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Document and Entity Information - USD ($)	6 Months Ended
Document and Entity Information - USD ($)	Jun. 30, 2017	Aug. 14, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	BRIGHTHOUSE FINANCIAL, INC.
Entity Central Index Key	0001685040
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Amendment Flag	false
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Public Float	$ 0
Entity Common Stock, Shares Outstanding		119,773,106

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $59,277 and $58,715, respectively; includes $0 and $3,413, respectively, relating to variable interest entities)	$ 63,507	$ 61,388
Equity securities available-for-sale, at estimated fair value (cost: $247 and $280, respectively)	278	300
Mortgage loans (net of valuation allowances of $44 and $40, respectively; includes $123 and $136, respectively, at estimated fair value, relating to variable interest entities)	10,263	9,378
Policy loans	1,513	1,517
Real estate and real estate joint ventures	302	215
Other limited partnership interests	1,623	1,642
Short-term investments, principally at estimated fair value	1,286	1,288
Other invested assets, principally at estimated fair value	3,037	4,904
Total investments	81,809	80,632
Cash and cash equivalents, principally at estimated fair value (includes $0 and $9, respectively, relating to variable interest entities)	4,443	5,228
Accrued investment income (includes $1 and $1, respectively, relating to variable interest entities)	608	693
Premiums, reinsurance and other receivables	13,415	14,647
Deferred policy acquisition costs and value of business acquired	6,464	6,293
Current income tax recoverable	1,423	778
Other assets	600	616
Separate account assets	115,566	113,043
Total assets	224,328	221,930
Liabilities
Future policy benefits	34,352	33,372
Policyholder account balances	37,296	37,526
Other policy-related balances	2,985	3,045
Payables for collateral under securities loaned and other transactions	7,121	7,390
Long-term debt (includes $16 and $23, respectively, at estimated fair value, relating to variable interest entities)	3,016	1,910
Secured Debt	0	2,797
Deferred income tax liability	2,337	2,056
Other liabilities (includes $0 and $1, respectively, relating to variable interest entities)	5,190	5,929
Separate account liabilities	115,566	113,043
Total liabilities	207,863	207,068
Contingencies, Commitments and Guarantees (Note 11)
Shareholder’s Net Investment	14,521	13,597
Shareholder’s Net Investment and Noncontrolling Interests
Accumulated other comprehensive income (loss)	1,894	1,265
Total Shareholder’s net investment	16,415	14,862
Stockholders' Equity Attributable to Noncontrolling Interest	50	0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	16,465	14,862
Total liabilities, shareholder’s net investment and noncontrolling interests	$ 224,328	$ 221,930

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Assets
Amortized cost of fixed maturity securities available-for-sale	$ 59,277	$ 58,715
Available-for-sale Securities, Debt Securities	63,507	61,388
Cost of equity securities available-for-sale	247	280
Mortgage loans valuation allowances	44	40
Mortgage loans, at estimated fair value, relating to variable interest entities	10,263	9,378
Cash and Cash Equivalents, at Carrying Value	4,443	5,228
Accrued investment income relating to variable interest entities	608	693
Liabilities
Long-term debt, at estimated fair value, relating to variable interest entities	3,016	1,910
Other liabilities relating to variable interest entities	5,190	5,929
Variable interest entities
Assets
Available-for-sale Securities, Debt Securities	0	3,413
Mortgage loans, at estimated fair value, relating to variable interest entities	123	136
Cash and Cash Equivalents, at Carrying Value	0	9
Accrued investment income relating to variable interest entities	1	1
Liabilities
Long-term debt, at estimated fair value, relating to variable interest entities	16	23
Other liabilities relating to variable interest entities	$ 0	$ 1

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues
Premiums	$ 218	$ 281	$ 394	$ 674
Universal life and investment-type product policy fees	957	936	1,910	1,867
Net investment income	766	805	1,548	1,553
Other revenues	162	347	236	432
Net investment gains (losses):
Other-than-temporary impairments on fixed maturity securities	(1)	(2)	(1)	(18)
Other net investment gains (losses)	1	22	(54)	(23)
Total net investment gains (losses)	0	20	(55)	(41)
Net derivative gains (losses)	(78)	(2,973)	(1,043)	(2,680)
Total revenues	2,025	(584)	2,990	1,805
Expenses
Policyholder benefits and claims	785	1,153	1,649	1,890
Interest credited to policyholder account balances	284	291	559	581
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Amortization	21	(281)	(127)	(35)
Other expenses	614	493	1,178	1,045
Total expenses	1,704	1,656	3,259	3,481
Income (loss) before provision for income tax	321	(2,240)	(269)	(1,676)
Provision for income tax expense (benefit)	75	(817)	(166)	(660)
Net income (loss)	246	(1,423)	(103)	(1,016)
Comprehensive income (loss)	$ 634	$ (1,247)	$ 526	$ 93
Pro Forma
Earnings Per Share, Basic	$ 2.05	$ (11.88)	$ (0.86)	$ (8.48)

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Accumulated Other Comprehensive Income (Loss)	Parent [Member]	Shareholder's net investment [Member]	Noncontrolling Interest
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest					$ 0
Shareholder’s Net Investment				$ 15,316
Beginning Balance at Dec. 31, 2015	$ 16,839	$ 1,523	$ 16,839
Change in shareholders Net Investment	1,532		1,532	1,532
Net income (loss)	(1,016)		(1,016)
Other comprehensive income (loss), net of income tax	1,109	1,109	1,109
Ending Balance at Jun. 30, 2016	18,464	2,632	18,464
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest					0
Shareholder’s Net Investment				15,832
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	14,862				0
Shareholder’s Net Investment	13,597			13,597
Beginning Balance at Dec. 31, 2016	14,862	1,265	14,862
Change in shareholders Net Investment	1,027		1,027	1,027
Noncontrolling Interest, Period Increase (Decrease)	50		0		50
Net income (loss)	(103)		(103)	(103)
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	(103)
Other comprehensive income (loss), net of income tax	629	629	629
Ending Balance at Jun. 30, 2017	16,415	$ 1,894	$ 16,415
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	16,465				$ 50
Shareholder’s Net Investment	$ 14,521			$ 14,521

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Statement of Cash Flows [Abstract]
Net cash provided by (used in) operating activities	$ 1,325	$ 2,134
Cash flows from investing activities
Sales, maturities and repayments of fixed maturity securities	6,909	18,093
Sales, maturities and repayments of equity securities	40	80
Sales, maturities and repayments of mortgage loans	369	518
Sales, maturities and repayments of real estate and real estate joint ventures	12	154
Sales, maturities and repayments of other limited partnership interests	152	152
Purchases of fixed maturity securities	(7,531)	(21,328)
Purchases of equity securities	(2)	(56)
Purchases of mortgage loans	(1,196)	(1,035)
Purchases of real estate and real estate joint ventures	(92)	(35)
Purchases of other limited partnership interests	(109)	(89)
Cash received in connection with freestanding derivatives	1,768	401
Cash paid in connection with freestanding derivatives	(2,721)	(625)
Receipts on loans to affiliates	0	50
Net change in policy loans	4	19
Net change in short-term investments	43	(808)
Net change in other invested assets	(9)	(4)
Other, net	2	0
Net cash provided by (used in) investing activities	(2,361)	(4,513)
Cash flows from financing activities
Policyholder account balances: Deposits	2,210	6,704
Policyholder account balances: Withdrawals	(1,591)	(7,917)
Net change in payables for collateral under securities loaned and other transactions	(196)	3,057
Long-term debt issued	2,988	0
Long-term debt repaid	(7)	(13)
Collateral financing arrangements repaid	(2,797)	0
Financing element on certain derivative instruments and other derivative related transactions, net	46	(124)
Cash received from MetLife in connection with shareholder's net investment	293	1,660
Cash paid to MetLife in connection with shareholder's net investment	668	37
Other, net	(27)	0
Net cash provided by (used in) financing activities	251	3,330
Change in cash and cash equivalents	(785)	951
Cash and cash equivalents, beginning of period	5,228	1,570
Cash and cash equivalents, end of period	4,443	2,521
Supplemental disclosures of cash flow information:
Net cash paid for Interest	89	100
Net cash paid (received) for Income tax	45	221
Non-cash transactions:
Transfer of fixed maturity securities from affiliates	0	3,478
Transfer of mortgage loans from affiliates	0	395
Transfer of short-term investments from affiliates	0	94
Transfer of fixed maturity securities to affiliates	293	0
Reduction of policyholder account balances in connection with a reinsurance transactions	$ 293	$ 0

Business, Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business, Basis of Presentation and Summary of Significant Accounting Policies	1. Business, Basis of Presentation and Summary of Significant Accounting Policies Business “Brighthouse” and the “Company” refer to Brighthouse Financial, Inc. and its subsidiaries (formerly, MetLife U.S. Retail Separation Business). Brighthouse Financial, Inc. is a holding company formed to own the legal entities that have historically operated a substantial portion of MetLife, Inc.’s former Retail segment. Brighthouse Financial, Inc. was incorporated in Delaware on August 1, 2016 in preparation for MetLife, Inc.’s then-planned separation of a substantial portion of its former Retail segment, as well as certain portions of its Corporate Benefit Funding segment (the “Separation”), which was completed on August 4, 2017. The Company offers a range of individual annuities and individual life insurance products. The Company reports results through three segments: Annuities, Life and Run-off. In addition, the Company reports certain of its results in Corporate & Other. On January 12, 2016, MetLife, Inc. (MetLife, Inc., together with its subsidiaries and affiliates, “MetLife”) announced its plan to pursue the separation of a substantial portion of its former U.S. retail business. Additionally, on July 21, 2016, MetLife, Inc. announced that the separated business would be rebranded as “Brighthouse Financial.” On October 5, 2016, Brighthouse Financial, Inc., which until the completion of the Separation on August 4, 2017, was a wholly-owned subsidiary of MetLife, Inc., filed a registration statement on Form 10 (as amended, the “Form 10”) with the U.S. Securities and Exchange Commission (“SEC”) that was declared effective by the SEC on July 6, 2017. The Form 10 disclosed MetLife, Inc.’s plans to undertake several actions, including an internal reorganization involving its U.S. retail business (the “Restructuring”) and include Brighthouse Life Insurance Company (“Brighthouse Insurance”), Brighthouse Life Insurance Company of NY (“Brighthouse NY”), New England Life Insurance Company (“NELICO”), Brighthouse Reinsurance Company of Delaware (“BRCD”) and Brighthouse Investment Advisers, LLC in the planned separated business and distribute at least 80.1% of the shares of Brighthouse Financial, Inc.’s common stock on a pro rata basis to the holders of MetLife, Inc. common stock. In connection with the Restructuring, effective April 2017, following receipt of applicable regulatory approvals, MetLife, Inc. contributed certain affiliated reinsurance companies and Brighthouse NY to Brighthouse Life Insurance Company. The affiliated reinsurance companies were then merged into BRCD, a licensed reinsurance subsidiary of Brighthouse Life Insurance Company. On July 28, 2017, MetLife, Inc. contributed Brighthouse Holdings, LLC to Brighthouse Financial, Inc. See Notes 10 and 13. The accompanying interim condensed combined financial statements were prepared in connection with the Separation. The financial statements present the combined results of operations, financial condition, and cash flows of Brighthouse Financial, Inc. and its subsidiaries, as well as partnerships and joint ventures in which the Company has control, and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. These financial statements were prepared on a combined basis because the operations were under common control. All intercompany accounts and transactions have been eliminated between the combined entities. Basis of Presentation The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed combined financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates. Combination The combined balance sheets include the attribution of certain assets and liabilities that have historically been held at the MetLife corporate level but which are specifically identifiable or attributable to the Company. Similarly, certain assets attributable to shared services managed at the MetLife corporate level have been excluded from the combined balance sheets. The combined statements of operations reflect certain corporate expenses allocated to the Company by MetLife for certain corporate functions and for shared services provided by MetLife. These expenses have been allocated to the Company based on direct usage or benefit where specifically identifiable, with the remainder allocated based upon other reasonable allocation measures. The Company considers the expense methodology and results to be reasonable for all periods presented. See Note 12 for further information on expenses allocated by MetLife. The Company has recorded affiliated transactions with certain MetLife subsidiaries which are not included in the combined financial statements of the Company. The income tax amounts in these combined financial statements have been calculated based on a separate return methodology and presented as if each company was a separate taxpayer in its respective jurisdiction. The historical financial results in the combined financial statements presented may not be indicative of the results that would have been achieved by the Company had it operated as a separate, stand-alone entity during the periods presented. The combined financial statements presented do not reflect any changes that may occur in the Company’s financing and operations in connection with or as a result of the Separation. Management believes that the combined financial statements include all adjustments necessary for a fair presentation of the business. The accompanying interim condensed combined financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2016 combined balance sheet data was derived from audited combined financial statements for the year ended December 31, 2016 included in the Form 10, which include all disclosures required by GAAP. Therefore, these interim condensed combined financial statements should be read in conjunction with the combined financial statements included in the Form 10. Adoption of New Accounting Pronouncements Effective January 1, 2017, the Company early adopted guidance relating to business combinations. The new guidance clarifies the definition of a business and requires that an entity apply certain criteria in order to determine when a set of assets and activities qualifies as a business. The adoption of this standard will result in fewer acquisitions qualifying as businesses and, accordingly, acquisition costs for those acquisitions that do not qualify as businesses will be capitalized rather than expensed. The adoption did not have an impact on the Company’s combined financial statements. Effective January 1, 2017, the Company retrospectively adopted guidance relating to consolidation. The new guidance does not change the characteristics of a primary beneficiary under current GAAP. It changes how a reporting entity evaluates whether it is the primary beneficiary of a VIE by changing how a reporting entity that is a single decisionmaker of a VIE handles indirect interests in the entity held through related parties that are under common control with the reporting entity. The adoption of this new guidance did not have a material impact on the Company’s combined financial statements. Effective January 1, 2017, the Company retrospectively adopted guidance relating to stock-based compensation. The new guidance changes several aspects of the accounting for share-based payment award transactions, including: (i) income tax consequences when awards vest or are settled; (ii) classification of awards as either equity or liabilities due to statutory tax withholding requirements; and (iii) classification on the statement of cash flows. The adoption of this new guidance did not have a material impact on the Company’s combined financial statements, except for expanded disclosures. Other Effective January 3, 2017, the Chicago Mercantile Exchange (“CME”) amended its rulebook, resulting in the characterization of variation margin transfers as settlement payments, as opposed to adjustments to collateral. These amendments impacted the accounting treatment of the Company’s centrally cleared derivatives, for which the CME serves as the central clearing party. At the effective date, the application of the amended rulebook, reduced gross derivative assets by $206 million, gross derivative liabilities by $927 million, accrued investment income by $30 million, collateral receivables recorded within premiums, reinsurance and other receivables of $765 million, and collateral payables recorded within payables for collateral under securities loaned and other transactions of $74 million. Future Adoption of New Accounting Pronouncements In May 2017, the Financial Accounting Standards Board (“FASB”) issued new guidance on share-based payment awards (Accounting Standards Update (“ASU”) 2017-09, Compensation — Stock Compensation (Topic 718) — Scope of Modification Accounting). The new guidance is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. The new guidance should be applied prospectively to an award modified on or after the adoption date. Early adoption is permitted. The ASU includes guidance on determining which changes to the terms and conditions of share-based payment awards require an entity to apply modification accounting under Topic 718. The Company is currently evaluating the impact of this guidance on its combined financial statements. In March 2017, the FASB issued new guidance on purchased callable debt securities (ASU 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities). The new guidance is effective for fiscal years beginning after December 15, 2018 and interim periods within those years and should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings. Early adoption is permitted. The ASU shortens the amortization period for certain callable debt securities held at a premium and requires the premium to be amortized to the earliest call date. However, the new guidance does not require an accounting change for securities held at a discount whose discount continues to be amortized to maturity. The Company is currently evaluating the impact of this guidance on its combined financial statements. In March 2017, the FASB issued new guidance on the presentation of net periodic pension cost and net periodic postretirement benefit cost (ASU 2017- 07, Compensation — Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost). The new guidance is effective for annual periods beginning after December 15, 2017 and interim periods within those annual periods. Early adoption is permitted at the beginning of an annual period for which financial statements (interim or annual) have not been issued or made available for issuance. The guidance requires that an employer that offers to its employees defined benefit pension or other postretirement benefit plans report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. The guidance should be applied retrospectively for the presentation of the service cost component in the income statement and allows a practical expedient for the estimation basis for applying the retrospective presentation requirements. The Company is currently evaluating the impact of this guidance on its combined financial statements. In February 2017, the FASB issued new guidance on derecognition of nonfinancial assets (ASU 2017- 05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets). The new guidance is effective for fiscal years beginning after December 15, 2017 and interim periods within those years. Early adoption is permitted for interim or annual reporting periods beginning after December 15, 2016. The guidance may be applied retrospectively for all periods presented or retrospectively with a cumulative-effect adjustment at the date of adoption. The new guidance clarifies the scope and accounting of a financial asset that meets the definition of an “in-substance nonfinancial asset” and defines the term, “in-substance nonfinancial asset.” The ASU also adds guidance for partial sales of nonfinancial assets. The Company is currently evaluating the impact of this guidance on its combined financial statements. In November 2016, the FASB issued new guidance on restricted cash (ASU 2016-18, Statement of Cash Flows (Topic 230): a consensus of the FASB Emerging Issues Task Force). The new guidance is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years, and should be applied on a retrospective basis. Early adoption is permitted. The new guidance requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. As a result, the new guidance requires that amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The new guidance does not provide a definition of restricted cash or restricted cash equivalents. The Company is currently evaluating the impact of this guidance on its combined financial statements. In October 2016, the FASB issued new guidance on tax accounting for intra-entity transfers of assets (ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory). The new guidance is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years, and should be applied on a modified retrospective basis. Early adoption is permitted in the first interim or annual reporting period. Current guidance prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. The new guidance requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Also, the guidance eliminates the exception for an intra-entity transfer of an asset other than inventory. The Company is currently evaluating the impact of this guidance on its combined financial statements. In August 2016, the FASB issued new guidance on cash flow statement presentation (ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments). The new guidance is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years, and should be applied retrospectively to all periods presented. Early adoption is permitted in any interim or annual period. This ASU addresses diversity in how certain cash receipts and cash payments are presented and classified on the statement of cash flows. The Company is currently evaluating the impact of this guidance on its combined financial statements. In June 2016, the FASB issued new guidance on measurement of credit losses on financial instruments (ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments). The new guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. This ASU replaces the incurred loss impairment methodology with one that reflects expected credit losses. The measurement of expected credit losses should be based on historical loss information, current conditions, and reasonable and supportable forecasts. The new guidance requires that an other-than-temporary impairment (“OTTI”) on a debt security will be recognized as an allowance going forward, such that improvements in expected future cash flows after an impairment will no longer be reflected as a prospective yield adjustment through net investment income, but rather a reversal of the previous impairment and recognized through realized investment gains and losses. The guidance also requires enhanced disclosures. The Company has assessed the asset classes impacted by the new guidance and is currently assessing the accounting and reporting system changes that will be required to comply with the new guidance. The Company believes that the most significant impact upon adoption will be to its mortgage loan investments. The Company is continuing to evaluate the overall impact of the new guidance on its combined financial statements. In February 2016, the FASB issued new guidance on leasing transactions (ASU 2016-02, Leases — Topic 842). The new guidance is effective for the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and requires a modified retrospective transition approach. Early adoption is permitted. The new guidance requires a lessee to recognize assets and liabilities for leases with lease terms of more than 12 months. Leases would be classified as finance or operating leases and both types of leases will be recognized on the balance sheet. Lessor accounting will remain largely unchanged from current guidance except for certain targeted changes. The new guidance will also require new qualitative and quantitative disclosures. The Company’s implementation efforts are primarily focused on the review of its existing lease contracts as well as identification of other contracts that may fall under the scope of the new guidance. The Company is currently evaluating the impact of this guidance on its combined financial statements. In January 2016, the FASB issued new guidance (ASU 2016-01, Financial Instruments — Overall: Recognition and Measurement of Financial Assets and Financial Liabilities) on the recognition and measurement of financial instruments. The new guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted for the instrument-specific credit risk provision. The new guidance changes the current accounting guidance related to (i) the classification and measurement of certain equity investments, (ii) the presentation of changes in the fair value of financial liabilities measured under the fair value option (“FVO”) that are due to instrument-specific credit risk, and (iii) certain disclosures associated with the fair value of financial instruments. Additionally, there will no longer be a requirement to assess equity securities for impairment since such securities will be measured at fair value through net income. The Company has assessed the population of financial instruments that are subject to the new guidance and has determined that the most significant impact will be the requirement to report changes in fair value in net income each reporting period for all equity securities currently classified as available-for-sale (“AFS”) and to a lesser extent, other limited partnership interests and real estate joint ventures that are currently accounted for under the cost method. The population of these investments accounted for under the cost method is not material. The Company is continuing to evaluate the overall impact of this guidance on its combined financial statements. In May 2014, the FASB issued a comprehensive new revenue recognition standard (ASU 2014‑09, Revenue from Contracts with Customers (Topic 606)), effective for fiscal years beginning after December 15, 2017 and interim periods within those years. The guidance may be applied retrospectively for all periods presented or retrospectively with a cumulative-effect adjustment at the date of adoption. The new guidance will supersede nearly all existing revenue recognition guidance under U.S. GAAP; however, it will not impact the accounting for insurance and investment contracts within the scope of Financial Services insurance (Topic 944), leases, financial instruments and guarantees. For those contracts that are impacted, the guidance will require an entity to recognize revenue upon the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled, in exchange for those goods or services. Given the scope of the new revenue recognition guidance, the Company does not expect the adoption to have a material impact on its combined revenues or statements of operations, with the Company’s implementation efforts primarily focused on other revenues on the combined statements of operations.

Segment Information

6 Months Ended

Jun. 30, 2017

Segment Reporting [Abstract]

Segment Information

2. Segment Information

he Company is organized into three segments: Annuities; Life; and Run-off. In addition, the Company reports certain of its results of operations in Corporate & Other. Also, in the fourth quarter of 2016, the Company moved the universal life policies with secondary guarantees (“ULSG”) business from the Life segment to the Run-off segment. These and certain other presentation changes were applied retrospectively and did not have an impact on total combined net income (loss) or operating earnings in the prior periods.

Annuities

The Annuities segment offers a variety of variable, fixed, index-linked and income annuities designed to address contractholders’ needs for protected wealth accumulation on a tax-deferred basis, wealth transfer and income security.

Life

The Life segment offers insurance products and services, including term, whole, universal and variable life products designed to address policyholders’ needs for financial security and protected wealth transfer, which may be provided on a tax-advantaged basis.

Run-off

The Run-off segment consists of products no longer actively sold and which are separately managed, including structured settlements, certain company-owned life insurance policies, bank-owned life insurance policies, funding agreements and ULSG.

Corporate & Other

Corporate & Other contains the excess capital not allocated to the segments and interest expense related to the majority of the Company’s outstanding debt, as well as expenses associated with certain legal proceedings and income tax audit issues. Corporate & Other also includes the elimination of intersegment amounts and term life insurance sold direct to consumers, which is no longer being offered for new sales.

Financial Measures and Segment Accounting Policies

Operating earnings is used by management to evaluate performance, allocate resources and facilitate comparisons to industry results. The Company believes the presentation of operating earnings, as the Company measures it for management purposes, enhances the understanding of its performance by highlighting the results of operations and the underlying profitability drivers of the business. Consistent with GAAP guidance for segment reporting, operating earnings is also the Company’s GAAP measure of segment performance and is reported below. Operating earnings should not be viewed as a substitute for net income (loss).

Operating earnings is a measure that focuses on the Company’s primary businesses principally by excluding the impact of market volatility, which could distort trends, and revenues and costs related to non-core products and businesses. Non-core businesses include discontinued operations and other businesses that have been or will be sold or exited by the Company, referred to as divested businesses and certain entities required to be consolidated under GAAP.

The following are excluded from total revenues in calculating operating earnings:


•	Net investment gains (losses);


•	Net derivative gains (losses) except: (i) earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment and (ii) earned income on derivatives that are hedges of policyholder account balances but do not qualify for hedge accounting treatment;


•	Amortization of unearned revenue related to net investment gains (losses) and net derivative gains (losses) and certain variable annuity guaranteed minimum income benefits (“GMIBs”) fees (“GMIB Fees”);


•	Certain amounts related to securitization entities that are VIEs consolidated under GAAP; and


•	Revenues from divested businesses.

The following are excluded from total expenses in calculating operating earnings:


•	Amounts associated with benefits and hedging costs related to GMIBs (“GMIB Costs”);


•	Amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and market value adjustments associated with surrenders or terminations of contracts (“Market Value Adjustments”);


•	Amortization of deferred policy acquisition costs (“DAC”) and value of business acquired (“VOBA”) related to: (i) net investment gains (losses) (ii) net derivative gains (losses), (iii) GMIB Fees and GMIB Costs and (iv) Market Value Adjustments;


•	Recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance;


•	Expenses of divested businesses;


•	Amounts related to securitization entities that are VIEs consolidated under GAAP;


•	Goodwill impairment; and


•	Costs related to: (i) implementation of new insurance regulatory requirements and (ii) acquisition and integration costs.

The tax impact of the adjustments mentioned above are calculated net of the U.S. statutory tax rate, which could differ from the Company’s effective tax rate.

Set forth in the tables below is certain financial information with respect to the Company’s segments, as well as Corporate & Other, for the three months and six months ended June 30, 2017 and 2016. The segment accounting policies are the same as those used to prepare the Company’s combined financial statements, except for operating earnings adjustments as defined above. In addition, segment accounting policies include the method of capital allocation described below.

The internal capital model is a MetLife developed risk capital model that reflects management’s judgment and view of required capital to represent the measurement of the risk profile of the business, to meet the Company’s long term promises to clients, to service long-term obligations and to support the credit ratings of the Company. It accounts for the unique and specific nature of the risks inherent in the Company’s business. Management is responsible for the ongoing production and enhancement of the internal capital model and reviews its approach periodically to ensure that it remains consistent with emerging industry practice standards. As such, the internal capital allocation methodology in the future may differ from MetLife’s historical model.

The Company allocates equity to the segments based on the internal capital model and aligns with emerging standards and consistent risk principles.

Segment net investment income is credited or charged based on the level of allocated equity; however, changes in allocated equity do not impact the Company’s combined net investment income or net income (loss).

Net investment income is based upon the actual results of each segment’s specifically identifiable investment portfolios adjusted for allocated equity. Other costs are allocated to each of the segments based upon: (i) a review of the nature of such costs; (ii) time studies analyzing the amount of employee time incurred by each segment; and (iii) cost estimates included in the Company’s product pricing.



	Operating Results
Three Months Ended June 30, 2017	Annuities		Life			Run-off		Corporate & Other			Total
	(In millions)
Pre-tax operating earnings	$	313	$	23		$	79	$	11		$	426
Provision for income tax expense (benefit)	87		11			27		(23		)	102
Operating earnings	$	226	$	12		$	52	$	34		324
Adjustments for:
Net investment gains (losses)											—
Net derivative gains (losses)											(78		)
Other adjustments to net income											(27		)
Provision for income tax (expense) benefit											27
Net income (loss)											$	246

Inter-segment revenues	$	35	$	(99	)	$	52	$	(56	)
Interest revenue	$	311	$	69		$	354	$	58
Interest expense	$	—	$	—		$	8	$	28



	Operating Results
Three Months Ended June 30, 2016	Annuities		Life			Run-off			Corporate & Other		Total
	(In millions)
Pre-tax operating earnings	$	501	$	39		$	(476	)	$	5	$	69
Provision for income tax expense (benefit)	143		5			(160		)	2		(10		)
Operating earnings	$	358	$	34		$	(316	)	$	3	79
Adjustments for:
Net investment gains (losses)											20
Net derivative gains (losses)											(2,973		)
Other adjustments to net income											644
Provision for income tax (expense) benefit											807
Net income (loss)											$	(1,423	)

Inter-segment revenues	$	319	$	(178	)	$	1		$	2
Interest revenue	$	367	$	102		$	353		$	47
Interest expense	$	—	$	—		$	15		$	28



	Operating Results
Six Months Ended June 30, 2017	Annuities		Life			Run-off		Corporate & Other			Total
	(In millions)
Pre-tax operating earnings	$	623	$	8		$	153	$	34		$	818
Provision for income tax expense (benefit)	169		3			52		(10		)	214
Operating earnings	$	454	$	5		$	101	$	44		604
Adjustments for:
Net investment gains (losses)											(55		)
Net derivative gains (losses)											(1,043		)
Other adjustments to net income											11
Provision for income tax (expense) benefit											380
Net income (loss)											$	(103	)

Inter-segment revenues	$	60	$	(240	)	$	49	$	(70	)
Interest revenue	$	638	$	176		$	712	$	124
Interest expense	$	—	$	—		$	23	$	58



	Operating Results
Six Months Ended June 30, 2016	Annuities		Life			Run-off			Corporate & Other			Total
	(In millions)
Pre-tax operating earnings	$	841	$	26		$	(326	)	$	(12	)	$	529
Provision for income tax expense (benefit)	228		2			(111		)	(9		)	110
Operating earnings	$	613	$	24		$	(215	)	$	(3	)	419
Adjustments for:
Net investment gains (losses)												(41		)
Net derivative gains (losses)												(2,680		)
Other adjustments to net income												516
Provision for income tax (expense) benefit												770
Net income (loss)												$	(1,016	)

Inter-segment revenues	$	382	$	(336	)	$	2		$	37
Interest revenue	$	705	$	195		$	698		$	84
Interest expense	$	—	$	—		$	30		$	55

The following table presents total revenues with respect to the Company’s segments, as well as Corporate & Other:



	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
	(In millions)
Annuities	$	1,126		$	1,457		$	2,200		$	2,676
Life	305			312			595			610
Run-off	545			512			1,084			1,046
Corporate & Other	82			76			171			174
Adjustments	(33		)	(2,941		)	(1,060		)	(2,701		)
Total	$	2,025		$	(584	)	$	2,990		$	1,805

The following table presents total assets with respect to the Company’s segments, as well as Corporate & Other, at:



	June 30, 2017		December 31, 2016
	(In millions)
Annuities	$	151,709	$	152,146
Life	15,705		17,150
Run-off	41,261		40,007
Corporate & Other	15,653		12,627
Total	$	224,328	$	221,930

Insurance

6 Months Ended

Jun. 30, 2017

Insurance [Abstract]

Insurance

3. Insurance

Guarantees

As discussed in Notes 1 and 4 of the Notes to the Combined Financial Statements included in the Form 10, the Company issues variable annuity products with guaranteed minimum benefits. Guaranteed minimum accumulation benefits (“GMABs”), the non-life contingent portion of guaranteed minimum withdrawal benefits (“GMWBs”) and the portion of certain GMIBs that do not require annuitization are accounted for as embedded derivatives in policyholder account balances and are further discussed in Note 5.

The Company also issues universal and variable life contracts where the Company contractually guarantees to the contractholder a secondary guarantee.

Information regarding the Company’s guarantee exposure was as follows at:



	June 30, 2017						December 31, 2016
	In the Event of Death			At Annuitization			In the Event of Death			At Annuitization
	(Dollars in millions)
Annuity Contracts (1), (2)
Variable Annuity Guarantees
Total account value (3)	$	114,981		$	65,899		$	111,719		$	64,503
Separate account value	$	109,827		$	64,505		$	106,759		$	63,025
Net amount at risk	$	5,862	(4)	$	2,893	(5)	$	6,837	(4)	$	3,313	(5)
Average attained age of contractholders	68 years			67 years			67 years			67 years



	June 30, 2017		December 31, 2016
	Secondary Guarantees
	(Dollars in millions)
Universal and Variable Life Contracts
Total account value (3)	$	9,453	$	9,326
Net amount at risk (6)	$	101,677	$	102,635
Average attained age of policyholders	60 years		59 years

__________________


(1)	The Company’s annuity contracts with guarantees may offer more than one type of guarantee in each contract. Therefore, the amounts listed above may not be mutually exclusive.

(2)

Includes direct business, but excludes offsets from hedging or reinsurance, if any. Therefore, the net amount at risk presented reflects the economic exposures of living and death benefit guarantees associated with variable annuities, but not necessarily their impact on the Company. See Note 6 of the Notes to the Combined Financial Statements included in the Form 10 for a discussion of certain living and death benefit guarantees which have been reinsured.


(3)	Includes the contractholder’s investments in the general account and separate account, if applicable.


(4)	Defined as the death benefit less the total account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date and includes any additional contractual claims associated with riders purchased to assist with covering income taxes payable upon death.

(5)

Defined as the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates, equal to the minimum amount provided under the guaranteed benefit. This amount represents the Company’s potential economic exposure to such guarantees in the event all contractholders were to annuitize on the balance sheet date, even though the contracts contain terms that allow annuitization of the guaranteed amount only after the 10th anniversary of the contract, which not all contractholders have achieved.


(6)	Defined as the guarantee amount less the account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date.

Liabilities for Unpaid Claims and Claim Expenses

Rollforward of Claims and Claim Adjustment Expenses

Information regarding the liabilities for unpaid claims and claim adjustment expenses was as follows:



	Six Months Ended June 30,
	2017			2016
	(In millions)
Balance at December 31 of prior period	$	2,008		$	1,719
Less: Reinsurance recoverables	1,832			1,565
Net balance at December 31 of prior period	176			154
Cumulative adjustment (1)	—			89
Net balance, beginning of period	176			243
Incurred related to:
Current period	400			516
Prior periods (2)	(13		)	(27		)
Total incurred	387			489
Paid related to:
Current period	(312		)	(343		)
Prior periods	(55		)	(122		)
Total paid	(367		)	(465		)
Net balance, end of period	196			267
Add: Reinsurance recoverables	1,845			1,659
Balance, end of period	$	2,041		$	1,926

______________


(1)	Reflects the accumulated adjustment, net of reinsurance, upon implementation of the new short-duration contracts guidance which clarified the requirement to include claim information for long-duration contracts. The accumulated adjustment primarily reflects unpaid claim liabilities, net of reinsurance, for long-duration contracts as of the beginning of the period presented.


(2)	During the six months ended June 30, 2017 and 2016, the claims and claim adjustment expenses associated with prior years changed due to differences between the actual benefits paid and the expected benefits owed during those periods.

Investments

6 Months Ended

Jun. 30, 2017

Investments, Debt and Equity Securities [Abstract]

Investments

4. Investments

Fixed Maturity and Equity Securities Available-for-Sale

Fixed Maturity and Equity Securities Available-for-Sale by Sector

The following table presents the fixed maturity and equity securities AFS by sector. Redeemable preferred stock is reported within U.S. corporate and foreign corporate fixed maturity securities and non-redeemable preferred stock is reported within equity securities. Included within fixed maturity securities are structured securities including residential mortgage-backed securities (“RMBS”), commercial mortgage-backed securities (“CMBS”) and asset-backed securities (“ABS”) (collectively, “Structured Securities”).



	June 30, 2017											December 31, 2016
	Cost or Amortized Cost		Gross Unrealized							Estimated Fair Value		Cost or Amortized Cost		Gross Unrealized							Estimated Fair Value
	Cost or Amortized Cost		Gains		Temporary Losses		OTTI Losses (1)			Estimated Fair Value		Cost or Amortized Cost		Gains		Temporary Losses		OTTI Losses (1)			Estimated Fair Value
	(In millions)
Fixed maturity securities:
U.S. corporate	$	20,837	$	1,700	$	125	$	—		$	22,412	$	21,278	$	1,324	$	291	$	—		$	22,311
U.S. government and agency	13,959		1,673		121		—			15,511		12,032		1,294		236		—			13,090
RMBS	7,973		264		74		(5		)	8,168		7,961		206		144		—			8,023
Foreign corporate	6,395		334		102		—			6,627		6,343		230		180		—			6,393
State and political subdivision	3,573		483		13		—			4,043		3,590		393		38		—			3,945
CMBS	3,247		67		16		(1		)	3,299		3,799		44		32		(1		)	3,812
ABS	2,223		19		4		—			2,238		2,654		12		14		—			2,652
Foreign government	1,070		143		4		—			1,209		1,058		116		12		—			1,162
Total fixed maturity securities	$	59,277	$	4,683	$	459	$	(6	)	$	63,507	$	58,715	$	3,619	$	947	$	(1	)	$	61,388
Equity securities:
Non-redeemable preferred stock	$	147	$	11	$	2	$	—		$	156	$	180	$	6	$	9	$	—		$	177
Common stock	100		22		—		—			122		100		23		—		—			123
Total equity securities	$	247	$	33	$	2	$	—		$	278	$	280	$	29	$	9	$	—		$	300

__________________


(1)	Noncredit OTTI losses included in accumulated other comprehensive income (“AOCI”) in an unrealized gain position are due to increases in estimated fair value subsequent to initial recognition of noncredit losses on such securities. See also “— Net Unrealized Investment Gains (Losses).”

