DOCUMENT_AND_ENTITY_INFORMATIO
DOCUMENT AND ENTITY INFORMATION (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Mar. 10, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-K | |
Document Period End Date | 31-Dec-14 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2014 | |
Amendment Flag | FALSE | |
Entity Registrant Name | AXA EQUITABLE LIFE INSURANCE CO | |
Entity Central Index Key | 727920 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Well Known Seasoned Issuer | No | |
Entity Common Stock Shares Outstanding | 2,000,000 | |
Entity Public Float | $0 |
CONSOLIDATED_BALANCE_SHEET
CONSOLIDATED BALANCE SHEET (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
ASSETS [Abstract] | ||
Fixed maturities available for sale, at fair value | $33,034 | $29,419 |
Mortgage loans on real estate | 6,463 | 5,684 |
Policy loans | 3,408 | 3,434 |
Other equity investments | 1,757 | 1,866 |
Trading securities | 5,143 | 4,221 |
Other invested assets | 1,978 | 1,353 |
Total investments | 51,783 | 45,977 |
Cash and cash equivalents | 2,716 | 2,283 |
Cash and securities segregated, at fair value | 476 | 981 |
Broker-dealer related receivables | 1,899 | 1,539 |
Deferred policy acquisition costs | 4,271 | 3,874 |
Goodwill and other intangible assets, net | 3,762 | 3,703 |
Amounts due from reinsurers | 4,051 | 3,934 |
Due From Affiliates | 1,087 | 1,088 |
Guaranteed minimum income benefit reinsurance contract asset, at fair value | 10,711 | 6,747 |
Other assets | 4,190 | 4,418 |
Separate Account Assets | 111,059 | 108,857 |
Total Assets | 196,005 | 183,401 |
LIABILITIES [Abstract] | ||
Policyholders' account balances | 31,848 | 30,340 |
Future policy benefits, policyholders account balances | 23,484 | 21,697 |
Broker-dealer related payables | 1,501 | 538 |
Amounts due to reinsurers | 74 | 71 |
Customers related payables | 1,501 | 1,698 |
Short-term and long-term debt | 689 | 468 |
Loans from affiliates | 0 | 825 |
Current and deferred income taxes | 4,785 | 2,813 |
Other liabilities | 2,939 | 2,653 |
Separate Accounts' liabilities | 111,059 | 108,857 |
Liabilities | 177,880 | 169,960 |
Commitments and contingent liabilities (Notes 2, 7, 10, 11, 12, 13, 16, 17) | 0 | 0 |
Redeemable Noncontrolling Interest | 17 | 0 |
AXA Equitable Equity: | ||
Common stock, $.01 par value, 2,000 million shares authorized, 436.2 million shares issued and outstanding | 2 | 2 |
Capital in excess of par value | 5,957 | 5,934 |
Retained earnings | 8,809 | 5,205 |
Accumulated other comprehensive income (loss) | 351 | -603 |
Total AXA Equitable Equity | 15,119 | 10,538 |
Noncontrolling interest | 2,989 | 2,903 |
Equity | 18,108 | 13,441 |
Total Liabilities and Equity | $196,005 | $183,401 |
CONSOLIDATED_STATEMENTS_OF_BAL
CONSOLIDATED STATEMENTS OF BALANCE SHEET (PARENTHETICAL) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
CONSOLIDATED BALANCE SHEETS | ||
Common Stock par value | $1.25 | $1.25 |
Common Stock authorized | 2,000,000 | 2,000,000 |
Common Stock issued | 2,000,000 | 2,000,000 |
Common Stock outstanding | 2,000,000 | 2,000,000 |
CONSOLIDATED_STATEMENTS_OF_EAR
CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
REVENUES [Abstract] | |||
Universal life and investment-type product policy fee income | $3,475 | $3,546 | $3,334 |
Premiums earned | 514 | 496 | 514 |
Net investment income (loss): [Abstract] | |||
Investment income (loss) from derivative instruments | 1,605 | -2,866 | -978 |
Other Investment Income (Loss) | 2,210 | 2,237 | 2,316 |
Net Investment Income (Loss) | 3,815 | -629 | 1,338 |
Investment gains (losses), net: [Abstract] | |||
Total other-than-temporary impairment losses | -72 | -81 | -96 |
Portion of loss recognized in other comprehensive income (loss) | 0 | 15 | 2 |
Net impairment losses recognized | -72 | -66 | -94 |
Other investment gains (losses), net | 14 | -33 | -3 |
Gain Loss On Investments | -58 | -99 | -97 |
Commissions, fees and other income | 3,930 | 3,823 | 3,574 |
Increase (decrease) in the fair value of the reinsurance contract asset | 3,964 | -4,297 | 497 |
Total revenues | 15,640 | 2,840 | 9,160 |
BENEFITS AND OTHER DEDUCTIONS [Abstract] | |||
Policyholders' benefits | 3,708 | 1,691 | 2,989 |
Interest credited to policyholders' account balances | 1,186 | 1,373 | 1,166 |
Compensation and benefits | 1,739 | 1,743 | 1,672 |
Commissions | 1,147 | 1,160 | 1,248 |
Distribution related payments | 413 | 423 | 367 |
Amortization of deferred sales commissions | 42 | 41 | 40 |
Interest expense | 53 | 88 | 108 |
Amortization of deferred policy acquisition costs | 215 | 580 | 576 |
Capitalization of deferred policy acquisition costs | -628 | -655 | -718 |
Rent expense | 163 | 169 | 201 |
Amortization of other intangible assets | 27 | 24 | 24 |
Other operating costs and expenses | 1,460 | 1,512 | 1,429 |
Total benefits and other deductions | 9,525 | 8,149 | 9,102 |
Earnings (loss) from operations, before income taxes | 6,115 | -5,309 | 58 |
Income tax (expense) benefit | -1,695 | 2,073 | 158 |
Net earnings (loss) | 4,420 | -3,236 | 216 |
Less: net (earnings) loss attributable to the noncontrolling interest | -387 | -337 | -121 |
Net Earnings (Loss) Attributable to AXA Equitable | $4,033 | ($3,573) | $95 |
CONSOLIDATED_STATEMENT_OF_COMP
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||
Net earnings (loss) | $4,420 | ($3,236) | $216 |
Other comprehensive income (loss) net of income taxes: | |||
Change in unrealized gains (losses), net of reclassifications | 948 | -1,211 | 580 |
Change in defined benefits pension plans | -23 | 299 | 26 |
Total other comprehensive income (loss), net of income taxes | 925 | -912 | 606 |
Total other comprehensive income (loss), net of income taxes | 5,345 | -4,148 | 822 |
Comprehensive income attributable to noncontrolling interest | -358 | -345 | -113 |
Comprehensive Income (Loss) Attributable to Equitable | $4,987 | ($4,493) | $709 |
CONSOLIDATED_STATEMENTS_OF_EQU
CONSOLIDATED STATEMENTS OF EQUITY (USD $) | Total | Parent [Member] | Common Stock [Member] | Capital in excess of par value [Member] | Retained earnings [Member] | Accumulated other comprehensive income (loss) [Member] | Noncontrolling interest [Member] |
In Millions | |||||||
Beginning of year at Dec. 31, 2011 | $2 | $5,743 | $9,392 | ($297) | $2,703 | ||
Deferred tax on dividend of AllianceBernstein Units | 0 | ||||||
Purchase/issuance/sale of AllianceBernstein Units to noncontrolling interest | 0 | ||||||
Net earnings (loss) | 216 | 95 | 121 | ||||
Other comprehensive income (loss) | 606 | 614 | -8 | ||||
The purchase of Holding units and issuance of Holding units | 0 | ||||||
Purchase of noncontrolling interest in consolidated entity | 0 | ||||||
Repurchase of AllianceBernstein Holding units | -145 | ||||||
Dividends and distributions | -362 | -219 | |||||
Other | 249 | 42 | |||||
End of year at Dec. 31, 2012 | 17,930 | 15,436 | 2 | 5,992 | 9,125 | 317 | 2,494 |
Deferred tax on dividend of AllianceBernstein Units | 0 | ||||||
Net earnings (loss) | -3,236 | -3,573 | 337 | ||||
Other comprehensive income (loss) | -912 | -920 | 8 | ||||
Repurchase of AllianceBernstein Holding units | -76 | ||||||
Dividends and distributions | -347 | -306 | |||||
Dividend Of Units Of Investment In Noncontrolling Interest To Parent | 113 | ||||||
Other | -58 | 333 | |||||
End of year at Dec. 31, 2013 | 13,441 | 10,538 | 2 | 5,934 | 5,205 | -603 | 2,903 |
Deferred tax on dividend of AllianceBernstein Units | -26 | ||||||
Net earnings (loss) | 4,420 | 4,033 | 387 | ||||
Other comprehensive income (loss) | 925 | 954 | -29 | ||||
Repurchase of AllianceBernstein Holding units | -62 | ||||||
Dividends and distributions | -429 | -401 | |||||
Dividend Of Units Of Investment In Noncontrolling Interest To Parent | -48 | ||||||
Other | 49 | 143 | |||||
End of year at Dec. 31, 2014 | $18,108 | $15,119 | $2 | $5,957 | $8,809 | $351 | $2,989 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
STATEMENTS OF CASH FLOWS [Abstract] | |||
Net earnings (loss) | $4,420 | ($3,236) | $216 |
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: [Abstract] | |||
Interest credited to policyholders' account balances | 1,186 | 1,373 | 1,166 |
Universal life and investment-type product policy fee income | -3,475 | -3,546 | -3,334 |
Net change in broker-dealer and customer related receivables/payables | -525 | -740 | 383 |
(Income) loss related to derivative instruments | -1,605 | 2,866 | 978 |
Change in reinsurance recoverable with affiliate | -128 | -176 | -207 |
Investment (gains) losses, net | 58 | 99 | 97 |
Change in segregated cash and securities, net | 505 | 571 | -272 |
Change in deferred policy acquisition costs | -413 | -74 | -142 |
Change in future policy benefits | 1,647 | -384 | 876 |
Change in current and deferred income taxes | 1,448 | -1,754 | -254 |
Real Estate Asset Write Off Charge | 25 | 56 | 42 |
Change in accounts payable and accrued expenses | -259 | 33 | 18 |
Change in the fair value of the reinsurance contract asset | -3,964 | 4,297 | -497 |
Contribution to pension plans | -6 | 0 | 0 |
Amortization of deferred compensation | 171 | 159 | 22 |
Amortization of deferred sales commissions | 42 | 41 | 40 |
Amortization of reinsurance cost | 280 | 280 | 47 |
Other depreciation and amortization | 44 | 122 | 157 |
Amortization of other intangibles | 27 | 24 | 24 |
Other, net | -95 | 150 | -145 |
Net cash provided by (used in) operating activities | -617 | 161 | -785 |
Cash flows from investing activities: [Abstract] | |||
Maturities and repayments of fixed maturities and mortgage loans on real estate | 2,975 | 3,691 | 3,551 |
Sales of investments | 7,186 | 3,442 | 1,951 |
Purchases of investments | -13,775 | -7,956 | -7,893 |
Cash settlements related to derivative instruments | 999 | -2,500 | -287 |
Purchase of business net of cash acquired | -61 | 0 | 0 |
Change in short-term investments | -5 | 0 | 34 |
Decrease In Loans Due To Affiliates | 0 | 5 | 4 |
Increase In Loans Due To Affiliates | 0 | -56 | 0 |
Investment in capitalized software, leasehold improvements and EDP equipment | -83 | -67 | -66 |
Other, net | -9 | 12 | 14 |
Net cash provided by (used in) investing activities | -2,773 | -3,429 | -2,692 |
Cash flows from financing activities: [Abstract] | |||
Policyholders account balances deposits | 5,034 | 5,469 | 5,437 |
Policyholders account balances withdrawals and transfers to Separate Accounts | -1,075 | -1,188 | -982 |
Change in short-term financings | 221 | -55 | -122 |
Change in collateralized pledged liabilities | 430 | -663 | -288 |
Change in collateralized pledged assets | -12 | -18 | -5 |
Repayments of loans from affiliates | -825 | -500 | 0 |
Capital contribution | 0 | 0 | 195 |
Shareholder dividends paid | -382 | -234 | -362 |
Repurchase of AllianceBernstein Holdings units | -90 | -113 | -238 |
Distribution to non-controlling interests in consolidated subsidiaries | -401 | -306 | -219 |
Increase (decrease) in securities sold under agreement to repurchase | 950 | 0 | 0 |
Other, net | -7 | 0 | -9 |
Net cash provided by (used in) financing activities | 3,843 | 2,392 | 3,407 |
Effect of exchange rate on cash and cash equivalents | -20 | -3 | 5 |
Change in cash and cash equivalents | 433 | -879 | -65 |
Cash and cash equivalents, beginning of year | 2,283 | 3,162 | 3,227 |
Cash and cash equivalents,end of year | 2,716 | 2,283 | 3,162 |
Supplemental Cash Flow Information [Abstract] | |||
Interest paid | 72 | 91 | 107 |
Income Taxes (Refunded) Paid | 272 | -214 | 271 |
Issuance of FHLBNY funding agreements included in policyholders account balances | $500 | $0 | $0 |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 31, 2014 | |
Organization [Abstract] | |
ORGANIZATION | AXA EQUITABLE LIFE INSURANCE COMPANY |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |
1) ORGANIZATION | |
AXA Equitable Life Insurance Company (“AXA Equitable,” and collectively with its consolidated subsidiaries the “Company”) is an indirect, wholly owned subsidiary of AXA Financial, Inc. (“AXA Financial,” and collectively with its consolidated subsidiaries, “AXA Financial Group”). AXA Financial is an indirect wholly owned subsidiary of AXA, a French holding company for an international group of insurance and related financial services companies. | |
The Company conducts operations in two business segments: the Insurance and Investment Management segments. The Company’s management evaluates the performance of each of these segments independently and allocates resources based on current and future requirements of each segment. | |
Insurance | |
The Insurance segment offers a variety of traditional, variable and interest-sensitive life insurance products, variable and fixed-interest annuity products, investment products including mutual funds, asset management and other services, principally to individuals and small and medium size businesses and professional and trade associations. This segment also includes Separate Accounts for individual insurance and annuity products. | |
The Company’s insurance business is conducted principally by AXA Equitable. | |
Investment Management | |
The Investment Management segment is principally comprised of the investment management business of AllianceBernstein L.P., a Delaware limited partnership (together with its consolidated subsidiaries “AllianceBernstein”). AllianceBernstein provides research, diversified investment management and related services globally to a broad range of clients. This segment also includes institutional Separate Accounts principally managed by AllianceBernstein that provide various investment options for large group pension clients, primarily defined benefit and contribution plans, through pooled or single group accounts. | |
AllianceBernstein is a private partnership for Federal income tax purposes and, accordingly, is not subject to Federal and state corporate income taxes. However, AllianceBernstein is subject to a 4.0% New York City unincorporated business tax (“UBT”). Domestic corporate subsidiaries of AllianceBernstein are subject to Federal, state and local income taxes. Foreign corporate subsidiaries are generally subject to taxes in the foreign jurisdictions where they are located. The Company provides Federal and state income taxes on the undistributed earnings of non-U.S. corporate subsidiaries except to the extent that such earnings are permanently invested outside the United States. | |
At December 31, 2014 and 2013, the Company’s economic interest in AllianceBernstein was 32.2% and 32.7%, respectively. At December 31, 2014 and 2013, respectively, AXA and its subsidiaries’ economic interest in AllianceBernstein (including AXA Financial Group) was approximately 62.7% and 63.7%. AXA Equitable as the parent of AllianceBernstein Corporation, the general partner (“General Partner”) of the limited partnership, consolidates AllianceBernstein in the Company’s consolidated financial statements. |
SIGNIFICANT_ACCOUNTING_POLICIE
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2014 | |
Significant Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | 2) SIGNIFICANT ACCOUNTING POLICIES |
Basis of Presentation and Principles of Consolidation | |
The preparation of the accompanying consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions (including normal, recurring accruals) that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. The accompanying consolidated financial statements reflect all adjustments necessary in the opinion of management for a fair presentation of the consolidated financial position of the Company and its consolidated results of operations and cash flows for the periods presented. | |
The accompanying consolidated financial statements include the accounts of AXA Equitable and its subsidiaries engaged in insurance related businesses (collectively, the “Insurance Group”); other subsidiaries, principally AllianceBernstein; and those investment companies, partnerships and joint ventures in which AXA Equitable or its subsidiaries has control and a majority economic interest as well as those variable interest entities (“VIEs”) that meet the requirements for consolidation. | |
All significant intercompany transactions and balances have been eliminated in consolidation. The years “2014”, “2013” and “2012” refer to the years ended December 31, 2014, 2013 and 2012, respectively. Certain reclassifications have been made in the amounts presented for prior periods to conform those periods to the current presentation | |
Accounting for Variable Annuities with GMDB and GMIB Features | |
Future claims exposure on products with guaranteed minimum death benefit (“GMDB”) and guaranteed minimum income benefit (“GMIB”) features are sensitive to movements in the equity markets and interest rates. The Company has in place various hedging programs utilizing derivatives that are designed to mitigate the impact of movements in equity markets and interest rates. These various hedging programs do not qualify for hedge accounting treatment. As a result, changes in the value of the derivatives will be recognized in the period in which they occur while offsetting changes in reserves and deferred policy acquisition costs (“DAC”) will be recognized over time in accordance with policies described below under “Policyholders’ Account Balances and Future Policy Benefits” and “DAC”. These differences in recognition contribute to earnings volatility. | |
GMIB reinsurance contracts are used to cede to affiliated and non-affiliated reinsurers a portion of the exposure on variable annuity products that offer the GMIB feature. The GMIB reinsurance contracts are accounted for as derivatives and are reported at fair value. Gross reserves for GMIB are calculated on the basis of assumptions related to projected benefits and related contract charges over the lives of the contracts and therefore will not immediately reflect the offsetting impact on future claims exposure resulting from the same capital market and/or interest rate fluctuations that cause gains or losses on the fair value of the GMIB reinsurance contracts. The changes in the fair value of the GMIB reinsurance contracts are recorded in the period in which they occur while offsetting changes in gross reserves and DAC for GMIB are recognized over time in accordance with policies described below under “Policyholders’ Account Balances and Future Policy Benefits” and “DAC”. These differences in recognition contribute to earnings volatility. | |
Accounting and Consolidation of VIE’s | |
At December 31, 2013, the Insurance Group’s General Account held $3 million of investment assets issued by VIEs and determined to be significant variable interests under Financial Accounting Standards Board (“FASB”) guidance Consolidation of Variable Interest Entities – Revised. The investment in this VIE was sold in 2014. At December 31, 2013, as reported in the consolidated balance sheet, this investment included $3 million of other equity investments (principally investment limited partnership interests) and was subject to ongoing review for impairment in value. This VIE did not require consolidation because management determined that the Insurance Group is not the primary beneficiary. The Insurance Group had no further economic interest in this VIE in the form of related guarantees, commitments, derivatives, credit enhancements or similar instruments and obligations. | |
For all new investment products and entities developed by AllianceBernstein (other than Collaterized Debt Obligations (“CDOs”)), AllianceBernstein first determines whether the entity is a VIE, which involves determining an entity’s variability and variable interests, identifying the holders of the equity investment at risk and assessing the five characteristics of a VIE. Once an entity has been determined to be a VIE, AllianceBernstein then identifies the primary beneficiary of the VIE. If AllianceBernstein is deemed to be the primary beneficiary of the VIE, then AllianceBernstein and the Company consolidate the entity. | |
AllianceBernstein provides seed capital to its investment teams to develop new products and services for their clients. AllianceBernstein’s original seed investment typically represents all or a majority of the equity investment in the new product is temporary in nature. AllianceBernstein evaluates its seed investments on a quarterly basis and consolidates such investments as required pursuant to U.S. GAAP. | |
Management of AllianceBernstein reviews quarterly its investment management agreements and its investments in, and other financial arrangements with, certain entities that hold client assets under management (“AUM”) to determine the entities that AllianceBernstein is required to consolidate under this guidance. These entities include certain mutual fund products, hedge funds, structured products, group trusts, collective investment trusts and limited partnerships. | |
AllianceBernstein earned investment management fees on client AUM of these entities but derived no other benefit from those assets and cannot utilize those assets in its operations. | |
At December 31, 2014, AllianceBernstein had significant variable interests in certain other structured products and hedge funds with approximately $31 million in client AUM. However, these VIEs do not require consolidation because management has determined that AllianceBernstein is not the primary beneficiary of the expected losses or expected residual returns of these entities. AllianceBernstein’s maximum exposure to loss in these entities is limited to its investments of $200,000 in and prospective investment management fees earned from these entities. | |
Adoption of New Accounting Pronouncements | |
In July 2013, the FASB issued new guidance on the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This guidance was effective for interim and annual periods beginning after December 15, 2013. Implementation of this guidance did not have a material impact on the Company’s consolidated financial statements. | |
In February 2013, the FASB issued new guidance to improve the reporting of reclassifications out of accumulated other comprehensive income (“AOCI”). The guidance requires disclosure of reclassification information either in the notes or the face of the financial statements provided the information is presented in one location. This guidance was effective for interim and annual periods beginning after December 31, 2012. Implementation of this guidance did not have a material impact on the Company’s consolidated financial statements. These new disclosures have been included in the Notes to the Company’s consolidated financial statements, as appropriate. | |
In July 2012, the FASB issued new guidance on testing indefinite-lived intangible assets for impairment. The guidance was effective for interim and annual indefinite-lived intangible assets impairment tests performed for fiscal years beginning after September 15, 2012. Implementation of this guidance did not have a material impact on the Company’s consolidated financial statements. | |
Future Adoption of New Accounting Pronouncements | |
In February 2015, the FASB issued a new consolidation standard that makes targeted amendments to the VIE assessment, including guidance specific to limited partnerships and similar entities, and ends the deferral granted to investment companies for applying the VIE guidance. The new standard is effective for annual periods, beginning after December 15, 2015, but may be early-adopted in any interim period. Management currently is evaluating the impacts this guidance may have on the Company’s consolidated financial statements. | |
In August 2014, the FASB issued new guidance which requires management to evaluate whether there is “substantial doubt” about the reporting entity’s ability to continue as a going concern and provide related footnote disclosures about those uncertainties, if they exist. The new guidance is effective for annual periods, ending after December 15, 2016 and interim periods thereafter. Management does not expect implementation of this guidance will have a material impact on the Company’s consolidated financial statements. | |
In June 2014, the FASB issued new guidance for accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The new guidance is effective for interim and annual periods beginning after December 15, 2015. Management does not expect implementation of this guidance will have a material impact on the Company’s consolidated financial statements. | |
In June 2014, the FASB issued new guidance for repurchase-to-maturity transactions, repurchase financings and added disclosure requirements, which aligns the accounting for repurchase-to-maturity transactions and repurchase financing arrangements with the accounting for other typical repurchase agreements. The new guidance also requires additional disclosures about repurchase agreements and similar transactions. The accounting changes and disclosure requirements are effective for interim or annual periods beginning after December 15, 2014. Management does not expect implementation of this guidance will have a material impact on the Company’s consolidated financial statements. | |
In May 2014, the FASB issued new revenue recognition guidance that is intended to improve and converge the financial reporting requirements for revenue from contracts with customers with International Financial Reporting Standards (“IFRS”). The new guidance applies to contracts that deliver goods or services to a customer, except when those contracts are for: insurance, leases, rights and obligations that are in the scope of certain financial instruments (i.e., derivative contracts) and guarantees other than product or service warranties. The new guidance is effective for interim and annual periods, beginning after December 15, 2016. Management is currently evaluating the impact that adoption of this guidance will have on the Company’s consolidated financial statements. | |
The FASB issued new guidance that allows investors to elect to use the proportional amortization method to account for investments in qualified affordable housing projects if certain conditions are met. Under this method, which replaces the effective yield method, an investor amortizes the cost of its investment, in proportion to the tax credits and other tax benefits it receives, to income tax expense. The guidance also introduces disclosure requirements for all investments in qualified affordable housing projects, regardless of the accounting method used for those investments. The guidance is effective for annual periods beginning after December 15, 2014. Management does not expect implementation of this guidance will have a material impact on the Company’s consolidated financial statements. | |
Closed Block | |
As a result of demutualization, the Closed Block was established in 1992 for the benefit of certain individual participating policies that were in force on that date. Assets, liabilities and earnings of the Closed Block are specifically identified to support its participating policyholders. | |
Assets allocated to the Closed Block inure solely to the benefit of the Closed Block policyholders and will not revert to the benefit of AXA Equitable. No reallocation, transfer, borrowing or lending of assets can be made between the Closed Block and other portions of AXA Equitable’s General Account, any of its Separate Accounts or any affiliate of AXA Equitable without the approval of the Superintendent of The New York State Department of Financial Services, (the “NYSDFS”). Closed Block assets and liabilities are carried on the same basis as similar assets and liabilities held in the General Account. | |
The excess of Closed Block liabilities over Closed Block assets (adjusted to exclude the impact of related amounts in AOCI) represents the expected maximum future post-tax earnings from the Closed Block that would be recognized in income from continuing operations over the period the policies and contracts in the Closed Block remain in force. As of January 1, 2001, the Company has developed an actuarial calculation of the expected timing of the Closed Block’s earnings. | |
If the actual cumulative earnings from the Closed Block are greater than the expected cumulative earnings, only the expected earnings will be recognized in net income. Actual cumulative earnings in excess of expected cumulative earnings at any point in time are recorded as a policyholder dividend obligation because they will ultimately be paid to Closed Block policyholders as an additional policyholder dividend unless offset by future performance that is less favorable than originally expected. If a policyholder dividend obligation has been previously established and the actual Closed Block earnings in a subsequent period are less than the expected earnings for that period, the policyholder dividend obligation would be reduced (but not below zero). If, over the period the policies and contracts in the Closed Block remain in force, the actual cumulative earnings of the Closed Block are less than the expected cumulative earnings, only actual earnings would be recognized in income from continuing operations. If the Closed Block has insufficient funds to make guaranteed policy benefit payments, such payments will be made from assets outside the Closed Block. | |
Many expenses related to Closed Block operations, including amortization of DAC, are charged to operations outside of the Closed Block; accordingly, net revenues of the Closed Block do not represent the actual profitability of the Closed Block operations. Operating costs and expenses outside of the Closed Block are, therefore, disproportionate to the business outside of the Closed Block. | |
Investments | |
The carrying values of fixed maturities classified as available-for-sale (“AFS”) are reported at fair value. Changes in fair value are reported in OCI. The amortized cost of fixed maturities is adjusted for impairments in value deemed to be other than temporary which are recognized in Investment gains (losses), net. The redeemable preferred stock investments that are reported in fixed maturities include real estate investment trusts (“REIT”), perpetual preferred stock, and redeemable preferred stock. These securities may not have a stated maturity, may not be cumulative and do not provide for mandatory redemption by the issuer. | |
The Company determines the fair values of fixed maturities and equity securities based upon quoted prices in active markets, when available, or through the use of alternative approaches when market quotes are not readily accessible or available. These alternative approaches include matrix or model pricing and use of independent pricing services, each supported by reference to principal market trades or other observable market assumptions for similar securities. More specifically, the matrix pricing approach to fair value is a discounted cash flow methodology that incorporates market interest rates commensurate with the credit quality and duration of the investment. | |
The Company’s management, with the assistance of its investment advisors, monitors the investment performance of its portfolio and reviews AFS securities with unrealized losses for other-than-temporary impairments (“OTTI”). Integral to this review is an assessment made each quarter, on a security-by-security basis, by the Company’s Investments Under Surveillance (“IUS”) Committee, of various indicators of credit deterioration to determine whether the investment security is expected to recover. This assessment includes, but is not limited to, consideration of the duration and severity of the unrealized loss, failure, if any, of the issuer of the security to make scheduled payments, actions taken by rating agencies, adverse conditions specifically related to the security or sector, the financial strength, liquidity, and continued viability of the issuer and, for equity securities only, the intent and ability to hold the investment until recovery, and results in identification of specific securities for which OTTI is recognized. | |
If there is no intent to sell or likely requirement to dispose of the fixed maturity security before its recovery, only the credit loss component of any resulting OTTI is recognized in earnings (loss) and the remainder of the fair value loss is recognized in OCI. The amount of credit loss is the shortfall of the present value of the cash flows expected to be collected as compared to the amortized cost basis of the security. The present value is calculated by discounting management’s best estimate of projected future cash flows at the effective interest rate implicit in the debt security prior to impairment. Projections of future cash flows are based on assumptions regarding probability of default and estimates regarding the amount and timing of recoveries. These assumptions and estimates require use of management judgment and consider internal credit analyses as well as market observable data relevant to the collectability of the security. For mortgage- and asset-backed securities, projected future cash flows also include assumptions regarding prepayments and underlying collateral value. | |
Real estate held for the production of income, including real estate acquired in satisfaction of debt, is stated at depreciated cost less valuation allowances. At the date of foreclosure (including in-substance foreclosure), real estate acquired in satisfaction of debt is valued at estimated fair value. Impaired real estate is written down to fair value with the impairment loss being included in Investment gains (losses), net. | |
Depreciation of real estate held for production of income is computed using the straight-line method over the estimated useful lives of the properties, which generally range from 40 to 50 years. | |
Policy loans are stated at unpaid principal balances. | |
Partnerships, investment companies and joint venture interests that the Company has control of and has a majority economic interest in or those that meet the requirements for consolidation under accounting guidance for consolidation of VIEs are consolidated. Those that the Company does not have control of and does not have a majority economic interest in and those that do not meet the VIE requirements for consolidation are reported on the equity basis of accounting and are reported either with equity real estate or other equity investments, as appropriate. The Company records its interests in certain of these partnerships on a month or one quarter lag. | |
Equity securities, which include common stock, and non-redeemable preferred stock classified as AFS securities, are carried at fair value and are included in other equity investments with changes in fair value reported in OCI. | |
Trading securities, which include equity securities and fixed maturities, are carried at fair value based on quoted market prices, with unrealized gains (losses) reported in other investment income (loss) in the statements of Net earnings (loss). | |
Corporate owned life insurance (“COLI”) has been purchased by the Company and certain subsidiaries on the lives of certain key employees and the Company and these subsidiaries are named as beneficiaries under these policies. COLI is carried at the cash surrender value of the policies. At December 31, 2014 and 2013, the carrying value of COLI was $803 million and $770 million, respectively, and is reported in Other invested assets in the consolidated balance sheets. | |
Short-term investments are reported at amortized cost that approximates fair value and are included in Other invested assets. | |
Cash and cash equivalents includes cash on hand, demand deposits, money market accounts, overnight commercial paper and highly liquid debt instruments purchased with an original maturity of three months or less. Due to the short-term nature of these investments, the recorded value is deemed to approximate fair value. | |
All securities owned, including United States government and agency securities, mortgage-backed securities and futures and forwards transactions, are reported in the consolidated financial statements on a trade date basis. | |
Derivatives | |
Derivatives are financial instruments whose values are derived from interest rates, foreign exchange rates, financial indices, values of securities or commodities, credit spreads, market volatility, expected returns, and liquidity. Values can also be affected by changes in estimates and assumptions, including those related to counterparty behavior and non-performance risk used in valuation models. Derivative financial instruments generally used by the Company include exchange traded equity, currency and interest rate futures contracts, total return and/or other equity swaps, interest rate swap and floor contracts, swaptions, variance swaps as well as equity options and may be exchange-traded or contracted in the over-the-counter market. All derivative positions are carried in the consolidated balance sheets at fair value, generally by obtaining quoted market prices or through the use of valuation models. | |
Freestanding derivative contracts are reported in the consolidated balance sheets either as assets within “Other invested assets” or as liabilities within “Other liabilities.” The Company nets the fair value of all derivative financial instruments with counterparties for which an ISDA Master Agreement and related CSA have been executed. The Company uses derivatives to manage asset/liability risk and has designated some of those economic relationships under the criteria to qualify for hedge accounting treatment. All changes in the fair value of the Company’s freestanding derivative positions not designated to hedge accounting relationships, including net receipts and payments, are included in “Investment income (loss) from derivative instruments” without considering changes in the fair value of the economically associated assets or liabilities. | |
The Company is a party to financial instruments and other contracts that contain “embedded” derivative instruments. At inception, the Company assesses whether the economic characteristics of the embedded instrument are “clearly and closely related” to the economic characteristics of the remaining component of the “host contract” and whether a separate instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. When those criteria are satisfied, the resulting embedded derivative is bifurcated from the host contract, carried in the consolidated balance sheets at fair value, and changes in its fair value are recognized immediately and captioned in the consolidated statements of earnings (loss) according to the nature of the related host contract. For certain financial instruments that contain an embedded derivative that otherwise would need to be bifurcated and reported at fair value, the Company instead may elect to carry the entire instrument at fair value. | |
Mortgage Loans on Real Estate (“mortgage loans”): | |
Mortgage loans are stated at unpaid principal balances, net of unamortized discounts and valuation allowances. Valuation allowances are based on the present value of expected future cash flows discounted at the loan’s original effective interest rate or on its collateral value if the loan is collateral dependent. However, if foreclosure is or becomes probable, the collateral value measurement method is used. | |
For commercial and agricultural mortgage loans, an allowance for credit loss is typically recommended when management believes it is probable that principal and interest will not be collected according to the contractual terms. Factors that influence management’s judgment in determining allowance for credit losses include the following: | |
Loan-to-value ratio – Derived from current loan balance divided by the fair market value of the property. An allowance for credit loss is typically recommended when the loan-to-value ratio is in excess of 100%. In the case where the loan-to-value is in excess of 100%, the allowance for credit loss is derived by taking the difference between the fair market value (less cost of sale) and the current loan balance. | |
Debt service coverage ratio – Derived from actual net operating income divided by annual debt service. If the ratio is below 1.0x, then the income from the property does not support the debt. | |
Occupancy – Criteria varies by property type but low or below market occupancy is an indicator of sub-par property performance. | |
Lease expirations – The percentage of leases expiring in the upcoming 12 to 36 months are monitored as a decline in rent and/or occupancy may negatively impact the debt service coverage ratio. In the case of single-tenant properties or properties with large tenant exposure, the lease expiration is a material risk factor. | |
Maturity – Mortgage loans that are not fully amortizing and have upcoming maturities within the next 12 to 24 months are monitored in conjunction with the capital markets to determine the borrower’s ability to refinance the debt and/or pay off the balloon balance. | |
Borrower/tenant related issues – Financial concerns, potential bankruptcy, or words or actions that indicate imminent default or abandonment of property. | |
Payment status – current vs. delinquent – A history of delinquent payments may be a cause for concern. | |
Property condition – Significant deferred maintenance observed during the lenders annual site inspections. | |
Other – Any other factors such as current economic conditions may call into question the performance of the loan. | |
Mortgage loans also are individually evaluated quarterly by the IUS Committee for impairment, including an assessment of related collateral value. Commercial mortgages 60 days or more past due and agricultural mortgages 90 days or more past due, as well as all mortgages in the process of foreclosure, are identified as problem mortgages. Based on its monthly monitoring of mortgages, a class of potential problem mortgages are also identified, consisting of mortgage loans not currently classified as problems but for which management has doubts as to the ability of the borrower to comply with the present loan payment terms and which may result in the loan becoming a problem or being restructured. The decision whether to classify a performing mortgage loan as a potential problem involves significant subjective judgments by management as to likely future industry conditions and developments with respect to the borrower or the individual mortgaged property. | |
For problem mortgage loans a valuation allowance is established to provide for the risk of credit losses inherent in the lending process. The allowance includes loan specific reserves for mortgage loans determined to be non-performing as a result of the loan review process. A non-performing loan is defined as a loan for which it is probable that amounts due according to the contractual terms of the loan agreement will not be collected. The loan specific portion of the loss allowance is based on the Company’s assessment as to ultimate collectability of loan principal and interest. Valuation allowances for a non-performing loan are recorded based on the present value of expected future cash flows discounted at the loan’s effective interest rate or based on the fair value of the collateral if the loan is collateral dependent. The valuation allowance for mortgage loans can increase or decrease from period to period based on such factors. | |
Impaired mortgage loans without provision for losses are mortgage loans where the fair value of the collateral or the net present value of the expected future cash flows related to the loan equals or exceeds the recorded investment. Interest income earned on mortgage loans where the collateral value is used to measure impairment is recorded on a cash basis. Interest income on mortgage loans where the present value method is used to measure impairment is accrued on the net carrying value amount of the loan at the interest rate used to discount the cash flows. Changes in the present value attributable to changes in the amount or timing of expected cash flows are reported as investment gains or losses. | |
Mortgage loans are placed on nonaccrual status once management believes the collection of accrued interest is doubtful. Once mortgage loans are classified as nonaccrual mortgage loans, interest income is recognized under the cash basis of accounting and the resumption of the interest accrual would commence only after all past due interest has been collected or the mortgage loan on real estate has been restructured to where the collection of interest is considered likely. At December 31, 2014 and 2013, the carrying values of commercial mortgage loans that had been classified as nonaccrual mortgage loans were $89 million and $93 million, respectively. | |
Troubled Debt Restructuring | |
When a loan modification is determined to be a troubled debt restructuring (“TDR”), the impairment of the loan is re-measured by discounting the expected cash flows to be received based on the modified terms using the loan's original effective yield, and the allowance for loss is adjusted accordingly. Subsequent to the modification, income is recognized prospectively based on the modified terms of the mortgage loans. Additionally, the loan continues to be subject to the credit review process noted above. | |
Net Investment Income (Loss), Investment Gains (Losses), Net and Unrealized Investment Gains (Losses) | |
Net investment income (loss) and realized investment gains (losses), net (together “investment results”) related to certain participating group annuity contracts which are passed through to the contractholders are offset by amounts reflected as interest credited to policyholders’ account balances. | |
Realized investment gains (losses) are determined by identification with the specific asset and are presented as a component of revenue. Changes in the valuation allowances are included in Investment gains (losses), net. | |
Realized and unrealized holding gains (losses) on trading securities are reflected in Net investment income (loss). | |
Unrealized investment gains (losses) on fixed maturities and equity securities designated as AFS held by the Company are accounted for as a separate component of AOCI, net of related deferred income taxes, amounts attributable to certain pension operations, Closed Blocks’ policyholders dividend obligation, insurance liability loss recognition and DAC related to universal life (“UL”) policies, investment-type products and participating traditional life policies. | |
Changes in unrealized gains (losses) reflect changes in fair value of only those fixed maturities and equity securities classified as AFS and do not reflect any change in fair value of policyholders’ account balances and future policy benefits. | |
Fair Value of Financial Instruments | |
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The accounting guidance established a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value, and identifies three levels of inputs that may be used to measure fair value: | |
Level 1 Unadjusted quoted prices for identical instruments in active markets. Level 1 fair values generally are supported by market transactions that occur with sufficient frequency and volume to provide pricing information on an ongoing basis. | |
Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar instruments, quoted prices in markets that are not active, and inputs to model-derived valuations that are directly observable or can be corroborated by observable market data. | |
Level 3 Unobservable inputs supported by little or no market activity and often requiring significant management judgment or estimation, such as an entity’s own assumptions about the cash flows or other significant components of value that market participants would use in pricing the asset or liability. | |
The Company defines fair value as the unadjusted quoted market prices for those instruments that are actively traded in financial markets. In cases where quoted market prices are not available, fair values are measured using present value or other valuation techniques. The fair value determinations are made at a specific point in time, based on available market information and judgments about the financial instrument, including estimates of the timing and amount of expected future cash flows and the credit standing of counterparties. Such adjustments do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument, nor do they consider the tax impact of the realization of unrealized gains or losses. In many cases, the fair value cannot be substantiated by direct comparison to independent markets, nor can the disclosed value be realized in immediate settlement of the instrument. | |
Management is responsible for the determination of the value of investments carried at fair value and the supporting methodologies and assumptions. Under the terms of various service agreements, the Company often utilizes independent valuation service providers to gather, analyze, and interpret market information and derive fair values based upon relevant methodologies and assumptions for individual securities. These independent valuation service providers typically obtain data about market transactions and other key valuation model inputs from multiple sources and, through the use of widely accepted valuation models, provide a single fair value measurement for individual securities for which a fair value has been requested. As further described below with respect to specific asset classes, these inputs include, but are not limited to, market prices for recent trades and transactions in comparable securities, benchmark yields, interest rate yield curves, credit spreads, quoted prices for similar securities, and other market-observable information, as applicable. Specific attributes of the security being valued also are considered, including its term, interest rate, credit rating, industry sector, and when applicable, collateral quality and other security- or issuer-specific information. When insufficient market observable information is available upon which to measure fair value, the Company either will request brokers knowledgeable about these securities to provide a non-binding quote or will employ internal valuation models. Fair values received from independent valuation service providers and brokers and those internally modeled or otherwise estimated are assessed for reasonableness. | |
Recognition of Insurance Income and Related Expenses | |
Deposits related to UL and investment-type contracts are reported as deposits to policyholders’ account balances. Revenues from these contracts consist of fees assessed during the period against policyholders’ account balances for mortality charges, policy administration charges and surrender charges. Policy benefits and claims that are charged to expense include benefit claims incurred in the period in excess of related policyholders’ account balances. | |
Premiums from participating and non-participating traditional life and annuity policies with life contingencies generally are recognized in income when due. Benefits and expenses are matched with such income so as to result in the recognition of profits over the life of the contracts. This match is accomplished by means of the provision for liabilities for future policy benefits and the deferral and subsequent amortization of policy acquisition costs. | |
For contracts with a single premium or a limited number of premium payments due over a significantly shorter period than the total period over which benefits are provided, premiums are recorded as revenue when due with any excess profit deferred and recognized in income in a constant relationship to insurance in-force or, for annuities, the amount of expected future benefit payments. | |
Premiums from individual health contracts are recognized as income over the period to which the premiums relate in proportion to the amount of insurance protection provided. | |
DAC | |
Acquisition costs that vary with and are primarily related to the acquisition of new and renewal insurance business, reflecting incremental direct costs of contract acquisition with independent third parties or employees that are essential to the contract transaction, as well as the portion of employee compensation, including payroll fringe benefits and other costs directly related to underwriting, policy issuance and processing, medical inspection, and contract selling for successfully negotiated contracts including commissions, underwriting, agency and policy issue expenses, are deferred. DAC is subject to recoverability testing at the time of policy issue and loss recognition testing at the end of each accounting period. | |
After the initial establishment of reserves, premium deficiency and loss recognition tests are performed each period end using best estimate assumptions as of the testing date without provisions for adverse deviation. When the liabilities for future policy benefits plus the present value of expected future gross premiums for the aggregate product group are insufficient to provide for expected future policy benefits and expenses for that line of business (i.e., reserves net of any DAC asset), DAC would first be written off and thereafter, if required, a premium deficiency reserve would be established by a charge to earnings. | |
In accordance with the guidance for the accounting and reporting by insurance enterprises for certain long-duration contracts and participating contracts and for realized gains and losses from the sale of investments, current and expected future profit margins for products covered by this guidance are examined regularly in determining the amortization of DAC. Due primarily to the significant decline in Separate Accounts balances during 2008 and a change in the estimate of average gross short-term annual return on Separate Accounts balances to 9.0%, future estimated gross profits at December 31, 2008 for certain issue years for the Accumulator® variable annuity products (“Accumulator®”) were expected to be negative as the increases in the fair values of derivatives used to hedge certain risks related to these products would be recognized in current earnings while the related reserves do not fully and immediately reflect the impact of equity and interest market fluctuations. As required under U.S. GAAP, for those issue years with future estimated negative gross profits, the DAC amortization method was permanently changed in fourth quarter 2008 from one based on estimated gross profits to one based on estimated assessments for the Accumulator® products, subject to loss recognition testing. In second quarter 2011, the DAC amortization method was changed to one based on estimated assessments for all issue years for the Accumulator® products due to continued volatility of margins and the continued emergence of periods of negative margins. | |
DAC associated with UL and investment-type products, other than Accumulator® products is amortized over the expected total life of the contract group as a constant percentage of estimated gross profits arising principally from investment results, Separate Account fees, mortality and expense margins and surrender charges based on historical and anticipated future experience, updated at the end of each accounting period. When estimated gross profits are expected to be negative for multiple years of a contract life, DAC is amortized using the present value of estimated assessments. The effect on the amortization of DAC of revisions to estimated gross profits or assessments is reflected in earnings (loss) in the period such estimated gross profits or assessments are revised. A decrease in expected gross profits or assessments would accelerate DAC amortization. Conversely, an increase in expected gross profits or assessments would slow DAC amortization. The effect on the DAC assets that would result from realization of unrealized gains (losses) is recognized with an offset to AOCI in consolidated equity as of the balance sheet date. | |
A significant assumption in the amortization of DAC on variable annuities and variable and interest-sensitive life insurance relates to projected future Separate Account performance. Management sets estimated future gross profit or assessment assumptions related to Separate Account performance using a long-term view of expected average market returns by applying a reversion to the mean approach, a commonly used industry practice. This future return approach influences the projection of fees earned, as well as other sources of estimated gross profits. Returns that are higher than expectations for a given period produce higher than expected account balances, increase the fees earned resulting in higher expected future gross profits and lower DAC amortization for the period. The opposite occurs when returns are lower than expected. | |
In applying this approach to develop estimates of future returns, it is assumed that the market will return to an average gross long-term return estimate, developed with reference to historical long-term equity market performance. Currently, the average gross long-term return estimate is measured from December 31, 2008. Management has set limitations as to maximum and minimum future rate of return assumptions, as well as a limitation on the duration of use of these maximum or minimum rates of return. At December 31, 2014, the average gross short-term and long-term annual return estimate on variable and interest-sensitive life insurance and variable annuities was 9.0% (6.66% net of product weighted average Separate Account fees), and the gross maximum and minimum short-term annual rate of return limitations were 15.0% (12.66% net of product weighted average Separate Account fees) and 0.0% (-2.34% net of product weighted average Separate Account fees), respectively. The maximum duration over which these rate limitations may be applied is 5 years. This approach will continue to be applied in future periods. These assumptions of long-term growth are subject to assessment of the reasonableness of resulting estimates of future return assumptions. | |
If actual market returns continue at levels that would result in assuming future market returns of 15.0% for more than 5 years in order to reach the average gross long-term return estimate, the application of the 5 year maximum duration limitation would result in an acceleration of DAC amortization. Conversely, actual market returns resulting in assumed future market returns of 0.0% for more than 5 years would result in a required deceleration of DAC amortization. At December 31, 2014, current projections of future average gross market returns assume a 0.0% annualized return for the next six quarters, which is the minimum limitations grading to a reversion to the mean of 9.0% in fourteen quarters. | |
In addition, projections of future mortality assumptions related to variable and interest-sensitive life products are based on a long-term average of actual experience. This assumption is updated quarterly to reflect recent experience as it emerges. Improvement of life mortality in future periods from that currently projected would result in future deceleration of DAC amortization. Conversely, deterioration of life mortality in future periods from that currently projected would result in future acceleration of DAC amortization. | |
Other significant assumptions underlying gross profit estimates for UL and investment type products relate to contract persistency and General Account investment spread. | |
For participating traditional life policies (substantially all of which are in the Closed Block), DAC is amortized over the expected total life of the contract group as a constant percentage based on the present value of the estimated gross margin amounts expected to be realized over the life of the contracts using the expected investment yield. At December 31, 2014, the average rate of assumed investment yields, excluding policy loans, was 5.1% grading to 4.5% over 10 years. Estimated gross margins include anticipated premiums and investment results less claims and administrative expenses, changes in the net level premium reserve and expected annual policyholder dividends. The effect on the accumulated amortization of DAC of revisions to estimated gross margins is reflected in earnings in the period such estimated gross margins are revised. The effect on the DAC assets that would result from realization of unrealized gains (losses) is recognized with an offset to AOCI in consolidated equity as of the balance sheet date. Many of the factors that affect gross margins are included in the determination of the Company’s dividends to these policyholders. DAC adjustments related to participating traditional life policies do not create significant volatility in results of operations as the Closed Block recognizes a cumulative policyholder dividend obligation expense in “Policyholders’ dividends,” for the excess of actual cumulative earnings over expected cumulative earnings as determined at the time of demutualization. | |
DAC associated with non-participating traditional life policies is amortized in proportion to anticipated premiums. Assumptions as to anticipated premiums are estimated at the date of policy issue and are consistently applied during the life of the contracts. Deviations from estimated experience are reflected in earnings (loss) in the period such deviations occur. For these contracts, the amortization periods generally are for the total life of the policy. DAC related to these policies is subject to recoverability testing as part of AXA Financial Group’s premium deficiency testing. If a premium deficiency exists, DAC is reduced by the amount of the deficiency or to zero through a charge to current period earnings (loss). If the deficiency exceeds the DAC balance, the reserve for future policy benefits is increased by the excess, reflected in earnings (loss) in the period such deficiency occurs. | |
Contractholder Bonus Interest Credits | |
Contractholder bonus interest credits are offered on certain deferred annuity products in the form of either immediate bonus interest credited or enhanced interest crediting rates for a period of time. The interest crediting expense associated with these contractholder bonus interest credits is deferred and amortized over the lives of the underlying contracts in a manner consistent with the amortization of DAC. Unamortized balances are included in Other assets. | |
Policyholders’ Account Balances and Future Policy Benefits | |
Policyholders’ account balances for UL and investment-type contracts are equal to the policy account values. The policy account values represent an accumulation of gross premium payments plus credited interest less expense and mortality charges and withdrawals. | |
The Company has issued and continues to offer certain variable annuity products with GMDB and Guaranteed income benefit (“GIB”) features. The Company previously issued certain variable annuity products with Guaranteed withdrawal benefit for life (“GWBL”) and other features. The Company also issues certain variable annuity products that contain a GMIB feature which, if elected by the policyholder after a stipulated waiting period from contract issuance, guarantees a minimum lifetime annuity based on predetermined annuity purchase rates that may be in excess of what the contract account value can purchase at then-current annuity purchase rates. This minimum lifetime annuity is based on predetermined annuity purchase rates applied to a GMIB base. Reserves for GMDB and GMIB obligations are calculated on the basis of actuarial assumptions related to projected benefits and related contract charges generally over the lives of the contracts. The determination of this estimated liability is based on models that involve numerous estimates and subjective judgments, including those regarding expected market rates of return and volatility, contract surrender and withdrawal rates, mortality experience, and, for contracts with the GMIB feature, GMIB election rates. Assumptions regarding Separate Account performance used for purposes of this calculation are set using a long-term view of expected average market returns by applying a reversion to the mean approach, consistent with that used for DAC amortization. There can be no assurance that actual experience will be consistent with management's estimates. | |
For reinsurance contracts other than those covering GMIB exposure, reinsurance recoverable balances are calculated using methodologies and assumptions that are consistent with those used to calculate the direct liabilities. | |
For participating traditional life policies, future policy benefit liabilities are calculated using a net level premium method on the basis of actuarial assumptions equal to guaranteed mortality and dividend fund interest rates. The liability for annual dividends represents the accrual of annual dividends earned. Terminal dividends are accrued in proportion to gross margins over the life of the contract. | |
For non-participating traditional life insurance policies, future policy benefit liabilities are estimated using a net level premium method on the basis of actuarial assumptions as to mortality, persistency and interest established at policy issue. Assumptions established at policy issue as to mortality and persistency are based on the Insurance Group’s experience that, together with interest and expense assumptions, includes a margin for adverse deviation. Benefit liabilities for traditional annuities during the accumulation period are equal to accumulated contractholders’ fund balances and, after annuitization, are equal to the present value of expected future payments. Interest rates used in establishing such liabilities range from 2.25% to 10.9% for life insurance liabilities and from 1.57% to 11.25% for annuity liabilities. | |
Individual health benefit liabilities for active lives are estimated using the net level premium method and assumptions as to future morbidity, withdrawals and interest. Benefit liabilities for disabled lives are estimated using the present value of benefits method and experience assumptions as to claim terminations, expenses and interest. While management believes its disability income (“DI”) reserves have been calculated on a reasonable basis and are adequate, there can be no assurance reserves will be sufficient to provide for future liabilities. | |
When the liabilities for future policy benefits plus the present value of expected future gross premiums for a product are insufficient to provide for expected future policy benefits and expenses for that product, DAC is written off and thereafter, if required, a premium deficiency reserve is established by a charge to earnings. | |
Funding agreements are reported in Policyholders’ account balances in the consolidated balance sheets. AXA Equitable as a member of the Federal Home Loan Bank of New York (“FHLBNY”) has access to borrowing facilities from the FHLBNY including collateralized borrowings and funding agreements, which would require AXA Equitable to pledge qualified mortgage-backed assets and/or government securities as collateral. As membership requires the ownership of member stock, AXA Equitable purchased stock to meet its membership requirement ($31 million, as of December 31, 2014). Any borrowings from the FHLBNY require the purchase of FHLBNY activity based stock in an amount equal to 4.5% of the borrowings. AXA Equitable’s capacity with the FHLBNY was increased during second quarter 2014 from $1,000 million to $3,000 million. At December 31, 2014, the Company had $500 million of outstanding funding agreements with the FHLBNY. The funding agreements were used to extend the duration of the assets within the General Account investment portfolio. For other instruments used to extend the duration of the General Account investment portfolio see “Derivative and offsetting assets and liabilities” included in Note 3. | |
Policyholders’ Dividends | |
The amount of policyholders’ dividends to be paid (including dividends on policies included in the Closed Block) is determined annually by AXA Equitable’s board of directors. The aggregate amount of policyholders’ dividends is related to actual interest, mortality, morbidity and expense experience for the year and judgment as to the appropriate level of statutory surplus to be retained by AXA Equitable. | |
At December 31, 2014, participating policies, including those in the Closed Block, represent approximately 5.6% ($19,863 million) of directly written life insurance in-force, net of amounts ceded. | |
Separate Accounts | |
Generally, Separate Accounts established under New York State Insurance Law are not chargeable with liabilities that arise from any other business of the Insurance Group. Separate Accounts assets are subject to General Account claims only to the extent Separate Accounts assets exceed Separate Accounts liabilities. Assets and liabilities of the Separate Accounts represent the net deposits and accumulated net investment earnings (loss) less fees, held primarily for the benefit of contractholders, and for which the Insurance Group does not bear the investment risk. Separate Accounts’ assets and liabilities are shown on separate lines in the consolidated balance sheets. Assets held in Separate Accounts are reported at quoted market values or, where quoted values are not readily available or accessible for these securities, their fair value measures most often are determined through the use of model pricing that effectively discounts prospective cash flows to present value using appropriate sector-adjusted credit spreads commensurate with the security’s duration, also taking into consideration issuer-specific credit quality and liquidity. The assets and liabilities of six Separate Accounts are presented and accounted for as General Account assets and liabilities due to the fact that not all of the investment performance in those Separate Accounts is passed through to policyholders. Investment assets in these Separate Accounts principally consist of fixed maturities that are classified as AFS in the accompanying consolidated financial statements. | |
The investment results of Separate Accounts, including unrealized gains (losses), on which the Insurance Group does not bear the investment risk are reflected directly in Separate Accounts liabilities and are not reported in revenues in the consolidated statements of earnings (loss). For 2014, 2013 and 2012, investment results of such Separate Accounts were gains (losses) of $5,959 million, $19,022 million and $10,110 million, respectively. | |
Deposits to Separate Accounts are reported as increases in Separate Accounts liabilities and are not reported in revenues. Mortality, policy administration and surrender charges on all policies including those funded by Separate Accounts are included in revenues. | |
The Company reports the General Account’s interests in Separate Accounts as Other equity investments in the consolidated balance sheets. | |
Recognition of Investment Management Revenues and Related Expenses | |
Commissions, fees and other income principally include the Investment Management segment’s investment advisory and service fees, distribution revenues and institutional research services revenue. Investment advisory and service base fees, generally calculated as a percentage, referred to as basis points (“BPs”), of assets under management, are recorded as revenue as the related services are performed; they include brokerage transactions charges received by Sanford C. Bernstein & Co. LLC (“SCB LLC”) for certain retail, private client and institutional investment client transactions. Certain investment advisory contracts, including those associated with hedge funds, provide for a performance-based fee, in addition to or in lieu of a base fee which is calculated as either a percentage of absolute investment results or a percentage of the investment results in excess of a stated benchmark over a specified period of time. Performance-based fees are recorded as a component of revenue at the end of each contract’s measurement period. Institutional research services revenue consists of brokerage transaction charges received by SCB LLC and Sanford C. Bernstein Limited (“SCBL”) for independent research and brokerage-related services provided to institutional investors. Brokerage transaction charges earned and related expenses are recorded on a trade date basis. Distribution revenues and shareholder servicing fees are accrued as earned. | |
Commissions paid to financial intermediaries in connection with the sale of shares of open-end AllianceBernstein sponsored mutual funds sold without a front-end sales charge (“back-end load shares”) are capitalized as deferred sales commissions and amortized over periods not exceeding five and one-half years for U.S. fund shares and four years for non-U.S. fund shares, the periods of time during which the deferred sales commissions are generally recovered. These commissions are recovered from distribution services fees received from those funds and from contingent deferred sales commissions (“CDSC”) received from shareholders of those funds upon the redemption of their shares. CDSC cash recoveries are recorded as reductions of unamortized deferred sales commissions when received. Effective January 31, 2009, back-end load shares are no longer offered to new investors by AllianceBernstein’s U.S. funds. Management tests the deferred sales commission asset for recoverability quarterly and determined that the balance as of December 31, 2014 was not impaired. | |
AllianceBernstein’s management determines recoverability by estimating undiscounted future cash flows to be realized from this asset, as compared to its recorded amount, as well as the estimated remaining life of the deferred sales commission asset over which undiscounted future cash flows are expected to be received. Undiscounted future cash flows consist of ongoing distribution services fees and CDSC. Distribution services fees are calculated as a percentage of average assets under management related to back-end load shares. CDSC are based on the lower of cost or current value, at the time of redemption, of back-end load shares redeemed and the point at which redeemed during the applicable minimum holding period under the mutual fund distribution system. | |
Significant assumptions utilized to estimate future average assets under management and undiscounted future cash flows from back-end load shares include expected future market levels and redemption rates. Market assumptions are selected using a long-term view of expected average market returns based on historical returns of broad market indices. Future redemption rate assumptions are determined by reference to actual redemption experience over the five-year, three-year and one-year periods and current quarterly periods ended December 31, 2014. These assumptions are updated periodically. Estimates of undiscounted future cash flows and the remaining life of the deferred sales commission asset are made from these assumptions and the aggregate undiscounted cash flows are compared to the recorded value of the deferred sales commission asset. If AllianceBernstein’s management determines in the future that the deferred sales commission asset is not recoverable, an impairment condition would exist and a loss would be measured as the amount by which the recorded amount of the asset exceeds its estimated fair value. Estimated fair value is determined using AllianceBernstein’s management’s best estimate of future cash flows discounted to a present value amount. | |
Goodwill and Other Intangible Assets | |
Goodwill represents the excess of the purchase price over the fair value of identifiable net assets of acquired companies, and relates principally to the acquisition of SCB Inc., an investment research and management company formerly known as Sanford C. Bernstein Inc. (“Bernstein Acquisition”) and the purchase of units of the limited partnership interest in AllianceBernstein (“AllianceBernstein Units”). In accordance with the guidance for Goodwill and Other Intangible Assets, goodwill is tested annually for impairment and at interim periods if events or circumstances indicate an impairment could have occurred. | |
Intangible assets related to the Bernstein Acquisition and purchases of AllianceBernstein Units include values assigned to contracts of businesses acquired based on their estimated fair value at the time of acquisition, less accumulated amortization. These intangible assets are generally amortized on a straight-line basis over their estimated useful life of approximately 20 years. All intangible assets are periodically reviewed for impairment as events or changes in circumstances indicate that the carrying value may not be recoverable. If the carrying value exceeds fair value, additional impairment tests are performed to measure the amount of the impairment loss, if any. | |
Other Accounting Policies | |
Capitalized internal-use software, included in Other assets in the consolidated balance sheets, is amortized on a straight-line basis over the estimated useful life of the software that ranges between three and five years. If an impairment is determined to have occurred, software capitalization is accelerated for the remaining balance deemed to be impaired. | |
AXA Financial and certain of its consolidated subsidiaries and affiliates, including the Company, file a consolidated Federal income tax return. The Company provides for Federal and state income taxes currently payable, as well as those deferred due to temporary differences between the financial reporting and tax bases of assets and liabilities. Current Federal income taxes are charged or credited to operations based upon amounts estimated to be payable or recoverable as a result of taxable operations for the current year. Deferred income tax assets and liabilities are recognized based on the difference between financial statement carrying amounts and income tax bases of assets and liabilities using enacted income tax rates and laws. Valuation allowances are established when management determines, based on available information, that it is more likely than not that deferred tax assets will not be realized. | |
Under accounting for uncertainty in income taxes guidance, the Company determines whether it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit can be recorded in the consolidated financial statements. Tax positions are then measured at the largest amount of benefit that is greater than 50 % likely of being realized upon settlement. | |
Out of Period Adjustments | |
In 2014, the Company recorded several out-of-period adjustments in its financial statements. The Company refined the models used to calculate the fair value of the GMIB reinsurance asset and the GMIB and GMDB liabilities. In addition, the Company recorded an out-of-period adjustment related to an understatement of the dividend of AllianceBernstein Units by AXA Equitable to AXA Financial during the year ended December 31, 2013 and the related deferred tax liability for the excess of the fair value of the AllianceBernstein Unit dividend over the recorded value. The net impact of the out-of-period adjustments to AXA Equitable’s shareholders’ equity and Net earnings was a decrease of $1 million and an increase of $73 million, respectively. Management has evaluated the impact of all out of period corrections both individually and in the aggregate and concluded they are not material to any previously reported quarterly or annual financial statements. |
INVESTMENTS
INVESTMENTS | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Investments Disclosure [Abstract] | |||||||||||||||||||||||||
INVESTMENTS | 3) INVESTMENTS | ||||||||||||||||||||||||
Fixed Maturities and Equity Securities | |||||||||||||||||||||||||
The following table provides information relating to fixed maturities and equity securities classified as AFS: | |||||||||||||||||||||||||
Available-for-Sale Securities by Classification | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | OTTI | |||||||||||||||||||||
Cost | Gains | Losses | Value | in AOCI(3) | |||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||
Fixed Maturity Securities: | |||||||||||||||||||||||||
Corporate | $ | 20,742 | $ | 1,549 | $ | 71 | $ | 22,220 | $ | - | |||||||||||||||
U.S. Treasury, government | |||||||||||||||||||||||||
and agency | 6,685 | 672 | 26 | 7,331 | - | ||||||||||||||||||||
States and political subdivisions | 441 | 78 | - | 519 | - | ||||||||||||||||||||
Foreign governments | 405 | 48 | 7 | 446 | - | ||||||||||||||||||||
Commercial mortgage-backed | 855 | 22 | 142 | 735 | 10 | ||||||||||||||||||||
Residential mortgage-backed(1) | 752 | 43 | - | 795 | - | ||||||||||||||||||||
Asset-backed(2) | 86 | 14 | 1 | 99 | 3 | ||||||||||||||||||||
Redeemable preferred stock | 829 | 70 | 10 | 889 | - | ||||||||||||||||||||
Total Fixed Maturities | 30,795 | 2,496 | 257 | 33,034 | 13 | ||||||||||||||||||||
Equity securities | 36 | 2 | - | 38 | - | ||||||||||||||||||||
Total at December 31, 2014 | $ | 30,831 | $ | 2,498 | $ | 257 | $ | 33,072 | $ | 13 | |||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
Fixed Maturity Securities: | |||||||||||||||||||||||||
Corporate | $ | 21,516 | $ | 1,387 | $ | 213 | $ | 22,690 | $ | - | |||||||||||||||
U.S. Treasury, government | |||||||||||||||||||||||||
and agency | 3,584 | 22 | 477 | 3,129 | - | ||||||||||||||||||||
States and political subdivisions | 444 | 35 | 2 | 477 | - | ||||||||||||||||||||
Foreign governments | 392 | 46 | 5 | 433 | - | ||||||||||||||||||||
Commercial mortgage-backed | 971 | 10 | 265 | 716 | 23 | ||||||||||||||||||||
Residential mortgage-backed(1) | 914 | 34 | 1 | 947 | - | ||||||||||||||||||||
