reinsurance Recoverables | 0 | 0 | ||
GMWB Reinsurance [Member] | Level 2 [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Reinsurance Recoverables | 0 | 0 | ||
GMWB Reinsurance [Member] | Level 3 [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Reinsurance Recoverables | 83 | 56 | ||
Equity linked notes [Member] | Other policyholder funds and benefits payable [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | (26) | |||
Equity linked notes [Member] | Level 1 [Member] | Other policyholder funds and benefits payable [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |||
Equity linked notes [Member] | Level 2 [Member] | Other policyholder funds and benefits payable [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |||
Equity linked notes [Member] | Level 3 [Member] | Other policyholder funds and benefits payable [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | $ (26) | |||
Equity linked notes [Member] | Fair Value, Measurements, Recurring [Member] | Other policyholder funds and benefits payable [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | (26) | |||
Equity linked notes [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Other policyholder funds and benefits payable [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |||
Equity linked notes [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Other policyholder funds and benefits payable [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |||
Equity linked notes [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Other policyholder funds and benefits payable [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | $ (26) | |||
US GMWB Hedging Instruments [Member] | Level 3 [Member] | Other Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Measurements, Valuation Techniques | Discounted cash flows | Discounted cash flows | ||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | $ 131 | $ 124 | ||
US GMWB Hedging Instruments [Member] | UNITED STATES | Other Investments [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 111 | 119 | ||
US GMWB Hedging Instruments [Member] | UNITED STATES | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 47 | 55 | ||
US GMWB Hedging Instruments [Member] | UNITED STATES | Level 1 [Member] | Other Investments [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | ||
US GMWB Hedging Instruments [Member] | UNITED STATES | Level 1 [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | ||
US GMWB Hedging Instruments [Member] | UNITED STATES | Level 2 [Member] | Other Investments [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 27 | 5 | ||
US GMWB Hedging Instruments [Member] | UNITED STATES | Level 2 [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | (4) | (1) | ||
US GMWB Hedging Instruments [Member] | UNITED STATES | Level 3 [Member] | Other Investments [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 84 | 114 | ||
US GMWB Hedging Instruments [Member] | UNITED STATES | Level 3 [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 51 | 56 | ||
Macro Hedge Program [Member] | UNITED STATES | Other Investments [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 74 | 93 | ||
Macro Hedge Program [Member] | UNITED STATES | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 73 | 48 | ||
Macro Hedge Program [Member] | UNITED STATES | Level 1 [Member] | Other Investments [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | ||
Macro Hedge Program [Member] | UNITED STATES | Level 1 [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | ||
Macro Hedge Program [Member] | UNITED STATES | Level 2 [Member] | Other Investments [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | ||
Macro Hedge Program [Member] | UNITED STATES | Level 2 [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 | ||
Macro Hedge Program [Member] | UNITED STATES | Level 3 [Member] | Other Investments [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 74 | 93 | ||
Macro Hedge Program [Member] | UNITED STATES | Level 3 [Member] | Other liabilities [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 73 | 48 | ||
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Reinsurance Recoverables | 79 | 34 | ||
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | Level 1 [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Reinsurance Recoverables | 0 | 0 | ||
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | Level 2 [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Reinsurance Recoverables | 79 | 34 | ||
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | Level 3 [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Reinsurance Recoverables | 0 | 0 | ||
Separate Accounts [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Separate Account Assets | 118,163 | 132,198 | ||
Separate Accounts [Member] | Level 1 [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Separate Account Assets | 78,099 | 91,524 | ||
Separate Accounts [Member] | Level 2 [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Separate Account Assets | 39,559 | 40,096 | ||
Separate Accounts [Member] | Level 3 [Member] | ||||
Assets accounted for at fair value on a recurring basis | ||||
Separate Account Assets | $ 505 | $ 578 | ||
[1] | Included in other liabilities in the Company's Consolidated Balance Sheets and is limited to the net derivative payable associated with each counterparty | |||
[2] | Included in other investments in the Company's Consolidated Balance Sheets. | |||
[3] | Gross unrealized gains (losses) exclude the fair value of bifurcated embedded derivatives within certain securities. Subsequent changes in value are recorded in net realized capital gains (losses). |
Fair Value Measurements Level47
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 | $ 1,216 | $ 1,309 | |
Available-for-sale Securities, Debt Securities | 24,657 | 25,436 | |
Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 505 | 578 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 578 | $ 737 | |
Available-for-sale Securities, Debt Securities | 1,625 | 2,025 | |
Fair Value Inputs [Abstract] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 12 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | (5) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 394 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 19 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 265 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 12 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | 202 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 11 | ||
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Available-for-sale Securities, Debt Securities | 123 | 72 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Available-for-sale Securities, Debt Securities | $ 22,909 | $ 23,339 | |
Interest Rate Contract [Member] | Level 3 [Member] | Interest Rate Swap [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
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 | Decrease | Decrease | |
Fair Value Inputs [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | $ (30) | $ (29) | |
US Macro Hedge Program [Member] | Level 3 [Member] | Equity options [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair value measurements valuation techniques | Option model | Option model | |
Fair value measurements significant assumptions | Equity volatility | Equity volatility | |
Fair Value Measurements, Sensitivity Analysis, Description | Increase | Increase | |
Fair Value Inputs [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | $ 179 | $ 141 | |
US GMWB Hedging Instruments [Member] | Level 3 [Member] | Variance Swap [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair value measurements valuation techniques | Option model | ||
Fair value measurements significant assumptions | Equity volatility | ||
Fair Value Measurements, Sensitivity Analysis, Description | Increase | ||
Fair Value Inputs [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | $ (31) | ||
US GMWB Hedging Instruments [Member] | Level 3 [Member] | Other Contract [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair value measurements valuation techniques | Discounted cash flows | Discounted cash flows | |
Fair value measurements significant assumptions | Equity volatility | Equity volatility | |
Fair Value Measurements, Sensitivity Analysis, Description | Increase | Increase | |
Fair Value Inputs [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | $ 131 | $ 124 | |
US GMWB Hedging Instruments [Member] | Level 3 [Member] | Equity options [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair value measurements valuation techniques | Option model | Option model | |
Fair value measurements significant assumptions | Equity volatility | Equity volatility | |
Fair Value Measurements, Sensitivity Analysis, Description | Increase | Increase | |
Fair Value Inputs [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | $ 35 | $ 46 | |
Maximum [Member] | Interest Rate Contract [Member] | Level 3 [Member] | Interest Rate Swap [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair Value Measurements, Unobservable Swap Curve | 3.00% | 3.00% | |
Maximum [Member] | US Macro Hedge Program [Member] | Level 3 [Member] | Equity options [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair Value Assumptions, Expected Volatility Rate | 28.00% | 28.00% | |
Maximum [Member] | US GMWB Hedging Instruments [Member] | Level 3 [Member] | Variance Swap [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair Value Assumptions, Expected Volatility Rate | 21.00% | ||
Maximum [Member] | US GMWB Hedging Instruments [Member] | Level 3 [Member] | Other Contract [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair Value Assumptions, Expected Volatility Rate | 40.00% | 40.00% | |
Maximum [Member] | US GMWB Hedging Instruments [Member] | Level 3 [Member] | Equity options [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair Value Assumptions, Expected Volatility Rate | 29.00% | 34.00% | |
Minimum [Member] | Interest Rate Contract [Member] | Level 3 [Member] | Interest Rate Swap [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair Value Measurements, Unobservable Swap Curve | 3.00% | 3.00% | |
Minimum [Member] | US Macro Hedge Program [Member] | Level 3 [Member] | Equity options [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair Value Assumptions, Expected Volatility Rate | 14.00% | 27.00% | |
Minimum [Member] | US GMWB Hedging Instruments [Member] | Level 3 [Member] | Variance Swap [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair Value Assumptions, Expected Volatility Rate | 19.00% | ||
Minimum [Member] | US GMWB Hedging Instruments [Member] | Level 3 [Member] | Other Contract [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair Value Assumptions, Expected Volatility Rate | 10.00% | 10.00% | |
Minimum [Member] | US GMWB Hedging Instruments [Member] | Level 3 [Member] | Equity options [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair Value Assumptions, Expected Volatility Rate | 27.00% | 22.00% | |
Derivative [Member] | |||
Fair Value Inputs [Abstract] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | $ 9 | ||
Derivative [Member] | Other Contract [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 0 | 0 | |
Fair Value Inputs [Abstract] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 2 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | (2) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 0 | ||
Derivative [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | $ 253 | 286 | |
Fair Value Inputs [Abstract] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (55) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 39 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 33 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 6 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | (10) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | (39) | ||
Derivative [Member] | Level 3 [Member] | Other Contract [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 286 | 204 | |
Fair Value Inputs [Abstract] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 23 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 29 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (2) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | (2) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | (30) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | (1) | ||
Derivative [Member] | Level 3 [Member] | Credit Risk Contract [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 0 | (3) | 2 |
Fair Value Inputs [Abstract] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 1 | (2) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | (8) | (2) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | (10) | 1 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | (3) | ||
Derivative [Member] | Level 3 [Member] | Equity Contract [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 0 | 5 | 2 |
Fair Value Inputs [Abstract] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 5 | 3 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 10 | 0 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 0 | ||
Derivative [Member] | Level 3 [Member] | Interest Rate Contract [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | (29) | (27) | (24) |
Fair Value Inputs [Abstract] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (1) | (5) | |
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 | $ 1 | 0 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | 2 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | $ (5) | ||
Commercial Mortgage Backed Securities [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
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 | Decrease | Decrease | |
Commercial Mortgage Backed Securities [Member] | Maximum [Member] | Level 3 [Member] | |||
Fair Value Inputs [Abstract] | |||
Fair Value Inputs, Counterparty Credit Risk | 1505.00% | 2475.00% | |
Commercial Mortgage Backed Securities [Member] | Maximum [Member] | Income approach Valuation Technique [Member] | Level 3 [Member] | |||
Fair Value Inputs [Abstract] | |||
Fair Value Inputs, Counterparty Credit Risk | 0.15% | ||
Commercial Mortgage Backed Securities [Member] | Minimum [Member] | Level 3 [Member] | |||
Fair Value Inputs [Abstract] | |||
Fair Value Inputs, Counterparty Credit Risk | 31.00% | 46.00% | |
Commercial Mortgage Backed Securities [Member] | Minimum [Member] | Income approach Valuation Technique [Member] | Level 3 [Member] | |||
Fair Value Inputs [Abstract] | |||
Fair Value Inputs, Counterparty Credit Risk | 0.00% | ||
Commercial Mortgage Backed Securities [Member] | Weighted Average [Member] | Level 3 [Member] | |||
Fair Value Inputs [Abstract] | |||
Fair Value Inputs, Counterparty Credit Risk | 230.00% | 284.00% | |
Commercial Mortgage Backed Securities [Member] | Weighted Average [Member] | Income approach Valuation Technique [Member] | Level 3 [Member] | |||
Fair Value Inputs [Abstract] | |||
Fair Value Inputs, Counterparty Credit Risk | 0.02% | ||
Corporate [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair value measurements valuation techniques | Discounted cash flows | Discounted cash flows | |
Fair value measurements significant assumptions | Spread | Spread | |
Fair Value Measurements, Sensitivity Analysis, Description | Decrease | Decrease | |
Corporate [Member] | Maximum [Member] | Level 3 [Member] | |||
Fair Value Inputs [Abstract] | |||
Fair Value Inputs, Counterparty Credit Risk | 800.00% | 765.00% | |
Corporate [Member] | Maximum [Member] | Income approach Valuation Technique [Member] | Level 3 [Member] | |||
Fair Value Inputs [Abstract] | |||
Fair Value Inputs, Counterparty Credit Risk | 0.08% | ||
Corporate [Member] | Minimum [Member] | Level 3 [Member] | |||
Fair Value Inputs [Abstract] | |||
Fair Value Inputs, Counterparty Credit Risk | 63.00% | 123.00% | |
Corporate [Member] | Minimum [Member] | Income approach Valuation Technique [Member] | Level 3 [Member] | |||
Fair Value Inputs [Abstract] | |||
Fair Value Inputs, Counterparty Credit Risk | 0.01% | ||
Corporate [Member] | Weighted Average [Member] | Level 3 [Member] | |||
Fair Value Inputs [Abstract] | |||
Fair Value Inputs, Counterparty Credit Risk | 290.00% | 267.00% | |
Corporate [Member] | Weighted Average [Member] | Income approach Valuation Technique [Member] | Level 3 [Member] | |||
Fair Value Inputs [Abstract] | |||
Fair Value Inputs, Counterparty Credit Risk | 0.03% | ||
US States and Political Subdivisions Debt Securities [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair value measurements valuation techniques | Discounted cash flows | Discounted cash flows | |
Fair value measurements significant assumptions | Spread | Spread | |
Fair Value Measurements, Sensitivity Analysis, Description | Decrease | Decrease | |
US States and Political Subdivisions Debt Securities [Member] | Maximum [Member] | Level 3 [Member] | |||
Fair Value Inputs [Abstract] | |||
Fair value inputs treasury yield | 193.00% | 212.00% | |
US States and Political Subdivisions Debt Securities [Member] | Maximum [Member] | Income approach Valuation Technique [Member] | Level 3 [Member] | |||
Fair Value Inputs [Abstract] | |||
Fair value inputs treasury yield | 0.02% | ||
US States and Political Subdivisions Debt Securities [Member] | Minimum [Member] | Level 3 [Member] | |||
Fair Value Inputs [Abstract] | |||
Fair value inputs treasury yield | 193.00% | 212.00% | |
US States and Political Subdivisions Debt Securities [Member] | Minimum [Member] | Income approach Valuation Technique [Member] | Level 3 [Member] | |||
Fair Value Inputs [Abstract] | |||
Fair value inputs treasury yield | 0.02% | ||
US States and Political Subdivisions Debt Securities [Member] | Weighted Average [Member] | Level 3 [Member] | |||
Fair Value Inputs [Abstract] | |||
Fair value inputs treasury yield | 193.00% | 212.00% | |
US States and Political Subdivisions Debt Securities [Member] | Weighted Average [Member] | Income approach Valuation Technique [Member] | Level 3 [Member] | |||
Fair Value Inputs [Abstract] | |||
Fair value inputs treasury yield | 0.02% | ||
Residential Mortgage Backed Securities [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair value measurements valuation techniques | Discounted cash flows | Discounted cash flows | |
Residential Mortgage Backed Securities [Member] | Maximum [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair Value Inputs, Loss Severity | 100.00% | 100.00% | |
Fair Value Inputs, Probability of Default | 10.00% | 14.00% | |
Fair Value Inputs, Prepayment Rate | 20.00% | 7.00% | |
Fair Value Inputs [Abstract] | |||
Fair Value Inputs, Counterparty Credit Risk | 1696.00% | 1904.00% | |
Residential Mortgage Backed Securities [Member] | Maximum [Member] | Income approach Valuation Technique [Member] | Level 3 [Member] | |||
Fair Value Inputs [Abstract] | |||
Fair Value Inputs, Counterparty Credit Risk | 0.17% | ||
Residential Mortgage Backed Securities [Member] | Minimum [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
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 [Abstract] | |||
Fair Value Inputs, Counterparty Credit Risk | 30.00% | 23.00% | |
Residential Mortgage Backed Securities [Member] | Minimum [Member] | Income approach Valuation Technique [Member] | Level 3 [Member] | |||
Fair Value Inputs [Abstract] | |||
Fair Value Inputs, Counterparty Credit Risk | 0.00% | ||
Residential Mortgage Backed Securities [Member] | Weighted Average [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair Value Inputs, Loss Severity | 79.00% | 78.00% | |
Fair Value Inputs, Probability of Default | 6.00% | 7.00% | |
Fair Value Inputs, Prepayment Rate | 3.00% | 3.00% | |
Fair Value Inputs [Abstract] | |||
Fair Value Inputs, Counterparty Credit Risk | 172.00% | 141.00% | |
Residential Mortgage Backed Securities [Member] | Weighted Average [Member] | Income approach Valuation Technique [Member] | Level 3 [Member] | |||
Fair Value Inputs [Abstract] | |||
Fair Value Inputs, Counterparty Credit Risk | 0.02% | ||
UNITED STATES | Reinsurance Recoverable [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | $ 83 | $ 56 | |