The Company held non-income producing fixed maturity securities with an estimated fair value of less than $1 million and $5 million with unrealized gains (losses) of less than ($1) million and less than $1 million at June 30, 2017 and December 31, 2016, respectively.

Maturities of Fixed Maturity Securities

The amortized cost and estimated fair value of fixed maturity securities, by contractual maturity date, were as follows at June 30, 2017:



	Due in One Year or Less		Due After One Year Through Five Years		Due After Five Years Through Ten Years		Due After Ten Years		Structured Securities		Total Fixed Maturity Securities
	(In millions)
Amortized cost	$	1,770	$	11,680	$	9,720	$	22,664	$	13,443	$	59,277
Estimated fair value	$	1,780	$	12,110	$	10,019	$	25,893	$	13,705	$	63,507

Actual maturities may differ from contractual maturities due to the exercise of call or prepayment options. Fixed maturity securities not due at a single maturity date have been presented in the year of final contractual maturity. Structured Securities are shown separately, as they are not due at a single maturity.

Continuous Gross Unrealized Losses for Fixed Maturity and Equity Securities AFS by Sector

The following table presents the estimated fair value and gross unrealized losses of fixed maturity and equity securities AFS in an unrealized loss position, aggregated by sector and by length of time that the securities have been in a continuous unrealized loss position at:



	June 30, 2017								December 31, 2016
	Less than 12 Months				Equal to or Greater than 12 Months				Less than 12 Months				Equal to or Greater than 12 Months
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
	(Dollars in millions)
Fixed maturity securities:
U.S. corporate	$	2,842	$	82	$	529	$	43	$	4,676	$	189	$	745	$	102
U.S. government and agency	5,763		121		—		—		4,396		236		—		—
RMBS	2,853		53		522		16		3,494		112		818		32
Foreign corporate	643		21		634		81		1,466		66		633		114
State and political subdivision	403		11		29		2		889		35		29		3
CMBS	620		12		102		3		1,572		27		171		4
ABS	244		2		195		2		478		6		461		8
Foreign government	178		3		7		1		273		11		6		1
Total fixed maturity securities	$	13,546	$	305	$	2,018	$	148	$	17,244	$	682	$	2,863	$	264
Equity securities:
Non-redeemable preferred stock	$	7	$	—	$	22	$	2	$	57	$	2	$	40	$	7
Total equity securities	$	7	$	—	$	22	$	2	$	57	$	2	$	40	$	7
Total number of securities in an unrealized loss position	1,165				365				1,741				483

Evaluation of AFS Securities for OTTI and Evaluating Temporarily Impaired AFS Securities

As described more fully in Notes 1 and 7 of the Notes to the Combined Financial Statements included in the Form 10, the Company performs a regular evaluation of all investment classes for impairment, including fixed maturity securities, equity securities and perpetual hybrid securities, in accordance with its impairment policy, in order to evaluate whether such investments are other-than-temporarily impaired.

Current Period Evaluation

Based on the Company’s current evaluation of its AFS securities in an unrealized loss position in accordance with its impairment policy, and the Company’s current intentions and assessments (as applicable to the type of security) about holding, selling and any requirements to sell these securities, the Company concluded that these securities were not other-than-temporarily impaired at June 30, 2017. Future OTTI will depend primarily on economic fundamentals, issuer performance (including changes in the present value of future cash flows expected to be collected), changes in credit ratings, collateral valuation, interest rates and credit spreads, as well as a change in the Company’s intention to hold or sell a security that is in an unrealized loss position. If economic fundamentals deteriorate or if there are adverse changes in the above factors, OTTI may be incurred in upcoming periods.

Gross unrealized losses on fixed maturity securities decreased $493 million during the six months ended June 30, 2017 to $453 million. The decrease in gross unrealized losses for the six months ended June 30, 2017 was primarily attributable to narrowing credit spreads and decreasing longer-term interest rates.

At June 30, 2017, $5 million of the total $453 million of gross unrealized losses were from nine fixed maturity securities with an unrealized loss position of 20% or more of amortized cost for six months or greater.

The change in gross unrealized losses on equity securities was not significant during the six months ended June 30, 2017.

Investment Grade Fixed Maturity Securities

Of the $5 million of gross unrealized losses on fixed maturity securities with an unrealized loss of 20% or more of amortized cost for six months or greater, $4 million, or 80%, were related to gross unrealized losses on three investment grade fixed maturity securities. Unrealized losses on investment grade fixed maturity securities are principally related to widening credit spreads since purchase and, with respect to fixed-rate fixed maturity securities, rising interest rates since purchase.

Below Investment Grade Fixed Maturity Securities

Of the $5 million of gross unrealized losses on fixed maturity securities with an unrealized loss of 20% or more of amortized cost for six months or greater, $1 million, or 20%, were related to gross unrealized losses on six below investment grade fixed maturity securities. Unrealized losses on below investment grade fixed maturity securities are principally related to U.S. and foreign corporate securities (primarily industrial securities) and are the result of significantly wider credit spreads resulting from higher risk premiums since purchase, largely due to economic and market uncertainties including concerns over lower oil prices in the energy sector. Management evaluates U.S. and foreign corporate securities based on factors such as expected cash flows and the financial condition and near-term and long-term prospects of the issuers.

Mortgage Loans

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:



	June 30, 2017					December 31, 2016
	Carrying Value			% of Total		Carrying Value			% of Total
	(Dollars in millions)
Mortgage loans:
Commercial	$	6,959		67.8	%	$	6,523		69.6	%
Agricultural	2,116			20.6		1,892			20.2
Residential	1,109			10.8		867			9.2
Subtotal (1)	10,184			99.2		9,282			99.0
Valuation allowances	(44		)	(0.4	)	(40		)	(0.4	)
Subtotal mortgage loans, net	10,140			98.8		9,242			98.6
Commercial mortgage loans held by CSEs — FVO	123			1.2		136			1.4
Total mortgage loans, net	$	10,263		100.0	%	$	9,378		100.0	%

__________________


(1)	Purchases of mortgage loans were $147 million and $307 million for the three months and six months ended June 30, 2017, respectively, and were primarily comprised of residential mortgage loans. Purchases of mortgage loans were $192 million and $231 million for the three months and six months ended June 30, 2016, respectively, and were primarily comprised of residential mortgage loans.

See “— Variable Interest Entities” for discussion of consolidated securitization entities (“CSEs”).

Information on commercial, agricultural and residential mortgage loans is presented in the tables below. Information on commercial mortgage loans held by CSEs — FVO is presented in Note 6. The Company elects the FVO for certain commercial mortgage loans and related long-term debt that are managed on a total return basis.

Mortgage Loans, Valuation Allowance and Impaired Loans by Portfolio Segment

Mortgage loans by portfolio segment, by method of evaluation of credit loss, impaired mortgage loans including those modified in a troubled debt restructuring, and the related valuation allowances, were as follows at:



	Evaluated Individually for Credit Losses										Evaluated Collectively for Credit Losses				Impaired Loans
	Impaired Loans with a Valuation Allowance						Impaired Loans without a Valuation Allowance
	Unpaid Principal Balance		Recorded Investment		Valuation Allowances		Unpaid Principal Balance		Recorded Investment		Recorded Investment		Valuation Allowances		Carrying Value
	(In millions)
June 30, 2017
Commercial	$	—	$	—	$	—	$	—	$	—	$	6,959	$	34	$	—
Agricultural	4		3		—		—		—		2,113		6		3
Residential	—		—		—		3		3		1,106		4		3
Total	$	4	$	3	$	—	$	3	$	3	$	10,178	$	44	$	6
December 31, 2016
Commercial	$	—	$	—	$	—	$	—	$	—	$	6,523	$	32	$	—
Agricultural	4		3		—		—		—		1,889		5		3
Residential	—		—		—		1		1		866		3		1
Total	$	4	$	3	$	—	$	1	$	1	$	9,278	$	40	$	4

The average recorded investment for impaired commercial, agricultural and residential mortgage loans was $0, $3 million and $2 million, respectively, for both the three months and six months ended June 30, 2017. The average recorded investment for impaired commercial, agricultural and residential mortgage loans was $0, $3 million and $0, respectively, for both the three months and six months ended June 30, 2016.

Valuation Allowance Rollforward by Portfolio Segment

The changes in the valuation allowance, by portfolio segment, were as follows:



	Six Months Ended June 30,
	2017								2016
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Balance, beginning of period	$	32	$	5	$	3	$	40	$	29	$	5	$	3	$	37
Provision (release)	2		1		1		4		4		—		1		5
Balance, end of period	$	34	$	6	$	4	$	44	$	33	$	5	$	4	$	42

Credit Quality of Commercial Mortgage Loans

The credit quality of commercial mortgage loans was as follows at:



	Recorded Investment
	Debt Service Coverage Ratios								% of Total		Estimated Fair Value		% of Total
	> 1.20x		1.00x - 1.20x		< 1.00x		Total		% of Total		Estimated Fair Value		% of Total
	(Dollars in millions)
June 30, 2017
Loan-to-value ratios:
Less than 65%	$	6,035	$	329	$	—	$	6,364	91.4	%	$	6,544	91.7	%
65% to 75%	476		34		18		528		7.6		529		7.4
76% to 80%	—		33		9		42		0.6		41		0.6
Greater than 80%	—		—		25		25		0.4		23		0.3
Total	$	6,511	$	396	$	52	$	6,959	100.0	%	$	7,137	100.0	%

December 31, 2016
Loan-to-value ratios:
Less than 65%	$	5,744	$	230	$	167	$	6,141	94.1	%	$	6,222	94.3	%
65% to 75%	291		—		19		310		4.8		303		4.6
76% to 80%	34		—		—		34		0.5		33		0.5
Greater than 80%	24		14		—		38		0.6		37		0.6
Total	$	6,093	$	244	$	186	$	6,523	100.0	%	$	6,595	100.0	%

Credit Quality of Agricultural Mortgage Loans

The credit quality of agricultural mortgage loans was as follows at:



	June 30, 2017				December 31, 2016
	Recorded Investment		% of Total		Recorded Investment		% of Total
	(Dollars in millions)
Loan-to-value ratios:
Less than 65%	$	2,000	94.6	%	$	1,849	97.7	%
65% to 75%	116		5.4		43		2.3
Total	$	2,116	100.0	%	$	1,892	100.0	%

The estimated fair value of agricultural mortgage loans was $2.1 billion and $1.9 billion at June 30, 2017 and December 31, 2016, respectively.

Credit Quality of Residential Mortgage Loans

The credit quality of residential mortgage loans was as follows at:



	June 30, 2017				December 31, 2016
	Recorded Investment		% of Total		Recorded Investment		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	1,092	98.5	%	$	856	98.7	%
Nonperforming	17		1.5		11		1.3
Total	$	1,109	100.0	%	$	867	100.0	%

The estimated fair value of residential mortgage loans was $1.1 billion and $867 million at June 30, 2017 and December 31, 2016, respectively.

Past Due and Nonaccrual Mortgage Loans

The Company has a high quality, well performing mortgage loan portfolio, with over 99% of all mortgage loans classified as performing at June 30, 2017 and December 31, 2016. The Company defines delinquency consistent with industry practice, when mortgage loans are past due as follows: commercial and residential mortgage loans — 60 days and agricultural mortgage loans — 90 days. The past due and nonaccrual mortgage loans at recorded investment, prior to valuation allowances, by portfolio segment, were as follows at:



	Past Due				Nonaccrual Status
	June 30, 2017		December 31, 2016		June 30, 2017		December 31, 2016
	(Dollars in millions)
Agricultural	$	1	$	—	$	—	$	—
Residential	17		11		17		11
Total	$	18	$	11	$	17	$	11

Mortgage Loans Modified in a Troubled Debt Restructuring

During the three months and six months ended June 30, 2017 the Company did not have a significant amount of mortgage loans modified in a troubled debt restructuring. During the three months and six months ended June 30, 2016, there were no mortgage loans modified in a troubled debt restructuring.

Cash Equivalents

The carrying value of cash equivalents, which includes securities and other investments with an original or remaining maturity of three months or less at the time of purchase, was $3.7 billion and $4.8 billion at June 30, 2017 and December 31, 2016, respectively.

Net Unrealized Investment Gains (Losses)

Unrealized investment gains (losses) on fixed maturity and equity securities AFS and the effect on DAC, VOBA, deferred sales inducements (“DSI”) and future policy benefits, that would result from the realization of the unrealized gains (losses), are included in net unrealized investment gains (losses) in AOCI.

The components of net unrealized investment gains (losses), included in AOCI, were as follows:



	June 30, 2017			December 31, 2016
	(In millions)
Fixed maturity securities	$	4,214		$	2,663
Fixed maturity securities with noncredit OTTI losses included in AOCI	6			1
Total fixed maturity securities	4,220			2,664
Equity securities	58			32
Derivatives	346			414
Short-term investments	—			(42		)
Other	(8		)	(26		)
Subtotal	4,616			3,042
Amounts allocated from:
Future policy benefits	(1,309		)	(802		)
DAC and VOBA related to noncredit OTTI losses recognized in AOCI	(2		)	(2		)
DAC, VOBA and DSI	(297		)	(214		)
Subtotal	(1,608		)	(1,018		)
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI	(2		)	—
Deferred income tax benefit (expense)	(1,062		)	(712		)
Net unrealized investment gains (losses)	$	1,944		$	1,312

The changes in net unrealized investment gains (losses) were as follows:



	Six Months Ended June 30, 2017
	(In millions)
Balance, beginning of period	$	1,312
Fixed maturity securities on which noncredit OTTI losses have been recognized	4
Unrealized investment gains (losses) during the period	1,570
Unrealized investment gains (losses) relating to:
Future policy benefits	(507		)
DAC, VOBA and DSI	(83		)
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI	(2		)
Deferred income tax benefit (expense)	(350		)
Balance, end of period	$	1,944
Change in net unrealized investment gains (losses)	$	632

Concentrations of Credit Risk

There were no investments in any counterparty that were greater than 10% of the Company’s shareholder’s net investment, other than the U.S. government and its agencies, at both June 30, 2017 and December 31, 2016.

Securities Lending

Elements of the securities lending program are presented below at:



	June 30, 2017		December 31, 2016
	(In millions)
Securities on loan: (1)
Amortized cost	$	5,694	$	5,895
Estimated fair value	$	6,595	$	6,555
Cash collateral received from counterparties (2)	$	6,750	$	6,642
Security collateral received from counterparties (3)	$	24	$	27
Reinvestment portfolio — estimated fair value	$	6,788	$	6,571

__________________


(1)	Included within fixed maturity securities.


(2)	Included within payables for collateral under securities loaned and other transactions.


(3)	Security collateral received from counterparties may not be sold or re-pledged, unless the counterparty is in default, and is not reflected on the combined financial statements.

The cash collateral liability by loaned security type and remaining tenor of the agreements were as follows at:



	June 30, 2017								December 31, 2016
	Remaining Tenor of Securities Lending Agreements								Remaining Tenor of Securities Lending Agreements
	Open (1)		1 Month or Less		1 to 6 Months		Total		Open (1)		1 Month or Less		1 to 6 Months		Total
	(In millions)
Cash collateral liability by loaned security type:
U.S. government and agency	$	2,188	$	2,813	$	1,492	$	6,493	$	2,129	$	1,906	$	1,743	$	5,778
U.S. corporate	—		—		—		—		—		480		—		480
Agency RMBS	—		257		—		257		—		—		274		274
Foreign corporate	—		—		—		—		—		58		—		58
Foreign government	—		—		—		—		—		52		—		52
Total	$	2,188	$	3,070	$	1,492	$	6,750	$	2,129	$	2,496	$	2,017	$	6,642

__________________


(1)	The related loaned security could be returned to the Company on the next business day which would require the Company to immediately return the cash collateral.

If the Company is required to return significant amounts of cash collateral on short notice and is forced to sell securities to meet the return obligation, it may have difficulty selling such collateral that is invested in securities in a timely manner, be forced to sell securities in a volatile or illiquid market for less than what otherwise would have been realized under normal market conditions, or both. The estimated fair value of the securities on loan related to the cash collateral on open at June 30, 2017 was $2.1 billion, all of which were U.S. government and agency securities which, if put back to the Company, could be immediately sold to satisfy the cash requirement.

The reinvestment portfolio acquired with the cash collateral consisted principally of fixed maturity securities (including agency RMBS, ABS, U.S. government and agency securities, non-agency RMBS and U.S. and foreign corporate securities) with 64% invested in agency RMBS, cash equivalents, short-term investments, U.S. government and agency securities, or held in cash at June 30, 2017. If the securities on loan or the reinvestment portfolio become less liquid, the Company has the liquidity resources of most of its general account available to meet any potential cash demands when securities on loan are put back to the Company.

Invested Assets on Deposit, Held in Trust and Pledged as Collateral

Invested assets on deposit, held in trust and pledged as collateral are presented below at estimated fair value at:



	June 30, 2017		December 31, 2016
	(In millions)
Invested assets on deposit (regulatory deposits)	$	8,018	$	7,648
Invested assets held in trust (reinsurance agreements)	4,237		9,054
Invested assets pledged as collateral	3,754		3,548
Total invested assets on deposit, held in trust and pledged as collateral	$	16,009	$	20,250

The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 4 of the Notes to the Combined Financial Statements included in the Form 10) and derivative transactions (see Note 5). The Company held in trust certain investments in connection with certain reinsurance transactions. In April 2017, the MetLife Reinsurance Company of South Carolina (“MRSC”) collateral financing arrangement was repaid in connection with the Restructuring (see Note 7). Amounts in the table above include invested assets and cash and cash equivalents.

See “— Securities Lending” for information regarding securities on loan.

Variable Interest Entities

The Company has invested in legal entities that are VIEs. In certain instances, the Company holds both the power to direct the most significant activities of the entity, as well as an economic interest in the entity and, as such, is deemed to be the primary beneficiary or consolidator of the entity.

The determination of the VIE’s primary beneficiary requires an evaluation of the contractual and implied rights and obligations associated with each party’s relationship with or involvement in the entity, an estimate of the entity’s expected losses and expected residual returns and the allocation of such estimates to each party involved in the entity.

Consolidated VIEs

Creditors or beneficial interest holders of VIEs where the Company is the primary beneficiary have no recourse to the general credit of the Company, as the Company’s obligation to the VIEs is limited to the amount of its committed investment.

The following table presents the total assets and total liabilities relating to VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated at:



	June 30, 2017				December 31, 2016
	Total Assets		Total Liabilities		Total Assets		Total Liabilities
	(In millions)
MRSC (collateral financing arrangement) (1)	$	—	$	—	$	3,422	$	—
CSEs (assets (primarily loans) and liabilities (primarily debt)) (2)	124		16		137		24
Total	$	124	$	16	$	3,559	$	24

__________________

(1)

See Note 12 of the Notes to the Combined Financial Statements included in the Form 10 for a description of the MRSC collateral financing arrangement. In April 2017, these assets were liquidated and the proceeds were used to repay the collateral financing arrangement. See Note 7. These assets historically consisted of fixed maturity securities, short-term investments and cash equivalents, but were transitioned into short-term investments and cash equivalents prior to termination of the arrangement.

(2)

The Company consolidates entities that are structured as CMBS. The assets of these entities can only be used to settle their respective liabilities, and under no circumstances is the Company liable for any principal or interest shortfalls should any arise. The Company’s exposure was limited to that of its remaining investment in these entities of $89 million and $95 million at estimated fair value at June 30, 2017 and December 31, 2016, respectively.

Unconsolidated VIEs

The carrying amount and maximum exposure to loss relating to VIEs in which the Company holds a significant variable interest but is not the primary beneficiary and which have not been consolidated were as follows at:



	June 30, 2017				December 31, 2016
	Carrying Amount		Maximum Exposure to Loss (1)		Carrying Amount		Maximum Exposure to Loss (1)
	(In millions)
Fixed maturity securities AFS:
Structured Securities (2)	$	12,174	$	12,174	$	13,062	$	13,062
U.S. and foreign corporate	503		503		518		518
Other limited partnership interests	1,471		2,330		1,495		2,292
Other investments (3)	77		87		90		101
Total	$	14,225	$	15,094	$	15,165	$	15,973

__________________

(1)

The maximum exposure to loss relating to fixed maturity securities AFS is equal to their carrying amounts or the carrying amounts of retained interests. The maximum exposure to loss relating to other limited partnership interests and real estate joint ventures is equal to the carrying amounts plus any unfunded commitments. For certain of its investments in other invested assets, the Company’s return is in the form of income tax credits which are guaranteed by creditworthy third parties. For such investments, the maximum exposure to loss is equal to the carrying amounts plus any unfunded commitments, reduced by income tax credits guaranteed by third parties. There were no income tax credits at both June 30, 2017 and December 31, 2016. Such a maximum loss would be expected to occur only upon bankruptcy of the issuer or investee.


(2)	For these variable interests, the Company’s involvement is limited to that of a passive investor in mortgage-backed or asset-backed securities issued by trusts that do not have substantial equity.


(3)	Other investments is comprised of real estate joint ventures, other invested assets and non-redeemable preferred stock.

As described in Note 11, the Company makes commitments to fund partnership investments in the normal course of business. Excluding these commitments, the Company did not provide financial or other support to investees designated as VIEs during both the three months and six months ended June 30, 2017 and 2016.

Net Investment Income

The components of net investment income were as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
	(In millions)
Investment income:
Fixed maturity securities	$	598	$	680	$	1,208	$	1,311
Equity securities	4		4		7		10
Mortgage loans	111		112		220		203
Policy loans	18		20		35		40
Real estate and real estate joint ventures	14		2		26		15
Other limited partnership interests	49		20		106		41
Cash, cash equivalents and short-term investments	10		5		18		10
Other	6		2		13		3
Subtotal	810		845		1,633		1,633
Less: Investment expenses	46		43		89		85
Subtotal, net	764		802		1,544		1,548
FVO CSEs — interest income — commercial mortgage loans	2		3		4		5
Net investment income	$	766	$	805	$	1,548	$	1,553

See “— Variable Interest Entities” for discussion of CSEs.

See “— Related Party Investment Transactions” for discussion of affiliated net investment income and investment expenses.

Net Investment Gains (Losses)

Components of Net Investment Gains (Losses)

The components of net investment gains (losses) were as follows:



	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
	(In millions)
Total gains (losses) on fixed maturity securities:
Total OTTI losses recognized — by sector and industry:
U.S. and foreign corporate securities — by industry:
Industrial	$	—		$	(1	)	$	—		$	(16	)
Total U.S. and foreign corporate securities	—			(1		)	—			(16		)
RMBS	—			(1		)	—			(2		)
State and political subdivision	(1		)	—			(1		)	—
OTTI losses on fixed maturity securities recognized in earnings	(1		)	(2		)	(1		)	(18		)
Fixed maturity securities — net gains (losses) on sales and disposals	2			29			(36		)	(17		)
Total gains (losses) on fixed maturity securities	1			27			(37		)	(35		)
Total gains (losses) on equity securities:
Total OTTI losses recognized — by sector:
Common stock	—			—			—			(1		)
OTTI losses on equity securities recognized in earnings	—			—			—			(1		)
Equity securities — net gains (losses) on sales and disposals	1			—			1			4
Total gains (losses) on equity securities	1			—			1			3
Mortgage loans	(2		)	(4		)	(5		)	(6		)
Real estate and real estate joint ventures	1			—			3			(1		)
Other limited partnership interests	—			(2		)	(10		)	(6		)
Other	1			2			(5		)	5
Subtotal	2			23			(53		)	(40		)
FVO CSEs:
Commercial mortgage loans	—			(1		)	(1		)	—
Long-term debt — related to commercial mortgage loans	(1		)	—			—			—
Non-investment portfolio gains (losses)	(1		)	(2		)	(1		)	(1		)
Subtotal	(2		)	(3		)	(2		)	(1		)
Total net investment gains (losses)	$	—		$	20		$	(55	)	$	(41	)

See “— Variable Interest Entities” for discussion of CSEs.

See “— Related Party Investment Transactions” for discussion of affiliated net investment gains (losses) related to transfers of invested assets to affiliates.

Gains (losses) from foreign currency transactions included within net investment gains (losses) were $1 million and ($5) million for the three months and six months ended June 30, 2017, respectively, and $3 million and $5 million for the three months and six months ended June 30, 2016, respectively.

Sales or Disposals and Impairments of Fixed Maturity and Equity Securities

Investment gains and losses on sales of securities are determined on a specific identification basis. Proceeds from sales or disposals of fixed maturity and equity securities and the components of fixed maturity and equity securities net investment gains (losses) were as shown in the table below.



	Three Months Ended June 30,
	2017			2016			2017		2016
	Fixed Maturity Securities						Equity Securities
	(In millions)
Proceeds	$	2,411		$	5,550		$	12	$	3
Gross investment gains	$	12		$	51		$	1	$	—
Gross investment losses	(10		)	(22		)	—		—
OTTI losses	(1		)	(2		)	—		—
Net investment gains (losses)	$	1		$	27		$	1	$	—



	Six Months Ended June 30,
	2017			2016			2017		2016
	Fixed Maturity Securities						Equity Securities
	(In millions)
Proceeds	$	4,387		$	14,889		$	13	$	6
Gross investment gains	$	20		$	88		$	1	$	4
Gross investment losses	(56		)	(105		)	—		—
OTTI losses	(1		)	(18		)	—		(1		)
Net investment gains (losses)	$	(37	)	$	(35	)	$	1	$	3

Credit Loss Rollforward

The table below presents a rollforward of the cumulative credit loss component of OTTI loss recognized in earnings on fixed maturity securities still held for which a portion of the OTTI loss was recognized in other comprehensive income (loss) (“OCI”):



	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
	(In millions)
Balance, beginning of period	$	10		$	64		$	28		$	66
Additions:
Additional impairments — credit loss OTTI on securities previously impaired	—			1			—			2
Reductions:
Sales (maturities, pay downs or prepayments) of securities previously impaired as credit loss OTTI	(1		)	(5		)	(19		)	(8		)
Balance, end of period	$	9		$	60		$	9		$	60

Related Party Investment Transactions

The Company transfers invested assets, primarily consisting of fixed maturity securities, to and from affiliates. Invested assets transferred to and from affiliates were as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017			2016
	(In millions)
Estimated fair value of invested assets transferred to affiliates	$	—	$	—	$	292		$	—
Amortized cost of invested assets transferred to affiliates	$	—	$	—	$	294		$	—
Net investment gains (losses) recognized on transfers	$	—	$	—	$	(2	)	$	—
Change in additional paid-in-capital recognized on transfers	$	—	$	—	$	—		$	—
Estimated fair value of invested assets transferred from affiliates	$	—	$	4,042	$	—		$	4,279

In April 2016, the Company received a transfer of investments and cash and cash equivalents of $4.3 billion for the recapture of risks related to certain single premium deferred annuity contracts previously reinsured to Metropolitan Life Insurance Company (“MLIC”), an affiliate, which are included in the table above. See Note 6 of the Notes to the Combined Financial Statements included in the Form 10 for additional information related to the transfer.

The Company had loans outstanding to MetLife, Inc., which were included in other invested assets, totaling $1.1 billion at December 31, 2016. These loans bear interest at fixed rates of 4.21% and 5.10%, payable semiannually, and were due on September 30, 2032 and December 31, 2033, respectively. In April 2017, the two loans were repaid. See Note 7.

The Company receives investment administrative services from an affiliate. The related investment administrative service charges were $24 million and $49 million, respectively, for both the three months and six months ended June 30, 2017 and June 30, 2016.

In January 2017, MLIC recaptured risks related to guaranteed minimum benefit guarantees on certain variable annuities being reinsured by the Company. The Company transferred investments and cash and cash equivalents which are included in the table above. See Note 12 for additional information related to the transfer.

In March 2017, the Company sold an operating joint venture with a book value of $89 million to MLIC, an affiliate, for $286 million. The operating joint venture was accounted for under the equity method and included in other invested assets. This sale resulted in an increase in additional paid-in capital of $202 million in the first quarter of 2017.

Derivatives

6 Months Ended

Jun. 30, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

5. Derivatives

Accounting for Derivatives

Freestanding Derivatives

Freestanding derivatives are carried on the Company’s balance sheet either as assets within other invested assets or as liabilities within other liabilities at estimated fair value. The Company does not offset the estimated fair value amounts recognized for derivatives executed with the same counterparty under the same master netting agreement.

Accruals on derivatives are generally recorded in accrued investment income or within other liabilities. However, accruals that are not scheduled to settle within one year are included with the derivatives carrying value in other invested assets or other liabilities.

If a derivative is not designated as an accounting hedge or its use in managing risk does not qualify for hedge accounting, changes in the estimated fair value of the derivative are reported in net derivative gains (losses) except as follows:



Statement of Operations Presentation:	Derivative:
Policyholder benefits and claims	•	Economic hedges of variable annuity guarantees included in future policy benefits
Net investment income	•	Economic hedges of equity method investments in joint ventures

Hedge Accounting

To qualify for hedge accounting, at the inception of the hedging relationship, the Company formally documents its risk management objective and strategy for undertaking the hedging transaction, as well as its designation of the hedge. Hedge designation and financial statement presentation of changes in estimated fair value of the hedging derivatives are as follows:


•	Fair value hedge (a hedge of the estimated fair value of a recognized asset or liability) — in net derivative gains (losses), consistent with the change in estimated fair value of the hedged item attributable to the designated risk being hedged.

•

Cash flow hedge (a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability) — effectiveness in OCI (deferred gains or losses on the derivative are reclassified into the statement of operations when the Company’s earnings are affected by the variability in cash flows of the hedged item); ineffectiveness in net derivative gains (losses).

The changes in estimated fair values of the hedging derivatives are exclusive of any accruals that are separately reported on the statement of operations within interest income or interest expense to match the location of the hedged item.

In its hedge documentation, the Company sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument’s effectiveness and the method that will be used to measure ineffectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and at least quarterly throughout the life of the designated hedging relationship. Assessments of hedge effectiveness and measurements of ineffectiveness are also subject to interpretation and estimation and different interpretations or estimates may have a material effect on the amount reported in net income.

The Company discontinues hedge accounting prospectively when: (i) it is determined that the derivative is no longer highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item; (ii) the derivative expires, is sold, terminated, or exercised; (iii) it is no longer probable that the hedged forecasted transaction will occur; or (iv) the derivative is de-designated as a hedging instrument.

When hedge accounting is discontinued because it is determined that the derivative is not highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item, the derivative continues to be carried on the balance sheet at its estimated fair value, with changes in estimated fair value recognized in net derivative gains (losses). The carrying value of the hedged recognized asset or liability under a fair value hedge is no longer adjusted for changes in its estimated fair value due to the hedged risk, and the cumulative adjustment to its carrying value is amortized into income over the remaining life of the hedged item. Provided the hedged forecasted transaction is still probable of occurrence, the changes in estimated fair value of derivatives recorded in OCI related to discontinued cash flow hedges are released into the statement of operations when the Company’s earnings are affected by the variability in cash flows of the hedged item.

When hedge accounting is discontinued because it is no longer probable that the forecasted transactions will occur on the anticipated date or within two months of that date, the derivative continues to be carried on the balance sheet at its estimated fair value, with changes in estimated fair value recognized currently in net derivative gains (losses). Deferred gains and losses of a derivative recorded in OCI pursuant to the discontinued cash flow hedge of a forecasted transaction that is no longer probable are recognized immediately in net derivative gains (losses).

In all other situations in which hedge accounting is discontinued, the derivative is carried at its estimated fair value on the balance sheet, with changes in its estimated fair value recognized in the current period as net derivative gains (losses).

Embedded Derivatives

The Company sells variable annuities and issues certain insurance products and investment contracts and is a party to certain reinsurance agreements that have embedded derivatives. The Company assesses each identified embedded derivative to determine whether it is required to be bifurcated. The embedded derivative is bifurcated from the host contract and accounted for as a freestanding derivative if:


•	the combined instrument is not accounted for in its entirety at estimated fair value with changes in estimated fair value recorded in earnings;


•	the terms of the embedded derivative are not clearly and closely related to the economic characteristics of the host contract; and


•	a separate instrument with the same terms as the embedded derivative would qualify as a derivative instrument.

Such embedded derivatives are carried on the balance sheet at estimated fair value with the host contract and changes in their estimated fair value are generally reported in net derivative gains (losses), except for those in policyholder benefits and claims related to ceded reinsurance of GMIB. If the Company is unable to properly identify and measure an embedded derivative for separation from its host contract, the entire contract is carried on the balance sheet at estimated fair value, with changes in estimated fair value recognized in the current period in net investment gains (losses) or net investment income. Additionally, the Company may elect to carry an entire contract on the balance sheet at estimated fair value, with changes in estimated fair value recognized in the current period in net investment gains (losses) or net investment income if that contract contains an embedded derivative that requires bifurcation.

See Note 6 for information about the fair value hierarchy for derivatives.

Derivative Strategies

The Company is exposed to various risks relating to its ongoing business operations, including interest rate, foreign currency exchange rate, credit and equity market. The Company uses a variety of strategies to manage these risks, including the use of derivatives.

Derivatives are financial instruments with values derived from interest rates, foreign currency exchange rates, credit spreads and/or other financial indices. Derivatives may be exchange-traded or contracted in the over-the-counter (“OTC”) market. Certain of the Company’s OTC derivatives are cleared and settled through central clearing counterparties (“OTC-cleared”), while others are bilateral contracts between two counterparties (“OTC-bilateral”). The types of derivatives the Company uses include swaps, forwards, futures and option contracts. To a lesser extent, the Company uses credit default swaps to synthetically replicate investment risks and returns which are not readily available in the cash markets.

Interest Rate Derivatives

The Company uses a variety of interest rate derivatives to reduce its exposure to changes in interest rates, including interest rate swaps, interest rate total return swaps, caps, floors, swaptions and futures.

Interest rate swaps are used by the Company primarily to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and liabilities (duration mismatches). In an interest rate swap, the Company agrees with another party to exchange, at specified intervals, the difference between fixed rate and floating rate interest amounts as calculated by reference to an agreed notional amount. The Company utilizes interest rate swaps in fair value, cash flow and nonqualifying hedging relationships.

Interest rate total return swaps are swaps whereby the Company agrees with another party to exchange, at specified intervals, the difference between the economic risk and reward of an asset or a market index and the London Interbank Offered Rate (“LIBOR”), calculated by reference to an agreed notional amount. No cash is exchanged at the outset of the contract. Cash is paid and received over the life of the contract based on the terms of the swap. These transactions are entered into pursuant to master agreements that provide for a single net payment to be made by the counterparty at each due date. Interest rate total return swaps are used by the Company to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and liabilities (duration mismatches). The Company utilizes interest rate total return swaps in nonqualifying hedging relationships.

The Company purchases interest rate caps and floors primarily to protect its floating rate liabilities against rises in interest rates above a specified level, and against interest rate exposure arising from mismatches between assets and liabilities, as well as to protect its minimum rate guarantee liabilities against declines in interest rates below a specified level, respectively. In certain instances, the Company locks in the economic impact of existing purchased caps and floors by entering into offsetting written caps and floors. The Company utilizes interest rate caps and floors in nonqualifying hedging relationships.

In exchange-traded interest rate (Treasury and swap) futures transactions, the Company agrees to purchase or sell a specified number of contracts, the value of which is determined by the different classes of interest rate securities, and to post variation margin on a daily basis in an amount equal to the difference in the daily market values of those contracts. The Company enters into exchange-traded futures with regulated futures commission merchants that are members of the exchange. Exchange-traded interest rate (Treasury and swap) futures are used primarily to hedge mismatches between the duration of assets in a portfolio and the duration of liabilities supported by those assets, to hedge against changes in value of securities the Company owns or anticipates acquiring, to hedge against changes in interest rates on anticipated liability issuances by replicating Treasury or swap curve performance, and to hedge minimum guarantees embedded in certain variable annuity products offered by the Company. The Company utilizes exchange-traded interest rate futures in nonqualifying hedging relationships.