Asset-backed(2) | 132 | 11 | 3 | 140 | 4 | ||||||||||||||||||||
Redeemable preferred stock | 883 | 55 | 51 | 887 | - | ||||||||||||||||||||
Total Fixed Maturities | 28,836 | 1,600 | 1,017 | 29,419 | 27 | ||||||||||||||||||||
Equity securities | 37 | - | 3 | 34 | - | ||||||||||||||||||||
Total at December 31, 2013 | $ | 28,873 | $ | 1,600 | $ | 1,020 | $ | 29,453 | $ | 27 | |||||||||||||||
Includes publicly traded agency pass-through securities and collateralized mortgage obligations. | |||||||||||||||||||||||||
Includes credit-tranched securities collateralized by sub-prime mortgages and other asset types and credit tenant loans. | |||||||||||||||||||||||||
Amounts represent OTTI losses in AOCI, which were not included in earnings (loss) in accordance with current accounting guidance. | |||||||||||||||||||||||||
The contractual maturities of AFS fixed maturities (excluding redeemable preferred stock) at December 31, 2014 are shown in the table below. Bonds not due at a single maturity date have been included in the table in the final year of maturity. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||
Available-for-Sale Fixed Maturities | |||||||||||||||||||||||||
Contractual Maturities at December 31, 2014 | |||||||||||||||||||||||||
Amortized Cost | Fair Value | ||||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Due in one year or less | $ | 2,140 | $ | 2,166 | |||||||||||||||||||||
Due in years two through five | 6,400 | 6,916 | |||||||||||||||||||||||
Due in years six through ten | 10,434 | 10,934 | |||||||||||||||||||||||
Due after ten years | 9,299 | 10,500 | |||||||||||||||||||||||
Subtotal | 28,273 | 30,516 | |||||||||||||||||||||||
Commercial mortgage-backed securities | 855 | 735 | |||||||||||||||||||||||
Residential mortgage-backed securities | 752 | 795 | |||||||||||||||||||||||
Asset-backed securities | 86 | 99 | |||||||||||||||||||||||
Total | $ | 29,966 | $ | 32,145 | |||||||||||||||||||||
The following table shows proceeds from sales, gross gains (losses) from sales and OTTI for AFS fixed maturities during 2014, 2013 and 2012: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Proceeds from sales | $ | 716 | $ | 3,220 | $ | 139 | |||||||||||||||||||
Gross gains on sales | $ | 21 | $ | 71 | $ | 13 | |||||||||||||||||||
Gross losses on sales | $ | -9 | $ | -88 | $ | -12 | |||||||||||||||||||
Total OTTI | $ | -72 | $ | -81 | $ | -96 | |||||||||||||||||||
Non-credit losses recognized in OCI | - | 15 | 2 | ||||||||||||||||||||||
Credit losses recognized in earnings (loss) | $ | -72 | $ | -66 | $ | -94 | |||||||||||||||||||
The following table sets forth the amount of credit loss impairments on fixed maturity securities held by the Company at the dates indicated and the corresponding changes in such amounts. | |||||||||||||||||||||||||
Fixed Maturities - Credit Loss Impairments | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Balances at January 1, | $ | -370 | $ | -372 | |||||||||||||||||||||
Previously recognized impairments on securities that matured, paid, prepaid or sold | 188 | 67 | |||||||||||||||||||||||
Recognized impairments on securities impaired to fair value this period(1) | - | - | |||||||||||||||||||||||
Impairments recognized this period on securities not previously impaired | -41 | -59 | |||||||||||||||||||||||
Additional impairments this period on securities previously impaired | -31 | -6 | |||||||||||||||||||||||
Increases due to passage of time on previously recorded credit losses | - | - | |||||||||||||||||||||||
Accretion of previously recognized impairments due to increases in expected cash flows | - | - | |||||||||||||||||||||||
Balances at December 31, | $ | -254 | $ | -370 | |||||||||||||||||||||
Represents circumstances where the Company determined in the current period that it intends to sell the security or it is more likely than not that it will be required to sell the security before recovery of the security’s amortized cost. | |||||||||||||||||||||||||
Net unrealized investment gains (losses) on fixed maturities and equity securities classified as AFS are included in the consolidated balance sheets as a component of AOCI. The table below presents these amounts as of the dates indicated: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
AFS Securities: | |||||||||||||||||||||||||
Fixed maturities: | |||||||||||||||||||||||||
With OTTI loss | $ | 10 | $ | -28 | |||||||||||||||||||||
All other | 2,229 | 610 | |||||||||||||||||||||||
Equity securities | 2 | -3 | |||||||||||||||||||||||
Net Unrealized Gains (Losses) | $ | 2,241 | $ | 579 | |||||||||||||||||||||
Changes in net unrealized investment gains (losses) recognized in AOCI include reclassification adjustments to reflect amounts realized in Net earnings (loss) for the current period that had been part of OCI in earlier periods. The tables that follow below present a rollforward of net unrealized investment gains (losses) recognized in AOCI, split between amounts related to fixed maturity securities on which an OTTI loss has been recognized, and all other: | |||||||||||||||||||||||||
Net Unrealized Gains (Losses) on Fixed Maturities with OTTI Losses | |||||||||||||||||||||||||
AOCI Gain | |||||||||||||||||||||||||
Net | (Loss) Related | ||||||||||||||||||||||||
Unrealized | Deferred | to Net | |||||||||||||||||||||||
Gains | Income | Unrealized | |||||||||||||||||||||||
(Losses) on | Policyholders | Tax Asset | Investment | ||||||||||||||||||||||
Investments | DAC | Liabilities | (Liability) | Gains (Losses) | |||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Balance, January 1, 2014 | $ | -28 | $ | 2 | $ | 10 | $ | 5 | $ | -11 | |||||||||||||||
Net investment gains (losses) arising | |||||||||||||||||||||||||
during the period | -1 | - | - | - | -1 | ||||||||||||||||||||
Reclassification adjustment for OTTI losses: | |||||||||||||||||||||||||
Included in Net earnings (loss) | 39 | - | - | - | 39 | ||||||||||||||||||||
Excluded from Net earnings (loss)(1) | - | - | - | - | - | ||||||||||||||||||||
Impact of net unrealized investment | |||||||||||||||||||||||||
gains (losses) on: | |||||||||||||||||||||||||
DAC | - | -2 | - | - | -2 | ||||||||||||||||||||
Deferred income taxes | - | - | - | -9 | -9 | ||||||||||||||||||||
Policyholders liabilities | - | - | -10 | - | -10 | ||||||||||||||||||||
Balance, December 31, 2014 | $ | 10 | $ | - | $ | - | $ | -4 | $ | 6 | |||||||||||||||
Balance, January 1, 2013 | $ | -12 | $ | 1 | $ | 4 | $ | 2 | $ | -5 | |||||||||||||||
Net investment gains (losses) arising | |||||||||||||||||||||||||
during the period | -14 | - | - | - | -14 | ||||||||||||||||||||
Reclassification adjustment for OTTI losses: | |||||||||||||||||||||||||
Included in Net earnings (loss) | 13 | - | - | - | 13 | ||||||||||||||||||||
Excluded from Net earnings (loss)(1) | -15 | - | - | - | -15 | ||||||||||||||||||||
Impact of net unrealized investment | |||||||||||||||||||||||||
gains (losses) on: | |||||||||||||||||||||||||
DAC | - | 1 | - | - | 1 | ||||||||||||||||||||
Deferred income taxes | - | - | - | 3 | 3 | ||||||||||||||||||||
Policyholders liabilities | - | - | 6 | - | 6 | ||||||||||||||||||||
Balance, December 31, 2013 | $ | -28 | $ | 2 | $ | 10 | $ | 5 | $ | -11 | |||||||||||||||
(1) Represents “transfers in” related to the portion of OTTI losses recognized during the period that were not recognized in earnings (loss) for securities with no prior OTTI loss. | |||||||||||||||||||||||||
All Other Net Unrealized Investment Gains (Losses) in AOCI | |||||||||||||||||||||||||
AOCI Gain | |||||||||||||||||||||||||
Net | (Loss) Related | ||||||||||||||||||||||||
Unrealized | Deferred | to Net | |||||||||||||||||||||||
Gains | Income | Unrealized | |||||||||||||||||||||||
(Losses) on | Policyholders | Tax Asset | Investment | ||||||||||||||||||||||
Investments | DAC | Liabilities | (Liability) | Gains (Losses) | |||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Balance, January 1, 2014 | $ | 607 | $ | -107 | $ | -245 | $ | -90 | $ | 165 | |||||||||||||||
Net investment gains (losses) arising | |||||||||||||||||||||||||
during the period | 1,606 | - | - | - | 1,606 | ||||||||||||||||||||
Reclassification adjustment for OTTI losses: | |||||||||||||||||||||||||
Included in Net earnings (loss) | 18 | - | - | - | 18 | ||||||||||||||||||||
Excluded from Net earnings (loss)(1) | - | - | - | - | - | ||||||||||||||||||||
Impact of net unrealized investment | |||||||||||||||||||||||||
gains (losses) on: | |||||||||||||||||||||||||
DAC | - | -15 | - | - | -15 | ||||||||||||||||||||
Deferred income taxes | - | - | - | -520 | -520 | ||||||||||||||||||||
Policyholders liabilities | - | - | -123 | - | -123 | ||||||||||||||||||||
Balance, December 31, 2014 | $ | 2,231 | $ | -122 | $ | -368 | $ | -610 | $ | 1,131 | |||||||||||||||
Balance, January 1, 2013 | $ | 2,900 | $ | -179 | $ | -603 | $ | -741 | $ | 1,377 | |||||||||||||||
Net investment gains (losses) arising | |||||||||||||||||||||||||
during the period | -2,370 | - | - | - | -2,370 | ||||||||||||||||||||
Reclassification adjustment for OTTI losses: | |||||||||||||||||||||||||
Included in Net earnings (loss) | 62 | - | - | - | 62 | ||||||||||||||||||||
Excluded from Net earnings (loss)(1) | 15 | - | - | - | 15 | ||||||||||||||||||||
Impact of net unrealized investment | |||||||||||||||||||||||||
gains (losses) on: | |||||||||||||||||||||||||
DAC | - | 72 | - | - | 72 | ||||||||||||||||||||
Deferred income taxes | - | - | - | 651 | 651 | ||||||||||||||||||||
Policyholders liabilities | - | - | 358 | - | 358 | ||||||||||||||||||||
Balance, December 31, 2013 | $ | 607 | $ | -107 | $ | -245 | $ | -90 | $ | 165 | |||||||||||||||
Represents “transfers out” related to the portion of OTTI losses during the period that were not recognized in earnings (loss) for securities with no prior OTTI loss. | |||||||||||||||||||||||||
The following tables disclose the fair values and gross unrealized losses of the 601 issues at December 31, 2014 and the 747 issues at December 31, 2013 of fixed maturities that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the specified periods at the dates indicated: | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||
Fixed Maturity Securities: | |||||||||||||||||||||||||
Corporate | $ | 1,314 | $ | -29 | $ | 1,048 | $ | -42 | $ | 2,362 | $ | -71 | |||||||||||||
U.S. Treasury, government | |||||||||||||||||||||||||
and agency | 280 | -6 | 373 | -20 | 653 | -26 | |||||||||||||||||||
States and political subdivisions | 21 | - | - | - | 21 | - | |||||||||||||||||||
Foreign governments | 27 | -1 | 65 | -6 | 92 | -7 | |||||||||||||||||||
Commercial mortgage-backed | 37 | -2 | 355 | -140 | 392 | -142 | |||||||||||||||||||
Residential mortgage-backed | - | - | 35 | - | 35 | - | |||||||||||||||||||
Asset-backed | - | - | 20 | -1 | 20 | -1 | |||||||||||||||||||
Redeemable preferred stock | 42 | - | 169 | -10 | 211 | -10 | |||||||||||||||||||
Total | $ | 1,721 | $ | -38 | $ | 2,065 | $ | -219 | $ | 3,786 | $ | -257 | |||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
Fixed Maturity Securities: | |||||||||||||||||||||||||
Corporate | $ | 4,381 | $ | -187 | $ | 248 | $ | -26 | $ | 4,629 | $ | -213 | |||||||||||||
U.S. Treasury, government | |||||||||||||||||||||||||
and agency | 2,645 | -477 | - | - | 2,645 | -477 | |||||||||||||||||||
States and political subdivisions | 36 | -2 | - | - | 36 | -2 | |||||||||||||||||||
Foreign governments | 68 | -4 | 7 | -1 | 75 | -5 | |||||||||||||||||||
Commercial mortgage-backed | 30 | -5 | 529 | -260 | 559 | -265 | |||||||||||||||||||
Residential mortgage-backed | 260 | -1 | 1 | - | 261 | -1 | |||||||||||||||||||
Asset-backed | 2 | - | 28 | -3 | 30 | -3 | |||||||||||||||||||
Redeemable preferred stock | 232 | -49 | 79 | -2 | 311 | -51 | |||||||||||||||||||
Total | $ | 7,654 | $ | -725 | $ | 892 | $ | -292 | $ | 8,546 | $ | -1,017 | |||||||||||||
The Company’s investments in fixed maturity securities do not include concentrations of credit risk of any single issuer greater than 10% of the consolidated equity of AXA Equitable, other than securities of the U.S. government, U.S. government agencies, and certain securities guaranteed by the U.S. government. The Company maintains a diversified portfolio of corporate securities across industries and issuers and does not have exposure to any single issuer in excess of 0.3% of total investments. The largest exposures to a single issuer of corporate securities held at December 31, 2014 and 2013 were $146 million and $158 million, respectively. Corporate high yield securities, consisting primarily of public high yield bonds, are classified as other than investment grade by the various rating agencies, i.e., a rating below Baa3/BBB- or the National Association of Insurance Commissioners (“NAIC”) designation of 3 (medium grade), 4 or 5 (below investment grade) or 6 (in or near default). At December 31, 2014 and 2013, respectively, approximately $1,788 million and $1,913 million, or 5.8% and 6.6%, of the $30,795 million and $28,836 million aggregate amortized cost of fixed maturities held by the Company were considered to be other than investment grade. These securities had net unrealized losses of $85 million and $215 million at December 31, 2014 and 2013, respectively. At December 31, 2014 and 2013, respectively, the $219 million and $292 million of gross unrealized losses of twelve months or more were concentrated in commercial mortgage-backed securities. In accordance with the policy described in Note 2, the Company concluded that an adjustment to earnings for OTTI for these securities was not warranted at either December 31, 2014 or 2013. As of December 31, 2014, the Company did not intend to sell the securities nor will it likely be required to dispose of the securities before the anticipated recovery of their remaining amortized cost basis. | |||||||||||||||||||||||||
The Company does not originate, purchase or warehouse residential mortgages and is not in the mortgage servicing business. The Company’s fixed maturity investment portfolio includes residential mortgage backed securities (“RMBS”) backed by subprime and Alt-A residential mortgages, comprised of loans made by banks or mortgage lenders to residential borrowers with lower credit ratings. The criteria used to categorize such subprime borrowers include Fair Isaac Credit Organization (“FICO”) scores, interest rates charged, debt-to-income ratios and loan-to-value ratios. Alt-A residential mortgages are mortgage loans where the risk profile falls between prime and subprime; borrowers typically have clean credit histories but the mortgage loan has an increased risk profile due to higher loan-to-value and debt-to-income ratios and/or inadequate documentation of the borrowers’ income. At December 31, 2014 and 2013, respectively, the Company owned $8 million and $10 million in RMBS backed by subprime residential mortgage loans, and $7 million and $8 million in RMBS backed by Alt-A residential mortgage loans. RMBS backed by subprime and Alt-A residential mortgages are fixed income investments supporting General Account liabilities. | |||||||||||||||||||||||||
At December 31, 2014, the carrying value of fixed maturities that were non-income producing for the twelve months preceding that date was $12 million. | |||||||||||||||||||||||||
At December 31, 2014 and 2013, respectively, the amortized cost of the Company’s trading account securities was $5,160 million and $4,225 million with respective fair values of $5,143 million and $4,221 million. Also at December 31, 2014 and 2013, respectively, Other equity investments included the General Account’s investment in Separate Accounts which had carrying values of $197 million and $192 million and costs of $185 million and $183 million as well as other equity securities with carrying values of $38 million and $34 million and costs of $36 million and $37 million. | |||||||||||||||||||||||||
In 2014, 2013 and 2012, respectively, net unrealized and realized holding gains (losses) on trading account equity securities, including earnings (losses) on the General Account’s investment in Separate Accounts, of $24 million, $48 million and $69 million, respectively, were included in Net investment income (loss) in the consolidated statements of earnings (loss). | |||||||||||||||||||||||||
Mortgage Loans | |||||||||||||||||||||||||
The payment terms of mortgage loans may from time to time be restructured or modified. The investment in restructured mortgage loans, based on amortized cost, amounted to $93 million and $135 million at December 31, 2014 and 2013, respectively. Gross interest income on these loans included in net investment income (loss) totaled $1 million, $2 million and $7 million in 2014, 2013 and 2012, respectively. Gross interest income on restructured mortgage loans that would have been recorded in accordance with the original terms of such loans amounted to $4 million, $7 million and $8 million in 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||
In 2011, the mortgage loan shown in the table below was modified to interest only payments. Since 2011, this loan has been modified two additional times to extend interest only payments through maturity. The maturity date was also extended from November 5, 2014 to December 5, 2015. Since the fair market value of the underlying real estate collateral is the primary factor in determining the allowance for credit losses, modifications of loan terms typically have no direct impact on the allowance for credit losses, and therefore, no impact on the financial statements. | |||||||||||||||||||||||||
Troubled Debt Restructuring - Modifications | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Number | Outstanding Recorded Investment | ||||||||||||||||||||||||
of Loans | Pre-Modification | Post - Modification | |||||||||||||||||||||||
(Dollars In Millions) | |||||||||||||||||||||||||
Commercial mortgage loans | 1 | 84 | 93 | ||||||||||||||||||||||
There were no default payments on the above loan during 2014. There were no agricultural troubled debt restructuring mortgage loans in 2014. | |||||||||||||||||||||||||
Valuation Allowances for Mortgage Loans: | |||||||||||||||||||||||||
Allowance for credit losses for mortgage loans for 2014, 2013 and 2012 are as follows: | |||||||||||||||||||||||||
Commercial Mortgage Loans | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Allowance for credit losses: | (In Millions) | ||||||||||||||||||||||||
Beginning Balance, January 1, | $ | 42 | $ | 34 | $ | 32 | |||||||||||||||||||
Charge-offs | -14 | - | - | ||||||||||||||||||||||
Recoveries | - | -2 | -24 | ||||||||||||||||||||||
Provision | 9 | 10 | 26 | ||||||||||||||||||||||
Ending Balance, December 31, | $ | 37 | $ | 42 | $ | 34 | |||||||||||||||||||
Ending Balance, December 31,: | |||||||||||||||||||||||||
Individually Evaluated for Impairment | $ | 37 | $ | 42 | $ | 34 | |||||||||||||||||||
There were no allowances for credit losses for agricultural mortgage loans in 2014, 2013 and 2012. | |||||||||||||||||||||||||
The values used in these ratio calculations were developed as part of the periodic review of the commercial and agricultural mortgage loan portfolio, which includes an evaluation of the underlying collateral value. The following tables provide information relating to the loan-to-value and debt service coverage ratio for commercial and agricultural mortgage loans at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||
Mortgage Loans by Loan-to-Value and Debt Service Coverage Ratios | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Debt Service Coverage Ratio | |||||||||||||||||||||||||
Less | Total | ||||||||||||||||||||||||
Greater | 1.8x to | 1.5x to | 1.2x to | 1.0x to | than | Mortgage | |||||||||||||||||||
Loan-to-Value Ratio:(2) | than 2.0x | 2.0x | 1.8x | 1.5x | 1.2x | 1.0x | Loans | ||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Commercial Mortgage Loans(1) | |||||||||||||||||||||||||
0% - 50% | $ | 335 | $ | - | $ | - | $ | 59 | $ | 34 | $ | - | $ | 428 | |||||||||||
50% - 70% | 963 | 440 | 872 | 839 | 54 | - | 3,168 | ||||||||||||||||||
70% - 90% | 211 | - | 61 | 265 | 79 | - | 616 | ||||||||||||||||||
90% plus | 156 | - | - | - | - | 47 | 203 | ||||||||||||||||||
Total Commercial | |||||||||||||||||||||||||
Mortgage Loans | $ | 1,665 | $ | 440 | $ | 933 | $ | 1,163 | $ | 167 | $ | 47 | $ | 4,415 | |||||||||||
Agricultural Mortgage Loans(1) | |||||||||||||||||||||||||
0% - 50% | $ | 184 | $ | 100 | $ | 232 | $ | 408 | $ | 206 | $ | 50 | $ | 1,180 | |||||||||||
50% - 70% | 143 | 87 | 201 | 223 | 204 | 47 | 905 | ||||||||||||||||||
70% - 90% | - | - | - | - | - | - | - | ||||||||||||||||||
90% plus | - | - | - | - | - | - | - | ||||||||||||||||||
Total Agricultural | |||||||||||||||||||||||||
Mortgage Loans | $ | 327 | $ | 187 | $ | 433 | $ | 631 | $ | 410 | $ | 97 | $ | 2,085 | |||||||||||
Total Mortgage Loans(1) | |||||||||||||||||||||||||
0% - 50% | $ | 519 | $ | 100 | $ | 232 | $ | 467 | $ | 240 | $ | 50 | $ | 1,608 | |||||||||||
50% - 70% | 1,106 | 527 | 1,073 | 1,062 | 258 | 47 | 4,073 | ||||||||||||||||||
70% - 90% | 211 | - | 61 | 265 | 79 | - | 616 | ||||||||||||||||||
90% plus | 156 | - | - | - | - | 47 | 203 | ||||||||||||||||||
Total Mortgage Loans | $ | 1,992 | $ | 627 | $ | 1,366 | $ | 1,794 | $ | 577 | $ | 144 | $ | 6,500 | |||||||||||
The debt service coverage ratio is calculated using the most recently reported net operating income results from property operations divided by annual debt service. | |||||||||||||||||||||||||
The loan-to-value ratio is derived from current loan balance divided by the fair market value of the property. The fair market value of the underlying commercial properties is updated annually. | |||||||||||||||||||||||||
Mortgage Loans by Loan-to-Value and Debt Service Coverage Ratios | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Debt Service Coverage Ratio | |||||||||||||||||||||||||
Less | Total | ||||||||||||||||||||||||
Greater | 1.8x to | 1.5x to | 1.2x to | 1.0x to | than | Mortgage | |||||||||||||||||||
Loan-to-Value Ratio:(2) | than 2.0x | 2.0x | 1.8x | 1.5x | 1.2x | 1.0x | Loans | ||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Commercial Mortgage Loans(1) | |||||||||||||||||||||||||
0% - 50% | $ | 285 | $ | - | $ | - | $ | - | $ | 36 | $ | - | $ | 321 | |||||||||||
50% - 70% | 360 | 573 | 671 | 533 | 135 | - | 2,272 | ||||||||||||||||||
70% - 90% | 116 | - | 313 | 240 | 105 | 219 | 993 | ||||||||||||||||||
90% plus | 135 | - | - | 60 | 27 | 48 | 270 | ||||||||||||||||||
Total Commercial | |||||||||||||||||||||||||
Mortgage Loans | $ | 896 | $ | 573 | $ | 984 | $ | 833 | $ | 303 | $ | 267 | $ | 3,856 | |||||||||||
Agricultural Mortgage Loans(1) | |||||||||||||||||||||||||
0% - 50% | $ | 185 | $ | 82 | $ | 214 | $ | 410 | $ | 208 | $ | 49 | $ | 1,148 | |||||||||||
50% - 70% | 127 | 50 | 193 | 164 | 149 | 39 | 722 | ||||||||||||||||||
70% - 90% | - | - | - | - | - | - | - | ||||||||||||||||||
90% plus | - | - | - | - | - | - | - | ||||||||||||||||||
Total Agricultural | |||||||||||||||||||||||||
Mortgage Loans | $ | 312 | $ | 132 | $ | 407 | $ | 574 | $ | 357 | $ | 88 | $ | 1,870 | |||||||||||
Total Mortgage Loans(1) | |||||||||||||||||||||||||
0% - 50% | $ | 470 | $ | 82 | $ | 214 | $ | 410 | $ | 244 | $ | 49 | $ | 1,469 | |||||||||||
50% - 70% | 487 | 623 | 864 | 697 | 284 | 39 | 2,994 | ||||||||||||||||||
70% - 90% | 116 | - | 313 | 240 | 105 | 219 | 993 | ||||||||||||||||||
90% plus | 135 | - | - | 60 | 27 | 48 | 270 | ||||||||||||||||||
Total Mortgage Loans | $ | 1,208 | $ | 705 | $ | 1,391 | $ | 1,407 | $ | 660 | $ | 355 | $ | 5,726 | |||||||||||
The debt service coverage ratio is calculated using the most recently reported net operating income results from property operations divided by annual debt service. | |||||||||||||||||||||||||
The loan-to-value ratio is derived from current loan balance divided by the fair market value of the property. The fair market value of the underlying commercial properties is updated annually. | |||||||||||||||||||||||||
The following table provides information relating to the aging analysis of past due mortgage loans at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||
Age Analysis of Past Due Mortgage Loans | |||||||||||||||||||||||||
Recorded | |||||||||||||||||||||||||
Investment | |||||||||||||||||||||||||
90 | Total | > 90 Days | |||||||||||||||||||||||
30-59 | 60-89 | Days | Financing | and | |||||||||||||||||||||
Days | Days | Or > | Total | Current | Receivables | Accruing | |||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Commercial | $ | - | $ | - | $ | - | $ | - | $ | 4,415 | $ | 4,415 | $ | - | |||||||||||
Agricultural | 1 | 7 | 3 | 11 | 2,074 | 2,085 | 3 | ||||||||||||||||||
Total Mortgage Loans | $ | 1 | $ | 7 | $ | 3 | $ | 11 | $ | 6,489 | $ | 6,500 | $ | 3 | |||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Commercial | $ | - | $ | - | $ | - | $ | - | $ | 3,856 | $ | 3,856 | $ | - | |||||||||||
Agricultural | 5 | 4 | 14 | 23 | 1,847 | 1,870 | 14 | ||||||||||||||||||
Total Mortgage Loans | $ | 5 | $ | 4 | $ | 14 | $ | 23 | $ | 5,703 | $ | 5,726 | $ | 14 | |||||||||||
The following table provides information relating to impaired mortgage loans at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||
Impaired Mortgage Loans | |||||||||||||||||||||||||
Unpaid | Average | Interest | |||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Income | |||||||||||||||||||||
Investment | Balance | Allowance | Investment(1) | Recognized | |||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Commercial mortgage loans - other | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||
Agricultural mortgage loans | - | - | - | - | - | ||||||||||||||||||||
Total | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||
With related allowance recorded: | |||||||||||||||||||||||||
Commercial mortgage loans - other | $ | 156 | $ | 156 | $ | -37 | $ | 148 | $ | 2 | |||||||||||||||
Agricultural mortgage loans | - | - | - | - | - | ||||||||||||||||||||
Total | $ | 156 | $ | 156 | $ | -37 | $ | 148 | $ | 2 | |||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Commercial mortgage loans - other | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||
Agricultural mortgage loans | - | - | - | 1 | - | ||||||||||||||||||||
Total | $ | - | $ | - | $ | - | $ | 1 | $ | - | |||||||||||||||
With related allowance recorded: | |||||||||||||||||||||||||
Commercial mortgage loans - other | $ | 135 | $ | 135 | $ | -42 | $ | 139 | $ | 2 | |||||||||||||||
Agricultural mortgage loans | - | - | - | - | - | ||||||||||||||||||||
Total | $ | 135 | $ | 135 | $ | -42 | $ | 139 | $ | 2 | |||||||||||||||
Represents a five-quarter average of recorded amortized cost. | |||||||||||||||||||||||||
Equity Real Estate | |||||||||||||||||||||||||
The Insurance Group’s investment in equity real estate is through investments in real estate joint ventures. | |||||||||||||||||||||||||
Equity Method Investments | |||||||||||||||||||||||||
Included in other equity investments are interests in limited partnership interests and investment companies accounted for under the equity method with a total carrying value of $1,490 million and $1,596 million, respectively, at December 31, 2014 and 2013. Included in equity real estate are interests in real estate joint ventures accounted for under the equity method with a total carrying value of $1 million and $6 million, respectively, at December 31, 2014 and 2013. The Company’s total equity in net earnings (losses) for these real estate joint ventures and limited partnership interests was $206 million, $206 million and $170 million, respectively, for 2014, 2013 and 2012. | |||||||||||||||||||||||||
Derivatives and Offsetting Assets and Liabilities | |||||||||||||||||||||||||
The Company uses derivatives as part of its overall asset/liability risk management primarily to reduce exposures to equity market and interest rate risks. Derivative hedging strategies are designed to reduce these risks from an economic perspective and are all executed within the framework of a “Derivative Use Plan” approved by the NYSDFS. Operation of these hedging programs is based on models involving numerous estimates and assumptions, including, among others, mortality, lapse, surrender and withdrawal rates, election rates, fund performance, market volatility and interest rates. A wide range of derivative contracts are used in these hedging programs, including exchange traded equity, currency and interest rate futures contracts, total return and/or other equity swaps, interest rate swap and floor contracts, swaptions, variance swaps as well as equity options, that collectively are managed in an effort to reduce the economic impact of unfavorable changes in guaranteed benefits’ exposures attributable to movements in the equity and fixed income markets. | |||||||||||||||||||||||||
Derivatives utilized to hedge exposure to Variable Annuities with Guarantee Features | |||||||||||||||||||||||||
The Company has issued and continues to offer certain variable annuity products with GMDB, GMIB and GIB features. The Company had previously issued certain variable annuity products with guaranteed withdrawal benefit for life (“GWBL”), guaranteed minimum withdrawal benefit (“GMWB”) and guaranteed minimum accumulation benefit (“GMAB”) features (collectively, “GWBL and other features”). The risk associated with the GMDB feature is that under-performance of the financial markets could result in GMDB benefits, in the event of death, being higher than what accumulated policyholders’ account balances would support. The risk associated with the GMIB feature is that under-performance of the financial markets could result in the present value of GMIB benefits, in the event of annuitization, being higher than what accumulated policyholders’ account balances would support, taking into account the relationship between current annuity purchase rates and the GMIB guaranteed annuity purchase rates. The risk associated with the GIB and GWBL and other features is that under-performance of the financial markets could result in the GIB and GWBL and other features’ benefits being higher than what accumulated policyholders’ account balances would support. | |||||||||||||||||||||||||
For GMDB, GMIB, GIB and GWBL and other features, the Company retains certain risks including basis, credit spread and some volatility risk and risk associated with actual versus expected assumptions for mortality, lapse and surrender, withdrawal and contractholder election rates, among other things. The derivative contracts are managed to correlate with changes in the value of the GMDB, GMIB, GIB and GWBL and other features that result from financial markets movements. A portion of exposure to realized equity volatility is hedged using equity options and variance swaps and a portion of exposure to credit risk is hedged using total return swaps on fixed income indices. The Company has also purchased reinsurance contracts to mitigate the risks associated with GMDB features and the impact of potential market fluctuations on future policyholder elections of GMIB features contained in certain annuity contracts issued by the Company. | |||||||||||||||||||||||||
The Company has in place a hedge program to partially protect against declining interest rates with respect to a part of its projected variable annuity sales. | |||||||||||||||||||||||||
Derivatives utilized to hedge crediting rate exposure on SCS, SIO, MSO and IUL products/investment options | |||||||||||||||||||||||||
The Company hedges crediting rates in the Structured Capital Strategies® (“SCS”) variable annuity, Structured Investment Option in the EQUI-VEST® variable annuity series (“SIO”), Market Stabilizer Option® (“MSO”) in the variable life insurance products and Indexed Universal Life (“IUL”) insurance products. These products permit the contract owner to participate in the performance of an index, ETF or commodity price movement up to a cap for a set period of time. They also contain a protection feature, in which the Company will absorb, up to a certain percentage, the loss of value in an index, ETF or commodity price, which varies by product segment. | |||||||||||||||||||||||||
In order to support the returns associated with these features, the Company enters into derivative contracts whose payouts, in combination with fixed income investments, emulate those of the index, ETF or commodity price, subject to caps and buffers. | |||||||||||||||||||||||||
Derivatives utilized to hedge risks associated with interest margins on Interest Sensitive Life and Annuity Contracts | |||||||||||||||||||||||||
Margins or “spreads” on interest-sensitive life insurance and annuity contracts are affected by interest rate fluctuations as the yield on portfolio investments, primarily fixed maturities, are intended to support required payments under these contracts, including interest rates credited to their policy and contract holders. The Company currently uses interest rate swaptions to reduce the risk associated with minimum guarantees on these interest-sensitive contracts. | |||||||||||||||||||||||||
Derivatives utilized to hedge equity market risks associated with the General Account’s investments in Separate Accounts | |||||||||||||||||||||||||
The Company’s General Account investment in Separate Account equity funds exposes the Company to equity market risk which is partially hedged through equity-index futures contracts to minimize such risk. | |||||||||||||||||||||||||
Derivatives utilized for General Account Investment Portfolio | |||||||||||||||||||||||||
Beginning in the second quarter of 2013, the Company implemented a strategy in its General Account investment portfolio to replicate the credit exposure of fixed maturity securities otherwise permissible under its investment guidelines through the sale of credit default swaps (“CDS”). Under the terms of these swaps, the Company receives quarterly fixed premiums that, together with any initial amount paid or received at trade inception, replicate the credit spread otherwise currently obtainable by purchasing the referenced entity’s bonds of similar maturity. These credit derivatives have remaining terms of five years or less and are recorded at fair value with changes in fair value, including the yield component that emerges from initial amounts paid or received, reported in Net investment income (loss). The Company manages its credit exposure taking into consideration both cash and derivatives based positions and selects the reference entities in its replicated credit exposures in a manner consistent with its selection of fixed maturities. In addition, the Company has transacted the sale of CDSs exclusively in single name reference entities of investment grade credit quality and with counterparties subject to collateral posting requirements. If there is an event of default by the reference entity or other such credit event as defined under the terms of the swap contract, the Company is obligated to perform under the credit derivative and, at the counterparty’s option, either pay the referenced amount of the contract less an auction-determined recovery amount or pay the referenced amount of the contract and receive in return the defaulted or similar security of the reference entity for recovery by sale at the contract settlement auction. To date, there have been no events of default or circumstances indicative of a deterioration in the credit quality of the named referenced entities to require or suggest that the Company will have to perform under these CDSs. The maximum potential amount of future payments the Company could be required to make under these credit derivatives is limited to the par value of the referenced securities which is the dollar-equivalent of the derivative notional amount. The Standard North American CDS Contract (“SNAC”) under which the Company executes these CDS sales transactions does not contain recourse provisions for recovery of amounts paid under the credit derivative. | |||||||||||||||||||||||||
Periodically, the Company purchases 30-year, Treasury Inflation Protected Securities (“TIPS”) as General Account investments, and simultaneously enters into asset swap contracts (“ASW”), to result in payment of the variable principal at maturity and semi-annual coupons of the TIPS to the swap counterparty (pay variable) in return for fixed amounts (receive fixed). These ASWs, when considered in combination with the TIPS, together result in a net position that is intended to replicate a fixed-coupon cash bond with a yield higher than a term-equivalent U.S. Treasury bond. | |||||||||||||||||||||||||
In third quarter of 2014, the Company implemented a strategy to hedge a portion of the credit exposure in its General Account investment portfolio by buying protection through a swap. These are swaps on the “super senior tranche” of the investment grade credit default swap index (“CDX index”). Under the terms of these swaps, the Company pays quarterly fixed premiums that, together with any initial amount paid or received at trade inception, serve as premiums paid to hedge the risk arising from multiple defaults of bonds referenced in the CDX index. These credit derivatives have remaining terms of five years or less and are recorded at fair value with changes in fair value, including the yield component that emerges from initial amounts paid or received, reported in Net investment income (loss) from derivative instruments. | |||||||||||||||||||||||||
The tables below present quantitative disclosures about the Company’s derivative instruments, including those embedded in other contracts required to be accounted for as derivative instruments. | |||||||||||||||||||||||||
Derivative Instruments by Category | |||||||||||||||||||||||||
At or For the Year Ended December 31, 2014 | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Gains (Losses) | |||||||||||||||||||||||||
Notional | Asset | Liability | Reported In | ||||||||||||||||||||||
Amount | Derivatives | Derivatives | Earnings (Loss) | ||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Freestanding derivatives: | |||||||||||||||||||||||||
Equity contracts:(1) | |||||||||||||||||||||||||
Futures | $ | 5,933 | $ | 1 | $ | 2 | $ | -522 | |||||||||||||||||
Swaps | 1,169 | 22 | 15 | -88 | |||||||||||||||||||||
Options | 6,896 | 1,215 | 742 | 196 | |||||||||||||||||||||
Interest rate contracts:(1) | |||||||||||||||||||||||||
Floors | 2,100 | 120 | - | 9 | |||||||||||||||||||||
Swaps | 11,608 | 605 | 15 | 1,507 | |||||||||||||||||||||
Futures | 10,647 | - | - | 459 | |||||||||||||||||||||
Swaptions | 4,800 | 72 | - | 37 | |||||||||||||||||||||
Credit contracts:(1) | |||||||||||||||||||||||||
Credit default swaps | 1,942 | 9 | 27 | 4 | |||||||||||||||||||||
Other freestanding contracts:(1) | |||||||||||||||||||||||||
Foreign currency Contracts | 149 | 2 | - | 3 | |||||||||||||||||||||
Net investment income (loss) | 1,605 | ||||||||||||||||||||||||
Embedded derivatives: | |||||||||||||||||||||||||
GMIB reinsurance contracts | - | 10,711 | - | 3,964 | |||||||||||||||||||||
GIB and GWBL and other features(2) | - | - | 128 | -128 | |||||||||||||||||||||
SCS, SIO, MSO and IUL indexed features(3) | - | - | 380 | -199 | |||||||||||||||||||||
Balances, December 31, 2014 | $ | 45,244 | $ | 12,757 | $ | 1,309 | $ | 5,242 | |||||||||||||||||
Reported in Other invested assets in the consolidated balance sheets. | |||||||||||||||||||||||||
Reported in Future policy benefits and other policyholders’ liabilities in the consolidated balance sheets. | |||||||||||||||||||||||||
SCS and SIO indexed features are reported in Policyholders’ account balances; MSO and IUL indexed features are reported in Future policyholders’ benefits and other policyholders’ liabilities in the consolidated balance sheets. | |||||||||||||||||||||||||
Derivative Instruments by Category | |||||||||||||||||||||||||
At or For the Year Ended December 31, 2013 | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Gains (Losses) | |||||||||||||||||||||||||
Notional | Asset | Liability | Reported In | ||||||||||||||||||||||
Amount | Derivatives | Derivatives | Earnings (Loss) | ||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Freestanding derivatives: | |||||||||||||||||||||||||
Equity contracts:(1) | |||||||||||||||||||||||||
Futures | $ | 4,935 | $ | - | $ | 3 | $ | -1,434 | |||||||||||||||||
Swaps | 1,293 | - | 51 | -316 | |||||||||||||||||||||
Options | 7,506 | 1,056 | 593 | 366 | |||||||||||||||||||||
Interest rate contracts:(1) | |||||||||||||||||||||||||
Floors | 2,400 | 193 | - | -5 | |||||||||||||||||||||
Swaps | 9,823 | 216 | 212 | -1,010 | |||||||||||||||||||||
Futures | 10,763 | - | - | -314 | |||||||||||||||||||||
Swaptions | - | - | - | -154 | |||||||||||||||||||||
Credit contracts:(1) | |||||||||||||||||||||||||
Credit default swaps | 342 | 10 | 1 | 4 | |||||||||||||||||||||
Other freestanding contracts:(1) | |||||||||||||||||||||||||
Foreign currency contracts | 112 | 1 | 1 | -3 | |||||||||||||||||||||
Net investment income (loss) | -2,866 | ||||||||||||||||||||||||
Embedded derivatives: | |||||||||||||||||||||||||
GMIB reinsurance contracts | - | 6,746 | - | -4,297 | |||||||||||||||||||||
GIB and GWBL and other features (2) | - | - | - | 265 | |||||||||||||||||||||
SCS, SIO, MSO and IUL indexed features(3) | - | - | 346 | -429 | |||||||||||||||||||||
Balances, December 31, 2013 | $ | 37,174 | $ | 8,222 | $ | 1,207 | $ | -7,327 | |||||||||||||||||
Reported in Other invested assets in the consolidated balance sheets. | |||||||||||||||||||||||||
Reported in Future policy benefits and other policyholders’ liabilities in the consolidated balance sheets. | |||||||||||||||||||||||||
SCS and SIO indexed features are reported in Policyholders’ account balances; MSO and IUL indexed features are reported in Future policyholders’ benefits and other policyholders’ liabilities in the consolidated balance sheets. | |||||||||||||||||||||||||
Equity-Based and Treasury Futures Contracts | |||||||||||||||||||||||||
All outstanding equity-based and treasury futures contracts at December 31, 2014 are exchange-traded and net settled daily in cash. At December 31, 2014, the Company had open exchange-traded futures positions on: (i) the S&P 500, Russell 2000, NASDAQ 100 and Emerging Market indices, having initial margin requirements of $229 million, (ii) the 2-year, 5-year and 10-year U.S. Treasury Notes on U.S. Treasury bonds and ultra-long bonds, and on Eurodollars futures, having initial margin requirements of $29 million and (iii) the Euro Stoxx, FTSE 100, Topix and European, Australasia, and Far East (“EAFE”) indices as well as corresponding currency futures on the Euro/U.S. dollar, Pound/U.S. dollar, and Yen/U.S. dollar, having initial margin requirements of $32 million. | |||||||||||||||||||||||||
Credit Risk | |||||||||||||||||||||||||
Although notional amount is the most commonly used measure of volume in the derivatives market, it is not used as a measure of credit risk. A derivative with positive fair value (a derivative asset) indicates existence of credit risk because the counterparty would owe money to the Company if the contract were closed at the reporting date. Alternatively, a derivative contract with negative fair value (a derivative liability) indicates the Company would owe money to the counterparty if the contract were closed at the reporting date. To reduce credit exposures in OTC derivative transactions the Company generally enters into master agreements that provide for a netting of financial exposures with the counterparty and allow for collateral arrangements as further described below under “ISDA Master Agreements.” The Company further controls and minimizes its counterparty exposure through a credit appraisal and approval process. | |||||||||||||||||||||||||
ISDA Master Agreements | |||||||||||||||||||||||||
Netting Provisions. The standardized “ISDA Master Agreement” under which the Company conducts its OTC derivative transactions includes provisions for payment netting. In the normal course of business activities, if there is more than one derivative transaction with a single counterparty, the Company will set-off the cash flows of those derivatives into a single amount to be exchanged in settlement of the resulting net payable or receivable with that counterparty. In the event of default, insolvency, or other similar event pre-defined under the ISDA Master Agreement that would result in termination of OTC derivatives transactions before their maturity, netting procedures would be applied to calculate a single net payable or receivable with the counterparty. | |||||||||||||||||||||||||
Collateral Arrangements. The Company generally has executed a Credit Support Annex (“CSA”) under the ISDA Master Agreement it maintains with each of its OTC derivative counterparties that requires both posting and accepting collateral either in the form of cash or high-quality securities, such as U.S. Treasury securities or those issued by government agencies. These CSAs are bilateral agreements that require collateral postings by the party “out-of-the-money” or in a net derivative liability position. Various thresholds for the amount and timing of collateralization of net liability positions are applicable. Consequently, the credit exposure of the Company’s OTC derivative contracts is limited to the net positive estimated fair value of those contracts at the reporting date after taking into consideration the existence of netting agreements and any collateral received pursuant to CSAs. Derivatives are recognized at fair value in the consolidated balance sheets and are reported either as assets in Other invested assets or as liabilities in Other liabilities, except for embedded insurance-related derivatives as described above and derivatives transacted with a related counterparty. The Company nets the fair value of all derivative financial instruments with counterparties for which an ISDA Master Agreement and related CSA have been executed. | |||||||||||||||||||||||||
At December 31, 2014 and 2013, respectively, the Company held $1,225 million and $607 million in cash and securities collateral delivered by trade counterparties, representing the fair value of the related derivative agreements. This unrestricted cash collateral is reported in Cash and cash equivalents, and the obligation to return it is reported in Other liabilities in the consolidated balance sheets. The aggregate fair value of all collateralized derivative transactions that were in a liability position at December 31, 2014 and 2013, respectively, were $28 million and $42 million, for which the Company posted collateral of $36 million and $35 million at December 31, 2014 and 2013, respectively, in the normal operation of its collateral arrangements. Certain of the Company’s ISDA Master Agreements contain contingent provisions that permit the counterparty to terminate the ISDA Master Agreement if the Company’s credit rating falls below a specified threshold, however, the occurrence of such credit event would not impose additional collateral requirements. | |||||||||||||||||||||||||
Securities Repurchase and Reverse Repurchase Transactions | |||||||||||||||||||||||||
Securities repurchase and reverse repurchase transactions are conducted by the Company under a standardized securities industry master agreement, amended to suit the specificities of each respective counterparty. These agreements generally provide detail as to the nature of the transaction, including provisions for payment netting, establish parameters concerning the ownership and custody of the collateral securities, including the right to substitute collateral during the term of the agreement, and provide for remedies in the event of default by either party. Amounts due to/from the same counterparty under these arrangements generally would be netted in the event of default and subject to rights of set-off in bankruptcy. The Company’s securities repurchase and reverse repurchase agreements are accounted for as secured borrowing or lending arrangements and are reported in the consolidated balance sheets on a gross basis as Broker-dealer related payables or receivables. The Company obtains or posts collateral generally in the form of cash, U.S. Treasury, or U.S. government and government agency securities in an amount equal to 102%-105% of the fair value of the securities to be repurchased or resold and monitors their market values on a daily basis with additional collateral posted or obtained as necessary. Securities to be repurchased or resold are the same, or substantially the same, as those initially transacted under the arrangement. At December 31, 2014, the balance outstanding under securities repurchase and reverse repurchase transaction was $950 million. The Company utilized the funds received from these repurchase agreements to extend the duration of the assets within General Account investment portfolio. For other instruments used to extend the duration of the General Account investment portfolio see “Policyholders’ Account Balances and Future Policy Benefits” included in Note 2. | |||||||||||||||||||||||||
The following table presents information about the Insurance Segment’s offsetting of financial assets and liabilities and derivative instruments at December 31, 2014. | |||||||||||||||||||||||||
Offsetting of Financial Assets and Liabilities and Derivative Instruments | |||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||
Gross | |||||||||||||||||||||||||
Gross | Amounts | Net Amounts | |||||||||||||||||||||||
Amounts | Offset in the | Presented in the | |||||||||||||||||||||||
Recognized | Balance Sheets | Balance Sheets | |||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
ASSETS(1) | |||||||||||||||||||||||||
Description | |||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||
Equity contracts | $ | 1,236 | $ | 753 | $ | 483 | |||||||||||||||||||
Interest rate contracts | 755 | 12 | 743 | ||||||||||||||||||||||
Credit contracts | 7 | 27 | -20 | ||||||||||||||||||||||
Total Derivatives, subject to an ISDA Master Agreement | 1,998 | 792 | 1,206 | ||||||||||||||||||||||
Total Derivatives, not subject to an ISDA Master Agreement | 40 | - | 40 | ||||||||||||||||||||||
Total Derivatives | 2,038 | 792 | 1,246 | ||||||||||||||||||||||
Other financial instruments | 732 | - | 732 | ||||||||||||||||||||||
Other invested assets | $ | 2,770 | $ | 792 | $ | 1,978 | |||||||||||||||||||
LIABILITIES(2) | |||||||||||||||||||||||||
Description | |||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||
Equity contracts | $ | 753 | $ | 753 | $ | - | |||||||||||||||||||
Interest rate contracts | 12 | 12 | - | ||||||||||||||||||||||
Credit contracts | 27 | 27 | - | ||||||||||||||||||||||
Total Derivatives, subject to an ISDA Master Agreement | 792 | 792 | - | ||||||||||||||||||||||
Total Derivatives, not subject to an ISDA Master Agreement | - | - | - | ||||||||||||||||||||||
Total Derivatives | 792 | 792 | - | ||||||||||||||||||||||
Other financial liabilities | 2,939 | - | 2,939 | ||||||||||||||||||||||
Other liabilities | $ | 3,731 | $ | 792 | $ | 2,939 | |||||||||||||||||||
Repurchase agreements | 950 | - | 950 | ||||||||||||||||||||||
Other broker-dealer related payables | 551 | - | 551 | ||||||||||||||||||||||
Broker-dealer related payables | $ | 1,501 | $ | - | $ | 1,501 | |||||||||||||||||||
Excludes Investment Management segment’s $8 million net derivative assets and $158 million of securities borrowed. | |||||||||||||||||||||||||
Excludes Investment Management segment’s $9 million net derivative liability and $34 million of securities loaned. | |||||||||||||||||||||||||
The following table presents information about the Insurance segment’s gross collateral amounts that are not offset in the consolidated balance sheets at December 31, 2014. | |||||||||||||||||||||||||
Gross Collateral Amounts Not Offset in the Consolidated Balance Sheets | |||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||
Net Amounts | Collateral (Received)/Held | ||||||||||||||||||||||||
Presented in the | Financial | Net | |||||||||||||||||||||||
Balance Sheets | Instruments | Cash | Amounts | ||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Counterparty A | $ | 62 | $ | - | $ | -62 | $ | - | |||||||||||||||||
Counterparty B | 102 | - | -95 | 7 | |||||||||||||||||||||
Counterparty C | 111 | - | -110 | 1 | |||||||||||||||||||||
Counterparty D | 228 | - | -224 | 4 | |||||||||||||||||||||
Counterparty E | 60 | - | -59 | 1 | |||||||||||||||||||||
Counterparty F | 63 | - | -60 | 3 | |||||||||||||||||||||
Counterparty G | 145 | -145 | - | - | |||||||||||||||||||||
Counterparty H | 31 | -31 | - | - | |||||||||||||||||||||
Counterparty I | 136 | - | -134 | 2 | |||||||||||||||||||||
Counterparty J | 28 | - | -22 | 6 | |||||||||||||||||||||
Counterparty K | 44 | - | -44 | - | |||||||||||||||||||||
Counterparty L | 113 | -113 | - | - | |||||||||||||||||||||
Counterparty M | 76 | - | -68 | 8 | |||||||||||||||||||||
Counterparty N | 40 | - | - | 40 | |||||||||||||||||||||
Counterparty Q | 4 | - | -4 | - | |||||||||||||||||||||
Counterparty T | 3 | - | -3 | - | |||||||||||||||||||||
Total Derivatives | $ | 1,246 | $ | -289 | $ | -885 | $ | 72 | |||||||||||||||||
Other financial instruments | 732 | - | - | 732 | |||||||||||||||||||||
Other invested assets | $ | 1,978 | $ | -289 | $ | -885 | $ | 804 | |||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||
Counterparty D | $ | 450 | $ | -450 | $ | - | $ | - | |||||||||||||||||
Counterparty C | 500 | -500 | - | - | |||||||||||||||||||||
Other Broker-dealer related payables | 551 | - | - | 551 | |||||||||||||||||||||
Broker-dealer related payables | $ | 1,501 | $ | -950 | $ | - | $ | 551 | |||||||||||||||||
The following table presents information about the Insurance segment’s offsetting of financial assets and liabilities and derivative instruments at December 31, 2013. | |||||||||||||||||||||||||
Offsetting of Financial Assets and Liabilities and Derivative Instruments | |||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
Gross | |||||||||||||||||||||||||
Gross | Amounts | Net Amounts | |||||||||||||||||||||||
Amounts | Offset in the | Presented in the | |||||||||||||||||||||||
Recognized | Balance Sheets | Balance Sheets | |||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
ASSETS(1) | |||||||||||||||||||||||||
Description | |||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||
Equity contracts | $ | 1,056 | $ | 642 | $ | 414 | |||||||||||||||||||
Interest rate contracts | 344 | 211 | 133 | ||||||||||||||||||||||
Credit contracts | 9 | - | 9 | ||||||||||||||||||||||
Total Derivatives, subject to an ISDA Master Agreement | 1,409 | 853 | 556 | ||||||||||||||||||||||
Total Derivatives, not subject to an ISDA Master Agreement | 64 | - | 64 | ||||||||||||||||||||||
Total Derivatives | 1,473 | 853 | 620 | ||||||||||||||||||||||
Other financial instruments | 733 | - | 733 | ||||||||||||||||||||||
Other invested assets | $ | 2,206 | $ | 853 | $ | 1,353 | |||||||||||||||||||
LIABILITIES(2) | |||||||||||||||||||||||||
Description | |||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||
Equity contracts | $ | 642 | $ | 642 | $ | - | |||||||||||||||||||
Interest rate contracts | 211 | 211 | - | ||||||||||||||||||||||
Total Derivatives, subject to an ISDA Master Agreement | 853 | 853 | - | ||||||||||||||||||||||
Total Derivatives, not subject to an ISDA Master Agreement | - | - | - | ||||||||||||||||||||||
Total Derivatives | 853 | 853 | - | ||||||||||||||||||||||
Other financial liabilities | 2,653 | - | 2,653 | ||||||||||||||||||||||
Other liabilities | $ | 3,506 | $ | 853 | $ | 2,653 | |||||||||||||||||||
Excludes Investment Management segment’s $3 million net derivative assets and $84 million of securities borrowed. | |||||||||||||||||||||||||
Excludes Investment Management segment’s $8 million net derivative liability and $65 million of securities loaned. | |||||||||||||||||||||||||
The following table presents information about the Insurance segment’s gross collateral amounts that are not offset in the consolidated balance sheets at December 31, 2013. | |||||||||||||||||||||||||
Gross Collateral Amounts Not Offset in the Consolidated Balance Sheets | |||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
Net Amounts | Collateral (Received)/Held | ||||||||||||||||||||||||
Presented in the | Financial | Net | |||||||||||||||||||||||
Balance Sheets | Instruments | Cash | Amounts | ||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Counterparty A | $ | 46 | $ | - | $ | -46 | $ | - | |||||||||||||||||
Counterparty B | 17 | - | -17 | - | |||||||||||||||||||||
Counterparty C | 28 | - | -28 | - | |||||||||||||||||||||
Counterparty D | 175 | - | -175 | - | |||||||||||||||||||||
Counterparty E | 47 | - | -47 | - | |||||||||||||||||||||
Counterparty F | -28 | - | 28 | - | |||||||||||||||||||||
Counterparty G | 134 | -134 | - | - | |||||||||||||||||||||
Counterparty H | 4 | - | -4 | - | |||||||||||||||||||||
Counterparty I | -2 | - | 2 | - | |||||||||||||||||||||
Counterparty J | -12 | - | 12 | - | |||||||||||||||||||||
Counterparty K | 41 | - | -38 | 3 | |||||||||||||||||||||
Counterparty L | 72 | - | -69 | 3 | |||||||||||||||||||||
Counterparty M | 30 | - | -30 | - | |||||||||||||||||||||
Counterparty N | 64 | - | - | 64 | |||||||||||||||||||||
Counterparty Q | 4 | - | -4 | - | |||||||||||||||||||||
Total Derivatives | $ | 620 | $ | -134 | $ | -416 | $ | 70 | |||||||||||||||||
Other financial instruments | 733 | - | - | 733 | |||||||||||||||||||||
Other invested assets | $ | 1,353 | $ | -134 | $ | -416 | $ | 803 | |||||||||||||||||
Net Investment Income (Loss) | |||||||||||||||||||||||||
The following table breaks out Net investment income (loss) by asset category: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Fixed maturities | $ | 1,431 | $ | 1,462 | $ | 1,529 | |||||||||||||||||||
Mortgage loans on real estate | 306 | 284 | 264 | ||||||||||||||||||||||
Equity real estate | 1 | 1 | 14 | ||||||||||||||||||||||
Other equity investments | 202 | 234 | 189 | ||||||||||||||||||||||
Policy loans | 216 | 219 | 226 | ||||||||||||||||||||||
Short-term investments | 1 | 1 | 15 | ||||||||||||||||||||||
Derivative investments | 1,605 | -2,866 | -978 | ||||||||||||||||||||||
Broker-dealer related receivables | 15 | 14 | 14 | ||||||||||||||||||||||
Trading securities | 61 | 48 | 85 | ||||||||||||||||||||||
Other investment income | 32 | 34 | 33 | ||||||||||||||||||||||
Gross investment income (loss) | 3,870 | -569 | 1,391 | ||||||||||||||||||||||
Investment expenses | -53 | -57 | -50 | ||||||||||||||||||||||
Interest expense | -2 | -3 | -3 | ||||||||||||||||||||||
Net Investment Income (Loss) | $ | 3,815 | $ | -629 | $ | 1,338 | |||||||||||||||||||
For 2014, 2013 and 2012, respectively, Net investment income (loss) from derivatives included $899 million, $(2,829) million and $(232) million of realized gains (losses) on contracts closed during those periods and $706 million, $(37) million and $(746) million of unrealized gains (losses) on derivative positions at each respective year end. | |||||||||||||||||||||||||
Investment Gains (Losses), Net | |||||||||||||||||||||||||
Investment gains (losses), net including changes in the valuation allowances and OTTI are as follows: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Fixed maturities | $ | -54 | $ | -75 | $ | -89 | |||||||||||||||||||
Mortgage loans on real estate | -3 | -7 | -7 | ||||||||||||||||||||||
Other equity investments | -2 | -17 | -13 | ||||||||||||||||||||||
Other | 1 | - | 12 | ||||||||||||||||||||||
Investment Gains (Losses), Net | $ | -58 | $ | -99 | $ | -97 | |||||||||||||||||||
For 2014, 2013 and 2012, respectively, investment results passed through to certain participating group annuity contracts as interest credited to policyholders’ account balances totaled $5 million, $8 million and $6 million. |
GOODWILL_AND_OTHER_INTANGIBLE_
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2014 | |
Goodwill And Other Intangible Assets [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | 4) GOODWILL AND OTHER INTANGIBLE ASSETS |
The carrying value of goodwill related to AllianceBernstein totaled $3,562 million and $3,504 million at December 31, 2014 and 2013, respectively. The Company annually tests this goodwill for recoverability at December 31, first by comparing the fair value of its investment in AllianceBernstein, the reporting unit, to its carrying value and further by measuring the amount of impairment loss only if the result indicates a potential impairment. The Company also assesses this goodwill for recoverability at each interim reporting period in consideration of facts and circumstances that may indicate a shortfall of the fair value of its investment in AllianceBernstein as compared to its carrying value and thereby require re-performance of its annual impairment testing. | |
The Company primarily uses a discounted cash flow valuation technique to measure the fair value of its investment in AllianceBernstein for purpose of goodwill impairment testing. The cash flows used in this technique are sourced from AllianceBernstein’s current business plan and projected thereafter over the estimated life of the goodwill asset by applying an annual growth rate assumption. The present value amount that results from discounting these expected cash flows is then adjusted to reflect the noncontrolling interest in AllianceBernstein as well as taxes incurred at the Company level in order to determine the fair value of its investment in AllianceBernstein. At December 31, 2014 and 2013, the Company determined that goodwill was not impaired as the fair value of its investment in AllianceBernstein exceeded its carrying value at each respective date. Similarly, no impairments resulted from the Company’s interim assessments of goodwill recoverability during the periods then ended. | |
The gross carrying amount of AllianceBernstein related intangible assets was $610 million and $583 million at December 31, 2014 and 2013, respectively and the accumulated amortization of these intangible assets was $411 million and $384 million at December 31, 2014 and 2013, respectively. Amortization expense related to the AllianceBernstein intangible assets totaled $27 million, $24 million and $24 million for 2014, 2013 and 2012, respectively, and estimated amortization expense for each of the next five years is expected to be approximately $28 million. | |
At December 31, 2014 and 2013, respectively, net deferred sales commissions totaled $118 million and $71 million and are included within the Investment Management segment’s Other assets. The estimated amortization expense of deferred sales commissions, based on the December 31, 2014 net asset balance for each of the next five years is $43 million, $35 million, $27 million, $13 million and $0 million. AllianceBernstein tests the deferred sales commission asset for impairment quarterly by comparing undiscounted future cash flows to the recorded value, net of accumulated amortization. Each quarter, significant assumptions used to estimate the future cash flows are updated to reflect management’s consideration of current market conditions on expectations made with respect to future market levels and redemption rates. As of December 31, 2014, AllianceBernstein determined that the deferred sales commission asset was not impaired. | |
On June 20, 2014, AllianceBernstein acquired an approximate 82% ownership interest in CPH Capital Fondsmaeglerselskab A/S (“CPH”), a Danish asset management firm that managed approximately $3,000 million in global core equity assets for institutional investors, for a cash payment of $64 million and a contingent consideration payable of $9 million. The excess of the purchase price over the fair value of identifiable assets acquired resulted in the recognition of $58 million of goodwill. AllianceBernstein recorded $24 million of definite-lived intangible assets relating to separately-managed account relationships and $4 million of indefinite-lived intangible assets relating to an acquired fund’s investment contract. AllianceBernstein also recorded redeemable non-controlling interest of $17 million relating to the fair value of the portion of CPH AllianceBernstein does not own. | |
On December 12, 2013, AllianceBernstein acquired W.P. Stewart & Co., Ltd. (“WPS”), an equity investment manager that, as of December 31, 2013, managed approximately $2,000 million in U.S., Global and EAFE concentrated growth equity strategies for clients, primarily in the U.S. and Europe. On the acquisition date, AllianceBernstein made a cash payment of $12 per share for the approximate 4.9 million WPS shares outstanding and issued to WPS shareholders transferable Contingent Value Rights (“CVRs”) entitling the holders to an additional $4 per share if the assets under management in the acquired WPS investment services reach $5,000 million on or before the third anniversary of the acquisition date. The excess of the purchase price over the fair value of identifiable assets acquired resulted in the recognition of $32 million of goodwill. AllianceBernstein also recorded $8 million of indefinite-lived intangible assets relating to the acquired fund’s investment contracts and $14 million of definite-lived intangible assets relating to separately managed account relationships. As of the acquisition date, AllianceBernstein recorded a contingent consideration payable of $17 million in regard to the CVRs. | |
Capitalized Software | |
Capitalized software, net of accumulated amortization, amounted to $163 million and $163 million at December 31, 2014 and 2013, respectively. Amortization of capitalized software in 2014, 2013 and 2012 were $50 million, $119 million (including $45 million of accelerated amortization) and $77 million, respectively. |
CLOSED_BLOCKS
CLOSED BLOCKS | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Closed Blocks [Abstract] | |||||||||||||
CLOSED BLOCKS | 5) CLOSED BLOCK | ||||||||||||
Summarized financial information for the AXA Equitable Closed Block is as follows: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(In Millions) | |||||||||||||
CLOSED BLOCK LIABILITIES: | |||||||||||||
Future policy benefits, policyholders’ account balances and other | $ | 7,537 | $ | 7,716 | |||||||||
Policyholder dividend obligation | 201 | 128 | |||||||||||
Other liabilities | 117 | 144 | |||||||||||
Total Closed Block liabilities | 7,855 | 7,988 | |||||||||||
ASSETS DESIGNATED TO THE CLOSED BLOCK: | |||||||||||||
Fixed maturities, available for sale, at fair value (amortized cost of | |||||||||||||
$4,829 and $4,987) | 5,143 | 5,232 | |||||||||||
Mortgage loans on real estate | 1,407 | 1,343 | |||||||||||
Policy loans | 912 | 949 | |||||||||||
Cash and other invested assets | 14 | 48 | |||||||||||
Other assets | 176 | 186 | |||||||||||
Total assets designated to the Closed Block | 7,652 | 7,758 | |||||||||||
Excess of Closed Block liabilities over assets designated to the Closed Block | 203 | 230 | |||||||||||
Amounts included in accumulated other comprehensive income (loss): | |||||||||||||
Net unrealized investment gains (losses), net of deferred income tax | |||||||||||||
(expense) benefit of $(43) and $(45) and policyholder | |||||||||||||
dividend obligation of $(201) and $(128) | 80 | 83 | |||||||||||
Maximum Future Earnings To Be Recognized From Closed Block | |||||||||||||
Assets and Liabilities | $ | 283 | $ | 313 | |||||||||
AXA Equitable’s Closed Block revenues and expenses follow: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In Millions) | |||||||||||||
REVENUES: | |||||||||||||
Premiums and other income | $ | 273 | $ | 286 | $ | 316 | |||||||
Investment income (loss) | 378 | 402 | 420 | ||||||||||
Net investment gains (losses) | -4 | -11 | -9 | ||||||||||
Total revenues | 647 | 677 | 727 | ||||||||||
BENEFITS AND OTHER DEDUCTIONS: | |||||||||||||
Policyholders’ benefits and dividends | 597 | 637 | 724 | ||||||||||
Other operating costs and expenses | 4 | 1 | - | ||||||||||
Total benefits and other deductions | 601 | 638 | 724 | ||||||||||
Net revenues, before income taxes | 46 | 39 | 3 | ||||||||||
Income tax (expense) benefit | -16 | -14 | -1 | ||||||||||
Net Revenues (Losses) | $ | 30 | $ | 25 | $ | 2 | |||||||
A reconciliation of AXA Equitable’s policyholder dividend obligation follows: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(In Millions) | |||||||||||||
Balances, beginning of year | $ | 128 | $ | 373 | |||||||||
Unrealized investment gains (losses) | 73 | -245 | |||||||||||
Balances, End of year | $ | 201 | $ | 128 |
CONTRACTHOLDER_BONUS_INTEREST_
CONTRACTHOLDER BONUS INTEREST CREDITS | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Contractholder Bonus Interest Credits [Abstract] | |||||||
Contractholder Bonus Interest Credits | 6) CONTRACTHOLDER BONUS INTEREST CREDITS | ||||||
Changes in the deferred asset for contractholder bonus interest credits are as follows: | |||||||
December 31, | |||||||
2014 | 2013 | ||||||
(In Millions) | |||||||
Balance, beginning of year | $ | 518 | $ | 621 | |||
Contractholder bonus interest credits deferred | 15 | 18 | |||||
Amortization charged to income | -150 | -121 | |||||
Balance, End of Year | $ | 383 | $ | 518 |
FAIR_VALUE_DISCLOSURES
FAIR VALUE DISCLOSURES | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||
FAIR VALUE DISCLOSURES | 7) FAIR VALUE DISCLOSURES | Excludes GMAB and GIB liabilities. | |||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis are summarized below. Fair value measurements also are required on a non-recurring basis for certain assets, including goodwill, mortgage loans on real estate, equity real estate held for production of income, and equity real estate held for sale, only when an OTTI or other event occurs. When such fair value measurements are recorded, they must be classified and disclosed within the fair value hierarchy. At December 31, 2014 and 2013, no assets were required to be measured at fair value on a non-recurring basis. | |||||||||||||||||||||||||
Fair Value Measurements at December 31, 2014 | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||
Fixed maturities, available-for-sale: | |||||||||||||||||||||||||
Corporate | $ | - | $ | 21,840 | $ | 380 | $ | 22,220 | |||||||||||||||||
U.S. Treasury, government and agency | - | 7,331 | - | 7,331 | |||||||||||||||||||||
States and political subdivisions | - | 472 | 47 | 519 | |||||||||||||||||||||
Foreign governments | - | 446 | - | 446 | |||||||||||||||||||||
Commercial mortgage-backed | - | 20 | 715 | 735 | |||||||||||||||||||||
Residential mortgage-backed(1) | - | 793 | 2 | 795 | |||||||||||||||||||||
Asset-backed(2) | - | 46 | 53 | 99 | |||||||||||||||||||||
Redeemable preferred stock | 254 | 635 | - | 889 | |||||||||||||||||||||
Subtotal | 254 | 31,583 | 1,197 | 33,034 | |||||||||||||||||||||
Other equity investments | 217 | - | 61 | 278 | |||||||||||||||||||||
Trading securities | 710 | 4,433 | - | 5,143 | |||||||||||||||||||||
Other invested assets: | |||||||||||||||||||||||||
Short-term investments | - | 103 | - | 103 | |||||||||||||||||||||
Swaps | - | 597 | - | 597 | |||||||||||||||||||||
Credit Default Swaps | - | -18 | - | -18 | |||||||||||||||||||||
Futures | -2 | - | - | -2 | |||||||||||||||||||||
Options | - | 473 | - | 473 | |||||||||||||||||||||
Floors | - | 120 | - | 120 | |||||||||||||||||||||
Currency Contracts | - | 1 | - | 1 | |||||||||||||||||||||
Swaptions | - | 72 | - | 72 | |||||||||||||||||||||
Subtotal | -2 | 1,348 | - | 1,346 | |||||||||||||||||||||
Cash equivalents | 2,725 | - | - | 2,725 | |||||||||||||||||||||
Segregated securities | - | 476 | - | 476 | |||||||||||||||||||||
GMIB reinsurance contracts | - | - | 10,711 | 10,711 | |||||||||||||||||||||
Separate Accounts' assets | 107,539 | 3,072 | 260 | 110,871 | |||||||||||||||||||||
Total Assets | $ | 111,443 | $ | 40,912 | $ | 12,229 | $ | 164,584 | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||
GWBL and other features' liability | $ | - | $ | - | $ | 128 | $ | 128 | |||||||||||||||||
SCS, SIO, MSO and IUL indexed | |||||||||||||||||||||||||
features' liability | - | 380 | - | 380 | |||||||||||||||||||||
Total Liabilities | $ | - | $ | 380 | $ | 128 | $ | 508 | |||||||||||||||||
Includes publicly traded agency pass-through securities and collateralized obligations. | |||||||||||||||||||||||||
Includes credit-tranched securities collateralized by sub-prime mortgages and other asset types and credit tenant loans. | |||||||||||||||||||||||||
Fair Value Measurements at December 31, 2013 | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||
Fixed maturities, available-for-sale: | |||||||||||||||||||||||||
Corporate | $ | - | $ | 22,400 | $ | 291 | $ | 22,691 | |||||||||||||||||
U.S. Treasury, government and agency | - | 3,129 | - | 3,129 | |||||||||||||||||||||
States and political subdivisions | - | 431 | 46 | 477 | |||||||||||||||||||||
Foreign governments | - | 433 | - | 433 | |||||||||||||||||||||
Commercial mortgage-backed | - | 16 | 700 | 716 | |||||||||||||||||||||
Residential mortgage-backed(1) | - | 943 | 4 | 947 | |||||||||||||||||||||
Asset-backed(2) | - | 56 | 83 | 139 | |||||||||||||||||||||
Redeemable preferred stock | 216 | 656 | 15 | 887 | |||||||||||||||||||||
Subtotal | 216 | 28,064 | 1,139 | 29,419 | |||||||||||||||||||||
Other equity investments | 233 | 9 | 52 | 294 | |||||||||||||||||||||
Trading securities | 529 | 3,692 | - | 4,221 | |||||||||||||||||||||
Other invested assets: | |||||||||||||||||||||||||
Short-term investments | - | 99 | - | 99 | |||||||||||||||||||||
Swaps | - | -45 | - | -45 | |||||||||||||||||||||
Credit Default Swaps | - | 9 | - | 9 | |||||||||||||||||||||
Futures | -2 | - | - | -2 | |||||||||||||||||||||
Options | - | 463 | - | 463 | |||||||||||||||||||||
Floors | - | 193 | - | 193 | |||||||||||||||||||||
Subtotal | -2 | 719 | - | 717 | |||||||||||||||||||||
Cash equivalents | 1,310 | - | - | 1,310 | |||||||||||||||||||||
Segregated securities | - | 981 | - | 981 | |||||||||||||||||||||
GMIB reinsurance contracts | - | - | 6,747 | 6,747 | |||||||||||||||||||||
Separate Accounts' assets | 105,579 | 2,948 | 237 | 108,764 | |||||||||||||||||||||
Total Assets | $ | 107,865 | $ | 36,413 | $ | 8,175 | $ | 152,453 | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||
GWBL and other features' liability | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
SCS, SIO, MSO and IUL indexed | |||||||||||||||||||||||||
features' liability | - | 346 | - | 346 | |||||||||||||||||||||
Total Liabilities | $ | - | $ | 346 | $ | - | $ | 346 | |||||||||||||||||
Includes publicly traded agency pass-through securities and collateralized obligations. | |||||||||||||||||||||||||
Includes credit-tranched securities collateralized by sub-prime mortgages and other asset types and credit tenant loans. | |||||||||||||||||||||||||
At December 31, 2014 and 2013, respectively, the fair value of public fixed maturities is approximately $24,779 million and $21,671 million or approximately 16.2% and 15.0% of the Company’s total assets measured at fair value on a recurring basis (excluding GMIB reinsurance contracts and segregated securities measured at fair value on a recurring basis). The fair values of the Company’s public fixed maturity securities are generally based on prices obtained from independent valuation service providers and for which the Company maintains a vendor hierarchy by asset type based on historical pricing experience and vendor expertise. Although each security generally is priced by multiple independent valuation service providers, the Company ultimately uses the price received from the independent valuation service provider highest in the vendor hierarchy based on the respective asset type, with limited exception. To validate reasonableness, prices also are internally reviewed by those with relevant expertise through comparison with directly observed recent market trades. Consistent with the fair value hierarchy, public fixed maturity securities validated in this manner generally are reflected within Level 2, as they are primarily based on observable pricing for similar assets and/or other market observable inputs. If the pricing information received from independent valuation service providers is not reflective of market activity or other inputs observable in the market, the Company may challenge the price through a formal process in accordance with the terms of the respective independent valuation service provider agreement. If, as a result, it is determined that the independent valuation service provider is able to reprice the security in a manner agreed as more consistent with current market observations, the security remains within Level 2. Alternatively, a Level 3 classification may result if the pricing information then is sourced from another vendor, non-binding broker quotes, or internally-developed valuations for which the Company’s own assumptions about market-participant inputs would be used in pricing the security. | |||||||||||||||||||||||||
At December 31, 2014 and 2013, respectively, the fair value of private fixed maturities is approximately $8,255 million and $7,748 million or approximately 5.4% and 5.4% of the Company’s total assets measured at fair value on a recurring basis. The fair values of the Company’s private fixed maturities are determined from prices obtained from independent valuation service providers. Prices not obtained from an independent valuation service provider are determined by using a discounted cash flow model or a market comparable company valuation technique. In certain cases, these models use observable inputs with a discount rate based upon the average of spread surveys collected from private market intermediaries who are active in both primary and secondary transactions, taking into account, among other factors, the credit quality and industry sector of the issuer and the reduced liquidity associated with private placements. Generally, these securities have been reflected within Level 2. For certain private fixed maturities, the discounted cash flow model or a market comparable company valuation technique may also incorporate unobservable inputs, which reflect the Company’s own assumptions about the inputs market participants would use in pricing the asset. To the extent management determines that such unobservable inputs are significant to the fair value measurement of a security, a Level 3 classification generally is made. | |||||||||||||||||||||||||
As disclosed in Note 3, at December 31, 2014 and 2013, respectively, the net fair value of freestanding derivative positions is approximately $1,243 million and $617 million or approximately 92.3% and 86.1% of Other invested assets measured at fair value on a recurring basis. The fair values of the Company’s derivative positions are generally based on prices obtained either from independent valuation service providers or derived by applying market inputs from recognized vendors into industry standard pricing models. The majority of these derivative contracts are traded in the Over-The-Counter (“OTC”) derivative market and are classified in Level 2. The fair values of derivative assets and liabilities traded in the OTC market are determined using quantitative models that require use of the contractual terms of the derivative instruments and multiple market inputs, including interest rates, prices, and indices to generate continuous yield or pricing curves, including overnight index swap (“OIS”) curves, and volatility factors, which then are applied to value the positions. The predominance of market inputs is actively quoted and can be validated through external sources or reliably interpolated if less observable. If the pricing information received from independent valuation service providers is not reflective of market activity or other inputs observable in the market, the Company may challenge the price through a formal process in accordance with the terms of the respective independent valuation service provider agreement. If as a result it is determined that the independent valuation service provider is able to reprice the derivative instrument in a manner agreed as more consistent with current market observations, the position remains within Level 2. Alternatively, a Level 3 classification may result if the pricing information then is sourced from another vendor, non-binding broker quotes, or internally-developed valuations for which the Company’s own assumptions about market-participant inputs would be used in pricing the security. | |||||||||||||||||||||||||
The credit risk of the counterparty and of the Company are considered in determining the fair values of all OTC derivative asset and liability positions, respectively, after taking into account the effects of master netting agreements and collateral arrangements. Each reporting period, the Company values its derivative positions using the standard swap curve and evaluates whether to adjust the embedded credit spread to reflect changes in counterparty or its own credit standing. As a result, the Company reduced the fair value of its OTC derivative asset exposures by $0.1 million and $0.4 million at December 31, 2014 and 2013, respectively, to recognize incremental counterparty non-performance risk. The unadjusted swap curve was determined to be reflective of the non-performance risk of the Company for purpose of determining the fair value of its OTC liability positions at December 31, 2014. | |||||||||||||||||||||||||
