<SEC-DOCUMENT>0000040729-18-000129.txt : 20180813
<SEC-HEADER>0000040729-18-000129.hdr.sgml : 20180813
<ACCEPTANCE-DATETIME>20180813160858
ACCESSION NUMBER:		0000040729-18-000129
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180630
FILED AS OF DATE:		20180813
DATE AS OF CHANGE:		20180813
EFFECTIVENESS DATE:		20180813

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ally Financial Inc.
		CENTRAL INDEX KEY:			0000040729
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		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:		181012337

	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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        <confirmingCopyFlag>false</confirmingCopyFlag>
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        <overrideInternetFlag>false</overrideInternetFlag>
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      <filer>
        <credentials>
          <cik>0000040729</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>06-30-2018</periodOfReport>
    </filerInfo>
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    <coverPage>
      <reportCalendarOrQuarter>06-30-2018</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 A. Belisle</name>
      <title>Corporate Secretary</title>
      <phone>313-656-6132</phone>
      <signature>/S/  Jeffrey A. Belisle</signature>
      <city>Detroit</city>
      <stateOrCountry>MI</stateOrCountry>
      <signatureDate>08-13-2018</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>2</otherIncludedManagersCount>
      <tableEntryTotal>115</tableEntryTotal>
      <tableValueTotal>508973</tableValueTotal>
      <isConfidentialOmitted>false</isConfidentialOmitted>
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          <sequenceNumber>1</sequenceNumber>
          <otherManager>
            <cik>0001527685</cik>
            <form13FFileNumber>028-14536</form13FFileNumber>
            <name>Ally Insurance Holdings Inc.</name>
          </otherManager>
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        <otherManager2>
          <sequenceNumber>2</sequenceNumber>
          <otherManager>
            <cik>0001527661</cik>
            <form13FFileNumber>028-14535</form13FFileNumber>
            <name>Motors Insurance Corp.</name>
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    </votingAuthority>
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    <nameOfIssuer>Chubb Ltd</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>H1467J104</cusip>
    <value>2286</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>18000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>Cigna Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>125509109</cusip>
    <value>850</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>5000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Cisco Systems Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>17275R102</cusip>
    <value>3012</value>
    <shrsOrPrnAmt>
      <sshPrnamt>70000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2</otherManager>
    <votingAuthority>
      <Sole>70000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Citigroup Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>172967424</cusip>
    <value>4684</value>
    <shrsOrPrnAmt>
      <sshPrnamt>70000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2</otherManager>
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      <Sole>70000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>Coca-cola Co/the</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>191216100</cusip>
    <value>7237</value>
    <shrsOrPrnAmt>
      <sshPrnamt>165000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2</otherManager>
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      <Sole>165000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>Colgate-palmolive Co</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>194162103</cusip>
    <value>3241</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2</otherManager>
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      <Sole>50000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>Comcast Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>20030N101</cusip>
    <value>7710</value>
    <shrsOrPrnAmt>
      <sshPrnamt>235000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2</otherManager>
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      <Sole>235000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Conocophillips</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>20825C104</cusip>
    <value>8006</value>
    <shrsOrPrnAmt>
      <sshPrnamt>115000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>115000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>Cvs Health Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>126650100</cusip>
    <value>5792</value>
    <shrsOrPrnAmt>
      <sshPrnamt>90000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>90000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Danaher Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>235851102</cusip>
    <value>987</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>10000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Deere &amp; Co</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>244199105</cusip>
    <value>699</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>5000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Devon Energy Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>25179M103</cusip>
    <value>1978</value>
    <shrsOrPrnAmt>
      <sshPrnamt>45000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>45000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Discovery Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>25470F104</cusip>
    <value>2200</value>
    <shrsOrPrnAmt>
      <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 Tree Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>256746108</cusip>
    <value>595</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>7000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Dowdupont Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>26078J100</cusip>
    <value>2373</value>
    <shrsOrPrnAmt>
      <sshPrnamt>36000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2</otherManager>
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      <Sole>36000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Duke Energy Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>26441C204</cusip>
    <value>2768</value>
    <shrsOrPrnAmt>
      <sshPrnamt>35000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2</otherManager>
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      <Sole>35000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>Eaton Corp Plc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G29183103</cusip>
    <value>747</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>10000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Eli Lilly &amp; Co</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>532457108</cusip>
    <value>1280</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>15000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>Expedia Group Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30212P303</cusip>
    <value>901</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>7500</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Exxon Mobil Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30231G102</cusip>
    <value>14891</value>
    <shrsOrPrnAmt>
      <sshPrnamt>180000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>180000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Facebook Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30303M102</cusip>
    <value>3498</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2</otherManager>
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      <Sole>18000</Sole>
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      <None>0</None>
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    <nameOfIssuer>Fedex Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>31428X106</cusip>