Swaptions are used by the Company to hedge interest rate risk associated with the Company’s long-term liabilities and invested assets. A swaption is an option to enter into a swap with a forward starting effective date. In certain instances, the Company locks in the economic impact of existing purchased swaptions by entering into offsetting written swaptions. The Company pays a premium for purchased swaptions and receives a premium for written swaptions. The Company utilizes swaptions in nonqualifying hedging relationships. Swaptions are included in interest rate options.

Foreign Currency Exchange Rate Derivatives

The Company uses foreign currency swaps to reduce the risk from fluctuations in foreign currency exchange rates associated with its assets and liabilities denominated in foreign currencies. In a foreign currency swap transaction, the Company agrees with another party to exchange, at specified intervals, the difference between one currency and another at a fixed exchange rate, generally set at inception, calculated by reference to an agreed upon notional amount. The notional amount of each currency is exchanged at the inception and termination of the currency swap by each party. The Company utilizes foreign currency swaps in cash flow and nonqualifying hedging relationships.

To a lesser extent, the Company uses foreign currency forwards in nonqualifying hedging relationships.

Credit Derivatives

The Company enters into purchased credit default swaps to hedge against credit-related changes in the value of its investments. In a credit default swap transaction, the Company agrees with another party to pay, at specified intervals, a premium to hedge credit risk. If a credit event occurs, as defined by the contract, the contract may be cash settled or it may be settled gross by the delivery of par quantities of the referenced investment equal to the specified swap notional amount in exchange for the payment of cash amounts by the counterparty equal to the par value of the investment surrendered. Credit events vary by type of issuer but typically include bankruptcy, failure to pay debt obligations, repudiation, moratorium, involuntary restructuring or governmental intervention. In each case, payout on a credit default swap is triggered only after the Credit Derivatives Determinations Committee of the International Swaps and Derivatives Association, Inc. (“ISDA”) deems that a credit event has occurred. The Company utilizes credit default swaps in nonqualifying hedging relationships.

The Company enters into written credit default swaps to synthetically create credit investments that are either more expensive to acquire or otherwise unavailable in the cash markets. These transactions are a combination of a derivative and one or more cash instruments, such as U.S. government and agency securities or other fixed maturity securities. These credit default swaps are not designated as hedging instruments.

Equity Derivatives

The Company uses a variety of equity derivatives to reduce its exposure to equity market risk, including equity index options, equity variance swaps, exchange-traded equity futures and equity total return swaps.

Equity index options are used by the Company primarily to hedge minimum guarantees embedded in certain variable annuity products offered by the Company. To hedge against adverse changes in equity indices, the Company enters into contracts to sell the equity index within a limited time at a contracted price. The contracts will be net settled in cash based on differentials in the indices at the time of exercise and the strike price. Certain of these contracts may also contain settlement provisions linked to interest rates. In certain instances, the Company may enter into a combination of transactions to hedge adverse changes in equity indices within a pre-determined range through the purchase and sale of options. The Company utilizes equity index options in nonqualifying hedging relationships.

Equity variance swaps are used by the Company primarily to hedge minimum guarantees embedded in certain variable annuity products offered by the Company. In an equity variance swap, the Company agrees with another party to exchange amounts in the future, based on changes in equity volatility over a defined period. The Company utilizes equity variance swaps in nonqualifying hedging relationships.

In exchange-traded equity futures transactions, the Company agrees to purchase or sell a specified number of contracts, the value of which is determined by the different classes of equity securities, and to post variation margin on a daily basis in an amount equal to the difference in the daily market values of those contracts. The Company enters into exchange-traded futures with regulated futures commission merchants that are members of the exchange. Exchange-traded equity futures are used primarily to hedge minimum guarantees embedded in certain variable annuity products offered by the Company. The Company utilizes exchange-traded equity futures in nonqualifying hedging relationships.

In an equity total return swap, the Company agrees with another party to exchange, at specified intervals, the difference between the economic risk and reward of an asset or a market index and the LIBOR, calculated by reference to an agreed notional amount. No cash is exchanged at the outset of the contract. Cash is paid and received over the life of the contract based on the terms of the swap. The Company uses equity total return swaps to hedge its equity market guarantees in certain of its insurance products. Equity total return swaps can be used as hedges or to synthetically create investments. The Company utilizes equity total return swaps in nonqualifying hedging relationships.

Primary Risks Managed by Derivatives

The following table presents the primary underlying risk exposure, gross notional amount, and estimated fair value of the Company’s derivatives, excluding embedded derivatives, held at:



		June 30, 2017						December 31, 2016
	Primary Underlying Risk Exposure	Gross Notional Amount		Estimated Fair Value				Gross Notional Amount		Estimated Fair Value
	Primary Underlying Risk Exposure	Gross Notional Amount		Assets		Liabilities		Gross Notional Amount		Assets		Liabilities
		(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges:
Interest rate swaps	Interest rate	$	225	$	43	$	—	$	310	$	41	$	—
Cash flow hedges:
Interest rate swaps	Interest rate	45		8		—		45		7		—
Foreign currency swaps	Foreign currency exchange rate	1,536		149		24		1,493		202		11
Subtotal		1,581		157		24		1,538		209		11
Total qualifying hedges		1,806		200		24		1,848		250		11
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	20,238		1,012		815		28,175		1,928		1,687
Interest rate floors	Interest rate	—		—		—		2,100		6		2
Interest rate caps	Interest rate	8,542		9		—		12,042		25		—
Interest rate futures	Interest rate	282		—		1		1,288		9		—
Interest rate options	Interest rate	20,800		132		—		15,520		136		—
Interest rate total return swaps	Interest rate	3,150		—		380		3,876		—		611
Foreign currency swaps	Foreign currency exchange rate	919		93		10		1,261		155		4
Foreign currency forwards	Foreign currency exchange rate	144		—		3		158		9		—
Credit default swaps — purchased	Credit	37		—		—		37		—		—
Credit default swaps — written	Credit	1,901		34		1		1,913		28		—
Equity futures	Equity market	3,336		2		1		8,037		38		—
Equity index options	Equity market	62,027		1,195		1,420		37,501		897		934
Equity variance swaps	Equity market	14,894		167		590		14,894		140		517
Equity total return swaps	Equity market	1,617		3		48		2,855		1		117
Total non-designated or nonqualifying derivatives		137,887		2,647		3,269		129,657		3,372		3,872
Total		$	139,693	$	2,847	$	3,293	$	131,505	$	3,622	$	3,883

Based on gross notional amounts, a substantial portion of the Company’s derivatives was not designated or did not qualify as part of a hedging relationship at both June 30, 2017 and December 31, 2016. The Company’s use of derivatives includes (i) derivatives that serve as macro hedges of the Company’s exposure to various risks and that generally do not qualify for hedge accounting due to the criteria required under the portfolio hedging rules; (ii) derivatives that economically hedge insurance liabilities that contain mortality or morbidity risk and that generally do not qualify for hedge accounting because the lack of these risks in the derivatives cannot support an expectation of a highly effective hedging relationship; (iii) derivatives that economically hedge embedded derivatives that do not qualify for hedge accounting because the changes in estimated fair value of the embedded derivatives are already recorded in net income; and (iv) written credit default swaps that are used to synthetically create credit investments and that do not qualify for hedge accounting because they do not involve a hedging relationship. For these nonqualified derivatives, changes in market factors can lead to the recognition of fair value changes on the statement of operations without an offsetting gain or loss recognized in earnings for the item being hedged.

Net Derivative Gains (Losses)

The components of net derivative gains (losses) were as follows:



	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
	(In millions)
Freestanding derivatives and hedging gains (losses) (1)	$	(216	)	$	515		$	(1,351	)	$	1,290
Embedded derivatives gains (losses)	138			(3,488		)	308			(3,970		)
Total net derivative gains (losses)	$	(78	)	$	(2,973	)	$	(1,043	)	$	(2,680	)

__________________


(1)	Includes foreign currency transaction gains (losses) on hedged items in cash flow and nonqualifying hedging relationships, which are not presented elsewhere in this note.

The following table presents earned income on derivatives:



	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
	(In millions)
Qualifying hedges:
Net investment income	$	6	$	5	$	12	$	9
Nonqualifying hedges:
Net derivative gains (losses)	67		99		186		196
Policyholder benefits and claims	3		4		7		7
Total	$	76	$	108	$	205	$	212

Nonqualifying Derivatives and Derivatives for Purposes Other Than Hedging

The following table presents the amount and location of gains (losses) recognized in income for derivatives that were not designated or qualifying as hedging instruments:



	Net Derivative Gains (Losses)			Net Investment Income (1)			Policyholder Benefits and Claims (2)
	(In millions)
Three Months Ended June 30, 2017
Interest rate derivatives	$	205		$	—		$	3
Foreign currency exchange rate derivatives	(22		)	—			—
Credit derivatives — written	5			—			—
Equity derivatives	(473		)	(1		)	(93		)
Total	$	(285	)	$	(1	)	$	(90	)
Three Months Ended June 30, 2016
Interest rate derivatives	$	599		$	—		$	10
Foreign currency exchange rate derivatives	31			—			—
Credit derivatives — written	(1		)	—			—
Equity derivatives	(215		)	(1		)	(47		)
Total	$	414		$	(1	)	$	(37	)
Six Months Ended June 30, 2017
Interest rate derivatives	$	(64	)	$	—		$	2
Foreign currency exchange rate derivatives	(42		)	—			—
Credit derivatives — written	11			—			—
Equity derivatives	(1,412		)	(1		)	(277		)
Total	$	(1,507	)	$	(1	)	$	(275	)
Six Months Ended June 30, 2016
Interest rate derivatives	$	1,416		$	—		$	29
Foreign currency exchange rate derivatives	32			—			—
Credit derivatives — written	(1		)	—			—
Equity derivatives	(351		)	(4		)	(17		)
Total	$	1,096		$	(4	)	$	12

__________________


(1)	Changes in estimated fair value related to economic hedges of equity method investments in joint ventures.


(2)	Changes in estimated fair value related to economic hedges of variable annuity guarantees included in future policy benefits.

Fair Value Hedges

The Company designates and accounts for interest rate swaps to convert fixed rate assets and liabilities to floating rate assets and liabilities as fair value hedges when they have met the requirements of fair value hedging.

The Company recognizes gains and losses on derivatives and the related hedged items in fair value hedges within net derivative gains (losses). The following table presents the amount of such net derivative gains (losses):



Derivatives in Fair Value Hedging Relationships	Hedged Items in Fair Value Hedging Relationships	Net Derivative Gains (Losses) Recognized for Derivatives			Net Derivative Gains (Losses) Recognized for Hedged Items			Ineffectiveness Recognized in Net Derivative Gains (Losses)
		(In millions)
Three Months Ended June 30, 2017
Interest rate swaps:	Fixed maturity securities	$	—		$	—		$	—
	Policyholder liabilities (1)	3			(3		)	—
Total		$	3		$	(3	)	$	—
Three Months Ended June 30, 2016
Interest rate swaps:	Fixed maturity securities	$	(1	)	$	—		$	(1	)
	Policyholder liabilities (1)	10			(10		)	—
Total		$	9		$	(10	)	$	(1	)
Six Months Ended June 30, 2017
Interest rate swaps:	Fixed maturity securities	$	—		$	—		$	—
	Policyholder liabilities (1)	1			(1		)	—
Total		$	1		$	(1	)	$	—
Six Months Ended June 30, 2016
Interest rate swaps:	Fixed maturity securities	$	(3	)	$	2		$	(1	)
	Policyholder liabilities (1)	24			(24		)	—
Total		$	21		$	(22	)	$	(1	)

__________________


(1)	Fixed rate liabilities reported in policyholder account balances or future policy benefits.

All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.

Cash Flow Hedges

The Company designates and accounts for the following as cash flow hedges when they have met the requirements of cash flow hedging: (i) interest rate swaps to convert floating rate assets and liabilities to fixed rate assets and liabilities; (ii) foreign currency swaps to hedge the foreign currency cash flow exposure of foreign currency denominated assets and liabilities; (iii) interest rate forwards and credit forwards to lock in the price to be paid for forward purchases of investments; and (iv) interest rate swaps and interest rate forwards to hedge the forecasted purchases of fixed-rate investments.

In certain instances, the Company discontinued cash flow hedge accounting because the forecasted transactions were no longer probable of occurring. Because certain of the forecasted transactions also were not probable of occurring within two months of the anticipated date, the Company reclassified amounts from AOCI into net derivative gains (losses). For the three months and six months ended June 30, 2017, there were $0 and $12 million, respectively reclassified into net derivative gains (losses) related to such discounted cash flow hedges. For the three months and six months ended June 30, 2016, there were no amounts reclassified into net derivative gains (losses) related to such discontinued cash flow hedges.

At June 30, 2017 and December 31, 2016, the maximum length of time over which the Company was hedging its exposure to variability in future cash flows for forecasted transactions did not exceed two years and three years, respectively.

At June 30, 2017 and December 31, 2016, the balance in AOCI associated with cash flow hedges was $346 million and $414 million, respectively.

The following table presents the effects of derivatives in cash flow hedging relationships on the combined statements of operations and comprehensive income (loss) and the combined statements of shareholder’s net investment and noncontrolling interests:



Derivatives in Cash Flow Hedging Relationships	Amount of Gains (Losses) Deferred in AOCI on Derivatives			Amount and Location of Gains (Losses) Reclassified from AOCI into Income (Loss)					Amount and Location of Gains (Losses) Recognized in Income (Loss) on Derivatives
	(Effective Portion)			(Effective Portion)					(Ineffective Portion)
				Net Derivative Gains (Losses)			Net Investment Income		Net Derivative Gains (Losses)
				(In millions)
Three Months Ended June 30, 2017
Interest rate swaps	$	1		$	—		$	1	$	—
Interest rate forwards	1			2			—		—
Foreign currency swaps	(35		)	1			—		—
Total	$	(33	)	$	3		$	1	$	—
Three Months Ended June 30, 2016
Interest rate swaps	$	11		$	12		$	1	$	—
Interest rate forwards	3			(1		)	—		—
Foreign currency swaps	62			(1		)	—		—
Total	$	76		$	10		$	1	$	—
Six Months Ended June 30, 2017
Interest rate swaps	$	1		$	—		$	2	$	—
Interest rate forwards	1			2			1		—
Foreign currency swaps	(54		)	11			—		—
Total	$	(52	)	$	13		$	3	$	—
Six Months Ended June 30, 2016
Interest rate swaps	$	36		$	12		$	1	$	—
Interest rate forwards	7			1			1		—
Foreign currency swaps	48			1			—		—
Total	$	91		$	14		$	2	$	—

All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.

At June 30, 2017, the Company expects to reclassify $26 million of deferred net gains (losses) on derivatives in AOCI to earnings within the next 12 months.

Credit Derivatives

In connection with synthetically created credit investment transactions, the Company writes credit default swaps for which it receives a premium to insure credit risk. Such credit derivatives are included within the nonqualifying derivatives and derivatives for purposes other than hedging table. If a credit event occurs, as defined by the contract, the contract may be cash settled or it may be settled gross by the Company paying the counterparty the specified swap notional amount in exchange for the delivery of par quantities of the referenced credit obligation. The Company’s maximum amount at risk, assuming the value of all referenced credit obligations is zero, was $1.9 billion at both June 30, 2017 and December 31, 2016. The Company can terminate these contracts at any time through cash settlement with the counterparty at an amount equal to the then current estimated fair value of the credit default swaps. At June 30, 2017 and December 31, 2016, the Company would have received $33 million and $28 million, respectively, to terminate all of these contracts.

The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps at:



	June 30, 2017						December 31, 2016
Rating Agency Designation of Referenced Credit Obligations (1)	Estimated Fair Value of Credit Default Swaps			Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity (2)	Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity (2)
	(Dollars in millions)
Aaa/Aa/A
Single name credit default swaps (3)	$	1		$	25	3.1	$	—	$	45	2.2
Credit default swaps referencing indices	10			533		3.3	8		433		3.7
Subtotal	11			558		3.3	8		478		3.6
Baa
Single name credit default swaps (3)	1			110		1.5	2		180		1.6
Credit default swaps referencing indices	22			1,188		5.1	18		1,235		4.8
Subtotal	23			1,298		4.8	20		1,415		4.4
Ba
Single name credit default swaps (3)	(1		)	45		3.8	—		20		2.7
Credit default swaps referencing indices	—			—		—	—		—		—
Subtotal	(1		)	45		3.8	—		20		2.7
Total	$	33		$	1,901	4.3	$	28	$	1,913	4.2

__________________


(1)	The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s Investors Service (“Moody’s”), Standard & Poor’s Global Ratings (“S&P”) and Fitch Ratings. If no rating is available from a rating agency, then an internally developed rating is used.


(2)	The weighted average years to maturity of the credit default swaps is calculated based on weighted average gross notional amounts.


(3)	Single name credit default swaps may be referenced to the credit of corporations, foreign governments, or state and political subdivisions.

Credit Risk on Freestanding Derivatives

The Company may be exposed to credit-related losses in the event of nonperformance by its counterparties to derivatives. Generally, the current credit exposure of the Company’s derivatives is limited to the net positive estimated fair value of derivatives at the reporting date after taking into consideration the existence of master netting or similar agreements and any collateral received pursuant to such agreements.

The Company manages its credit risk related to derivatives by entering into transactions with creditworthy counterparties and establishing and monitoring exposure limits. The Company’s OTC-bilateral derivative transactions are generally governed by ISDA Master Agreements which provide for legally enforceable set-off and close-out netting of exposures to specific counterparties in the event of early termination of a transaction, which includes, but is not limited to, events of default and bankruptcy. In the event of an early termination, the Company is permitted to set off receivables from the counterparty against payables to the same counterparty arising out of all included transactions. Substantially all of the Company’s ISDA Master Agreements also include Credit Support Annex provisions which require both the pledging and accepting of collateral in connection with its OTC-bilateral derivatives.

The Company’s OTC-cleared derivatives are effected through central clearing counterparties and its exchange-traded derivatives are effected through regulated exchanges. Such positions are marked to market and margined on a daily basis (both initial margin and variation margin), and the Company has minimal exposure to credit-related losses in the event of nonperformance by counterparties to such derivatives.

See Note 6 for a description of the impact of credit risk on the valuation of derivatives.

The estimated fair values of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at:



	June 30, 2017						December 31, 2016
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement	Assets			Liabilities			Assets			Liabilities
	(In millions)
Gross estimated fair value of derivatives:
OTC-bilateral (1)	$	2,871		$	3,216		$	3,411		$	2,929
OTC-cleared (1), (6)	23			58			268			905
Exchange-traded	2			2			47			—
Total gross estimated fair value of derivatives (1)	2,896			3,276			3,726			3,834
Amounts offset on the combined balance sheets	—			—			—			—
Estimated fair value of derivatives presented on the combined balance sheets (1), (6)	2,896			3,276			3,726			3,834
Gross amounts not offset on the combined balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral	(2,377		)	(2,377		)	(2,231		)	(2,231		)
OTC-cleared	(2		)	(2		)	(165		)	(165		)
Exchange-traded	(1		)	(1		)	—			—
Cash collateral: (3), (4)
OTC-bilateral	(209		)	—			(653		)	—
OTC-cleared	(21		)	(22		)	(92		)	(740		)
Exchange-traded	—			—			—			—
Securities collateral: (5)
OTC-bilateral	(282		)	(807		)	(429		)	(698		)
OTC-cleared	—			(34		)	—			—
Exchange-traded	—			(1		)	—			—
Net amount after application of master netting agreements and collateral	$	4		$	32		$	156		$	—

__________________


(1)	At June 30, 2017 and December 31, 2016, derivative assets included income or expense accruals reported in accrued investment income or in other liabilities of $49 million and $104 million, respectively, and derivative liabilities included (income) or expense accruals reported in accrued investment income or in other liabilities of ($17) million and ($49) million, respectively.


(2)	Estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals.


(3)	Cash collateral received by the Company for OTC-bilateral and OTC-cleared derivatives is included in cash and cash equivalents, short-term investments or in fixed maturity securities, and the obligation to return it is included in payables for collateral under securities loaned and other transactions on the balance sheet.

(4)

The receivable for the return of cash collateral provided by the Company is inclusive of initial margin on exchange-traded and OTC-cleared derivatives and is included in premiums, reinsurance and other receivables on the balance sheet. The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements. At June 30, 2017 and December 31, 2016, the Company received excess cash collateral of $141 million and $4 million, respectively, and provided excess cash collateral of $0 and $25 million, respectively, which is not included in the table above due to the foregoing limitation.

(5)

Securities collateral received by the Company is held in separate custodial accounts and is not recorded on the balance sheet. Subject to certain constraints, the Company is permitted by contract to sell or re-pledge this collateral, but at June 30, 2017, none of the collateral had been sold or re-pledged. Securities collateral pledged by the Company is reported in fixed maturity securities on the balance sheet. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge this collateral. The amount of securities collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements and cash collateral. At June 30, 2017 and December 31, 2016, the Company received excess securities collateral with an estimated fair value of $157 million and $135 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At June 30, 2017 and December 31, 2016, the Company provided excess securities collateral with an estimated fair value of $161 million and $108 million, respectively, for its OTC-bilateral derivatives, and $278 million and $630 million, respectively, for its OTC-cleared derivatives, and $124 million and $453 million, respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation.


(6)	Effective January 3, 2017, the CME amended its rulebook, resulting in the characterization of variation margin transfers as settlement payments, as opposed to adjustments to collateral. See Note 1 for further information on the CME amendments.

The Company’s collateral arrangements for its OTC-bilateral derivatives generally require the counterparty in a net liability position, after considering the effect of netting agreements, to pledge collateral when the amount owed by that counterparty reaches a minimum transfer amount. A small number of these arrangements also include credit-contingent provisions that include a threshold above which collateral must be posted. Such agreements provide for a reduction of these thresholds (on a sliding scale that converges toward zero) in the event of downgrades in the credit ratings of the Company and/or the counterparty. In addition, substantially all of the Company’s netting agreements for derivatives contain provisions that require both the Company and the counterparty to maintain a specific investment grade credit rating from each of Moody’s and S&P. If a party’s financial strength or credit ratings were to fall below that specific investment grade credit rating, that party would be in violation of these provisions, and the other party to the derivatives could terminate the transactions and demand immediate settlement and payment based on such party’s reasonable valuation of the derivatives.

The following table presents the estimated fair value of the Company’s OTC-bilateral derivatives that are in a net liability position after considering the effect of netting agreements, together with the estimated fair value and balance sheet location of the collateral pledged. The Company’s collateral agreements require both parties to be fully collateralized, as such, the Company would not be required to post additional collateral as a result of a downgrade in its financial strength rating. OTC-bilateral derivatives that are not subject to collateral agreements are excluded from this table.



	June 30, 2017		December 31, 2016
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	839	$	698
Estimated Fair Value of Collateral Provided:
Fixed maturity securities	$	956	$	777
Cash	$	—	$	—
Fair Value of Incremental Collateral Provided Upon:
One-notch downgrade in financial strength rating	$	—	$	—
Downgrade in financial strength rating to a level that triggers full overnight collateralization or termination of the derivative position	$	—	$	—

__________________


(1)	After taking into consideration the existence of netting agreements.

Embedded Derivatives

The Company issues certain products or purchases certain investments that contain embedded derivatives that are required to be separated from their host contracts and accounted for as freestanding derivatives. These host contracts principally include: variable annuities with guaranteed minimum benefits, including GMWBs, GMABs and certain GMIBs; affiliated ceded reinsurance of guaranteed minimum benefits related to GMWBs, GMABs and certain GMIBs; affiliated assumed reinsurance of guaranteed minimum benefits related to GMWBs and certain GMIBs; funds withheld on assumed and ceded reinsurance; fixed annuities with equity-indexed returns; and certain debt and equity securities.

The following table presents the estimated fair value and balance sheet location of the Company’s embedded derivatives that have been separated from their host contracts at:



	Balance Sheet Location	June 30, 2017			December 31, 2016
		(In millions)
Embedded derivatives within asset host contracts:
Ceded guaranteed minimum benefits	Premiums, reinsurance and other receivables	$	241		$	628
Options embedded in debt or equity securities	Investments	(60		)	(49		)
Embedded derivatives within asset host contracts		$	181		$	579

Embedded derivatives within liability host contracts:
Direct guaranteed minimum benefits	Policyholder account balances	$	1,985		$	2,359
Assumed guaranteed minimum benefits	Policyholder account balances	—			460
Fixed annuities with equity indexed returns	Policyholder account balances	369			192
Embedded derivatives within liability host contracts		$	2,354		$	3,011

The following table presents changes in estimated fair value related to embedded derivatives:



	Three Months Ended June 30,					Six Months Ended June 30,
	2017		2016			2017			2016
	(In millions)
Net derivative gains (losses) (1), (2)	$	138	$	(3,488	)	$	308		$	(3,970	)
Policyholder benefits and claims	$	14	$	60		$	(1	)	$	105

__________________

(1)

The valuation of direct and assumed guaranteed minimum benefits includes a nonperformance risk adjustment. The amounts included in net derivative gains (losses) in connection with this adjustment were ($32) million and ($72) million for the three months and six months ended June 30, 2017, respectively, and $503 million and $641 million for the three months and six months ended June 30, 2016, respectively. In addition, the valuation of ceded guaranteed minimum benefits includes a nonperformance risk adjustment. The amounts included in net derivative gains (losses) in connection with this adjustment, were less than $1 million for both the three months and six months ended June 30, 2017, and ($48) million and ($72) million for the three months and six months ended June 30, 2016, respectively.


(2)	See Note 12 for discussion of affiliated net derivative gains (losses).

Fair Value

6 Months Ended

Jun. 30, 2017

Fair Value Disclosures [Abstract]

Fair Value

6. Fair Value

Considerable judgment is often required in interpreting market data to develop estimates of fair value, and the use of different assumptions or valuation methodologies may have a material effect on the estimated fair value amounts.

Recurring Fair Value Measurements

The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy, including those items for which the Company has elected the FVO, are presented below at:



	June 30, 2017
	Fair Value Hierarchy						Total Estimated Fair Value
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	21,010	$	1,402	$	22,412
U.S. government and agency	8,077		7,434		—		15,511
RMBS	—		6,996		1,172		8,168
Foreign corporate	—		5,673		954		6,627
State and political subdivision	—		4,043		—		4,043
CMBS	—		3,146		153		3,299
ABS	—		2,074		164		2,238
Foreign government	—		1,209		—		1,209
Total fixed maturity securities	8,077		51,585		3,845		63,507
Equity securities	41		103		134		278
Short-term investments	261		934		91		1,286
Commercial mortgage loans held by CSEs — FVO	—		123		—		123
Loans to affiliates	—		—		—		—
Derivative assets: (1)
Interest rate	—		1,204		—		1,204
Foreign currency exchange rate	—		242		—		242
Credit	—		24		10		34
Equity market	2		1,178		187		1,367
Total derivative assets	2		2,648		197		2,847
Embedded derivatives within asset host contracts (2)	—		—		241		241
Separate account assets (3)	457		115,103		6		115,566
Total assets	$	8,838	$	170,496	$	4,514	$	183,848
Liabilities
Derivative liabilities: (1)
Interest rate	$	1	$	815	$	380	$	1,196
Foreign currency exchange rate	—		37		—		37
Credit	—		1		—		1
Equity market	1		1,461		597		2,059
Total derivative liabilities	2		2,314		977		3,293
Embedded derivatives within liability host contracts (2)	—		—		2,354		2,354
Long-term debt of CSEs — FVO	—		16		—		16
Total liabilities	$	2	$	2,330	$	3,331	$	5,663



	December 31, 2016
	Fair Value Hierarchy						Total Estimated Fair Value
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	20,828	$	1,483	$	22,311
U.S. government and agency	6,210		6,880		—		13,090
RMBS	—		6,703		1,320		8,023
Foreign corporate	—		5,485		908		6,393
State and political subdivision	—		3,928		17		3,945
CMBS	—		3,645		167		3,812
ABS	—		2,428		224		2,652
Foreign government	—		1,162		—		1,162
Total fixed maturity securities	6,210		51,059		4,119		61,388
Equity securities	39		124		137		300
Short-term investments	718		568		2		1,288
Commercial mortgage loans held by CSEs — FVO	—		136		—		136
Loans to affiliates	—		1,090		—		1,090
Derivative assets: (1)
Interest rate	9		2,143		—		2,152
Foreign currency exchange rate	—		366		—		366
Credit	—		20		8		28
Equity market	38		859		179		1,076
Total derivative assets	47		3,388		187		3,622
Embedded derivatives within asset host contracts (2)	—		—		628		628
Separate account assets (3)	720		112,313		10		113,043
Total assets	$	7,734	$	168,678	$	5,083	$	181,495
Liabilities
Derivative liabilities: (1)
Interest rate	$	—	$	1,689	$	611	$	2,300
Foreign currency exchange rate	—		15		—		15
Credit	—		—		—		—
Equity market	—		1,038		530		1,568
Total derivative liabilities	—		2,742		1,141		3,883
Embedded derivatives within liability host contracts (2)	—		—		3,011		3,011
Long-term debt of CSEs — FVO	—		23		—		23
Total liabilities	$	—	$	2,765	$	4,152	$	6,917

__________________

(1)

Derivative assets are presented within other invested assets on the combined balance sheets and derivative liabilities are presented within other liabilities on the combined balance sheets. The amounts are presented gross in the tables above to reflect the presentation on the combined balance sheets, but are presented net for purposes of the rollforward in the Fair Value Measurements Using Significant Unobservable Inputs (Level 3) tables.

(2)

Embedded derivatives within asset host contracts are presented within premiums, reinsurance and other receivables and other invested assets on the combined balance sheets. Embedded derivatives within liability host contracts are presented within policyholder account balances on the combined balance sheets. At June 30, 2017 and December 31, 2016, debt and equity securities also included embedded derivatives of ($60) million and ($49) million, respectively.


(3)	Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders whose liability is reflected within separate account liabilities. Separate account liabilities are set equal to the estimated fair value of separate account assets.

The following describes the valuation methodologies used to measure assets and liabilities at fair value. The description includes the valuation techniques and key inputs for each category of assets or liabilities that are classified within Level 2 and Level 3 of the fair value hierarchy.

Investments

Valuation Controls and Procedures

On behalf of the Company and MetLife, Inc.’s Chief Investment Officer and Chief Financial Officer, a pricing and valuation committee that is independent of the trading and investing functions and comprised of senior management, provides oversight of control systems and valuation policies for securities, mortgage loans and derivatives. On a quarterly basis, this committee reviews and approves new transaction types and markets, ensures that observable market prices and market-based parameters are used for valuation, wherever possible, and determines that judgmental valuation adjustments, when applied, are based upon established policies and are applied consistently over time. This committee also provides oversight of the selection of independent third-party pricing providers and the controls and procedures to evaluate third party pricing. Historically, the Chief Accounting Officer periodically reported to the Audit Committee of MetLife, Inc.’s Board of Directors regarding compliance with fair value accounting standards.

The Company reviews its valuation methodologies on an ongoing basis and revises those methodologies when necessary based on changing market conditions. Assurance is gained on the overall reasonableness and consistent application of input assumptions, valuation methodologies and compliance with fair value accounting standards through controls designed to ensure valuations represent an exit price. Several controls are utilized, including certain monthly controls, which include, but are not limited to, analysis of portfolio returns to corresponding benchmark returns, comparing a sample of executed prices of securities sold to the fair value estimates, comparing fair value estimates to management’s knowledge of the current market, reviewing the bid/ask spreads to assess activity, comparing prices from multiple independent pricing services and ongoing due diligence to confirm that independent pricing services use market-based parameters. The process includes a determination of the observability of inputs used in estimated fair values received from independent pricing services or brokers by assessing whether these inputs can be corroborated by observable market data. The Company ensures that prices received from independent brokers, also referred to herein as “consensus pricing,” represent a reasonable estimate of fair value by considering such pricing relative to the Company’s knowledge of the current market dynamics and current pricing for similar financial instruments. While independent non-binding broker quotations are utilized, they are not used for a significant portion of the portfolio. For example, fixed maturity securities priced using independent non-binding broker quotations represent less than 1% of the total estimated fair value of fixed maturity securities and 6% of the total estimated fair value of Level 3 fixed maturity securities at June 30, 2017.

The Company also applies a formal process to challenge any prices received from independent pricing services that are not considered representative of estimated fair value. If prices received from independent pricing services are not considered reflective of market activity or representative of estimated fair value, independent non-binding broker quotations are obtained, or an internally developed valuation is prepared. Internally developed valuations of current estimated fair value, which reflect internal estimates of liquidity and nonperformance risks, compared with pricing received from the independent pricing services, did not produce material differences in the estimated fair values for the majority of the portfolio; accordingly, overrides were not material. This is, in part, because internal estimates of liquidity and nonperformance risks are generally based on available market evidence and estimates used by other market participants. In the absence of such market-based evidence, management’s best estimate is used.

Securities, Short-term Investments, Loans to Affiliates and Long-term Debt of CSEs — FVO

When available, the estimated fair value of these financial instruments is based on quoted prices in active markets that are readily and regularly obtainable. Generally, these are the most liquid of the Company’s securities holdings and valuation of these securities does not involve management’s judgment.

When quoted prices in active markets are not available, the determination of estimated fair value is based on market standard valuation methodologies, giving priority to observable inputs. The significant inputs to the market standard valuation methodologies for certain types of securities with reasonable levels of price transparency are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. When observable inputs are not available, the market standard valuation methodologies rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs can be based in large part on management’s judgment or estimation and cannot be supported by reference to market activity. Even though these inputs are unobservable, management believes they are consistent with what other market participants would use when pricing such securities and are considered appropriate given the circumstances.

The estimated fair value of loans to affiliates and long-term debt of CSEs — FVO is determined on a basis consistent with the methodologies described herein for securities.

The valuation of most instruments listed below is determined using independent pricing sources, matrix pricing, discounted cash flow methodologies or other similar techniques that use either observable market inputs or unobservable inputs.



Instrument		Level 2 Observable Inputs		Level 3 Unobservable Inputs
Fixed Maturity Securities
U.S. corporate and Foreign corporate securities
	Valuation Approaches: Principally the market and income approaches.			Valuation Approaches: Principally the market approach.
	Key Inputs:			Key Inputs:
	•	quoted prices in markets that are not active		•	illiquidity premium
	•	benchmark yields; spreads off benchmark yields; new issuances; issuer rating		•	delta spread adjustments to reflect specific credit-related issues
	•	trades of identical or comparable securities; duration		•	credit spreads
	•	Privately-placed securities are valued using the additional key inputs:		•	quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2
		•	market yield curve; call provisions
		•	observable prices and spreads for similar public or private securities that incorporate the credit quality and industry sector of the issuer	•	independent non-binding broker quotations
		•	delta spread adjustments to reflect specific credit-related issues
U.S. government and agency, State and political subdivision and Foreign government securities
	Valuation Approaches: Principally the market approach.			Valuation Approaches: Principally the market approach.
	Key Inputs:			Key Inputs:
	•	quoted prices in markets that are not active		•	independent non-binding broker quotations
	•	benchmark U.S. Treasury yield or other yields		•	quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2
	•	the spread off the U.S. Treasury yield curve for the identical security
	•	issuer ratings and issuer spreads; broker-dealer quotes		•	credit spreads
	•	comparable securities that are actively traded
Structured Securities
	Valuation Approaches: Principally the market and income approaches.			Valuation Approaches: Principally the market and income approaches.
	Key Inputs:			Key Inputs:
	•	quoted prices in markets that are not active		•	credit spreads
	•	spreads for actively traded securities; spreads off benchmark yields		•	quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2
	•	expected prepayment speeds and volumes
	•	current and forecasted loss severity; ratings; geographic region		•	independent non-binding broker quotations
	•	weighted average coupon and weighted average maturity
	•	average delinquency rates; debt-service coverage ratios
	•	issuance-specific information, including, but not limited to:
		•	collateral type; structure of the security; vintage of the loans
		•	payment terms of the underlying assets
		•	payment priority within the tranche; deal performance



Instrument	Level 2 Observable Inputs		Level 3 Unobservable Inputs
Equity Securities
	Valuation Approaches: Principally the market approach.		Valuation Approaches: Principally the market and income approaches.
	Key Input:		Key Inputs:
	•	quoted prices in markets that are not considered active	•	credit ratings; issuance structures
			•	quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2
			•	independent non-binding broker quotations
Short-term investments and Loans to Affiliates
	•	Short-term investments and loans to affiliates are of a similar nature and class to the fixed maturity and equity securities described above; accordingly, the valuation approaches and observable inputs used in their valuation are also similar to those described above.	•	Short-term investments are of a similar nature and class to the fixed maturity and equity securities described above; accordingly, the valuation approaches and unobservable inputs used in their valuation are also similar to those described above.
Commercial mortgage loans held by CSEs — FVO
	Valuation Approaches: Principally the market approach.		•	N/A
	Key Input:
	•	quoted securitization market price determined principally by independent pricing services using observable inputs

Separate Account Assets (1)
Mutual funds without readily determinable fair values as prices are not published publicly
	Key Input:		•	N/A
	•	quoted prices or reported net asset value (“NAV”) provided by the fund managers
Other limited partnership interests
	•	N/A	Valued giving consideration to the underlying holdings of the partnerships and by applying a premium or discount, if appropriate.
			Key Inputs:
			•	liquidity; bid/ask spreads; performance record of the fund manager
			•	other relevant variables that may impact the exit value of the particular partnership interest

__________________

(1)

Estimated fair value equals carrying value, based on the value of the underlying assets, including: mutual fund interests, fixed maturity securities, equity securities, derivatives, other limited partnership interests, short-term investments and cash and cash equivalents. Fixed maturity securities, equity securities, derivatives, short-term investments and cash and cash equivalents are similar in nature to the instruments described under “— Securities, Short-term Investments, Loans to Affiliates, and Long-term Debt of CSEs — FVO” and “— Derivatives — Freestanding Derivatives.”