At December 31, 2014 and 2013, respectively, investments classified as Level 1 comprise approximately 72.7% and 74.5% of assets measured at fair value on a recurring basis and primarily include redeemable preferred stock, trading securities, cash equivalents and Separate Accounts assets. Fair value measurements classified as Level 1 include exchange-traded prices of fixed maturities, equity securities and derivative contracts, and net asset values for transacting subscriptions and redemptions of mutual fund shares held by Separate Accounts. Cash equivalents classified as Level 1 include money market accounts, overnight commercial paper and highly liquid debt instruments purchased with an original maturity of three months or less, and are carried at cost as a proxy for fair value measurement due to their short-term nature. | |||||||||||||||||||||||||
At December 31, 2014 and 2013, respectively, investments classified as Level 2 comprise approximately 26.4% and 24.5% of assets measured at fair value on a recurring basis and primarily include U.S. government and agency securities and certain corporate debt securities, such as public and private fixed maturities. As market quotes generally are not readily available or accessible for these securities, their fair value measures are determined utilizing relevant information generated by market transactions involving comparable securities and often are based on model pricing techniques that effectively discount prospective cash flows to present value using appropriate sector-adjusted credit spreads commensurate with the security’s duration, also taking into consideration issuer-specific credit quality and liquidity. Segregated securities classified as Level 2 are U.S. Treasury Bills segregated by AllianceBernstein in a special reserve bank custody account for the exclusive benefit of brokerage customers, as required by Rule 15c3-3 of the Exchange Act and for which fair values are based on quoted yields in secondary markets. | |||||||||||||||||||||||||
Observable inputs generally used to measure the fair value of securities classified as Level 2 include benchmark yields, reported secondary trades, issuer spreads, benchmark securities and other reference data. Additional observable inputs are used when available, and as may be appropriate, for certain security types, such as prepayment, default, and collateral information for the purpose of measuring the fair value of mortgage- and asset-backed securities. At December 31, 2014 and 2013, respectively, approximately $821 million and $970 million of AAA-rated mortgage- and asset-backed securities are classified as Level 2 for which the observability of market inputs to their pricing models is supported by sufficient, albeit more recently contracted, market activity in these sectors. | |||||||||||||||||||||||||
The Company’s SCS and EQUI-VEST variable annuity products, the IUL product, and in the MSO fund available in some life contracts offer investment options which permit the contract owner to participate in the performance of an index, ETF or commodity price. These investment options, which depending on the product and on the index selected can currently have 1, 3, or 5 year terms, provide for participation in the performance of specified indices, ETFs or commodity price movement up to a segment-specific declared maximum rate. Under certain conditions that vary by product, e.g. holding these segments for the full term, these segments also shield policyholders from some or all negative investment performance associated with these indices, ETFs or commodity prices. These investment options have defined formulaic liability amounts, and the current values of the option component of these segment reserves are accounted for as Level 2 embedded derivatives. The fair values of these embedded derivatives are based on prices obtained from independent valuation service providers. | |||||||||||||||||||||||||
At December 31, 2014 and 2013, respectively, investments classified as Level 3 comprise approximately 1.0% and 1.0% of assets measured at fair value on a recurring basis and primarily include commercial mortgage-backed securities (“CMBS”) and corporate debt securities, such as private fixed maturities. Determinations to classify fair value measures within Level 3 of the valuation hierarchy generally are based upon the significance of the unobservable factors to the overall fair value measurement. Included in the Level 3 classification at December 31, 2014 and 2013, respectively, were approximately $135 million and $150 million of fixed maturities with indicative pricing obtained from brokers that otherwise could not be corroborated to market observable data. The Company applies various due-diligence procedures, as considered appropriate, to validate these non-binding broker quotes for reasonableness, based on its understanding of the markets, including use of internally-developed assumptions about inputs a market participant would use to price the security. In addition, approximately $770 million and $787 million of mortgage- and asset-backed securities, including CMBS, are classified as Level 3 at December 31, 2014 and 2013, respectively. The Company utilizes prices obtained from an independent valuation service vendor to measure fair value of CMBS securities. | |||||||||||||||||||||||||
The Company also issues certain benefits on its variable annuity products that are accounted for as derivatives and are also considered Level 3. The GMWB feature allows the policyholder to withdraw at minimum, over the life of the contract, an amount based on the contract’s benefit base. The GWBL feature allows the policyholder to withdraw, each year for the life of the contract, a specified annual percentage of an amount based on the contract’s benefit base. The GMAB feature increases the contract account value at the end of a specified period to a GMAB base. The GIB feature provides a lifetime annuity based on predetermined annuity purchase rates if and when the contract account value is depleted. This lifetime annuity is based on predetermined annuity purchase rates applied to a GIB base. | |||||||||||||||||||||||||
Level 3 also includes the GMIB reinsurance contract asset which is accounted for as derivative contracts. The GMIB reinsurance contract asset’s fair value reflects the present value of reinsurance premiums and recoveries and risk margins over a range of market consistent economic scenarios while the GIB and GWBL and other features related liability reflects the present value of expected future payments (benefits) less fees, adjusted for risk margins, attributable to the GIB and GWBL and other features over a range of market-consistent economic scenarios. The valuations of both the GMIB reinsurance contract asset and GIB and GWBL and other features’ liability incorporate significant non-observable assumptions related to policyholder behavior, risk margins and projections of equity Separate Account funds. The credit risks of the counterparty and of the Company are considered in determining the fair values of its GMIB reinsurance contract asset and GIB and GWBL and other features’ liability positions, respectively, after taking into account the effects of collateral arrangements. Incremental adjustment to the swap curve, adjusted for non-performance risk, is made to the resulting fair values of the GMIB reinsurance contract asset to reflect change in the claims-paying ratings of counterparties to the reinsurance treaties. After giving consideration to collateral arrangements, the Company reduced the fair value of its GMIB reinsurance contract asset by $147 million and $133 million at December 31, 2014 and 2013, respectively, to recognize incremental counterparty non-performance risk. The unadjusted swap curve was determined to reflect a level of general swap market counterparty risk; therefore, no adjustment was made for purpose of determining the fair value of the GIB and GWBL and other features’ liability embedded derivative at December 31, 2014. Equity and fixed income volatilities were modeled to reflect the current market volatility. | |||||||||||||||||||||||||
In second quarter 2014, the Company refined the fair value calculation of the GMIB reinsurance contract asset and GWBL, GIB and GMAB liabilities, utilizing scenarios that explicitly reflect risk free bond and equity components separately (previously aggregated and including counterparty risk premium embedded in swap rates) and stochastic interest rates for projecting and discounting cash flows (previously a single yield curve). The net impacts of these refinements were a $510 million increase to the GMIB reinsurance contract asset and a $37 million increase in the GWBL, GIB and GMAB liability which are reported in the Company’s consolidated statements of Earnings (Loss) as Increase (decrease) in the fair value of the reinsurance contract asset and Policyholders’ benefits, respectively. | |||||||||||||||||||||||||
In 2014, AFS fixed maturities with fair values of $82 million were transferred out of Level 3 and into Level 2 principally due to the availability of trading activity and/or market observable inputs to measure and validate their fair values. In addition, AFS fixed maturities with fair value of $15 million were transferred from Level 2 into the Level 3 classification. These transfers in the aggregate represent approximately 0.5% of total equity at December 31, 2014. | |||||||||||||||||||||||||
In 2013, AFS fixed maturities with fair values of $37 million were transferred out of Level 3 and into Level 2 principally due to the availability of trading activity and/or market observable inputs to measure and validate their fair values. In addition, AFS fixed maturities with fair value of $20 million were transferred from Level 2 into the Level 3 classification. These transfers in the aggregate represent approximately 0.4% of total equity at December 31, 2013. One of the Company’s private securities went public and as a result, $20 million was transferred from a Level 3 classification to a Level 1 classification. In 2013, $9 million was transferred from a Level 3 classification to a Level 2 classification due to merger of one of the private securities with a public company that had a trading restriction period at December 31, 2013. | |||||||||||||||||||||||||
The table below presents a reconciliation for all Level 3 assets and liabilities at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||
Level 3 Instruments | |||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||
State and | |||||||||||||||||||||||||
Political | Commercial | Residential | |||||||||||||||||||||||
Sub- | Foreign | Mortgage- | Mortgage- | Asset- | |||||||||||||||||||||
Corporate | divisions | Govts | backed | backed | backed | ||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Balance, January 1, 2014 | $ | 291 | $ | 46 | $ | - | $ | 700 | $ | 4 | $ | 83 | |||||||||||||
Total gains (losses), realized and | |||||||||||||||||||||||||
unrealized, included in: | |||||||||||||||||||||||||
Earnings (loss) as: | |||||||||||||||||||||||||
Net investment income (loss) | 2 | - | - | 2 | - | - | |||||||||||||||||||
Investment gains (losses), net | 3 | - | - | -89 | - | - | |||||||||||||||||||
Subtotal | 5 | - | - | -87 | - | - | |||||||||||||||||||
Other comprehensive income (loss) | 6 | 2 | - | 135 | - | 7 | |||||||||||||||||||
Purchases | 162 | - | - | - | - | - | |||||||||||||||||||
Sales | -30 | -1 | - | -20 | -2 | -37 | |||||||||||||||||||
Transfers into Level 3(1) | 15 | - | - | - | - | - | |||||||||||||||||||
Transfers out of Level 3(1) | -69 | - | - | -13 | - | - | |||||||||||||||||||
Balance, December 31, 2014 | $ | 380 | $ | 47 | $ | - | $ | 715 | $ | 2 | $ | 53 | |||||||||||||
Balance, January 1, 2013 | $ | 355 | $ | 50 | $ | 19 | $ | 900 | $ | 9 | $ | 113 | |||||||||||||
Total gains (losses), realized and | |||||||||||||||||||||||||
unrealized, included in: | |||||||||||||||||||||||||
Earnings (loss) as: | |||||||||||||||||||||||||
Net investment income (loss) | 2 | - | - | - | - | - | |||||||||||||||||||
Investment gains (losses), net | 5 | - | - | -68 | - | - | |||||||||||||||||||
Subtotal | $ | 7 | $ | - | $ | - | $ | -68 | $ | - | $ | - | |||||||||||||
Other comprehensive income (loss) | -1 | -3 | -2 | 13 | -1 | 3 | |||||||||||||||||||
Purchases | 70 | - | - | 31 | - | - | |||||||||||||||||||
Sales | -150 | -1 | -17 | -160 | -4 | -22 | |||||||||||||||||||
Transfers into Level 3(1) | 20 | - | - | - | - | - | |||||||||||||||||||
Transfers out of Level 3(1) | -10 | - | - | -16 | - | -11 | |||||||||||||||||||
Balance, December 31, 2013 | $ | 291 | $ | 46 | $ | - | $ | 700 | $ | 4 | $ | 83 | |||||||||||||
Level 3 Instruments | |||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||
State and | |||||||||||||||||||||||||
Political | Commercial | Residential | |||||||||||||||||||||||
Sub- | Foreign | Mortgage- | Mortgage- | Asset- | |||||||||||||||||||||
Corporate | divisions | Govts | backed | backed | backed | ||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Balance, January 1, 2012 | $ | 432 | $ | 53 | $ | 22 | $ | 902 | $ | 14 | $ | 172 | |||||||||||||
Total gains (losses), realized and | |||||||||||||||||||||||||
unrealized, included in: | |||||||||||||||||||||||||
Earnings (loss) as: | |||||||||||||||||||||||||
Net investment income (loss) | 2 | - | - | 2 | - | - | |||||||||||||||||||
Investment gains (losses), net | 4 | - | - | -105 | - | - | |||||||||||||||||||
Subtotal | 6 | - | - | -103 | - | - | |||||||||||||||||||
Other comprehensive income (loss) | 15 | -1 | - | 128 | - | 4 | |||||||||||||||||||
Purchases | - | - | - | - | - | - | |||||||||||||||||||
Sales | -47 | -2 | - | -27 | -5 | -25 | |||||||||||||||||||
Transfers into Level 3(1) | 17 | - | - | - | - | - | |||||||||||||||||||
Transfers out of Level 3(1) | -68 | - | -3 | - | - | -38 | |||||||||||||||||||
Balance, December 31, 2012 | $ | 355 | $ | 50 | $ | 19 | $ | 900 | $ | 9 | $ | 113 | |||||||||||||
Redeem- | GWBL | ||||||||||||||||||||||||
able | Other | GMIB | Separate | and Other | |||||||||||||||||||||
Preferred | Equity | Reinsurance | Accounts | Features | |||||||||||||||||||||
Stock | Investments(2) | Asset | Assets | Liability | |||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Balance, January 1, 2014 | $ | 15 | $ | 52 | $ | 6,747 | $ | 237 | $ | - | |||||||||||||||
Total gains (losses), realized and | |||||||||||||||||||||||||
unrealized, included in: | |||||||||||||||||||||||||
Earnings (loss) as: | |||||||||||||||||||||||||
Net investment income (loss) | - | 3 | - | - | - | ||||||||||||||||||||
Investment gains (losses), net | - | 1 | - | 15 | - | ||||||||||||||||||||
Increase (decrease) in the fair value | |||||||||||||||||||||||||
of reinsurance contracts | - | - | 3,774 | - | - | ||||||||||||||||||||
Policyholders' benefits | - | - | - | - | -8 | ||||||||||||||||||||
Subtotal | - | 4 | 3,774 | 15 | -8 | ||||||||||||||||||||
Other comprehensive income (loss) | - | - | - | - | - | ||||||||||||||||||||
Purchases | - | 8 | 225 | 16 | 136 | ||||||||||||||||||||
Sales | -15 | -1 | -35 | -3 | - | ||||||||||||||||||||
Settlements | - | - | - | -5 | - | ||||||||||||||||||||
Transfers into Level 3(1) | - | - | - | - | - | ||||||||||||||||||||
Transfers out of Level 3(1) | - | -2 | - | - | - | ||||||||||||||||||||
Balance, December 31, 2014 | $ | - | $ | 61 | $ | 10,711 | $ | 260 | $ | 128 | |||||||||||||||
Balance, January 1, 2013 | $ | 15 | $ | 77 | $ | 11,044 | $ | 224 | $ | 265 | |||||||||||||||
Total gains (losses), realized and | |||||||||||||||||||||||||
unrealized, included in: | |||||||||||||||||||||||||
Earnings (loss) as: | |||||||||||||||||||||||||
Net investment income (loss) | - | 10 | - | - | - | ||||||||||||||||||||
Investment gains (losses), net | - | -7 | - | 10 | - | ||||||||||||||||||||
Increase (decrease) in the fair value | |||||||||||||||||||||||||
of reinsurance contracts | - | - | -4,496 | - | - | ||||||||||||||||||||
Policyholders' benefits | - | - | - | - | -351 | ||||||||||||||||||||
Subtotal | $ | - | $ | 3 | $ | -4,496 | $ | 10 | $ | -351 | |||||||||||||||
Other comprehensive income (loss) | - | - | - | -1 | - | ||||||||||||||||||||
Purchases | - | 4 | 237 | 6 | 86 | ||||||||||||||||||||
Sales | - | -3 | -38 | -3 | - | ||||||||||||||||||||
Settlements | - | - | - | -2 | - | ||||||||||||||||||||
Transfers into Level 3(1) | - | - | - | 3 | - | ||||||||||||||||||||
Transfers out of Level 3(1) | - | -29 | - | - | - | ||||||||||||||||||||
Balance, December 31, 2013 | $ | 15 | $ | 52 | $ | 6,747 | $ | 237 | $ | - | |||||||||||||||
Redeem- | GWBL | ||||||||||||||||||||||||
able | Other | Other | GMIB | Separate | and Other | ||||||||||||||||||||
Preferred | Equity | Invested | Reinsurance | Accounts | Features | ||||||||||||||||||||
Stock | Investments(2) | Assets | Asset | Assets | Liability | ||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Balance, January 1, 2012 | $ | 14 | $ | 77 | $ | -2 | $ | 10,547 | $ | 215 | $ | 291 | |||||||||||||
Total gains (losses), realized and | |||||||||||||||||||||||||
unrealized, included in: | |||||||||||||||||||||||||
Earnings (loss) as: | |||||||||||||||||||||||||
Investment gains (losses), net | - | - | - | - | 8 | - | |||||||||||||||||||
Increase (decrease) in the fair value | |||||||||||||||||||||||||
of reinsurance contracts | - | - | - | 315 | - | - | |||||||||||||||||||
Policyholders' benefits | - | - | - | - | - | -77 | |||||||||||||||||||
Subtotal | - | - | - | 315 | 8 | -77 | |||||||||||||||||||
Other comprehensive income (loss) | 1 | - | 2 | - | - | - | |||||||||||||||||||
Purchases | - | - | - | 182 | 6 | 51 | |||||||||||||||||||
Sales | - | - | - | - | -2 | - | |||||||||||||||||||
Settlements | - | - | - | - | -3 | - | |||||||||||||||||||
Balance, December 31, 2012 | $ | 15 | $ | 77 | $ | - | $ | 11,044 | $ | 224 | $ | 265 | |||||||||||||
Transfers into/out of Level 3 classification are reflected at beginning-of-period fair values. | |||||||||||||||||||||||||
Includes Trading securities’ Level 3 amount. | |||||||||||||||||||||||||
The table below details changes in unrealized gains (losses) for 2014 and 2013 by category for Level 3 assets and liabilities still held at December 31, 2014 and 2013, respectively: | |||||||||||||||||||||||||
Earnings (Loss) | |||||||||||||||||||||||||
Increase | |||||||||||||||||||||||||
Net | Investment | (Decrease) in the | |||||||||||||||||||||||
Investment | Gains | Fair Value of | Policy- | ||||||||||||||||||||||
Income | (Losses), | Reinsurance | holders' | ||||||||||||||||||||||
(Loss) | Net | Contracts | OCI | Benefits | |||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Level 3 Instruments | |||||||||||||||||||||||||
Full Year 2014 | |||||||||||||||||||||||||
Still Held at December 31, 2014: | |||||||||||||||||||||||||
Change in unrealized gains (losses): | |||||||||||||||||||||||||
Fixed maturities, available-for-sale: | |||||||||||||||||||||||||
Corporate | $ | - | $ | - | $ | - | $ | 6 | $ | - | |||||||||||||||
State and political subdivisions | - | - | - | 2 | - | ||||||||||||||||||||
Commercial mortgage-backed | - | - | - | 112 | - | ||||||||||||||||||||
Asset-backed | - | - | - | 7 | - | ||||||||||||||||||||
Other fixed maturities, available-for-sale | - | - | - | - | - | ||||||||||||||||||||
Subtotal | $ | - | $ | - | $ | - | $ | 127 | $ | - | |||||||||||||||
GMIB reinsurance contracts | - | - | 3,964 | - | - | ||||||||||||||||||||
Separate Accounts’ assets | - | 15 | - | - | - | ||||||||||||||||||||
GWBL and other features’ liability | - | - | - | - | 128 | ||||||||||||||||||||
Total | $ | - | $ | 15 | $ | 3,964 | $ | 127 | $ | 128 | |||||||||||||||
Level 3 Instruments | |||||||||||||||||||||||||
Full Year 2013 | |||||||||||||||||||||||||
Still Held at December 31, 2013: | |||||||||||||||||||||||||
Change in unrealized gains (losses): | |||||||||||||||||||||||||
Fixed maturities, available-for-sale: | |||||||||||||||||||||||||
Corporate | $ | - | $ | - | $ | - | $ | -2 | $ | - | |||||||||||||||
State and political subdivisions | - | - | - | -4 | - | ||||||||||||||||||||
Commercial mortgage-backed | - | - | - | 6 | - | ||||||||||||||||||||
Asset-backed | - | - | - | 4 | - | ||||||||||||||||||||
Other fixed maturities, available-for-sale | - | - | - | - | - | ||||||||||||||||||||
Subtotal | $ | - | $ | - | $ | - | $ | 4 | $ | - | |||||||||||||||
GMIB reinsurance contracts | - | - | -4,297 | - | - | ||||||||||||||||||||
Separate Accounts’ assets | - | 10 | - | - | - | ||||||||||||||||||||
GWBL and other features’ liability | - | - | - | - | -265 | ||||||||||||||||||||
Total | $ | - | $ | 10 | $ | -4,297 | $ | 4 | $ | -265 | |||||||||||||||
The following table discloses quantitative information about Level 3 fair value measurements by category for assets and liabilities as of December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Fair | Valuation | Significant | |||||||||||||||||||||||
Value | Technique | Unobservable Input | Range | ||||||||||||||||||||||
Assets: | (In Millions) | ||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||
Fixed maturities, available-for-sale: | |||||||||||||||||||||||||
Corporate | $ | 75 | Matrix pricing model | Spread over the industry-specific | |||||||||||||||||||||
benchmark yield curve | 0 bps - 590 bps | ||||||||||||||||||||||||
132 | Market comparable | ||||||||||||||||||||||||
companies | Discount rate | 11.2% - 15.2% | |||||||||||||||||||||||
Asset-backed | 5 | Matrix pricing model | Spread over U.S. Treasury curve | 30 bps - 687 bps | |||||||||||||||||||||
Other equity investments | 20 | Market comparable | Revenue multiple | 2.0x - 3.5x | |||||||||||||||||||||
companies | Discount rate | 18.00% | |||||||||||||||||||||||
Discount years | 2 | ||||||||||||||||||||||||
Separate Accounts' assets | 234 | Third party appraisal | Capitalization rate | 5.20% | |||||||||||||||||||||
Exit capitalization rate | 6.20% | ||||||||||||||||||||||||
Discount rate | 7.10% | ||||||||||||||||||||||||
7 | Discounted cash flow | Spread over U.S. Treasury curve | 238 bps - 395 bps | ||||||||||||||||||||||
Gross domestic product rate | 0.0 % - 2.4 % | ||||||||||||||||||||||||
Discount factor | 1.3 % - 5.4 % | ||||||||||||||||||||||||
GMIB reinsurance contracts | 10,711 | Discounted cash flow | Lapse Rates | 1.0% - 8.0% | |||||||||||||||||||||
Withdrawal rates | 0.2% - 8.0% | ||||||||||||||||||||||||
GMIB Utilization Rates | 0.0% - 15.0% | ||||||||||||||||||||||||
Non-performance risk | 5 bps - 16 bps | ||||||||||||||||||||||||
Volatility rates - Equity | 9.0% - 34.0% | ||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
GMWB/GWBL(1) | 107 | Discounted cash flow | Lapse Rates | 1.0% - 8.0% | |||||||||||||||||||||
Withdrawal rates | 0.0% -7.0% | ||||||||||||||||||||||||
Volatility rates - Equity | 9.0% - 34.0% | ||||||||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Fair | Valuation | Significant | |||||||||||||||||||||||
Value | Technique | Unobservable Input | Range | ||||||||||||||||||||||
Assets: | (In Millions) | ||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||
Fixed maturities, available-for-sale: | |||||||||||||||||||||||||
Corporate | $ | 54 | Matrix pricing model | Spread over the industry-specific | |||||||||||||||||||||
benchmark yield curve | 125 bps - 550 bps | ||||||||||||||||||||||||
Residential mortgage-backed | 1 | Matrix pricing model | Spread over U.S. Treasury curve | 45 bps | |||||||||||||||||||||
Asset-backed | 7 | Matrix pricing model | Spread over U.S. Treasury curve | 30 bps - 687 bps | |||||||||||||||||||||
Other equity investments | 52 | Market comparable | Revenue multiple | 1.2x - 4.9x | |||||||||||||||||||||
companies | R&D multiple | 1.1x - 17.1x | |||||||||||||||||||||||
Discount rate | 18.00% | ||||||||||||||||||||||||
Discount years | 1 | ||||||||||||||||||||||||
Discount for lack of marketability | |||||||||||||||||||||||||
and risk factors | 50.0% - 60.0% | ||||||||||||||||||||||||
Separate Accounts' assets | 215 | Third party appraisal | Capitalization rate | 5.40% | |||||||||||||||||||||
Exit capitalization rate | 6.40% | ||||||||||||||||||||||||
Discount rate | 7.40% | ||||||||||||||||||||||||
11 | Discounted cash flow | Spread over U.S. Treasury curve | 256 bps - 434 bps | ||||||||||||||||||||||
Gross domestic product rate | 0.0% - 2.3% | ||||||||||||||||||||||||
Discount factor | 3.3% - 6.8% | ||||||||||||||||||||||||
GMIB reinsurance contracts | 6,747 | Discounted cash flow | Lapse Rates | 1.0% - 8.0% | |||||||||||||||||||||
Withdrawal Rates | 0.2% - 8.0% | ||||||||||||||||||||||||
GMIB Utilization Rates | 0.0% - 15.0% | ||||||||||||||||||||||||
Non-performance risk | 7 bps - 21 bps | ||||||||||||||||||||||||
Volatility rates - Equity | 20.0% - 33.0% | ||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
GMWB/GWBL (1) | 61 | Discounted cash flow | Lapse Rates | 1.0% - 8.0% | |||||||||||||||||||||
Withdrawal Rates | 0.0% - 7.0% | ||||||||||||||||||||||||
Volatility rates - Equity | 20.0% - 33.0% | ||||||||||||||||||||||||
Excludes GMAB and GIB liabilities. | |||||||||||||||||||||||||
Excluded from the tables above at December 31, 2014 and 2013, respectively, are approximately $1,045 million and $1,088 million Level 3 fair value measurements of investments for which the underlying quantitative inputs are not developed by the Company and are not readily available. The fair value measurements of these Level 3 investments comprise approximately 68.8% and 76.2% of total assets classified as Level 3 and represent only 0.7% and 0.8% of total assets measured at fair value on a recurring basis at December 31, 2014 and 2013 respectively. These investments primarily consist of certain privately placed debt securities with limited trading activity, including commercial mortgage-, residential mortgage- and asset-backed instruments, and their fair values generally reflect unadjusted prices obtained from independent valuation service providers and indicative, non-binding quotes obtained from third-party broker-dealers recognized as market participants. Significant increases or decreases in the fair value amounts received from these pricing sources may result in the Company’s reporting significantly higher or lower fair value measurements for these Level 3 investments. | |||||||||||||||||||||||||
Included in the tables above at December 31, 2014 and 2013, respectively, are approximately $207 million and $54 million fair value of privately placed, available-for-sale corporate debt securities classified as Level 3. The fair value of private placement securities is determined by application of a matrix pricing model or a market comparable company value technique, representing approximately 54.5% and 18.6% of the total fair value of Level 3 securities in the corporate fixed maturities asset class. The significant unobservable input to the matrix pricing model valuation technique is the spread over the industry-specific benchmark yield curve. Generally, an increase or decrease in spreads would lead to directionally inverse movement in the fair value measurements of these securities. The significant unobservable input to the market comparable company valuation technique is the discount rate. Generally, a significant increase (decrease) in the discount rate would result in significantly lower (higher) fair value measurements of these securities. | |||||||||||||||||||||||||
Residential mortgage-backed securities classified as Level 3 primarily consist of non-agency paper with low trading activity. Included in the tables above at December 31, 2014 and 2013, are approximately 0.0% and 25.0%, respectively, of the total fair value of these Level 3 securities that is determined by application of a matrix pricing model and for which the spread over the U.S. Treasury curve is the most significant unobservable input to the pricing result. Generally, a change in spreads would lead to directionally inverse movement in the fair value measurements of these securities. | |||||||||||||||||||||||||
Asset-backed securities classified as Level 3 primarily consist of non-agency mortgage loan trust certificates, including subprime and Alt-A paper, credit tenant loans, and equipment financings. Included in the tables above at December 31, 2014 and 2013, are approximately 9.4% and 8.4%, respectively, of the total fair value of these Level 3 securities that is determined by application of a matrix pricing model and for which the spread over the U.S. Treasury curve is the most significant unobservable input to the pricing result. Significant increases (decreases) in spreads would result in significantly lower (higher) fair value measurements. | |||||||||||||||||||||||||
Other equity investments classified as Level 3 primarily consist of private venture capital fund investments of AllianceBernstein for which fair values are adjusted to reflect expected exit values as evidenced by financing and sale transactions with third parties or when consideration of other factors, such as current company performance and market conditions, is determined by management to require valuation adjustment. Significant increase (decrease) in isolation in the underlying enterprise value to revenue multiple and enterprise value to R&D investment multiple, if applicable, would result in significantly higher (lower) fair value measurement. Significant increase (decrease) in the discount rate would result in a significantly lower (higher) fair value measurement. Significant increase (decrease) in isolation in the discount factor ascribed for lack of marketability and various risk factors would result in significantly lower (higher) fair value measurement. Changes in the discount factor generally are not correlated to changes in the value multiples. Also classified as Level 3 at December 31, 2014 and 2013, respectively, are approximately $31 million and $30 million private venture capital fund-of-fund investments of AllianceBernstein for which fair value is estimated using the capital account balances provided by the partnerships. The interests in these partnerships cannot be redeemed. As of December 31, 2014 and 2013, AllianceBernstein’s aggregate unfunded commitments to these investments were approximately $3 million and $10 million, respectively. | |||||||||||||||||||||||||
Separate Accounts’ assets classified as Level 3 in the table at December 31, 2014 and 2013, primarily consist of a private real estate fund with a fair value of approximately $234 million and $215 million, a private equity investment with a fair value of approximately $2 million and $4 million and mortgage loans with fair value of approximately $5 million and $7 million, respectively. A third party appraisal valuation technique is used to measure the fair value of the private real estate investment fund, including consideration of observable replacement cost and sales comparisons for the underlying commercial properties, as well as the results from applying a discounted cash flow approach. Significant increase (decrease) in isolation in the capitalization rate and exit capitalization rate assumptions used in the discounted cash flow approach to the appraisal value would result in a higher (lower) measure of fair value. A discounted cash flow approach is applied to determine the private equity investment for which the significant unobservable assumptions are the gross domestic product rate formula and a discount factor that takes into account various risks, including the illiquid nature of the investment. A significant increase (decrease) in the gross domestic product rate would have a directionally inverse effect on the fair value of the security. With respect to the fair value measurement of mortgage loans a discounted cash flow approach is applied, a significant increase (decrease) in the assumed spread over U.S. Treasuries would produce a lower (higher) fair value measurement. Changes in the discount rate or factor used in the valuation techniques to determine the fair values of these private equity investments and mortgage loans generally are not correlated to changes in the other significant unobservable inputs. Significant increase (decrease) in isolation in the discount rate or factor would result in significantly lower (higher) fair value measurements. The remaining Separate Accounts’ investments classified as Level 3 excluded from the table consist of mortgage- and asset-backed securities with fair values of approximately $11 million and $8 million at December 31, 2014 and $3 million and $7 million at December 31, 2013, respectively. These fair value measurements are determined using substantially the same valuation techniques as earlier described above for the Company’s General Account investments in these securities. | |||||||||||||||||||||||||
Significant unobservable inputs with respect to the fair value measurement of the Level 3 GMIB reinsurance contract asset and the Level 3 liabilities identified in the table above are developed using Company data. Validations of unobservable inputs are performed to the extent the Company has experience. When an input is changed the model is updated and the results of each step of the model are analyzed for reasonableness. | |||||||||||||||||||||||||
The significant unobservable inputs used in the fair value measurement of the Company’s GMIB reinsurance contract asset are lapse rates, withdrawal rates and GMIB utilization rates. Significant increases in GMIB utilization rates or decreases in lapse or withdrawal rates in isolation would tend to increase the GMIB reinsurance contract asset. | |||||||||||||||||||||||||
Fair value measurement of the GMIB reinsurance contract asset includes dynamic lapse and GMIB utilization assumptions whereby projected contractual lapses and GMIB utilization reflect the projected net amount of risks of the contract. As the net amount of risk of a contract increases, the assumed lapse rate decreases and the GMIB utilization increases. Increases in volatility would increase the asset. | |||||||||||||||||||||||||
The significant unobservable inputs used in the fair value measurement of the Company’s GMWB and GWBL liability are lapse rates and withdrawal rates. Significant increases in withdrawal rates or decreases in lapse rates in isolation would tend to increase these liabilities. Increases in volatility would increase these liabilities. | |||||||||||||||||||||||||
The carrying values and fair values at December 31, 2014 and 2013 for financial instruments not otherwise disclosed in Notes 3 and 12 are presented in the table below. Certain financial instruments are exempt from the requirements for fair value disclosure, such as insurance liabilities other than financial guarantees and investment contracts, limited partnerships accounted for under the equity method and pension and other postretirement obligations. | |||||||||||||||||||||||||
Carrying | Fair Value | ||||||||||||||||||||||||
Value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||
Mortgage loans on real estate | $ | 6,463 | $ | - | $ | - | $ | 6,617 | $ | 6,617 | |||||||||||||||
Loans to affiliates | 1,087 | - | 810 | 393 | 1,203 | ||||||||||||||||||||
Policyholders liabilities: Investment contracts | 2,799 | - | - | 2,941 | 2,941 | ||||||||||||||||||||
Policy loans | 3,408 | - | - | 4,406 | 4,406 | ||||||||||||||||||||
Short-term debt | 200 | - | 212 | - | 212 | ||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
Mortgage loans on real estate | $ | 5,684 | $ | - | $ | - | $ | 5,716 | $ | 5,716 | |||||||||||||||
Loans to affiliates | 1,088 | - | 800 | 398 | 1,198 | ||||||||||||||||||||
Policyholders liabilities: Investment contracts | 2,435 | - | - | 2,523 | 2,523 | ||||||||||||||||||||
Policy loans | 3,434 | - | - | 4,316 | 4,316 | ||||||||||||||||||||
Long-term debt | 200 | - | 225 | - | 225 | ||||||||||||||||||||
Loans from affiliates | 825 | - | 969 | - | 969 | ||||||||||||||||||||
Fair values for commercial and agricultural mortgage loans on real estate are measured by discounting future contractual cash flows to be received on the mortgage loan using interest rates at which loans with similar characteristics and credit quality would be made. The discount rate is derived from taking the appropriate U.S. Treasury rate with a like term to the remaining term of the loan and adding a spread reflective of the risk premium associated with the specific loan. Fair values for mortgage loans anticipated to be foreclosed and problem mortgage loans are limited to the fair value of the underlying collateral, if lower. | |||||||||||||||||||||||||
Fair values for the Company’s long-term debt are determined from quotations provided by brokers knowledgeable about these securities and internally assessed for reasonableness. The fair values of the Company’s borrowing and lending arrangements with AXA affiliated entities are determined in the same manner as for such transactions with third parties, including matrix pricing models for debt securities and discounted cash flow analysis for mortgage loans. | |||||||||||||||||||||||||
The fair value of policy loans is calculated by discounting expected cash flows based upon the U.S. treasury yield curve and historical loan repayment patterns. | |||||||||||||||||||||||||
The fair values for the Company’s association plans contracts, supplementary contracts not involving life contingencies (“SCNILC”), deferred annuities and certain annuities, which are included in Policyholder’s account balances are estimated using projected cash flows discounted at rates reflecting current market rates. Significant unobservable inputs reflected in the cash flows include lapse rates and withdrawal rates. Incremental adjustments may be made to the fair value to reflect non-performance risk. Certain other products such as Access Accounts and FHLBNY funding agreements are held at book value. |
GMDB_GMIB_GWBL_AND_NO_LAPSE_GU
GMDB, GMIB, GWBL AND NO LAPSE GUARANTEE FEATURES | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Gmdb Gmib Gwbl And No Lapse Guarantee Features [Abstract] | |||||||||||||||||||
GMDB GMIB GWBL AND NO LAPSE GUARANTEE FEATURES | 8) GMDB, GMIB, GIB, GWBL AND OTHER FEATURES AND NO LAPSE GUARANTEE FEATURES | ||||||||||||||||||
A) Variable Annuity Contracts – GMDB, GMIB, GIB and GWBL and Other Features | |||||||||||||||||||
The Company has certain variable annuity contracts with GMDB, GMIB, GIB and GWBL and other features in-force that guarantee one of the following: | |||||||||||||||||||
Return of Premium: the benefit is the greater of current account value or premiums paid (adjusted for withdrawals); | |||||||||||||||||||
Ratchet: the benefit is the greatest of current account value, premiums paid (adjusted for withdrawals), or the highest account value on any anniversary up to contractually specified ages (adjusted for withdrawals); | |||||||||||||||||||
Roll-Up: the benefit is the greater of current account value or premiums paid (adjusted for withdrawals) accumulated at contractually specified interest rates up to specified ages; | |||||||||||||||||||
Combo: the benefit is the greater of the ratchet benefit or the roll-up benefit, which may include either a five year or an annual reset; or | |||||||||||||||||||
Withdrawal: the withdrawal is guaranteed up to a maximum amount per year for life. | |||||||||||||||||||
The following table summarizes the GMDB and GMIB liabilities, before reinsurance ceded, reflected in the General Account in future policy benefits and other policyholders’ liabilities: | |||||||||||||||||||
GMDB | GMIB | Total | |||||||||||||||||
(In Millions) | |||||||||||||||||||
Balance at January 1, 2012 | $ | 1,593 | 4,130 | $ | 5,723 | ||||||||||||||
Paid guarantee benefits | -288 | -77 | -365 | ||||||||||||||||
Other changes in reserve | 467 | 508 | 975 | ||||||||||||||||
Balance at December 31, 2012 | 1,772 | 4,561 | 6,333 | ||||||||||||||||
Paid guarantee benefits | -237 | -325 | -562 | ||||||||||||||||
Other changes in reserve | 91 | -33 | 58 | ||||||||||||||||
Balance at December 31, 2013 | 1,626 | 4,203 | 5,829 | ||||||||||||||||
Paid guarantee benefits | -231 | -220 | -451 | ||||||||||||||||
Other changes in reserve | 334 | 1,661 | 1,995 | ||||||||||||||||
Balance at December 31, 2014 | $ | 1,729 | $ | 5,644 | $ | 7,373 | |||||||||||||
Related GMDB reinsurance ceded amounts were: | |||||||||||||||||||
GMDB | |||||||||||||||||||
(In Millions) | |||||||||||||||||||
Balance at January 1, 2012 | $ | 716 | |||||||||||||||||
Paid guarantee benefits | -127 | ||||||||||||||||||
Other changes in reserve | 255 | ||||||||||||||||||
Balance at December 31, 2012 | 844 | ||||||||||||||||||
Paid guarantee benefits | -109 | ||||||||||||||||||
Other changes in reserve | 56 | ||||||||||||||||||
Balance at December 31, 2013 | 791 | ||||||||||||||||||
Paid guarantee benefits | -114 | ||||||||||||||||||
Other changes in reserve | 155 | ||||||||||||||||||
Balance at December 31, 2014 | $ | 832 | |||||||||||||||||
The GMIB reinsurance contracts are considered derivatives and are reported at fair value. | |||||||||||||||||||
The December 31, 2014 values for variable annuity contracts in force on such date with GMDB and GMIB features are presented in the following table. For contracts with the GMDB feature, the net amount at risk in the event of death is the amount by which the GMDB benefits exceed related account values. For contracts with the GMIB feature, the net amount at risk in the event of annuitization is the amount by which the present value of the GMIB benefits exceeds related account values, taking into account the relationship between current annuity purchase rates and the GMIB guaranteed annuity purchase rates. Since variable annuity contracts with GMDB guarantees may also offer GMIB guarantees in the same contract, the GMDB and GMIB amounts listed are not mutually exclusive: | |||||||||||||||||||
Return of | |||||||||||||||||||
Premium | Ratchet | Roll-Up | Combo | Total | |||||||||||||||
(Dollars In Millions) | |||||||||||||||||||
GMDB: | |||||||||||||||||||
Account values invested in: | |||||||||||||||||||
General Account | $ | 13,033 | $ | 198 | $ | 85 | $ | 356 | $ | 13,672 | |||||||||
Separate Accounts | $ | 38,629 | $ | 8,632 | $ | 3,905 | $ | 36,882 | $ | 88,048 | |||||||||
Net amount at risk, gross | $ | 240 | $ | 136 | $ | 2,176 | $ | 12,224 | $ | 14,776 | |||||||||
Net amount at risk, net of | |||||||||||||||||||
amounts reinsured | $ | 240 | $ | 90 | $ | 1,454 | $ | 4,758 | $ | 6,542 | |||||||||
Average attained age of | |||||||||||||||||||
contractholders | 51 | 65 | 71 | 65.9 | 54.8 | ||||||||||||||
Percentage of contractholders | |||||||||||||||||||
over age 70 | 8.70% | 34.00% | 55.70% | 36.10% | 16.10% | ||||||||||||||
Range of contractually | |||||||||||||||||||
specified interest rates | N/A | N/A | 3% - 6% | 3% - 6.5% | 3% - 6.5% | ||||||||||||||
GMIB: | |||||||||||||||||||
Account values invested in: | |||||||||||||||||||
General Account | N/A | N/A | $ | 406 | $ | 365 | $ | 771 | |||||||||||
Separate Accounts | N/A | N/A | $ | 12,271 | $ | 45,813 | $ | 58,084 | |||||||||||
Net amount at risk, gross | N/A | N/A | $ | 1,126 | $ | 4,246 | $ | 5,372 | |||||||||||
Net amount at risk, net of | |||||||||||||||||||
amounts reinsured | N/A | N/A | $ | 342 | $ | 1,045 | $ | 1,387 | |||||||||||
Weighted average years | |||||||||||||||||||
remaining until annuitization | N/A | N/A | 1 | 2.7 | 2.6 | ||||||||||||||
Range of contractually | |||||||||||||||||||
specified interest rates | N/A | N/A | 3% - 6% | 3% - 6.5% | 3% - 6.5% | ||||||||||||||
The liability for SCS, SIO, MSO and IUL indexed features and the GIB and GWBL and other features, not included above, was $508 million and $346 million at December 31, 2014 and 2013, respectively, which are accounted for as embedded derivatives. The liability for GIB, GWBL and other features reflects the present value of expected future payments (benefits) less the fees attributable to these features over a range of market consistent economic scenarios. The liability for SCS, SIO, MSO and IUL reflects the present value of expected future payments assuming the segments are held to maturity. | |||||||||||||||||||
The Company continues to proactively manage the risks associated with its in-force business, particularly variable annuities with guarantee features. For example, in third quarter 2014, the Company’s program to purchase from certain policyholders the GMDB and GMIB riders contained in their Accumulator® contracts expired. The Company believes that this program was mutually beneficial to both the Company and policyholders, who no longer needed or wanted the GMDB and GMIB rider. As a result of this program, the Company is assuming a change in the short term behavior of remaining policyholders, as those who did not accept are assumed to be less likely to surrender their contract over the short term. | |||||||||||||||||||
Due to the differences in accounting recognition between the fair value of the reinsurance contract asset, the gross reserves and DAC, the net impact of the buyback was a $29 million and $20 million decrease to Net earnings in 2014 and 2013 respectively. For additional information, see “Accounting for Variable Annuities with GMDB and GMIB Features” in Note 2. | |||||||||||||||||||
B) Separate Account Investments by Investment Category Underlying GMDB and GMIB Features | |||||||||||||||||||
The total account values of variable annuity contracts with GMDB and GMIB features include amounts allocated to the guaranteed interest option, which is part of the General Account and variable investment options that invest through Separate Accounts in variable insurance trusts. The following table presents the aggregate fair value of assets, by major investment category, held by Separate Accounts that support variable annuity contracts with GMDB and GMIB benefits and guarantees. The investment performance of the assets impacts the related account values and, consequently, the net amount of risk associated with the GMDB and GMIB benefits and guarantees. Since variable annuity contracts with GMDB benefits and guarantees may also offer GMIB benefits and guarantees in each contract, the GMDB and GMIB amounts listed are not mutually exclusive: | |||||||||||||||||||
Investment in Variable Insurance Trust Mutual Funds | |||||||||||||||||||
December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
(In Millions) | |||||||||||||||||||
GMDB: | |||||||||||||||||||
Equity | $ | 67,108 | $ | 64,035 | |||||||||||||||
Fixed income | 3,031 | 3,330 | |||||||||||||||||
Balanced | 17,505 | 19,237 | |||||||||||||||||
Other | 404 | 496 | |||||||||||||||||
Total | $ | 88,048 | $ | 87,098 | |||||||||||||||
GMIB: | |||||||||||||||||||
Equity | $ | 43,850 | $ | 41,603 | |||||||||||||||
Fixed income | 1,988 | 2,208 | |||||||||||||||||
Balanced | 12,060 | 13,401 | |||||||||||||||||
Other | 186 | 246 | |||||||||||||||||
Total | $ | 58,084 | $ | 57,458 | |||||||||||||||
C) Hedging Programs for GMDB, GMIB, GIB and GWBL and Other Features | |||||||||||||||||||
Beginning in 2003, AXA Equitable established a program intended to hedge certain risks associated first with the GMDB feature and, beginning in 2004, with the GMIB feature of the Accumulator® series of variable annuity products. The program has also been extended to cover other guaranteed benefits as they have been made available. This program utilizes derivative contracts, such as exchange-traded equity, currency and interest rate futures contracts, total return and/or equity swaps, interest rate swap and floor contracts, swaptions, variance swaps as well as equity options, that collectively are managed in an effort to reduce the economic impact of unfavorable changes in guaranteed benefits’ exposures attributable to movements in the equity and fixed income markets. At the present time, this program hedges certain economic risks on products sold from 2001 forward, to the extent such risks are not reinsured. At December 31, 2014, the total account value and net amount at risk of the hedged variable annuity contracts were $51,411 million and $5,408 million, respectively, with the GMDB feature and $35,717 million and $1,188 million, respectively, with the GMIB and GIB feature. | |||||||||||||||||||
These programs do not qualify for hedge accounting treatment. Therefore, gains (losses) on the derivatives contracts used in these programs, including current period changes in fair value, are recognized in net investment income (loss) in the period in which they occur, and may contribute to earnings (loss) volatility. | |||||||||||||||||||
D) Variable and Interest-Sensitive Life Insurance Policies - No Lapse Guarantee | |||||||||||||||||||
The no lapse guarantee feature contained in variable and interest-sensitive life insurance policies keeps them in force in situations where the policy value is not sufficient to cover monthly charges then due. The no lapse guarantee remains in effect so long as the policy meets a contractually specified premium funding test and certain other requirements. | |||||||||||||||||||
The following table summarizes the no lapse guarantee liabilities reflected in the General Account in Future policy benefits and other policyholders’ liabilities, and the related reinsurance ceded. | |||||||||||||||||||
Reinsurance | |||||||||||||||||||
Direct Liability | Ceded | Net | |||||||||||||||||
(In Millions) | |||||||||||||||||||
Balance at January 1, 2012 | $ | 470 | -262 | $ | 208 | ||||||||||||||
Other changes in reserves | 86 | -48 | 38 | ||||||||||||||||
Balance at December 31, 2012 | 556 | -310 | 246 | ||||||||||||||||
Other changes in reserves | 273 | -131 | 142 | ||||||||||||||||
Balance at December 31, 2013 | 829 | -441 | 388 | ||||||||||||||||
Other changes in reserves | 135 | -114 | 21 | ||||||||||||||||
Balance at December 31, 2014 | $ | 964 | $ | -555 | $ | 409 |
REINSURANCE_AGREEMENTS
REINSURANCE AGREEMENTS | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Reinsurance Agreements [Abstract] | |||||||||||
REINSURANCE AGREEMENTS | 9) REINSURANCE AGREEMENTS | ||||||||||
The Company assumes and cedes reinsurance with other insurance companies. The Company evaluates the financial condition of its reinsurers to minimize its exposure to significant losses from reinsurer insolvencies. Ceded reinsurance does not relieve the originating insurer of liability. | |||||||||||
The Company reinsures most of its new variable life, UL and term life policies on an excess of retention basis. The Insurance Group maintains a maximum retention on each single-life policy of $25 million and on each second-to-die policy of $30 million with the excess 100% reinsured. The Company also reinsures the entire risk on certain substandard underwriting risks and in certain other cases. | |||||||||||
At December 31, 2014, the Company had reinsured with non-affiliates and affiliates in the aggregate approximately 4.9% and 50.7%, respectively, of its current exposure to the GMDB obligation on annuity contracts in-force and, subject to certain maximum amounts or caps in any one period, approximately 22.2% and 51.9%, respectively, of its current liability exposure resulting from the GMIB feature. See Note 8. | |||||||||||
Based on management's estimates of future contract cash flows and experience, the fair values of the GMIB reinsurance contracts, considered derivatives at December 31, 2014 and 2013 were $10,711 million and $6,747 million, respectively. The increases (decreases) in fair value were $3,964 million, $(4,297) million and $497 million for 2014, 2013 and 2012, respectively. | |||||||||||
At December 31, 2014 and 2013, respectively, third-party reinsurance recoverables related to insurance contracts amounted to $2,367 million and $2,379 million, of which $2,069 million and $2,073 million related to three specific reinsurers which were Zurich Insurance Company, Ltd. ( AA- rating), Paul Revere Life Insurance Company (A rating) and Connecticut General Life Insurance Company (A+ rating). At December 31, 2014 and 2013, affiliated reinsurance recoverables related to insurance contracts amounted to $1,684 million and $1,555 million, respectively. A contingent liability exists with respect to reinsurance should the reinsurers be unable to meet their obligations. The Insurance Group evaluates the financial condition of its reinsurers in an effort to minimize its exposure to significant losses from reinsurer insolvencies. | |||||||||||
Reinsurance payables related to insurance contracts totaling $72 million and $70 million are included in other liabilities in the consolidated balance sheets at December 31, 2014 and 2013, respectively. | |||||||||||
The Insurance Group cedes substantially all of its group life and health business to a third party insurer. Insurance liabilities ceded totaled $110 million and $143 million at December 31, 2014 and 2013, respectively. | |||||||||||
The Insurance Group also cedes a portion of its extended term insurance and paid-up life insurance and substantially all of its individual disability income business through various coinsurance agreements. | |||||||||||
The Insurance Group has also assumed accident, health, annuity, aviation and space risks by participating in or reinsuring various reinsurance pools and arrangements. In addition to the sale of insurance products, the Insurance Group currently acts as a professional retrocessionaire by assuming life reinsurance from professional reinsurers. Reinsurance assumed reserves at December 31, 2014 and 2013 were $757 million and $709 million, respectively. | |||||||||||
The following table summarizes the effect of reinsurance: | |||||||||||
2014 | 2013 | 2012 | |||||||||
(In Millions) | |||||||||||
Direct premiums | $ | 844 | $ | 848 | $ | 873 | |||||
Reinsurance assumed | 211 | 213 | 219 | ||||||||
Reinsurance ceded | -541 | -565 | -578 | ||||||||
Premiums | $ | 514 | $ | 496 | $ | 514 | |||||
Universal Life and Investment-type Product Policy Fee Income Ceded | $ | 270 | $ | 247 | $ | 234 | |||||
Policyholders' Benefits Ceded | $ | 726 | $ | 703 | $ | 667 | |||||
Individual Disability Income and Major Medical | |||||||||||
Claim reserves and associated liabilities net of reinsurance ceded for individual DI and major medical policies were $78 million and $79 million at December 31, 2014 and 2013, respectively. At December 31, 2014 and 2013, respectively, $1,714 million and $1,687 million of DI reserves and associated liabilities were ceded through indemnity reinsurance agreements with a singular reinsurance group, rated AA-. Net incurred benefits (benefits paid plus changes in claim reserves) and benefits paid for individual DI and major medical policies are summarized below: | |||||||||||
2014 | 2013 | 2012 | |||||||||
(In Millions) | |||||||||||
Incurred benefits related to current year | $ | 14 | $ | 15 | $ | 16 | |||||
Incurred benefits related to prior years | 16 | 10 | 14 | ||||||||
Total Incurred Benefits | $ | 30 | $ | 25 | $ | 30 | |||||
Benefits paid related to current year | $ | 20 | $ | 19 | $ | 21 | |||||
Benefits paid related to prior years | 11 | 13 | 16 | ||||||||
Total Benefits Paid | $ | 31 | $ | 32 | $ | 37 |
SHORTTERM_AND_LONGTERM_DEBT
SHORT-TERM AND LONG-TERM DEBT | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Short Term And Long Term Debt [Abstract] | |||||||||
SHORT TERM AND LONG TERM DEBT | 10) SHORT-TERM AND LONG-TERM DEBT | ||||||||
Short-term and long-term debt consists of the following: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(In Millions) | |||||||||
Short-term debt: | |||||||||
AllianceBernstein: | |||||||||
Commercial paper (with interest rates of 0.3% and 0.3%) | $ | 489 | $ | 268 | |||||
AXA Equitable: | |||||||||
Surplus Notes, 7.7%, due 2015 | 200 | - | |||||||
Total short-term debt | 689 | 268 | |||||||
Long-term debt: | |||||||||
AXA Equitable: | |||||||||
Surplus Notes, 7.7%, due 2015 | - | 200 | |||||||
Total long-term debt | - | 200 | |||||||
Total short-term and long-term debt | 689 | 468 | |||||||
Short-term Debt | |||||||||
AllianceBernstein has a $1,000 million committed, unsecured senior revolving credit facility (“AB Credit Facility”) with a group of commercial banks and other lenders. The AB Credit Facility provides for possible increases in the principal amount by up to an aggregate incremental amount of $250 million, any such increase being subject to the consent of the affected lenders. The AB Credit Facility is available for AllianceBernstein’s and SCB LLC’s business purposes, including the support of AllianceBernstein’s $1,000 million commercial paper program. Both AllianceBernstein and SCB LLC can draw directly under the AB Credit Facility and management may draw on the AB Credit Facility from time to time. AllianceBernstein has agreed to guarantee the obligations of SCB LLC under the AB Credit Facility. | |||||||||
The AB Credit Facility contains affirmative, negative and financial covenants, which are customary for facilities of this type, including, among other things, restrictions on dispositions of assets, restrictions on liens, a minimum interest coverage ratio and a maximum leverage ratio. As of December 31, 2014, AllianceBernstein and SCB LLC were in compliance with these covenants. The AB Credit Facility also includes customary events of default (with customary grace periods, as applicable), including provisions under which, upon the occurrence of an event of default, all outstanding loans may be accelerated and/or lender’s commitments may be terminated. Also, under such provisions, upon the occurrence of certain insolvency- or bankruptcy-related events of default, all amounts payable under the AB Credit Facility automatically would become immediately due and payable, and the lender’s commitments automatically would terminate. | |||||||||
On October 22, 2014, as part of an amendment and restatement, the maturity date of the AB Credit Facility was extended from January 17, 2017 to October 22, 2019. There were no other significant changes included in the amendment. | |||||||||
As of December 31, 2014 and 2013, AllianceBernstein and SCB LLC had no amounts outstanding under the AB Credit Facility. During 2014 and 2013, AllianceBernstein and SCB LLC did not draw upon the Credit Facility. | |||||||||
In addition, SCB LLC has five uncommitted lines of credit with four financial institutions. Two of these lines of credit permit SCB LLC to borrow up to an aggregate of approximately $200 million, with AllianceBernstein named as an additional borrower, while three lines have no stated limit. As of December 31, 2014 and 2013, SCB LLC had no bank loans outstanding. | |||||||||
Long-term Debt | |||||||||
At December 31, 2014, the Company did not have any long-term debt outstanding. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Related Party Transactions [Abstract] | |||||||||||
RELATED PARTY TRANSACTIONS | 11) RELATED PARTY TRANSACTIONS | ||||||||||
Loans to Affiliates | |||||||||||
In September 2007, AXA issued a $650 million 5.4% Senior Unsecured Note to AXA Equitable. The note pays interest semi-annually and was scheduled to mature on September 30, 2012. In March 2011, the maturity date of the note was extended to December 30, 2020 and the interest rate was increased to 5.7%. | |||||||||||
In June 2009, AXA Equitable sold real estate property valued at $1,100 million to a non-insurance subsidiary of AXA Financial in exchange for $700 million in cash and $400 million in 8.0% ten year term mortgage notes on the property reported in Loans to affiliates in the consolidated balance sheets. In November 2014, this loan was refinanced and a new $382 million, seven year term loan with an interest rate of 4.0% was issued. | |||||||||||
In third quarter 2013, AXA Equitable purchased, at fair value, AXA Arizona's $50 million note receivable from AXA for $56 million. This note pays interest semi-annually at an interest rate of 5.4% and matures on December 15, 2020. | |||||||||||
Loans from Affiliates | |||||||||||
In 2005, AXA Equitable issued a surplus note to AXA Financial in the amount of $325 million with an interest rate of 6.0% and was scheduled to mature on December 1, 2035. In December 2014, AXA Equitable repaid this note at par value plus interest accrued of $1 million to AXA Financial. | |||||||||||
In December 2008, AXA Equitable issued a $500 million callable 7.1% surplus note to AXA Financial. The note pays interest semi-annually and was scheduled to mature on December 1, 2018. In June 2014, AXA Equitable repaid this note at par value plus interest accrued of $3 million to AXA Financial. | |||||||||||
Other Transactions | |||||||||||
In third quarter 2013, AXA Equitable purchased, at fair value, MONY Life Insurance Company’s (“MONY Life”), equity interest in limited partnerships for $53 million and MONY Life’s CMBS portfolio for $31 million. MONY Life was a subsidiary of AXA Financial through October 1, 2013. | |||||||||||
In October 2012, AXA Equitable sold its 50% interest in a real estate joint venture supporting the Wind-up Annuities line of business to 1285 Holdings, LLC, a non-insurance subsidiary of AXA Financial in exchange for $402 million in cash. The $195 million after-tax excess of the real estate joint venture’s fair value over its carrying value has been accounted for as a capital contribution to AXA Equitable. In connection with this sale, the Company recognized a $226 million pre-tax premium deficiency reserve related to the Wind-up Annuities line of business. | |||||||||||
In August 2012, the Company purchased agricultural mortgage loans from MONY Life and MONY Life Insurance Company of America (“MLOA”), a subsidiary of AXA Financial, for a purchase price of $109 million. | |||||||||||
The Company reimburses AXA Financial for expenses relating to the Excess Retirement Plan, Supplemental Executive Retirement Plan and certain other employee benefit plans that provide participants with medical, life insurance, and deferred compensation benefits. Such reimbursement was based on the cost to AXA Financial of the benefits provided which totaled $29 million, $40 million and $37 million, respectively, for 2014, 2013 and 2012. | |||||||||||
In 2014, 2013 and 2012, respectively, the Company paid AXA Distribution and its subsidiaries $616 million, $621 million and $684 million of commissions and fees for sales of insurance products. The Company charged AXA Distribution’s subsidiaries $135 million, $153 million and $158 million, respectively, for their applicable share of operating expenses in 2014, 2013 and 2012, pursuant to the Agreements for Services. | |||||||||||
The Company has implemented capital management actions to mitigate statutory reserve strain for certain level term and UL policies with secondary guarantees and GMDB and GMIB riders on the Accumulator® products sold on or after January 1, 2006 and in-force at September 30, 2008 through reinsurance transactions with AXA RE Arizona Company (“AXA Arizona”), a wholly-owned subsidiary of AXA Financial. | |||||||||||
The Company currently reinsures to AXA Arizona, a 100% quota share of all liabilities for variable annuities with enhanced GMDB and GMIB riders issued on or after January 1, 2006 and in-force on September 30, 2008. AXA Arizona also reinsures a 90% quota share of level premium term insurance issued by AXA Equitable on or after March 1, 2003 through December 31, 2008 and lapse protection riders under UL insurance policies issued by AXA Equitable on or after June 1, 2003 through June 30, 2007. The reinsurance arrangements with AXA Arizona provide important capital management benefits to AXA Equitable. At December 31, 2014 and 2013, the Company’s GMIB reinsurance asset with AXA Arizona had carrying values of $8,560 million and $5,388 million, respectively, and is reported in Guaranteed minimum income benefit reinsurance asset, at fair value in the consolidated balance sheets. Ceded premiums in 2014, 2013 and 2012 related to the UL and no lapse guarantee riders totaled approximately $453 million, $474 million and $484 million, respectively. Ceded claims paid in 2014, 2013 and 2012 were $83 million, $70 million and $68 million, respectively. | |||||||||||
AXA Equitable receives statutory reserve credits for reinsurance treaties with AXA Arizona to the extent that AXA Arizona holds assets in an irrevocable trust (the “Trust”) ($8,794 million at December 31, 2014) and/or letters of credit ($3,005 million at December 31, 2014). These letters of credit are guaranteed by AXA. Under the reinsurance transactions, AXA Arizona is permitted to transfer assets from the Trust under certain circumstances. The level of statutory reserves held by AXA Arizona fluctuate based on market movements, mortality experience and policyholder behavior. Increasing reserve requirements may necessitate that additional assets be placed in trust and/or securing additional letters of credit, which could adversely impact AXA Arizona’s liquidity. | |||||||||||
Various AXA affiliates, including AXA Equitable, cede a portion of their life, health and catastrophe insurance business through reinsurance agreements to AXA Global Life beginning in 2010 (and AXA Cessions in 2009 and prior), AXA affiliated reinsurers. AXA Global Life, in turn, retrocedes a quota share portion of these risks prior to 2008 to AXA Equitable on a one-year term basis. | |||||||||||
AXA Life Insurance Company Ltd (Japan), an AXA subsidiary, cedes a portion of their annuity business to AXA Equitable. | |||||||||||
Various AXA Financial affiliates cede a portion of their life business through excess of retention treaties to AXA Equitable on a yearly renewal term basis. | |||||||||||
Premiums earned from the above mentioned affiliated reinsurance transactions in 2014, 2013 and 2012 totaled approximately $22 million, $21 million and $21 million, respectively. Claims and expenses paid in 2014, 2013 and 2012 were $10 million, $10 million and $13 million, respectively. | |||||||||||
AXA Equitable provides personnel services, employee benefits, facilities, supplies and equipment under service agreements with certain AXA Financial subsidiaries and affiliates to conduct their business. The associated costs related to the service agreement are allocated based on methods that management believes are reasonable, including a review of the nature of such costs and activities performed to support each company. As a result of such allocations, AXA Equitable was reimbursed $75 million, $148 million and $135 million for 2014, 2013 and 2012, respectively. | |||||||||||
Both AXA Equitable and AllianceBernstein, along with other AXA affiliates, participate in certain intercompany cost sharing and service agreements including technology and professional development arrangements. AXA Equitable and AllianceBernstein incurred expenses under such agreements of approximately $173 million, $165 million and $161 million in 2014, 2013 and 2012, respectively. Expense reimbursements by AXA and AXA affiliates to AXA Equitable under such agreements totaled approximately $15 million, $24 million and $26 million in 2014, 2013 and 2012, respectively. The net receivable (payable) related to these contracts was approximately $3 million and $(8) million at December 31, 2014 and 2013, respectively. | |||||||||||
Commissions, fees and other income includes certain revenues for services provided to mutual funds managed by AllianceBernstein. These revenues are described below: | |||||||||||
2014 | 2013 | 2012 | |||||||||
(In Millions) | |||||||||||
Investment advisory and services fees | $ | 1,062 | $ | 1,010 | $ | 879 | |||||
Distribution revenues | 433 | 455 | 408 | ||||||||
Other revenues - shareholder servicing fees | 91 | 91 | 89 | ||||||||
Other revenues - other | 6 | 6 | 5 |
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Employee Benefit Plans [Abstract] | |||||||||||||||||||
EMPLOYEE BENEFIT PLANS | 12) EMPLOYEE BENEFIT PLANS | ||||||||||||||||||
Pension Plans | |||||||||||||||||||
AXA Equitable sponsors a qualified defined benefit pension plan covering its eligible employees (including certain qualified part-time employees), managers and financial professionals. This pension plan is non-contributory and its benefits are generally based on a cash balance formula and/or, for certain participants, years of service and average earnings over a specified period in the plan. AXA Equitable also sponsors a non-qualified defined benefit pension plan. | |||||||||||||||||||
AXA Equitable announced in the third quarter of 2013 that benefit accruals under its qualified and non-qualified defined benefit pension plans would be discontinued after December 31, 2013. This plan curtailment resulted in a decrease in the Projected Benefit Obligation (“PBO”) of approximately $29 million, which was offset against existing deferred losses in AOCI, and recognition of a $3 million curtailment loss from accelerated recognition of existing prior service costs accumulated in OCI. A new company contribution was added to the 401(k) Plan effective January 1, 2014, in addition to the existing discretionary profit sharing contribution. AXA Equitable also provides an excess 401(k) contribution for eligible compensation over the qualified plan compensation limits under a nonqualified deferred compensation plan. | |||||||||||||||||||
AllianceBernstein maintains a qualified, non-contributory, defined benefit retirement plan covering current and former employees who were employed by AllianceBernstein in the United States prior to October 2, 2000. AllianceBernstein’s benefits are based on years of credited service and average final base salary. The Company uses a December 31 measurement date for its pension plans. | |||||||||||||||||||
For 2014, no cash contributions were made by AXA Equitable to its qualified pension plan. AllianceBernstein made a $6 million cash contribution to its qualified pension plan in 2014. The funding policy of the Company for its qualified pension plans is to satisfy its funding obligations each year in an amount not less than the minimum required by the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended by the Pension Protection Act of 2006 (the “Pension Act”), and not greater than the maximum it can deduct for Federal income tax purposes. Based on the funded status of the plans at December 31, 2014, no minimum contribution is required to be made in 2015 under ERISA, as amended by the Pension Act, but management is currently evaluating if it will make contributions during 2015. AllianceBernstein currently does not plan to make a contribution to its pension plan during 2015. | |||||||||||||||||||
Components of net periodic pension expense for the Company’s qualified plans were as follows: | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
(In Millions) | |||||||||||||||||||
Service cost | $ | 9 | $ | 40 | $ | 40 | |||||||||||||
Interest cost | 107 | 99 | 109 | ||||||||||||||||
Expected return on assets | -155 | -155 | -146 | ||||||||||||||||
Actuarial (gain) loss | 1 | 1 | 1 | ||||||||||||||||
Net amortization | 111 | 155 | 164 | ||||||||||||||||
Curtailment | - | 3 | - | ||||||||||||||||
Net Periodic Pension Expense | $ | 73 | $ | 143 | $ | 168 | |||||||||||||
Changes in the PBO of the Company’s qualified plans were comprised of: | |||||||||||||||||||
December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
(In Millions) | |||||||||||||||||||
Projected benefit obligation, beginning of year | $ | 2,463 | $ | 2,797 | |||||||||||||||
Service cost | - | 32 | |||||||||||||||||
Interest cost | 107 | 99 | |||||||||||||||||
Actuarial (gains) losses | 264 | -260 | |||||||||||||||||
Benefits paid | -177 | -176 | |||||||||||||||||
Plan amendments and curtailments | - | -29 | |||||||||||||||||
Projected Benefit Obligation, End of Year | $ | 2,657 | $ | 2,463 | |||||||||||||||
The following table discloses the change in plan assets and the funded status of the Company’s qualified pension plans: | |||||||||||||||||||
December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
(In Millions) | |||||||||||||||||||
Pension plan assets at fair value, beginning of year | $ | 2,401 | $ | 2,396 | |||||||||||||||
Actual return on plan assets | 250 | 180 | |||||||||||||||||
Contributions | 6 | 4 | |||||||||||||||||
Benefits paid and fees | -184 | -179 | |||||||||||||||||
Pension plan assets at fair value, end of year | 2,473 | 2,401 | |||||||||||||||||
PBO | 2,657 | 2,463 | |||||||||||||||||
Excess of PBO Over Pension Plan Assets | $ | -184 | $ | -62 | |||||||||||||||
Amounts recognized in the accompanying consolidated balance sheets to reflect the funded status of these plans were accrued pension costs of $184 million and $62 million at December 31, 2014 and 2013, respectively. The aggregate PBO and fair value of pension plan assets for plans with PBOs in excess of those assets were $2,657 million and $2,473 million, respectively, at December 31, 2014 and $2,463 million and $2,401 million, respectively, at December 31, 2013. The aggregate accumulated benefit obligation and fair value of pension plan assets for pension plans with accumulated benefit obligations in excess of those assets were $2,657 million and $2,473 million, respectively, at December 31, 2014 and $2,463 million and $2,401 million, respectively, at December 31, 2013. The accumulated benefit obligation for all defined benefit pension plans was $2,657 million and $2,463 million at December 31, 2014 and 2013, respectively. | |||||||||||||||||||
The following table discloses the amounts included in AOCI at December 31, 2014 and 2013 that have not yet been recognized as components of net periodic pension cost: | |||||||||||||||||||
December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
(In Millions) | |||||||||||||||||||
Unrecognized net actuarial (gain) loss | $ | 1,144 | $ | 1,181 | |||||||||||||||
Total | $ | 1,144 | $ | 1,181 | |||||||||||||||
The estimated net actuarial (gain) loss and prior service cost (credit) expected to be reclassified from AOCI and recognized as components of net periodic pension cost over the next year are $120 million and $0 million, respectively. | |||||||||||||||||||
The following table discloses the allocation of the fair value of total plan assets for the qualified pension plans of the Company at December 31, 2014 and 2013: | |||||||||||||||||||
December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
(In Millions) | |||||||||||||||||||
Fixed Maturities | 49.4 | % | 49 | % | |||||||||||||||
Equity Securities | 38.8 | 39.1 | |||||||||||||||||
Equity real estate | 9.8 | 9.3 | |||||||||||||||||
Cash and short-term investments | 1.3 | 1.9 | |||||||||||||||||
Other | 0.7 | 0.7 | |||||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||
The primary investment objective of the qualified pension plan of AXA Equitable is to maximize return on assets, giving consideration to prudent risk. Guidelines regarding the allocation of plan assets for AXA Equitable’s qualified pension plan are established by the Investment Committee established by the funded benefit plans of AXA Equitable and are designed with a long-term investment horizon. In the first quarter of 2014, AXA Equitable’s qualified pension plan discontinued its equity-hedging program at maturity of the underlying positions and modified the investment allocation strategy to target a 50%-50% mix of long-duration bonds and “return-seeking” assets, the latter to include investments in hedge funds and real estate and a 50% allocation to public equities. Plan assets were managed during 2014 to achieve the targeted 50%-50% mix at December 31, 2014 with public equities and real estate comprising return-seeking assets and an expectation for initial investments in hedge funds to begin in 2015. | |||||||||||||||||||
The following tables disclose the fair values of plan assets and their level of observability within the fair value hierarchy for the qualified pension plans of the Company at December 31, 2014 and 2013, respectively. | |||||||||||||||||||
December 31, 2014: | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Asset Categories | (In Millions) | ||||||||||||||||||
Fixed Maturities: | |||||||||||||||||||
Corporate | $ | - | $ | 833 | $ | - | $ | 833 | |||||||||||
U.S. Treasury, government and agency | - | 358 | - | 358 | |||||||||||||||
States and political subdivisions | - | 18 | - | 18 | |||||||||||||||
Other structured debt | - | 9 | 3 | 12 | |||||||||||||||
Common and preferred equity | 743 | 177 | - | 920 | |||||||||||||||
Mutual funds | 46 | - | - | 46 | |||||||||||||||
Private real estate investment funds | - | - | 1 | 1 | |||||||||||||||
Private real estate investment trusts | - | 10 | 242 | 252 | |||||||||||||||
Cash and cash equivalents | 13 | - | - | 13 | |||||||||||||||
Short-term investments | - | 20 | - | 20 | |||||||||||||||
Total | $ | 802 | $ | 1,425 | $ | 246 | $ | 2,473 | |||||||||||
December 31, 2013: | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Asset Categories | (In Millions) | ||||||||||||||||||
Fixed Maturities: | |||||||||||||||||||
Corporate | $ | - | $ | 801 | $ | - | $ | 801 | |||||||||||
U.S. Treasury, government and agency | - | 343 | - | 343 | |||||||||||||||
States and political subdivisions | - | 16 | - | 16 | |||||||||||||||
Other structured debt | - | 6 | 4 | 10 | |||||||||||||||
Common and preferred equity | 716 | 191 | - | 907 | |||||||||||||||
Mutual funds | 44 | - | - | 44 | |||||||||||||||
Private real estate investment funds | - | - | 2 | 2 | |||||||||||||||
Private real estate investment trusts | - | 11 | 220 | 231 | |||||||||||||||
Cash and cash equivalents | 1 | - | - | 1 | |||||||||||||||
Short-term investments | 23 | 23 | - | 46 | |||||||||||||||
Total | $ | 784 | $ | 1,391 | $ | 226 | $ | 2,401 | |||||||||||
At December 31, 2014, assets classified as Level 1, Level 2, and Level 3 comprise approximately 32.4%, 57.6% and 10.0%, respectively, of qualified pension plan assets. At December 31, 2013, assets classified as Level 1, Level 2 and Level 3 comprised approximately 32.7%, 57.9% and 9.4%, respectively, of qualified pension plan assets. See Note 2 for a description of the fair value hierarchy. The fair values of qualified pension plan assets are measured and ascribed to levels within the fair value hierarchy in a manner consistent with the invested assets of the Company that are measured at fair value on a recurring basis. Except for an investment of approximately $1 million in a private REIT through a pooled separate account, there are no significant concentrations of credit risk arising within or across categories of qualified pension plan assets. | |||||||||||||||||||
The table below presents a reconciliation for all Level 3 qualified pension plan assets at December 31, 2014 and 2013, respectively. | |||||||||||||||||||
Private | |||||||||||||||||||
Real Estate | Private | ||||||||||||||||||
Fixed | Investment | Investment | Common | ||||||||||||||||
Maturities(1) | Funds | Trusts | Equity | Total | |||||||||||||||
(In Millions) | |||||||||||||||||||
Balance at January 1, 2014 | $ | 4 | $ | 2 | $ | 220 | $ | - | $ | 226 | |||||||||
Actual return on plan assets: | |||||||||||||||||||
Relating to assets still held | |||||||||||||||||||
at December 31, 2014 | - | - | 22 | - | 22 | ||||||||||||||
Purchases/issues | - | - | - | - | - | ||||||||||||||
Sales/settlements | - | -1 | - | -1 | -2 | ||||||||||||||
Transfers into/out of Level 3 | - | - | - | - | - | ||||||||||||||
Balance at December 31, 2014 | $ | 4 | $ | 1 | $ | 242 | $ | -1 | $ | 246 | |||||||||
Balance at January 1, 2013 | $ | 5 | $ | 3 | $ | 197 | $ | - | $ | 205 | |||||||||
Actual return on plan assets: | |||||||||||||||||||
Relating to assets still held | |||||||||||||||||||
at December 31, 2013 | - | - | 23 | - | 23 | ||||||||||||||
Transfers into/out of Level 3 | -1 | -1 | - | - | -2 | ||||||||||||||
Balance at December 31, 2013 | $ | 4 | $ | 2 | $ | 220 | $ | - | $ | 226 | |||||||||
(1) Includes commercial mortgage- and asset-backed securities and other structured debt. | |||||||||||||||||||
The discount rate assumptions used by AXA Equitable to measure the benefits obligations and related net periodic cost of its qualified pension plans reflect the rates at which those benefits could be effectively settled. Projected nominal cash outflows to fund expected annual benefits payments under AXA Equitable’s qualified pension plan was discounted using a published high-quality bond yield curve. The discount rate used to measure the benefit obligation at December 31, 2014 and 2013 represents the level equivalent spot discount rate that produces the same aggregate present value measure of the total benefit obligation as the aforementioned discounted cash flow analysis. | |||||||||||||||||||
In 2014, AXA Equitable modified its practice for calculating the discount rate used to measure and report its defined benefit obligations primarily to change the reference high-quality bond yield curve from the Citigroup-AA curve to the Citigroup Above-Median-AA curve and to incorporate other refinements adding incremental precision to the calculation. These changes increased the resulting discount rate by 10 bps at December 31, 2014, thereby reducing the PBO of AXA Equitable’s qualified pension plan and the related charge to equity to adjust the funded status of the plan by $25 million. Had the modifications and refinements to the discount rate calculation been applied at December 31, 2013, the discount rate and measurement of the funded status of the plan would not have changed from what was previously reported. | |||||||||||||||||||
In 2014, the Society of Actuaries (“SOA”) finalized new mortality tables and a new mortality improvement scale, reflecting improved life expectancies and an expectation that trend will continue. AXA Equitable considered this new data and determined that mortality experience of the AXA Qualified Plan as well as other relevant demographics supported its retention of the existing SOA mortality tables combined with the use of a more robust improvements scale. Adoption of that modification, including projection of assumed mortality on a full generational approach, increased the December 31, 2014 unfunded PBO of AXA Equitable’s qualified pension plan and the related pre-tax charge to shareholders’ equity attributable to AXA Equitable by approximately $54 million. | |||||||||||||||||||