Fair Value Inputs [Abstract] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 9 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (18) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 9 | ||
UNITED STATES | Derivative [Member] | US Macro Hedge Program [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 147 | 141 | 139 |
Fair Value Inputs [Abstract] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (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, Unobservable Inputs Reconciliation, Settlements | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | (34) | (11) | |
UNITED STATES | Derivative [Member] | US GMWB Hedging Instruments [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 135 | 170 | 146 |
Fair Value Inputs [Abstract] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (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, Unobservable Inputs Reconciliation, Sales | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | $ (5) | $ 1 | |
Spread [Member] | Residential Mortgage Backed Securities [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair value measurements significant assumptions | Spread | Spread | |
Fair Value Measurements, Sensitivity Analysis, Description | Decrease | Decrease | |
Withdrawal Utilization [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair Value Measurements, Sensitivity Analysis, Description | Increase | ||
Withdrawal Utilization [Member] | Maximum [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Range of Values-Unobservable Inputs | 100.00% | ||
Withdrawal Utilization [Member] | Minimum [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Range of Values-Unobservable Inputs | 20.00% | ||
Withdrawal Rates [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair Value Measurements, Sensitivity Analysis, Description | Increase | ||
Withdrawal Rates [Member] | Maximum [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Range of Values-Unobservable Inputs | 8.00% | ||
Withdrawal Rates [Member] | Minimum [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Range of Values-Unobservable Inputs | 0.00% | ||
Lapse Rates [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair Value Measurements, Sensitivity Analysis, Description | Decrease | ||
Lapse Rates [Member] | Maximum [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Range of Values-Unobservable Inputs | 75.00% | ||
Lapse Rates [Member] | Minimum [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Range of Values-Unobservable Inputs | 0.00% | ||
Reset Elections [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair Value Measurements, Sensitivity Analysis, Description | Increase | ||
Reset Elections [Member] | Maximum [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Range of Values-Unobservable Inputs | 75.00% | ||
Reset Elections [Member] | Minimum [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Range of Values-Unobservable Inputs | 20.00% | ||
Equity Volatility [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair Value Measurements, Sensitivity Analysis, Description | Increase | ||
Equity Volatility [Member] | Maximum [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Range of Values-Unobservable Inputs | 40.00% | ||
Equity Volatility [Member] | Minimum [Member] | Living Benefits Required to be Fair Valued and the GMWB Reinsurance Derivative [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Range of Values-Unobservable Inputs | 10.00% | ||
Prepayment Rate [Member] | Residential Mortgage Backed Securities [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair value measurements significant assumptions | Constant prepayment rate | Constant prepayment rate | |
Fair Value Measurements, Sensitivity Analysis, Description | Decrease [4] | Decrease [4] | |
Probability of Default [Member] | Residential Mortgage Backed Securities [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair value measurements significant assumptions | Constant default rate | Constant default rate | |
Fair Value Measurements, Sensitivity Analysis, Description | Decrease | Decrease | |
Loss Severity [Member] | Residential Mortgage Backed Securities [Member] | Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input [Abstract] | |||
Fair value measurements significant assumptions | Loss severity | Loss severity | |
Fair Value Measurements, Sensitivity Analysis, Description | Decrease | Decrease | |
Fair Value, Measurements, Recurring [Member] | Equity Contract [Member] | |||
Fair Value Inputs [Abstract] | |||
Derivative Asset | $ 2 | ||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Equity Contract [Member] | |||
Fair Value Inputs [Abstract] | |||
Derivative Asset | 2 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Equity Contract [Member] | |||
Fair Value Inputs [Abstract] | |||
Derivative Asset | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Equity Contract [Member] | |||
Fair Value Inputs [Abstract] | |||
Derivative Asset | 0 | ||
Residential Mortgage Backed Securities [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Available-for-sale Securities, Debt Securities | $ 1,503 | 1,857 | |
Residential Mortgage Backed Securities [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Available-for-sale Securities, Debt Securities | 628 | 734 | |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Available-for-sale Securities, Debt Securities | 0 | 0 | |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Available-for-sale Securities, Debt Securities | 875 | 1,123 | |
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Available-for-sale Securities, Debt Securities | 628 | 734 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Available-for-sale Securities, Debt Securities | 1,132 | 1,052 | |
US States and Political Subdivisions Debt Securities [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Available-for-sale Securities, Debt Securities | 49 | 54 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [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 Inputs, Assets, Quantitative Information [Line Items] | |||
Available-for-sale Securities, Debt Securities | 1,083 | 998 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Non-Broker Priced [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Available-for-sale Securities, Debt Securities | 31 | 32 | |
Corporate [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Available-for-sale Securities, Debt Securities | 15,175 | 15,742 | |
Corporate [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Available-for-sale Securities, Debt Securities | 534 | 646 | |
Corporate [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Available-for-sale Securities, Debt Securities | 0 | 0 | |
Corporate [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Available-for-sale Securities, Debt Securities | 14,641 | 15,096 | |
Corporate [Member] | Fair Value, Measurements, Recurring [Member] | Non-Broker Priced [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Available-for-sale Securities, Debt Securities | 213 | 324 | |
Commercial Mortgage Backed Securities [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Available-for-sale Securities, Debt Securities | 1,964 | 1,887 | |
Commercial Mortgage Backed Securities [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Available-for-sale Securities, Debt Securities | 62 | 119 | |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Available-for-sale Securities, Debt Securities | 0 | 0 | |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Available-for-sale Securities, Debt Securities | 1,902 | 1,768 | |
Commercial Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Available-for-sale Securities, Debt Securities | 61 | 119 | |
Available-for-sale Securities [Member] | Equity Securities [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 38 | 48 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 48 | $ 51 | |
Fair Value Inputs [Abstract] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (5) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 1 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 11 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 1 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 13 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | 3 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | $ (5) |
Fair Value Measurements Level48
Fair Value Measurements Level 4 Best Estimate Claim Costs (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Expected Return Assumption Valuation, Period on Actual Observed Returns | 10 years |
Expected Return Assumption Valuation, Period for Fund Regression | 3 years |
Fair Value Measurements Level49
Fair Value Measurements Level 4 Credit Standing Adjustment and Behavior Risk Margin (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | [1] | $ (97) | $ 723 | $ (1,705) |
Credit standing adjustment assumption net of reinsurance [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (2) | 41 | 492 | |
Gain (Loss) Due to Changes in Assumptions [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (42) | 31 | 28 | |
GMWB Derivatives, Net [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Behavior Risk Margin | 45 | 74 | ||
Behavior Risk Margin Update Due to Underlying Fund Performance [Member] | GMWB Derivatives, Net [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ (18) | $ (5) | $ 11 | |
[1] | [4]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 2 - Fair Value Measurements. |
Fair Value Measurements Level50
Fair Value Measurements Level 4 Fair Value Level 3 Roll Forward (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Reinsurance Recoverables | $ 20,499 | $ 20,053 | |
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, Unobservable Inputs Reconciliation, Purchases | 9 | ||
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 578 | $ 737 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 13 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 339 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 3 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 201 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 37 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 344 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | 8 | ||
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 | 505 | 578 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 12 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | (5) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 394 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (19) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | (265) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 12 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | (202) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 11 | ||
Fair Value, Inputs, Level 3 [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 | 253 | 286 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (55) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 39 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (33) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 6 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | 10 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | (39) | ||
Fair Value, Inputs, Level 3 [Member] | Fixed Maturities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 84 | 178 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | $ 17 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | $ 14 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 121 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 4 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | 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 | 2 | 84 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 5 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | (1) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 6 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (23) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | (50) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | (11) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | (3) | ||
Available-for-sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 48 | 51 | |
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, Gain (Loss) Included in Other Comprehensive Income (Loss) | 1 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 6 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 14 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | (1) | ||
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 | 38 | 48 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (5) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 1 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 11 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (1) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | (13) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | (3) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | (5) | ||
Available-for-sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Maturities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 2,025 | 2,571 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 17 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 20 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 362 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 387 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 327 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 272 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 503 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | (9) | ||
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 | 1,625 | 2,025 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 21 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 52 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 244 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (212) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | (194) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 123 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | (288) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | (22) | ||
Available-for-sale Securities [Member] | Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Maturities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 82 | 108 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 2 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 32 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 1 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 11 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 71 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 119 | ||
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 | 5 | 82 | |
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 | 22 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | (6) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 1 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | (92) | ||
Available-for-sale Securities [Member] | Collateralized Debt Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Maturities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 360 | 428 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 11 | ||
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 | 6 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 44 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 21 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 48 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 61 | ||
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 | 330 | 360 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 1 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | (3) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (26) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | (6) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | (1) | ||
Available-for-sale Securities [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Maturities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 119 | 360 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 6 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (6) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 26 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 175 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 34 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 7 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 65 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | (2) | ||
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 | 62 | 119 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 5 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 18 | ||
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, Sales | (3) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 4 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | (35) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | (1) | ||
Available-for-sale Securities [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Maturities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 646 | 790 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (10) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 16 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 62 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 36 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 96 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 146 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 226 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | (4) | ||
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 | 534 | 646 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 18 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 38 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 45 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (21) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | (43) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 99 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | (136) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | (17) | ||
Available-for-sale Securities [Member] | Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Maturities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 30 | 38 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (1) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 5 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 6 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 4 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 14 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | (2) | ||
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 | 17 | 30 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 3 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 5 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (3) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | (15) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | $ 3 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | |||
Available-for-sale Securities [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Maturities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 54 | 49 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 6 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 1 | ||
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 | $ 49 | 54 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 5 | ||
Available-for-sale Securities [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Maturities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 734 | 798 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 11 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 4 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 230 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 127 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 150 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 32 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | (1) | ||
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 | 628 | 734 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 2 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 2 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 154 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (126) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | (127) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 16 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | (19) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | (3) | ||
