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DERIVATIVE INSTRUMENTS (Tables) | 3 Months Ended
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Mar. 31, 2012
Notes to Financial Statements [Abstract] |
Fair Value and Notional Amount of Derivatives with Counterparty Credit Risk | The counterparties to these swap agreements are financial institutions with the following credit ratings.
| March 31, 2012 |  | December 31, 2011
| Fair Value | Notional Amount |  | Fair Value | Notional Amount
(In millions) | of Swaps | of Swaps |  | of Swaps | of Swaps
Counterparty credit rating: |  |  |  |  |  |  |  |  |  |  |  |  |
AA |  | $ | 14 |  |  |  | $ | 272 |  |  |  |  | $ | 0 |  |  |  | $ | 0 |  |
A |  | (124 | ) |  |  | 5,756 |  |  |  |  | (156 | ) |  |  | 5,491 |  |
Total |  | $ | (110 | ) |  |  | $ | 6,028 |  |  |  |  | $ | (156 | ) |  |  | $ | 5,491 |  |
Maximum Potential Risk, Fair Value, Weighted Average Years to Maturity, and Underlying Referenced Credit Obligation Type for Credit Derivatives | The following tables present the maximum potential risk, fair value, weighted-average years to maturity, and underlying referenced credit obligation type for credit default swaps within consolidated VIE structures.
March 31, 2012
|  | Less than one year |  | One to three years |  | Three to five years |  | Five to ten years |  | Total
(In millions) | Credit Rating | Maximum potential risk |  | Estimated fair value |  | Maximum potential risk |  | Estimated fair value |  | Maximum potential risk |  | Estimated fair value |  | Maximum potential risk |  | Estimated fair value |  | Maximum potential risk |  | Estimated fair value
Index exposure: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| A | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | (139 | ) |  | $ | (4 | ) |  | $ | 0 |  |  | $ | 0 |  |  | $ | (139 | ) |  | $ | (4 | )
| BB or lower | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (228 | ) |  | (93 | ) |  | (228 | ) |  | (93 | )
Total |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | (139 | ) |  | $ | (4 | ) |  | $ | (228 | ) |  | $ | (93 | ) |  | $ | (367 | ) |  | $ | (97 | )
December 31, 2011
|  | Less than one year |  | One to three years |  | Three to five years |  | Five to ten years |  | Total
(In millions) | Credit Rating | Maximum potential risk |  | Estimated fair value |  | Maximum potential risk |  | Estimated fair value |  | Maximum potential risk |  | Estimated fair value |  | Maximum potential risk |  | Estimated fair value |  | Maximum potential risk |  | Estimated fair value
Index exposure: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| A | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | (146 | ) |  | $ | (17 | ) |  | $ | 0 |  |  | $ | 0 |  |  | $ | (146 | ) |  | $ | (17 | )
| BB or lower | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (235 | ) |  | (113 | ) |  | (235 | ) |  | (113 | )
Total |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | (146 | ) |  | $ | (17 | ) |  | $ | (235 | ) |  | $ | (113 | ) |  | $ | (381 | ) |  | $ | (130 | )
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The tables below summarize the balance sheet classification of our derivative fair value amounts, as well as the gross asset and liability fair value amounts. The fair value amounts presented do not include income accruals. The notional amount of derivative contracts represents the basis upon which pay or receive amounts are calculated. Notional amounts are not reflective of credit risk.