The following table discloses the weighted-average assumptions used to measure the Company’s pension benefit obligations and net periodic pension cost at and for the years ended December 31, 2014 and 2013. | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Discount rates: | |||||||||||||||||||
Benefit obligation | 3.6 | % | 4.5 | % | |||||||||||||||
Periodic cost | 3.6 | % | 4.5 | % | |||||||||||||||
Rates of compensation increase: | |||||||||||||||||||
Benefit obligation and periodic cost | 6 | % | 6 | % | |||||||||||||||
Expected long-term rates of return on pension plan assets (periodic cost) | 6.75 | % | 6.75 | % | |||||||||||||||
The expected long-term rate of return assumption on plan assets is based upon the target asset allocation of the plan portfolio and is determined using forward-looking assumptions in the context of historical returns and volatilities for each asset class. | |||||||||||||||||||
Prior to 1987, participants’ benefits under AXA Equitable’s qualified plan were funded through the purchase of non-participating annuity contracts from AXA Equitable. Benefit payments under these contracts were approximately $10 million, $10 million and $12 million for 2014, 2013 and 2012, respectively. | |||||||||||||||||||
The following table provides an estimate of future benefits expected to be paid in each of the next five years, beginning January 1, 2015, and in the aggregate for the five years thereafter. These estimates are based on the same assumptions used to measure the respective benefit obligations at December 31, 2014 and include benefits attributable to estimated future employee service. | |||||||||||||||||||
Pension | |||||||||||||||||||
Benefits | |||||||||||||||||||
(In Millions) | |||||||||||||||||||
2015 | $ | 188 | |||||||||||||||||
2016 | 194 | ||||||||||||||||||
2017 | 189 | ||||||||||||||||||
2018 | 186 | ||||||||||||||||||
2019 | 182 | ||||||||||||||||||
Years 2020-2024 | 841 | ||||||||||||||||||
AXA Financial Assumption | |||||||||||||||||||
Since December 31, 1999, AXA Financial has legally assumed primary liability from AXA Equitable for all current and future liabilities of AXA Equitable under certain employee benefit plans that provide participants with medical, life insurance, and deferred compensation benefits; AXA Equitable remains secondarily liable. AXA Equitable reimburses AXA Financial, Inc. for costs associated with these plans, as described in Note 11. |
SHAREBASED_AND_OTHER_COMPENSAT
SHARE-BASED AND OTHER COMPENSATION PROGRAMS | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Shared Based And Other Compensation Programs [Abstract] | ||||||||||||||||||||||||||
SHARE BASED AND OTHER COMPENSATION PROGRAMS | 13) SHARE-BASED AND OTHER COMPENSATION PROGRAMS | |||||||||||||||||||||||||
AXA and AXA Financial sponsor various share-based compensation plans for eligible employees and financial professionals of AXA Financial and its subsidiaries, including the Company. AllianceBernstein also sponsors its own unit option plans for certain of its employees. | ||||||||||||||||||||||||||
Compensations costs for 2014, 2013 and 2012 for share-based payment arrangements as further described herein are as follows: | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||||
Performance Unit/Shares | $ | 10 | $ | 43 | $ | 24 | ||||||||||||||||||||
Stock Options | 1 | 2 | 3 | |||||||||||||||||||||||
AXA Shareplan | 10 | 13 | 18 | |||||||||||||||||||||||
AXA Miles | - | - | 1 | |||||||||||||||||||||||
AllianceBernstein Stock Options | - | -4 | 1 | |||||||||||||||||||||||
AllianceBernstein Restricted Units | 171 | 286 | 148 | |||||||||||||||||||||||
Total Compensation Expenses | $ | 192 | $ | 340 | $ | 195 | ||||||||||||||||||||
U.S. employees are granted AXA ordinary share options under the Stock Option Plan for AXA Financial Employees and Associates (the “Stock Option Plan”) and are granted AXA performance units under the AXA Performance Unit Plan (the “Performance Unit Plan”). In 2014, they were granted performance shares under the AXA International Performance Share Plan 2014 (the “Performance Share Plan”). | ||||||||||||||||||||||||||
Performance Units and Performance Shares | ||||||||||||||||||||||||||
2014 Grant. On March 24, 2014, under the terms of the Performance Share Plan, AXA awarded approximately 2 million unearned performance shares to employees of AXA Equitable. The extent to which 2014-2016 cumulative performance targets measuring the performance of AXA and the insurance related businesses of AXA Financial Group are achieved will determine the number of performance shares earned, which may vary in linear formula between 0% and 130% of the number of performance shares at stake. The first tranche of the performance shares earned during this performance period will vest and be settled on the third anniversary of the award date, and the second tranche of the performance shares earned will vest and be settled on the fourth anniversary of the award date. The plan will settle in shares to all participants. In 2014, the expense associated with the March 24, 2014 grant of performance shares was approximately $9 million. | ||||||||||||||||||||||||||
Settlement of 2011 Grant in 2014. On April 3, 2014, cash distributions of approximately $26 million were made to active and former AXA Equitable employees in settlement of 986,580 performance units earned under the terms of the AXA Performance Unit Plan 2011. | ||||||||||||||||||||||||||
2013 Grant. On March 22, 2013, under the terms of the Performance Share Plan, AXA awarded approximately 2.2 million unearned performance shares to employees of AXA Equitable. The extent to which 2013-2014 cumulative performance targets measuring the performance of AXA and the insurance related businesses of AXA Financial Group are achieved will determine the number of performance shares earned, which may vary in linear formula between 0% and 130% of the number of performance shares at stake. The performance shares earned during this performance period will vest and be settled on the third anniversary of the award date. The plan will settle in shares to all participants. In 2014 and 2013, the expense associated with the March 22, 2013 grant of performance shares was approximately $2 million and $11 million, respectively. | ||||||||||||||||||||||||||
50% Settlement of 2010 Grant in 2013. On April 4, 2013, cash distributions of approximately $7 million and share distributions of approximately $49,000 were made to active and former AXA Equitable employees in settlement of 390,460 performance units, representing the remaining 50 percent of the number of performance units earned under the terms of the AXA Performance Unit Plan 2010. Cash distributions of approximately $9 million in settlement of approximately 539,000 performance units, representing the first 50 percent of the performance units earned under the terms of the AXA Performance Unit Plan 2010 were distributed in April 2012. | ||||||||||||||||||||||||||
2012 Grant. On March 16, 2012, under the terms of the AXA Performance Unit Plan 2012, AXA awarded approximately 2.3 million unearned performance units to employees of AXA Equitable. The extent to which 2012-2013 cumulative performance targets measuring the performance of AXA and the insurance related businesses of AXA Financial Group are achieved will determine the number of performance units earned, which may vary in linear formula between 0% and 130% of the number of performance units at stake. The performance units earned during this performance period will vest and be settled in cash on the third anniversary of the award date. The price used to value the performance units at settlement will be the average closing price of the AXA ordinary share for the last 20 trading days of the vesting period converted to U.S. dollars using the Euro to U.S. dollar exchange rate on March 15, 2015. In 2014, 2013 and 2012, the expense associated with the March 16, 2012 grant of performance units was approximately $0 million, $26 million and $11 million, respectively. | ||||||||||||||||||||||||||
For 2014, 2013 and 2012, the Company recognized compensation costs of $10 million, $43 million and $24 million, respectively, for performance shares and units earned to date. The change in fair value of these awards is measured by the closing price of the underlying AXA ordinary shares or AXA ADRs. The cost of performance unit and share awards, as adjusted for achievement of performance targets and pre-vesting forfeitures is attributed over the shorter of the cliff-vesting period or to the date at which retirement eligibility is achieved. The value of performance units and shares earned and reported in Other liabilities in the consolidated balance sheets at December 31, 2014 and 2013 was $84 million and $108 million, respectively. Approximately 6 million outstanding performance units and shares are at risk to achievement of 2014 performance criteria, primarily representing the performance shares grant of March 24, 2014 for which cumulative average 2014-2016 performance targets will determine the number of performance shares earned and including all of the performance unit award granted on March 22, 2013. | ||||||||||||||||||||||||||
Stock Options | ||||||||||||||||||||||||||
2014 Grant. On March 24, 2014, 395,720 options to purchase AXA ordinary shares were granted to employees of AXA Equitable under the terms of the Stock Option Plan at an exercise price of 18.68 euros. All of those options have a five-year graded vesting schedule, with one-third vesting on each of the third, fourth, and fifth anniversaries of the grant date. Of the total options awarded on March 24, 2014, 214,174 are further subject to conditional vesting terms that require the AXA ordinary share price to outperform the Euro Stoxx Insurance Index over a specified period. All of the options granted on March 24, 2014 have a ten-year term. The weighted average grant date fair value per option award was estimated at $2.89 using a Black-Scholes options pricing model with modification to measure the value of the conditional vesting feature. Key assumptions used in the valuation included expected volatility of 29.24%, a weighted average expected term of 8.2 years, an expected dividend yield of 6.38% and a risk-free interest rate of 1.54%. The total fair value of these options (net of expected forfeitures) of approximately $1 million is charged to expense over the shorter of the vesting term or the period up to the date at which the participant becomes retirement eligible. In 2014, the Company recognized expenses associated with the March 24, 2014 grant of options of approximately $345,000. | ||||||||||||||||||||||||||
2013 Grant On March 22, 2013, approximately 457,000 options to purchase AXA ordinary shares were granted to employees of AXA Equitable under the terms of the Stock Option Plan at an exercise price of 13.81 euros. All of those options have a four-year graded vesting schedule, with one-third vesting on each of the second, third, and fourth anniversaries of the grant date. Approximately 246,000 of the total options awarded on March 22, 2013 are further subject to conditional vesting terms that require the AXA ordinary share price to outperform the Euro Stoxx Insurance Index over a specified period. All of the options granted on March 22, 2013 have a ten-year term. The weighted average grant date fair value per option award was estimated at $1.79 using a Black-Scholes options pricing model with modification to measure the value of the conditional vesting feature. Key assumptions used in the valuation included expected volatility of 31.27%, a weighted average expected term of 7.7 years, an expected dividend yield of 7.52% and a risk-free interest rate of 1.34%. The total fair value of these options (net of expected forfeitures) of $818,597 is charged to expense over the shorter of the vesting term or the period up to the date at which the participant becomes retirement eligible. In 2014 and 2013, the Company recognized expenses associated with the March 22, 2013 grant of options of approximately $131,000 and $357,000, respectively. | ||||||||||||||||||||||||||
2012 Grant. On March 16, 2012, approximately 901,000 options to purchase AXA ordinary shares were granted to AXA Equitable employees under the terms of the Stock Option Plan at an exercise price of 12.22 euros. All of those options have a four-year graded vesting schedule, with one-third vesting on each of the second, third, and fourth anniversaries of the grant date. Approximately 370,000 of the total options awarded on March 16, 2012 are further subject to conditional vesting terms that require the AXA ordinary share price to outperform the Euro Stoxx Insurance Index over a specified period. All of the options granted on March 16, 2012 have a ten-year term. The weighted average grant date fair value per option award was estimated at $2.48 using a Black-Scholes options pricing model with modification to measure the value of the conditional vesting feature. Key assumptions used in the valuation included expected volatility of 39.89%, a weighted average expected term of 5.6 years, an expected dividend yield of 7.54% and a risk-free interest rate of 1.8%. The total fair value of these options (net of expected forfeitures) of approximately $2 million is charged to expense over the shorter of the vesting term or the period up to the date at which the participant becomes retirement eligible. In 2014, 2013 and 2012, respectively, the expense associated with the March 16, 2012 grant of options was approximately $192,000, $504,000 and 791,000. | ||||||||||||||||||||||||||
Shares Authorized | ||||||||||||||||||||||||||
The number of AXA ADRs or AXA ordinary shares authorized to be issued pursuant to option grants and, as further described below, restricted stock grants under The AXA Financial, Inc. 1997 Stock Incentive Plan (the “Stock Incentive Plan”) is approximately 124 million less the number of shares issued pursuant to option grants under The AXA Financial, Inc. 1991 Stock Incentive Plan (the predecessor plan to the Stock Incentive Plan). There is no limitation in the Stock Option Plan or the Equity Plan for Directors on the number of shares that may be issued pursuant to option or other grants. | ||||||||||||||||||||||||||
A summary of the activity in the AXA, AXA Financial and AllianceBernstein option plans during 2014 follows: | ||||||||||||||||||||||||||
Options Outstanding | ||||||||||||||||||||||||||
AXA Ordinary Shares | AXA ADRs(3) | AllianceBernstein Holding Units | ||||||||||||||||||||||||
Weighted | Weighted | Weighted | ||||||||||||||||||||||||
Number | Average | Number | Average | Number | Average | |||||||||||||||||||||
Outstanding | Exercise | Outstanding | Exercise | Outstanding | Exercise | |||||||||||||||||||||
(In 000's) | Price | (In 000's) | Price | (In 000's) | Price | |||||||||||||||||||||
Options outstanding at | ||||||||||||||||||||||||||
1-Jan-14 | 17,569.70 | € | 21 | 1,829.80 | $ | 23.6 | 7,074.10 | $ | 40.82 | |||||||||||||||||
Options granted | 403.1 | € | 18.16 | - | $ | - | 25.1 | $ | 22.99 | |||||||||||||||||
Options exercised | -546.4 | € | 13.42 | -590.2 | $ | 20.02 | -1,110.00 | $ | 17.08 | |||||||||||||||||
Options forfeited, net | -683.2 | € | 26.25 | -138.6 | $ | 23.39 | -24.8 | $ | 84.19 | |||||||||||||||||
Options expired/reinstated | 94.7 | - | 4.2 | - | -22 | $ | 33 | |||||||||||||||||||
Options Outstanding at | ||||||||||||||||||||||||||
31-Dec-14 | 16,837.90 | € | 21.39 | 1,105.20 | $ | 25.53 | 5,942.40 | $ | 45.03 | |||||||||||||||||
Aggregate Intrinsic | ||||||||||||||||||||||||||
Value(1) | € | - | -2 | $ | 278.9 | $ | - | -2 | ||||||||||||||||||
Weighted Average | ||||||||||||||||||||||||||
Remaining | ||||||||||||||||||||||||||
Contractual Term | ||||||||||||||||||||||||||
(in years) | 3.28 | 0.67 | 3.9 | |||||||||||||||||||||||
Options Exercisable at | ||||||||||||||||||||||||||
31-Dec-14 | 13,890.40 | € | 22.44 | 1,105.20 | $ | 25.53 | 4,949.00 | 38.12 | ||||||||||||||||||
Aggregate Intrinsic | ||||||||||||||||||||||||||
Value(1) | € | - | -2 | $ | 7,967.90 | $ | - | -2 | ||||||||||||||||||
Weighted Average | ||||||||||||||||||||||||||
Remaining | ||||||||||||||||||||||||||
Contractual Term | ||||||||||||||||||||||||||
(in years) | 2.62 | 0.67 | 3.9 | |||||||||||||||||||||||
Intrinsic value, presented in millions, is calculated as the excess of the closing market price on December 31, 2014 of the respective underlying shares over the strike prices of the option awards. | ||||||||||||||||||||||||||
The aggregate intrinsic value on options outstanding, exercisable and expected to vest is negative and is therefore presented as zero in the table above. | ||||||||||||||||||||||||||
AXA ordinary shares will be delivered to participants in lieu of AXA ADRs at exercise or maturity. | ||||||||||||||||||||||||||
Cash proceeds received from employee exercises of stock options in 2014 was $12 million. The intrinsic value related to employee exercises of stock options during 2014, 2013 and 2012 were $3 million, $14 million and $5 million respectively, resulting in amounts currently deductible for tax purposes of $1 million, $5 million, and $2 million, respectively, for the periods then ended. In 2014, 2013 and 2012, windfall tax benefits of approximately $1 million, $5 million and $2 million, respectively, resulted from employee exercises of stock option awards. | ||||||||||||||||||||||||||
At December 31, 2014, AXA Financial held approximately 6,213 AXA ordinary shares in treasury at a weighted average cost of $22.86 per share, which were designated to fund future exercises of outstanding stock. | ||||||||||||||||||||||||||
For the purpose of estimating the fair value of stock option awards, the Company applies the Black-Scholes model and attributes the result over the requisite service period using the graded-vesting method. A Monte-Carlo simulation approach was used to model the fair value of the conditional vesting feature of the awards of options to purchase AXA ordinary shares. Shown below are the relevant input assumptions used to derive the fair values of options awarded in 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||||
AXA Ordinary Shares | AllianceBernstein Holding Units | |||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||
Dividend yield | 6.38 | % | 7.52 | % | 7.54 | % | 8.4 | % | 8.0-8.3 | % | 6.2 | % | ||||||||||||||
Expected volatility | 29.24 | % | 31.27 | % | 39.89 | % | 48.9 | % | 49.7-49.8 | % | 49.2 | % | ||||||||||||||
Risk-free interest rates | 1.54 | % | 1.34 | % | 1.8 | % | 1.5 | % | 0.8-1.7 | % | 0.7 | % | ||||||||||||||
Expected life in years | 8.2 | 7.7 | 5.6 | 6 | 6 | 6 | ||||||||||||||||||||
Weighted average fair value per | ||||||||||||||||||||||||||
option at grant date | $ | 2.89 | $ | 1.79 | $ | 2.48 | $ | 4.78 | $ | 5.44 | $ | 3.67 | ||||||||||||||
For 2014, 2013 and 2012, the Company recognized compensation costs (credits) for employee stock options of $1 million, $(2) million and $4 million, respectively. As of December 31, 2014, approximately $1 million of unrecognized compensation cost related to unvested employee stock option awards, net of estimated pre-vesting forfeitures, is expected to be recognized by the Company over a weighted average period of 1.0 year. | ||||||||||||||||||||||||||
Restricted Awards | ||||||||||||||||||||||||||
Under the Stock Incentive Plan, AXA Financial grants restricted stock to employees and financial professionals of its subsidiaries. Generally, all outstanding restricted stock awards have vesting terms ranging from three to five years. Under The Equity Plan for Directors (the “Equity Plan”), AXA Financial grants non-officer directors of AXA Financial and certain subsidiaries (including AXA Equitable) restricted AXA ordinary shares (prior to 2011, AXA ADRs) and unrestricted AXA ordinary shares (prior to March 15, 2010, AXA ADRs) annually. Similarly, AllianceBernstein awards restricted AllianceBernstein Holding units to independent members of its General Partner. In addition, under its Century Club Plan, awards of restricted AllianceBernstein Holding units that vest ratably over three years are made to eligible AllianceBernstein employees whose primary responsibilities are to assist in the distribution of company-sponsored mutual funds. | ||||||||||||||||||||||||||
For 2014, 2013 and 2012, respectively, the Company recognized compensation costs of $171 million, $286 million and $148 million for awards outstanding under these restricted stock and unit award plans. The fair values of awards made under these plans are measured at the date of grant by reference to the closing price of the unrestricted shares, and the result generally is attributed over the shorter of the requisite service period, the performance period, if any, or to the date at which retirement eligibility is achieved and subsequent service no longer is required for continued vesting of the award. At December 31, 2014, approximately 19.7 million restricted shares and Holding units remain unvested. At December 31, 2014, approximately $46 million of unrecognized compensation cost related to these unvested awards, net of estimated pre-vesting forfeitures, is expected to be recognized over a weighted average period of 3.8 years. | ||||||||||||||||||||||||||
The following table summarizes unvested restricted stock activity for 2014. | ||||||||||||||||||||||||||
Weighted | ||||||||||||||||||||||||||
Shares of | Average | |||||||||||||||||||||||||
Restricted | Grant Date | |||||||||||||||||||||||||
Stock | Fair Value | |||||||||||||||||||||||||
Unvested as of January 1, 2014 | 71,379 | $ | 14.09 | |||||||||||||||||||||||
Granted | 11,819 | $ | 18.52 | |||||||||||||||||||||||
Vested | 31,738 | $ | 13.66 | |||||||||||||||||||||||
Unvested as of December 31, 2014 | 51,460 | $ | 15.37 | |||||||||||||||||||||||
Restricted stock vested in 2014, 2013 and 2012 had aggregate vesting date fair values of approximately $1 million, $1 million and $1 million, respectively. | ||||||||||||||||||||||||||
AXA Shareplan | ||||||||||||||||||||||||||
2014 AXA Shareplan. In 2014, eligible employees of participating AXA Financial subsidiaries were offered the opportunity to purchase newly issued AXA stock, subject to plan limits, under the terms of AXA Shareplan 2014. Eligible employees could have reserved a share purchase during the reservation period from September 1, 2014 through September 16, 2014 and could have canceled their reservation or elected to make a purchase for the first time during the retraction/subscription period from October 28, 2014 through October 31, 2014. The U.S. dollar purchase price was determined by applying the U.S. dollar/Euro forward exchange rate on October 23, 2014 to the discounted formula subscription price in Euros. “Investment Option A” permitted participants to purchase AXA ordinary shares at a 20% formula discounted price of $18.69 per share. “Investment Option B” permitted participants to purchase AXA ordinary shares at a 10.8% formula discounted price of $20.83 per share on a leveraged basis with a guaranteed return of initial investment plus a portion of any appreciation in the undiscounted value of the total shares purchased. For purposes of determining the amount of any appreciation, the AXA ordinary share price will be measured over a fifty-two week period preceding the scheduled end date of AXA Shareplan 2014 which is July 1, 2019. All subscriptions became binding and irrevocable on October 31, 2014. | ||||||||||||||||||||||||||
The Company recognized compensation expense of $10 million in 2014, $13 million in 2013 and $18 million in 2012 in connection with each respective year’s offering of AXA Stock under the AXA Shareplan, representing the aggregate discount provided to AXA Equitable participants for their purchase of AXA stock under each of those plans, as adjusted for the post-vesting, five-year holding period. AXA Equitable participants in AXA Shareplans 2014, 2013 and 2012 primarily invested under Investment Option B for the purchase of approximately 5 million, 5 million and 8 million AXA ordinary shares, respectively. | ||||||||||||||||||||||||||
AXA Miles Program | ||||||||||||||||||||||||||
AXA Miles Program 2012. On March 16, 2012, under the terms of the AXA Miles Program 2012, AXA granted 50 AXA ordinary shares (“AXA Miles”) to every employee and eligible financial professional of AXA Group for the purpose of enhancing long-term employee-shareholder engagement. Each AXA Mile represents a phantom share of AXA stock that will convert to an actual AXA ordinary share at the end of a four-year vesting period provided the employee or financial professional remains in the employ of the company or has retired from service. Half of each AXA Miles grant, or 25 AXA Miles, were subject to an additional vesting condition that required improvement in at least one of two AXA performance metrics in 2012 as compared to 2011 and was confirmed to have been achieved. The total fair value of these AXA Miles awards of approximately $6 million, net of expected forfeitures, is charged to expense over the shorter of the vesting term or the period up to the date at which the participant becomes retirement eligible and is updated to reflect changes in respect of the expectation for meeting the predefined performance conditions. In 2014 and 2013, respectively, the expense associated with the March 16, 2012 grant of AXA Miles was approximately $295,000 and $278,000. | ||||||||||||||||||||||||||
AllianceBernstein Long-term Incentive Compensation Plans | ||||||||||||||||||||||||||
AllianceBernstein maintains several unfunded long-term incentive compensation plans for the benefit of certain eligible employees and executives. The AllianceBernstein Capital Accumulation Plan was frozen on December 31, 1987 and no additional awards have been made, however, ACMC, LLC (“ACMC”), an indirect wholly owned subsidiary of AXA Financial, is obligated to make capital contributions to AllianceBernstein in amounts equal to benefits paid under this plan as well as other assumed contractual unfunded deferred compensation arrangements covering certain executives. Prior to changes implemented by AllianceBernstein in fourth quarter 2011, as further described below, compensation expense for the remaining active plans was recognized on a straight-line basis over the applicable vesting period. Prior to 2009, participants in these plans designated the percentages of their awards to be allocated among notional investments in Holding units or certain investment products (primarily mutual funds) sponsored by AllianceBernstein. Beginning in 2009, annual awards granted under the Amended and Restated AllianceBernstein Incentive Compensation Award Program were in the form of restricted Holding units. | ||||||||||||||||||||||||||
In fourth quarter 2011, AllianceBernstein implemented changes to AllianceBernstein’s employee long-term incentive compensation award. AllianceBernstein amended all outstanding year-end deferred incentive compensation awards of active employees (i.e., those employees employed as of December 31, 2011), so that employees who terminate their employment or are terminated without cause may continue to vest, so long as the employees do not violate the agreements and covenants set forth in the applicable award agreement, including restrictions on competition, employee and client solicitation, and a claw-back for failing to follow existing risk management policies. This amendment resulted in the immediate recognition in the fourth quarter of the cost of all unamortized deferred incentive compensation on outstanding awards from prior years that would otherwise have been expensed in future periods. | ||||||||||||||||||||||||||
In addition, awards granted in 2012 contain the same vesting provisions and, accordingly, AllianceBernstein’s annual incentive compensation expense reflect 100% of the expense associated with the deferred incentive compensation awarded in each year. This approach to expense recognition closely matches the economic cost of awarding deferred incentive compensation to the period in which the related service is performed. | ||||||||||||||||||||||||||
AllianceBernstein engages in open-market purchases of AllianceBernstein Holding L.P. (“AB Holding”) units (“Holding units”) to help fund anticipated obligations under its incentive compensation award program, for purchases of Holding units from employees and other corporate purposes. During 2014 and 2013, AllianceBernstein purchased 3.6 million and 5.2 million Holding units for $93 million and $111 million respectively. These amounts reflect open-market purchases of 0.3 million and 1.9 million Holding units for $7 million and $39 million, respectively, with the remainder relating to purchases of Holding units from employees to allow them to fulfill statutory tax requirements at the time of distribution of long-term incentive compensation awards, offset by Holding units purchased by employees as part of a distribution reinvestment election. | ||||||||||||||||||||||||||
During 2014, AllianceBernstein granted to employees and Eligible Directors 7.6 million restricted AB Holding Unit awards (including 6.6 million granted in December for 2014 year-end awards). During 2013, AllianceBernstein granted to employees and Eligible Directors 13.9 million restricted AB Holding awards (including 6.5 million granted in December 2013 for 2013 year-end awards and 6.5 million granted in January 2013 for 2012 year-end awards). Prior to third quarter 2013, AllianceBernstein funded these awards by allocating previously repurchased Holding units that had been held in its consolidated rabbi trust. In 2014, AB Holding used Holding units repurchased during the fourth quarter of 2014 and newly-issued Holding units to fund restricted Holding awards. | ||||||||||||||||||||||||||
Effective July 1, 2013, management of AllianceBernstein and AllianceBernstein Holding L.P. (“AB Holding”) retired all unallocated Holding units in AllianceBernstein’s consolidated rabbi trust. To retire such units, AllianceBernstein delivered the unallocated Holding units held in its consolidated rabbi trust to AB Holding in exchange for the same amount of AllianceBernstein units. Each entity then retired its respective units. As a result, on July 1, 2013, each of AllianceBernstein’s and AB Holding’s units outstanding decreased by approximately 13.1 million units. AllianceBernstein and AB Holding intend to retire additional units as AllianceBernstein purchases Holding units on the open market or from employees to allow them to fulfill statutory tax withholding requirements at the time of distribution of long-term incentive compensation awards, if such units are not required to fund new employee awards in the near future. If a sufficient number of Holding units is not available in the rabbi trust to fund new awards, AB Holding will issue new Holding units in exchange for newly-issued AllianceBernstein units, as was done in December 2013. | ||||||||||||||||||||||||||
The 2012 long-term incentive compensation awards allowed most employees to allocate their award between restricted Holding units and deferred cash. As a result, 6.5 million restricted Holding unit awards for the December 2012 awards were awarded and allocated as such within the consolidated rabbi trust in January. There were approximately 17.9 million unallocated Holding units remaining in the consolidated rabbi trust as of December 31, 2012. The purchases and issuances of Holding units resulted in an increase of $60 million in Capital in excess of par value during 2012 with a corresponding decrease of $60 million in Noncontrolling interest. | ||||||||||||||||||||||||||
The Company recorded compensation and benefit expenses in connection with these long-term incentive compensation plans of AllianceBernstein totaling $173 million, $156 million and $147 million for 2014, 2013 and 2012, respectively. The cost of the 2014 awards made in the form of restricted Holding units was measured, recognized, and disclosed as a share-based compensation program. | ||||||||||||||||||||||||||
On July 1, 2010, the AllianceBernstein 2010 Long Term Incentive Plan (“2010 Plan”), as amended, was established, under which various types of Holding unit-based awards have been available for grant to its employees and Eligible Directors, including restricted or phantom restricted Holding unit awards, Holding unit appreciation rights and performance awards, and options to buy Holding units. The 2010 Plan will expire on June 30, 2020 and no awards under the 2010 Plan will be made after that date. Under the 2010 Plan, the aggregate number of Holding units with respect to which awards may be granted is 60 million, including no more than 30 million newly issued Holding units. As of December 31, 2014, 273,387 options to buy Holding units had been granted and 42 million Holding units net of forfeitures, were subject to other Holding unit awards made under the 2010 Plan. Holding unit-based awards (including options) in respect of 17 million Holding units were available for grant as of December 31, 2014. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Taxes [Abstract] | |||||||||||||
INCOME TAXES | 14) INCOME TAXES | ||||||||||||
A summary of the income tax (expense) benefit in the consolidated statements of earnings (loss) follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In Millions) | |||||||||||||
Income tax (expense) benefit: | |||||||||||||
Current (expense) benefit | $ | -552 | $ | 197 | $ | -233 | |||||||
Deferred (expense) benefit | -1,143 | 1,876 | 391 | ||||||||||
Total | $ | -1,695 | $ | 2,073 | $ | 158 | |||||||
The Federal income taxes attributable to consolidated operations are different from the amounts determined by multiplying the earnings before income taxes and noncontrolling interest by the expected Federal income tax rate of 35%. The sources of the difference and their tax effects are as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In Millions) | |||||||||||||
Expected income tax (expense) benefit | $ | -2,140 | $ | 1,858 | $ | -20 | |||||||
Noncontrolling interest | 119 | 101 | 37 | ||||||||||
Separate Accounts investment activity | 116 | 122 | 94 | ||||||||||
Non-taxable investment income (loss) | 12 | 20 | 24 | ||||||||||
Tax audit interest | -6 | -14 | -2 | ||||||||||
State income taxes | -4 | -6 | 7 | ||||||||||
AllianceBernstein Federal and foreign taxes | 4 | 2 | 10 | ||||||||||
Tax settlement | 212 | - | - | ||||||||||
Other | -8 | -10 | 8 | ||||||||||
Income tax (expense) benefit | $ | -1,695 | $ | 2,073 | $ | 158 | |||||||
In second quarter 2014 the Company recognized a tax benefit of $212 million related to settlement of the IRS audit for tax years 2006 and 2007. | |||||||||||||
In February 2014, the IRS released Revenue Ruling 2014-7, eliminating the IRS’ previous guidance related to the methodology to be followed in calculating the Separate Account dividends received deduction (“DRD”). However, there remains the possibility that the IRS and the U.S. Treasury will address, through subsequent guidance, the issues previously raised related to the calculation of the DRD. The ultimate timing and substance of any such guidance is unknown. It is also possible that the calculation of the Separate Account DRD will be addressed in future legislation. Any such guidance or legislation could result in the elimination or reduction on either a retroactive or prospective basis of the Separate Account DRD tax benefit that the Company receives. | |||||||||||||
The components of the net deferred income taxes are as follows: | |||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||
(In Millions) | |||||||||||||
Compensation and related benefits | $ | 150 | $ | - | $ | 104 | $ | - | |||||
Reserves and reinsurance | - | 1,785 | - | 688 | |||||||||
DAC | - | 1,162 | - | 1,016 | |||||||||
Unrealized investment gains or losses | - | 614 | - | 85 | |||||||||
Investments | - | 1,490 | - | 1,410 | |||||||||
Net operating losses and credits | 512 | - | 492 | - | |||||||||
Other | 112 | - | 7 | - | |||||||||
Total | $ | 774 | $ | 5,051 | $ | 603 | $ | 3,199 | |||||
As of December 31, 2014, the Company had $512 million of AMT credits which do not expire. | |||||||||||||
The Company does not provide income taxes on the undistributed earnings of non-U.S. corporate subsidiaries except to the extent that such earnings are not permanently invested outside the United States. As of December 31, 2014, $264 million of accumulated undistributed earnings of non-U.S. corporate subsidiaries were permanently invested outside the United States. At existing applicable income tax rates, additional taxes of approximately $106 million would need to be provided if such earnings were remitted. | |||||||||||||
At December 31, 2014 and 2013, of the total amount of unrecognized tax benefits $397 million and $568 million, respectively, would affect the effective rate. | |||||||||||||
The Company recognizes accrued interest and penalties related to unrecognized tax benefits in tax expense. Interest and penalties included in the amounts of unrecognized tax benefits at December 31, 2014 and 2013 were $77 million and $120 million, respectively. For 2014, 2013 and 2012, respectively, there were $43 million, $15 million and $4 million in interest expense related to unrecognized tax benefits. | |||||||||||||
A reconciliation of unrecognized tax benefits (excluding interest and penalties) follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In Millions) | |||||||||||||
Balance at January 1, | $ | 592 | $ | 573 | $ | 453 | |||||||
Additions for tax positions of prior years | 56 | 57 | 740 | ||||||||||
Reductions for tax positions of prior years | -181 | -38 | -620 | ||||||||||
Additions for tax positions of current year | 8 | - | - | ||||||||||
Balance at December 31, | $ | 475 | $ | 592 | $ | 573 | |||||||
During the second quarter of 2014, the IRS completed its examination of the Company’s 2006 and 2007 Federal corporate income tax returns and issued its Revenue Agent’s Report. An appeal of the 2004 and 2005 tax years is pending at the Appeals Office of the IRS. It is reasonably possible that the total amounts of unrecognized tax benefit will change within the next 12 months due to the conclusion of IRS proceedings and the addition of new issues for open tax years. The possible change in the amount of unrecognized tax benefits cannot be estimated at this time. |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accumulated Other Comprehensive Income Loss [Abstract] | |||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS | 15) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||
AOCI represents cumulative gains (losses) on items that are not reflected in earnings (loss). The balances for the past three years follow: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In Millions) | |||||||||||||
Unrealized gains (losses) on investments | $ | 1,089 | $ | 141 | $ | 1,352 | |||||||
Defined benefit pension plans | -780 | -757 | -1,056 | ||||||||||
Total accumulated other comprehensive income (loss) | 309 | -616 | 296 | ||||||||||
Less: Accumulated other comprehensive (income) loss attributable | |||||||||||||
to noncontrolling interest | 42 | 13 | 21 | ||||||||||
Accumulated Other Comprehensive Income (Loss) Attributable | |||||||||||||
to AXA Equitable | $ | 351 | $ | -603 | $ | 317 | |||||||
The components of OCI for the past three years, net of tax, follow: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In Millions) | |||||||||||||
Change in net unrealized gains (losses) on investments: | |||||||||||||
Net unrealized gains (losses) arising during the year | $ | 1,043 | $ | -1,550 | $ | 658 | |||||||
(Gains) losses reclassified into net earnings (loss) during the year(1) | 37 | 49 | 59 | ||||||||||
Net unrealized gains (losses) on investments | 1,080 | -1,501 | 717 | ||||||||||
Adjustments for policyholders liabilities, DAC, insurance | |||||||||||||
liability loss recognition and other | -132 | 290 | -137 | ||||||||||
Change in unrealized gains (losses), net of adjustments and (net of deferred | |||||||||||||
income tax expense (benefit) of $529, $(654) and $318) | 948 | -1,211 | 580 | ||||||||||
Change in defined benefit plans: | |||||||||||||
Net gain (loss) arising during the year | -95 | 198 | -82 | ||||||||||
Prior service cost arising during the year | - | - | 1 | ||||||||||
Less: reclassification adjustments to net earnings (loss) for:(2) | |||||||||||||
Amortization of net (gains) losses included in net periodic cost | 72 | 101 | 106 | ||||||||||
Amortization of net prior service credit included in net periodic cost | - | - | 1 | ||||||||||
Change in defined benefit plans (net of deferred income tax expense | |||||||||||||
(benefit) of $(15), $161 and $14) | -23 | 299 | 26 | ||||||||||
Total other comprehensive income (loss), net of income taxes | 925 | -912 | 606 | ||||||||||
Less: Other comprehensive (income) loss attributable | |||||||||||||
to noncontrolling interest | 29 | -8 | 8 | ||||||||||
Other Comprehensive Income (Loss) Attributable to AXA Equitable | $ | 954 | $ | -920 | $ | 614 | |||||||
See “Reclassification adjustments” in Note 3. Reclassification amounts presented net of income tax expense (benefit) of $(19) million, $(26) million and $(32) million for 2014, 2013 and 2012, respectively. | |||||||||||||
These AOCI components are included in the computation of net periodic costs (see Note 12). Reclassification amounts presented net of income tax expense (benefit) of $(39) million, $(54) million and $(58) million for 2014, 2013 and 2012, respectively. | |||||||||||||
Investment gains and losses reclassified from AOCI to net earnings (loss) primarily consist of realized gains (losses) on sales and OTTI of AFS securities and are included in Total investment gains (losses), net on the consolidated statements of earnings (loss). Amounts reclassified from AOCI to net earnings (loss) as related to defined benefit plans primarily consist of amortizations of net (gains) losses and net prior service cost (credit) recognized as a component of net periodic cost and reported in Compensation and benefit expenses in the consolidated statements of earnings (loss). Amounts presented in the table above are net of tax. |
COMMITMENTS_AND_CONTINGENT_LIA
COMMITMENTS AND CONTINGENT LIABILITIES | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Commitments And Contingent Liabilities [Abstract] | ||||||||||
COMMITMENTS AND CONTINGENT LIABILITIES | 16) COMMITMENTS AND CONTINGENT LIABILITIES | |||||||||
Debt Maturities | ||||||||||
At December 31, 2014, aggregate maturities of the long-term debt, including any current portion of long-term debt, based on required principal payments at maturity, were $200 million for 2015 and $0 million for 2017 and thereafter. | ||||||||||
Leases | ||||||||||
The Company has entered into operating leases for office space and certain other assets, principally information technology equipment and office furniture and equipment. Future minimum payments under non-cancelable operating leases for 2015 and the four successive years are $211 million, $212 million, $209 million, $195 million, $184 million and $1,081 million thereafter. Minimum future sublease rental income on these non-cancelable operating leases for 2015 and the four successive years is $53 million, $55 million, $54 million, $53 million, $53 million and $153 million thereafter. | ||||||||||
Restructuring | ||||||||||
As part of the Company’s on-going efforts to reduce costs and operate more efficiently, from time to time, management has approved and initiated plans to reduce headcount and relocate certain operations. In 2014, 2013 and 2012, respectively, AXA Equitable recorded $42 million, $85 million and $30 million pre-tax charges related to severance and lease costs. The amounts recorded in 2014 and 2013 included pre-tax charges of $25 million and $52 million, respectively, related to the reduction in office space in the Company’s 1290 Avenue of the Americas, New York, NY headquarters. The restructuring costs and liabilities associated with the Company’s initiatives were as follows: | ||||||||||
December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
(In Millions) | ||||||||||
Balance, beginning of year | $ | 122 | $ | 52 | $ | 44 | ||||
Additions | 21 | 140 | 54 | |||||||
Cash payments | -24 | -66 | -46 | |||||||
Other reductions | -6 | -4 | - | |||||||
Balance, End of Year | $ | 113 | $ | 122 | $ | 52 | ||||
As a result of AllianceBernstein’s ongoing efforts to operate more efficiently during 2014, 2013 and 2012, respectively, AllianceBernstein recorded a $6 million, $4 million and $21 million pre-tax charge related to severance costs. During 2013 and 2012, AllianceBernstein recorded $28 million and $223 million, respectively, of pre-tax real estate charges related to a global office space consolidation plan. The charges reflected the net present value of the difference between the amount of AllianceBernstein’s on-going contractual operating lease obligations for this space and their estimate of current market rental rates, as well as the write-off of leasehold improvements, furniture and equipment related to this space offset by changes in estimates relating to previously recorded real estate charges. Included in the 2013 real estate charge was a charge of $17 million related to additional sublease losses resulting from the extension of sublease marketing periods. AllianceBernstein will compare current sublease market conditions to those assumed in their initial write-offs and record any adjustments if necessary. | ||||||||||
Guarantees and Other Commitments | ||||||||||
The Company provides certain guarantees or commitments to affiliates and others. At December 31, 2014, these arrangements include commitments by the Company to provide equity financing of $476 million to certain limited partnerships under certain conditions. Management believes the Company will not incur material losses as a result of these commitments. | ||||||||||
AXA Equitable is the obligor under certain structured settlement agreements it had entered into with unaffiliated insurance companies and beneficiaries. To satisfy its obligations under these agreements, AXA Equitable owns single premium annuities issued by previously wholly owned life insurance subsidiaries. AXA Equitable has directed payment under these annuities to be made directly to the beneficiaries under the structured settlement agreements. A contingent liability exists with respect to these agreements should the previously wholly owned subsidiaries be unable to meet their obligations. Management believes the need for AXA Equitable to satisfy those obligations is remote. | ||||||||||
The Company had $16 million of undrawn letters of credit related to reinsurance at December 31, 2014. The Company had $498 million of commitments under existing mortgage loan agreements at December 31, 2014. | ||||||||||
During 2009, AllianceBernstein entered into a subscription agreement under which it committed to invest up to $35 million, as amended in 2011, in a venture capital fund over a six-year period. As of December 31, 2014, AllianceBernstein had funded $32 million of this commitment. | ||||||||||
During 2010, as general partner of the AllianceBernstein U.S. Real Estate L.P. (the “Real Estate Fund”), AllianceBernstein committed to invest $25 million in the Real Estate Fund. As of December 31, 2014, AllianceBernstein had funded $16 million of this commitment. | ||||||||||
During 2012, AllianceBernstein entered into an investment agreement under which it committed to invest up to $8 million in an oil and gas fund over a three-year period. As of December 31, 2014, AllianceBernstein had funded $6 million of this commitment. |
LITIGATION
LITIGATION | 12 Months Ended |
Dec. 31, 2014 | |
Litigation [Abstract] | |
LITIGATION | 17) LITIGATION |
Insurance Litigation | |
A lawsuit was filed in the United States District Court of the District of New Jersey in July 2011, entitled Mary Ann Sivolella v. AXA Equitable Life Insurance Company and AXA Equitable Funds Management Group, LLC (“FMG LLC”) (“Sivolella Litigation”). The lawsuit was filed derivatively on behalf of eight funds. The lawsuit seeks recovery under Section 36(b) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), for alleged excessive fees paid to AXA Equitable and FMG LLC for investment management services. In November 2011, plaintiff filed an amended complaint, adding claims under Sections 47(b) and 26(f) of the Investment Company Act, as well as a claim for unjust enrichment. In addition, plaintiff purports to file the lawsuit as a class action in addition to a derivative action. In the amended complaint, plaintiff seeks recovery of the alleged overpayments, rescission of the contracts, restitution of all fees paid, interest, costs, attorney fees, fees for expert witnesses and reserves the right to seek punitive damages where applicable. In December 2011, AXA Equitable and FMG LLC filed a motion to dismiss the amended complaint. In May 2012, the Plaintiff voluntarily dismissed her claim under Section 26(f) seeking restitution and rescission under Section 47(b) of the 1940 Act. In September 2012, the Court denied the defendants’ motion to dismiss as it related to the Section 36(b) claim and granted the defendants’ motion as it related to the unjust enrichment claim. | |
In January 2013, a second lawsuit was filed in the United States District Court of the District of New Jersey entitled Sanford et al. v. FMG LLC (“Sanford Litigation”). The lawsuit was filed derivatively on behalf of eight funds, four of which are named in the Sivolella lawsuit as well as four new funds, and seeks recovery under Section 36(b) of the Investment Company Act for alleged excessive fees paid to FMG LLC for investment management services. In light of the similarities of the allegations in the Sivolella and Sanford Litigations, the parties and the Court agreed to consolidate the two lawsuits. | |
In April 2013, the plaintiffs in the Sivolella and Sanford Litigations amended the complaints to add additional claims under Section 36(b) of the Investment Company Act for recovery of alleged excessive fees paid to FMG LLC in its capacity as administrator of EQ Advisors Trust. The Plaintiffs seek recovery of the alleged overpayments, or alternatively, rescission of the contract and restitution of the excessive fees paid, interest, costs and fees. In January 2015, defendants filed a motion for summary judgment as well as various motions to strike certain of the Plaintiffs’ experts in the Sivolella and Sanford Litigations. Also in January 2015, two Plaintiffs in the Sanford Litigation filed a motion for partial summary judgment relating to the EQ/Core Bond Index Portfolio as well as motions in limine to bar admission of certain documents and preclude the testimony of one of defendants’ experts. | |
A lawsuit was filed in the United States District Court for the Southern District of New York in April 2014, entitled Andrew Yale, on behalf of himself and all others similarly situated v. AXA Life Insurance Company F/K/A AXA Equitable Life Insurance Company. The lawsuit is a putative class action on behalf of all persons and entities that, directly or indirectly, purchased, renewed or paid premiums on life insurance policies issued by AXA Equitable from 2011 to March 11, 2014 (the “Policies”). The complaint alleges that AXA Equitable did not disclose in its New York statutory annual statement or elsewhere that certain reinsurance transactions with affiliated reinsurance companies were collateralized using “contractual parental guarantees,” and thereby AXA Equitable allegedly misrepresented its “financial condition” and “legal reserve system.” The lawsuit seeks recovery under Section 4226 of the New York Insurance Law of the equivalent of all premiums paid by the class for the Policies during the relevant period. In June 2014, AXA Equitable filed a motion to dismiss the complaint on procedural grounds, which was denied in October 2014. In February 2015, plaintiffs substituted two new named plaintiffs for the current named plaintiff, Mr. Yale, who had determined that he could not serve as the named plaintiff and class representative in the case. In March 2015, AXA Equitable filed a motion to dismiss on substantive grounds. | |
A lawsuit was filed in the Supreme Court of the State of New York, County of Westchester, Commercial Division (“New York state court”) in June 2014, entitled Jessica Zweiman, Executrix of the Estate of Anne Zweiman, on behalf of herself and all others similarly situated v. AXA Equitable Life Insurance Company. The lawsuit is a putative class action on behalf of “all persons who purchased variable annuities from AXA Equitable which subsequently became subject to the ATM Strategy, and who suffered injury as a result thereof.” Plaintiff asserts that volatility management techniques – which the complaint refers to as the “ATM Strategy” – were implemented in certain variable investment options offered to plaintiff’s mother under her variable annuity contract and that use of volatility management in those options “breached the terms of the variable deferred annuities held by plaintiff and the Class.” The lawsuit seeks unspecified damages. In July 2014, AXA Equitable filed a notice of removal to the United States District Court for the Southern District of New York. In July 2014, plaintiff filed a motion to remand the action to New York state court. In September 2014, AXA Equitable filed a motion to dismiss the Complaint as precluded by the Securities Litigation Uniform Standards Act. | |
In November 2014, a separate lawsuit entitled Arlene Shuster, on behalf of herself and all others similarly situated v. AXA Equitable Life Insurance Company was filed in the Superior Court of New Jersey, Camden County (“New Jersey state court”). The lawsuit is a putative class action on behalf of “all AXA [Equitable] variable life insurance policyholders who allocated funds from their Policy Accounts to investments in AXA’s Separate Accounts, which were subsequently subjected to volatility-management strategy, and who suffered injury as a result thereof.” Plaintiff asserts that volatility management techniques were implemented in certain variable investment funds offered to plaintiff under her variable life insurance contract and that use of volatility management in those funds “breached the terms of the variable life insurance policies held by plaintiff and the Class.” The lawsuit seeks unspecified damages. In December 2014, AXA Equitable filed a notice of removal to the United States District Court for the District of New Jersey and a motion to transfer to the United States District Court for the Southern District of New York. In January 2015, plaintiff filed a motion to remand the action to New Jersey state court. In January 2015, the New Jersey federal district court stayed AXA Equitable’s motion to transfer, as well as its date to respond to the complaint, pending resolution of Plaintiff’s motion to remand. | |
AllianceBernstein Litigation | |
During first quarter 2012, AllianceBernstein received a legal letter of claim (the “Letter of Claim”) sent on behalf of Philips Pension Trustees Limited and Philips Electronics UK Limited (“Philips”), a former pension fund client, alleging that AllianceBernstein Limited (one of AllianceBernstein’s subsidiaries organized in the United Kingdom) was negligent and failed to meet certain applicable standards of care with respect to the initial investment in, and management of, a £500 million portfolio of U.S. mortgage-backed securities. The alleged damages range between $177 million and $234 million, plus compound interest on an alleged $125 million of realized losses in the portfolio. On January 2, 2014, Philips filed a claim form (“Claim”) in the High Court of Justice in London, England, which formally commenced litigation with respect to the allegations in the Letter of Claim. AllianceBernstein believes that it has strong defenses to these claims, which were set forth in AllianceBernstein’s October 12, 2012 response to the Letter of Claim and AllianceBernstein’s June 27, 2014 Statement of Defence in response to the Claim, and will defend this matter vigorously. | |
____________________________________________________________________________ | |
In addition to the matters described above, a number of lawsuits, claims, assessments and regulatory inquiries have been filed or commenced against life and health insurers and asset managers in the jurisdictions in which AXA Equitable and its respective subsidiaries do business. These actions and proceedings involve, among other things, insurers’ sales practices, alleged agent misconduct, alleged failure to properly supervise agents, contract administration, product design, features and accompanying disclosure, alleged breach of fiduciary duties, alleged mismanagement of client funds and other matters. Some of the matters have resulted in the award of substantial judgments against other insurers and asset managers, including material amounts of punitive damages, or in substantial settlements. In some states, juries have substantial discretion in awarding punitive damages. AXA Equitable and its subsidiaries from time to time are involved in such actions and proceedings. Some of these actions and proceedings filed against AXA Equitable and its subsidiaries have been brought on behalf of various alleged classes of plaintiffs and certain of these plaintiffs seek damages of unspecified amounts. While the ultimate outcome of such matters cannot be predicted with certainty, in the opinion of management no such matter is likely to have a material adverse effect on AXA Equitable’s consolidated financial position or results of operations. However, it should be noted that the frequency of large damage awards, including large punitive damage awards that bear little or no relation to actual economic damages incurred by plaintiffs in some jurisdictions, continues to create the potential for an unpredictable judgment in any given matter. | |
Although the outcome of litigation and regulatory matters generally cannot be predicted with certainty, management intends to vigorously defend against the allegations made by the plaintiffs in the actions described above and believes that the ultimate resolution of the litigation and regulatory matters described therein involving AXA Equitable and/or its subsidiaries should not have a material adverse effect on the consolidated financial position of AXA Equitable. Management cannot make an estimate of loss, if any, or predict whether or not any of the litigations and regulatory matters described above will have a material adverse effect on AXA Equitable’s consolidated results of operations in any particular period. |
INSURANCE_GROUP_STATUTORY_FINA
INSURANCE GROUP STATUTORY FINANCIAL INFORMATION | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Insurance Group Statutory Financial Information [Abstract] | ||||||||||||
INSURANCE GROUP STATUTORY FINANCIAL INFORMARMATION | 18) INSURANCE GROUP STATUTORY FINANCIAL INFORMATION | |||||||||||
AXA Equitable is restricted as to the amounts it may pay as dividends to AXA Financial. Under New York insurance law, a domestic life insurer may, without prior approval of the Superintendent of the NYSDFS, pay a dividend to its shareholders not exceeding an amount calculated based on a statutory formula. This formula would permit AXA Equitable to pay shareholder dividends not greater than $517 million during 2015. Payment of dividends exceeding this amount requires the insurer to file notice of its intent to declare such dividends with the Superintendent of the NYSDFS who then has 30 days to disapprove the distribution. For 2014, 2013 and 2012, respectively, AXA Equitable’s statutory net income (loss) totaled $1,664 million, $(28) million and $602 million. Statutory surplus, capital stock and Asset Valuation Reserve (“AVR”) totaled $5,793 million and $4,360 million at December 31, 2014 and 2013, respectively. In 2014 AXA Equitable paid $382 million in shareholders’ dividends. In 2013, AXA Equitable paid $234 million in shareholder dividends and transferred approximately 10.9 million in Units of AllianceBernstein (fair value of $234 million) in the form of a dividend to AXA Financial. In 2012, AXA Equitable paid $362 million in shareholder dividends. | ||||||||||||
At December 31, 2014, AXA Equitable, in accordance with various government and state regulations, had $65 million of securities on deposit with such government or state agencies. | ||||||||||||
In 2014 and 2013 AXA Equitable, with the approval of the NYSDFS, repaid at par value plus accrued interest $825 million and $500 million, respectively, of outstanding surplus notes to AXA Financial. | ||||||||||||
At December 31, 2014 and for the year then ended, there were no differences in net income (loss) and capital and surplus resulting from practices prescribed and permitted by NYSDFS and those prescribed by NAIC Accounting Practices and Procedures effective at December 31, 2014. | ||||||||||||
Accounting practices used to prepare statutory financial statements for regulatory filings of stock life insurance companies differ in certain instances from U.S. GAAP. The differences between statutory surplus and capital stock determined in accordance with Statutory Accounting Principles (“SAP”) and total equity under U.S. GAAP are primarily: (a) the inclusion in SAP of an AVR intended to stabilize surplus from fluctuations in the value of the investment portfolio; (b) future policy benefits and policyholders’ account balances under SAP differ from U.S. GAAP due to differences between actuarial assumptions and reserving methodologies; (c) certain policy acquisition costs are expensed under SAP but deferred under U.S. GAAP and amortized over future periods to achieve a matching of revenues and expenses; (d) under SAP, Federal income taxes are provided on the basis of amounts currently payable with limited recognition of deferred tax assets while under U.S. GAAP, deferred taxes are recorded for temporary differences between the financial statements and tax basis of assets and liabilities where the probability of realization is reasonably assured; (e) the valuation of assets under SAP and U.S. GAAP differ due to different investment valuation and depreciation methodologies, as well as the deferral of interest-related realized capital gains and losses on fixed income investments; (f) the valuation of the investment in AllianceBernstein and AllianceBernstein Holding under SAP reflects a portion of the market value appreciation rather than the equity in the underlying net assets as required under U.S. GAAP; (g) reporting the surplus notes as a component of surplus in SAP but as a liability in U.S. GAAP; (h) computer software development costs are capitalized under U.S. GAAP but expensed under SAP; (i) certain assets, primarily prepaid assets, are not admissible under SAP but are admissible under U.S. GAAP, (j) the fair valuing of all acquired assets and liabilities including intangible assets are required for U.S. GAAP purchase accounting and (k) cost of reinsurance which is recognized as expense under SAP and amortized over the life of the underlying reinsured policies under U.S. GAAP. | ||||||||||||
The following tables reconcile AXA Equitable’s statutory change in surplus and capital stock and statutory surplus and capital stock determined in accordance with accounting practices prescribed by NYSDFS laws and regulations with consolidated net earnings (loss) and equity attributable to AXA Equitable on a U.S. GAAP basis. | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In Millions) | ||||||||||||
Net change in statutory surplus and capital stock | $ | 1,345 | $ | -864 | $ | 64 | ||||||
Change in AVR | 89 | 46 | 269 | |||||||||
Net change in statutory surplus, capital stock and AVR | 1,434 | -818 | 333 | |||||||||
Adjustments: | ||||||||||||
Future policy benefits and policyholders' account balances | -1,128 | -607 | -508 | |||||||||
DAC | 413 | 75 | 142 | |||||||||
Deferred income taxes | -904 | 2,038 | 798 | |||||||||
Valuation of investments | -139 | 7 | -377 | |||||||||
Valuation of investment subsidiary | -289 | -109 | -306 | |||||||||
Increase (decrease) in the fair value of the reinsurance contract asset | 3,964 | -4,297 | 497 | |||||||||
Pension adjustment | -13 | -478 | -41 | |||||||||
Amortization of deferred cost of insurance ceded to AXA Arizona | -280 | -280 | -126 | |||||||||
Shareholder dividends paid | 382 | 468 | 362 | |||||||||
Changes in non-admitted assets | -227 | 2 | -489 | |||||||||
Repayment of surplus Note | 825 | 500 | - | |||||||||
Other, net | -5 | -74 | -190 | |||||||||
U.S. GAAP Net Earnings (Loss) Attributable to AXA Equitable | $ | 4,033 | $ | -3,573 | $ | 95 | ||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In Millions) | ||||||||||||
Statutory surplus and capital stock | $ | 5,170 | $ | 3,825 | $ | 4,689 | ||||||
AVR | 623 | 535 | 489 | |||||||||
Statutory surplus, capital stock and AVR | 5,793 | 4,360 | 5,178 | |||||||||
Adjustments: | ||||||||||||
Future policy benefits and policyholders' account balances | -5,195 | -3,884 | -3,642 | |||||||||
DAC | 4,271 | 3,874 | 3,728 | |||||||||
Deferred income taxes | -4,259 | -2,672 | -5,330 | |||||||||
Valuation of investments | 2,208 | 703 | 3,271 | |||||||||
Valuation of investment subsidiary | -898 | -515 | -137 | |||||||||
Fair value of reinsurance contracts | 10,711 | 6,747 | 11,044 | |||||||||
Deferred cost of insurance ceded to AXA Arizona | 2,086 | 2,366 | 2,646 | |||||||||
Non-admitted assets | 242 | 469 | 467 | |||||||||
Issuance of surplus notes | 200 | -1,025 | -1,525 | |||||||||
Other, net | -40 | 115 | -264 | |||||||||
U.S. GAAP Total Equity Attributable to AXA Equitable | $ | 15,119 | $ | 10,538 | $ | 15,436 |
BUSINESS_SEGMENT_INFORMATION
BUSINESS SEGMENT INFORMATION | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Business Segment Information [Abstract] | |||||||||||
BUSINESS SEGMENT INFORMATION | 19) BUSINESS SEGMENT INFORMATION | ||||||||||
The following tables reconcile segment revenues and earnings (loss) from operations before income taxes to total revenues and earnings (loss) as reported on the consolidated statements of earnings (loss) and segment assets to total assets on the consolidated balance sheets, respectively. | |||||||||||
2014 | 2013 | 2012 | |||||||||
(In Millions) | |||||||||||
Segment revenues: | |||||||||||
Insurance(1) | $ | 12,656 | $ | -54 | $ | 6,443 | |||||
Investment Management(2) | 3,011 | 2,915 | 2,738 | ||||||||
Consolidation/elimination | -27 | -21 | -21 | ||||||||
Total Revenues | $ | 15,640 | $ | 2,840 | $ | 9,160 | |||||
Includes investment expenses charged by AllianceBernstein of approximately $40 million, $37 million and $31 million for 2014, 2013 and 2012, respectively, for services provided to the Company. | |||||||||||
Intersegment investment advisory and other fees of approximately $67 million, $58 million and $52 million for 2014, 2013 and 2012, respectively, are included in total revenues of the Investment Management segment. | |||||||||||
2014 | 2013 | 2012 | |||||||||
(In Millions) | |||||||||||
Segment earnings (loss) from operations, before income taxes: | |||||||||||
Insurance | $ | 5,512 | $ | -5,872 | $ | -132 | |||||
Investment Management(1) | 603 | 564 | 190 | ||||||||
Consolidation/elimination | - | -1 | - | ||||||||
Total Earnings (Loss) from Operations, before Income Taxes | $ | 6,115 | $ | -5,309 | $ | 58 | |||||
Net of interest expenses incurred on securities borrowed. | |||||||||||
December 31, | |||||||||||
2014 | 2013 | ||||||||||
(In Millions) | |||||||||||
Segment assets: | |||||||||||
Insurance | $ | 184,018 | $ | 171,532 | |||||||
Investment Management | 11,990 | 11,873 | |||||||||
Consolidation/elimination | -3 | -4 | |||||||||
Total Assets | $ | 196,005 | $ | 183,401 | |||||||
In accordance with SEC regulations, securities with a fair value of $415 million and $925 million have been segregated in a special reserve bank custody account at December 31, 2014 and 2013, respectively, for the exclusive benefit of securities broker-dealer or brokerage customers under the Exchange Act. |
QUARTERLY_RESULTS_OF_OPERATION
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Quarterly Result Of Operations Unaudited [Abstract] | ||||||||||||||
QUARTERLY RESULTS OF OPERATIONS UNAUDITED | 20) QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | |||||||||||||
The quarterly results of operations for 2014 and 2013 are summarized below: | ||||||||||||||
Three Months Ended | ||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | |||||||||||
(In Millions) | ||||||||||||||
2014 | ||||||||||||||
Total Revenues | $ | 3,706 | $ | 3,524 | $ | 3,754 | $ | 4,656 | ||||||
Net Earnings (Loss), Attributable to AXA Equitable | $ | 977 | $ | 945 | $ | 987 | $ | 1,124 | ||||||
2013 | ||||||||||||||
Total Revenues | $ | 392 | $ | 537 | $ | 834 | $ | 1,077 | ||||||
Net Earnings (Loss), Attributable to AXA Equitable | $ | -1,004 | $ | -1,051 | $ | -878 | $ | -640 |
SUMMARY_OF_INVESTMENTS_OTHER_T
SUMMARY OF INVESTMENTS- OTHER THAN INVESTMENTS IN RELATED PARTIES- SCHEDULE I | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Summary Of Investments Other Than Those With Related Parties Schedule I [Abstract] | |||||||||||||
Summary of Investments, Other than Investments in Related Parties [Text Block] | |||||||||||||
AXA EQUITABLE LIFE INSURANCE COMPANY | |||||||||||||
SCHEDULE I | |||||||||||||
SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES | |||||||||||||
31-Dec-14 | |||||||||||||
Carrying | |||||||||||||
Type of Investment | Cost(A) | Fair Value | Value | ||||||||||
(In Millions) | |||||||||||||
Fixed Maturities: | |||||||||||||
U.S. government, agencies and authorities | $ | 6,685 | $ | 7,331 | $ | 7,331 | |||||||
State, municipalities and political subdivisions | 441 | 519 | 519 | ||||||||||
Foreign governments | 395 | 434 | 434 | ||||||||||
Public utilities | 3,346 | 3,664 | 3,664 | ||||||||||
All other corporate bonds | 19,133 | 20,230 | 20,230 | ||||||||||
Redeemable preferred stocks | 795 | 856 | 856 | ||||||||||
Total fixed maturities | 30,795 | 33,034 | 33,034 | ||||||||||
Equity securities: | |||||||||||||
Common stocks: | |||||||||||||
Industrial, miscellaneous and all other | 36 | 38 | 38 | ||||||||||
Mortgage loans on real estate | 6,463 | 6,617 | 6,463 | ||||||||||
Policy loans | 3,408 | 4,406 | 3,408 | ||||||||||
Other limited partnership interests and equity investments | 1,719 | 1,719 | 1,719 | ||||||||||
Trading securities | 5,160 | 5,143 | 5,143 | ||||||||||
Other invested assets | 1,978 | 1,978 | 1,978 | ||||||||||
Total Investments | $ | 49,559 | $ | 52,935 | $ | 51,783 |
SUPPLEMENTAL_INSURANCE_INFORMA
SUPPLEMENTAL INSURANCE INFORMATION SCHEDULE III | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Supplemental Insurance Information [Abstract] | ||||||||||||||||||||||||||
Supplementary Insurance Information, for Insurance Companies Disclosure [Text Block] | ||||||||||||||||||||||||||
AXA EQUITABLE LIFE INSURANCE COMPANY | ||||||||||||||||||||||||||
SCHEDULE III | ||||||||||||||||||||||||||
SUPPLEMENTARY INSURANCE INFORMATION | ||||||||||||||||||||||||||
AT AND FOR THE YEAR ENDED DECEMBER 31, 2014 | ||||||||||||||||||||||||||
Future Policy | Policy | Amortization | ||||||||||||||||||||||||
Deferred | Benefits | Charges | Net | Policyholders' | of Deferred | |||||||||||||||||||||
Policy | Policyholders' | and other | And | Investment | Benefits and | Policy | Other | |||||||||||||||||||
Acquisition | Account | Policyholders' | Premium | Income | Interest | Acquisition | Operating | |||||||||||||||||||
Segment | Costs | Balances | Funds | Revenue | (Loss)(1) | Credited | Costs | Expense(2) | ||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||||
Insurance | $ | 4,271 | $ | 31,848 | $ | 23,484 | $ | 3,989 | $ | 3,760 | $ | 4,894 | $ | 215 | $ | 2,035 | ||||||||||
Investment | ||||||||||||||||||||||||||
Management | - | - | - | - | 15 | - | - | 2,408 | ||||||||||||||||||
Consolidation/ | ||||||||||||||||||||||||||
Elimination | - | - | - | - | 40 | - | - | -27 | ||||||||||||||||||
Total | $ | 4,271 | $ | 31,848 | $ | 23,484 | $ | 3,989 | $ | 3,815 | $ | 4,894 | $ | 215 | $ | 4,416 | ||||||||||
Net investment income (loss) is based upon specific identification of portfolios within segments. | ||||||||||||||||||||||||||
Operating expenses are principally incurred directly by a segment. | ||||||||||||||||||||||||||
AXA EQUITABLE LIFE INSURANCE COMPANY | ||||||||||||||||||||||||||
SCHEDULE III | ||||||||||||||||||||||||||
SUPPLEMENTARY INSURANCE INFORMATION | ||||||||||||||||||||||||||
AT AND FOR THE YEAR ENDED DECEMBER 31, 2013 | ||||||||||||||||||||||||||
Future Policy | Policy | Amortization | ||||||||||||||||||||||||
Deferred | Benefits | Charges | Net | Policyholders' | of Deferred | |||||||||||||||||||||
Policy | Policyholders' | and other | And | Investment | Benefits and | Policy | Other | |||||||||||||||||||
Acquisition | Account | Policyholders' | Premium | Income | Interest | Acquisition | Operating | |||||||||||||||||||
Segment | Costs | Balances | Funds | Revenue | (Loss)(1) | Credited | Costs | Expense(2) | ||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||||
Insurance | $ | 3,874 | $ | 30,340 | $ | 21,697 | $ | 4,042 | $ | -724 | $ | 3,064 | $ | 580 | $ | 2,174 | ||||||||||
Investment | ||||||||||||||||||||||||||
Management | - | - | - | - | 58 | - | - | 2,351 | ||||||||||||||||||
Consolidation/ | ||||||||||||||||||||||||||
Elimination | - | - | - | - | 37 | - | - | -20 | ||||||||||||||||||
Total | $ | 3,874 | $ | 30,340 | $ | 21,697 | $ | 4,042 | $ | -629 | $ | 3,064 | $ | 580 | $ | 4,505 | ||||||||||
Net investment income (loss) is based upon specific identification of portfolios within segments. | ||||||||||||||||||||||||||
Operating expenses are principally incurred directly by a segment. | ||||||||||||||||||||||||||
AXA EQUITABLE LIFE INSURANCE COMPANY | ||||||||||||||||||||||||||
SCHEDULE III | ||||||||||||||||||||||||||
SUPPLEMENTARY INSURANCE INFORMATION | ||||||||||||||||||||||||||
AT AND FOR THE YEAR ENDED DECEMBER 31, 2012 | ||||||||||||||||||||||||||
Policy | Amortization | |||||||||||||||||||||||||
Charges | Net | Policyholders' | of Deferred | |||||||||||||||||||||||
And | Investment | Benefits and | Policy | Other | ||||||||||||||||||||||
Premium | Income | Interest | Acquisition | Operating | ||||||||||||||||||||||
Segment | Revenue | (Loss)(1) | Credited | Costs | Expense(2) | |||||||||||||||||||||
Insurance | $ | 3,848 | $ | 1,242 | $ | 4,155 | $ | 576 | $ | 1,844 | ||||||||||||||||
Investment | ||||||||||||||||||||||||||
Management | - | 65 | - | - | 2,548 | |||||||||||||||||||||
Consolidation/ | ||||||||||||||||||||||||||
Elimination | - | 31 | - | - | -21 | |||||||||||||||||||||
Total | $ | 3,848 | $ | 1,338 | $ | 4,155 | $ | 576 | $ | 4,371 | ||||||||||||||||
Net investment income (loss) is based upon specific identification of portfolios within segments. | ||||||||||||||||||||||||||
Operating expenses are principally incurred directly by a segment. | ||||||||||||||||||||||||||
. |
REINSURANCE_SCHEDULE_IV
REINSURANCE SCHEDULE IV | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Reinsurance Schedule [Abstract] | ||||||||||||||||
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Text Block] | ||||||||||||||||
AXA EQUITABLE LIFE INSURANCE COMPANY | ||||||||||||||||
SCHEDULE IV | ||||||||||||||||
REINSURANCE(A) | ||||||||||||||||
AT OR FOR THE YEARS ENDED DECEMBER 31, 2014, 2013 AND 2012 | ||||||||||||||||
Assumed | Percentage | |||||||||||||||
Ceded to | from | of Amount | ||||||||||||||
Gross | Other | Other | Net | Assumed | ||||||||||||
Amount | Companies | Companies | Amount | to Net | ||||||||||||
(Dollars In Millions) | ||||||||||||||||
2014 | ||||||||||||||||
Life Insurance In-Force | $ | 412,215 | $ | 87,177 | $ | 31,767 | $ | 356,805 | 8.9 | % | ||||||
Premiums: | ||||||||||||||||
Life insurance and annuities | $ | 775 | $ | 492 | $ | 199 | $ | 482 | 41.4 | % | ||||||
Accident and health | 69 | 49 | 12 | 32 | 37.5 | % | ||||||||||
Total Premiums | $ | 844 | $ | 541 | $ | 211 | $ | 514 | 41.1 | % | ||||||
2013 | ||||||||||||||||
Life Insurance In-Force | $ | 414,362 | $ | 92,252 | $ | 33,494 | $ | 355,604 | 9.4 | % | ||||||
Premiums: | ||||||||||||||||
Life insurance and annuities | $ | 770 | $ | 511 | $ | 201 | $ | 460 | 43.7 | % | ||||||
Accident and health | 78 | 54 | 12 | 36 | 33.3 | % | ||||||||||
Total Premiums | $ | 848 | $ | 565 | $ | 213 | $ | 496 | 42.9 | % | ||||||
2012 | ||||||||||||||||
Life Insurance In-Force | $ | 409,488 | $ | 96,869 | $ | 34,361 | $ | 346,980 | 9.9 | % | ||||||
Premiums: | ||||||||||||||||
Life insurance and annuities | $ | 785 | $ | 518 | $ | 206 | $ | 473 | 43.5 | % | ||||||
Accident and health | 88 | 60 | 13 | 41 | 31.7 | % | ||||||||||
Total Premiums | $ | 873 | $ | 578 | $ | 219 | $ | 514 | 42.6 | % | ||||||
Includes amounts related to the discontinued group life and health business. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (POLICY) | 12 Months Ended |
Dec. 31, 2014 | |
Significant Accounting Policies [Abstract] | |
Basis Of Presentation And Principles Of Consolidation [Policy Text Block] | Basis of Presentation and Principles of Consolidation |
The preparation of the accompanying consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions (including normal, recurring accruals) that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. The accompanying consolidated financial statements reflect all adjustments necessary in the opinion of management for a fair presentation of the consolidated financial position of the Company and its consolidated results of operations and cash flows for the periods presented. | |
The accompanying consolidated financial statements include the accounts of AXA Equitable and its subsidiaries engaged in insurance related businesses (collectively, the “Insurance Group”); other subsidiaries, principally AllianceBernstein; and those investment companies, partnerships and joint ventures in which AXA Equitable or its subsidiaries has control and a majority economic interest as well as those variable interest entities (“VIEs”) that meet the requirements for consolidation. | |
All significant intercompany transactions and balances have been eliminated in consolidation. The years “2014”, “2013” and “2012” refer to the years ended December 31, 2014, 2013 and 2012, respectively. Certain reclassifications have been made in the amounts presented for prior periods to conform those periods to the current presentation | |
Accounting for Variable Annuities With Guarantee Features [Policy Text Block] | Accounting for Variable Annuities with GMDB and GMIB Features |
Future claims exposure on products with guaranteed minimum death benefit (“GMDB”) and guaranteed minimum income benefit (“GMIB”) features are sensitive to movements in the equity markets and interest rates. The Company has in place various hedging programs utilizing derivatives that are designed to mitigate the impact of movements in equity markets and interest rates. These various hedging programs do not qualify for hedge accounting treatment. As a result, changes in the value of the derivatives will be recognized in the period in which they occur while offsetting changes in reserves and deferred policy acquisition costs (“DAC”) will be recognized over time in accordance with policies described below under “Policyholders’ Account Balances and Future Policy Benefits” and “DAC”. These differences in recognition contribute to earnings volatility. | |
GMIB reinsurance contracts are used to cede to affiliated and non-affiliated reinsurers a portion of the exposure on variable annuity products that offer the GMIB feature. The GMIB reinsurance contracts are accounted for as derivatives and are reported at fair value. Gross reserves for GMIB are calculated on the basis of assumptions related to projected benefits and related contract charges over the lives of the contracts and therefore will not immediately reflect the offsetting impact on future claims exposure resulting from the same capital market and/or interest rate fluctuations that cause gains or losses on the fair value of the GMIB reinsurance contracts. The changes in the fair value of the GMIB reinsurance contracts are recorded in the period in which they occur while offsetting changes in gross reserves and DAC for GMIB are recognized over time in accordance with policies described below under “Policyholders’ Account Balances and Future Policy Benefits” and “DAC”. These differences in recognition contribute to earnings volatility. | |
Accounting And Consolidation Of Variable Interest Entities [Policy Text Block] | Accounting and Consolidation of VIE’s |
At December 31, 2013, the Insurance Group’s General Account held $3 million of investment assets issued by VIEs and determined to be significant variable interests under Financial Accounting Standards Board (“FASB”) guidance Consolidation of Variable Interest Entities – Revised. The investment in this VIE was sold in 2014. At December 31, 2013, as reported in the consolidated balance sheet, this investment included $3 million of other equity investments (principally investment limited partnership interests) and was subject to ongoing review for impairment in value. This VIE did not require consolidation because management determined that the Insurance Group is not the primary beneficiary. The Insurance Group had no further economic interest in this VIE in the form of related guarantees, commitments, derivatives, credit enhancements or similar instruments and obligations. | |
