GENWORTH FINANCIAL INC, 10-Q filed on 5/4/2011
Quarterly Report
Document and Entity Information
3 Months Ended
Mar. 31, 2011
Apr. 27, 2011
Document and Entity Information
 
 
Document Type
10-Q 
 
Amendment Flag
FALSE 
 
Document Period End Date
2011-03-31 
 
Document Fiscal Year Focus
2011 
 
Document Fiscal Period Focus
Q1 
 
Trading Symbol
GNW 
 
Entity Registrant Name
GENWORTH FINANCIAL INC 
 
Entity Central Index Key
0001276520 
 
Current Fiscal Year End Date
12/31 
 
Entity Filer Category
Large Accelerated Filer 
 
Entity Common Stock, Shares Outstanding
 
490,561,211 
Condensed Consolidated Statements of Income (USD $)
In Millions, except Per Share data
3 Months Ended
Mar. 31,
2011
2010
Revenues:
 
 
Premiums
$ 1,437 
$ 1,470 
Net investment income
830 
765 
Net investment gains (losses)
(28)
(70)
Insurance and investment product fees and other
329 
256 
Total revenues
2,568 
2,421 
Benefits and expenses:
 
 
Benefits and other changes in policy reserves
1,409 
1,315 
Interest credited
201 
213 
Acquisition and operating expenses, net of deferrals
500 
475 
Amortization of deferred acquisition costs and intangibles
185 
184 
Interest expense
127 
115 
Total benefits and expenses
2,422 
2,302 
Income before income taxes
146 
119 
Provision (benefit) for income taxes
30 
(93)
Net income
116 
212 
Less: net income attributable to noncontrolling interests
34 
34 
Net income available to Genworth Financial, Inc.'s common stockholders
82 
178 
Net income available to Genworth Financial, Inc.'s common stockholders per common share:
 
 
Basic
0.17 1
0.36 1
Diluted
0.17 1
0.36 1
Weighted-average common shares outstanding:
 
 
Basic
490 
489 
Diluted
494 
494 
Supplemental disclosures:
 
 
Total other-than-temporary impairments
(31)
(77)
Portion of other-than-temporary impairments recognized in other comprehensive income (loss)
(5)
(3)
Net other-than-temporary impairments
(36)
(80)
Other investments gains (losses)
10 
Total net investment gains (losses)
$ (28)
$ (70)
Condensed Consolidated Balance Sheets (USD $)
In Millions
3 Months Ended
Mar. 31, 2011
3 Months Ended
Dec. 31, 2010
Assets
 
 
Fixed maturity securities available-for-sale, at fair value
$ 54,998 
$ 55,183 
Equity securities available-for-sale, at fair value
355 
332 
Commercial mortgage loans
6,600 
6,718 
Restricted commercial mortgage loans related to securitization entities
485 
507 
Policy loans
1,480 
1,471 
Other invested assets
3,752 
3,854 
Restricted other invested assets related to securitization entities ($374 and $370 at fair value)
376 
372 
Total investments
68,046 
68,437 
Cash and cash equivalents
3,742 
3,132 
Accrued investment income
794 
733 
Deferred acquisition costs
7,334 
7,256 
Intangible assets
713 
741 
Goodwill
1,331 
1,329 
Reinsurance recoverable
17,102 
17,191 
Other assets
883 
810 
Deferred tax asset
1,188 
1,100 
Separate account assets
11,807 
11,666 
Total assets
112,940 
112,395 
Liabilities and stockholders' equity
 
 
Future policy benefits
30,872 
30,717 
Policyholder account balances
26,399 
26,978 
Liability for policy and contract claims
6,959 
6,933 
Unearned premiums
4,529 
4,541 
Other liabilities ($139 and $150 other liabilities related to securitization entities)
6,189 
6,085 
Borrowings related to securitization entities ($58 and $51 at fair value)
489 
494 
Non-recourse funding obligations
3,431 
3,437 
Long-term borrowings
5,347 
4,952 
Deferred tax liability
1,689 
1,621 
Separate account liabilities
11,807 
11,666 
Total liabilities
97,711 
97,424 
Commitments and contingencies
 
 
Stockholders' equity:
 
 
Class A common stock, $0.001 par value; 1.5 billion shares authorized; 579 million and 578 million shares issued as of March 31, 2011 and December 31, 2010, respectively; 491 million and 490 million shares outstanding as of March 31, 2011 and December 31, 2010, respectively
Additional paid-in capital
12,101 
12,095 
Net unrealized investment gains (losses):
 
 
Net unrealized gains (losses) on securities not other-than-temporarily impaired
77 
21 
Net unrealized gains (losses) on other-than-temporarily impaired securities
(114)
(121)
Net unrealized investment gains (losses)
(37)
(100)
Derivatives qualifying as hedges
864 
924 
Foreign currency translation and other adjustments
793 
668 
Total accumulated other comprehensive income (loss)
1,620 
1,492 
Retained earnings
3,055 
2,973 
Treasury stock, at cost (88 million shares as of March 31, 2011 and December 31, 2010)
(2,700)
(2,700)
Total Genworth Financial, Inc.'s stockholders' equity
14,077 
13,861 
Noncontrolling interests
1,152 
1,110 
Total stockholders' equity
15,229 
14,971 
Total liabilities and stockholders' equity
$ 112,940 
$ 112,395 
Condensed Consolidated Balance Sheets (Parenthetical) (USD $)
In Millions, except Share data
Mar. 31, 2011
Dec. 31, 2010
Condensed Consolidated Balance Sheets
 
 
Restricted other invested assets related to securitization entities, fair value
$ 374 
$ 370 
Other liabilities related to securitization entities
139 
150 
Borrowings related to securitization entities, fair value
58 
51 
Class A common stock, par value
$ 0.001 
$ 0.001 
Class A common stock, shares authorized
1,500,000,000 
1,500,000,000 
Class A common stock, shares issued
579,000,000 
578,000,000 
Class A common stock, shares outstanding
491,000,000 
490,000,000 
Treasury stock, shares
88,000,000 
88,000,000 
Condensed Consolidated Statements of Changes in Stockholders' Equity (USD $)
In Millions
Common Stock [Member]
Additional Paid-in Capital [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Retained Earnings [Member]
Treasury Stock, at Cost [Member]
Total Genworth Financial, Inc.'s Stockholders' Equity [Member]
Noncontrolling Interests [Member]
Total
Balances at Dec. 31, 2009
$ 1 
$ 12,034 
$ (164)
$ 3,105 
$ (2,700)
$ 12,276 
$ 1,074 
$ 13,350 
Cumulative effect of change in accounting, net of taxes and other adjustments
 
 
91 
(104)
 
(13)
 
(13)
Comprehensive income (loss):
 
 
 
 
 
 
 
 
Net income
 
 
 
178 
 
178 
34 
212 
Net unrealized gains (losses) on securities not other-than-temporarily impaired
 
 
408 
 
 
408 
(1)
407 
Net unrealized gains (losses) on other-than-temporarily impaired securities
 
 
39 
 
 
39 
 
39 
Derivatives qualifying as hedges
 
 
(25)
 
 
(25)
 
(25)
Foreign currency translation and other adjustments
 
 
(2)
 
 
(2)
37 
35 
Total comprehensive income (loss)
 
 
 
 
 
 
 
668 
Dividends to noncontrolling interests
 
 
 
 
 
 
(10)
(10)
Stock-based compensation expense and exercises and other
 
10 
 
 
 
10 
 
10 
Other capital transactions
 
20 
 
 
 
20 
 
20 
Balances at Mar. 31, 2010
12,064 
347 
3,179 
(2,700)
12,891 
1,134 
14,025 
Balances at Dec. 31, 2010
12,095 
1,492 
2,973 
(2,700)
13,861 
1,110 
14,971 
Comprehensive income (loss):
 
 
 
 
 
 
 
 
Net income
 
 
 
82 
 
82 
34 
116 
Net unrealized gains (losses) on securities not other-than-temporarily impaired
 
 
56 
 
 
56 
(9)
47 
Net unrealized gains (losses) on other-than-temporarily impaired securities
 
 
 
 
 
Derivatives qualifying as hedges
 
 
(60)
 
 
(60)
 
(60)
Foreign currency translation and other adjustments
 
 
125 
 
 
125 
29 
154 
Total comprehensive income (loss)
 
 
 
 
 
 
 
264 
Dividends to noncontrolling interests
 
 
 
 
 
 
(12)
(12)
Stock-based compensation expense and exercises and other
 
 
 
 
 
Balances at Mar. 31, 2011
$ 1 
$ 12,101 
$ 1,620 
$ 3,055 
$ (2,700)
$ 14,077 
$ 1,152 
$ 15,229 
Condensed Consolidated Statements of Cash Flows (USD $)
In Millions
3 Months Ended
Mar. 31,
2011
2010
Cash flows from operating activities:
 
 
Net income
$ 116 
$ 212 
Adjustments to reconcile net income to net cash from operating activities:
 
 
Amortization of fixed maturity discounts and premiums
(18)
24 
Net investment losses (gains)
28 
70 
Charges assessed to policyholders
(159)
(113)
Acquisition costs deferred
(229)
(193)
Amortization of deferred acquisition costs and intangibles
185 
184 
Deferred income taxes
(37)
(101)
Net increase in trading securities, held-for-sale investments and derivative instruments
35 
58 
Stock-based compensation expense
11 
Change in certain assets and liabilities:
 
 
Accrued investment income and other assets
(117)
(43)
Insurance reserves
557 
576 
Current tax liabilities
25 
(163)
Other liabilities and other policy-related balances
(57)
(392)
Net cash from operating activities
336 
130 
Cash flows from investing activities
 
 
Fixed maturity securities
1,627 
941 
Commercial mortgage loans
148 
136 
Restricted commercial mortgage loans related to securitization entities
22 
12 
Proceeds from sales of investments:
 
 
Fixed maturity and equity securities
1,009 
1,021 
Purchases and originations of investments:
 
 
Fixed maturity and equity securities
(2,200)
(3,623)
Commercial mortgage loans
(38)
 
Other invested assets, net
(59)
344 
Policy loans, net
(9)
(5)
Payments for businesses purchased, net of cash acquired
(4)
 
Net cash from investing activities
496 
(1,174)
Cash flows from financing activities:
 
 
Deposits to universal life and investment contracts
560 
490 
Withdrawals from universal life and investment contracts
(1,115)
(913)
Short-term borrowings and other, net
(33)
(37)
Redemption of non-recourse funding obligations
(6)
(6)
Proceeds from the issuance of long-term debt
397 
 
Repayment of borrowings related to securitization entities
(12)
(11)
Dividends paid to noncontrolling interests
(12)
(10)
Net cash from financing activities
(221)
(487)
Effect of exchange rate changes on cash and cash equivalents
(1)
(5)
Net change in cash and cash equivalents
610 
(1,536)
Cash and cash equivalents at beginning of period
3,132 
5,002 
Cash and cash equivalents at end of period
$ 3,742 
$ 3,466 
Formation of Genworth and Basis of Presentation
Formation of Genworth and Basis of Presentation

(1) Formation of Genworth and Basis of Presentation

Genworth Financial, Inc. ("Genworth") was incorporated in Delaware on October 23, 2003. The accompanying condensed financial statements include on a consolidated basis the accounts of Genworth and our affiliate companies in which we hold a majority voting interest or where we are the primary beneficiary of a variable interest entity, which we refer to as the "Company," "we," "us" or "our" unless the context otherwise requires. All intercompany accounts and transactions have been eliminated in consolidation.

We have the following three operating segments:

 

   

Retirement and Protection. We offer and/or manage a variety of protection, wealth management and retirement income products. Our primary insurance products include life and long-term care insurance. Additionally, we offer other Medicare supplement insurance products, as well as care coordination services for our long-term care policyholders. Our wealth management and retirement income products include: a variety of managed account programs and advisor services, financial planning services, fixed and immediate individual annuities. We previously offered variable deferred and group variable annuities offered through retirement plans.

 

   

International. We offer mortgage and lifestyle protection insurance products and related services in multiple markets. We are a leading provider of mortgage insurance products in Canada, Australia, Mexico and multiple European countries. Our products predominantly insure prime-based, individually underwritten residential mortgage loans, also known as flow mortgage insurance. On a limited basis, we also provide mortgage insurance on a structured, or bulk, basis that aids in the sale of mortgages to the capital markets and helps lenders manage capital and risk. We are a leading provider of protection coverages primarily associated with certain financial obligations (referred to as lifestyle protection) in multiple European countries. These lifestyle protection insurance products primarily help consumers meet specified payment obligations should they become unable to pay due to accident, illness, involuntary unemployment, disability or death.

 

   

U.S. Mortgage Insurance. In the United States, we offer mortgage insurance products predominantly insuring prime-based, individually underwritten residential mortgage loans, also known as flow mortgage insurance. We selectively provide mortgage insurance on a structured, or bulk, basis with essentially all of our bulk writings prime-based. Additionally, we offer services, analytical tools and technology that enable lenders to operate efficiently and manage capital and risk.

We also have Corporate and Other activities which include debt financing expenses that are incurred at our holding company level, unallocated corporate income and expenses, eliminations of inter-segment transactions and the results of non-strategic products that are managed outside of our operating segments. Our non-strategic products include our institutional and corporate-owned life insurance products. Institutional products consist of: funding agreements, funding agreements backing notes ("FABNs") and guaranteed investment contracts ("GICs").

In January 2011, we discontinued new sales of retail and group variable annuities while continuing to service our existing blocks of business. We continue to offer fixed annuities.

The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). Preparing financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect reported amounts and related disclosures. Actual results could differ from those estimates. These condensed consolidated financial statements include all adjustments considered necessary by management to present a fair statement of the financial position, results of operations and cash flows for the periods presented. The results reported in these condensed consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for the entire year. The condensed consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements and related notes contained in our 2010 Annual Report on Form 10-K. Certain prior year amounts have been reclassified to conform to the current year presentation.

Accounting Pronouncements
Accounting Pronouncements

(2) Accounting Pronouncements

Recently Adopted

On January 1, 2011, we adopted new accounting guidance related to goodwill impairment testing when a reporting unit's carrying value is zero or negative. This guidance did not impact our consolidated financial statements upon adoption, as all of our reporting units with goodwill balances have positive carrying values.

 

On January 1, 2011, we adopted new accounting guidance related to how investments held through separate accounts affect an insurer's consolidation analysis of those investments. The adoption of this new accounting guidance did not have a material impact on our consolidated financial statements.

On January 1, 2011, we adopted new accounting guidance related to additional disclosures about purchases, sales, issuances and settlements in the rollforward of Level 3 fair value measurements. The adoption of this new accounting guidance did not have a material impact on our consolidated financial statements.

Not Yet Adopted

In April 2011, the Financial Accounting Standards Board (the "FASB") issued new accounting guidance for troubled debt restructurings. This new accounting guidance and related disclosures will be effective for us on July 1, 2011. We do not expect the adoption of this accounting guidance to have a material impact on our consolidated financial statements.

In October 2010, the FASB issued new accounting guidance related to accounting for costs associated with acquiring or renewing insurance contracts. This new accounting guidance will be effective for us on January 1, 2012. When adopted, we expect to defer fewer costs. The new guidance is effective prospectively with retrospective adoption allowed. We have not yet determined the method nor impact this accounting guidance will have on our consolidated financial statements.

Earnings Per Share
Earnings Per Share

(3) Earnings Per Share

Basic and diluted earnings per share are calculated by dividing each income category presented below by the weighted-average basic and diluted shares outstanding for the periods indicated:

 

Investments
Investments

(4) Investments

(a) Net Investment Income

Sources of net investment income were as follows for the periods indicated:

 

     Three months ended
March 31,
 

(Amounts in millions)

   2011     2010  

Fixed maturity securities—taxable

   $ 670      $ 626   

Fixed maturity securities—non-taxable

     11        16   

Commercial mortgage loans

     92        104   

Restricted commercial mortgage loans related to securitization entities

     10        10   

Equity securities

     3        2   

Other invested assets

     34        (2

Restricted other invested assets related to securitization entities

     —          1   

Policy loans

     29        27   

Cash, cash equivalents and short-term investments

     6        5   
                

Gross investment income before expenses and fees

     855        789   

Expenses and fees

     (25     (24
                

Net investment income

   $ 830      $ 765   
                

(b) Net Investment Gains (Losses)

The following table sets forth net investment gains (losses) for the periods indicated:

 

     Three months ended
March 31,
 

(Amounts in millions)

   2011     2010  

Available-for-sale securities:

    

Realized gains

   $ 29      $ 23   

Realized losses

     (31     (38
                

Net realized gains (losses) on available-for-sale securities

     (2     (15
                

Impairments:

    

Total other-than-temporary impairments

     (31     (77

Portion of other-than-temporary impairments recognized in other comprehensive income (loss)

     (5     (3
                

Net other-than-temporary impairments

     (36     (80
                

Trading securities

     11        6   

Commercial mortgage loans

     (1     (4

Net gains (losses) related to securitization entities

     10        11   

Derivative instruments (1)

     (10     (8

Other

     —          20   
                

Net investment gains (losses)

   $ (28   $ (70
                

We generally intend to hold securities in unrealized loss positions until they recover. However, from time to time, our intent on an individual security may change, based upon market or other unforeseen developments. In such instances, we sell securities in the ordinary course of managing our portfolio to meet diversification, credit quality, yield and liquidity requirements. If a loss is recognized from a sale subsequent to a balance sheet date due to these unexpected developments, the loss is recognized in the period in which we determined that we have the intent to sell the securities or it is more likely than not that we will be required to sell the securities prior to recovery. The aggregate fair value of securities sold at a loss during the periods ended March 31, 2011 and 2010 was $397 million and $558 million, respectively, which was approximately 94% of book value for both periods.

The following represents the activity for credit losses recognized in net income on debt securities where an other-than-temporary impairment was identified and a portion of other-than-temporary impairments was included in other comprehensive income (loss) ("OCI") as of or for the three months ended March 31:

 

(Amounts in millions)

   2011     2010  

Beginning balance

   $ 784      $ 1,059  

Additions:

    

Other-than-temporary impairments not previously recognized

     3        20   

Increases related to other-than-temporary impairments previously recognized

     31        46   

Reductions:

    

Securities sold, paid down or disposed

     (63     (100

Securities where there is intent to sell

     —          —     
                

Ending balance

   $ 755      $ 1,025   
                

(c) Unrealized Investment Gains and Losses

Net unrealized gains and losses on available-for-sale investment securities reflected as a separate component of accumulated other comprehensive income (loss) were as follows as of the dates indicated:

 

(Amounts in millions)

   March 31, 2011     December 31, 2010  

Net unrealized gains (losses) on investment securities:

    

Fixed maturity securities

   $ 548      $ 511   

Equity securities

     20        9   

Other invested assets

     (20     (22
                

Subtotal

     548        498   

Adjustments to deferred acquisition costs, present value of future profits, sales inducements and benefit reserves

     (546     (583

Income taxes, net

     2        35   
                

Net unrealized investment gains (losses)

     4        (50

Less: net unrealized investment gains (losses) attributable to noncontrolling interests

     41        50   
                

Net unrealized investment gains (losses) attributable to Genworth Financial, Inc.

   $ (37   $ (100
                

 

The change in net unrealized gains (losses) on available-for-sale securities reported in accumulated other comprehensive income (loss) was as follows as of or for the three months ended March 31:

 

(Amounts in millions)

   2011     2010  

Beginning balance

   $ (100   $ (1,398

Impact upon adoption of new accounting guidance

     —          91   

Unrealized gains (losses) arising during the period:

    

Unrealized gains (losses) on investment securities

     12        763   

Adjustment to deferred acquisition costs

     (21     (113

Adjustment to present value of future profits

     (1     (31

Adjustment to sales inducements

     (4     (15

Adjustment to benefit reserves

     63        —     

Provision for income taxes

     (20     (220
                

Change in unrealized gains (losses) on investment securities

     29        384   

Reclassification adjustments to net investment (gains) losses, net of taxes of $(13) and $(34)

     25        62   
                

Change in net unrealized investment gains (losses)

     54        537   

Less: change in net unrealized investment (gains) losses attributable to noncontrolling interests

     9        1   
                

Ending balance

   $ (37   $ (860
                

(d) Fixed Maturity and Equity Securities

As of March 31, 2011, the amortized cost or cost, gross unrealized gains (losses) and fair value of our fixed maturity and equity securities classified as available-for-sale were as follows:

 

(Amounts in millions)

   Amortized
cost or
cost
     Gross unrealized gains      Gross unrealized losses     Fair
value
 
      Not other-than-
temporarily
impaired
     Other-than-
temporarily
impaired
     Not other-than-
temporarily
impaired
    Other-than-
temporarily
impaired
   

Fixed maturity securities:

               

U.S. government, agencies and government-sponsored enterprises

   $ 3,352       $ 102       $ —         $ (40   $ —        $ 3,414   

Tax-exempt

     1,029         16         —           (117     —          928   

Government—non-U.S.

     2,267         99         —           (7     —          2,359   

U.S. corporate

     23,069         1,062         12         (390     —          23,753   

Corporate—non-U.S.

     13,655         454         —           (163     (9     13,937   

Residential mortgage-backed

     4,897         134         20         (270     (181     4,600   

Commercial mortgage-backed

     3,841         120         3         (172     (36     3,756   

Other asset-backed

     2,324         19         —           (90     (2     2,251   
                                                   

Total fixed maturity securities

     54,434         2,006         35         (1,249     (228     54,998   

Equity securities

     334         24         —           (3     —          355   
                                                   

Total available-for-sale securities

   $ 54,768       $ 2,030       $ 35       $ (1,252   $ (228   $ 55,353   
                                                   

 

As of December 31, 2010, the amortized cost or cost, gross unrealized gains (losses) and fair value of our fixed maturity and equity securities classified as available-for-sale were as follows:

 

(Amounts in millions)

   Amortized
cost or
cost
     Gross unrealized gains      Gross unrealized losses     Fair
value
 
      Not other-than-
temporarily
impaired
     Other-than-
temporarily
impaired
     Not other-than-
temporarily
impaired
    Other-than-
temporarily
impaired
   

Fixed maturity securities:

               

U.S. government, agencies and government-sponsored enterprises

   $ 3,568       $ 145       $ —         $ (8   $ —        $ 3,705   

Tax-exempt

     1,124         19         —           (113     —          1,030   

Government—non-U.S.

     2,257         118         —           (6     —          2,369   

U.S. corporate

     23,282         1,123         10         (448     —          23,967   

Corporate—non-U.S.

     13,180         485         —           (167     —          13,498   

Residential mortgage-backed

     4,821         116         18         (304     (196     4,455   

Commercial mortgage-backed

     3,936         132         6         (286     (45     3,743   

Other asset-backed

     2,494         18         —           (94     (2     2,416   
                                                   

Total fixed maturity securities

     54,662         2,156         34         (1,426     (243     55,183   

Equity securities

     323         13         —           (4     —          332   
                                                   

Total available-for-sale securities

   $ 54,985       $ 2,169       $ 34       $ (1,430   $ (243   $ 55,515   
                                                   

 

The following table presents the gross unrealized losses and fair values of our investment securities, aggregated by investment type and length of time that individual investment securities have been in a continuous unrealized loss position, as of March 31, 2011:

 

     Less than 12 months      12 months or more      Total  

(Dollar amounts in millions)

   Fair
value
     Gross
unrealized
losses
    Number of
securities
     Fair
value
     Gross
unrealized
losses
(1)
    Number of
securities
     Fair
value
     Gross
unrealized
losses
(2)
    Number of
securities
 

Description of Securities

                       

Fixed maturity securities:

                       

U.S. government, agencies and government-sponsored enterprises

   $ 1,187       $ (40     56       $ —         $ —          —         $ 1,187       $ (40     56   

Tax-exempt

     229         (13     81         244         (104     91         473         (117     172   

Government—non-U.S.

     312         (6     80         39         (1     11         351         (7     91   

U.S. corporate

     3,883         (140     484         2,068         (250     174         5,951         (390     658   

Corporate—non- U.S.

     2,633         (82     362         992         (90     92         3,625         (172     454   

Residential mortgage-backed

     454         (23     80         964         (428     389         1,418         (451     469   

Commercial mortgage-backed

     254         (10     37         1,105         (198     199         1,359         (208     236   

Other asset-backed

     173         (1     30         424         (91     46         597         (92     76   
                                                                             

Subtotal, fixed maturity securities

     9,125         (315     1,210         5,836         (1,162     1,002         14,961         (1,477     2,212   

Equity securities

     71         (2     46         6         (1     11         77         (3     57   
                                                                             

Total for securities in an unrealized loss position

   $ 9,196       $ (317     1,256       $ 5,842       $ (1,163     1,013       $ 15,038       $ (1,480     2,269   
                                                                             

 

Aging of Gross Unrealized Losses and Other-Than-Temporary Losses

The following table presents the gross unrealized losses and number of investment securities, aggregated by investment type and length of time that individual investment securities have been in a continuous unrealized loss position, as of March 31, 2011:

 

     Less than 20%      20% to 50%      Greater than 50%  

(Dollar amounts in millions)

   Gross
unrealized
losses
    % of total
gross
unrealized
losses
    Number
of
securities
     Gross
unrealized
losses
    % of total
gross
unrealized
losses
    Number
of
securities
     Gross
unrealized
losses
    % of total
gross
unrealized
losses
    Number
of
securities
 

Fixed maturity securities:

                    

Less than 12 months:

                    

Investment grade

   $ (278     19     1,143       $ (24     2     8       $ —          —       —     

Below investment grade

     (11     1        50         (1     —          3         (1     —          6   
                                                                          

Total

     (289     20        1,193         (25     2        11         (1     —          6   
                                                                          

12 months or more:

                    

Investment grade

     (279     19        437         (246     16        128         (63     4        24   

Below investment grade (1)

     (86     6        149         (293     20        155         (195     13        109   
                                                                          

Total

     (365     25        586         (539     36        283         (258     17        133   
                                                                          

Equity securities:

                    

Less than 12 months:

                    

Investment grade

     (1     —          24         —          —          —           —          —          —     

Below investment grade

     (1     —          22         —          —          —           —          —          —     
                                                                          

Total

     (2     —          46         —          —          —           —          —          —     
                                                                          

12 months or more:

                    

Investment grade

     (1     —          11         —          —          —           —          —          —     

Below investment grade

     —          —          —           —          —          —           —          —          —     

Total

     (1     —          11         —          —          —           —          —          —     
                                                                          

Total

   $ (657     45     1,836       $ (564     38     294       $ (259     17     139   
                                                                          

The securities less than 20% below cost were primarily attributable to credit spreads that have widened since acquisition for certain mortgage-backed and asset-backed securities and corporate securities in the finance and insurance sector.

 

Concentration of Gross Unrealized Losses and Other-Than-Temporary Losses by Sector

The following table presents the concentration of gross unrealized losses by sector as of March 31, 2011:

 

     Investment grade     Below investment grade  

(Amounts in millions)

   Gross
unrealized
losses
    % of gross
unrealized
losses
    Gross
unrealized
losses
    % of gross
unrealized
losses
 

Fixed maturity securities:

        

U.S. government, agencies and government-sponsored enterprises

   $ (40     3   $ —          —  

Tax-exempt

     (115     8        (2     —     

Government—non-U.S.

     (7     1        —          —     

U.S. corporate

     (360     24        (30     2   

Corporate—non-U.S.

     (158     11        (14     1   

Residential mortgage-backed

     (95     6        (356     24   

Commercial mortgage-backed

     (93     6        (115     8   

Other asset-backed

     (22     1        (70     5   
                                

Subtotal, fixed maturity securities

     (890     60        (587     40   

Equity securities

     (2     —          (1     —     
                                

Total

   $ (892     60   $ (588     40
                                

While certain securities included in the preceding tables were considered other-than-temporarily impaired, we expect to recover the new amortized cost based on our estimate of cash flows to be collected. We do not intend to sell and it is not more likely than not that we will be required to sell these securities prior to recovering our amortized cost.

Despite the considerable analysis and rigor employed on our structured securities, it is at least reasonably possible that the underlying collateral of these investments will perform worse than current market expectations. Such events may lead to adverse changes in cash flows on our holdings of asset-backed and mortgage-backed securities and potential future write-downs within our portfolio of mortgage-backed and asset-backed securities. We expect our investments in corporate securities will continue to perform in accordance with our conclusions about the amount and timing of estimated cash flows. Although we do not anticipate such events, it is at least reasonably possible that issuers of our investments in corporate securities will perform worse than current expectations. Such events may lead us to recognize potential future write-downs within our portfolio of corporate securities.

Structured Securities

The following table presents the concentration of gross unrealized losses related to structured securities as of March 31, 2011:

 

     Investment grade     Below investment grade  

(Amounts in millions)

   Gross
unrealized
losses
    % of gross
unrealized
losses
    Gross
unrealized
losses
    % of gross
unrealized
losses
 

Structured securities:

        

Residential mortgage-backed

   $ (95     13   $ (356     48

Commercial mortgage-backed

     (93     12        (115     15   

Other asset-backed

     (22     3        (70     9   
                                

Total structured securities

   $ (210     28   $ (541     72
                                

Most of the structured securities have been in an unrealized loss position for 12 months or more. Given ongoing concern about the housing market and unemployment, the fair value of these securities has declined due to credit spreads that have widened since acquisition. We examined the performance of the underlying collateral and developed our estimate of cash flows expected to be collected. In doing so, we identified certain securities where the non-credit portion of other-than-temporary impairments was recorded in OCI. Based on this evaluation, we determined that the unrealized losses on our mortgage-backed and asset-backed securities represented temporary impairments as of March 31, 2011.

 

Corporate Securities

The following table presents the concentration of gross unrealized losses related to corporate debt and equity securities by industry as of March 31, 2011:

 

     Investment grade     Below investment grade  

(Amounts in millions)

   Less than
12 months
    12 months
or more
    Less than
12 months
    12 months
or more
 

Industry:

        

Finance and insurance

   $ (45   $ (216   $ (9   $ (15

Utilities and energy

     (64     (9     —          —     

Consumer – non-cyclical

     (23     (7     —          (3

Consumer – cyclical

     (4     (6     (1     (2

Capital goods

     (6     (7     —          (7

Industrial

     (15     (13     —          (2

Technology and communications

     (19     (6     —          (2

Transportation

     (3     (27     —          —     

Other

     (33     (17     (2     (2
                                

Total

   $ (212   $ (308   $ (12   $ (33
                                

A portion of the unrealized losses in the finance and insurance sector included debt securities where an other-than-temporary impairment was recorded in OCI. Given the current market conditions, including current financial industry events and uncertainty around global economic conditions, the fair value of these debt securities has declined due to credit spreads that have widened since acquisition. In our examination of these securities, we considered all available evidence, including the issuers' financial condition and current industry events to develop our conclusion on the amount and timing of the cash flows expected to be collected. Based on this evaluation, we determined that the unrealized losses on these debt securities represented temporary impairments as of March 31, 2011. A subset of the securities issued by banks and other financial institutions represent investments in financial hybrid securities on which a debt impairment model was employed. The majority of hybrid securities retain a credit rating of investment grade and were issued by foreign financial institutions. The fair value of the hybrid securities has been impacted by credit spreads that have widened since acquisition and reflect uncertainty surrounding the extent and duration of government involvement, potential capital restructuring of these institutions, and continued but diminishing risk that income payments may be deferred.

 

The following table presents the gross unrealized losses and fair values of our investment securities, aggregated by investment type and length of time that individual investment securities have been in a continuous unrealized loss position, as of December 31, 2010:

 

     Less than 12 months      12 months or more      Total  

(Dollar amounts in millions)

   Fair
value
     Gross
unrealized
losses
    Number of
securities
     Fair
value
     Gross
unrealized
losses
(1)
    Number of
securities
     Fair
value
     Gross
unrealized
losses
(2)
    Number of
securities
 

Description of Securities

                       

Fixed maturity securities:

                       

U.S. government, agencies and government-sponsored enterprises

   $ 545       $ (8     36       $ —         $ —          —         $ 545       $ (8     36   

Tax-exempt

     285         (12     101         244         (101     90         529         (113     191   

Government—non-U.S.

     431         (5     69         21         (1     7         452         (6     76   

U.S. corporate

     3,615         (125     443         2,338         (323     191         5,953         (448     634   

Corporate—non- U.S.

     2,466         (53     296         1,141         (114     102         3,607         (167     398   

Residential mortgage-backed

     461         (23     92         1,031         (477     416         1,492         (500     508   

Commercial mortgage-backed

     177         (8     26         1,167         (323     225         1,344         (331     251   

Other asset-backed

     401         (2     37         512         (94     53         913         (96     90   
                                                                             

Subtotal, fixed maturity securities

     8,381         (236     1,100         6,454         (1,433     1,084         14,835         (1,669     2,184   

Equity securities

     77         (3     48         5         (1     4         82         (4     52   
                                                                             

Total for securities in an unrealized loss position

   $ 8,458       $ (239     1,148       $ 6,459       $ (1,434     1,088       $ 14,917       $ (1,673     2,236   
                                                                             

 

The following table presents the gross unrealized losses and number of investment securities, aggregated by investment type and length of time that individual investment securities have been in a continuous unrealized loss position, as of December 31, 2010:

 

     Less than 20%      20% to 50%      Greater than 50%  

(Dollar amounts in millions)

   Gross
unrealized
losses
    % of total
gross
unrealized
losses
    Number
of
securities
     Gross
unrealized
losses
    % of total
gross
unrealized
losses
    Number
of
securities
     Gross
unrealized
losses
    % of total
gross
unrealized
losses
    Number
of
securities
 

Fixed maturity securities:

                    

Less than 12 months:

                    

Investment grade

   $ (222     13     1,031       $ (7         8       $ —          —       —     

Below investment grade

     (4     —          45         (1     —          10         (2     —          6   
                                                                          

Total

     (226     13        1,076         (8     1        18         (2     —          6   
                                                                          

12 months or more:

                    

Investment grade

     (330     20        473         (328     20        166         (105     6        40   

Below investment grade (1)

     (88     5        115         (324     19        162         (258     16        128   
                                                                          

Total

     (418     25        588         (652     39        328         (363     22        168   
                                                                          

Equity securities:

                    

Less than 12 months:

                    

Investment grade

     (1     —          20         (1     —          1         —          —          —     

Below investment grade

     (1     —          27         —          —          —           —          —          —     
                                                                          

Total

     (2     —          47         (1     —          1         —          —          —     
                                                                          

12 months or more:

                    

Investment grade

     (1     —          4         —          —          —           —          —          —     

Below investment grade

     —          —          —           —          —          —           —          —          —     
                                                                          

Total

     (1     —          4         —          —          —           —          —          —     
                                                                          

Total

   $ (647     38     1,715       $ (661     40     347       $ (365     22     174   
                                                                          

 

The scheduled maturity distribution of fixed maturity securities as of March 31, 2011 is set forth below. Actual maturities may differ from contractual maturities because issuers of securities may have the right to call or prepay obligations with or without call or prepayment penalties.

 

(Amounts in millions)

   Amortized
cost or
cost
     Fair
value
 

Due one year or less

   $ 2,360       $ 2,379   

Due after one year through five years

     11,966         12,248   

Due after five years through ten years

     9,324         9,678   

Due after ten years

     19,722         20,086   
                 

Subtotal

     43,372         44,391   

Residential mortgage-backed

     4,897         4,600   

Commercial mortgage-backed

     3,841         3,756   

Other asset-backed

     2,324         2,251   
                 

Total

   $ 54,434       $ 54,998   
                 

As of March 31, 2011, $4,504 million of our investments (excluding mortgage-backed and asset-backed securities) were subject to certain call provisions.

As of March 31, 2011, securities issued by finance and insurance, utilities and energy, and consumer—non-cyclical industry groups represented approximately 23%, 22% and 11% of our domestic and foreign corporate fixed maturity securities portfolio, respectively. No other industry group comprised more than 10% of our investment portfolio. This portfolio is widely diversified among various geographic regions in the United States and internationally, and is not dependent on the economic stability of one particular region.

As of March 31, 2011, we did not hold any fixed maturity securities in any single issuer, other than securities issued or guaranteed by the U.S. government, which exceeded 10% of stockholders' equity.

(e) Commercial Mortgage Loans

Our mortgage loans are collateralized by commercial properties, including multi-family residential buildings. The carrying value of commercial mortgage loans is stated at original cost net of prepayments, amortization and allowance for loan losses.

We diversify our commercial mortgage loans by both property type and geographic region. The following tables set forth the distribution across property type and geographic region for commercial mortgage loans as of the dates indicated:

 

     March 31, 2011     December 31, 2010  

(Amounts in millions)

   Carrying
value
    % of
total
    Carrying
value
    % of
total
 

Property type:

        

Retail

   $ 1,976        30   $ 1,974        29

Office

     1,822        27        1,850        27   

Industrial

     1,745        26        1,788        26   

Apartments

     700        11        725        11   

Mixed use/other

     411        6        435        7   
                                

Total principal balance

     6,654        100     6,772        100
                    

Unamortized balance of loan origination fees and costs

     4          5     

Allowance for losses

     (58       (59  
                    

Total

   $ 6,600        $ 6,718     
                    

Geographic region:

        

Pacific

   $ 1,746        26   $ 1,769        26

South Atlantic

     1,577        24        1,583        23   

Middle Atlantic

     880        13        937        14   

East North Central

     603        9        612        9   

Mountain

     527        8        540        8   

New England

     480        7        482        7   

West North Central

     355        5        369        6   

West South Central

     305        5        297        4   

East South Central

     181        3        183        3   
                                

Total principal balance

     6,654        100     6,772        100
                    

Unamortized balance of loan origination fees and costs

     4          5     

Allowance for losses

     (58       (59  
                    

Total

   $ 6,600        $ 6,718     
                    

The following tables set forth the aging of past due commercial mortgage loans by property type as of the dates indicated:

 

     March 31, 2011  

(Amounts in millions)

   31 – 60 days
past due
    61 – 90 days
past due
    Greater than
90 days past
due
    Total
past due
    Current     Total  

Property type:

            

Retail

   $ 3      $ 3      $ —        $ 6      $ 1,970      $ 1,976   

Office

     —          —          10        10        1,812        1,822   

Industrial

     —          4        12        16        1,729        1,745   

Apartments

     —          —          —          —          700        700   

Mixed use/other

     —          —          —          —          411        411   
                                                

Total principal balance

   $ 3      $ 7      $ 22      $ 32      $ 6,622      $ 6,654   
                                                

% of total commercial mortgage loans

     —       —       —       —       100     100
                                                
     December 31, 2010  

(Amounts in millions)

   31 – 60 days
past due
    61 – 90 days
past due
    Greater than
90 days past
due
    Total
past due
    Current     Total  

Property type:

            

Retail

   $ —        $ —        $ —        $ —        $ 1,974      $ 1,974   

Office

     —          —          12        12        1,838        1,850   

Industrial

     —          6        27        33        1,755        1,788   

Apartments

     —          —          —          —          725        725   

Mixed use/other

     —          —          —          —          435        435   
                                                

Total principal balance

   $ —        $ 6      $ 39      $ 45      $ 6,727      $ 6,772   
                                                

% of total commercial mortgage loans

     —       —       1     1     99     100
                                                

As of March 31, 2011 and December 31, 2010, we had no commercial mortgage loans that were past due for more than 90 days and still accruing interest.