    <value>1816</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>8000</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>4539</value>
    <shrsOrPrnAmt>
      <sshPrnamt>410000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>410000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Franklin Resources Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>354613101</cusip>
    <value>4487</value>
    <shrsOrPrnAmt>
      <sshPrnamt>140000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>140000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>General Dynamics Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>369550108</cusip>
    <value>746</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>4000</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>General Electric Co</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>369604103</cusip>
    <value>9595</value>
    <shrsOrPrnAmt>
      <sshPrnamt>705000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>705000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>General Mills Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>370334104</cusip>
    <value>885</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>20000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Gilead Sciences Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>375558103</cusip>
    <value>4959</value>
    <shrsOrPrnAmt>
      <sshPrnamt>70000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>70000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Goldman Sachs Group Inc/the</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>38141G104</cusip>
    <value>5514</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2</otherManager>
    <votingAuthority>
      <Sole>25000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Hershey Co/the</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>427866108</cusip>
    <value>2327</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>25000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Honeywell International Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>438516106</cusip>
    <value>4033</value>
    <shrsOrPrnAmt>
      <sshPrnamt>28000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2</otherManager>
    <votingAuthority>
      <Sole>28000</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Intel Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>458140100</cusip>
    <value>2486</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2</otherManager>
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      <Sole>50000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Intercontinental Exchange Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>45866F104</cusip>
    <value>1471</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2</otherManager>
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      <Sole>20000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>International Business Machines Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>459200101</cusip>
    <value>6426</value>
    <shrsOrPrnAmt>
      <sshPrnamt>46000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>46000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Ishares Nasdaq Biotechnology Etf</nameOfIssuer>
    <titleOfClass>ETF</titleOfClass>
    <cusip>464287556</cusip>
    <value>9335</value>
    <shrsOrPrnAmt>
      <sshPrnamt>85000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2</otherManager>
    <votingAuthority>
      <Sole>85000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>Johnson &amp; Johnson</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>478160104</cusip>
    <value>9950</value>
    <shrsOrPrnAmt>
      <sshPrnamt>82000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2</otherManager>
    <votingAuthority>
      <Sole>82000</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Jpmorgan Chase &amp; Co</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>46625H100</cusip>
    <value>7815</value>
    <shrsOrPrnAmt>
      <sshPrnamt>75000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2</otherManager>
    <votingAuthority>
      <Sole>75000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Kraft Heinz Co/the</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>500754106</cusip>
    <value>6282</value>
    <shrsOrPrnAmt>
      <sshPrnamt>100000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2</otherManager>
    <votingAuthority>
      <Sole>100000</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Lockheed Martin Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>539830109</cusip>
    <value>591</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2000</sshPrnamt>
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      <Sole>2000</Sole>
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  <infoTable>
    <nameOfIssuer>Lowe's Cos Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>10000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>Mcdonald's Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>580135101</cusip>
    <value>2350</value>
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      <sshPrnamt>15000</sshPrnamt>
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      <Sole>15000</Sole>
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      <None>0</None>
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    <nameOfIssuer>Mckesson Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>58155Q103</cusip>
    <value>3068</value>
    <shrsOrPrnAmt>
      <sshPrnamt>23000</sshPrnamt>
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      <Sole>23000</Sole>
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      <None>0</None>
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    <nameOfIssuer>Medtronic Plc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G5960L103</cusip>
    <value>2740</value>
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      <sshPrnamt>32000</sshPrnamt>
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      <Sole>32000</Sole>
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    <nameOfIssuer>Merck &amp; Co Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>58933Y105</cusip>
    <value>10805</value>
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      <sshPrnamt>178000</sshPrnamt>
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      <Sole>178000</Sole>
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    <nameOfIssuer>Metlife Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>59156R108</cusip>
    <value>3052</value>
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      <sshPrnamt>70000</sshPrnamt>
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    <nameOfIssuer>Microsoft Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>594918104</cusip>
    <value>4931</value>
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      <sshPrnamt>50000</sshPrnamt>
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    <nameOfIssuer>Mondelez International Inc</nameOfIssuer>
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    <cusip>609207105</cusip>
    <value>3075</value>
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      <sshPrnamt>75000</sshPrnamt>
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    <nameOfIssuer>Morgan Stanley</nameOfIssuer>
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    <cusip>617446448</cusip>
    <value>1896</value>
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      <sshPrnamt>40000</sshPrnamt>
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      <None>0</None>
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    <nameOfIssuer>Mylan Nv</nameOfIssuer>
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    <cusip>N59465109</cusip>
    <value>3072</value>
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      <sshPrnamt>85000</sshPrnamt>
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      <Sole>85000</Sole>
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      <None>0</None>
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    <nameOfIssuer>National Oilwell Varco Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>637071101</cusip>