Derivatives

The estimated fair value of derivatives is determined through the use of quoted market prices for exchange-traded derivatives, or through the use of pricing models for OTC-bilateral and OTC-cleared derivatives. The determination of estimated fair value, when quoted market values are not available, is based on market standard valuation methodologies and inputs that management believes are consistent with what other market participants would use when pricing such instruments. Derivative valuations can be affected by changes in interest rates, foreign currency exchange rates, financial indices, credit spreads, default risk, nonperformance risk, volatility, liquidity and changes in estimates and assumptions used in the pricing models. The valuation controls and procedures for derivatives are described in “— Investments.”

The significant inputs to the pricing models for most OTC-bilateral and OTC-cleared derivatives are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. Certain OTC-bilateral and OTC-cleared derivatives may rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs may involve significant management judgment or estimation. Even though unobservable, these inputs are based on assumptions deemed appropriate given the circumstances and management believes they are consistent with what other market participants would use when pricing such instruments.

Most inputs for OTC-bilateral and OTC-cleared derivatives are mid-market inputs but, in certain cases, liquidity adjustments are made when they are deemed more representative of exit value. Market liquidity, as well as the use of different methodologies, assumptions and inputs, may have a material effect on the estimated fair values of the Company’s derivatives and could materially affect net income.

The credit risk of both the counterparty and the Company are considered in determining the estimated fair value for all OTC-bilateral and OTC-cleared derivatives, and any potential credit adjustment is based on the net exposure by counterparty after taking into account the effects of netting agreements and collateral arrangements. The Company values its OTC-bilateral and OTC-cleared derivatives using standard swap curves which may include a spread to the risk-free rate, depending upon specific collateral arrangements. This credit spread is appropriate for those parties that execute trades at pricing levels consistent with similar collateral arrangements. As the Company and its significant derivative counterparties generally execute trades at such pricing levels and hold sufficient collateral, additional credit risk adjustments are not currently required in the valuation process. The Company’s ability to consistently execute at such pricing levels is in part due to the netting agreements and collateral arrangements that are in place with all of its significant derivative counterparties. An evaluation of the requirement to make additional credit risk adjustments is performed by the Company each reporting period.

Freestanding Derivatives

Level 2 Valuation Approaches and Key Inputs:

This level includes all types of derivatives utilized by the Company with the exception of exchange-traded derivatives included within Level 1 and those derivatives with unobservable inputs as described in Level 3.

Level 3 Valuation Approaches and Key Inputs:

These valuation methodologies generally use the same inputs as described in the corresponding sections for Level 2 measurements of derivatives. However, these derivatives result in Level 3 classification because one or more of the significant inputs are not observable in the market or cannot be derived principally from, or corroborated by, observable market data.

Freestanding derivatives are principally valued using the income approach. Valuations of non-option-based derivatives utilize present value techniques, whereas valuations of option-based derivatives utilize option pricing models. Key inputs are as follows:



Instrument		Interest Rate		Foreign Currency Exchange Rate		Credit		Equity Market
Inputs common to Level 2 and Level 3 by instrument type	•	swap yield curves	•	swap yield curves	•	swap yield curves	•	swap yield curves
	•	basis curves	•	basis curves	•	credit curves	•	spot equity index levels
	•	interest rate volatility (1)	•	currency spot rates	•	recovery rates	•	dividend yield curves
			•	cross currency basis curves			•	equity volatility (1)
Level 3	•	swap yield curves (2)	•	N/A	•	swap yield curves (2)	•	dividend yield curves (2)
	•	basis curves (2)			•	credit curves (2)	•	equity volatility (1), (2)
	•	repurchase rates			•	credit spreads	•	correlation between model inputs (1)
					•	repurchase rates
					•	independent non-binding broker quotations

______________


(1)	Option-based only.


(2)	Extrapolation beyond the observable limits of the curve(s).

Embedded Derivatives

Embedded derivatives principally include certain direct, assumed and ceded variable annuity guarantees, equity or bond indexed crediting rates within certain annuity contracts, and those related to funds withheld on ceded reinsurance agreements. Embedded derivatives are recorded at estimated fair value with changes in estimated fair value reported in net income.

The Company issues certain variable annuity products with guaranteed minimum benefits. GMWBs, GMABs and certain GMIBs contain embedded derivatives, which are measured at estimated fair value separately from the host variable annuity contract, with changes in estimated fair value reported in net derivative gains (losses). These embedded derivatives are classified within policyholder account balances on the combined balance sheets.

The Company’s actuarial department calculates the fair value of these embedded derivatives, which are estimated as the present value of projected future benefits minus the present value of projected future fees using actuarial and capital market assumptions including expectations concerning policyholder behavior. The calculation is based on in-force business, and is performed using standard actuarial valuation software which projects future cash flows from the embedded derivative over multiple risk neutral stochastic scenarios using observable risk-free rates.

Capital market assumptions, such as risk-free rates and implied volatilities, are based on market prices for publicly traded instruments to the extent that prices for such instruments are observable. Implied volatilities beyond the observable period are extrapolated based on observable implied volatilities and historical volatilities. Actuarial assumptions, including mortality, lapse, withdrawal and utilization, are unobservable and are reviewed at least annually based on actuarial studies of historical experience.

The valuation of these guarantee liabilities includes nonperformance risk adjustments and adjustments for a risk margin related to non-capital market inputs. The nonperformance adjustment is determined by taking into consideration publicly available information relating to spreads in the secondary market for MetLife, Inc.’s debt, including related credit default swaps. These observable spreads are then adjusted, as necessary, to reflect the priority of these liabilities and the claims paying ability of the issuing insurance subsidiaries as compared to MetLife, Inc.

Risk margins are established to capture the non-capital market risks of the instrument which represent the additional compensation a market participant would require to assume the risks related to the uncertainties of such actuarial assumptions as annuitization, premium persistency, partial withdrawal and surrenders. The establishment of risk margins requires the use of significant management judgment, including assumptions of the amount and cost of capital needed to cover the guarantees. These guarantees may be more costly than expected in volatile or declining equity markets. Market conditions including, but not limited to, changes in interest rates, equity indices, market volatility and foreign currency exchange rates; changes in nonperformance risk; and variations in actuarial assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, may result in significant fluctuations in the estimated fair value of the guarantees that could materially affect net income.

The Company assumed from an affiliated insurance company the risk associated with certain GMIBs. These embedded derivatives are included in policyholder account balances on the combined balance sheets with changes in estimated fair value reported in net derivative gains (losses). The value of the embedded derivatives on these assumed risks is determined using a methodology consistent with that described previously for the guarantees directly written by the Company.

The Company ceded to an affiliate the risk associated with certain of the GMIBs, GMABs and GMWBs described above that are also accounted for as embedded derivatives. In addition to ceding risks associated with guarantees that are accounted for as embedded derivatives, the Company also cedes, to an affiliated company, certain directly written GMIBs that are accounted for as insurance (i.e., not as embedded derivatives), but where the reinsurance agreement contains an embedded derivative. These embedded derivatives are included within premiums, reinsurance and other receivables on the combined balance sheets with changes in estimated fair value reported in net derivative gains (losses). The value of the embedded derivatives on the ceded risk is determined using a methodology consistent with that described previously for the guarantees directly written by the Company with the exception of the input for nonperformance risk that reflects the credit of the reinsurer.

The estimated fair value of the embedded derivatives within funds withheld related to certain ceded reinsurance is determined based on the change in estimated fair value of the underlying assets held by the Company in a reference portfolio backing the funds withheld liability. The estimated fair value of the underlying assets is determined as previously described in “— Securities, Short-term Investments, Loans to Affiliates, and Long-term Debt of CSEs — FVO.” The estimated fair value of these embedded derivatives is included, along with their funds withheld hosts, in other liabilities on the combined balance sheets with changes in estimated fair value recorded in net derivative gains (losses). Changes in the credit spreads on the underlying assets, interest rates and market volatility may result in significant fluctuations in the estimated fair value of these embedded derivatives that could materially affect net income.

The Company issues certain annuity contracts which allow the policyholder to participate in returns from equity indices. These equity indexed features are embedded derivatives which are measured at estimated fair value separately from the host fixed annuity contract, with changes in estimated fair value reported in net derivative gains (losses). These embedded derivatives are classified within policyholder account balances on the combined balance sheets.

The estimated fair value of the embedded equity indexed derivatives, based on the present value of future equity returns to the policyholder using actuarial and present value assumptions including expectations concerning policyholder behavior, is calculated by the Company’s actuarial department. The calculation is based on in-force business and uses standard capital market techniques, such as Black-Scholes, to calculate the value of the portion of the embedded derivative for which the terms are set. The portion of the embedded derivative covering the period beyond where terms are set is calculated as the present value of amounts expected to be spent to provide equity indexed returns in those periods. The valuation of these embedded derivatives also includes the establishment of a risk margin, as well as changes in nonperformance risk.

Embedded Derivatives Within Asset and Liability Host Contracts

Level 3 Valuation Approaches and Key Inputs:

Direct and assumed guaranteed minimum benefits

These embedded derivatives are principally valued using the income approach. Valuations are based on option pricing techniques, which utilize significant inputs that may include swap yield curves, currency exchange rates and implied volatilities. These embedded derivatives result in Level 3 classification because one or more of the significant inputs are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. Significant unobservable inputs generally include: the extrapolation beyond observable limits of the swap yield curves and implied volatilities, actuarial assumptions for policyholder behavior and mortality and the potential variability in policyholder behavior and mortality, nonperformance risk and cost of capital for purposes of calculating the risk margin.

Reinsurance ceded on certain guaranteed minimum benefits

These embedded derivatives are principally valued using the income approach. The valuation techniques and significant market standard unobservable inputs used in their valuation are similar to those described above in “— Direct and assumed guaranteed minimum benefits” and also include counterparty credit spreads.

Transfers between Levels

Overall, transfers between levels occur when there are changes in the observability of inputs and market activity. Transfers into or out of any level are assumed to occur at the beginning of the period.

Transfers between Levels 1 and 2:

For assets and liabilities measured at estimated fair value and still held at June 30, 2017, there were no transfers between Levels 1 and 2. For assets and liabilities measured at estimated fair value and still held at December 31, 2016, transfers between Levels 1 and 2 were not significant.

Transfers into or out of Level 3:

Assets and liabilities are transferred into Level 3 when a significant input cannot be corroborated with market observable data. This occurs when market activity decreases significantly and underlying inputs cannot be observed, current prices are not available, and/or when there are significant variances in quoted prices, thereby affecting transparency. Assets and liabilities are transferred out of Level 3 when circumstances change such that a significant input can be corroborated with market observable data. This may be due to a significant increase in market activity, a specific event, or one or more significant input(s) becoming observable.

Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3)

The following table presents certain quantitative information about the significant unobservable inputs used in the fair value measurement, and the sensitivity of the estimated fair value to changes in those inputs, for the more significant asset and liability classes measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at:



					June 30, 2017				December 31, 2016				Impact of Increase in Input on Estimated Fair Value (2)
	Valuation Techniques		Significant Unobservable Inputs		Range			Weighted Average (1)	Range			Weighted Average (1)	Impact of Increase in Input on Estimated Fair Value (2)
Fixed maturity securities (3)
U.S. corporate and foreign corporate	•	Matrix pricing	•	Offered quotes (4)	22	-	142	107	18	-	138	104	Increase
	•	Market pricing	•	Quoted prices (4)	13	-	559	104	13	-	700	99	Increase
	•	Consensus pricing	•	Offered quotes (4)	89	-	89	89	37	-	109	85	Increase
RMBS	•	Market pricing	•	Quoted prices (4)	49	-	113	93	38	-	111	91	Increase (5)
ABS	•	Market pricing	•	Quoted prices (4)	97	-	104	101	94	-	106	100	Increase (5)
	•	Consensus pricing	•	Offered quotes (4)	99	-	101	99	98	-	100	99	Increase (5)
CMBS	•	Market pricing	•	Quoted prices (4)	40	-	101	90	20	-	104	104	Increase (5)
Derivatives
Interest rate	•	Present value techniques	•	Repurchase rates (7)	—	-	13		(44)	-	18		Decrease (6)
Credit	•	Present value techniques	•	Credit spreads (8)	96	-	98		97	-	98		Decrease (6)
	•	Consensus pricing	•	Offered quotes (9)
Equity market	•	Present value techniques or option pricing models	•	Volatility (10)	10%	-	34%		14%	-	32%		Increase (6)
			•	Correlation (11)	70%	-	70%		40%	-	40%
Embedded derivatives
Direct, assumed and ceded guaranteed minimum benefits	•	Option pricing techniques	•	Mortality rates:
				Ages 0 - 40	0%	-	0.09%		0%	-	0.09%		Decrease (12)
				Ages 41 - 60	0.04%	-	0.65%		0.04%	-	0.65%		Decrease (12)
				Ages 61 - 115	0.26%	-	100%		0.26%	-	100%		Decrease (12)
			•	Lapse rates:
				Durations 1 - 10	0.25%	-	100%		0.25%	-	100%		Decrease (13)
				Durations 11 - 20	2%	-	100%		2%	-	100%		Decrease (13)
				Durations 21 - 116	2%	-	100%		2%	-	100%		Decrease (13)
			•	Utilization rates	0%	-	25%		0%	-	25%		Increase (14)
			•	Withdrawal rates	0.25%	-	10%		0.25%	-	10%		(15)
			•	Long-term equity volatilities	17.40%	-	25%		17.40%	-	25%		Increase (16)
			•	Nonperformance risk spread	0.03%	-	0.47%		0.04%	-	0.57%		Decrease (17)

___________________


(1)	The weighted average for fixed maturity securities is determined based on the estimated fair value of the securities.


(2)	The impact of a decrease in input would have the opposite impact on estimated fair value. For embedded derivatives, changes to direct and assumed guaranteed minimum benefits are based on liability positions; changes to ceded guaranteed minimum benefits are based on asset positions.


(3)	Significant increases (decreases) in expected default rates in isolation would result in substantially lower (higher) valuations.


(4)	Range and weighted average are presented in accordance with the market convention for fixed maturity securities of dollars per hundred dollars of par.


(5)	Changes in the assumptions used for the probability of default is accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumptions used for prepayment rates.


(6)	Changes in estimated fair value are based on long U.S. dollar net asset positions and will be inversely impacted for short U.S. dollar net asset positions.


(7)	Ranges represent different repurchase rates utilized as components within the valuation methodology and are presented in basis points.


(8)	Represents the risk quoted in basis points of a credit default event on the underlying instrument. Credit derivatives with significant unobservable inputs are primarily comprised of written credit default swaps.


(9)	At June 30, 2017 and December 31, 2016, independent non-binding broker quotations were used in the determination of 2% and 3%, respectively, of the total net derivative estimated fair value.


(10)	Ranges represent the underlying equity volatility quoted in percentage points. Since this valuation methodology uses a range of inputs across multiple volatility surfaces to value the derivative, presenting a range is more representative of the unobservable input used in the valuation.


(11)	Ranges represent the different correlation factors utilized as components within the valuation methodology. Presenting a range of correlation factors is more representative of the unobservable input used in the valuation. Increases (decreases) in correlation in isolation will increase (decrease) the significance of the change in valuations.


(12)	Mortality rates vary by age and by demographic characteristics such as gender. Mortality rate assumptions are based on company experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(13)

Base lapse rates are adjusted at the contract level based on a comparison of the actuarially calculated guaranteed values and the current policyholder account value, as well as other factors, such as the applicability of any surrender charges. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in the money contracts are less likely to lapse. Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. For any given contract, lapse rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(14)

The utilization rate assumption estimates the percentage of contractholders with a GMIB or lifetime withdrawal benefit who will elect to utilize the benefit upon becoming eligible. The rates may vary by the type of guarantee, the amount by which the guaranteed amount is greater than the account value, the contract’s withdrawal history and by the age of the policyholder. For any given contract, utilization rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(15)

The withdrawal rate represents the percentage of account balance that any given policyholder will elect to withdraw from the contract each year. The withdrawal rate assumption varies by age and duration of the contract, and also by other factors such as benefit type. For any given contract, withdrawal rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. For GMWBs, any increase (decrease) in withdrawal rates results in an increase (decrease) in the estimated fair value of the guarantees. For GMABs and GMIBs, any increase (decrease) in withdrawal rates results in a decrease (increase) in the estimated fair value.


(16)	Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.


(17)	Nonperformance risk spread varies by duration and by currency. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the embedded derivative.

The following is a summary of the valuation techniques and significant unobservable inputs used in the fair value measurement of assets and liabilities classified within Level 3 that are not included in the preceding table. Generally, all other classes of securities classified within Level 3, including those within separate account assets use the same valuation techniques and significant unobservable inputs as previously described for Level 3 securities. This includes matrix pricing and discounted cash flow methodologies, inputs such as quoted prices for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2, as well as independent non-binding broker quotations. The sensitivity of the estimated fair value to changes in the significant unobservable inputs for these other assets and liabilities is similar in nature to that described in the preceding table.

The following tables summarize the change of all assets and (liabilities) measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3):



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities
	Corporate (1)			U.S. Government and Agency		Structured Securities			State and Political Subdivision			Foreign Government
	(In millions)
Three Months Ended June 30, 2017
Balance, beginning of period	$	2,403		$	—	$	1,640		$	7		$	—
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	1			—		6			—			—
Total realized/unrealized gains (losses) included in AOCI	23			—		21			—			—
Purchases (7)	171			—		24			—			—
Sales (7)	(248		)	—		(143		)	—			—
Issuances (7)	—			—		—			—			—
Settlements (7)	—			—		—			—			—
Transfers into Level 3 (8)	30			—		—			—			—
Transfers out of Level 3 (8)	(24		)	—		(59		)	(7		)	—
Balance, end of period	$	2,356		$	—	$	1,489		$	—		$	—
Three Months Ended June 30, 2016
Balance, beginning of period	$	2,463		$	20	$	1,756		$	8		$	—
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	—			—		8			—			—
Total realized/unrealized gains (losses) included in AOCI	75			1		(5		)	—			—
Purchases (7)	235			4		383			—			9
Sales (7)	(61		)	—		(143		)	—			—
Issuances (7)	—			—		—			—			—
Settlements (7)	—			—		—			—			—
Transfers into Level 3 (8)	102			—		12			—			—
Transfers out of Level 3 (8)	(41		)	—		(129		)	—			—
Balance, end of period	$	2,773		$	25	$	1,882		$	8		$	9
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2017 (9)	$	—		$	—	$	6		$	—		$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2016 (9)	$	—		$	—	$	8		$	—		$	—



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Equity Securities			Short-term Investments			Net Derivatives (2)			Net Embedded Derivatives (3)			Separate Account Assets (4)
	(In millions)
Three Months Ended June 30, 2017
Balance, beginning of period	$	142		$	1		$	(890	)	$	(2,021	)	$	15
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	1			—			106			162			—
Total realized/unrealized gains (losses) included in AOCI	1			—			—			—			—
Purchases (7)	—			91			4			—			7
Sales (7)	(10		)	—			—			—			(8		)
Issuances (7)	—			—			—			—			—
Settlements (7)	—			—			—			(254		)	(1		)
Transfers into Level 3 (8)	—			—			—			—			—
Transfers out of Level 3 (8)	—			(1		)	—			—			(7		)
Balance, end of period	$	134		$	91		$	(780	)	$	(2,113	)	$	6
Three Months Ended June 30, 2016
Balance, beginning of period	$	171		$	50		$	(243	)	$	(542	)	$	143
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	—			—			54			(3,409		)	—
Total realized/unrealized gains (losses) included in AOCI	3			—			4			—			—
Purchases (7)	—			111			4			—			—
Sales (7)	(1		)	—			—			—			—
Issuances (7)	—			—			—			—			—
Settlements (7)	—			—			(1		)	(139		)	—
Transfers into Level 3 (8)	—			—			—			—			—
Transfers out of Level 3 (8)	—			(50		)	—			—			(1		)
Balance, end of period	$	173		$	111		$	(182	)	$	(4,090	)	$	142
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2017 (9)	$	—		$	—		$	106		$	245		$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2016 (9)	$	—		$	—		$	57		$	(3,417	)	$	—



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities
	Corporate (1)			U.S. Government and Agency		Structured Securities			State and Political Subdivision			Foreign Government
	(In millions)
Six Months Ended June 30, 2017
Balance, beginning of period	$	2,391		$	—	$	1,711		$	17		$	—
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	(2		)	—		9			—			—
Total realized/unrealized gains (losses) included in AOCI	130			—		36			—			—
Purchases (7)	291			—		68			—			—
Sales (7)	(299		)	—		(231		)	—			—
Issuances (7)	—			—		—			—			—
Settlements (7)	—			—		—			—			—
Transfers into Level 3 (8)	3			—		—			—			—
Transfers out of Level 3 (8)	(158		)	—		(104		)	(17		)	—
Balance, end of period	$	2,356		$	—	$	1,489		$	—		$	—
Six Months Ended June 30, 2016
Balance, beginning of period	$	2,485		$	—	$	2,032		$	13		$	26
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	(13		)	—		13			—			—
Total realized/unrealized gains (losses) included in AOCI	176			2		(18		)	—			—
Purchases (7)	282			4		453			—			9
Sales (7)	(141		)	—		(235		)	—			—
Issuances (7)	—			—		—			—			—
Settlements (7)	—			—		—			—			—
Transfers into Level 3 (8)	166			19		24			—			—
Transfers out of Level 3 (8)	(182		)	—		(387		)	(5		)	(26		)
Balance, end of period	$	2,773		$	25	$	1,882		$	8		$	9
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2017 (9)	$	—		$	—	$	10		$	—		$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2016 (9)	$	(12	)	$	—	$	13		$	—		$	—



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Equity Securities			Short-term Investments			Net Derivatives (2)			Net Embedded Derivatives (3)			Separate Account Assets (4)
	(In millions)
Six Months Ended June 30, 2017
Balance, beginning of period	$	137		$	2		$	(954	)	$	(2,383	)	$	10
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	—			—			96			325			—
Total realized/unrealized gains (losses) included in AOCI	3			—			—			—			—
Purchases (7)	4			91			4			—			1
Sales (7)	(10		)	(1		)	—			—			(2		)
Issuances (7)	—			—			—			—			—
Settlements (7)	—			—			74			(55		)	—
Transfers into Level 3 (8)	—			—			—			—			2
Transfers out of Level 3 (8)	—			(1		)	—			—			(5		)
Balance, end of period	$	134		$	91		$	(780	)	$	(2,113	)	$	6
Six Months Ended June 30, 2016
Balance, beginning of period	$	97		$	47		$	(232	)	$	32		$	146
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	—			—			37			(3,847		)	—
Total realized/unrealized gains (losses) included in AOCI	—			—			8			—			—
Purchases (7)	—			111			7			—			1
Sales (7)	(13		)	(47		)	—			—			(4		)
Issuances (7)	—			—			—			—			—
Settlements (7)	—			—			(2		)	(275		)	—
Transfers into Level 3 (8)	129			—			—			—			—
Transfers out of Level 3 (8)	(40		)	—			—			—			(1		)
Balance, end of period	$	173		$	111		$	(182	)	$	(4,090	)	$	142
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2017 (9)	$	—		$	—		$	93		$	672		$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2016 (9)	$	—		$	—		$	43		$	(3,865	)	$	—

__________________


(1)	Comprised of U.S. and foreign corporate securities.


(2)	Freestanding derivative assets and liabilities are presented net for purposes of the rollforward.


(3)	Embedded derivative assets and liabilities are presented net for purposes of the rollforward.


(4)	Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders within separate account liabilities. Therefore, such changes in estimated fair value are not recorded in net income (loss). For the purpose of this disclosure, these changes are presented within net investment gains (losses).

(5)

Amortization of premium/accretion of discount is included within net investment income. Impairments charged to net income (loss) on securities are included in net investment gains (losses). Lapses associated with net embedded derivatives are included in net derivative gains (losses). Substantially all realized/unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivatives gains (losses).


(6)	Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward.


(7)	Items purchased/issued and then sold/settled in the same period are excluded from the rollforward. Fees attributed to embedded derivatives are included in settlements.


(8)	Gains and losses, in net income (loss) and OCI, are calculated assuming transfers into and/or out of Level 3 occurred at the beginning of the period. Items transferred into and then out of Level 3 in the same period are excluded from the rollforward.


(9)	Changes in unrealized gains (losses) included in net income (loss) relate to assets and liabilities still held at the end of the respective periods. Substantially all changes in unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).

Fair Value Option

The following table presents information for certain assets and liabilities of CSEs, which are accounted for under the FVO. These assets and liabilities were initially measured at fair value.



	June 30, 2017		December 31, 2016
	(In millions)
Assets (1)
Unpaid principal balance	$	76	$	88
Difference between estimated fair value and unpaid principal balance	47		48
Carrying value at estimated fair value	$	123	$	136
Liabilities (1)
Contractual principal balance	$	15	$	22
Difference between estimated fair value and contractual principal balance	1		1
Carrying value at estimated fair value	$	16	$	23

__________________

(1)

These assets and liabilities are comprised of commercial mortgage loans and long-term debt. Changes in estimated fair value on these assets and liabilities and gains or losses on sales of these assets are recognized in net investment gains (losses). Interest income on commercial mortgage loans held by CSEs — FVO is recognized in net investment income. Interest expense from long-term debt of CSEs — FVO is recognized in other expenses.

Fair Value of Financial Instruments Carried at Other Than Fair Value

The following tables provide fair value information for financial instruments that are carried on the balance sheet at amounts other than fair value. These tables exclude the following financial instruments: cash and cash equivalents, accrued investment income, payables for collateral under securities loaned and other transactions and those short-term investments that are not securities, such as time deposits, and therefore are not included in the three level hierarchy table disclosed in the “— Recurring Fair Value Measurements” section. The estimated fair value of the excluded financial instruments, which are primarily classified in Level 2, approximates carrying value as they are short-term in nature such that the Company believes there is minimal risk of material changes in interest rates or credit quality. All remaining balance sheet amounts excluded from the tables below are not considered financial instruments subject to this disclosure.

The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows at:



	June 30, 2017
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	10,140	$	—	$	—	$	10,405	$	10,405
Policy loans	$	1,513	$	—	$	778	$	992	$	1,770
Real estate joint ventures	$	6	$	—	$	—	$	27	$	27
Other limited partnership interests	$	42	$	—	$	—	$	41	$	41
Premiums, reinsurance and other receivables	$	1,862	$	—	$	170	$	2,220	$	2,390
Liabilities
Policyholder account balances	$	15,913	$	—	$	—	$	17,316	$	17,316
Long-term debt	$	3,000	$	—	$	3,006	$	—	$	3,006
Collateral financial arrangement	$	—	$	—	$	—	$	—	$	—
Other liabilities	$	573	$	—	$	361	$	212	$	573
Separate account liabilities	$	1,167	$	—	$	1,167	$	—	$	1,167



	December 31, 2016
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	9,242	$	—	$	—	$	9,387	$	9,387
Policy loans	$	1,517	$	—	$	780	$	978	$	1,758
Real estate joint ventures	$	12	$	—	$	—	$	44	$	44
Other limited partnership interests	$	44	$	—	$	—	$	42	$	42
Premiums, reinsurance and other receivables	$	2,789	$	—	$	834	$	2,449	$	3,283
Liabilities
Policyholder account balances	$	16,226	$	—	$	—	$	17,457	$	17,457
Long-term debt	$	1,887	$	—	$	2,117	$	—	$	2,117
Collateral financing arrangement	$	2,797	$	—	$	—	$	2,797	$	2,797
Other liabilities	$	323	$	—	$	110	$	213	$	323
Separate account liabilities	$	1,114	$	—	$	1,114	$	—	$	1,114

The methods, assumptions and significant valuation techniques and inputs used to estimate the fair value of financial instruments are summarized as follows:

Mortgage Loans

The estimated fair value of mortgage loans is primarily determined by estimating expected future cash flows and discounting them using current interest rates for similar mortgage loans with similar credit risk, or is determined from pricing for similar loans.

Policy Loans

Policy loans with fixed interest rates are classified within Level 3. The estimated fair values for these loans are determined using a discounted cash flow model applied to groups of similar policy loans determined by the nature of the underlying insurance liabilities. Cash flow estimates are developed by applying a weighted-average interest rate to the outstanding principal balance of the respective group of policy loans and an estimated average maturity determined through experience studies of the past performance of policyholder repayment behavior for similar loans. These cash flows are discounted using current risk-free interest rates with no adjustment for borrower credit risk, as these loans are fully collateralized by the cash surrender value of the underlying insurance policy. Policy loans with variable interest rates are classified within Level 2 and the estimated fair value approximates carrying value due to the absence of borrower credit risk and the short time period between interest rate resets, which presents minimal risk of a material change in estimated fair value due to changes in market interest rates.

Real Estate Joint Ventures and Other Limited Partnership Interests

The estimated fair values of these cost method investments are generally based on the Company’s share of the NAV as provided on the financial statements of the investees. In certain circumstances, management may adjust the NAV by a premium or discount when it has sufficient evidence to support applying such adjustments.

Premiums, Reinsurance and Other Receivables

Premiums, reinsurance and other receivables are principally comprised of certain amounts recoverable under reinsurance agreements, amounts on deposit with financial institutions to facilitate daily settlements related to certain derivatives and amounts receivable for securities sold but not yet settled.

Amounts recoverable under ceded reinsurance agreements, which the Company has determined do not transfer significant risk such that they are accounted for using the deposit method of accounting, have been classified as Level 3. The valuation is based on discounted cash flow methodologies using significant unobservable inputs. The estimated fair value is determined using interest rates determined to reflect the appropriate credit standing of the assuming counterparty.

The amounts on deposit for derivative settlements, classified within Level 2, essentially represent the equivalent of demand deposit balances and amounts due for securities sold are generally received over short periods such that the estimated fair value approximates carrying value.

Policyholder Account Balances

These policyholder account balances include investment contracts which primarily include certain funding agreements, fixed deferred annuities, modified guaranteed annuities, fixed term payout annuities and total control accounts. The valuation of these investment contracts is based on discounted cash flow methodologies using significant unobservable inputs. The estimated fair value is determined using current market risk-free interest rates adding a spread to reflect the nonperformance risk in the liability.

Long-term Debt and Collateral Financing Arrangement

The estimated fair values of long-term debt and the collateral financing arrangement are principally determined using market standard valuation methodologies. Valuations of instruments classified as Level 2 are based primarily on quoted prices in markets that are not active or using matrix pricing that use standard market observable inputs such as quoted prices in markets that are not active and observable yields and spreads in the market. Instruments valued using discounted cash flow methodologies use standard market observable inputs including market yield curve, duration, observable prices and spreads for similar publicly traded or privately traded issues.

Valuations of instruments classified as Level 3 are based primarily on discounted cash flow methodologies that utilize unobservable discount rates that can vary significantly based upon the specific terms of each individual arrangement. The determination of estimated fair value of the collateral financing arrangement incorporates valuations obtained from the counterparties to the arrangement, as part of the collateral management process.

Other Liabilities

Other liabilities consist primarily of interest payable, amounts due for securities purchased but not yet settled, funds withheld amounts payable, which are contractually withheld by the Company in accordance with the terms of the reinsurance agreements, and derivatives payable. The Company evaluates the specific terms, facts and circumstances of each instrument to determine the appropriate estimated fair values, which are not materially different from the carrying values.

Separate Account Liabilities

Separate account liabilities represent those balances due to policyholders under contracts that are classified as investment contracts.

Separate account liabilities classified as investment contracts primarily represent variable annuities with no significant mortality risk to the Company such that the death benefit is equal to the account balance and certain contracts that provide for benefit funding.

Since separate account liabilities are fully funded by cash flows from the separate account assets which are recognized at estimated fair value as described in the section “— Recurring Fair Value Measurements,” the value of those assets approximates the estimated fair value of the related separate account liabilities. The valuation techniques and inputs for separate account liabilities are similar to those described for separate account assets.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Debt

6 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

7. Debt and Collateral Financing Arrangement

Long-term debt outstanding was as follows:



	Interest Rate	Maturity	June 30, 2017		December 31, 2016
	(Dollars in millions)
Senior notes — unaffiliated	3.700%	2027	$	1,488	$	—
Senior notes — unaffiliated	4.700%	2047	1,476		—
Surplus notes — affiliated with MetLife, Inc.	8.595%	2038	—		750
Surplus note — affiliated with MetLife, Inc.	5.130%	2032	—		750
Surplus note — affiliated with MetLife, Inc.	6.000%	2033	—		350
Long-term debt — unaffiliated (1), (2)	7.028%	2030	36		37
Total long-term debt			$	3,000	$	1,887

Collateral financing arrangement	3-month LIBOR plus 0.70%	2037	$	—	$	2,797

______________


(1)	Excludes $16 million and $23 million at June 30, 2017 and December 31, 2016, respectively, of long-term debt relating to CSEs — FVO.


(2)	Represents non-recourse debt for which creditors have no access, subject to customary exceptions, to the general assets of the Company other than recourse to certain investment companies.

Senior Notes

On June 22, 2017, Brighthouse Financial, Inc. issued $1.5 billion of senior notes due in June 2027, which bear interest at a fixed rate of 3.70%, payable semi-annually, and $1.5 billion of senior notes due in June 2047, which bear interest at a fixed rate of 4.70%, payable semi-annually.

Surplus Notes — Affiliated

On June 16, 2017, MetLife, Inc. forgave the Company’s obligation to pay the principal under the $750 million aggregate principal amount, 8.595% surplus notes. The forgiveness of the surplus notes was treated as a capital transaction and recorded as an increase to additional paid-in-capital.

Reserve Financing Surplus Notes — Affiliated

On April 28, 2017, surplus note obligations with MetLife, Inc. totaling $1.1 billion, which were due on September 30, 2032 and December 31, 2033 and bore interest at 5.13% and 6.00%, respectively, were satisfied in a noncash exchange for $1.1 billion of loans outstanding from MetLife.

Collateral Financing Arrangement

On April 28, 2017, MetLife, Inc. and MRSC terminated the collateral financing arrangement associated with secondary guarantees. As a result, the $2.8 billion collateral financing arrangement liability outstanding was extinguished utilizing $2.8 billion of assets held in trust, which had been repositioned into short-term investments and cash equivalents, with the remaining assets held in trust returned to MetLife, Inc. See Note 4.

Committed Facilities and Reinsurance Financing Arrangement

On April 28, 2017, MetLife, Inc. and MetLife Reinsurance of Vermont terminated the $4.3 billion committed facility, and MetLife, Inc. and MRSC terminated the $3.5 billion committed facility.

On April 28, 2017, BRCD entered into a new financing arrangement with a pool of highly rated third party reinsurers and a total capacity of $10.0 billion. This financing arrangement consists of credit-linked notes that each have a term of 20 years. At June 30, 2017, there were no drawdowns on such notes and there was $8.1 billion of funding available under this arrangement.

Term Loan Facility

Effective with the issuances of the senior notes, total commitments under the $3.0 billion term loan facility (the “2016 Term Loan Facility”) were reduced by approximately $2.5 billion. See Note 13.

