<SEC-DOCUMENT>0000040729-16-000794.txt : 20161114
<SEC-HEADER>0000040729-16-000794.hdr.sgml : 20161111
<ACCEPTANCE-DATETIME>20161114093524
ACCESSION NUMBER:		0000040729-16-000794
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160930
FILED AS OF DATE:		20161114
DATE AS OF CHANGE:		20161114
EFFECTIVENESS DATE:		20161114

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ally Financial Inc.
		CENTRAL INDEX KEY:			0000040729
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE LESSORS [6172]
		IRS NUMBER:				380572512
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-14534
		FILM NUMBER:		161991277

	BUSINESS ADDRESS:	
		STREET 1:		ALLY DETROIT CENTER
		STREET 2:		500 WOODWARD AVE. FLOOR 10
		CITY:			DETROIT
		STATE:			MI
		ZIP:			48226
		BUSINESS PHONE:		866-710-4623

	MAIL ADDRESS:	
		STREET 1:		ALLY DETROIT CENTER
		STREET 2:		500 WOODWARD AVE. FLOOR 10
		CITY:			DETROIT
		STATE:			MI
		ZIP:			48226

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GMAC INC.
		DATE OF NAME CHANGE:	20090701

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GMAC LLC
		DATE OF NAME CHANGE:	20060720