The following table sets forth the commercial mortgage loans on nonaccrual status by property type as of the dates indicated:

 

(Amounts in millions)

   March 31,
2011
     December 31,
2010
 

Property type:

     

Retail

   $ —         $ —     

Office

     10         12   

Industrial

     12         27   

Apartments

     —           —     

Mixed use/other

     —           —     
                 

Total principal balance

   $ 22       $ 39   
                 

The following table sets forth the allowance for credit losses and recorded investment in commercial mortgage loans for the period ended March 31:

 

(Amounts in millions)

   2011  

Allowance for credit losses:

  

Beginning balance

   $ 59   

Charge-offs

     (1

Recoveries

     —     

Provision

     —     
        

Ending balance

   $ 58   
        

Ending allowance for individually impaired loans

   $ —     
        

Ending allowance for loans not individually impaired that were evaluated collectively for impairment

   $ 58   
        

Principal balance:

  

Ending balance

   $ 6,654   
        

Ending balance of individually impaired loans

   $ 14   
        

Ending balance of loans not individually impaired that were evaluated collectively for impairment

   $ 6,640   
        

The following table presents the activity in the allowance for losses for the period ended March 31:

 

(Amounts in millions)

   2010  

Beginning balance

   $ 48   

Provision

     4   

Release

     —     
        

Ending balance

   $ 52   
        

The following tables set forth our individually impaired commercial mortgage loans by property type as of the dates indicated:

 

     March 31, 2011  

(Amounts in millions)

   Recorded
investment
     Unpaid
principal
balance
     Charge-
offs
     Related
allowance
     Average
recorded
investment
     Interest
income
recognized
 

Property type:

                 

Retail

   $ 1       $ 2       $ 1       $ —         $ 1       $ —     

Office

     9         10           1         —         $ 3         —     

Industrial

      4           6            2         —         $  4          —     

Apartments

     —           —           —           —         $ —           —     

Mixed use/other

     —           —           —           —         $ —           —     
                                               

Total

   $ 14       $ 18       $ 4       $ —         $ 3       $ —     
                                               
     December 31, 2010  

(Amounts in millions)

   Recorded
investment
     Unpaid
principal
balance
     Charge-
offs
     Related
allowance
     Average
recorded
investment
     Interest
income
recognized
 

Property type:

                 

Retail

   $ 5       $ 8       $ 3       $ —         $ 2       $ —     

Office

     6         8         2         —         $ 2         —     

Industrial

     19         24         5         —         $ 3         —     

Apartments

     —           —           —           —         $ —           —     

Mixed use/other

     —           —           —           —         $ —           —     
                                               

Total

   $ 30       $ 40       $ 10       $ —         $ 3       $ —     
                                               

In evaluating the credit quality of commercial mortgage loans, we assess the performance of the underlying loans using both quantitative and qualitative criteria. Certain risks associated with commercial mortgages loans can be evaluated by reviewing both the loan-to-value and debt service coverage ratio to understand both the probability of the borrower not being able to make the necessary loan payments as well as the ability to sell the underlying property for an amount that would enable us to recover our unpaid principal balance in the event of default by the borrower. The average loan-to-value ratio is based on our most recent estimate of the fair value for the underlying property which is evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan. A lower loan-to-value indicates that our loan value is more likely to be recovered in the event of default by the borrower if the property was sold. The debt service coverage ratio is based on "normalized" annual net operating income of the property compared to the payments required under the terms of the loan. Normalization allows for the removal of annual one-time events such as capital expenditures, prepaid or late real estate tax payments or non-recurring third-party fees (such as legal, consulting or contract fees). This ratio is evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan. A higher debt service coverage ratio indicates the borrower is less likely to default on the loan. The debt service coverage ratio should not be used without considering other factors associated with the borrower, such as the borrower's liquidity or access to other resources that may result in our expectation that the borrower will continue to make the future scheduled payments.

 

The following tables set forth the average loan-to-value of commercial mortgage loans by property type as of the dates indicated:

 

     March 31, 2011  

(Amounts in millions)

   0% – 50%     51% – 60%     61% –75%     76% – 100%     Greater
than 100%
    Total  

Property type:

            

Retail

   $ 477      $ 268      $ 845      $ 347      $ 39      $ 1,976   

Office

     318        308        702        364        130        1,822   

Industrial

     418        372        624        260        71        1,745   

Apartments

     125        188        265        107        15        700   

Mixed use/other

     99        19        143        141        9        411   
                                                

Total

   $ 1,437      $ 1,155      $ 2,579      $ 1,219      $ 264      $ 6,654   
                                                

% of total

     22     17     39     18     4     100
                                                

Weighted-average debt service coverage ratio

     2.24        1.98        2.42        1.83        1.02        2.14   
                                                
     December 31, 2010  

(Amounts in millions)

   0% – 50%     51% – 60%     61% –75%     76% – 100%     Greater
than 100%
    Total  

Property type:

            

Retail

   $ 477      $ 287      $ 805      $ 363      $ 42      $ 1,974   

Office

     320        327        612        446        145        1,850   

Industrial

     431        361        625        284        87        1,788   

Apartments

     99        172        321        133        —          725   

Mixed use/other

     123        10        63        221        18        435   
                                                

Total

   $ 1,450      $ 1,157      $ 2,426      $ 1,447      $ 292      $ 6,772   
                                                

% of total

     22     17     36     21     4     100
                                                

Weighted-average debt service coverage ratio

     2.24        1.99        1.79        2.42        0.75        2.01   
                                                

The following tables set forth the debt service coverage ratio for fixed rate commercial mortgage loans by property type as of the dates indicated:

 

     March 31, 2011  

(Amounts in millions)

   Less than 1.00     1.00 – 1.25     1.26 – 1.50     1.51 – 2.00     Greater
than 2.00
    Total  

Property type:

            

Retail

   $ 119      $ 309      $ 499      $ 522      $ 412      $ 1,861   

Office

     196        182        241        486        538        1,643   

Industrial

     245        163        278        708        333        1,727   

Apartments

     7        61        123        296        146        633   

Mixed use/other

     47        18        11        77        69        222   
                                                

Total

   $ 614      $ 733      $ 1,152      $ 2,089      $ 1,498      $ 6,086   
                                                

% of total

     10     12     19     34     25     100
                                                

Weighted-average loan-to-value

     86     71     68     60     51     63
                                                
     December 31, 2010  

(Amounts in millions)

   Less than 1.00     1.00 – 1.25     1.26 – 1.50     1.51 – 2.00     Greater
than 2.00
    Total  

Property type:

            

Retail

   $ 125      $ 317      $ 490      $ 512      $ 415      $ 1,859   

Office

     176        186        238        524        547        1,671   

Industrial

     260        166        292        698        346        1,762   

Apartments

     7        62        160        290        135        654   

Mixed use/other

     49        12        17        78        94        250   
                                                

Total

   $ 617      $ 743      $ 1,197      $ 2,102      $ 1,537      $ 6,196   
                                                

% of total

     10     12     19     34     25     100
                                                

Weighted-average loan-to-value

     90     71     68     62     50     64
                                                

The following tables set forth the debt service coverage ratio for floating rate commercial mortgage loans by property type as of the dates indicated:

 

     March 31, 2011  

(Amounts in millions)

   Less than 1.00     1.00 – 1.25     1.26 – 1.50     1.51 – 2.00     Greater than
2.00
    Total  

Property type:

            

Retail

   $ —        $ —        $ —        $ 2      $ 113      $ 115   

Office

     —          —          —          9        170        179   

Industrial

     1        5        —          1        11        18   

Apartments

     —          —          —          29        38        67   

Mixed use/other

     —          4        —          —          185        189   
                                                

Total

   $ 1      $ 9      $ —        $ 41      $ 517      $ 568   
                                                

% of total

     —       2     —       7     91     100
                                                

Weighted-average loan-to-value

     28     58     —       69     77     76
                                                
     December 31, 2010  

(Amounts in millions)

   Less than 1.00     1.00 – 1.25     1.26 – 1.50     1.51 – 2.00     Greater than
2.00
    Total  

Property type:

            

Retail

   $ —        $ —        $ —        $ 2      $ 113      $ 115   

Office

     —          —          —          57        122        179   

Industrial

     1        5        —          1        19        26   

Apartments

     —          4        —          21        46        71   

Mixed use/other

     —          —          —          —          185        185   
                                                

Total

   $ 1      $ 9      $ —        $ 81      $ 485      $ 576   
                                                

% of total

     —       2     —       14     84     100
                                                

Weighted-average loan-to-value

     30     62     —       83     77     78
                                                

(f) Restricted Commercial Mortgage Loans Related To Securitization Entities

The following tables set forth additional information regarding our restricted commercial mortgage loans related to securitization entities as of the dates indicated:

 

     March 31, 2011     December 31, 2010  

(Amounts in millions)

   Carrying
value
    % of
total
    Carrying
value
    % of
total
 

Property type:

        

Retail

   $ 177        36   $ 182        36

Industrial

     120        25        124        24   

Office

     105        22        117        23   

Apartments

     63        13        64        13   

Mixed use/other

     22        4        22        4   
                                

Total principal balance

     487        100     509        100
                    

Allowance for losses

     (2       (2  
                    

Total

   $ 485        $ 507     
                    

Geographic region:

        

South Atlantic

   $ 176        36   $ 189        37

Pacific

     88        18        90        18   

Middle Atlantic

     68        14        70        14   

East North Central

     50        10        51        10   

Mountain

     31        7        32        6   

East South Central

     31        7        32        6   

West North Central

     30        6        31        6   

West South Central

     12        2        13        3   

New England

     1        —          1        —     
                                

Total principal balance

     487        100     509        100
                    

Allowance for losses

     (2       (2  
                    

Total

   $ 485        $ 507     
                    

As of March 31, 2011 and December 31, 2010, all restricted commercial mortgage loans were current and there were no restricted commercial mortgage loans on nonaccrual status.

Of the total carrying value of restricted commercial mortgage loans as of March 31, 2011 and December 31, 2010, $485 million and $507 million, respectively, related to loans not individually impaired that were evaluated collectively for impairment. There was no provision for credit losses recorded during the three months ended March 31, 2011 related to restricted commercial mortgage loans. A provision for credit losses of $2 million was recorded during the three months ended March 31, 2010 related to restricted commercial mortgage loans, which reflected our ending allowance for credit losses balance and was required upon consolidation of securitization entities as of January 1, 2010.

In evaluating the credit quality of restricted commercial mortgage loans, we assess the performance of the underlying loans using both quantitative and qualitative criteria. The risks associated with restricted commercial mortgage loans can typically be evaluated by reviewing both the loan-to-value and debt service coverage ratio to understand both the probability of the borrower not being able to make the necessary loan payments as well as the ability to sell the underlying property for an amount that would enable us to recover our unpaid principal balance in the event of default by the borrower. The average loan-to-value ratio is based on our most recent estimate of the fair value for the underlying property which is evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan. A lower loan-to-value indicates that our loan value is more likely to be recovered in the event of default by the borrower if the property was sold. The debt service coverage ratio is based on "normalized" annual net operating income of the property compared to the payments required under the terms of the loan. Normalization allows for the removal of annual one-time events such as capital expenditures, prepaid or late real estate tax payments or non-recurring third-party fees (such as legal, consulting or contract fees). This ratio is evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan. A higher debt service coverage ratio indicates the borrower is less likely to default on the loan. The debt service coverage ratio should not be used without considering other factors associated with the borrower, such as the borrower's liquidity or access to other resources that may result in our expectation that the borrower will continue to make the future scheduled payments.

The following tables set forth the average loan-to-value of restricted commercial mortgage loans by property type as of the dates indicated:

 

     March 31, 2011  

(Amounts in millions)

   0% – 50%     51% – 60%     61% – 75%     76% – 100%     Greater
than 100%
    Total  

Property type:

            

Retail

   $ 146      $ 26      $ —        $ 2      $ 3      $ 177   

Industrial

     105        8        4        2        1        120   

Office

     88        7        5        3        2        105   

Apartments

     35        9        —          19        —          63   

Mixed use/other

     16        6        —          —          —          22   
                                                

Total

   $ 390      $ 56      $ 9      $ 26      $ 6      $ 487   
                                                

% of total

     80     12     2     5     1     100
                                                

Weighted-average debt service coverage ratio

     1.78        1.32        1.02        1.16        0.39        1.66   
                                                

 

     December 31, 2010  

(Amounts in millions)

   0% – 50%     51% – 60%     61% – 75%     76% – 100%     Greater
than 100%
    Total  

Property type:

            

Retail

   $ 141      $ 34      $ 1      $ 3      $ 3      $ 182   

Industrial

     108        8        4        2        2        124   

Office

     90        19        5        3        —          117   

Apartments

     35        9        —          20        —          64   

Mixed use/other

     17        5        —          —          —          22   
                                                

Total

   $ 391      $ 75      $ 10      $ 28      $ 5      $ 509   
                                                

% of total

     77     15     2     5     1     100
                                                

Weighted-average debt service coverage ratio

     1.82        1.35        1.05        1.18        0.52        1.69   
                                                

 

The following tables set forth the debt service coverage ratio for fixed rate restricted commercial mortgage loans by property type as of the dates indicated:

 

     March 31, 2011  

(Amounts in millions)

   Less than 1.00     1.01 – 1.25     1.26 – 1.50     1.51 – 2.00     Greater
than 2.00
    Total  

Property type:

            

Retail

   $ 14      $ 9      $ 43      $ 78      $ 33      $ 177   

Industrial

     16        5        22        44        33        120   

Office

     11        17        24        37        16        105   

Apartments

     —          24        12        18        9        63   

Mixed use/other

     —          —          7        10        5        22   
                                                

Total

   $ 41      $ 55      $ 108      $ 187      $ 96      $ 487   
                                                

% of total

     9     11     22     38     20     100
                                                

Weighted-average loan-to-value

     63     55     41     39     31     42
                                                

 

     December 31, 2010  

(Amounts in millions)

   Less than 1.00     1.01 – 1.25     1.26 – 1.50     1.51 – 2.00     Greater
than 2.00
    Total  

Property type:

            

Retail

   $ 14      $ 6      $ 52      $ 77      $ 33      $ 182   

Industrial

     11        9        25        50        29        124   

Office

     14        14        23        45        21        117   

Apartments

     —          21        10        26        7        64   

Mixed use/other

     —          —          7        11        4        22   
                                                

Total

   $ 39      $ 50      $ 117      $ 209      $ 94      $ 509   
                                                

% of total

     8     10     23     41     18     100
                                                

Weighted-average loan-to-value

     65     55     42     41     31     43
                                                

There were no floating rate restricted commercial mortgage loans as of March 31, 2011 or December 31, 2010.

(g) Restricted Other Invested Assets Related To Securitization Entities

We have consolidated securitization entities that hold certain investments that are recorded as restricted other invested assets related to securitization entities. The consolidated securitization entities hold certain investments as trading securities whereby the changes in fair value are recorded in current period income. The trading securities are comprised of asset-backed securities, including residual interest in certain policy loan securitization entities and highly rated bonds that are primarily backed by credit card receivables.

Derivative Instruments
Derivative Instruments

(5) Derivative Instruments

Our business activities routinely deal with fluctuations in interest rates, equity prices, currency exchange rates and other asset and liability prices. We use derivative instruments to mitigate or reduce certain of these risks. We have established policies for managing each of these risks, including prohibitions on derivatives market-making and other speculative derivatives activities. These policies require the use of derivative instruments in concert with other techniques to reduce or mitigate these risks. While we use derivatives to mitigate or reduce risks, certain derivatives do not meet the accounting requirements to be designated as hedging instruments and are denoted as "derivatives not designated as hedges" in the following disclosures. For derivatives that meet the accounting requirements to be designated as hedges, the following disclosures for these derivatives are denoted as "derivatives designated as hedges," which include both cash flow and fair value hedges.

 

The following table sets forth our positions in derivative instruments as of the dates indicated:

 

    

Derivative assets

   

Derivative liabilities

 

(Amounts in millions)

  

Balance

sheet
classification

   Fair value    

Balance

sheet
classification

   Fair value  
      March 31,
2011
    December 31,
2010
       March 31,
2011
     December 31,
2010
 

Derivatives designated as hedges

               

Cash flow hedges:

               

Interest rate swaps

   Other invested assets    $ 168      $ 222      Other liabilities    $ 106       $ 56   

Inflation indexed swaps

   Other invested assets      —          —        Other liabilities      35         33   

Foreign currency swaps

   Other invested assets      192        205      Other liabilities      —           —     
                                       

Total cash flow hedges

        360        427           141         89   
                                       

Fair value hedges:

               

Interest rate swaps

   Other invested assets      77        95      Other liabilities      6         8   

Foreign currency swaps

   Other invested assets      36        35      Other liabilities      —           —     
                                       

Total fair value hedges

        113        130           6         8   
                                       

Total derivatives designated as hedges

        473        557           147         97   
                                       

Derivatives not designated as hedges

               

Interest rate swaps

   Other invested assets      385        446      Other liabilities      20         74   

Equity return swaps

   Other invested assets      —          —        Other liabilities      1         3   

Interest rate swaps related to securitization entities

   Restricted other invested assets      —          —        Other liabilities      16         19   

Interest rate swaptions

   Other invested assets      —          —        Other liabilities      —           —     

Credit default swaps

   Other invested assets      11        11      Other liabilities      7         7   

Credit default swaps related to securitization entities

   Restricted other invested assets      —          —        Other liabilities      120         129   

Equity index options

   Other invested assets      32        33      Other liabilities      —           3   

Financial futures

   Other invested assets      —          —        Other liabilities      —           —     

Other foreign currency contracts

   Other invested assets      —          —        Other liabilities      8         —     

Reinsurance embedded derivatives ( 1 )

   Other assets      —          1      Other liabilities      —           —     

GMWB embedded derivatives

   Reinsurance recoverable ( 2 )      (7     (5   Policyholder account balances ( 3 )      69         121   
                                       

Total derivatives not designated as hedges

        421        486           241         356   
                                       

Total derivatives

      $ 894      $ 1,043         $ 388       $ 453   
                                       

The fair value of derivative positions presented above was not offset by the respective collateral amounts retained or provided under these agreements. The amounts recognized for derivative counterparty collateral retained by us was recorded in other invested assets with a corresponding amount recorded in other liabilities to represent our obligation to return the collateral retained by us.

The activity associated with derivative instruments can generally be measured by the change in notional value over the periods presented. However, for GMWB embedded derivatives, the change between periods is best illustrated by the number of policies. The following tables represent activity associated with derivative instruments as of the dates indicated:

 

(Notional in millions)

   Measurement      December 31,
2010
     Additions      Maturities/
terminations
    March 31, 2011  

Derivatives designated as hedges

             

Cash flow hedges:

             

Interest rate swaps

     Notional       $ 12,355       $ 995       $ (3   $ 13,347   

Inflation indexed swaps

     Notional         525         9         —          534   

Foreign currency swaps

     Notional         491         —           —          491   
                                     

Total cash flow hedges

        13,371         1,004         (3     14,372   
                                     

Fair value hedges:

             

Interest rate swaps

     Notional         1,764         —           (326     1,438   

Foreign currency swaps

     Notional         85         —           —          85   
                                     

Total fair value hedges

        1,849         —           (326     1,523   
                                     

Total derivatives designated as hedges

        15,220         1,004         (329     15,895   
                                     

Derivatives not designated as hedges

             

Interest rate swaps

     Notional         7,681         35         (1,275     6,441   

Equity return swaps

     Notional         208         7         —          215   

Interest rate swaps related to securitization entities

     Notional         129         —           (3     126   

Interest rate swaptions

     Notional         200         —           (200     —     

Credit default swaps

     Notional         1,195         115         (100     1,210   

Credit default swaps related to securitization entities

     Notional         317         —           —          317   

Equity index options

     Notional         744         288         (451     581   

Financial futures

     Notional         3,937         1,372         (1,806     3,503   

Other foreign currency contracts

     Notional         521         185         —          706   

Reinsurance embedded derivatives

     Notional         72         12         —          84   
                                     

Total derivatives not designated as hedges

        15,004         2,014         (3,835     13,183   
                                     

Total derivatives

      $ 30,224       $ 3,018       $ (4,164   $ 29,078   
                                     

(Number of policies)

   Measurement      December 31,
2010
     Additions      Terminations     March 31, 2011  

Derivatives not designated as hedges

             

GMWB embedded derivatives

     Policies         49,566         675         (654     49,587   

Approximately $1.1 billion of notional value above is related to derivatives with counterparties that can be terminated at the option of the derivative counterparty and represented a net fair value asset of $195 million as of March 31, 2011.

 

Cash Flow Hedges

Certain derivative instruments are designated as cash flow hedges. The changes in fair value of these instruments are recorded as a component of OCI. We designate and account for the following as cash flow hedges when they have met the effectiveness requirements: (i) various types of interest rate swaps to convert floating rate investments to fixed rate investments; (ii) various types of interest rate swaps to convert floating rate liabilities into fixed rate liabilities; (iii) receive U.S. dollar fixed on foreign currency swaps to hedge the foreign currency cash flow exposure of foreign currency denominated investments; (iv) pay U.S. dollar fixed on foreign currency swaps to hedge the foreign currency cash flow exposure on liabilities denominated in foreign currencies; (v) forward starting interest rate swaps to hedge against changes in interest rates associated with future fixed-rate bond purchases and/or interest income; and (vi) other instruments to hedge the cash flows of various forecasted transactions.

The following table provides information about the pre-tax income effects of cash flow hedges for the three months ended March 31, 2011:

 

(Amounts in millions)

   Gain (loss)
recognized in OCI
    Gain (loss)
reclassified into
net income
from OCI
   

Classification of gain
(loss) reclassified into
net income

   Gain (loss)
recognized in
net income (1)
   

Classification of gain
(loss) recognized in
net income

Interest rate swaps hedging assets

   $ (101   $ (5   Net investment income    $ (2   Net investment gains (losses)

Foreign currency swaps

     3        (1   Interest expense      —        Net investment gains (losses)
                             

Total

   $ (98   $ (6      $ (2  
                             

The following table provides information about the pre-tax income effects of cash flow hedges for the three months ended March 31, 2010:

 

(Amounts in millions)

   Gain (loss)
recognized in OCI
    Gain (loss)
reclassified into
net income
from OCI
   

Classification of gain
(loss) reclassified into
net income

   Gain (loss)
recognized in
net income (1)
   

Classification of gain
(loss) recognized in
net income

Interest rate swaps hedging assets

   $ (36   $ 4      Net investment income    $ (3   Net investment gains (losses)

Interest rate swaps hedging assets

     —          1      Net investment gains (losses)      —        Net investment gains (losses)

Foreign currency swaps

     1        (2   Interest expense      —        Net investment gains (losses)
                             

Total

   $ (35   $ 3         $ (3  
                             

(1) 

Represents ineffective portion of cash flow hedges as there were no amounts excluded from the measurement of effectiveness.

The total of derivatives designated as cash flow hedges of $864 million, net of taxes, recorded in stockholders' equity as of March 31, 2011 is expected to be reclassified to future net income (loss), concurrently with and primarily offsetting changes in interest expense and interest income on floating-rate instruments and interest income on future fixed-rate bond purchases. Of this amount, $18 million, net of taxes, is expected to be reclassified to net income (loss) in the next 12 months. Actual amounts may vary from this amount as a result of market conditions. All forecasted transactions associated with qualifying cash flow hedges are expected to occur by 2045. No amounts were reclassified to net income during the three months ended March 31, 2011 in connection with forecasted transactions that were no longer considered probable of occurring.

Fair Value Hedges

Certain derivative instruments are designated as fair value hedges. The changes in fair value of these instruments are recorded in net income (loss). In addition, changes in the fair value attributable to the hedged portion of the underlying instrument are reported in net income (loss). We designate and account for the following as fair value hedges when they have met the effectiveness requirements: (i) interest rate swaps to convert fixed rate investments to floating rate investments; (ii) interest rate swaps to convert fixed rate liabilities into floating rate liabilities; (iii) cross currency swaps to convert non-U.S. dollar fixed rate liabilities to floating rate U.S. dollar liabilities; and (iv) other instruments to hedge various fair value exposures of investments.

The following table provides information about the pre-tax income effects of fair value hedges and related hedged items for the three months ended March 31, 2011:

 

     Derivative instrument      Hedged item

(Amounts in millions)

   Gain (loss)
recognized in
net income
   

Classification
of gain (loss)
recognized in

net income

   Other impacts
to  net

income
    Classification
of other

impacts to
net income
     Gain (loss)
recognized in
net income
   

Classification
of gain (loss)
recognized in net
income

Interest rate swaps hedging assets

   $ 1      Net investment gains (losses)    $ (3    
 
Net investment
income
  
  
   $ (1   Net investment gains (losses)

Interest rate swaps hedging liabilities

     (22   Net investment gains (losses)      20        Interest credited         22      Net investment gains (losses)

Foreign currency swaps

     —        Net investment gains (losses)      1        Interest credited         (1   Net investment gains (losses)
                                

Total

   $ (21      $ 18         $ 20     
                                

The following table provides information about the pre-tax income effects of fair value hedges and related hedged items for the three months ended March 31, 2010:

 

     Derivative instrument    Hedged item

(Amounts in millions)

   Gain (loss)
recognized in
net income
   

Classification
of gain (loss)
recognized in

net income

   Other impacts
to  net

income
   

Classification
of other

impacts to

net income

   Gain (loss)
recognized in
net income
   

Classification
of gain (loss)
recognized in net
income

Interest rate swaps hedging assets

   $ 1      Net investment gains (losses)    $ (3   Net investment income    $ (1   Net investment gains (losses)

Interest rate swaps hedging liabilities

     (1   Net investment gains (losses)      25      Interest credited      1      Net investment gains (losses)

Foreign currency swaps

     (2   Net investment gains (losses)      1      Interest credited      2      Net investment gains (losses)
                                

Total

   $ (2      $ 23         $ 2     
                                

The difference between the gain (loss) recognized for the derivative instrument and the hedged item presented above represents the net ineffectiveness of the fair value hedging relationships. The other impacts presented above represent the net income effects of the derivative instruments that are presented in the same location as the income activity from the hedged item. There were no amounts excluded from the measurement of effectiveness.

Derivatives Not Designated As Hedges

We also enter into certain non-qualifying derivative instruments such as: (i) interest rate swaps, swaptions and financial futures to mitigate interest rate risk as part of managing regulatory capital positions; (ii) credit default swaps to enhance yield and reproduce characteristics of investments with similar terms and credit risk; (iii) equity index options, equity return swaps, interest rate swaps and financial futures to mitigate the risks associated with liabilities that have guaranteed minimum benefits; (iv) interest rate swaps where the hedging relationship does not qualify for hedge accounting; (v) credit default swaps to mitigate loss exposure to certain credit risk; and (vi) foreign currency forward contracts to mitigate currency risk associated with future dividends from certain foreign subsidiaries to our holding company. Additionally, we provide GMWBs on certain products that are required to be bifurcated as embedded derivatives and have reinsurance agreements with certain features that are required to be bifurcated as embedded derivatives.

We also have derivatives related to securitization entities where we were required to consolidate the related securitization entity as a result of our involvement in the structure. The counterparties for these derivatives typically only have recourse to the securitization entity. The interest rate swaps used for these entities are typically used to effectively convert the interest payments on the assets of the securitization entity to the same basis as the interest rate on the borrowings issued by the securitization entity. Credit default swaps are utilized in certain securitization entities to enhance the yield payable on the borrowings issued by the securitization entity and also include a settlement feature that allows the securitization entity to provide the par value of assets in the securitization entity for the amount of any losses incurred under the credit default swap.

The following table provides the pre-tax gain (loss) recognized in net income for the effects of derivatives not designated as hedges for the periods indicated:

 

     Three months ended March 31,    

Classification of gain (loss) recognized
in net income

(Amounts in millions)

   2011     2010    

Interest rate swaps

   $ 2      $ (6   Net investment gains (losses)

Equity return swaps

     (4     —        Net investment gains (losses)

Interest rate swaps related to securitization entities

     1        (3   Net investment gains (losses)

Interest rate swaptions

     —          22      Net investment gains (losses)

Credit default swaps

     3        5      Net investment gains (losses)

Credit default swaps related to securitization entities

     9        5      Net investment gains (losses)

Equity index options

     (19     (27   Net investment gains (losses)

Financial futures

     (39     (33   Net investment gains (losses)

Other foreign currency contracts

     (9     (3   Net investment gains (losses)

GMWB embedded derivatives

     59        36      Net investment gains (losses)
                  

Total derivatives not designated as hedges

   $ 3      $ (4  
                  

Derivative Counterparty Credit Risk

As of March 31, 2011 and December 31, 2010, net fair value assets by counterparty totaled $773 million and $888 million, respectively. As of March 31, 2011 and December 31, 2010, net fair value liabilities by counterparty totaled $191 million and $172 million, respectively. As of March 31, 2011 and December 31, 2010, we retained collateral of $745 million and $794 million, respectively, related to these agreements, including over collateralization of $53 million and $29 million, respectively, from certain counterparties. As of March 31, 2011 and December 31, 2010, we posted $67 million and $30 million, respectively, of collateral to derivative counterparties, including over collateralization of $16 million and $11 million, respectively. For derivatives related to securitization entities, there are no arrangements that require either party to provide collateral and the recourse of the derivative counterparty is typically limited to the assets held by the securitization entity and there is no recourse to any entity other than the securitization entity.

Except for derivatives related to securitization entities, all of our master swap agreements contain credit downgrade provisions that allow either party to assign or terminate derivative transactions if the other party's long-term unsecured debt rating or financial strength rating is below the limit defined in the applicable agreement. If the downgrade provisions had been triggered as of March 31, 2011 and December 31, 2010, we could have been allowed to claim up to $81 million and $123 million, respectively, from counterparties and required to disburse up to $4 million and $5 million, respectively. This represented the net fair value of gains and losses by counterparty, less available collateral held, and did not include any fair value gains or losses for derivatives related to securitization entities.

Credit Derivatives

We sell protection under single name credit default swaps and credit default swap index tranches in combination with purchasing securities to replicate characteristics of similar investments based on the credit quality and term of the credit default swap. Credit default triggers for both indexed reference entities and single name reference entities follow the Credit Derivatives Physical Settlement Matrix published by the International Swaps and Derivatives Association. Under these terms, credit default triggers are defined as bankruptcy, failure to pay or restructuring, if applicable. Our maximum exposure to credit loss equals the notional value for credit default swaps. In the event of default for credit default swaps, we are typically required to pay the protection holder the full notional value less a recovery rate determined at auction.

In addition to the credit derivatives discussed above, we also have credit derivative instruments related to securitization entities that we consolidated in 2010. These derivatives represent a customized index of reference entities with specified attachment points for certain derivatives. The credit default triggers are similar to those described above. In the event of default, the securitization entity will provide the counterparty with the par value of assets held in the securitization entity for the amount of incurred loss on the credit default swap. The maximum exposure to loss for the securitization entity is the notional value of the derivatives. Certain losses on these credit default swaps would be absorbed by the third-party noteholders of the securitization entity and the remaining losses on the credit default swaps would be absorbed by our portion of the notes issued by the securitization entity.

The following table sets forth our credit default swaps where we sell protection on single name reference entities and the fair values as of the dates indicated:

 

     March 31, 2011      December 31, 2010  

(Amounts in millions)

   Notional
value
     Assets      Liabilities      Notional
value
     Assets      Liabilities  

Reference entity credit rating and maturity:

                 

AAA

                 

Matures after one year through five years

   $ 5       $ —         $ —         $ 5       $ —         $ —     

AA

                 

Matures after one year through five years

     6         —           —           6         —           —     

Matures after five years through ten years

     5         —           —           5         —           —     

A

                 

Matures after one year through five years

     37         1         —           37         1         —     

Matures after five years through ten years

     10         —           —           5         —           —     

BBB

                 

Matures after one year through five years

     68         2         —           68         2         —     

Matures after five years through ten years

     24         —           —           29         —           —     
                                                     

Total credit default swaps on single name reference entities

   $ 155       $ 3       $ —         $ 155       $ 3       $ —     
                                                     

 

The following table sets forth our credit default swaps where we sell protection on credit default swap index tranches and the fair values as of the dates indicated:

 

     March 31, 2011      December 31, 2010  

(Amounts in millions)

   Notional
value
     Assets      Liabilities      Notional
value
     Assets      Liabilities  

Original index tranche attachment/detachment point and maturity:

                 

9% – 12% matures after one year through five years (1)

   $ 300       $ 1       $ 3       $ 300       $ —         $ 3   

10% – 15% matures after one year through five years (2)

     250         4         —           250         4         —     

12% – 22% matures after five years through ten years (3)

     248         —           4         248         —           4   

15% – 30% matures after five years through ten years (4)

     127         1         —           127         2         —     
                                                     

Total credit default swap index tranches

     925         6         7         925         6         7   
                                                     

Customized credit default swap index tranches related to securitization entities:

                 

Portion backing third-party borrowings maturing 2017 (5)

     17         —           7         17         —           8   

Portion backing our interest maturing 2017 (6)

     300         —           113         300         —           121   
                                                     

Total customized credit default swap index tranches related to securitization entities

     317         —           120         317         —           129   
                                                     

Total credit default swaps on index tranches

   $ 1,242       $ 6       $ 127       $ 1,242       $ 6       $ 136   
                                                     

Fair Value of Financial Instruments
Fair Value of Financial Instruments

(6) Fair Value of Financial Instruments

Assets and liabilities that are reflected in the accompanying consolidated financial statements at fair value are not included in the following disclosure of fair value. Such items include cash and cash equivalents, investment securities, separate accounts, securities held as collateral and derivative instruments. Other financial assets and liabilities—those not carried at fair value—are discussed below. Apart from certain of our borrowings and certain marketable securities, few of the instruments discussed below are actively traded and their fair values must often be determined using models. The fair value estimates are made at a specific point in time, based upon available market information and judgments about the financial instruments, including estimates of the timing and amount of expected future cash flows and the credit standing of counterparties. Such estimates do not reflect any premium or discount that could result from offering for sale at one time our 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 estimates cannot be substantiated by comparison to independent markets.

The basis on which we estimate fair value is as follows:

Commercial mortgage loans. Based on recent transactions and/or discounted future cash flows, using current market rates.

Restricted commercial mortgage loans. Based on recent transactions and/or discounted future cash flows, using current market rates.

 

Other invested assets. Based on comparable market transactions, discounted future cash flows, quoted market prices and/or estimates using the most recent data available for the related instrument. Primarily represents short-term investments, limited partnerships accounted for under the cost method.

Long-term borrowings. Based on market quotes or comparable market transactions.

Non-recourse funding obligations. Based on the then current coupon, revalued based on the London Interbank Offered Rate ("LIBOR") and current spread assumption based on commercially available data. The model is a floating rate coupon model using the spread assumption to derive the valuation.

Borrowings related to securitization entities. Based on market quotes or comparable market transactions.

Investment contracts. Based on expected future cash flows, discounted at current market rates for annuity contracts or institutional products.

The following represents the fair value of financial assets and liabilities that are not required to be carried at fair value as of the dates indicated:

 

(Amounts in millions)

   March 31, 2011      December 31, 2010  
   Notional
amount
    Carrying
amount
     Fair
value
     Notional
amount
    Carrying
amount
     Fair
value
 

Assets:

               

Commercial mortgage loans

   $   (1)    $ 6,600       $ 6,827       $   (1)    $ 6,718       $ 6,896   

Restricted commercial mortgage loans

       (1)      485         529           (1)      507         554   

Other invested assets

       (1)      328         340           (1)      267         272   

Liabilities:

               

Long-term borrowings (2)

       (1)      5,347         5,320           (1)      4,952         4,928   

Non-recourse funding obligations (2)

       (1)      3,431         2,175           (1)      3,437         2,170   

Borrowings related to securitization entities

       (1)      431         452           (1)      443         467   

Investment contracts

       (1)      19,106         19,671           (1)      19,772         20,471   

Other firm commitments:

               

Commitments to fund limited partnerships

     106        —           —           110        —           —     

Ordinary course of business lending commitments

     39        —           —           28        —           —     

Recurring Fair Value Measurements

We have fixed maturity, equity and trading securities, derivatives, embedded derivatives, securities held as collateral, separate account assets and certain other financial instruments, which are carried at fair value. Below is a description of the valuation techniques and inputs used to determine fair value by class of instrument.

Fixed maturity, equity and trading securities

The valuations of fixed maturity, equity and trading securities are determined using a market approach, income approach or a combination of the market and income approach depending on the type of instrument and availability of information.

We utilize certain third-party data providers when determining fair value. We consider information obtained from third-party pricing services as well as third-party broker provided prices, or broker quotes, in our determination of fair value. Additionally, we utilize internal models to determine the valuation of securities using an income approach where the inputs are based on third-party provided market inputs. While we consider the valuations provided by third-party pricing services and broker quotes, management determines the fair value of our investment securities after considering all relevant and available information. We also obtain an understanding of the valuation methodologies and procedures used by third-party data providers to ensure sufficient understanding to evaluate the valuation data received and determine the appropriate fair value.

 

In general, we first obtain valuations from pricing services. If a price is not supplied by a pricing service, we will typically seek a broker quote. For certain private fixed maturity securities where we do not obtain valuations from pricing services, we utilize an internal model to determine fair value since transactions for identical securities are not readily observable and these securities are not typically valued by pricing services. For all securities, excluding certain private fixed maturity securities, if neither a pricing service nor broker quote valuation is available, we determine fair value using internal models.

For pricing services, we obtain an understanding of the pricing methodologies and procedures for each type of instrument. In general, a pricing service does not provide a price for a security if sufficient information is not readily available to determine fair value or if such security is not in the specific sector or class covered by a particular pricing service. Given our understanding of the pricing methodologies and procedures of pricing services, the securities valued by pricing services are typically classified as Level 2 unless we determine the valuation process for a security or group of securities utilizes significant unobservable inputs.

For private fixed maturity securities, we utilize an internal model to determine fair value and utilize public bond spreads by sector, rating and maturity to develop the market rate that would be utilized for a similar public bond. We then add an additional premium to the public bond spread to adjust for the liquidity and other features of our private placements. We utilize the estimated market yield to discount the expected cash flows of the security to determine fair value. We assign each security an internal rating to determine appropriate public bond spread that should be utilized in the valuation. While we generally consider the public bond spreads by sector and maturity to be observable inputs, we evaluate the similarities of our private placement with the public bonds to determine whether the spreads utilized would be considered observable inputs for the private placement being valued. To determine the significance of unobservable inputs, we calculate the impact on the valuation from the unobservable input and will classify a security as Level 3 when the impact on the valuation exceeds 10%.

For broker quotes, we discuss the valuation methodology utilized by the third party but cannot typically obtain sufficient evidence to determine the valuation does not include significant unobservable inputs. Accordingly, we typically classify the securities where fair value is based on our consideration of broker quotes as Level 3 measurements.

For remaining securities priced using internal models, we maximize the use of observable inputs but typically utilize significant unobservable inputs to determine fair value. Accordingly, the valuations are typically classified as Level 3.

 

The following tables summarize the primary sources considered when determining fair value of each class of fixed maturity securities as of the dates indicated:

 

     March 31, 2011  

(Amounts in millions)

   Total      Level 1      Level 2      Level 3  

U.S. government, agencies and government-sponsored enterprises:

           

Pricing services

   $ 3,401       $ —         $ 3,401       $ —     

Internal models

     13         —           12         1   
                                   

Total U.S. government, agencies and government-sponsored enterprises

     3,414         —           3,413         1   
                                   

Tax-exempt:

           

Pricing services

     928         —           928         —     
                                   

Total tax-exempt

     928         —           928         —     
                                   

Government—non-U.S.:

           

Pricing services

     2,348         —           2,348         —     

Internal models

     11         —           10         1   
                                   

Total government—non-U.S.

     2,359         —           2,358         1   
                                   

U.S. corporate:

           

Pricing services

     20,506         —           20,506         —     

Broker quotes

     232         —           —           232   

Internal models

     3,015         —           2,532         483   
                                   

Total U.S. corporate

     23,753         —           23,038         715   
                                   

Corporate—non-U.S.:

           

Pricing services

     12,081         —           12,081         —     

Broker quotes

     87         —           —           87   

Internal models

     1,769         —           1,654         115   
                                   

Total corporate—non-U.S.