Equity

6 Months Ended

Jun. 30, 2017

Equity [Abstract]

Equity

8. Shareholder’s Net Investment

Capital Contribution

On June 16, 2017, MetLife, Inc. made a non-cash capital contribution of $750 million in the form of forgiveness of debt to the Company. See Note 7.

Noncontrolling Interest

On June 20, 2017, Brighthouse Holdings, LLC issued $50 million aggregate liquidation preference of fixed rate cumulative preferred units to MetLife, Inc. These preferred units are reported as noncontrolling interests on the interim condensed combined balance sheet. See Note 13 for further information regarding Brighthouse Holdings, LLC.

Accumulated Other Comprehensive Income (Loss)

Information regarding changes in the balances of each component of AOCI was as follows:



	Three Months Ended June 30, 2017
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)			Unrealized Gains (Losses) on Derivatives			Foreign Currency Translation Adjustments			Defined Benefit Plans Adjustment			Total
	(In millions)
Balance, beginning of period	$	1,310		$	248		$	(34	)	$	(18	)	$	1,506
OCI before reclassifications	649			(33		)	3			—			619
Deferred income tax benefit (expense)	(236		)	11			(2		)	1			(226		)
AOCI before reclassifications, net of income tax	1,723			226			(33		)	(17		)	1,899
Amounts reclassified from AOCI	(1		)	(4		)	—			—			(5		)
Deferred income tax benefit (expense)	(1		)	1			—			—			—
Amounts reclassified from AOCI, net of income tax	(2		)	(3		)	—			—			(5		)
Balance, end of period	$	1,721		$	223		$	(33	)	$	(17	)	$	1,894



	Three Months Ended June 30, 2016
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)			Unrealized Gains (Losses) on Derivatives			Foreign Currency Translation Adjustments			Defined Benefit Plans Adjustment			Total
	(In millions)
Balance, beginning of period	$	2,248		$	258		$	(35	)	$	(15	)	$	2,456
OCI before reclassifications	225			76			16			2			319
Deferred income tax benefit (expense)	(86		)	(27		)	(2		)	(1		)	(116		)
AOCI before reclassifications, net of income tax	2,387			307			(21		)	(14		)	2,659
Amounts reclassified from AOCI	(29		)	(11		)	—			(1		)	(41		)
Deferred income tax benefit (expense)	10			4			—			—			14
Amounts reclassified from AOCI, net of income tax	(19		)	(7		)	—			(1		)	(27		)
Balance, end of period	$	2,368		$	300		$	(21	)	$	(15	)	$	2,632



	Six Months Ended June 30, 2017
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)			Unrealized Gains (Losses) on Derivatives			Foreign Currency Translation Adjustments			Defined Benefit Plans Adjustment			Total
	(In millions)
Balance, beginning of period	$	1,044		$	268		$	(31	)	$	(16	)	$	1,265
OCI before reclassifications	962			(52		)	(4		)	(14		)	892
Deferred income tax benefit (expense)	(343		)	18			2			13			(310		)
AOCI before reclassifications, net of income tax	1,663			234			(33		)	(17		)	1,847
Amounts reclassified from AOCI	90			(16		)	—			—			74
Deferred income tax benefit (expense)	(32		)	5			—			—			(27		)
Amounts reclassified from AOCI, net of income tax	58			(11		)	—			—			47
Balance, end of period	$	1,721		$	223		$	(33	)	$	(17	)	$	1,894



	Six Months Ended June 30, 2016
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)			Unrealized Gains (Losses) on Derivatives			Foreign Currency Translation Adjustments			Defined Benefit Plans Adjustment			Total
	(In millions)
Balance, beginning of period	$	1,322		$	251		$	(32	)	$	(18	)	$	1,523
OCI before reclassifications	1,588			91			12			3			1,694
Deferred income tax benefit (expense)	(564		)	(32		)	(1		)	(1		)	(598		)
AOCI before reclassifications, net of income tax	2,346			310			(21		)	(16		)	2,619
Amounts reclassified from AOCI	34			(16		)	—			1			19
Deferred income tax benefit (expense)	(12		)	6			—			—			(6		)
Amounts reclassified from AOCI, net of income tax	22			(10		)	—			1			13
Balance, end of period	$	2,368		$	300		$	(21	)	$	(15	)	$	2,632

__________________


(1)	See Note 4 for information on offsets to investments related to future policy benefits, DAC, VOBA and DSI.

Information regarding amounts reclassified out of each component of AOCI was as follows:



AOCI Components	Amounts Reclassified from AOCI												Combined Statements of Operations and Comprehensive Income (Loss) Locations
	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	1		$	26		$	(47	)	$	(34	)	Net investment gains (losses)
Net unrealized investment gains (losses)	1			3			2			—			Net investment income
Net unrealized investment gains (losses)	(1		)	—			(45		)	—			Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	1			29			(90		)	(34		)
Income tax (expense) benefit	1			(10		)	32			12
Net unrealized investment gains (losses), net of income tax	2			19			(58		)	(22		)
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate swaps	—			12			—			12			Net derivative gains (losses)
Interest rate swaps	1			1			2			1			Net investment income
Interest rate forwards	2			(1		)	2			1			Net derivative gains (losses)
Interest rate forwards	—			—			1			1			Net investment income
Foreign currency swaps	1			(1		)	11			1			Net derivative gains (losses)
Gains (losses) on cash flow hedges, before income tax	4			11			16			16
Income tax (expense) benefit	(1		)	(4		)	(5		)	(6		)
Gains (losses) on cash flow hedges, net of income tax	3			7			11			10
Defined benefit plans adjustment:
Amortization of net actuarial gains (losses)	—			(1		)	—			(1		)
Amortization of prior service (costs) credit	—			2			—			—
Amortization of defined benefit plans, before income tax	—			1			—			(1		)
Amortization of defined benefit plans, net of income tax	—			1			—			(1		)
Total reclassifications, net of income tax	$	5		$	27		$	47		$	(13	)

Other Expenses

6 Months Ended

Jun. 30, 2017

Other Income and Expenses [Abstract]

Other Expenses

9. Other Expenses

Information on other expenses was as follows:



	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
	(In millions)
Compensation	$	65		$	108		$	129		$	228
Commissions	197			130			390			314
Volume-related costs	136			128			263			253
Affiliated expenses on ceded and assumed reinsurance	3			(2		)	26			1
Capitalization of DAC	(47		)	(82		)	(115		)	(184		)
Interest expense on debt	37			45			82			88
Premium taxes, licenses and fees	19			13			33			33
Professional services	53			17			88			28
Rent and related expenses	4			15			8			30
Other	147			121			274			254
Total other expenses	$	614		$	493		$	1,178		$	1,045

Affiliated Expenses

Commissions and capitalization of DAC include the impact of affiliated reinsurance transactions. See Note 12 for a discussion of affiliated expenses included in the table above.

Earnings Per Share

6 Months Ended

Jun. 30, 2017

Earnings Per Share [Abstract]

Earnings Per Share

10. Pro Forma Earnings Per Share

On August 4, 2017, there were 119,773,106 shares of Brighthouse Financial, Inc. common stock outstanding (see Note 13) and this share amount is being utilized to calculate pro forma earnings per share (“EPS”) for all periods presented since the majority of such shares were issued subsequent to June 30, 2017. The following table sets forth the calculation of pro forma basic EPS based on net income (loss) divided by the pro forma basic weighted average number of common shares.



	Three Months Ended June 30,					Six Months Ended June 30,
	2017		2016			2017			2016
	(In millions, except share and per share data)
Weighted Average Shares:
Pro forma shares outstanding	119,773,106		119,773,106			119,773,106			119,773,106
Incremental common shares from assumed:
Net income (loss)	$	246	$	(1,423	)	$	(103	)	$	(1,016	)
Pro forma earnings per share	$	2.05	$	(11.88	)	$	(0.86	)	$	(8.48	)

Contingencies, Commitments and Guarantees	6 Months Ended
Contingencies, Commitments and Guarantees	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Contingencies, Commitments and Guarantees	11. Contingencies, Commitments and Guarantees Litigation The Company is a defendant in a number of litigation matters. In some of the matters, large and/or indeterminate amounts, including punitive and treble damages, are sought. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction of the trial court. In addition, jurisdictions may permit plaintiffs to allege monetary damages in amounts well exceeding reasonably possible verdicts in the jurisdiction for similar matters. This variability in pleadings, together with the actual experience of the Company in litigating or resolving through settlement numerous claims over an extended period of time, demonstrates to management that the monetary relief which may be specified in a lawsuit or claim bears little relevance to its merits or disposition value. Due to the vagaries of litigation, the outcome of a litigation matter and the amount or range of potential loss at particular points in time may normally be difficult to ascertain. Uncertainties can include how fact finders will evaluate documentary evidence and the credibility and effectiveness of witness testimony, and how trial and appellate courts will apply the law in the context of the pleadings or evidence presented, whether by motion practice, or at trial or on appeal. Disposition valuations are also subject to the uncertainty of how opposing parties and their counsel will themselves view the relevant evidence and applicable law. The Company establishes liabilities for litigation and regulatory loss contingencies when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. It is possible that some matters could require the Company to pay damages or make other expenditures or establish accruals in amounts that could not be estimated at June 30, 2017. Matters as to Which an Estimate Can Be Made For some loss contingency matters, the Company is able to estimate a reasonably possible range of loss. For such matters where a loss is believed to be reasonably possible, but not probable, no accrual has been made. At June 30, 2017, the Company estimates the aggregate range of reasonably possible losses in excess of amounts accrued for these matters to be $0 to $10 million. Matters as to Which an Estimate Cannot Be Made For other matters, the Company is not currently able to estimate the reasonably possible loss or range of loss. The Company is often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from other parties and investigation of factual allegations, rulings by the court on motions or appeals, analysis by experts, and the progress of settlement negotiations. On a quarterly and annual basis, the Company reviews relevant information with respect to litigation contingencies and updates its accruals, disclosures and estimates of reasonably possible losses or ranges of loss based on such reviews. Diversified Lending Group Litigations Hartshorne v. NELICO, et al. (Los Angeles County Superior Court, filed March 25, 2015) Plaintiffs have named NELICO in twelve related lawsuits in California state court alleging various causes of action including multiple negligence and statutory claims relating to the Diversified Lending Group Ponzi scheme. In August of 2016, a trial of claims by plaintiff Christine Ramirez resulted in a verdict against MetLife, Inc., MetLife Securities, and NELICO for approximately $200 thousand in compensatory damages and $15 million in punitive damages. On November 30, 2016, Ramirez consented to the court’s reduction of punitive damages to approximately $7 million. The judgment against NELICO is approximately $2.7 million. The defendants have filed a notice appealing this judgment to the Second Appellate District of the State of California. On May 2, 2017, the court awarded plaintiff approximately $6.5 million in attorneys’ fees and costs. The defendants have appealed this decision. Sales Practices Claims Over the past several years, the Company has faced claims and regulatory inquiries and investigations, alleging improper marketing or sales of individual life insurance policies, annuities, mutual funds or other products. The Company continues to defend vigorously against the claims in these matters. The Company believes adequate provision has been made in its combined financial statements for all probable and reasonably estimable losses for sales practices matters. Summary Various litigation, claims and assessments against the Company, in addition to those discussed previously and those otherwise provided for in the Company’s combined financial statements, have arisen in the course of the Company’s business, including, but not limited to, in connection with its activities as an insurer, investor and taxpayer. Further, state insurance regulatory authorities and other federal and state authorities regularly make inquiries and conduct investigations concerning the Company’s compliance with applicable insurance and other laws and regulations. It is not possible to predict the ultimate outcome of all pending investigations and legal proceedings. In some of the matters referred to previously, large and/or indeterminate amounts, including punitive and treble damages, are sought. Although, in light of these considerations it is possible that an adverse outcome in certain cases could have a material effect upon the Company’s financial position, based on information currently known by the Company’s management, in its opinion, the outcomes of such pending investigations and legal proceedings are not likely to have such an effect. However, given the large and/or indeterminate amounts sought in certain of these matters and the inherent unpredictability of litigation, it is possible that an adverse outcome in certain matters could, from time to time, have a material effect on the Company’s combined net income or cash flows in particular quarterly or annual periods. Commitments Mortgage Loan Commitments The Company commits to lend funds under mortgage loan commitments. The amounts of these mortgage loan commitments were $168 million and $348 million at June 30, 2017 and December 31, 2016, respectively. Commitments to Fund Partnership Investments and Private Corporate Bond Investments The Company commits to fund partnership investments and to lend funds under private corporate bond investments. The amounts of these unfunded commitments were $1.3 billion at both June 30, 2017 and December 31, 2016. Other Commitments The Company has entered into collateral arrangements with affiliates which require the transfer of collateral in connection with secured demand notes. At June 30, 2017, these arrangements had expired and the Company is no longer transferring collateral to custody accounts. At December 31, 2016, the Company had agreed to fund up to $20 million of cash upon the request by these affiliates and had transferred collateral consisting of various securities with a fair market value of $25 million, to custody accounts to secure the demand notes. Each of these affiliates is permitted by contract to sell or re-pledge this collateral. Guarantees In the normal course of its business, the Company has provided certain indemnities, guarantees and commitments to third parties such that it may be required to make payments now or in the future. In the context of acquisition, disposition, investment and other transactions, the Company has provided indemnities and guarantees, including those related to tax, environmental and other specific liabilities and other indemnities and guarantees that are triggered by, among other things, breaches of representations, warranties or covenants provided by the Company. In addition, in the normal course of business, the Company provides indemnifications to counterparties in contracts with triggers similar to the foregoing, as well as for certain other liabilities, such as third-party lawsuits. These obligations are often subject to time limitations that vary in duration, including contractual limitations and those that arise by operation of law, such as applicable statutes of limitation. In some cases, the maximum potential obligation under the indemnities and guarantees is subject to a contractual limitation ranging from less than $1 million to $218 million, with a cumulative maximum of $223 million, while in other cases such limitations are not specified or applicable. Since certain of these obligations are not subject to limitations, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future. Management believes that it is unlikely the Company will have to make any material payments under these indemnities, guarantees, or commitments. In addition, the Company indemnifies its directors and officers as provided in its charters and by-laws. Also, the Company indemnifies its agents for liabilities incurred as a result of their representation of the Company’s interests. Since these indemnities are generally not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these indemnities in the future. The Company’s recorded liabilities were $2 million at both June 30, 2017 and December 31, 2016, for indemnities, guarantees and commitments.

Related Party Transactions

6 Months Ended

Jun. 30, 2017

Related Party Transactions

12. Related Party Transactions

The Company has not historically operated as a standalone business and has various existing relationships with MetLife for services necessary to conduct its activities.

Non-Broker-Dealer Transactions

The following table summarizes income and expense from transactions with MetLife (excluding broker-dealer transactions) for the periods indicated:



	Three Months Ended June 30,
	2017		2016		2017		2016
	Income				Expense
	(In millions)
MetLife	$	42	$	127	$	80	$	14



	Six Months Ended June 30,
	2017			2016		2017		2016
	Income					Expense
	(In millions)
MetLife	$	(400	)	$	52	$	180	$	200

The following table summarizes assets and liabilities from transactions with MetLife (excluding broker-dealer transactions) at:



	June 30, 2017				December 31, 2016
	Assets		Liabilities		Assets		Liabilities
	(In millions)
MetLife	$	2,979	$	2,170	$	4,805	$	7,763

The material arrangements between the Company and MetLife are as follows:

Reinsurance Agreements

The Company enters into reinsurance agreements primarily as a purchaser of reinsurance for its various insurance products and also as a provider of reinsurance for some insurance products issued by affiliated companies. The Company participates in reinsurance activities in order to limit losses, minimize exposure to significant risks and provide additional capacity for future growth.

The Company has reinsurance agreements with certain MetLife, Inc. subsidiaries, including MLIC, General American Life Insurance Company, MetLife Europe d.a.c., MetLife Reinsurance of Vermont, Delaware American Life Insurance Company and American Life Insurance Company, all of which were related parties as of June 30, 2017.

Information regarding the significant effects of affiliated reinsurance included on the interim condensed combined statements of operations and comprehensive income (loss) was as follows:



	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
	(In millions)
Premiums
Reinsurance assumed	$	4		$	7		$	8		$	52
Reinsurance ceded	(140		)	(197		)	(317		)	(373		)
Net premiums	$	(136	)	$	(190	)	$	(309	)	$	(321	)
Universal life and investment-type product policy fees
Reinsurance assumed	$	22		$	28		$	46		$	54
Reinsurance ceded	(4		)	(15		)	(17		)	(31		)
Net universal life and investment-type product policy fees	$	18		$	13		$	29		$	23
Other revenues
Reinsurance assumed	$	27		$	—		$	27		$	—
Reinsurance ceded	39			283			39			304
Net other revenues	$	66		$	283		$	66		$	304
Policyholder benefits and claims
Reinsurance assumed	$	6		$	12		$	12		$	54
Reinsurance ceded	(94		)	(200		)	(229		)	(349		)
Net policyholder benefits and claims	$	(88	)	$	(188	)	$	(217	)	$	(295	)
Interest credited to policyholder account balances
Reinsurance assumed	$	18		$	19		$	36		$	39
Reinsurance ceded	(4		)	(4		)	(8		)	(8		)
Net interest credited to policyholder account balances	$	14		$	15		$	28		$	31
Amortization of deferred policy acquisition costs and value of business acquired
Reinsurance assumed	$	21		$	2		$	24		$	5
Reinsurance ceded	(3		)	(61		)	$	13		$	(120	)
Net amortization of deferred policy acquisition costs and value of business acquired	$	18		$	(59	)	$	37		$	(115	)
Other expenses
Reinsurance assumed	$	2		$	(11	)	$	21		$	16
Reinsurance ceded	(2		)	(15		)	15			(28		)
Net other expenses	$	—		$	(26	)	$	36		$	(12	)

Information regarding the significant effects of affiliated reinsurance included on the interim condensed combined balance sheets was as follows at:



	June 30, 2017					December 31, 2016
	Assumed		Ceded			Assumed		Ceded
	(In millions)
Assets
Premiums, reinsurance and other receivables	$	160	$	3,312		$	21	$	4,020
Deferred policy acquisition costs and value of business acquired	8		(435		)	71		(406		)
Total assets	$	168	$	2,877		$	92	$	3,614
Liabilities
Future policy benefits	$	67	$	—		$	170	$	—
Policyholder account balances	—		—			460		—
Other policy-related balances	1,676		—			1,677		—
Other liabilities	21		384			10		715
Total liabilities	$	1,764	$	384		$	2,317	$	715

The Company assumes risks from affiliates related to guaranteed minimum benefit guarantees written directly by the affiliates. These assumed reinsurance agreements contain embedded derivatives and changes in their estimated fair value are also included within net derivative gains (losses). The embedded derivatives associated with these agreements are included within policyholder account balances and were $0 and $460 million at June 30, 2017 and December 31, 2016, respectively. Net derivative gains (losses) associated with the embedded derivatives were $113 million and $110 million for the three months and six months ended June 30, 2017, respectively, and ($127) million and ($199) million for the three months and six months ended June 30, 2016, respectively.

The Company cedes risks to an affiliate related to guaranteed minimum benefit guarantees written directly by the Company. These ceded reinsurance agreements contain embedded derivatives and changes in their estimated fair value are also included within net derivative gains (losses). The embedded derivatives associated with these cessions are included within premiums, reinsurance and other receivables and were $3 million and $390 million at June 30, 2017 and December 31, 2016, respectively. Net derivative gains (losses) associated with the embedded derivatives were $0 and ($263) million for the three months and six months ended June 30, 2017, respectively, and $155 million and $264 million for the three months and six months ended June 30, 2016, respectively.

In May, 2017, the Company recaptured from MLIC risks related to multiple life products ceded under yearly renewable term and coinsurance agreements. This recapture resulted in an increase in cash and cash equivalents of $214 million and a decrease in premiums, reinsurance and other receivables of $189 million. The Company recognized a gain of $17 million, net of income tax, as a result of reinsurance termination.

In January 2017, MLIC recaptured risks related to guaranteed minimum benefit guarantees on certain variable annuities being reinsured by the Company. This recapture resulted in a decrease in investments and cash and cash equivalents of $568 million, a decrease in future policy benefits of $106 million, and a decrease in policyholder account balances of $460 million. In June 2017, there was an adjustment to the recapture amounts of this transaction, which resulted in an increase in premiums, reinsurance and other receivables of $140 million at June 30, 2017. The Company recognized a gain of $91 million and $89 million, net of income tax, three months and six months ended, as a result of this transaction.

In January 2017, the Company executed a novation and assignment of a reinsurance agreement under which MLIC reinsured certain variable annuities, including guaranteed minimum benefits, issued by Brighthouse NY and NELICO. As a result of the novation and assignment, the reinsurance agreement is now between Brighthouse Insurance and Brighthouse NY and NELICO. The transaction is treated as a termination of the existing reinsurance agreement with recognition of a loss and a new reinsurance agreement with no recognition of a gain or loss. The transaction resulted in an increase in other liabilities of $274 million. The Company recognized a loss of $178 million, net of income tax, as a result of this transaction.

Financing and Capital Support Arrangements

The Company had financing arrangements with MetLife that are used to support reinsurance obligations arising under affiliated reinsurance agreements. The Company recognized interest expense for affiliated debt of $24 million and $55 million for the three months and six months ended June 30, 2017, respectively, and $31 million and $62 million for the three months and six months ended June 30, 2016, respectively. See Note 7 for subsequent information regarding the termination of these arrangements.

Additionally, MetLife provides various capital support commitments and guarantees to the Brighthouse Financial, Inc. combined entities. Under this arrangement, MetLife has had a net worth maintenance agreement with the Company, pursuant to which MetLife agreed to cause the Company to meet specified capital and surplus levels and has guaranteed liquidity necessary to enable it to meet its current obligations on a timely basis. In connection with the Separation, this net worth maintenance agreement was terminated on August 4, 2017.

Investment Transactions

The Company has extended loans to certain subsidiaries of MetLife, Inc. Additionally, in the ordinary course of business, the Company transfers invested assets, primarily consisting of fixed maturity securities, to and from MetLife affiliates. See Note 4 for further discussion of the related party investment transactions.

Shared Services and Overhead Allocations

MetLife provides the Company certain services, which include, but are not limited to, executive oversight, treasury, finance, legal, human resources, tax planning, internal audit, financial reporting, information technology, distribution services and investor relations. The Company is charged for these services based on direct and indirect costs. When specific identification is not practicable, an allocation methodology is used, primarily based on sales, in-force liabilities, or headcount. For certain agreements, charges are based on various performance measures or activity-based costing, such as sales, new policies/contracts issued, reserves, and in-force policy counts. The bases for such charges are modified and adjusted by management when necessary or appropriate to reflect fairly and equitably the actual incidence of cost incurred by the Company and/or affiliate. Management believes that the methods used to allocate expenses under these arrangements are reasonable. Expenses incurred with MetLife related to these arrangements, recorded in other expenses, were $98 million and $195 million for the three months and six months ended June 30, 2017, respectively, and $249 million and $496 million for the three months and six months ended June 30, 2016, respectively.

Stock-Based Compensation Plans

Prior to the Separation, the Company’s employees participated in MetLife, Inc. stock-based compensation plans, the costs of which were allocated to the Company and recorded in the combined statements of operations. The Separation constituted the end of the Company’s employees’ employment with MetLife and the Company’s affiliates, and their MetLife stock compensation awards were retained or forfeited according to their terms. In accordance with the requirements of the MetLife plans, the MetLife Board or an appropriate committee will determine what adjustments, if any, to make to outstanding awards and the number of shares reserved for issuance under MetLife’s stock compensation plans in order to prevent the dilution or enlargement of participants’ rights under the plans.

The Company’s participation in MetLife, Inc.’s stock compensation plans ceased December 31, 2016, in that MetLife, Inc. did not grant Company employees new MetLife, Inc. stock-based long-term incentive awards as part of its 2017 process of determining total compensation for 2016 performance and in expectation of contributions to future performance, to the extent that Company employees had been identified prior to MetLife, Inc. completing that process.

Broker-Dealer Transactions

The Company accrues related party revenues and expenses arising from transactions with affiliated broker-dealers whereby such affiliated broker-dealers sell the Company’s variable annuity and life products. The affiliated expense for the Company is commissions collected on the sale of variable products by the Company and passed through to the broker-dealer. The affiliated revenue for the Company is fee income from trusts and mutual funds whose shares serve as investment options of policyholders of the Company. Beginning in March 2017, Brighthouse Securities, LLC, a registered broker-dealer affiliate, began distributing certain of the Company’s existing and future variable insurance products, and the MetLife brokers-dealers discontinued such distributions.

The following table summarizes income and expense from transactions with related broker-dealers for the periods indicated:



	Three Months Ended June 30,
	2017		2016		2017		2016
	Fee Income				Commission Expense
	(In millions)
Affiliated broker-dealers	$	59	$	52	$	194	$	156



	Six Months Ended June 30,
	2017		2016		2017		2016
	Fee Income				Commission Expense
	(In millions)
Affiliated broker-dealers	$	117	$	107	$	323	$	320

The following table summarizes assets and liabilities from transactions with affiliated broker-dealers as follows:



	June 30, 2017					December 31, 2016
	Fee Income Receivables			Secured Demand Notes		Fee Income Receivables		Secured Demand Notes
	(In millions)
Affiliated broker-dealers	$	(1	)	$	—	$	21	$	20

Subsequent Events

6 Months Ended

Jun. 30, 2017

Subsequent Events [Abstract]

Subsequent Events

13. Subsequent Events

Term Loan Facility

On July 21, 2017, concurrently with entering into a new term loan facility described below, Brighthouse Financial, Inc. terminated the 2016 Term Loan Facility, without penalty. Brighthouse Financial, Inc. will expense $7 million of capitalized costs related to the termination in the third quarter of 2017.

On July 21, 2017, Brighthouse Financial, Inc. entered into a new term loan agreement (the “2017 Term Loan Agreement”) with respect to a new $600 million unsecured delayed draw term loan facility (the “2017 Term Loan Facility”). The 2017 Term Loan Facility provides for borrowings up to a maximum of $600 million which may be used for general corporate purposes, including in connection with the Separation, of which $500 million was available prior to the Separation. On August 2, 2017, Brighthouse Financial, Inc. borrowed $500 million under the 2017 Term Loan Facility in connection with the Separation. On August 14, 2017, Brighthouse Financial, Inc. borrowed the remaining $100 million available under the 2017 Term Loan Facility.

The Separation

On August 4, 2017, Brighthouse Financial, Inc. entered into the Master Separation Agreement with MetLife and MetLife, Inc. completed the Separation through a distribution of 80.8% of MetLife, Inc.’s interest in Brighthouse Financial, Inc., to holders of MetLife, Inc.’s common stock and retained the remaining 19.2%. As a result, Brighthouse Financial, Inc., is now an independent, publicly traded company on the Nasdaq Stock Market under the symbol “BHF.”

Contribution of Brighthouse Holdings, LLC

On July 28, 2017, MetLife, Inc. contributed to Brighthouse Financial, Inc. all of the common interests in Brighthouse Holdings, LLC in exchange for (i) the assumption by Brighthouse Financial, Inc. of certain liabilities of MetLife, Inc. including, among other things, liabilities relating to the operation of Brighthouse’s business (including from periods prior to the separation) and certain liabilities related to Brighthouse’s employees, liabilities relating to Brighthouse’s assets and outstanding contractual and non-contractual relationships with customers, vendors and others (including obligations under leases for Brighthouse’s corporate headquarters in Charlotte, North Carolina as well as certain other locations), and liabilities relating to certain historical operations of MetLife; (ii) a cash distribution; (iii)the issuance of additional shares of Brighthouse Financial, Inc. common stock; and (iv) the entry into certain other agreements between MetLife, Inc. and Brighthouse Financial, Inc.

Cash Distribution

On August 3, 2017 Brighthouse Financial, Inc. made a cash distribution in an aggregate amount of $1.8 billion to MetLife, Inc., the sole holder of Brighthouse Financial, Inc. common stock as of the record date for the distribution.

The Distribution

On August 4, 2017, Brighthouse Financial, Inc. issued an additional 119,673,106 shares of common stock to MetLife, Inc. Also on August 4, 2017, MetLife, Inc. distributed 96,776,670 of its 119,773,106 shares of Brighthouse Financial, Inc. common stock, representing 80.8% of MetLife Inc.’s interest in Brighthouse Financial, Inc., to holders of MetLife, Inc. common stock. MetLife, Inc. retained the remaining 22,996,436 shares, representing 19.2% of Brighthouse Financial, Inc.’s common stock. See Note 10 for information on pro forma earnings per share for Brighthouse Financial, Inc.

Employee Matters Agreement

On August 4, 2017, an employee matters agreement between Brighthouse Financial, Inc. and MetLife, Inc. became effective. Under this agreement, MetLife, Inc. has agreed to reimburse Brighthouse Financial, Inc. on an annual basis for any and all payments of benefits made by any legal entity owned by Brighthouse Financial, Inc. related to certain NELICO employee benefit plan liabilities.

Tax Impacts Recognized at Separation

On July 27, 2017, a Tax Separation Agreement (the “TSA”) was entered into between MetLife, Inc. and Brighthouse Financial, Inc., on behalf of itself and each its subsidiaries and affiliates (the “Brighthouse Group”). As of the Distribution date, the existing tax sharing agreement, dated as of June 24, 1986 that was in effect for the U.S. federal income tax consolidated group of which MetLife, Inc. is the parent, was terminated with respect to the Brighthouse Group. The TSA sets forth the agreement on the rights and obligations of MetLife, Inc. and Brighthouse Financial, Inc. and their respective affiliates regarding the responsibility, handling and allocation of federal, state, local, and non-U.S. taxes, and various other tax matters. See Note 1 of the Notes to the Combined Financial Statements included in the Form 10 for information regarding the former tax sharing agreement.

Brighthouse Life Insurance Company recognized a $553 million payable to MetLife, Inc. offset with a decrease to shareholder’s net investment related to a tax receivable agreement, which represents 86% of a $643 million deferred tax asset recorded in the second quarter of 2017.

The following table presents the pro forma impacts to certain amounts reported in the interim condensed combined balance sheet, had the transactions associated with the Separation described above been completed as of June 30, 2017.



	As Reported		Pro Forma
	(In millions)
Cash and cash equivalents	$	4,443	$	3,245
Long-term debt	$	3,016	$	3,616
Shareholder’s net investment	$	14,521	$	12,168

Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed combined financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates.

Consolidation of Subsidiaries

Combination

The combined balance sheets include the attribution of certain assets and liabilities that have historically been held at the MetLife corporate level but which are specifically identifiable or attributable to the Company. Similarly, certain assets attributable to shared services managed at the MetLife corporate level have been excluded from the combined balance sheets. The combined statements of operations reflect certain corporate expenses allocated to the Company by MetLife for certain corporate functions and for shared services provided by MetLife. These expenses have been allocated to the Company based on direct usage or benefit where specifically identifiable, with the remainder allocated based upon other reasonable allocation measures. The Company considers the expense methodology and results to be reasonable for all periods presented. See Note 12 for further information on expenses allocated by MetLife.

The Company has recorded affiliated transactions with certain MetLife subsidiaries which are not included in the combined financial statements of the Company.

The income tax amounts in these combined financial statements have been calculated based on a separate return methodology and presented as if each company was a separate taxpayer in its respective jurisdiction.

The historical financial results in the combined financial statements presented may not be indicative of the results that would have been achieved by the Company had it operated as a separate, stand-alone entity during the periods presented. The combined financial statements presented do not reflect any changes that may occur in the Company’s financing and operations in connection with or as a result of the Separation. Management believes that the combined financial statements include all adjustments necessary for a fair presentation of the business.

The accompanying interim condensed combined financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2016 combined balance sheet data was derived from audited combined financial statements for the year ended December 31, 2016 included in the Form 10, which include all disclosures required by GAAP. Therefore, these interim condensed combined financial statements should be read in conjunction with the combined financial statements included in the Form 10.

Investments

Maturities of Fixed Maturity Securities

Past Due and Nonaccrual Mortgage Loans

The Company defines delinquency consistent with industry practice, when mortgage loans are past due as follows: commercial and residential mortgage loans — 60 days and agricultural mortgage loans — 90 days.

Variable Interest Entities

Derivatives

Accounting for Derivatives

Freestanding Derivatives



Statement of Operations Presentation:	Derivative:
Policyholder benefits and claims	•	Economic hedges of variable annuity guarantees included in future policy benefits
Net investment income	•	Economic hedges of equity method investments in joint ventures

Hedge Accounting


•	Fair value hedge (a hedge of the estimated fair value of a recognized asset or liability) — in net derivative gains (losses), consistent with the change in estimated fair value of the hedged item attributable to the designated risk being hedged.

•

Embedded Derivatives


•	the combined instrument is not accounted for in its entirety at estimated fair value with changes in estimated fair value recorded in earnings;


•	the terms of the embedded derivative are not clearly and closely related to the economic characteristics of the host contract; and


•	a separate instrument with the same terms as the embedded derivative would qualify as a derivative instrument.

Derivative Strategies

- Definition

Disclosure of accounting policy for investments in financial assets, including marketable securities (debt and equity securities with readily determinable fair values), investments accounted for under the equity method and cost method, securities borrowed and loaned, and repurchase and resale agreements. For marketable securities, the disclosure may include the entity's accounting treatment for transfers between investment categories and how the fair values for such securities are determined. Also, for all investments, an entity may describe its policy for assessing, recognizing and measuring impairment of the investment.

+ References + Details

Segment Information (Tables)

6 Months Ended

Jun. 30, 2017

Segment Reporting [Abstract]

Segment Reporting Information, by Segment



	Operating Results
Three Months Ended June 30, 2017	Annuities		Life			Run-off		Corporate & Other			Total
	(In millions)
Pre-tax operating earnings	$	313	$	23		$	79	$	11		$	426
Provision for income tax expense (benefit)	87		11			27		(23		)	102
Operating earnings	$	226	$	12		$	52	$	34		324
Adjustments for:
Net investment gains (losses)											—
Net derivative gains (losses)											(78		)
Other adjustments to net income											(27		)
Provision for income tax (expense) benefit											27
Net income (loss)											$	246

Inter-segment revenues	$	35	$	(99	)	$	52	$	(56	)
Interest revenue	$	311	$	69		$	354	$	58
Interest expense	$	—	$	—		$	8	$	28



	Operating Results
Three Months Ended June 30, 2016	Annuities		Life			Run-off			Corporate & Other		Total
	(In millions)
Pre-tax operating earnings	$	501	$	39		$	(476	)	$	5	$	69
Provision for income tax expense (benefit)	143		5			(160		)	2		(10		)
Operating earnings	$	358	$	34		$	(316	)	$	3	79
Adjustments for:
Net investment gains (losses)											20
Net derivative gains (losses)											(2,973		)
Other adjustments to net income											644
Provision for income tax (expense) benefit											807
Net income (loss)											$	(1,423	)

Inter-segment revenues	$	319	$	(178	)	$	1		$	2
Interest revenue	$	367	$	102		$	353		$	47
Interest expense	$	—	$	—		$	15		$	28



	Operating Results
Six Months Ended June 30, 2017	Annuities		Life			Run-off		Corporate & Other			Total
	(In millions)
Pre-tax operating earnings	$	623	$	8		$	153	$	34		$	818
Provision for income tax expense (benefit)	169		3			52		(10		)	214
Operating earnings	$	454	$	5		$	101	$	44		604
Adjustments for:
Net investment gains (losses)											(55		)
Net derivative gains (losses)											(1,043		)
Other adjustments to net income											11
Provision for income tax (expense) benefit											380
Net income (loss)											$	(103	)

Inter-segment revenues	$	60	$	(240	)	$	49	$	(70	)
Interest revenue	$	638	$	176		$	712	$	124
Interest expense	$	—	$	—		$	23	$	58



	Operating Results
Six Months Ended June 30, 2016	Annuities		Life			Run-off			Corporate & Other			Total
	(In millions)
Pre-tax operating earnings	$	841	$	26		$	(326	)	$	(12	)	$	529
Provision for income tax expense (benefit)	228		2			(111		)	(9		)	110
Operating earnings	$	613	$	24		$	(215	)	$	(3	)	419
Adjustments for:
Net investment gains (losses)												(41		)
Net derivative gains (losses)												(2,680		)
Other adjustments to net income												516
Provision for income tax (expense) benefit												770
Net income (loss)												$	(1,016	)

Inter-segment revenues	$	382	$	(336	)	$	2		$	37
Interest revenue	$	705	$	195		$	698		$	84
Interest expense	$	—	$	—		$	30		$	55

The following table presents total assets with respect to the Company’s segments, as well as Corporate & Other, at:



	June 30, 2017		December 31, 2016
	(In millions)
Annuities	$	151,709	$	152,146
Life	15,705		17,150
Run-off	41,261		40,007
Corporate & Other	15,653		12,627
Total	$	224,328	$	221,930

Reconciliation of Revenue from Segments to Consolidated



	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
	(In millions)
Annuities	$	1,126		$	1,457		$	2,200		$	2,676
Life	305			312			595			610
Run-off	545			512			1,084			1,046
Corporate & Other	82			76			171			174
Adjustments	(33		)	(2,941		)	(1,060		)	(2,701		)
Total	$	2,025		$	(584	)	$	2,990		$	1,805

Insurance (Tables)

6 Months Ended

Jun. 30, 2017

Insurance [Abstract]

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block]

Information regarding the liabilities for unpaid claims and claim adjustment expenses was as follows:



	Six Months Ended June 30,
	2017			2016
	(In millions)
Balance at December 31 of prior period	$	2,008		$	1,719
Less: Reinsurance recoverables	1,832			1,565
Net balance at December 31 of prior period	176			154
Cumulative adjustment (1)	—			89
Net balance, beginning of period	176			243
Incurred related to:
Current period	400			516
Prior periods (2)	(13		)	(27		)
Total incurred	387			489
Paid related to:
Current period	(312		)	(343		)
Prior periods	(55		)	(122		)
Total paid	(367		)	(465		)
Net balance, end of period	196			267
Add: Reinsurance recoverables	1,845			1,659
Balance, end of period	$	2,041		$	1,926

______________


(1)	Reflects the accumulated adjustment, net of reinsurance, upon implementation of the new short-duration contracts guidance which clarified the requirement to include claim information for long-duration contracts. The accumulated adjustment primarily reflects unpaid claim liabilities, net of reinsurance, for long-duration contracts as of the beginning of the period presented.