Credit Risk Contract [Member] | Fair Value, Inputs, Level 3 [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 | 0 | (3) | 2 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 1 | (2) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | (8) | (2) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | 10 | (1) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | (3) | ||
Commodity Contract [Member] | Fair Value, Inputs, Level 3 [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 | 0 | 0 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (3) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (3) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 6 | ||
Equity Contract [Member] | Fair Value, Inputs, Level 3 [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 | 0 | 5 | 2 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 5 | 3 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (10) | 0 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 0 | ||
Interest Rate Contract [Member] | Fair Value, Inputs, Level 3 [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 | (29) | (27) | (24) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (1) | (5) | |
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 | (1) | 0 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | (2) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | (5) | ||
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 | 0 | 0 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 2 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | (2) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 0 | ||
Other Contract [Member] | Fair Value, Inputs, Level 3 [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 | 286 | 204 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 23 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 29 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 2 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | (2) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | 30 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | (1) | ||
UNITED STATES | Reinsurance Recoverable [Member] | Fair Value, Inputs, Level 3 [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 | 83 | 56 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 9 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 18 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 9 | ||
UNITED STATES | US GMWB Hedging Instruments [Member] | Fair Value, Inputs, Level 3 [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 | 135 | 170 | 146 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (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, Unobservable Inputs Reconciliation, Sales | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | (5) | 1 | |
UNITED STATES | US Macro Hedge Program [Member] | Fair Value, Inputs, Level 3 [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 | 147 | 141 | 139 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (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, Unobservable Inputs Reconciliation, Settlements | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | (34) | (11) | |
Non-US [Member] | Fair Value, Inputs, Level 3 [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 | (61) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 24 | ||
Designated as Hedging Instrument [Member] | International Program Hedging Instruments [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, Unobservable Inputs Reconciliation, Sales | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 0 | ||
Designated as Hedging Instrument [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 | 0 | ||
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 | 33 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 17 | ||
Guaranteed Minimum Withdrawal Benefit [Member] | Reinsurance Recoverable [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 | 56 | (465) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 441 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 80 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 441 | ||
Guaranteed Minimum Withdrawal Benefit [Member] | Other Policyholder Funds and Benefits Payable [Member] | UNITED STATES | Fair Value, Inputs, Level 3 [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 | (262) | (139) | (576) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (59) | 577 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (64) | (140) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | (59) | 167 | |
Fair Value, Measurements, Recurring [Member] | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Inputs, Level 3 [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 | (165) | (594) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 569 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (140) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 159 | ||
Fair Value, Measurements, Recurring [Member] | Other Policyholder Funds and Benefits Payable [Member] | Equity Linked Notes [Member] | Fair Value, Inputs, Level 3 [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 | (26) | (26) | (18) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 0 | (8) | |
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, Period Increase (Decrease) | 0 | (8) | |
Fair Value, Measurements, Recurring [Member] | Other Liabilities [Member] | Embedded Derivative Financial Instruments [Member] | Fair Value, Inputs, Level 3 [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 | 0 | (3) | $ (2) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 3 | (1) | |
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, Period Increase (Decrease) | $ 3 | $ (1) |
Fair Value Measurements Level51
Fair Value Measurements Level 4 Fair Value Option (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value of Assets Accounted for Using Fair Value Option | $ 165 | $ 280 |
Fair Value, Option, Changes in Fair Value, Gain (Loss) | (12) | 32 |
Asset-backed Securities [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value of Assets Accounted for Using Fair Value Option | 4 | 13 |
Corporate Debt Securities [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value of Assets Accounted for Using Fair Value Option | 31 | 96 |
Fair Value, Option, Changes in Fair Value, Gain (Loss) | (3) | (3) |
Collateralized Debt Obligations [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value of Assets Accounted for Using Fair Value Option | 1 | 67 |
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 1 | 21 |
Commercial Mortgage Backed Securities [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value of Assets Accounted for Using Fair Value Option | 6 | 15 |
Foreign Government Debt Securities [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value of Assets Accounted for Using Fair Value Option | 1 | 3 |
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 2 | 16 |
Municipal Bonds [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value of Assets Accounted for Using Fair Value Option | 0 | 2 |
Residential Mortgage Backed Securities [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value of Assets Accounted for Using Fair Value Option | 119 | 82 |
Fixed Maturities [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 0 | 34 |
US Treasury and Government [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value of Assets Accounted for Using Fair Value Option | 3 | 2 |
Equity Securities [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value of Assets Accounted for Using Fair Value Option | 281 | 248 |
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ (12) | |
Credit Linked Notes [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ (2) |
Fair Value Measurements Level52
Fair Value Measurements Level 4 Financial Instruments Not Carried At Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | $ 175,350 | $ 191,775 |
Assets, Fair Value Disclosure | 144,439 | 161,030 |
Liabilities | 167,188 | 182,484 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Fair Value Disclosure | 2,411 | 2,998 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Policy Loans [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Fair Value Disclosure | 1,446 | 1,430 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgages [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Fair Value Disclosure | 2,995 | 3,280 |
Estimate of Fair Value Measurement [Member] | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities Fair Value Disclosure | 6,802 | 7,353 |
Estimate of Fair Value Measurement [Member] | Investment Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities Fair Value Disclosure | 682 | 851 |
Estimate of Fair Value Measurement [Member] | Other Liabilities [Member] | Embedded Derivative Financial Instruments [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities Fair Value Disclosure | 38 | 68 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Policy Loans [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 1,446 | 1,430 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgages [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 2,918 | 3,109 |
Reported Value Measurement [Member] | Other Policyholder Funds and Benefits Payable [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 6,611 | 7,134 |
Reported Value Measurement [Member] | Other Liabilities [Member] | Embedded Derivative Financial Instruments [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 38 | 68 |
Reported Value Measurement [Member] | JAPAN | Hartford Life Insurance K.K. [Member] | Investment Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | $ 619 | $ 763 |
Investments and Derivative In53
Investments and Derivative Instruments Level 4 Investment Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Net Investment Income [Line Items] | |||||
Fair Value, Concentration of Risk, Investments | $ 0 | ||||
Net Investment Income [Abstract] | |||||
Net Investment Income | 1,456 | $ 1,543 | $ 1,683 | ||
Investment Income, Investment Expense | (59) | (72) | (76) | ||
Net Realized Capital Gains (Losses) [Abstract] | |||||
Gain on Derivative Instruments, Pretax | [1] | 239 | 264 | 2,196 | |
Loss on Derivative Instruments, Pretax | (211) | (235) | (700) | ||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | (61) | (29) | (45) | ||
Derivative, Gain (Loss) on Derivative, Net | [2] | (97) | 723 | (1,705) | |
Periodic Net Coupon Settlements on Credit Derivatives | 6 | 11 | (3) | ||
Gain (Loss) on Reinsurance Recoverables | 0 | 579 | 1,107 | ||
Gain (Loss) on Coinsurance and Modified Coinsurance Reinsurance Contracts | 46 | 395 | (1,405) | ||
Realized Investment Gains (Losses) | (146) | 577 | 326 | ||
Liability for assumed GMDB Reinsurance | 14 | (170) | 795 | ||
Other net realized capital gains (losses) | (85) | 606 | (1,190) | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Change in Status | 1 | 0 | 1 | ||
JAPAN | |||||
Net Realized Capital Gains (Losses) [Abstract] | |||||
Derivative, Gain (Loss) on Derivative, Net | [3] | 0 | (126) | (963) | |
Foreign Currency Transaction Gain (Loss), before Tax | (2) | (55) | |||
Three Win Related Foreign Currency Swaps [Member] | JAPAN | |||||
Net Realized Capital Gains (Losses) [Abstract] | |||||
Derivative, Gain (Loss) on Derivative, Net | [4] | 0 | (14) | 6 | |
Change in Unrealized Gain (Loss) on Hedged Item in Foreign Currency Fair Value Hedge | 4 | 116 | 250 | ||
Fixed Annuity Hedging Instruments [Member] | JAPAN | |||||
Net Realized Capital Gains (Losses) [Abstract] | |||||
Derivative, Gain (Loss) on Derivative, Net | [5] | 0 | 22 | (207) | |
Change in Unrealized Gain (Loss) on Hedged Item in Foreign Currency Fair Value Hedge | (51) | 324 | |||
Foreign Exchange Contract [Member] | |||||
Net Realized Capital Gains (Losses) [Abstract] | |||||
Derivative, Gain (Loss) on Derivative, Net | 5 | 4 | 4 | ||
Foreign Exchange Contract [Member] | JAPAN | |||||
Net Realized Capital Gains (Losses) [Abstract] | |||||
Derivative, Gain (Loss) on Derivative, Net | [6] | (21) | (148) | (268) | |
GMAB, GMWB, and GMIB Reinsurance Contracts [Member] | |||||
Net Realized Capital Gains (Losses) [Abstract] | |||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 579 | 1,107 | ||
Change in value of derivatives and Japan FVO securities [Member] | |||||
Net Realized Capital Gains (Losses) [Abstract] | |||||
Foreign Currency Transaction Gain (Loss), before Tax | 37 | (318) | |||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||||
Net Realized Capital Gains (Losses) [Abstract] | |||||
Other net realized capital gains (losses) | (27) | 1 | 1,392 | [7] | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Retirement Plans and Individual Life Businesses [Member] | |||||
Net Realized Capital Gains (Losses) [Abstract] | |||||
Other net realized capital gains (losses) | 1,500 | ||||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Net Realized Capital Gains (Losses) [Abstract] | |||||
Other net realized capital gains (losses) | 0 | 1,000 | 1,400 | ||
Debt Securities [Member] | |||||
Sale of Available-for-sale Securities [Abstract] | |||||
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds | 9,454 | 9,084 | 19,190 | ||
Available-for-sale Securities, Gross Realized Gains | [8] | 195 | 210 | 1,867 | |
Available-for-sale Securities, Gross Realized Losses | (161) | (183) | (421) | ||
Equity Securities [Member] | |||||
Sale of Available-for-sale Securities [Abstract] | |||||
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds | 586 | 107 | 81 | ||
Available-for-sale Securities, Gross Realized Gains | 26 | 9 | 254 | ||
Available-for-sale Securities, Gross Realized Losses | (26) | (6) | (263) | ||
Fixed Maturities [Member] | |||||
Net Investment Income [Abstract] | |||||
Net Investment Income | [9] | 1,095 | 1,113 | 1,253 | |
Equity Securities [Member] | |||||
Net Investment Income [Abstract] | |||||
Net Investment Income | 7 | 14 | 8 | ||
Net Realized Capital Gains (Losses) [Abstract] | |||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | (14) | (1) | (9) | ||
Mortgage Loans on Real Estate [Member] | |||||
Net Investment Income [Abstract] | |||||
Net Investment Income | 152 | 156 | 172 | ||
Policy Loans [Member] | |||||
Net Investment Income [Abstract] | |||||
Net Investment Income | 82 | 80 | 82 | ||
Limited Partnerships and Other Alternative Investments [Member] | |||||
Net Investment Income [Abstract] | |||||
Net Investment Income | 97 | 141 | 119 | ||
Other Investments [Member] | |||||
Net Investment Income [Abstract] | |||||
Net Investment Income | [10] | 82 | 111 | 125 | |
Net Realized Capital Gains (Losses) [Abstract] | |||||
Realized Investment Gains (Losses) | [11] | (28) | (258) | 106 | |
Available-for-sale Securities [Member] | |||||
Net Investment Income [Abstract] | |||||
Net Investment Income | 1,456 | 1,543 | 1,683 | ||
Mortgage Loans on Real Estate [Member] | |||||
Net Realized Capital Gains (Losses) [Abstract] | |||||
Valuation Allowances and Reserves, Adjustments | 4 | 4 | 1 | ||
Macro Hedge Program [Member] | UNITED STATES | |||||
Net Realized Capital Gains (Losses) [Abstract] | |||||
Derivative, Gain (Loss) on Derivative, Net | (46) | (11) | (234) | ||
Variable Annuity [Member] | |||||
Net Realized Capital Gains (Losses) [Abstract] | |||||
Derivative, Gain (Loss) on Derivative, Net | (133) | (132) | (935) | ||
Not Designated as Hedging Instrument [Member] | |||||
Net Realized Capital Gains (Losses) [Abstract] | |||||
Derivative, Gain (Loss) on Derivative, Net | (7) | ||||
Not Designated as Hedging Instrument [Member] | Macro Hedge Program [Member] | UNITED STATES | |||||
Net Realized Capital Gains (Losses) [Abstract] | |||||
Derivative, Gain (Loss) on Derivative, Net | (46) | (11) | (234) | ||
Not Designated as Hedging Instrument [Member] | GMWB Derivatives, Net [Member] | UNITED STATES | |||||
Net Realized Capital Gains (Losses) [Abstract] | |||||
Derivative, Gain (Loss) on Derivative, Net | (87) | 5 | 262 | ||
Not Designated as Hedging Instrument [Member] | Variable Annuity [Member] | UNITED STATES | |||||
Net Realized Capital Gains (Losses) [Abstract] | |||||
Derivative, Gain (Loss) on Derivative, Net | $ (133) | (6) | 28 | ||
Cash Flow Hedging [Member] | Retirement Plans and Individual Life Businesses [Member] | Retirement Plans and Individual Life Businesses [Member] | UNITED STATES | |||||
Net Realized Capital Gains (Losses) [Abstract] | |||||
Derivative, Gain (Loss) on Derivative, Net | [6] | $ 71 | |||
Guaranteed Insurance Contract, Type of Guarantee [Domain] | |||||
Net Realized Capital Gains (Losses) [Abstract] | |||||
Liability for assumed GMDB Reinsurance | $ (213) | ||||
[1] | Includes $1.5 billion of gross gains relating to the sales of the Retirement Plans and Individual Life businesses in the year ended December 31, 2013. | ||||
[2] | [4]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 2 - Fair Value Measurements. | ||||
[3] | [3] Includes $(2) and $(55) of transactional foreign currency re-valuation losses for the years ended December 31, 2014 and 2013, respectively | ||||
[4] | [2] For the years ended December 31, 2014 and 2013, includes the transactional foreign currency re-valuation gains (losses) of $(51) and $324, respectively, related to the Japan fixed annuity product, as well as the change in value related to the derivative hedging instruments and the Japan government FVO securities of $37, and $(318), respectively. | ||||
[5] | he associated liability is adjusted for changes in spot rates through realized capital gains and losses and was $(51) and $324 for the years ended December 31, 2014, and 2013, respectively. | ||||
[6] | he 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. | ||||
[7] | The December 31, 2013 amounts includes $1.5 billion of net unrealized gains on securities relating to the sales of the Retirement Plans and Individual Life businesses. | ||||
[8] | Includes $1.5 billion of gross gains relating to the sales of the Retirement Plans and Individual Life businesses for the year ended December 31, 2013. | ||||
[9] | Includes net investment income on short-term investments. | ||||
[10] | Includes income from derivatives that hedge fixed maturities and qualify for hedge accounting. | ||||
[11] | [4]Other, net gains and losses include transactional foreign currency revaluation gains (losses) on the yen denominated fixed payout annuity liabilities and gains (losses) on non-qualifying derivatives used to hedge the foreign currency exposure of the liabilities. Gains (losses) from transactional foreign currency revaluation of the reinsured liabilities were $4, $116, and $250, respectively, for the years ended December 31, 2015, 2014 and 2013. Gains (losses) on the instruments used to hedge the foreign currency exposure on the reinsured fixed payout annuities were $(21), $(148), and $(268), respectively, for the years ended December 31, 2015, 2014 and 2013. Includes $71 of gains relating to the sales of the Retirement Plans and Individual Life businesses for the year ended December 31, 2013 as well as changes in value of non-qualifying derivatives. Also includes for the year ended December 31, 2014 a loss of $(213) related to the recapture of the GMIB/GMAB/GMWB reinsurance contracts, which is offset by gains on the termination of the embedded derivative reflected in the GMIB/GMAB/GMWB reinsurance line. |
Investments and Derivative In54
Investments and Derivative Instruments Level 4 Other-Than-Temporary Impairment Losses (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities | $ 61 | $ 29 | $ 45 | ||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Held-to-maturity Securities | 23 | 16 | 18 | ||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 61 | 29 | 45 | ||
Other-Than-Temporary Impairment Losses [Roll Forward] | |||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | 211 | 296 | 410 | $ 813 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, No Previous Impairment | [1] | 11 | 7 | 14 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses | [1] | 12 | 9 | 4 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Securities Sold | 58 | 111 | 403 | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Change in Status | 1 | 0 | 1 | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Cash Flows | 49 | 19 | 17 | ||
Other than Temporary Impairment Losses, Investments | 61 | 29 | 45 | ||