     13,937         —           13,735         202   
                                   

Residential mortgage-backed:

           

Pricing services

     4,465         —           4,465         —     

Broker quotes

     64         —           —           64   

Internal models

     71         —           —           71   
                                   

Total residential mortgage-backed

     4,600         —           4,465         135   
                                   

Commercial mortgage-backed:

           

Pricing services

     3,714         —           3,714         —     

Broker quotes

     16         —           —           16   

Internal models

     26         —           —           26   
                                   

Total commercial mortgage-backed

     3,756         —           3,714         42   
                                   

Other asset-backed:

           

Pricing services

     2,083         —           1,985         98   

Broker quotes

     165         —           —           165   

Internal models

     3         —           3         —     
                                   

Total other asset-backed

     2,251         —           1,988         263   
                                   

Total fixed maturity securities

   $ 54,998       $ —         $ 53,639       $ 1,359   
                                   

 

     December 31, 2010  

(Amounts in millions)

   Total      Level 1      Level 2      Level 3  

U.S. government, agencies and government-sponsored enterprises:

           

Pricing services

   $ 3,688       $ —         $ 3,688       $ —     

Internal models

     17         —           6         11   
                                   

Total U.S. government, agencies and government-sponsored enterprises

     3,705         —           3,694         11   
                                   

Tax-exempt:

           

Pricing services

     1,030         —           1,030         —     
                                   

Total tax-exempt

     1,030         —           1,030         —     
                                   

Government—non-U.S.:

           

Pricing services

     2,357         —           2,357         —     

Internal models

     12         —           11         1   
                                   

Total government—non-U.S.

     2,369         —           2,368         1   
                                   

U.S. corporate:

           

Pricing services

     20,563         —           20,563         —     

Broker quotes

     235         —           —           235   

Internal models

     3,169         —           2,304         865   
                                   

Total U.S. corporate

     23,967         —           22,867         1,100   
                                   

Corporate—non-U.S.:

           

Pricing services

     11,584         —           11,584         —     

Broker quotes

     113         —           —           113   

Internal models

     1,801         —           1,546         255   
                                   

Total corporate—non-U.S.

     13,498         —           13,130         368   
                                   

Residential mortgage-backed:

           

Pricing services

     4,312         —           4,312         —     

Broker quotes

     72         —           —           72   

Internal models

     71         —           —           71   
                                   

Total residential mortgage-backed

     4,455         —           4,312         143   
                                   

Commercial mortgage-backed:

           

Pricing services

     3,693         —           3,693         —     

Broker quotes

     16         —           —           16   

Internal models

     34         —           —           34   
                                   

Total commercial mortgage-backed

     3,743         —           3,693         50   
                                   

Other asset-backed:

           

Pricing services

     2,241         —           2,143         98   

Broker quotes

     169         —           —           169   

Internal models

     6         —           5         1   
                                   

Total other asset-backed

     2,416         —           2,148         268   
                                   

Total fixed maturity securities

   $ 55,183       $ —         $ 53,242       $ 1,941   
                                   

 

The following tables summarize the primary sources considered when determining fair value of equity securities as of the dates indicated:

 

     March 31, 2011  

(Amounts in millions)

   Total      Level 1      Level 2      Level 3  

Pricing services

   $ 268       $ 262       $ 6       $ —     

Broker quotes

     6         —           —           6   

Internal models

     81         —           —           81   
                                   

Total equity securities

   $ 355       $ 262       $ 6       $ 87   
                                   

 

     December 31, 2010  

(Amounts in millions)

   Total      Level 1      Level 2      Level 3  

Pricing services

   $ 245       $ 240       $ 5       $ —     

Broker quotes

     6         —           —           6   

Internal models

     81         —           —           81   
                                   

Total equity securities

   $ 332       $ 240       $ 5       $ 87   
                                   

The following tables summarize the primary sources considered when determining fair value of trading securities as of the dates indicated:

 

     March 31, 2011  

(Amounts in millions)

   Total      Level 1      Level 2      Level 3  

Pricing services

   $ 329       $ —         $ 329       $ —     

Internal models

     238         —           —           238   

Broker quotes

     100         —           —           100   
                                   

Total trading securities

   $ 667       $ —         $ 329       $ 338   
                                   

 

     December 31, 2010  

(Amounts in millions)

   Total      Level 1      Level 2      Level 3  

Pricing services

   $ 348       $ —         $ 348       $ —     

Broker quotes

     230         —           —           230   

Internal models

     99         —           —           99   
                                   

Total trading securities

   $ 677       $ —         $ 348       $ 329   
                                   

Restricted other invested assets related to securitization entities

We have trading securities related to securitization entities that are classified as restricted other invested assets and are carried at fair value. The trading securities represent asset-backed securities. The valuation for trading securities is determined using a market approach and/or an income approach depending on the availability of information. For certain highly rated asset-backed securities, there is observable market information for transactions of the same or similar instruments and is provided to us by a third-party pricing service and is classified as Level 2. For certain securities that are not actively traded, we determine fair value after considering third-party broker provided prices or discounted expected cash flows using current yields for similar securities and classify these valuations as Level 3.

Securities lending and derivative counterparty collateral

The fair value of securities held as collateral is primarily based on Level 2 inputs from market information for the collateral that is held on our behalf by the custodian. We determine fair value after considering prices obtained by third-party pricing services.

 

Separate account assets

The fair value of separate account assets is based on the quoted prices of the underlying fund investments and, therefore, represents Level 1 pricing.

Derivatives

In determining the fair value of derivatives, we consider the counterparty collateral arrangements and rights of set-off when determining whether any incremental adjustment should be made for both the counterparty's and our non-performance risk. As a result of these counterparty arrangements, we determined no adjustment for our non-performance risk was required to our derivative liabilities.

Interest rate swaps. The valuation of interest rate swaps is determined using an income approach. The primary input into the valuation represents the forward interest rate swap curve, which is generally considered an observable input, and results in the derivative being classified as Level 2. For certain interest rate swaps, the inputs into the valuation also include the total returns of certain bonds that would primarily be considered an observable input and result in the derivative being classified as Level 2. For certain other swaps, there are features that provide an option to the counterparty to terminate the swap at specified dates and would be considered a significant unobservable input and results in the fair value measurement of the derivative being classified as Level 3.

Interest rate swaps related to securitization entities. The valuation of interest rate swaps related to securitization entities is determined using an income approach. The primary input into the valuation represents the forward interest rate swap curve, which is generally considered an observable input, and results in the derivative being classified as Level 2.

Inflation indexed swaps. The valuation of inflation indexed swaps is determined using an income approach. The primary inputs into the valuation represent the forward interest rate swap curve and consumer price index, which are generally considered observable inputs, and results in the derivative being classified as Level 2.

Interest rate swaptions. The valuation of interest rate swaptions is determined using an income approach. The primary inputs into the valuation represent the forward interest rate swap curve, which is generally considered an observable input, forward interest rate volatility and time value component associated with the optionality in the derivative. As a result of the significant unobservable inputs associated with the forward interest rate volatility input, the derivative is classified as Level 3.

Foreign currency swaps. The valuation of foreign currency swaps is determined using an income approach. The primary inputs into the valuation represent the forward interest rate swap curve and foreign currency exchange rates, both of which are considered an observable input, and results in the derivative being classified as Level 2.

Credit default swaps. We have both single name credit default swaps and index tranche credit default swaps. For single name credit default swaps, we utilize an income approach to determine fair value based on using current market information for the credit spreads of the reference entity, which is considered observable inputs based on the reference entities of our derivatives and results in these derivatives being classified as Level 2. For index tranche credit default swaps, we utilize an income approach that utilizes current market information related to credit spreads and expected defaults and losses associated with the reference entities that comprise the respective index associated with each derivative. There are significant unobservable inputs associated with the timing and amount of losses from the reference entities as well as the timing or amount of losses, if any, that will be absorbed by our tranche. Accordingly, the index tranche credit default swaps are classified as Level 3.

Credit default swaps related to securitization entities. Credit default swaps related to securitization entities represent customized index tranche credit default swaps and are valued using a similar methodology as described above for index tranche credit default swaps. We determine fair value of these credit default swaps after considering both the valuation methodology described above as well as the valuation provided by the derivative counterparty. In addition to the valuation methodology and inputs described for index tranche credit default swaps, these customized credit default swaps contain a feature that permits the securitization entity to provide the par value of underlying assets in the securitization entity to settle any losses under the credit default swap. The valuation of this settlement feature is dependent upon the valuation of the underlying assets and the timing and amount of any expected loss on the credit default swap, which is considered a significant unobservable input. Accordingly, these customized index tranche credit default swaps related to securitization entities are classified as Level 3.

Equity index options. We have equity index options associated with various equity indices. The valuation of equity index options is determined using an income approach. The primary inputs into the valuation represent forward interest rate volatility and time value component associated with the optionality in the derivative, which are considered significant unobservable inputs in most instances. The equity index volatility surface is determined based on market information that is not readily observable and is developed based upon inputs received from several third-party sources. Accordingly, these options are classified as Level 3

 

Financial futures. The fair value of financial futures is based on the closing exchange prices. Accordingly, these financial futures are classified as Level 1. The period end valuation is zero as a result of settling the margins on these contracts on a daily basis.

Equity return swaps. The valuation of equity return swaps is determined using an income approach. The primary inputs into the valuation represent the forward interest rate swap curve and underlying equity index values, which are generally considered observable inputs, and results in the derivative being classified as Level 2.

Other foreign currency contracts. We have certain foreign currency options classified as other foreign currency contracts. The valuation of foreign currency options is determined using an income approach. The primary inputs into the valuation represent the forward interest rate swap curve, foreign currency exchange rates, forward interest rate and foreign currency exchange rate volatility and time value component associated with the optionality in the derivative. As a result of the significant unobservable inputs associated with the forward interest rate and foreign currency exchange rate volatility input, the derivative is classified as Level 3. We also have foreign currency forward contracts where the valuation is determined using an income approach. The primary inputs into the valuation represent the forward foreign currency exchange rates, which are generally considered observable inputs and results in the derivative being classified as Level 2.

Reinsurance embedded derivatives

We have certain reinsurance agreements that result in a reinsurance counterparty holding assets for our benefit where this feature is considered an embedded derivative requiring bifurcation. As a result, we measure the embedded derivatives at fair value with changes in fair value being recorded in income. Fair value is determined by comparing the fair value and cost basis of the underlying assets. The underlying assets are primarily comprised of highly rated investments and result in the fair value of the embedded derivatives being classified as Level 2.

GMWB embedded derivatives

We are required to bifurcate an embedded derivative for certain features associated with annuity products and related reinsurance agreements where we provide a GMWB to the policyholder and are required to record the GMWB embedded derivative at fair value. The valuation of our GMWB embedded derivative is based on an income approach that incorporates inputs such as forward interest rates, equity index volatility, equity index and fund correlation, and policyholder assumptions such as utilization, lapse and mortality. In addition to these inputs, we also consider risk and expense margins when determining the projected cash flows that would be determined by another market participant. While the risk and expense margins are considered in determining fair value, these inputs do not have a significant impact on the valuation.

For GMWB liabilities, non-performance risk is integrated into the discount rate. Prior to the third quarter of 2010, the discount rate was based on the swap curve, which incorporated the non-performance risk of our GMWB liabilities. Beginning in 2009, the swap curve dropped below the U.S. Treasury curve at certain points on the longer end of the curve, and in 2010, the points below the U.S. Treasury curve expanded to several points beyond 10 years. For these points on the curve, we utilized the U.S. Treasury curve as our discount rate through the second quarter of 2010. Beginning in the third quarter of 2010, we revised our discount rate to reflect market credit spreads that represent an adjustment for the non-performance risk of the GMWB liabilities. The credit spreads included in our discount rate range from 60 to 80 basis points over the most relevant points on the U.S. Treasury curve. As of March 31, 2011 and December 31, 2010, the impact of non-performance risk resulted in a lower fair value of our GMWB liabilities of $39 million and $44 million, respectively.

To determine the appropriate discount rate to reflect the non-performance risk of the GMWB liabilities, we evaluate the non-performance risk in our liabilities based on a hypothetical exit market transaction as there is no exit market for these types of liabilities. A hypothetical exit market can be viewed as a hypothetical transfer of the liability to another similarly rated insurance company which would closely resemble a reinsurance transaction. Another hypothetical exit market transaction can be viewed as a hypothetical transaction from the perspective of the GMWB policyholder. We believe that a hypothetical exit market participant would use a similar discount rate as described above to value the liabilities.

For equity index volatility, we determine the projected equity market volatility using both historical volatility and projected near-term equity market volatility with more significance being placed on projected and recent historical data.

 

Equity index and fund correlations are determined based on historical price observations for the fund and equity index.

For policyholder assumptions, we use our expected lapse, mortality and utilization assumptions and update these assumptions for our actual experience, as necessary. For our lapse assumption, we adjust our base lapse assumption by policy based on a combination of the policyholder's current account value and GMWB benefit.

We classify the GMWB valuation as Level 3 based on having significant unobservable inputs. We evaluate the inputs and methodologies used to determine fair value based on how we expect a market participant would determine exit value. As stated above, there is no exit market or market participants for the GMWB embedded derivatives. Accordingly, we evaluate our inputs and resulting fair value based on a hypothetical exit market and hypothetical market participants. A hypothetical exit market could be viewed as a transaction that would closely resemble reinsurance. While reinsurance transactions for this type of product are not an observable input, we consider this type of hypothetical exit market, as appropriate, when evaluating our inputs and determining that our inputs are consistent with that of a hypothetical market participant.

Borrowings related to securitization entities

We record certain borrowings related to securitization entities at fair value. The fair value of these borrowings is determined using either a market approach or income approach, depending on the instrument and availability of market information. Given the unique characteristics of the securitization entities that issued these borrowings as well as the lack of comparable instruments, we determine fair value considering the valuation of the underlying assets held by the securitization entities and any derivatives, as well as any unique characteristics of the borrowings that may impact the valuation. After considering all relevant inputs, we determine fair value of the borrowings using the net valuation of the underlying assets and derivatives that are backing the borrowings. Accordingly, these instruments are classified as Level 3.

 

The following tables set forth our assets and liabilities by class of instrument that are measured at fair value on a recurring basis as of the dates indicated:

 

     March 31, 2011  

(Amounts in millions)

   Total     Level 1      Level 2      Level 3  

Assets

          

Investments:

          

Fixed maturity securities:

          

U.S. government, agencies and government-sponsored enterprises

   $ 3,414      $ —         $ 3,413       $ 1   

Tax-exempt

     928        —           928         —     

Government—non-U.S.

     2,359        —           2,358         1   

U.S. corporate

     23,753        —           23,038         715   

Corporate—non-U.S.

     13,937        —           13,735         202   

Residential mortgage-backed

     4,600        —           4,465         135   

Commercial mortgage-backed

     3,756        —           3,714         42   

Other asset-backed

     2,251        —           1,988         263   
                                  

Total fixed maturity securities

     54,998        —           53,639         1,359   
                                  

Equity securities

     355        262         6         87   
                                  

Other invested assets:

          

Trading securities

     667        —           329         338   

Derivative assets:

          

Interest rate swaps

     630        —           627         3   

Foreign currency swaps

     228        —           228         —     

Credit default swaps

     11        —           5         6   

Equity index options

     32        —           —           32   
                                  

Total derivative assets

     901        —           860         41   
                                  

Securities lending collateral

     811        —           811         —     

Derivatives counterparty collateral

     605        —           605         —     
                                  

Total other invested assets

     2,984        —           2,605         379   
                                  

Restricted other invested assets related to securitization entities

     374        —           199         175   

Reinsurance recoverable (1)

     (7     —           —           (7

Separate account assets

     11,807        11,807         —           —     
                                  

Total assets

   $ 70,511      $ 12,069       $ 56,449       $ 1,993   
                                  

Liabilities

          

Policyholder account balances (2)

   $ 69      $ —         $ —         $ 69   

Derivative liabilities:

          

Interest rate swaps

     132        —           132         —     

Interest rate swaps related to securitization entities

     16        —           16         —     

Inflation indexed swaps

     35        —           35         —     

Credit default swaps

     7        —           —           7   

Credit default swaps related to securitization entities

     120        —           —           120   

Equity return swaps

     1        —           1         —     

Other foreign currency contracts

     8        —           8         —     
                                  

Total derivative liabilities

     319        —           192         127   

Borrowings related to securitization entities

     58        —           —           58   
                                  

Total liabilities

   $ 446      $ —         $ 192       $ 254   
                                  

 

     December 31, 2010  

(Amounts in millions)

   Total     Level 1      Level 2      Level 3  

Assets

          

Investments:

          

Fixed maturity securities:

          

U.S. government, agencies and government-sponsored enterprises

   $ 3,705      $ —         $ 3,694       $ 11   

Tax-exempt

     1,030        —           1,030         —     

Government—non-U.S.

     2,369        —           2,368         1   

U.S. corporate

     23,967        —           22,867         1,100   

Corporate—non-U.S.

     13,498        —           13,130         368   

Residential mortgage-backed

     4,455        —           4,312         143   

Commercial mortgage-backed

     3,743        —           3,693         50   

Other asset-backed

     2,416        —           2,148         268   
                                  

Total fixed maturity securities

     55,183        —           53,242         1,941   
                                  

Equity securities

     332        240         5         87   
                                  

Other invested assets:

          

Trading securities

     677        —           348         329   

Derivative assets:

          

Interest rate swaps

     763        —           758         5   

Foreign currency swaps

     240        —           240         —     

Credit default swaps

     11        —           5         6   

Equity index options

     33        —           —           33   
                                  

Total derivative assets

     1,047        —           1,003         44   
                                  

Securities lending collateral

     772        —           772         —     

Derivatives counterparty collateral

     630        —           630         —     
                                  

Total other invested assets

     3,126        —           2,753         373   
                                  

Restricted other invested assets related to securitization entities

     370        —           199         171   

Other assets (1)

     1        —           1         —     

Reinsurance recoverable (2)

     (5     —           —           (5

Separate account assets

     11,666        11,666         —           —     
                                  

Total assets

   $ 70,673      $ 11,906       $ 56,200       $ 2,567   
                                  

Liabilities

          

Policyholder account balances (3)

   $ 121      $ —         $ —         $ 121   

Derivative liabilities:

          

Interest rate swaps

     138        —           138         —     

Interest rate swaps related to securitization entities

     19        —           19         —     

Inflation indexed swaps

     33        —           33         —     

Credit default swaps

     7        —           —           7   

Credit default swaps related to securitization entities

     129        —           —           129   

Equity index options

     3        —           —           3   

Equity return swaps

     3        —           3         —     
                                  

Total derivative liabilities

     332        —           193         139   

Borrowings related to securitization entities

     51        —           —           51   
                                  

Total liabilities

   $ 504      $ —         $ 193       $ 311   
                                  

(2) 

Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.

(3) 

Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.

We review the fair value hierarchy classifications each reporting period. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in and out of Level 3, or between other levels, at the beginning fair value for the reporting period in which the changes occur. Our assessment of whether or not there were significant unobservable inputs related to fixed maturity securities was based on our observations obtained through the course of managing our investment portfolio, including interaction with other market participants, observations related to the availability and consistency of pricing, and understanding of general market activity such as new issuance and the level of secondary market trading for a class of securities. Additionally, we considered data obtained from third-party pricing sources to determine whether our estimated values incorporate significant unobservable inputs that would result in the valuation being classified as Level 3.

The following tables present additional information about assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of or for the dates indicated:

 

     Beginning
balance
as of
January 1,
2011
    Total realized and
unrealized gains
(losses)
    Purchases      Sales     Issuances      Settlements     Transfer
in  Level 3
     Transfer
out of
Level 3
    Ending
balance
as of
March 31,
2011
    Total gains
(losses)
included in
net income
attributable
to assets
still held
 

(Amounts in millions)

     Included in
net
income
    Included
in OCI
                    

Fixed maturity securities:

                         

U.S. government, agencies and government-sponsored enterprises

   $ 11      $ —        $ —        $ —         $ —        $ —         $ —        $ —         $ (10   $ 1      $ —     

Government—non-U.S.

     1        —          —          —           —          —           —          —           —          1        —     

U.S. corporate (1)

     1,100        4        (3     3         —          —           (45     16         (360     715        4   

Corporate—non-U.S. (1)

     368        (12     (3     25         (25     —           (5     40         (186     202        (11

Residential mortgage-backed

     143        (1     2        —           —          —           (8     —           (1     135        (1

Commercial mortgage-backed

     50        —          —          —           —          —           (8     —           —          42        —     

Other asset-backed

     268        (1     2        8         (8     —           (21     15         —          263        (1
                                                                                           

Total fixed maturity securities

     1,941        (10     (2     36         (33     —           (87     71         (557     1,359        (9
                                                                                           

Equity securities

     87        1        1        —           —          —           (2     —           —          87        —     
                                                                                           

Other invested assets:

                         

Trading securities

     329        9        —          5         —          —           (5     —           —          338        9   

Derivative assets:

                         

Interest rate swaps

     5        (2     —          —           —          —           —          —           —          3        (2

Credit default swaps

     6        —          —          —           —          —           —          —           —          6        —     

Equity index options

     33        (19     —          24         —          —           (6 )     —           —          32        (19
                                                                                           

Total derivative assets

     44        (21     —          24         —          —           (6 )     —           —          41        (21
                                                                                           

Total other invested assets

     373        (12     —          29         —          —           (11     —           —          379        (12
                                                                                           

Restricted other invested assets related to securitization entities

     171        4        —          —           —          —           —          —           —          175        4   

Reinsurance recoverable (2)

     (5     (3     —          —           —          1         —          —           —          (7     (3
                                                                                           

Total Level 3 assets

   $ 2,567      $ (20   $ (1   $ 65       $ (33   $ 1       $ (100   $ 71       $ (557   $ 1,993      $ (20
                                                                                           

(2) 

Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.

 

     Beginning
balance
as of
January 1,
2010
    Total realized and
unrealized gains
(losses)
    Purchases,
sales,
issuances
and
settlements,
net
    Transfer
in Level  3
     Transfer
out of
Level 3
    Ending
balance
as of
March 31,
2010
    Total gains
(losses)
included in
net income
attributable
to assets
still held
 

(Amounts in millions)

     Included in
net  income
    Included
in OCI
            

Fixed maturity securities:

                 

U.S. government, agencies and government-sponsored enterprises

   $ 16      $ —        $ —        $ (1   $ 3       $ (10   $ 8      $ —     

Tax-exempt

     2        —          —          —          —           —          2        —     

Government—non-U.S.

     7        —          —          —          —           (6     1        —     

U.S. corporate

     1,073        —          15        60        25         (267     906        4   

Corporate—non-U.S.

     504        1        1        9        59         (66     508        1   

Residential mortgage-backed (1)

     1,481        —          3        106        —           (1,419     171        —     

Commercial mortgage-backed (1)

     3,558        1        4        (62     —           (3,454     47        —     

Other asset-backed (1)

     1,419        (16     21        (4     10         (1,021     409        (16
                                                                 

Total fixed maturity securities

     8,060        (14     44        108        97         (6,243     2,052        (11
                                                                 

Equity securities

     9        —          (1     7        52         —          67        —     
                                                                 

Other invested assets:

                 

Trading securities

     145        8        —          (11     —           —          142        8   

Derivative assets:

                 

Interest rate swaps

     3        1        —          —          —           —          4        2   

Interest rate swaptions

     54        (10     —          (30     —           —          14        (5

Credit default swaps

     6        1        —          —          —           —          7        1   

Equity index options

     39        (25     —          20        —           —          34        (24

Other foreign currency contracts

     8        (4     —          —          —           —          4        (4
                                                                 

Total derivative assets

     110        (37     —          (10     —           —          63        (30
                                                                 

Total other invested assets

     255        (29     —          (21     —           —          205        (22
                                                                 

Restricted other invested assets related to securitization entities

     —          —          —          —          174         —          174        —     

Reinsurance recoverable (2)

     (5     (1     —          —          —           —          (6     (1
                                                                 

Total Level 3 assets

   $ 8,319      $ (44   $ 43      $ 94      $ 323       $ (6,243   $ 2,492      $ (34
                                                                 

(2) 

Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.

 

The following tables present additional information about liabilities measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of or for the dates indicated:

 

     Beginning
balance
as of
January 1,
2011
     Total realized and
unrealized (gains)
losses
                          Settlements     Transfer
in  Level 3
     Transfer
out of
Level 3
     Ending
balance
as of
March 31,
2011
     Total  (gains)
losses
included in
net (income)
attributable
to liabilities
still held
 

(Amounts in millions)

      Included in
net  (income)
    Included
in OCI
     Purchases      Sales      Issuances                

Policyholder account balances (1)

   $ 121       $ (62   $ —         $ —         $ —         $ 10      $ —        $ —         $ —         $ 69       $ (61

Derivative liabilities:

                              

Credit default swaps

     7         (2     —           3         —           —           (1 )     —           —           7         (2

Credit default swaps related to securitization entities

     129         (9     —           —           —           —           —          —           —           120         (9

Equity index options

     3         —          —           —           —           —           (3     —           —           —           —     
                                                                                                

Total derivative liabilities

     139         (11     —           3         —           —           (4 )     —           —           127         (11

Borrowings related to securitization entities

     51         7        —           —           —           —           —          —           —           58         7   
                                                                                                

Total Level 3 liabilities

   $ 311       $ (66   $ —         $ 3       $ —         $ 10       $ (4 )   $ —         $ —         $ 254       $ (65
                                                                                                

(1) 

Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.

 

     Beginning
balance
as of
January 1,
2010
     Total realized and
unrealized (gains)
losses
     Purchases,
sales,
issuances
and
settlements,
net
    Transfer
in  Level 3
     Transfer
out of
Level 3
     Ending
balance
as of
March 31,
2010
     Total  (gains)
losses
included in
net (income)
attributable
to liabilities
still held
 

(Amounts in millions)

      Included in
net  (income)
    Included
in OCI
               

Policyholder account balances (1)

   $ 175       $ (39   $ 9       $ —        $ —         $ —         $ 145       $ (37

Derivative liabilities:

                     

Interest rate swaps

     2         (2     —           —          —           —           —           (2

Interest rate swaptions

     67         (32     —           (17     —           —           18         (15

Credit default swaps

     —           1        —           —          —           —           1         1   

Credit default swaps related to securitization entities

     —           (5     —           2        121         —           118         (5

Equity index options

     2         3        —           (1     —           —           4         3   
                                                                     

Total derivative liabilities

     71         (35     —           (16     121         —           141         (18

Borrowings related to securitization entities

     —           (2     —           —          60         —           58         (2
                                                                     

Total Level 3 liabilities

   $ 246       $ (76   $ 9       $ (16   $ 181       $ —         $ 344       $ (57
                                                                     

(1) 

Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.

Realized and unrealized gains (losses) on Level 3 assets and liabilities are primarily reported in either net investment gains (losses) within the consolidated statements of income or OCI within stockholders' equity based on the appropriate accounting treatment for the instrument.

 

Purchases, sales, issuances and settlements represent the activity that occurred during the period that results in a change of the asset or liability but does not represent changes in fair value for the instruments held at the beginning of the period. Such activity primarily consists of purchases, sales and settlements of fixed maturity, equity and trading securities and purchases, issuances and settlements of derivative instruments.

Issuances and settlements presented for policyholder account balances represent the issuances and settlements of embedded derivatives associated with our GMWB liabilities where: issuances are characterized as the change in fair value associated with the product fees recognized that are attributed to the embedded derivative to equal the expected future benefit costs upon issuance and settlements are characterized as the change in fair value upon exercising the embedded derivative instrument, effectively representing a settlement of the embedded derivative instrument. We have shown these changes in fair value separately based on the classification of this activity as effectively issuing and settling the embedded derivative instrument with all remaining changes in the fair value of these embedded derivative instruments being shown separately in the category labeled "included in net (income)" in the tables presented above.

The amount presented for unrealized gains (losses) for assets and liabilities still held as of the reporting date primarily represents impairments for available-for-sale securities, changes in fair value of trading securities and certain derivatives and changes in fair value of embedded derivatives associated with our GMWB liabilities that existed as of the reporting date, which were recorded in net investment gains (losses), and accretion on certain fixed maturity securities which was recorded in net investment income.

Commitments and Contingencies
Commitments and Contingencies

(7) Commitments and Contingencies

(a) Litigation

We face the risk of litigation and regulatory investigations and actions in the ordinary course of operating our businesses, including class action lawsuits. Our pending legal and regulatory actions include proceedings specific to us and others generally applicable to business practices in the industries in which we operate. In our insurance operations, we are, have been, or may become subject to class actions and individual suits alleging, among other things, issues relating to sales or underwriting practices, increases to in-force long-term care insurance premiums, payment of contingent or other sales commissions, bidding practices in connection with our management and administration of a third-party's municipal guaranteed investment contract business, claims payments and procedures, product design, product disclosure, administration, additional premium charges for premiums paid on a periodic basis, denial or delay of benefits, charging excessive or impermissible fees on products, recommending unsuitable products to customers, our pricing structures and business practices in our mortgage insurance businesses, such as captive reinsurance arrangements with lenders and contract underwriting services, violations of the Real Estate Settlement and Procedures Act of 1974 or related state anti-inducement laws, and breaching fiduciary or other duties to customers. Plaintiffs in class action and other lawsuits against us may seek very large or indeterminate amounts which may remain unknown for substantial periods of time. In our investment-related operations, we are subject to litigation involving commercial disputes with counterparties. We are also subject to litigation arising out of our general business activities such as our contractual and employment relationships. In addition, we are also subject to various regulatory inquiries, such as information requests, subpoenas, books and record examinations and market conduct and financial examinations from state, federal and international regulators and other authorities. A substantial legal liability or a significant regulatory action against us could have an adverse effect on our financial condition and results of operations. Moreover, even if we ultimately prevail in the litigation, regulatory action or investigation, we could suffer significant reputational harm, which could have an adverse effect on our business, financial condition or results of operations. At this time, it is not feasible to predict, nor determine the ultimate outcomes of any pending investigations and legal proceedings, nor to provide reasonable ranges of possible losses.

As previously disclosed, in December 2009, one of our non-insurance subsidiaries, one of the subsidiary's officers and Genworth Financial, Inc. were named in a putative class action lawsuit captioned Michael J. Goodman and Linda Brown v. Genworth Financial Wealth Management, Inc., et al, in the United States District Court for the Eastern District of New York. In response to our motion to dismiss the complaint in its entirety, the Court granted on March 30, 2011 the motion to dismiss the state law fiduciary duty claim and denied the motion to dismiss the remaining federal claims. We continue to vigorously defend this action.

As previously disclosed, we and one of our mortgage insurance subsidiaries were named in a putative class action lawsuit filed in November 2010 captioned Archie Moses and Violet M. Moses v. SunTrust Banks, Inc., et al, in the United States District Court for the District of Columbia. On March 10, 2011, plaintiffs voluntarily dismissed the action without prejudice as to Genworth Financial, Inc. and our mortgage insurance subsidiary.

 

(b) Commitments

As of March 31, 2011, we were committed to fund $106 million in limited partnership investments and $39 million in U.S. commercial mortgage loan investments.

Borrowings and Other Financings
Borrowings and Other Financings

(8) Borrowings and Other Financings

Revolving Credit Facilities

We have two five-year revolving credit facilities that mature in May 2012 and August 2012. These facilities bear variable interest rates based on one-month LIBOR plus a margin and we have access to $1.9 billion under these facilities. As of March 31, 2011, we had no borrowings under these facilities; however, we utilized $280 million under these facilities primarily for the issuance of letters of credit for the benefit of one of our life insurance subsidiaries. As of December 31, 2010, we had no borrowings under these facilities; however, we utilized $56 million under these facilities primarily for the issuance of letters of credit for the benefit of one of our lifestyle protection insurance subsidiaries.

Long-Term Senior Notes

In March 2011, we issued senior notes having an aggregate principal amount of $400 million, with an interest rate equal to 7.625% per year payable semi-annually, and maturing in September 2021 ("2021 Notes"). The 2021 Notes are our direct, unsecured obligations and will rank equally with all of our existing and future unsecured and unsubordinated obligations. We have the option to redeem all or a portion of the 2021 Notes at any time with proper notice to the note holders at a price equal to the greater of 100% of principal or the sum of the present value of the remaining scheduled payments of principal and interest discounted at the then-current treasury rate plus an applicable spread. The net proceeds of $397 million from the issuance of the 2021 Notes were used for general corporate purposes.

Non-Recourse Funding Obligations

As of March 31, 2011, we had $3.4 billion of fixed and floating rate non-recourse funding obligations outstanding backing additional statutory reserves. As of March 31, 2011 and December 31, 2010, the weighted-average interest rates on our non-recourse funding obligations were 1.41% and 1.44%, respectively.

Income Taxes
Income Taxes

(9) Income Taxes

The reconciliation of the federal statutory tax rate to the effective income tax rate was as follows for the periods indicated:

 

     Three months ended March 31,  
     2011     2010  

Statutory U.S. federal income tax rate

     35.0     35.0

Increase (reduction) in rate resulting from:

    

State income tax, net of federal income tax effect

     1.2        (3.4

Benefit on tax favored investments

     (2.7     (6.6

Effect of foreign operations

     (14.4     (13.7

Non-deductible expenses

     0.6        (0.5

Interest on uncertain tax positions

     —          (2.2

Tax benefits related to separation from our former parent

     —          (89.5

Other, net

     0.8        2.7   
                

Effective rate

     20.5     (78.2 )% 
                

The effective tax rate increased significantly from the prior year due to uncertain tax benefits related to separation from our former parent in the prior year that did not recur. In connection with our 2004 separation from our former parent, General Electric ("GE"), we made certain joint tax elections and realized certain tax benefits. During the first quarter of 2010, the Internal Revenue Service ("IRS") completed an examination of GE's 2004 tax return, including these tax impacts. Therefore, $106 million of previously uncertain tax benefits related to separation became certain and we recognized those in the first quarter of 2010. Additionally, we recorded $20 million as additional paid-in capital related to our 2004 separation.

Segment Information
Segment Information

(10) Segment Information

We conduct our operations in three operating business segments: (1) Retirement and Protection, which includes our life insurance, long-term care insurance, wealth management products and services and retirement income products; (2) International, which includes international mortgage and lifestyle protection insurance; and (3) U.S. Mortgage Insurance.

We also have Corporate and Other activities which include interest and other debt financing expenses, other corporate income and expenses not allocated to the segments, the results of non-strategic products that are managed outside of our operating segments, and eliminations of inter-segment transactions.

We use the same accounting policies and procedures to measure segment income (loss) and assets as our consolidated net income (loss) and assets. Our chief operating decision maker evaluates segment performance and allocates resources on the basis of "net operating income (loss) available to Genworth Financial, Inc.'s common stockholders." We define net operating income (loss) available to Genworth Financial, Inc.'s common stockholders as income (loss) from continuing operations excluding net income attributable to noncontrolling interests, after-tax net investment gains (losses) and other adjustments and infrequent or unusual non-operating items. We exclude net investment gains (losses) and infrequent or unusual non-operating items because we do not consider them to be related to the operating performance of our segments and Corporate and Other activities. A component of our net investment gains (losses) is the result of impairments, the size and timing of which can vary significantly depending on market credit cycles. In addition, the size and timing of other investment gains (losses) can be subject to our discretion and are influenced by market opportunities, as well as asset-liability matching considerations. Infrequent or unusual non-operating items are also excluded from net operating income (loss) available to Genworth Financial, Inc.'s common stockholders if, in our opinion, they are not indicative of overall operating trends. While some of these items may be significant components of net income (loss) available to Genworth Financial, Inc.'s common stockholders in accordance with U.S. GAAP, we believe that net operating income (loss) available to Genworth Financial, Inc.'s common stockholders, and measures that are derived from or incorporate net operating income (loss) available to Genworth Financial, Inc.'s common stockholders, are appropriate measures that are useful to investors because they identify the income (loss) attributable to the ongoing operations of the business. However, net operating income (loss) available to Genworth Financial, Inc.'s common stockholders is not a substitute for net income (loss) available to Genworth Financial, Inc.'s common stockholders determined in accordance with U.S. GAAP. In addition, our definition of net operating income (loss) available to Genworth Financial, Inc.'s common stockholders may differ from the definitions used by other companies.

There were no infrequent or unusual non-operating items excluded from net operating income available to Genworth Financial, Inc.'s common stockholders during the periods presented other than a $106 million tax benefit related to separation from our former parent recorded in the first quarter of 2010.

The following is a summary of revenues for our segments and Corporate and Other activities for the periods indicated:

 

     Three months ended
March  31,
 

(Amounts in millions)

   2011      2010  

Revenues:

     

Retirement and Protection

   $ 1,738       $ 1,593   

International

     632         651   

U.S. Mortgage Insurance

     177         181   

Corporate and Other

     21         (4
                 

Total revenues

   $ 2,568       $ 2,421   
                 

 

The following is a summary of net operating income available to Genworth Financial, Inc.'s common stockholders for our segments and Corporate and Other activities and a reconciliation of net operating income available to Genworth Financial, Inc.'s common stockholders for our segments and Corporate and Other activities to net income for the periods indicated:

 

     Three months ended
March  31,
 

(Amounts in millions)

   2011     2010  

Retirement and Protection's net operating income

   $ 127      $ 122   

International's net operating income

     124        91   

U.S. Mortgage Insurance's net operating loss

     (81     (36

Corporate and Other's net operating loss

     (72     (63
                

Net operating income

     98        114   

Net investment gains (losses), net of taxes and other adjustments

     (16     (42

Net tax benefit related to separation from our former parent

     —          106   
                

Net income available to Genworth Financial, Inc.'s common stockholders

     82        178   

Add: net income attributable to noncontrolling interests

     34        34   
                

Net income

   $ 116      $ 212   
                

The following is a summary of total assets for our segments and Corporate and Other activities as of the dates indicated:

 

(Amounts in millions)

   March 31,
2011
     December 31,
2010
 

Assets:

     

Retirement and Protection

   $ 86,622       $ 86,352   

International

     12,838         12,422   

U.S. Mortgage Insurance

     3,989         3,875   

Corporate and Other

     9,491         9,746   
                 

Total assets

   $ 112,940       $ 112,395   
                 
Earnings Per Share (Tables)
Earnings Per Share
Investments (Tables)
3 Months Ended
Mar. 31, 2011
Year Ended
Dec. 31, 2010
Investments
 
 
Net Investment Income
 
Net Investment Gains (Losses)
 
Credit Losses Recognized in Net Income
 
Unrealized Investment Gains and Losses
 
Change in Net Unrealized Gains (Losses) on Available-For-Sale Investment Securities Reported in AOCI
 
Fixed Maturity and Equity Securities
Gross Unrealized Losses and Fair Values of Investment Securities
 
Aging of Gross Unrealized Losses and Other-Than-Temporary Losses
 
Concentration of Gross Unrealized Losses and Other-Than-Temporary Losses by Sector
 
Gross Unrealized Losses Related to Structured Securities
 
Concentration of Gross Unrealized Losses Related to Corporate Debt and Equity Securities by Industry
 
Maturity Distribution of Fixed Maturity Securities
 
Commercial Mortgage Loans by Property Type
 
Commercial Mortgage Loans by Geographic Region
 
Aging of Past Due Commercial Mortgage Loans by Property Type
 
Nonaccrual Status of Commercial Mortgage Loans by Property Type
 
Allowance for Credit Losses and Recorded Investment in Commercial Mortgage Loans
 
Activity in Allowance for Losses During the Period
 
Impaired Commercial Mortgage Loans by Property Type
 
Average Loan-to-Value of Commercial Mortgage Loans by Property Type
 
Debt Service Coverage Ratio for Fixed Rate Commercial Mortgage Loans by Property Type
Restricted Commercial Mortgage Loans by Property Type
 
Debt Service Coverage Ratio for Floating Rate Commercial Mortgage Loans by Property Type
 
Restricted Commercial Mortgage Loans by Geographic Region
 
Average Loan-to-Value of Restricted Commercial Mortgage Loans by Property Type
Debt Service Coverage Ratio for Fixed Rate Restricted Commercial Mortgage Loans by Property Type
     Three months ended
March 31,
 

(Amounts in millions)

   2011     2010  

Fixed maturity securities—taxable

   $ 670      $ 626   

Fixed maturity securities—non-taxable

     11        16   

Commercial mortgage loans

     92        104   

Restricted commercial mortgage loans related to securitization entities

     10        10   

Equity securities

     3        2   

Other invested assets

     34        (2

Restricted other invested assets related to securitization entities

     —          1   

Policy loans

     29        27   

Cash, cash equivalents and short-term investments

     6        5   
                

Gross investment income before expenses and fees

     855        789   

Expenses and fees

     (25     (24
                

Net investment income

   $ 830      $ 765   
                
     Three months ended
March 31,
 

(Amounts in millions)

   2011     2010  

Available-for-sale securities:

    

Realized gains

   $ 29      $ 23   

Realized losses

     (31     (38
                

Net realized gains (losses) on available-for-sale securities

     (2     (15
                

Impairments:

    

Total other-than-temporary impairments

     (31     (77

Portion of other-than-temporary impairments recognized in other comprehensive income (loss)

     (5     (3
                

Net other-than-temporary impairments

     (36     (80
                

Trading securities

     11        6   

Commercial mortgage loans

     (1     (4

Net gains (losses) related to securitization entities

     10        11   

Derivative instruments (1)

     (10     (8

Other

     —          20   
                

Net investment gains (losses)

   $ (28   $ (70
                

(1) 

See note 5 for additional information on the impact of derivative instruments included in net investment gains (losses).