(2)	During the six months ended June 30, 2017 and 2016, the claims and claim adjustment expenses associated with prior years changed due to differences between the actual benefits paid and the expected benefits owed during those periods.

Information regarding the Company’s guarantee exposure was as follows at:



	June 30, 2017						December 31, 2016
	In the Event of Death			At Annuitization			In the Event of Death			At Annuitization
	(Dollars in millions)
Annuity Contracts (1), (2)
Variable Annuity Guarantees
Total account value (3)	$	114,981		$	65,899		$	111,719		$	64,503
Separate account value	$	109,827		$	64,505		$	106,759		$	63,025
Net amount at risk	$	5,862	(4)	$	2,893	(5)	$	6,837	(4)	$	3,313	(5)
Average attained age of contractholders	68 years			67 years			67 years			67 years



	June 30, 2017		December 31, 2016
	Secondary Guarantees
	(Dollars in millions)
Universal and Variable Life Contracts
Total account value (3)	$	9,453	$	9,326
Net amount at risk (6)	$	101,677	$	102,635
Average attained age of policyholders	60 years		59 years

__________________


(1)	The Company’s annuity contracts with guarantees may offer more than one type of guarantee in each contract. Therefore, the amounts listed above may not be mutually exclusive.

(2)


(3)	Includes the contractholder’s investments in the general account and separate account, if applicable.


(4)	Defined as the death benefit less the total account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date and includes any additional contractual claims associated with riders purchased to assist with covering income taxes payable upon death.

(5)


(6)	Defined as the guarantee amount less the account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date.

Investments (Tables)

6 Months Ended

Jun. 30, 2017

Investments, Debt and Equity Securities [Abstract]

Fixed Maturity and Equity Securities Available-for-Sale



	June 30, 2017											December 31, 2016
	Cost or Amortized Cost		Gross Unrealized							Estimated Fair Value		Cost or Amortized Cost		Gross Unrealized							Estimated Fair Value
	Cost or Amortized Cost		Gains		Temporary Losses		OTTI Losses (1)			Estimated Fair Value		Cost or Amortized Cost		Gains		Temporary Losses		OTTI Losses (1)			Estimated Fair Value
	(In millions)
Fixed maturity securities:
U.S. corporate	$	20,837	$	1,700	$	125	$	—		$	22,412	$	21,278	$	1,324	$	291	$	—		$	22,311
U.S. government and agency	13,959		1,673		121		—			15,511		12,032		1,294		236		—			13,090
RMBS	7,973		264		74		(5		)	8,168		7,961		206		144		—			8,023
Foreign corporate	6,395		334		102		—			6,627		6,343		230		180		—			6,393
State and political subdivision	3,573		483		13		—			4,043		3,590		393		38		—			3,945
CMBS	3,247		67		16		(1		)	3,299		3,799		44		32		(1		)	3,812
ABS	2,223		19		4		—			2,238		2,654		12		14		—			2,652
Foreign government	1,070		143		4		—			1,209		1,058		116		12		—			1,162
Total fixed maturity securities	$	59,277	$	4,683	$	459	$	(6	)	$	63,507	$	58,715	$	3,619	$	947	$	(1	)	$	61,388
Equity securities:
Non-redeemable preferred stock	$	147	$	11	$	2	$	—		$	156	$	180	$	6	$	9	$	—		$	177
Common stock	100		22		—		—			122		100		23		—		—			123
Total equity securities	$	247	$	33	$	2	$	—		$	278	$	280	$	29	$	9	$	—		$	300

__________________


(1)	Noncredit OTTI losses included in accumulated other comprehensive income (“AOCI”) in an unrealized gain position are due to increases in estimated fair value subsequent to initial recognition of noncredit losses on such securities. See also “— Net Unrealized Investment Gains (Losses).”

Available-for-sale fixed maturity securities by contractual maturity date

The amortized cost and estimated fair value of fixed maturity securities, by contractual maturity date, were as follows at June 30, 2017:



	Due in One Year or Less		Due After One Year Through Five Years		Due After Five Years Through Ten Years		Due After Ten Years		Structured Securities		Total Fixed Maturity Securities
	(In millions)
Amortized cost	$	1,770	$	11,680	$	9,720	$	22,664	$	13,443	$	59,277
Estimated fair value	$	1,780	$	12,110	$	10,019	$	25,893	$	13,705	$	63,507

Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale



	June 30, 2017								December 31, 2016
	Less than 12 Months				Equal to or Greater than 12 Months				Less than 12 Months				Equal to or Greater than 12 Months
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
	(Dollars in millions)
Fixed maturity securities:
U.S. corporate	$	2,842	$	82	$	529	$	43	$	4,676	$	189	$	745	$	102
U.S. government and agency	5,763		121		—		—		4,396		236		—		—
RMBS	2,853		53		522		16		3,494		112		818		32
Foreign corporate	643		21		634		81		1,466		66		633		114
State and political subdivision	403		11		29		2		889		35		29		3
CMBS	620		12		102		3		1,572		27		171		4
ABS	244		2		195		2		478		6		461		8
Foreign government	178		3		7		1		273		11		6		1
Total fixed maturity securities	$	13,546	$	305	$	2,018	$	148	$	17,244	$	682	$	2,863	$	264
Equity securities:
Non-redeemable preferred stock	$	7	$	—	$	22	$	2	$	57	$	2	$	40	$	7
Total equity securities	$	7	$	—	$	22	$	2	$	57	$	2	$	40	$	7
Total number of securities in an unrealized loss position	1,165				365				1,741				483

Disclosure of Mortgage Loans Net of Valuation Allowance

Mortgage loans are summarized as follows at:



	June 30, 2017					December 31, 2016
	Carrying Value			% of Total		Carrying Value			% of Total
	(Dollars in millions)
Mortgage loans:
Commercial	$	6,959		67.8	%	$	6,523		69.6	%
Agricultural	2,116			20.6		1,892			20.2
Residential	1,109			10.8		867			9.2
Subtotal (1)	10,184			99.2		9,282			99.0
Valuation allowances	(44		)	(0.4	)	(40		)	(0.4	)
Subtotal mortgage loans, net	10,140			98.8		9,242			98.6
Commercial mortgage loans held by CSEs — FVO	123			1.2		136			1.4
Total mortgage loans, net	$	10,263		100.0	%	$	9,378		100.0	%

__________________


(1)	Purchases of mortgage loans were $147 million and $307 million for the three months and six months ended June 30, 2017, respectively, and were primarily comprised of residential mortgage loans. Purchases of mortgage loans were $192 million and $231 million for the three months and six months ended June 30, 2016, respectively, and were primarily comprised of residential mortgage loans.

Disclosure of mortgage loans held-for-investment and valuation allowances by method of evaluation for credit loss



	Evaluated Individually for Credit Losses										Evaluated Collectively for Credit Losses				Impaired Loans
	Impaired Loans with a Valuation Allowance						Impaired Loans without a Valuation Allowance
	Unpaid Principal Balance		Recorded Investment		Valuation Allowances		Unpaid Principal Balance		Recorded Investment		Recorded Investment		Valuation Allowances		Carrying Value
	(In millions)
June 30, 2017
Commercial	$	—	$	—	$	—	$	—	$	—	$	6,959	$	34	$	—
Agricultural	4		3		—		—		—		2,113		6		3
Residential	—		—		—		3		3		1,106		4		3
Total	$	4	$	3	$	—	$	3	$	3	$	10,178	$	44	$	6
December 31, 2016
Commercial	$	—	$	—	$	—	$	—	$	—	$	6,523	$	32	$	—
Agricultural	4		3		—		—		—		1,889		5		3
Residential	—		—		—		1		1		866		3		1
Total	$	4	$	3	$	—	$	1	$	1	$	9,278	$	40	$	4

Allowance for Credit Losses on Financing Receivables

The changes in the valuation allowance, by portfolio segment, were as follows:



	Six Months Ended June 30,
	2017								2016
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Balance, beginning of period	$	32	$	5	$	3	$	40	$	29	$	5	$	3	$	37
Provision (release)	2		1		1		4		4		—		1		5
Balance, end of period	$	34	$	6	$	4	$	44	$	33	$	5	$	4	$	42

Components of net unrealized investment gains (losses) included in accumulated other comprehensive income (loss)

The components of net unrealized investment gains (losses), included in AOCI, were as follows:



	June 30, 2017			December 31, 2016
	(In millions)
Fixed maturity securities	$	4,214		$	2,663
Fixed maturity securities with noncredit OTTI losses included in AOCI	6			1
Total fixed maturity securities	4,220			2,664
Equity securities	58			32
Derivatives	346			414
Short-term investments	—			(42		)
Other	(8		)	(26		)
Subtotal	4,616			3,042
Amounts allocated from:
Future policy benefits	(1,309		)	(802		)
DAC and VOBA related to noncredit OTTI losses recognized in AOCI	(2		)	(2		)
DAC, VOBA and DSI	(297		)	(214		)
Subtotal	(1,608		)	(1,018		)
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI	(2		)	—
Deferred income tax benefit (expense)	(1,062		)	(712		)
Net unrealized investment gains (losses)	$	1,944		$	1,312

The changes in net unrealized investment gains (losses) were as follows:



	Six Months Ended June 30, 2017
	(In millions)
Balance, beginning of period	$	1,312
Fixed maturity securities on which noncredit OTTI losses have been recognized	4
Unrealized investment gains (losses) during the period	1,570
Unrealized investment gains (losses) relating to:
Future policy benefits	(507		)
DAC, VOBA and DSI	(83		)
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI	(2		)
Deferred income tax benefit (expense)	(350		)
Balance, end of period	$	1,944
Change in net unrealized investment gains (losses)	$	632

Securities Lending

Elements of the securities lending program are presented below at:



	June 30, 2017		December 31, 2016
	(In millions)
Securities on loan: (1)
Amortized cost	$	5,694	$	5,895
Estimated fair value	$	6,595	$	6,555
Cash collateral received from counterparties (2)	$	6,750	$	6,642
Security collateral received from counterparties (3)	$	24	$	27
Reinvestment portfolio — estimated fair value	$	6,788	$	6,571

__________________


(1)	Included within fixed maturity securities.


(2)	Included within payables for collateral under securities loaned and other transactions.


(3)	Security collateral received from counterparties may not be sold or re-pledged, unless the counterparty is in default, and is not reflected on the combined financial statements.

The cash collateral liability by loaned security type and remaining tenor of the agreements were as follows at:



	June 30, 2017								December 31, 2016
	Remaining Tenor of Securities Lending Agreements								Remaining Tenor of Securities Lending Agreements
	Open (1)		1 Month or Less		1 to 6 Months		Total		Open (1)		1 Month or Less		1 to 6 Months		Total
	(In millions)
Cash collateral liability by loaned security type:
U.S. government and agency	$	2,188	$	2,813	$	1,492	$	6,493	$	2,129	$	1,906	$	1,743	$	5,778
U.S. corporate	—		—		—		—		—		480		—		480
Agency RMBS	—		257		—		257		—		—		274		274
Foreign corporate	—		—		—		—		—		58		—		58
Foreign government	—		—		—		—		—		52		—		52
Total	$	2,188	$	3,070	$	1,492	$	6,750	$	2,129	$	2,496	$	2,017	$	6,642

__________________


(1)	The related loaned security could be returned to the Company on the next business day which would require the Company to immediately return the cash collateral.

Invested Assets on Deposit, Held in Trust and Pledged as Collateral

Invested assets on deposit, held in trust and pledged as collateral are presented below at estimated fair value at:



	June 30, 2017		December 31, 2016
	(In millions)
Invested assets on deposit (regulatory deposits)	$	8,018	$	7,648
Invested assets held in trust (reinsurance agreements)	4,237		9,054
Invested assets pledged as collateral	3,754		3,548
Total invested assets on deposit, held in trust and pledged as collateral	$	16,009	$	20,250

The Components of Net Investment Income

The components of net investment income were as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
	(In millions)
Investment income:
Fixed maturity securities	$	598	$	680	$	1,208	$	1,311
Equity securities	4		4		7		10
Mortgage loans	111		112		220		203
Policy loans	18		20		35		40
Real estate and real estate joint ventures	14		2		26		15
Other limited partnership interests	49		20		106		41
Cash, cash equivalents and short-term investments	10		5		18		10
Other	6		2		13		3
Subtotal	810		845		1,633		1,633
Less: Investment expenses	46		43		89		85
Subtotal, net	764		802		1,544		1,548
FVO CSEs — interest income — commercial mortgage loans	2		3		4		5
Net investment income	$	766	$	805	$	1,548	$	1,553

The components of net investment gains (losses)

The components of net investment gains (losses) were as follows:



	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
	(In millions)
Total gains (losses) on fixed maturity securities:
Total OTTI losses recognized — by sector and industry:
U.S. and foreign corporate securities — by industry:
Industrial	$	—		$	(1	)	$	—		$	(16	)
Total U.S. and foreign corporate securities	—			(1		)	—			(16		)
RMBS	—			(1		)	—			(2		)
State and political subdivision	(1		)	—			(1		)	—
OTTI losses on fixed maturity securities recognized in earnings	(1		)	(2		)	(1		)	(18		)
Fixed maturity securities — net gains (losses) on sales and disposals	2			29			(36		)	(17		)
Total gains (losses) on fixed maturity securities	1			27			(37		)	(35		)
Total gains (losses) on equity securities:
Total OTTI losses recognized — by sector:
Common stock	—			—			—			(1		)
OTTI losses on equity securities recognized in earnings	—			—			—			(1		)
Equity securities — net gains (losses) on sales and disposals	1			—			1			4
Total gains (losses) on equity securities	1			—			1			3
Mortgage loans	(2		)	(4		)	(5		)	(6		)
Real estate and real estate joint ventures	1			—			3			(1		)
Other limited partnership interests	—			(2		)	(10		)	(6		)
Other	1			2			(5		)	5
Subtotal	2			23			(53		)	(40		)
FVO CSEs:
Commercial mortgage loans	—			(1		)	(1		)	—
Long-term debt — related to commercial mortgage loans	(1		)	—			—			—
Non-investment portfolio gains (losses)	(1		)	(2		)	(1		)	(1		)
Subtotal	(2		)	(3		)	(2		)	(1		)
Total net investment gains (losses)	$	—		$	20		$	(55	)	$	(41	)

Proceeds from sales or disposals of fixed maturity and equity securities and the components of fixed maturity and equity securities net investment gains and losses

Proceeds from sales or disposals of fixed maturity and equity securities and the components of fixed maturity and equity securities net investment gains (losses) were as shown in the table below.



	Three Months Ended June 30,
	2017			2016			2017		2016
	Fixed Maturity Securities						Equity Securities
	(In millions)
Proceeds	$	2,411		$	5,550		$	12	$	3
Gross investment gains	$	12		$	51		$	1	$	—
Gross investment losses	(10		)	(22		)	—		—
OTTI losses	(1		)	(2		)	—		—
Net investment gains (losses)	$	1		$	27		$	1	$	—



	Six Months Ended June 30,
	2017			2016			2017		2016
	Fixed Maturity Securities						Equity Securities
	(In millions)
Proceeds	$	4,387		$	14,889		$	13	$	6
Gross investment gains	$	20		$	88		$	1	$	4
Gross investment losses	(56		)	(105		)	—		—
OTTI losses	(1		)	(18		)	—		(1		)
Net investment gains (losses)	$	(37	)	$	(35	)	$	1	$	3

Rollforward of the Cumulative Credit Loss Component of OTTI income (loss)



	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
	(In millions)
Balance, beginning of period	$	10		$	64		$	28		$	66
Additions:
Additional impairments — credit loss OTTI on securities previously impaired	—			1			—			2
Reductions:
Sales (maturities, pay downs or prepayments) of securities previously impaired as credit loss OTTI	(1		)	(5		)	(19		)	(8		)
Balance, end of period	$	9		$	60		$	9		$	60

Schedule of Gain (Loss) on Securitizations or Asset-backed Financing Arrangements of Financial Assets Accounted for as Sale [Table Text Block]

The Company transfers invested assets, primarily consisting of fixed maturity securities, to and from affiliates. Invested assets transferred to and from affiliates were as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017			2016
	(In millions)
Estimated fair value of invested assets transferred to affiliates	$	—	$	—	$	292		$	—
Amortized cost of invested assets transferred to affiliates	$	—	$	—	$	294		$	—
Net investment gains (losses) recognized on transfers	$	—	$	—	$	(2	)	$	—
Change in additional paid-in-capital recognized on transfers	$	—	$	—	$	—		$	—
Estimated fair value of invested assets transferred from affiliates	$	—	$	4,042	$	—		$	4,279

Mortgage Loans on Real Estate [Line Items]

Schedule of Financing Receivables, Non Accrual Status [Table Text Block]

The past due and nonaccrual mortgage loans at recorded investment, prior to valuation allowances, by portfolio segment, were as follows at:



	Past Due				Nonaccrual Status
	June 30, 2017		December 31, 2016		June 30, 2017		December 31, 2016
	(Dollars in millions)
Agricultural	$	1	$	—	$	—	$	—
Residential	17		11		17		11
Total	$	18	$	11	$	17	$	11

Variable Interest Entity, Primary Beneficiary [Member]

Variable Interest Entity [Line Items]

Variable Interest Entities

The following table presents the total assets and total liabilities relating to VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated at:



	June 30, 2017				December 31, 2016
	Total Assets		Total Liabilities		Total Assets		Total Liabilities
	(In millions)
MRSC (collateral financing arrangement) (1)	$	—	$	—	$	3,422	$	—
CSEs (assets (primarily loans) and liabilities (primarily debt)) (2)	124		16		137		24
Total	$	124	$	16	$	3,559	$	24

__________________

(1)

(2)

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity [Line Items]

Variable Interest Entities



	June 30, 2017				December 31, 2016
	Carrying Amount		Maximum Exposure to Loss (1)		Carrying Amount		Maximum Exposure to Loss (1)
	(In millions)
Fixed maturity securities AFS:
Structured Securities (2)	$	12,174	$	12,174	$	13,062	$	13,062
U.S. and foreign corporate	503		503		518		518
Other limited partnership interests	1,471		2,330		1,495		2,292
Other investments (3)	77		87		90		101
Total	$	14,225	$	15,094	$	15,165	$	15,973

__________________

(1)


(2)	For these variable interests, the Company’s involvement is limited to that of a passive investor in mortgage-backed or asset-backed securities issued by trusts that do not have substantial equity.


(3)	Other investments is comprised of real estate joint ventures, other invested assets and non-redeemable preferred stock.

Commercial

Mortgage Loans on Real Estate [Line Items]

Disclosure of the mortgage loans portfolio segment by the recorded investment, prior to valuation allowances, by credit quality indicator categories

The credit quality of commercial mortgage loans was as follows at:



	Recorded Investment
	Debt Service Coverage Ratios								% of Total		Estimated Fair Value		% of Total
	> 1.20x		1.00x - 1.20x		< 1.00x		Total		% of Total		Estimated Fair Value		% of Total
	(Dollars in millions)
June 30, 2017
Loan-to-value ratios:
Less than 65%	$	6,035	$	329	$	—	$	6,364	91.4	%	$	6,544	91.7	%
65% to 75%	476		34		18		528		7.6		529		7.4
76% to 80%	—		33		9		42		0.6		41		0.6
Greater than 80%	—		—		25		25		0.4		23		0.3
Total	$	6,511	$	396	$	52	$	6,959	100.0	%	$	7,137	100.0	%

December 31, 2016
Loan-to-value ratios:
Less than 65%	$	5,744	$	230	$	167	$	6,141	94.1	%	$	6,222	94.3	%
65% to 75%	291		—		19		310		4.8		303		4.6
76% to 80%	34		—		—		34		0.5		33		0.5
Greater than 80%	24		14		—		38		0.6		37		0.6
Total	$	6,093	$	244	$	186	$	6,523	100.0	%	$	6,595	100.0	%

Agricultural

Mortgage Loans on Real Estate [Line Items]

Disclosure of the mortgage loans portfolio segment by the recorded investment, prior to valuation allowances, by credit quality indicator categories

The credit quality of agricultural mortgage loans was as follows at:



	June 30, 2017				December 31, 2016
	Recorded Investment		% of Total		Recorded Investment		% of Total
	(Dollars in millions)
Loan-to-value ratios:
Less than 65%	$	2,000	94.6	%	$	1,849	97.7	%
65% to 75%	116		5.4		43		2.3
Total	$	2,116	100.0	%	$	1,892	100.0	%

Residential

Mortgage Loans on Real Estate [Line Items]

Disclosure of the mortgage loans portfolio segment by the recorded investment, prior to valuation allowances, by credit quality indicator categories

The credit quality of residential mortgage loans was as follows at:



	June 30, 2017				December 31, 2016
	Recorded Investment		% of Total		Recorded Investment		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	1,092	98.5	%	$	856	98.7	%
Nonperforming	17		1.5		11		1.3
Total	$	1,109	100.0	%	$	867	100.0	%

Derivatives (Tables)

6 Months Ended

Jun. 30, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location

The following table presents the primary underlying risk exposure, gross notional amount, and estimated fair value of the Company’s derivatives, excluding embedded derivatives, held at:



		June 30, 2017						December 31, 2016
	Primary Underlying Risk Exposure	Gross Notional Amount		Estimated Fair Value				Gross Notional Amount		Estimated Fair Value
	Primary Underlying Risk Exposure	Gross Notional Amount		Assets		Liabilities		Gross Notional Amount		Assets		Liabilities
		(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges:
Interest rate swaps	Interest rate	$	225	$	43	$	—	$	310	$	41	$	—
Cash flow hedges:
Interest rate swaps	Interest rate	45		8		—		45		7		—
Foreign currency swaps	Foreign currency exchange rate	1,536		149		24		1,493		202		11
Subtotal		1,581		157		24		1,538		209		11
Total qualifying hedges		1,806		200		24		1,848		250		11
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	20,238		1,012		815		28,175		1,928		1,687
Interest rate floors	Interest rate	—		—		—		2,100		6		2
Interest rate caps	Interest rate	8,542		9		—		12,042		25		—
Interest rate futures	Interest rate	282		—		1		1,288		9		—
Interest rate options	Interest rate	20,800		132		—		15,520		136		—
Interest rate total return swaps	Interest rate	3,150		—		380		3,876		—		611
Foreign currency swaps	Foreign currency exchange rate	919		93		10		1,261		155		4
Foreign currency forwards	Foreign currency exchange rate	144		—		3		158		9		—
Credit default swaps — purchased	Credit	37		—		—		37		—		—
Credit default swaps — written	Credit	1,901		34		1		1,913		28		—
Equity futures	Equity market	3,336		2		1		8,037		38		—
Equity index options	Equity market	62,027		1,195		1,420		37,501		897		934
Equity variance swaps	Equity market	14,894		167		590		14,894		140		517
Equity total return swaps	Equity market	1,617		3		48		2,855		1		117
Total non-designated or nonqualifying derivatives		137,887		2,647		3,269		129,657		3,372		3,872
Total		$	139,693	$	2,847	$	3,293	$	131,505	$	3,622	$	3,883

The following table presents earned income on derivatives:



	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
	(In millions)
Qualifying hedges:
Net investment income	$	6	$	5	$	12	$	9
Nonqualifying hedges:
Net derivative gains (losses)	67		99		186		196
Policyholder benefits and claims	3		4		7		7
Total	$	76	$	108	$	205	$	212

Amount and location of gains (losses) recognized in income for derivatives that are not designated or qualifying as hedging instruments

The following table presents the amount and location of gains (losses) recognized in income for derivatives that were not designated or qualifying as hedging instruments:



	Net Derivative Gains (Losses)			Net Investment Income (1)			Policyholder Benefits and Claims (2)
	(In millions)
Three Months Ended June 30, 2017
Interest rate derivatives	$	205		$	—		$	3
Foreign currency exchange rate derivatives	(22		)	—			—
Credit derivatives — written	5			—			—
Equity derivatives	(473		)	(1		)	(93		)
Total	$	(285	)	$	(1	)	$	(90	)
Three Months Ended June 30, 2016
Interest rate derivatives	$	599		$	—		$	10
Foreign currency exchange rate derivatives	31			—			—
Credit derivatives — written	(1		)	—			—
Equity derivatives	(215		)	(1		)	(47		)
Total	$	414		$	(1	)	$	(37	)
Six Months Ended June 30, 2017
Interest rate derivatives	$	(64	)	$	—		$	2
Foreign currency exchange rate derivatives	(42		)	—			—
Credit derivatives — written	11			—			—
Equity derivatives	(1,412		)	(1		)	(277		)
Total	$	(1,507	)	$	(1	)	$	(275	)
Six Months Ended June 30, 2016
Interest rate derivatives	$	1,416		$	—		$	29
Foreign currency exchange rate derivatives	32			—			—
Credit derivatives — written	(1		)	—			—
Equity derivatives	(351		)	(4		)	(17		)
Total	$	1,096		$	(4	)	$	12

__________________


(1)	Changes in estimated fair value related to economic hedges of equity method investments in joint ventures.


(2)	Changes in estimated fair value related to economic hedges of variable annuity guarantees included in future policy benefits.

Net derivatives gains (losses) recognized on fair value derivatives and the related hedged items



Derivatives in Fair Value Hedging Relationships	Hedged Items in Fair Value Hedging Relationships	Net Derivative Gains (Losses) Recognized for Derivatives			Net Derivative Gains (Losses) Recognized for Hedged Items			Ineffectiveness Recognized in Net Derivative Gains (Losses)
		(In millions)
Three Months Ended June 30, 2017
Interest rate swaps:	Fixed maturity securities	$	—		$	—		$	—
	Policyholder liabilities (1)	3			(3		)	—
Total		$	3		$	(3	)	$	—
Three Months Ended June 30, 2016
Interest rate swaps:	Fixed maturity securities	$	(1	)	$	—		$	(1	)
	Policyholder liabilities (1)	10			(10		)	—
Total		$	9		$	(10	)	$	(1	)
Six Months Ended June 30, 2017
Interest rate swaps:	Fixed maturity securities	$	—		$	—		$	—
	Policyholder liabilities (1)	1			(1		)	—
Total		$	1		$	(1	)	$	—
Six Months Ended June 30, 2016
Interest rate swaps:	Fixed maturity securities	$	(3	)	$	2		$	(1	)
	Policyholder liabilities (1)	24			(24		)	—
Total		$	21		$	(22	)	$	(1	)

__________________


(1)	Fixed rate liabilities reported in policyholder account balances or future policy benefits.

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location



Derivatives in Cash Flow Hedging Relationships	Amount of Gains (Losses) Deferred in AOCI on Derivatives			Amount and Location of Gains (Losses) Reclassified from AOCI into Income (Loss)					Amount and Location of Gains (Losses) Recognized in Income (Loss) on Derivatives
	(Effective Portion)			(Effective Portion)					(Ineffective Portion)
				Net Derivative Gains (Losses)			Net Investment Income		Net Derivative Gains (Losses)
				(In millions)
Three Months Ended June 30, 2017
Interest rate swaps	$	1		$	—		$	1	$	—
Interest rate forwards	1			2			—		—
Foreign currency swaps	(35		)	1			—		—
Total	$	(33	)	$	3		$	1	$	—
Three Months Ended June 30, 2016
Interest rate swaps	$	11		$	12		$	1	$	—
Interest rate forwards	3			(1		)	—		—
Foreign currency swaps	62			(1		)	—		—
Total	$	76		$	10		$	1	$	—
Six Months Ended June 30, 2017
Interest rate swaps	$	1		$	—		$	2	$	—
Interest rate forwards	1			2			1		—
Foreign currency swaps	(54		)	11			—		—
Total	$	(52	)	$	13		$	3	$	—
Six Months Ended June 30, 2016
Interest rate swaps	$	36		$	12		$	1	$	—
Interest rate forwards	7			1			1		—
Foreign currency swaps	48			1			—		—
Total	$	91		$	14		$	2	$	—

Schedule of estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps

The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps at:



	June 30, 2017						December 31, 2016
Rating Agency Designation of Referenced Credit Obligations (1)	Estimated Fair Value of Credit Default Swaps			Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity (2)	Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity (2)
	(Dollars in millions)
Aaa/Aa/A
Single name credit default swaps (3)	$	1		$	25	3.1	$	—	$	45	2.2
Credit default swaps referencing indices	10			533		3.3	8		433		3.7
Subtotal	11			558		3.3	8		478		3.6
Baa
Single name credit default swaps (3)	1			110		1.5	2		180		1.6
Credit default swaps referencing indices	22			1,188		5.1	18		1,235		4.8
Subtotal	23			1,298		4.8	20		1,415		4.4
Ba
Single name credit default swaps (3)	(1		)	45		3.8	—		20		2.7
Credit default swaps referencing indices	—			—		—	—		—		—
Subtotal	(1		)	45		3.8	—		20		2.7
Total	$	33		$	1,901	4.3	$	28	$	1,913	4.2

__________________


(1)	The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s Investors Service (“Moody’s”), Standard & Poor’s Global Ratings (“S&P”) and Fitch Ratings. If no rating is available from a rating agency, then an internally developed rating is used.


(2)	The weighted average years to maturity of the credit default swaps is calculated based on weighted average gross notional amounts.


(3)	Single name credit default swaps may be referenced to the credit of corporations, foreign governments, or state and political subdivisions.

Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral

The estimated fair values of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at:



	June 30, 2017						December 31, 2016
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement	Assets			Liabilities			Assets			Liabilities
	(In millions)
Gross estimated fair value of derivatives:
OTC-bilateral (1)	$	2,871		$	3,216		$	3,411		$	2,929
OTC-cleared (1), (6)	23			58			268			905
Exchange-traded	2			2			47			—
Total gross estimated fair value of derivatives (1)	2,896			3,276			3,726			3,834
Amounts offset on the combined balance sheets	—			—			—			—
Estimated fair value of derivatives presented on the combined balance sheets (1), (6)	2,896			3,276			3,726			3,834
Gross amounts not offset on the combined balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral	(2,377		)	(2,377		)	(2,231		)	(2,231		)
OTC-cleared	(2		)	(2		)	(165		)	(165		)
Exchange-traded	(1		)	(1		)	—			—
Cash collateral: (3), (4)
OTC-bilateral	(209		)	—			(653		)	—
OTC-cleared	(21		)	(22		)	(92		)	(740		)
Exchange-traded	—			—			—			—
Securities collateral: (5)
OTC-bilateral	(282		)	(807		)	(429		)	(698		)
OTC-cleared	—			(34		)	—			—
Exchange-traded	—			(1		)	—			—
Net amount after application of master netting agreements and collateral	$	4		$	32		$	156		$	—

__________________


(1)	At June 30, 2017 and December 31, 2016, derivative assets included income or expense accruals reported in accrued investment income or in other liabilities of $49 million and $104 million, respectively, and derivative liabilities included (income) or expense accruals reported in accrued investment income or in other liabilities of ($17) million and ($49) million, respectively.


(2)	Estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals.


(3)	Cash collateral received by the Company for OTC-bilateral and OTC-cleared derivatives is included in cash and cash equivalents, short-term investments or in fixed maturity securities, and the obligation to return it is included in payables for collateral under securities loaned and other transactions on the balance sheet.

(4)

(5)


(6)	Effective January 3, 2017, the CME amended its rulebook, resulting in the characterization of variation margin transfers as settlement payments, as opposed to adjustments to collateral. See Note 1 for further information on the CME amendments.

Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral

The estimated fair values of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at:



	June 30, 2017						December 31, 2016
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement	Assets			Liabilities			Assets			Liabilities
	(In millions)
Gross estimated fair value of derivatives:
OTC-bilateral (1)	$	2,871		$	3,216		$	3,411		$	2,929
OTC-cleared (1), (6)	23			58			268			905
Exchange-traded	2			2			47			—
Total gross estimated fair value of derivatives (1)	2,896			3,276			3,726			3,834
Amounts offset on the combined balance sheets	—			—			—			—
Estimated fair value of derivatives presented on the combined balance sheets (1), (6)	2,896			3,276			3,726			3,834
Gross amounts not offset on the combined balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral	(2,377		)	(2,377		)	(2,231		)	(2,231		)
OTC-cleared	(2		)	(2		)	(165		)	(165		)
Exchange-traded	(1		)	(1		)	—			—
Cash collateral: (3), (4)
OTC-bilateral	(209		)	—			(653		)	—
OTC-cleared	(21		)	(22		)	(92		)	(740		)
Exchange-traded	—			—			—			—
Securities collateral: (5)
OTC-bilateral	(282		)	(807		)	(429		)	(698		)
OTC-cleared	—			(34		)	—			—
Exchange-traded	—			(1		)	—			—
Net amount after application of master netting agreements and collateral	$	4		$	32		$	156		$	—

__________________


(1)	At June 30, 2017 and December 31, 2016, derivative assets included income or expense accruals reported in accrued investment income or in other liabilities of $49 million and $104 million, respectively, and derivative liabilities included (income) or expense accruals reported in accrued investment income or in other liabilities of ($17) million and ($49) million, respectively.


(2)	Estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals.


(3)	Cash collateral received by the Company for OTC-bilateral and OTC-cleared derivatives is included in cash and cash equivalents, short-term investments or in fixed maturity securities, and the obligation to return it is included in payables for collateral under securities loaned and other transactions on the balance sheet.

(4)

(5)


(6)	Effective January 3, 2017, the CME amended its rulebook, resulting in the characterization of variation margin transfers as settlement payments, as opposed to adjustments to collateral. See Note 1 for further information on the CME amendments.

Derivative Instruments, Gain (Loss) [Line Items]

Components of Net Derivatives Gains (Losses)

The components of net derivative gains (losses) were as follows:



	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
	(In millions)
Freestanding derivatives and hedging gains (losses) (1)	$	(216	)	$	515		$	(1,351	)	$	1,290
Embedded derivatives gains (losses)	138			(3,488		)	308			(3,970		)
Total net derivative gains (losses)	$	(78	)	$	(2,973	)	$	(1,043	)	$	(2,680	)

__________________


(1)	Includes foreign currency transaction gains (losses) on hedged items in cash flow and nonqualifying hedging relationships, which are not presented elsewhere in this note.

Schedule of Derivative Instruments

OTC-bilateral derivatives that are not subject to collateral agreements are excluded from this table.



	June 30, 2017		December 31, 2016
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	839	$	698
Estimated Fair Value of Collateral Provided:
Fixed maturity securities	$	956	$	777
Cash	$	—	$	—
Fair Value of Incremental Collateral Provided Upon:
One-notch downgrade in financial strength rating	$	—	$	—
Downgrade in financial strength rating to a level that triggers full overnight collateralization or termination of the derivative position	$	—	$	—

__________________


(1)	After taking into consideration the existence of netting agreements.