    <value>1085</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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      <Sole>25000</Sole>
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      <None>0</None>
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    <nameOfIssuer>Nordstrom Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>655664100</cusip>
    <value>1553</value>
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      <sshPrnamt>30000</sshPrnamt>
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      <Sole>30000</Sole>
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    <nameOfIssuer>Occidental Petroleum Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>674599105</cusip>
    <value>5858</value>
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    <nameOfIssuer>Oracle Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>68389X105</cusip>
    <value>4626</value>
    <shrsOrPrnAmt>
      <sshPrnamt>105000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>105000</Sole>
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      <None>0</None>
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    <nameOfIssuer>Paychex Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>704326107</cusip>
    <value>1025</value>
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      <sshPrnamt>15000</sshPrnamt>
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      <Sole>15000</Sole>
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    <nameOfIssuer>Pepsico Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>713448108</cusip>
    <value>9798</value>
    <shrsOrPrnAmt>
      <sshPrnamt>90000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>90000</Sole>
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      <None>0</None>
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    <nameOfIssuer>Pfizer Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>717081103</cusip>
    <value>10521</value>
    <shrsOrPrnAmt>
      <sshPrnamt>290000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>0</None>
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    <nameOfIssuer>Philip Morris International Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>718172109</cusip>
    <value>5167</value>
    <shrsOrPrnAmt>
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      <None>0</None>
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    <nameOfIssuer>Pnc Financial Services Group Inc/the</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>693475105</cusip>
    <value>1351</value>
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      <sshPrnamt>10000</sshPrnamt>
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      <None>0</None>
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    <nameOfIssuer>Procter &amp; Gamble Co/the</nameOfIssuer>
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    <cusip>742718109</cusip>
    <value>10616</value>
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      <sshPrnamt>136000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <nameOfIssuer>Prudential Financial Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>744320102</cusip>
    <value>1870</value>
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      <sshPrnamt>20000</sshPrnamt>
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    <nameOfIssuer>Qualcomm Inc</nameOfIssuer>
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    <cusip>747525103</cusip>
    <value>4939</value>
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      <sshPrnamt>88000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <nameOfIssuer>Range Resources Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>75281A109</cusip>
    <value>3346</value>
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      <sshPrnamt>200000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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    <nameOfIssuer>Salesforce.com Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>79466L302</cusip>
    <value>1773</value>
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    <investmentDiscretion>DFND</investmentDiscretion>
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    <nameOfIssuer>Schlumberger Ltd</nameOfIssuer>
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    <cusip>806857108</cusip>
    <value>4022</value>
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      <sshPrnamt>60000</sshPrnamt>
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      <None>0</None>
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    <nameOfIssuer>Snap-on Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>833034101</cusip>
    <value>964</value>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>6000</Sole>
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      <None>0</None>
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    <nameOfIssuer>Southern Co/the</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>842587107</cusip>
    <value>2547</value>
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      <sshPrnamt>55000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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      <Sole>55000</Sole>
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      <None>0</None>
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    <nameOfIssuer>Southwestern Energy Co</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>845467109</cusip>
    <value>2465</value>
    <shrsOrPrnAmt>
      <sshPrnamt>465000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>465000</Sole>
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      <None>0</None>
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    <nameOfIssuer>State Street Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>857477103</cusip>
    <value>2793</value>
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      <sshPrnamt>30000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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  <infoTable>
    <nameOfIssuer>Texas Instruments Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>882508104</cusip>
    <value>2205</value>
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      <Sole>20000</Sole>
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    <nameOfIssuer>Thermo Fisher Scientific Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>883556102</cusip>
    <value>1036</value>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>5000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>Under Armour Inc</nameOfIssuer>
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    <value>2248</value>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>100000</Sole>
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      <None>0</None>
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    <cusip>907818108</cusip>
    <value>1063</value>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>7500</Sole>
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      <None>0</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>911312106</cusip>
    <value>3187</value>
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      <sshPrnamt>30000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>United Technologies Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>913017109</cusip>
    <value>5001</value>
    <shrsOrPrnAmt>
      <sshPrnamt>40000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>Us Bancorp</nameOfIssuer>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>Utilities Select Sector Spdr Fund</nameOfIssuer>
    <titleOfClass>ETF</titleOfClass>
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    <shrsOrPrnAmt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>546785</Sole>
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    <nameOfIssuer>Vanguard Ftse Developed Markets Etf</nameOfIssuer>
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      <sshPrnamt>1100000</sshPrnamt>
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</SEC-DOCUMENT>