| March 31, 2012
(In millions) | Net Derivatives |  | Asset Derivatives |  | Liability Derivatives
Hedge Designation/ Derivative Type | Notional Amount |  | Fair Value |  | Fair Value |  | Fair Value
Cash flow hedges: |  |  |  |  |  |  |
Interest rate swaps | $ | 67 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
Foreign currency swaps | 75 |  |  | 24 |  |  | 24 |  |  | 0 |
Total cash flow hedges | 142 |  |  | 24 |  |  | 24 |  |  | 0 |
Non-qualifying strategies: |  |  |  |  |  |  |
Interest rate swaps | 367 |  |  | 28 |  |  | 31 |  |  | (3 | )
Foreign currency swaps | 5,152 |  |  | (65 | ) |  | 263 |  |  | (328 | )
Credit default swaps | 367 |  |  | (97 | ) |  | 0 |  |  | (97 | )
Total non-qualifying strategies | 5,886 |  |  | (134 | ) |  | 294 |  |  | (428 | )
Total cash flow hedges and non-qualifying strategies | $ | 6,028 |  |  | $ | (110 | ) |  | $ | 318 |  |  | $ | (428 | )
Balance Sheet Location |  |  |  |  |  |  |
Other assets | $ | 2,436 |  |  | $ | 318 |  |  | $ | 318 |  |  | $ | 0 |
Other liabilities | 3,592 |  |  | (428 | ) |  | 0 |  |  | (428 | )
Total derivatives | $ | 6,028 |  |  | $ | (110 | ) |  | $ | 318 |  |  | $ | (428 | )
| December 31, 2011
(In millions) | Net Derivatives |  | Asset Derivatives |  | Liability Derivatives
Hedge Designation/ Derivative Type | Notional Amount |  | Fair Value |  | Fair Value |  | Fair Value
Cash flow hedges: |  |  |  |  |  |  |
Interest rate swaps | $ | 71 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
Foreign currency swaps | 75 |  |  | 36 |  |  | 36 |  |  | 0 |
Total cash flow hedges | 146 |  |  | 36 |  |  | 36 |  |  | 0 |
Non-qualifying strategies: |  |  |  |  |  |  |
Interest rate swaps | 381 |  |  | 30 |  |  | 34 |  |  | (4 | )
Foreign currency swaps | 4,583 |  |  | (92 | ) |  | 305 |  |  | (397 | )
Credit default swaps | 381 |  |  | (130 | ) |  | 0 |  |  | (130 | )
Total non-qualifying strategies | 5,345 |  |  | (192 | ) |  | 339 |  |  | (531 | )
Total cash flow hedges and non-qualifying strategies | $ | 5,491 |  |  | $ | (156 | ) |  | $ | 375 |  |  | $ | (531 | )
Balance Sheet Location |  |  |  |  |  |  |
Other assets | $ | 1,794 |  |  | $ | 375 |  |  | $ | 375 |  |  | $ | 0 |
Other liabilities | 3,697 |  |  | (531 | ) |  | 0 |  |  | (531 | )
Total derivatives | $ | 5,491 |  |  | $ | (156 | ) |  | $ | 375 |  |  | $ | (531 | )
Cash Flow Hedges Gains (Losses) Recognized in Other Comprehensive Income and Income | The following table presents the components of the gain or loss on derivatives that qualified as cash flow hedges. Derivatives in Cash Flow Hedging Relationships
(In millions) | Gain (Loss) Recognized in Other Comprehensive Income on Derivative (Effective Portion) |  | Realized Investment Gains (Losses) Recognized in Income on Derivative (Ineffective Portion)
Three Months Ended March 31, 2012: |  |  |  |  |  |  |
Interest rate swaps |  | $ | 0 |  |  |  |  | $ | 0 |  |
Foreign currency swaps |  | (12 | ) |  |  |  | 0 |  |
Total |  | $ | (12 | ) |  |  |  | $ | 0 |  |
Three Months Ended March 31, 2011: |  |  |  |  |  |  |
Interest rate swaps |  | $ | 1 |  |  |  |  | $ | 0 |  |
Foreign currency swaps |  | (56 | ) |  |  |  | (4 | ) |
Total |  | $ | (55 | ) |  |  |  | $ | (4 | ) |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table presents the gain or loss recognized in income on non-qualifying strategies. Non-qualifying Strategies Gain (Loss) Recognized within Realized Investment Gains (Losses)
| Three Months Ended March 31,
(In millions) | 2012 |  | 2011
Interest rate swaps |  | $ | (3 | ) |  |  |  | $ | (5 | ) |
Foreign currency swaps |  | 50 |  |  |  |  | (29 | ) |
Credit default swaps |  | 33 |  |  |  |  | 5 |  |
Other |  | 0 |  |  |  |  | 3 |  |
Total |  | $ | 80 |  |  |  |  | $ | (26 | ) |
Schedule of Net Investment Hedges Statements of Financial Performance and Financial Position Location | Non-Derivative Hedging Instruments in Net Investment Hedging Relationships
| Gain (Loss) Recognized in Other Comprehensive Income (Effective Portion)
| Three Months Ended March 31,
(In millions) | 2012 |  | 2011
Non-derivative hedging instruments |  | $ | 49 |  |  |  |  | $ | 22 |  |

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