Embedded Derivative Financial Instruments [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Components of Net Derivatives Gains (Losses)

The following table presents changes in estimated fair value related to embedded derivatives:



	Three Months Ended June 30,					Six Months Ended June 30,
	2017		2016			2017			2016
	(In millions)
Net derivative gains (losses) (1), (2)	$	138	$	(3,488	)	$	308		$	(3,970	)
Policyholder benefits and claims	$	14	$	60		$	(1	)	$	105

__________________

(1)


(2)	See Note 12 for discussion of affiliated net derivative gains (losses).

Schedule of Derivative Instruments

The following table presents the estimated fair value and balance sheet location of the Company’s embedded derivatives that have been separated from their host contracts at:



	Balance Sheet Location	June 30, 2017			December 31, 2016
		(In millions)
Embedded derivatives within asset host contracts:
Ceded guaranteed minimum benefits	Premiums, reinsurance and other receivables	$	241		$	628
Options embedded in debt or equity securities	Investments	(60		)	(49		)
Embedded derivatives within asset host contracts		$	181		$	579

Embedded derivatives within liability host contracts:
Direct guaranteed minimum benefits	Policyholder account balances	$	1,985		$	2,359
Assumed guaranteed minimum benefits	Policyholder account balances	—			460
Fixed annuities with equity indexed returns	Policyholder account balances	369			192
Embedded derivatives within liability host contracts		$	2,354		$	3,011

Fair Value (Tables)

6 Months Ended

Jun. 30, 2017

Fair Value Disclosures [Abstract]

Recurring Fair Value Measurements



	June 30, 2017
	Fair Value Hierarchy						Total Estimated Fair Value
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	21,010	$	1,402	$	22,412
U.S. government and agency	8,077		7,434		—		15,511
RMBS	—		6,996		1,172		8,168
Foreign corporate	—		5,673		954		6,627
State and political subdivision	—		4,043		—		4,043
CMBS	—		3,146		153		3,299
ABS	—		2,074		164		2,238
Foreign government	—		1,209		—		1,209
Total fixed maturity securities	8,077		51,585		3,845		63,507
Equity securities	41		103		134		278
Short-term investments	261		934		91		1,286
Commercial mortgage loans held by CSEs — FVO	—		123		—		123
Loans to affiliates	—		—		—		—
Derivative assets: (1)
Interest rate	—		1,204		—		1,204
Foreign currency exchange rate	—		242		—		242
Credit	—		24		10		34
Equity market	2		1,178		187		1,367
Total derivative assets	2		2,648		197		2,847
Embedded derivatives within asset host contracts (2)	—		—		241		241
Separate account assets (3)	457		115,103		6		115,566
Total assets	$	8,838	$	170,496	$	4,514	$	183,848
Liabilities
Derivative liabilities: (1)
Interest rate	$	1	$	815	$	380	$	1,196
Foreign currency exchange rate	—		37		—		37
Credit	—		1		—		1
Equity market	1		1,461		597		2,059
Total derivative liabilities	2		2,314		977		3,293
Embedded derivatives within liability host contracts (2)	—		—		2,354		2,354
Long-term debt of CSEs — FVO	—		16		—		16
Total liabilities	$	2	$	2,330	$	3,331	$	5,663



	December 31, 2016
	Fair Value Hierarchy						Total Estimated Fair Value
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	20,828	$	1,483	$	22,311
U.S. government and agency	6,210		6,880		—		13,090
RMBS	—		6,703		1,320		8,023
Foreign corporate	—		5,485		908		6,393
State and political subdivision	—		3,928		17		3,945
CMBS	—		3,645		167		3,812
ABS	—		2,428		224		2,652
Foreign government	—		1,162		—		1,162
Total fixed maturity securities	6,210		51,059		4,119		61,388
Equity securities	39		124		137		300
Short-term investments	718		568		2		1,288
Commercial mortgage loans held by CSEs — FVO	—		136		—		136
Loans to affiliates	—		1,090		—		1,090
Derivative assets: (1)
Interest rate	9		2,143		—		2,152
Foreign currency exchange rate	—		366		—		366
Credit	—		20		8		28
Equity market	38		859		179		1,076
Total derivative assets	47		3,388		187		3,622
Embedded derivatives within asset host contracts (2)	—		—		628		628
Separate account assets (3)	720		112,313		10		113,043
Total assets	$	7,734	$	168,678	$	5,083	$	181,495
Liabilities
Derivative liabilities: (1)
Interest rate	$	—	$	1,689	$	611	$	2,300
Foreign currency exchange rate	—		15		—		15
Credit	—		—		—		—
Equity market	—		1,038		530		1,568
Total derivative liabilities	—		2,742		1,141		3,883
Embedded derivatives within liability host contracts (2)	—		—		3,011		3,011
Long-term debt of CSEs — FVO	—		23		—		23
Total liabilities	$	—	$	2,765	$	4,152	$	6,917

__________________

(1)

(2)


(3)	Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders whose liability is reflected within separate account liabilities. Separate account liabilities are set equal to the estimated fair value of separate account assets.

Fair Value Inputs, Quantitative Information



					June 30, 2017				December 31, 2016				Impact of Increase in Input on Estimated Fair Value (2)
	Valuation Techniques		Significant Unobservable Inputs		Range			Weighted Average (1)	Range			Weighted Average (1)	Impact of Increase in Input on Estimated Fair Value (2)
Fixed maturity securities (3)
U.S. corporate and foreign corporate	•	Matrix pricing	•	Offered quotes (4)	22	-	142	107	18	-	138	104	Increase
	•	Market pricing	•	Quoted prices (4)	13	-	559	104	13	-	700	99	Increase
	•	Consensus pricing	•	Offered quotes (4)	89	-	89	89	37	-	109	85	Increase
RMBS	•	Market pricing	•	Quoted prices (4)	49	-	113	93	38	-	111	91	Increase (5)
ABS	•	Market pricing	•	Quoted prices (4)	97	-	104	101	94	-	106	100	Increase (5)
	•	Consensus pricing	•	Offered quotes (4)	99	-	101	99	98	-	100	99	Increase (5)
CMBS	•	Market pricing	•	Quoted prices (4)	40	-	101	90	20	-	104	104	Increase (5)
Derivatives
Interest rate	•	Present value techniques	•	Repurchase rates (7)	—	-	13		(44)	-	18		Decrease (6)
Credit	•	Present value techniques	•	Credit spreads (8)	96	-	98		97	-	98		Decrease (6)
	•	Consensus pricing	•	Offered quotes (9)
Equity market	•	Present value techniques or option pricing models	•	Volatility (10)	10%	-	34%		14%	-	32%		Increase (6)
			•	Correlation (11)	70%	-	70%		40%	-	40%
Embedded derivatives
Direct, assumed and ceded guaranteed minimum benefits	•	Option pricing techniques	•	Mortality rates:
				Ages 0 - 40	0%	-	0.09%		0%	-	0.09%		Decrease (12)
				Ages 41 - 60	0.04%	-	0.65%		0.04%	-	0.65%		Decrease (12)
				Ages 61 - 115	0.26%	-	100%		0.26%	-	100%		Decrease (12)
			•	Lapse rates:
				Durations 1 - 10	0.25%	-	100%		0.25%	-	100%		Decrease (13)
				Durations 11 - 20	2%	-	100%		2%	-	100%		Decrease (13)
				Durations 21 - 116	2%	-	100%		2%	-	100%		Decrease (13)
			•	Utilization rates	0%	-	25%		0%	-	25%		Increase (14)
			•	Withdrawal rates	0.25%	-	10%		0.25%	-	10%		(15)
			•	Long-term equity volatilities	17.40%	-	25%		17.40%	-	25%		Increase (16)
			•	Nonperformance risk spread	0.03%	-	0.47%		0.04%	-	0.57%		Decrease (17)

___________________


(1)	The weighted average for fixed maturity securities is determined based on the estimated fair value of the securities.


(2)	The impact of a decrease in input would have the opposite impact on estimated fair value. For embedded derivatives, changes to direct and assumed guaranteed minimum benefits are based on liability positions; changes to ceded guaranteed minimum benefits are based on asset positions.


(3)	Significant increases (decreases) in expected default rates in isolation would result in substantially lower (higher) valuations.


(4)	Range and weighted average are presented in accordance with the market convention for fixed maturity securities of dollars per hundred dollars of par.


(5)	Changes in the assumptions used for the probability of default is accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumptions used for prepayment rates.


(6)	Changes in estimated fair value are based on long U.S. dollar net asset positions and will be inversely impacted for short U.S. dollar net asset positions.


(7)	Ranges represent different repurchase rates utilized as components within the valuation methodology and are presented in basis points.


(8)	Represents the risk quoted in basis points of a credit default event on the underlying instrument. Credit derivatives with significant unobservable inputs are primarily comprised of written credit default swaps.


(9)	At June 30, 2017 and December 31, 2016, independent non-binding broker quotations were used in the determination of 2% and 3%, respectively, of the total net derivative estimated fair value.


(10)	Ranges represent the underlying equity volatility quoted in percentage points. Since this valuation methodology uses a range of inputs across multiple volatility surfaces to value the derivative, presenting a range is more representative of the unobservable input used in the valuation.


(11)	Ranges represent the different correlation factors utilized as components within the valuation methodology. Presenting a range of correlation factors is more representative of the unobservable input used in the valuation. Increases (decreases) in correlation in isolation will increase (decrease) the significance of the change in valuations.


(12)	Mortality rates vary by age and by demographic characteristics such as gender. Mortality rate assumptions are based on company experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(13)

(14)

(15)


(16)	Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.


(17)	Nonperformance risk spread varies by duration and by currency. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the embedded derivative.

Fair Value Inputs, Quantitative Information



					June 30, 2017				December 31, 2016				Impact of Increase in Input on Estimated Fair Value (2)
	Valuation Techniques		Significant Unobservable Inputs		Range			Weighted Average (1)	Range			Weighted Average (1)	Impact of Increase in Input on Estimated Fair Value (2)
Fixed maturity securities (3)
U.S. corporate and foreign corporate	•	Matrix pricing	•	Offered quotes (4)	22	-	142	107	18	-	138	104	Increase
	•	Market pricing	•	Quoted prices (4)	13	-	559	104	13	-	700	99	Increase
	•	Consensus pricing	•	Offered quotes (4)	89	-	89	89	37	-	109	85	Increase
RMBS	•	Market pricing	•	Quoted prices (4)	49	-	113	93	38	-	111	91	Increase (5)
ABS	•	Market pricing	•	Quoted prices (4)	97	-	104	101	94	-	106	100	Increase (5)
	•	Consensus pricing	•	Offered quotes (4)	99	-	101	99	98	-	100	99	Increase (5)
CMBS	•	Market pricing	•	Quoted prices (4)	40	-	101	90	20	-	104	104	Increase (5)
Derivatives
Interest rate	•	Present value techniques	•	Repurchase rates (7)	—	-	13		(44)	-	18		Decrease (6)
Credit	•	Present value techniques	•	Credit spreads (8)	96	-	98		97	-	98		Decrease (6)
	•	Consensus pricing	•	Offered quotes (9)
Equity market	•	Present value techniques or option pricing models	•	Volatility (10)	10%	-	34%		14%	-	32%		Increase (6)
			•	Correlation (11)	70%	-	70%		40%	-	40%
Embedded derivatives
Direct, assumed and ceded guaranteed minimum benefits	•	Option pricing techniques	•	Mortality rates:
				Ages 0 - 40	0%	-	0.09%		0%	-	0.09%		Decrease (12)
				Ages 41 - 60	0.04%	-	0.65%		0.04%	-	0.65%		Decrease (12)
				Ages 61 - 115	0.26%	-	100%		0.26%	-	100%		Decrease (12)
			•	Lapse rates:
				Durations 1 - 10	0.25%	-	100%		0.25%	-	100%		Decrease (13)
				Durations 11 - 20	2%	-	100%		2%	-	100%		Decrease (13)
				Durations 21 - 116	2%	-	100%		2%	-	100%		Decrease (13)
			•	Utilization rates	0%	-	25%		0%	-	25%		Increase (14)
			•	Withdrawal rates	0.25%	-	10%		0.25%	-	10%		(15)
			•	Long-term equity volatilities	17.40%	-	25%		17.40%	-	25%		Increase (16)
			•	Nonperformance risk spread	0.03%	-	0.47%		0.04%	-	0.57%		Decrease (17)

___________________


(1)	The weighted average for fixed maturity securities is determined based on the estimated fair value of the securities.


(2)	The impact of a decrease in input would have the opposite impact on estimated fair value. For embedded derivatives, changes to direct and assumed guaranteed minimum benefits are based on liability positions; changes to ceded guaranteed minimum benefits are based on asset positions.


(3)	Significant increases (decreases) in expected default rates in isolation would result in substantially lower (higher) valuations.


(4)	Range and weighted average are presented in accordance with the market convention for fixed maturity securities of dollars per hundred dollars of par.


(5)	Changes in the assumptions used for the probability of default is accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumptions used for prepayment rates.


(6)	Changes in estimated fair value are based on long U.S. dollar net asset positions and will be inversely impacted for short U.S. dollar net asset positions.


(7)	Ranges represent different repurchase rates utilized as components within the valuation methodology and are presented in basis points.


(8)	Represents the risk quoted in basis points of a credit default event on the underlying instrument. Credit derivatives with significant unobservable inputs are primarily comprised of written credit default swaps.


(9)	At June 30, 2017 and December 31, 2016, independent non-binding broker quotations were used in the determination of 2% and 3%, respectively, of the total net derivative estimated fair value.


(10)	Ranges represent the underlying equity volatility quoted in percentage points. Since this valuation methodology uses a range of inputs across multiple volatility surfaces to value the derivative, presenting a range is more representative of the unobservable input used in the valuation.


(11)	Ranges represent the different correlation factors utilized as components within the valuation methodology. Presenting a range of correlation factors is more representative of the unobservable input used in the valuation. Increases (decreases) in correlation in isolation will increase (decrease) the significance of the change in valuations.


(12)	Mortality rates vary by age and by demographic characteristics such as gender. Mortality rate assumptions are based on company experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(13)

(14)

(15)


(16)	Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.


(17)	Nonperformance risk spread varies by duration and by currency. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the embedded derivative.

Fair Value, Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables summarize the change of all assets and (liabilities) measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3):



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities
	Corporate (1)			U.S. Government and Agency		Structured Securities			State and Political Subdivision			Foreign Government
	(In millions)
Three Months Ended June 30, 2017
Balance, beginning of period	$	2,403		$	—	$	1,640		$	7		$	—
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	1			—		6			—			—
Total realized/unrealized gains (losses) included in AOCI	23			—		21			—			—
Purchases (7)	171			—		24			—			—
Sales (7)	(248		)	—		(143		)	—			—
Issuances (7)	—			—		—			—			—
Settlements (7)	—			—		—			—			—
Transfers into Level 3 (8)	30			—		—			—			—
Transfers out of Level 3 (8)	(24		)	—		(59		)	(7		)	—
Balance, end of period	$	2,356		$	—	$	1,489		$	—		$	—
Three Months Ended June 30, 2016
Balance, beginning of period	$	2,463		$	20	$	1,756		$	8		$	—
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	—			—		8			—			—
Total realized/unrealized gains (losses) included in AOCI	75			1		(5		)	—			—
Purchases (7)	235			4		383			—			9
Sales (7)	(61		)	—		(143		)	—			—
Issuances (7)	—			—		—			—			—
Settlements (7)	—			—		—			—			—
Transfers into Level 3 (8)	102			—		12			—			—
Transfers out of Level 3 (8)	(41		)	—		(129		)	—			—
Balance, end of period	$	2,773		$	25	$	1,882		$	8		$	9
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2017 (9)	$	—		$	—	$	6		$	—		$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2016 (9)	$	—		$	—	$	8		$	—		$	—



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Equity Securities			Short-term Investments			Net Derivatives (2)			Net Embedded Derivatives (3)			Separate Account Assets (4)
	(In millions)
Three Months Ended June 30, 2017
Balance, beginning of period	$	142		$	1		$	(890	)	$	(2,021	)	$	15
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	1			—			106			162			—
Total realized/unrealized gains (losses) included in AOCI	1			—			—			—			—
Purchases (7)	—			91			4			—			7
Sales (7)	(10		)	—			—			—			(8		)
Issuances (7)	—			—			—			—			—
Settlements (7)	—			—			—			(254		)	(1		)
Transfers into Level 3 (8)	—			—			—			—			—
Transfers out of Level 3 (8)	—			(1		)	—			—			(7		)
Balance, end of period	$	134		$	91		$	(780	)	$	(2,113	)	$	6
Three Months Ended June 30, 2016
Balance, beginning of period	$	171		$	50		$	(243	)	$	(542	)	$	143
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	—			—			54			(3,409		)	—
Total realized/unrealized gains (losses) included in AOCI	3			—			4			—			—
Purchases (7)	—			111			4			—			—
Sales (7)	(1		)	—			—			—			—
Issuances (7)	—			—			—			—			—
Settlements (7)	—			—			(1		)	(139		)	—
Transfers into Level 3 (8)	—			—			—			—			—
Transfers out of Level 3 (8)	—			(50		)	—			—			(1		)
Balance, end of period	$	173		$	111		$	(182	)	$	(4,090	)	$	142
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2017 (9)	$	—		$	—		$	106		$	245		$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2016 (9)	$	—		$	—		$	57		$	(3,417	)	$	—



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities
	Corporate (1)			U.S. Government and Agency		Structured Securities			State and Political Subdivision			Foreign Government
	(In millions)
Six Months Ended June 30, 2017
Balance, beginning of period	$	2,391		$	—	$	1,711		$	17		$	—
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	(2		)	—		9			—			—
Total realized/unrealized gains (losses) included in AOCI	130			—		36			—			—
Purchases (7)	291			—		68			—			—
Sales (7)	(299		)	—		(231		)	—			—
Issuances (7)	—			—		—			—			—
Settlements (7)	—			—		—			—			—
Transfers into Level 3 (8)	3			—		—			—			—
Transfers out of Level 3 (8)	(158		)	—		(104		)	(17		)	—
Balance, end of period	$	2,356		$	—	$	1,489		$	—		$	—
Six Months Ended June 30, 2016
Balance, beginning of period	$	2,485		$	—	$	2,032		$	13		$	26
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	(13		)	—		13			—			—
Total realized/unrealized gains (losses) included in AOCI	176			2		(18		)	—			—
Purchases (7)	282			4		453			—			9
Sales (7)	(141		)	—		(235		)	—			—
Issuances (7)	—			—		—			—			—
Settlements (7)	—			—		—			—			—
Transfers into Level 3 (8)	166			19		24			—			—
Transfers out of Level 3 (8)	(182		)	—		(387		)	(5		)	(26		)
Balance, end of period	$	2,773		$	25	$	1,882		$	8		$	9
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2017 (9)	$	—		$	—	$	10		$	—		$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2016 (9)	$	(12	)	$	—	$	13		$	—		$	—



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Equity Securities			Short-term Investments			Net Derivatives (2)			Net Embedded Derivatives (3)			Separate Account Assets (4)
	(In millions)
Six Months Ended June 30, 2017
Balance, beginning of period	$	137		$	2		$	(954	)	$	(2,383	)	$	10
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	—			—			96			325			—
Total realized/unrealized gains (losses) included in AOCI	3			—			—			—			—
Purchases (7)	4			91			4			—			1
Sales (7)	(10		)	(1		)	—			—			(2		)
Issuances (7)	—			—			—			—			—
Settlements (7)	—			—			74			(55		)	—
Transfers into Level 3 (8)	—			—			—			—			2
Transfers out of Level 3 (8)	—			(1		)	—			—			(5		)
Balance, end of period	$	134		$	91		$	(780	)	$	(2,113	)	$	6
Six Months Ended June 30, 2016
Balance, beginning of period	$	97		$	47		$	(232	)	$	32		$	146
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)	—			—			37			(3,847		)	—
Total realized/unrealized gains (losses) included in AOCI	—			—			8			—			—
Purchases (7)	—			111			7			—			1
Sales (7)	(13		)	(47		)	—			—			(4		)
Issuances (7)	—			—			—			—			—
Settlements (7)	—			—			(2		)	(275		)	—
Transfers into Level 3 (8)	129			—			—			—			—
Transfers out of Level 3 (8)	(40		)	—			—			—			(1		)
Balance, end of period	$	173		$	111		$	(182	)	$	(4,090	)	$	142
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2017 (9)	$	—		$	—		$	93		$	672		$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2016 (9)	$	—		$	—		$	43		$	(3,865	)	$	—

__________________


(1)	Comprised of U.S. and foreign corporate securities.


(2)	Freestanding derivative assets and liabilities are presented net for purposes of the rollforward.


(3)	Embedded derivative assets and liabilities are presented net for purposes of the rollforward.


(4)	Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders within separate account liabilities. Therefore, such changes in estimated fair value are not recorded in net income (loss). For the purpose of this disclosure, these changes are presented within net investment gains (losses).

(5)


(6)	Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward.


(7)	Items purchased/issued and then sold/settled in the same period are excluded from the rollforward. Fees attributed to embedded derivatives are included in settlements.


(8)	Gains and losses, in net income (loss) and OCI, are calculated assuming transfers into and/or out of Level 3 occurred at the beginning of the period. Items transferred into and then out of Level 3 in the same period are excluded from the rollforward.


(9)	Changes in unrealized gains (losses) included in net income (loss) relate to assets and liabilities still held at the end of the respective periods. Substantially all changes in unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).

Fair Value Option

The following table presents information for certain assets and liabilities of CSEs, which are accounted for under the FVO. These assets and liabilities were initially measured at fair value.



	June 30, 2017		December 31, 2016
	(In millions)
Assets (1)
Unpaid principal balance	$	76	$	88
Difference between estimated fair value and unpaid principal balance	47		48
Carrying value at estimated fair value	$	123	$	136
Liabilities (1)
Contractual principal balance	$	15	$	22
Difference between estimated fair value and contractual principal balance	1		1
Carrying value at estimated fair value	$	16	$	23

__________________

(1)

Fair Value of Financial Instruments Carried at Other Than Fair Value

The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows at:



	June 30, 2017
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	10,140	$	—	$	—	$	10,405	$	10,405
Policy loans	$	1,513	$	—	$	778	$	992	$	1,770
Real estate joint ventures	$	6	$	—	$	—	$	27	$	27
Other limited partnership interests	$	42	$	—	$	—	$	41	$	41
Premiums, reinsurance and other receivables	$	1,862	$	—	$	170	$	2,220	$	2,390
Liabilities
Policyholder account balances	$	15,913	$	—	$	—	$	17,316	$	17,316
Long-term debt	$	3,000	$	—	$	3,006	$	—	$	3,006
Collateral financial arrangement	$	—	$	—	$	—	$	—	$	—
Other liabilities	$	573	$	—	$	361	$	212	$	573
Separate account liabilities	$	1,167	$	—	$	1,167	$	—	$	1,167



	December 31, 2016
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	9,242	$	—	$	—	$	9,387	$	9,387
Policy loans	$	1,517	$	—	$	780	$	978	$	1,758
Real estate joint ventures	$	12	$	—	$	—	$	44	$	44
Other limited partnership interests	$	44	$	—	$	—	$	42	$	42
Premiums, reinsurance and other receivables	$	2,789	$	—	$	834	$	2,449	$	3,283
Liabilities
Policyholder account balances	$	16,226	$	—	$	—	$	17,457	$	17,457
Long-term debt	$	1,887	$	—	$	2,117	$	—	$	2,117
Collateral financing arrangement	$	2,797	$	—	$	—	$	2,797	$	2,797
Other liabilities	$	323	$	—	$	110	$	213	$	323
Separate account liabilities	$	1,114	$	—	$	1,114	$	—	$	1,114

- Definition

Tabular disclosure of the application of the fair value option for measurement and reporting of eligible financial assets and liabilities (as defined), as well as certain other eligible items (as defined) included in the statement of financial position, whether such option is elected for a single eligible item or a group of similar eligible items and is in addition to other disclosures concerning fair value which the company may be required to provide. Such disclosure might be expected to include: (1) for items included in the statement of financial position: (a) for each line item in the statement of financial position that includes an item or items for which the fair value option has been elected, provide the aggregate carrying amount of ineligible items included in each line item in the balance sheet, if any; (b) the difference between the aggregate fair value and the aggregate unpaid principal balance (assuming contractual principal amounts and fair value option elected) of: (i) loans and long-term receivables (other than securities otherwise reported at fair value) and (ii) long-term debt instruments; (c) for loans held as assets for which the fair value option has been elected: (i) the aggregate fair value of loans that are 90 days or more past due, (ii) if the policy is to recognize interest income separately from other changes in fair value, the aggregate fair value of loans in nonaccrual status, and (iii) the difference between the aggregate fair value and the aggregate unpaid principal balance for loans that are 90 days or more past due, in nonaccrual status, or both; (2) for items included in the income statement: (a) the amounts of gains and losses from fair value changes included in earnings and in which line in the income statement those gains and losses are reported whether or not combined with gains and losses from items required to be accounted for at fair value; (b) for loans and other receivables held as assets, the estimated amount of gains or losses included in earnings attributable to changes in instrument-specific credit risk; (c) for liabilities with fair values that have been significantly affected during the reporting period by changes in the instrument-specific credit risk, the estimated amount of gains and losses from fair value changes included in earnings that are attributable to changes in the instrument-specific credit risk; and (3) certain other disclosures as required or determined to be provided.

+ References + Details

Debt and Collateral Financing Arrangement Long-term Debt (Tables)

6 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long-term debt outstanding was as follows:



	Interest Rate	Maturity	June 30, 2017		December 31, 2016
	(Dollars in millions)
Senior notes — unaffiliated	3.700%	2027	$	1,488	$	—
Senior notes — unaffiliated	4.700%	2047	1,476		—
Surplus notes — affiliated with MetLife, Inc.	8.595%	2038	—		750
Surplus note — affiliated with MetLife, Inc.	5.130%	2032	—		750
Surplus note — affiliated with MetLife, Inc.	6.000%	2033	—		350
Long-term debt — unaffiliated (1), (2)	7.028%	2030	36		37
Total long-term debt			$	3,000	$	1,887

Collateral financing arrangement	3-month LIBOR plus 0.70%	2037	$	—	$	2,797

______________


(1)	Excludes $16 million and $23 million at June 30, 2017 and December 31, 2016, respectively, of long-term debt relating to CSEs — FVO.


(2)	Represents non-recourse debt for which creditors have no access, subject to customary exceptions, to the general assets of the Company other than recourse to certain investment companies.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21521-112644

+ Details

Equity (Tables)

6 Months Ended

Jun. 30, 2017

Equity [Abstract]

Components of Accumulated Other Comprehensive Income (Loss)

Information regarding changes in the balances of each component of AOCI was as follows:



	Three Months Ended June 30, 2017
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)			Unrealized Gains (Losses) on Derivatives			Foreign Currency Translation Adjustments			Defined Benefit Plans Adjustment			Total
	(In millions)
Balance, beginning of period	$	1,310		$	248		$	(34	)	$	(18	)	$	1,506
OCI before reclassifications	649			(33		)	3			—			619
Deferred income tax benefit (expense)	(236		)	11			(2		)	1			(226		)
AOCI before reclassifications, net of income tax	1,723			226			(33		)	(17		)	1,899
Amounts reclassified from AOCI	(1		)	(4		)	—			—			(5		)
Deferred income tax benefit (expense)	(1		)	1			—			—			—
Amounts reclassified from AOCI, net of income tax	(2		)	(3		)	—			—			(5		)
Balance, end of period	$	1,721		$	223		$	(33	)	$	(17	)	$	1,894



	Three Months Ended June 30, 2016
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)			Unrealized Gains (Losses) on Derivatives			Foreign Currency Translation Adjustments			Defined Benefit Plans Adjustment			Total
	(In millions)
Balance, beginning of period	$	2,248		$	258		$	(35	)	$	(15	)	$	2,456
OCI before reclassifications	225			76			16			2			319
Deferred income tax benefit (expense)	(86		)	(27		)	(2		)	(1		)	(116		)
AOCI before reclassifications, net of income tax	2,387			307			(21		)	(14		)	2,659
Amounts reclassified from AOCI	(29		)	(11		)	—			(1		)	(41		)
Deferred income tax benefit (expense)	10			4			—			—			14
Amounts reclassified from AOCI, net of income tax	(19		)	(7		)	—			(1		)	(27		)
Balance, end of period	$	2,368		$	300		$	(21	)	$	(15	)	$	2,632



	Six Months Ended June 30, 2017
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)			Unrealized Gains (Losses) on Derivatives			Foreign Currency Translation Adjustments			Defined Benefit Plans Adjustment			Total
	(In millions)
Balance, beginning of period	$	1,044		$	268		$	(31	)	$	(16	)	$	1,265
OCI before reclassifications	962			(52		)	(4		)	(14		)	892
Deferred income tax benefit (expense)	(343		)	18			2			13			(310		)
AOCI before reclassifications, net of income tax	1,663			234			(33		)	(17		)	1,847
Amounts reclassified from AOCI	90			(16		)	—			—			74
Deferred income tax benefit (expense)	(32		)	5			—			—			(27		)
Amounts reclassified from AOCI, net of income tax	58			(11		)	—			—			47
Balance, end of period	$	1,721		$	223		$	(33	)	$	(17	)	$	1,894



	Six Months Ended June 30, 2016
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)			Unrealized Gains (Losses) on Derivatives			Foreign Currency Translation Adjustments			Defined Benefit Plans Adjustment			Total
	(In millions)
Balance, beginning of period	$	1,322		$	251		$	(32	)	$	(18	)	$	1,523
OCI before reclassifications	1,588			91			12			3			1,694
Deferred income tax benefit (expense)	(564		)	(32		)	(1		)	(1		)	(598		)
AOCI before reclassifications, net of income tax	2,346			310			(21		)	(16		)	2,619
Amounts reclassified from AOCI	34			(16		)	—			1			19
Deferred income tax benefit (expense)	(12		)	6			—			—			(6		)
Amounts reclassified from AOCI, net of income tax	22			(10		)	—			1			13
Balance, end of period	$	2,368		$	300		$	(21	)	$	(15	)	$	2,632

__________________


(1)	See Note 4 for information on offsets to investments related to future policy benefits, DAC, VOBA and DSI.

Reclassification out of Accumulated Other Comprehensive Income (Loss)

Information regarding amounts reclassified out of each component of AOCI was as follows:



AOCI Components	Amounts Reclassified from AOCI												Combined Statements of Operations and Comprehensive Income (Loss) Locations
	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	1		$	26		$	(47	)	$	(34	)	Net investment gains (losses)
Net unrealized investment gains (losses)	1			3			2			—			Net investment income
Net unrealized investment gains (losses)	(1		)	—			(45		)	—			Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	1			29			(90		)	(34		)
Income tax (expense) benefit	1			(10		)	32			12
Net unrealized investment gains (losses), net of income tax	2			19			(58		)	(22		)
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate swaps	—			12			—			12			Net derivative gains (losses)
Interest rate swaps	1			1			2			1			Net investment income
Interest rate forwards	2			(1		)	2			1			Net derivative gains (losses)
Interest rate forwards	—			—			1			1			Net investment income
Foreign currency swaps	1			(1		)	11			1			Net derivative gains (losses)
Gains (losses) on cash flow hedges, before income tax	4			11			16			16
Income tax (expense) benefit	(1		)	(4		)	(5		)	(6		)
Gains (losses) on cash flow hedges, net of income tax	3			7			11			10
Defined benefit plans adjustment:
Amortization of net actuarial gains (losses)	—			(1		)	—			(1		)
Amortization of prior service (costs) credit	—			2			—			—
Amortization of defined benefit plans, before income tax	—			1			—			(1		)
Amortization of defined benefit plans, net of income tax	—			1			—			(1		)
Total reclassifications, net of income tax	$	5		$	27		$	47		$	(13	)

Other Expenses (Tables)

6 Months Ended

Jun. 30, 2017

Other Income and Expenses [Abstract]

Other Expenses

Information on other expenses was as follows:



	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
	(In millions)
Compensation	$	65		$	108		$	129		$	228
Commissions	197			130			390			314
Volume-related costs	136			128			263			253
Affiliated expenses on ceded and assumed reinsurance	3			(2		)	26			1
Capitalization of DAC	(47		)	(82		)	(115		)	(184		)
Interest expense on debt	37			45			82			88
Premium taxes, licenses and fees	19			13			33			33
Professional services	53			17			88			28
Rent and related expenses	4			15			8			30
Other	147			121			274			254
Total other expenses	$	614		$	493		$	1,178		$	1,045

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2017

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

The following table sets forth the calculation of pro forma basic EPS based on net income (loss) divided by the pro forma basic weighted average number of common shares.