Available-for-sale Securities [Member] | |||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities | 24 | 11 | 18 | ||
Equity Securities [Member] | |||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 14 | 1 | 9 | ||
Other Equity Securities [Member] | |||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $ 0 | $ 1 | $ 0 | ||
[1] | These additions are included in the net OTTI losses recognized in earnings in the Consolidated Statements of Operations. |
Investments and Derivative In55
Investments and Derivative Instruments Level 4 Available-for-Sale Securities (Details) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015USD ($)Security | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Equity Securities, Amortized Cost Basis | $ 471 | $ 525 | |||
Available-for-sale Securities, Amortized Cost Basis | 23,737 | 23,535 | |||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 1,442 | 2,374 | |||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | [1] | 11 | 10 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 342 | 208 | |||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Loss, before Tax | [1] | 11 | 19 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 1,431 | 2,364 | |||
Available-for-sale Securities | 25,702 | ||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 331 | 189 | |||
Investments Classified by Contractual Maturity Date [Abstract] | |||||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis | 953 | 1,031 | |||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 974 | 1,043 | |||
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | 4,973 | 4,902 | |||
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 5,075 | 5,168 | |||
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis | 3,650 | 3,345 | |||
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 3,714 | 3,501 | |||
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 8,361 | 8,116 | |||
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 9,173 | 9,661 | |||
Available-for-sale Debt Securities, Amortized Cost Basis | 23,559 | 23,260 | |||
Available-for-sale Securities, Debt Securities | 24,657 | 25,436 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 8,179 | 2,714 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 7,937 | 2,648 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 242 | 66 | |||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 1,545 | 2,386 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,443 | 2,245 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 100 | 142 | |||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 9,724 | 5,100 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 9,380 | 4,893 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | $ 342 | 208 | |||
Number of Securities Included in AFS Securities in Unrealized Loss Position | Security | 2,814 | ||||
Percentage of Gross Unrealized Losses Depressed Less than Twenty Percent of Cost or Amortized Cost | 92.00% | ||||
Equity securities, AFS | $ 459 | 514 | |||
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Amortized Cost Basis | 5,622 | 5,866 | |||
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value | 5,721 | 6,063 | |||
Fixed maturities available-for-sale, excluding mortgage-backed and asset-backed securities [Member] | |||||
Investments Classified by Contractual Maturity Date [Abstract] | |||||
Available-for-sale Debt Securities, Amortized Cost Basis | 17,937 | 17,394 | |||
Available-for-sale Securities, Debt Securities | 18,936 | 19,373 | |||
Asset-backed Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 16 | 20 | |||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 34 | 30 | |||
Investments Classified by Contractual Maturity Date [Abstract] | |||||
Available-for-sale Debt Securities, Amortized Cost Basis | 864 | 1,181 | |||
Available-for-sale Securities, Debt Securities | 846 | 1,171 | |||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 0 | [2] | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 387 | 368 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 385 | 367 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 2 | 1 | |||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 271 | 340 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 239 | 311 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 32 | 29 | |||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 658 | 708 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 624 | 678 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | 34 | 30 | |||
Collateralized Debt Obligations [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | [3] | 67 | 84 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | [3] | 11 | 20 | ||
Investments Classified by Contractual Maturity Date [Abstract] | |||||
Available-for-sale Debt Securities, Amortized Cost Basis | [3] | 1,354 | 1,083 | ||
Available-for-sale Securities, Debt Securities | [3] | 1,408 | 1,148 | ||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | [3] | 0 | [2] | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | [4] | 608 | 123 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | [4] | 602 | 122 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | [4] | 6 | 1 | ||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | [4] | 500 | 771 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | [4] | 493 | 753 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | [4] | 5 | 19 | ||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | [4] | 1,108 | 894 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | [4] | 1,095 | 875 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | [4] | 11 | 20 | ||
Commercial Mortgage Backed Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 52 | 97 | |||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 24 | 7 | |||
Investments Classified by Contractual Maturity Date [Abstract] | |||||
Available-for-sale Debt Securities, Amortized Cost Basis | 1,936 | 1,797 | |||
Available-for-sale Securities, Debt Securities | 1,964 | 1,887 | |||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 3 | [2] | 3 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 655 | 109 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 636 | 108 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 19 | 1 | |||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 99 | 194 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 94 | 188 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 5 | 6 | |||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 754 | 303 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 730 | 296 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | 24 | 7 | |||
Corporate Debt Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 975 | 1,685 | |||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 225 | 109 | |||
Investments Classified by Contractual Maturity Date [Abstract] | |||||
Available-for-sale Debt Securities, Amortized Cost Basis | 14,425 | 14,166 | |||
Available-for-sale Securities, Debt Securities | 15,175 | 15,742 | |||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 3 | [2] | 3 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 4,880 | 1,542 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 4,696 | 1,491 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 184 | 51 | |||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 363 | 661 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 322 | 603 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 41 | 58 | |||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 5,243 | 2,203 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 5,018 | 2,094 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | 225 | 109 | |||
Foreign Government Debt Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 14 | 35 | |||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 11 | 9 | |||
Investments Classified by Contractual Maturity Date [Abstract] | |||||
Available-for-sale Debt Securities, Amortized Cost Basis | 328 | 576 | |||
Available-for-sale Securities, Debt Securities | 331 | 602 | |||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 0 | [2] | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 144 | 145 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 136 | 140 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 8 | 5 | |||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 30 | 68 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 27 | 64 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 3 | 4 | |||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 174 | 213 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 163 | 204 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | 11 | 9 | |||
Municipal Bonds [Member] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 179 | 14 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 174 | 14 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 5 | 0 | |||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 0 | 13 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 12 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 0 | 1 | |||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 179 | 27 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 174 | 26 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | 5 | 1 | |||
US States and Political Subdivisions Debt Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 80 | 118 | |||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 5 | 1 | |||
Investments Classified by Contractual Maturity Date [Abstract] | |||||
Available-for-sale Debt Securities, Amortized Cost Basis | 1,057 | 935 | |||
Available-for-sale Securities, Debt Securities | 1,132 | 1,052 | |||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 0 | [2] | 0 | ||
Residential Mortgage Backed Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 43 | 64 | |||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 8 | 12 | |||
Investments Classified by Contractual Maturity Date [Abstract] | |||||
Available-for-sale Debt Securities, Amortized Cost Basis | 1,468 | 1,805 | |||
Available-for-sale Securities, Debt Securities | 1,503 | 1,857 | |||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 0 | [2] | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 280 | 148 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 279 | 147 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1 | 1 | |||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 230 | 229 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 223 | 218 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 7 | 11 | |||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 510 | 377 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 502 | 365 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | 8 | 12 | |||
US Treasury Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 184 | 261 | |||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 13 | 1 | |||
Investments Classified by Contractual Maturity Date [Abstract] | |||||
Available-for-sale Debt Securities, Amortized Cost Basis | 2,127 | 1,717 | |||
Available-for-sale Securities, Debt Securities | 2,298 | 1,977 | |||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 0 | [2] | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 963 | 184 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 950 | 184 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 13 | 0 | |||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 8 | 18 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 8 | 17 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 0 | 1 | |||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 971 | 202 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 958 | 201 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | 13 | 1 | |||
Debt Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds | 9,454 | 9,084 | $ 19,190 | ||
Investments Classified by Contractual Maturity Date [Abstract] | |||||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 6 | [2] | 6 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | 8,096 | 2,633 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 7,858 | 2,573 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 238 | 60 | |||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | 1,501 | 2,294 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,406 | 2,166 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 93 | 129 | |||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | 9,597 | 4,927 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 9,264 | 4,739 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | 331 | 189 | |||
Available-for-sale Securities, Gross Realized Gains | [5] | 195 | 210 | 1,867 | |
Available-for-sale Securities, Gross Realized Losses | (161) | (183) | (421) | ||
Available-for-sale Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Equity Securities, Amortized Cost Basis | [1] | 178 | |||
Available-for-sale Securities | 24,835 | ||||
Investments Classified by Contractual Maturity Date [Abstract] | |||||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 6 | [2] | 6 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Equity securities, AFS | [1] | 178 | 266 | ||
Equity Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds | 586 | 107 | 81 | ||
Available-for-sale Equity Securities, Amortized Cost Basis | [1] | 275 | |||
Investments Classified by Contractual Maturity Date [Abstract] | |||||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | [1] | 0 | [2] | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Amortized Cost | [6] | 83 | 81 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | [6] | 79 | 75 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | [6] | 4 | 6 | ||
Available-for-sale Securities Continuous Unrealized Loss Position Twelve Months or Longer Amortized Cost | [6] | 44 | 92 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | [6] | 37 | 79 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | [6] | 7 | 13 | ||
Available-for-sale Securities Continuous Unrealized Loss Position Amortized Cost | [6] | 127 | 173 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | [6] | 116 | 154 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | [6] | 11 | 19 | ||
Available-for-sale Securities, Gross Realized Gains | 26 | 9 | 254 | ||
Available-for-sale Securities, Gross Realized Losses | (26) | (6) | $ (263) | ||
Equity Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Equity Securities, Amortized Cost Basis | 293 | 250 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Equity securities, AFS | $ 281 | $ 248 | |||
[1] | [3]Excludes equity securities, FVO, with a cost and fair value of $293 and $281, respectively, as of December 31, 2015, and $250 and $248 as of December 31, 2014. | ||||
[2] | Represents the amount of cumulative non-credit OTTI losses recognized in OCI on securities that also had credit impairments. These losses are included in gross unrealized losses as of December 31, 2015 and 2014. | ||||
[3] | Gross unrealized gains (losses) exclude the fair value of bifurcated embedded derivatives within certain securities. Subsequent changes in value are recorded in net realized capital gains (losses). | ||||
[4] | Unrealized losses exclude the change in fair value of bifurcated embedded derivatives within certain securities for which changes in fair value are recorded in net realized capital gains (losses). | ||||
[5] | Includes $1.5 billion of gross gains relating to the sales of the Retirement Plans and Individual Life businesses for the year ended December 31, 2013. | ||||
[6] | [2]As of December 31, 2015 and 2014, excludes equity securities, FVO which are included in equity securities, AFS on the Consolidated Balance Sheets. |
Investments and Derivative In56
Investments and Derivative Instruments Level 4 Mortgage Loans (Details) | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | ||
Mortgage Loans on Real Estate [Line Items] | ||||
Valuation Allowance, Loss Contingency for Loans, LTV Ratio | 90.00% | |||
Mortgage Loans on Real Estate [Abstract] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 2,918,000,000 | $ 3,109,000,000 | ||
Current Weighted Average Loan to Value Ratio of Commercial Mortgage Loan | 54.00% | |||
Original Weighted Average Loan to Value Ratio of Commercial Mortgage loan | 63.00% | |||
Average Debt Service Coverage Ratio | 2.45 | |||
Commercial Loan [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate | $ 2,937,000,000 | 3,124,000,000 | ||
Mortgage Loans on Real Estate [Abstract] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 2,918,000,000 | $ 3,109,000,000 | ||
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans | $ 0 | |||
Average Debt Service Coverage Ratio | 2.45 | 2.36 | ||
Movement in Valuation Allowance for Mortgage Loans [Roll Forward] | ||||
Allowance, as of Jan. 1 | $ 15,000,000 | $ 12,000,000 | $ 14,000,000 | |
Allowance for Loan and Lease Losses, Write-offs | 0 | 1,000,000 | 4,000,000 | |
Allowance for Loan and Lease Losses, Period Increase (Decrease) | 4,000,000 | 4,000,000 | 2,000,000 | |
Allowance, as of Dec. 31 | 19,000,000 | 15,000,000 | $ 12,000,000 | |
Allowance for Loan and Lease Losses [Member] | ||||
Mortgage Loans on Real Estate [Abstract] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 39,000,000 | 49,000,000 | ||
Mortgages [Member] | Commercial Loan [Member] | ||||
Mortgage Loans on Real Estate [Abstract] | ||||
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans | 15,000,000 | |||
Mortgage Loans on Real Estate, Write-down or Reserve, Amount | 16,000,000 | |||
East North Central [Member] | ||||
Mortgage Loans on Real Estate [Abstract] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 66,000,000 | 64,000,000 | ||
East South Central [Member] [Domain] | ||||
Mortgage Loans on Real Estate [Abstract] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 14,000,000 | 0 | ||
Middle Atlantic [Member] | ||||
Mortgage Loans on Real Estate [Abstract] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 210,000,000 | 272,000,000 | ||
Mountain [Member] | ||||
Mortgage Loans on Real Estate [Abstract] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 4,000,000 | 35,000,000 | ||
New England [Member] | ||||
Mortgage Loans on Real Estate [Abstract] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 163,000,000 | 146,000,000 | ||
Pacific [Member] | ||||
Mortgage Loans on Real Estate [Abstract] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 933,000,000 | 905,000,000 | ||
South Atlantic [Member] | ||||
Mortgage Loans on Real Estate [Abstract] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 579,000,000 | 532,000,000 | ||
West North Central [Member] | ||||
Mortgage Loans on Real Estate [Abstract] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 1,000,000 | 15,000,000 | ||
West South Central [Member] | ||||
Mortgage Loans on Real Estate [Abstract] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 125,000,000 | 125,000,000 | ||
Region Others [Member] | ||||
Mortgage Loans on Real Estate [Abstract] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | [1] | 823,000,000 | 1,015,000,000 | |
LTV 80 to 100 Percent [Member] | Commercial Loan [Member] | ||||
Mortgage Loans on Real Estate [Abstract] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 15,000,000 | $ 21,000,000 | ||
Average Debt Service Coverage Ratio | 0.91 | 1.14 | ||
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 | $ 280,000,000 | $ 452,000,000 | ||
Average Debt Service Coverage Ratio | 1.78 | 1.71 | ||
LTV Less than 65 Percent [Member] | Commercial Loan [Member] | ||||
Mortgage Loans on Real Estate [Abstract] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 2,623,000,000 | $ 2,636,000,000 | ||
Average Debt Service Coverage Ratio | 2.54 | 2.49 | ||
Mortgages [Member] | ||||
Mortgage Loans on Real Estate [Abstract] | ||||
Investment Owned, Percent of Net Assets | 100.00% | 100.00% | ||
Mortgages [Member] | East North Central [Member] | ||||
Mortgage Loans on Real Estate [Abstract] | ||||
Investment Owned, Percent of Net Assets | 2.30% | 2.10% | ||
Mortgages [Member] | East South Central [Member] [Domain] | ||||
Mortgage Loans on Real Estate [Abstract] | ||||
Investment Owned, Percent of Net Assets | 0.50% | 0.00% | ||