(Amounts in millions)

   2011     2010  

Beginning balance

   $ 784      $ 1,059  

Additions:

    

Other-than-temporary impairments not previously recognized

     3        20   

Increases related to other-than-temporary impairments previously recognized

     31        46   

Reductions:

    

Securities sold, paid down or disposed

     (63     (100

Securities where there is intent to sell

     —          —     
                

Ending balance

   $ 755      $ 1,025   
                

(Amounts in millions)

   March 31, 2011     December 31, 2010  

Net unrealized gains (losses) on investment securities:

    

Fixed maturity securities

   $ 548      $ 511   

Equity securities

     20        9   

Other invested assets

     (20     (22
                

Subtotal

     548        498   

Adjustments to deferred acquisition costs, present value of future profits, sales inducements and benefit reserves

     (546     (583

Income taxes, net

     2        35   
                

Net unrealized investment gains (losses)

     4        (50

Less: net unrealized investment gains (losses) attributable to noncontrolling interests

     41        50   
                

Net unrealized investment gains (losses) attributable to Genworth Financial, Inc.

   $ (37   $ (100
                

(Amounts in millions)

   2011     2010  

Beginning balance

   $ (100   $ (1,398

Impact upon adoption of new accounting guidance

     —          91   

Unrealized gains (losses) arising during the period:

    

Unrealized gains (losses) on investment securities

     12        763   

Adjustment to deferred acquisition costs

     (21     (113

Adjustment to present value of future profits

     (1     (31

Adjustment to sales inducements

     (4     (15

Adjustment to benefit reserves

     63        —     

Provision for income taxes

     (20     (220
                

Change in unrealized gains (losses) on investment securities

     29        384   

Reclassification adjustments to net investment (gains) losses, net of taxes of $(13) and $(34)

     25        62   
                

Change in net unrealized investment gains (losses)

     54        537   

Less: change in net unrealized investment (gains) losses attributable to noncontrolling interests

     9        1   
                

Ending balance

   $ (37   $ (860
                

(Amounts in millions)

   Amortized
cost or
cost
     Gross unrealized gains      Gross unrealized losses     Fair
value
 
      Not other-than-
temporarily
impaired
     Other-than-
temporarily
impaired
     Not other-than-
temporarily
impaired
    Other-than-
temporarily
impaired
   

Fixed maturity securities:

               

U.S. government, agencies and government-sponsored enterprises

   $ 3,352       $ 102       $ —         $ (40   $ —        $ 3,414   

Tax-exempt

     1,029         16         —           (117     —          928   

Government—non-U.S.

     2,267         99         —           (7     —          2,359   

U.S. corporate

     23,069         1,062         12         (390     —          23,753   

Corporate—non-U.S.

     13,655         454         —           (163     (9     13,937   

Residential mortgage-backed

     4,897         134         20         (270     (181     4,600   

Commercial mortgage-backed

     3,841         120         3         (172     (36     3,756   

Other asset-backed

     2,324         19         —           (90     (2     2,251   
                                                   

Total fixed maturity securities

     54,434         2,006         35         (1,249     (228     54,998   

Equity securities

     334         24         —           (3     —          355   
                                                   

Total available-for-sale securities

   $ 54,768       $ 2,030       $ 35       $ (1,252   $ (228   $ 55,353   
                                                   

(Amounts in millions)

   Amortized
cost or
cost
     Gross unrealized gains      Gross unrealized losses     Fair
value
 
      Not other-than-
temporarily
impaired
     Other-than-
temporarily
impaired
     Not other-than-
temporarily
impaired
    Other-than-
temporarily
impaired
   

Fixed maturity securities:

               

U.S. government, agencies and government-sponsored enterprises

   $ 3,568       $ 145       $ —         $ (8   $ —        $ 3,705   

Tax-exempt

     1,124         19         —           (113     —          1,030   

Government—non-U.S.

     2,257         118         —           (6     —          2,369   

U.S. corporate

     23,282         1,123         10         (448     —          23,967   

Corporate—non-U.S.

     13,180         485         —           (167     —          13,498   

Residential mortgage-backed

     4,821         116         18         (304     (196     4,455   

Commercial mortgage-backed

     3,936         132         6         (286     (45     3,743   

Other asset-backed

     2,494         18         —           (94     (2     2,416   
                                                   

Total fixed maturity securities

     54,662         2,156         34         (1,426     (243     55,183   

Equity securities

     323         13         —           (4     —          332   
                                                   

Total available-for-sale securities

   $ 54,985       $ 2,169       $ 34       $ (1,430   $ (243   $ 55,515   
                                                   
   Less than 12 months      12 months or more      Total  

(Dollar amounts in millions)

   Fair
value
     Gross
unrealized
losses
    Number of
securities
     Fair
value
     Gross
unrealized
losses (1)
    Number of
securities
     Fair
value
     Gross
unrealized
losses (2)
    Number of
securities
 

Description of Securities

                       

Fixed maturity securities:

                       

U.S. government, agencies and government-sponsored enterprises

   $ 1,187       $ (40     56       $ —         $ —          —         $ 1,187       $ (40     56   

Tax-exempt

     229         (13     81         244         (104     91         473         (117     172   

Government—non-U.S.

     312         (6     80         39         (1     11         351         (7     91   

U.S. corporate

     3,883         (140     484         2,068         (250     174         5,951         (390     658   

Corporate—non-U.S.

     2,633         (82     362         992         (90     92         3,625         (172     454   

Residential mortgage-backed

     454         (23     80         964         (428     389         1,418         (451     469   

Commercial mortgage-backed

     254         (10     37         1,105         (198     199         1,359         (208     236   

Other asset-backed

     173         (1     30         424         (91     46         597         (92     76   
                                                                             

Subtotal, fixed maturity securities

     9,125         (315     1,210         5,836         (1,162     1,002         14,961         (1,477     2,212   

Equity securities

     71         (2     46         6         (1     11         77         (3     57   
                                                                             

Total for securities in an unrealized loss position

   $ 9,196       $ (317     1,256       $ 5,842       $ (1,163     1,013       $ 15,038       $ (1,480     2,269   
                                                                             

(1) 

Amounts included $218 million of unrealized losses on other-than-temporarily impaired securities.

(2) 

Amounts included $228 million of unrealized losses on other-than-temporarily impaired securities.

 

     Less than 12 months      12 months or more      Total  

(Dollar amounts in millions)

   Fair
value
     Gross
unrealized
losses
    Number  of
securities
     Fair
value
     Gross
unrealized
losses (1)
    Number  of
securities
     Fair
value
     Gross
unrealized
losses (2)
    Number  of
securities
 

Description of Securities

                       

Fixed maturity securities:

                       

U.S. government, agencies and government-sponsored enterprises

   $ 545       $ (8     36       $ —         $ —          —         $ 545       $ (8     36   

Tax-exempt

     285         (12     101         244         (101     90         529         (113     191   

Government—non-U.S.

     431         (5     69         21         (1     7         452         (6     76   

U.S. corporate

     3,615         (125     443         2,338         (323     191         5,953         (448     634   

Corporate—non-U.S.

     2,466         (53     296         1,141         (114     102         3,607         (167     398   

Residential mortgage-backed

     461         (23     92         1,031         (477     416         1,492         (500     508   

Commercial mortgage-backed

     177         (8     26         1,167         (323     225         1,344         (331     251   

Other asset-backed

     401         (2     37         512         (94     53         913         (96     90   
                                                                             

Subtotal, fixed maturity securities

     8,381         (236     1,100         6,454         (1,433     1,084         14,835         (1,669     2,184   

Equity securities

     77         (3     48         5         (1     4         82         (4     52   
                                                                             

Total for securities in an unrealized loss position

   $ 8,458       $ (239     1,148       $ 6,459       $ (1,434     1,088       $ 14,917       $ (1,673     2,236   
                                                                             

(1) 

Amounts included $240 million of unrealized losses on other-than-temporarily impaired securities.

(2) 

Amounts included $243 million of unrealized losses on other-than-temporarily impaired securities.

     Less than 20%      20% to 50%      Greater than 50%  

(Dollar amounts in millions)

   Gross
unrealized
losses
    % of total
gross
unrealized
losses
    Number
of
securities
     Gross
unrealized
losses
    % of total
gross
unrealized
losses
    Number
of
securities
     Gross
unrealized
losses
    % of total
gross
unrealized
losses
    Number
of
securities
 

Fixed maturity securities:

                    

Less than 12 months:

                    

Investment grade

   $ (278     19     1,143       $ (24     2     8       $ —          —       —     

Below investment grade

     (11     1        50         (1     —          3         (1     —          6   
                                                                          

Total

     (289     20        1,193         (25     2        11         (1     —          6   
                                                                          

12 months or more:

                    

Investment grade

     (279     19        437         (246     16        128         (63     4        24   

Below investment grade (1)

     (86     6        149         (293     20        155         (195     13        109   
                                                                          

Total

     (365     25        586         (539     36        283         (258     17        133   
                                                                          

Equity securities:

                    

Less than 12 months:

                    

Investment grade

     (1     —          24         —          —          —           —          —          —     

Below investment grade

     (1     —          22         —          —          —           —          —          —     
                                                                          

Total

     (2     —          46         —          —          —           —          —          —     
                                                                          

12 months or more:

                    

Investment grade

     (1     —          11         —          —          —           —          —          —     

Below investment grade

     —          —          —           —          —          —           —          —          —     
                                                                          

Total

     (1     —          11         —          —          —           —          —          —     
                                                                          

Total

   $ (657     45     1,836       $ (564     38     294       $ (259     17     139   
                                                                          

(1) 

Amounts included $202 million of unrealized losses on other-than-temporarily impaired securities.

 

     Less than 20%      20% to 50%      Greater than 50%  

(Dollar amounts in millions)

   Gross
unrealized
losses
    % of total
gross
unrealized
losses
    Number
of
securities
     Gross
unrealized
losses
    % of total
gross
unrealized
losses
    Number
of
securities
     Gross
unrealized
losses
    % of total
gross
unrealized
losses
    Number
of
securities
 

Fixed maturity securities:

                    

Less than 12 months:

                    

Investment grade

   $ (222     13     1,031       $ (7     1     8       $ —          —       —     

Below investment grade

     (4     —          45         (1     —          10         (2     —          6   
                                                                          

Total

     (226     13        1,076         (8     1        18         (2     —          6   
                                                                          

12 months or more:

                    

Investment grade

     (330     20        473         (328     20        166         (105     6        40   

Below investment grade (1)

     (88     5        115         (324     19        162         (258     16        128   
                                                                          

Total

     (418     25        588         (652     39        328         (363     22        168   
                                                                          

Equity securities:

                    

Less than 12 months:

                    

Investment grade

     (1     —          20         (1     —          1         —          —          —     

Below investment grade

     (1     —          27         —          —          —           —          —          —     
                                                                          

Total

     (2     —          47         (1     —          1         —          —          —     
                                                                          

12 months or more:

                    

Investment grade

     (1     —          4         —          —          —           —          —          —     

Below investment grade

     —          —          —           —          —          —           —          —          —     
                                                                          

Total

     (1     —          4         —          —          —           —          —          —     
                                                                          

Total

   $ (647     38     1,715       $ (661     40     347       $ (365     22     174   
                                                                          

(1) 

Amounts included $213 million of unrealized losses on other-than-temporarily impaired securities.

     Investment grade     Below investment grade  

(Amounts in millions)

   Gross
unrealized
losses
    % of gross
unrealized
losses
    Gross
unrealized
losses
    % of gross
unrealized
losses
 

Fixed maturity securities:

        

U.S. government, agencies and government-sponsored enterprises

   $ (40     3   $ —          —  

Tax-exempt

     (115     8        (2     —     

Government—non-U.S.

     (7     1        —          —     

U.S. corporate

     (360     24        (30     2   

Corporate—non-U.S.

     (158     11        (14     1   

Residential mortgage-backed

     (95     6        (356     24   

Commercial mortgage-backed

     (93     6        (115     8   

Other asset-backed

     (22     1        (70     5   
                                

Subtotal, fixed maturity securities

     (890     60        (587     40   

Equity securities

     (2     —          (1     —     
                                

Total

   $ (892     60   $ (588     40
                                
     Investment grade     Below investment grade  

(Amounts in millions)

   Gross
unrealized
losses
    % of gross
unrealized
losses
    Gross
unrealized
losses
    % of gross
unrealized
losses
 

Structured securities:

        

Residential mortgage-backed

   $ (95     13   $ (356     48

Commercial mortgage-backed

     (93     12        (115     15   

Other asset-backed

     (22     3        (70     9   
                                

Total structured securities

   $ (210     28   $ (541     72
                                
     Investment grade     Below investment grade  

(Amounts in millions)

   Less than
12 months
    12 months
or more
    Less than
12 months
    12 months
or more
 

Industry:

        

Finance and insurance

   $ (45   $ (216   $ (9   $ (15

Utilities and energy

     (64     (9     —          —     

Consumer – non-cyclical

     (23     (7     —          (3

Consumer – cyclical

     (4     (6     (1     (2

Capital goods

     (6     (7     —          (7

Industrial

     (15     (13     —          (2

Technology and communications

     (19     (6     —          (2

Transportation

     (3     (27     —          —     

Other

     (33     (17     (2     (2
                                

Total

   $ (212   $ (308   $ (12   $ (33
                                

(Amounts in millions)

   Amortized
cost or
cost
     Fair
value
 

Due one year or less

   $ 2,360       $ 2,379   

Due after one year through five years

     11,966         12,248   

Due after five years through ten years

     9,324         9,678   

Due after ten years

     19,722         20,086   
                 

Subtotal

     43,372         44,391   

Residential mortgage-backed

     4,897         4,600   

Commercial mortgage-backed

     3,841         3,756   

Other asset-backed

     2,324         2,251   
                 

Total

   $ 54,434       $ 54,998   
                 

   March 31, 2011     December 31, 2010  

(Amounts in millions)

   Carrying
value
    % of
total
    Carrying
value
    % of
total
 

Property type:

        

Retail

   $ 1,976        30   $ 1,974        29

Office

     1,822        27        1,850        27   

Industrial

     1,745        26        1,788        26   

Apartments

     700        11        725        11   

Mixed use/other

     411        6        435        7   
                                

Total principal balance

     6,654        100     6,772        100
                    

Unamortized balance of loan origination fees and costs

     4          5     

Allowance for losses

     (58       (59  
                    

Total

   $ 6,600        $ 6,718     
                

Geographic region:

        

Pacific

   $ 1,746        26   $ 1,769        26

South Atlantic

     1,577        24        1,583        23   

Middle Atlantic

     880        13        937        14   

East North Central

     603        9        612        9   

Mountain

     527        8        540        8   

New England

     480        7        482        7   

West North Central

     355        5        369        6   

West South Central

     305        5        297        4   

East South Central

     181        3        183        3   
                                

Total principal balance

     6,654        100     6,772        100
                    

Unamortized balance of loan origination fees and costs

     4          5     

Allowance for losses

     (58       (59  
                    

Total

   $ 6,600        $ 6,718     
                    
     March 31, 2011  

(Amounts in millions)

   31 – 60 days
past due
    61 – 90 days
past due
    Greater than
90 days past
due
    Total
past due
    Current     Total  

Property type:

            

Retail

   $ 3      $ 3      $ —        $ 6      $ 1,970      $ 1,976   

Office

     —          —          10        10        1,812        1,822   

Industrial

     —          4        12        16        1,729        1,745   

Apartments

     —          —          —          —          700        700   

Mixed use/other

     —          —          —          —          411        411   
                                                

Total principal balance

   $ 3      $ 7      $ 22      $ 32      $ 6,622      $ 6,654   
                                                

% of total commercial mortgage loans

     —       —       —       —       100     100
                                                
     December 31, 2010  

(Amounts in millions)

   31 – 60 days
past due
    61 – 90 days
past due
    Greater than
90 days past
due
    Total
past due
    Current     Total  

Property type:

            

Retail

   $ —        $ —        $ —        $ —        $ 1,974      $ 1,974   

Office

     —          —          12        12        1,838        1,850   

Industrial

     —          6        27        33        1,755        1,788   

Apartments

     —          —          —          —          725        725   

Mixed use/other

     —          —          —          —          435        435   
                                                

Total principal balance

   $ —        $ 6      $ 39      $ 45      $ 6,727      $ 6,772   
                                                

% of total commercial mortgage loans

     —       —       1     1     99     100
                                                

(Amounts in millions)

   March 31,
2011
     December 31,
2010
 

Property type:

     

Retail

   $ —         $ —     

Office

     10         12   

Industrial

     12         27   

Apartments

     —           —     

Mixed use/other

     —           —     
                 

Total principal balance

   $ 22       $ 39   
                 

(Amounts in millions)

   2011  

Allowance for credit losses:

  

Beginning balance

   $ 59   

Charge-offs

     (1

Recoveries

     —     

Provision

     —     
        

Ending balance

   $ 58   
        

Ending allowance for individually impaired loans

   $ —     
        

Ending allowance for loans not individually impaired that were evaluated collectively for impairment

   $ 58   
        

Principal balance:

  

Ending balance

   $ 6,654   
        

Ending balance of individually impaired loans

   $ 14   
        

Ending balance of loans not individually impaired that were evaluated collectively for impairment

   $ 6,640   
        

(Amounts in millions)

   2010  

Beginning balance

   $ 48   

Provision

     4   

Release

     —     
        

Ending balance

   $ 52   
        
     March 31, 2011  

(Amounts in millions)

   Recorded
investment
     Unpaid
principal
balance
     Charge-
offs
     Related
allowance
     Average
recorded
investment
     Interest
income
recognized
 

Property type:

                 

Retail

   $ 1       $ 2       $ 1       $ —         $ 1       $ —     

Office

     9         10           1         —         $ 3         —     

Industrial

      4           6            2         —         $  4          —     

Apartments

     —           —           —           —         $ —           —     

Mixed use/other

     —           —           —           —         $ —           —     
                                               

Total

   $ 14       $ 18       $ 4       $ —         $ 3       $ —     
                                               
     December 31, 2010  

(Amounts in millions)

   Recorded
investment
     Unpaid
principal
balance
     Charge-
offs
     Related
allowance
     Average
recorded
investment
     Interest
income
recognized
 

Property type:

                 

Retail

   $ 5       $ 8       $ 3       $ —         $ 2       $ —     

Office

     6         8         2         —         $ 2         —     

Industrial

     19         24         5         —         $ 3         —     

Apartments

     —           —           —           —         $ —           —     

Mixed use/other

     —           —           —           —         $ —           —     
                                               

Total

   $ 30       $ 40       $ 10       $ —         $ 3       $ —     
                                               
     March 31, 2011  

(Amounts in millions)

   0% – 50%     51% – 60%     61% –75%     76% – 100%     Greater
than 100%
    Total  

Property type:

            

Retail

   $ 477      $ 268      $ 845      $ 347      $ 39      $ 1,976   

Office

     318        308        702        364        130        1,822   

Industrial

     418        372        624        260        71        1,745   

Apartments

     125        188        265        107        15        700   

Mixed use/other

     99        19        143        141        9        411   
                                                

Total

   $ 1,437      $ 1,155      $ 2,579      $ 1,219      $ 264      $ 6,654   
                                                

% of total

     22     17     39     18     4     100
                                                

Weighted-average debt service coverage ratio

     2.24        1.98        2.42        1.83        1.02        2.14   
                                                
     December 31, 2010  

(Amounts in millions)

   0% – 50%     51% – 60%     61% –75%     76% – 100%     Greater
than 100%
    Total  

Property type:

            

Retail

   $ 477      $ 287      $ 805      $ 363      $ 42      $ 1,974   

Office

     320        327        612        446        145        1,850   

Industrial

     431        361        625        284        87        1,788   

Apartments

     99        172        321        133        —          725   

Mixed use/other

     123        10        63        221        18        435   
                                                

Total

   $ 1,450      $ 1,157      $ 2,426      $ 1,447      $ 292      $ 6,772   
                                                

% of total

     22     17     36     21     4     100
                                                

Weighted-average debt service coverage ratio

     2.24        1.99        1.79        2.42        0.75        2.01   
                                                
     March 31, 2011  

(Amounts in millions)

   Less than 1.00     1.00 – 1.25     1.26 – 1.50     1.51 – 2.00     Greater
than 2.00
    Total  

Property type:

            

Retail

   $ 119      $ 309      $ 499      $ 522      $ 412      $ 1,861   

Office

     196        182        241        486        538        1,643   

Industrial

     245        163        278        708        333        1,727   

Apartments

     7        61        123        296        146        633   

Mixed use/other

     47        18        11        77        69        222   
                                                

Total

   $ 614      $ 733      $ 1,152      $ 2,089      $ 1,498      $ 6,086   
                                                

% of total

     10     12     19     34     25     100
                                                

Weighted-average loan-to-value

     86     71     68     60     51     63
                                                
     December 31, 2010  

(Amounts in millions)

   Less than 1.00     1.00 – 1.25     1.26 – 1.50     1.51 – 2.00     Greater
than 2.00
    Total  

Property type:

            

Retail

   $ 125      $ 317      $ 490      $ 512      $ 415      $ 1,859   

Office

     176        186        238        524        547        1,671   

Industrial

     260        166        292        698        346        1,762   

Apartments

     7        62        160        290        135        654   

Mixed use/other

     49        12        17        78        94        250   
                                                

Total

   $ 617      $ 743      $ 1,197      $ 2,102      $ 1,537      $ 6,196   
                                                

% of total

     10     12     19     34     25     100
                                                

Weighted-average loan-to-value

     90     71     68     62     50     64
                                                

   March 31, 2011     December 31, 2010  

(Amounts in millions)

   Carrying
value
    % of
total
    Carrying
value
    % of
total
 

Property type:

        

Retail

   $ 177        36   $ 182        36

Industrial

     120        25        124        24   

Office

     105        22        117        23   

Apartments

     63        13        64        13   

Mixed use/other

     22        4        22        4   
                                

Total principal balance

     487        100     509        100
                    

Allowance for losses

     (2       (2  
                    

Total

   $ 485        $ 507     
                  
     March 31, 2011  

(Amounts in millions)

   Less than 1.00     1.00 – 1.25     1.26 – 1.50     1.51 – 2.00     Greater than
2.00
    Total  

Property type:

            

Retail

   $ —        $ —        $ —        $ 2      $ 113      $ 115   

Office

     —          —          —          9        170        179   

Industrial

     1        5        —          1        11        18   

Apartments

     —          —          —          29        38        67   

Mixed use/other

     —          4        —          —          185        189   
                                                

Total

   $ 1      $ 9      $ —        $ 41      $ 517      $ 568   
                                                

% of total

     —       2     —       7     91     100
                                                

Weighted-average loan-to-value

     28     58     —       69     77     76
                                                
     December 31, 2010  

(Amounts in millions)

   Less than 1.00     1.00 – 1.25     1.26 – 1.50     1.51 – 2.00     Greater than
2.00
    Total  

Property type:

            

Retail

   $ —        $ —        $ —        $ 2      $ 113      $ 115   

Office

     —          —          —          57        122        179   

Industrial

     1        5        —          1        19        26   

Apartments

     —          4        —          21        46        71   

Mixed use/other

     —          —          —          —          185        185   
                                                

Total

   $ 1      $ 9      $ —        $ 81      $ 485      $ 576   
                                                

% of total

     —       2     —       14     84     100
                                                

Weighted-average loan-to-value

     30     62     —       83     77     78
                                                

Geographic region:

        

South Atlantic

   $ 176        36   $ 189        37

Pacific

     88        18        90        18   

Middle Atlantic

     68        14        70        14   

East North Central

     50        10        51        10   

Mountain

     31        7        32        6   

East South Central

     31        7        32        6   

West North Central

     30        6        31        6   

West South Central

     12        2        13        3   

New England

     1        —          1        —     
                                

Total principal balance

     487        100     509        100
                    

Allowance for losses

     (2       (2  
                    

Total

   $ 485        $ 507     
                    
     March 31, 2011  

(Amounts in millions)

   0% – 50%     51% – 60%     61% – 75%     76% – 100%     Greater
than 100%
    Total  

Property type:

            

Retail

   $ 146      $ 26      $ —        $ 2      $ 3      $ 177   

Industrial

     105        8        4        2        1        120   

Office

     88        7        5        3        2        105   

Apartments

     35        9        —          19        —          63   

Mixed use/other

     16        6        —          —          —          22   
                                                

Total

   $ 390      $ 56      $ 9      $ 26      $ 6      $ 487   
                                                

% of total

     80     12     2     5     1     100
                                                

Weighted-average debt service coverage ratio

     1.78        1.32        1.02        1.16        0.39        1.66   
                                                
     December 31, 2010  

(Amounts in millions)

   0% – 50%     51% – 60%     61% – 75%     76% – 100%     Greater
than 100%
    Total  

Property type:

            

Retail

   $ 141      $ 34      $ 1      $ 3      $ 3      $ 182   

Industrial

     108        8        4        2        2        124   

Office

     90        19        5        3        —          117   

Apartments

     35        9        —          20        —          64   

Mixed use/other

     17        5        —          —          —          22   
                                                

Total

   $ 391      $ 75      $ 10      $ 28      $ 5      $ 509   
                                                

% of total

     77     15     2     5     1     100
                                                

Weighted-average debt service coverage ratio

     1.82        1.35        1.05        1.18        0.52        1.69   
                                                
     March 31, 2011  

(Amounts in millions)

   Less than 1.00     1.01 – 1.25     1.26 – 1.50     1.51 – 2.00     Greater
than 2.00
    Total  

Property type:

            

Retail

   $ 14      $ 9      $ 43      $ 78      $ 33      $ 177   

Industrial

     16        5        22        44        33        120   

Office

     11        17        24        37        16        105   

Apartments

     —          24        12        18        9        63   

Mixed use/other

     —          —          7        10        5        22   
                                                

Total

   $ 41      $ 55      $ 108      $ 187      $ 96      $ 487   
                                                

% of total

     9     11     22     38     20     100
                                                

Weighted-average loan-to-value

     63     55     41     39     31     42
                                                
     December 31, 2010  

(Amounts in millions)

   Less than 1.00     1.01 – 1.25     1.26 – 1.50     1.51 – 2.00     Greater
than 2.00
    Total  

Property type:

            

Retail

   $ 14      $ 6      $ 52      $ 77      $ 33      $ 182   

Industrial

     11        9        25        50        29        124   

Office

     14        14        23        45        21        117   

Apartments

     —          21        10        26        7        64   

Mixed use/other

     —          —          7        11        4        22   
                                                

Total

   $ 39      $ 50      $ 117      $ 209      $ 94      $ 509   
                                                

% of total

     8     10     23     41     18     100
                                                

Weighted-average loan-to-value

     65     55     42     41     31     43
                                                
Derivative Instruments (Tables)
3 Months Ended
Mar. 31,
2011
2010
Derivative Instruments
 
 
Schedule of Positions in Derivative Instruments
 
Activity Associated with Derivative Instruments
 
Schedule of Pre-Tax Income Effects of Cash Flow Hedges
 
Schedule of Pre-Tax Income Effects of Fair Value Hedges and Related Hedged Items
Schedule of Pre-Tax Gain (Loss) Recognized in Net Income for the Effects of Derivatives not Designated as Hedges
 
Schedule of Credit Default Swaps Where We Sell Protection on Single Name Reference Entities and Fair Values
 
Schedule of Credit Default Swaps Where We Sell Protection on Credit Default Swap Index Tranches and Fair Values
 
    

Derivative assets

   

Derivative liabilities

 

(Amounts in millions)

  

Balance

sheet
classification

   Fair value    

Balance

sheet
classification

   Fair value  
      March 31,
2011
    December 31,
2010
       March 31,
2011
     December 31,
2010
 

Derivatives designated as hedges

               

Cash flow hedges:

               

Interest rate swaps

   Other invested assets    $ 168      $ 222      Other liabilities    $ 106       $ 56   

Inflation indexed swaps

   Other invested assets      —          —        Other liabilities      35         33   

Foreign currency swaps

   Other invested assets      192        205      Other liabilities      —           —     
                                       

Total cash flow hedges

        360        427           141         89   
                                       

Fair value hedges:

               

Interest rate swaps

   Other invested assets      77        95      Other liabilities      6         8   

Foreign currency swaps

   Other invested assets      36        35      Other liabilities      —           —     
                                       

Total fair value hedges

        113        130           6         8   
                                       

Total derivatives designated as hedges

        473        557           147         97   
                                       

Derivatives not designated as hedges

               

Interest rate swaps

   Other invested assets      385        446      Other liabilities      20         74   

Equity return swaps

   Other invested assets      —          —        Other liabilities      1         3   

Interest rate swaps related to securitization entities

   Restricted other invested assets      —          —        Other liabilities      16         19   

Interest rate swaptions

   Other invested assets      —          —        Other liabilities      —           —     

Credit default swaps

   Other invested assets      11        11      Other liabilities      7         7   

Credit default swaps related to securitization entities

   Restricted other invested assets      —          —        Other liabilities      120         129   

Equity index options

   Other invested assets      32        33      Other liabilities      —           3   

Financial futures

   Other invested assets      —          —        Other liabilities      —           —     

Other foreign currency contracts

   Other invested assets      —          —        Other liabilities      8         —     

Reinsurance embedded derivatives ( 1 )

   Other assets      —          1      Other liabilities      —           —     

GMWB embedded derivatives

   Reinsurance recoverable ( 2 )      (7     (5   Policyholder account balances ( 3 )      69         121   
                                       

Total derivatives not designated as hedges

        421        486           241         356   
                                       

Total derivatives

      $ 894      $ 1,043         $ 388       $ 453   
                                       

(1) 

Represents embedded derivatives associated with certain reinsurance agreements.

(2) 

Represents embedded derivatives associated with the reinsured portion of our guaranteed minimum withdrawal benefits ("GMWB") liabilities.

(3) 

Represents the embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.

(Notional in millions)

   Measurement      December 31,
2010
     Additions      Maturities/
terminations
    March 31, 2011  

Derivatives designated as hedges

             

Cash flow hedges:

             

Interest rate swaps

     Notional       $ 12,355       $ 995       $ (3   $ 13,347   

Inflation indexed swaps

     Notional         525         9         —          534   

Foreign currency swaps

     Notional         491         —           —          491   
                                     

Total cash flow hedges

        13,371         1,004         (3     14,372   
                                     

Fair value hedges:

             

Interest rate swaps

     Notional         1,764         —           (326     1,438   

Foreign currency swaps

     Notional         85         —           —          85   
                                     

Total fair value hedges

        1,849         —           (326     1,523   
                                     

Total derivatives designated as hedges

        15,220         1,004         (329     15,895   
                                     

Derivatives not designated as hedges

             

Interest rate swaps

     Notional         7,681         35         (1,275     6,441   

Equity return swaps

     Notional         208         7         —          215   

Interest rate swaps related to securitization entities

     Notional         129         —           (3     126   

Interest rate swaptions

     Notional         200         —           (200     —     

Credit default swaps

     Notional         1,195         115         (100     1,210   

Credit default swaps related to securitization entities

     Notional         317         —           —          317   

Equity index options

     Notional         744         288         (451     581   

Financial futures

     Notional         3,937         1,372         (1,806     3,503   

Other foreign currency contracts

     Notional         521         185         —          706   

Reinsurance embedded derivatives

     Notional         72         12         —          84   
                                     

Total derivatives not designated as hedges

        15,004         2,014         (3,835     13,183   
                                     

Total derivatives

      $ 30,224       $ 3,018       $ (4,164   $ 29,078   
                                     

(Number of policies)

   Measurement      December 31,
2010
     Additions      Terminations     March 31, 2011  

Derivatives not designated as hedges

             

GMWB embedded derivatives

     Policies         49,566         675         (654     49,587   

(Amounts in millions)

   Gain (loss)
recognized in OCI
    Gain (loss)
reclassified into
net income
from OCI
   

Classification of gain
(loss) reclassified into
net income

   Gain (loss)
recognized in
net income (1)
   

Classification of gain
(loss) recognized in
net income

Interest rate swaps hedging assets

   $ (101   $ (5   Net investment income    $ (2   Net investment gains (losses)

Foreign currency swaps

     3        (1   Interest expense      —        Net investment gains (losses)
                             

Total

   $ (98   $ (6      $ (2  
                             

(1) 

Represents ineffective portion of cash flow hedges as there were no amounts excluded from the measurement of effectiveness.

 

(Amounts in millions)

   Gain (loss)
recognized in OCI
    Gain (loss)
reclassified into
net income
from OCI
   

Classification of gain
(loss) reclassified into
net income

   Gain (loss)
recognized in
net income (1)
   

Classification of gain
(loss) recognized in
net income

Interest rate swaps hedging assets

   $ (36   $ 4      Net investment income    $ (3   Net investment gains (losses)

Interest rate swaps hedging assets

     —          1      Net investment gains (losses)      —        Net investment gains (losses)

Foreign currency swaps

     1        (2   Interest expense      —        Net investment gains (losses)
                             

Total

   $ (35   $ 3         $ (3  
                             

(1) 

Represents ineffective portion of cash flow hedges as there were no amounts excluded from the measurement of effectiveness.

     Derivative instrument      Hedged item

(Amounts in millions)

   Gain (loss)
recognized in
net income
   

Classification
of gain (loss)
recognized in

net income

   Other impacts
to  net

income
    Classification
of other

impacts to
net income
     Gain (loss)
recognized in
net income
   

Classification
of gain (loss)
recognized in net
income

Interest rate swaps hedging assets

   $ 1      Net investment gains (losses)    $ (3    
 
Net investment
income
  
  
   $ (1   Net investment gains (losses)

Interest rate swaps hedging liabilities

     (22   Net investment gains (losses)      20        Interest credited         22      Net investment gains (losses)

Foreign currency swaps

     —        Net investment gains (losses)      1        Interest credited         (1   Net investment gains (losses)
                                

Total

   $ (21      $ 18         $ 20     
                                
     Derivative instrument    Hedged item

(Amounts in millions)

   Gain (loss)
recognized in
net income
   

Classification
of gain (loss)
recognized in

net income

   Other impacts
to  net

income
   

Classification
of other

impacts to

net income

   Gain (loss)
recognized in
net income
   

Classification
of gain (loss)
recognized in net
income

Interest rate swaps hedging assets

   $ 1      Net investment gains (losses)    $ (3   Net investment income    $ (1   Net investment gains (losses)

Interest rate swaps hedging liabilities

     (1   Net investment gains (losses)      25      Interest credited      1      Net investment gains (losses)

Foreign currency swaps

     (2   Net investment gains (losses)      1      Interest credited      2      Net investment gains (losses)
                                

Total

   $ (2      $ 23         $ 2     
                                
     Three months ended March 31,    

Classification of gain (loss) recognized
in net income

(Amounts in millions)

   2011     2010    

Interest rate swaps

   $ 2      $ (6   Net investment gains (losses)

Equity return swaps

     (4     —        Net investment gains (losses)

Interest rate swaps related to securitization entities

     1        (3   Net investment gains (losses)

Interest rate swaptions

     —          22      Net investment gains (losses)

Credit default swaps

     3        5      Net investment gains (losses)

Credit default swaps related to securitization entities

     9        5      Net investment gains (losses)

Equity index options

     (19     (27   Net investment gains (losses)

Financial futures

     (39     (33   Net investment gains (losses)

Other foreign currency contracts

     (9     (3   Net investment gains (losses)

GMWB embedded derivatives

     59        36      Net investment gains (losses)
                  

Total derivatives not designated as hedges

   $ 3      $ (4  
                  
     March 31, 2011      December 31, 2010  

(Amounts in millions)

   Notional
value
     Assets      Liabilities      Notional
value
     Assets      Liabilities  

Reference entity credit rating and maturity:

                 

AAA

                 

Matures after one year through five years

   $ 5       $ —         $ —         $ 5       $ —         $ —     

AA

                 

Matures after one year through five years

     6         —           —           6         —           —     

Matures after five years through ten years

     5         —           —           5         —           —     

A

                 

Matures after one year through five years

     37         1         —           37         1         —     

Matures after five years through ten years

     10         —           —           5         —           —     

BBB

                 

Matures after one year through five years

     68         2         —           68         2         —     

Matures after five years through ten years

     24         —           —           29         —           —     
                                                     

Total credit default swaps on single name reference entities

   $ 155       $ 3       $ —         $ 155       $ 3       $ —     
                                                     
     March 31, 2011      December 31, 2010  

(Amounts in millions)

   Notional
value
     Assets      Liabilities      Notional
value
     Assets      Liabilities  

Original index tranche attachment/detachment point and maturity:

                 

9% – 12% matures after one year through five years (1)

   $ 300       $ 1       $ 3       $ 300       $ —         $ 3   

10% – 15% matures after one year through five years (2)

     250         4         —           250         4         —     

12% – 22% matures after five years through ten years (3)

     248         —           4         248         —           4   

15% – 30% matures after five years through ten years (4)

     127         1         —           127         2         —     
                                                     

Total credit default swap index tranches

     925         6         7         925         6         7   
                                                     

Customized credit default swap index tranches related to securitization entities:

                 

Portion backing third-party borrowings maturing 2017 (5)

     17         —           7         17         —           8   

Portion backing our interest maturing 2017 (6)

     300         —           113         300         —           121   
                                                     

Total customized credit default swap index tranches related to securitization entities

     317         —           120         317         —           129   
                                                     

Total credit default swaps on index tranches

   $ 1,242       $ 6       $ 127       $ 1,242       $ 6       $ 136   
                                                     

(1) 

The current attachment/detachment as of March 31, 2011 and December 31, 2010 was 9% – 12%.

(2) 

The current attachment/detachment as of March 31, 2011 and December 31, 2010 was 10% – 15%.

( 3 ) 

The current attachment/detachment as of March 31, 2011 and December 31, 2010 was 12% – 22%.

( 4 ) 

The current attachment/detachment as of March 31, 2011 and December 31, 2010 was 14.8% – 30.3%.

(5) 

Original notional value was $39 million.

(6) 

Original notional value was $300 million.