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GENERAL MOTORS ACCEPTANCE CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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    <submissionType>13F-HR</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <flags>
        <confirmingCopyFlag>false</confirmingCopyFlag>
        <returnCopyFlag>false</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
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      <filer>
        <credentials>
          <cik>0000040729</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>09-30-2016</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>09-30-2016</reportCalendarOrQuarter>
      <filingManager>
        <name>Ally Financial Inc.</name>
        <address>
          <com:street1>ALLY DETROIT CENTER</com:street1>
          <com:street2>500 WOODWARD AVE. FLOOR 10</com:street2>
          <com:city>DETROIT</com:city>
          <com:stateOrCountry>MI</com:stateOrCountry>
          <com:zipCode>48226</com:zipCode>
        </address>
      </filingManager>
      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-14534</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Jeffrey Belisle</name>
      <title>Corporate Secretary</title>
      <phone>313-656-6132</phone>
      <signature>/s/ Jeffrey Belisle</signature>
      <city>Detroit</city>
      <stateOrCountry>MI</stateOrCountry>
      <signatureDate>11-14-2016</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>2</otherIncludedManagersCount>
      <tableEntryTotal>100</tableEntryTotal>
      <tableValueTotal>569821</tableValueTotal>
      <isConfidentialOmitted>false</isConfidentialOmitted>
      <otherManagers2Info>
        <otherManager2>
          <sequenceNumber>1</sequenceNumber>
          <otherManager>
            <cik>0001527685</cik>
            <form13FFileNumber>028-14536</form13FFileNumber>
            <name>Ally Insurance Holdings Inc.</name>
          </otherManager>
        </otherManager2>
        <otherManager2>
          <sequenceNumber>2</sequenceNumber>
          <otherManager>
            <cik>0001527661</cik>
            <form13FFileNumber>028-14535</form13FFileNumber>
            <name>Motors Insurance Corp.</name>
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<DOCUMENT>
<TYPE>INFORMATION TABLE
<SEQUENCE>2
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<DESCRIPTION>INFORMATION TABLE
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    <nameOfIssuer>Abbott Laboratories</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>002824100</cusip>
    <value>2749</value>
    <shrsOrPrnAmt>
      <sshPrnamt>65000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>65000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Abbvie Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00287Y109</cusip>
    <value>4099</value>
    <shrsOrPrnAmt>
      <sshPrnamt>65000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <nameOfIssuer>Aetna Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00817Y108</cusip>
    <value>2886</value>
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      <sshPrnamt>25000</sshPrnamt>
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    <nameOfIssuer>Allergan Plc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G0177J108</cusip>
    <value>3455</value>
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      <sshPrnamt>15000</sshPrnamt>
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    <nameOfIssuer>American Express Co</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>025816109</cusip>
    <value>14601</value>
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      <sshPrnamt>228000</sshPrnamt>
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      <Sole>228000</Sole>
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  <infoTable>
    <nameOfIssuer>American International Group Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>026874784</cusip>
    <value>890</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>15000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Ameriprise Financial Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>03076C106</cusip>
    <value>3991</value>
    <shrsOrPrnAmt>
      <sshPrnamt>40000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2</otherManager>
    <votingAuthority>
      <Sole>40000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Anadarko Petroleum Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>032511107</cusip>
    <value>2851</value>
    <shrsOrPrnAmt>
      <sshPrnamt>45000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>45000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>Apache Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>037411105</cusip>
    <value>3194</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>50000</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Apple Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>037833100</cusip>
    <value>21480</value>
    <shrsOrPrnAmt>
      <sshPrnamt>190000</sshPrnamt>
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    <otherManager>1,2</otherManager>
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    <nameOfIssuer>Autozone Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>053332102</cusip>
    <value>1537</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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    <votingAuthority>
      <Sole>2000</Sole>
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      <None>0</None>
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    <titleOfClass>ADR</titleOfClass>
    <cusip>056752108</cusip>
    <value>2185</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
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    <nameOfIssuer>Bayer Ag</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>072730302</cusip>
    <value>1508</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>15000</Sole>
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      <None>0</None>
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    <nameOfIssuer>Biogen Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>09062X103</cusip>
    <value>4694</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15000</sshPrnamt>
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    <nameOfIssuer>Boeing Co/the</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>097023105</cusip>
    <value>3294</value>
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    <cusip>055622104</cusip>
    <value>4922</value>
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    <nameOfIssuer>Bristol-myers Squibb Co</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>110122108</cusip>
    <value>1618</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30000</sshPrnamt>
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    <nameOfIssuer>Capital One Financial Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>14040H105</cusip>
    <value>2873</value>
    <shrsOrPrnAmt>
      <sshPrnamt>40000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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    <nameOfIssuer>Cardinal Health Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>14149Y108</cusip>
    <value>1166</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15000</sshPrnamt>
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    <titleOfClass>COM</titleOfClass>
    <cusip>124857202</cusip>
    <value>4106</value>
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      <sshPrnamt>75000</sshPrnamt>
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    <nameOfIssuer>Celgene Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>151020104</cusip>
    <value>2613</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25000</sshPrnamt>
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    <nameOfIssuer>Chemours Co/the</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>163851108</cusip>
    <value>64</value>
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    <nameOfIssuer>Chevron Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>166764100</cusip>
    <value>15438</value>
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    <value>3306</value>
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    <titleOfClass>COM</titleOfClass>
    <cusip>191216100</cusip>
    <value>5078</value>
    <shrsOrPrnAmt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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    <nameOfIssuer>Conocophillips</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>20825C104</cusip>
    <value>8042</value>
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    <titleOfClass>COM</titleOfClass>
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    <value>1525</value>
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    <titleOfClass>COM</titleOfClass>
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    <value>2745</value>
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      <sshPrnamt>90000</sshPrnamt>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Cvs Health Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>126650100</cusip>
    <value>4893</value>
    <shrsOrPrnAmt>
      <sshPrnamt>55000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>55000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Devon Energy Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>25179M103</cusip>
    <value>1985</value>
    <shrsOrPrnAmt>
      <sshPrnamt>45000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>45000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Discovery Communications Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>25470F104</cusip>
    <value>2154</value>
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      <sshPrnamt>80000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>80000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Dollar General Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>256677105</cusip>
    <value>1750</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>25000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Eli Lilly &amp; Co</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>532457108</cusip>
    <value>1605</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>20000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Emerson Electric Co</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>291011104</cusip>
    <value>9539</value>
    <shrsOrPrnAmt>
      <sshPrnamt>175000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2</otherManager>
    <votingAuthority>
      <Sole>175000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Eog Resources Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>26875P101</cusip>
    <value>4836</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>50000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Express Scripts Holding Co</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30219G108</cusip>
    <value>3527</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>50000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Exxon Mobil Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30231G102</cusip>
    <value>8728</value>
    <shrsOrPrnAmt>
      <sshPrnamt>100000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>100000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Ford Motor Co</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>345370860</cusip>
    <value>1871</value>
    <shrsOrPrnAmt>
      <sshPrnamt>155000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>155000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Franklin Resources Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>354613101</cusip>