Mortgages [Member] | Middle Atlantic [Member] | ||||
Mortgage Loans on Real Estate [Abstract] | ||||
Investment Owned, Percent of Net Assets | 7.20% | 8.70% | ||
Mortgages [Member] | Mountain [Member] | ||||
Mortgage Loans on Real Estate [Abstract] | ||||
Investment Owned, Percent of Net Assets | 0.10% | 1.10% | ||
Mortgages [Member] | New England [Member] | ||||
Mortgage Loans on Real Estate [Abstract] | ||||
Investment Owned, Percent of Net Assets | 5.60% | 4.70% | ||
Mortgages [Member] | Pacific [Member] | ||||
Mortgage Loans on Real Estate [Abstract] | ||||
Investment Owned, Percent of Net Assets | 32.00% | 29.10% | ||
Mortgages [Member] | South Atlantic [Member] | ||||
Mortgage Loans on Real Estate [Abstract] | ||||
Investment Owned, Percent of Net Assets | 19.80% | 17.10% | ||
Mortgages [Member] | West North Central [Member] | ||||
Mortgage Loans on Real Estate [Abstract] | ||||
Investment Owned, Percent of Net Assets | 0.00% | 0.50% | ||
Mortgages [Member] | West South Central [Member] | ||||
Mortgage Loans on Real Estate [Abstract] | ||||
Investment Owned, Percent of Net Assets | 4.30% | 4.00% | ||
Mortgages [Member] | Region Others [Member] | ||||
Mortgage Loans on Real Estate [Abstract] | ||||
Investment Owned, Percent of Net Assets | 28.20% | 32.70% | ||
Other Property [Member] | ||||
Mortgage Loans on Real Estate [Abstract] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 111,000,000 | $ 114,000,000 | ||
Other Property [Member] | Mortgages [Member] | ||||
Mortgage Loans on Real Estate [Abstract] | ||||
Investment Owned, Percent of Net Assets | 3.80% | 3.70% | ||
Retail Site [Member] | ||||
Mortgage Loans on Real Estate [Abstract] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 650,000,000 | $ 713,000,000 | ||
Retail Site [Member] | Mortgages [Member] | ||||
Mortgage Loans on Real Estate [Abstract] | ||||
Investment Owned, Percent of Net Assets | 22.30% | 22.90% | ||
Office Building [Member] | ||||
Mortgage Loans on Real Estate [Abstract] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 729,000,000 | $ 723,000,000 | ||
Office Building [Member] | Mortgages [Member] | ||||
Mortgage Loans on Real Estate [Abstract] | ||||
Investment Owned, Percent of Net Assets | 25.00% | 23.30% | ||
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] | Mortgages [Member] | ||||
Mortgage Loans on Real Estate [Abstract] | ||||
Investment Owned, Percent of Net Assets | 0.90% | 0.80% | ||
agriculture loans [Member] | ||||
Mortgage Loans on Real Estate [Abstract] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 16,000,000 | $ 22,000,000 | ||
agriculture loans [Member] | Mortgages [Member] | ||||
Mortgage Loans on Real Estate [Abstract] | ||||
Investment Owned, Percent of Net Assets | 0.50% | 0.70% | ||
Industrial Property [Member] | ||||
Mortgage Loans on Real Estate [Abstract] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 829,000,000 | $ 989,000,000 | ||
Industrial Property [Member] | Mortgages [Member] | ||||
Mortgage Loans on Real Estate [Abstract] | ||||
Investment Owned, Percent of Net Assets | 28.40% | 31.80% | ||
Multifamily [Member] | ||||
Mortgage Loans on Real Estate [Abstract] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 557,000,000 | $ 522,000,000 | ||
Multifamily [Member] | Mortgages [Member] | ||||
Mortgage Loans on Real Estate [Abstract] | ||||
Investment Owned, Percent of Net Assets | 19.10% | 16.80% | ||
[1] | Primarily represents loans collateralized by multiple properties in various regions. |
Investments and Derivative In57
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 | $ 54 | $ 157 | |
Cash | [1] | 12 | 22 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | [2] | 43 | 139 |
Variable Interest Entity, Primary Beneficiary [Member] | Fixed Income Funds [Member] | |||
Consolidated Variable Interest Entities [Abstract] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | [3] | 52 | 154 |
Cash | [1] | 11 | 20 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | [2] | 42 | 138 |
Variable Interest Entity, Primary Beneficiary [Member] | Limited Partnerships and Other Alternative Investments [Member] | |||
Consolidated Variable Interest Entities [Abstract] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 2 | 3 | |
Cash | [1] | 1 | 2 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | [2] | $ 1 | $ 1 |
[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] | [3]Total assets included in fixed maturities, FVO, short-term investments, and equity, AFS in the Company's Consolidated Balance Sheets. |
Investments and Derivative In58
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 |
Repurchase Agreements, Dollar Roll Transactions and Other Collateral Transactions [Line Items] | |||
Securities Loaned | $ 0 | $ 0 | |
Securities Held as Collateral, at Fair Value | 0 | ||
Secured Debt, Repurchase Agreements | 0 | ||
Interest-bearing Deposit Liabilities, Domestic | 0 | $ 0 | |
Fixed Maturities [Member] | |||
Repurchase Agreements, Dollar Roll Transactions and Other Collateral Transactions [Line Items] | |||
Available-for-sale Securities Pledged as Collateral | $ 249,000,000 | ||
Other Liabilities [Member] | |||
Repurchase Agreements, Dollar Roll Transactions and Other Collateral Transactions [Line Items] | |||
Assets Sold under Agreements to Repurchase, Repurchase Liability | $ 249,000,000 |
Investments and Derivative In59
Investments and Derivative Instruments Level 4 Equity Method Investments (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 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity Method Investments | $ 1,200 | $ 1,200 | |||||||||
Assets | 175,350 | $ 191,775 | 175,350 | $ 191,775 | |||||||
Liabilities | 167,188 | 182,484 | 167,188 | 182,484 | |||||||
Net Investment Income | 1,456 | 1,543 | $ 1,683 | ||||||||
Net Income (Loss) Attributable to Parent | 8 | $ 117 | $ 230 | $ 145 | 132 | $ 88 | $ 400 | $ 56 | 500 | 676 | 465 |
Limited Partner [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Outstanding Commitments to Fund Limited Partnership and Other Alternative Investments | 299 | $ 299 | |||||||||
Aggregate Investment Loss Percentage of Company's Pre Tax Consolidated Net Income Minimum | 10.00% | ||||||||||
Assets | 82,200 | 72,000 | $ 82,200 | 72,000 | |||||||
Liabilities | $ 14,000 | $ 9,000 | 14,000 | 9,000 | |||||||
Net Investment Income | 800 | 3,500 | 1,800 | ||||||||
Net Income (Loss) Attributable to Parent | $ 5,200 | $ 8,700 | $ 7,100 |
Investments and Derivative In60
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 ($) | Dec. 31, 2013USD ($) | ||
Non-qualifying Strategies for Hedge Accounting [Line Items] | ||||
Invested Assets Suppoting Modco | $ 895 | $ 1,000 | ||
Securities Received as Collateral | 100 | 83 | ||
Security Owned and Pledged as Collateral, Fair Value | 173 | 16 | ||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 341 | 33 | ||
Derivative, Notional Amount | 46,241 | 55,838 | ||
Derivative, Fair Value, Net | (530) | (460) | ||
Derivative, Gain (Loss) on Derivative, Net | [1] | (97) | 723 | $ (1,705) |
Fair Value of Securities Received as Collateral that Can be Resold or Repledged | 100 | 83 | ||
Not Designated as Hedging Instrument [Member] | ||||
Non-qualifying Strategies for Hedge Accounting [Line Items] | ||||
Derivative, Notional Amount | 44,309 | 53,421 | ||
Derivative, Fair Value, Net | (549) | (478) | ||
Derivative, Gain (Loss) on Derivative, Net | (7) | |||
Derivatives formerly associated with Japan [Member] | ||||
Non-qualifying Strategies for Hedge Accounting [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | [2] | 0 | ||
Derivatives formerly associated with Japan [Member] | Not Designated as Hedging Instrument [Member] | ||||
Non-qualifying Strategies for Hedge Accounting [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | [2] | 0 | (2) | |
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | ||||
Non-qualifying Strategies for Hedge Accounting [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (6) | (5) | ||
International Program Hedging Instruments [Member] | ||||
Non-qualifying Strategies for Hedge Accounting [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 0 | (126) | (963) | |
Interest Rate Swap [Member] | ||||
Non-qualifying Strategies for Hedge Accounting [Line Items] | ||||
Derivative, Notional Amount | 4,600 | 4,500 | ||
Foreign Exchange Contract [Member] | ||||
Non-qualifying Strategies for Hedge Accounting [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 5 | 4 | 4 | |
Credit Default Swap, Buying Protection [Member] | ||||
Non-qualifying Strategies for Hedge Accounting [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 3 | (6) | (20) | |
Credit Default Swap, Selling Protection [Member] | ||||
Non-qualifying Strategies for Hedge Accounting [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (4) | 10 | 46 | |
Equity Contract [Member] | ||||
Non-qualifying Strategies for Hedge Accounting [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 19 | 7 | (22) | |
Commodity Option [Member] | ||||
Non-qualifying Strategies for Hedge Accounting [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (5) | 0 | 0 | |
GMAB, GMWB, and GMIB Reinsurance Contracts [Member] | ||||
Non-qualifying Strategies for Hedge Accounting [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 579 | 1,107 | |
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | ||||
Non-qualifying Strategies for Hedge Accounting [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 46 | 395 | (1,405) | |
Commodity Option [Member] | ||||
Non-qualifying Strategies for Hedge Accounting [Line Items] | ||||
Derivative, Cost of Hedge | $ 11 | |||
Derivative, Price Risk Option Strike Price | $ / Barrels | 35,000,000 | |||
Coinsurance and Modified Coinsurance Reinsurance Contracts [Member] | ||||
Non-qualifying Strategies for Hedge Accounting [Line Items] | ||||
Derivative, Notional Amount | $ 895 | 974 | ||
Derivative, Fair Value, Net | 79 | 34 | ||
JAPAN | ||||
Non-qualifying Strategies for Hedge Accounting [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | [3] | 0 | (126) | (963) |
JAPAN | Three Win Related Foreign Currency Swaps [Member] | ||||
Non-qualifying Strategies for Hedge Accounting [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Foreign Currency Fair Value Hedge | 4 | 116 | 250 | |
Derivative, Gain (Loss) on Derivative, Net | [4] | 0 | (14) | 6 |
JAPAN | Foreign Exchange Contract [Member] | ||||
Non-qualifying Strategies for Hedge Accounting [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | [5] | (21) | (148) | (268) |
JAPAN | Fixed Annuity Hedging Instruments [Member] | ||||
Non-qualifying Strategies for Hedge Accounting [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Foreign Currency Fair Value Hedge | (51) | 324 | ||
Derivative, Gain (Loss) on Derivative, Net | [6] | 0 | 22 | (207) |
JAPAN | Macro Hedge Program [Member] | Foreign Exchange Option [Member] | ||||
Non-qualifying Strategies for Hedge Accounting [Line Items] | ||||
Derivative, Notional Amount | 0 | 400 | ||
Derivative, Fair Value, Net | 0 | 0 | ||
UNITED STATES | GMWB Hedging Instruments [Member] | ||||
Non-qualifying Strategies for Hedge Accounting [Line Items] | ||||
Derivative, Notional Amount | 10,979 | 14,442 | ||
Derivative, Fair Value, Net | 158 | 174 | ||
Derivative, Gain (Loss) on Derivative, Net | (45) | 3 | (852) | |
UNITED STATES | GMWB Product Derivatives [Member] | ||||
Non-qualifying Strategies for Hedge Accounting [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (59) | (2) | 1,306 | |
UNITED STATES | GMWB Reinsurance [Member] | ||||
Non-qualifying Strategies for Hedge Accounting [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 17 | 4 | (192) | |
UNITED STATES | Macro Hedge Program [Member] | ||||
Non-qualifying Strategies for Hedge Accounting [Line Items] | ||||
Derivative, Notional Amount | 4,548 | 6,383 | ||
Derivative, Fair Value, Net | 147 | 141 | ||
Derivative, Gain (Loss) on Derivative, Net | (46) | (11) | (234) | |
UNITED STATES | Macro Hedge Program [Member] | Not Designated as Hedging Instrument [Member] | ||||
Non-qualifying Strategies for Hedge Accounting [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (46) | (11) | (234) | |
UNITED STATES | Macro Hedge Program [Member] | Equity Option [Member] | ||||
Non-qualifying Strategies for Hedge Accounting [Line Items] | ||||
Derivative, Notional Amount | 4,548 | 5,983 | ||
Derivative, Fair Value, Net | 147 | $ 141 | ||
Derivative [Member] | Lehman Brothers [Member] | ||||
Non-qualifying Strategies for Hedge Accounting [Line Items] | ||||
Gain (Loss) from Hedged Firm Commitment Not Qualifying as Fair Value Hedge, Net | $ 2 | $ 12 | ||
[1] | [4]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 2 - Fair Value Measurements. | |||
[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] | [3] Includes $(2) and $(55) of transactional foreign currency re-valuation losses for the years ended December 31, 2014 and 2013, respectively | |||
[4] | [2] For the years ended December 31, 2014 and 2013, includes the transactional foreign currency re-valuation gains (losses) of $(51) and $324, respectively, related to the Japan fixed annuity product, as well as the change in value related to the derivative hedging instruments and the Japan government FVO securities of $37, and $(318), respectively. | |||
[5] | he 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. | |||
[6] | he associated liability is adjusted for changes in spot rates through realized capital gains and losses and was $(51) and $324 for the years ended December 31, 2014, and 2013, respectively. |
Investments and Derivative In61
Investments and Derivative Instruments Level 4 Derivative Balance Sheet Location (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Balance Sheet Location [Line Items] | |||
Derivative, Notional Amount | $ 46,241 | $ 55,838 | |
Derivative, Fair Value, Net | (530) | (460) | |
Derivative Asset, Fair Value, Gross Asset | 852 | 959 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 1,014 | 1,050 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | (1,544) | (1,510) | |
Derivative Liability, Fair Value, Gross Liability | (1,255) | (1,345) | |
Fixed Maturities [Member] | |||
Derivative Balance Sheet Location [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 0 | 1 | |
Not Designated as Hedging Instrument [Member] | |||
Derivative Balance Sheet Location [Line Items] | |||
Derivative, Notional Amount | 44,309 | 53,421 | |
Derivative, Fair Value, Net | (549) | (478) | |
Derivative Asset, Fair Value, Gross Asset | 969 | 1,010 | |
Derivative Liability, Fair Value, Gross Liability | (1,518) | (1,488) | |
Foreign Exchange Contract [Member] | Other Liabilities [Member] | |||
Derivative Balance Sheet Location [Line Items] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 376 | ||
Interest Rate Contract [Member] | Other Liabilities [Member] | |||
Derivative Balance Sheet Location [Line Items] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 431 | ||
Embedded Derivative Financial Instruments [Member] | Other Liabilities [Member] | |||
Derivative Balance Sheet Location [Line Items] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 3 | ||
Currency Swap [Member] | |||
Derivative Balance Sheet Location [Line Items] | |||
Derivative, Notional Amount | 386 | 60 | |
Derivative, Fair Value, Net | 4 | 0 | |
Derivative Asset, Fair Value, Gross Asset | 4 | 0 | |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |
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 Investments [Member] | |||
Derivative Balance Sheet Location [Line Items] | |||
Derivative, Notional Amount | 11,837 | 13,588 | |
Derivative, Fair Value, Net | 250 | 339 | |
Derivative Asset, Fair Value, Gross Asset | 360 | 478 | |
Derivative Liability, Fair Value, Gross Liability | (110) | (139) | |
Cash Flow Hedging [Member] | |||
Derivative Balance Sheet Location [Line Items] | |||
Derivative, Notional Amount | 1,909 | 2,385 | |
Derivative, Fair Value, Net | 19 | 18 | |
Derivative Asset, Fair Value, Gross Asset | 45 | 40 | |
Derivative Liability, Fair Value, Gross Liability | (26) | (22) | |
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 Derivatives in Offsetting Positions [Member] | |||
Derivative Balance Sheet Location [Line Items] | |||
Derivative, Notional Amount | 1,435 | 2,175 | |
Derivative, Fair Value, Net | (1) | (1) | |
Derivative Asset, Fair Value, Gross Asset | 17 | 21 | |
Derivative Liability, Fair Value, Gross Liability | (18) | (22) | |
Equity Contract [Member] | |||
Derivative Balance Sheet Location [Line Items] | |||
Derivative, Notional Amount | 404 | 422 | |
Derivative, Fair Value, Net | 15 | 1 | |
Derivative Asset, Fair Value, Gross Asset | 41 | 30 | |
Derivative Liability, Fair Value, Gross Liability | (26) | (29) | |
Coinsurance and Modified Coinsurance Reinsurance Contracts [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 | |
Fixed Maturities [Member] | |||
Derivative Balance Sheet Location [Line Items] | |||
Derivative, Notional Amount | 184 | 186 | |
Derivative, Fair Value, Net | (1) | 1 | |
Derivative Liability, Fair Value, Gross Liability | (1) | 0 | |
Other Liabilities [Member] | |||
Derivative Balance Sheet Location [Line Items] | |||
Derivative, Notional Amount | 15,071 | 19,473 | |
Derivative, Fair Value, Net | (653) | (725) | |
Derivative Asset, Fair Value, Gross Asset | 492 | 481 | |
Derivative Liability, Fair Value, Gross Liability | (1,145) | (1,206) | |
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) | |
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Balance Sheet Location [Line Items] | |||
Derivative, Notional Amount | 4,710 | 4,857 | |
Derivative, Fair Value, Net | (415) | (323) | |
Derivative Asset, Fair Value, Gross Asset | 285 | 385 | |
Derivative Liability, Fair Value, Gross Liability | (700) | (708) | |
Credit Default Swap, Buying Protection [Member] | |||
Derivative Balance Sheet Location [Line Items] | |||
Derivative, Notional Amount | 249 | 276 | |
Derivative, Fair Value, Net | 10 | (1) | |
Derivative Asset, Fair Value, Gross Asset | 12 | 4 | |
Derivative Liability, Fair Value, Gross Liability | (2) | (5) | |
Credit Default Swap, Selling Protection [Member] | |||
Derivative Balance Sheet Location [Line Items] | |||
Derivative, Notional Amount | [1] | 1,435 | 946 |
Derivative, Fair Value, Net | [1] | (10) | 7 |
Derivative Asset, Fair Value, Gross Asset | [1] | 5 | 11 |
Derivative Liability, Fair Value, Gross Liability | [1] | (15) | (4) |
JAPAN | Three Win Related Foreign Currency Swaps [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 | |
Derivative Asset, Fair Value, Gross Asset | 264 | 289 | |
Derivative Liability, Fair Value, Gross Liability | (106) | (115) | |
UNITED STATES | Macro Hedge Program [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 | Other Contract [Member] | GMWB Hedging Instruments [Member] | |||
Derivative Balance Sheet Location [Line Items] | |||
Derivative, Notional Amount | 5,877 | 7,041 | |
Derivative, Fair Value, Net | 131 | 124 | |
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 | |
UNITED STATES | GMWB Product Derivatives [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] | |||
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 | 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 | |
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 | 7 | (19) | |
Derivative Asset, Fair Value, Gross Asset | 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 | 1,766 | 2,242 | |
Derivative, Fair Value, Net | 38 | 37 | |
Derivative Asset, Fair Value, Gross Asset | 38 | 37 | |
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 In62
Investments and Derivative Instruments Level 4 Offsetting Derivative Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Offsetting of Derivative Assets and Liabilities [Abstract] | |||
Derivative Asset, Fair Value, Gross Asset | $ 852 | $ 959 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 692 | 801 | |
Derivative, Collateral, Obligation to Return Cash | (90) | (181) | [1] |
Derivative Asset, Fair Value of Collateral | 99 | 83 | [2] |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 61 | 75 | |
Offsetting Derivative Liabilities [Abstract] | |||
Derivative Liability, Fair Value, Gross Liability | 1,255 | 1,345 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 499 | 574 | |