Fair Value of Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2011
Year Ended
Dec. 31, 2010
Fair Value of Financial Instruments
 
 
Fair Value Financial Instruments Not Required to be Carried at Fair Value
 
Primary Sources Considered When Determining Fair Value of Each Class of Fixed Maturity Securities
Primary Sources Considered When Determining Fair Value of Equity Securities
Primary Sources Considered When Determining Fair Value of Trading Securities
Assets and Liabilities That are Measured at Fair Value on a Recurring Basis
 
Assets Measured at Fair Value on a Recurring Basis and Utilized Significant Unobservable (Level 3) Inputs to Determine Fair Value
 
Liabilities Measured at Fair Value on a Recurring Basis and Utilized Significant Unobservable (Level 3) Inputs to Determine Fair Value
 

(Amounts in millions)

   March 31, 2011      December 31, 2010  
   Notional
amount
    Carrying
amount
     Fair
value
     Notional
amount
    Carrying
amount
     Fair
value
 

Assets:

               

Commercial mortgage loans

   $   (1)    $ 6,600       $ 6,827       $   (1)    $ 6,718       $ 6,896   

Restricted commercial mortgage loans

       (1)      485         529           (1)      507         554   

Other invested assets

       (1)      328         340           (1)      267         272   

Liabilities:

               

Long-term borrowings (2)

       (1)      5,347         5,320           (1)      4,952         4,928   

Non-recourse funding obligations (2)

       (1)      3,431         2,175           (1)      3,437         2,170   

Borrowings related to securitization entities

       (1)      431         452           (1)      443         467   

Investment contracts

       (1)      19,106         19,671           (1)      19,772         20,471   

Other firm commitments:

               

Commitments to fund limited partnerships

     106        —           —           110        —           —     

Ordinary course of business lending commitments

     39        —           —           28        —           —     

     March 31, 2011  

(Amounts in millions)

   Total      Level 1      Level 2      Level 3  

U.S. government, agencies and government-sponsored enterprises:

           

Pricing services

   $ 3,401       $ —         $ 3,401       $ —     

Internal models

     13         —           12         1   
                                   

Total U.S. government, agencies and government-sponsored enterprises

     3,414         —           3,413         1   
                                   

Tax-exempt:

           

Pricing services

     928         —           928         —     
                                   

Total tax-exempt

     928         —           928         —     
                                   

Government—non-U.S.:

           

Pricing services

     2,348         —           2,348         —     

Internal models

     11         —           10         1   
                                   

Total government—non-U.S.

     2,359         —           2,358         1   
                                   

U.S. corporate:

           

Pricing services

     20,506         —           20,506         —     

Broker quotes

     232         —           —           232   

Internal models

     3,015         —           2,532         483   
                                   

Total U.S. corporate

     23,753         —           23,038         715   
                                   

Corporate—non-U.S.:

           

Pricing services

     12,081         —           12,081         —     

Broker quotes

     87         —           —           87   

Internal models

     1,769         —           1,654         115   
                                   

Total corporate—non-U.S.

     13,937         —           13,735         202   
                                   

Residential mortgage-backed:

           

Pricing services

     4,465         —           4,465         —     

Broker quotes

     64         —           —           64   

Internal models

     71         —           —           71   
                                   

Total residential mortgage-backed

     4,600         —           4,465         135   
                                   

Commercial mortgage-backed:

           

Pricing services

     3,714         —           3,714         —     

Broker quotes

     16         —           —           16   

Internal models

     26         —           —           26   
                                   

Total commercial mortgage-backed

     3,756         —           3,714         42   
                                   

Other asset-backed:

           

Pricing services

     2,083         —           1,985         98   

Broker quotes

     165         —           —           165   

Internal models

     3         —           3         —     
                                   

Total other asset-backed

     2,251         —           1,988         263   
                                   

Total fixed maturity securities

   $ 54,998       $ —         $ 53,639       $ 1,359   
                                   
     December 31, 2010  

(Amounts in millions)

   Total      Level 1      Level 2      Level 3  

U.S. government, agencies and government-sponsored enterprises:

           

Pricing services

   $ 3,688       $ —         $ 3,688       $ —     

Internal models

     17         —           6         11   
                                   

Total U.S. government, agencies and government-sponsored enterprises

     3,705         —           3,694         11   
                                   

Tax-exempt:

           

Pricing services

     1,030         —           1,030         —     
                                   

Total tax-exempt

     1,030         —           1,030         —     
                                   

Government—non-U.S.:

           

Pricing services

     2,357         —           2,357         —     

Internal models

     12         —           11         1   
                                   

Total government—non-U.S.

     2,369         —           2,368         1   
                                   

U.S. corporate:

           

Pricing services

     20,563         —           20,563         —     

Broker quotes

     235         —           —           235   

Internal models

     3,169         —           2,304         865   
                                   

Total U.S. corporate

     23,967         —           22,867         1,100   
                                   

Corporate—non-U.S.:

           

Pricing services

     11,584         —           11,584         —     

Broker quotes

     113         —           —           113   

Internal models

     1,801         —           1,546         255   
                                   

Total corporate—non-U.S.

     13,498         —           13,130         368   
                                   

Residential mortgage-backed:

           

Pricing services

     4,312         —           4,312         —     

Broker quotes

     72         —           —           72   

Internal models

     71         —           —           71   
                                   

Total residential mortgage-backed

     4,455         —           4,312         143   
                                   

Commercial mortgage-backed:

           

Pricing services

     3,693         —           3,693         —     

Broker quotes

     16         —           —           16   

Internal models

     34         —           —           34   
                                   

Total commercial mortgage-backed

     3,743         —           3,693         50   
                                   

Other asset-backed:

           

Pricing services

     2,241         —           2,143         98   

Broker quotes

     169         —           —           169   

Internal models

     6         —           5         1   
                                   

Total other asset-backed

     2,416         —           2,148         268   
                                   

Total fixed maturity securities

   $ 55,183       $ —         $ 53,242       $ 1,941   
                                   
     March 31, 2011  

(Amounts in millions)

   Total      Level 1      Level 2      Level 3  

Pricing services

   $ 268       $ 262       $ 6       $ —     

Broker quotes

     6         —           —           6   

Internal models

     81         —           —           81   
                                   

Total equity securities

   $ 355       $ 262       $ 6       $ 87   
                                   
     December 31, 2010  

(Amounts in millions)

   Total      Level 1      Level 2      Level 3  

Pricing services

   $ 245       $ 240       $ 5       $ —     

Broker quotes

     6         —           —           6   

Internal models

     81         —           —           81   
                                   

Total equity securities

   $ 332       $ 240       $ 5       $ 87   
                                   
     March 31, 2011  

(Amounts in millions)

   Total      Level 1      Level 2      Level 3  

Pricing services

   $ 329       $ —         $ 329       $ —     

Internal models

     238         —           —           238   

Broker quotes

     100         —           —           100   
                                   

Total trading securities

   $ 667       $ —         $ 329       $ 338   
                                   
     December 31, 2010  

(Amounts in millions)

   Total      Level 1      Level 2      Level 3  

Pricing services

   $ 348       $ —         $ 348       $ —     

Broker quotes

     230         —           —           230   

Internal models

     99         —           —           99   
                                   

Total trading securities

   $ 677       $ —         $ 348       $ 329   
                                   
     March 31, 2011  

(Amounts in millions)

   Total     Level 1      Level 2      Level 3  

Assets

          

Investments:

          

Fixed maturity securities:

          

U.S. government, agencies and government-sponsored enterprises

   $ 3,414      $ —         $ 3,413       $ 1   

Tax-exempt

     928        —           928         —     

Government—non-U.S.

     2,359        —           2,358         1   

U.S. corporate

     23,753        —           23,038         715   

Corporate—non-U.S.

     13,937        —           13,735         202   

Residential mortgage-backed

     4,600        —           4,465         135   

Commercial mortgage-backed

     3,756        —           3,714         42   

Other asset-backed

     2,251        —           1,988         263   
                                  

Total fixed maturity securities

     54,998        —           53,639         1,359   
                                  

Equity securities

     355        262         6         87   
                                  

Other invested assets:

          

Trading securities

     667        —           329         338   

Derivative assets:

          

Interest rate swaps

     630        —           627         3   

Foreign currency swaps

     228        —           228         —     

Credit default swaps

     11        —           5         6   

Equity index options

     32        —           —           32   
                                  

Total derivative assets

     901        —           860         41   
                                  

Securities lending collateral

     811        —           811         —     

Derivatives counterparty collateral

     605        —           605         —     
                                  

Total other invested assets

     2,984        —           2,605         379   
                                  

Restricted other invested assets related to securitization entities

     374        —           199         175   

Reinsurance recoverable (1)

     (7     —           —           (7

Separate account assets

     11,807        11,807         —           —     
                                  

Total assets

   $ 70,511      $ 12,069       $ 56,449       $ 1,993   
                                  

Liabilities

          

Policyholder account balances (2)

   $ 69      $ —         $ —         $ 69   

Derivative liabilities:

          

Interest rate swaps

     132        —           132         —     

Interest rate swaps related to securitization entities

     16        —           16         —     

Inflation indexed swaps

     35        —           35         —     

Credit default swaps

     7        —           —           7   

Credit default swaps related to securitization entities

     120        —           —           120   

Equity return swaps

     1        —           1         —     

Other foreign currency contracts

     8        —           8         —     
                                  

Total derivative liabilities

     319        —           192         127   

Borrowings related to securitization entities

     58        —           —           58   
                                  

Total liabilities

   $ 446      $ —         $ 192       $ 254   
                                  

(1) 

Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.

(2) 

Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.

 

     December 31, 2010  

(Amounts in millions)

   Total     Level 1      Level 2      Level 3  

Assets

          

Investments:

          

Fixed maturity securities:

          

U.S. government, agencies and government-sponsored enterprises

   $ 3,705      $ —         $ 3,694       $ 11   

Tax-exempt

     1,030        —           1,030         —     

Government—non-U.S.

     2,369        —           2,368         1   

U.S. corporate

     23,967        —           22,867         1,100   

Corporate—non-U.S.

     13,498        —           13,130         368   

Residential mortgage-backed

     4,455        —           4,312         143   

Commercial mortgage-backed

     3,743        —           3,693         50   

Other asset-backed

     2,416        —           2,148         268   
                                  

Total fixed maturity securities

     55,183        —           53,242         1,941   
                                  

Equity securities

     332        240         5         87   
                                  

Other invested assets:

          

Trading securities

     677        —           348         329   

Derivative assets:

          

Interest rate swaps

     763        —           758         5   

Foreign currency swaps

     240        —           240         —     

Credit default swaps

     11        —           5         6   

Equity index options

     33        —           —           33   
                                  

Total derivative assets

     1,047        —           1,003         44   
                                  

Securities lending collateral

     772        —           772         —     

Derivatives counterparty collateral

     630        —           630         —     
                                  

Total other invested assets

     3,126        —           2,753         373   
                                  

Restricted other invested assets related to securitization entities

     370        —           199         171   

Other assets (1)

     1        —           1         —     

Reinsurance recoverable (2)

     (5     —           —           (5

Separate account assets

     11,666        11,666         —           —     
                                  

Total assets

   $ 70,673      $ 11,906       $ 56,200       $ 2,567   
                                  

Liabilities

          

Policyholder account balances (3)

   $ 121      $ —         $ —         $ 121   

Derivative liabilities:

          

Interest rate swaps

     138        —           138         —     

Interest rate swaps related to securitization entities

     19        —           19         —     

Inflation indexed swaps

     33        —           33         —     

Credit default swaps

     7        —           —           7   

Credit default swaps related to securitization entities

     129        —           —           129   

Equity index options

     3        —           —           3   

Equity return swaps

     3        —           3         —     
                                  

Total derivative liabilities

     332        —           193         139   

Borrowings related to securitization entities

     51        —           —           51   
                                  

Total liabilities

   $ 504      $ —         $ 193       $ 311   
                                  

(1) 

Represents embedded derivatives associated with certain reinsurance agreements.

(2) 

Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.

(3) 

Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.

     Beginning
balance
as of
January 1,
2011
    Total realized and
unrealized gains
(losses)
    Purchases      Sales     Issuances      Settlements     Transfer
in  Level 3
     Transfer
out of
Level 3
    Ending
balance
as of
March 31,
2011
    Total gains
(losses)
included in
net income
attributable
to assets
still held
 

(Amounts in millions)

     Included in
net
income
    Included
in OCI
                    

Fixed maturity securities:

                         

U.S. government, agencies and government-sponsored enterprises

   $ 11      $ —        $ —        $ —         $ —        $ —         $ —        $ —         $ (10   $ 1      $ —     

Government—non-U.S.

     1        —          —          —           —          —           —          —           —          1        —     

U.S. corporate (1)

     1,100        4        (3     3         —          —           (45     16         (360     715        4   

Corporate—non-U.S. (1)

     368        (12     (3     25         (25     —           (5     40         (186     202        (11

Residential mortgage-backed

     143        (1     2        —           —          —           (8     —           (1     135        (1

Commercial mortgage-backed

     50        —          —          —           —          —           (8     —           —          42        —     

Other asset-backed

     268        (1     2        8         (8     —           (21     15         —          263        (1
                                                                                           

Total fixed maturity securities

     1,941        (10     (2     36         (33     —           (87     71         (557     1,359        (9
                                                                                           

Equity securities

     87        1        1        —           —          —           (2     —           —          87        —     
                                                                                           

Other invested assets:

                         

Trading securities

     329        9        —          5         —          —           (5     —           —          338        9   

Derivative assets:

                         

Interest rate swaps

     5        (2     —          —           —          —           —          —           —          3        (2

Credit default swaps

     6        —          —          —           —          —           —          —           —          6        —     

Equity index options

     33        (19     —          24         —          —           (6 )     —           —          32        (19
                                                                                           

Total derivative assets

     44        (21     —          24         —          —           (6 )     —           —          41        (21
                                                                                           

Total other invested assets

     373        (12     —          29         —          —           (11     —           —          379        (12
                                                                                           

Restricted other invested assets related to securitization entities

     171        4        —          —           —          —           —          —           —          175        4   

Reinsurance recoverable (2)

     (5     (3     —          —           —          1         —          —           —          (7     (3
                                                                                           

Total Level 3 assets

   $ 2,567      $ (20   $ (1   $ 65       $ (33   $ 1       $ (100   $ 71       $ (557   $ 1,993      $ (20
                                                                                           

(1) 

The transfers in and out of Level 3 were primarily related to private fixed rate U.S. corporate and corporate—non-U.S. securities and resulted from a change in the observability of the additional premium to the public bond spread to adjust for the liquidity and other features of our private placements and resulted in unobservable inputs having a significant impact on certain valuations for transfers in or no longer having significant impact on certain valuations for transfers out.

(2) 

Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.

 

     Beginning
balance
as of
January 1,
2010
    Total realized and
unrealized gains
(losses)
    Purchases,
sales,
issuances
and
settlements,
net
    Transfer
in Level  3
     Transfer
out of
Level 3
    Ending
balance
as of
March 31,
2010
    Total gains
(losses)
included in
net income
attributable
to assets
still held
 

(Amounts in millions)

     Included in
net  income
    Included
in OCI
            

Fixed maturity securities:

                 

U.S. government, agencies and government-sponsored enterprises

   $ 16      $ —        $ —        $ (1   $ 3       $ (10   $ 8      $ —     

Tax-exempt

     2        —          —          —          —           —          2        —     

Government—non-U.S.

     7        —          —          —          —           (6     1        —     

U.S. corporate

     1,073        —          15        60        25         (267     906        4   

Corporate—non-U.S.

     504        1        1        9        59         (66     508        1   

Residential mortgage-backed (1)

     1,481        —          3        106        —           (1,419     171        —     

Commercial mortgage-backed (1)

     3,558        1        4        (62     —           (3,454     47        —     

Other asset-backed (1)

     1,419        (16     21        (4     10         (1,021     409        (16
                                                                 

Total fixed maturity securities

     8,060        (14     44        108        97         (6,243     2,052        (11
                                                                 

Equity securities

     9        —          (1     7        52         —          67        —     
                                                                 

Other invested assets:

                 

Trading securities

     145        8        —          (11     —           —          142        8   

Derivative assets:

                 

Interest rate swaps

     3        1        —          —          —           —          4        2   

Interest rate swaptions

     54        (10     —          (30     —           —          14        (5

Credit default swaps

     6        1        —          —          —           —          7        1   

Equity index options

     39        (25     —          20        —           —          34        (24

Other foreign currency contracts

     8        (4     —          —          —           —          4        (4
                                                                 

Total derivative assets

     110        (37     —          (10     —           —          63        (30
                                                                 

Total other invested assets

     255        (29     —          (21     —           —          205        (22
                                                                 

Restricted other invested assets related to securitization entities

     —          —          —          —          174         —          174        —     

Reinsurance recoverable (2)

     (5     (1     —          —          —           —          (6     (1
                                                                 

Total Level 3 assets

   $ 8,319      $ (44   $ 43      $ 94      $ 323       $ (6,243   $ 2,492      $ (34
                                                                 

(1) 

During 2010, primary market issuance and secondary market activity for commercial and non-agency residential mortgage-backed and other asset-backed securities increased the market observable inputs used to establish fair values for similar securities. These factors, along with more consistent pricing from third-party sources, resulted in our conclusion that there is sufficient trading activity in similar instruments to support classifying certain mortgage-backed and asset-backed securities as Level 2.

(2) 

Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.

     Beginning
balance
as of
January 1,
2011
     Total realized and
unrealized (gains)
losses
                          Settlements     Transfer
in  Level 3
     Transfer
out of
Level 3
     Ending
balance
as of
March 31,
2011
     Total  (gains)
losses
included in
net (income)
attributable
to liabilities
still held
 

(Amounts in millions)

      Included in
net  (income)
    Included
in OCI
     Purchases      Sales      Issuances                

Policyholder account balances (1)

   $ 121       $ (62   $ —         $ —         $ —         $ 10      $ —        $ —         $ —         $ 69       $ (61

Derivative liabilities:

                              

Credit default swaps

     7         (2     —           3         —           —           (1 )     —           —           7         (2

Credit default swaps related to securitization entities

     129         (9     —           —           —           —           —          —           —           120         (9

Equity index options

     3         —          —           —           —           —           (3     —           —           —           —     
                                                                                                

Total derivative liabilities

     139         (11     —           3         —           —           (4 )     —           —           127         (11

Borrowings related to securitization entities

     51         7        —           —           —           —           —          —           —           58         7   
                                                                                                

Total Level 3 liabilities

   $ 311       $ (66   $ —         $ 3       $ —         $ 10       $ (4 )   $ —         $ —         $ 254       $ (65
                                                                                                

(1) 

Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.

 

     Beginning
balance
as of
January 1,
2010
     Total realized and
unrealized (gains)
losses
     Purchases,
sales,
issuances
and
settlements,
net
    Transfer
in  Level 3
     Transfer
out of
Level 3
     Ending
balance
as of
March 31,
2010
     Total  (gains)
losses
included in
net (income)
attributable
to liabilities
still held
 

(Amounts in millions)

      Included in
net  (income)
    Included
in OCI
               

Policyholder account balances (1)

   $ 175       $ (39   $ 9       $ —        $ —         $ —         $ 145       $ (37

Derivative liabilities:

                     

Interest rate swaps

     2         (2     —           —          —           —           —           (2

Interest rate swaptions

     67         (32     —           (17     —           —           18         (15

Credit default swaps

     —           1        —           —          —           —           1         1   

Credit default swaps related to securitization entities

     —           (5     —           2        121         —           118         (5

Equity index options

     2         3        —           (1     —           —           4         3   
                                                                     

Total derivative liabilities

     71         (35     —           (16     121         —           141         (18

Borrowings related to securitization entities

     —           (2     —           —          60         —           58         (2
                                                                     

Total Level 3 liabilities

   $ 246       $ (76   $ 9       $ (16   $ 181       $ —         $ 344       $ (57
                                                                     

(1) 

Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.

Income Taxes (Tables)
Reconciliation of the Federal Statutory Tax Rate to the Effective Income Tax Rate
     Three months ended March 31,  
     2011     2010  

Statutory U.S. federal income tax rate

     35.0     35.0

Increase (reduction) in rate resulting from:

    

State income tax, net of federal income tax effect

     1.2        (3.4

Benefit on tax favored investments

     (2.7     (6.6

Effect of foreign operations

     (14.4     (13.7

Non-deductible expenses

     0.6        (0.5

Interest on uncertain tax positions

     —          (2.2

Tax benefits related to separation from our former parent

     —          (89.5

Other, net

     0.8        2.7   
                

Effective rate

     20.5     (78.2 )% 
                
Segment Information (Tables)
     Three months ended
March  31,
 

(Amounts in millions)

   2011      2010  

Revenues:

     

Retirement and Protection

   $ 1,738       $ 1,593   

International

     632         651   

U.S. Mortgage Insurance

     177         181   

Corporate and Other

     21         (4
                 

Total revenues

   $ 2,568       $ 2,421   
                 
     Three months ended
March  31,
 

(Amounts in millions)

   2011     2010  

Retirement and Protection's net operating income

   $ 127      $ 122   

International's net operating income

     124        91   

U.S. Mortgage Insurance's net operating loss

     (81     (36

Corporate and Other's net operating loss

     (72     (63
                

Net operating income

     98        114   

Net investment gains (losses), net of taxes and other adjustments

     (16     (42

Net tax benefit related to separation from our former parent

     —          106   
                

Net income available to Genworth Financial, Inc.'s common stockholders

     82        178   

Add: net income attributable to noncontrolling interests

     34        34   
                

Net income

   $ 116      $ 212   
                

(Amounts in millions)

   March 31,
2011
     December 31,
2010
 

Assets:

     

Retirement and Protection

   $ 86,622       $ 86,352   

International

     12,838         12,422   

U.S. Mortgage Insurance

     3,989         3,875   

Corporate and Other

     9,491         9,746   
                 

Total assets

   $ 112,940       $ 112,395   
                 
Formation of Genworth and Basis of Presentation (Details)
3 Months Ended
Mar. 31, 2011
Formation of Genworth and Basis of Presentation
 
Number of operating segments
Accounting Pronouncements (Details) (Maximum [Member], USD $)
3 Months Ended
Mar. 31, 2011
Goodwill impairment testing performed based on carrying value of reporting unit
$ 0 
Earnings Per Share (Details) (USD $)
In Millions, except Per Share data
3 Months Ended
Mar. 31,
2011
2010
Earnings Per Share
 
 
Net income
$ 116 
$ 212 
Less: net income attributable to noncontrolling interests
34 
34 
Net income available to Genworth Financial, Inc.'s common stockholders
82 
178 
Net income
0.24 
0.43 
Less: net income attributable to noncontrolling interests
0.07 
0.07 
Net income available to Genworth Financial, Inc.'s common stockholders
0.17 1
0.36 1
Net income
0.23 
0.43 
Less: net income attributable to noncontrolling interests
0.07 
0.07 
Net income available to Genworth Financial, Inc.'s common stockholders
$ 0.17 1
$ 0.36 1
Weighted-average shares used in basic earnings per common share calculations
490 
489 
Stock options, restricted stock units and stock appreciation rights
Weighted-average shares used in diluted earnings per common share calculations
494 
494 
Investments (Narrative) (Details)
3 Months Ended
Mar. 31,
2011
2010
Year Ended
Dec. 31, 2010
Aggregate fair value of securities sold
397,000,000 
558,000,000 
 
Aggregate fair value of securities sold, percentage of book value
0.94 
0.94 
 
Securities less than percentage below cost
0.20 
 
 
Investments subject to call provisions
4,504,000,000 
 
 
Percentage of investment portfolio by which no other industry group exceeded
0.10 
 
 
Percentage of stockholders' equity by which no single issuer of fixed maturity securities exceeded
10% 
 
 
Commercial mortgage loans outstanding more than 90 days, interest accruing
 
Restricted commercial mortgage loans on nonaccrual status
 
Restricted commercial mortgage loans not individually impaired that were evaluated collectively for impairment
485,000,000 
 
507,000,000 
Provision for credit losses, restricted commercial mortgage loans
 
2,000,000 
Floating rate restricted commercial mortgage loans
 
Fixed Maturity Securities [Member] | Finance and Insurance Sector [Member]
 
 
 
Percent of investment portfolio, greater than 10%
0.23 
 
 
Fixed Maturity Securities [Member] | Utilities and Energy Sector [Member]
 
 
 
Percent of investment portfolio, greater than 10%
0.22 
 
 
Fixed Maturity Securities [Member] | Consumer Non-Cyclical Industry Sector [Member]
 
 
 
Percent of investment portfolio, greater than 10%
0.11 
 
 
Fixed Maturity Securities [Member] | Other Industry Sectors [Member]
 
 
 
Percent of investment portfolio, greater than 10%
 
 
Investments (Sources of Net Investment Income) (Details) (USD $)
In Millions
3 Months Ended
Mar. 31,
2011
2010
Investment income
$ 855 
$ 789 
Expenses and fees
(25)
(24)
Net investment income
830 
765 
Fixed Maturity Securities - Taxable [Member]
 
 
Investment income
670 
626 
Fixed Maturity Securities - Non-Taxable [Member]
 
 
Investment income
11 
16 
Commercial Mortgage Loans [Member]
 
 
Investment income
92 
104 
Equity Securities [Member]
 
 
Investment income
Other Invested Assets [Member]
 
 
Investment income
34 
(2)
Policy Loans [Member]
 
 
Investment income
29 
27 
Cash, Cash Equivalents and Short-Term Investments [Member]
 
 
Investment income
Restricted Commercial Mortgage Loans Related to Securitization Entities [Member]
 
 
Investment income
10 
10 
Restricted Other Invested Assets Related to Securitization Entities [Member]
 
 
Investment income
 
Investments (Net Investment Gains (Losses)) (Details) (USD $)
In Millions
3 Months Ended
Mar. 31,
2011
2010
Investments
 
 
Realized gains
$ 29 
$ 23 
Realized losses
(31)
(38)
Net realized gains (losses) on available-for-sale securities
(2)
(15)
Total other-than-temporary impairments
(31)
(77)
Portion of other-than-temporary impairments recognized in other comprehensive income (loss)
(5)
(3)
Net other-than-temporary impairments
(36)
(80)
Trading securities
11 
Commercial mortgage loans
(1)
(4)
Net gains (losses) related to securitization entities
10 
11 
Derivative instruments
(10)1
(8)1
Other
 
20 
Total net investment gains (losses)
$ (28)
$ (70)
Investments (Activity for Credit Losses Recognized in Net Income on Debt Securities) (Details) (Debt Securities [Member], USD $)
In Millions
3 Months Ended
Mar. 31,
2011
2010
Cumulative credit losses, beginning balance
$ 784 
$ 1,059 
Other-than-temporary impairments not previously recognized
20 
Increases related to other-than-temporary impairments previously recognized
31 
46 
Securities sold, paid down or disposed
(63)
(100)
Securities where there is intent to sell
 
 
Cumulative credit losses, ending balance
$ 755 
$ 1,025 
Investments (Net Unrealized Gains and Losses on Available-for-Sale Investment Securities Reflected as a Separate Component of Accumulated Other Comprehensive Income (Loss)) (Details) (USD $)
In Millions
Mar. 31, 2011
Dec. 31, 2010
Adjustments to deferred acquisition costs, present value of future profits, sales inducements and benefit reserves
$ (546)
$ (583)
Income taxes, net
35 
Net unrealized investment gains (losses)
(50)
Less: net unrealized investment gains (losses) attributable to noncontrolling interests
41 
50 
Net unrealized investment gains (losses) attributable to Genworth Financial, Inc.
(37)
(100)
Net Unrealized Gains (Losses) on Investment Securities [Member]
 
 
Fixed maturity securities
548 
511 
Equity securities
20 
Other invested assets
(20)
(22)
Subtotal
$ 548 
$ 498 
Investments (Change in Net Unrealized Gains (Losses) on Available-for-Sale Securities Reported in Accumulated Other Comprehensive Income (Loss)) (Details) (USD $)
In Millions
3 Months Ended
Mar. 31,
2011
2010
Investments
 
 
Beginning balance
$ (100)
$ (1,398)
Impact upon adoption of new accounting guidance
 
91 
Unrealized gains (losses) on investment securities
12 
763 
Adjustment to deferred acquisition costs
(21)
(113)
Adjustment to present value of future profits
(1)
(31)
Adjustment to sales inducements
(4)
(15)
Adjustment to benefit reserves
63 
 
Provision for income taxes
(20)
(220)
Change in unrealized gains (losses) on investment securities
29 
384 
Reclassification adjustments to net investment (gains) losses, net of taxes of $(13) and $(34)
25 
62 
Change in net unrealized investment gains (losses)
54 
537 
Less: change in net unrealized investment (gains) losses attributable to noncontrolling interests
Ending balance
(37)
(860)
Reclassification adjustments to net investment (gains) losses, taxes
$ (13)
$ (34)
Investments (Amortized Cost or Cost, Gross Unrealized Gains (Losses) and Fair Value of Fixed Maturity and Equity Securities Classified as Available-for-Sale) (Details) (USD $)
In Millions
Mar. 31, 2011
Dec. 31, 2010
Amortized cost or cost
$ 54,768 
$ 54,985 
Fair value
55,353 
55,515 
Fixed Maturity Securities [Member]
 
 
Amortized cost or cost
54,434 
54,662 
Fair value
54,998 
55,183 
Fixed Maturity Securities [Member] | Not Other-than-Temporary Impairments [Member]
 
 
Gross unrealized gains
2,006 
2,156 
Gross unrealized losses
(1,249)
(1,426)
Fixed Maturity Securities [Member] | Not Other-than-Temporary Impairments [Member] | U.S. Government, Agencies and Government-Sponsored Enterprises [Member]
 
 
Gross unrealized gains
102 
145 
Gross unrealized losses
(40)
(8)
Fixed Maturity Securities [Member] | Not Other-than-Temporary Impairments [Member] | Tax-Exempt [Member]
 
 
Gross unrealized gains
16 
19 
Gross unrealized losses
(117)
(113)
Fixed Maturity Securities [Member] | Not Other-than-Temporary Impairments [Member] | Government - Non-U.S. [Member]
 
 
Gross unrealized gains
99 
118 
Gross unrealized losses
(7)
(6)
Fixed Maturity Securities [Member] | Not Other-than-Temporary Impairments [Member] | U.S. Corporate [Member]
 
 
Gross unrealized gains
1,062 
1,123 
Gross unrealized losses
(390)
(448)
Fixed Maturity Securities [Member] | Not Other-than-Temporary Impairments [Member] | Corporate - Non-U.S. [Member]
 
 
Gross unrealized gains
454 
485 
Gross unrealized losses
(163)
(167)
Fixed Maturity Securities [Member] | Not Other-than-Temporary Impairments [Member] | Residential Mortgage-Backed [Member]
 
 
Gross unrealized gains
134 
116 
Gross unrealized losses
(270)
(304)
Fixed Maturity Securities [Member] | Not Other-than-Temporary Impairments [Member] | Commercial Mortgage-Backed [Member]
 
 
Gross unrealized gains
120 
132 
Gross unrealized losses
(172)
(286)
Fixed Maturity Securities [Member] | Not Other-than-Temporary Impairments [Member] | Other Asset-Backed [Member]
 
 
Gross unrealized gains
19 
18 
Gross unrealized losses
(90)
(94)
Fixed Maturity Securities [Member] | Other-than-Temporary Impairments [Member]
 
 
Gross unrealized gains
35 
34 
Gross unrealized losses
(228)
(243)
Fixed Maturity Securities [Member] | Other-than-Temporary Impairments [Member] | U.S. Government, Agencies and Government-Sponsored Enterprises [Member]
 
 
Gross unrealized gains
 
 
Gross unrealized losses
 
 
Fixed Maturity Securities [Member] | Other-than-Temporary Impairments [Member] | Tax-Exempt [Member]
 
 
Gross unrealized gains
 
 
Gross unrealized losses
 
 
Fixed Maturity Securities [Member] | Other-than-Temporary Impairments [Member] | Government - Non-U.S. [Member]
 
 
Gross unrealized gains
 
 
Gross unrealized losses
 
 
Fixed Maturity Securities [Member] | Other-than-Temporary Impairments [Member] | U.S. Corporate [Member]
 
 
Gross unrealized gains
12 
10 
Gross unrealized losses
 
 
Fixed Maturity Securities [Member] | Other-than-Temporary Impairments [Member] | Corporate - Non-U.S. [Member]
 
 
Gross unrealized gains
 
 
Gross unrealized losses
(9)
 
Fixed Maturity Securities [Member] | Other-than-Temporary Impairments [Member] | Residential Mortgage-Backed [Member]
 
 
Gross unrealized gains
20 
18 
Gross unrealized losses
(181)
(196)
Fixed Maturity Securities [Member] | Other-than-Temporary Impairments [Member] | Commercial Mortgage-Backed [Member]
 
 
Gross unrealized gains
Gross unrealized losses
(36)
(45)
Fixed Maturity Securities [Member] | Other-than-Temporary Impairments [Member] | Other Asset-Backed [Member]
 
 
Gross unrealized gains
 
 
Gross unrealized losses
(2)
(2)
Fixed Maturity Securities [Member] | U.S. Government, Agencies and Government-Sponsored Enterprises [Member]
 
 
Amortized cost or cost
3,352 
3,568 
Fair value
3,414 
3,705 
Fixed Maturity Securities [Member] | Tax-Exempt [Member]
 
 
Amortized cost or cost
1,029 
1,124 
Fair value
928 
1,030 
Fixed Maturity Securities [Member] | Government - Non-U.S. [Member]
 
 
Amortized cost or cost
2,267 
2,257 
Fair value
2,359 
2,369 
Fixed Maturity Securities [Member] | U.S. Corporate [Member]
 
 
Amortized cost or cost
23,069 
23,282 
Fair value
23,753 
23,967 
Fixed Maturity Securities [Member] | Corporate - Non-U.S. [Member]
 
 
Amortized cost or cost
13,655 
13,180 
Fair value
13,937 
13,498 
Fixed Maturity Securities [Member] | Residential Mortgage-Backed [Member]
 
 
Amortized cost or cost
4,897 
4,821 
Fair value
4,600 
4,455 
Fixed Maturity Securities [Member] | Commercial Mortgage-Backed [Member]
 
 
Amortized cost or cost
3,841 
3,936 
Fair value
3,756 
3,743 
Fixed Maturity Securities [Member] | Other Asset-Backed [Member]
 
 
Amortized cost or cost
2,324 
2,494 
Fair value
2,251 
2,416 
Not Other-than-Temporary Impairments [Member]
 
 
Gross unrealized gains
2,030 
2,169 
Gross unrealized losses
(1,252)
(1,430)
Not Other-than-Temporary Impairments [Member] | Equity Securities [Member]
 
 
Gross unrealized gains
24 
13 
Gross unrealized losses
(3)
(4)
Other-than-Temporary Impairments [Member]
 
 
Gross unrealized gains
35 
34 
Gross unrealized losses
(228)
(243)
Other-than-Temporary Impairments [Member] | Equity Securities [Member]
 
 
Gross unrealized gains
 
 
Gross unrealized losses
 
 
Equity Securities [Member]
 
 
Amortized cost or cost
334 
323 
Fair value
$ 355 
$ 332 
Investments (Gross Unrealized Losses and Fair Value of Investment Securities) (Details) (USD $)
In Millions
3 Months Ended
Mar. 31, 2011
Year Ended
Dec. 31, 2010
Less than 12 months, Fair value
$ 9,196 
$ 8,458 
Less than 12 months, Gross unrealized losses
(317)
(239)
Less than 12 months, Number of securities
1,256 
1,148 
12 months or more, Fair value
5,842 
6,459 
12 months or more, Gross unrealized losses
(1,163)1
(1,434)2
12 months or more, Number of securities
1,013 
1,088 
Fair value, Total
15,038 
14,917 
Gross unrealized losses, Total
(1,480)3
(1,673)4
Number of securities, Total
2,269 
2,236 
Unrealized losses on other-than-temporarily impaired securities
218 
240 
Unrealized losses on other-than-temporarily impaired securities
228 
243 
Fixed Maturity Securities [Member]
 
 
Less than 12 months, Fair value
9,125 
8,381 
Less than 12 months, Gross unrealized losses
(315)
(236)
Less than 12 months, Number of securities
1,210 
1,100 
12 months or more, Fair value
5,836 
6,454 
12 months or more, Gross unrealized losses
(1,162)1
(1,433)2
12 months or more, Number of securities
1,002 
1,084 
Fair value, Total
14,961 
14,835 
Gross unrealized losses, Total
(1,477)3
(1,669)4
Number of securities, Total
2,212 
2,184 
Fixed Maturity Securities [Member] | Less than 20 Percent Below Cost [Member]
 
 
Less than 12 months, Gross unrealized losses
(289)
(226)
Less than 12 months, % of total gross unrealized losses
0.20 
0.13 
Less than 12 months, Number of securities
1,193 
1,076 
12 months or more, Gross unrealized losses
(365)
(418)
12 months or more, % of total gross unrealized losses
0.25 
0.25 
12 months or more, Number of securities
586 
588 
Fixed Maturity Securities [Member] | Less than 20 Percent Below Cost [Member] | Investment Grade [Member]
 
 
Less than 12 months, Gross unrealized losses
(278)
(222)
Less than 12 months, % of total gross unrealized losses
0.19 
0.13 
Less than 12 months, Number of securities
1,143 
1,031 
12 months or more, Gross unrealized losses
(279)
(330)
12 months or more, % of total gross unrealized losses
0.19 
0.20 
12 months or more, Number of securities
437 
473 
Fixed Maturity Securities [Member] | Less than 20 Percent Below Cost [Member] | Below Investment Grade [Member]
 
 
Less than 12 months, Gross unrealized losses
(11)
(4)
Less than 12 months, % of total gross unrealized losses
0.01 
 
Less than 12 months, Number of securities
50 
45 
12 months or more, Gross unrealized losses
(86)5
(88)6
12 months or more, % of total gross unrealized losses
0.06 5
0.05 6
12 months or more, Number of securities
149 5
115 6
Fixed Maturity Securities [Member] | 20 To 50 Percent Below Cost [Member]
 
 
Less than 12 months, Gross unrealized losses
(25)
(8)
Less than 12 months, % of total gross unrealized losses
0.02 
0.01 
Less than 12 months, Number of securities
11 
18 
12 months or more, Gross unrealized losses
(539)
(652)
12 months or more, % of total gross unrealized losses
0.36 
0.39 
12 months or more, Number of securities
283 
328 
Fixed Maturity Securities [Member] | 20 To 50 Percent Below Cost [Member] | Investment Grade [Member]
 
 
Less than 12 months, Gross unrealized losses
(24)
(7)
Less than 12 months, % of total gross unrealized losses
0.02 
0.01 
Less than 12 months, Number of securities
12 months or more, Gross unrealized losses
(246)
(328)
12 months or more, % of total gross unrealized losses
0.16 
0.20 
12 months or more, Number of securities
128 
166 
Fixed Maturity Securities [Member] | 20 To 50 Percent Below Cost [Member] | Below Investment Grade [Member]
 
 
Less than 12 months, Gross unrealized losses
(1)
(1)
Less than 12 months, % of total gross unrealized losses
 
 
Less than 12 months, Number of securities
10 
12 months or more, Gross unrealized losses
(293)5
(324)6
12 months or more, % of total gross unrealized losses
0.20 5
0.19 6
12 months or more, Number of securities
155 5
162 6
Fixed Maturity Securities [Member] | Greater Than 50 Percent Below Cost [Member]
 
 
Less than 12 months, Gross unrealized losses
(1)
(2)
Less than 12 months, % of total gross unrealized losses
 
 
Less than 12 months, Number of securities
12 months or more, Gross unrealized losses
(258)
(363)
12 months or more, % of total gross unrealized losses
0.17 
0.22 
12 months or more, Number of securities
133 
168 
Fixed Maturity Securities [Member] | Greater Than 50 Percent Below Cost [Member] | Investment Grade [Member]
 
 
Less than 12 months, Gross unrealized losses
 
 
Less than 12 months, % of total gross unrealized losses
 
 
Less than 12 months, Number of securities
 
 
12 months or more, Gross unrealized losses
(63)
(105)
12 months or more, % of total gross unrealized losses
0.04 
0.06 
12 months or more, Number of securities
24 
40 
Fixed Maturity Securities [Member] | Greater Than 50 Percent Below Cost [Member] | Below Investment Grade [Member]
 