For all new investment products and entities developed by AllianceBernstein (other than Collaterized Debt Obligations (“CDOs”)), AllianceBernstein first determines whether the entity is a VIE, which involves determining an entity’s variability and variable interests, identifying the holders of the equity investment at risk and assessing the five characteristics of a VIE. Once an entity has been determined to be a VIE, AllianceBernstein then identifies the primary beneficiary of the VIE. If AllianceBernstein is deemed to be the primary beneficiary of the VIE, then AllianceBernstein and the Company consolidate the entity. | |
AllianceBernstein provides seed capital to its investment teams to develop new products and services for their clients. AllianceBernstein’s original seed investment typically represents all or a majority of the equity investment in the new product is temporary in nature. AllianceBernstein evaluates its seed investments on a quarterly basis and consolidates such investments as required pursuant to U.S. GAAP. | |
Management of AllianceBernstein reviews quarterly its investment management agreements and its investments in, and other financial arrangements with, certain entities that hold client assets under management (“AUM”) to determine the entities that AllianceBernstein is required to consolidate under this guidance. These entities include certain mutual fund products, hedge funds, structured products, group trusts, collective investment trusts and limited partnerships. | |
AllianceBernstein earned investment management fees on client AUM of these entities but derived no other benefit from those assets and cannot utilize those assets in its operations. | |
At December 31, 2014, AllianceBernstein had significant variable interests in certain other structured products and hedge funds with approximately $31 million in client AUM. However, these VIEs do not require consolidation because management has determined that AllianceBernstein is not the primary beneficiary of the expected losses or expected residual returns of these entities. AllianceBernstein’s maximum exposure to loss in these entities is limited to its investments of $200,000 in and prospective investment management fees earned from these entities. | |
Adoption of New Accounting Pronouncements, Policy [Policy Text Block] | Adoption of New Accounting Pronouncements |
In July 2013, the FASB issued new guidance on the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This guidance was effective for interim and annual periods beginning after December 15, 2013. Implementation of this guidance did not have a material impact on the Company’s consolidated financial statements. | |
In February 2013, the FASB issued new guidance to improve the reporting of reclassifications out of accumulated other comprehensive income (“AOCI”). The guidance requires disclosure of reclassification information either in the notes or the face of the financial statements provided the information is presented in one location. This guidance was effective for interim and annual periods beginning after December 31, 2012. Implementation of this guidance did not have a material impact on the Company’s consolidated financial statements. These new disclosures have been included in the Notes to the Company’s consolidated financial statements, as appropriate. | |
In July 2012, the FASB issued new guidance on testing indefinite-lived intangible assets for impairment. The guidance was effective for interim and annual indefinite-lived intangible assets impairment tests performed for fiscal years beginning after September 15, 2012. Implementation of this guidance did not have a material impact on the Company’s consolidated financial statements. | |
Future Adoption Of New Accounting Pronouncements [Policy Text Block] | Future Adoption of New Accounting Pronouncements |
In February 2015, the FASB issued a new consolidation standard that makes targeted amendments to the VIE assessment, including guidance specific to limited partnerships and similar entities, and ends the deferral granted to investment companies for applying the VIE guidance. The new standard is effective for annual periods, beginning after December 15, 2015, but may be early-adopted in any interim period. Management currently is evaluating the impacts this guidance may have on the Company’s consolidated financial statements. | |
In August 2014, the FASB issued new guidance which requires management to evaluate whether there is “substantial doubt” about the reporting entity’s ability to continue as a going concern and provide related footnote disclosures about those uncertainties, if they exist. The new guidance is effective for annual periods, ending after December 15, 2016 and interim periods thereafter. Management does not expect implementation of this guidance will have a material impact on the Company’s consolidated financial statements. | |
In June 2014, the FASB issued new guidance for accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The new guidance is effective for interim and annual periods beginning after December 15, 2015. Management does not expect implementation of this guidance will have a material impact on the Company’s consolidated financial statements. | |
In June 2014, the FASB issued new guidance for repurchase-to-maturity transactions, repurchase financings and added disclosure requirements, which aligns the accounting for repurchase-to-maturity transactions and repurchase financing arrangements with the accounting for other typical repurchase agreements. The new guidance also requires additional disclosures about repurchase agreements and similar transactions. The accounting changes and disclosure requirements are effective for interim or annual periods beginning after December 15, 2014. Management does not expect implementation of this guidance will have a material impact on the Company’s consolidated financial statements. | |
In May 2014, the FASB issued new revenue recognition guidance that is intended to improve and converge the financial reporting requirements for revenue from contracts with customers with International Financial Reporting Standards (“IFRS”). The new guidance applies to contracts that deliver goods or services to a customer, except when those contracts are for: insurance, leases, rights and obligations that are in the scope of certain financial instruments (i.e., derivative contracts) and guarantees other than product or service warranties. The new guidance is effective for interim and annual periods, beginning after December 15, 2016. Management is currently evaluating the impact that adoption of this guidance will have on the Company’s consolidated financial statements. | |
The FASB issued new guidance that allows investors to elect to use the proportional amortization method to account for investments in qualified affordable housing projects if certain conditions are met. Under this method, which replaces the effective yield method, an investor amortizes the cost of its investment, in proportion to the tax credits and other tax benefits it receives, to income tax expense. The guidance also introduces disclosure requirements for all investments in qualified affordable housing projects, regardless of the accounting method used for those investments. The guidance is effective for annual periods beginning after December 15, 2014. Management does not expect implementation of this guidance will have a material impact on the Company’s consolidated financial statements. | |
Closed Block [Policy Text Block] | Closed Block |
As a result of demutualization, the Closed Block was established in 1992 for the benefit of certain individual participating policies that were in force on that date. Assets, liabilities and earnings of the Closed Block are specifically identified to support its participating policyholders. | |
Assets allocated to the Closed Block inure solely to the benefit of the Closed Block policyholders and will not revert to the benefit of AXA Equitable. No reallocation, transfer, borrowing or lending of assets can be made between the Closed Block and other portions of AXA Equitable’s General Account, any of its Separate Accounts or any affiliate of AXA Equitable without the approval of the Superintendent of The New York State Department of Financial Services, (the “NYSDFS”). Closed Block assets and liabilities are carried on the same basis as similar assets and liabilities held in the General Account. | |
The excess of Closed Block liabilities over Closed Block assets (adjusted to exclude the impact of related amounts in AOCI) represents the expected maximum future post-tax earnings from the Closed Block that would be recognized in income from continuing operations over the period the policies and contracts in the Closed Block remain in force. As of January 1, 2001, the Company has developed an actuarial calculation of the expected timing of the Closed Block’s earnings. | |
If the actual cumulative earnings from the Closed Block are greater than the expected cumulative earnings, only the expected earnings will be recognized in net income. Actual cumulative earnings in excess of expected cumulative earnings at any point in time are recorded as a policyholder dividend obligation because they will ultimately be paid to Closed Block policyholders as an additional policyholder dividend unless offset by future performance that is less favorable than originally expected. If a policyholder dividend obligation has been previously established and the actual Closed Block earnings in a subsequent period are less than the expected earnings for that period, the policyholder dividend obligation would be reduced (but not below zero). If, over the period the policies and contracts in the Closed Block remain in force, the actual cumulative earnings of the Closed Block are less than the expected cumulative earnings, only actual earnings would be recognized in income from continuing operations. If the Closed Block has insufficient funds to make guaranteed policy benefit payments, such payments will be made from assets outside the Closed Block. | |
Many expenses related to Closed Block operations, including amortization of DAC, are charged to operations outside of the Closed Block; accordingly, net revenues of the Closed Block do not represent the actual profitability of the Closed Block operations. Operating costs and expenses outside of the Closed Block are, therefore, disproportionate to the business outside of the Closed Block. | |
Investment [Policy Text Block] | Investments |
The carrying values of fixed maturities classified as available-for-sale (“AFS”) are reported at fair value. Changes in fair value are reported in OCI. The amortized cost of fixed maturities is adjusted for impairments in value deemed to be other than temporary which are recognized in Investment gains (losses), net. The redeemable preferred stock investments that are reported in fixed maturities include real estate investment trusts (“REIT”), perpetual preferred stock, and redeemable preferred stock. These securities may not have a stated maturity, may not be cumulative and do not provide for mandatory redemption by the issuer. | |
The Company determines the fair values of fixed maturities and equity securities based upon quoted prices in active markets, when available, or through the use of alternative approaches when market quotes are not readily accessible or available. These alternative approaches include matrix or model pricing and use of independent pricing services, each supported by reference to principal market trades or other observable market assumptions for similar securities. More specifically, the matrix pricing approach to fair value is a discounted cash flow methodology that incorporates market interest rates commensurate with the credit quality and duration of the investment. | |
The Company’s management, with the assistance of its investment advisors, monitors the investment performance of its portfolio and reviews AFS securities with unrealized losses for other-than-temporary impairments (“OTTI”). Integral to this review is an assessment made each quarter, on a security-by-security basis, by the Company’s Investments Under Surveillance (“IUS”) Committee, of various indicators of credit deterioration to determine whether the investment security is expected to recover. This assessment includes, but is not limited to, consideration of the duration and severity of the unrealized loss, failure, if any, of the issuer of the security to make scheduled payments, actions taken by rating agencies, adverse conditions specifically related to the security or sector, the financial strength, liquidity, and continued viability of the issuer and, for equity securities only, the intent and ability to hold the investment until recovery, and results in identification of specific securities for which OTTI is recognized. | |
If there is no intent to sell or likely requirement to dispose of the fixed maturity security before its recovery, only the credit loss component of any resulting OTTI is recognized in earnings (loss) and the remainder of the fair value loss is recognized in OCI. The amount of credit loss is the shortfall of the present value of the cash flows expected to be collected as compared to the amortized cost basis of the security. The present value is calculated by discounting management’s best estimate of projected future cash flows at the effective interest rate implicit in the debt security prior to impairment. Projections of future cash flows are based on assumptions regarding probability of default and estimates regarding the amount and timing of recoveries. These assumptions and estimates require use of management judgment and consider internal credit analyses as well as market observable data relevant to the collectability of the security. For mortgage- and asset-backed securities, projected future cash flows also include assumptions regarding prepayments and underlying collateral value. | |
Real estate held for the production of income, including real estate acquired in satisfaction of debt, is stated at depreciated cost less valuation allowances. At the date of foreclosure (including in-substance foreclosure), real estate acquired in satisfaction of debt is valued at estimated fair value. Impaired real estate is written down to fair value with the impairment loss being included in Investment gains (losses), net. | |
Depreciation of real estate held for production of income is computed using the straight-line method over the estimated useful lives of the properties, which generally range from 40 to 50 years. | |
Policy loans are stated at unpaid principal balances. | |
Partnerships, investment companies and joint venture interests that the Company has control of and has a majority economic interest in or those that meet the requirements for consolidation under accounting guidance for consolidation of VIEs are consolidated. Those that the Company does not have control of and does not have a majority economic interest in and those that do not meet the VIE requirements for consolidation are reported on the equity basis of accounting and are reported either with equity real estate or other equity investments, as appropriate. The Company records its interests in certain of these partnerships on a month or one quarter lag. | |
Equity securities, which include common stock, and non-redeemable preferred stock classified as AFS securities, are carried at fair value and are included in other equity investments with changes in fair value reported in OCI. | |
Trading securities, which include equity securities and fixed maturities, are carried at fair value based on quoted market prices, with unrealized gains (losses) reported in other investment income (loss) in the statements of Net earnings (loss). | |
Corporate owned life insurance (“COLI”) has been purchased by the Company and certain subsidiaries on the lives of certain key employees and the Company and these subsidiaries are named as beneficiaries under these policies. COLI is carried at the cash surrender value of the policies. At December 31, 2014 and 2013, the carrying value of COLI was $803 million and $770 million, respectively, and is reported in Other invested assets in the consolidated balance sheets. | |
Short-term investments are reported at amortized cost that approximates fair value and are included in Other invested assets. | |
Cash and cash equivalents includes cash on hand, demand deposits, money market accounts, overnight commercial paper and highly liquid debt instruments purchased with an original maturity of three months or less. Due to the short-term nature of these investments, the recorded value is deemed to approximate fair value. | |
All securities owned, including United States government and agency securities, mortgage-backed securities and futures and forwards transactions, are reported in the consolidated financial statements on a trade date basis. | |
Derivatives [Policy Text Block] | Derivatives |
Derivatives are financial instruments whose values are derived from interest rates, foreign exchange rates, financial indices, values of securities or commodities, credit spreads, market volatility, expected returns, and liquidity. Values can also be affected by changes in estimates and assumptions, including those related to counterparty behavior and non-performance risk used in valuation models. Derivative financial instruments generally used by the Company include exchange traded equity, currency and interest rate futures contracts, total return and/or other equity swaps, interest rate swap and floor contracts, swaptions, variance swaps as well as equity options and may be exchange-traded or contracted in the over-the-counter market. All derivative positions are carried in the consolidated balance sheets at fair value, generally by obtaining quoted market prices or through the use of valuation models. | |
Freestanding derivative contracts are reported in the consolidated balance sheets either as assets within “Other invested assets” or as liabilities within “Other liabilities.” The Company nets the fair value of all derivative financial instruments with counterparties for which an ISDA Master Agreement and related CSA have been executed. The Company uses derivatives to manage asset/liability risk and has designated some of those economic relationships under the criteria to qualify for hedge accounting treatment. All changes in the fair value of the Company’s freestanding derivative positions not designated to hedge accounting relationships, including net receipts and payments, are included in “Investment income (loss) from derivative instruments” without considering changes in the fair value of the economically associated assets or liabilities. | |
The Company is a party to financial instruments and other contracts that contain “embedded” derivative instruments. At inception, the Company assesses whether the economic characteristics of the embedded instrument are “clearly and closely related” to the economic characteristics of the remaining component of the “host contract” and whether a separate instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. When those criteria are satisfied, the resulting embedded derivative is bifurcated from the host contract, carried in the consolidated balance sheets at fair value, and changes in its fair value are recognized immediately and captioned in the consolidated statements of earnings (loss) according to the nature of the related host contract. For certain financial instruments that contain an embedded derivative that otherwise would need to be bifurcated and reported at fair value, the Company instead may elect to carry the entire instrument at fair value. | |
Valuation Allowances for Mortgage Loans [Policy Text Block] | Mortgage Loans on Real Estate (“mortgage loans”): |
Mortgage loans are stated at unpaid principal balances, net of unamortized discounts and valuation allowances. Valuation allowances are based on the present value of expected future cash flows discounted at the loan’s original effective interest rate or on its collateral value if the loan is collateral dependent. However, if foreclosure is or becomes probable, the collateral value measurement method is used. | |
For commercial and agricultural mortgage loans, an allowance for credit loss is typically recommended when management believes it is probable that principal and interest will not be collected according to the contractual terms. Factors that influence management’s judgment in determining allowance for credit losses include the following: | |
Loan-to-value ratio – Derived from current loan balance divided by the fair market value of the property. An allowance for credit loss is typically recommended when the loan-to-value ratio is in excess of 100%. In the case where the loan-to-value is in excess of 100%, the allowance for credit loss is derived by taking the difference between the fair market value (less cost of sale) and the current loan balance. | |
Debt service coverage ratio – Derived from actual net operating income divided by annual debt service. If the ratio is below 1.0x, then the income from the property does not support the debt. | |
Occupancy – Criteria varies by property type but low or below market occupancy is an indicator of sub-par property performance. | |
Lease expirations – The percentage of leases expiring in the upcoming 12 to 36 months are monitored as a decline in rent and/or occupancy may negatively impact the debt service coverage ratio. In the case of single-tenant properties or properties with large tenant exposure, the lease expiration is a material risk factor. | |
Maturity – Mortgage loans that are not fully amortizing and have upcoming maturities within the next 12 to 24 months are monitored in conjunction with the capital markets to determine the borrower’s ability to refinance the debt and/or pay off the balloon balance. | |
Borrower/tenant related issues – Financial concerns, potential bankruptcy, or words or actions that indicate imminent default or abandonment of property. | |
Payment status – current vs. delinquent – A history of delinquent payments may be a cause for concern. | |
Property condition – Significant deferred maintenance observed during the lenders annual site inspections. | |
Other – Any other factors such as current economic conditions may call into question the performance of the loan. | |
Mortgage loans also are individually evaluated quarterly by the IUS Committee for impairment, including an assessment of related collateral value. Commercial mortgages 60 days or more past due and agricultural mortgages 90 days or more past due, as well as all mortgages in the process of foreclosure, are identified as problem mortgages. Based on its monthly monitoring of mortgages, a class of potential problem mortgages are also identified, consisting of mortgage loans not currently classified as problems but for which management has doubts as to the ability of the borrower to comply with the present loan payment terms and which may result in the loan becoming a problem or being restructured. The decision whether to classify a performing mortgage loan as a potential problem involves significant subjective judgments by management as to likely future industry conditions and developments with respect to the borrower or the individual mortgaged property. | |
For problem mortgage loans a valuation allowance is established to provide for the risk of credit losses inherent in the lending process. The allowance includes loan specific reserves for mortgage loans determined to be non-performing as a result of the loan review process. A non-performing loan is defined as a loan for which it is probable that amounts due according to the contractual terms of the loan agreement will not be collected. The loan specific portion of the loss allowance is based on the Company’s assessment as to ultimate collectability of loan principal and interest. Valuation allowances for a non-performing loan are recorded based on the present value of expected future cash flows discounted at the loan’s effective interest rate or based on the fair value of the collateral if the loan is collateral dependent. The valuation allowance for mortgage loans can increase or decrease from period to period based on such factors. | |
Impaired mortgage loans without provision for losses are mortgage loans where the fair value of the collateral or the net present value of the expected future cash flows related to the loan equals or exceeds the recorded investment. Interest income earned on mortgage loans where the collateral value is used to measure impairment is recorded on a cash basis. Interest income on mortgage loans where the present value method is used to measure impairment is accrued on the net carrying value amount of the loan at the interest rate used to discount the cash flows. Changes in the present value attributable to changes in the amount or timing of expected cash flows are reported as investment gains or losses. | |
Mortgage loans are placed on nonaccrual status once management believes the collection of accrued interest is doubtful. Once mortgage loans are classified as nonaccrual mortgage loans, interest income is recognized under the cash basis of accounting and the resumption of the interest accrual would commence only after all past due interest has been collected or the mortgage loan on real estate has been restructured to where the collection of interest is considered likely. At December 31, 2014 and 2013, the carrying values of commercial mortgage loans that had been classified as nonaccrual mortgage loans were $89 million and $93 million, respectively. | |
Troubled Debt Restructuring [Policy Text Block] | Troubled Debt Restructuring |
When a loan modification is determined to be a troubled debt restructuring (“TDR”), the impairment of the loan is re-measured by discounting the expected cash flows to be received based on the modified terms using the loan's original effective yield, and the allowance for loss is adjusted accordingly. Subsequent to the modification, income is recognized prospectively based on the modified terms of the mortgage loans. Additionally, the loan continues to be subject to the credit review process noted above. | |
Net Investment Income (Loss), Investment Gains (Losses), Net and Unrealized Investment Gains (Losses) [Policy Text Block] | Net Investment Income (Loss), Investment Gains (Losses), Net and Unrealized Investment Gains (Losses) |
Net investment income (loss) and realized investment gains (losses), net (together “investment results”) related to certain participating group annuity contracts which are passed through to the contractholders are offset by amounts reflected as interest credited to policyholders’ account balances. | |
Realized investment gains (losses) are determined by identification with the specific asset and are presented as a component of revenue. Changes in the valuation allowances are included in Investment gains (losses), net. | |
Realized and unrealized holding gains (losses) on trading securities are reflected in Net investment income (loss). | |
Unrealized investment gains (losses) on fixed maturities and equity securities designated as AFS held by the Company are accounted for as a separate component of AOCI, net of related deferred income taxes, amounts attributable to certain pension operations, Closed Blocks’ policyholders dividend obligation, insurance liability loss recognition and DAC related to universal life (“UL”) policies, investment-type products and participating traditional life policies. | |
Changes in unrealized gains (losses) reflect changes in fair value of only those fixed maturities and equity securities classified as AFS and do not reflect any change in fair value of policyholders’ account balances and future policy benefits. | |
Fair Value of Other Financial Instruments [Policy Text Block] | Fair Value of Financial Instruments |
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The accounting guidance established a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value, and identifies three levels of inputs that may be used to measure fair value: | |
Level 1 Unadjusted quoted prices for identical instruments in active markets. Level 1 fair values generally are supported by market transactions that occur with sufficient frequency and volume to provide pricing information on an ongoing basis. | |
Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar instruments, quoted prices in markets that are not active, and inputs to model-derived valuations that are directly observable or can be corroborated by observable market data. | |
Level 3 Unobservable inputs supported by little or no market activity and often requiring significant management judgment or estimation, such as an entity’s own assumptions about the cash flows or other significant components of value that market participants would use in pricing the asset or liability. | |
The Company defines fair value as the unadjusted quoted market prices for those instruments that are actively traded in financial markets. In cases where quoted market prices are not available, fair values are measured using present value or other valuation techniques. The fair value determinations are made at a specific point in time, based on available market information and judgments about the financial instrument, including estimates of the timing and amount of expected future cash flows and the credit standing of counterparties. Such adjustments do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument, nor do they consider the tax impact of the realization of unrealized gains or losses. In many cases, the fair value cannot be substantiated by direct comparison to independent markets, nor can the disclosed value be realized in immediate settlement of the instrument. | |
Management is responsible for the determination of the value of investments carried at fair value and the supporting methodologies and assumptions. Under the terms of various service agreements, the Company often utilizes independent valuation service providers to gather, analyze, and interpret market information and derive fair values based upon relevant methodologies and assumptions for individual securities. These independent valuation service providers typically obtain data about market transactions and other key valuation model inputs from multiple sources and, through the use of widely accepted valuation models, provide a single fair value measurement for individual securities for which a fair value has been requested. As further described below with respect to specific asset classes, these inputs include, but are not limited to, market prices for recent trades and transactions in comparable securities, benchmark yields, interest rate yield curves, credit spreads, quoted prices for similar securities, and other market-observable information, as applicable. Specific attributes of the security being valued also are considered, including its term, interest rate, credit rating, industry sector, and when applicable, collateral quality and other security- or issuer-specific information. When insufficient market observable information is available upon which to measure fair value, the Company either will request brokers knowledgeable about these securities to provide a non-binding quote or will employ internal valuation models. Fair values received from independent valuation service providers and brokers and those internally modeled or otherwise estimated are assessed for reasonableness. | |
Recognition of Insurance Income and Related Expenses [Policy Text Block] | Recognition of Insurance Income and Related Expenses |
Deposits related to UL and investment-type contracts are reported as deposits to policyholders’ account balances. Revenues from these contracts consist of fees assessed during the period against policyholders’ account balances for mortality charges, policy administration charges and surrender charges. Policy benefits and claims that are charged to expense include benefit claims incurred in the period in excess of related policyholders’ account balances. | |
Premiums from participating and non-participating traditional life and annuity policies with life contingencies generally are recognized in income when due. Benefits and expenses are matched with such income so as to result in the recognition of profits over the life of the contracts. This match is accomplished by means of the provision for liabilities for future policy benefits and the deferral and subsequent amortization of policy acquisition costs. | |
For contracts with a single premium or a limited number of premium payments due over a significantly shorter period than the total period over which benefits are provided, premiums are recorded as revenue when due with any excess profit deferred and recognized in income in a constant relationship to insurance in-force or, for annuities, the amount of expected future benefit payments. | |
Premiums from individual health contracts are recognized as income over the period to which the premiums relate in proportion to the amount of insurance protection provided. | |
DAC [Policy Text Block] | DAC |
Acquisition costs that vary with and are primarily related to the acquisition of new and renewal insurance business, reflecting incremental direct costs of contract acquisition with independent third parties or employees that are essential to the contract transaction, as well as the portion of employee compensation, including payroll fringe benefits and other costs directly related to underwriting, policy issuance and processing, medical inspection, and contract selling for successfully negotiated contracts including commissions, underwriting, agency and policy issue expenses, are deferred. DAC is subject to recoverability testing at the time of policy issue and loss recognition testing at the end of each accounting period. | |
After the initial establishment of reserves, premium deficiency and loss recognition tests are performed each period end using best estimate assumptions as of the testing date without provisions for adverse deviation. When the liabilities for future policy benefits plus the present value of expected future gross premiums for the aggregate product group are insufficient to provide for expected future policy benefits and expenses for that line of business (i.e., reserves net of any DAC asset), DAC would first be written off and thereafter, if required, a premium deficiency reserve would be established by a charge to earnings. | |
In accordance with the guidance for the accounting and reporting by insurance enterprises for certain long-duration contracts and participating contracts and for realized gains and losses from the sale of investments, current and expected future profit margins for products covered by this guidance are examined regularly in determining the amortization of DAC. Due primarily to the significant decline in Separate Accounts balances during 2008 and a change in the estimate of average gross short-term annual return on Separate Accounts balances to 9.0%, future estimated gross profits at December 31, 2008 for certain issue years for the Accumulator® variable annuity products (“Accumulator®”) were expected to be negative as the increases in the fair values of derivatives used to hedge certain risks related to these products would be recognized in current earnings while the related reserves do not fully and immediately reflect the impact of equity and interest market fluctuations. As required under U.S. GAAP, for those issue years with future estimated negative gross profits, the DAC amortization method was permanently changed in fourth quarter 2008 from one based on estimated gross profits to one based on estimated assessments for the Accumulator® products, subject to loss recognition testing. In second quarter 2011, the DAC amortization method was changed to one based on estimated assessments for all issue years for the Accumulator® products due to continued volatility of margins and the continued emergence of periods of negative margins. | |
DAC associated with UL and investment-type products, other than Accumulator® products is amortized over the expected total life of the contract group as a constant percentage of estimated gross profits arising principally from investment results, Separate Account fees, mortality and expense margins and surrender charges based on historical and anticipated future experience, updated at the end of each accounting period. When estimated gross profits are expected to be negative for multiple years of a contract life, DAC is amortized using the present value of estimated assessments. The effect on the amortization of DAC of revisions to estimated gross profits or assessments is reflected in earnings (loss) in the period such estimated gross profits or assessments are revised. A decrease in expected gross profits or assessments would accelerate DAC amortization. Conversely, an increase in expected gross profits or assessments would slow DAC amortization. The effect on the DAC assets that would result from realization of unrealized gains (losses) is recognized with an offset to AOCI in consolidated equity as of the balance sheet date. | |
A significant assumption in the amortization of DAC on variable annuities and variable and interest-sensitive life insurance relates to projected future Separate Account performance. Management sets estimated future gross profit or assessment assumptions related to Separate Account performance using a long-term view of expected average market returns by applying a reversion to the mean approach, a commonly used industry practice. This future return approach influences the projection of fees earned, as well as other sources of estimated gross profits. Returns that are higher than expectations for a given period produce higher than expected account balances, increase the fees earned resulting in higher expected future gross profits and lower DAC amortization for the period. The opposite occurs when returns are lower than expected. | |
In applying this approach to develop estimates of future returns, it is assumed that the market will return to an average gross long-term return estimate, developed with reference to historical long-term equity market performance. Currently, the average gross long-term return estimate is measured from December 31, 2008. Management has set limitations as to maximum and minimum future rate of return assumptions, as well as a limitation on the duration of use of these maximum or minimum rates of return. At December 31, 2014, the average gross short-term and long-term annual return estimate on variable and interest-sensitive life insurance and variable annuities was 9.0% (6.66% net of product weighted average Separate Account fees), and the gross maximum and minimum short-term annual rate of return limitations were 15.0% (12.66% net of product weighted average Separate Account fees) and 0.0% (-2.34% net of product weighted average Separate Account fees), respectively. The maximum duration over which these rate limitations may be applied is 5 years. This approach will continue to be applied in future periods. These assumptions of long-term growth are subject to assessment of the reasonableness of resulting estimates of future return assumptions. | |
If actual market returns continue at levels that would result in assuming future market returns of 15.0% for more than 5 years in order to reach the average gross long-term return estimate, the application of the 5 year maximum duration limitation would result in an acceleration of DAC amortization. Conversely, actual market returns resulting in assumed future market returns of 0.0% for more than 5 years would result in a required deceleration of DAC amortization. At December 31, 2014, current projections of future average gross market returns assume a 0.0% annualized return for the next six quarters, which is the minimum limitations grading to a reversion to the mean of 9.0% in fourteen quarters. | |
In addition, projections of future mortality assumptions related to variable and interest-sensitive life products are based on a long-term average of actual experience. This assumption is updated quarterly to reflect recent experience as it emerges. Improvement of life mortality in future periods from that currently projected would result in future deceleration of DAC amortization. Conversely, deterioration of life mortality in future periods from that currently projected would result in future acceleration of DAC amortization. | |
Other significant assumptions underlying gross profit estimates for UL and investment type products relate to contract persistency and General Account investment spread. | |
For participating traditional life policies (substantially all of which are in the Closed Block), DAC is amortized over the expected total life of the contract group as a constant percentage based on the present value of the estimated gross margin amounts expected to be realized over the life of the contracts using the expected investment yield. At December 31, 2014, the average rate of assumed investment yields, excluding policy loans, was 5.1% grading to 4.5% over 10 years. Estimated gross margins include anticipated premiums and investment results less claims and administrative expenses, changes in the net level premium reserve and expected annual policyholder dividends. The effect on the accumulated amortization of DAC of revisions to estimated gross margins is reflected in earnings in the period such estimated gross margins are revised. The effect on the DAC assets that would result from realization of unrealized gains (losses) is recognized with an offset to AOCI in consolidated equity as of the balance sheet date. Many of the factors that affect gross margins are included in the determination of the Company’s dividends to these policyholders. DAC adjustments related to participating traditional life policies do not create significant volatility in results of operations as the Closed Block recognizes a cumulative policyholder dividend obligation expense in “Policyholders’ dividends,” for the excess of actual cumulative earnings over expected cumulative earnings as determined at the time of demutualization. | |
DAC associated with non-participating traditional life policies is amortized in proportion to anticipated premiums. Assumptions as to anticipated premiums are estimated at the date of policy issue and are consistently applied during the life of the contracts. Deviations from estimated experience are reflected in earnings (loss) in the period such deviations occur. For these contracts, the amortization periods generally are for the total life of the policy. DAC related to these policies is subject to recoverability testing as part of AXA Financial Group’s premium deficiency testing. If a premium deficiency exists, DAC is reduced by the amount of the deficiency or to zero through a charge to current period earnings (loss). If the deficiency exceeds the DAC balance, the reserve for future policy benefits is increased by the excess, reflected in earnings (loss) in the period such deficiency occurs. | |
Contractholder Bonus Interest Credits [Policy Text Block] | Contractholder Bonus Interest Credits |
Contractholder bonus interest credits are offered on certain deferred annuity products in the form of either immediate bonus interest credited or enhanced interest crediting rates for a period of time. The interest crediting expense associated with these contractholder bonus interest credits is deferred and amortized over the lives of the underlying contracts in a manner consistent with the amortization of DAC. Unamortized balances are included in Other assets. | |
Policyholders Account Balances and Future Policy Benefits [Policy Text Block] | Policyholders’ Account Balances and Future Policy Benefits |
Policyholders’ account balances for UL and investment-type contracts are equal to the policy account values. The policy account values represent an accumulation of gross premium payments plus credited interest less expense and mortality charges and withdrawals. | |
The Company has issued and continues to offer certain variable annuity products with GMDB and Guaranteed income benefit (“GIB”) features. The Company previously issued certain variable annuity products with Guaranteed withdrawal benefit for life (“GWBL”) and other features. The Company also issues certain variable annuity products that contain a GMIB feature which, if elected by the policyholder after a stipulated waiting period from contract issuance, guarantees a minimum lifetime annuity based on predetermined annuity purchase rates that may be in excess of what the contract account value can purchase at then-current annuity purchase rates. This minimum lifetime annuity is based on predetermined annuity purchase rates applied to a GMIB base. Reserves for GMDB and GMIB obligations are calculated on the basis of actuarial assumptions related to projected benefits and related contract charges generally over the lives of the contracts. The determination of this estimated liability is based on models that involve numerous estimates and subjective judgments, including those regarding expected market rates of return and volatility, contract surrender and withdrawal rates, mortality experience, and, for contracts with the GMIB feature, GMIB election rates. Assumptions regarding Separate Account performance used for purposes of this calculation are set using a long-term view of expected average market returns by applying a reversion to the mean approach, consistent with that used for DAC amortization. There can be no assurance that actual experience will be consistent with management's estimates. | |
For reinsurance contracts other than those covering GMIB exposure, reinsurance recoverable balances are calculated using methodologies and assumptions that are consistent with those used to calculate the direct liabilities. | |
For participating traditional life policies, future policy benefit liabilities are calculated using a net level premium method on the basis of actuarial assumptions equal to guaranteed mortality and dividend fund interest rates. The liability for annual dividends represents the accrual of annual dividends earned. Terminal dividends are accrued in proportion to gross margins over the life of the contract. | |
For non-participating traditional life insurance policies, future policy benefit liabilities are estimated using a net level premium method on the basis of actuarial assumptions as to mortality, persistency and interest established at policy issue. Assumptions established at policy issue as to mortality and persistency are based on the Insurance Group’s experience that, together with interest and expense assumptions, includes a margin for adverse deviation. Benefit liabilities for traditional annuities during the accumulation period are equal to accumulated contractholders’ fund balances and, after annuitization, are equal to the present value of expected future payments. Interest rates used in establishing such liabilities range from 2.25% to 10.9% for life insurance liabilities and from 1.57% to 11.25% for annuity liabilities. | |
Individual health benefit liabilities for active lives are estimated using the net level premium method and assumptions as to future morbidity, withdrawals and interest. Benefit liabilities for disabled lives are estimated using the present value of benefits method and experience assumptions as to claim terminations, expenses and interest. While management believes its disability income (“DI”) reserves have been calculated on a reasonable basis and are adequate, there can be no assurance reserves will be sufficient to provide for future liabilities. | |
When the liabilities for future policy benefits plus the present value of expected future gross premiums for a product are insufficient to provide for expected future policy benefits and expenses for that product, DAC is written off and thereafter, if required, a premium deficiency reserve is established by a charge to earnings. | |
Funding agreements are reported in Policyholders’ account balances in the consolidated balance sheets. AXA Equitable as a member of the Federal Home Loan Bank of New York (“FHLBNY”) has access to borrowing facilities from the FHLBNY including collateralized borrowings and funding agreements, which would require AXA Equitable to pledge qualified mortgage-backed assets and/or government securities as collateral. As membership requires the ownership of member stock, AXA Equitable purchased stock to meet its membership requirement ($31 million, as of December 31, 2014). Any borrowings from the FHLBNY require the purchase of FHLBNY activity based stock in an amount equal to 4.5% of the borrowings. AXA Equitable’s capacity with the FHLBNY was increased during second quarter 2014 from $1,000 million to $3,000 million. At December 31, 2014, the Company had $500 million of outstanding funding agreements with the FHLBNY. The funding agreements were used to extend the duration of the assets within the General Account investment portfolio. For other instruments used to extend the duration of the General Account investment portfolio see “Derivative and offsetting assets and liabilities” included in Note 3 | |
Policyholders Dividends [Policy Text Block] | . |
Policyholders’ Dividends | |
The amount of policyholders’ dividends to be paid (including dividends on policies included in the Closed Block) is determined annually by AXA Equitable’s board of directors. The aggregate amount of policyholders’ dividends is related to actual interest, mortality, morbidity and expense experience for the year and judgment as to the appropriate level of statutory surplus to be retained by AXA Equitable. | |
At December 31, 2014, participating policies, including those in the Closed Block, represent approximately 5.6% ($19,863 million) of directly written life insurance in-force, net of amounts ceded. | |
Separate Accounts [Policy Text Block] | Separate Accounts |
Generally, Separate Accounts established under New York State Insurance Law are not chargeable with liabilities that arise from any other business of the Insurance Group. Separate Accounts assets are subject to General Account claims only to the extent Separate Accounts assets exceed Separate Accounts liabilities. Assets and liabilities of the Separate Accounts represent the net deposits and accumulated net investment earnings (loss) less fees, held primarily for the benefit of contractholders, and for which the Insurance Group does not bear the investment risk. Separate Accounts’ assets and liabilities are shown on separate lines in the consolidated balance sheets. Assets held in Separate Accounts are reported at quoted market values or, where quoted values are not readily available or accessible for these securities, their fair value measures most often are determined through the use of model pricing that effectively discounts prospective cash flows to present value using appropriate sector-adjusted credit spreads commensurate with the security’s duration, also taking into consideration issuer-specific credit quality and liquidity. The assets and liabilities of six Separate Accounts are presented and accounted for as General Account assets and liabilities due to the fact that not all of the investment performance in those Separate Accounts is passed through to policyholders. Investment assets in these Separate Accounts principally consist of fixed maturities that are classified as AFS in the accompanying consolidated financial statements. | |
The investment results of Separate Accounts, including unrealized gains (losses), on which the Insurance Group does not bear the investment risk are reflected directly in Separate Accounts liabilities and are not reported in revenues in the consolidated statements of earnings (loss). For 2014, 2013 and 2012, investment results of such Separate Accounts were gains (losses) of $5,959 million, $19,022 million and $10,110 million, respectively. | |
Deposits to Separate Accounts are reported as increases in Separate Accounts liabilities and are not reported in revenues. Mortality, policy administration and surrender charges on all policies including those funded by Separate Accounts are included in revenues. | |
The Company reports the General Account’s interests in Separate Accounts as Other equity investments in the consolidated balance sheets. | |
Recognition of Investment Management Revenues and Related Expenses [Policy Text Block] | Recognition of Investment Management Revenues and Related Expenses |
Commissions, fees and other income principally include the Investment Management segment’s investment advisory and service fees, distribution revenues and institutional research services revenue. Investment advisory and service base fees, generally calculated as a percentage, referred to as basis points (“BPs”), of assets under management, are recorded as revenue as the related services are performed; they include brokerage transactions charges received by Sanford C. Bernstein & Co. LLC (“SCB LLC”) for certain retail, private client and institutional investment client transactions. Certain investment advisory contracts, including those associated with hedge funds, provide for a performance-based fee, in addition to or in lieu of a base fee which is calculated as either a percentage of absolute investment results or a percentage of the investment results in excess of a stated benchmark over a specified period of time. Performance-based fees are recorded as a component of revenue at the end of each contract’s measurement period. Institutional research services revenue consists of brokerage transaction charges received by SCB LLC and Sanford C. Bernstein Limited (“SCBL”) for independent research and brokerage-related services provided to institutional investors. Brokerage transaction charges earned and related expenses are recorded on a trade date basis. Distribution revenues and shareholder servicing fees are accrued as earned. | |
Commissions paid to financial intermediaries in connection with the sale of shares of open-end AllianceBernstein sponsored mutual funds sold without a front-end sales charge (“back-end load shares”) are capitalized as deferred sales commissions and amortized over periods not exceeding five and one-half years for U.S. fund shares and four years for non-U.S. fund shares, the periods of time during which the deferred sales commissions are generally recovered. These commissions are recovered from distribution services fees received from those funds and from contingent deferred sales commissions (“CDSC”) received from shareholders of those funds upon the redemption of their shares. CDSC cash recoveries are recorded as reductions of unamortized deferred sales commissions when received. Effective January 31, 2009, back-end load shares are no longer offered to new investors by AllianceBernstein’s U.S. funds. Management tests the deferred sales commission asset for recoverability quarterly and determined that the balance as of December 31, 2014 was not impaired. | |
AllianceBernstein’s management determines recoverability by estimating undiscounted future cash flows to be realized from this asset, as compared to its recorded amount, as well as the estimated remaining life of the deferred sales commission asset over which undiscounted future cash flows are expected to be received. Undiscounted future cash flows consist of ongoing distribution services fees and CDSC. Distribution services fees are calculated as a percentage of average assets under management related to back-end load shares. CDSC are based on the lower of cost or current value, at the time of redemption, of back-end load shares redeemed and the point at which redeemed during the applicable minimum holding period under the mutual fund distribution system. | |
Significant assumptions utilized to estimate future average assets under management and undiscounted future cash flows from back-end load shares include expected future market levels and redemption rates. Market assumptions are selected using a long-term view of expected average market returns based on historical returns of broad market indices. Future redemption rate assumptions are determined by reference to actual redemption experience over the five-year, three-year and one-year periods and current quarterly periods ended December 31, 2014. These assumptions are updated periodically. Estimates of undiscounted future cash flows and the remaining life of the deferred sales commission asset are made from these assumptions and the aggregate undiscounted cash flows are compared to the recorded value of the deferred sales commission asset. If AllianceBernstein’s management determines in the future that the deferred sales commission asset is not recoverable, an impairment condition would exist and a loss would be measured as the amount by which the recorded amount of the asset exceeds its estimated fair value. Estimated fair value is determined using AllianceBernstein’s management’s best estimate of future cash flows discounted to a present value amount. | |
Goodwill and Other Intangible Assets [Policy Text Block] | Goodwill and Other Intangible Assets |
Goodwill represents the excess of the purchase price over the fair value of identifiable net assets of acquired companies, and relates principally to the acquisition of SCB Inc., an investment research and management company formerly known as Sanford C. Bernstein Inc. (“Bernstein Acquisition”) and the purchase of units of the limited partnership interest in AllianceBernstein (“AllianceBernstein Units”). In accordance with the guidance for Goodwill and Other Intangible Assets, goodwill is tested annually for impairment and at interim periods if events or circumstances indicate an impairment could have occurred. | |
Intangible assets related to the Bernstein Acquisition and purchases of AllianceBernstein Units include values assigned to contracts of businesses acquired based on their estimated fair value at the time of acquisition, less accumulated amortization. These intangible assets are generally amortized on a straight-line basis over their estimated useful life of approximately 20 years. All intangible assets are periodically reviewed for impairment as events or changes in circumstances indicate that the carrying value may not be recoverable. If the carrying value exceeds fair value, additional impairment tests are performed to measure the amount of the impairment loss, if any. | |
Other Accounting Policies [Policy Text Block] | Other Accounting Policies |
Capitalized internal-use software, included in Other assets in the consolidated balance sheets, is amortized on a straight-line basis over the estimated useful life of the software that ranges between three and five years. If an impairment is determined to have occurred, software capitalization is accelerated for the remaining balance deemed to be impaired. | |
AXA Financial and certain of its consolidated subsidiaries and affiliates, including the Company, file a consolidated Federal income tax return. The Company provides for Federal and state income taxes currently payable, as well as those deferred due to temporary differences between the financial reporting and tax bases of assets and liabilities. Current Federal income taxes are charged or credited to operations based upon amounts estimated to be payable or recoverable as a result of taxable operations for the current year. Deferred income tax assets and liabilities are recognized based on the difference between financial statement carrying amounts and income tax bases of assets and liabilities using enacted income tax rates and laws. Valuation allowances are established when management determines, based on available information, that it is more likely than not that deferred tax assets will not be realized. | |
Under accounting for uncertainty in income taxes guidance, the Company determines whether it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit can be recorded in the consolidated financial statements. Tax positions are then measured at the largest amount of benefit that is greater than 50 % likely of being realized upon settlement. | |
Out of Period Adjustments | |
In 2014, the Company recorded several out-of-period adjustments in its financial statements. The Company refined the models used to calculate the fair value of the GMIB reinsurance asset and the GMIB and GMDB liabilities. In addition, the Company recorded an out-of-period adjustment related to an understatement of the dividend of AllianceBernstein Units by AXA Equitable to AXA Financial during the year ended December 31, 2013 and the related deferred tax liability for the excess of the fair value of the AllianceBernstein Unit dividend over the recorded value. The net impact of the out-of-period adjustments to AXA Equitable’s shareholders’ equity and Net earnings was a decrease of $1 million and an increase of $73 million, respectively. Management has evaluated the impact of all out of period corrections both individually and in the aggregate and concluded they are not material to any previously reported quarterly or annual financial statements. |
INVESTMENTS_TABLES
INVESTMENTS (TABLES) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Investments Tables [Abstract] | |||||||||||||||||||||||||
Available For Sale Securities [ Table Text Block] | Available-for-Sale Securities by Classification | ||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | OTTI | |||||||||||||||||||||
Cost | Gains | Losses | Value | in AOCI(3) | |||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||
Fixed Maturity Securities: | |||||||||||||||||||||||||
Corporate | $ | 20,742 | $ | 1,549 | $ | 71 | $ | 22,220 | $ | - | |||||||||||||||
U.S. Treasury, government | |||||||||||||||||||||||||
and agency | 6,685 | 672 | 26 | 7,331 | - | ||||||||||||||||||||
States and political subdivisions | 441 | 78 | - | 519 | - | ||||||||||||||||||||
Foreign governments | 405 | 48 | 7 | 446 | - | ||||||||||||||||||||
Commercial mortgage-backed | 855 | 22 | 142 | 735 | 10 | ||||||||||||||||||||
Residential mortgage-backed(1) | 752 | 43 | - | 795 | - | ||||||||||||||||||||
Asset-backed(2) | 86 | 14 | 1 | 99 | 3 | ||||||||||||||||||||
Redeemable preferred stock | 829 | 70 | 10 | 889 | - | ||||||||||||||||||||
Total Fixed Maturities | 30,795 | 2,496 | 257 | 33,034 | 13 | ||||||||||||||||||||
Equity securities | 36 | 2 | - | 38 | - | ||||||||||||||||||||
Total at December 31, 2014 | $ | 30,831 | $ | 2,498 | $ | 257 | $ | 33,072 | $ | 13 | |||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
Fixed Maturity Securities: | |||||||||||||||||||||||||
Corporate | $ | 21,516 | $ | 1,387 | $ | 213 | $ | 22,690 | $ | - | |||||||||||||||
U.S. Treasury, government | |||||||||||||||||||||||||
and agency | 3,584 | 22 | 477 | 3,129 | - | ||||||||||||||||||||
States and political subdivisions | 444 | 35 | 2 | 477 | - | ||||||||||||||||||||
Foreign governments | 392 | 46 | 5 | 433 | - | ||||||||||||||||||||
Commercial mortgage-backed | 971 | 10 | 265 | 716 | 23 | ||||||||||||||||||||
Residential mortgage-backed(1) | 914 | 34 | 1 | 947 | - | ||||||||||||||||||||
Asset-backed(2) | 132 | 11 | 3 | 140 | 4 | ||||||||||||||||||||
Redeemable preferred stock | 883 | 55 | 51 | 887 | - | ||||||||||||||||||||
Total Fixed Maturities | 28,836 | 1,600 | 1,017 | 29,419 | 27 | ||||||||||||||||||||
Equity securities | 37 | - | 3 | 34 | - | ||||||||||||||||||||
Total at December 31, 2013 | $ | 28,873 | $ | 1,600 | $ | 1,020 | $ | 29,453 | $ | 27 | |||||||||||||||
Investments Classified By Contractual Maturity Date [Table Text Block] | Available-for-Sale Fixed Maturities | ||||||||||||||||||||||||
Contractual Maturities at December 31, 2014 | |||||||||||||||||||||||||
Amortized Cost | Fair Value | ||||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Due in one year or less | $ | 2,140 | $ | 2,166 | |||||||||||||||||||||
Due in years two through five | 6,400 | 6,916 | |||||||||||||||||||||||
Due in years six through ten | 10,434 | 10,934 | |||||||||||||||||||||||
Due after ten years | 9,299 | 10,500 | |||||||||||||||||||||||
Subtotal | 28,273 | 30,516 | |||||||||||||||||||||||
Commercial mortgage-backed securities | 855 | 735 | |||||||||||||||||||||||
Residential mortgage-backed securities | 752 | 795 | |||||||||||||||||||||||
Asset-backed securities | 86 | 99 | |||||||||||||||||||||||
Total | $ | 29,966 | $ | 32,145 | |||||||||||||||||||||
Available For Sale Fixed Maturities Proceeds Gross Gains And Gross Losses From Sales And Other Than Temporary Impairments [Table Text Block] | December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Proceeds from sales | $ | 716 | $ | 3,220 | $ | 139 | |||||||||||||||||||
Gross gains on sales | $ | 21 | $ | 71 | $ | 13 | |||||||||||||||||||
Gross losses on sales | $ | -9 | $ | -88 | $ | -12 | |||||||||||||||||||
Total OTTI | $ | -72 | $ | -81 | $ | -96 | |||||||||||||||||||
Non-credit losses recognized in OCI | - | 15 | 2 | ||||||||||||||||||||||
Credit losses recognized in earnings (loss) | $ | -72 | $ | -66 | $ | -94 | |||||||||||||||||||
Fixed Maturities Credit LossImpairments [Table Text Block] | Fixed Maturities - Credit Loss Impairments | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Balances at January 1, | $ | -370 | $ | -372 | |||||||||||||||||||||
Previously recognized impairments on securities that matured, paid, prepaid or sold | 188 | 67 | |||||||||||||||||||||||
Recognized impairments on securities impaired to fair value this period(1) | - | - | |||||||||||||||||||||||
Impairments recognized this period on securities not previously impaired | -41 | -59 | |||||||||||||||||||||||
Additional impairments this period on securities previously impaired | -31 | -6 | |||||||||||||||||||||||
Increases due to passage of time on previously recorded credit losses | - | - | |||||||||||||||||||||||
Accretion of previously recognized impairments due to increases in expected cash flows | - | - | |||||||||||||||||||||||
Balances at December 31, | $ | -254 | $ | -370 | |||||||||||||||||||||
Unrealized Gain Loss On Investments [Table Text Block] | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
AFS Securities: | |||||||||||||||||||||||||
Fixed maturities: | |||||||||||||||||||||||||
With OTTI loss | $ | 10 | $ | -28 | |||||||||||||||||||||
All other | 2,229 | 610 | |||||||||||||||||||||||
Equity securities | 2 | -3 | |||||||||||||||||||||||
Net Unrealized Gains (Losses) | $ | 2,241 | $ | 579 | |||||||||||||||||||||
Unrealized Gain Loss On Investments With Other Than Temporary Impairment [Table Text Block] | Net Unrealized Gains (Losses) on Fixed Maturities with OTTI Losses | ||||||||||||||||||||||||
AOCI Gain | |||||||||||||||||||||||||
Net | (Loss) Related | ||||||||||||||||||||||||
Unrealized | Deferred | to Net | |||||||||||||||||||||||
Gains | Income | Unrealized | |||||||||||||||||||||||
(Losses) on | Policyholders | Tax Asset | Investment | ||||||||||||||||||||||
Investments | DAC | Liabilities | (Liability) | Gains (Losses) | |||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Balance, January 1, 2014 | $ | -28 | $ | 2 | $ | 10 | $ | 5 | $ | -11 | |||||||||||||||
Net investment gains (losses) arising | |||||||||||||||||||||||||
during the period | -1 | - | - | - | -1 | ||||||||||||||||||||
Reclassification adjustment for OTTI losses: | |||||||||||||||||||||||||
Included in Net earnings (loss) | 39 | - | - | - | 39 | ||||||||||||||||||||
Excluded from Net earnings (loss)(1) | - | - | - | - | - | ||||||||||||||||||||
Impact of net unrealized investment | |||||||||||||||||||||||||
gains (losses) on: | |||||||||||||||||||||||||
DAC | - | -2 | - | - | -2 | ||||||||||||||||||||
Deferred income taxes | - | - | - | -9 | -9 | ||||||||||||||||||||
Policyholders liabilities | - | - | -10 | - | -10 | ||||||||||||||||||||
Balance, December 31, 2014 | $ | 10 | $ | - | $ | - | $ | -4 | $ | 6 | |||||||||||||||
Balance, January 1, 2013 | $ | -12 | $ | 1 | $ | 4 | $ | 2 | $ | -5 | |||||||||||||||
Net investment gains (losses) arising | |||||||||||||||||||||||||
during the period | -14 | - | - | - | -14 | ||||||||||||||||||||
Reclassification adjustment for OTTI losses: | |||||||||||||||||||||||||
Included in Net earnings (loss) | 13 | - | - | - | 13 | ||||||||||||||||||||
Excluded from Net earnings (loss)(1) | -15 | - | - | - | -15 | ||||||||||||||||||||
Impact of net unrealized investment | |||||||||||||||||||||||||
gains (losses) on: | |||||||||||||||||||||||||
DAC | - | 1 | - | - | 1 | ||||||||||||||||||||
Deferred income taxes | - | - | - | 3 | 3 | ||||||||||||||||||||
Policyholders liabilities | - | - | 6 | - | 6 | ||||||||||||||||||||
Balance, December 31, 2013 | $ | -28 | $ | 2 | $ | 10 | $ | 5 | $ | -11 | |||||||||||||||
Other Net Unrealized Investment Gains Losses In Accumulated Other Comprehensive Income [Table Text Block] | All Other Net Unrealized Investment Gains (Losses) in AOCI | ||||||||||||||||||||||||
AOCI Gain | |||||||||||||||||||||||||
Net | (Loss) Related | ||||||||||||||||||||||||
Unrealized | Deferred | to Net | |||||||||||||||||||||||
Gains | Income | Unrealized | |||||||||||||||||||||||
(Losses) on | Policyholders | Tax Asset | Investment | ||||||||||||||||||||||
Investments | DAC | Liabilities | (Liability) | Gains (Losses) | |||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Balance, January 1, 2014 | $ | 607 | $ | -107 | $ | -245 | $ | -90 | $ | 165 | |||||||||||||||
Net investment gains (losses) arising | |||||||||||||||||||||||||
during the period | 1,606 | - | - | - | 1,606 | ||||||||||||||||||||
Reclassification adjustment for OTTI losses: | |||||||||||||||||||||||||
Included in Net earnings (loss) | 18 | - | - | - | 18 | ||||||||||||||||||||
Excluded from Net earnings (loss)(1) | - | - | - | - | - | ||||||||||||||||||||
Impact of net unrealized investment | |||||||||||||||||||||||||
gains (losses) on: | |||||||||||||||||||||||||
DAC | - | -15 | - | - | -15 | ||||||||||||||||||||
Deferred income taxes | - | - | - | -520 | -520 | ||||||||||||||||||||
Policyholders liabilities | - | - | -123 | - | -123 | ||||||||||||||||||||
Balance, December 31, 2014 | $ | 2,231 | $ | -122 | $ | -368 | $ | -610 | $ | 1,131 | |||||||||||||||
Balance, January 1, 2013 | $ | 2,900 | $ | -179 | $ | -603 | $ | -741 | $ | 1,377 | |||||||||||||||
Net investment gains (losses) arising | |||||||||||||||||||||||||
during the period | -2,370 | - | - | - | -2,370 | ||||||||||||||||||||
Reclassification adjustment for OTTI losses: | |||||||||||||||||||||||||
Included in Net earnings (loss) | 62 | - | - | - | 62 | ||||||||||||||||||||
Excluded from Net earnings (loss)(1) | 15 | - | - | - | 15 | ||||||||||||||||||||
Impact of net unrealized investment | |||||||||||||||||||||||||
gains (losses) on: | |||||||||||||||||||||||||
DAC | - | 72 | - | - | 72 | ||||||||||||||||||||
Deferred income taxes | - | - | - | 651 | 651 | ||||||||||||||||||||
Policyholders liabilities | - | - | 358 | - | 358 | ||||||||||||||||||||
Balance, December 31, 2013 | $ | 607 | $ | -107 | $ | -245 | $ | -90 | $ | 165 | |||||||||||||||
Schedule Of Unrealized Loss On Investments [Table Text Block] | Less Than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||
Fixed Maturity Securities: | |||||||||||||||||||||||||
Corporate | $ | 1,314 | $ | -29 | $ | 1,048 | $ | -42 | $ | 2,362 | $ | -71 | |||||||||||||
U.S. Treasury, government | |||||||||||||||||||||||||
and agency | 280 | -6 | 373 | -20 | 653 | -26 | |||||||||||||||||||
States and political subdivisions | 21 | - | - | - | 21 | - | |||||||||||||||||||
Foreign governments | 27 | -1 | 65 | -6 | 92 | -7 | |||||||||||||||||||
Commercial mortgage-backed | 37 | -2 | 355 | -140 | 392 | -142 | |||||||||||||||||||
Residential mortgage-backed | - | - | 35 | - | 35 | - | |||||||||||||||||||
Asset-backed | - | - | 20 | -1 | 20 | -1 | |||||||||||||||||||
Redeemable preferred stock | 42 | - | 169 | -10 | 211 | -10 | |||||||||||||||||||
Total | $ | 1,721 | $ | -38 | $ | 2,065 | $ | -219 | $ | 3,786 | $ | -257 | |||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
Fixed Maturity Securities: | |||||||||||||||||||||||||
Corporate | $ | 4,381 | $ | -187 | $ | 248 | $ | -26 | $ | 4,629 | $ | -213 | |||||||||||||
U.S. Treasury, government | |||||||||||||||||||||||||
and agency | 2,645 | -477 | - | - | 2,645 | -477 | |||||||||||||||||||
States and political subdivisions | 36 | -2 | - | - | 36 | -2 | |||||||||||||||||||
Foreign governments | 68 | -4 | 7 | -1 | 75 | -5 | |||||||||||||||||||
Commercial mortgage-backed | 30 | -5 | 529 | -260 | 559 | -265 | |||||||||||||||||||
Residential mortgage-backed | 260 | -1 | 1 | - | 261 | -1 | |||||||||||||||||||
Asset-backed | 2 | - | 28 | -3 | 30 | -3 | |||||||||||||||||||
Redeemable preferred stock | 232 | -49 | 79 | -2 | 311 | -51 | |||||||||||||||||||
Total | $ | 7,654 | $ | -725 | $ | 892 | $ | -292 | $ | 8,546 | $ | -1,017 | |||||||||||||
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | Troubled Debt Restructuring - Modifications | ||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Number | Outstanding Recorded Investment | ||||||||||||||||||||||||
of Loans | Pre-Modification | Post - Modification | |||||||||||||||||||||||
(Dollars In Millions) | |||||||||||||||||||||||||
Commercial mortgage loans | 1 | 84 | 93 | ||||||||||||||||||||||
Allowance For Credit Losses On Financing Receivables [Table Text Block] | Commercial Mortgage Loans | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Allowance for credit losses: | (In Millions) | ||||||||||||||||||||||||
Beginning Balance, January 1, | $ | 42 | $ | 34 | $ | 32 | |||||||||||||||||||
Charge-offs | -14 | - | - | ||||||||||||||||||||||
Recoveries | - | -2 | -24 | ||||||||||||||||||||||
Provision | 9 | 10 | 26 | ||||||||||||||||||||||
Ending Balance, December 31, | $ | 37 | $ | 42 | $ | 34 | |||||||||||||||||||
Ending Balance, December 31,: | |||||||||||||||||||||||||
Individually Evaluated for Impairment | $ | 37 | $ | 42 | $ | 34 | |||||||||||||||||||
Debt Service Coverage Ratio [Table Text Block] | Mortgage Loans by Loan-to-Value and Debt Service Coverage Ratios | ||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Debt Service Coverage Ratio | |||||||||||||||||||||||||
Less | Total | ||||||||||||||||||||||||
Greater | 1.8x to | 1.5x to | 1.2x to | 1.0x to | than | Mortgage | |||||||||||||||||||
Loan-to-Value Ratio:(2) | than 2.0x | 2.0x | 1.8x | 1.5x | 1.2x | 1.0x | Loans | ||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Commercial Mortgage Loans(1) | |||||||||||||||||||||||||
0% - 50% | $ | 335 | $ | - | $ | - | $ | 59 | $ | 34 | $ | - | $ | 428 | |||||||||||
50% - 70% | 963 | 440 | 872 | 839 | 54 | - | 3,168 | ||||||||||||||||||
70% - 90% | 211 | - | 61 | 265 | 79 | - | 616 | ||||||||||||||||||
90% plus | 156 | - | - | - | - | 47 | 203 | ||||||||||||||||||
Total Commercial | |||||||||||||||||||||||||
Mortgage Loans | $ | 1,665 | $ | 440 | $ | 933 | $ | 1,163 | $ | 167 | $ | 47 | $ | 4,415 | |||||||||||
Agricultural Mortgage Loans(1) | |||||||||||||||||||||||||
0% - 50% | $ | 184 | $ | 100 | $ | 232 | $ | 408 | $ | 206 | $ | 50 | $ | 1,180 | |||||||||||
50% - 70% | 143 | 87 | 201 | 223 | 204 | 47 | 905 | ||||||||||||||||||
70% - 90% | - | - | - | - | - | - | - | ||||||||||||||||||
90% plus | - | - | - | - | - | - | - | ||||||||||||||||||
Total Agricultural | |||||||||||||||||||||||||
Mortgage Loans | $ | 327 | $ | 187 | $ | 433 | $ | 631 | $ | 410 | $ | 97 | $ | 2,085 | |||||||||||
Total Mortgage Loans(1) | |||||||||||||||||||||||||
0% - 50% | $ | 519 | $ | 100 | $ | 232 | $ | 467 | $ | 240 | $ | 50 | $ | 1,608 | |||||||||||
50% - 70% | 1,106 | 527 | 1,073 | 1,062 | 258 | 47 | 4,073 | ||||||||||||||||||
70% - 90% | 211 | - | 61 | 265 | 79 | - | 616 | ||||||||||||||||||
90% plus | 156 | - | - | - | - | 47 | 203 | ||||||||||||||||||
Total Mortgage Loans | $ | 1,992 | $ | 627 | $ | 1,366 | $ | 1,794 | $ | 577 | $ | 144 | $ | 6,500 | |||||||||||
Mortgage Loans by Loan-to-Value and Debt Service Coverage Ratios | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Debt Service Coverage Ratio | |||||||||||||||||||||||||
Less | Total | ||||||||||||||||||||||||
Greater | 1.8x to | 1.5x to | 1.2x to | 1.0x to | than | Mortgage | |||||||||||||||||||
Loan-to-Value Ratio:(2) | than 2.0x | 2.0x | 1.8x | 1.5x | 1.2x | 1.0x | Loans | ||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Commercial Mortgage Loans(1) | |||||||||||||||||||||||||
0% - 50% | $ | 285 | $ | - | $ | - | $ | - | $ | 36 | $ | - | $ | 321 | |||||||||||
50% - 70% | 360 | 573 | 671 | 533 | 135 | - | 2,272 | ||||||||||||||||||
70% - 90% | 116 | - | 313 | 240 | 105 | 219 | 993 | ||||||||||||||||||
90% plus | 135 | - | - | 60 | 27 | 48 | 270 | ||||||||||||||||||
Total Commercial | |||||||||||||||||||||||||
Mortgage Loans | $ | 896 | $ | 573 | $ | 984 | $ | 833 | $ | 303 | $ | 267 | $ | 3,856 | |||||||||||
Agricultural Mortgage Loans(1) | |||||||||||||||||||||||||
0% - 50% | $ | 185 | $ | 82 | $ | 214 | $ | 410 | $ | 208 | $ | 49 | $ | 1,148 | |||||||||||
50% - 70% | 127 | 50 | 193 | 164 | 149 | 39 | 722 | ||||||||||||||||||
70% - 90% | - | - | - | - | - | - | - | ||||||||||||||||||
90% plus | - | - | - | - | - | - | - | ||||||||||||||||||
Total Agricultural | |||||||||||||||||||||||||
Mortgage Loans | $ | 312 | $ | 132 | $ | 407 | $ | 574 | $ | 357 | $ | 88 | $ | 1,870 | |||||||||||
Total Mortgage Loans(1) | |||||||||||||||||||||||||
0% - 50% | $ | 470 | $ | 82 | $ | 214 | $ | 410 | $ | 244 | $ | 49 | $ | 1,469 | |||||||||||
50% - 70% | 487 | 623 | 864 | 697 | 284 | 39 | 2,994 | ||||||||||||||||||
70% - 90% | 116 | - | 313 | 240 | 105 | 219 | 993 | ||||||||||||||||||
90% plus | 135 | - | - | 60 | 27 | 48 | 270 | ||||||||||||||||||
Total Mortgage Loans | $ | 1,208 | $ | 705 | $ | 1,391 | $ | 1,407 | $ | 660 | $ | 355 | $ | 5,726 | |||||||||||
Age Analysis Of Past Due Mortgage Loans [Table Text Block] | Age Analysis of Past Due Mortgage Loans | ||||||||||||||||||||||||
Recorded | |||||||||||||||||||||||||
Investment | |||||||||||||||||||||||||
90 | Total | > 90 Days | |||||||||||||||||||||||
30-59 | 60-89 | Days | Financing | and | |||||||||||||||||||||
Days | Days | Or > | Total | Current | Receivables | Accruing | |||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Commercial | $ | - | $ | - | $ | - | $ | - | $ | 4,415 | $ | 4,415 | $ | - | |||||||||||
Agricultural | 1 | 7 | 3 | 11 | 2,074 | 2,085 | 3 | ||||||||||||||||||
Total Mortgage Loans | $ | 1 | $ | 7 | $ | 3 | $ | 11 | $ | 6,489 | $ | 6,500 | $ | 3 | |||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Commercial | $ | - | $ | - | $ | - | $ | - | $ | 3,856 | $ | 3,856 | $ | - | |||||||||||
Agricultural | 5 | 4 | 14 | 23 | 1,847 | 1,870 | 14 | ||||||||||||||||||
Total Mortgage Loans | $ | 5 | $ | 4 | $ | 14 | $ | 23 | $ | 5,703 | $ | 5,726 | $ | 14 | |||||||||||
Impaired Mortgage Loans [Table Text Block] | Impaired Mortgage Loans | ||||||||||||||||||||||||
Unpaid | Average | Interest | |||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Income | |||||||||||||||||||||
Investment | Balance | Allowance | Investment(1) | Recognized | |||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Commercial mortgage loans - other | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||
Agricultural mortgage loans | - | - | - | - | - | ||||||||||||||||||||
Total | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||
With related allowance recorded: | |||||||||||||||||||||||||
Commercial mortgage loans - other | $ | 156 | $ | 156 | $ | -37 | $ | 148 | $ | 2 | |||||||||||||||
Agricultural mortgage loans | - | - | - | - | - | ||||||||||||||||||||
Total | $ | 156 | $ | 156 | $ | -37 | $ | 148 | $ | 2 | |||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Commercial mortgage loans - other | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||
Agricultural mortgage loans | - | - | - | 1 | - | ||||||||||||||||||||
Total | $ | - | $ | - | $ | - | $ | 1 | $ | - | |||||||||||||||
With related allowance recorded: | |||||||||||||||||||||||||
Commercial mortgage loans - other | $ | 135 | $ | 135 | $ | -42 | $ | 139 | $ | 2 | |||||||||||||||
Agricultural mortgage loans | - | - | - | - | - | ||||||||||||||||||||
Total | $ | 135 | $ | 135 | $ | -42 | $ | 139 | $ | 2 | |||||||||||||||
Schedule Of Derivative Instruments [Table Text Block] | Derivative Instruments by Category | ||||||||||||||||||||||||
At or For the Year Ended December 31, 2014 | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Gains (Losses) | |||||||||||||||||||||||||
Notional | Asset | Liability | Reported In | ||||||||||||||||||||||
Amount | Derivatives | Derivatives | Earnings (Loss) | ||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Freestanding derivatives: | |||||||||||||||||||||||||
Equity contracts:(1) | |||||||||||||||||||||||||
Futures | $ | 5,933 | $ | 1 | $ | 2 | $ | -522 | |||||||||||||||||
Swaps | 1,169 | 22 | 15 | -88 | |||||||||||||||||||||
Options | 6,896 | 1,215 | 742 | 196 | |||||||||||||||||||||
Interest rate contracts:(1) | |||||||||||||||||||||||||
Floors | 2,100 | 120 | - | 9 | |||||||||||||||||||||
Swaps | 11,608 | 605 | 15 | 1,507 | |||||||||||||||||||||
Futures | 10,647 | - | - | 459 | |||||||||||||||||||||
Swaptions | 4,800 | 72 | - | 37 | |||||||||||||||||||||
Credit contracts:(1) | |||||||||||||||||||||||||
Credit default swaps | 1,942 | 9 | 27 | 4 | |||||||||||||||||||||
Other freestanding contracts:(1) | |||||||||||||||||||||||||
Foreign currency Contracts | 149 | 2 | - | 3 | |||||||||||||||||||||
Net investment income (loss) | 1,605 | ||||||||||||||||||||||||
Embedded derivatives: | |||||||||||||||||||||||||
GMIB reinsurance contracts | - | 10,711 | - | 3,964 | |||||||||||||||||||||
GIB and GWBL and other features(2) | - | - | 128 | -128 | |||||||||||||||||||||