Derivative, Collateral, Right to Reclaim Cash | 103 | 49 | |
Derivative Liability, Fair Value of Collateral | 753 | 900 | [2] |
Derivative Liability, Fair Value, Amount Offset Against Collateral | (3) | (129) | |
Derivative Financial Instruments, Liabilities [Member] | |||
Offsetting Derivative Liabilities [Abstract] | |||
Derivative Liability, Fair Value, Amount Offset Against Collateral | (271) | (399) | |
Other Liabilities [Member] | Derivative Financial Instruments, Liabilities [Member] | |||
Offsetting of Derivative Assets and Liabilities [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 653 | 722 | [3] |
Other Investments [Member] | Derivative Financial Instruments, Assets [Member] | |||
Offsetting of Derivative Assets and Liabilities [Abstract] | |||
Derivative Assets (Liabilities), at Fair Value, Net | $ (250) | $ (339) | [4] |
[1] | Included in other assets in the Company's Consolidated Balance Sheets and is limited to the net derivative receivable associated with each counterparty. | ||
[2] | Excludes collateral associated with exchange-traded derivatives instruments. | ||
[3] | Included in other liabilities in the Company's Consolidated Balance Sheets and is limited to the net derivative payable associated with each counterparty | ||
[4] | Included in other investments in the Company's Consolidated Balance Sheets. |
Investments and Derivative In63
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 | $ 21,000,000 | |||
Cash Flow Hedging [Member] | ||||
Derivatives in Cash Flow Hedging Relationships [Abstract] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 3,000,000 | $ 24,000,000 | $ (146,000,000) | |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 2,000,000 | (2,000,000) | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 23,000,000 | 36,000,000 | 131,000,000 | |
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 | 3,000,000 | 34,000,000 | (158,000,000) | |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 2,000,000 | (2,000,000) | ||
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 | ||
Gain (Loss) on Investments [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||
Derivatives in Cash Flow Hedging Relationships [Abstract] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (1,000,000) | 70,000,000 | [1] | |
Gain (Loss) on Investments [Member] | Currency Swap [Member] | Cash Flow Hedging [Member] | ||||
Derivatives in Cash Flow Hedging Relationships [Abstract] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (13,000,000) | 4,000,000 | ||
Investment Income [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||
Derivatives in Cash Flow Hedging Relationships [Abstract] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 50,000,000 | $ 57,000,000 | ||
AOCI Attributable to Parent [Member] | ||||
Derivatives in Cash Flow Hedging Relationships [Abstract] | ||||
Loss on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring | $ 0 | |||
[1] | The December 31, 2013 amounts includes $71 of net gains on cash flow hedging instruments relating to the sales of the Retirement Plans and Individual Life businesses. |
Investments and Derivative In64
Investments and Derivative Instruments Level 4 Fair Value Hedges (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Fair Value Hedges [Line Items] | ||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $ 61 | $ 29 | $ 45 | |
Fair Value Hedging [Member] | ||||
Fair Value Hedges [Line Items] | ||||
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | [1] | 0 | (2) | 26 |
Increase (Decrease) in Fair Value of Hedged Item in Interest Rate Fair Value Hedge | [1] | 0 | 4 | (23) |
Fair Value Hedging [Member] | Gain (Loss) on Investments [Member] | Interest Rate Swap [Member] | ||||
Fair Value Hedges [Line Items] | ||||
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | [1] | 0 | (2) | 27 |
Increase (Decrease) in Fair Value of Hedged Item in Interest Rate Fair Value Hedge | [1] | 0 | 4 | (24) |
Fair Value Hedging [Member] | Gain (Loss) on Investments [Member] | Currency Swap [Member] | ||||
Fair Value Hedges [Line Items] | ||||
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | [1] | 0 | 0 | 1 |
Increase (Decrease) in Fair Value of Hedged Item in Interest Rate Fair Value Hedge | [1] | 0 | 0 | (1) |
Fair Value Hedging [Member] | Benefits, losses and loss adjustment expenses [Member] | Currency Swap [Member] | ||||
Fair Value Hedges [Line Items] | ||||
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | [1] | 0 | 0 | (2) |
Increase (Decrease) in Fair Value of Hedged Item in Interest Rate Fair Value Hedge | [1] | 0 | 0 | 2 |
JAPAN | Three Win Related Foreign Currency Swaps [Member] | ||||
Fair Value Hedges [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] | ||||
Fair Value Hedges [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Foreign Currency Fair Value Hedge | $ (51) | $ 324 | ||
[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 In65
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 | $ 46,241 | $ 55,838 | |
Derivative, Fair Value, Net | (530) | (460) | |
Credit Default Swap, Selling Protection [Member] | |||
Credit Derivatives [Line Items] | |||
Derivative, Notional Amount | [1],[2] | 2,034 | |
Credit [Member] | |||
Credit Derivatives [Line Items] | |||
Derivative, Notional Amount | [1],[2] | 2,153 | |
Derivative, Fair Value, Net | [2] | 126 | 148 |
Derivative, Fair Value, Amount Offset Against Collateral, Net | [2],[3] | 12 | 4 |
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 | [1] | 118 | 212 |
Credit Risk Derivatives, at Fair Value, Net | $ 0 | $ 3 | |
Average Term of Credit Risk Derivatives | 1 year | 3 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 | [1] | $ 43 | $ 4 |
Credit Risk Derivatives, at Fair Value, Net | $ (2) | $ 0 | |
Average Term of Credit Risk Derivatives | 2 years | 1 year | |
Basket Credit Default Swaps [Member] | |||
Credit Derivatives [Line Items] | |||
Amount of Standard Market Indices of Diversified Portfolios of Corporate Issuers | $ 1,800 | $ 1,700 | |
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],[4] | 1,265 | 1,240 |
Credit Risk Derivatives, at Fair Value, Net | [4] | $ 7 | $ 14 |
Average Term of Credit Risk Derivatives | [4] | 4 years | 4 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 | [1],[4] | $ 0 | $ 9 |
Credit Risk Derivatives, at Fair Value, Net | [4] | $ 0 | $ (1) |
Average Term of Credit Risk Derivatives | [4] | 5 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 | [1],[4] | $ 74 | $ 75 |
Credit Risk Derivatives, at Fair Value, Net | [4] | $ (13) | $ (11) |
Average Term of Credit Risk Derivatives | [4] | 1 year | 2 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 | [1],[4] | $ 503 | $ 344 |
Credit Risk Derivatives, at Fair Value, Net | [4] | $ (14) | $ (4) |
Average Term of Credit Risk Derivatives | [4] | 6 years | 5 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 | [1] | $ 150 | |
Credit Risk Derivatives, at Fair Value, Net | $ 148 | $ 147 | |
Average Term of Credit Risk Derivatives | 1 year | 2 years | |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | |||
Credit Derivatives [Line Items] | |||
Derivative, Fair Value, Net | $ (19) | ||
Credit Derivatives in Offsetting Positions [Member] | Credit Default Swap, Selling Protection [Member] | |||
Credit Derivatives [Line Items] | |||
Derivative, Notional Amount | [2],[3] | 1,088 | |
Credit Derivatives in Offsetting Positions [Member] | Credit [Member] | |||
Credit Derivatives [Line Items] | |||
Derivative, Notional Amount | [2],[3] | 718 | |
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 | [3] | 115 | $ 163 |
Credit Risk Derivatives, at Fair Value, Net | [3] | (1) | (3) |
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 | [3] | 43 | 4 |
Credit Risk Derivatives, at Fair Value, Net | [3] | 1 | 0 |
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 | [3],[4] | 345 | 667 |
Credit Risk Derivatives, at Fair Value, Net | [3],[4] | (2) | (6) |
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 | [3],[4] | 0 | 0 |
Credit Risk Derivatives, at Fair Value, Net | [3],[4] | 0 | 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, CCC+ Rating [Member] | External Credit Rating, Non Investment Grade [Member] | |||
Credit Derivatives [Line Items] | |||
Derivative, Notional Amount | [3],[4] | 74 | 75 |
Credit Risk Derivatives, at Fair Value, Net | [3],[4] | 13 | 11 |
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 | [3],[4] | 141 | 179 |
Credit Risk Derivatives, at Fair Value, Net | [3],[4] | 1 | 2 |
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 | [3] | 0 | 0 |
Credit Risk Derivatives, at Fair Value, Net | [3] | $ 0 | $ 0 |
[1] | [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 | ||
[2] | [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 2 - Fair Value Measurements. | ||
[3] | [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] | [4]Includes $1.8 billion and $1.7 billion as of December 31, 2015 and 2014, respectively, of notional amount on swaps of standard market indices of diversified portfolios of corporate and CMBS issuers referenced through credit default swaps. These swaps are subsequently valued based upon the observable standard market index. |
Investments and Derivative In66
Investments and Derivative Instruments Level 4 Derivative Collateral Arrangements (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Derivative Collateral Arrangements [Line Items] | ||
Security Owned and Pledged as Collateral, Fair Value | $ 173 | $ 16 |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 341 | 33 |
Securities Received as Collateral | 100 | 83 |
Fair Value of Securities Received as Collateral that Can be Resold or Repledged | 100 | 83 |
Fixed Maturities [Member] | ||
Derivative Collateral Arrangements [Line Items] | ||
Security Owned and Pledged as Collateral, Fair Value | $ 873 | $ 900 |
Investments and Derivative In67
Investments and Derivative Instruments Level 4 Concentration of Credit Risk (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Concentration of Credit Risk [Line Items] | ||
Fair Value, Concentration of Risk, Investments | $ 0 | |
Concentration Risk, Benchmark Description | greater than 10% of the Company's stockholders' equity | |
Verizon Communications Inc. [Member] | Corporate Debt Securities [Member] | ||
Concentration of Credit Risk [Line Items] | ||
Largest Exposure by Issuer, Percent of Invested Assets | 1.00% | 1.00% |
HSBC-X UNITED KINGDOM [Member] | Corporate Debt Securities [Member] | ||
Concentration of Credit Risk [Line Items] | ||
Largest Exposure by Issuer, Percent of Invested Assets | 1.00% | |
BANK OF AMERICA - MERRILL LYNCH ATS [Member] | Corporate Debt Securities [Member] | ||
Concentration of Credit Risk [Line Items] | ||
Largest Exposure by Issuer, Percent of Invested Assets | 1.00% | 1.00% |
HSBC-X UNITED KINGDOM [Member] | Corporate Debt Securities [Member] | ||
Concentration of Credit Risk [Line Items] | ||
Largest Exposure by Issuer, Percent of Invested Assets | 1.00% | |
Financial Services [Member] | Corporate Debt Securities [Member] | ||
Concentration of Credit Risk [Line Items] | ||
Largest Exposure by Sector, Percent of Invested Assets | 11.00% | 9.00% |
Public Utility, Bonds [Member] | Corporate Debt Securities [Member] | ||
Concentration of Credit Risk [Line Items] | ||
Largest Exposure by Sector, Percent of Invested Assets | 8.00% | 8.00% |
Consumer Non-cyclical [Member] | Corporate Debt Securities [Member] | ||
Concentration of Credit Risk [Line Items] | ||
Largest Exposure by Sector, Percent of Invested Assets | 7.00% | 7.00% |
Reinsurance Level 4 Reinsurance
Reinsurance Level 4 Reinsurance Recoverables (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||
Life Insurance Recoveries on Ceded Reinsurance Contracts | $ 1,094,000,000 | $ 0 | $ 915,000,000 | |
Policyholder Benefits and Claims Incurred, Ceded | 0 | 0 | ||
Reinsurance Recoverables | 20,499,000,000 | 20,053,000,000 | ||
Reinsurance Recoverable, Unsecured | 1,600,000,000 | |||
Fair Value, Concentration of Risk, Investments | 0 | |||
Retirement Plans and Individual Life Businesses [Member] | Life and Annuity Insurance Product Line [Member] | ||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||
Reinsurance Recoverables | 18,993,000,000 | 18,606,000,000 | ||
Retirement [Member] | Mass Mutual [Member] | ||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||
Reinsurance Recoverables | 8,600,000,000 | |||
Individual Life [Member] | ||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||
Reinsurance Recoverable, Unsecured | 0.20 | |||
Individual Life [Member] | Prudential [Member] | ||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||
Reinsurance Recoverables | 10,400,000,000 | $ 10,000,000,000 | ||
Mass Mutual [Member] | Life and Annuity Insurance Product Line [Member] | ||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||
Reinsurance Recoverables | $ 8,600,000,000 | |||
Continuing Operations [Member] | Life Annuity Accident and Health Insurance Product Line [Member] | ||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||
Reinsurance Recoverables | 1,506,000,000 | 1,447,000,000 | ||
Investment Contracts [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||
Liabilities | 682,000,000 | 851,000,000 | ||
Reinsurance Recoverable [Member] | ||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||
Fair Value, Concentration of Risk, Investments | 0 | |||
Hartford Life and Accident Insurance Company [Member] | Group Insurance Policies [Member] | ||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||
Ceded Premiums Written | 0 | 0 | 0 | |
Hartford Life and Accident Insurance Company [Member] | Accident and Health Insurance Product Line [Member] | ||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||
Ceded Premiums Written | $ 0 | $ 0 | $ 0 |
Reinsurance Level 4 Reinsuran69
Reinsurance Level 4 Reinsurance Revenues (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Assumed Premiums Earned | $ 113 | $ 74 | $ 13 |
Ceded Premiums Earned | (1,801) | (2,060) | (1,869) |
Life Annuity Accident and Health Insurance Product Line [Member] | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Gross Fee Income Earned Premium and Other Life | 2,877 | 3,228 | 3,502 |
Assumed Premiums Earned | 113 | 74 | 13 |
Ceded Premiums Earned | (1,801) | (2,060) | (1,869) |
Net Fee Income Earned Premium and Other Life | 1,189 | 1,242 | $ 1,646 |
Investment Contracts [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Financial Liabilities Fair Value Disclosure | $ 682 | $ 851 |
Deferred Policy Acquisition C70
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, end of period | $ 542 | $ 521 | $ 689 | |
Deferred costs | 7 | 14 | 16 | |
Amortization — DAC | (82) | (110) | (124) | |
Amortization — Unlock benefit (charge), pre-tax | [1] | 13 | (96) | (104) |
Disposition of DAC asset | (69) | (206) | (228) | |
Adjustments to unrealized gains and losses on securities available-for-sale and other | (83) | (24) | (58) | |
Balance, beginning of period | 521 | 689 | 3,072 | |
Retirement Plans [Member] | ||||
Movement Analysis of Deferred Policy Acquisition Costs and Present Value of Future Profits [Roll Forward] | ||||
Amortization — DAC | (352) | |||
Adjustments to unrealized gains and losses on securities available-for-sale and other | (148) | |||
Individual Life [Member] | ||||
Movement Analysis of Deferred Policy Acquisition Costs and Present Value of Future Profits [Roll Forward] | ||||
Amortization — DAC | (2,374) | |||
Adjustments to unrealized gains and losses on securities available-for-sale and other | (349) | |||
Retirement Plans and Individual Life Businesses [Member] | ||||
Movement Analysis of Deferred Policy Acquisition Costs and Present Value of Future Profits [Roll Forward] | ||||
Disposition of DAC asset | $ 0 | $ 0 | $ (2,229) | |
[1] | Includes accelerated amortization of $352 and $2,374 recognized upon the sale of the Retirement Plans and Individual Life businesses, respectively, in 2013. For further information, see Note 12 - Discontinued Operations and Business Dispositions of Notes to Consolidated Financial Statements. |
Separate Accounts, Death Bene71
Separate Accounts, Death Benefits and Other Insurance Benefit Features Level 4 (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Separate Accounts Disclosure [Line Items] | ||||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 19,981 | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | $ 3,567 | |||
Invested in Equity Securities | 83.00% | 83.00% | ||
Invested in Fixed Income Securities | 17.00% | 17.00% | ||
Movement in Changes in gross GMDB/GMWB and UL secondary guarantee benefits [Roll Forward] | ||||
Deferred Policy Acquisition Cost, Amortization Expense, Effect of Adjustments to Estimated Gross Profit | [1] | $ (13) | $ 96 | $ 104 |
Separate Accounts, Liability | 120,111 | 134,689 | ||
Net Amount at Risk by Product and Guarantee, Separate Account Value | 79,688 | |||
Guaranteed Lifetime Withdrawal Benefit [Member] | ||||
Separate Accounts Disclosure [Line Items] | ||||
Net Amount at Risk by Product and Guarantee, General Account Value | 7,000 | |||
Annuitization Benefit [Member] | ||||
Separate Accounts Disclosure [Line Items] | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 654 | |||
Return of Net Deposit [Member] | ||||
Separate Accounts Disclosure [Line Items] | ||||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 9,459 | |||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 68 years | |||
Guaranteed Minimum Withdrawal Benefit [Member] | ||||
Separate Accounts Disclosure [Line Items] | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | $ 0 | |||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 71 years | |||
MAV Only [Member] | ||||
Separate Accounts Disclosure [Line Items] | ||||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 14,540 | |||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 70 years | |||
Guaranteed Minimum Death Benefit [Member] | ||||
Separate Accounts Disclosure [Line Items] | ||||
Reinsurance Recoverables on Paid Losses | [2] | $ 89 | ||
Net Amount at Risk by Product and Guarantee, General Account Value | 3,822 | |||
Reinsurance Recoverable, as of Jan. 1 | [2] | 480 | 533 | |
Schedule of Fair Value of Separate Accounts by Major Category of Investment, Fair Value | 40,423 | 48,852 | ||
Movement in Changes in gross GMDB/GMWB and UL secondary guarantee benefits [Roll Forward] | ||||
Liabilities, as of Jan. 1 | [2] | 812 | 849 | |
Liabilities for Guarantees on Long-Duration Contracts, Incurred Benefits | [2],[3] | 163 | 73 | |
Liabilities for Guarantees on Long-Duration Contracts, Benefits Paid | [2] | 112 | 110 | |
Liabilities, as of Dec. 31 | [2] | 863 | 812 | 849 |
Reinsurance Recoverable, as of Dec. 31 | [2] | 523 | 480 | 533 |
Separate Accounts, Liability | 40,423 | |||
With Five Percent Rollup [Member] | ||||
Separate Accounts Disclosure [Line Items] | ||||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 1,257 | |||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 71 years | |||
With Earnings Protection Benefit Rider (EPB) [Member] | ||||
Separate Accounts Disclosure [Line Items] | ||||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 3,697 | |||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 69 years | |||
With Five Percent Rollup and EPB [Member] | ||||
Separate Accounts Disclosure [Line Items] | ||||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 487 | |||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 72 years | |||
Asset Protection Benefit ("APB") [Member] | ||||
Separate Accounts Disclosure [Line Items] | ||||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 11,707 | |||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 69 years | |||
Lifetime Income Benefit ("LIB") - Death Benefit [Member] | ||||
Separate Accounts Disclosure [Line Items] | ||||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 516 | |||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 69 years | |||
Reset [Member] | ||||
Separate Accounts Disclosure [Line Items] | ||||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 2,582 | |||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 70 years | |||
Universal Life [Member] | Secondary Guarantees [Member] | ||||
Separate Accounts Disclosure [Line Items] | ||||
Reinsurance Recoverables on Paid Losses | $ 0 | |||