 
Less than 12 months, Gross unrealized losses
(1)
(2)
Less than 12 months, % of total gross unrealized losses
 
 
Less than 12 months, Number of securities
12 months or more, Gross unrealized losses
(195)5
(258)6
12 months or more, % of total gross unrealized losses
0.13 5
0.16 6
12 months or more, Number of securities
109 5
128 6
Fixed Maturity Securities [Member] | U.S. Government, Agencies and Government-Sponsored Enterprises [Member]
 
 
Less than 12 months, Fair value
1,187 
545 
Less than 12 months, Gross unrealized losses
(40)
(8)
Less than 12 months, Number of securities
56 
36 
12 months or more, Fair value
 
 
12 months or more, Gross unrealized losses
 1
 2
12 months or more, Number of securities
 
 
Fair value, Total
1,187 
545 
Gross unrealized losses, Total
(40)3
(8)4
Number of securities, Total
56 
36 
Fixed Maturity Securities [Member] | U.S. Government, Agencies and Government-Sponsored Enterprises [Member] | Investment Grade [Member]
 
 
Gross unrealized losses, Total
(40)
 4
% of total gross unrealized losses, Total
0.03 
 
Fixed Maturity Securities [Member] | U.S. Government, Agencies and Government-Sponsored Enterprises [Member] | Below Investment Grade [Member]
 
 
Gross unrealized losses, Total
 
 4
% of total gross unrealized losses, Total
 
 
Fixed Maturity Securities [Member] | Tax-Exempt [Member]
 
 
Less than 12 months, Fair value
229 
285 
Less than 12 months, Gross unrealized losses
(13)
(12)
Less than 12 months, Number of securities
81 
101 
12 months or more, Fair value
244 
244 
12 months or more, Gross unrealized losses
(104)1
(101)2
12 months or more, Number of securities
91 
90 
Fair value, Total
473 
529 
Gross unrealized losses, Total
(117)3
(113)4
Number of securities, Total
172 
191 
Fixed Maturity Securities [Member] | Tax-Exempt [Member] | Investment Grade [Member]
 
 
Gross unrealized losses, Total
(115)
 4
% of total gross unrealized losses, Total
0.08 
 
Fixed Maturity Securities [Member] | Tax-Exempt [Member] | Below Investment Grade [Member]
 
 
Gross unrealized losses, Total
(2)
 4
% of total gross unrealized losses, Total
 
 
Fixed Maturity Securities [Member] | Government - Non-U.S. [Member]
 
 
Less than 12 months, Fair value
312 
431 
Less than 12 months, Gross unrealized losses
(6)
(5)
Less than 12 months, Number of securities
80 
69 
12 months or more, Fair value
39 
21 
12 months or more, Gross unrealized losses
(1)1
(1)2
12 months or more, Number of securities
11 
Fair value, Total
351 
452 
Gross unrealized losses, Total
(7)3
(6)4
Number of securities, Total
91 
76 
Fixed Maturity Securities [Member] | Government - Non-U.S. [Member] | Investment Grade [Member]
 
 
Gross unrealized losses, Total
(7)
 4
% of total gross unrealized losses, Total
0.01 
 
Fixed Maturity Securities [Member] | Government - Non-U.S. [Member] | Below Investment Grade [Member]
 
 
Gross unrealized losses, Total
 
 4
% of total gross unrealized losses, Total
 
 
Fixed Maturity Securities [Member] | U.S. Corporate [Member]
 
 
Less than 12 months, Fair value
3,883 
3,615 
Less than 12 months, Gross unrealized losses
(140)
(125)
Less than 12 months, Number of securities
484 
443 
12 months or more, Fair value
2,068 
2,338 
12 months or more, Gross unrealized losses
(250)1
(323)2
12 months or more, Number of securities
174 
191 
Fair value, Total
5,951 
5,953 
Gross unrealized losses, Total
(390)3
(448)4
Number of securities, Total
658 
634 
Fixed Maturity Securities [Member] | U.S. Corporate [Member] | Investment Grade [Member]
 
 
Gross unrealized losses, Total
(360)
 4
% of total gross unrealized losses, Total
0.24 
 
Fixed Maturity Securities [Member] | U.S. Corporate [Member] | Below Investment Grade [Member]
 
 
Gross unrealized losses, Total
(30)
 4
% of total gross unrealized losses, Total
0.02 
 
Fixed Maturity Securities [Member] | Corporate - Non-U.S. [Member]
 
 
Less than 12 months, Fair value
2,633 
2,466 
Less than 12 months, Gross unrealized losses
(82)
(53)
Less than 12 months, Number of securities
362 
296 
12 months or more, Fair value
992 
1,141 
12 months or more, Gross unrealized losses
(90)1
(114)2
12 months or more, Number of securities
92 
102 
Fair value, Total
3,625 
3,607 
Gross unrealized losses, Total
(172)3
(167)4
Number of securities, Total
454 
398 
Fixed Maturity Securities [Member] | Corporate - Non-U.S. [Member] | Investment Grade [Member]
 
 
Gross unrealized losses, Total
(158)
 4
% of total gross unrealized losses, Total
0.11 
 
Fixed Maturity Securities [Member] | Corporate - Non-U.S. [Member] | Below Investment Grade [Member]
 
 
Gross unrealized losses, Total
(14)
 4
% of total gross unrealized losses, Total
0.01 
 
Fixed Maturity Securities [Member] | Residential Mortgage-Backed [Member]
 
 
Less than 12 months, Fair value
454 
461 
Less than 12 months, Gross unrealized losses
(23)
(23)
Less than 12 months, Number of securities
80 
92 
12 months or more, Fair value
964 
1,031 
12 months or more, Gross unrealized losses
(428)1
(477)2
12 months or more, Number of securities
389 
416 
Fair value, Total
1,418 
1,492 
Gross unrealized losses, Total
(451)3
(500)4
Number of securities, Total
469 
508 
Fixed Maturity Securities [Member] | Residential Mortgage-Backed [Member] | Investment Grade [Member]
 
 
Gross unrealized losses, Total
(95)
 4
% of total gross unrealized losses, Total
0.06 
 
Fixed Maturity Securities [Member] | Residential Mortgage-Backed [Member] | Below Investment Grade [Member]
 
 
Gross unrealized losses, Total
(356)
 4
% of total gross unrealized losses, Total
0.24 
 
Fixed Maturity Securities [Member] | Commercial Mortgage-Backed [Member]
 
 
Less than 12 months, Fair value
254 
177 
Less than 12 months, Gross unrealized losses
(10)
(8)
Less than 12 months, Number of securities
37 
26 
12 months or more, Fair value
1,105 
1,167 
12 months or more, Gross unrealized losses
(198)1
(323)2
12 months or more, Number of securities
199 
225 
Fair value, Total
1,359 
1,344 
Gross unrealized losses, Total
(208)3
(331)4
Number of securities, Total
236 
251 
Fixed Maturity Securities [Member] | Commercial Mortgage-Backed [Member] | Investment Grade [Member]
 
 
Gross unrealized losses, Total
(93)
 4
% of total gross unrealized losses, Total
0.06 
 
Fixed Maturity Securities [Member] | Commercial Mortgage-Backed [Member] | Below Investment Grade [Member]
 
 
Gross unrealized losses, Total
(115)
 4
% of total gross unrealized losses, Total
0.08 
 
Fixed Maturity Securities [Member] | Other Asset-Backed [Member]
 
 
Less than 12 months, Fair value
173 
401 
Less than 12 months, Gross unrealized losses
(1)
(2)
Less than 12 months, Number of securities
30 
37 
12 months or more, Fair value
424 
512 
12 months or more, Gross unrealized losses
(91)1
(94)2
12 months or more, Number of securities
46 
53 
Fair value, Total
597 
913 
Gross unrealized losses, Total
(92)3
(96)4
Number of securities, Total
76 
90 
Fixed Maturity Securities [Member] | Other Asset-Backed [Member] | Investment Grade [Member]
 
 
Gross unrealized losses, Total
(22)
 4
% of total gross unrealized losses, Total
0.01 
 
Fixed Maturity Securities [Member] | Other Asset-Backed [Member] | Below Investment Grade [Member]
 
 
Gross unrealized losses, Total
(70)
 4
% of total gross unrealized losses, Total
0.05 
 
Fixed Maturity Securities [Member] | Investment Grade [Member]
 
 
Gross unrealized losses, Total
(890)
 4
% of total gross unrealized losses, Total
0.60 
 
Fixed Maturity Securities [Member] | Below Investment Grade [Member]
 
 
Gross unrealized losses, Total
(587)
 
% of total gross unrealized losses, Total
0.40 
 
Unrealized losses on other-than-temporarily impaired securities, 12 months or more
202 
213 
Structured Securities [Member] | Residential Mortgage-Backed [Member] | Investment Grade [Member]
 
 
Gross unrealized losses, Total
(95)
 4
% of total gross unrealized losses, Total
0.13 
 
Structured Securities [Member] | Residential Mortgage-Backed [Member] | Below Investment Grade [Member]
 
 
Gross unrealized losses, Total
(356)
 4
% of total gross unrealized losses, Total
0.48 
 
Structured Securities [Member] | Commercial Mortgage-Backed [Member] | Investment Grade [Member]
 
 
Gross unrealized losses, Total
(93)
 4
% of total gross unrealized losses, Total
0.12 
 
Structured Securities [Member] | Commercial Mortgage-Backed [Member] | Below Investment Grade [Member]
 
 
Gross unrealized losses, Total
(115)
 4
% of total gross unrealized losses, Total
0.15 
 
Structured Securities [Member] | Other Asset-Backed [Member] | Investment Grade [Member]
 
 
Gross unrealized losses, Total
(22)
 4
% of total gross unrealized losses, Total
0.03 
 
Structured Securities [Member] | Other Asset-Backed [Member] | Below Investment Grade [Member]
 
 
Gross unrealized losses, Total
(70)
 4
% of total gross unrealized losses, Total
0.09 
 
Structured Securities [Member] | Investment Grade [Member]
 
 
Gross unrealized losses, Total
(210)
 4
% of total gross unrealized losses, Total
0.28 
 
Structured Securities [Member] | Below Investment Grade [Member]
 
 
Gross unrealized losses, Total
(541)
 4
% of total gross unrealized losses, Total
0.72 
 
Corporate Debt and Equity Securities [Member] | Investment Grade [Member]
 
 
Less than 12 months, Gross unrealized losses
(212)
 
12 months or more, Gross unrealized losses
(308)
 2
Corporate Debt and Equity Securities [Member] | Investment Grade [Member] | Finance And Insurance [Member]
 
 
Less than 12 months, Gross unrealized losses
(45)
 
12 months or more, Gross unrealized losses
(216)
 2
Corporate Debt and Equity Securities [Member] | Investment Grade [Member] | Utilities And Energy [Member]
 
 
Less than 12 months, Gross unrealized losses
(64)
 
12 months or more, Gross unrealized losses
(9)
 2
Corporate Debt and Equity Securities [Member] | Investment Grade [Member] | Consumer- Non-Cyclical [Member]
 
 
Less than 12 months, Gross unrealized losses
(23)
 
12 months or more, Gross unrealized losses
(7)
 2
Corporate Debt and Equity Securities [Member] | Investment Grade [Member] | Consumer- Cyclical [Member]
 
 
Less than 12 months, Gross unrealized losses
(4)
 
12 months or more, Gross unrealized losses
(6)
 2
Corporate Debt and Equity Securities [Member] | Investment Grade [Member] | Capital Goods [Member]
 
 
Less than 12 months, Gross unrealized losses
(6)
 
12 months or more, Gross unrealized losses
(7)
 2
Corporate Debt and Equity Securities [Member] | Investment Grade [Member] | Industrial [Member]
 
 
Less than 12 months, Gross unrealized losses
(15)
 
12 months or more, Gross unrealized losses
(13)
 2
Corporate Debt and Equity Securities [Member] | Investment Grade [Member] | Technology And Communications [Member]
 
 
Less than 12 months, Gross unrealized losses
(19)
 
12 months or more, Gross unrealized losses
(6)
 2
Corporate Debt and Equity Securities [Member] | Investment Grade [Member] | Transportation [Member]
 
 
Less than 12 months, Gross unrealized losses
(3)
 
12 months or more, Gross unrealized losses
(27)
 2
Corporate Debt and Equity Securities [Member] | Investment Grade [Member] | Other Industry [Member]
 
 
Less than 12 months, Gross unrealized losses
(33)
 
12 months or more, Gross unrealized losses
(17)
 2
Corporate Debt and Equity Securities [Member] | Below Investment Grade [Member]
 
 
Less than 12 months, Gross unrealized losses
(12)
 
12 months or more, Gross unrealized losses
(33)
 2
Corporate Debt and Equity Securities [Member] | Below Investment Grade [Member] | Finance And Insurance [Member]
 
 
Less than 12 months, Gross unrealized losses
(9)
 
12 months or more, Gross unrealized losses
(15)
 2
Corporate Debt and Equity Securities [Member] | Below Investment Grade [Member] | Utilities And Energy [Member]
 
 
Less than 12 months, Gross unrealized losses
 
 
12 months or more, Gross unrealized losses
 
 2
Corporate Debt and Equity Securities [Member] | Below Investment Grade [Member] | Consumer- Non-Cyclical [Member]
 
 
Less than 12 months, Gross unrealized losses
 
 
12 months or more, Gross unrealized losses
(3)
 2
Corporate Debt and Equity Securities [Member] | Below Investment Grade [Member] | Consumer- Cyclical [Member]
 
 
Less than 12 months, Gross unrealized losses
(1)
 
12 months or more, Gross unrealized losses
(2)
 2
Corporate Debt and Equity Securities [Member] | Below Investment Grade [Member] | Capital Goods [Member]
 
 
Less than 12 months, Gross unrealized losses
 
 
12 months or more, Gross unrealized losses
(7)
 2
Corporate Debt and Equity Securities [Member] | Below Investment Grade [Member] | Industrial [Member]
 
 
Less than 12 months, Gross unrealized losses
 
 
12 months or more, Gross unrealized losses
(2)
 2
Corporate Debt and Equity Securities [Member] | Below Investment Grade [Member] | Technology And Communications [Member]
 
 
Less than 12 months, Gross unrealized losses
 
 
12 months or more, Gross unrealized losses
(2)
 2
Corporate Debt and Equity Securities [Member] | Below Investment Grade [Member] | Transportation [Member]
 
 
Less than 12 months, Gross unrealized losses
 
 
12 months or more, Gross unrealized losses
 
 2
Corporate Debt and Equity Securities [Member] | Below Investment Grade [Member] | Other Industry [Member]
 
 
Less than 12 months, Gross unrealized losses
(2)
 
12 months or more, Gross unrealized losses
(2)
 2
Equity Securities [Member]
 
 
Less than 12 months, Fair value
71 
77 
Less than 12 months, Gross unrealized losses
(2)
(3)
Less than 12 months, Number of securities
46 
48 
12 months or more, Fair value
12 months or more, Gross unrealized losses
(1)1
(1)2
12 months or more, Number of securities
11 
Fair value, Total
77 
82 
Gross unrealized losses, Total
(3)3
(4)4
Number of securities, Total
57 
52 
Equity Securities [Member] | Less than 20 Percent Below Cost [Member]
 
 
Less than 12 months, Gross unrealized losses
(2)
(2)
Less than 12 months, % of total gross unrealized losses
 
 
Less than 12 months, Number of securities
46 
47 
12 months or more, Gross unrealized losses
(1)
(1)
12 months or more, % of total gross unrealized losses
 
 
12 months or more, Number of securities
11 
Equity Securities [Member] | Less than 20 Percent Below Cost [Member] | Investment Grade [Member]
 
 
Less than 12 months, Gross unrealized losses
(1)
(1)
Less than 12 months, % of total gross unrealized losses
 
 
Less than 12 months, Number of securities
24 
20 
12 months or more, Gross unrealized losses
(1)
(1)
12 months or more, % of total gross unrealized losses
 
 
12 months or more, Number of securities
11 
Equity Securities [Member] | Less than 20 Percent Below Cost [Member] | Below Investment Grade [Member]
 
 
Less than 12 months, Gross unrealized losses
(1)
(1)
Less than 12 months, % of total gross unrealized losses
 
 
Less than 12 months, Number of securities
22 
27 
12 months or more, Gross unrealized losses
 
 
12 months or more, % of total gross unrealized losses
 
 
12 months or more, Number of securities
 
 
Equity Securities [Member] | 20 To 50 Percent Below Cost [Member]
 
 
Less than 12 months, Gross unrealized losses
 
(1)
Less than 12 months, % of total gross unrealized losses
 
 
Less than 12 months, Number of securities
 
12 months or more, Gross unrealized losses
 
 
12 months or more, % of total gross unrealized losses
 
 
12 months or more, Number of securities
 
 
Equity Securities [Member] | 20 To 50 Percent Below Cost [Member] | Investment Grade [Member]
 
 
Less than 12 months, Gross unrealized losses
 
(1)
Less than 12 months, % of total gross unrealized losses
 
 
Less than 12 months, Number of securities
 
12 months or more, Gross unrealized losses
 
 
12 months or more, % of total gross unrealized losses
 
 
12 months or more, Number of securities
 
 
Equity Securities [Member] | 20 To 50 Percent Below Cost [Member] | Below Investment Grade [Member]
 
 
Less than 12 months, Gross unrealized losses
 
 
Less than 12 months, % of total gross unrealized losses
 
 
Less than 12 months, Number of securities
 
 
12 months or more, Gross unrealized losses
 
 
12 months or more, % of total gross unrealized losses
 
 
12 months or more, Number of securities
 
 
Equity Securities [Member] | Greater Than 50 Percent Below Cost [Member]
 
 
Less than 12 months, Gross unrealized losses
 
 
Less than 12 months, % of total gross unrealized losses
 
 
Less than 12 months, Number of securities
 
 
12 months or more, Gross unrealized losses
 
 
12 months or more, % of total gross unrealized losses
 
 
12 months or more, Number of securities
 
 
Equity Securities [Member] | Greater Than 50 Percent Below Cost [Member] | Investment Grade [Member]
 
 
Less than 12 months, Gross unrealized losses
 
 
Less than 12 months, % of total gross unrealized losses
 
 
Less than 12 months, Number of securities
 
 
12 months or more, Gross unrealized losses
 
 
12 months or more, % of total gross unrealized losses
 
 
12 months or more, Number of securities
 
 
Equity Securities [Member] | Greater Than 50 Percent Below Cost [Member] | Below Investment Grade [Member]
 
 
Less than 12 months, Gross unrealized losses
 
 
Less than 12 months, % of total gross unrealized losses
 
 
Less than 12 months, Number of securities
 
 
12 months or more, Gross unrealized losses
 
 
12 months or more, % of total gross unrealized losses
 
 
12 months or more, Number of securities
 
 
Equity Securities [Member] | Investment Grade [Member]
 
 
Gross unrealized losses, Total
(2)
 4
% of total gross unrealized losses, Total
 
 
Equity Securities [Member] | Below Investment Grade [Member]
 
 
Gross unrealized losses, Total
(1)
 4
% of total gross unrealized losses, Total
 
 
Less than 20 Percent Below Cost [Member]
 
 
Gross unrealized losses, Total
(657)
(647)
% of total gross unrealized losses, Total
0.45 
0.38 
Number of securities, Total
1,836 
1,715 
20 To 50 Percent Below Cost [Member]
 
 
Gross unrealized losses, Total
(564)
(661)
% of total gross unrealized losses, Total
0.38 
0.40 
Number of securities, Total
294 
347 
Greater Than 50 Percent Below Cost [Member]
 
 
Gross unrealized losses, Total
(259)
(365)
% of total gross unrealized losses, Total
0.17 
0.22 
Number of securities, Total
139 
174 
Investment Grade [Member]
 
 
Gross unrealized losses, Total
(892)
 4
% of total gross unrealized losses, Total
0.60 
 
Below Investment Grade [Member]
 
 
Gross unrealized losses, Total
(588)
 4
% of total gross unrealized losses, Total
0.40 
 
Investments (Scheduled Maturity Distribution of Fixed Maturity Securities) (Details) (USD $)
In Millions
Mar. 31, 2011
Amortized cost or cost
 
Due one year or less
$ 2,360 
Due after one year through five years
11,966 
Due after five years through ten years
9,324 
Due after ten years
19,722 
Subtotal
43,372 
Total
54,434 
Fair value
 
Due one year or less
2,379 
Due after one year through five years
12,248 
Due after five years through ten years
9,678 
Due after ten years
20,086 
Subtotal
44,391 
Total
54,998 
Residential Mortgage-Backed [Member]
 
Amortized cost or cost
 
Fixed maturity securities
4,897 
Fair value
 
Fixed maturity securities
4,600 
Commercial Mortgage-Backed [Member]
 
Amortized cost or cost
 
Fixed maturity securities
3,841 
Fair value
 
Fixed maturity securities
3,756 
Other Asset-Backed [Member]
 
Amortized cost or cost
 
Fixed maturity securities
2,324 
Fair value
 
Fixed maturity securities
$ 2,251 
Investments (Distribution Across Property Type and Geographic Region for Commercial Mortgage Loans) (Details) (USD $)
In Millions
Mar. 31, 2011
Dec. 31, 2010
Commercial mortgage loans, principal balance
$ 6,654 
$ 6,772 
Total
6,600 
6,718 
Commercial Mortgage Loan [Member]
 
 
Commercial mortgage loans, principal balance
6,654 
6,772 
Unamortized balance of loan origination fees and costs
Allowance for losses
(58)
(59)
Total
6,600 
6,718 
% of total
Commercial Mortgage Loan [Member] | Retail [Member]
 
 
Commercial mortgage loans, principal balance
1,976 
1,974 
% of total
0.30 
0.29 
Commercial Mortgage Loan [Member] | Office [Member]
 
 
Commercial mortgage loans, principal balance
1,822 
1,850 
% of total
0.27 
0.27 
Commercial Mortgage Loan [Member] | Industrial [Member]
 
 
Commercial mortgage loans, principal balance
1,745 
1,788 
% of total
0.26 
0.26 
Commercial Mortgage Loan [Member] | Apartments [Member]
 
 
Commercial mortgage loans, principal balance
700 
725 
% of total
0.11 
0.11 
Commercial Mortgage Loan [Member] | Mixed Use/Other [Member]
 
 
Commercial mortgage loans, principal balance
411 
435 
% of total
0.06 
0.07 
Commercial Mortgage Loan [Member] | Pacific [Member]
 
 
Commercial mortgage loans, principal balance
1,746 
1,769 
% of total
0.26 
0.26 
Commercial Mortgage Loan [Member] | South Atlantic [Member]
 
 
Commercial mortgage loans, principal balance
1,577 
1,583 
% of total
0.24 
0.23 
Commercial Mortgage Loan [Member] | Middle Atlantic [Member]
 
 
Commercial mortgage loans, principal balance
880 
937 
% of total
0.13 
0.14 
Commercial Mortgage Loan [Member] | East North Central [Member]
 
 
Commercial mortgage loans, principal balance
603 
612 
% of total
0.09 
0.09 
Commercial Mortgage Loan [Member] | Mountain [Member]
 
 
Commercial mortgage loans, principal balance
527 
540 
% of total
0.08 
0.08 
Commercial Mortgage Loan [Member] | New England [Member]
 
 
Commercial mortgage loans, principal balance
480 
482 
% of total
0.07 
0.07 
Commercial Mortgage Loan [Member] | West North Central [Member]
 
 
Commercial mortgage loans, principal balance
355 
369 
% of total
0.05 
0.06 
Commercial Mortgage Loan [Member] | West South Central [Member]
 
 
Commercial mortgage loans, principal balance
305 
297 
% of total
0.05 
0.04 
Commercial Mortgage Loan [Member] | East South Central [Member]
 
 
Commercial mortgage loans, principal balance
181 
183 
% of total
0.03 
0.03 
Retail [Member]
 
 
Commercial mortgage loans, principal balance
1,976 
1,974 
Office [Member]
 
 
Commercial mortgage loans, principal balance
1,822 
1,850 
Industrial [Member]
 
 
Commercial mortgage loans, principal balance
1,745 
1,788 
Apartments [Member]
 
 
Commercial mortgage loans, principal balance
700 
725 
Mixed Use/Other [Member]
 
 
Commercial mortgage loans, principal balance
$ 411 
$ 435 
Investments (Aging of Past Due Commercial Mortgage Loans by Property Type) (Details) (USD $)
In Millions
3 Months Ended
Mar. 31, 2011
Year Ended
Dec. 31, 2010
Commercial mortgage loans, principal balance
$ 6,654 
$ 6,772 
Percent of total commercial mortgage loans
31-60 Days Past Due [Member]
 
 
Commercial mortgage loans, principal balance
 
Percent of total commercial mortgage loans
 
 
31-60 Days Past Due [Member] | Retail [Member]
 
 
Commercial mortgage loans, principal balance
 
31-60 Days Past Due [Member] | Office [Member]
 
 
Commercial mortgage loans, principal balance
 
 
31-60 Days Past Due [Member] | Industrial [Member]
 
 
Commercial mortgage loans, principal balance
 
 
31-60 Days Past Due [Member] | Apartments [Member]
 
 
Commercial mortgage loans, principal balance
 
 
31-60 Days Past Due [Member] | Mixed Use/Other [Member]
 
 
Commercial mortgage loans, principal balance
 
 
61-90 Days Past Due [Member]
 
 
Commercial mortgage loans, principal balance
Percent of total commercial mortgage loans
 
 
61-90 Days Past Due [Member] | Retail [Member]
 
 
Commercial mortgage loans, principal balance
 
61-90 Days Past Due [Member] | Office [Member]
 
 
Commercial mortgage loans, principal balance
 
 
61-90 Days Past Due [Member] | Industrial [Member]
 
 
Commercial mortgage loans, principal balance
61-90 Days Past Due [Member] | Apartments [Member]
 
 
Commercial mortgage loans, principal balance
 
 
61-90 Days Past Due [Member] | Mixed Use/Other [Member]
 
 
Commercial mortgage loans, principal balance
 
 
Greater Than 90 Days Past Due [Member]
 
 
Commercial mortgage loans, principal balance
22 
39 
Percent of total commercial mortgage loans
 
0.01 
Greater Than 90 Days Past Due [Member] | Retail [Member]
 
 
Commercial mortgage loans, principal balance
 
 
Greater Than 90 Days Past Due [Member] | Office [Member]
 
 
Commercial mortgage loans, principal balance
10 
12 
Greater Than 90 Days Past Due [Member] | Industrial [Member]
 
 
Commercial mortgage loans, principal balance
12 
27 
Greater Than 90 Days Past Due [Member] | Apartments [Member]
 
 
Commercial mortgage loans, principal balance
 
 
Greater Than 90 Days Past Due [Member] | Mixed Use/Other [Member]
 
 
Commercial mortgage loans, principal balance
 
 
Total Past Due [Member]
 
 
Commercial mortgage loans, principal balance
32 
45 
Percent of total commercial mortgage loans
 
0.01 
Total Past Due [Member] | Retail [Member]
 
 
Commercial mortgage loans, principal balance
 
Total Past Due [Member] | Office [Member]
 
 
Commercial mortgage loans, principal balance
10 
12 
Total Past Due [Member] | Industrial [Member]
 
 
Commercial mortgage loans, principal balance
16 
33 
Total Past Due [Member] | Apartments [Member]
 
 
Commercial mortgage loans, principal balance
 
 
Total Past Due [Member] | Mixed Use/Other [Member]
 
 
Commercial mortgage loans, principal balance
 
 
Current [Member]
 
 
Commercial mortgage loans, principal balance
6,622 
6,727 
Percent of total commercial mortgage loans
0.99 
Current [Member] | Retail [Member]
 
 
Commercial mortgage loans, principal balance
1,970 
1,974 
Current [Member] | Office [Member]
 
 
Commercial mortgage loans, principal balance
1,812 
1,838 
Current [Member] | Industrial [Member]
 
 
Commercial mortgage loans, principal balance
1,729 
1,755 
Current [Member] | Apartments [Member]
 
 
Commercial mortgage loans, principal balance
700 
725 
Current [Member] | Mixed Use/Other [Member]
 
 
Commercial mortgage loans, principal balance
411 
435 
Retail [Member]
 
 
Commercial mortgage loans, principal balance
1,976 
1,974 
Office [Member]
 
 
Commercial mortgage loans, principal balance
1,822 
1,850 
Industrial [Member]
 
 
Commercial mortgage loans, principal balance
1,745 
1,788 
Apartments [Member]
 
 
Commercial mortgage loans, principal balance
700 
725 
Mixed Use/Other [Member]
 
 
Commercial mortgage loans, principal balance
$ 411 
$ 435 
Investments (Commercial Mortgage Loans on Nonaccrual Status by Property Type) (Details) (USD $)
In Millions
Mar. 31, 2011
Dec. 31, 2010
Commercial mortgage loans, principal balance
$ 22 
$ 39 
Retail [Member]
 
 
Commercial mortgage loans, principal balance
 
 
Office [Member]
 
 
Commercial mortgage loans, principal balance
10 
12 
Industrial [Member]
 
 
Commercial mortgage loans, principal balance
12 
27 
Apartments [Member]
 
 
Commercial mortgage loans, principal balance
 
 
Mixed Use/Other [Member]
 
 
Commercial mortgage loans, principal balance
 
 
Investments (Allowance for Credit Losses and Recorded Investment in Commercial Mortgage Loans) (Details) (USD $)
In Millions
Mar. 31, 2011
Ending balance of individually impaired loans
 
Ending balance
6,654 
Ending balance of individually impaired
14 
Allowance for Credit Losses [Member]
 
Balance as of January 1
59 
Charge-offs
(1)
Recoveries
 
Provision
 
Ending balance
58 
Ending balance of individually impaired loans
 
Ending balance of collectively evaluated for impairment
58 
Commercial Mortgage Loans Principal Balance [Member]
 
Ending balance
6,654 
Ending balance of individually impaired
14 
Ending balance of collectively evaluated for impairment
$ 6,640 
Investments (Activity in Allowance for Losses) (Details) (USD $)
In Millions
3 Months Ended
Mar. 31, 2010
Investments
 
Balance as of January 1
$ 48 
Provision
Release
 
Ending balance
$ 52 
Investments (Impaired Commercial Mortgage Loans by Property Type) (Details) (USD $)
In Millions
3 Months Ended
Mar. 31, 2011
Year Ended
Dec. 31, 2010
Recorded investment
$ 14 
$ 30 
Unpaid principal balance
18 
40 
Charge-offs, Impaired Loans
10 
Related allowances
 
 
Average recorded investment
Interest income recognized
 
 
Retail [Member]
 
 
Recorded investment
Unpaid principal balance
Charge-offs, Impaired Loans
Related allowances
 
 
Average recorded investment
Interest income recognized
 
 
Office [Member]
 
 
Recorded investment
Unpaid principal balance
10 
Charge-offs, Impaired Loans
Related allowances
 
 
Average recorded investment
Interest income recognized
 
 
Industrial [Member]
 
 
Recorded investment
19 
Unpaid principal balance
24 
Charge-offs, Impaired Loans
Related allowances
 
 
Average recorded investment
Interest income recognized
 
 
Apartments [Member]
 
 
Recorded investment
 
 
Unpaid principal balance
 
 
Charge-offs, Impaired Loans
 
 
Related allowances
 
 
Average recorded investment
 
 
Interest income recognized
 
 
Mixed Use/Other [Member]
 
 
Recorded investment
 
 
Unpaid principal balance
 
 
Charge-offs, Impaired Loans
 
 
Related allowances
 
 
Average recorded investment
 
 
Interest income recognized
 
 
Investments (Average Loan-to-value of Commercial Mortgage Loans by Property Type I) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2011
Dec. 31, 2010
Commercial mortgage loans, principal balance
$ 6,654 
$ 6,772 
Retail [Member]
 
 
Commercial mortgage loans, principal balance
1,976 
1,974 
Retail [Member] | 0%-50% [Member] | Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
477 
477 
Retail [Member] | 51%-60% [Member] | Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
268 
287 
Retail [Member] | Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
1,976 
1,974 
Retail [Member] | 61%-75% [Member] | Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
845 
805 
Retail [Member] | 76%-100% [Member] | Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
347 
363 
Retail [Member] | Greater than 100% [Member] | Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
39 
42 
Office [Member]
 
 
Commercial mortgage loans, principal balance
1,822 
1,850 
Office [Member] | 0%-50% [Member] | Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
318 
320 
Office [Member] | Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
1,822 
1,850 
Office [Member] | 51%-60% [Member] | Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
308 
327 
Office [Member] | 61%-75% [Member] | Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
702 
612 
Office [Member] | 76%-100% [Member] | Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
364 
446 
Office [Member] | Greater than 100% [Member] | Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
130 
145 
Industrial [Member]
 
 
Commercial mortgage loans, principal balance
1,745 
1,788 
Industrial [Member] | 0%-50% [Member] | Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
418 
431 
Industrial [Member] | Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
1,745 
1,788 
Industrial [Member] | 51%-60% [Member] | Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
372 
361 
Industrial [Member] | 61%-75% [Member] | Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
624 
625 
Industrial [Member] | 76%-100% [Member] | Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
260 
284 
Industrial [Member] | Greater than 100% [Member] | Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
71 
87 
Apartments [Member]
 
 
Commercial mortgage loans, principal balance
700 
725 
Apartments [Member] | 0%-50% [Member] | Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
125 
99 
Apartments [Member] | 51%-60% [Member] | Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
188 
172 
Apartments [Member] | 61%-75% [Member] | Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
265 
321 
Apartments [Member] | 76%-100% [Member] | Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
107 
133 
Apartments [Member] | Greater than 100% [Member] | Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
15 
 
Apartments [Member] | Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
700 
725 
Mixed Use/Other [Member]
 
 
Commercial mortgage loans, principal balance
411 
435 
Mixed Use/Other [Member] | 0%-50% [Member] | Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
99 
123 
Mixed Use/Other [Member] | 51%-60% [Member] | Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
19 
10 
Mixed Use/Other [Member] | 61%-75% [Member] | Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
143 
63 
Mixed Use/Other [Member] | 76%-100% [Member] | Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
141 
221 
Mixed Use/Other [Member] | Greater than 100% [Member] | Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
18 
Mixed Use/Other [Member] | Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
411 
435 
0%-50% [Member] | Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
1,437 
1,450 
% of total
0.22 
0.22 
Weighted-average debt service coverage ratio
2.24 
2.24 
51%-60% [Member] | Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
1,155 
1,157 
% of total
0.17 
0.17 
Weighted-average debt service coverage ratio
1.98 
1.99 
61%-75% [Member] | Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
2,579 
2,426 
% of total
0.39 
0.36 
Weighted-average debt service coverage ratio
2.42 
1.79 
76%-100% [Member] | Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
1,219 
1,447 
% of total
0.18 
0.21 
Weighted-average debt service coverage ratio
1.83 
2.42 
Greater than 100% [Member] | Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
264 
292 
% of total
0.04 
0.04 
Weighted-average debt service coverage ratio
1.02 
0.75 
Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
$ 6,654 
$ 6,772 
% of total
Weighted-average debt service coverage ratio
2.14 
2.01 
Investments (Average Loan-to-value of Commercial Mortgage Loans by Property Type II) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2011
Dec. 31, 2010
Commercial mortgage loans, principal balance
$ 6,654 
$ 6,772 
Retail [Member]
 
 
Commercial mortgage loans, principal balance
1,976 
1,974 
Retail [Member] | 0%-50% [Member] | Restricted Commercial Mortgage Loans Related to Securitization Entities [Member]
 
 
Commercial mortgage loans, principal balance
146 
141 
Retail [Member] | 51%-60% [Member] | Restricted Commercial Mortgage Loans Related to Securitization Entities [Member]
 
 
Commercial mortgage loans, principal balance
26 
34 
Retail [Member] | 61%-75% [Member] | Restricted Commercial Mortgage Loans Related to Securitization Entities [Member]
 
 
Commercial mortgage loans, principal balance
 
Retail [Member] | 76%-100% [Member] | Restricted Commercial Mortgage Loans Related to Securitization Entities [Member]
 
 
Commercial mortgage loans, principal balance
Retail [Member] | Greater than 100% [Member] | Restricted Commercial Mortgage Loans Related to Securitization Entities [Member]
 
 
Commercial mortgage loans, principal balance
Retail [Member] | Restricted Commercial Mortgage Loans Related to Securitization Entities [Member]
 
 
Commercial mortgage loans, principal balance
177 
182 
Office [Member]
 
 
Commercial mortgage loans, principal balance
1,822 
1,850 
Office [Member] | 0%-50% [Member] | Restricted Commercial Mortgage Loans Related to Securitization Entities [Member]
 
 
Commercial mortgage loans, principal balance
88 
90 
Office [Member] | Restricted Commercial Mortgage Loans Related to Securitization Entities [Member]
 
 
Commercial mortgage loans, principal balance
105 
117 
Office [Member] | 51%-60% [Member] | Restricted Commercial Mortgage Loans Related to Securitization Entities [Member]
 
 
Commercial mortgage loans, principal balance
19 
Office [Member] | 61%-75% [Member] | Restricted Commercial Mortgage Loans Related to Securitization Entities [Member]
 
 
Commercial mortgage loans, principal balance
Office [Member] | 76%-100% [Member] | Restricted Commercial Mortgage Loans Related to Securitization Entities [Member]
 
 
Commercial mortgage loans, principal balance
Office [Member] | Greater than 100% [Member] | Restricted Commercial Mortgage Loans Related to Securitization Entities [Member]
 
 
Commercial mortgage loans, principal balance
 
Industrial [Member]
 
 
Commercial mortgage loans, principal balance
1,745 
1,788 
Industrial [Member] | 0%-50% [Member] | Restricted Commercial Mortgage Loans Related to Securitization Entities [Member]
 
 
Commercial mortgage loans, principal balance
105 
108 
Industrial [Member] | Restricted Commercial Mortgage Loans Related to Securitization Entities [Member]
 
 
Commercial mortgage loans, principal balance
120 
124 
Industrial [Member] | 51%-60% [Member] | Restricted Commercial Mortgage Loans Related to Securitization Entities [Member]
 
 
Commercial mortgage loans, principal balance
Industrial [Member] | 61%-75% [Member] | Restricted Commercial Mortgage Loans Related to Securitization Entities [Member]
 
 
Commercial mortgage loans, principal balance
Industrial [Member] | 76%-100% [Member] | Restricted Commercial Mortgage Loans Related to Securitization Entities [Member]
 
 
Commercial mortgage loans, principal balance
Industrial [Member] | Greater than 100% [Member] | Restricted Commercial Mortgage Loans Related to Securitization Entities [Member]
 
 
Commercial mortgage loans, principal balance
Apartments [Member]
 
 
Commercial mortgage loans, principal balance
700 
725 
Apartments [Member] | 0%-50% [Member] | Restricted Commercial Mortgage Loans Related to Securitization Entities [Member]
 
 
Commercial mortgage loans, principal balance
35 
35 
Apartments [Member] | 51%-60% [Member] | Restricted Commercial Mortgage Loans Related to Securitization Entities [Member]
 
 
Commercial mortgage loans, principal balance
Apartments [Member] | 61%-75% [Member] | Restricted Commercial Mortgage Loans Related to Securitization Entities [Member]
 
 
Commercial mortgage loans, principal balance
 
 
Apartments [Member] | 76%-100% [Member] | Restricted Commercial Mortgage Loans Related to Securitization Entities [Member]
 
 
Commercial mortgage loans, principal balance
19 
20 
Apartments [Member] | Greater than 100% [Member] | Restricted Commercial Mortgage Loans Related to Securitization Entities [Member]
 
 
Commercial mortgage loans, principal balance
 
 
Apartments [Member] | Restricted Commercial Mortgage Loans Related to Securitization Entities [Member]
 
 
Commercial mortgage loans, principal balance
63 
64 
Mixed Use/Other [Member]
 