SCS, SIO, MSO and IUL indexed features(3) | - | - | 380 | -199 | |||||||||||||||||||||
Balances, December 31, 2014 | $ | 45,244 | $ | 12,757 | $ | 1,309 | $ | 5,242 | |||||||||||||||||
Derivative Instruments by Category | |||||||||||||||||||||||||
At or For the Year Ended December 31, 2013 | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Gains (Losses) | |||||||||||||||||||||||||
Notional | Asset | Liability | Reported In | ||||||||||||||||||||||
Amount | Derivatives | Derivatives | Earnings (Loss) | ||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Freestanding derivatives: | |||||||||||||||||||||||||
Equity contracts:(1) | |||||||||||||||||||||||||
Futures | $ | 4,935 | $ | - | $ | 3 | $ | -1,434 | |||||||||||||||||
Swaps | 1,293 | - | 51 | -316 | |||||||||||||||||||||
Options | 7,506 | 1,056 | 593 | 366 | |||||||||||||||||||||
Interest rate contracts:(1) | |||||||||||||||||||||||||
Floors | 2,400 | 193 | - | -5 | |||||||||||||||||||||
Swaps | 9,823 | 216 | 212 | -1,010 | |||||||||||||||||||||
Futures | 10,763 | - | - | -314 | |||||||||||||||||||||
Swaptions | - | - | - | -154 | |||||||||||||||||||||
Credit contracts:(1) | |||||||||||||||||||||||||
Credit default swaps | 342 | 10 | 1 | 4 | |||||||||||||||||||||
Other freestanding contracts:(1) | |||||||||||||||||||||||||
Foreign currency contracts | 112 | 1 | 1 | -3 | |||||||||||||||||||||
Net investment income (loss) | -2,866 | ||||||||||||||||||||||||
Embedded derivatives: | |||||||||||||||||||||||||
GMIB reinsurance contracts | - | 6,746 | - | -4,297 | |||||||||||||||||||||
GIB and GWBL and other features (2) | - | - | - | 265 | |||||||||||||||||||||
SCS, SIO, MSO and IUL indexed features(3) | - | - | 346 | -429 | |||||||||||||||||||||
Balances, December 31, 2013 | $ | 37,174 | $ | 8,222 | $ | 1,207 | $ | -7,327 | |||||||||||||||||
Offsetting ssets And Liabilities [Table Text Block] | Offsetting of Financial Assets and Liabilities and Derivative Instruments | ||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||
Gross | |||||||||||||||||||||||||
Gross | Amounts | Net Amounts | |||||||||||||||||||||||
Amounts | Offset in the | Presented in the | |||||||||||||||||||||||
Recognized | Balance Sheets | Balance Sheets | |||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
ASSETS(1) | |||||||||||||||||||||||||
Description | |||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||
Equity contracts | $ | 1,236 | $ | 753 | $ | 483 | |||||||||||||||||||
Interest rate contracts | 755 | 12 | 743 | ||||||||||||||||||||||
Credit contracts | 7 | 27 | -20 | ||||||||||||||||||||||
Total Derivatives, subject to an ISDA Master Agreement | 1,998 | 792 | 1,206 | ||||||||||||||||||||||
Total Derivatives, not subject to an ISDA Master Agreement | 40 | - | 40 | ||||||||||||||||||||||
Total Derivatives | 2,038 | 792 | 1,246 | ||||||||||||||||||||||
Other financial instruments | 732 | - | 732 | ||||||||||||||||||||||
Other invested assets | $ | 2,770 | $ | 792 | $ | 1,978 | |||||||||||||||||||
LIABILITIES(2) | |||||||||||||||||||||||||
Description | |||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||
Equity contracts | $ | 753 | $ | 753 | $ | - | |||||||||||||||||||
Interest rate contracts | 12 | 12 | - | ||||||||||||||||||||||
Credit contracts | 27 | 27 | - | ||||||||||||||||||||||
Total Derivatives, subject to an ISDA Master Agreement | 792 | 792 | - | ||||||||||||||||||||||
Total Derivatives, not subject to an ISDA Master Agreement | - | - | - | ||||||||||||||||||||||
Total Derivatives | 792 | 792 | - | ||||||||||||||||||||||
Other financial liabilities | 2,939 | - | 2,939 | ||||||||||||||||||||||
Other liabilities | $ | 3,731 | $ | 792 | $ | 2,939 | |||||||||||||||||||
Repurchase agreements | 950 | - | 950 | ||||||||||||||||||||||
Other broker-dealer related payables | 551 | - | 551 | ||||||||||||||||||||||
Broker-dealer related payables | $ | 1,501 | $ | - | $ | 1,501 | |||||||||||||||||||
Offsetting of Financial Assets and Liabilities and Derivative Instruments | |||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
Gross | |||||||||||||||||||||||||
Gross | Amounts | Net Amounts | |||||||||||||||||||||||
Amounts | Offset in the | Presented in the | |||||||||||||||||||||||
Recognized | Balance Sheets | Balance Sheets | |||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
ASSETS(1) | |||||||||||||||||||||||||
Description | |||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||
Equity contracts | $ | 1,056 | $ | 642 | $ | 414 | |||||||||||||||||||
Interest rate contracts | 344 | 211 | 133 | ||||||||||||||||||||||
Credit contracts | 9 | - | 9 | ||||||||||||||||||||||
Total Derivatives, subject to an ISDA Master Agreement | 1,409 | 853 | 556 | ||||||||||||||||||||||
Total Derivatives, not subject to an ISDA Master Agreement | 64 | - | 64 | ||||||||||||||||||||||
Total Derivatives | 1,473 | 853 | 620 | ||||||||||||||||||||||
Other financial instruments | 733 | - | 733 | ||||||||||||||||||||||
Other invested assets | $ | 2,206 | $ | 853 | $ | 1,353 | |||||||||||||||||||
LIABILITIES(2) | |||||||||||||||||||||||||
Description | |||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||
Equity contracts | $ | 642 | $ | 642 | $ | - | |||||||||||||||||||
Interest rate contracts | 211 | 211 | - | ||||||||||||||||||||||
Total Derivatives, subject to an ISDA Master Agreement | 853 | 853 | - | ||||||||||||||||||||||
Total Derivatives, not subject to an ISDA Master Agreement | - | - | - | ||||||||||||||||||||||
Total Derivatives | 853 | 853 | - | ||||||||||||||||||||||
Other financial liabilities | 2,653 | - | 2,653 | ||||||||||||||||||||||
Other liabilities | $ | 3,506 | $ | 853 | $ | 2,653 | |||||||||||||||||||
Collateral Arrangements By Counterparty Not Offset In Consolidated Balancesheets [Table Text Block] | Gross Collateral Amounts Not Offset in the Consolidated Balance Sheets | ||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||
Net Amounts | Collateral (Received)/Held | ||||||||||||||||||||||||
Presented in the | Financial | Net | |||||||||||||||||||||||
Balance Sheets | Instruments | Cash | Amounts | ||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Counterparty A | $ | 62 | $ | - | $ | -62 | $ | - | |||||||||||||||||
Counterparty B | 102 | - | -95 | 7 | |||||||||||||||||||||
Counterparty C | 111 | - | -110 | 1 | |||||||||||||||||||||
Counterparty D | 228 | - | -224 | 4 | |||||||||||||||||||||
Counterparty E | 60 | - | -59 | 1 | |||||||||||||||||||||
Counterparty F | 63 | - | -60 | 3 | |||||||||||||||||||||
Counterparty G | 145 | -145 | - | - | |||||||||||||||||||||
Counterparty H | 31 | -31 | - | - | |||||||||||||||||||||
Counterparty I | 136 | - | -134 | 2 | |||||||||||||||||||||
Counterparty J | 28 | - | -22 | 6 | |||||||||||||||||||||
Counterparty K | 44 | - | -44 | - | |||||||||||||||||||||
Counterparty L | 113 | -113 | - | - | |||||||||||||||||||||
Counterparty M | 76 | - | -68 | 8 | |||||||||||||||||||||
Counterparty N | 40 | - | - | 40 | |||||||||||||||||||||
Counterparty Q | 4 | - | -4 | - | |||||||||||||||||||||
Counterparty T | 3 | - | -3 | - | |||||||||||||||||||||
Total Derivatives | $ | 1,246 | $ | -289 | $ | -885 | $ | 72 | |||||||||||||||||
Other financial instruments | 732 | - | - | 732 | |||||||||||||||||||||
Other invested assets | $ | 1,978 | $ | -289 | $ | -885 | $ | 804 | |||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||
Counterparty D | $ | 450 | $ | -450 | $ | - | $ | - | |||||||||||||||||
Counterparty C | 500 | -500 | - | - | |||||||||||||||||||||
Other Broker-dealer related payables | 551 | - | - | 551 | |||||||||||||||||||||
Broker-dealer related payables | $ | 1,501 | $ | -950 | $ | - | $ | 551 | |||||||||||||||||
Gross Collateral Amounts Not Offset in the Consolidated Balance Sheets | |||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
Net Amounts | Collateral (Received)/Held | ||||||||||||||||||||||||
Presented in the | Financial | Net | |||||||||||||||||||||||
Balance Sheets | Instruments | Cash | Amounts | ||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Counterparty A | $ | 46 | $ | - | $ | -46 | $ | - | |||||||||||||||||
Counterparty B | 17 | - | -17 | - | |||||||||||||||||||||
Counterparty C | 28 | - | -28 | - | |||||||||||||||||||||
Counterparty D | 175 | - | -175 | - | |||||||||||||||||||||
Counterparty E | 47 | - | -47 | - | |||||||||||||||||||||
Counterparty F | -28 | - | 28 | - | |||||||||||||||||||||
Counterparty G | 134 | -134 | - | - | |||||||||||||||||||||
Counterparty H | 4 | - | -4 | - | |||||||||||||||||||||
Counterparty I | -2 | - | 2 | - | |||||||||||||||||||||
Counterparty J | -12 | - | 12 | - | |||||||||||||||||||||
Counterparty K | 41 | - | -38 | 3 | |||||||||||||||||||||
Counterparty L | 72 | - | -69 | 3 | |||||||||||||||||||||
Counterparty M | 30 | - | -30 | - | |||||||||||||||||||||
Counterparty N | 64 | - | - | 64 | |||||||||||||||||||||
Counterparty Q | 4 | - | -4 | - | |||||||||||||||||||||
Total Derivatives | $ | 620 | $ | -134 | $ | -416 | $ | 70 | |||||||||||||||||
Other financial instruments | 733 | - | - | 733 | |||||||||||||||||||||
Other invested assets | $ | 1,353 | $ | -134 | $ | -416 | $ | 803 | |||||||||||||||||
Investment Income [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Fixed maturities | $ | 1,431 | $ | 1,462 | $ | 1,529 | |||||||||||||||||||
Mortgage loans on real estate | 306 | 284 | 264 | ||||||||||||||||||||||
Equity real estate | 1 | 1 | 14 | ||||||||||||||||||||||
Other equity investments | 202 | 234 | 189 | ||||||||||||||||||||||
Policy loans | 216 | 219 | 226 | ||||||||||||||||||||||
Short-term investments | 1 | 1 | 15 | ||||||||||||||||||||||
Derivative investments | 1,605 | -2,866 | -978 | ||||||||||||||||||||||
Broker-dealer related receivables | 15 | 14 | 14 | ||||||||||||||||||||||
Trading securities | 61 | 48 | 85 | ||||||||||||||||||||||
Other investment income | 32 | 34 | 33 | ||||||||||||||||||||||
Gross investment income (loss) | 3,870 | -569 | 1,391 | ||||||||||||||||||||||
Investment expenses | -53 | -57 | -50 | ||||||||||||||||||||||
Interest expense | -2 | -3 | -3 | ||||||||||||||||||||||
Net Investment Income (Loss) | $ | 3,815 | $ | -629 | $ | 1,338 | |||||||||||||||||||
Investment Gains Losses Net Including Changes In Valuation Allowances [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||||||||||||||
(In Millions) | |||||||||||||||||||||||||
Fixed maturities | $ | -54 | $ | -75 | $ | -89 | |||||||||||||||||||
Mortgage loans on real estate | -3 | -7 | -7 | ||||||||||||||||||||||
Other equity investments | -2 | -17 | -13 | ||||||||||||||||||||||
Other | 1 | - | 12 | ||||||||||||||||||||||
Investment Gains (Losses), Net | $ | -58 | $ | -99 | $ | -97 |
CLOSED_BLOCKS_TABLES
CLOSED BLOCKS (TABLES) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Closed Block Operations Net Results [Abstract] | |||||||||||||
Schedule of Closed Block Assets and Liabilities [Table Text Block] | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
(In Millions) | |||||||||||||
CLOSED BLOCK LIABILITIES: | |||||||||||||
Future policy benefits, policyholders’ account balances and other | $ | 7,537 | $ | 7,716 | |||||||||
Policyholder dividend obligation | 201 | 128 | |||||||||||
Other liabilities | 117 | 144 | |||||||||||
Total Closed Block liabilities | 7,855 | 7,988 | |||||||||||
ASSETS DESIGNATED TO THE CLOSED BLOCK: | |||||||||||||
Fixed maturities, available for sale, at fair value (amortized cost of | |||||||||||||
$4,829 and $4,987) | 5,143 | 5,232 | |||||||||||
Mortgage loans on real estate | 1,407 | 1,343 | |||||||||||
Policy loans | 912 | 949 | |||||||||||
Cash and other invested assets | 14 | 48 | |||||||||||
Other assets | 176 | 186 | |||||||||||
Total assets designated to the Closed Block | 7,652 | 7,758 | |||||||||||
Excess of Closed Block liabilities over assets designated to the Closed Block | 203 | 230 | |||||||||||
Amounts included in accumulated other comprehensive income (loss): | |||||||||||||
Net unrealized investment gains (losses), net of deferred income tax | |||||||||||||
(expense) benefit of $(43) and $(45) and policyholder | |||||||||||||
dividend obligation of $(201) and $(128) | 80 | 83 | |||||||||||
Maximum Future Earnings To Be Recognized From Closed Block | |||||||||||||
Assets and Liabilities | $ | 283 | $ | 313 | |||||||||
Closed Block Operations, Net Results [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||
(In Millions) | |||||||||||||
REVENUES: | |||||||||||||
Premiums and other income | $ | 273 | $ | 286 | $ | 316 | |||||||
Investment income (loss) | 378 | 402 | 420 | ||||||||||
Net investment gains (losses) | -4 | -11 | -9 | ||||||||||
Total revenues | 647 | 677 | 727 | ||||||||||
BENEFITS AND OTHER DEDUCTIONS: | |||||||||||||
Policyholders’ benefits and dividends | 597 | 637 | 724 | ||||||||||
Other operating costs and expenses | 4 | 1 | - | ||||||||||
Total benefits and other deductions | 601 | 638 | 724 | ||||||||||
Net revenues, before income taxes | 46 | 39 | 3 | ||||||||||
Income tax (expense) benefit | -16 | -14 | -1 | ||||||||||
Net Revenues (Losses) | $ | 30 | $ | 25 | $ | 2 | |||||||
Closed Block Dividend Obligation [Table Text Block] | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
(In Millions) | |||||||||||||
Balances, beginning of year | $ | 128 | $ | 373 | |||||||||
Unrealized investment gains (losses) | 73 | -245 | |||||||||||
Balances, End of year | $ | 201 | $ | 128 |
CONTRACTHOLDER_BONUS_INTEREST_1
CONTRACTHOLDER BONUS INTEREST CREDITS (TABLES) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Contractholder Bonus Interest Credits Tables [Abstract] | |||||||
Contractholder Bonus Interest Credits [Table Text Block] | December 31, | ||||||
2014 | 2013 | ||||||
(In Millions) | |||||||
Balance, beginning of year | $ | 518 | $ | 621 | |||
Contractholder bonus interest credits deferred | 15 | 18 | |||||
Amortization charged to income | -150 | -121 | |||||
Balance, End of Year | $ | 383 | $ | 518 |
FAIR_VALUE_DISCLOSURES_TABLES
FAIR VALUE DISCLOSURES (TABLES) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Fair Value Disclosures Tables [Abstract] | ||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at December 31, 2014 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Investments: | ||||||||||||||||||||||||
Fixed maturities, available-for-sale: | ||||||||||||||||||||||||
Corporate | $ | - | $ | 21,840 | $ | 380 | $ | 22,220 | ||||||||||||||||
U.S. Treasury, government and agency | - | 7,331 | - | 7,331 | ||||||||||||||||||||
States and political subdivisions | - | 472 | 47 | 519 | ||||||||||||||||||||
Foreign governments | - | 446 | - | 446 | ||||||||||||||||||||
Commercial mortgage-backed | - | 20 | 715 | 735 | ||||||||||||||||||||
Residential mortgage-backed(1) | - | 793 | 2 | 795 | ||||||||||||||||||||
Asset-backed(2) | - | 46 | 53 | 99 | ||||||||||||||||||||
Redeemable preferred stock | 254 | 635 | - | 889 | ||||||||||||||||||||
Subtotal | 254 | 31,583 | 1,197 | 33,034 | ||||||||||||||||||||
Other equity investments | 217 | - | 61 | 278 | ||||||||||||||||||||
Trading securities | 710 | 4,433 | - | 5,143 | ||||||||||||||||||||
Other invested assets: | ||||||||||||||||||||||||
Short-term investments | - | 103 | - | 103 | ||||||||||||||||||||
Swaps | - | 597 | - | 597 | ||||||||||||||||||||
Credit Default Swaps | - | -18 | - | -18 | ||||||||||||||||||||
Futures | -2 | - | - | -2 | ||||||||||||||||||||
Options | - | 473 | - | 473 | ||||||||||||||||||||
Floors | - | 120 | - | 120 | ||||||||||||||||||||
Currency Contracts | - | 1 | - | 1 | ||||||||||||||||||||
Swaptions | - | 72 | - | 72 | ||||||||||||||||||||
Subtotal | -2 | 1,348 | - | 1,346 | ||||||||||||||||||||
Cash equivalents | 2,725 | - | - | 2,725 | ||||||||||||||||||||
Segregated securities | - | 476 | - | 476 | ||||||||||||||||||||
GMIB reinsurance contracts | - | - | 10,711 | 10,711 | ||||||||||||||||||||
Separate Accounts' assets | 107,539 | 3,072 | 260 | 110,871 | ||||||||||||||||||||
Total Assets | $ | 111,443 | $ | 40,912 | $ | 12,229 | $ | 164,584 | ||||||||||||||||
Liabilities | ||||||||||||||||||||||||
GWBL and other features' liability | $ | - | $ | - | $ | 128 | $ | 128 | ||||||||||||||||
SCS, SIO, MSO and IUL indexed | ||||||||||||||||||||||||
features' liability | - | 380 | - | 380 | ||||||||||||||||||||
Total Liabilities | $ | - | $ | 380 | $ | 128 | $ | 508 | ||||||||||||||||
Fair Value Measurements at December 31, 2013 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Investments: | ||||||||||||||||||||||||
Fixed maturities, available-for-sale: | ||||||||||||||||||||||||
Corporate | $ | - | $ | 22,400 | $ | 291 | $ | 22,691 | ||||||||||||||||
U.S. Treasury, government and agency | - | 3,129 | - | 3,129 | ||||||||||||||||||||
States and political subdivisions | - | 431 | 46 | 477 | ||||||||||||||||||||
Foreign governments | - | 433 | - | 433 | ||||||||||||||||||||
Commercial mortgage-backed | - | 16 | 700 | 716 | ||||||||||||||||||||
Residential mortgage-backed(1) | - | 943 | 4 | 947 | ||||||||||||||||||||
Asset-backed(2) | - | 56 | 83 | 139 | ||||||||||||||||||||
Redeemable preferred stock | 216 | 656 | 15 | 887 | ||||||||||||||||||||
Subtotal | 216 | 28,064 | 1,139 | 29,419 | ||||||||||||||||||||
Other equity investments | 233 | 9 | 52 | 294 | ||||||||||||||||||||
Trading securities | 529 | 3,692 | - | 4,221 | ||||||||||||||||||||
Other invested assets: | ||||||||||||||||||||||||
Short-term investments | - | 99 | - | 99 | ||||||||||||||||||||
Swaps | - | -45 | - | -45 | ||||||||||||||||||||
Credit Default Swaps | - | 9 | - | 9 | ||||||||||||||||||||
Futures | -2 | - | - | -2 | ||||||||||||||||||||
Options | - | 463 | - | 463 | ||||||||||||||||||||
Floors | - | 193 | - | 193 | ||||||||||||||||||||
Subtotal | -2 | 719 | - | 717 | ||||||||||||||||||||
Cash equivalents | 1,310 | - | - | 1,310 | ||||||||||||||||||||
Segregated securities | - | 981 | - | 981 | ||||||||||||||||||||
GMIB reinsurance contracts | - | - | 6,747 | 6,747 | ||||||||||||||||||||
Separate Accounts' assets | 105,579 | 2,948 | 237 | 108,764 | ||||||||||||||||||||
Total Assets | $ | 107,865 | $ | 36,413 | $ | 8,175 | $ | 152,453 | ||||||||||||||||
Liabilities | ||||||||||||||||||||||||
GWBL and other features' liability | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||
SCS, SIO, MSO and IUL indexed | ||||||||||||||||||||||||
features' liability | - | 346 | - | 346 | ||||||||||||||||||||
Total Liabilities | $ | - | $ | 346 | $ | - | $ | 346 | ||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Level 3 Instruments | |||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||
State and | ||||||||||||||||||||||||
Political | Commercial | Residential | ||||||||||||||||||||||
Sub- | Foreign | Mortgage- | Mortgage- | Asset- | ||||||||||||||||||||
Corporate | divisions | Govts | backed | backed | backed | |||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Balance, January 1, 2014 | $ | 291 | $ | 46 | $ | - | $ | 700 | $ | 4 | $ | 83 | ||||||||||||
Total gains (losses), realized and | ||||||||||||||||||||||||
unrealized, included in: | ||||||||||||||||||||||||
Earnings (loss) as: | ||||||||||||||||||||||||
Net investment income (loss) | 2 | - | - | 2 | - | - | ||||||||||||||||||
Investment gains (losses), net | 3 | - | - | -89 | - | - | ||||||||||||||||||
Subtotal | 5 | - | - | -87 | - | - | ||||||||||||||||||
Other comprehensive income (loss) | 6 | 2 | - | 135 | - | 7 | ||||||||||||||||||
Purchases | 162 | - | - | - | - | - | ||||||||||||||||||
Sales | -30 | -1 | - | -20 | -2 | -37 | ||||||||||||||||||
Transfers into Level 3(1) | 15 | - | - | - | - | - | ||||||||||||||||||
Transfers out of Level 3(1) | -69 | - | - | -13 | - | - | ||||||||||||||||||
Balance, December 31, 2014 | $ | 380 | $ | 47 | $ | - | $ | 715 | $ | 2 | $ | 53 | ||||||||||||
Balance, January 1, 2013 | $ | 355 | $ | 50 | $ | 19 | $ | 900 | $ | 9 | $ | 113 | ||||||||||||
Total gains (losses), realized and | ||||||||||||||||||||||||
unrealized, included in: | ||||||||||||||||||||||||
Earnings (loss) as: | ||||||||||||||||||||||||
Net investment income (loss) | 2 | - | - | - | - | - | ||||||||||||||||||
Investment gains (losses), net | 5 | - | - | -68 | - | - | ||||||||||||||||||
Subtotal | $ | 7 | $ | - | $ | - | $ | -68 | $ | - | $ | - | ||||||||||||
Other comprehensive income (loss) | -1 | -3 | -2 | 13 | -1 | 3 | ||||||||||||||||||
Purchases | 70 | - | - | 31 | - | - | ||||||||||||||||||
Sales | -150 | -1 | -17 | -160 | -4 | -22 | ||||||||||||||||||
Transfers into Level 3(1) | 20 | - | - | - | - | - | ||||||||||||||||||
Transfers out of Level 3(1) | -10 | - | - | -16 | - | -11 | ||||||||||||||||||
Balance, December 31, 2013 | $ | 291 | $ | 46 | $ | - | $ | 700 | $ | 4 | $ | 83 | ||||||||||||
Level 3 Instruments | ||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||
State and | ||||||||||||||||||||||||
Political | Commercial | Residential | ||||||||||||||||||||||
Sub- | Foreign | Mortgage- | Mortgage- | Asset- | ||||||||||||||||||||
Corporate | divisions | Govts | backed | backed | backed | |||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Balance, January 1, 2012 | $ | 432 | $ | 53 | $ | 22 | $ | 902 | $ | 14 | $ | 172 | ||||||||||||
Total gains (losses), realized and | ||||||||||||||||||||||||
unrealized, included in: | ||||||||||||||||||||||||
Earnings (loss) as: | ||||||||||||||||||||||||
Net investment income (loss) | 2 | - | - | 2 | - | - | ||||||||||||||||||
Investment gains (losses), net | 4 | - | - | -105 | - | - | ||||||||||||||||||
Subtotal | 6 | - | - | -103 | - | - | ||||||||||||||||||
Other comprehensive income (loss) | 15 | -1 | - | 128 | - | 4 | ||||||||||||||||||
Purchases | - | - | - | - | - | - | ||||||||||||||||||
Sales | -47 | -2 | - | -27 | -5 | -25 | ||||||||||||||||||
Transfers into Level 3(1) | 17 | - | - | - | - | - | ||||||||||||||||||
Transfers out of Level 3(1) | -68 | - | -3 | - | - | -38 | ||||||||||||||||||
Balance, December 31, 2012 | $ | 355 | $ | 50 | $ | 19 | $ | 900 | $ | 9 | $ | 113 | ||||||||||||
Redeem- | GWBL | |||||||||||||||||||||||
able | Other | GMIB | Separate | and Other | ||||||||||||||||||||
Preferred | Equity | Reinsurance | Accounts | Features | ||||||||||||||||||||
Stock | Investments(2) | Asset | Assets | Liability | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Balance, January 1, 2014 | $ | 15 | $ | 52 | $ | 6,747 | $ | 237 | $ | - | ||||||||||||||
Total gains (losses), realized and | ||||||||||||||||||||||||
unrealized, included in: | ||||||||||||||||||||||||
Earnings (loss) as: | ||||||||||||||||||||||||
Net investment income (loss) | - | 3 | - | - | - | |||||||||||||||||||
Investment gains (losses), net | - | 1 | - | 15 | - | |||||||||||||||||||
Increase (decrease) in the fair value | ||||||||||||||||||||||||
of reinsurance contracts | - | - | 3,774 | - | - | |||||||||||||||||||
Policyholders' benefits | - | - | - | - | -8 | |||||||||||||||||||
Subtotal | - | 4 | 3,774 | 15 | -8 | |||||||||||||||||||
Other comprehensive income (loss) | - | - | - | - | - | |||||||||||||||||||
Purchases | - | 8 | 225 | 16 | 136 | |||||||||||||||||||
Sales | -15 | -1 | -35 | -3 | - | |||||||||||||||||||
Settlements | - | - | - | -5 | - | |||||||||||||||||||
Transfers into Level 3(1) | - | - | - | - | - | |||||||||||||||||||
Transfers out of Level 3(1) | - | -2 | - | - | - | |||||||||||||||||||
Balance, December 31, 2014 | $ | - | $ | 61 | $ | 10,711 | $ | 260 | $ | 128 | ||||||||||||||
Balance, January 1, 2013 | $ | 15 | $ | 77 | $ | 11,044 | $ | 224 | $ | 265 | ||||||||||||||
Total gains (losses), realized and | ||||||||||||||||||||||||
unrealized, included in: | ||||||||||||||||||||||||
Earnings (loss) as: | ||||||||||||||||||||||||
Net investment income (loss) | - | 10 | - | - | - | |||||||||||||||||||
Investment gains (losses), net | - | -7 | - | 10 | - | |||||||||||||||||||
Increase (decrease) in the fair value | ||||||||||||||||||||||||
of reinsurance contracts | - | - | -4,496 | - | - | |||||||||||||||||||
Policyholders' benefits | - | - | - | - | -351 | |||||||||||||||||||
Subtotal | $ | - | $ | 3 | $ | -4,496 | $ | 10 | $ | -351 | ||||||||||||||
Other comprehensive income (loss) | - | - | - | -1 | - | |||||||||||||||||||
Purchases | - | 4 | 237 | 6 | 86 | |||||||||||||||||||
Sales | - | -3 | -38 | -3 | - | |||||||||||||||||||
Settlements | - | - | - | -2 | - | |||||||||||||||||||
Transfers into Level 3(1) | - | - | - | 3 | - | |||||||||||||||||||
Transfers out of Level 3(1) | - | -29 | - | - | - | |||||||||||||||||||
Balance, December 31, 2013 | $ | 15 | $ | 52 | $ | 6,747 | $ | 237 | $ | - | ||||||||||||||
Redeem- | GWBL | |||||||||||||||||||||||
able | Other | Other | GMIB | Separate | and Other | |||||||||||||||||||
Preferred | Equity | Invested | Reinsurance | Accounts | Features | |||||||||||||||||||
Stock | Investments(2) | Assets | Asset | Assets | Liability | |||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Balance, January 1, 2012 | $ | 14 | $ | 77 | $ | -2 | $ | 10,547 | $ | 215 | $ | 291 | ||||||||||||
Total gains (losses), realized and | ||||||||||||||||||||||||
unrealized, included in: | ||||||||||||||||||||||||
Earnings (loss) as: | ||||||||||||||||||||||||
Investment gains (losses), net | - | - | - | - | 8 | - | ||||||||||||||||||
Increase (decrease) in the fair value | ||||||||||||||||||||||||
of reinsurance contracts | - | - | - | 315 | - | - | ||||||||||||||||||
Policyholders' benefits | - | - | - | - | - | -77 | ||||||||||||||||||
Subtotal | - | - | - | 315 | 8 | -77 | ||||||||||||||||||
Other comprehensive income (loss) | 1 | - | 2 | - | - | - | ||||||||||||||||||
Purchases | - | - | - | 182 | 6 | 51 | ||||||||||||||||||
Sales | - | - | - | - | -2 | - | ||||||||||||||||||
Settlements | - | - | - | - | -3 | - | ||||||||||||||||||
Balance, December 31, 2012 | $ | 15 | $ | 77 | $ | - | $ | 11,044 | $ | 224 | $ | 265 | ||||||||||||
Fair Value Assets Unrealized Gains Losses By Category For Level 3 Assets And Liabilities Still Held [Table Text Block] | Earnings (Loss) | |||||||||||||||||||||||
Increase | ||||||||||||||||||||||||
Net | Investment | (Decrease) in the | ||||||||||||||||||||||
Investment | Gains | Fair Value of | Policy- | |||||||||||||||||||||
Income | (Losses), | Reinsurance | holders' | |||||||||||||||||||||
(Loss) | Net | Contracts | OCI | Benefits | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
Level 3 Instruments | ||||||||||||||||||||||||
Full Year 2014 | ||||||||||||||||||||||||
Still Held at December 31, 2014: | ||||||||||||||||||||||||
Change in unrealized gains (losses): | ||||||||||||||||||||||||
Fixed maturities, available-for-sale: | ||||||||||||||||||||||||
Corporate | $ | - | $ | - | $ | - | $ | 6 | $ | - | ||||||||||||||
State and political subdivisions | - | - | - | 2 | - | |||||||||||||||||||
Commercial mortgage-backed | - | - | - | 112 | - | |||||||||||||||||||
Asset-backed | - | - | - | 7 | - | |||||||||||||||||||
Other fixed maturities, available-for-sale | - | - | - | - | - | |||||||||||||||||||
Subtotal | $ | - | $ | - | $ | - | $ | 127 | $ | - | ||||||||||||||
GMIB reinsurance contracts | - | - | 3,964 | - | - | |||||||||||||||||||
Separate Accounts’ assets | - | 15 | - | - | - | |||||||||||||||||||
GWBL and other features’ liability | - | - | - | - | 128 | |||||||||||||||||||
Total | $ | - | $ | 15 | $ | 3,964 | $ | 127 | $ | 128 | ||||||||||||||
Level 3 Instruments | ||||||||||||||||||||||||
Full Year 2013 | ||||||||||||||||||||||||
Still Held at December 31, 2013: | ||||||||||||||||||||||||
Change in unrealized gains (losses): | ||||||||||||||||||||||||
Fixed maturities, available-for-sale: | ||||||||||||||||||||||||
Corporate | $ | - | $ | - | $ | - | $ | -2 | $ | - | ||||||||||||||
State and political subdivisions | - | - | - | -4 | - | |||||||||||||||||||
Commercial mortgage-backed | - | - | - | 6 | - | |||||||||||||||||||
Asset-backed | - | - | - | 4 | - | |||||||||||||||||||
Other fixed maturities, available-for-sale | - | - | - | - | - | |||||||||||||||||||
Subtotal | $ | - | $ | - | $ | - | $ | 4 | $ | - | ||||||||||||||
GMIB reinsurance contracts | - | - | -4,297 | - | - | |||||||||||||||||||
Separate Accounts’ assets | - | 10 | - | - | - | |||||||||||||||||||
GWBL and other features’ liability | - | - | - | - | -265 | |||||||||||||||||||
Total | $ | - | $ | 10 | $ | -4,297 | $ | 4 | $ | -265 | ||||||||||||||
Fair Value Inputs Quantitative Information [Table Text Block] | Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Fair | Valuation | Significant | ||||||||||||||||||||||
Value | Technique | Unobservable Input | Range | |||||||||||||||||||||
Assets: | (In Millions) | |||||||||||||||||||||||
Investments: | ||||||||||||||||||||||||
Fixed maturities, available-for-sale: | ||||||||||||||||||||||||
Corporate | $ | 75 | Matrix pricing model | Spread over the industry-specific | ||||||||||||||||||||
benchmark yield curve | 0 bps - 590 bps | |||||||||||||||||||||||
132 | Market comparable | |||||||||||||||||||||||
companies | Discount rate | 11.2% - 15.2% | ||||||||||||||||||||||
Asset-backed | 5 | Matrix pricing model | Spread over U.S. Treasury curve | 30 bps - 687 bps | ||||||||||||||||||||
Other equity investments | 20 | Market comparable | Revenue multiple | 2.0x - 3.5x | ||||||||||||||||||||
companies | Discount rate | 18.00% | ||||||||||||||||||||||
Discount years | 2 | |||||||||||||||||||||||
Separate Accounts' assets | 234 | Third party appraisal | Capitalization rate | 5.20% | ||||||||||||||||||||
Exit capitalization rate | 6.20% | |||||||||||||||||||||||
Discount rate | 7.10% | |||||||||||||||||||||||
7 | Discounted cash flow | Spread over U.S. Treasury curve | 238 bps - 395 bps | |||||||||||||||||||||
Gross domestic product rate | 0.0 % - 2.4 % | |||||||||||||||||||||||
Discount factor | 1.3 % - 5.4 % | |||||||||||||||||||||||
GMIB reinsurance contracts | 10,711 | Discounted cash flow | Lapse Rates | 1.0% - 8.0% | ||||||||||||||||||||
Withdrawal rates | 0.2% - 8.0% | |||||||||||||||||||||||
GMIB Utilization Rates | 0.0% - 15.0% | |||||||||||||||||||||||
Non-performance risk | 5 bps - 16 bps | |||||||||||||||||||||||
Volatility rates - Equity | 9.0% - 34.0% | |||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
GMWB/GWBL(1) | 107 | Discounted cash flow | Lapse Rates | 1.0% - 8.0% | ||||||||||||||||||||
Withdrawal rates | 0.0% -7.0% | |||||||||||||||||||||||
Volatility rates - Equity | 9.0% - 34.0% | |||||||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Fair | Valuation | Significant | ||||||||||||||||||||||
Value | Technique | Unobservable Input | Range | |||||||||||||||||||||
Assets: | (In Millions) | |||||||||||||||||||||||
Investments: | ||||||||||||||||||||||||
Fixed maturities, available-for-sale: | ||||||||||||||||||||||||
Corporate | $ | 54 | Matrix pricing model | Spread over the industry-specific | ||||||||||||||||||||
benchmark yield curve | 125 bps - 550 bps | |||||||||||||||||||||||
Residential mortgage-backed | 1 | Matrix pricing model | Spread over U.S. Treasury curve | 45 bps | ||||||||||||||||||||
Asset-backed | 7 | Matrix pricing model | Spread over U.S. Treasury curve | 30 bps - 687 bps | ||||||||||||||||||||
Other equity investments | 52 | Market comparable | Revenue multiple | 1.2x - 4.9x | ||||||||||||||||||||
companies | R&D multiple | 1.1x - 17.1x | ||||||||||||||||||||||
Discount rate | 18.00% | |||||||||||||||||||||||
Discount years | 1 | |||||||||||||||||||||||
Discount for lack of marketability | ||||||||||||||||||||||||
and risk factors | 50.0% - 60.0% | |||||||||||||||||||||||
Separate Accounts' assets | 215 | Third party appraisal | Capitalization rate | 5.40% | ||||||||||||||||||||
Exit capitalization rate | 6.40% | |||||||||||||||||||||||
Discount rate | 7.40% | |||||||||||||||||||||||
11 | Discounted cash flow | Spread over U.S. Treasury curve | 256 bps - 434 bps | |||||||||||||||||||||
Gross domestic product rate | 0.0% - 2.3% | |||||||||||||||||||||||
Discount factor | 3.3% - 6.8% | |||||||||||||||||||||||
GMIB reinsurance contracts | 6,747 | Discounted cash flow | Lapse Rates | 1.0% - 8.0% | ||||||||||||||||||||
Withdrawal Rates | 0.2% - 8.0% | |||||||||||||||||||||||
GMIB Utilization Rates | 0.0% - 15.0% | |||||||||||||||||||||||
Non-performance risk | 7 bps - 21 bps | |||||||||||||||||||||||
Volatility rates - Equity | 20.0% - 33.0% | |||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
GMWB/GWBL (1) | 61 | Discounted cash flow | Lapse Rates | 1.0% - 8.0% | ||||||||||||||||||||
Withdrawal Rates | 0.0% - 7.0% | |||||||||||||||||||||||
Volatility rates - Equity | 20.0% - 33.0% | |||||||||||||||||||||||
Fair Value Disclosure Financial Instruments Not Carried At Fair Value [Table Text Block] | Carrying | Fair Value | ||||||||||||||||||||||
Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||
December 31, 2014: | ||||||||||||||||||||||||
Mortgage loans on real estate | $ | 6,463 | $ | - | $ | - | $ | 6,617 | $ | 6,617 | ||||||||||||||
Loans to affiliates | 1,087 | - | 810 | 393 | 1,203 | |||||||||||||||||||
Policyholders liabilities: Investment contracts | 2,799 | - | - | 2,941 | 2,941 | |||||||||||||||||||
Policy loans | 3,408 | - | - | 4,406 | 4,406 | |||||||||||||||||||
Short-term debt | 200 | - | 212 | - | 212 | |||||||||||||||||||
December 31, 2013: | ||||||||||||||||||||||||
Mortgage loans on real estate | $ | 5,684 | $ | - | $ | - | $ | 5,716 | $ | 5,716 | ||||||||||||||
Loans to affiliates | 1,088 | - | 800 | 398 | 1,198 | |||||||||||||||||||
Policyholders liabilities: Investment contracts | 2,435 | - | - | 2,523 | 2,523 | |||||||||||||||||||
Policy loans | 3,434 | - | - | 4,316 | 4,316 | |||||||||||||||||||
Long-term debt | 200 | - | 225 | - | 225 | |||||||||||||||||||
Loans from affiliates | 825 | - | 969 | - | 969 |
GMDB_GMIB_GWBL_AND_NO_LAPSE_GU1
GMDB, GMIB, GWBL AND NO LAPSE GUARANTEE FEATURES (TABLES) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Variable Annuity Contracts GMDB GMIB And GWBL Tables [Abstract] | |||||||||||||||||||
Variable Annuity Contracts- GMDB GMIB [Table Text Block] | GMDB | GMIB | Total | ||||||||||||||||
(In Millions) | |||||||||||||||||||
Balance at January 1, 2012 | $ | 1,593 | 4,130 | $ | 5,723 | ||||||||||||||
Paid guarantee benefits | -288 | -77 | -365 | ||||||||||||||||
Other changes in reserve | 467 | 508 | 975 | ||||||||||||||||
Balance at December 31, 2012 | 1,772 | 4,561 | 6,333 | ||||||||||||||||
Paid guarantee benefits | -237 | -325 | -562 | ||||||||||||||||
Other changes in reserve | 91 | -33 | 58 | ||||||||||||||||
Balance at December 31, 2013 | 1,626 | 4,203 | 5,829 | ||||||||||||||||
Paid guarantee benefits | -231 | -220 | -451 | ||||||||||||||||
Other changes in reserve | 334 | 1,661 | 1,995 | ||||||||||||||||
Balance at December 31, 2014 | $ | 1,729 | $ | 5,644 | $ | 7,373 | |||||||||||||
Guaranteed Minimum Death Benefit Reinsurance Ceded [Table Text Block] | GMDB | ||||||||||||||||||
(In Millions) | |||||||||||||||||||
Balance at January 1, 2012 | $ | 716 | |||||||||||||||||
Paid guarantee benefits | -127 | ||||||||||||||||||
Other changes in reserve | 255 | ||||||||||||||||||
Balance at December 31, 2012 | 844 | ||||||||||||||||||
Paid guarantee benefits | -109 | ||||||||||||||||||
Other changes in reserve | 56 | ||||||||||||||||||
Balance at December 31, 2013 | 791 | ||||||||||||||||||
Paid guarantee benefits | -114 | ||||||||||||||||||
Other changes in reserve | 155 | ||||||||||||||||||
Balance at December 31, 2014 | $ | 832 | |||||||||||||||||
Schedule of Net Amount of Risk by Product and Guarantee [Table Text Block] | Return of | ||||||||||||||||||
Premium | Ratchet | Roll-Up | Combo | Total | |||||||||||||||
(Dollars In Millions) | |||||||||||||||||||
GMDB: | |||||||||||||||||||
Account values invested in: | |||||||||||||||||||
General Account | $ | 13,033 | $ | 198 | $ | 85 | $ | 356 | $ | 13,672 | |||||||||
Separate Accounts | $ | 38,629 | $ | 8,632 | $ | 3,905 | $ | 36,882 | $ | 88,048 | |||||||||
Net amount at risk, gross | $ | 240 | $ | 136 | $ | 2,176 | $ | 12,224 | $ | 14,776 | |||||||||
Net amount at risk, net of | |||||||||||||||||||
amounts reinsured | $ | 240 | $ | 90 | $ | 1,454 | $ | 4,758 | $ | 6,542 | |||||||||
Average attained age of | |||||||||||||||||||
contractholders | 51 | 65 | 71 | 65.9 | 54.8 | ||||||||||||||
Percentage of contractholders | |||||||||||||||||||
over age 70 | 8.70% | 34.00% | 55.70% | 36.10% | 16.10% | ||||||||||||||
Range of contractually | |||||||||||||||||||
specified interest rates | N/A | N/A | 3% - 6% | 3% - 6.5% | 3% - 6.5% | ||||||||||||||
GMIB: | |||||||||||||||||||
Account values invested in: | |||||||||||||||||||
General Account | N/A | N/A | $ | 406 | $ | 365 | $ | 771 | |||||||||||
Separate Accounts | N/A | N/A | $ | 12,271 | $ | 45,813 | $ | 58,084 | |||||||||||
Net amount at risk, gross | N/A | N/A | $ | 1,126 | $ | 4,246 | $ | 5,372 | |||||||||||
Net amount at risk, net of | |||||||||||||||||||
amounts reinsured | N/A | N/A | $ | 342 | $ | 1,045 | $ | 1,387 | |||||||||||
Weighted average years | |||||||||||||||||||
remaining until annuitization | N/A | N/A | 1 | 2.7 | 2.6 | ||||||||||||||
Range of contractually | |||||||||||||||||||
specified interest rates | N/A | N/A | 3% - 6% | 3% - 6.5% | 3% - 6.5% | ||||||||||||||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Table Text Block] | Investment in Variable Insurance Trust Mutual Funds | ||||||||||||||||||
December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
(In Millions) | |||||||||||||||||||
GMDB: | |||||||||||||||||||
Equity | $ | 67,108 | $ | 64,035 | |||||||||||||||
Fixed income | 3,031 | 3,330 | |||||||||||||||||
Balanced | 17,505 | 19,237 | |||||||||||||||||
Other | 404 | 496 | |||||||||||||||||
Total | $ | 88,048 | $ | 87,098 | |||||||||||||||
GMIB: | |||||||||||||||||||
Equity | $ | 43,850 | $ | 41,603 | |||||||||||||||
Fixed income | 1,988 | 2,208 | |||||||||||||||||
Balanced | 12,060 | 13,401 | |||||||||||||||||
Other | 186 | 246 | |||||||||||||||||
Total | $ | 58,084 | $ | 57,458 | |||||||||||||||
No Lapse Guarantee Liabilities [Table Text Block] | Reinsurance | ||||||||||||||||||
Direct Liability | Ceded | Net | |||||||||||||||||
(In Millions) | |||||||||||||||||||
Balance at January 1, 2012 | $ | 470 | -262 | $ | 208 | ||||||||||||||
Other changes in reserves | 86 | -48 | 38 | ||||||||||||||||
Balance at December 31, 2012 | 556 | -310 | 246 | ||||||||||||||||
Other changes in reserves | 273 | -131 | 142 | ||||||||||||||||
Balance at December 31, 2013 | 829 | -441 | 388 | ||||||||||||||||
Other changes in reserves | 135 | -114 | 21 | ||||||||||||||||
Balance at December 31, 2014 | $ | 964 | $ | -555 | $ | 409 |
REINSURANCE_AGREEMENTS_TABLES
REINSURANCE AGREEMENTS (TABLES) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Reinsurance Disclosures Tables [Abstract] | |||||||||||
Schedule Of Effect Of Reinsurance [Table Text Block] | 2014 | 2013 | 2012 | ||||||||
(In Millions) | |||||||||||
Direct premiums | $ | 844 | $ | 848 | $ | 873 | |||||
Reinsurance assumed | 211 | 213 | 219 | ||||||||
Reinsurance ceded | -541 | -565 | -578 | ||||||||
Premiums | $ | 514 | $ | 496 | $ | 514 | |||||
Universal Life and Investment-type Product Policy Fee Income Ceded | $ | 270 | $ | 247 | $ | 234 | |||||
Policyholders' Benefits Ceded | $ | 726 | $ | 703 | $ | 667 | |||||
Schedule Of Net Incurred Benefits And Benefits Paid For Individual DI And Major Medical Policies [Table Text Block ] | 2014 | 2013 | 2012 | ||||||||
(In Millions) | |||||||||||
Incurred benefits related to current year | $ | 14 | $ | 15 | $ | 16 | |||||
Incurred benefits related to prior years | 16 | 10 | 14 | ||||||||
Total Incurred Benefits | $ | 30 | $ | 25 | $ | 30 | |||||
Benefits paid related to current year | $ | 20 | $ | 19 | $ | 21 | |||||
Benefits paid related to prior years | 11 | 13 | 16 | ||||||||
Total Benefits Paid | $ | 31 | $ | 32 | $ | 37 |
SHORT_TERM_AND_LONG_TERM_DEBT_
SHORT- TERM AND LONG- TERM DEBT (TABLES) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure Tables [Abstract] | |||||||||
Short Term And Long Term Debt [Table Text Block] | December 31, | ||||||||
2014 | 2013 | ||||||||
(In Millions) | |||||||||
Short-term debt: | |||||||||
AllianceBernstein: | |||||||||
Commercial paper (with interest rates of 0.3% and 0.3%) | $ | 489 | $ | 268 | |||||
AXA Equitable: | |||||||||
Surplus Notes, 7.7%, due 2015 | 200 | - | |||||||
Total short-term debt | 689 | 268 | |||||||
Long-term debt: | |||||||||
AXA Equitable: | |||||||||
Surplus Notes, 7.7%, due 2015 | - | 200 | |||||||
Total long-term debt | - | 200 | |||||||
Total short-term and long-term debt | 689 | 468 | |||||||
RELATED_PARTY_TRANSACTIONS_TAB
RELATED PARTY TRANSACTIONS (TABLES) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Related Party Transactions [Abstract] | |||||||||||
Schedule Of Commission Fees And Other Income Revenues For Services Related To Mutual Funds Managed By Subsidiary [Table Text Block] | 2014 | 2013 | 2012 | ||||||||
(In Millions) | |||||||||||
Investment advisory and services fees | $ | 1,062 | $ | 1,010 | $ | 879 | |||||
Distribution revenues | 433 | 455 | 408 | ||||||||
Other revenues - shareholder servicing fees | 91 | 91 | 89 | ||||||||
Other revenues - other | 6 | 6 | 5 |
EMPLOYEE_BENEFIT_PLANS_TABLES
EMPLOYEE BENEFIT PLANS (TABLES) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Employee Benefit Plans [Abstract] | |||||||||||||||||||
Employee Benefit Plans Net Periodic Pension Expense [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||||||||
(In Millions) | |||||||||||||||||||
Service cost | $ | 9 | $ | 40 | $ | 40 | |||||||||||||
Interest cost | 107 | 99 | 109 | ||||||||||||||||
Expected return on assets | -155 | -155 | -146 | ||||||||||||||||
Actuarial (gain) loss | 1 | 1 | 1 | ||||||||||||||||
Net amortization | 111 | 155 | 164 | ||||||||||||||||
Curtailment | - | 3 | - | ||||||||||||||||
Net Periodic Pension Expense | $ | 73 | $ | 143 | $ | 168 | |||||||||||||
Schedule Of Accumulated And Projected Benefit Obligations [Table Text Block] | December 31, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
(In Millions) | |||||||||||||||||||
Projected benefit obligation, beginning of year | $ | 2,463 | $ | 2,797 | |||||||||||||||
Service cost | - | 32 | |||||||||||||||||
Interest cost | 107 | 99 | |||||||||||||||||
Actuarial (gains) losses | 264 | -260 | |||||||||||||||||
Benefits paid | -177 | -176 | |||||||||||||||||
Plan amendments and curtailments | - | -29 | |||||||||||||||||
Projected Benefit Obligation, End of Year | $ | 2,657 | $ | 2,463 | |||||||||||||||
Schedule Of Net Funded Status [Table Text Block] | December 31, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
(In Millions) | |||||||||||||||||||
Pension plan assets at fair value, beginning of year | $ | 2,401 | $ | 2,396 | |||||||||||||||
Actual return on plan assets | 250 | 180 | |||||||||||||||||
Contributions | 6 | 4 | |||||||||||||||||
Benefits paid and fees | -184 | -179 | |||||||||||||||||
Pension plan assets at fair value, end of year | 2,473 | 2,401 | |||||||||||||||||
PBO | 2,657 | 2,463 | |||||||||||||||||
Excess of PBO Over Pension Plan Assets | $ | -184 | $ | -62 | |||||||||||||||
Schedule Of Net Periodic Benefit Cost Not Yet Recognized [Table Text Block] | December 31, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
(In Millions) | |||||||||||||||||||
Unrecognized net actuarial (gain) loss | $ | 1,144 | $ | 1,181 | |||||||||||||||
Total | $ | 1,144 | $ | 1,181 | |||||||||||||||
Schedule Of Allocation Of Plan Assets [Table Text Block] | December 31, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
(In Millions) | |||||||||||||||||||
Fixed Maturities | 49.4 | % | 49 | % | |||||||||||||||
Equity Securities | 38.8 | 39.1 | |||||||||||||||||
Equity real estate | 9.8 | 9.3 | |||||||||||||||||
Cash and short-term investments | 1.3 | 1.9 | |||||||||||||||||
Other | 0.7 | 0.7 | |||||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||
Schedule Of Fair Values Of Plan Assets Within Fair Value Hierarchy [Table Text Block] | December 31, 2014: | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Asset Categories | (In Millions) | ||||||||||||||||||
Fixed Maturities: | |||||||||||||||||||
Corporate | $ | - | $ | 833 | $ | - | $ | 833 | |||||||||||
U.S. Treasury, government and agency | - | 358 | - | 358 | |||||||||||||||
States and political subdivisions | - | 18 | - | 18 | |||||||||||||||
Other structured debt | - | 9 | 3 | 12 | |||||||||||||||
Common and preferred equity | 743 | 177 | - | 920 | |||||||||||||||
Mutual funds | 46 | - | - | 46 | |||||||||||||||
Private real estate investment funds | - | - | 1 | 1 | |||||||||||||||
Private real estate investment trusts | - | 10 | 242 | 252 | |||||||||||||||
Cash and cash equivalents | 13 | - | - | 13 | |||||||||||||||
Short-term investments | - | 20 | - | 20 | |||||||||||||||
Total | $ | 802 | $ | 1,425 | $ | 246 | $ | 2,473 | |||||||||||
December 31, 2013: | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Asset Categories | (In Millions) | ||||||||||||||||||
Fixed Maturities: | |||||||||||||||||||
Corporate | $ | - | $ | 801 | $ | - | $ | 801 | |||||||||||
U.S. Treasury, government and agency | - | 343 | - | 343 | |||||||||||||||
States and political subdivisions | - | 16 | - | 16 | |||||||||||||||
Other structured debt | - | 6 | 4 | 10 | |||||||||||||||
Common and preferred equity | 716 | 191 | - | 907 | |||||||||||||||
Mutual funds | 44 | - | - | 44 | |||||||||||||||
Private real estate investment funds | - | - | 2 | 2 | |||||||||||||||
Private real estate investment trusts | - | 11 | 220 | 231 | |||||||||||||||
Cash and cash equivalents | 1 | - | - | 1 | |||||||||||||||
Short-term investments | 23 | 23 | - | 46 | |||||||||||||||
Total | $ | 784 | $ | 1,391 | $ | 226 | $ | 2,401 | |||||||||||
Schedule Of Reconciliation For All Level 3 Qualified Pension Plan Assets [Table Text Block] | Private | ||||||||||||||||||
Real Estate | Private | ||||||||||||||||||
Fixed | Investment | Investment | Common | ||||||||||||||||
Maturities(1) | Funds | Trusts | Equity | Total | |||||||||||||||
(In Millions) | |||||||||||||||||||
Balance at January 1, 2014 | $ | 4 | $ | 2 | $ | 220 | $ | - | $ | 226 | |||||||||
Actual return on plan assets: | |||||||||||||||||||
Relating to assets still held | |||||||||||||||||||
at December 31, 2014 | - | - | 22 | - | 22 | ||||||||||||||
Purchases/issues | - | - | - | - | - | ||||||||||||||
Sales/settlements | - | -1 | - | -1 | -2 | ||||||||||||||
Transfers into/out of Level 3 | - | - | - | - | - | ||||||||||||||
Balance at December 31, 2014 | $ | 4 | $ | 1 | $ | 242 | $ | -1 | $ | 246 | |||||||||
Balance at January 1, 2013 | $ | 5 | $ | 3 | $ | 197 | $ | - | $ | 205 | |||||||||
Actual return on plan assets: | |||||||||||||||||||
Relating to assets still held | |||||||||||||||||||
at December 31, 2013 | - | - | 23 | - | 23 | ||||||||||||||
Transfers into/out of Level 3 | -1 | -1 | - | - | -2 | ||||||||||||||
Balance at December 31, 2013 | $ | 4 | $ | 2 | $ | 220 | $ | - | $ | 226 | |||||||||
Schedule or Description of Weighted Average Discount Rate [Table Text Block] | 2014 | 2013 | |||||||||||||||||
Discount rates: | |||||||||||||||||||
Benefit obligation | 3.6 | % | 4.5 | % | |||||||||||||||
Periodic cost | 3.6 | % | 4.5 | % | |||||||||||||||
Rates of compensation increase: | |||||||||||||||||||
Benefit obligation and periodic cost | 6 | % | 6 | % | |||||||||||||||
Expected long-term rates of return on pension plan assets (periodic cost) | 6.75 | % | 6.75 | % | |||||||||||||||
Schedule Of Expected Benefit Payments [Table Text Block] | Pension | ||||||||||||||||||
Benefits | |||||||||||||||||||
(In Millions) | |||||||||||||||||||
2015 | $ | 188 | |||||||||||||||||
2016 | 194 | ||||||||||||||||||
2017 | 189 | ||||||||||||||||||
2018 | 186 | ||||||||||||||||||
2019 | 182 | ||||||||||||||||||
Years 2020-2024 | 841 |
SHARE_BASED_AND_OTHER_COMPENSA
SHARE- BASED AND OTHER COMPENSATION PROGRAMS (TABLES) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||||||||||||||||||||||||
Schedule of Share-based Compensation, expenses [Table Text Block] | 2014 | 2013 | 2012 | |||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||||
Performance Unit/Shares | $ | 10 | $ | 43 | $ | 24 | ||||||||||||||||||||
Stock Options | 1 | 2 | 3 | |||||||||||||||||||||||
AXA Shareplan | 10 | 13 | 18 | |||||||||||||||||||||||
AXA Miles | - | - | 1 | |||||||||||||||||||||||
AllianceBernstein Stock Options | - | -4 | 1 | |||||||||||||||||||||||
AllianceBernstein Restricted Units | 171 | 286 | 148 | |||||||||||||||||||||||
Total Compensation Expenses | $ | 192 | $ | 340 | $ | 195 | ||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Options Outstanding | |||||||||||||||||||||||||
AXA Ordinary Shares | AXA ADRs(3) | AllianceBernstein Holding Units | ||||||||||||||||||||||||
Weighted | Weighted | Weighted | ||||||||||||||||||||||||
Number | Average | Number | Average | Number | Average | |||||||||||||||||||||
Outstanding | Exercise | Outstanding | Exercise | Outstanding | Exercise | |||||||||||||||||||||
(In 000's) | Price | (In 000's) | Price | (In 000's) | Price | |||||||||||||||||||||
Options outstanding at | ||||||||||||||||||||||||||
1-Jan-14 | 17,569.70 | € | 21 | 1,829.80 | $ | 23.6 | 7,074.10 | $ | 40.82 | |||||||||||||||||
Options granted | 403.1 | € | 18.16 | - | $ | - | 25.1 | $ | 22.99 | |||||||||||||||||
Options exercised | -546.4 | € | 13.42 | -590.2 | $ | 20.02 | -1,110.00 | $ | 17.08 | |||||||||||||||||
Options forfeited, net | -683.2 | € | 26.25 | -138.6 | $ | 23.39 | -24.8 | $ | 84.19 | |||||||||||||||||
Options expired/reinstated | 94.7 | - | 4.2 | - | -22 | $ | 33 | |||||||||||||||||||
Options Outstanding at | ||||||||||||||||||||||||||
31-Dec-14 | 16,837.90 | € | 21.39 | 1,105.20 | $ | 25.53 | 5,942.40 | $ | 45.03 | |||||||||||||||||
Aggregate Intrinsic | ||||||||||||||||||||||||||
Value(1) | € | - | -2 | $ | 278.9 | $ | - | -2 | ||||||||||||||||||
Weighted Average | ||||||||||||||||||||||||||
Remaining | ||||||||||||||||||||||||||
Contractual Term | ||||||||||||||||||||||||||
(in years) | 3.28 | 0.67 | 3.9 | |||||||||||||||||||||||
Options Exercisable at | ||||||||||||||||||||||||||
31-Dec-14 | 13,890.40 | € | 22.44 | 1,105.20 | $ | 25.53 | 4,949.00 | 38.12 | ||||||||||||||||||
Aggregate Intrinsic | ||||||||||||||||||||||||||
Value(1) | € | - | -2 | $ | 7,967.90 | $ | - | -2 | ||||||||||||||||||
Weighted Average | ||||||||||||||||||||||||||
Remaining | ||||||||||||||||||||||||||
Contractual Term | ||||||||||||||||||||||||||
(in years) | 2.62 | 0.67 | 3.9 | |||||||||||||||||||||||
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Table Text Block] | AXA Ordinary Shares | AllianceBernstein Holding Units | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||
Dividend yield | 6.38 | % | 7.52 | % | 7.54 | % | 8.4 | % | 8.0-8.3 | % | 6.2 | % | ||||||||||||||
Expected volatility | 29.24 | % | 31.27 | % | 39.89 | % | 48.9 | % | 49.7-49.8 | % | 49.2 | % | ||||||||||||||
Risk-free interest rates | 1.54 | % | 1.34 | % | 1.8 | % | 1.5 | % | 0.8-1.7 | % | 0.7 | % | ||||||||||||||
Expected life in years | 8.2 | 7.7 | 5.6 | 6 | 6 | 6 | ||||||||||||||||||||
Weighted average fair value per | ||||||||||||||||||||||||||
option at grant date | $ | 2.89 | $ | 1.79 | $ | 2.48 | $ | 4.78 | $ | 5.44 | $ | 3.67 | ||||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Weighted | |||||||||||||||||||||||||
Shares of | Average | |||||||||||||||||||||||||
Restricted | Grant Date | |||||||||||||||||||||||||
Stock | Fair Value | |||||||||||||||||||||||||
Unvested as of January 1, 2014 | 71,379 | $ | 14.09 | |||||||||||||||||||||||
Granted | 11,819 | $ | 18.52 | |||||||||||||||||||||||
Vested | 31,738 | $ | 13.66 | |||||||||||||||||||||||
Unvested as of December 31, 2014 | 51,460 | $ | 15.37 |
INCOME_TAXES_TABLES
INCOME TAXES (TABLES) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Tables [Abstract] | |||||||||||||
Summary Of Income Tax Eexpense Benefit [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||
(In Millions) | |||||||||||||
Income tax (expense) benefit: | |||||||||||||
Current (expense) benefit | $ | -552 | $ | 197 | $ | -233 | |||||||
Deferred (expense) benefit | -1,143 | 1,876 | 391 | ||||||||||
Total | $ | -1,695 | $ | 2,073 | $ | 158 | |||||||
Schedule Of Components Of Income Tax Expense Benefit [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||
(In Millions) | |||||||||||||
Expected income tax (expense) benefit | $ | -2,140 | $ | 1,858 | $ | -20 | |||||||
Noncontrolling interest | 119 | 101 | 37 | ||||||||||
Separate Accounts investment activity | 116 | 122 | 94 | ||||||||||
Non-taxable investment income (loss) | 12 | 20 | 24 | ||||||||||
Tax audit interest | -6 | -14 | -2 | ||||||||||
State income taxes | -4 | -6 | 7 | ||||||||||
AllianceBernstein Federal and foreign taxes | 4 | 2 | 10 | ||||||||||
Tax settlement | 212 | - | - | ||||||||||
Other | -8 | -10 | 8 | ||||||||||
Income tax (expense) benefit | $ | -1,695 | $ | 2,073 | $ | 158 | |||||||
Schedule Of Deferred Tax Assets And Liabilities [Table Text Block] | 31-Dec-14 | 31-Dec-13 | |||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||
(In Millions) | |||||||||||||
Compensation and related benefits | $ | 150 | $ | - | $ | 104 | $ | - | |||||
Reserves and reinsurance | - | 1,785 | - | 688 | |||||||||
DAC | - | 1,162 | - | 1,016 | |||||||||
Unrealized investment gains or losses | - | 614 | - | 85 | |||||||||
Investments | - | 1,490 | - | 1,410 | |||||||||
Net operating losses and credits | 512 | - | 492 | - | |||||||||
Other | 112 | - | 7 | - | |||||||||
Total | $ | 774 | $ | 5,051 | $ | 603 | $ | 3,199 | |||||
Unrecognized Tax Benefits Reconciliation [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||
(In Millions) | |||||||||||||
Balance at January 1, | $ | 592 | $ | 573 | $ | 453 | |||||||
Additions for tax positions of prior years | 56 | 57 | 740 | ||||||||||
Reductions for tax positions of prior years | -181 | -38 | -620 | ||||||||||
Additions for tax positions of current year | 8 | - | - | ||||||||||
Balance at December 31, | $ | 475 | $ | 592 | $ | 573 |
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (TABLES) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Comprehensive Income Note Tables [Abstract] | |||||||||||||
Schedule Of Accumulated Other Comprehensive Income Loss [Table Text Block] | December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In Millions) | |||||||||||||
Unrealized gains (losses) on investments | $ | 1,089 | $ | 141 | $ | 1,352 | |||||||
Defined benefit pension plans | -780 | -757 | -1,056 | ||||||||||
Total accumulated other comprehensive income (loss) | 309 | -616 | 296 | ||||||||||
Less: Accumulated other comprehensive (income) loss attributable | |||||||||||||
to noncontrolling interest | 42 | 13 | 21 | ||||||||||
Accumulated Other Comprehensive Income (Loss) Attributable | |||||||||||||
to AXA Equitable | $ | 351 | $ | -603 | $ | 317 | |||||||
2014 | 2013 | 2012 | |||||||||||
(In Millions) | |||||||||||||
Change in net unrealized gains (losses) on investments: | |||||||||||||
Net unrealized gains (losses) arising during the year | $ | 1,043 | $ | -1,550 | $ | 658 | |||||||
(Gains) losses reclassified into net earnings (loss) during the year(1) | 37 | 49 | 59 | ||||||||||
Net unrealized gains (losses) on investments | 1,080 | -1,501 | 717 | ||||||||||
Adjustments for policyholders liabilities, DAC, insurance | |||||||||||||
liability loss recognition and other | -132 | 290 | -137 | ||||||||||
Change in unrealized gains (losses), net of adjustments and (net of deferred | |||||||||||||
income tax expense (benefit) of $529, $(654) and $318) | 948 | -1,211 | 580 | ||||||||||
Change in defined benefit plans: | |||||||||||||
Net gain (loss) arising during the year | -95 | 198 | -82 | ||||||||||
Prior service cost arising during the year | - | - | 1 | ||||||||||
Less: reclassification adjustments to net earnings (loss) for:(2) | |||||||||||||
Amortization of net (gains) losses included in net periodic cost | 72 | 101 | 106 | ||||||||||
Amortization of net prior service credit included in net periodic cost | - | - | 1 | ||||||||||
Change in defined benefit plans (net of deferred income tax expense | |||||||||||||
(benefit) of $(15), $161 and $14) | -23 | 299 | 26 | ||||||||||
Total other comprehensive income (loss), net of income taxes | 925 | -912 | 606 | ||||||||||
Less: Other comprehensive (income) loss attributable | |||||||||||||
to noncontrolling interest | 29 | -8 | 8 | ||||||||||
Other Comprehensive Income (Loss) Attributable to AXA Equitable | $ | 954 | $ | -920 | $ | 614 |
COMMITMENTS_AND_CONTINGENT_LIA1
COMMITMENTS AND CONTINGENT LIABILITIES (TABLES) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Commitments And Contingent Liabilites Tables [Abstract] | ||||||||||
Schedule of Restructuring and Related Costs [Table Text Block] | December 31, | |||||||||
2014 | 2013 | 2012 | ||||||||
(In Millions) | ||||||||||
Balance, beginning of year | $ | 122 | $ | 52 | $ | 44 | ||||
Additions | 21 | 140 | 54 | |||||||
Cash payments | -24 | -66 | -46 | |||||||
Other reductions | -6 | -4 | - | |||||||
Balance, End of Year | $ | 113 | $ | 122 | $ | 52 |
INSURANCE_GROUP_STATUTORY_FINA1
INSURANCE GROUP STATUTORY FINANCIAL INFORMATION (TABLES) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Statutory Financial Information Tables [Abstract] | ||||||||||||
Statutory Accounting Practices Disclosure [Table Text Block] | December 31, | |||||||||||
2014 | 2013 | 2012 | ||||||||||
(In Millions) | ||||||||||||
Net change in statutory surplus and capital stock | $ | 1,345 | $ | -864 | $ | 64 | ||||||
Change in AVR | 89 | 46 | 269 | |||||||||
Net change in statutory surplus, capital stock and AVR | 1,434 | -818 | 333 | |||||||||
Adjustments: | ||||||||||||
Future policy benefits and policyholders' account balances | -1,128 | -607 | -508 | |||||||||
DAC | 413 | 75 | 142 | |||||||||
Deferred income taxes | -904 | 2,038 | 798 | |||||||||
Valuation of investments | -139 | 7 | -377 | |||||||||
Valuation of investment subsidiary | -289 | -109 | -306 | |||||||||
Increase (decrease) in the fair value of the reinsurance contract asset | 3,964 | -4,297 | 497 | |||||||||
Pension adjustment | -13 | -478 | -41 | |||||||||
Amortization of deferred cost of insurance ceded to AXA Arizona | -280 | -280 | -126 | |||||||||
Shareholder dividends paid | 382 | 468 | 362 | |||||||||
Changes in non-admitted assets | -227 | 2 | -489 | |||||||||
Repayment of surplus Note | 825 | 500 | - | |||||||||
Other, net | -5 | -74 | -190 | |||||||||
U.S. GAAP Net Earnings (Loss) Attributable to AXA Equitable | $ | 4,033 | $ | -3,573 | $ | 95 | ||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In Millions) | ||||||||||||
Statutory surplus and capital stock | $ | 5,170 | $ | 3,825 | $ | 4,689 | ||||||
AVR | 623 | 535 | 489 | |||||||||
Statutory surplus, capital stock and AVR | 5,793 | 4,360 | 5,178 | |||||||||
Adjustments: | ||||||||||||
Future policy benefits and policyholders' account balances | -5,195 | -3,884 | -3,642 | |||||||||
DAC | 4,271 | 3,874 | 3,728 | |||||||||
Deferred income taxes | -4,259 | -2,672 | -5,330 | |||||||||
Valuation of investments | 2,208 | 703 | 3,271 | |||||||||
Valuation of investment subsidiary | -898 | -515 | -137 | |||||||||
Fair value of reinsurance contracts | 10,711 | 6,747 | 11,044 | |||||||||
Deferred cost of insurance ceded to AXA Arizona | 2,086 | 2,366 | 2,646 | |||||||||
Non-admitted assets | 242 | 469 | 467 | |||||||||
Issuance of surplus notes | 200 | -1,025 | -1,525 | |||||||||
Other, net | -40 | 115 | -264 | |||||||||
U.S. GAAP Total Equity Attributable to AXA Equitable | $ | 15,119 | $ | 10,538 | $ | 15,436 |
BUSINESS_SEGMENT_INFORMATION_T
BUSINESS SEGMENT INFORMATION (TABLES) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Business Segment Information Tables [Abstract] | |||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2014 | 2013 | 2012 | ||||||||
(In Millions) | |||||||||||
Segment revenues: | |||||||||||
Insurance(1) | $ | 12,656 | $ | -54 | $ | 6,443 | |||||
Investment Management(2) | 3,011 | 2,915 | 2,738 | ||||||||
Consolidation/elimination | -27 | -21 | -21 | ||||||||
Total Revenues | $ | 15,640 | $ | 2,840 | $ | 9,160 | |||||
2014 | 2013 | 2012 | |||||||||
(In Millions) | |||||||||||
Segment earnings (loss) from operations, before income taxes: | |||||||||||
Insurance | $ | 5,512 | $ | -5,872 | $ | -132 | |||||
Investment Management(1) | 603 | 564 | 190 | ||||||||
Consolidation/elimination | - | -1 | - | ||||||||
Total Earnings (Loss) from Operations, before Income Taxes | $ | 6,115 | $ | -5,309 | $ | 58 | |||||
December 31, | |||||||||||
2014 | 2013 | ||||||||||
(In Millions) | |||||||||||
Segment assets: | |||||||||||
Insurance | $ | 184,018 | $ | 171,532 | |||||||
Investment Management | 11,990 | 11,873 | |||||||||
Consolidation/elimination | -3 | -4 | |||||||||
Total Assets | $ | 196,005 | $ | 183,401 |
QUARTERLY_RESULTS_OF_OPERATION1
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (TABLES) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Quarterly Results Of Operations Tables [Abstract] | ||||||||||||||
Schedule Of Quarterly Financial Information [Table Text Block] | Three Months Ended | |||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | |||||||||||
(In Millions) | ||||||||||||||
2014 | ||||||||||||||
Total Revenues | $ | 3,706 | $ | 3,524 | $ | 3,754 | $ | 4,656 | ||||||
Net Earnings (Loss), Attributable to AXA Equitable | $ | 977 | $ | 945 | $ | 987 | $ | 1,124 | ||||||
2013 | ||||||||||||||
Total Revenues | $ | 392 | $ | 537 | $ | 834 | $ | 1,077 | ||||||
Net Earnings (Loss), Attributable to AXA Equitable | $ | -1,004 | $ | -1,051 | $ | -878 | $ | -640 |
SUMMARY_OF_INVESTMENTS_OTHER_T1
SUMMARY OF INVESTMENTS- OTHER THAN INVESTMENTS IN RELATED PARTIES- SCHEDULE I (TABLES) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Summary Of Investments OtherThan Investments In Related Parties Tables [Abstract] | |||||||||||||
Summary Of Investments Other Than Investments In Related Parties [Table Text Block] | |||||||||||||
AXA EQUITABLE LIFE INSURANCE COMPANY | |||||||||||||
SCHEDULE I | |||||||||||||
SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES | |||||||||||||
31-Dec-14 | |||||||||||||
Carrying | |||||||||||||
Type of Investment | Cost(A) | Fair Value | Value | ||||||||||
(In Millions) | |||||||||||||
Fixed Maturities: | |||||||||||||
U.S. government, agencies and authorities | $ | 6,685 | $ | 7,331 | $ | 7,331 | |||||||
State, municipalities and political subdivisions | 441 | 519 | 519 | ||||||||||
Foreign governments | 395 | 434 | 434 | ||||||||||
Public utilities | 3,346 | 3,664 | 3,664 | ||||||||||
All other corporate bonds | 19,133 | 20,230 | 20,230 | ||||||||||
Redeemable preferred stocks | 795 | 856 | 856 | ||||||||||
Total fixed maturities | 30,795 | 33,034 | 33,034 | ||||||||||
Equity securities: | |||||||||||||
Common stocks: | |||||||||||||
Industrial, miscellaneous and all other | 36 | 38 | 38 | ||||||||||
Mortgage loans on real estate | 6,463 | 6,617 | 6,463 | ||||||||||
Policy loans | 3,408 | 4,406 | 3,408 | ||||||||||
Other limited partnership interests and equity investments | 1,719 | 1,719 | 1,719 | ||||||||||
Trading securities | 5,160 | 5,143 | 5,143 | ||||||||||
Other invested assets | 1,978 | 1,978 | 1,978 | ||||||||||
Total Investments | $ | 49,559 | $ | 52,935 | $ | 51,783 |
SUPPLEMENTARY_INSURANCE_INFORM
SUPPLEMENTARY INSURANCE INFORMATION- SCHEDULE III (TABLES) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Supplementary Insurance Information [Abstract] | ||||||||||||||||||||||||||
Supplementary Insurance Information For Insurance Companies [Table Text Block] | ||||||||||||||||||||||||||
AXA EQUITABLE LIFE INSURANCE COMPANY | ||||||||||||||||||||||||||
SCHEDULE III | ||||||||||||||||||||||||||
SUPPLEMENTARY INSURANCE INFORMATION | ||||||||||||||||||||||||||
AT AND FOR THE YEAR ENDED DECEMBER 31, 2014 | ||||||||||||||||||||||||||
Future Policy | Policy | Amortization | ||||||||||||||||||||||||
Deferred | Benefits | Charges | Net | Policyholders' | of Deferred | |||||||||||||||||||||
Policy | Policyholders' | and other | And | Investment | Benefits and | Policy | Other | |||||||||||||||||||
Acquisition | Account | Policyholders' | Premium | Income | Interest | Acquisition | Operating | |||||||||||||||||||
Segment | Costs | Balances | Funds | Revenue | (Loss)(1) | Credited | Costs | Expense(2) | ||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||||
Insurance | $ | 4,271 | $ | 31,848 | $ | 23,484 | $ | 3,989 | $ | 3,760 | $ | 4,894 | $ | 215 | $ | 2,035 | ||||||||||
Investment | ||||||||||||||||||||||||||
Management | - | - | - | - | 15 | - | - | 2,408 | ||||||||||||||||||
Consolidation/ | ||||||||||||||||||||||||||
Elimination | - | - | - | - | 40 | - | - | -27 | ||||||||||||||||||
Total | $ | 4,271 | $ | 31,848 | $ | 23,484 | $ | 3,989 | $ | 3,815 | $ | 4,894 | $ | 215 | $ | 4,416 | ||||||||||
AXA EQUITABLE LIFE INSURANCE COMPANY | ||||||||||||||||||||||||||
SCHEDULE III | ||||||||||||||||||||||||||
SUPPLEMENTARY INSURANCE INFORMATION | ||||||||||||||||||||||||||
AT AND FOR THE YEAR ENDED DECEMBER 31, 2013 | ||||||||||||||||||||||||||
Future Policy | Policy | Amortization | ||||||||||||||||||||||||
Deferred | Benefits | Charges | Net | Policyholders' | of Deferred | |||||||||||||||||||||
Policy | Policyholders' | and other | And | Investment | Benefits and | Policy | Other | |||||||||||||||||||
Acquisition | Account | Policyholders' | Premium | Income | Interest | Acquisition | Operating | |||||||||||||||||||
Segment | Costs | Balances | Funds | Revenue | (Loss)(1) | Credited | Costs | Expense(2) | ||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||||
Insurance | $ | 3,874 | $ | 30,340 | $ | 21,697 | $ | 4,042 | $ | -724 | $ | 3,064 | $ | 580 | $ | 2,174 | ||||||||||
Investment | ||||||||||||||||||||||||||
Management | - | - | - | - | 58 | - | - | 2,351 | ||||||||||||||||||
Consolidation/ | ||||||||||||||||||||||||||
Elimination | - | - | - | - | 37 | - | - | -20 | ||||||||||||||||||
Total | $ | 3,874 | $ | 30,340 | $ | 21,697 | $ | 4,042 | $ | -629 | $ | 3,064 | $ | 580 | $ | 4,505 | ||||||||||
AXA EQUITABLE LIFE INSURANCE COMPANY | ||||||||||||||||||||||||||
SCHEDULE III | ||||||||||||||||||||||||||
SUPPLEMENTARY INSURANCE INFORMATION | ||||||||||||||||||||||||||
AT AND FOR THE YEAR ENDED DECEMBER 31, 2012 | ||||||||||||||||||||||||||
Policy | Amortization | |||||||||||||||||||||||||
Charges | Net | Policyholders' | of Deferred | |||||||||||||||||||||||
And | Investment | Benefits and | Policy | Other | ||||||||||||||||||||||
Premium | Income | Interest | Acquisition | Operating | ||||||||||||||||||||||
Segment | Revenue | (Loss)(1) | Credited | Costs | Expense(2) | |||||||||||||||||||||
Insurance | $ | 3,848 | $ | 1,242 | $ | 4,155 | $ | 576 | $ | 1,844 | ||||||||||||||||
Investment | ||||||||||||||||||||||||||
Management | - | 65 | - | - | 2,548 | |||||||||||||||||||||
Consolidation/ | ||||||||||||||||||||||||||
Elimination | - | 31 | - | - | -21 | |||||||||||||||||||||
Total | $ | 3,848 | $ | 1,338 | $ | 4,155 | $ | 576 | $ | 4,371 |
REINSURANCE_SCHEDULE_IV_TABLES
REINSURANCE- SCHEDULE IV (TABLES) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Supplemental Schedule Of Reinsurance Premiums For Insurance Companies [Abstract] | ||||||||||||||||
Reinsurance Premiums For Insurance Companies By Product Segment [Table Text Block] | ||||||||||||||||
AXA EQUITABLE LIFE INSURANCE COMPANY | ||||||||||||||||
SCHEDULE IV | ||||||||||||||||
REINSURANCE(A) | ||||||||||||||||
AT OR FOR THE YEARS ENDED DECEMBER 31, 2014, 2013 AND 2012 | ||||||||||||||||
Assumed | Percentage | |||||||||||||||
Ceded to | from | of Amount | ||||||||||||||
Gross | Other | Other | Net | Assumed | ||||||||||||
Amount | Companies | Companies | Amount | to Net | ||||||||||||
(Dollars In Millions) | ||||||||||||||||
2014 | ||||||||||||||||
Life Insurance In-Force | $ | 412,215 | $ | 87,177 | $ | 31,767 | $ | 356,805 | 8.9 | % | ||||||
Premiums: | ||||||||||||||||
Life insurance and annuities | $ | 775 | $ | 492 | $ | 199 | $ | 482 | 41.4 | % | ||||||
Accident and health | 69 | 49 | 12 | 32 | 37.5 | % | ||||||||||
Total Premiums | $ | 844 | $ | 541 | $ | 211 | $ | 514 | 41.1 | % | ||||||
2013 | ||||||||||||||||
Life Insurance In-Force | $ | 414,362 | $ | 92,252 | $ | 33,494 | $ | 355,604 | 9.4 | % | ||||||
Premiums: | ||||||||||||||||
Life insurance and annuities | $ | 770 | $ | 511 | $ | 201 | $ | 460 | 43.7 | % | ||||||
Accident and health | 78 | 54 | 12 | 36 | 33.3 | % | ||||||||||
Total Premiums | $ | 848 | $ | 565 | $ | 213 | $ | 496 | 42.9 | % | ||||||
2012 | ||||||||||||||||
Life Insurance In-Force | $ | 409,488 | $ | 96,869 | $ | 34,361 | $ | 346,980 | 9.9 | % | ||||||
Premiums: | ||||||||||||||||
Life insurance and annuities | $ | 785 | $ | 518 | $ | 206 | $ | 473 | 43.5 | % | ||||||
Accident and health | 88 | 60 | 13 | 41 | 31.7 | % | ||||||||||
Total Premiums | $ | 873 | $ | 578 | $ | 219 | $ | 514 | 42.6 | % |
ORGANIZATIONS_DETAILS
ORGANIZATIONS (DETAILS) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 |
Alliance Bernstein [Member] | |||
Organization Basis Of Presentation [Line Items] | |||
Noncontrolling Interest, Period Increase (Decrease) | ($60) | ||
AXA Equitable [Member] | |||
Organization Basis Of Presentation [Line Items] | |||
Economic Interest In AllianceBernstein | 32.20% | 32.70% | |
Parent Company [Member] | |||
Organization Basis Of Presentation [Line Items] | |||
Economic Interest In AllianceBernstein | 62.70% | 63.70% |
SIGNIFICANT_ACCOUNTING_POLICIE1
SIGNIFICANT ACCOUNTING POLICIES - VIEs (DETAILS) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Investments [Abstract] | ||
Real Estate Held for Production of Income, Useful Life, Minimum (in years) | 40 years 0 months 0 days | |
Real Estate And Accumulated Depreciation Life Used For Depreciation Maximum | 50 years 0 months 0 days | |
Carrying value of COLI | $803,000,000 | $770,000,000 |
Insurance Group [Member] | ||
Consolidation Policy [Line Items] | ||
Investment assets issued by VIEs | 3,000,000 | |
Variable Interest Entity Nonconsolidated Carrying Amount Assets | 3,000,000 | |
Alliance Bernstein [Member] | ||
Consolidation Policy [Line Items] | ||
Variable Interest Entity Nonconsolidated Carrying Amount Assets | 31,000,000 | |
Variable Interest Entity Entity Maximum Loss Exposure Amount | $200,000 |
SIGNIFICANT_ACCOUNTING_POLICIE2
SIGNIFICANT ACCOUNTING POLICIES - MORTGAGES REAL ESTATE (DETAILS) (Commercial Real Estate Portfolio Segment [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Commercial Real Estate Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate, Write-down or Reserve, Management Judgment Factor [Line Items] | ||
Nonaccrual Mortgage Loans on Real Estate, Net | $89 | $93 |
SIGNIFICANT_ACCOUNTING_POLICIE3
SIGNIFICANT ACCOUNTING POLICIES - DAC (DETAILS) | 12 Months Ended |
Dec. 31, 2014 | |
DAC [Abstract] | |
Estimated Average Annual Rate of Return, Gross | 9.00% |
Estimated Average Annual Rate of Return, Net | 6.66% |
Future Annual Rate of Return, Gross, Maximum | 15.00% |
Future Annual Rate of Return, Net, Maximum | 12.66% |
Future Annual Rate of Return, Gross, Minimum | 0.00% |
Future Annual Rate of Return, Net, Minimum | -2.34% |
Future Annual Rate of Return, Assumption, Duration, Maximum (in years) | 5 years 0 months 0 days |
Future Rate of Return, Gross, Annualized Rate | 0.00% |
Future Rate of Return, Gross, Annualized Period (in quarters) | 6 |
Future Rate of Return, Gross, Mean Rate | 9.00% |
Future Rate of Return, Gross, Period for Mean Rate (in quarters) | 14 |
Assumed Average Investment Yield Excluding Policy Loans, High End | 5.10% |
Assumed Average Investment Yield Excluding Policy Loans, Low End | 4.50% |
Period Used in Assumed Average Investment Yield Excluding Policy Loans (in years) | 10 years 0 months 0 days |
SIGNIFICANT_ACCOUNTING_POLICIE4
SIGNIFICANT ACCOUNTING POLICIES - OTHER (DETAILS) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Liability For Future Policy Benefits Assumptions [Line Items] | |||
Purchased stock to meet their membership requirement | $31 | ||
Required purchase of FHLBNY activity based stock in an amount equal to borrowings | 4.50% | ||
Original amount available under borrowing facility with the FHLB | 1,000 | ||
Maximum amount available under borrowing facility with the FHLB | 3,000 | ||
Outstanding advances with the FHLB | 500 | ||
Policyholders Dividend Policy [Abstract] | |||
Carrying Amount of Dividend Paying Policy as Percentage of Directly Written Life Insurance In-Force | 5.60% | ||
Carrying Amount Of Dividend Paying Policies | 19,863 | ||
Separate Accounts Disclosure [Abstract] | |||
Gain (Loss) Recognized on Assets Transferred to Separate Account | $5,959 | $19,022 | $10,110 |
Goodwill And Intangible Asset Impairment [Abstract] | |||
Finite Lived Intangible Asset Useful Life | 20 years 0 months 0 days | ||
Life Insurance Liabilities [Member] | |||
Liability For Future Policy Benefits Assumptions [Line Items] | |||
Traditional Life Interest Rate High End | 10.90% | ||
Traditional Life Interest Rate Low End | 2.25% | ||
Annuity Liabilities [Member] | |||
Liability For Future Policy Benefits Assumptions [Line Items] | |||
Liability for Policyholder Contract Deposits, Interest Rate, Deferred Annuity, Low End | 1.57% | ||
Liability for Policyholder Contract Deposits, Interest Rate, Deferred Annuity, High End | 11.25% |
SIGNIFICANT_ACCOUNTING_POLICIE5
SIGNIFICANT ACCOUNTING POLICIES - OUT OF PERIOD ADJUSTMENTS (DETAILS) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Shareholders' Equity [Member] | |
Quantifying Misstatement in Current Year Financial Statements [Line Items] | |
Quantifying Misstatement in Current Year Financial Statements, Amount | ($1) |
Net earnings [Member] | |
Quantifying Misstatement in Current Year Financial Statements [Line Items] | |
Quantifying Misstatement in Current Year Financial Statements, Amount | $73 |
INVESTMENTS_AVAILABLE_FOR_SALE
INVESTMENTS (AVAILABLE FOR SALE SECURITIES) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost Basis | $30,831 | $28,873 | |
Gross Unrealized Gains | 2,498 | 1,600 | |
Gross Unrealized Losses | 257 | 1,020 | |
Fair Value | 33,072 | 29,453 | |
OTTI in AOCI | 13 | 27 | |
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract] | |||
Subtotal, Fair Value | 33,034 | 29,419 | |
Available For Sale Fixed Maturities Proceeds Gross Gains And Gross Losses From Sales And Other Than Temporary Impairments [Abstract] | |||
Proceeds from sales | 716 | 3,220 | 139 |
Gross gains on sales | 21 | 71 | 13 |
Gross losses on sales | -9 | -88 | -12 |
Total other-than-temporary impairment losses | -72 | -81 | -96 |
Non-credit losses recognized in OCI | 0 | -15 | -2 |
Net impairment losses recognized | -72 | -66 | -94 |
Corporate Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost Basis | 20,742 | 21,516 | |
Gross Unrealized Gains | 1,549 | 1,387 | |
Gross Unrealized Losses | 71 | 213 | |
Fair Value | 22,220 | 22,690 | |
OTTI in AOCI | 0 | ||
US Government Agencies Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost Basis | 6,685 | 3,584 | |
Gross Unrealized Gains | 672 | 22 | |
Gross Unrealized Losses | 26 | 477 | |
Fair Value | 7,331 | 3,129 | |
OTTI in AOCI | 0 | 0 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost Basis | 441 | 444 | |
Gross Unrealized Gains | 78 | 35 | |
Gross Unrealized Losses | 0 | 2 | |
Fair Value | 519 | 477 | |
OTTI in AOCI | 0 | 0 | |
Foreign Government Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost Basis | 405 | 392 | |
Gross Unrealized Gains | 48 | 46 | |
Gross Unrealized Losses | 7 | 5 | |
Fair Value | 446 | 433 | |
OTTI in AOCI | 0 | 0 | |
Commercial Mortgage Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost Basis | 855 | 971 | |
Gross Unrealized Gains | 22 | 10 | |
Gross Unrealized Losses | 142 | 265 | |
Fair Value | 735 | 716 | |
OTTI in AOCI | 10 | 23 | |
Available For Sale Securities Debt Maturities Amortized Cost [Abstract] | |||
Amortized Cost Basis, without Single Maturity Date | 855 | ||
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract] | |||
Fair Value, without Single Maturity Date | 735 | ||
Residential Mortgage Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost Basis | 752 | 914 | |
Gross Unrealized Gains | 43 | 34 | |
Gross Unrealized Losses | 0 | 1 | |
Fair Value | 795 | 947 | |
OTTI in AOCI | 0 | 0 | |
Available For Sale Securities Debt Maturities Amortized Cost [Abstract] | |||
Amortized Cost Basis, without Single Maturity Date | 752 | ||
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract] | |||
Fair Value, without Single Maturity Date | 795 | ||
Asset-backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost Basis | 86 | 132 | |
Gross Unrealized Gains | 14 | 11 | |
Gross Unrealized Losses | 1 | 3 | |
Fair Value | 99 | 140 | |
OTTI in AOCI | 3 | 4 | |
Available For Sale Securities Debt Maturities Amortized Cost [Abstract] | |||
Amortized Cost Basis, without Single Maturity Date | 86 | ||
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract] | |||
Fair Value, without Single Maturity Date | 99 | ||
Redeemable Preferred Stock [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost Basis | 829 | 883 | |
Gross Unrealized Gains | 70 | 55 | |
Gross Unrealized Losses | 10 | 51 | |
Fair Value | 889 | 887 | |
OTTI in AOCI | 0 | 0 | |
Fixed Maturities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost Basis | 30,795 | 28,836 | |
Gross Unrealized Gains | 2,496 | 1,600 | |
Gross Unrealized Losses | 257 | 1,017 | |
Fair Value | 33,034 | 29,419 | |
OTTI in AOCI | 13 | 27 | |
Available For Sale Securities Debt Maturities Amortized Cost [Abstract] | |||
Due in one year or less, Amortized Cost | 2,140 | ||
Due in years two through five, Amortized Cost | 6,400 | ||
Due in years six through ten, Amortized Cost | 10,434 | ||
Due after ten years, Amortized Cost | 9,299 | ||
Subtotal, Amortized Cost Basis | 28,273 | ||
Amortized Cost Basis, without Single Maturity Date | 29,966 | ||
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract] | |||
Due in one year or less, Fair Value | 2,166 | ||
Due in years two through five, Fair Value | 6,916 | ||
Due in years six through ten, Fair Value | 10,934 | ||
Due after ten years, Fair Value | 10,500 | ||
Subtotal, Fair Value | 30,516 | ||
Available For Sale Securities, Debt Maturities, Fair Value | 32,145 | ||
Fixed Maturities - Credit Loss Impairments | |||
Balance beginning of period | -370 | -372 | |
Previously recognized impairments on securities that matured, paid, prepaid or sold | -188 | -67 | |
Impairments recognized this period on securities not previously impaired | -41 | -59 | |
Additional impairments this period on securities previously impaired | -31 | -6 | |
Balances at December 31, | -254 | -370 | |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost Basis | 36 | 37 | |
Gross Unrealized Gains | 2 | 0 | |
Gross Unrealized Losses | 0 | 3 | |
Fair Value | 38 | 34 | |
OTTI in AOCI | $0 | $0 |
INVESTMENTS_NET_UNREALIZED_INV
INVESTMENTS (NET UNREALIZED INVESTMENTS) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | |||
Net unrealized gains (losses) arising during the year | $1,043 | ($1,550) | $658 |
Fixed Maturities [Member] | |||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | |||
Balance, Attributable to AXA Equitable, End of Year | 2,241 | 579 | |
Fixed Maturities [Member] | Unrealized Investment Gains Losses With Otti Losses [Member] | |||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | |||
Balance, Attributable to AXA Equitable, End of Year | 10 | -28 | |
Fixed Maturities [Member] | Unrealized Investment Gains Losses All Other [Member] | |||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | |||
Balance, Attributable to AXA Equitable, End of Year | 2,229 | 610 | |
Fixed Maturities [Member] | Net Unrealized Gains (Losses) On Investmetns [Member] | Unrealized Investment Gains Losses With Otti Losses [Member] | |||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | |||
Balance, attributable to AXA Equitable, beginning of year | -28 | -12 | |
Net unrealized gains (losses) arising during the year | -1 | -14 | |
Reclassification adjustment for OTTI losses Included in Net earnings (loss) | 39 | 13 | |
Reclassification adjustment for OTTI losses excluded from Net earnings (loss) | 0 | -15 | |
Balance, Attributable to AXA Equitable, End of Year | 10 | -28 | |
Fixed Maturities [Member] | Net Unrealized Gains (Losses) On Investmetns [Member] | Unrealized Investment Gains Losses All Other [Member] | |||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | |||
Balance, attributable to AXA Equitable, beginning of year | 607 | 2,900 | |
Net unrealized gains (losses) arising during the year | 1,606 | -2,370 | |
Reclassification adjustment for OTTI losses Included in Net earnings (loss) | 18 | 62 | |
Reclassification adjustment for OTTI losses excluded from Net earnings (loss) | 0 | 15 | |
Balance, Attributable to AXA Equitable, End of Year | 2,231 | 607 | |
Fixed Maturities [Member] | DAC [Member] | Unrealized Investment Gains Losses With Otti Losses [Member] | |||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | |||
Balance, attributable to AXA Equitable, beginning of year | 2 | 1 | |
Impact of net unrealized investment gains (losses) on DAC | -2 | 1 | |
Balance, Attributable to AXA Equitable, End of Year | 0 | 2 | |
Fixed Maturities [Member] | DAC [Member] | Unrealized Investment Gains Losses All Other [Member] | |||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | |||
Balance, attributable to AXA Equitable, beginning of year | -107 | -179 | |
Impact of net unrealized investment gains (losses) on DAC | -15 | 72 | |
Balance, Attributable to AXA Equitable, End of Year | -122 | -107 | |
Fixed Maturities [Member] | Policyholders Liabilities [Member] | Unrealized Investment Gains Losses With Otti Losses [Member] | |||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | |||
Balance, attributable to AXA Equitable, beginning of year | 10 | 4 | |
Impact of net unrealized investment gains (losses) on Policyholders liabilities | -10 | 6 | |
Balance, Attributable to AXA Equitable, End of Year | 0 | 10 | |
Fixed Maturities [Member] | Policyholders Liabilities [Member] | Unrealized Investment Gains Losses All Other [Member] | |||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | |||