Reinsurance Recoverable, as of Jan. 1 | 2,041 | 1,802 | ||
Movement in Changes in gross GMDB/GMWB and UL secondary guarantee benefits [Roll Forward] | ||||
Liabilities, as of Jan. 1 | 2,041 | 1,802 | ||
Liabilities for Guarantees on Long-Duration Contracts, Incurred Benefits | [3] | 272 | 239 | |
Liabilities for Guarantees on Long-Duration Contracts, Benefits Paid | 0 | |||
Liabilities, as of Dec. 31 | 2,313 | 2,041 | 1,802 | |
Reinsurance Recoverable, as of Dec. 31 | 2,313 | 2,041 | $ 1,802 | |
Reinsurance Recoverable [Member] | Guaranteed Minimum Death Benefit [Member] | ||||
Separate Accounts Disclosure [Line Items] | ||||
Reinsurance Recoverables on Unpaid Losses | [2],[3] | 132 | 32 | |
Reinsurance Recoverables on Paid Losses | [2] | 85 | ||
Reinsurance Recoverable [Member] | Universal Life [Member] | Secondary Guarantees [Member] | ||||
Separate Accounts Disclosure [Line Items] | ||||
Reinsurance Recoverables on Unpaid Losses | [3] | 272 | 239 | |
UNITED STATES | Guaranteed Minimum Death Benefit [Member] | ||||
Separate Accounts Disclosure [Line Items] | ||||
Net Amount at Risk by Product and Guarantee, General Account Value | $ 44,245 | |||
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 69 years | |||
Equity Securities [Member] | Guaranteed Minimum Death Benefit [Member] | ||||
Separate Accounts Disclosure [Line Items] | ||||
Schedule of Fair Value of Separate Accounts by Major Category of Investment, Fair Value | $ 36,970 | 44,786 | ||
Cash and Cash Equivalents [Member] | Guaranteed Minimum Death Benefit [Member] | ||||
Separate Accounts Disclosure [Line Items] | ||||
Schedule of Fair Value of Separate Accounts by Major Category of Investment, Fair Value | 3,453 | $ 4,066 | ||
With Five Percent Rollup [Member] | ||||
Separate Accounts Disclosure [Line Items] | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 227 | |||
With Five Percent Rollup [Member] | Annuitization Benefit [Member] | ||||
Separate Accounts Disclosure [Line Items] | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 77 | |||
Return of Net Deposit [Member] | ||||
Separate Accounts Disclosure [Line Items] | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 71 | |||
Return of Net Deposit [Member] | Annuitization Benefit [Member] | ||||
Separate Accounts Disclosure [Line Items] | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 64 | |||
With Five Percent Rollup and EPB [Member] | ||||
Separate Accounts Disclosure [Line Items] | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 107 | |||
With Five Percent Rollup and EPB [Member] | Annuitization Benefit [Member] | ||||
Separate Accounts Disclosure [Line Items] | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 23 | |||
Lifetime Income Benefit ("LIB") - Death Benefit [Member] | ||||
Separate Accounts Disclosure [Line Items] | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 9 | |||
Lifetime Income Benefit ("LIB") - Death Benefit [Member] | Annuitization Benefit [Member] | ||||
Separate Accounts Disclosure [Line Items] | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 9 | |||
MAV Only [Member] | ||||
Separate Accounts Disclosure [Line Items] | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 2,743 | |||
MAV Only [Member] | Annuitization Benefit [Member] | ||||
Separate Accounts Disclosure [Line Items] | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 477 | |||
Asset Protection Benefit ("APB") [Member] | ||||
Separate Accounts Disclosure [Line Items] | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 519 | |||
Asset Protection Benefit ("APB") [Member] | Annuitization Benefit [Member] | ||||
Separate Accounts Disclosure [Line Items] | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 346 | |||
Guaranteed Minimum Death Benefit [Member] | UNITED STATES | ||||
Separate Accounts Disclosure [Line Items] | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 4,198 | |||
Guaranteed Minimum Death Benefit [Member] | UNITED STATES | Annuitization Benefit [Member] | ||||
Separate Accounts Disclosure [Line Items] | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 1,105 | |||
With Earnings Protection Benefit Rider (EPB) [Member] | ||||
Separate Accounts Disclosure [Line Items] | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 490 | |||
With Earnings Protection Benefit Rider (EPB) [Member] | Annuitization Benefit [Member] | ||||
Separate Accounts Disclosure [Line Items] | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 77 | |||
Reset [Member] | ||||
Separate Accounts Disclosure [Line Items] | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | 32 | |||
Reset [Member] | Annuitization Benefit [Member] | ||||
Separate Accounts Disclosure [Line Items] | ||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk at Annuitization | $ 32 | |||
[1] | Includes accelerated amortization of $352 and $2,374 recognized upon the sale of the Retirement Plans and Individual Life businesses, respectively, in 2013. For further information, see Note 12 - Discontinued Operations and Business Dispositions of Notes to Consolidated Financial Statements. | |||
[2] | [1]These liability balances include all GMDB benefits, plus the life-contingent portion of GMWB benefits in excess of the return of the GRB. GMWB benefits up to the return of the GRB are embedded derivatives held at fair value and are excluded from these balances. | |||
[3] | [2]Includes the portion of assessments established as additions to reserves as well as changes in estimates affecting the reserves. |
Commitments and Contingencies72
Commitments and Contingencies Level 4 (Details) - USD ($) | 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 | ||
Maximum Percentage of Premiums Written Per Year to be Considered for Assessment Under Guaranty Fund | 0.02 | ||
Leases [Abstract] | |||
Operating Leases, Rent Expense | 9,000,000 | $ 7,000,000 | $ 2,000,000 |
Unfunded Commitments [Abstract] | |||
Unfunded Commitments | 378,000,000 | ||
Commitments to Fund Limited Partnership and Other Alternative Investments | 299,000,000 | ||
Commitment to fund Private placement securities | 76,000,000 | ||
Commitments to Fund Mortgage Loans | 3,000,000 | ||
Guaranty Fund [Abstract] | |||
Loss Contingency, Discounted Amount of Insurance-related Assessment Liability | 15,000,000 | ||
Loss Contingency Accrual, Insurance-related Assessment, Premium Tax Offset | 27,000,000 | $ 27,000,000 | |
Derivative Liability [Abstract] | |||
Derivative, Net Liability Position, Aggregate Fair Value | 870,000,000 | ||
Collateral Already Posted, Aggregate Fair Value | 998,000,000 | ||
GMWB Product Derivatives [Member] | |||
Derivative Liability [Abstract] | |||
Collateral Already Posted, Aggregate Fair Value | $ 34,000,000 |
Income Tax Level 4 Income tax e
Income Tax Level 4 Income tax expense (benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Tax Credit Carryforward [Line Items] | |||
Deferred Federal Income Tax Expense Benefit Excluding NOL Carry Forward | $ (6) | $ 523 | $ 257 |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Current Federal Tax Expense (Benefit) | 36 | (339) | (208) |
Income Tax Expense (Benefit) | 30 | 184 | 49 |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | 186 | 301 | 196 |
Effective Income Tax Rate Reconciliation, Deduction, Dividends, Amount | 152 | 109 | 135 |
Income Tax Reconciliation, Deductions, Foreign Investments | 3 | 8 | 7 |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $ (1) | $ 0 | $ (5) |
Income Tax Level 4 Deferred tax
Income Tax Level 4 Deferred tax assets (liabilities) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Deferred Tax Assets, Net of Valuation Allowance [Abstract] | |||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Policyholder Liabilities | $ 119 | $ 124 | |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Loss Reserves | 4 | 12 | |
Deferred Tax Assets, Investments | 524 | 1,094 | |
Deferred Tax Assets, Derivative Instruments | 90 | 44 | |
Deferred Tax Assets, Operating Loss Carryforwards | 1,166 | 1,116 | |
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | 232 | 246 | |
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 122 | 58 | |
Deferred Tax Assets, Other | 16 | 0 | |
Deferred Tax Assets, Gross | 2,273 | 2,694 | |
Deferred Tax Assets, Net of Valuation Allowance, Current | 2,273 | 2,694 | |
Components of Deferred Tax Liabilities [Abstract] | |||
Deferred Tax Liabilities, Deferred Expense, Deferred Policy Acquisition Cost | 220 | 585 | |
Deferred Tax Liabilities Net Unrealized gains on Investments | 432 | 816 | |
Deferred Tax Liabilities, Employee Benefits | 40 | 39 | |
Deferred Tax Liabilities Other Depreciable and Amortizable Assets | 0 | (1) | |
Deferred Tax Liabilities, Other | 0 | (16) | |
Deferred Tax Liabilities, Net | 692 | 1,457 | |
Deferred Tax Assets, Net | 1,581 | 1,237 | |
Income Taxes Receivable, Current | 276 | 231 | |
Current Income Tax Cumulative Surplus, Benefit | $ 0 | 0 | $ 0 |
Valuation Allowance, Deferred Tax Asset, Explanation of Change | The Company believes it is more likely than not the deferred tax assets will be fully realized. Consequently no valuation allowance has been provided. 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. | ||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 3,333 | ||
Operating Loss Carryforwards | $ 3,189 | ||
Expected Tax Benefit Attributable to Net Operating Losses Domestic Near term | $ 3,331 | ||
Latest Tax Year [Member] | |||
Components of Deferred Tax Liabilities [Abstract] | |||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2033 |
Income Tax Level 4 Effective In
Income Tax Level 4 Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Contingency [Line Items] | |||
Unrecognized Tax Benefits, Period Increase (Decrease) | $ 36 | ||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | 186 | $ 301 | $ 196 |
Effective Income Tax Rate Reconciliation, Deduction, Dividends, Amount | 152 | 109 | 135 |
Income Tax Reconciliation, Deductions, Foreign Investments | 3 | 8 | 7 |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | (1) | 0 | (5) |
Income Tax Expense (Benefit) | $ 30 | $ 184 | $ 49 |
Debt Level 4 (Details)
Debt Level 4 (Details) | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | |
Financial instruments owned and pledged as collateral | $ 1,200,000,000 |
Long-term Federal Home Loan Bank Advances | $ 0 |
Statutory Results Level 4 Statu
Statutory Results Level 4 Statutory Results (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jan. 31, 2016 | Mar. 31, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statutory Accounting Practices [Line Items] | ||||||||
Statutory Accounting Practices, Risk Based Capital Requirements Compliance Assertion | The Company and all of its operating insurance subsidiaries had RBC ratios in excess of the minimum levels required by the applicable insurance regulations. The RBC ratios for the Company and its principal life insurance operating subsidiaries were all in excess of 400% of their Company Action Levels as of December 31, 2015 and 2014. | |||||||
Proceeds from Contributions from Parent | $ 1,000,000,000 | $ 1,196,000,000 | ||||||
Statutory Accounting Practices, Dividends Paid with Approval of Regulatory Agency | $ 800 | $ 1,000,000,000 | ||||||
Statutory Results [Abstract] | ||||||||
Combined statutory net income | 371,000,000 | $ 132,000,000 | 1,290,000,000 | |||||
Statutory capital | $ 4,939,000,000 | $ 5,564,000,000 | $ 5,005,000,000 | |||||
Percent available for dividend distribution without prior approval from regulatory agency | 10.00% | |||||||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments | $ 0 | |||||||
Hartford Life and Annuity Insurance Company [Member] | ||||||||
Statutory Accounting Practices [Line Items] | ||||||||
Amount Received as Dividend Distribution from Subsidiary | $ 500,000,000 | |||||||
Scenario, Forecast [Member] | Subsidiaries [Member] | ||||||||
Statutory Accounting Practices [Line Items] | ||||||||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments with Regulatory Approval | $ 415,000,000 | |||||||
Scenario, Forecast [Member] | Hartford Life Insurance Company [Member] | ||||||||
Statutory Accounting Practices [Line Items] | ||||||||
Statutory Accounting Practices, Dividends Paid with Approval of Regulatory Agency | $ 250,000,000 | |||||||
Subsequent Event [Member] | ||||||||
Statutory Accounting Practices [Line Items] | ||||||||
Statutory Accounting Practices, Dividends Paid with Approval of Regulatory Agency | $ 500,000,000 |
Transactions with Affiliates 78
Transactions with Affiliates 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 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 30, 2014 | Apr. 01, 2014 | Jan. 02, 2013 | |
Related Party Transaction [Line Items] | |||||||||||||||
Assumed Premiums Earned | $ 113,000,000 | $ 74,000,000 | $ 13,000,000 | ||||||||||||
Annuity Obligations | $ 746,000,000 | $ 776,000,000 | 746,000,000 | 776,000,000 | |||||||||||
Recoverables for Hartford Fire Life, A&H, & Annuity, Contract Guarantees | 0 | 0 | |||||||||||||
Fixed annuities transfered from HLIKK to HLIC and HLAI | 1,600,000,000 | 1,600,000,000 | 2,600,000,000 | ||||||||||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 3,567,000,000 | 3,567,000,000 | |||||||||||||
Liabilities | 167,188,000,000 | 182,484,000,000 | 167,188,000,000 | 182,484,000,000 | |||||||||||
Funds Held under Reinsurance Agreements, Liability | $ 691,000,000 | ||||||||||||||
Schedule of Related Party Transactions [Abstract] | |||||||||||||||
Premiums Earned, Net | 92,000,000 | 32,000,000 | 184,000,000 | ||||||||||||
Realized Investment Gains (Losses) | (146,000,000) | 577,000,000 | 326,000,000 | ||||||||||||
Revenues | 499,000,000 | $ 630,000,000 | $ 702,000,000 | $ 668,000,000 | 682,000,000 | $ 789,000,000 | $ 1,396,000,000 | $ 495,000,000 | 2,499,000,000 | 3,362,000,000 | 3,655,000,000 | ||||
Policyholder Benefits and Claims Incurred, Net | 1,402,000,000 | 1,460,000,000 | 1,758,000,000 | ||||||||||||
Operating Expenses | 524,000,000 | 851,000,000 | (401,000,000) | ||||||||||||
Total benefits, losses and expenses | 525,000,000 | 500,000,000 | 461,000,000 | 483,000,000 | 525,000,000 | 699,000,000 | 826,000,000 | 451,000,000 | 1,969,000,000 | 2,501,000,000 | 3,094,000,000 | ||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 530,000,000 | 861,000,000 | 561,000,000 | ||||||||||||
Income Tax Expense (Benefit) | 30,000,000 | 184,000,000 | 49,000,000 | ||||||||||||
Loss from discontinued operations, net of tax | (41,000,000) | ||||||||||||||
Net income | 7,000,000 | $ 118,000,000 | $ 230,000,000 | $ 145,000,000 | 130,000,000 | $ 91,000,000 | $ 399,000,000 | $ 57,000,000 | 500,000,000 | 677,000,000 | 471,000,000 | ||||
Reinsurance Recoverables | 20,499,000,000 | 20,053,000,000 | 20,499,000,000 | 20,053,000,000 | |||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 347,000,000 | ||||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 28,000,000 | 23,000,000 | (1,491,000,000) | ||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) On Disposal, Net Of Tax | 224,000,000 | ||||||||||||||
Affiliated Entity [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Assumed Liability for Unpaid Claims and Claims Adjustment Expense | 53,000,000 | 54,000,000 | 53,000,000 | 54,000,000 | |||||||||||
Assumed Premiums Earned | 3,000,000 | 3,000,000 | 8,000,000 | ||||||||||||
White River Life Reinsurance [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Loss on Contract Termination | 213,000,000 | ||||||||||||||
Gain (Loss) on Contract Termination | 213,000,000 | ||||||||||||||
Hartford Life and Annuity Insurance Company [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Funds Held under Reinsurance Agreements, Liability | $ 310,000,000 | ||||||||||||||
Hartford Life and Annuity Insurance Company [Member] | White River Life Reinsurance [Member] | |||||||||||||||
Schedule of Related Party Transactions [Abstract] | |||||||||||||||
Premiums Earned, Net | (5,000,000) | (31,000,000) | |||||||||||||
Realized Investment Gains (Losses) | (103,000,000) | (1,665,000,000) | |||||||||||||
Revenues | (108,000,000) | (1,696,000,000) | |||||||||||||
Policyholder Benefits and Claims Incurred, Net | (1,000,000) | (8,000,000) | |||||||||||||
Operating Expenses | (4,000,000) | (1,158,000,000) | |||||||||||||
Costs and Expenses | (5,000,000) | (1,166,000,000) | |||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (103,000,000) | (530,000,000) | |||||||||||||
Income Tax Expense (Benefit) | (36,000,000) | (185,000,000) | |||||||||||||
Net income | (67,000,000) | (345,000,000) | |||||||||||||
White River Life Reinsurance [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Surplus Notes | $ 655,000,000 | ||||||||||||||
Capital | $ 367,000,000 | ||||||||||||||
HLAI [Member] | |||||||||||||||
Schedule of Related Party Transactions [Abstract] | |||||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 344,000,000 | ||||||||||||||
Group Insurance Policies [Member] | Hartford Life and Accident Insurance Company [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Ceded Premiums Written | 0 | 0 | 0 | ||||||||||||
Accident and Health Insurance Product Line [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Assumed Premiums Earned | 0 | 0 | 0 | ||||||||||||
Schedule of Related Party Transactions [Abstract] | |||||||||||||||
Premiums Earned, Net | 62,000,000 | 120,000,000 | 109,000,000 | ||||||||||||
Accident and Health Insurance Product Line [Member] | Hartford Life and Accident Insurance Company [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Ceded Premiums Written | 0 | 0 | $ 0 | ||||||||||||
Reported Value Measurement [Member] | JAPAN | Fair Value, Inputs, Level 3 [Member] | Investment Contracts [Member] | Hartford Life Insurance K.K. [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Liabilities | $ 619,000,000 | $ 763,000,000 | $ 619,000,000 | $ 763,000,000 |
Restructuring and Other Costs79
Restructuring and Other Costs Level 4 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring and Other Costs [Abstract] | |||
Severance benefits and related costs | $ 1 | $ 8 | $ 7 |
Professional fees | 0 | 0 | 15 |
Asset impairment charges | 0 | 9 | 5 |
Restructuring Costs | 1 | 17 | 27 |
Movement in Restructuring Reserve by type of cost [Roll Forward] | |||
Balance, beginning of period | 4 | 1 | |
Accruals/provisions | 1 | 17 | |
Payments/write-offs | (5) | (14) | |
Balance, End of Period | 0 | 4 | 1 |
Employee Severance [Member] | |||
Movement in Restructuring Reserve by type of cost [Roll Forward] | |||
Balance, beginning of period | 4 | 1 | |
Accruals/provisions | 1 | 8 | |
Payments/write-offs | (5) | (5) | |
Balance, End of Period | 0 | 4 | 1 |
Professional Fees [Member] (Deprecated 2013-01-31) | |||
Movement in Restructuring Reserve by type of cost [Roll Forward] | |||
Balance, beginning of period | 0 | 0 | |
Accruals/provisions | 0 | 0 | |
Payments/write-offs | 0 | 0 | |
Balance, End of Period | 0 | 0 | $ 0 |
Asset Impairment Charges [Member] | |||
Movement in Restructuring Reserve by type of cost [Roll Forward] | |||
Balance, beginning of period | 0 | ||
Accruals/provisions | 0 | 9 | |
Payments/write-offs | 0 | (9) | |
Balance, End of Period | $ 0 | $ 0 |
Accumulated Other Comprehensi80
Accumulated Other Comprehensive Income Level 4 (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 | Dec. 31, 2012 | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 8,162 | $ 9,291 | $ 8,162 | $ 9,291 | $ 8,239 | $ 10,383 | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 593 | 1,221 | 593 | 1,221 | 574 | 1,987 | ||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (631) | 671 | (423) | |||||||||||
Gain (Loss) on Investments, Excluding Other than Temporary Impairments | (85) | 606 | (1,190) | |||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 530 | 861 | 561 | |||||||||||
Income Tax Expense (Benefit) | 30 | 184 | 49 | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 3 | (24) | (990) | |||||||||||
Other Comprehensive Income (Loss), Net of Tax | (628) | 647 | (1,413) | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 7 | $ 118 | $ 230 | $ 145 | 130 | $ 91 | $ 399 | $ 57 | 500 | 677 | 471 | |||
Derivative, Gain (Loss) on Derivative, Net | [1] | (97) | 723 | (1,705) | ||||||||||
Cash Flow Hedging [Member] | ||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 23 | 36 | 131 | |||||||||||