 
Commercial mortgage loans, principal balance
411 
435 
Mixed Use/Other [Member] | 0%-50% [Member] | Restricted Commercial Mortgage Loans Related to Securitization Entities [Member]
 
 
Commercial mortgage loans, principal balance
16 
17 
Mixed Use/Other [Member] | 51%-60% [Member] | Restricted Commercial Mortgage Loans Related to Securitization Entities [Member]
 
 
Commercial mortgage loans, principal balance
Mixed Use/Other [Member] | 61%-75% [Member] | Restricted Commercial Mortgage Loans Related to Securitization Entities [Member]
 
 
Commercial mortgage loans, principal balance
 
 
Mixed Use/Other [Member] | 76%-100% [Member] | Restricted Commercial Mortgage Loans Related to Securitization Entities [Member]
 
 
Commercial mortgage loans, principal balance
 
 
Mixed Use/Other [Member] | Greater than 100% [Member] | Restricted Commercial Mortgage Loans Related to Securitization Entities [Member]
 
 
Commercial mortgage loans, principal balance
 
 
Mixed Use/Other [Member] | Restricted Commercial Mortgage Loans Related to Securitization Entities [Member]
 
 
Commercial mortgage loans, principal balance
22 
22 
0%-50% [Member] | Restricted Commercial Mortgage Loans Related to Securitization Entities [Member]
 
 
Commercial mortgage loans, principal balance
390 
391 
% of total
0.80 
0.77 
Weighted-average debt service coverage ratio
1.78 
1.82 
51%-60% [Member] | Restricted Commercial Mortgage Loans Related to Securitization Entities [Member]
 
 
Commercial mortgage loans, principal balance
56 
75 
% of total
0.12 
0.15 
Weighted-average debt service coverage ratio
1.32 
1.35 
61%-75% [Member] | Restricted Commercial Mortgage Loans Related to Securitization Entities [Member]
 
 
Commercial mortgage loans, principal balance
10 
% of total
0.02 
0.02 
Weighted-average debt service coverage ratio
1.02 
1.05 
76%-100% [Member] | Restricted Commercial Mortgage Loans Related to Securitization Entities [Member]
 
 
Commercial mortgage loans, principal balance
26 
28 
% of total
0.05 
0.05 
Weighted-average debt service coverage ratio
1.16 
1.18 
Greater than 100% [Member] | Restricted Commercial Mortgage Loans Related to Securitization Entities [Member]
 
 
Commercial mortgage loans, principal balance
% of total
0.01 
0.01 
Weighted-average debt service coverage ratio
0.39 
0.52 
Restricted Commercial Mortgage Loans Related to Securitization Entities [Member]
 
 
Commercial mortgage loans, principal balance
$ 487 
$ 509 
% of total
Weighted-average debt service coverage ratio
1.66 
1.69 
Investments (Debt Service Coverage of Commercial Mortgage Loans by Property Type I) (Details) (USD $)
In Millions
Mar. 31, 2011
Dec. 31, 2010
Commercial mortgage loans, principal balance
$ 6,654 
$ 6,772 
Commercial Mortgage Loan [Member]
 
 
Commercial mortgage loans, principal balance
6,654 
6,772 
% of total
Commercial Mortgage Loan [Member] | Retail [Member]
 
 
Commercial mortgage loans, principal balance
1,976 
1,974 
% of total
0.30 
0.29 
Commercial Mortgage Loan [Member] | Office [Member]
 
 
Commercial mortgage loans, principal balance
1,822 
1,850 
% of total
0.27 
0.27 
Retail [Member]
 
 
Commercial mortgage loans, principal balance
1,976 
1,974 
Retail [Member] | Less than 1.00 [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
119 
125 
Retail [Member] | Less than 1.00 [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
14 
14 
Retail [Member] | Less than 1.00 [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
 
 
Retail [Member] | 1.00 - 1.25 [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
309 
317 
Retail [Member] | 1.00 - 1.25 [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
Retail [Member] | 1.00 - 1.25 [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
 
 
Retail [Member] | 1.26 - 1.50 [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
499 
490 
Retail [Member] | 1.26 - 1.50 [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
43 
52 
Retail [Member] | 1.26 - 1.50 [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
 
 
Retail [Member] | 1.51 - 2.00 [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
522 
512 
Retail [Member] | 1.51 - 2.00 [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
78 
77 
Retail [Member] | 1.51 - 2.00 [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
Retail [Member] | Greater than 2.00 [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
412 
415 
Retail [Member] | Greater than 2.00 [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
33 
33 
Retail [Member] | Greater than 2.00 [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
113 
113 
Retail [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
1,861 
1,859 
Retail [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
177 
182 
Retail [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
115 
115 
Office [Member]
 
 
Commercial mortgage loans, principal balance
1,822 
1,850 
Office [Member] | Less than 1.00 [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
196 
176 
Office [Member] | Less than 1.00 [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
11 
14 
Office [Member] | Less than 1.00 [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
 
 
Office [Member] | 1.00 - 1.25 [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
182 
186 
Office [Member] | 1.00 - 1.25 [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
17 
14 
Office [Member] | 1.00 - 1.25 [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
 
 
Office [Member] | 1.26 - 1.50 [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
241 
238 
Office [Member] | 1.26 - 1.50 [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
24 
23 
Office [Member] | 1.26 - 1.50 [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
 
 
Office [Member] | 1.51 - 2.00 [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
486 
524 
Office [Member] | 1.51 - 2.00 [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
37 
45 
Office [Member] | 1.51 - 2.00 [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
57 
Office [Member] | Greater than 2.00 [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
538 
547 
Office [Member] | Greater than 2.00 [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
16 
21 
Office [Member] | Greater than 2.00 [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
170 
122 
Office [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
1,643 
1,671 
Office [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
105 
117 
Office [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
179 
179 
Less than 1.00 [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
614 
617 
% of total
0.10 
0.10 
Weighted-average loan-to-value
0.86 
0.90 
Less than 1.00 [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
41 
39 
% of total
0.09 
0.08 
Weighted-average loan-to-value
0.63 
0.65 
Less than 1.00 [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
% of total
 
 
Weighted-average loan-to-value
0.28 
0.30 
1.00 - 1.25 [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
733 
743 
% of total
0.12 
0.12 
Weighted-average loan-to-value
0.71 
0.71 
1.00 - 1.25 [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
55 
50 
% of total
0.11 
0.10 
Weighted-average loan-to-value
0.55 
0.55 
1.00 - 1.25 [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
% of total
0.02 
0.02 
Weighted-average loan-to-value
0.58 
0.62 
1.26 - 1.50 [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
1,152 
1,197 
% of total
0.19 
0.19 
Weighted-average loan-to-value
0.68 
0.68 
1.26 - 1.50 [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
108 
117 
% of total
0.22 
0.23 
Weighted-average loan-to-value
0.41 
0.42 
1.26 - 1.50 [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
 
 
% of total
 
 
Weighted-average loan-to-value
 
 
1.51 - 2.00 [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
2,089 
2,102 
% of total
0.34 
0.34 
Weighted-average loan-to-value
0.60 
0.62 
1.51 - 2.00 [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
187 
209 
% of total
0.38 
0.41 
Weighted-average loan-to-value
0.39 
0.41 
1.51 - 2.00 [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
41 
81 
% of total
0.07 
0.14 
Weighted-average loan-to-value
0.69 
0.83 
Greater than 2.00 [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
1,498 
1,537 
% of total
0.25 
0.25 
Weighted-average loan-to-value
0.51 
0.50 
Greater than 2.00 [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
96 
94 
% of total
0.20 
0.18 
Weighted-average loan-to-value
0.31 
0.31 
Greater than 2.00 [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
517 
485 
% of total
0.91 
0.84 
Weighted-average loan-to-value
0.77 
0.77 
Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
6,086 
6,196 
% of total
Weighted-average loan-to-value
0.63 
0.64 
Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
487 
509 
% of total
Weighted-average loan-to-value
0.42 
0.43 
Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
$ 568 
$ 576 
% of total
Weighted-average loan-to-value
0.76 
0.78 
Investments (Debt Service Coverage of Commercial Mortgage Loans by Property Type II) (Details) (USD $)
In Millions
Mar. 31, 2011
Dec. 31, 2010
Commercial mortgage loans, principal balance
$ 6,654 
$ 6,772 
Commercial Mortgage Loan [Member]
 
 
Commercial mortgage loans, principal balance
6,654 
6,772 
% of total
Commercial Mortgage Loan [Member] | Industrial [Member]
 
 
Commercial mortgage loans, principal balance
1,745 
1,788 
% of total
0.26 
0.26 
Industrial [Member]
 
 
Commercial mortgage loans, principal balance
1,745 
1,788 
Industrial [Member] | Less than 1.00 [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
245 
260 
Industrial [Member] | Less than 1.00 [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
16 
11 
Industrial [Member] | Less than 1.00 [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
Industrial [Member] | 1.00 - 1.25 [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
163 
166 
Industrial [Member] | 1.00 - 1.25 [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
Industrial [Member] | 1.00 - 1.25 [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
Industrial [Member] | 1.26 - 1.50 [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
278 
292 
Industrial [Member] | 1.26 - 1.50 [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
22 
25 
Industrial [Member] | 1.26 - 1.50 [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
 
 
Industrial [Member] | 1.51 - 2.00 [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
708 
698 
Industrial [Member] | 1.51 - 2.00 [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
44 
50 
Industrial [Member] | 1.51 - 2.00 [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
Industrial [Member] | Greater than 2.00 [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
333 
346 
Industrial [Member] | Greater than 2.00 [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
33 
29 
Industrial [Member] | Greater than 2.00 [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
11 
19 
Industrial [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
1,727 
1,762 
Industrial [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
120 
124 
Industrial [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
18 
26 
Less than 1.00 [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
614 
617 
% of total
0.10 
0.10 
Weighted-average loan-to-value
0.86 
0.90 
Less than 1.00 [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
41 
39 
% of total
0.09 
0.08 
Weighted-average loan-to-value
0.63 
0.65 
Less than 1.00 [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
% of total
 
 
Weighted-average loan-to-value
0.28 
0.30 
1.00 - 1.25 [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
733 
743 
% of total
0.12 
0.12 
Weighted-average loan-to-value
0.71 
0.71 
1.00 - 1.25 [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
55 
50 
% of total
0.11 
0.10 
Weighted-average loan-to-value
0.55 
0.55 
1.00 - 1.25 [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
% of total
0.02 
0.02 
Weighted-average loan-to-value
0.58 
0.62 
1.26 - 1.50 [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
1,152 
1,197 
% of total
0.19 
0.19 
Weighted-average loan-to-value
0.68 
0.68 
1.26 - 1.50 [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
108 
117 
% of total
0.22 
0.23 
Weighted-average loan-to-value
0.41 
0.42 
1.26 - 1.50 [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
 
 
% of total
 
 
Weighted-average loan-to-value
 
 
1.51 - 2.00 [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
2,089 
2,102 
% of total
0.34 
0.34 
Weighted-average loan-to-value
0.60 
0.62 
1.51 - 2.00 [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
187 
209 
% of total
0.38 
0.41 
Weighted-average loan-to-value
0.39 
0.41 
1.51 - 2.00 [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
41 
81 
% of total
0.07 
0.14 
Weighted-average loan-to-value
0.69 
0.83 
Greater than 2.00 [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
1,498 
1,537 
% of total
0.25 
0.25 
Weighted-average loan-to-value
0.51 
0.50 
Greater than 2.00 [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
96 
94 
% of total
0.20 
0.18 
Weighted-average loan-to-value
0.31 
0.31 
Greater than 2.00 [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
517 
485 
% of total
0.91 
0.84 
Weighted-average loan-to-value
0.77 
0.77 
Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
6,086 
6,196 
% of total
Weighted-average loan-to-value
0.63 
0.64 
Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
487 
509 
% of total
Weighted-average loan-to-value
0.42 
0.43 
Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
$ 568 
$ 576 
% of total
Weighted-average loan-to-value
0.76 
0.78 
Investments (Debt Service Coverage of Commercial Mortgage Loans by Property Type III) (Details) (USD $)
In Millions
Mar. 31, 2011
Dec. 31, 2010
Commercial mortgage loans, principal balance
$ 6,654 
$ 6,772 
Commercial Mortgage Loan [Member]
 
 
Commercial mortgage loans, principal balance
6,654 
6,772 
% of total
Commercial Mortgage Loan [Member] | Apartments [Member]
 
 
Commercial mortgage loans, principal balance
700 
725 
% of total
0.11 
0.11 
Commercial Mortgage Loan [Member] | Mixed Use/Other [Member]
 
 
Commercial mortgage loans, principal balance
411 
435 
% of total
0.06 
0.07 
Apartments [Member]
 
 
Commercial mortgage loans, principal balance
700 
725 
Apartments [Member] | Less than 1.00 [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
Apartments [Member] | Less than 1.00 [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
 
 
Apartments [Member] | Less than 1.00 [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
 
 
Apartments [Member] | 1.00 - 1.25 [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
61 
62 
Apartments [Member] | 1.00 - 1.25 [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
24 
21 
Apartments [Member] | 1.00 - 1.25 [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
 
Apartments [Member] | 1.26 - 1.50 [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
123 
160 
Apartments [Member] | 1.26 - 1.50 [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
12 
10 
Apartments [Member] | 1.26 - 1.50 [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
 
 
Apartments [Member] | 1.51 - 2.00 [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
296 
290 
Apartments [Member] | 1.51 - 2.00 [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
18 
26 
Apartments [Member] | 1.51 - 2.00 [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
29 
21 
Apartments [Member] | Greater than 2.00 [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
146 
135 
Apartments [Member] | Greater than 2.00 [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
Apartments [Member] | Greater than 2.00 [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
38 
46 
Apartments [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
633 
654 
Apartments [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
63 
64 
Apartments [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
67 
71 
Mixed Use/Other [Member]
 
 
Commercial mortgage loans, principal balance
411 
435 
Mixed Use/Other [Member] | Less than 1.00 [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
47 
49 
Mixed Use/Other [Member] | Less than 1.00 [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
 
 
Mixed Use/Other [Member] | Less than 1.00 [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
 
 
Mixed Use/Other [Member] | 1.00 - 1.25 [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
18 
12 
Mixed Use/Other [Member] | 1.00 - 1.25 [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
 
 
Mixed Use/Other [Member] | 1.00 - 1.25 [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
 
Mixed Use/Other [Member] | 1.26 - 1.50 [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
11 
17 
Mixed Use/Other [Member] | 1.26 - 1.50 [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
Mixed Use/Other [Member] | 1.26 - 1.50 [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
 
 
Mixed Use/Other [Member] | 1.51 - 2.00 [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
77 
78 
Mixed Use/Other [Member] | 1.51 - 2.00 [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
10 
11 
Mixed Use/Other [Member] | 1.51 - 2.00 [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
 
 
Mixed Use/Other [Member] | Greater than 2.00 [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
69 
94 
Mixed Use/Other [Member] | Greater than 2.00 [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
Mixed Use/Other [Member] | Greater than 2.00 [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
185 
185 
Mixed Use/Other [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
222 
250 
Mixed Use/Other [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
22 
22 
Mixed Use/Other [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
189 
185 
Less than 1.00 [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
614 
617 
% of total
0.10 
0.10 
Weighted-average loan-to-value
0.86 
0.90 
Less than 1.00 [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
41 
39 
% of total
0.09 
0.08 
Weighted-average loan-to-value
0.63 
0.65 
Less than 1.00 [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
% of total
 
 
Weighted-average loan-to-value
0.28 
0.30 
1.00 - 1.25 [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
733 
743 
% of total
0.12 
0.12 
Weighted-average loan-to-value
0.71 
0.71 
1.00 - 1.25 [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
55 
50 
% of total
0.11 
0.10 
Weighted-average loan-to-value
0.55 
0.55 
1.00 - 1.25 [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
% of total
0.02 
0.02 
Weighted-average loan-to-value
0.58 
0.62 
1.26 - 1.50 [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
1,152 
1,197 
% of total
0.19 
0.19 
Weighted-average loan-to-value
0.68 
0.68 
1.26 - 1.50 [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
108 
117 
% of total
0.22 
0.23 
Weighted-average loan-to-value
0.41 
0.42 
1.26 - 1.50 [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
 
 
% of total
 
 
Weighted-average loan-to-value
 
 
1.51 - 2.00 [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
2,089 
2,102 
% of total
0.34 
0.34 
Weighted-average loan-to-value
0.60 
0.62 
1.51 - 2.00 [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
187 
209 
% of total
0.38 
0.41 
Weighted-average loan-to-value
0.39 
0.41 
1.51 - 2.00 [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
41 
81 
% of total
0.07 
0.14 
Weighted-average loan-to-value
0.69 
0.83 
Greater than 2.00 [Member] | Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
1,498 
1,537 
% of total
0.25 
0.25 
Weighted-average loan-to-value
0.51 
0.50 
Greater than 2.00 [Member] | Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
96 
94 
% of total
0.20 
0.18 
Weighted-average loan-to-value
0.31 
0.31 
Greater than 2.00 [Member] | Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
517 
485 
% of total
0.91 
0.84 
Weighted-average loan-to-value
0.77 
0.77 
Fixed Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
6,086 
6,196 
% of total
Weighted-average loan-to-value
0.63 
0.64 
Fixed Rate Restricted Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
487 
509 
% of total
Weighted-average loan-to-value
0.42 
0.43 
Floating Rate Commercial Mortgage Loans [Member]
 
 
Commercial mortgage loans, principal balance
$ 568 
$ 576 
% of total
Weighted-average loan-to-value
0.76 
0.78 
Investments (Restricted Commercial Mortgage Loans by Property Type) (Details) (USD $)
In Millions
Mar. 31, 2011
Dec. 31, 2010
Commercial mortgage loans, principal balance
$ 487 
$ 509 
Allowance for losses
(2)
(2)
Total
485 
507 
Percentage of total principal balance
Retail [Member]
 
 
Commercial mortgage loans, principal balance
177 
182 
Percentage of total principal balance
0.36 
0.36 
Office [Member]
 
 
Commercial mortgage loans, principal balance
105 
117 
Percentage of total principal balance
0.22 
0.23 
Industrial [Member]
 
 
Commercial mortgage loans, principal balance
120 
124 
Percentage of total principal balance
0.25 
0.24 
Apartments [Member]
 
 
Commercial mortgage loans, principal balance
63 
64 
Percentage of total principal balance
0.13 
0.13 
Mixed Use/Other [Member]
 
 
Commercial mortgage loans, principal balance
$ 22 
$ 22 
Percentage of total principal balance
0.04 
0.04 
Investments (Restricted Commercial Mortgage Loans by Geographic Region) (Details) (USD $)
In Millions
Mar. 31, 2011
Dec. 31, 2010
Commercial mortgage loans, principal balance
$ 487 
$ 509 
Allowance for losses
(2)
(2)
Total
485 
507 
Percentage of total principal balance
South Atlantic [Member]
 
 
Commercial mortgage loans, principal balance
176 
189 
Percentage of total principal balance
0.36 
0.37 
Pacific [Member]
 
 
Commercial mortgage loans, principal balance
88 
90 
Percentage of total principal balance
0.18 
0.18 
Middle Atlantic [Member]
 
 
Commercial mortgage loans, principal balance
68 
70 
Percentage of total principal balance
0.14 
0.14 
East North Central [Member]
 
 
Commercial mortgage loans, principal balance
50 
51 
Percentage of total principal balance
0.10 
0.10 
Mountain [Member]
 
 
Commercial mortgage loans, principal balance
31 
32 
Percentage of total principal balance
0.07 
0.06 
East South Central [Member]
 
 
Commercial mortgage loans, principal balance
31 
32 
Percentage of total principal balance
0.07 
0.06 
West North Central [Member]
 
 
Commercial mortgage loans, principal balance
30 
31 
Percentage of total principal balance
0.06 
0.06 
West South Central [Member]
 
 
Commercial mortgage loans, principal balance
12 
13 
Percentage of total principal balance
0.02 
0.03 
New England [Member]
 
 
Commercial mortgage loans, principal balance
$ 1 
$ 1 
Percentage of total principal balance
 
 
Derivative Instruments (Narrative) (Details) (USD $)
3 Months Ended
Mar. 31, 2011
Year Ended
Dec. 31, 2010
Notional amount of derivatives with counterparties that can be terminated at option of counterparty
1,100,000,000 
 
Fair value of derivatives with counterparties that can be terminated at option of counterparty
195,000,000 
 
Derivatives designated as cash flow hedges gain (loss), amount expected to be reclassified to future net income (loss), net of tax
864,000,000 
924,000,000 
Derivatives designated as cash flow hedges gain (loss), amount expected to be reclassified to net income (loss) in the next 12 months, net of tax
18,000,000 
 
Year by which all forecasted transactions associated with qualifying cash flow hedges are expected to occur
2045 
 
Amount to claim from counterparties if the downgrade provisions had been triggered
81,000,000 
123,000,000 
Amount required for disbursement to counterparties if the downgrade provisions had been triggered
4,000,000 
5,000,000 
Credit Risk and Counterparty Netting [Member]
 
 
Derivative, net asset position, aggregate fair value
773,000,000 
888,000,000 
Net fair value derivative liabilities
191,000,000 
172,000,000 
Collateral from derivative counterparties
745,000,000 
794,000,000 
Collateral from derivative counterparties, over collateralization
53,000,000 
29,000,000 
Collateral to derivative counterparties
67,000,000 
30,000,000 
Collateral to derivative counterparties, over collateralization
$ 16,000,000 
$ 11,000,000 
Derivative Instruments (Positions in Derivative Instruments) (Details) (USD $)
In Millions
Mar. 31, 2011
Dec. 31, 2010
Derivative assets designated as hedges, fair value
$ 473 
$ 557 
Derivative assets not designated as hedges, fair value
421 
486 
Total derivative assets, fair value
894 
1,043 
Derivative liabilities designated as hedges, fair value
147 
97 
Derivative liabilities not designated as hedges, fair value
241 
356 
Total derivative liabilities, fair value
388 
453 
Cash Flow Hedges [Member]
 
 
Derivative assets designated as hedges, fair value
360 
427 
Derivative liabilities designated as hedges, fair value
141 
89 
Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | Other Invested Assets [Member]
 
 
Derivative assets designated as hedges, fair value
168 
222 
Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | Other Liabilities [Member]
 
 
Derivative liabilities designated as hedges, fair value
106 
56 
Cash Flow Hedges [Member] | Inflation Indexed Swaps [Member] | Other Invested Assets [Member]
 
 
Derivative assets designated as hedges, fair value
 
 
Cash Flow Hedges [Member] | Inflation Indexed Swaps [Member] | Other Liabilities [Member]
 
 
Derivative liabilities designated as hedges, fair value
35 
33 
Cash Flow Hedges [Member] | Foreign Currency Swaps [Member] | Other Invested Assets [Member]
 
 
Derivative assets designated as hedges, fair value
192 
205 
Cash Flow Hedges [Member] | Foreign Currency Swaps [Member] | Other Liabilities [Member]
 
 
Derivative liabilities designated as hedges, fair value
 
 
Fair Value Hedges [Member]
 
 
Derivative assets designated as hedges, fair value
113 
130 
Derivative liabilities designated as hedges, fair value
Fair Value Hedges [Member] | Interest Rate Swaps [Member] | Other Invested Assets [Member]
 
 
Derivative assets designated as hedges, fair value
77 
95 
Fair Value Hedges [Member] | Interest Rate Swaps [Member] | Other Liabilities [Member]
 
 
Derivative liabilities designated as hedges, fair value
Fair Value Hedges [Member] | Foreign Currency Swaps [Member] | Other Invested Assets [Member]
 
 
Derivative assets designated as hedges, fair value
36 
35 
Fair Value Hedges [Member] | Foreign Currency Swaps [Member] | Other Liabilities [Member]
 
 
Derivative liabilities designated as hedges, fair value
 
 
Interest Rate Swaps [Member] | Securitization Entities [Member] | Restricted Other Invested Assets [Member]
 
 
Derivative assets not designated as hedges, fair value
 
 
Interest Rate Swaps [Member] | Securitization Entities [Member] | Other Liabilities [Member]
 
 
Derivative liabilities not designated as hedges, fair value
16 
19 
Interest Rate Swaps [Member] | Other Invested Assets [Member]
 
 
Derivative assets not designated as hedges, fair value
385 
446 
Interest Rate Swaps [Member] | Other Liabilities [Member]
 
 
Derivative liabilities not designated as hedges, fair value
20 
74 
Equity Return Swaps [Member] | Other Invested Assets [Member]
 
 
Derivative assets not designated as hedges, fair value
 
 
Equity Return Swaps [Member] | Other Liabilities [Member]
 
 
Derivative liabilities not designated as hedges, fair value
Interest Rate Swaptions [Member] | Other Invested Assets [Member]
 
 
Derivative assets not designated as hedges, fair value
 
 
Interest Rate Swaptions [Member] | Other Liabilities [Member]
 
 
Derivative liabilities not designated as hedges, fair value
 
 
Credit Default Swaps [Member] | Securitization Entities [Member] | Restricted Other Invested Assets [Member]
 
 
Derivative assets not designated as hedges, fair value
 
 
Credit Default Swaps [Member] | Securitization Entities [Member] | Other Liabilities [Member]
 
 
Derivative liabilities not designated as hedges, fair value
120 
129 
Credit Default Swaps [Member] | Other Invested Assets [Member]
 
 
Derivative assets not designated as hedges, fair value
11 
11 
Credit Default Swaps [Member] | Other Liabilities [Member]
 
 
Derivative liabilities not designated as hedges, fair value
Equity Index Options [Member] | Other Invested Assets [Member]
 
 
Derivative assets not designated as hedges, fair value
32 
33 
Equity Index Options [Member] | Other Liabilities [Member]
 
 
Derivative liabilities not designated as hedges, fair value
 
Financial Futures [Member] | Other Invested Assets [Member]
 
 
Derivative assets not designated as hedges, fair value
 
 
Financial Futures [Member] | Other Liabilities [Member]
 
 
Derivative liabilities not designated as hedges, fair value
 
 
Other Foreign Currency Contracts [Member] | Other Invested Assets [Member]
 
 
Derivative assets not designated as hedges, fair value
 
 
Other Foreign Currency Contracts [Member] | Other Liabilities [Member]
 
 
Derivative liabilities not designated as hedges, fair value
 
Reinsurance Embedded Derivatives [Member] | Other Assets [Member]
 
 
Derivative assets not designated as hedges, fair value
 1
1
Reinsurance Embedded Derivatives [Member] | Other Liabilities [Member]
 
 
Derivative liabilities not designated as hedges, fair value
 1
 1
GMWB Embedded Derivatives [Member] | Reinsurance Recoverable [Member]
 
 
Derivative assets not designated as hedges, fair value
(7)2
(5)2
GMWB Embedded Derivatives [Member] | Policyholder Account Balances [Member]
 
 
Derivative liabilities not designated as hedges, fair value
$ 69 3
$ 121 3
Derivative Instruments (Activity Associated with Derivative Instruments) (Details)
In Millions
3 Months Ended
Mar. 31, 2011
Dec. 31, 2010
Notional amount, beginning balance
30,224 
 
Additions
3,018 
 
Maturities/ terminations
(4,164)
 
Notional amount, end balance
29,078 
 
Number of policies
49,587 
49,566 
Additions
675 
 
Terminations
(654)
 
Derivatives Designated as Hedges [Member]
 
 
Notional amount, beginning balance
15,220 
 
Additions
1,004 
 
Maturities/ terminations
(329)
 
Notional amount, end balance
15,895 
 
Derivatives Designated as Hedges [Member] | Cash Flow Hedges [Member]
 
 
Notional amount, beginning balance
13,371 
 
Additions
1,004 
 
Maturities/ terminations
(3)
 
Notional amount, end balance
14,372 
 
Derivatives Designated as Hedges [Member] | Cash Flow Hedges [Member] | Interest Rate Swaps [Member]
 
 
Notional amount, beginning balance
12,355 
 
Additions
995 
 
Maturities/ terminations
(3)
 
Notional amount, end balance
13,347 
 
Derivatives Designated as Hedges [Member] | Cash Flow Hedges [Member] | Inflation Indexed Swaps [Member]
 
 
Notional amount, beginning balance
525 
 
Additions
 
Maturities/ terminations
 
 
Notional amount, end balance
534 
 
Derivatives Designated as Hedges [Member] | Cash Flow Hedges [Member] | Foreign Currency Swaps [Member]
 
 
Notional amount, beginning balance
491 
 
Additions
 
 
Maturities/ terminations
 
 
Notional amount, end balance
491 
 
Derivatives Designated as Hedges [Member] | Fair Value Hedges [Member]
 
 
Notional amount, beginning balance
1,849 
 
Additions
 
 
Maturities/ terminations
(326)
 
Notional amount, end balance
1,523 
 
Derivatives Designated as Hedges [Member] | Fair Value Hedges [Member] | Interest Rate Swaps [Member]
 
 
Notional amount, beginning balance
1,764 
 
Additions
 
 
Maturities/ terminations
(326)
 
Notional amount, end balance
1,438 
 
Derivatives Designated as Hedges [Member] | Fair Value Hedges [Member] | Foreign Currency Swaps [Member]
 
 
Notional amount, beginning balance
85 
 
Additions
 
 
Maturities/ terminations
 
 
Notional amount, end balance
85 
 
Derivatives Not Designated as Hedges [Member]
 
 
Notional amount, beginning balance
15,004 
 
Additions
2,014 
 
Maturities/ terminations
(3,835)
 
Notional amount, end balance
13,183 
 
Derivatives Not Designated as Hedges [Member] | Interest Rate Swaps [Member]
 
 
Notional amount, beginning balance
7,681 
 
Additions
35 
 
Maturities/ terminations
(1,275)
 
Notional amount, end balance
6,441 
 
Derivatives Not Designated as Hedges [Member] | Interest Rate Swaps [Member] | Securitization Entities [Member]
 
 
Notional amount, beginning balance
129 
 
Additions
 
 
Maturities/ terminations
(3)
 
Notional amount, end balance
126 
 
Derivatives Not Designated as Hedges [Member] | Equity Return Swaps [Member]
 
 
Notional amount, beginning balance
208 
 
Additions
 
Maturities/ terminations
 
 
Notional amount, end balance
215 
 
Derivatives Not Designated as Hedges [Member] | Interest Rate Swaptions [Member]
 
 
Notional amount, beginning balance
200 
 
Additions
 
 
Maturities/ terminations
(200)
 
Notional amount, end balance
 
 
Derivatives Not Designated as Hedges [Member] | Credit Default Swaps [Member]
 
 
Notional amount, beginning balance
1,195 
 
Additions
115 
 
Maturities/ terminations
(100)
 
Notional amount, end balance
1,210 
 
Derivatives Not Designated as Hedges [Member] | Credit Default Swaps Related to Securitization Entities [Member]
 
 
Notional amount, beginning balance
317 
 
Additions
 
 
Maturities/ terminations
 
 
Notional amount, end balance
317 
 
Derivatives Not Designated as Hedges [Member] | Equity Index Options [Member]
 
 
Notional amount, beginning balance
744 
 
Additions
288 
 
Maturities/ terminations
(451)
 
Notional amount, end balance
581 
 
Derivatives Not Designated as Hedges [Member] | Financial Futures [Member]
 
 
Notional amount, beginning balance
3,937 
 
Additions
1,372 
 
Maturities/ terminations
(1,806)
 
Notional amount, end balance
3,503 
 
Derivatives Not Designated as Hedges [Member] | Other Foreign Currency Contracts [Member]
 
 
Notional amount, beginning balance
521 
 
Additions
185 
 
Maturities/ terminations
 
 
Notional amount, end balance
706 
 
Derivatives Not Designated as Hedges [Member] | Reinsurance Embedded Derivatives [Member]
 
 
Notional amount, beginning balance
72 
 
Additions
12 
 
Maturities/ terminations
 
 
Notional amount, end balance
84 
 
Derivative Instruments (Pre-Tax Income Effects of Cash Flow Hedges) (Details) (Cash Flow Hedges [Member], USD $)
In Millions
3 Months Ended
Mar. 31,
2011
2010
Gain (loss) recognized in OCI
$ (98)
$ (35)
Gain (loss) reclassified into net income from OCI
(6)
Gain (loss) recognized in net income
(2)1
(3)1
Cash Flow Hedges [Member] | Interest Rate Swaps Hedging Assets [Member]
 
 
Gain (loss) recognized in OCI
(101)
(36)
Cash Flow Hedges [Member] | Interest Rate Swaps Hedging Assets [Member] | Net Investment Income [Member]
 
 
Gain (loss) reclassified into net income from OCI
(5)
Cash Flow Hedges [Member] | Interest Rate Swaps Hedging Assets [Member] | Gain or Loss Recognized in Net Income [Member]
 
 
Gain (loss) recognized in net income
 1
 1
Cash Flow Hedges [Member] | Interest Rate Swaps Hedging Assets [Member] | Net Investment Gains (Losses) [Member]
 
 
Gain (loss) recognized in OCI
 
 
Gain (loss) reclassified into net income from OCI
 
Gain (loss) recognized in net income
(2)1
(3)1
Cash Flow Hedges [Member] | Foreign Currency Swaps [Member] | Net Investment Gains (Losses) [Member]
 
 
Gain (loss) recognized in net income
 1
 1
Cash Flow Hedges [Member] | Foreign Currency Swaps [Member] | Interest Expense [Member]
 
 
Gain (loss) recognized in OCI
Gain (loss) reclassified into net income from OCI
$ (1)
$ (2)
Derivative Instruments (Pre-Tax Gain (Loss) Recognized in Net Income for the Effects of Derivatives not Designated as Hedges) (Details) (USD $)
In Millions
3 Months Ended
Mar. 31,
2011
2010
Pre-tax gain (loss) recognized in net income
$ 3 
$ (4)
Derivatives Not Designated as Hedges [Member] | Interest Rate Swaps [Member]
 
 
Pre-tax gain (loss) recognized in net income
(6)
Derivatives Not Designated as Hedges [Member] | Equity Return Swaps [Member]
 
 
Pre-tax gain (loss) recognized in net income
(4)
 
Derivatives Not Designated as Hedges [Member] | Interest Rate Swaps Related to Securitization Entities [Member]
 
 
Pre-tax gain (loss) recognized in net income
(3)
Derivatives Not Designated as Hedges [Member] | Interest Rate Swaptions [Member]
 
 
Pre-tax gain (loss) recognized in net income
 
22 
Derivatives Not Designated as Hedges [Member] | Credit Default Swaps [Member]
 
 
Pre-tax gain (loss) recognized in net income
Derivatives Not Designated as Hedges [Member] | Credit Default Swaps Related to Securitization Entities [Member]
 
 
Pre-tax gain (loss) recognized in net income
Derivatives Not Designated as Hedges [Member] | Equity Index Options [Member]
 
 
Pre-tax gain (loss) recognized in net income
(19)
(27)
Derivatives Not Designated as Hedges [Member] | Financial Futures [Member]
 
 
Pre-tax gain (loss) recognized in net income
(39)
(33)
Derivatives Not Designated as Hedges [Member] | Other Foreign Currency Contracts [Member]
 
 
Pre-tax gain (loss) recognized in net income
(9)
(3)
Derivatives Not Designated as Hedges [Member] | GMWB Embedded Derivatives [Member]
 
 
Pre-tax gain (loss) recognized in net income
$ 59 
$ 36 
Derivative Instruments (Credit Default Swaps Where Protection on Single Name Reference Entities and the Fair Values is Sold) (Details) (USD $)
In Millions
Mar. 31, 2011
Dec. 31, 2010
Notional value
$ 155 
$ 155 
Assets
Liabilities
 
 
AAA [Member] | Matures After One Year Through Five Years [Member]
 
 
Notional value
Assets
 
 
Liabilities
 
 
AA [Member] | Matures After One Year Through Five Years [Member]
 
 
Notional value
Assets
 
 
Liabilities
 
 
AA [Member] | Matures After Five Years Through Ten Years [Member]
 
 
Notional value
Assets
 
 
Liabilities
 
 
A [Member] | Matures After One Year Through Five Years [Member]
 
 
Notional value
37 
37 
Assets
Liabilities
 
 
A [Member] | Matures After Five Years Through Ten Years [Member]
 
 
Notional value
10 
Assets
 
 
Liabilities
 
 
BBB [Member] | Matures After One Year Through Five Years [Member]
 
 
Notional value
68 
68 
Assets
Liabilities
 
 
BBB [Member] | Matures After Five Years Through Ten Years [Member]
 
 
Notional value
24 
29 
Assets
 
 
Liabilities
 
 
Derivative Instruments (Credit Default Swaps Where Protection on Credit Default Swap Index Tranches and the Fair Values is Sold) (Details) (USD $)
In Millions
Mar. 31, 2011
Dec. 31, 2010
Notional value
$ 155 
$ 155 
Assets
Liabilities
 
 
Original Amount [Member] | Securitization Entities [Member] | Portion Backing Third-Party Borrowings Maturing 2017 [Member]
 
 
Notional value
39 
 
Original Amount [Member] | Securitization Entities [Member] | Portion Backing Interest Maturing 2017 [Member]
 
 
Notional value
300 
 
Total Credit Default Swaps on Index Tranches [Member]
 
 
Notional value
1,242 
1,242 
Assets
Liabilities
127 
136 
Credit Default Swaps [Member] | Matures After One Year Through Five Years [Member] | Index Tranches [Member] | 9% - 12% [Member]
 
 
Notional value
300 1
300 1
Assets
1
 1
Liabilities
1
1
Current attachment percentage
0.09 
0.09 
Current detachment percentage
0.12 
0.12 
Credit Default Swaps [Member] | Matures After One Year Through Five Years [Member] | Index Tranches [Member] | 10% - 15% [Member]
 
 
Notional value
250 2
250 2
Assets
2
2
Liabilities
 2
 2
Current attachment percentage
0.10 
0.10 
Current detachment percentage
0.15 
0.15 
Credit Default Swaps [Member] | Matures After Five Years Through Ten Years [Member] | Index Tranches [Member] | 12% - 22% [Member]
 
 
Notional value
248 3
248 3
Assets
 3
 3
Liabilities
3
3
Current attachment percentage
0.12 
0.12 
Current detachment percentage
0.22 
0.22 
Credit Default Swaps [Member] | Matures After Five Years Through Ten Years [Member] | Index Tranches [Member] | 15% - 30% [Member]
 
 
Notional value
127 4
127 4
Assets
4
4
Liabilities
 4
 4
Current attachment percentage
0.148 
0.148 
Current detachment percentage
0.303 
0.303 
Credit Default Swaps [Member] | Securitization Entities [Member] | Index Tranches [Member]
 
 
Notional value
317 
317 
Assets
 
 
Liabilities
120 
129 
Credit Default Swaps [Member] | Securitization Entities [Member] | Index Tranches [Member] | Portion Backing Third-Party Borrowings Maturing 2017 [Member]
 
 
Notional value
17 5
17 5
Assets
 5
 5
Liabilities
5
5
Credit Default Swaps [Member] | Securitization Entities [Member] | Index Tranches [Member] | Portion Backing Interest Maturing 2017 [Member]
 
 
Notional value
300 6
300 6
Assets
 6
 6
Liabilities
113 6
121 6
Credit Default Swaps [Member] | Index Tranches [Member]
 
 
Notional value
925 
925 
Assets
Liabilities
$ 7 
$ 7 
Fair Value of Financial Instruments (Narrative) (Details) (USD $)
In Millions
3 Months Ended
Mar. 31, 2011
Year Ended
Dec. 31, 2010
Fair Value of Financial Instruments
 
 
Minimum impact on valuation of unobservable input on fixed maturity, equity and trading securities for Level 3 classification
0.10 
 