Balance, attributable to AXA Equitable, beginning of year | -245 | -603 | |
Impact of net unrealized investment gains (losses) on Policyholders liabilities | -123 | 358 | |
Balance, Attributable to AXA Equitable, End of Year | -368 | -245 | |
Fixed Maturities [Member] | Deferred Income Tax Asset Liability [Member] | Unrealized Investment Gains Losses With Otti Losses [Member] | |||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | |||
Balance, attributable to AXA Equitable, beginning of year | 5 | 2 | |
Impact of net unrealized investment gains (losses) on Deferred income taxes | -9 | 3 | |
Balance, Attributable to AXA Equitable, End of Year | -4 | 5 | |
Fixed Maturities [Member] | Deferred Income Tax Asset Liability [Member] | Unrealized Investment Gains Losses All Other [Member] | |||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | |||
Balance, attributable to AXA Equitable, beginning of year | -90 | -741 | |
Impact of net unrealized investment gains (losses) on Deferred income taxes | -520 | 651 | |
Balance, Attributable to AXA Equitable, End of Year | -610 | -90 | |
Fixed Maturities [Member] | AOCI Gain Losses Related to Net Unrealized Investment Gains Losses [Member] | Unrealized Investment Gains Losses With Otti Losses [Member] | |||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | |||
Balance, attributable to AXA Equitable, beginning of year | -11 | -5 | |
Net unrealized gains (losses) arising during the year | -1 | -14 | |
Reclassification adjustment for OTTI losses Included in Net earnings (loss) | 39 | 13 | |
Reclassification adjustment for OTTI losses excluded from Net earnings (loss) | 0 | -15 | |
Impact of net unrealized investment gains (losses) on DAC | -2 | 1 | |
Impact of net unrealized investment gains (losses) on Deferred income taxes | -9 | 3 | |
Impact of net unrealized investment gains (losses) on Policyholders liabilities | -10 | 6 | |
Balance, Attributable to AXA Equitable, End of Year | 6 | -11 | |
Fixed Maturities [Member] | AOCI Gain Losses Related to Net Unrealized Investment Gains Losses [Member] | Unrealized Investment Gains Losses All Other [Member] | |||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | |||
Balance, attributable to AXA Equitable, beginning of year | 165 | 1,377 | |
Net unrealized gains (losses) arising during the year | 1,606 | -2,370 | |
Reclassification adjustment for OTTI losses Included in Net earnings (loss) | 18 | 62 | |
Reclassification adjustment for OTTI losses excluded from Net earnings (loss) | 0 | 15 | |
Impact of net unrealized investment gains (losses) on DAC | -15 | 72 | |
Impact of net unrealized investment gains (losses) on Deferred income taxes | -520 | 651 | |
Impact of net unrealized investment gains (losses) on Policyholders liabilities | -123 | 358 | |
Balance, Attributable to AXA Equitable, End of Year | 1,131 | 165 | |
Equity Securities [Member] | Unrealized Investment Gains Losses All Other [Member] | |||
Net Unrealized Investment Gains Losses Recognized In Aoci Roll Forward [Abstract] | |||
Balance, Attributable to AXA Equitable, End of Year | $2 | ($3) |
INVESTMENTS_FIXED_MATURITIES_A
INVESTMENTS (FIXED MATURITIES AVAILABLE FOR SALE) (DETAILS) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Investments, Debt and Equity Securities [Abstract] | |||
Number Of Fixed Maturities In An Unrealized Loss Position Greater Than 12 Months | 601 | 747 | |
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | |||
Less than Twelve Months, Fair Value | $1,721 | $7,654 | |
Less than 12 Months, Gross unrealized Losses | 38 | 725 | |
12 Months or Longer, Fair Value | 2,065 | 892 | |
12 Months or Longer, Gross unrealized Losses | 219 | 292 | |
Total Fair Value | 3,786 | 8,546 | |
Total Gross unrealized losses | 257 | 1,017 | |
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | |||
Available-for-sale Securities, Amortized Cost Basis | 30,831 | 28,873 | |
Investment Income Investment Expense | -53 | -57 | -50 |
Trading Securities, Cost | 5,160 | 4,225 | |
Trading securities | 5,143 | 4,221 | |
Separate Account Equity Investment Carrying Value | 197 | 192 | |
Separate Account Equity Investment Cost | 185 | 183 | |
Equity Securities, Carrying Value | 38 | 34 | |
Equity Securities, Amortized Cost | 36 | 37 | |
Net Realized and Unrealized Gain (Loss) on Trading Securities | 24 | 48 | 69 |
Subprime residential mortgage loans [Member] | |||
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | |||
Other Investments and Securities, at Cost | 8 | 10 | |
Alt residential mortgage loans [Member] | |||
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | |||
Other Investments and Securities, at Cost | 7 | 8 | |
Corporate Debt Securities [Member] | |||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | |||
Less than Twelve Months, Fair Value | 1,314 | 4,381 | |
Less than 12 Months, Gross unrealized Losses | 29 | 187 | |
12 Months or Longer, Fair Value | 1,048 | 248 | |
12 Months or Longer, Gross unrealized Losses | 42 | 26 | |
Total Fair Value | 2,362 | 4,629 | |
Total Gross unrealized losses | 71 | 213 | |
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | |||
Debt Securities Exposure In Single Issuer Of Total Investments | 146 | 158 | |
Available-for-sale Securities, Amortized Cost Basis | 20,742 | 21,516 | |
US Government Agencies Debt Securities [Member] | |||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | |||
Less than Twelve Months, Fair Value | 280 | 2,645 | |
Less than 12 Months, Gross unrealized Losses | 6 | 477 | |
12 Months or Longer, Fair Value | 373 | ||
12 Months or Longer, Gross unrealized Losses | 20 | ||
Total Fair Value | 653 | 2,645 | |
Total Gross unrealized losses | 26 | 477 | |
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | |||
Available-for-sale Securities, Amortized Cost Basis | 6,685 | 3,584 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | |||
Less than Twelve Months, Fair Value | 21 | 36 | |
Less than 12 Months, Gross unrealized Losses | 0 | 2 | |
Total Fair Value | 21 | 36 | |
Total Gross unrealized losses | 0 | 2 | |
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | |||
Available-for-sale Securities, Amortized Cost Basis | 441 | 444 | |
Foreign Government Debt Securities [Member] | |||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | |||
Less than Twelve Months, Fair Value | 27 | 68 | |
Less than 12 Months, Gross unrealized Losses | 1 | 4 | |
12 Months or Longer, Fair Value | 65 | 7 | |
12 Months or Longer, Gross unrealized Losses | 6 | 1 | |
Total Fair Value | 92 | 75 | |
Total Gross unrealized losses | 7 | 5 | |
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | |||
Available-for-sale Securities, Amortized Cost Basis | 405 | 392 | |
Commercial Mortgage Backed Securities [Member] | |||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | |||
Less than Twelve Months, Fair Value | 37 | 30 | |
Less than 12 Months, Gross unrealized Losses | 2 | 5 | |
12 Months or Longer, Fair Value | 355 | 529 | |
12 Months or Longer, Gross unrealized Losses | 140 | 260 | |
Total Fair Value | 392 | 559 | |
Total Gross unrealized losses | 142 | 265 | |
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | |||
Available-for-sale Securities, Amortized Cost Basis | 855 | 971 | |
Residential Mortgage Backed Securities [Member] | |||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | |||
Less than Twelve Months, Fair Value | 0 | 260 | |
Less than 12 Months, Gross unrealized Losses | 0 | 1 | |
12 Months or Longer, Fair Value | 35 | 1 | |
Total Fair Value | 35 | 261 | |
Total Gross unrealized losses | 0 | 1 | |
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | |||
Available-for-sale Securities, Amortized Cost Basis | 752 | 914 | |
Asset-backed Securities [Member] | |||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | |||
Less than Twelve Months, Fair Value | 0 | 2 | |
12 Months or Longer, Fair Value | 20 | 28 | |
12 Months or Longer, Gross unrealized Losses | 1 | 3 | |
Total Fair Value | 20 | 30 | |
Total Gross unrealized losses | 1 | 3 | |
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | |||
Available-for-sale Securities, Amortized Cost Basis | 86 | 132 | |
Redeemable Preferred Stock [Member] | |||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | |||
Less than Twelve Months, Fair Value | 42 | 232 | |
Less than 12 Months, Gross unrealized Losses | 0 | 49 | |
12 Months or Longer, Fair Value | 169 | 79 | |
12 Months or Longer, Gross unrealized Losses | 10 | 2 | |
Total Fair Value | 211 | 311 | |
Total Gross unrealized losses | 10 | 51 | |
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | |||
Available-for-sale Securities, Amortized Cost Basis | 829 | 883 | |
Fixed Maturities [Member] | |||
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | |||
Debt Securities Exposure In Single Issuer Greater Than Stated Percentage Of Total Investments | 0.30% | ||
Available-for-sale Securities, Amortized Cost Basis | 30,795 | 28,836 | |
Accumulated Other Comprehensive Income Unrealized Gain Loss On Available For Sale Securities | 2,241 | 579 | |
The carrying value of fixed maturities non-income producing | 12 | ||
Fixed Maturities [Member] | Other Than Investment Grade [Member] | External Credit Rating, Non Investment Grade [Member] | |||
Investments In Fixed Maturity Securities Other Disclosure [Abstract] | |||
Available-for-sale Securities, Amortized Cost Basis Other Than Investment Grade | 1,788 | 1,913 | |
Percentage Of Available For Sale Securities | 5.80% | 6.60% | |
Accumulated Other Comprehensive Income Unrealized Gain Loss On Available For Sale Securities | $85 | $215 |
INVESTMENTS_Troubled_Debt_Rest
INVESTMENTS (Troubled Debt Restructuring) (DETAILS) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Modifications [Line Items] | |||
Gross Interest Income Recognized In Investment Income Restructured Mortgage Loans | $1 | $2 | $7 |
Gross Interest Income Restructured Mortgage Loans Pre Modification | 4 | 7 | 8 |
Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans | 1 | ||
Outstanding Recorded Investment Pre Modification | 84 | ||
Outstanding Recorded Investment Post Modification | $93 | $135 |
INVESTMENTS_M_Loans_DETAILS
INVESTMENTS (M Loans) (DETAILS) (Commercial Real Estate Portfolio Segment [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commercial Real Estate Portfolio Segment [Member] | |||
Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | $42 | $34 | $32 |
Charge-offs | -14 | 0 | 0 |
Recoveries | 0 | 2 | 24 |
Provisions | 9 | 10 | 26 |
Ending balance | 37 | 42 | 34 |
Ending Balance [Abstract]: | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | $37 | $42 | $34 |
INVESTMENTS_Loans_DETAILS
INVESTMENTS ( Loans) (DETAILS) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Impaired Mortgage Loans [Abstract] | ||
Unpaid principal balance | $135 | |
Interest Income recognized | 0 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 4,415 | 3,856 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
30 to 59 Days Past Due | 0 | 0 |
60 to 89 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due | 0 | 0 |
Total Past Due | 0 | 0 |
Current | 4,415 | 3,856 |
Total financing receivables | 4,415 | 3,856 |
Recorded Investment 90 Days Past Due and Still Accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Ratio greater than 2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 1,665 | 896 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 1,665 | 896 |
Commercial Real Estate Portfolio Segment [Member] | Ratio between 1.8 to 2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 440 | 573 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 440 | 573 |
Commercial Real Estate Portfolio Segment [Member] | Ratio between 1.5 to 1.8 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 933 | 984 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 933 | 984 |
Commercial Real Estate Portfolio Segment [Member] | Ratio between 1.2 to 1.5 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 1,163 | 833 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 1,163 | 833 |
Commercial Real Estate Portfolio Segment [Member] | Ratio between 1 to 1.2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 167 | 303 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 167 | 303 |
Commercial Real Estate Portfolio Segment [Member] | Ratio less than 1 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 47 | 267 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 47 | 267 |
Commercial Real Estate Portfolio Segment [Member] | Zero to fifty percent [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 428 | 321 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 428 | 321 |
Commercial Real Estate Portfolio Segment [Member] | Zero to fifty percent [Member] | Ratio greater than 2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 335 | 285 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 335 | 285 |
Commercial Real Estate Portfolio Segment [Member] | Zero to fifty percent [Member] | Ratio between 1.8 to 2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Zero to fifty percent [Member] | Ratio between 1.5 to 1.8 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Zero to fifty percent [Member] | Ratio between 1.2 to 1.5 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 59 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 59 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Zero to fifty percent [Member] | Ratio between 1 to 1.2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 34 | 36 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 34 | 36 |
Commercial Real Estate Portfolio Segment [Member] | Zero to fifty percent [Member] | Ratio less than 1 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Fifty to seventy percent [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 3,168 | 2,272 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 3,168 | 2,272 |
Commercial Real Estate Portfolio Segment [Member] | Fifty to seventy percent [Member] | Ratio greater than 2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 963 | 360 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 963 | 360 |
Commercial Real Estate Portfolio Segment [Member] | Fifty to seventy percent [Member] | Ratio between 1.8 to 2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 440 | 573 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 440 | 573 |
Commercial Real Estate Portfolio Segment [Member] | Fifty to seventy percent [Member] | Ratio between 1.5 to 1.8 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 872 | 671 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 872 | 671 |
Commercial Real Estate Portfolio Segment [Member] | Fifty to seventy percent [Member] | Ratio between 1.2 to 1.5 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 839 | 533 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 839 | 533 |
Commercial Real Estate Portfolio Segment [Member] | Fifty to seventy percent [Member] | Ratio between 1 to 1.2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 54 | 135 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 54 | 135 |
Commercial Real Estate Portfolio Segment [Member] | Fifty to seventy percent [Member] | Ratio less than 1 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Seventy to ninty percent [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 616 | 993 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 616 | 993 |
Commercial Real Estate Portfolio Segment [Member] | Seventy to ninty percent [Member] | Ratio greater than 2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 211 | 116 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 211 | 116 |
Commercial Real Estate Portfolio Segment [Member] | Seventy to ninty percent [Member] | Ratio between 1.8 to 2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Seventy to ninty percent [Member] | Ratio between 1.5 to 1.8 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 61 | 313 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 61 | 313 |
Commercial Real Estate Portfolio Segment [Member] | Seventy to ninty percent [Member] | Ratio between 1.2 to 1.5 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 265 | 240 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 265 | 240 |
Commercial Real Estate Portfolio Segment [Member] | Seventy to ninty percent [Member] | Ratio between 1 to 1.2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 79 | 105 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 79 | 105 |
Commercial Real Estate Portfolio Segment [Member] | Seventy to ninty percent [Member] | Ratio less than 1 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 219 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 0 | 219 |
Commercial Real Estate Portfolio Segment [Member] | More than ninty percent [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 203 | |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 203 | |
Commercial Real Estate Portfolio Segment [Member] | More than ninty percent [Member] | Ratio greater than 2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 156 | 135 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 156 | 135 |
Commercial Real Estate Portfolio Segment [Member] | More than ninty percent [Member] | Ratio between 1.8 to 2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | More than ninty percent [Member] | Ratio between 1.5 to 1.8 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | More than ninty percent [Member] | Ratio between 1.2 to 1.5 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 60 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 0 | 60 |
Commercial Real Estate Portfolio Segment [Member] | More than ninty percent [Member] | Ratio between 1 to 1.2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 27 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 0 | 27 |
Commercial Real Estate Portfolio Segment [Member] | More than ninty percent [Member] | Ratio less than 1 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 47 | 48 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 47 | 48 |
Commercial Real Estate Portfolio Segment [Member] | With No Related Allowance Recorded [Member] | ||
Impaired Mortgage Loans [Abstract] | ||
Recorded Investment | 0 | 0 |
Unpaid principal balance | 0 | 0 |
Related allowance | 0 | 0 |
Average Record investments | 0 | 0 |
Interest Income recognized | 0 | |
Commercial Real Estate Portfolio Segment [Member] | With Related Allowance Recorded [Member] | ||
Impaired Mortgage Loans [Abstract] | ||
Recorded Investment | 156 | 135 |
Unpaid principal balance | 156 | |
Related allowance | -37 | -42 |
Average Record investments | 148 | 139 |
Interest Income recognized | 2 | 2 |
Agricultural Real Estate Portfolio Segment [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 2,085 | 1,870 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
30 to 59 Days Past Due | 1 | 5 |
60 to 89 Days Past Due | 7 | 4 |
Greater than 90 Days Past Due | 3 | 14 |
Total Past Due | 11 | 23 |
Current | 2,074 | 1,847 |
Total financing receivables | 2,085 | 1,870 |
Recorded Investment 90 Days Past Due and Still Accruing | 3 | 14 |
Agricultural Real Estate Portfolio Segment [Member] | Ratio greater than 2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 327 | 312 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 327 | 312 |
Agricultural Real Estate Portfolio Segment [Member] | Ratio between 1.8 to 2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 187 | 132 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 187 | 132 |
Agricultural Real Estate Portfolio Segment [Member] | Ratio between 1.5 to 1.8 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 433 | 407 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 433 | 407 |
Agricultural Real Estate Portfolio Segment [Member] | Ratio between 1.2 to 1.5 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 631 | 574 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 631 | 574 |
Agricultural Real Estate Portfolio Segment [Member] | Ratio between 1 to 1.2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 410 | 357 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 410 | 357 |
Agricultural Real Estate Portfolio Segment [Member] | Ratio less than 1 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 97 | 88 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 97 | 88 |
Agricultural Real Estate Portfolio Segment [Member] | Zero to fifty percent [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 1,180 | 1,148 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 1,180 | 1,148 |
Agricultural Real Estate Portfolio Segment [Member] | Zero to fifty percent [Member] | Ratio greater than 2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 184 | 185 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 184 | 185 |
Agricultural Real Estate Portfolio Segment [Member] | Zero to fifty percent [Member] | Ratio between 1.8 to 2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 100 | 82 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 100 | 82 |
Agricultural Real Estate Portfolio Segment [Member] | Zero to fifty percent [Member] | Ratio between 1.5 to 1.8 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 232 | 214 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 232 | 214 |
Agricultural Real Estate Portfolio Segment [Member] | Zero to fifty percent [Member] | Ratio between 1.2 to 1.5 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 408 | 410 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 408 | 410 |
Agricultural Real Estate Portfolio Segment [Member] | Zero to fifty percent [Member] | Ratio between 1 to 1.2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 206 | 208 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 206 | 208 |
Agricultural Real Estate Portfolio Segment [Member] | Zero to fifty percent [Member] | Ratio less than 1 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 50 | 49 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 50 | 49 |
Agricultural Real Estate Portfolio Segment [Member] | Fifty to seventy percent [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 905 | 722 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 905 | 722 |
Agricultural Real Estate Portfolio Segment [Member] | Fifty to seventy percent [Member] | Ratio greater than 2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 143 | 127 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 143 | 127 |
Agricultural Real Estate Portfolio Segment [Member] | Fifty to seventy percent [Member] | Ratio between 1.8 to 2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 87 | 50 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 87 | 50 |
Agricultural Real Estate Portfolio Segment [Member] | Fifty to seventy percent [Member] | Ratio between 1.5 to 1.8 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 201 | 193 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 201 | 193 |
Agricultural Real Estate Portfolio Segment [Member] | Fifty to seventy percent [Member] | Ratio between 1.2 to 1.5 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 223 | 164 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 223 | 164 |
Agricultural Real Estate Portfolio Segment [Member] | Fifty to seventy percent [Member] | Ratio between 1 to 1.2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 204 | 149 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 204 | 149 |
Agricultural Real Estate Portfolio Segment [Member] | Fifty to seventy percent [Member] | Ratio less than 1 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 47 | 39 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 47 | 39 |
Agricultural Real Estate Portfolio Segment [Member] | Seventy to ninty percent [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 0 | 0 |
Agricultural Real Estate Portfolio Segment [Member] | Seventy to ninty percent [Member] | Ratio greater than 2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 0 | 0 |
Agricultural Real Estate Portfolio Segment [Member] | Seventy to ninty percent [Member] | Ratio between 1.8 to 2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 0 | 0 |
Agricultural Real Estate Portfolio Segment [Member] | Seventy to ninty percent [Member] | Ratio between 1.5 to 1.8 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 0 | 0 |
Agricultural Real Estate Portfolio Segment [Member] | Seventy to ninty percent [Member] | Ratio between 1.2 to 1.5 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 0 | 0 |
Agricultural Real Estate Portfolio Segment [Member] | Seventy to ninty percent [Member] | Ratio between 1 to 1.2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 0 | 0 |
Agricultural Real Estate Portfolio Segment [Member] | Seventy to ninty percent [Member] | Ratio less than 1 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 0 | 0 |
Agricultural Real Estate Portfolio Segment [Member] | More than ninty percent [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 0 | 0 |
Agricultural Real Estate Portfolio Segment [Member] | More than ninty percent [Member] | Ratio greater than 2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 0 | 0 |
Agricultural Real Estate Portfolio Segment [Member] | More than ninty percent [Member] | Ratio between 1.8 to 2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 0 | 0 |
Agricultural Real Estate Portfolio Segment [Member] | More than ninty percent [Member] | Ratio between 1.5 to 1.8 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 0 | 0 |
Agricultural Real Estate Portfolio Segment [Member] | More than ninty percent [Member] | Ratio between 1.2 to 1.5 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 0 | 0 |
Agricultural Real Estate Portfolio Segment [Member] | More than ninty percent [Member] | Ratio between 1 to 1.2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 0 | 0 |
Agricultural Real Estate Portfolio Segment [Member] | More than ninty percent [Member] | Ratio less than 1 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 0 | 0 |
Agricultural Real Estate Portfolio Segment [Member] | With No Related Allowance Recorded [Member] | ||
Impaired Mortgage Loans [Abstract] | ||
Recorded Investment | 0 | 0 |
Unpaid principal balance | 0 | 0 |
Related allowance | 0 | 0 |
Average Record investments | 0 | 1 |
Interest Income recognized | 0 | 0 |
Agricultural Real Estate Portfolio Segment [Member] | With Related Allowance Recorded [Member] | ||
Impaired Mortgage Loans [Abstract] | ||
Recorded Investment | 0 | 0 |
Unpaid principal balance | 0 | 0 |
Related allowance | 0 | 0 |
Average Record investments | 0 | 0 |
Interest Income recognized | 0 | 0 |
Total Mortgages Loan [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 6,500 | 5,726 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
30 to 59 Days Past Due | 1 | 5 |
60 to 89 Days Past Due | 7 | 4 |
Greater than 90 Days Past Due | 3 | 14 |
Total Past Due | 11 | 23 |
Current | 6,489 | 5,703 |
Total financing receivables | 6,500 | 5,726 |
Recorded Investment 90 Days Past Due and Still Accruing | 3 | 14 |
Total Mortgages Loan [Member] | Ratio greater than 2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 1,992 | 1,208 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 1,992 | 1,208 |
Total Mortgages Loan [Member] | Ratio between 1.8 to 2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 627 | 705 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 627 | 705 |
Total Mortgages Loan [Member] | Ratio between 1.5 to 1.8 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 1,366 | 1,391 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 1,366 | 1,391 |
Total Mortgages Loan [Member] | Ratio between 1.2 to 1.5 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 1,794 | 1,407 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 1,794 | 1,407 |
Total Mortgages Loan [Member] | Ratio between 1 to 1.2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 577 | 660 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 577 | 660 |
Total Mortgages Loan [Member] | Ratio less than 1 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 144 | 355 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 144 | 355 |
Total Mortgages Loan [Member] | Zero to fifty percent [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 1,608 | 1,469 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 1,608 | 1,469 |
Total Mortgages Loan [Member] | Zero to fifty percent [Member] | Ratio greater than 2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 519 | 470 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 519 | 470 |
Total Mortgages Loan [Member] | Zero to fifty percent [Member] | Ratio between 1.8 to 2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 100 | 82 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 100 | 82 |
Total Mortgages Loan [Member] | Zero to fifty percent [Member] | Ratio between 1.5 to 1.8 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 232 | 214 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 232 | 214 |
Total Mortgages Loan [Member] | Zero to fifty percent [Member] | Ratio between 1.2 to 1.5 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 467 | 410 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 467 | 410 |
Total Mortgages Loan [Member] | Zero to fifty percent [Member] | Ratio between 1 to 1.2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 240 | 244 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 240 | 244 |
Total Mortgages Loan [Member] | Zero to fifty percent [Member] | Ratio less than 1 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 50 | 49 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 50 | 49 |
Total Mortgages Loan [Member] | Fifty to seventy percent [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 4,073 | 2,994 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 4,073 | 2,994 |
Total Mortgages Loan [Member] | Fifty to seventy percent [Member] | Ratio greater than 2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 1,106 | 487 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 1,106 | 487 |
Total Mortgages Loan [Member] | Fifty to seventy percent [Member] | Ratio between 1.8 to 2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 527 | 623 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 527 | 623 |
Total Mortgages Loan [Member] | Fifty to seventy percent [Member] | Ratio between 1.5 to 1.8 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 1,073 | 864 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 1,073 | 864 |
Total Mortgages Loan [Member] | Fifty to seventy percent [Member] | Ratio between 1.2 to 1.5 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 1,062 | 697 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 1,062 | 697 |
Total Mortgages Loan [Member] | Fifty to seventy percent [Member] | Ratio between 1 to 1.2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 258 | 284 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 258 | 284 |
Total Mortgages Loan [Member] | Fifty to seventy percent [Member] | Ratio less than 1 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 47 | 39 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 47 | 39 |
Total Mortgages Loan [Member] | Seventy to ninty percent [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 616 | 993 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 616 | 993 |
Total Mortgages Loan [Member] | Seventy to ninty percent [Member] | Ratio greater than 2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 211 | 116 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 211 | 116 |
Total Mortgages Loan [Member] | Seventy to ninty percent [Member] | Ratio between 1.8 to 2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 0 | 0 |
Total Mortgages Loan [Member] | Seventy to ninty percent [Member] | Ratio between 1.5 to 1.8 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 61 | 313 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 61 | 313 |
Total Mortgages Loan [Member] | Seventy to ninty percent [Member] | Ratio between 1.2 to 1.5 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 265 | 240 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 265 | 240 |
Total Mortgages Loan [Member] | Seventy to ninty percent [Member] | Ratio between 1 to 1.2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 79 | 105 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 79 | 105 |
Total Mortgages Loan [Member] | Seventy to ninty percent [Member] | Ratio less than 1 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 219 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 0 | 219 |
Total Mortgages Loan [Member] | More than ninty percent [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 203 | 270 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 203 | 270 |
Total Mortgages Loan [Member] | More than ninty percent [Member] | Ratio greater than 2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 156 | 135 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 156 | 135 |
Total Mortgages Loan [Member] | More than ninty percent [Member] | Ratio between 1.8 to 2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 0 | 0 |
Total Mortgages Loan [Member] | More than ninty percent [Member] | Ratio between 1.5 to 1.8 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 0 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 0 | 0 |
Total Mortgages Loan [Member] | More than ninty percent [Member] | Ratio between 1.2 to 1.5 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 60 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 0 | 60 |
Total Mortgages Loan [Member] | More than ninty percent [Member] | Ratio between 1 to 1.2 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 0 | 27 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 0 | 27 |
Total Mortgages Loan [Member] | More than ninty percent [Member] | Ratio less than 1 times [Member] | ||
Mortgage Loans by Loan-to-Value & Debt Service Coverage Ratios [Line Items] | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 47 | 48 |
Age Analysis of Past Due Mortgage Loans [Abstract] | ||
Total financing receivables | 47 | 48 |
Total Mortgages Loan [Member] | With No Related Allowance Recorded [Member] | ||
Impaired Mortgage Loans [Abstract] | ||
Recorded Investment | 0 | 0 |
Unpaid principal balance | 0 | 0 |
Related allowance | 0 | 0 |
Average Record investments | 0 | 1 |
Interest Income recognized | 0 | 0 |
Total Mortgages Loan [Member] | With Related Allowance Recorded [Member] | ||
Impaired Mortgage Loans [Abstract] | ||
Recorded Investment | 156 | 135 |
Unpaid principal balance | 156 | 135 |
Related allowance | -37 | -42 |
Average Record investments | 148 | 139 |
Interest Income recognized | $2 | $2 |
INVESTMENTS_Equity_DETAILS
INVESTMENTS (Equity) (DETAILS) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Equity Method Investments [Line Items] | |||
Equity investments limited partnership carrying value | $1,490 | $1,596 | |
Total equity in net earnings (losses) | 206 | 206 | 170 |
Equity Method Investment [Member] | |||
Equity Method Investments [Line Items] | |||
Equity investment real estate joint ventures | $1 | $6 |
INVESTMENTS_Derivatives_DETAIL
INVESTMENTS (Derivatives) (DETAILS) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Derivative Instruments by Category [Line Items] | ||
Derivative, Notional Amount | $45,244 | $37,174 |
Fair Value Assets Derivatives | 12,757 | 8,222 |
Fair Value Liabilities Derivatives | 1,309 | 1,207 |
Gain (losses) reported in net earnings (losses) | 5,242 | -7,327 |
Equity contracts futures [Member] | ||
Derivative Instruments by Category [Line Items] | ||
Derivative, Notional Amount | 5,933 | 4,935 |
Fair Value Assets Derivatives | 1 | |
Fair Value Liabilities Derivatives | 2 | 3 |
Gain (losses) reported in net earnings (losses) | -522 | -1,434 |
Equity swaps [Member] | ||
Derivative Instruments by Category [Line Items] | ||
Derivative, Notional Amount | 1,169 | 1,293 |
Fair Value Assets Derivatives | 22 | 0 |
Fair Value Liabilities Derivatives | 15 | 51 |
Gain (losses) reported in net earnings (losses) | -88 | -316 |
Stock options [Member] | ||
Derivative Instruments by Category [Line Items] | ||
Derivative, Notional Amount | 6,896 | 7,506 |
Fair Value Assets Derivatives | 1,215 | 1,056 |
Fair Value Liabilities Derivatives | 742 | 593 |
Gain (losses) reported in net earnings (losses) | 196 | 366 |
Interest Rate Floor [Member] | ||
Derivative Instruments by Category [Line Items] | ||
Derivative, Notional Amount | 2,100 | 2,400 |
Fair Value Assets Derivatives | 120 | 193 |
Fair Value Liabilities Derivatives | 0 | |
Gain (losses) reported in net earnings (losses) | 9 | -5 |
Interest rate contracts Swaps [Member] | ||
Derivative Instruments by Category [Line Items] | ||
Derivative, Notional Amount | 11,608 | 9,823 |
Fair Value Assets Derivatives | 605 | 216 |
Fair Value Liabilities Derivatives | 15 | 212 |
Gain (losses) reported in net earnings (losses) | 1,507 | -1,010 |
Interest rate contracts Futures [Member] | ||
Derivative Instruments by Category [Line Items] | ||
Derivative, Notional Amount | 10,647 | 10,763 |
Gain (losses) reported in net earnings (losses) | 459 | -314 |
Interest rate contracts Swaptions [Member] | ||
Derivative Instruments by Category [Line Items] | ||
Derivative, Notional Amount | 4,800 | 0 |
Fair Value Assets Derivatives | 72 | 0 |
Gain (losses) reported in net earnings (losses) | 37 | -154 |
Credit Default Swaps [Member] | ||
Derivative Instruments by Category [Line Items] | ||
Derivative, Notional Amount | 1,942 | 342 |
Fair Value Assets Derivatives | 9 | 10 |
Fair Value Liabilities Derivatives | 27 | 1 |
Gain (losses) reported in net earnings (losses) | 4 | 4 |
Foreign currency Contracts [Member] | ||
Derivative Instruments by Category [Line Items] | ||
Derivative, Notional Amount | 149 | 112 |
Fair Value Assets Derivatives | 2 | 1 |
Fair Value Liabilities Derivatives | 0 | 1 |
Gain (losses) reported in net earnings (losses) | 3 | -3 |
Net investment Income (loss) [Member] | ||
Derivative Instruments by Category [Line Items] | ||
Gain (losses) reported in net earnings (losses) | 1,605 | -2,866 |
Gmib Reinsurance [Member] | ||
Derivative Instruments by Category [Line Items] | ||
Fair Value Assets Derivatives | 10,711 | 6,746 |
Gain (losses) reported in net earnings (losses) | 3,964 | -4,297 |
GIB and GWBL and Other Features [Member] | ||
Derivative Instruments by Category [Line Items] | ||
Fair Value Liabilities Derivatives | 128 | 0 |
Gain (losses) reported in net earnings (losses) | -128 | 265 |
SCS, SIO, MSO and IUL indexed features liability [Member] | ||
Derivative Instruments by Category [Line Items] | ||
Fair Value Liabilities Derivatives | 380 | 346 |
Gain (losses) reported in net earnings (losses) | ($199) | ($429) |
INVESTMENTS_Derivatives_DETAIL1
INVESTMENTS (Derivatives) (DETAILS1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Accounting Policies [Abstract] | ||
Cash And Securities Collateral For Derivative Contract | $1,225 | $607 |
Collateralized derivative transactions | 28 | 42 |
Cash and securities collateral | 36 | 35 |
S&P 500, Russell 1000, NASDAQ 100 and Emerging Market Indices [Member] | ||
Exchange Traded Future Contract [Line Items] | ||
Exchange-Traded Future Contract, Initial Margin Requirement | 229 | |
Us Treasury Notes Ultra Long Bonds And Euro Dollar [Member] | ||
Exchange Traded Future Contract [Line Items] | ||
Exchange-Traded Future Contract, Initial Margin Requirement | 29 | |
Euro Stoxx, FTSE100, EAFE And Topix Indices [Member] | ||
Exchange Traded Future Contract [Line Items] | ||
Exchange-Traded Future Contract, Initial Margin Requirement | $32 |
INVESTMENTS_offsetting_Details
INVESTMENTS (offsetting) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Offsetting Assets [Line Items] | ||
Fair Value Assets Derivatives | $12,757 | $8,222 |
Investment Management [Member] | ||
Offsetting Assets [Line Items] | ||
Fair Value Assets Derivatives | 8 | 3 |
Securities Borrowed | 158 | 84 |
Equity Contract [Member] | ||
Offsetting Assets [Line Items] | ||
Gross amounts recognized | 1,236 | 1,056 |
Gross amounts offset in the balance sheets | 753 | 642 |
Net amounts presented in the balance sheets | 483 | 414 |
Interest Rate Contract [Member] | ||
Offsetting Assets [Line Items] | ||
Gross amounts recognized | 755 | 344 |
Gross amounts offset in the balance sheets | 12 | 211 |
Net amounts presented in the balance sheets | 743 | 133 |
Credit Default Swaps [Member] | ||
Offsetting Assets [Line Items] | ||
Gross amounts recognized | 7 | |
Gross amounts offset in the balance sheets | 27 | |
Net amounts presented in the balance sheets | -20 | |
Fair Value Assets Derivatives | 9 | 10 |
Derivatives Subject to an ISDA Master Agreements [Member] | ||
Offsetting Assets [Line Items] | ||
Gross amounts recognized | 1,998 | 1,409 |
Gross amounts offset in the balance sheets | 792 | 853 |
Net amounts presented in the balance sheets | 1,206 | 556 |
Derivatives not subject to an ISDA Master Agreements [Member] | ||
Offsetting Assets [Line Items] | ||
Gross amounts recognized | 40 | 64 |
Net amounts presented in the balance sheets | 40 | 64 |
Total Derivatives [Member] | ||
Offsetting Assets [Line Items] | ||
Gross amounts recognized | 2,038 | 1,473 |
Gross amounts offset in the balance sheets | 792 | 853 |
Net amounts presented in the balance sheets | 1,246 | 620 |
Other Financial Instruments [Member] | ||
Offsetting Assets [Line Items] | ||
Gross amounts recognized | 732 | 733 |
Net amounts presented in the balance sheets | 732 | 733 |
Other Invested Assets [Member] | ||
Offsetting Assets [Line Items] | ||
Gross amounts recognized | 2,770 | 2,206 |
Gross amounts offset in the balance sheets | 792 | 853 |
Net amounts presented in the balance sheets | $1,978 | $1,353 |
INVESTMENTS_offsetting_Details1
INVESTMENTS (offsetting) (Details1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Offsetting Liabilities [Line Items] | ||
Fair Value Liabilities Derivatives | $1,309 | $1,207 |
Investment Management [Member] | ||
Offsetting Liabilities [Line Items] | ||
Fair Value Liabilities Derivatives | 9 | 8 |
Securities Loaned | 34 | 65 |
Equity Contract [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross amount recognized | 753 | 642 |
Gross amounts offset in the balance sheets | 753 | 642 |
Interest Rate Contract [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross amount recognized | 12 | 211 |
Gross amounts offset in the balance sheets | 12 | 211 |
Credit Default Swaps [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross amount recognized | 27 | |
Gross amounts offset in the balance sheets | 27 | |
Fair Value Liabilities Derivatives | 27 | 1 |
Derivatives Subject to an ISDA Master Agreements [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross amount recognized | 792 | 853 |
Gross amounts offset in the balance sheets | 792 | 853 |
Derivative [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross amount recognized | 792 | 853 |
Gross amounts offset in the balance sheets | 792 | 853 |
Other Financial Liabilities [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross amount recognized | 2,939 | 2,653 |
Net amounts presented in the balance sheets | 2,939 | 2,653 |
Other liabilities [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross amount recognized | 3,731 | 3,506 |
Gross amounts offset in the balance sheets | 792 | 853 |
Net amounts presented in the balance sheets | 2,939 | 2,653 |
Repurchase agreements [Member] | ||
Repurchase agreements [Abstract] | ||
Repurchase agreements, gross amount recognized | 950 | |
Repurchase agreements, gross amount offset against the balance sheet | 0 | |
Repurchase agreements, net amount presented on the balance sheet | 950 | |
Other broker dealer related payables [Member] | ||
Repurchase agreements [Abstract] | ||
Repurchase agreements, gross amount recognized | 551 | |
Repurchase agreements, gross amount offset against the balance sheet | 0 | |
Repurchase agreements, net amount presented on the balance sheet | 551 | |
Broker dealer related payables [Member] | ||
Repurchase agreements [Abstract] | ||
Repurchase agreements, gross amount recognized | 1,501 | |
Repurchase agreements, gross amount offset against the balance sheet | 0 | |
Repurchase agreements, net amount presented on the balance sheet | $1,501 |
INVESTMENTS_offsetting_Details2
INVESTMENTS (offsetting) (Details2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Counterparty A [Member] | ||
Offsetting Assets [Line Items] | ||
Net amounts presented in the balance sheets | $62 | $46 |
Collateral cash (received) | -62 | -46 |
Net amounts | 0 | 0 |
Counterparty B [Member] | ||
Offsetting Assets [Line Items] | ||
Net amounts presented in the balance sheets | 102 | 17 |
Collateral cash (received) | -95 | -17 |
Net amounts | 7 | 0 |
Counterparty C [Member] | ||
Offsetting Assets [Line Items] | ||
Net amounts presented in the balance sheets | 111 | 28 |
Collateral cash (received) | -110 | -28 |
Net amounts | 1 | 0 |
Counterparty D [Member] | ||
Offsetting Assets [Line Items] | ||
Net amounts presented in the balance sheets | 228 | 175 |
Collateral cash (received) | -224 | -175 |
Net amounts | 4 | 0 |
Counterparty E [Member] | ||
Offsetting Assets [Line Items] | ||
Net amounts presented in the balance sheets | 60 | 47 |
Collateral cash (received) | -59 | -47 |
Net amounts | 1 | 0 |
Counterparty F [Member] | ||
Offsetting Assets [Line Items] | ||
Net amounts presented in the balance sheets | 63 | -28 |
Collateral cash (received) | -60 | |
Collateral cash held | 28 | |
Net amounts | 3 | 0 |
Counterparty G [Member] | ||
Offsetting Assets [Line Items] | ||
Net amounts presented in the balance sheets | 145 | 134 |
Colleteral securities (received) | -145 | -134 |
Net amounts | 0 | 0 |
Counterparty H [Member] | ||
Offsetting Assets [Line Items] | ||
Net amounts presented in the balance sheets | 31 | 4 |
Colleteral securities (received) | -31 | |
Collateral cash (received) | 0 | -4 |
Net amounts | 0 | 0 |
Counterparty I [Member] | ||
Offsetting Assets [Line Items] | ||
Net amounts presented in the balance sheets | 136 | -2 |
Collateral cash (received) | -134 | |
Collateral cash held | 2 | |
Net amounts | 2 | 0 |
Counterparty J [Member] | ||
Offsetting Assets [Line Items] | ||
Net amounts presented in the balance sheets | 28 | -12 |
Collateral cash (received) | -22 | |
Collateral cash held | 12 | |
Net amounts | 6 | 0 |
Counterparty K[Member] | ||
Offsetting Assets [Line Items] | ||
Net amounts presented in the balance sheets | 44 | 41 |
Collateral cash (received) | -44 | -38 |
Net amounts | 0 | 3 |
Counterparty L [Member] | ||
Offsetting Assets [Line Items] | ||
Net amounts presented in the balance sheets | 113 | 72 |
Colleteral securities (received) | -113 | 0 |
Collateral cash (received) | 0 | -69 |
Net amounts | 0 | 3 |
Counterparty M [Member] | ||
Offsetting Assets [Line Items] | ||
Net amounts presented in the balance sheets | 76 | 30 |
Collateral cash (received) | -68 | -30 |
Net amounts | 8 | 0 |
Counterparty N [Member] | ||
Offsetting Assets [Line Items] | ||
Net amounts presented in the balance sheets | 40 | 64 |
Net amounts | 40 | 64 |
Counterparty Q [Member] | ||
Offsetting Assets [Line Items] | ||
Net amounts presented in the balance sheets | 4 | 4 |
Collateral cash (received) | -4 | -4 |
Net amounts | 0 | 0 |
Counterparty T [Member] | ||
Offsetting Assets [Line Items] | ||
Net amounts presented in the balance sheets | 3 | |
Collateral cash (received) | -3 | |
Net amounts | 0 | |
Derivative [Member] | ||
Offsetting Assets [Line Items] | ||
Net amounts presented in the balance sheets | 1,246 | 620 |
Colleteral securities (received) | -289 | -134 |
Collateral cash (received) | -885 | -416 |
Net amounts | 72 | 70 |
Other Financial Instruments [Member] | ||
Offsetting Assets [Line Items] | ||
Net amounts presented in the balance sheets | 732 | 733 |
Net amounts | 732 | 733 |
Other Investments [Member] | ||
Offsetting Assets [Line Items] | ||
Net amounts presented in the balance sheets | 1,978 | 1,353 |
Colleteral securities (received) | -289 | -134 |
Collateral cash (received) | -885 | -416 |
Net amounts | $804 | $803 |
INVESTMENTS_offsetting_Details3
INVESTMENTS (offsetting) (Details3) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Counterparty D [Member] | |
Offsetting Liabilities [Line Items] | |
Repurchase agreements, net amount presented on the balance sheet | $450 |
Collateral securities held | -450 |
Net amounts | 0 |
Counterparty C [Member] | |
Offsetting Liabilities [Line Items] | |
Repurchase agreements, net amount presented on the balance sheet | 500 |
Collateral securities held | -500 |
Net amounts | 0 |
Other broker dealer related payables [Member] | |
Offsetting Liabilities [Line Items] | |
Repurchase agreements, net amount presented on the balance sheet | 551 |
Collateral securities held | 0 |
Net amounts | 551 |
Broker dealer related payables [Member] | |
Offsetting Liabilities [Line Items] | |
Repurchase agreements, net amount presented on the balance sheet | 1,501 |
Collateral securities held | -950 |
Net amounts | $551 |
INVESTMENTS_Net_Investment_Inc
INVESTMENTS (Net Investment Income) (DETAILS) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule Of Investment Income Reported Amounts By Category [Line Items] | |||
Interest and Dividend Income Operating | $3,870 | ($569) | $1,391 |
Investment Income Investment Expense | -53 | -57 | -50 |
Investment expenses | -2 | -3 | -3 |
Total net investment income (loss) | 3,815 | -629 | 1,338 |
Realized Investment Gains Losses | -58 | -99 | -97 |
Unrealized Gain Loss On Derivatives | 706 | -37 | -746 |
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Abstract] | |||
Investment (gains) losses, net | -58 | -99 | -97 |
Fixed Maturities [Member] | |||
Schedule Of Investment Income Reported Amounts By Category [Line Items] | |||
Interest and Dividend Income Operating | 1,431 | 1,462 | 1,529 |
Realized Investment Gains Losses | -54 | -75 | -89 |
Mortgage Loans On Real Estate [Member] | |||
Schedule Of Investment Income Reported Amounts By Category [Line Items] | |||
Interest and Dividend Income Operating | 306 | 284 | 264 |
Realized Investment Gains Losses | -3 | -7 | -7 |
Real Estate Investment [Member] | |||
Schedule Of Investment Income Reported Amounts By Category [Line Items] | |||
Interest and Dividend Income Operating | 1 | 1 | 14 |
Equity Method Investments [Member] | |||
Schedule Of Investment Income Reported Amounts By Category [Line Items] | |||
Interest and Dividend Income Operating | 202 | 234 | 189 |
Realized Investment Gains Losses | -2 | -17 | -13 |
Policy Loans [Member] | |||
Schedule Of Investment Income Reported Amounts By Category [Line Items] | |||
Interest and Dividend Income Operating | 216 | 219 | 226 |
Short Term Investments [Member] | |||
Schedule Of Investment Income Reported Amounts By Category [Line Items] | |||
Interest and Dividend Income Operating | 1 | 1 | 15 |
Derivative [Member] | |||
Schedule Of Investment Income Reported Amounts By Category [Line Items] | |||
Interest and Dividend Income Operating | 1,605 | -2,866 | -978 |
Realized Investment Gains Losses | 899 | -2,829 | -232 |
Broker Dealer Related Receivables [Member] | |||
Schedule Of Investment Income Reported Amounts By Category [Line Items] | |||
Interest and Dividend Income Operating | 15 | 14 | 14 |
Trading Assets Excluding Debt And Equity Securities [Member] | |||
Schedule Of Investment Income Reported Amounts By Category [Line Items] | |||
Interest and Dividend Income Operating | 61 | 48 | 85 |
Other Investments [Member] | |||
Schedule Of Investment Income Reported Amounts By Category [Line Items] | |||
Interest and Dividend Income Operating | 32 | 34 | 33 |
Realized Investment Gains Losses | $1 | $0 | $12 |
GOODWILL_AND_OTHER_INTANGIBLE_1
GOODWILL AND OTHER INTANGIBLE ASSETS (DETAILS) (USD $) | 12 Months Ended | 0 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 21, 2014 | Jun. 20, 2014 |
Goodwill And Intangible Asset Impairment [Line Items] | |||||
Amortization expense related to the AllianceBernstein intangible assets | $27 | $24 | $24 | ||
AllianceBernstein Acquisitions[Abstract] | |||||
Redeemable Noncontrolling Interest | 17 | 0 | |||
Goodwill And Other Intangible Assets Net | 3,762 | 3,703 | |||
Capitalized Software, Net [Abstract] | |||||
Capitalize software costs, net of accumulated amortization | 163 | 163 | |||
Capitalize software costs, amortization | 50 | ||||
Capitalize software costs, accelerated amortization | 77 | ||||
Alliance Bernstein [Member] | |||||
Goodwill And Intangible Asset Impairment [Line Items] | |||||
Carrying value of goodwill related to AllianceBernstein | 3,562 | 3,504 | |||
AllianceBernstein Acquisitions[Abstract] | |||||
Goodwill | 3,562 | 3,504 | |||
Alliance Bernstein [Member] | Investment Management [Member] | |||||
Goodwill And Intangible Asset Impairment [Line Items] | |||||
Gross carrying amount of AllianceBernstein related intangible assets | 610 | 583 | |||
Accumulated amortization of these intangible assets | 411 | 384 | |||
Amortization expense related to the AllianceBernstein intangible assets | 27 | 24 | 24 | ||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 25 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 25 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 25 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 25 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 25 | ||||
Investment Management segments Other assets [Abstract] | |||||
Net deferred sales commissions | 118 | 71 | |||
Estimated amortization expense of deferred sales commissions for year 1 | 43 | ||||
Estimated amortization expense of deferred sales commissions for year 2 | 35 | ||||
Estimated amortization expense of deferred sales commissions for year 3 | 27 | ||||
Estimated amortization expense of deferred sales commissions for year 4 | 13 | ||||
Estimated amortization expense of deferred sales commissions for year 5 | 0 | ||||
Alliance Bernstein [Member] | CPH Capital | Investment Management [Member] | |||||
Goodwill And Intangible Asset Impairment [Line Items] | |||||
Carrying value of goodwill related to AllianceBernstein | 58 | ||||
AllianceBernstein Acquisitions[Abstract] | |||||
Ownership percentage of business acquired | 82.00% | ||||
Assets Under Management | 3,000 | ||||
Cash payment | 64 | ||||
Contingent Consideration Payable | 9 | ||||
Goodwill | 58 | ||||
Difinite-lived intangible assets acquired | 24 | ||||
Indefinite-lived intangible assets acquired | 4 | ||||
Redeemable Noncontrolling Interest | 17 | ||||
Alliance Bernstein [Member] | W P Stewart [Member] | |||||
AllianceBernstein Acquisitions[Abstract] | |||||
Business Acquisition Additional Cash Payment Per Share | $4 | ||||
Alliance Bernstein [Member] | W P Stewart [Member] | Investment Management [Member] | |||||
AllianceBernstein Acquisitions[Abstract] | |||||
Business Acquisition, Effective Date of Acquisition | 12-Dec-13 | ||||
Assets Under Management | 2,000 | ||||
Contingent Consideration Payable | 17 | ||||
Difinite-lived intangible assets acquired | 14 | ||||
Indefinite-lived intangible assets acquired | 8 | ||||
Cash Payment per Share on Date of Acquisitions | $12 | ||||
Business Acquisition Shares Outstanding And Issued To Shareholders Transferable Contingent Value Rights | 4.9 | ||||
Goodwill And Other Intangible Assets Net | $32 |
CLOSED_BLOCKS_DETAILS
CLOSED BLOCKS (DETAILS) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Closed Block Liabilities [Abstract] | |||
Closed Block Liabilities, Future Policy Benefits and Policyholder Account Balances | $7,537 | $7,716 | |
Policyholder dividend obligation | 201 | 128 | 373 |
Other liabilities | 117 | 144 | |
Total Closed Block liabilities | 7,855 | 7,988 | |
Assets Designated To Closed Block [Abstract] | |||
Fixed maturities, available for sale, at fair value (amortized cost of $5,416 and $5,575) | 5,143 | 5,232 | |
Mortgage loans on real estate | 1,407 | 1,343 | |
Policy loans | 912 | 949 | |
Assets Designated To Closed Block Cash And Cash Equivalents | 14 | 48 | |
Assets Designated To Closed Block Other Closed Block Assets | 176 | 186 | |
Total assets designated to the Closed Block | 7,652 | 7,758 | |
Excess of Closed Block liabilities over assets designated to the Closed Block | 203 | 230 | |
Amounts included in accumulated other comprehensive income (loss) [Abstract] | |||
Net unrealized investment gains (losses) net of deferred income tax (expense) benefit of $(28) and $(23) and policyholder dividend obligation of $(119) and $0 | 80 | 83 | |
Maximum Future Earnings To Be Recognized From Closed Block Assets and Liabilities | 283 | 313 | |
Closed Block Operations Revenue [Abstract] | |||
Premiums and other income | 273 | 286 | 316 |
Investment income (loss) | 378 | 402 | 420 |
Net investment gains (losses) | -4 | -11 | -9 |
Total Revenues | 647 | 677 | 727 |
Closed Block Operations Benefits And Expense [Abstract] | |||
Policyholders benefits and dividends | 597 | 637 | 724 |
Other operating costs and expenses | 4 | 1 | 0 |
Total benefits and other deductions | 601 | 638 | 724 |
Net revenues, before income taxes | 46 | 39 | 3 |
Income tax (expense) benefit | -16 | -14 | -1 |
Net Revenues | 30 | 25 | 2 |
Movement In Closed Block Dividend Obligation [Roll Forward] | |||
Balances, beginning of year | 128 | 373 | |
Unrealized investment gains (losses) | 73 | -245 | |
Balances, End of year | 201 | 128 | 373 |
Closed Block Investments Fixed Maturity Available For Sale Amortized Cost | 4,829 | 4,987 | |
Closed Block Operations, Income Taxes | $43 | $45 |
CONTRACTHOLDER_BONUS_INTEREST_2
CONTRACTHOLDER BONUS INTEREST CREDITS (DETAILS) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Changes in the deferred asset for contractholder bonus interest credits | ||
Balance, beginning of year | $518 | $621 |
Contractholder bonus interest credits deferred | 15 | 18 |
Amortization Charged To Income | 150 | 121 |
Balance, End of Year | $383 | $518 |
FAIR_VALUE_DISCLOSURES_DETAILS
FAIR VALUE DISCLOSURES (DETAILS) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | $33,072 | $29,453 |
Trading securities | 5,143 | 4,221 |
Fair Value, Measurements, Recurring [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 33,034 | 29,419 |
Other equity investments | 278 | 294 |
Trading securities | 5,143 | 4,221 |
Other invested assets: | 1,346 | 717 |
Cash equivalents | 2,725 | 1,310 |
Segregated securities | 476 | 981 |
GMIB reinsurance contracts | 10,711 | 6,747 |
Separate Accounts assets | 110,871 | 108,764 |
Total Assets | 164,584 | 152,453 |
Liabilities Fair Value Disclosure [Abstract] | ||
Total Liabilities | 508 | 346 |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 22,220 | 22,691 |
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 7,331 | 3,129 |
Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 519 | 477 |
Fair Value, Measurements, Recurring [Member] | Foreign Government Debt Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 446 | 433 |
Fair Value, Measurements, Recurring [Member] | Commercial Mortgage Backed Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 735 | 716 |
Fair Value, Measurements, Recurring [Member] | Residential Mortgage Backed Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 795 | 947 |
Fair Value, Measurements, Recurring [Member] | Asset-backed Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 99 | 139 |
Fair Value, Measurements, Recurring [Member] | Redeemable Preferred Stock [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 889 | 887 |
Fair Value, Measurements, Recurring [Member] | Short Term Investments [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 103 | 99 |
Fair Value, Measurements, Recurring [Member] | Swaps [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 597 | -45 |
Fair Value, Measurements, Recurring [Member] | Credit Default Swaps [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | -18 | 9 |
Fair Value, Measurements, Recurring [Member] | Futures [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | -2 | -2 |
Fair Value, Measurements, Recurring [Member] | Options Held [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 473 | 463 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Floor [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 120 | 193 |
Fair Value, Measurements, Recurring [Member] | Foreign currency Contracts [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 1 | |
Fair Value, Measurements, Recurring [Member] | Swaptions [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 72 | 0 |
Fair Value, Measurements, Recurring [Member] | GIB, GWBL and other features liability [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Guarantees, Fair Value Disclosure | 128 | 0 |
Fair Value, Measurements, Recurring [Member] | SCS, SIO, MSO and IUL indexed features liability [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Guarantees, Fair Value Disclosure | 380 | 346 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 254 | 216 |
Other equity investments | 217 | 233 |
Trading securities | 710 | 529 |
Other invested assets: | -2 | -2 |
Cash equivalents | 2,725 | 1,310 |
Segregated securities | 0 | 0 |
GMIB reinsurance contracts | 0 | 0 |
Separate Accounts assets | 107,539 | 105,579 |
Total Assets | 111,443 | 107,865 |
Liabilities Fair Value Disclosure [Abstract] | ||
Total Liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Corporate Debt Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | US Government Agencies Debt Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Foreign Government Debt Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Commercial Mortgage Backed Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Residential Mortgage Backed Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Asset-backed Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Redeemable Preferred Stock [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 254 | 216 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Short Term Investments [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Swaps [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Credit Default Swaps [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Futures [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | -2 | -2 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Options Held [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Interest Rate Floor [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Swaptions [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | GIB, GWBL and other features liability [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Guarantees, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | SCS, SIO, MSO and IUL indexed features liability [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Guarantees, Fair Value Disclosure | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 31,583 | 28,064 |
Other equity investments | 0 | 9 |
Trading securities | 4,433 | 3,692 |
Other invested assets: | 1,348 | 719 |
Cash equivalents | 0 | 0 |
Segregated securities | 476 | 981 |
GMIB reinsurance contracts | 0 | 0 |
Separate Accounts assets | 3,072 | 2,948 |
Total Assets | 40,912 | 36,413 |
Liabilities Fair Value Disclosure [Abstract] | ||
Total Liabilities | 380 | 346 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Corporate Debt Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 21,840 | 22,400 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | US Government Agencies Debt Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 7,331 | 3,129 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 472 | 431 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Foreign Government Debt Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 446 | 433 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Commercial Mortgage Backed Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 20 | 16 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Residential Mortgage Backed Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 793 | 943 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Asset-backed Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 46 | 56 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Redeemable Preferred Stock [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 635 | 656 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Short Term Investments [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 103 | 99 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Swaps [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 597 | -45 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Credit Default Swaps [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | -18 | 9 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Futures [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Options Held [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 473 | 463 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Interest Rate Floor [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 120 | 193 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Foreign currency Contracts [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 1 | |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Swaptions [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 72 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | GIB, GWBL and other features liability [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Guarantees, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | SCS, SIO, MSO and IUL indexed features liability [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Guarantees, Fair Value Disclosure | 380 | 346 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 1,197 | 1,139 |
Other equity investments | 61 | 52 |
Trading securities | 0 | 0 |
Other invested assets: | 0 | 0 |
Cash equivalents | 0 | 0 |
Segregated securities | 0 | 0 |
GMIB reinsurance contracts | 10,711 | 6,747 |
Separate Accounts assets | 260 | 237 |
Total Assets | 12,229 | 8,175 |
Liabilities Fair Value Disclosure [Abstract] | ||
Total Liabilities | 128 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Corporate Debt Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 380 | 291 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | US Government Agencies Debt Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 47 | 46 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Foreign Government Debt Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Commercial Mortgage Backed Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 715 | 700 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Residential Mortgage Backed Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 2 | 4 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Asset-backed Securities [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 53 | 83 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Redeemable Preferred Stock [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 15 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Short Term Investments [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Swaps [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Credit Default Swaps [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Futures [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Options Held [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Interest Rate Floor [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Swaptions [Member] | ||
Investment Fair Value Disclosure [Abstract] | ||
Other invested assets: | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | GIB, GWBL and other features liability [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Guarantees, Fair Value Disclosure | 128 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | SCS, SIO, MSO and IUL indexed features liability [Member] | ||
Liabilities Fair Value Disclosure [Abstract] | ||
Guarantees, Fair Value Disclosure | $0 |
FAIR_VALUE_DISCLOSURES_DETAILS1
FAIR VALUE DISCLOSURES (DETAILS 1) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2012 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Quantitative Disclosure [Line Items] | ||||
Available-for-sale Securities, Fair Value Disclosure | $33,072 | $29,453 | ||
Fair Value, Freestanding Contract | 1,243 | 617 | ||
Freestanding Contract As Percentage Of Other Invested Assets Measured At Fair Value On Recurring Basis | 92.30% | 86.10% | ||
Fair Value Adjustments On Over Counter Derivative Assets | 0.1 | 0.4 | ||
Fair Value Adjustments On GMIB Asset | 147 | 133 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 20 | 82 | 37 | |
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | 9 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 15 | 20 | ||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Percentage | 0.50% | 0.40% | ||
Fair Value Inputs Level 1 [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Quantitative Disclosure [Line Items] | ||||
Percentage Of Assets Measured At Fair Value On Recurring Basis By Inputs Level | 72.70% | 74.50% | ||
Fair Value Inputs Level 2 [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Quantitative Disclosure [Line Items] | ||||
Percentage Of Assets Measured At Fair Value On Recurring Basis By Inputs Level | 26.40% | 24.50% | ||
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value | 821 | 970 | ||
Fair Value Inputs Level 3 [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Quantitative Disclosure [Line Items] | ||||
Percentage Of Assets Measured At Fair Value On Recurring Basis By Inputs Level | 1.00% | 1.00% | ||
Fair Value Disclosures Broker Priced | 135 | 150 | ||
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value | 770 | 787 | ||
Public Fixed Maturities [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Quantitative Disclosure [Line Items] | ||||
Available-for-sale Securities, Fair Value Disclosure | 24,779 | 21,671 | ||
Percentage Of Available For Sale Fixed Maturity Assets Measured At Fair Value On Recurring Basis | 16.20% | 15.00% | ||
Private Fixed Maturities [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Quantitative Disclosure [Line Items] | ||||
Available-for-sale Securities, Fair Value Disclosure | $8,255 | $7,748 | ||
Percentage Of Available For Sale Fixed Maturity Assets Measured At Fair Value On Recurring Basis | 5.40% | 5.40% |
FAIR_VALUE_DISCLOSURES_DETAILS2
FAIR VALUE DISCLOSURES (DETAILS 2) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Investment (gains) losses, net | ($58) | ($99) | ($97) | |
Transfers into level 3 | 15 | 20 | ||
Transfers out of Level 3 | -20 | -82 | -37 | |
Level 3 Assets And Liabilities Still Held [Member] | ||||
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Investment (gains) losses, net | 15 | 10 | ||
Increase (decrease) in the fair value of the reinsurance contracts | 3,964 | -4,297 | ||
Policyholders' benefits | 128 | -265 | ||
Other comprehensive income (loss) | 127 | 4 | ||
Corporate Debt Securities [Member] | Fair Value Inputs Level 3 [Member] | ||||
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Opening Balance | 432 | 291 | 355 | 432 |
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Net investment income (loss) | 2 | 2 | 2 | |
Investment (gains) losses, net | 3 | 5 | 4 | |
Subtotal | 5 | 7 | 6 | |
Other comprehensive income (loss) | 6 | -1 | 15 | |
Purchases | 162 | 70 | 0 | |
Sales | -30 | -150 | -47 | |
Transfers into level 3 | 15 | 20 | 17 | |
Transfers out of Level 3 | -69 | -10 | -68 | |
Closing Balance | 380 | 291 | 355 | |
Corporate Debt Securities [Member] | Level 3 Assets And Liabilities Still Held [Member] | ||||
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Other comprehensive income (loss) | 6 | -2 | ||
US States and Political Subdivisions Debt Securities [Member] | Fair Value Inputs Level 3 [Member] | ||||
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Opening Balance | 53 | 46 | 50 | 53 |
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Net investment income (loss) | 0 | 0 | 0 | |
Investment (gains) losses, net | 0 | 0 | 0 | |
Subtotal | 0 | 0 | 0 | |
Other comprehensive income (loss) | 2 | -3 | -1 | |
Purchases | 0 | 0 | 0 | |
Sales | -1 | -1 | -2 | |
Transfers into level 3 | 0 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | 0 | |
Closing Balance | 47 | 46 | 50 | |
US States and Political Subdivisions Debt Securities [Member] | Level 3 Assets And Liabilities Still Held [Member] | ||||
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Other comprehensive income (loss) | 2 | -4 | ||
Foreign Government Debt Securities [Member] | Fair Value Inputs Level 3 [Member] | ||||
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Opening Balance | 22 | 0 | 19 | 22 |
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Net investment income (loss) | 0 | 0 | 0 | |
Investment (gains) losses, net | 0 | 0 | 0 | |
Subtotal | 0 | 0 | 0 | |
Other comprehensive income (loss) | 0 | -2 | 0 | |
Purchases | 0 | 0 | 0 | |
Sales | 0 | -17 | 0 | |
Transfers into level 3 | 0 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | -3 | |
Closing Balance | 0 | 0 | 19 | |
Commercial Mortgage Backed Securities [Member] | Fair Value Inputs Level 3 [Member] | ||||
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Opening Balance | 902 | 700 | 900 | 902 |
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Net investment income (loss) | 2 | 0 | 2 | |
Investment (gains) losses, net | -89 | -68 | -105 | |
Subtotal | -87 | -68 | -103 | |
Other comprehensive income (loss) | 135 | 13 | 128 | |
Purchases | 0 | 31 | 0 | |
Sales | -20 | -160 | -27 | |
Transfers into level 3 | 0 | 0 | 0 | |
Transfers out of Level 3 | -13 | -16 | 0 | |
Closing Balance | 715 | 700 | 900 | |
Commercial Mortgage Backed Securities [Member] | Level 3 Assets And Liabilities Still Held [Member] | ||||
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Other comprehensive income (loss) | 112 | 6 | ||
Residential Mortgage Backed Securities [Member] | Fair Value Inputs Level 3 [Member] | ||||
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Opening Balance | 14 | 4 | 9 | 14 |
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Net investment income (loss) | 0 | 0 | 0 | |
Investment (gains) losses, net | 0 | 0 | 0 | |
Subtotal | 0 | 0 | 0 | |
Other comprehensive income (loss) | 0 | -1 | 0 | |
Purchases | 0 | 0 | 0 | |
Sales | -2 | -4 | -5 | |
Transfers into level 3 | 0 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | 0 | |
Closing Balance | 2 | 4 | 9 | |
Asset-backed Securities [Member] | Fair Value Inputs Level 3 [Member] | ||||
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Opening Balance | 172 | 83 | 113 | 172 |
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Net investment income (loss) | 0 | 0 | 0 | |
Investment (gains) losses, net | 0 | 0 | 0 | |
Subtotal | 0 | 0 | 0 | |
Other comprehensive income (loss) | 7 | 3 | 4 | |
Purchases | 0 | 0 | 0 | |
Sales | -37 | -22 | -25 | |
Transfers into level 3 | 0 | 0 | 0 | |
Transfers out of Level 3 | 0 | -11 | -38 | |
Closing Balance | 53 | 83 | 113 | |
Asset-backed Securities [Member] | Level 3 Assets And Liabilities Still Held [Member] | ||||
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Other comprehensive income (loss) | 4 | |||
Redeemable Preferred Stock [Member] | Fair Value Inputs Level 3 [Member] | ||||
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Opening Balance | 14 | 15 | 15 | 14 |
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Net investment income (loss) | 0 | 0 | 0 | |
Investment (gains) losses, net | 0 | 0 | 0 | |
Increase (decrease) in the fair value of the reinsurance contracts | 0 | 0 | 0 | |
Policyholders' benefits | 0 | 0 | 0 | |
Subtotal | 0 | 0 | 0 | |
Other comprehensive income (loss) | 0 | 0 | 1 | |
Purchases | 0 | 0 | 0 | |
Sales | -15 | 0 | 0 | |
Settlements | 0 | 0 | 0 | |
Transfers into level 3 | 0 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | 0 | |
Closing Balance | 0 | 15 | 15 | |
Equity Method Investments [Member] | Fair Value Inputs Level 3 [Member] | ||||
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Opening Balance | 77 | 52 | 77 | 77 |
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Net investment income (loss) | 3 | 10 | 0 | |
Investment (gains) losses, net | 1 | -7 | 0 | |
Increase (decrease) in the fair value of the reinsurance contracts | 0 | 0 | 0 | |
Policyholders' benefits | 0 | 0 | 0 | |
Subtotal | 4 | 3 | 0 | |
Other comprehensive income (loss) | 0 | 0 | 0 | |
Purchases | 8 | 4 | 0 | |
Sales | -1 | -3 | 0 | |
Settlements | 0 | 0 | 0 | |
Transfers into level 3 | 0 | 0 | 0 | |
Transfers out of Level 3 | -2 | -29 | 0 | |
Closing Balance | 61 | 52 | 77 | |
Gmib Reinsurance [Member] | Fair Value Inputs Level 3 [Member] | ||||
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Opening Balance | 10,547 | 6,747 | 11,044 | 10,547 |
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Net investment income (loss) | 0 | 0 | 0 | |
Investment (gains) losses, net | 0 | 0 | 0 | |
Increase (decrease) in the fair value of the reinsurance contracts | 3,774 | -4,496 | 315 | |
Policyholders' benefits | 0 | 0 | 0 | |
Subtotal | 3,774 | -4,496 | 315 | |
Other comprehensive income (loss) | 0 | 0 | 0 | |
Purchases | 225 | 237 | 182 | |
Sales | -35 | -38 | 0 | |
Settlements | 0 | 0 | 0 | |
Transfers into level 3 | 0 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | 0 | |
Closing Balance | 10,711 | 6,747 | 11,044 | |
Gmib Reinsurance [Member] | Level 3 Assets And Liabilities Still Held [Member] | ||||
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Increase (decrease) in the fair value of the reinsurance contracts | 3,964 | -4,297 | ||
Separate Accounts [Member] | Fair Value Inputs Level 3 [Member] | ||||
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Opening Balance | 215 | 237 | 224 | 215 |
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Net investment income (loss) | 0 | 0 | 0 | |
Investment (gains) losses, net | 15 | 10 | 8 | |
Increase (decrease) in the fair value of the reinsurance contracts | 0 | 0 | 0 | |
Policyholders' benefits | 0 | 0 | 0 | |
Subtotal | 15 | 10 | 8 | |
Other comprehensive income (loss) | 0 | -1 | 0 | |
Purchases | 16 | 6 | 6 | |
Sales | -3 | -3 | -2 | |
Settlements | -5 | -2 | -3 | |
Transfers into level 3 | 0 | 3 | 0 | |
Transfers out of Level 3 | 0 | 0 | 0 | |
Closing Balance | 260 | 237 | 224 | |
Separate Accounts [Member] | Level 3 Assets And Liabilities Still Held [Member] | ||||
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Investment (gains) losses, net | 15 | 10 | ||
GIB and GWBL and Other Features [Member] | Fair Value Inputs Level 3 [Member] | ||||
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Opening Balance | 291 | 0 | 265 | 291 |
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Net investment income (loss) | 0 | 0 | 0 | |
Investment (gains) losses, net | 0 | 0 | 0 | |
Increase (decrease) in the fair value of the reinsurance contracts | 0 | 0 | 0 | |
Policyholders' benefits | -8 | -351 | -77 | |
Subtotal | -8 | -351 | -77 | |
Other comprehensive income (loss) | 0 | 0 | 0 | |
Purchases | 136 | 86 | 51 | |
Sales | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | |
Transfers into level 3 | 0 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | 0 | |
Closing Balance | 128 | 0 | 265 | |
GIB and GWBL and Other Features [Member] | Level 3 Assets And Liabilities Still Held [Member] | ||||
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Policyholders' benefits | 128 | -265 | ||
Other Invested Assets [Member] | Fair Value Inputs Level 3 [Member] | ||||
Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Opening Balance | -2 | -2 | ||
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Net investment income (loss) | 0 | |||
Investment (gains) losses, net | 0 | |||
Increase (decrease) in the fair value of the reinsurance contracts | 0 | |||
Policyholders' benefits | 0 | |||
Subtotal | 0 | |||
Other comprehensive income (loss) | 2 | |||
Purchases | 0 | |||
Sales | 0 | |||
Settlements | 0 | |||
Transfers into level 3 | 0 | |||
Transfers out of Level 3 | 0 | |||
Closing Balance | 0 | |||
Total Debt Maturities Available For Sale [Member] | Level 3 Assets And Liabilities Still Held [Member] | ||||
Total Gains Losses Realized Unrealized Included In [Abstract] | ||||
Other comprehensive income (loss) | $127 | $4 |
FAIR_VALUE_DISCLOSURES_DETAILS3
FAIR VALUE DISCLOSURES (DETAILS 3) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Corporate Debt Securities [Member] | Minimum [Member] | ||
Fair Value Inputs [Abstract] | ||
Spread Over Industry Yield Curve BPS | 125 | |
Corporate Debt Securities [Member] | Maximum [Member] | ||
Fair Value Inputs [Abstract] | ||
Spread Over Industry Yield Curve BPS | 650 | |
Corporate Debt Securities [Member] | Matrix Pricing Model Valuation Technique [Member] | ||
Fair Value Inputs [Abstract] | ||
Fair Value Unabsorvable Inputs | 75 | 54 |
Corporate Debt Securities [Member] | Matrix Pricing Model Valuation Technique [Member] | Minimum [Member] | ||
Fair Value Inputs [Abstract] | ||
Spread Over Industry Yield Curve BPS | 0 | |
Corporate Debt Securities [Member] | Matrix Pricing Model Valuation Technique [Member] | Maximum [Member] | ||
Fair Value Inputs [Abstract] | ||
Spread Over Industry Yield Curve BPS | 590 | |
Corporate Debt Securities [Member] | Market Comparable Companies Valuation Technique [Member] | ||
Fair Value Inputs [Abstract] | ||
Fair Value Unabsorvable Inputs | 132 | |
Corporate Debt Securities [Member] | Market Comparable Companies Valuation Technique [Member] | Minimum [Member] | ||
Fair Value Inputs [Abstract] | ||
Discount Rate | 11.20% | |
Corporate Debt Securities [Member] | Market Comparable Companies Valuation Technique [Member] | Maximum [Member] | ||
Fair Value Inputs [Abstract] | ||
Discount Rate | 15.20% | |
Residential Mortgage Backed Securities [Member] | Matrix Pricing Model Valuation Technique [Member] | ||
Fair Value Inputs [Abstract] | ||
Spread Over US Treasury Curve BPS | 45 | |
Fair Value Unabsorvable Inputs | 1 | |
Asset-backed Securities [Member] | Matrix Pricing Model Valuation Technique [Member] | ||