Investment Income [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 50 | 57 | ||||||||||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Currency Swap [Member] | Cash Flow Hedging [Member] | ||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (9) | |||||||||||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (1) | |||||||||||||
Gain (Loss) on Investments [Member] | Currency Swap [Member] | Cash Flow Hedging [Member] | ||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (13) | 4 | ||||||||||||
Gain (Loss) on Investments [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (1) | 70 | [2] | |||||||||||
Interest Income [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 33 | |||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (3) | 24 | 990 | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (1) | |||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Currency Swap [Member] | Cash Flow Hedging [Member] | ||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (9) | (13) | ||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (1) | |||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest Income [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 33 | 50 | ||||||||||||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 539 | 1,154 | 539 | 1,154 | 495 | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 495 | 1,752 | ||||||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (633) | 660 | (352) | |||||||||||
Gain (Loss) on Investments, Excluding Other than Temporary Impairments | (27) | 1 | 1,392 | [3] | ||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 1 | |||||||||||||
Income Tax Expense (Benefit) | (9) | 0 | 487 | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 18 | (1) | (905) | |||||||||||
Other Comprehensive Income (Loss), Net of Tax | (1,257) | |||||||||||||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | (615) | 659 | ||||||||||||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Retirement Plans and Individual Life Businesses [Member] | ||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||
Gain (Loss) on Investments, Excluding Other than Temporary Impairments | 1,500 | |||||||||||||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||
Gain (Loss) on Investments, Excluding Other than Temporary Impairments | 0 | 1,000 | 1,400 | |||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (27) | 1,392 | ||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (18) | 1 | 905 | |||||||||||
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 | 57 | 70 | 57 | 70 | 79 | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 79 | 258 | ||||||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 2 | 14 | (94) | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (15) | (23) | (85) | |||||||||||
Other Comprehensive Income (Loss), Net of Tax | (179) | |||||||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (13) | (9) | ||||||||||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||
Income Tax Expense (Benefit) | 8 | 13 | 46 | |||||||||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Cash Flow Hedging [Member] | ||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 23 | 36 | 131 | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 15 | 23 | 85 | |||||||||||
Accumulated Translation Adjustment [Member] | ||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (3) | (3) | (3) | (3) | 0 | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0 | (23) | ||||||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | (3) | 23 | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 | |||||||||||
Other Comprehensive Income (Loss), Net of Tax | 23 | |||||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 0 | (3) | ||||||||||||
AOCI Attributable to Parent [Member] | ||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 593 | $ 1,221 | $ 593 | 1,221 | 574 | $ 1,987 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | $ 647 | (1,413) | ||||||||||||
Retirement Plans and Individual Life Businesses [Member] | UNITED STATES | Cash Flow Hedging [Member] | Retirement Plans and Individual Life Businesses [Member] | ||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||
Derivative, Gain (Loss) on Derivative, Net | [4] | $ 71 | ||||||||||||
[1] | [4]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 2 - Fair Value Measurements. | |||||||||||||
[2] | The December 31, 2013 amounts 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, 2013 amounts includes $1.5 billion of net unrealized gains on securities relating to the sales of the Retirement Plans and Individual Life businesses. | |||||||||||||
[4] | he associated liability is adjusted for changes in spot rates through realized capital gains and was $4, $116 and $250 for the years ended December 31, 2015, 2014 and 2013, respectively, which is not presented in this table. |
Discontinued Operations and B81
Discontinued Operations and Business Dispositions Level 4 (Details) - USD ($) | Jan. 02, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Related Party Transaction [Line Items] | |||||
Loans, Gross, Insurance Policy | $ 1,446,000,000 | $ 1,430,000,000 | |||
Equity securities, AFS | 459,000,000 | 514,000,000 | |||
Available-for-sale Securities, Debt Securities | 24,657,000,000 | 25,436,000,000 | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 2,918,000,000 | 3,109,000,000 | |||
Revenue | |||||
Premiums Earned, Net | 92,000,000 | 32,000,000 | $ 184,000,000 | ||
Net Investment Income | 1,456,000,000 | 1,543,000,000 | 1,683,000,000 | ||
Realized Investment Gains (Losses) | (146,000,000) | 577,000,000 | 326,000,000 | ||
Benefits, losses and expenses | |||||
Policyholder Benefits and Claims Incurred, Net | 1,402,000,000 | 1,460,000,000 | 1,758,000,000 | ||
Deferred Policy Acquisition Costs and Present Value of Future Profits, Amortization | 69,000,000 | 206,000,000 | 228,000,000 | ||
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax | 10,000,000 | ||||
Net realized capital losses on disposal, net of tax | (51,000,000) | ||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 28,000,000 | 23,000,000 | (1,491,000,000) | ||
Separate Accounts, Liability | 120,111,000,000 | 134,689,000,000 | |||
Retirement Plans and Individual Life Businesses [Member] | |||||
Related Party Transaction [Line Items] | |||||
Available for sale securities, Fair Value | $ 15,015,000,000 | ||||
Hartford Life International Limited [Member] | |||||
Related Party Transaction [Line Items] | |||||
Disposal Group, Including Discontinued Operation, Consideration | 285 | ||||
Benefits, losses and expenses | |||||
Net realized capital losses on disposal, net of tax | 0 | ||||
Retirement Plans [Member] | |||||
Benefits, losses and expenses | |||||
Fees and Commissions | 0 | ||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | ||||
Goodwill, Written off Related to Sale of Business Unit | 0 | ||||
Policyholder Funds | 9,200,000,000 | ||||
Separate Accounts, Liability | 26,300,000,000 | ||||
Disposal Group, Including Discontinued Operation, Other Assets | 100 | ||||
Individual Life [Member] | |||||
Related Party Transaction [Line Items] | |||||
Assets supporting the modified coinsurance agreement, not transferred to prudential | 1,400,000,000 | ||||
Benefits, losses and expenses | |||||
Goodwill impairment | $ 0 | ||||
Fees and Commissions | 0 | 0 | |||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | ||||
Goodwill, Written off Related to Sale of Business Unit | 0 | ||||
Policyholder Funds | 8,300,000,000 | ||||
Separate Accounts, Liability | 5,300,000,000 | ||||
Gain (Loss) on Investments | 0 | ||||
Disposal Group, Including Discontinued Operation, Other Liabilities | 1,900,000,000 | ||||
Retirement [Member] | |||||
Related Party Transaction [Line Items] | |||||
Loans, Gross, Insurance Policy | 542,000,000 | ||||
Equity securities, AFS | 28,000,000 | ||||
Available-for-sale Securities, Debt Securities | 16,000,000 | ||||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 1,288,000,000 | ||||
Benefits, losses and expenses | |||||
Disposal Group, Including Discontinued Operation, Assets | 16,889,000,000 | ||||
Gain (Loss) on Investments [Member] | Retirement Plans [Member] | |||||
Benefits, losses and expenses | |||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | ||||
Reinsurance Loss on Dispositions [Member] | Retirement Plans [Member] | |||||
Benefits, losses and expenses | |||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | ||||
Net Income Impact [Member] | Retirement Plans [Member] | |||||
Benefits, losses and expenses | |||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | ||||
Reinsurance Loss on Dispositions [Member] | Individual Life [Member] | |||||
Benefits, losses and expenses | |||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | ||||
Prudential [Member] | Individual Life [Member] | |||||
Benefits, losses and expenses | |||||
Disposal Group, Including Discontinued Operation, Assets | 7,600,000,000 | ||||
Disposal Group, Including Discontinued Operation, Other Assets | 1,800,000,000 | ||||
Mass Mutual [Member] | Retirement Plans [Member] | |||||
Benefits, losses and expenses | |||||
Disposal Group, Including Discontinued Operation, Assets | 9,300,000,000 | ||||
Fair Value, Inputs, Level 2 [Member] | |||||
Related Party Transaction [Line Items] | |||||
Available for sale securities, Fair Value | 14,400,000,000 | ||||
Equity securities, AFS | 25,000,000 | 55,000,000 | |||
Available-for-sale Securities, Debt Securities | 22,909,000,000 | 23,339,000,000 | |||
Fair Value, Inputs, Level 3 [Member] | |||||
Related Party Transaction [Line Items] | |||||
Available for sale securities, Fair Value | $ 0 | ||||
Equity securities, AFS | 38,000,000 | 48,000,000 | |||
Available-for-sale Securities, Debt Securities | $ 1,625,000,000 | $ 2,025,000,000 | |||
Discontinued Operations, Disposed of by Sale [Member] | |||||
Revenue | |||||
Premiums Earned, Net | (23,000,000) | ||||
Disposal Group, Including Discontinued Operation, Other Income | 14,000,000 | ||||
Net Investment Income | 136,000,000 | ||||
Realized Investment Gains (Losses) | (14,000,000) | ||||
Total revenues | 113,000,000 | ||||
Benefits, losses and expenses | |||||
Policyholder Benefits and Claims Incurred, Net | 2,000,000 | ||||
Deferred Policy Acquisition Costs and Present Value of Future Profits, Amortization | 0 | ||||
Disposal Group, Including Discontinued Operation, Other Expense | (33,000,000) | ||||
Disposal Group, Including Discontinued Operation, Operating Expense | 108,000,000 | ||||
Income before income taxes | 5,000,000 | ||||
Discontinued Operation, Tax Effect of Discontinued Operation | (5,000,000) | ||||
Income (loss) from discontinued operations, net of tax | (41,000,000) | ||||
Discontinued Operations, Disposed of by Sale [Member] | International Annuity [Member] | |||||
Benefits, losses and expenses | |||||
Policyholder Benefits and Claims Incurred, Net | 139,000,000 | ||||
Available-for-sale Securities [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||
Revenue | |||||
Net Investment Income | (3,000,000) | ||||
Equity Securities [Member] | Trading Securities [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||
Revenue | |||||
Net Investment Income | $ 139,000,000 |
Quarterly Results (Unaudited)82
Quarterly Results (Unaudited) Level 4 (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 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 499 | $ 630 | $ 702 | $ 668 | $ 682 | $ 789 | $ 1,396 | $ 495 | $ 2,499 | $ 3,362 | $ 3,655 |
Total benefits, losses and expenses | 525 | 500 | 461 | 483 | 525 | 699 | 826 | 451 | 1,969 | 2,501 | 3,094 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 500 | 677 | 512 | ||||||||
Income from discontinued operations, net of tax | (41) | ||||||||||
Net income | 7 | 118 | 230 | 145 | 130 | 91 | 399 | 57 | 500 | 677 | 471 |
Less: Net income (loss) attributable to the noncontrolling interest | (1) | 1 | 0 | 0 | (2) | 3 | (1) | 1 | 0 | 1 | 6 |
Net Income (Loss) Attributable to Parent | $ 8 | $ 117 | $ 230 | $ 145 | $ 132 | $ 88 | $ 400 | $ 56 | $ 500 | $ 676 | $ 465 |
Schedule I - Summary of Inves83
Schedule I - Summary of Investments - Other Than Investments in Affiliates Level 4 (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Summary of Investment Holdings [Line Items] | |
Summary of Investments, Other than Investments in Related Parties, Cost | $ 30,744 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | $ 31,726 |
US Treasury and Government [Member] | |
Summary of Investment Holdings [Line Items] | |
Summary of Investments, Other than Investments in Related Parties, Cost | 3,263 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 3,476 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 3,476 |
US States and Political Subdivisions Debt Securities [Member] | |
Summary of Investment Holdings [Line Items] | |
Summary of Investments, Other than Investments in Related Parties, Cost | 1,057 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 1,132 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 1,132 |
Foreign Government Debt [Member] | |
Summary of Investment Holdings [Line Items] | |
Summary of Investments, Other than Investments in Related Parties, Cost | 328 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 331 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 331 |
Public Utility, Bonds [Member] | |
Summary of Investment Holdings [Line Items] | |
Summary of Investments, Other than Investments in Related Parties, Cost | 2,419 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 2,603 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 2,603 |
All Other Corporate Bonds [Member] | |
Summary of Investment Holdings [Line Items] | |
Summary of Investments, Other than Investments in Related Parties, Cost | 12,006 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 12,572 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 12,572 |
All Other Mortgage Backed and Asset Backed Securities [Member] | |
Summary of Investment Holdings [Line Items] | |
Summary of Investments, Other than Investments in Related Parties, Cost | 4,486 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 4,543 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 4,543 |
Fixed Maturities [Member] | |
Summary of Investment Holdings [Line Items] | |
Summary of Investments, Other than Investments in Related Parties, Cost | 158 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 165 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 165 |
Fixed Maturities [Member] | Fixed Maturities [Member] | |
Summary of Investment Holdings [Line Items] | |
Summary of Investments, Other than Investments in Related Parties, Cost | 23,717 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 24,822 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 24,822 |
Fixed Maturities [Member] | Available-for-sale Securities [Member] | |
Summary of Investment Holdings [Line Items] | |
Summary of Investments, Other than Investments in Related Parties, Cost | 23,559 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 24,657 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 24,657 |
Industrial, Miscellaneous, and All Others [Member] | |
Summary of Investment Holdings [Line Items] | |
Summary of Investments, Other than Investments in Related Parties, Cost | 431 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 419 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 419 |
Nonredeemable Preferred Stock [Member] | |
Summary of Investment Holdings [Line Items] | |
Summary of Investments, Other than Investments in Related Parties, Cost | 40 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 40 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 40 |
Equity Securities [Member] | |
Summary of Investment Holdings [Line Items] | |
Summary of Investments, Other than Investments in Related Parties, Cost | 481 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 470 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 470 |
Equity Securities [Member] | Available-for-sale Securities [Member] | |
Summary of Investment Holdings [Line Items] | |
Summary of Investments, Other than Investments in Related Parties, Cost | 471 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 459 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 459 |
Equity Securities [Member] | Trading Securities [Member] | |
Summary of Investment Holdings [Line Items] | |
Summary of Investments, Other than Investments in Related Parties, Cost | 0 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 0 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 0 |
Mortgage Loans on Real Estate [Member] | |
Summary of Investment Holdings [Line Items] | |
Summary of Investments, Other than Investments in Related Parties, Cost | 2,918 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 2,995 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 2,918 |
Policy Loans [Member] | |
Summary of Investment Holdings [Line Items] | |
Summary of Investments, Other than Investments in Related Parties, Cost | 1,446 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 1,446 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 1,446 |
Futures Options and Miscellaneous [Member] | |
Summary of Investment Holdings [Line Items] | |
Summary of Investments, Other than Investments in Related Parties, Cost | 394 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 282 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 282 |
Short-term Investments [Member] | |
Summary of Investment Holdings [Line Items] | |
Summary of Investments, Other than Investments in Related Parties, Cost | 572 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 572 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 572 |
Investments in Partnerships and Trusts [Member] | |
Summary of Investment Holdings [Line Items] | |
Summary of Investments, Other than Investments in Related Parties, Cost | 1,000 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | $ 1,000 |
Schedule IV - Schedule of Rei84
Schedule IV - Schedule of 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] | |||
Direct Premiums, Life Insurance in Force | $ 306,472 | $ 327,772 | $ 318,652 |
Ceded Premiums Earned | 234,306 | 255,185 | 241,684 |
Assumed Premiums, Life Insurance in Force | 713 | 797 | 815 |
Premiums, Net, Life Insurance in Force | $ 72,879 | $ 73,384 | $ 77,783 |
Life Insurance in Force Premiums, Percentage Assumed to Net | 1.00% | 1.00% | 1.00% |
Insurance Services Revenue [Abstract] | |||
Direct Premiums Earned | $ 2,877 | $ 3,228 | $ 3,502 |
Ceded Premiums Earned | 1,801 | 2,060 | 1,869 |
Assumed Premiums Earned | 113 | 74 | 13 |
Premiums Earned, Net, Life | 1,189 | 1,242 | 1,646 |
Premiums Earned, Net | $ 92 | $ 32 | $ 184 |
Premiums, Percentage Assumed to Net | 10.00% | 6.00% | 1.00% |
Accident and Health Insurance Product Line [Member] | |||
Insurance Services Revenue [Abstract] | |||
Direct Premiums Earned | $ 190 | $ 249 | $ 264 |
Ceded Premiums Earned | 128 | 369 | 155 |
Assumed Premiums Earned | 0 | 0 | 0 |
Premiums Earned, Net | $ 62 | $ 120 | $ 109 |
Premiums, Percentage Assumed to Net | 0.00% | 0.00% | 0.00% |
Life and Annuity Insurance Product Line [Member] | |||
Insurance Services Revenue [Abstract] | |||
Direct Premiums Earned | $ 2,687 | $ 2,979 | $ 3,238 |
Ceded Premiums Earned | 1,673 | 1,691 | 1,714 |
Assumed Premiums Earned | 113 | 74 | 13 |
Premiums Earned, Net | $ 1,127 | $ 1,362 | $ 1,537 |
Premiums, Percentage Assumed to Net | 10.00% | 5.00% | 1.00% |
Schedule V - Valuation and Qu85
Schedule V - Valuation and Qualifying Accounts Level 4 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Valuation allowance on deferred tax asset [Member] | |||
Movement in Valuation allowance and reserves | |||
Balance, January 1 | $ 0 | $ 53 | |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 0 | ||
Translation Adjustment | 0 | ||
Write-offs/Payments/Other | (53) | ||
Balance, December 31 | 0 | ||
Valuation allowance on mortgage loans [Member] | |||
Movement in Valuation allowance and reserves | |||
Balance, January 1 | $ 15 | 12 | 14 |
Charged to Costs and Expenses | 4 | 4 | 2 |
Translation Adjustment | 0 | 0 | 0 |
Write-offs/Payments/Other | 0 | (1) | (4) |
Balance, December 31 | $ 19 | $ 15 | $ 12 |