Period end valuation
 
Points at which swap curve dropped below U.S. Treasury curve, number of years
 
10 
Credit spread, basis points, lower limit
60 
 
Credit spread, basis points, upper limit
80 
 
GMWB Non-performance risk impact
$ 39 
$ 44 
Fair Value of Financial Instruments (Fair Value of Financial Assets and Liabilities that are not Required to be Carried at Fair Value) (Details) (USD $)
In Millions
Mar. 31, 2011
Dec. 31, 2010
Commercial mortgage loans
$ 6,600 
$ 6,718 
Restricted commercial mortgage loans
485 
507 
Other invested assets
3,752 
3,854 
Long-term borrowings
5,347 
4,952 
Non-recourse funding obligations
3,431 
3,437 
Notional Amount [Member]
 
 
Commercial mortgage loans
 1
 1
Restricted commercial mortgage loans
 1
 1
Other invested assets
 1
 1
Long-term borrowings
 
 
Non-recourse funding obligations
 
 
Borrowings related to securitization entities
 1
 1
Investment contracts
 1
 1
Commitments to fund limited partnerships
106 
110 
Ordinary course of business lending commitments
39 
28 
Carrying Amount [Member]
 
 
Commercial mortgage loans
6,600 
6,718 
Restricted commercial mortgage loans
485 
507 
Other invested assets
328 
267 
Long-term borrowings
5,347 2
4,952 2
Non-recourse funding obligations
3,431 2
3,437 2
Borrowings related to securitization entities
431 
443 
Investment contracts
19,106 
19,772 
Commitments to fund limited partnerships
 
 
Ordinary course of business lending commitments
 
 
Fair Value [Member]
 
 
Commercial mortgage loans
6,827 
6,896 
Restricted commercial mortgage loans
529 
554 
Other invested assets
340 
272 
Long-term borrowings
5,320 2
4,928 2
Non-recourse funding obligations
2,175 2
2,170 2
Borrowings related to securitization entities
452 
467 
Investment contracts
19,671 
20,471 
Commitments to fund limited partnerships
 
 
Ordinary course of business lending commitments
 
 
Fair Value of Financial Instruments (Primary Sources Considered when Determining Fair Value of Each Class of Fixed Maturity Securities) (Details) (Fixed Maturity Securities [Member], USD $)
In Millions
Mar. 31, 2011
Dec. 31, 2010
U.S. Government, Agencies and Government-Sponsored Enterprises [Member] | Fixed Maturity Securities [Member]
 
 
Pricing services
$ 3,401 
$ 3,688 
Internal models
13 
17 
Fair value
3,414 
3,705 
U.S. Government, Agencies and Government-Sponsored Enterprises [Member] | Fixed Maturity Securities [Member] | Level 1 [Member]
 
 
Pricing services
 
 
Internal models
 
 
Fair value
 
 
U.S. Government, Agencies and Government-Sponsored Enterprises [Member] | Fixed Maturity Securities [Member] | Level 2 [Member]
 
 
Pricing services
3,401 
3,688 
Internal models
12 
Fair value
3,413 
3,694 
U.S. Government, Agencies and Government-Sponsored Enterprises [Member] | Fixed Maturity Securities [Member] | Level 3 [Member]
 
 
Pricing services
 
 
Internal models
11 
Fair value
11 
Tax-Exempt [Member] | Fixed Maturity Securities [Member]
 
 
Pricing services
928 
1,030 
Fair value
928 
1,030 
Tax-Exempt [Member] | Fixed Maturity Securities [Member] | Level 1 [Member]
 
 
Pricing services
 
 
Fair value
 
 
Tax-Exempt [Member] | Fixed Maturity Securities [Member] | Level 2 [Member]
 
 
Pricing services
928 
1,030 
Fair value
928 
1,030 
Tax-Exempt [Member] | Fixed Maturity Securities [Member] | Level 3 [Member]
 
 
Pricing services
 
 
Fair value
 
 
Government - Non-U.S. [Member] | Fixed Maturity Securities [Member]
 
 
Pricing services
2,348 
2,357 
Internal models
11 
12 
Fair value
2,359 
2,369 
Government - Non-U.S. [Member] | Fixed Maturity Securities [Member] | Level 1 [Member]
 
 
Pricing services
 
 
Internal models
 
 
Fair value
 
 
Government - Non-U.S. [Member] | Fixed Maturity Securities [Member] | Level 2 [Member]
 
 
Pricing services
2,348 
2,357 
Internal models
10 
11 
Fair value
2,358 
2,368 
Government - Non-U.S. [Member] | Fixed Maturity Securities [Member] | Level 3 [Member]
 
 
Pricing services
 
 
Internal models
Fair value
U.S. Corporate [Member] | Fixed Maturity Securities [Member]
 
 
Pricing services
20,506 
20,563 
Broker quotes
232 
235 
Internal models
3,015 
3,169 
Fair value
23,753 
23,967 
U.S. Corporate [Member] | Fixed Maturity Securities [Member] | Level 1 [Member]
 
 
Pricing services
 
 
Broker quotes
 
 
Internal models
 
 
Fair value
 
 
U.S. Corporate [Member] | Fixed Maturity Securities [Member] | Level 2 [Member]
 
 
Pricing services
20,506 
20,563 
Broker quotes
 
 
Internal models
2,532 
2,304 
Fair value
23,038 
22,867 
U.S. Corporate [Member] | Fixed Maturity Securities [Member] | Level 3 [Member]
 
 
Pricing services
 
 
Broker quotes
232 
235 
Internal models
483 
865 
Fair value
715 
1,100 
Corporate - Non-U.S. [Member] | Fixed Maturity Securities [Member]
 
 
Pricing services
12,081 
11,584 
Broker quotes
87 
113 
Internal models
1,769 
1,801 
Fair value
13,937 
13,498 
Corporate - Non-U.S. [Member] | Fixed Maturity Securities [Member] | Level 1 [Member]
 
 
Pricing services
 
 
Broker quotes
 
 
Internal models
 
 
Fair value
 
 
Corporate - Non-U.S. [Member] | Fixed Maturity Securities [Member] | Level 2 [Member]
 
 
Pricing services
12,081 
11,584 
Broker quotes
 
 
Internal models
1,654 
1,546 
Fair value
13,735 
13,130 
Corporate - Non-U.S. [Member] | Fixed Maturity Securities [Member] | Level 3 [Member]
 
 
Pricing services
 
 
Broker quotes
87 
113 
Internal models
115 
255 
Fair value
202 
368 
Residential Mortgage-Backed [Member] | Fixed Maturity Securities [Member]
 
 
Pricing services
4,465 
4,312 
Broker quotes
64 
72 
Internal models
71 
71 
Fair value
4,600 
4,455 
Residential Mortgage-Backed [Member] | Fixed Maturity Securities [Member] | Level 1 [Member]
 
 
Pricing services
 
 
Broker quotes
 
 
Internal models
 
 
Fair value
 
 
Residential Mortgage-Backed [Member] | Fixed Maturity Securities [Member] | Level 2 [Member]
 
 
Pricing services
4,465 
4,312 
Broker quotes
 
 
Internal models
 
 
Fair value
4,465 
4,312 
Residential Mortgage-Backed [Member] | Fixed Maturity Securities [Member] | Level 3 [Member]
 
 
Pricing services
 
 
Broker quotes
64 
72 
Internal models
71 
71 
Fair value
135 
143 
Commercial Mortgage-Backed [Member] | Fixed Maturity Securities [Member]
 
 
Pricing services
3,714 
3,693 
Broker quotes
16 
16 
Internal models
26 
34 
Fair value
3,756 
3,743 
Commercial Mortgage-Backed [Member] | Fixed Maturity Securities [Member] | Level 1 [Member]
 
 
Pricing services
 
 
Broker quotes
 
 
Internal models
 
 
Fair value
 
 
Commercial Mortgage-Backed [Member] | Fixed Maturity Securities [Member] | Level 2 [Member]
 
 
Pricing services
3,714 
3,693 
Broker quotes
 
 
Internal models
 
 
Fair value
3,714 
3,693 
Commercial Mortgage-Backed [Member] | Fixed Maturity Securities [Member] | Level 3 [Member]
 
 
Pricing services
 
 
Broker quotes
16 
16 
Internal models
26 
34 
Fair value
42 
50 
Other Asset-Backed [Member] | Fixed Maturity Securities [Member]
 
 
Pricing services
2,083 
2,241 
Broker quotes
165 
169 
Internal models
Fair value
2,251 
2,416 
Other Asset-Backed [Member] | Fixed Maturity Securities [Member] | Level 1 [Member]
 
 
Pricing services
 
 
Broker quotes
 
 
Internal models
 
 
Fair value
 
 
Other Asset-Backed [Member] | Fixed Maturity Securities [Member] | Level 2 [Member]
 
 
Pricing services
1,985 
2,143 
Broker quotes
 
 
Internal models
Fair value
1,988 
2,148 
Other Asset-Backed [Member] | Fixed Maturity Securities [Member] | Level 3 [Member]
 
 
Pricing services
98 
98 
Broker quotes
165 
169 
Internal models
 
Fair value
263 
268 
Fixed Maturity Securities [Member]
 
 
Fair value
54,998 
55,183 
Fixed Maturity Securities [Member] | Level 1 [Member]
 
 
Fair value
 
 
Fixed Maturity Securities [Member] | Level 2 [Member]
 
 
Fair value
53,639 
53,242 
Fixed Maturity Securities [Member] | Level 3 [Member]
 
 
Fair value
$ 1,359 
$ 1,941 
Fair Value of Financial Instruments (Primary Sources Considered when Determining Fair Value of Equity Securities) (Details) (Equity Securities [Member], USD $)
In Millions
Mar. 31, 2011
Dec. 31, 2010
Pricing services
$ 268 
$ 245 
Broker quotes
Internal models
81 
81 
Fair value
355 
332 
Equity Securities [Member] | Level 1 [Member]
 
 
Pricing services
262 
240 
Broker quotes
 
 
Internal models
 
 
Fair value
262 
240 
Equity Securities [Member] | Level 2 [Member]
 
 
Pricing services
Broker quotes
 
 
Internal models
 
 
Fair value
Equity Securities [Member] | Level 3 [Member]
 
 
Pricing services
 
 
Broker quotes
Internal models
81 
81 
Fair value
$ 87 
$ 87 
Fair Value of Financial Instruments (Primary Sources Considered when Determining Fair Value of Trading Securities) (Details) (Trading Securities [Member], USD $)
In Millions
Mar. 31, 2011
Dec. 31, 2010
Pricing services
$ 329 
$ 348 
Broker quotes
100 
230 
Internal models
238 
99 
Fair value
667 
677 
Trading Securities [Member] | Level 1 [Member]
 
 
Pricing services
 
 
Broker quotes
 
 
Internal models
 
 
Fair value
 
 
Trading Securities [Member] | Level 2 [Member]
 
 
Pricing services
329 
348 
Broker quotes
 
 
Internal models
 
 
Fair value
329 
348 
Trading Securities [Member] | Level 3 [Member]
 
 
Pricing services
 
 
Broker quotes
100 
230 
Internal models
238 
99 
Fair value
$ 338 
$ 329 
Fair Value of Financial Instruments (Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Details) (USD $)
In Millions
Mar. 31, 2011
Dec. 31, 2010
U.S. government, agencies and government-sponsored enterprises
$ 3,414 
$ 3,705 
Tax-exempt
928 
1,030 
Government-non-U.S
2,359 
2,369 
U.S. corporate
23,753 
23,967 
Corporate-non-U.S
13,937 
13,498 
Residential mortgage-backed
4,600 
4,455 
Commercial mortgage-backed
3,756 
3,743 
Other asset-backed
2,251 
2,416 
Fixed maturity securities
54,998 
55,183 
Equity securities
355 
332 
Trading securities
667 
677 
Interest rate swaps
630 
763 
Foreign currency swaps
228 
240 
Credit default swaps
11 
11 
Equity index options
32 
33 
Derivative assets
901 
1,047 
Securities lending collateral
811 
772 
Derivatives counterparty collateral
605 
630 
Other invested assets
2,984 
3,126 
Restricted other invested assets related to securitization entities
374 
370 
Other assets
 
1
Reinsurance recoverable
(7)2
(5)2
Separate account assets
11,807 
11,666 
Total assets
70,511 
70,673 
Policyholder account balances
69 3
121 3
Interest rate swaps
132 
138 
Interest rate swaps related to securitization entities
16 
19 
Inflation indexed swaps
35 
33 
Credit default swaps
Credit default swaps related to securitization entities
120 
129 
Equity index options
 
Equity return swaps
Other foreign currency contracts
 
Derivative liabilities
319 
332 
Borrowings related to securitization entities
58 
51 
Total liabilities
446 
504 
Level 1 [Member]
 
 
U.S. government, agencies and government-sponsored enterprises
 
 
Tax-exempt
 
 
Government-non-U.S
 
 
U.S. corporate
 
 
Corporate-non-U.S
 
 
Residential mortgage-backed
 
 
Commercial mortgage-backed
 
 
Other asset-backed
 
 
Fixed maturity securities
 
 
Equity securities
262 
240 
Trading securities
 
 
Interest rate swaps
 
 
Foreign currency swaps
 
 
Credit default swaps
 
 
Equity index options
 
 
Derivative assets
 
 
Securities lending collateral
 
 
Derivatives counterparty collateral
 
 
Other invested assets
 
 
Restricted other invested assets related to securitization entities
 
 
Other assets
 
 1
Reinsurance recoverable
 2
 2
Separate account assets
11,807 
11,666 
Total assets
12,069 
11,906 
Policyholder account balances
 3
 3
Interest rate swaps
 
 
Interest rate swaps related to securitization entities
 
 
Inflation indexed swaps
 
 
Credit default swaps
 
 
Credit default swaps related to securitization entities
 
 
Equity index options
 
 
Equity return swaps
 
 
Other foreign currency contracts
 
 
Derivative liabilities
 
 
Borrowings related to securitization entities
 
 
Total liabilities
 
 
Level 2 [Member]
 
 
U.S. government, agencies and government-sponsored enterprises
3,413 
3,694 
Tax-exempt
928 
1,030 
Government-non-U.S
2,358 
2,368 
U.S. corporate
23,038 
22,867 
Corporate-non-U.S
13,735 
13,130 
Residential mortgage-backed
4,465 
4,312 
Commercial mortgage-backed
3,714 
3,693 
Other asset-backed
1,988 
2,148 
Fixed maturity securities
53,639 
53,242 
Equity securities
Trading securities
329 
348 
Interest rate swaps
627 
758 
Foreign currency swaps
228 
240 
Credit default swaps
Equity index options
 
 
Derivative assets
860 
1,003 
Securities lending collateral
811 
772 
Derivatives counterparty collateral
605 
630 
Other invested assets
2,605 
2,753 
Restricted other invested assets related to securitization entities
199 
199 
Other assets
 
1
Reinsurance recoverable
 2
 2
Separate account assets
 
 
Total assets
56,449 
56,200 
Policyholder account balances
 3
 3
Interest rate swaps
132 
138 
Interest rate swaps related to securitization entities
16 
19 
Inflation indexed swaps
35 
33 
Credit default swaps
 
 
Credit default swaps related to securitization entities
 
 
Equity index options
 
 
Equity return swaps
Other foreign currency contracts
 
Derivative liabilities
192 
193 
Borrowings related to securitization entities
 
 
Total liabilities
192 
193 
Level 3 [Member]
 
 
U.S. government, agencies and government-sponsored enterprises
11 
Tax-exempt
 
 
Government-non-U.S
U.S. corporate
715 
1,100 
Corporate-non-U.S
202 
368 
Residential mortgage-backed
135 
143 
Commercial mortgage-backed
42 
50 
Other asset-backed
263 
268 
Fixed maturity securities
1,359 
1,941 
Equity securities
87 
87 
Trading securities
338 
329 
Interest rate swaps
Foreign currency swaps
 
 
Credit default swaps
Equity index options
32 
33 
Derivative assets
41 
44 
Securities lending collateral
 
 
Derivatives counterparty collateral
 
 
Other invested assets
379 
373 
Restricted other invested assets related to securitization entities
175 
171 
Other assets
 
 1
Reinsurance recoverable
(7)2
(5)2
Separate account assets
 
 
Total assets
1,993 
2,567 
Policyholder account balances
69 3
121 3
Interest rate swaps
 
 
Interest rate swaps related to securitization entities
 
 
Inflation indexed swaps
 
 
Credit default swaps
Credit default swaps related to securitization entities
120 
129 
Equity index options
 
Equity return swaps
 
 
Other foreign currency contracts
 
 
Derivative liabilities
127 
139 
Borrowings related to securitization entities
58 
51 
Total liabilities
$ 254 
$ 311 
Fair Value of Financial Instruments (Assets Measured at Fair Value on a Recurring Basis and Utilized Significant Unobservable (Level 3) Inputs to Determine Fair Value) (Details) (Level 3 [Member], USD $)
In Millions
3 Months Ended
Mar. 31,
2011
2010
Restricted Other Invested Assets Related to Securitization Entities [Member] | Level 3 [Member]
 
 
Beginning balance
171 
 
Total realized and unrealized gains (losses) Included in net income (loss)
 
Total realized and unrealized gains (losses) Included in OCI
 
 
Purchases, sales, issuances and settlements, net
 
 
Purchases
 
 
Sales
 
 
Issuances
 
 
Settlements
 
 
Transfer in Level 3
 
174 
Transfer out of Level 3
 
 
Ending balance
175 
174 
Total gains (losses) included in net income (loss) attributable to assets still held
 
U.S. Government, Agencies and Government-Sponsored Enterprises [Member] | Fixed Maturity Securities [Member] | Level 3 [Member]
 
 
Beginning balance
11 
16 
Total realized and unrealized gains (losses) Included in net income (loss)
 
 
Total realized and unrealized gains (losses) Included in OCI
 
 
Purchases, sales, issuances and settlements, net
 
(1)
Purchases
 
 
Sales
 
 
Issuances
 
 
Settlements
 
 
Transfer in Level 3
 
Transfer out of Level 3
(10)
(10)
Ending balance
Total gains (losses) included in net income (loss) attributable to assets still held
 
 
Tax-Exempt [Member] | Fixed Maturity Securities [Member] | Level 3 [Member]
 
 
Beginning balance
 
Total realized and unrealized gains (losses) Included in net income (loss)
 
 
Total realized and unrealized gains (losses) Included in OCI
 
 
Purchases, sales, issuances and settlements, net
 
 
Transfer in Level 3
 
 
Transfer out of Level 3
 
 
Ending balance
 
Total gains (losses) included in net income (loss) attributable to assets still held
 
 
Government - Non-U.S. [Member] | Fixed Maturity Securities [Member] | Level 3 [Member]
 
 
Beginning balance
Total realized and unrealized gains (losses) Included in net income (loss)
 
 
Total realized and unrealized gains (losses) Included in OCI
 
 
Purchases, sales, issuances and settlements, net
 
 
Purchases
 
 
Sales
 
 
Issuances
 
 
Settlements
 
 
Transfer in Level 3
 
 
Transfer out of Level 3
 
(6)
Ending balance
Total gains (losses) included in net income (loss) attributable to assets still held
 
 
U.S. Corporate [Member] | Fixed Maturity Securities [Member] | Level 3 [Member]
 
 
Beginning balance
1,100 1
1,073 
Total realized and unrealized gains (losses) Included in net income (loss)
1
 
Total realized and unrealized gains (losses) Included in OCI
(3)1
15 
Purchases, sales, issuances and settlements, net
 
60 
Purchases
1
 
Sales
 1
 
Issuances
 1
 
Settlements
(45)1
 
Transfer in Level 3
16 1
25 
Transfer out of Level 3
(360)1
(267)
Ending balance
715 1
906 
Total gains (losses) included in net income (loss) attributable to assets still held
1
Corporate - Non-U.S. [Member] | Fixed Maturity Securities [Member] | Level 3 [Member]
 
 
Beginning balance
368 1
504 
Total realized and unrealized gains (losses) Included in net income (loss)
(12)1
Total realized and unrealized gains (losses) Included in OCI
(3)1
Purchases, sales, issuances and settlements, net
 
Purchases
25 1
 
Sales
(25)1
 
Issuances
 1
 
Settlements
(5)1
 
Transfer in Level 3
40 1
59 
Transfer out of Level 3
(186)1
(66)
Ending balance
202 1
508 
Total gains (losses) included in net income (loss) attributable to assets still held
(11)1
Residential Mortgage-Backed [Member] | Fixed Maturity Securities [Member] | Level 3 [Member]
 
 
Beginning balance
143 
1,481 2
Total realized and unrealized gains (losses) Included in net income (loss)
(1)
 2
Total realized and unrealized gains (losses) Included in OCI
2
Purchases, sales, issuances and settlements, net
 
106 2
Purchases
 
 
Sales
 
 
Issuances
 
 
Settlements
(8)
 
Transfer in Level 3
 
 2
Transfer out of Level 3
(1)
(1,419)2
Ending balance
135 
171 2
Total gains (losses) included in net income (loss) attributable to assets still held
(1)
 2
Commercial Mortgage-Backed [Member] | Fixed Maturity Securities [Member] | Level 3 [Member]
 
 
Beginning balance
50 
3,558 2
Total realized and unrealized gains (losses) Included in net income (loss)
 
2
Total realized and unrealized gains (losses) Included in OCI
 
2
Purchases, sales, issuances and settlements, net
 
(62)2
Purchases
 
 
Sales
 
 
Issuances
 
 
Settlements
(8)
 
Transfer in Level 3
 
 2
Transfer out of Level 3
 
(3,454)2
Ending balance
42 
47 2
Total gains (losses) included in net income (loss) attributable to assets still held
 
 2
Other Asset-Backed [Member] | Fixed Maturity Securities [Member] | Level 3 [Member]
 
 
Beginning balance
268 
1,419 2
Total realized and unrealized gains (losses) Included in net income (loss)
(1)
(16)2
Total realized and unrealized gains (losses) Included in OCI
21 2
Purchases, sales, issuances and settlements, net
 
(4)2
Purchases
 
Sales
(8)
 
Issuances
 
 
Settlements
(21)
 
Transfer in Level 3
15 
10 2
Transfer out of Level 3
 
(1,021)2
Ending balance
263 
409 2
Total gains (losses) included in net income (loss) attributable to assets still held
(1)
(16)2
Interest Rate Swaps [Member] | Level 3 [Member] | Other Invested Assets [Member]
 
 
Beginning balance
Total realized and unrealized gains (losses) Included in net income (loss)
(2)
Total realized and unrealized gains (losses) Included in OCI
 
 
Purchases, sales, issuances and settlements, net
 
 
Purchases
 
 
Sales
 
 
Issuances
 
 
Settlements
 
 
Transfer in Level 3
 
 
Transfer out of Level 3
 
 
Ending balance
Total gains (losses) included in net income (loss) attributable to assets still held
(2)
Equity Securities [Member] | Level 3 [Member]
 
 
Beginning balance
87 
Total realized and unrealized gains (losses) Included in net income (loss)
 
Total realized and unrealized gains (losses) Included in OCI
(1)
Purchases, sales, issuances and settlements, net
 
Purchases
 
 
Sales
 
 
Issuances
 
 
Settlements
(2)
 
Transfer in Level 3
 
52 
Transfer out of Level 3
 
 
Ending balance
87 
67 
Total gains (losses) included in net income (loss) attributable to assets still held
 
 
Fixed Maturity Securities [Member] | Level 3 [Member]
 
 
Beginning balance
1,941 
8,060 
Total realized and unrealized gains (losses) Included in net income (loss)
(10)
(14)
Total realized and unrealized gains (losses) Included in OCI
(2)
44 
Purchases, sales, issuances and settlements, net
 
108 
Purchases
36 
 
Sales
(33)
 
Issuances
 
 
Settlements
(87)
 
Transfer in Level 3
71 
97 
Transfer out of Level 3
(557)
(6,243)
Ending balance
1,359 
2,052 
Total gains (losses) included in net income (loss) attributable to assets still held
(9)
(11)
Trading Securities [Member] | Level 3 [Member] | Other Invested Assets [Member]
 
 
Beginning balance
329 
145 
Total realized and unrealized gains (losses) Included in net income (loss)
Total realized and unrealized gains (losses) Included in OCI
 
 
Purchases, sales, issuances and settlements, net
 
(11)
Purchases
 
Sales
 
 
Issuances
 
 
Settlements
(5)
 
Transfer in Level 3
 
 
Transfer out of Level 3
 
 
Ending balance
338 
142 
Total gains (losses) included in net income (loss) attributable to assets still held
Interest Rate Swaptions [Member] | Level 3 [Member] | Other Invested Assets [Member]
 
 
Beginning balance
 
54 
Total realized and unrealized gains (losses) Included in net income (loss)
 
(10)
Total realized and unrealized gains (losses) Included in OCI
 
 
Purchases, sales, issuances and settlements, net
 
(30)
Transfer in Level 3
 
 
Transfer out of Level 3
 
 
Ending balance
 
14 
Total gains (losses) included in net income (loss) attributable to assets still held
 
(5)
Credit Default Swaps [Member] | Level 3 [Member] | Other Invested Assets [Member]
 
 
Beginning balance
Total realized and unrealized gains (losses) Included in net income (loss)
 
Total realized and unrealized gains (losses) Included in OCI
 
 
Purchases, sales, issuances and settlements, net
 
 
Purchases
 
 
Sales
 
 
Issuances
 
 
Settlements
 
 
Transfer in Level 3
 
 
Transfer out of Level 3
 
 
Ending balance
Total gains (losses) included in net income (loss) attributable to assets still held
 
Equity Index Options [Member] | Level 3 [Member] | Other Invested Assets [Member]
 
 
Beginning balance
33 
39 
Total realized and unrealized gains (losses) Included in net income (loss)
(19)
(25)
Total realized and unrealized gains (losses) Included in OCI
 
 
Purchases, sales, issuances and settlements, net
 
20 
Purchases
24 
 
Sales
 
 
Issuances
 
 
Settlements
(6)
 
Transfer in Level 3
 
 
Transfer out of Level 3
 
 
Ending balance
32 
34 
Total gains (losses) included in net income (loss) attributable to assets still held
(19)
(24)
Other Foreign Currency Contracts [Member] | Level 3 [Member] | Other Invested Assets [Member]
 
 
Beginning balance
 
Total realized and unrealized gains (losses) Included in net income (loss)
 
(4)
Total realized and unrealized gains (losses) Included in OCI
 
 
Purchases, sales, issuances and settlements, net
 
 
Transfer in Level 3
 
 
Transfer out of Level 3
 
 
Ending balance
 
Total gains (losses) included in net income (loss) attributable to assets still held
 
(4)
Level 3 [Member]
 
 
Beginning balance
2,567 
8,319 
Total realized and unrealized gains (losses) Included in net income (loss)
(20)
(44)
Total realized and unrealized gains (losses) Included in OCI
(1)
43 
Purchases, sales, issuances and settlements, net
 
94 
Purchases
65 
 
Sales
(33)
 
Issuances
 
Settlements
(100)
 
Transfer in Level 3
71 
323 
Transfer out of Level 3
(557)
(6,243)
Ending balance
1,993 
2,492 
Total gains (losses) included in net income (loss) attributable to assets still held
(20)
(34)
Level 3 [Member] | Other Invested Assets [Member]
 
 
Beginning balance
373 
255 
Total realized and unrealized gains (losses) Included in net income (loss)
(12)
(29)
Total realized and unrealized gains (losses) Included in OCI
 
 
Purchases, sales, issuances and settlements, net
 
(21)
Purchases
29 
 
Sales
 
 
Issuances
 
 
Settlements
(11)
 
Transfer in Level 3
 
 
Transfer out of Level 3
 
 
Ending balance
379 
205 
Total gains (losses) included in net income (loss) attributable to assets still held
(12)
(22)
Level 3 [Member] | Other Invested Assets [Member] | Derivative Assets [Member]
 
 
Beginning balance
44 
110 
Total realized and unrealized gains (losses) Included in net income (loss)
(21)
(37)
Total realized and unrealized gains (losses) Included in OCI
 
 
Purchases, sales, issuances and settlements, net
 
(10)
Purchases
24 
 
Sales
 
 
Issuances
 
 
Settlements
(6)
 
Transfer in Level 3
 
 
Transfer out of Level 3
 
 
Ending balance
41 
63 
Total gains (losses) included in net income (loss) attributable to assets still held
(21)
(30)
Level 3 [Member] | Reinsurance Recoverable [Member]
 
 
Beginning balance
(5)3
(5)3
Total realized and unrealized gains (losses) Included in net income (loss)
(3)3
(1)3
Total realized and unrealized gains (losses) Included in OCI
 3
 3
Purchases, sales, issuances and settlements, net
 
 3
Purchases
 3
 
Sales
 3
 
Issuances
3
 
Settlements
 3
 
Transfer in Level 3
 3
 3
Transfer out of Level 3
 3
 3
Ending balance
(7)3
(6)3
Total gains (losses) included in net income (loss) attributable to assets still held
$ (3)3
$ (1)3
Fair Value of Financial Instruments (Liabilities Measured at Fair Value on a Recurring Basis and Utilized Significant Unobservable (Level 3) Inputs to Determine Fair Value) (Details) (USD $)
In Millions
3 Months Ended
Mar. 31,
Year Ended
Dec. 31,
2011
2010
2010
2009
Beginning balance
$ 254 
$ 344 
$ 311 
$ 246 
Total realized and unrealized (gains) losses included in net (income) loss
(66)
(76)
 
 
Total realized and unrealized (gains) losses included in OCI
 
 
 
Purchases, sales, issuances and settlements, net
 
(16)
 
 
Purchases
 
 
 
Sales
 
 
 
 
Issuances
10 
 
 
 
Settlements
(4)
 
 
 
Transfer in Level 3
 
181 
 
 
Transfer out of Level 3
 
 
 
 
Ending balance
254 
344 
311 
246 
Total (gains) losses included in net (income) loss attributable to liabilities still held
(65)
(57)
 
 
Interest Rate Swaps [Member]
 
 
 
 
Beginning balance
 
 
 
Total realized and unrealized (gains) losses included in net (income) loss
 
(2)
 
 
Total realized and unrealized (gains) losses included in OCI
 
 
 
 
Purchases, sales, issuances and settlements, net
 
 
 
 
Transfer in Level 3
 
 
 
 
Transfer out of Level 3
 
 
 
 
Ending balance
 
 
 
Total (gains) losses included in net (income) loss attributable to liabilities still held
 
(2)
 
 
Policyholder Account Balances [Member]
 
 
 
 
Beginning balance
69 1
145 1
121 1
175 1
Total realized and unrealized (gains) losses included in net (income) loss
(62)1
(39)1
 
 
Total realized and unrealized (gains) losses included in OCI
 1
1
 
 
Purchases, sales, issuances and settlements, net
 
 1
 
 
Purchases
 1
 
 
 
Sales
 1
 
 
 
Issuances
10 1
 
 
 
Settlements
 1
 
 
 
Transfer in Level 3
 1
 1
 
 
Transfer out of Level 3
 1
 1
 
 
Ending balance
69 1
145 1
121 1
175 1
Total (gains) losses included in net (income) loss attributable to liabilities still held
(61)1
(37)1
 
 
Interest Rate Swaptions [Member]
 
 
 
 
Beginning balance
 
18 
 
67 
Total realized and unrealized (gains) losses included in net (income) loss
 
(32)
 
 
Total realized and unrealized (gains) losses included in OCI
 
 
 
 
Purchases, sales, issuances and settlements, net
 
(17)
 
 
Transfer in Level 3
 
 
 
 
Transfer out of Level 3
 
 
 
 
Ending balance
 
18 
 
67 
Total (gains) losses included in net (income) loss attributable to liabilities still held
 
(15)
 
 
Credit Default Swaps [Member]
 
 
 
 
Beginning balance
 
Total realized and unrealized (gains) losses included in net (income) loss
(2)
 
 
Total realized and unrealized (gains) losses included in OCI
 
 
 
 
Purchases, sales, issuances and settlements, net
 
 
 
 
Purchases
 
 
 
Sales
 
 
 
 
Issuances
 
 
 
 
Settlements
(1)
 
 
 
Transfer in Level 3
 
 
 
 
Transfer out of Level 3
 
 
 
 
Ending balance
 
Total (gains) losses included in net (income) loss attributable to liabilities still held
(2)
 
 
Credit Default Swaps Related to Securitization Entities [Member]
 
 
 
 
Beginning balance
120 
118 
129 
 
Total realized and unrealized (gains) losses included in net (income) loss
(9)
(5)
 
 
Total realized and unrealized (gains) losses included in OCI
 
 
 
 
Purchases, sales, issuances and settlements, net
 
 
 
Purchases
 
 
 
 
Sales
 
 
 
 
Issuances
 
 
 
 
Settlements
 
 
 
 
Transfer in Level 3
 
121 
 
 
Transfer out of Level 3
 
 
 
 
Ending balance
120 
118 
129 
 
Total (gains) losses included in net (income) loss attributable to liabilities still held
(9)
(5)
 
 
Equity Index Options [Member]
 
 
 
 
Beginning balance
 
Total realized and unrealized (gains) losses included in net (income) loss
 
 
 
Total realized and unrealized (gains) losses included in OCI
 
 
 
 
Purchases, sales, issuances and settlements, net
 
(1)
 
 
Purchases
 
 
 
 
Sales
 
 
 
 
Issuances
 
 
 
 
Settlements
(3)
 
 
 
Transfer in Level 3
 
 
 
 
Transfer out of Level 3
 
 
 
 
Ending balance
 
Total (gains) losses included in net (income) loss attributable to liabilities still held
 
 
 
Derivative Liabilities [Member]
 
 
 
 
Beginning balance
127 
141 
139 
71 
Total realized and unrealized (gains) losses included in net (income) loss
(11)
(35)
 
 
Total realized and unrealized (gains) losses included in OCI
 
 
 
 
Purchases, sales, issuances and settlements, net
 
(16)
 
 
Purchases
 
 
 
Sales
 
 
 
 
Issuances
 
 
 
 
Settlements
(4)
 
 
 
Transfer in Level 3
 
121 
 
 
Transfer out of Level 3
 
 
 
 
Ending balance
127 
141 
139 
71 
Total (gains) losses included in net (income) loss attributable to liabilities still held
(11)
(18)
 
 
Borrowings Related to Securitization Entities [Member]
 
 
 
 
Beginning balance
58 
58 
51 
 
Total realized and unrealized (gains) losses included in net (income) loss
(2)
 
 
Total realized and unrealized (gains) losses included in OCI
 
 
 
 
Purchases, sales, issuances and settlements, net
 
 
 
 
Purchases
 
 
 
 
Sales
 
 
 
 
Issuances
 
 
 
 
Settlements
 
 
 
 
Transfer in Level 3
 
60 
 
 
Transfer out of Level 3
 
 
 
 
Ending balance
58 
58 
51 
 
Total (gains) losses included in net (income) loss attributable to liabilities still held
(2)
 
 
Commitments and Contingencies (Details) (USD $)
In Millions
Mar. 31, 2011
Commitments and Contingencies
 
Commitment to fund limited partnership investments
$ 106 
Commitment to fund U.S. commercial mortgage loan investments
$ 39 
Borrowings and Other Financings (Narrative) (Details)
3 Months Ended
Mar. 31,
2011
2011
Year Ended
Dec. 31, 2010
3 Months Ended
Mar. 31, 2011
Dec. 31, 2010
May 31, 2007
3 Months Ended
Mar. 31, 2011
Aug. 31, 2007
3 Months Ended
Mar. 31, 2011
Mar. 31, 2011
Dec. 31, 2010
Number of revolving credit facilities
 
 
 
 
 
 
 
 
 
 
Facility, maximum borrowing capacity
 
 
 
1,900,000,000 
 
 
 
 
 
 
 
Maximum possible maturity from date of issue, years
 
 
 
 
 
 
 
 
 
LIBOR rate, number of months
 
 
 
one 
 
 
 
 
 
 
 
Issued notes, aggregate principal amount
400,000,000 
 
 
 
 
 
 
 
 
 
 
Interest rate per year, payable semi-annually
0.07625 
 
 
 
 
 
 
 
 
 
 
Senior notes redemption option, percentage of principal
 
 
 
 
 
 
 
 
 
 
Maturity date
2021-09-30 
 
 
 
 
 
 
 
 
 
 
Line of credit facility, expiration date
 
 
 
 
 
 
May 2012 
 
August 2012 
 
 
Issued senior notes, net proceeds
397,000,000 
 
 
 
 
 
 
 
 
 
 
Borrowings under facility
 
 
 
 
 
 
 
 
 
Amount of letters of credit issued under credit facilities
 
280,000,000 
 
 
 
 
 
 
 
 
 
Amount of letters of credit used under credit facilities
 
 
56,000,000 
 
 
 
 
 
 
 
 
Issuance to benefit insurance subsidiaries, number
 
 
 
 
 
 
 
 
 
Fixed and floating rate non-recourse funding obligations outstanding
 
 
 
 
 
 
 
 
 
3,400,000,000 
 
Non-recourse funding obligations weighted-average interest rate
 
 
 
 
 
 
 
 
 
0.0141 
0.0144 
Income Taxes (Narrative) (Details) (USD $)
In Millions
3 Months Ended
Mar. 31, 2010
Amount recognized of previously uncertain tax benefits related to separation from former parent
$ 106 
Other capital transactions
20 
Additional Paid-in Capital [Member]
 
Other capital transactions
$ 20 
Income Taxes (Reconciliation of the Federal Statutory Tax Rate to the Effective Income Tax Rate) (Details)
3 Months Ended
Mar. 31,
2011
2010
Income Taxes
 
 
Statutory U.S. federal income tax rate
0.35 
0.35 
State income tax, net of federal income tax effect
0.012 
(0.034)
Benefit on tax favored investments
(0.027)
(0.066)
Effect of foreign operations
(0.144)
(0.137)
Non-deductible expenses
0.006 
(0.005)
Interest on uncertain tax positions
 
(0.022)
Tax benefits related to separation from our former parent
 
(0.895)
Other, net
0.008 
0.027 
Effective rate
0.205 
(0.782)
Segment Information (Narrative) (Details)
In Millions
3 Months Ended
Mar. 31,
2011
2010
Segment Information
 
 
Number of operating segments
 
Tax benefit related to separation from former parent
 
106 
Segment Information (Summary of Revenues of Major Product Groups for Segments, Corporate and Other Activities) (Details) (USD $)
In Millions
3 Months Ended
Mar. 31,
2011
2010
Revenues
$ 2,568 
$ 2,421 
Retirement and Protection [Member]
 
 
Revenues
1,738 
1,593 
International [Member]
 
 
Revenues
632 
651 
U.S. Mortgage Insurance [Member]
 
 
Revenues
177 
181 
Corporate and Other [Member]
 
 
Revenues
$ 21 
$ (4)
Segment Information (Summary of Net Operating Income (Loss) Available to Genworth Financial, Inc.'s Common Stockholders for Segments and Corporate and Other Activities) (Details) (USD $)
In Millions
3 Months Ended
Mar. 31,
2011
2010
Net operating income
$ 98 
$ 114 
Net investment gains (losses), net of taxes and other adjustments
(16)
(42)
Net tax benefit related to separation from our former parent
 
106 
Net income available to Genworth Financial, Inc.'s common stockholders
82 
178 
Add: net income attributable to noncontrolling interests
34 
34 
Net income
116 
212 
Retirement and Protection [Member]
 
 
Net operating income
127 
122 
International [Member]
 
 
Net operating income
124 
91 
U.S. Mortgage Insurance [Member]
 
 
Net operating income
(81)
(36)
Corporate and Other [Member]
 
 
Net operating income
$ (72)
$ (63)
Segment Information (Summary of Total Assets for Segments and Corporate and Other Activities) (Details) (USD $)
In Millions
Mar. 31, 2011
Dec. 31, 2010
Total assets
$ 112,940 
$ 112,395 
Retirement and Protection [Member]
 
 
Total assets
86,622 
86,352 
International [Member]
 
 
Total assets
12,838 
12,422 
U.S. Mortgage Insurance [Member]
 
 
Total assets
3,989 
3,875 
Corporate and Other [Member]
 
 
Total assets
$ 9,491 
$ 9,746