    <value>3913</value>
    <shrsOrPrnAmt>
      <sshPrnamt>110000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>110000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>General Electric Co</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>369604103</cusip>
    <value>2518</value>
    <shrsOrPrnAmt>
      <sshPrnamt>85000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>85000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Gilead Sciences Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>375558103</cusip>
    <value>5143</value>
    <shrsOrPrnAmt>
      <sshPrnamt>65000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>65000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Goldman Sachs Group Inc/the</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>38141G104</cusip>
    <value>5643</value>
    <shrsOrPrnAmt>
      <sshPrnamt>35000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>35000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Halliburton Co</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>406216101</cusip>
    <value>3590</value>
    <shrsOrPrnAmt>
      <sshPrnamt>80000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>80000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Home Depot Inc/the</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>437076102</cusip>
    <value>1287</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>10000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Honeywell International Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>438516106</cusip>
    <value>1166</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>10000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Humana Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>444859102</cusip>
    <value>2830</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>16000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>International Business Machines Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>459200101</cusip>
    <value>7307</value>
    <shrsOrPrnAmt>
      <sshPrnamt>46000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>46000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Invesco Ltd</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G491BT108</cusip>
    <value>2033</value>
    <shrsOrPrnAmt>
      <sshPrnamt>65000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2</otherManager>
    <votingAuthority>
      <Sole>65000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Ishares Iboxx $ High Yield Corporate Bond Etf</nameOfIssuer>
    <titleOfClass>ETF</titleOfClass>
    <cusip>464288513</cusip>
    <value>54973</value>
    <shrsOrPrnAmt>
      <sshPrnamt>630000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>630000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Ishares Nasdaq Biotechnology Etf</nameOfIssuer>
    <titleOfClass>ETF</titleOfClass>
    <cusip>464287556</cusip>
    <value>2895</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>10000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Johnson &amp; Johnson</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>478160104</cusip>
    <value>1772</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>15000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KKR &amp; CO LP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>48248M102</cusip>
    <value>4777</value>
    <shrsOrPrnAmt>
      <sshPrnamt>335000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>335000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Las Vegas Sands Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>517834107</cusip>
    <value>2589</value>
    <shrsOrPrnAmt>
      <sshPrnamt>45000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>45000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Lowe's Cos Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>548661107</cusip>
    <value>2166</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>30000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Macy's Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>55616P104</cusip>
    <value>1186</value>
    <shrsOrPrnAmt>
      <sshPrnamt>32000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>32000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Mcdonald's Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>580135101</cusip>
    <value>1730</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>15000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Mckesson Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>58155Q103</cusip>
    <value>3335</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>20000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Metlife Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>59156R108</cusip>
    <value>4887</value>
    <shrsOrPrnAmt>
      <sshPrnamt>110000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>110000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Michael Kors Holdings Ltd</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G60754101</cusip>
    <value>2340</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>50000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Microsoft Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>594918104</cusip>
    <value>2592</value>
    <shrsOrPrnAmt>
      <sshPrnamt>45000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>45000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Mondelez International Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>609207105</cusip>
    <value>2634</value>
    <shrsOrPrnAmt>
      <sshPrnamt>60000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2</otherManager>
    <votingAuthority>
      <Sole>60000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Monsanto Co</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>61166W101</cusip>
    <value>4088</value>
    <shrsOrPrnAmt>
      <sshPrnamt>40000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>40000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Morgan Stanley</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>617446448</cusip>
    <value>4809</value>
    <shrsOrPrnAmt>
      <sshPrnamt>150000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>150000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Mylan Nv</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>N59465109</cusip>
    <value>3240</value>
    <shrsOrPrnAmt>
      <sshPrnamt>85000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>85000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>National Oilwell Varco Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>637071101</cusip>
    <value>919</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>25000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Nike Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>654106103</cusip>
    <value>5265</value>
    <shrsOrPrnAmt>
      <sshPrnamt>100000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2</otherManager>
    <votingAuthority>
      <Sole>100000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Nordstrom Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>655664100</cusip>
    <value>912</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17575</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>17575</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Occidental Petroleum Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>674599105</cusip>
    <value>5104</value>
    <shrsOrPrnAmt>
      <sshPrnamt>70000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2</otherManager>
    <votingAuthority>
      <Sole>70000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Oracle Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>68389X105</cusip>
    <value>9820</value>
    <shrsOrPrnAmt>
      <sshPrnamt>250000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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    <nameOfIssuer>Pepsico Inc</nameOfIssuer>
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      <None>0</None>
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    <nameOfIssuer>PFIZER INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>717081103</cusip>
    <value>9653</value>
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      <sshPrnamt>285000</sshPrnamt>
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      <sshPrnamt>25000</sshPrnamt>
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    <nameOfIssuer>Prudential Financial Inc</nameOfIssuer>
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    <value>8165</value>
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    <titleOfClass>COM</titleOfClass>
    <cusip>747525103</cusip>
    <value>11988</value>
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      <sshPrnamt>175000</sshPrnamt>
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    <nameOfIssuer>Ralph Lauren Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>751212101</cusip>
    <value>2023</value>
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      <sshPrnamt>20000</sshPrnamt>
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      <Sole>20000</Sole>
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      <None>0</None>
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    <nameOfIssuer>Range Resources Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>75281A109</cusip>
    <value>1938</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>50000</Sole>
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      <None>0</None>
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    <nameOfIssuer>Salesforce.com Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>79466L302</cusip>
    <value>856</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>12000</Sole>
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      <None>0</None>
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    <nameOfIssuer>Schlumberger Ltd</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>806857108</cusip>
    <value>4718</value>
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      <sshPrnamt>60000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>60000</Sole>
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      <None>0</None>
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    <nameOfIssuer>Southwestern Energy Co</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>845467109</cusip>
    <value>1315</value>
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      <sshPrnamt>95000</sshPrnamt>
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      <Sole>95000</Sole>
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      <None>0</None>
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    <nameOfIssuer>Spdr S&amp;p500 Etf Trust</nameOfIssuer>
    <titleOfClass>ETF</titleOfClass>
    <cusip>78462F103</cusip>
    <value>49749</value>
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    <value>1895</value>
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    <cusip>74144T108</cusip>
    <value>2328</value>
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    <value>1112</value>
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    <value>4539</value>
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    <nameOfIssuer>Tjx Cos Inc/the</nameOfIssuer>
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    <cusip>872540109</cusip>
    <value>1122</value>
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    <cusip>90130A101</cusip>
    <value>4602</value>
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    <value>1467</value>
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</SEC-DOCUMENT>