Fair Value Inputs [Abstract] | ||
Fair Value Unabsorvable Inputs | 5 | 7 |
Asset-backed Securities [Member] | Matrix Pricing Model Valuation Technique [Member] | Minimum [Member] | ||
Fair Value Inputs [Abstract] | ||
Spread Over Industry Yield Curve BPS | 30 | |
Spread Over US Treasury Curve BPS | 30 | |
Asset-backed Securities [Member] | Matrix Pricing Model Valuation Technique [Member] | Maximum [Member] | ||
Fair Value Inputs [Abstract] | ||
Spread Over Industry Yield Curve BPS | 687 | |
Spread Over US Treasury Curve BPS | 687 | |
Equity Method Investments [Member] | Market Comparable Companies Valuation Technique [Member] | ||
Fair Value Inputs [Abstract] | ||
Fair Value Unabsorvable Inputs | 52 | |
Equity Method Investments [Member] | Market Comparable Companies Valuation Technique [Member] | Minimum [Member] | ||
Fair Value Inputs [Abstract] | ||
Research And Development Multiple | 1.1 | |
Equity Method Investments [Member] | Market Comparable Companies Valuation Technique [Member] | Maximum [Member] | ||
Fair Value Inputs [Abstract] | ||
Research And Development Multiple | 17.1 | |
Other Invested Assets [Member] | Market Comparable Companies Valuation Technique [Member] | ||
Fair Value Inputs [Abstract] | ||
Discount Rate | 18.00% | 18.00% |
Fair Value Unabsorvable Inputs | 20 | |
Other Invested Assets [Member] | Market Comparable Companies Valuation Technique [Member] | Minimum [Member] | ||
Fair Value Inputs [Abstract] | ||
Revenue Multiple | 2 | 1.2 |
Discount Years | 2 years 0 months 0 days | 1 year 0 months 0 days |
Discount For Lack Of Marketability Risk Factors | 50.00% | |
Other Invested Assets [Member] | Market Comparable Companies Valuation Technique [Member] | Maximum [Member] | ||
Fair Value Inputs [Abstract] | ||
Revenue Multiple | 3.5 | 4.9 |
Discount Years | 2 years 0 months 0 days | |
Discount For Lack Of Marketability Risk Factors | 60.00% | |
GMIB Reinsurance Contract Asset [Member] | Discounted Cash Flow Valuation Technique [Member] | ||
Fair Value Inputs [Abstract] | ||
Fair Value Unabsorvable Inputs | 10,711 | 6,747 |
GMIB Reinsurance Contract Asset [Member] | Discounted Cash Flow Valuation Technique [Member] | Minimum [Member] | ||
Fair Value Inputs [Abstract] | ||
Lapse Rates | 1.00% | 1.00% |
Withdrawal Rates | 0.20% | 0.20% |
GMIB Utilization Rates | 0.00% | 0.00% |
Non Performance Risk | 5 | 7 |
Volatility Rates- Equity | 9.00% | 20.00% |
GMIB Reinsurance Contract Asset [Member] | Discounted Cash Flow Valuation Technique [Member] | Maximum [Member] | ||
Fair Value Inputs [Abstract] | ||
Lapse Rates | 8.00% | 8.00% |
Withdrawal Rates | 8.00% | 8.00% |
GMIB Utilization Rates | 15.00% | 15.00% |
Non Performance Risk | 16 | 12 |
Volatility Rates- Equity | 34.00% | 33.00% |
Separate Accounts [Member] | Third Party Appraisal Valuation Technique [Member] | ||
Fair Value Inputs [Abstract] | ||
Discount Rate | 7.10% | 7.40% |
Capitalization Rate | 5.20% | 5.40% |
Exit Capitalization Rate | 6.20% | 6.40% |
Fair Value Unabsorvable Inputs | 234 | 215 |
Separate Accounts [Member] | Discounted Cash Flow Valuation Technique [Member] | ||
Fair Value Inputs [Abstract] | ||
Fair Value Unabsorvable Inputs | 7 | 11 |
Separate Accounts [Member] | Discounted Cash Flow Valuation Technique [Member] | Minimum [Member] | ||
Fair Value Inputs [Abstract] | ||
Spread Over Industry Yield Curve BPS | 238 | |
Discount Rate | 1.30% | 3.30% |
Spread Over US Treasury Curve BPS | 256 | |
Gross Domestic Product Rate | 0.00% | 0.00% |
Separate Accounts [Member] | Discounted Cash Flow Valuation Technique [Member] | Maximum [Member] | ||
Fair Value Inputs [Abstract] | ||
Spread Over Industry Yield Curve BPS | 395 | |
Discount Rate | 5.40% | 6.80% |
Spread Over US Treasury Curve BPS | 434 | |
Gross Domestic Product Rate | 2.40% | 2.30% |
GMIB and GWBL [Member] | Discounted Cash Flow Valuation Technique [Member] | ||
Fair Value Inputs [Abstract] | ||
Fair Value Unabsorvable Inputs | 107 | 61 |
GMIB and GWBL [Member] | Discounted Cash Flow Valuation Technique [Member] | Minimum [Member] | ||
Fair Value Inputs [Abstract] | ||
Lapse Rates | 1.00% | 1.00% |
Withdrawal Rates | 0.00% | 0.00% |
Volatility Rates- Equity | 9.00% | 20.00% |
GMIB and GWBL [Member] | Discounted Cash Flow Valuation Technique [Member] | Maximum [Member] | ||
Fair Value Inputs [Abstract] | ||
Lapse Rates | 8.00% | 8.00% |
Withdrawal Rates | 7.00% | 7.00% |
Volatility Rates- Equity | 34.00% | 33.00% |
FAIR_VALUE_DISCLOSURES_DETAILS4
FAIR VALUE DISCLOSURES (DETAILS 4) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||
Fair Value Measurements Not Included In Quantitative Information About Level 3 Fair Value Measurements | $1,045 | $1,088 |
Fair Value Measurements Not Included In Quantitative Information Percentage Of Total Assets Classified As Level 3 | 68.80% | 76.20% |
Fair Value Measurements Not Included In Quantitative Information Percentage Of Total Assets Measured At Fair Value On Recurring Basis | 0.70% | 0.80% |
Corporate Debt Securities [Member] | Matrix Pricing Model Valuation Technique [Member] | Private Available For Sale Corporate Securities [Member] | ||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||
Percentage Of Level 3 Asset Fair Value | 54.50% | 18.60% |
Fair Value Unabsorvable Inputs | 207 | 54 |
Residential Mortgage Backed Securities [Member] | Matrix Pricing Model Valuation Technique [Member] | ||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||
Percentage Of Level 3 Asset Fair Value | 0.00% | 25.00% |
Asset-backed Securities [Member] | Matrix Pricing Model Valuation Technique [Member] | ||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||
Percentage Of Level 3 Asset Fair Value | 9.40% | 8.40% |
Equity Method Investments [Member] | Private Venture Capital Fund Of Fund [Member] | ||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||
Fair Value Unabsorvable Inputs | 31 | 30 |
Partnership Unfunded Committments | 3 | 10 |
Separate Accounts [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||
Fair Value Unabsorvable Inputs | 11 | 3 |
Separate Accounts [Member] | Asset-backed Securities [Member] | ||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||
Fair Value Unabsorvable Inputs | 8 | 7 |
Separate Accounts [Member] | Discounted Cash Flow Valuation Technique [Member] | Private Equity Funds [Member] | ||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||
Fair Value Unabsorvable Inputs | 2 | 4 |
Separate Accounts [Member] | Discounted Cash Flow Valuation Technique [Member] | Mortgage Loans On Real Estate [Member] | ||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||
Fair Value Unabsorvable Inputs | 5 | 7 |
Separate Accounts [Member] | Third Party Appraisal And Discounted Cash Flow Valuation Technique [Member] | Private Real Estate Fund [Member] | ||
Fair Value Inputs Assets Quantitative Information 1 [Line Items] | ||
Fair Value Unabsorvable Inputs | $234 | $215 |
FAIR_VALUE_DISCLOSURES_DETAILS5
FAIR VALUE DISCLOSURES (DETAILS 5) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Consolidated Amounts [Abstract] | ||
Mortgage loans on real estate | $6,463 | $5,684 |
Loans to affiliates | 1,087 | 1,088 |
Investment contracts | 31,848 | 30,340 |
Policy loans | 3,408 | 3,434 |
Long-term debt | 0 | 200 |
Loans from affiliates | 0 | 825 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Consolidated Amounts [Abstract] | ||
Mortgage loans on real estate | 6,463 | 5,684 |
Loans to affiliates | 1,087 | 1,088 |
Investment contracts | 2,799 | 2,435 |
Policy loans | 3,408 | 3,434 |
Long-term debt | 200 | 200 |
Loans from affiliates | 825 | |
Portion at Fair Value, Fair Value Disclosure [Member] | ||
Consolidated Amounts [Abstract] | ||
Mortgage loans on real estate | 6,617 | 5,716 |
Loans to affiliates | 1,203 | 1,198 |
Investment contracts | 2,941 | 2,523 |
Policy loans | 4,406 | 4,316 |
Long-term debt | 212 | 225 |
Loans from affiliates | 969 | |
Portion at Fair Value, Fair Value Disclosure [Member] | Fair Value Inputs Level 2 [Member] | ||
Consolidated Amounts [Abstract] | ||
Loans to affiliates | 810 | 800 |
Long-term debt | 212 | 225 |
Loans from affiliates | 969 | |
Portion at Fair Value, Fair Value Disclosure [Member] | Fair Value Inputs Level 3 [Member] | ||
Consolidated Amounts [Abstract] | ||
Mortgage loans on real estate | 6,617 | 5,716 |
Loans to affiliates | 393 | 398 |
Investment contracts | 2,941 | 2,523 |
Policy loans | $4,406 | $4,316 |
GMDB_GMIB_GWBL_AND_NO_LAPSE_GU2
GMDB, GMIB, GWBL AND NO LAPSE GUARANTEE FEATURES (DETAILS) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Movement In Guaranteed Benefit Liability Gross [Line Items] | |||
Opening Balance | $5,829 | $6,333 | $5,723 |
Paid guarantee benefits | 451 | 562 | 365 |
Other changes in reserve | 1,995 | 58 | 975 |
Closing Balance | 7,373 | 5,829 | 6,333 |
Guaranteed Minimum Death Benefit [Member] | |||
Movement In Guaranteed Benefit Liability Gross [Line Items] | |||
Opening Balance | 1,626 | 1,772 | 1,593 |
Paid guarantee benefits | 231 | 237 | 288 |
Other changes in reserve | 334 | 91 | 467 |
Closing Balance | 1,729 | 1,626 | 1,772 |
Guaranteed Minimum Death Benefit Reinsurance Ceded [Abstract] | |||
Opening Balance | 791 | 844 | 716 |
Paid guarantee benefits | 114 | 109 | 127 |
Other changes in reserve | 155 | 56 | 255 |
Closing Balance | 832 | 791 | 844 |
Guaranteed Minimum Income Benefit [Member] | |||
Movement In Guaranteed Benefit Liability Gross [Line Items] | |||
Opening Balance | 4,203 | 4,561 | 4,130 |
Paid guarantee benefits | 220 | 325 | 77 |
Other changes in reserve | 1,661 | -33 | 508 |
Closing Balance | $5,644 | $4,203 | $4,561 |
GMDB_GMIB_GWBL_AND_NO_LAPSE_GU3
GMDB, GMIB, GWBL AND NO LAPSE GUARANTEE FEATURES 2 (DETAILS) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Net Amount At Risk By Product And Guarantee [Line Items] | ||
The SCS, SIO, MSO, IUL, GIB and GWBL and other guaranteed benefits related liability | $508 | $346 |
Impact On Earnings From Offer To Purchase Guaranteed Benefits Rider From Policyholders | 29 | 20 |
Guaranteed Minimum Death Benefit [Member] | ||
Net Amount At Risk By Product And Guarantee [Line Items] | ||
General Account | 13,672 | |
Separate Accounts | 88,048 | 87,098 |
Net amount at risk, gross | 14,776 | |
Net amount at risk, net of amounts reinsured | 6,542 | |
Average attained age of contractholders | 54 years 9 months 18 days | |
Percentage of contractholders over age 70 | 16.10% | |
Guaranteed Minimum Death Benefit [Member] | Minimum [Member] | ||
Net Amount At Risk By Product And Guarantee [Line Items] | ||
Range of contractually specified interest rates | 3 | |
Guaranteed Minimum Death Benefit [Member] | Maximum [Member] | ||
Net Amount At Risk By Product And Guarantee [Line Items] | ||
Range of contractually specified interest rates | 6.5 | |
Guaranteed Minimum Death Benefit [Member] | Return Of Premium [Member] | ||
Net Amount At Risk By Product And Guarantee [Line Items] | ||
General Account | 13,033 | |
Separate Accounts | 38,629 | |
Net amount at risk, gross | 240 | |
Net amount at risk, net of amounts reinsured | 240 | |
Average attained age of contractholders | 51 years 0 months 0 days | |
Percentage of contractholders over age 70 | 8.70% | |
Guaranteed Minimum Death Benefit [Member] | Ratchet [Member] | ||
Net Amount At Risk By Product And Guarantee [Line Items] | ||
General Account | 198 | |
Separate Accounts | 8,632 | |
Net amount at risk, gross | 136 | |
Net amount at risk, net of amounts reinsured | 90 | |
Average attained age of contractholders | 65 years 0 months 0 days | |
Percentage of contractholders over age 70 | 34.00% | |
Guaranteed Minimum Death Benefit [Member] | Roll Up [Member] | ||
Net Amount At Risk By Product And Guarantee [Line Items] | ||
General Account | 85 | |
Separate Accounts | 3,905 | |
Net amount at risk, gross | 2,176 | |
Net amount at risk, net of amounts reinsured | 1,454 | |
Average attained age of contractholders | 71 years 0 months 0 days | |
Percentage of contractholders over age 70 | 55.70% | |
Guaranteed Minimum Death Benefit [Member] | Roll Up [Member] | Minimum [Member] | ||
Net Amount At Risk By Product And Guarantee [Line Items] | ||
Range of contractually specified interest rates | 3 | |
Guaranteed Minimum Death Benefit [Member] | Roll Up [Member] | Maximum [Member] | ||
Net Amount At Risk By Product And Guarantee [Line Items] | ||
Range of contractually specified interest rates | 6 | |
Guaranteed Minimum Death Benefit [Member] | Combo [Member] | ||
Net Amount At Risk By Product And Guarantee [Line Items] | ||
General Account | 356 | |
Separate Accounts | 36,882 | |
Net amount at risk, gross | 12,224 | |
Net amount at risk, net of amounts reinsured | 4,758 | |
Average attained age of contractholders | 65 years 10 months 24 days | |
Percentage of contractholders over age 70 | 36.10% | |
Guaranteed Minimum Death Benefit [Member] | Combo [Member] | Minimum [Member] | ||
Net Amount At Risk By Product And Guarantee [Line Items] | ||
Range of contractually specified interest rates | 3 | |
Guaranteed Minimum Death Benefit [Member] | Combo [Member] | Maximum [Member] | ||
Net Amount At Risk By Product And Guarantee [Line Items] | ||
Range of contractually specified interest rates | 6.5 | |
Guaranteed Minimum Income Benefit [Member] | ||
Net Amount At Risk By Product And Guarantee [Line Items] | ||
General Account | 771 | |
Separate Accounts | 58,084 | 57,458 |
Net amount at risk, gross | 5,372 | |
Net amount at risk, net of amounts reinsured | 1,387 | |
Weighted average years remaining until annuitization | 2 years 7 months 6 days | |
Guaranteed Minimum Income Benefit [Member] | Minimum [Member] | ||
Net Amount At Risk By Product And Guarantee [Line Items] | ||
Range of contractually specified interest rates | 3 | |
Guaranteed Minimum Income Benefit [Member] | Maximum [Member] | ||
Net Amount At Risk By Product And Guarantee [Line Items] | ||
Range of contractually specified interest rates | 6.5 | |
Guaranteed Minimum Income Benefit [Member] | Roll Up [Member] | ||
Net Amount At Risk By Product And Guarantee [Line Items] | ||
General Account | 406 | |
Separate Accounts | 12,271 | |
Net amount at risk, gross | 1,126 | |
Net amount at risk, net of amounts reinsured | 342 | |
Weighted average years remaining until annuitization | 1 year 0 months 0 days | |
Guaranteed Minimum Income Benefit [Member] | Roll Up [Member] | Minimum [Member] | ||
Net Amount At Risk By Product And Guarantee [Line Items] | ||
Range of contractually specified interest rates | 3 | |
Guaranteed Minimum Income Benefit [Member] | Roll Up [Member] | Maximum [Member] | ||
Net Amount At Risk By Product And Guarantee [Line Items] | ||
Range of contractually specified interest rates | 6 | |
Guaranteed Minimum Income Benefit [Member] | Combo [Member] | ||
Net Amount At Risk By Product And Guarantee [Line Items] | ||
General Account | 365 | |
Separate Accounts | 45,813 | |
Net amount at risk, gross | 4,246 | |
Net amount at risk, net of amounts reinsured | $1,045 | |
Weighted average years remaining until annuitization | 2 years 8 months 12 days | |
Guaranteed Minimum Income Benefit [Member] | Combo [Member] | Minimum [Member] | ||
Net Amount At Risk By Product And Guarantee [Line Items] | ||
Range of contractually specified interest rates | 3 | |
Guaranteed Minimum Income Benefit [Member] | Combo [Member] | Maximum [Member] | ||
Net Amount At Risk By Product And Guarantee [Line Items] | ||
Range of contractually specified interest rates | 6.5 |
GMDB_GMIB_GWBL_AND_NO_LAPSE_GU4
GMDB, GMIB, GWBL AND NO LAPSE GUARANTEE FEATURES 3 (DETAILS) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Liabilities For Guarantees On Long Duration Contracts [Line Items] | ||||
Opening Balance | $5,723 | |||
Closing Balance | 7,373 | 5,829 | 6,333 | 5,723 |
Direct Liabilities For Guarantees [Member] | ||||
Liabilities For Guarantees On Long Duration Contracts [Line Items] | ||||
Opening Balance | 829 | 556 | 470 | |
Other changes in reserves | 135 | 273 | 86 | |
Closing Balance | 964 | 829 | 556 | |
Ceded Liabilities For Guarantees [Member] | ||||
Liabilities For Guarantees On Long Duration Contracts [Line Items] | ||||
Opening Balance | -441 | -310 | -262 | |
Other changes in reserves | -114 | -131 | -48 | |
Closing Balance | -555 | -441 | -310 | |
Net Liabilities For Guarantees [Member] | ||||
Liabilities For Guarantees On Long Duration Contracts [Line Items] | ||||
Opening Balance | 388 | 246 | 208 | |
Other changes in reserves | 21 | 142 | 38 | |
Closing Balance | 409 | 388 | 246 | |
Guaranteed Minimum Death Benefit [Member] | ||||
Schedule Of Fair Value Of Separate Accounts By Major Category Of Investment [Line Items] | ||||
Separate Account Investments by Investment Category | 88,048 | 87,098 | ||
Price Risk Fair Value Hedge Derivative On Balance Sheet [Abstract] | ||||
Net Amount At Risk By Product And Guaranteel Account Value Hedged | 51,411 | |||
Net Amount At Risk Hedged of Variable Annuity Contracts | 5,408 | |||
Liabilities For Guarantees On Long Duration Contracts [Line Items] | ||||
Opening Balance | 1,593 | |||
Closing Balance | 1,729 | 1,626 | 1,772 | 1,593 |
Guaranteed Minimum Income Benefit [Member] | ||||
Schedule Of Fair Value Of Separate Accounts By Major Category Of Investment [Line Items] | ||||
Separate Account Investments by Investment Category | 58,084 | 57,458 | ||
Price Risk Fair Value Hedge Derivative On Balance Sheet [Abstract] | ||||
Net Amount At Risk By Product And Guaranteel Account Value Hedged | 35,717 | |||
Net Amount At Risk Hedged of Variable Annuity Contracts | 1,188 | |||
Liabilities For Guarantees On Long Duration Contracts [Line Items] | ||||
Opening Balance | 4,130 | |||
Closing Balance | 5,644 | 4,203 | 4,561 | 4,130 |
Common Stock [Member] | Guaranteed Minimum Death Benefit [Member] | ||||
Schedule Of Fair Value Of Separate Accounts By Major Category Of Investment [Line Items] | ||||
Separate Account Investments by Investment Category | 67,108 | 64,035 | ||
Common Stock [Member] | Guaranteed Minimum Income Benefit [Member] | ||||
Schedule Of Fair Value Of Separate Accounts By Major Category Of Investment [Line Items] | ||||
Separate Account Investments by Investment Category | 43,850 | 41,603 | ||
Fixed Income Investments [Member] | Guaranteed Minimum Death Benefit [Member] | ||||
Schedule Of Fair Value Of Separate Accounts By Major Category Of Investment [Line Items] | ||||
Separate Account Investments by Investment Category | 3,031 | 3,330 | ||
Fixed Income Investments [Member] | Guaranteed Minimum Income Benefit [Member] | ||||
Schedule Of Fair Value Of Separate Accounts By Major Category Of Investment [Line Items] | ||||
Separate Account Investments by Investment Category | 1,988 | 2,208 | ||
Balanced [Member] | Guaranteed Minimum Death Benefit [Member] | ||||
Schedule Of Fair Value Of Separate Accounts By Major Category Of Investment [Line Items] | ||||
Separate Account Investments by Investment Category | 17,505 | 19,237 | ||
Balanced [Member] | Guaranteed Minimum Income Benefit [Member] | ||||
Schedule Of Fair Value Of Separate Accounts By Major Category Of Investment [Line Items] | ||||
Separate Account Investments by Investment Category | 12,060 | 13,401 | ||
Other Investments [Member] | Guaranteed Minimum Death Benefit [Member] | ||||
Schedule Of Fair Value Of Separate Accounts By Major Category Of Investment [Line Items] | ||||
Separate Account Investments by Investment Category | 404 | 496 | ||
Other Investments [Member] | Guaranteed Minimum Income Benefit [Member] | ||||
Schedule Of Fair Value Of Separate Accounts By Major Category Of Investment [Line Items] | ||||
Separate Account Investments by Investment Category | $186 | $246 |
REINSURANCE_AGREEMENTS_DETAILS
REINSURANCE AGREEMENTS (DETAILS1) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items] | |||
Reinsurance Retention Policy, Excess Retention, Percentage | 100.00% | ||
Guaranteed minimum income benefit reinsurance contract asset, at fair value | $10,711 | $6,747 | |
Increase (decrease) in the fair value of the reinsurance contract asset | 3,964 | -4,297 | 497 |
Amounts due to reinsurers | 74 | 71 | |
Affiliated Entity [Member] | Ceded Credit Risk, Not Concentrated Credit Risk [Member] | |||
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items] | |||
Reinsurance Recoverables | 1,684 | 1,555 | |
Non Affiliated Entity [Member] | |||
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items] | |||
Reinsurance Recoverables | 2,367 | 2,379 | |
Amounts due to reinsurers | 72 | 70 | |
Non Affiliated Entity [Member] | Ceded Credit Risk, Concentrated Credit Risk [Member] | |||
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items] | |||
Reinsurance Recoverables | 2,069 | 2,073 | |
Guaranteed Minimum Death Benefit [Member] | Affiliated Entity [Member] | |||
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items] | |||
Exposure Reinsured Percentage | 50.70% | ||
Guaranteed Minimum Death Benefit [Member] | Non Affiliated Entity [Member] | |||
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items] | |||
Exposure Reinsured Percentage | 4.90% | ||
Guaranteed Minimum Income Benefit [Member] | Affiliated Entity [Member] | |||
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items] | |||
Exposure Reinsured Percentage | 51.90% | ||
Guaranteed Minimum Income Benefit [Member] | Non Affiliated Entity [Member] | |||
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items] | |||
Exposure Reinsured Percentage | 22.20% | ||
Variable Universal Term Life Insurance Single Life [Member] | |||
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items] | |||
Reinsurance Retention Policy, Amount Retained | 25 | ||
Variable Universal Term Life Insurance Second To Die Life [Member] | |||
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items] | |||
Reinsurance Retention Policy, Amount Retained | 30 | ||
Group Life And Health Insurance [Member] | Non Affiliated Entity [Member] | |||
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items] | |||
Assumed Liability for Unpaid Claims and Claims Adjustment Expense | 757 | 709 | |
Ceded Liability For Unpaid Claims And Claims Adjustment Expense | $110 | $143 |
REINSURANCE_AGREEMENTS_Premium
REINSURANCE AGREEMENTS - Premiums (DETAILS) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Premiums Earned, Net [Abstract] | |||
Direct premiums | $844 | $848 | $873 |
Reinsurance assumed | 211 | 213 | 219 |
Reinsurance ceded | -541 | -565 | -578 |
Premiums | 514 | 496 | 514 |
Universal Life and Investment-type Product Policy Fee Income Ceded | 270 | 247 | 234 |
Policyholders' Benefits Ceded | $726 | $703 | $667 |
REINSURANCE_AGREEMENTS_Liabili
REINSURANCE AGREEMENTS - Liability for unpaid claims (DETAILS) (Individual Disability Income And Major Medical [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Individual Disability Income And Major Medical [Member] | |||
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items] | |||
Claim Reserves And Other Liabilities | $78 | $79 | |
Ceded Claim Reserves And Other Liabilities | 1,714 | 1,687 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims [Abstract] | |||
Incurred benefits related to current year | 14 | 15 | 16 |
Incurred benefits related to prior years | 16 | 10 | 14 |
Total Incurred Benefits | 30 | 25 | 30 |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid [Abstract] | |||
Benefits paid related to current year | 20 | 19 | 21 |
Benefits paid related to prior years | 11 | 13 | 16 |
Total Benefits Paid | $31 | $32 | $37 |
SHORT_TERM_AND_LONG_TERM_DEBT_1
SHORT- TERM AND LONG- TERM DEBT (DETAILS) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Short-term Debt [Abstract] | ||
Total short-term debt | $689 | $268 |
Long Term Debt [Abstract] | ||
Long-term debt | 0 | 200 |
Total Short-term and Long-term Debt | 689 | 468 |
Alliance Bernstein [Member] | ||
Short-term Debt [Abstract] | ||
AllianceBernstein commercial paper | 489 | 268 |
Long Term Debt [Abstract] | ||
Commercial paper interest rates | 0.30% | 0.30% |
AXA Equitable [Member] | ||
Short-term Debt [Abstract] | ||
AXA Equitable: Surplus Notes | 200 | 200 |
Long Term Debt [Abstract] | ||
AXA Equitable: Surplus Notes | 200 | 200 |
Notes Surplus Rate | 7.70% | 7.70% |
Scb Llc Credit Facility [Member] | Alliance Bernstein [Member] | ||
Long Term Debt [Abstract] | ||
Line Of Credit Facility Incremental Amount In Principal Allowed | $200 |
RELATED_PARTY_TRANSACTIONS_DET
RELATED PARTY TRANSACTIONS (DETAILS) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||
In Millions, unless otherwise specified | Aug. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2007 | Dec. 31, 2005 | Dec. 31, 2008 | Nov. 30, 2014 | Jun. 30, 2009 | Oct. 31, 2012 |
Due from Related Parties, Unclassified [Abstract] | |||||||||||
Due From Affiliates | $1,087 | $1,088 | |||||||||
Due to Related Parties [Abstract] | |||||||||||
Repayments of loans from affiliates | 825 | 500 | 0 | ||||||||
Interest paid | 72 | 91 | 107 | ||||||||
Related Party Transactions Other [Abstract] | |||||||||||
Purchase of limited partnerships | 53 | ||||||||||
Purchase of CMBS portfolio | 31 | ||||||||||
Payments to Acquire Real Estate and Real Estate Joint Ventures | 109 | ||||||||||
Guaranteed minimum income benefit reinsurance contract asset, at fair value | 10,711 | 6,747 | |||||||||
Ceded Premiums Earned Affiliated | 22 | 21 | 21 | ||||||||
Reinsurance Effect On Claims And Benefits Incurred Amount Ceded To Affiliates | 10 | 10 | 13 | ||||||||
Schedule Of Commission Fees And Other Income Revenues For Services Related To Mutual Funds Managed By Subsidiary [Abstract] | |||||||||||
Investment advisory and services fees | 1,062 | 1,010 | 879 | ||||||||
Distribution revenues | 433 | 455 | 408 | ||||||||
Other revenues - shareholder servicing fees | 91 | 91 | 89 | ||||||||
Other revenues - other | 6 | 6 | 5 | ||||||||
AXA [Member] | |||||||||||
Related Party Transactions Other [Abstract] | |||||||||||
Undrawn letters of credit related to reinsurance | 16 | ||||||||||
AXA [Member] | Senior Unsecured Notes [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Related Party Transaction Original Rate | 5.40% | ||||||||||
Related Party Transaction, Rate | 5.70% | ||||||||||
Due from Related Parties, Unclassified [Abstract] | |||||||||||
Due From Affiliates | 650 | ||||||||||
AXA Financial [Member] | |||||||||||
Related Party Transactions Other [Abstract] | |||||||||||
Expenses from Related Party Transactions | 29 | 40 | 37 | ||||||||
Intercompany cost sharing and service agreements expenses | 29 | 40 | 37 | ||||||||
AXA Financial [Member] | Surplus Notes 2005 [Member] | Note Maturity 2035 [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Related Party Transaction, Rate | 6.00% | ||||||||||
Due to Related Parties [Abstract] | |||||||||||
Due to Affiliate | 325 | ||||||||||
AXA Financial [Member] | Surplus Notes December 2008 [Member] | Note Maturity 2018 [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Related Party Transaction, Rate | 7.10% | ||||||||||
Due to Related Parties [Abstract] | |||||||||||
Due to Affiliate | 500 | ||||||||||
AXA Financial [Member] | Mortgage Note 2014 [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Related Party Transaction, Rate | 4.00% | ||||||||||
Due from Related Parties, Unclassified [Abstract] | |||||||||||
Due From Affiliates | 382 | ||||||||||
AXA Equitable [Member] | |||||||||||
Related Party Transactions Other [Abstract] | |||||||||||
Revenue from Related Party Transactions | 15 | 24 | 26 | ||||||||
Accounts Receivable, Related Parties, Current | 3 | -8 | |||||||||
Intercompany cost sharing and service agreements revenues | 15 | 24 | 26 | ||||||||
AXA Equitable [Member] | Mortgage Note 2009 [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Related Party Transaction, Rate | 8.00% | ||||||||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 1,100 | ||||||||||
Proceeds from Sale of Real Estate Held-for-investment | 700 | ||||||||||
Due from Related Parties, Unclassified [Abstract] | |||||||||||
Due From Affiliates | 400 | ||||||||||
AXA Distribution [Member] | |||||||||||
Related Party Transactions Other [Abstract] | |||||||||||
Expenses from Related Party Transactions | 616 | 621 | 684 | ||||||||
Revenue from Related Party Transactions | 135 | 153 | 158 | ||||||||
Intercompany cost sharing and service agreements expenses | 616 | 621 | 684 | ||||||||
Intercompany cost sharing and service agreements revenues | 135 | 153 | 158 | ||||||||
AXA Arizona [Member] | |||||||||||
Related Party Transactions Other [Abstract] | |||||||||||
Guaranteed minimum income benefit reinsurance contract asset, at fair value | 8,560 | 5,388 | |||||||||
AXA Arizona [Member] | Universal Life And No Lapse Guarantee Riders [Member] | |||||||||||
Related Party Transactions Other [Abstract] | |||||||||||
Ceded Premiums Earned Affiliated | 453 | 474 | 484 | ||||||||
Reinsurance Effect On Claims And Benefits Incurred Amount Ceded To Affiliates | 83 | 70 | 68 | ||||||||
AXA Arizona [Member] | Senior Unsecured Notes [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Related Party Transaction, Rate | 5.40% | ||||||||||
Due from Related Parties, Unclassified [Abstract] | |||||||||||
Due From Affiliates | 50 | ||||||||||
Purchase of loans to affiliates | 56 | ||||||||||
AXA Equitable And Alliance Bernstein [Member] | |||||||||||
Related Party Transactions Other [Abstract] | |||||||||||
Expenses from Related Party Transactions | 173 | 165 | 161 | ||||||||
Intercompany cost sharing and service agreements expenses | 173 | 165 | 161 | ||||||||
1285 Holding LLC [Member] | |||||||||||
Related Party Transactions Other [Abstract] | |||||||||||
Real Estate Joint Venture Percentage | 50.00% | ||||||||||
Proceeds from Real Estate and Real Estate Joint Ventures | 402 | ||||||||||
After Tax Excess Of Real Estate Joint Venture Fair Value Over Carrying Value | 195 | ||||||||||
Premium Deficiency Reserve | $226 |
EMPLOYEE_BENEFIT_PLANS_Net_Per
EMPLOYEE BENEFIT PLANS - Net Periodic Benefit Cost, Change in Benefit Obligation (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Employer Contributions | $6 | $4 | |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service Cost | 9 | 40 | 40 |
Interest Cost | 107 | 99 | 109 |
Expected Return On Plan Assets | -155 | -155 | -146 |
Actuarial (gain) loss | 1 | 1 | 1 |
Net amortization | 111 | 155 | 164 |
Curtailment | 0 | 3 | 0 |
Net Periodic Pension Expense | 73 | 143 | 168 |
Parent [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Curtailment impact on PBO | 29 | ||
Alliance Bernstein [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer Contributions | $6 |
EMPLOYEE_BENEFIT_PLANS_Change_
EMPLOYEE BENEFIT PLANS - Change in Benefit Obligation (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation, beginning of year | $2,463 | $2,797 | |
Service Costs (excluding service fees) | 0 | 32 | |
Interest Cost | 107 | 99 | 109 |
Actuarial (gains) losses | 264 | -260 | |
Benefits Paid | -177 | -176 | |
Plan amendments and curtailments | 0 | -29 | |
Projected Benefit Obligation, End of Year | 2,657 | 2,463 | 2,797 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||
Fair value of plan, beginning of year | 2,401 | 2,396 | |
Actual return on plan assets | 250 | 180 | |
Employer Contributions | 6 | 4 | |
Benefits Paid And Fees | 184 | 179 | |
Fair value of plan, end of year | 2,473 | 2,401 | 2,396 |
Defined Benefit Plan, Benefit Obligation | 2,657 | 2,463 | 2,797 |
Excess of PBO Over Pension Plan Assets | -184 | -62 | |
Amounts included in AOCI not yet recognized as components of net periodic pension costs | |||
Unrecognized net actuarial (gain) loss | 1,144 | 1,181 | |
Unrecognized prior service cost (credit) | 0 | 0 | |
Total | 1,144 | 1,181 | |
Estimated net actuarial gain (loss) | 120 | ||
Estimated prior service cost (credit) | 0 | ||
Alliance Bernstein [Member] | |||
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||
Employer Contributions | $6 |
EMPLOYEE_BENEFIT_PLANS_Allocat
EMPLOYEE BENEFIT PLANS - Allocations, Change In Fair Value of Plan Assets (DETAILS) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Asset Allocations Total | 100.00% | 100.00% | |
Defined Benefit Plan, Fair Value of Plan Assets | $2,473 | $2,401 | $2,396 |
Real Estate Investment Trust Investment | 1 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan, beginning of year | 2,396 | ||
Fair value of plan, end of year | 2,473 | 2,401 | 2,396 |
Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Asset Allocations Total | 32.40% | 32.70% | |
Defined Benefit Plan, Fair Value of Plan Assets | 802 | 784 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan, end of year | 802 | 784 | |
Fair Value Inputs Level 2 [Member] | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Asset Allocations Total | 57.60% | 57.90% | |
Defined Benefit Plan, Fair Value of Plan Assets | 1,425 | 1,391 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan, end of year | 1,425 | 1,391 | |
Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Asset Allocations Total | 10.00% | 9.40% | |
Defined Benefit Plan, Fair Value of Plan Assets | 246 | 226 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan, beginning of year | 226 | 205 | |
Plan Assets Still Held | 22 | 23 | |
Purchases and Issues | 0 | ||
Sales and Settlements | -2 | 0 | |
Transfers Between Measurement Levels | 0 | ||
Fair value of plan, end of year | 246 | 226 | |
Corporate [Member] | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 833 | 801 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan, end of year | 833 | 801 | |
Corporate [Member] | Fair Value Inputs Level 2 [Member] | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 833 | 801 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan, end of year | 833 | 801 | |
U.S.Treasury, Govt and Agency [Member] | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 358 | 343 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan, end of year | 358 | 343 | |
U.S.Treasury, Govt and Agency [Member] | Fair Value Inputs Level 2 [Member] | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 358 | 343 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan, end of year | 358 | 343 | |
State and Political Sub-divisions [Member] | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 18 | 16 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan, end of year | 18 | 16 | |
State and Political Sub-divisions [Member] | Fair Value Inputs Level 2 [Member] | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 18 | 16 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan, end of year | 18 | 16 | |
Other Debt Securities [Member] | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Asset Allocations Total | 0.70% | 0.70% | |
Defined Benefit Plan, Fair Value of Plan Assets | 12 | 10 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan, end of year | 12 | 10 | |
Other Debt Securities [Member] | Fair Value Inputs Level 2 [Member] | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 9 | 6 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan, end of year | 9 | 6 | |
Other Debt Securities [Member] | Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 3 | 4 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan, end of year | 3 | 4 | |
Fixed Maturities [Member] | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Asset Allocations Total | 49.40% | 49.00% | |
Fixed Maturities [Member] | Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 4 | 4 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan, beginning of year | 4 | 5 | |
Sales and Settlements | 0 | 0 | |
Transfers Between Measurement Levels | 0 | -1 | |
Fair value of plan, end of year | 4 | 4 | |
Common and Preferred Equity [Member] | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Asset Allocations Total | 38.80% | 39.10% | |
Defined Benefit Plan, Fair Value of Plan Assets | 920 | 907 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan, end of year | 920 | 907 | |
Common and Preferred Equity [Member] | Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 743 | 716 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan, end of year | 743 | 716 | |
Common and Preferred Equity [Member] | Fair Value Inputs Level 2 [Member] | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 177 | 191 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan, end of year | 177 | 191 | |
Common and Preferred Equity [Member] | Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Purchases and Issues | 0 | ||
Sales and Settlements | 0 | ||
Fair value of plan, end of year | 0 | ||
Real Estate [Member] | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Asset Allocations Total | 9.80% | 9.30% | |
Mutual Funds [Member] | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 46 | 44 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan, end of year | 46 | 44 | |
Mutual Funds [Member] | Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 46 | 44 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan, end of year | 46 | 44 | |
Private Real Estate Investment Funds [Member] | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1 | 2 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan, end of year | 1 | 2 | |
Private Real Estate Investment Funds [Member] | Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1 | 2 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan, beginning of year | 2 | 3 | |
Plan Assets Still Held | 0 | ||
Sales and Settlements | -1 | 0 | |
Transfers Between Measurement Levels | 0 | -1 | |
Fair value of plan, end of year | 1 | 2 | |
Private Real Estate Investment Trust [Member] | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 252 | 231 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan, end of year | 252 | 231 | |
Private Real Estate Investment Trust [Member] | Fair Value Inputs Level 2 [Member] | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 10 | 11 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan, end of year | 10 | 11 | |
Private Real Estate Investment Trust [Member] | Fair Value Inputs Level 3 [Member] | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 242 | 220 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan, beginning of year | 220 | 197 | |
Plan Assets Still Held | 22 | 23 | |
Fair value of plan, end of year | 242 | 220 | |
Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 13 | 1 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan, end of year | 13 | 1 | |
Cash and Cash Equivalents [Member] | Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 13 | 1 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan, end of year | 13 | 1 | |
Cash and Cash Equivalents [Member] | Fair Value Inputs Level 2 [Member] | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan, end of year | 0 | ||
Short Term Investments [Member] | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 20 | 46 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan, end of year | 20 | 46 | |
Short Term Investments [Member] | Fair Value Inputs Level 1 [Member] | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 23 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan, end of year | 0 | 23 | |
Short Term Investments [Member] | Fair Value Inputs Level 2 [Member] | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 20 | 23 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan, end of year | $20 | $23 | |
Cash And Short Term Investments [Member] | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Asset Allocations Total | 1.30% | 1.90% |
EMPLOYEE_BENEFIT_PLANS_Assumpt
EMPLOYEE BENEFIT PLANS - Assumptions, Estimated Future Benefit Payments (DETAILS) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Weighted Average Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | |||
Benefit obligation discount rate | 3.60% | 4.50% | |
Net periodic benefit cost discount rate | 3.60% | 4.50% | |
Benefit obligation and periodic cost rate | 6.00% | 6.00% | |
Expected long-term rates of return on pension plan assets (periodic cost) | 6.75% | 6.75% | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |||
2014 | $188 | ||
2015 | 194 | ||
2016 | 189 | ||
2017 | 186 | ||
2018 | 182 | ||
Years 2019-2023 | 841 | ||
Parent [Member] | |||
Weighted Average Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | |||
Benefit payments under non participating annuity contracts | 10 | 10 | 12 |
Discount rate change [Member] | Parent [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation increase (decrease) | -25 | ||
Mortality tables change [Member] | Parent [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation increase (decrease) | ($54) |
SHAREBASED_AND_OTHER_COMPENSAT1
SHARE-BASED AND OTHER COMPENSATION PROGRAMS (DETAILS) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share Based Compensation Expense | $192,000,000 | $340,000,000 | $195,000,000 |
Performance Unit Plans Combined [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share Based Compensation Expense | 10,000,000 | 43,000,000 | 24,000,000 |
Stock Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share Based Compensation Expense | 1,000,000 | 2,000,000 | 3,000,000 |
AXA Shareplan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share Based Compensation Expense | 10,000,000 | 13,000,000 | 18,000,000 |
Axa Miles [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share Based Compensation Expense | 0 | 0 | 1,000,000 |
Alliance Bernstein Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share Based Compensation Expense | 0 | -4,000,000 | 1,000,000 |
Alliance Bernstein Restricted Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share Based Compensation Expense | $171,000,000 | $286,000,000 | $148,000,000 |
SHAREBASED_AND_OTHER_COMPENSAT2
SHARE-BASED AND OTHER COMPENSATION PROGRAMS PERFORMANCE UNITS (DETAILS) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 24, 2014 | Mar. 22, 2013 | Mar. 16, 2012 | Apr. 03, 2014 | Apr. 04, 2013 | Apr. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share Based Compensation Expense | $192,000,000 | $340,000,000 | $195,000,000 | ||||||
Expense recognized associated with grant of performance units | 10,000,000 | 43,000,000 | 24,000,000 | ||||||
Fair Value of Awards Vested | 84,000,000 | 108,000,000 | |||||||
Outstanding Performance Units At Risk To Achievement Of Performance Criteria | 6,000,000 | ||||||||
Performance Unit Plan 2014 [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock Options Granted Shares | 2,000,000 | ||||||||
Performance Unit Plan 2014 [Member] | Maximum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Range of performance units at stake percentage | 130.00% | ||||||||
Performance Unit Plan 2014 [Member] | Minimum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Range of performance units at stake percentage | 0.00% | ||||||||
Performance Unit Plan 2014 [Member] | Parent [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share Based Compensation Expense | 9,000,000 | ||||||||
Performance Unit Plan 2013 [Member] | Parent [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share Based Compensation Expense | 2,000,000 | 11,000,000 | |||||||
Stock Options Granted Shares | 2,200,000 | ||||||||
Performance Unit Plan 2013 [Member] | Parent [Member] | Maximum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Range of performance units at stake percentage | 130.00% | ||||||||
Performance Unit Plan 2013 [Member] | Parent [Member] | Minimum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Range of performance units at stake percentage | 0.00% | ||||||||
Performance Unit Plan 2012 [Member] | Parent [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share Based Compensation Expense | 0 | 26,000,000 | 11,000,000 | ||||||
Stock Options Granted Shares | 2,300,000 | ||||||||
Performance Unit Plan 2012 [Member] | Parent [Member] | Maximum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Range of performance units at stake percentage | 130.00% | ||||||||
Performance Unit Plan 2012 [Member] | Parent [Member] | Minimum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Range of performance units at stake percentage | 0.00% | ||||||||
Performance Unit Plan 2011 [Member] | Parent [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Cash Settlement Of Vested Units | 26,000,000 | ||||||||
Equity Settlement Of Vested Units With Ordinary Shares Number | 986,580 | ||||||||
Performance Unit Plan 2010 [Member] | Parent [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock Options Granted Shares | 539,000 | ||||||||
Cash Settlement Of Vested Units | 7,000,000 | 9,000,000 | |||||||
Percentage Of Vested Units Settled For Cash | 50.00% | 50.00% | |||||||
Equity Settlement Of Vested Units With Ordinary Shares Number | 390,460 | ||||||||
Equity Settlement Of Vested Units With Ordinary Shares Value | 49,000 | ||||||||
Performance Unit Plans Combined [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share Based Compensation Expense | $10,000,000 | $43,000,000 | $24,000,000 |
SHAREBASED_AND_OTHER_COMPENSAT3
SHARE-BASED AND OTHER COMPENSATION PROGRAMS OPTIONS (DETAILS) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 24, 2014 | Mar. 24, 2014 | Dec. 31, 2014 | Mar. 24, 2014 | Mar. 22, 2013 | Mar. 22, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 22, 2013 | Mar. 16, 2012 | Mar. 16, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 16, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
USD ($) | USD ($) | USD ($) | Stock Option Plan [Member] | Stock Option Plan [Member] | Stock Option Plan [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Alliance Bernstein [Member] | Alliance Bernstein [Member] | Alliance Bernstein [Member] | |
USD ($) | USD ($) | USD ($) | Axa Ordinary Shares [Member] | Axa Ordinary Shares [Member] | Axa Ordinary Shares [Member] | Axa Ordinary Shares [Member] | AXA ADR [Member] | Alliance Bernstein Holding Units [Member] | Alliance Bernstein Holding Units [Member] | Alliance Bernstein Holding Units [Member] | Alliance Bernstein Holding Units [Member] | Alliance Bernstein Holding Units [Member] | Stock Option Plan 2014 [Member] | Stock Option Plan 2014 [Member] | Stock Option Plan 2014 [Member] | Stock Option Plan 2014 [Member] | Stock Option Plan 2013 [Member] | Stock Option Plan 2013 [Member] | Stock Option Plan 2013 [Member] | Stock Option Plan 2013 [Member] | Stock Option Plan 2013 [Member] | Stock Option Plan 2012 [Member] | Stock Option Plan 2012 [Member] | Stock Option Plan 2012 [Member] | Stock Option Plan 2012 [Member] | Stock Option Plan 2012 [Member] | Stock Option Plan 2012 [Member] | Stock Option Plan [Member] | Stock Option Plan [Member] | Stock Option Plan [Member] | USD ($) | USD ($) | USD ($) | ||||
USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Minimum [Member] | Maximum [Member] | USD ($) | EUR (€) | USD ($) | Conditional Vesting Term [Member] | USD ($) | EUR (€) | USD ($) | USD ($) | Conditional Vesting Term [Member] | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | Conditional Vesting Term [Member] | USD ($) | USD ($) | USD ($) | ||||||||||
Summary of Plan Activity [Line Items] | |||||||||||||||||||||||||||||||||||||
Stock Options Outstanding Weighted Average Exercise Price Beginning of Period | € 21 | $23.60 | $40.82 | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | € 18.16 | $0 | $22.99 | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | € 13.42 | $20.02 | $17.08 | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | € 26.25 | $23.39 | $84.19 | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | € 0 | $0 | $33 | ||||||||||||||||||||||||||||||||||
Stock Options Outstanding Weighted Average Exercise Price End of Period | € 21.39 | $25.53 | $45.03 | $40.82 | |||||||||||||||||||||||||||||||||
Stock Options Outstanding Number Beginning Balance | 17,569,700 | 17,569,700 | 1,829,800 | 7,074,100 | |||||||||||||||||||||||||||||||||
Stock Options Granted Shares | 403,100 | 403,100 | 0 | 25,100 | 395,720 | 395,720 | 214,174 | 457,000 | 457,000 | 246,000 | 901,000 | 901,000 | 370,000 | ||||||||||||||||||||||||
Stock Options Exercised Shares | -546,400 | -546,400 | -590,200 | -1,110,000 | |||||||||||||||||||||||||||||||||
Stock Options Cancelled Shares | -683,200 | -683,200 | -138,600 | -24,800 | |||||||||||||||||||||||||||||||||
Stock Options Expired Shares | 94,700 | 94,700 | 4,200 | -22,000 | |||||||||||||||||||||||||||||||||
Stock Options Outstanding Number Ending Balance | 16,837,900 | 16,837,900 | 1,105,200 | 5,942,400 | 7,074,100 | ||||||||||||||||||||||||||||||||
Stock Options Outstanding Aggregate Intrinsic Value | $278,900,000 | ||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 3 years 3 months 11 days | 3 years 3 months 11 days | 0 years 8 months 1 day | 3 years 10 months 24 days | |||||||||||||||||||||||||||||||||
Options Excercisable Shares | 13,890,400 | 13,890,400 | 1,105,200 | 4,949,000,000 | |||||||||||||||||||||||||||||||||
Options Excercisable Weighted Average Exercise Price | € 22.44 | $25.53 | $38.12 | ||||||||||||||||||||||||||||||||||
Options Excercisable Aggregate Intrinsic Value | 7,967,900 | ||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 2 years 7 months 13 days | 2 years 7 months 13 days | 0 years 8 months 1 day | 3 years 10 months 24 days | |||||||||||||||||||||||||||||||||
Cash Proceeds From Exercise Of Stock Options | 12,000,000 | ||||||||||||||||||||||||||||||||||||
Stock Options Excercises In Period Intrinsic Value | 3,000,000 | 14,000,000 | 5,000,000 | ||||||||||||||||||||||||||||||||||
Tax Benefits From Exercise Of Stock Options | 1,000,000 | 5,000,000 | 2,000,000 | ||||||||||||||||||||||||||||||||||
Fair Value Assumptions Risk Expected Dividend Yield | 6.38% | 6.38% | 7.52% | 7.54% | 8.40% | 6.20% | 8.00% | 8.30% | |||||||||||||||||||||||||||||
Fair Value Assumptions Expected Volatility Rate | 29.24% | 29.24% | 31.27% | 39.89% | 48.90% | 49.20% | 49.70% | 49.80% | |||||||||||||||||||||||||||||
Fair Value Assumptions Risk Free Interest Rate | 1.54% | 1.54% | 1.34% | 1.80% | 1.50% | 0.70% | 8.00% | 1.70% | |||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 8 years 2 months 12 days | 8 years 2 months 12 days | 7 years 8 months 12 days | 5 years 7 months 6 days | 6 years 0 months 0 days | 6 years 0 months 0 days | 6 years 0 months 0 days | ||||||||||||||||||||||||||||||
Weighted Average Grant Date Fair Value | $2.89 | $1.79 | $2.48 | $4.78 | $5.44 | $3.67 | € 18.68 | € 13.81 | € 12.22 | ||||||||||||||||||||||||||||
Total Fair Value of Options, Net of Forfeitures | 1,000,000 | 818,597 | 2,000,000 | ||||||||||||||||||||||||||||||||||
Share Based Compensation Expense | 192,000,000 | 340,000,000 | 195,000,000 | 1,000,000 | 2,000,000 | 3,000,000 | 345,000 | 131,000 | 357,000 | 192,000 | 504,000 | 791,000 | 1,000,000 | -2,000,000 | 4,000,000 | 173,000,000 | 156,000,000 | 147,000,000 | |||||||||||||||||||
Compensation Cost Not Yet Recognized | $1,000,000 | ||||||||||||||||||||||||||||||||||||
Compensation Cost Recognition Period | 0 years 1 month 0 days | ||||||||||||||||||||||||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 6,213 | ||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased | $22.86 | ||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 124,000,000 | 124,000,000 | 17,000,000 |
SHAREBASED_AND_OTHER_COMPENSAT4
SHARE-BASED AND OTHER COMPENSATION PROGRAMS RESTRICTED AWARDS (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Awards Plan [Line Items] | |||
Share Based Compensation Expense | $192,000,000 | $340,000,000 | $195,000,000 |
Share Based Compensation Equity Instruments Other Than Options Plan Activity [Abstract] | |||
Fair Value of Awards Vested | 84,000,000 | 108,000,000 | |
Alliance Bernstein [Member] | |||
Restricted Awards Plan [Line Items] | |||
Share Based Compensation Expense | 173,000,000 | 156,000,000 | 147,000,000 |
Unvested restricted shares and holding units | 6,500,000 | ||
Restricted Stock Units (RSUs) [Member] | Parent [Member] | |||
Restricted Awards Plan [Line Items] | |||
Share Based Compensation Expense | 171,000,000 | 286,000,000 | 148,000,000 |
Unvested restricted shares and holding units | 19,700,000 | ||
Compensation Cost Not Yet Recognized | 46,000,000 | ||
Compensation Cost Recognition Period | 3 years 9 months 18 days | ||
Share Based Compensation Equity Instruments Other Than Options Plan Activity [Abstract] | |||
Restricted Stock Nonvested Weighted Average Grant Date Fair Value Beginning of Period | $14.09 | ||
Units Granted Weighted Average Grant Date Fair Value | $18.52 | ||
Awards Vested Weighted Average Grant Date Fair Value | $13.66 | ||
Restricted Stock Nonvested Weighted Average Grant Date Fair Value End of Period | $15.37 | $14.09 | |
Restricted Stock Nonvested Number Begining Balance | 71,379 | ||
Award Units Granted In Period | 11,819 | ||
Units Vested | 31,738 | ||
Restricted Stock Nonvested Number Ending Balance | 51,460 | 71,379 | |
Fair Value of Awards Vested | $1,000,000 | $1,000,000 | $1,000,000 |
SHAREBASED_AND_OTHER_COMPENSAT5
SHARE-BASED AND OTHER COMPENSATION PROGRAMS SARs (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share Based Compensation Expense | $192,000,000 | $340,000,000 | $195,000,000 |
Stock Appreciation Rights (SARs) [Member] | AXA Financial [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards Outstanding Weighted Average Remaining Contractual Term | 7 years 0 months 0 days |
SHAREBASED_AND_OTHER_COMPENSAT6
SHARE-BASED AND OTHER COMPENSATION PROGRAMS EMPLOYEE OPTION PLANS (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 16, 2012 | |
AXA Shareplan 2014 [Member] | Parent [Member] | ||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||||
Employee Stock Ownership Plan (ESOP), Compensation Expense | $10,000,000 | |||
AXA Shareplan 2013 [Member] | Parent [Member] | ||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||||
Employee Stock Ownership Plan (ESOP), Compensation Expense | 13,000,000 | |||
Total Fair Value of Options, Net of Forfeitures | 6,000,000 | |||
AXA Shareplan 2012 [Member] | Parent [Member] | ||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||||
Employee Stock Ownership Plan (ESOP), Compensation Expense | 18,000,000 | |||
AXA Shareplan Option A 2014 [Member] | Parent [Member] | ||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||||
Discount on AXA Ordinary Shares | 20.00% | |||
Discounted Price of AXA Shares | $18.69 | |||
AXA Shareplan Option B 2014 [Member] | Parent [Member] | ||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||||
Discount on AXA Ordinary Shares | 10.80% | |||
Discounted Price of AXA Shares | $20.83 | |||
Stock Issued During Period, Shares, Employee Stock Ownership Plan | 5,000,000 | 5,000,000 | 8,000,000 | |
AXA Miles Program 2012 [Member] | Parent [Member] | ||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||||
Employee Stock Ownership Plan (ESOP), Compensation Expense | 295,000 | |||
AXA Miles Program 2012 [Member] | AXA Financial [Member] | ||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||||
Employee Stock Ownership Plan (ESOP), Compensation Expense | $278,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee | 50 | |||
AXA Miles Program 2012 [Member] | AXA Financial [Member] | Four Year Cliff Vesting Term [Member] | ||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee | 25 |
SHAREBASED_AND_OTHER_COMPENSAT7
SHARE-BASED AND OTHER COMPENSATION PROGRAMS ALLIANCE BERNSTEIN (DETAILS) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||||
Jul. 02, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share Based Compensation Expense | $192,000,000 | $340,000,000 | $195,000,000 | ||||
Unallocated Holding units remaining in the consolidated rabbi trust | 17,900,000 | ||||||
Alliance Bernstein [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share Based Compensation Expense | 173,000,000 | 156,000,000 | 147,000,000 | ||||
Adjustments to Additional Paid in Capital, Reallocation of Noncontrolling Interest | 60,000,000 | ||||||
Noncontrolling Interest, Period Increase (Decrease) | -60,000,000 | ||||||
Units purchased during the period (in Units) | 3,600,000 | 5,200,000 | |||||
Dollar amount paid for Holding Units acquired | 93,000,000 | 111,000,000 | |||||
Open Market Purchases Shares | 300,000 | 1,900,000 | |||||
Open Market Purchase Value | $7,000,000 | $39,000,000 | |||||
Restricted Holding Unit Awards Granted to Employees | 6,600,000 | 6,500,000 | 6,500,000 | 7,600,000 | 13,900,000 | ||
Unvested restricted shares and holding units | 6,500,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 17,000,000 | 17,000,000 | |||||
Additional holding units | 273,387 | ||||||
Grant of holding units net of forfeitures | 42,000,000 | 42,000,000 | |||||
Decrease in AllianceBernstein and AB Holding units | 13,100,000 |
INCOME_TAXES_DETAILS
INCOME TAXES (DETAILS) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Expense Benefit Abstract | |||
Current (expense) benefit | ($552) | $197 | ($233) |
Deferred (expense) benefit | -1,143 | 1,876 | 391 |
Income Tax Expense (Benefit) | -1,695 | 2,073 | 158 |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate | 35.00% | ||
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Abstract] | |||
Expected income tax (expense) benefit | -2,140 | 1,858 | -20 |
Noncontrolling interest | 119 | 101 | 37 |
Tax Credits, Investment | 116 | 122 | 94 |
Tax Exempt Income | 12 | 20 | 24 |
Tax Contingencies | -6 | -14 | -2 |
State and Local Income Taxes | -4 | -6 | 7 |
Subsidiaries Income Tax Reconciliation Foreign Income Tax Rate Differential | 4 | 2 | 10 |
Tax Settlements | 212 | 0 | 0 |
Other Adjustments | -8 | -10 | 8 |
Income tax (expense) benefit | ($1,695) | $2,073 | $158 |
INCOME_TAXES_DETAILS_1
INCOME TAXES (DETAILS 1) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Contingency [Line Items] | |||
Income Tax Reconciliation Tax Settlements | $212 | $0 | $0 |
Components Of Deferred Tax Assets [Abstract] | |||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | 150 | 104 | |
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | 512 | 492 | |
Deferred Tax Assets, Other | 112 | 7 | |
Deferred Tax Assets, Total | 774 | 603 | |
Components Of Deferred Tax Liabilities [Abstract] | |||
Deferred Tax Liabilities, Reserves and Reinsurance | 1,785 | 688 | |
Deferred Tax Liabilities, Deferred Policy Acquisition Cost | 1,162 | 1,016 | |
Deferred Tax Liabilities, Unrealized Investment Gains or Losses | 614 | 85 | |
Deferred Tax Liabilities Investments | 1,490 | 1,410 | |
Deferred Tax Liabilities, Other | 0 | 0 | |
Deferred Tax Liabilities, Total | 5,051 | 3,199 | |
Income Tax Uncertainties [Abstract] | |||
Exclusion Of Deferred Tax Non US Affiliates | 264 | ||
Foreign Earnings Repatriated Additional Taxes Remitted | 106 | ||
Unrecognized Tax Benefits That Would Impact Effective Tax Rate | 397 | 568 | |
Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued | 77 | 120 | |
Unrecognized Tax Benefits Income Tax Penalties And Interest Expense | 43 | 15 | 4 |
Reconciliation Of Unrecognized Tax Benefits Excluding Amounts Pertaining To Examined Tax Returns [Roll Forward] | |||
Unrecognized Tax Benefits, Beginning Balance | 592 | 573 | 453 |
Additions for tax positions of prior years | 56 | 57 | 740 |
Reductions for tax positions of prior years | 181 | 38 | 620 |
Additions for tax positions of current year | 8 | 0 | 0 |
Unrecognized Tax Benefits, Decreases Resulting from Current Period Tax Positions | 0 | 0 | 0 |
Settlements with tax authorities | 0 | 0 | 0 |
Unrecognized Tax Benefits, Ending Balance | $475 | $592 | $573 |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (DETAILS) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income Loss [Abstract] | |||
Unrealized Gain (Loss) on Investments | $1,089 | $141 | $1,352 |
Defined benefit pension plans | -780 | -757 | -1,056 |
Total accumulated other comprehensive income (loss) | 309 | -616 | 296 |
Less: Accumulated other comprehensive (income) loss attributable to noncontrolling interest | 42 | 13 | 21 |
Accumulated Other Comprehensive Income (Loss) Attributable to AXA Equitable | 351 | -603 | 317 |
Unrealized Gain Loss On Investments [Abstract] | |||
Net unrealized gains (losses) arising during the year | 1,043 | -1,550 | 658 |
(Gains) losses reclassified into net earnings (loss) during the year | 37 | 49 | 59 |
Net unrealized gains (losses) on investments | 1,080 | -1,501 | 717 |
Adjustments for policyholders liabilities, DAC, Insurance Liability Loss Recognition And Other | -132 | 290 | -137 |
Change in unrealized gains (losses), net of adjustments | 948 | -1,211 | 580 |
Defined benefit plans: | |||
Net gain (loss) arising during year | -95 | 198 | -82 |
Prior service cost arising during year | 0 | 0 | 1 |
Less: Reclassification Adjustments for: | |||
Amortization of net (gains) losses included in net periodic cost | 72 | 101 | 106 |
Amortization of net prior service credit included in net periodic cost | 0 | 0 | 1 |
Other comprehensive income (loss) defined benefit plans | -23 | 299 | 26 |
Total other comprehensive income (loss), net of income taxes | 925 | -912 | 606 |
Less: Other comprehensive (income) loss attributable to noncontrolling interest | -29 | 8 | -8 |
Other Comprehensive Income (Loss) Attributable to AXA Equitable | 954 | -920 | 614 |
Other Comprehensive Income (Loss), Tax, Parenthetical Disclosures [Abstract] | |||
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax | 529 | -654 | 318 |
Other Comprehensive (Income) Loss, Benefit Plans, Tax | -15 | 161 | 14 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Available for sale securities, Tax | -19 | -26 | -32 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Benefit Plans, Tax | ($39) | ($54) | ($58) |
COMMITMENTS_AND_CONTINGENT_LIA2
COMMITMENTS AND CONTINGENT LIABILITIES (DETAILS) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Long Term Debt By Maturity [Abstract] | |||
Long Term Debt Maturities Repayments Of Principal In Next Twelve Months | $200 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 0 | ||
Long Term Debt Maturities Repayments Of Principal In Year Three | 0 | ||
Long Term Debt Maturities Repayments Of Principal In Year Four | 0 | ||
Long Term Debt Maturities Repayments Of Principal In Year Five | 0 | ||
Long Term Debt Maturities Repayments Of Principal After Year Five | 0 | ||
Operating Leases Future Minimum Payments Due [Abstract] | |||
Operating Leases Future Minimum Payments Due Current | 211 | ||
Operating Leases Future Minimum Payments Due In Two Years | 212 | ||
Operating Leases Future Minimum Payments Due In Three Years | 209 | ||
Operating Leases Future Minimum Payments Due In Four Years | 195 | ||
Operating Leases Future Minimum Payments Due In Five Years | 184 | ||
Operating Leases Future Minimum Payments Due Thereafter | 1,081 | ||
Future Minimum Sublease Rentals Sale Leaseback Transactions [Abstract] | |||
Future Minimum Sublease Rentals Sale Leaseback Transactions Within One Year | 53 | ||
Future Minimum Sublease Rentals Sale Leaseback Transactions Within Two Years | 55 | ||
Future Minimum Sublease Rentals Sale Leaseback Transactions Within Three Years | 54 | ||
Future Minimum Sublease Rentals Sale Leaseback Transactions Within Four Years | 53 | ||
Future Minimum Sublease Rentals Sale Leaseback Transactions Within Five Years | 53 | ||
Future Minimum Sublease Rentals Sale Leaseback Transactions Thereafter | 153 | ||
Restructuring And Related Cost [Line Items] | |||
Balance, beginning of year | 122 | 52 | |
Additions | 21 | 140 | |
Cash payments | 24 | 66 | |
Other reductions | 6 | 4 | |
Balance, End of Year | 113 | 122 | |
Venture Capital Funds [Member] | |||
Loss Contingencies [Line Items] | |||
Investment in a venture capital | 35 | ||
Commitment funded net of sale proceeds | 32 | ||
Real Estate Funds [Member] | |||
Loss Contingencies [Line Items] | |||
Investment in a venture capital | 25 | ||
Commitment funded net of sale proceeds | 16 | ||
Oil And Gas Fund [Member] | |||
Loss Contingencies [Line Items] | |||
Investment in a venture capital | 8 | ||
Commitment funded net of sale proceeds | 6 | ||
AXA [Member] | |||
Restructuring And Related Cost [Line Items] | |||
Balance, beginning of year | 52 | 44 | |
Additions | 54 | ||
Cash payments | 46 | ||
Other reductions | 0 | ||
Balance, End of Year | 52 | ||
Pre-tax charge related to severance costs | 42 | 85 | 30 |
Pre tax real estate charge | 25 | 52 | |
Commitments by the Company to provide equity financing | 476 | ||
Letters of credit | 16 | ||
Commitments under existing mortgage loan agreements | 498 | ||
Alliance Bernstein [Member] | |||
Restructuring And Related Cost [Line Items] | |||
Pre-tax charge related to severance costs | 6 | 4 | 21 |
Pre tax real estate charge | 28 | 223 | |
Change in estimate related to real estate charge | $17 |
INSURANCE_GROUP_STATUTORY_FINA2
INSURANCE GROUP STATUTORY FINANCIAL INFORMATION (DETAILS) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statutory Accounting Practices [Abstract] | |||
Amount Available For Dividend Distribution Without Prior Approval From Regulatory Agency | $517 | ||
Insurance Groups statutory net income (loss) | 1,664 | -28 | 602 |
Statutory surplus, capital stock and Asset Valuation Reserve | 5,793 | 4,360 | |
Transfer of Units to Parent | 10.9 | ||
Fair Value of Units Transferred | 234 | ||
Shareholder dividends | 382 | 234 | 362 |
Securities on deposit with such government or state agencies | 65 | ||
Repayments of surplus notes | $825 | $500 | $0 |
INSURANCE_GROUP_STATUTORY_FINA3
INSURANCE GROUP STATUTORY FINANCIAL INFORMATION 1 (DETAILS) (USD $) | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Reconciliation Of Statutory Surplus And Capital Stock [Abstract] | |||||||
Net change in statutory surplus and capital stock | $1,345,000,000 | ($864,000,000) | $64,000,000 | ||||
Change in AVR | 89,000,000 | 46,000,000 | 269,000,000 | ||||
Net change in statutory surplus, capital stock and AVR | 1,434,000,000 | -818,000,000 | 333,000,000 | ||||
US GAAP Net Earnings (Loss), Attributable to AXA Equitable | -640,000,000 | -878,000,000 | -1,051,000,000 | -1,004,000,000 | 4,033,000,000 | -3,573,000,000 | 95,000,000 |
Reconciliation Of Changes In Statutory Surplus And Capital Stock [Abstract] | |||||||
Statutory surplus and capital stock | 4,689,000,000 | 5,170,000,000 | 3,825,000,000 | 4,689,000,000 | |||
AVR | 489,000,000 | 623,000,000 | 535,000,000 | 489,000,000 | |||
tatutory surplus, capital stock and Asset Valuation Reserve | 5,793,000,000 | 4,360,000,000 | |||||
Statutory Accounting Practices, Statutory to GAAP, Amount of Reconciling Item | 5,178,000,000 | 5,793,000,000 | 4,360,000,000 | 5,178,000,000 | |||
U.S. GAAP Total Equity Attributable to AXA Equitable | 15,436,000,000 | 15,119,000,000 | 10,538,000,000 | 15,436,000,000 | |||
Future Policy Benefits And Policyholders Account Balances [Member] | |||||||
Reconciliation Of Statutory Surplus And Capital Stock [Abstract] | |||||||
Statutory Accounting Practices Statutory To Gaap Income Amount Of Reconciling Item | -1,128,000,000 | -607,000,000 | -508,000,000 | ||||
Reconciliation Of Changes In Statutory Surplus And Capital Stock [Abstract] | |||||||
Statutory Accounting Practices, Statutory to GAAP, Amount of Reconciling Item | -3,642,000,000 | -5,195,000,000 | -3,884,000,000 | -3,642,000,000 | |||
DAC [Member] | |||||||
Reconciliation Of Statutory Surplus And Capital Stock [Abstract] | |||||||
Statutory Accounting Practices Statutory To Gaap Income Amount Of Reconciling Item | 413,000,000 | 75,000,000 | 142,000,000 | ||||
Reconciliation Of Changes In Statutory Surplus And Capital Stock [Abstract] | |||||||
Statutory Accounting Practices, Statutory to GAAP, Amount of Reconciling Item | 3,728,000,000 | 4,271,000,000 | 3,874,000,000 | 3,728,000,000 | |||
Deferred Income Tax Asset Liability [Member] | |||||||
Reconciliation Of Statutory Surplus And Capital Stock [Abstract] | |||||||
Statutory Accounting Practices Statutory To Gaap Income Amount Of Reconciling Item | -904,000,000 | 2,038,000,000 | 798,000,000 | ||||
Reconciliation Of Changes In Statutory Surplus And Capital Stock [Abstract] | |||||||
Statutory Accounting Practices, Statutory to GAAP, Amount of Reconciling Item | -5,330,000,000 | -4,259,000,000 | -2,672,000,000 | -5,330,000,000 | |||
Valuation Investments [Member] | |||||||
Reconciliation Of Statutory Surplus And Capital Stock [Abstract] | |||||||
Statutory Accounting Practices Statutory To Gaap Income Amount Of Reconciling Item | -139,000,000 | 7,000,000 | -377,000,000 | ||||
Reconciliation Of Changes In Statutory Surplus And Capital Stock [Abstract] | |||||||
Statutory Accounting Practices, Statutory to GAAP, Amount of Reconciling Item | 3,271,000,000 | 2,208,000,000 | 703,000,000 | 3,271,000,000 | |||
Valuation Investments In Subsidiary [Member] | |||||||
Reconciliation Of Statutory Surplus And Capital Stock [Abstract] | |||||||
Statutory Accounting Practices Statutory To Gaap Income Amount Of Reconciling Item | -289,000,000 | -109,000,000 | -306,000,000 | ||||
Reconciliation Of Changes In Statutory Surplus And Capital Stock [Abstract] | |||||||
Statutory Accounting Practices, Statutory to GAAP, Amount of Reconciling Item | -137,000,000 | -898,000,000 | -515,000,000 | -137,000,000 | |||
Increase Decrease In Fair Value Of Reinsurance Contract Asset [Member] | |||||||
Reconciliation Of Statutory Surplus And Capital Stock [Abstract] | |||||||
Statutory Accounting Practices Statutory To Gaap Income Amount Of Reconciling Item | 3,964,000,000 | -4,297,000,000 | 497,000,000 | ||||
Reconciliation Of Changes In Statutory Surplus And Capital Stock [Abstract] | |||||||
Statutory Accounting Practices, Statutory to GAAP, Amount of Reconciling Item | 11,044,000,000 | 10,711,000,000 | 6,747,000,000 | 11,044,000,000 | |||
Pension Adjustment [Member] | |||||||
Reconciliation Of Statutory Surplus And Capital Stock [Abstract] | |||||||
Statutory Accounting Practices Statutory To Gaap Income Amount Of Reconciling Item | -13,000,000 | -478,000,000 | -41,000,000 | ||||
Amortization Of Deferred Cost Of Insurance Ceded To Affiliates [Member] | |||||||
Reconciliation Of Statutory Surplus And Capital Stock [Abstract] | |||||||
Statutory Accounting Practices Statutory To Gaap Income Amount Of Reconciling Item | -280,000,000 | -280,000,000 | -126,000,000 | ||||
Deferred Cost Of Insurance Ceded To Affiliates [Member] | |||||||
Reconciliation Of Changes In Statutory Surplus And Capital Stock [Abstract] | |||||||
Statutory Accounting Practices, Statutory to GAAP, Amount of Reconciling Item | 2,646,000,000 | 2,086,000,000 | 2,366,000,000 | 2,646,000,000 | |||
Shareholder Dividends Paid [Member] | |||||||
Reconciliation Of Statutory Surplus And Capital Stock [Abstract] | |||||||
Statutory Accounting Practices Statutory To Gaap Income Amount Of Reconciling Item | 382,000,000 | 468,000,000 | 362,000,000 | ||||
Non Admitted Assets [Member] | |||||||
Reconciliation Of Statutory Surplus And Capital Stock [Abstract] | |||||||
Statutory Accounting Practices Statutory To Gaap Income Amount Of Reconciling Item | -227,000,000 | 2,000,000 | -489,000,000 | ||||
Reconciliation Of Changes In Statutory Surplus And Capital Stock [Abstract] | |||||||
Statutory Accounting Practices, Statutory to GAAP, Amount of Reconciling Item | 467,000,000 | 242,000,000 | 469,000,000 | 467,000,000 | |||
Surplus Notes [Member] | |||||||
Reconciliation Of Statutory Surplus And Capital Stock [Abstract] | |||||||
Statutory Accounting Practices Statutory To Gaap Income Amount Of Reconciling Item | 825,000,000 | 500,000,000 | |||||
Reconciliation Of Changes In Statutory Surplus And Capital Stock [Abstract] | |||||||
Statutory Accounting Practices, Statutory to GAAP, Amount of Reconciling Item | -1,525,000,000 | 200,000,000 | -1,025,000,000 | -1,525,000,000 | |||
Other Statutory [Member] | |||||||
Reconciliation Of Statutory Surplus And Capital Stock [Abstract] | |||||||
Statutory Accounting Practices Statutory To Gaap Income Amount Of Reconciling Item | -5,000,000 | -74,000,000 | -190,000,000 | ||||
Reconciliation Of Changes In Statutory Surplus And Capital Stock [Abstract] | |||||||
Statutory Accounting Practices, Statutory to GAAP, Amount of Reconciling Item | ($264,000,000) | ($40,000,000) | $115,000,000 | ($264,000,000) |
BUSINESS_SEGMENT_INFORMATION_D
BUSINESS SEGMENT INFORMATION (DETAILS) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Segment revenues | $4,656 | $3,754 | $3,524 | $3,706 | $1,077 | $834 | $537 | $392 | $15,640 | $2,840 | $9,160 |
Investment expenses | -2 | -3 | -3 | ||||||||
Intersegment investment advisory and other fees | 1,062 | 1,010 | 879 | ||||||||
Segment earnings (loss) from operations, before income taxes | 6,115 | -5,309 | 58 | ||||||||
Total Assets | 183,401 | 196,005 | 183,401 | ||||||||
Securties segregated in a special reserve bank custody, fair value | 981 | 476 | 981 | ||||||||
Consolidation Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment revenues | -27 | -21 | -21 | ||||||||
Segment earnings (loss) from operations, before income taxes | 0 | -1 | 0 | ||||||||
Total Assets | -4 | -3 | -4 | ||||||||
Insurance [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment revenues | 12,656 | -54 | 6,443 | ||||||||
Segment earnings (loss) from operations, before income taxes | 5,512 | -5,872 | -132 | ||||||||
Total Assets | 171,532 | 184,018 | 171,532 | ||||||||
Insurance [Member] | Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Investment expenses | 40 | 37 | 31 | ||||||||
Investment Management [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment revenues | 3,011 | 2,915 | 2,738 | ||||||||
Segment earnings (loss) from operations, before income taxes | 603 | 564 | 190 | ||||||||
Total Assets | 11,873 | 11,990 | 11,873 | ||||||||
Securties segregated in a special reserve bank custody, fair value | 925 | 415 | 925 | ||||||||
Investment Management [Member] | Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intersegment investment advisory and other fees | $67 | $58 | $52 |
QUARTERLY_RESULTS_OF_OPERATION2
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (DETAILS) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Data [Abstract] | |||||||||||
Total Revenues | $4,656 | $3,754 | $3,524 | $3,706 | $1,077 | $834 | $537 | $392 | $15,640 | $2,840 | $9,160 |
Earnings (Loss) from Continuing Operations, Net of Income Taxes | 1,124 | 987 | 945 | 977 | |||||||
US GAAP Net Earnings (Loss), Attributable to AXA Equitable | ($640) | ($878) | ($1,051) | ($1,004) | $4,033 | ($3,573) | $95 |
SUMMARY_OF_INVESTMENTS_OTHER_T2
SUMMARY OF INVESTMENTS- OTHER THAN INVESTMENTS IN RELATED PARTIES- SCHEDULE I (DETAILS) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Summary of Investments, Other than Investments in Related Parties, Cost | $49,559 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 52,935 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 51,783 |
U.S.Treasury, Govt and Agency [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Summary of Investments, Other than Investments in Related Parties, Cost | 6,685 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 7,331 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 7,331 |
State, Municipalities and Political Subdivisions [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Summary of Investments, Other than Investments in Related Parties, Cost | 441 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 519 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 519 |
Foreign Governments [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Summary of Investments, Other than Investments in Related Parties, Cost | 395 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 434 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 434 |
Public Utilities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Summary of Investments, Other than Investments in Related Parties, Cost | 3,346 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 3,664 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 3,664 |
All Other Corporate Bonds [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Summary of Investments, Other than Investments in Related Parties, Cost | 19,133 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 20,230 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 20,230 |
Redeemable Preferred Stock [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Summary of Investments, Other than Investments in Related Parties, Cost | 795 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 856 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 856 |
Fixed Maturities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Summary of Investments, Other than Investments in Related Parties, Cost | 30,795 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 33,034 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 33,034 |
Industrial, Miscellaneous, and All Others [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Summary of Investments, Other than Investments in Related Parties, Cost | 36 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 38 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 38 |
Mortgage Loans On Real Estate [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Summary of Investments, Other than Investments in Related Parties, Cost | 6,463 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 6,617 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 6,463 |
Policy Loans [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Summary of Investments, Other than Investments in Related Parties, Cost | 3,408 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 4,406 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 3,408 |
Other Limited Partnership Interests And Equity Investments [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Summary of Investments, Other than Investments in Related Parties, Cost | 1,719 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 1,719 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 1,719 |
Trading Securities | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Summary of Investments, Other than Investments in Related Parties, Cost | 5,160 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 5,143 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 5,143 |
Other Invested Assets [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Summary of Investments, Other than Investments in Related Parties, Cost | 1,978 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 1,978 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | $1,978 |
SUPPLEMENTARY_INSURANCE_INFORM1
SUPPLEMENTARY INSURANCE INFORMATION- SCHEDULE III (DETAILS) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Supplementary Insurance Information By Segment [Line Items] | |||
Deferred Policy Acquistion Cost | $4,271 | $3,874 | |
Policyholders' account balances | 31,848 | 30,340 | |
Future Policy Benefits And Other Policyholders' Funds | 23,484 | 21,697 | |
Policy Charges and Premium Revenue | 3,989 | 4,042 | 3,848 |
Net Investment Income (Loss) (1) | 3,815 | -629 | 1,338 |
Policyholders' Benefit and Interest Credited | 4,894 | 3,064 | 4,155 |
Amortization of Deferred Policy Acquisition Costs | 215 | 580 | 576 |
Other Operating Expense (2) | 4,416 | 4,505 | 4,371 |
Insurance [Member] | |||
Supplementary Insurance Information By Segment [Line Items] | |||
Deferred Policy Acquistion Cost | 4,271 | 3,874 | |
Policyholders' account balances | 31,848 | 30,340 | |
Future Policy Benefits And Other Policyholders' Funds | 23,484 | 21,697 | |
Policy Charges and Premium Revenue | 3,989 | 4,042 | 3,848 |
Net Investment Income (Loss) (1) | 3,760 | -724 | 1,242 |
Policyholders' Benefit and Interest Credited | 4,894 | 3,064 | 4,155 |
Amortization of Deferred Policy Acquisition Costs | 215 | 580 | 576 |
Other Operating Expense (2) | 2,035 | 2,174 | 1,844 |
Investment Management [Member] | |||
Supplementary Insurance Information By Segment [Line Items] | |||
Deferred Policy Acquistion Cost | 0 | 0 | |
Policyholders' account balances | 0 | 0 | |
Future Policy Benefits And Other Policyholders' Funds | 0 | 0 | |
Policy Charges and Premium Revenue | 0 | 0 | 0 |
Net Investment Income (Loss) (1) | 15 | 58 | 65 |
Policyholders' Benefit and Interest Credited | 0 | 0 | 0 |
Amortization of Deferred Policy Acquisition Costs | 0 | 0 | 0 |
Other Operating Expense (2) | 2,408 | 2,351 | 2,548 |
Consolidation Eliminations [Member] | |||
Supplementary Insurance Information By Segment [Line Items] | |||
Deferred Policy Acquistion Cost | 0 | 0 | |
Policyholders' account balances | 0 | 0 | |
Future Policy Benefits And Other Policyholders' Funds | 0 | 0 | |
Policy Charges and Premium Revenue | 0 | 0 | 0 |
Net Investment Income (Loss) (1) | 40 | 37 | 31 |
Policyholders' Benefit and Interest Credited | 0 | 0 | 0 |
Amortization of Deferred Policy Acquisition Costs | 0 | 0 | 0 |
Other Operating Expense (2) | ($27) | ($20) | ($21) |
REINSURANCE_SCHEDULE_IV_DETAIL
REINSURANCE- SCHEDULE IV (DETAILS) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Premiums Earned, Net [Abstract] | |||
Direct premiums | $844 | $848 | $873 |
Reinsurance ceded | 541 | 565 | 578 |
Reinsurance assumed | 211 | 213 | 219 |
Premiums | 514 | 496 | 514 |
Life Insurance In Force Net [Abstract] | |||
Gross Amount | 412,215 | 414,362 | 409,488 |
Ceded to other companies | 87,177 | 92,252 | 96,869 |
Assumed from other companies | 31,767 | 33,494 | 34,361 |
Net Amount | 356,805 | 355,604 | 346,980 |
Percentage of Amount Assumed to Net | 41.10% | 42.90% | 42.60% |
Life Insurance in Force, Percentage Assumed to Net | 8.90% | 9.40% | 9.90% |
Life Insurance And Annuities Segment [Member] | |||
Premiums Earned, Net [Abstract] | |||
Direct premiums | 775 | 770 | 785 |
Reinsurance ceded | 492 | 511 | 518 |
Reinsurance assumed | 199 | 201 | 206 |
Premiums | 482 | 460 | 473 |
Life Insurance In Force Net [Abstract] | |||
Percentage of Amount Assumed to Net | 41.40% | 43.70% | 43.50% |
Accident And Health Insurance Segment [Member] | |||
Premiums Earned, Net [Abstract] | |||
Direct premiums | 69 | 78 | 88 |
Reinsurance ceded | 49 | 54 | 60 |
Reinsurance assumed | 12 | 12 | 13 |
Premiums | $32 | $36 | $41 |
Life Insurance In Force Net [Abstract] | |||
Percentage of Amount Assumed to Net | 37.50% | 33.30% | 31.70% |