	Three Months Ended June 30,					Six Months Ended June 30,
	2017		2016			2017			2016
	(In millions, except share and per share data)
Weighted Average Shares:
Pro forma shares outstanding	119,773,106		119,773,106			119,773,106			119,773,106
Incremental common shares from assumed:
Net income (loss)	$	246	$	(1,423	)	$	(103	)	$	(1,016	)
Pro forma earnings per share	$	2.05	$	(11.88	)	$	(0.86	)	$	(8.48	)

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2017

Reinsurance Disclosure [Line Items]

The following table summarizes assets and liabilities from transactions with MetLife (excluding broker-dealer transactions) at:



	June 30, 2017				December 31, 2016
	Assets		Liabilities		Assets		Liabilities
	(In millions)
MetLife	$	2,979	$	2,170	$	4,805	$	7,763

The following table summarizes income and expense from transactions with MetLife (excluding broker-dealer transactions) for the periods indicated:



	Three Months Ended June 30,
	2017		2016		2017		2016
	Income				Expense
	(In millions)
MetLife	$	42	$	127	$	80	$	14



	Six Months Ended June 30,
	2017			2016		2017		2016
	Income					Expense
	(In millions)
MetLife	$	(400	)	$	52	$	180	$	200

The following table summarizes income and expense from transactions with related broker-dealers for the periods indicated:



	Three Months Ended June 30,
	2017		2016		2017		2016
	Fee Income				Commission Expense
	(In millions)
Affiliated broker-dealers	$	59	$	52	$	194	$	156



	Six Months Ended June 30,
	2017		2016		2017		2016
	Fee Income				Commission Expense
	(In millions)
Affiliated broker-dealers	$	117	$	107	$	323	$	320

The following table summarizes assets and liabilities from transactions with affiliated broker-dealers as follows:



	June 30, 2017					December 31, 2016
	Fee Income Receivables			Secured Demand Notes		Fee Income Receivables		Secured Demand Notes
	(In millions)
Affiliated broker-dealers	$	(1	)	$	—	$	21	$	20

Effects of reinsurance

Information regarding the significant effects of affiliated reinsurance included on the interim condensed combined statements of operations and comprehensive income (loss) was as follows:



	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
	(In millions)
Premiums
Reinsurance assumed	$	4		$	7		$	8		$	52
Reinsurance ceded	(140		)	(197		)	(317		)	(373		)
Net premiums	$	(136	)	$	(190	)	$	(309	)	$	(321	)
Universal life and investment-type product policy fees
Reinsurance assumed	$	22		$	28		$	46		$	54
Reinsurance ceded	(4		)	(15		)	(17		)	(31		)
Net universal life and investment-type product policy fees	$	18		$	13		$	29		$	23
Other revenues
Reinsurance assumed	$	27		$	—		$	27		$	—
Reinsurance ceded	39			283			39			304
Net other revenues	$	66		$	283		$	66		$	304
Policyholder benefits and claims
Reinsurance assumed	$	6		$	12		$	12		$	54
Reinsurance ceded	(94		)	(200		)	(229		)	(349		)
Net policyholder benefits and claims	$	(88	)	$	(188	)	$	(217	)	$	(295	)
Interest credited to policyholder account balances
Reinsurance assumed	$	18		$	19		$	36		$	39
Reinsurance ceded	(4		)	(4		)	(8		)	(8		)
Net interest credited to policyholder account balances	$	14		$	15		$	28		$	31
Amortization of deferred policy acquisition costs and value of business acquired
Reinsurance assumed	$	21		$	2		$	24		$	5
Reinsurance ceded	(3		)	(61		)	$	13		$	(120	)
Net amortization of deferred policy acquisition costs and value of business acquired	$	18		$	(59	)	$	37		$	(115	)
Other expenses
Reinsurance assumed	$	2		$	(11	)	$	21		$	16
Reinsurance ceded	(2		)	(15		)	15			(28		)
Net other expenses	$	—		$	(26	)	$	36		$	(12	)

Information regarding the significant effects of affiliated reinsurance included on the interim condensed combined balance sheets was as follows at:



	June 30, 2017					December 31, 2016
	Assumed		Ceded			Assumed		Ceded
	(In millions)
Assets
Premiums, reinsurance and other receivables	$	160	$	3,312		$	21	$	4,020
Deferred policy acquisition costs and value of business acquired	8		(435		)	71		(406		)
Total assets	$	168	$	2,877		$	92	$	3,614
Liabilities
Future policy benefits	$	67	$	—		$	170	$	—
Policyholder account balances	—		—			460		—
Other policy-related balances	1,676		—			1,677		—
Other liabilities	21		384			10		715
Total liabilities	$	1,764	$	384		$	2,317	$	715

Subsequent Events Subsequent Events (Tables)

6 Months Ended

Jun. 30, 2017

Subsequent Events [Abstract]

Schedule of Subsequent Events [Table Text Block]



	As Reported		Pro Forma
	(In millions)
Cash and cash equivalents	$	4,443	$	3,245
Long-term debt	$	3,016	$	3,616
Shareholder’s net investment	$	14,521	$	12,168

Business, Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2017 USD ($) Segment	Mar. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 2,847		$ 3,622
Derivative Liability, Fair Value, Gross Liability	3,293		3,883
Accrued investment income relating to variable interest entities	608		693
Premiums and Other Receivables, Net	13,415		14,647
Payables For Collateral Under Securities Loaned And Other Transactions	$ 7,121		$ 7,390
Number of segments \| Segment	3
CME update impact [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Derivative Asset, Fair Value, Gross Asset		$ 206
Derivative Liability, Fair Value, Gross Liability		927
Accrued investment income relating to variable interest entities		30
Premiums and Other Receivables, Net		765
Payables For Collateral Under Securities Loaned And Other Transactions		$ 74
Spinoff \| Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Common Stock Distribution by Parent	80.10%

Segment Information (Earnings) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Segment Reporting Information [Line Items]
Income (loss) from continuing operations before provision for income tax	$ 321	$ (2,240)	$ (269)	$ (1,676)
Provision for income tax expense (benefit)	75	(817)	(166)	(660)
Net investment gains (losses)	0	20	(55)	(41)
Net derivative gains (losses)	(78)	(2,973)	(1,043)	(2,680)
Other adjustments to net income	162	347	236	432
Net income (loss)	246	(1,423)	(103)	(1,016)
Inter-segment revenues	2,025	(584)	2,990	1,805
Annuities
Segment Reporting Information [Line Items]
Interest revenue	311	367	638	705
Interest expense	0	0	0	0
Life
Segment Reporting Information [Line Items]
Interest revenue	69	102	176	195
Interest expense	0	0	0	0
Run-off
Segment Reporting Information [Line Items]
Interest revenue	354	353	712	698
Interest expense	8	15	23	30
Corporate & Other
Segment Reporting Information [Line Items]
Interest revenue	58	47	124	84
Interest expense	28	28	58	55
Operating Segments
Segment Reporting Information [Line Items]
Income (loss) from continuing operations before provision for income tax	426	69	818	529
Provision for income tax expense (benefit)	102	(10)	214	110
Operating earnings	324	79	604	419
Operating Segments \| Annuities
Segment Reporting Information [Line Items]
Income (loss) from continuing operations before provision for income tax	313	501	623	841
Provision for income tax expense (benefit)	87	143	169	228
Operating earnings	226	358	454	613
Inter-segment revenues	1,126	1,457	2,200	2,676
Operating Segments \| Life
Segment Reporting Information [Line Items]
Income (loss) from continuing operations before provision for income tax	23	39	8	26
Provision for income tax expense (benefit)	11	5	3	2
Operating earnings	12	34	5	24
Inter-segment revenues	305	312	595	610
Operating Segments \| Run-off
Segment Reporting Information [Line Items]
Income (loss) from continuing operations before provision for income tax	79	(476)	153	(326)
Provision for income tax expense (benefit)	27	(160)	52	(111)
Operating earnings	52	(316)	101	(215)
Inter-segment revenues	545	512	1,084	1,046
Operating Segments \| Corporate & Other
Segment Reporting Information [Line Items]
Income (loss) from continuing operations before provision for income tax	11	5	34	(12)
Provision for income tax expense (benefit)	(23)	2	(10)	(9)
Operating earnings	34	3	44	(3)
Inter-segment revenues	82	76	171	174
Segment Reconciling Items
Segment Reporting Information [Line Items]
Provision for income tax expense (benefit)	27	807	380	770
Net investment gains (losses)	0	20	(55)	(41)
Net derivative gains (losses)	(78)	(2,973)	(1,043)	(2,680)
Other adjustments to net income	(27)	644	11	516
Inter-segment revenues	(33)	(2,941)	(1,060)	(2,701)
Intersegment Eliminations \| Annuities
Segment Reporting Information [Line Items]
Inter-segment revenues	35	319	60	382
Intersegment Eliminations \| Life
Segment Reporting Information [Line Items]
Inter-segment revenues	(99)	(178)	(240)	(336)
Intersegment Eliminations \| Run-off
Segment Reporting Information [Line Items]
Inter-segment revenues	52	1	49	2
Intersegment Eliminations \| Corporate & Other
Segment Reporting Information [Line Items]
Inter-segment revenues	$ (56)	$ 2	$ (70)	$ 37

Segment Information (Reconciliation of Operating Revenues to Total Revenues) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 2,025	$ (584)	$ 2,990	$ 1,805
Net investment gains (losses)	0	20	(55)	(41)
Net derivative gains (losses)	(78)	(2,973)	(1,043)	(2,680)
Operating Segments \| Annuities
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	1,126	1,457	2,200	2,676
Operating Segments \| Life
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	305	312	595	610
Operating Segments \| Run-off
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	545	512	1,084	1,046
Operating Segments \| Corporate & Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	82	76	171	174
Segment Reconciling Items
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	(33)	(2,941)	(1,060)	(2,701)
Net investment gains (losses)	0	20	(55)	(41)
Net derivative gains (losses)	$ (78)	$ (2,973)	$ (1,043)	$ (2,680)

Segment Information (Total Assets) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Total assets	$ 224,328	$ 221,930
Annuities
Segment Reporting Information [Line Items]
Total assets	151,709	152,146
Life
Segment Reporting Information [Line Items]
Total assets	15,705	17,150
Run-off
Segment Reporting Information [Line Items]
Total assets	41,261	40,007
Corporate & Other
Segment Reporting Information [Line Items]
Total assets	$ 15,653	$ 12,627

Segment Information (Narrative) (Details)	6 Months Ended
Segment Information (Narrative) (Details)	Jun. 30, 2017 Segment
Segment Reporting [Abstract]
Number of segments	3

Insurance (Guarantees Related to Annuity Contracts) (Details) - Variable Annuity Guarantees - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Guaranteed Death Benefits
Net Amount at Risk by Product and Guarantee [Line Items]
Total account value	$ 114,981	$ 111,719
Separate account value	109,827	106,759
Net amount at risk	$ 5,862	$ 6,837
Average attained age of contractholders	68 years	67 years
Guaranteed Annuitization Benefits
Net Amount at Risk by Product and Guarantee [Line Items]
Total account value	$ 65,899	$ 64,503
Separate account value	64,505	63,025
Net amount at risk	$ 2,893	$ 3,313
Average attained age of contractholders	67 years	67 years

Insurance (Guarantees Related to Universal and Variable Life Contracts) (Details) - Universal and Variable Life Contracts - Secondary Guarantees - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Net Amount at Risk by Product and Guarantee [Line Items]
Total account value (3)	$ 9,453	$ 9,326
Net amount at risk	$ 101,677	$ 102,635
Average attained age of policyholders	60 years	59 years

Insurance Insurance (Liabilities for Unpaid Claims and Claim Expense) (Details) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2015
Balance, end of period	$ 2,041	$ 1,926	$ 2,008	$ 1,719
Add: Reinsurance recoverables	1,845	1,659	1,832	1,565
Liability for Unpaid Claims and Claims Adjustment Expense, Net	196	267	176	243
Incurred related to:
Prior periods (2)	(13)	(27)
Current period	400	516
Total incurred	387	489
Paid related to:
Total paid	(367)	(465)
Prior periods	(55)	(122)
Current period	$ (312)	$ (343)
Scenario, Previously Reported [Member]
Liability for Unpaid Claims and Claims Adjustment Expense, Net			176	154
Scenario, Adjustment [Member]
Liability for Unpaid Claims and Claims Adjustment Expense, Net			$ 0	$ 89

Investments (Fixed Maturity and Equity Securities Available-For-Sale by Sector) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Available-for-sale Securities [Abstract]
Cost or Amortized Cost	$ 59,277	$ 58,715
Cost or Amortized Cost	247	280
Gross Unrealized OTTI Loss	6	1
Available-for-sale Securities, Debt Securities	63,507	61,388
Equity securities	278	300
Fixed Maturity Securities
Available-for-sale Securities [Abstract]
Cost or Amortized Cost	59,277	58,715
Gross Unrealized Gain	4,683	3,619
Gross Unrealized Temporary Loss	459	947
Gross Unrealized OTTI Loss	(6)	(1)
Available-for-sale Securities, Debt Securities	63,507	61,388
U.S. corporate
Available-for-sale Securities [Abstract]
Cost or Amortized Cost	20,837	21,278
Gross Unrealized Gain	1,700	1,324
Gross Unrealized Temporary Loss	125	291
Gross Unrealized OTTI Loss	0	0
Available-for-sale Securities, Debt Securities	22,412	22,311
U.S. government and agency
Available-for-sale Securities [Abstract]
Cost or Amortized Cost	13,959	12,032
Gross Unrealized Gain	1,673	1,294
Gross Unrealized Temporary Loss	121	236
Gross Unrealized OTTI Loss	0	0
Available-for-sale Securities, Debt Securities	15,511	13,090
Foreign corporate
Available-for-sale Securities [Abstract]
Cost or Amortized Cost	6,395	6,343
Gross Unrealized Gain	334	230
Gross Unrealized Temporary Loss	102	180
Gross Unrealized OTTI Loss	0	0
Available-for-sale Securities, Debt Securities	6,627	6,393
RMBS
Available-for-sale Securities [Abstract]
Cost or Amortized Cost	7,973	7,961
Gross Unrealized Gain	264	206
Gross Unrealized Temporary Loss	74	144
Gross Unrealized OTTI Loss	(5)	0
Available-for-sale Securities, Debt Securities	8,168	8,023
State and political subdivision
Available-for-sale Securities [Abstract]
Cost or Amortized Cost	3,573	3,590
Gross Unrealized Gain	483	393
Gross Unrealized Temporary Loss	13	38
Gross Unrealized OTTI Loss	0	0
Available-for-sale Securities, Debt Securities	4,043	3,945
ABS
Available-for-sale Securities [Abstract]
Cost or Amortized Cost	2,223	2,654
Gross Unrealized Gain	19	12
Gross Unrealized Temporary Loss	4	14
Gross Unrealized OTTI Loss	0	0
Available-for-sale Securities, Debt Securities	2,238	2,652
CMBS
Available-for-sale Securities [Abstract]
Cost or Amortized Cost	3,247	3,799
Gross Unrealized Gain	67	44
Gross Unrealized Temporary Loss	16	32
Gross Unrealized OTTI Loss	(1)	(1)
Available-for-sale Securities, Debt Securities	3,299	3,812
Foreign government
Available-for-sale Securities [Abstract]
Cost or Amortized Cost	1,070	1,058
Gross Unrealized Gain	143	116
Gross Unrealized Temporary Loss	4	12
Gross Unrealized OTTI Loss	0	0
Available-for-sale Securities, Debt Securities	1,209	1,162
Equity securities
Available-for-sale Securities [Abstract]
Cost or Amortized Cost	247	280
Gross Unrealized Gain	33	29
Gross Unrealized Temporary Loss	2	9
Gross Unrealized OTTI Loss	0	0
Equity securities	278	300
Non-redeemable preferred stock
Available-for-sale Securities [Abstract]
Cost or Amortized Cost	147	180
Gross Unrealized Gain	11	6
Gross Unrealized Temporary Loss	2	9
Gross Unrealized OTTI Loss	0	0
Equity securities	156	177
Common stock
Available-for-sale Securities [Abstract]
Cost or Amortized Cost	100	100
Gross Unrealized Gain	22	23
Gross Unrealized Temporary Loss	0	0
Gross Unrealized OTTI Loss	0	0
Equity securities	$ 122	$ 123

Investments (Maturities of Fixed Maturity Securities) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Available-for-sale Securities, Debt Maturities [Abstract]
Amortized Cost, Due in one year or less	$ 1,770
Amortized Cost, Due after one year through five years	11,680
Amortized Cost, Due after five years through ten years	9,720
Amortized Cost, Due after ten years	22,664
Amortized Cost, Structured Securities	13,443
Amortized Cost, Subtotal	59,277	$ 58,715
Estimated Fair Value, Due in one year or less	1,780
Estimated Fair Value, Due after one year through five years	12,110
Estimated Fair Value, Due after five years through ten years	10,019
Estimated Fair Value, Due after ten years	25,893
Estimated Fair Value, Structured Securities	13,705
Available-for-sale Securities, Debt Securities	$ 63,507	$ 61,388

Investments (Continuous Gross Unrealized Losses for Fixed Maturity and Equity Securities Available-For-Sale) (Details) $ in Millions	Jun. 30, 2017 USD ($)	Dec. 31, 2016 USD ($)
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Total number of securities in an unrealized loss position less than 12 months	1,165	1,741
Total number of securities in an unrealized loss position equal to or greater than 12 months	365	483
Fixed Maturity Securities
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	$ 13,546	$ 17,244
Less than 12 Months Gross Unrealized Loss	305	682
Equal to or Greater than 12 Months Estimated Fair Value	2,018	2,863
Equal to or Greater than 12 Months Gross Unrealized Loss	148	264
U.S. corporate
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	2,842	4,676
Less than 12 Months Gross Unrealized Loss	82	189
Equal to or Greater than 12 Months Estimated Fair Value	529	745
Equal to or Greater than 12 Months Gross Unrealized Loss	43	102
Foreign corporate
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	643	1,466
Less than 12 Months Gross Unrealized Loss	21	66
Equal to or Greater than 12 Months Estimated Fair Value	634	633
Equal to or Greater than 12 Months Gross Unrealized Loss	81	114
U.S. government and agency
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	5,763	4,396
Less than 12 Months Gross Unrealized Loss	121	236
Equal to or Greater than 12 Months Estimated Fair Value	0	0
Equal to or Greater than 12 Months Gross Unrealized Loss	0	0
RMBS
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	2,853	3,494
Less than 12 Months Gross Unrealized Loss	53	112
Equal to or Greater than 12 Months Estimated Fair Value	522	818
Equal to or Greater than 12 Months Gross Unrealized Loss	16	32
State and political subdivision
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	403	889
Less than 12 Months Gross Unrealized Loss	11	35
Equal to or Greater than 12 Months Estimated Fair Value	29	29
Equal to or Greater than 12 Months Gross Unrealized Loss	2	3
CMBS
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	620	1,572
Less than 12 Months Gross Unrealized Loss	12	27
Equal to or Greater than 12 Months Estimated Fair Value	102	171
Equal to or Greater than 12 Months Gross Unrealized Loss	3	4
ABS
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	244	478
Less than 12 Months Gross Unrealized Loss	2	6
Equal to or Greater than 12 Months Estimated Fair Value	195	461
Equal to or Greater than 12 Months Gross Unrealized Loss	2	8
Foreign government
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	178	273
Less than 12 Months Gross Unrealized Loss	3	11
Equal to or Greater than 12 Months Estimated Fair Value	7	6
Equal to or Greater than 12 Months Gross Unrealized Loss	1	1
Equity securities
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	7	57
Less than 12 Months Gross Unrealized Loss	0	2
Equal to or Greater than 12 Months Estimated Fair Value	22	40
Equal to or Greater than 12 Months Gross Unrealized Loss	2	7
Non-redeemable preferred stock
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	7	57
Less than 12 Months Gross Unrealized Loss	0	2
Equal to or Greater than 12 Months Estimated Fair Value	22	40
Equal to or Greater than 12 Months Gross Unrealized Loss	$ 2	$ 7

Investments (Mortgage Loans by Portfolio Segment) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Company-held mortgage loans held-for-investment, net
Commercial Mortgage Loans	$ 6,959	$ 6,523
Percentage of loans receivable on commercial mortgage loans	67.80%	69.60%
Agricultural Mortgage Loans	$ 2,116	$ 1,892
Percentage of loans receivable on agricultural mortgage loans	20.60%	20.20%
Residential Mortgage Loans	$ 1,109	$ 867
Percentage of loans receivable on residential mortgage loans	10.80%	9.20%
Subtotal (1)	$ 10,184	$ 9,282
Percentage of loans receivable on subtotal	99.20%	99.00%
Valuation allowances	$ (44)	$ (40)	$ (42)	$ (37)
Percentage of loans receivable on valuation allowances	(0.40%)	(0.40%)
Subtotal mortgage loans, net	$ 10,140	$ 9,242
Percentage of loans receivable on subtotal mortgage loans held-for-investment, net	98.80%	98.60%
Mortgage Loans on Real Estate	$ 10,263	$ 9,378
Percentage of loans receivable on commercial mortgage loans held by consolidated securitization entities - fair value option	1.20%	1.40%
Percentage of loans held for sale on total mortgage loans, net	100.00%	100.00%
Consolidated Securitization Entities
Company-held mortgage loans held-for-investment, net
Mortgage Loans on Real Estate	$ 123	$ 136

Investments (Mortgage Loans and Valuation Allowance by Portfolio Segment) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Mortgage Loans on Real Estate [Line Items]
Unpaid Principal Balance	$ 4	$ 4
Recorded Investment	3	3
Valuation Allowances	0	0
Unpaid Principal Balance	3	1
Recorded Investment	3	1
Recorded Investment	10,178	9,278
Valuation Allowances	44	40
Carrying Value	6	4
Commercial
Mortgage Loans on Real Estate [Line Items]
Unpaid Principal Balance	0	0
Recorded Investment	0	0
Valuation Allowances	0	0
Unpaid Principal Balance	0	0
Recorded Investment	0	0
Recorded Investment	6,959	6,523
Valuation Allowances	34	32
Carrying Value	0	0
Agricultural
Mortgage Loans on Real Estate [Line Items]
Unpaid Principal Balance	4	4
Recorded Investment	3	3
Valuation Allowances	0	0
Unpaid Principal Balance	0	0
Recorded Investment	0	0
Recorded Investment	2,113	1,889
Valuation Allowances	6	5
Carrying Value	3	3
Residential
Mortgage Loans on Real Estate [Line Items]
Unpaid Principal Balance	0	0
Recorded Investment	0	0
Valuation Allowances	0	0
Unpaid Principal Balance	3	1
Recorded Investment	3	1
Recorded Investment	1,106	866
Valuation Allowances	4	3
Carrying Value	$ 3	$ 1

Investments (Valuation Allowance Rollforward by Portfolio Segment) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Mortgage Loans on Real Estate [Line Items]
Balance, beginning of period	$ 40	$ 37
Provision (release)	4	5
Balance, end of period	44	42
Commercial
Mortgage Loans on Real Estate [Line Items]
Balance, beginning of period	32	29
Provision (release)	2	4
Balance, end of period	34	33
Agricultural
Mortgage Loans on Real Estate [Line Items]
Balance, beginning of period	5	5
Provision (release)	1	0
Balance, end of period	6	5
Residential
Mortgage Loans on Real Estate [Line Items]
Balance, beginning of period	3	3
Provision (release)	1	1
Balance, end of period	$ 4	$ 4

Investments (Credit Quality of Commercial Mortgage Loans) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	$ 6,959	$ 6,523
% of Total	100.00%	100.00%
Estimated Fair Value	$ 7,137	$ 6,595
% of Total	100.00%	100.00%
Less than 65%
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	$ 6,364	$ 6,141
% of Total	91.40%	94.10%
Estimated Fair Value	$ 6,544	$ 6,222
% of Total	91.70%	94.30%
65% to 75%
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	$ 528	$ 310
% of Total	7.60%	4.80%
Estimated Fair Value	$ 529	$ 303
% of Total	7.40%	4.60%
76% to 80%
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	$ 42	$ 34
% of Total	0.60%	0.50%
Estimated Fair Value	$ 41	$ 33
% of Total	0.60%	0.50%
Greater than 80%
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	$ 25	$ 38
% of Total	0.40%	0.60%
Estimated Fair Value	$ 23	$ 37
% of Total	0.30%	0.60%
Greater than 1.20x
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	$ 6,511	$ 6,093
Greater than 1.20x \| Less than 65%
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	6,035	5,744
Greater than 1.20x \| 65% to 75%
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	476	291
Greater than 1.20x \| 76% to 80%
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	0	34
Greater than 1.20x \| Greater than 80%
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	0	24
1.00x - 1.20x
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	396	244
1.00x - 1.20x \| Less than 65%
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	329	230
1.00x - 1.20x \| 65% to 75%
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	34	0
1.00x - 1.20x \| 76% to 80%
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	33	0
1.00x - 1.20x \| Greater than 80%
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	0	14
Less than 1.00x
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	52	186
Less than 1.00x \| Less than 65%
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	0	167
Less than 1.00x \| 65% to 75%
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	18	19
Less than 1.00x \| 76% to 80%
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	9	0
Less than 1.00x \| Greater than 80%
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	$ 25	$ 0

Investments (Credit Quality of Agricultural and Residential Mortgage Loans) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Agricultural Mortgage Loans - by Credit Quality Indicator:
Recorded Investment	$ 2,116	$ 1,892
% of Total	100.00%	100.00%
Residential Mortgage Loans By Credit Quality Indicator [Abstract]
Recorded Investment	$ 1,109	$ 867
% of Total	100.00%	100.00%
Less than 65%
Agricultural Mortgage Loans - by Credit Quality Indicator:
Recorded Investment	$ 2,000	$ 1,849
% of Total	94.60%	97.70%
65% to 75%
Agricultural Mortgage Loans - by Credit Quality Indicator:
Recorded Investment	$ 116	$ 43
% of Total	5.40%	2.30%
Performing
Residential Mortgage Loans By Credit Quality Indicator [Abstract]
Recorded Investment	$ 1,092	$ 856
% of Total	98.50%	98.70%
Nonperforming
Residential Mortgage Loans By Credit Quality Indicator [Abstract]
Recorded Investment	$ 17	$ 11
% of Total	1.50%	1.30%

Investments (Past Due and Interest Accrual Status of Mortgage Loans) (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Financing Receivable, Recorded Investment, Aging [Abstract]
Past Due	$ 18,000,000	$ 11,000,000
Nonaccrual Status	17,000,000	11,000,000
Agricultural
Financing Receivable, Recorded Investment, Aging [Abstract]
Past Due	1,000,000	0
Nonaccrual Status	0	0
Residential
Financing Receivable, Recorded Investment, Aging [Abstract]
Past Due	17,000,000	11,000,000
Nonaccrual Status	$ 17,000,000	$ 11,000,000

Investments (Net Unrealized Investment Gains Losses) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Components of net unrealized investment gains (losses) included in accumulated other comprehensive loss
Fixed maturity securities	$ 4,214	$ 2,663
Fixed maturity securities with noncredit OTTI losses included in AOCI	6	1
Total fixed maturity securities	4,220	2,664
Equity securities	58	32
Derivatives	346	414
Net Unrealized Investment Gains Losses included in Accumulated Other Comprehensive Income Loss Allocated from short-term investments	0	(42)
Other	(8)	(26)
Subtotal	4,616	3,042
Future policy benefits	(1,309)	(802)
DAC and VOBA related to noncredit OTTI losses recognized in AOCI	(2)	(2)
DAC, VOBA and DSI	(297)	(214)
Subtotal	(1,608)	(1,018)
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI	(2)	0
Deferred income tax benefit (expense)	(1,062)	(712)
Net unrealized investment gains (losses)	$ 1,944	$ 1,312

Investments (Changes in Net Unrealized Investment Gains Losses) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2017 USD ($)
Changes In Net Unrealized Investment Gains Losses Included In Accumulated Other Comprehensive Loss [Abstract]
Balance, beginning of period	$ 1,312
Fixed maturity securities on which noncredit OTTI losses have been recognized	4
Unrealized investment gains (losses) during the period	1,570
Unrealized investment gains (losses) relating to:
Future policy benefits	(507)
DAC, VOBA and DSI	(83)
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI	(2)
Deferred income tax benefit (expense)	(350)
Balance, end of period	1,944
Change in net unrealized investment gains (losses)	$ 632

Investments (Securities Lending) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	$ 6,750	$ 6,642
Security collateral on deposit from counterparties	24	27
Reinvestment portfolio — estimated fair value	6,788	6,571
Amortized cost
Securities Financing Transaction [Line Items]
Securities loaned	5,694	5,895
Estimated fair value
Securities Financing Transaction [Line Items]
Securities loaned	$ 6,595	$ 6,555

Investments (Securities Lending Remaining Tenor) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Securities Financing Transaction [Line Items]
Total	$ 6,750	$ 6,642
U.S. government and agency
Securities Financing Transaction [Line Items]
Total	6,493	5,778
Agency RMBS
Securities Financing Transaction [Line Items]
Total	257	274
Foreign government
Securities Financing Transaction [Line Items]
Total	0	52
Foreign corporate
Securities Financing Transaction [Line Items]
Total	0	58
U.S. corporate
Securities Financing Transaction [Line Items]
Total	0	480
Maturity Overnight
Securities Financing Transaction [Line Items]
Total	2,188	2,129
Maturity Overnight \| U.S. government and agency
Securities Financing Transaction [Line Items]
Total	2,188	2,129
Maturity Overnight \| Agency RMBS
Securities Financing Transaction [Line Items]
Total	0	0
Maturity Overnight \| Foreign government
Securities Financing Transaction [Line Items]
Total	0	0
Maturity Overnight \| Foreign corporate
Securities Financing Transaction [Line Items]
Total	0	0
Maturity Overnight \| U.S. corporate
Securities Financing Transaction [Line Items]
Total	0	0
Maturity Less than 30 Days
Securities Financing Transaction [Line Items]
Total	3,070	2,496
Maturity Less than 30 Days \| U.S. government and agency
Securities Financing Transaction [Line Items]
Total	2,813	1,906
Maturity Less than 30 Days \| Agency RMBS
Securities Financing Transaction [Line Items]
Total	257	0
Maturity Less than 30 Days \| Foreign government
Securities Financing Transaction [Line Items]
Total	0	52
Maturity Less than 30 Days \| Foreign corporate
Securities Financing Transaction [Line Items]
Total	0	58
Maturity Less than 30 Days \| U.S. corporate
Securities Financing Transaction [Line Items]
Total	0	480
Maturity 30 to 180 Days
Securities Financing Transaction [Line Items]
Total	1,492	2,017
Maturity 30 to 180 Days \| U.S. government and agency
Securities Financing Transaction [Line Items]
Total	1,492	1,743
Maturity 30 to 180 Days \| Agency RMBS
Securities Financing Transaction [Line Items]
Total	0	274
Maturity 30 to 180 Days \| Foreign government
Securities Financing Transaction [Line Items]
Total	0	0
Maturity 30 to 180 Days \| Foreign corporate
Securities Financing Transaction [Line Items]
Total	0	0
Maturity 30 to 180 Days \| U.S. corporate
Securities Financing Transaction [Line Items]
Total	$ 0	$ 0

Investments (Invested Assets on Deposit, Held In Trust and Pledged as Collateral) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Invested assets on deposit (regulatory deposits)	$ 8,018	$ 7,648
Invested assets held-in-trust (reinsurance agreements)	4,237	9,054
Invested assets pledged as collateral	3,754	3,548
Total invested assets on deposit, held in trust and pledged as collateral	$ 16,009	$ 20,250

Investments (Consolidated Variable Interest Entities) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Variable Interest Entity [Line Items]
Total Assets	$ 124	$ 3,559
Total Liabilities	16	24
MRSC (collateral financing arrangement (primarily securities))
Variable Interest Entity [Line Items]
Total Assets	0	3,422
Total Liabilities	0	0
Consolidated securitization entities
Variable Interest Entity [Line Items]
Total Assets	124	137
Total Liabilities	$ 16	$ 24

Investments (Unconsolidated Variable Interest Entities) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Variable Interest Entity [Line Items]
Carrying Amount Asset	$ 14,225	$ 15,165
Carrying Amount Liability	15,094	15,973
Other limited partnership interests
Variable Interest Entity [Line Items]
Carrying Amount Asset	1,471	1,495
Carrying Amount Liability	2,330	2,292
Other investments
Variable Interest Entity [Line Items]
Carrying Amount Asset	77	90
Carrying Amount Liability	87	101
Structured securities (RMBS, CMBS and ABS)
Variable Interest Entity [Line Items]
Carrying Amount Asset	12,174	13,062
Carrying Amount Liability	12,174	13,062
U.S. and foreign corporate
Variable Interest Entity [Line Items]
Carrying Amount Asset	503	518
Carrying Amount Liability	$ 503	$ 518

Investments (Net Investment Income) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Net Investment Income [Line Items]
Subtotal	$ 764	$ 802	$ 1,544	$ 1,548
Less: Investment expenses	46	43	89	85
Subtotal , net	766	805	1,548	1,553
Securities Investment
Net Investment Income [Line Items]
Subtotal	810	845	1,633	1,633
Fixed maturity securities
Net Investment Income [Line Items]
Subtotal	598	680	1,208	1,311
Equity securities
Net Investment Income [Line Items]
Subtotal	4	4	7	10
Mortgage loans
Net Investment Income [Line Items]
Subtotal	111	112	220	203
Policy loans
Net Investment Income [Line Items]
Subtotal	18	20	35	40
Real estate and real estate joint ventures
Net Investment Income [Line Items]
Subtotal	14	2	26	15
Other limited partnership interests
Net Investment Income [Line Items]
Subtotal	49	20	106	41
Cash, cash equivalents and short-term investments
Net Investment Income [Line Items]
Subtotal	10	5	18	10
Other
Net Investment Income [Line Items]
Subtotal	6	2	13	3
FVO CSEs — interest income — commercial mortgage loans \| Variable Interest Entity, Primary Beneficiary, Consolidated Securitization Entities
Net Investment Income [Line Items]
Subtotal	$ 2	$ 3	$ 4	$ 5

Investments (Components of Net Investment Gains Losses) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Marketable Securities, Gain (Loss) [Abstract]
Fixed maturity securities — net gains (losses) on sales and disposals	$ 2	$ 29	$ (36)	$ (17)
Equity securities — net gains (losses) on sales and disposals	1	0	1	4
Other net investment gains (losses):
Mortgage loans	(2)	(4)	(5)	(6)
Real estate and real estate joint ventures	1	0	3	(1)
Other limited partnership interests	0	(2)	(10)	(6)
Other	1	2	(5)	5
Subtotal	2	23	(53)	(40)
FVO CSEs - changes in estimated fair value:
Commercial mortgage loans	0	(1)	(1)	0
Long-term debt — related to commercial mortgage loans	(1)	0	0	0
Non-investment portfolio gains (losses)	(1)	(2)	(1)	(1)
Subtotal	(2)	(3)	(2)	(1)
Total net investment gains (losses)	0	20	(55)	(41)
Fixed Maturity Securities
Marketable Securities, Gain (Loss) [Abstract]
Total OTTI losses recognized in earnings	(1)	(2)	(1)	(18)
Net investment gains (losses)	1	27	(37)	(35)
Industrial
Marketable Securities, Gain (Loss) [Abstract]
Total OTTI losses recognized in earnings	0	(1)	0	(16)
U.S. corporate and foreign corporate securities
Marketable Securities, Gain (Loss) [Abstract]
Total OTTI losses recognized in earnings	0	(1)	0	(16)
RMBS
Marketable Securities, Gain (Loss) [Abstract]
Total OTTI losses recognized in earnings	0	(1)	0	(2)
State and political subdivision
Marketable Securities, Gain (Loss) [Abstract]
Total OTTI losses recognized in earnings	(1)	0	(1)	0
Equity securities
Marketable Securities, Gain (Loss) [Abstract]
Total OTTI losses recognized in earnings	0	0	0	(1)
Net investment gains (losses)	1	0	1	3
Common Stock
Marketable Securities, Gain (Loss) [Abstract]
Total OTTI losses recognized in earnings	$ 0	$ 0	$ 0	$ (1)

Investments (Sales or Disposals and Impairments of Fixed Maturity and Equity Securities) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Fixed Maturity Securities
Components of Sales or Disposals of Fixed Maturity and Equity Securities
Proceeds	$ 2,411	$ 5,550	$ 4,387	$ 14,889
Gross investment gains	12	51	20	88
Gross investment losses	(10)	(22)	(56)	(105)
Total OTTI losses recognized in earnings:
Total OTTI losses recognized in earnings	(1)	(2)	(1)	(18)
Net investment gains (losses)	1	27	(37)	(35)
Equity securities
Components of Sales or Disposals of Fixed Maturity and Equity Securities
Proceeds	12	3	13	6
Gross investment gains	1	0	1	4
Gross investment losses	0	0	0	0
Total OTTI losses recognized in earnings:
Total OTTI losses recognized in earnings	0	0	0	(1)
Net investment gains (losses)	$ 1	$ 0	$ 1	$ 3

Investments (Credit Loss Rollforward) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Balance, beginning of period	$ 10	$ 64	$ 28	$ 66
Additions:
Additional impairments — credit loss OTTI on securities previously impaired	0	1	0	2
Reductions:
Sales (maturities, pay downs or prepayments) of securities previously impaired as credit loss OTTI	(1)	(5)	(19)	(8)
Balance, end of period	$ 9	$ 60	$ 9	$ 60

Investments (Related Party Investment Transactions) (Details) - Affiliated Entity - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Invested Assets Transferred To and From Affiliates
Estimated fair value of invested assets transferred to affiliates	$ 0	$ 0	$ 292	$ 0
Amortized cost of invested assets transferred to affiliates	0	0	294	0
Net investment gains (losses) recognized on transfers	0	0	(2)	0
Change Additional Paid In Capital Recognized On Transfers	0	0	0	0
Estimated fair value of invested assets transferred from affiliates	$ 0	$ 4,042	$ 0	$ 4,279

Investments (Fixed Maturity and Equity Securities Available-For-Sale - Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Summary of Certain Fixed Maturity Securities
Available-for-sale Securities, Debt Securities	$ 63,507	$ 61,388
Non-Income Producing Debt Securities [Member]
Summary of Certain Fixed Maturity Securities
Available-for-sale Securities, Debt Securities		5
Maximum \| Non-Income Producing Debt Securities [Member]
Summary of Certain Fixed Maturity Securities
Available-for-sale Securities, Debt Securities	1
Gross Unrealized Gain loss	$ (1)	$ 1

Investments (Evaluation of Available-For-Sale Securities for OTTI and Evaluating Temporarily Impaired AFS Securities - Narrative) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2017 USD ($) Contracts
Schedule of Available-for-sale Securities [Line Items]
Fixed Securities Available For Sale With Gross Unrealized Loss Of Equal To Or Greater Than Stated Percentage	20.00%
Fixed Maturity Securities
Schedule of Available-for-sale Securities [Line Items]
Change in Gross Unrealized Temporary Loss	$ (493)
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	453
20% or more \| Six months or greater \| Fixed Maturity Securities
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ 5
Number of Securities \| Contracts	9
20% or more \| Six months or greater \| Fixed Maturity Securities \| Investment Grade
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ 4
Number of Securities \| Contracts	3
Percentage of gross unrealized loss	80.00%
20% or more \| Six months or greater \| Fixed Maturity Securities \| Below Investment Grade
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ 1
Number of Securities \| Contracts	6
Percentage of gross unrealized loss	20.00%

Investments (Mortgage Loans - Narrative) (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)	Dec. 31, 2016 USD ($)
Mortgage Loans on Real Estate [Line Items]
Financing Receivable, Significant Purchases	$ 147	$ 192	$ 307	$ 231
Financing Receivable, Modifications, Subsequent Default, Number of Contracts	0	0	0	0
Percentage of Mortgage Loans Classified as Performing	99.00%		99.00%		99.00%
Commercial
Mortgage Loans on Real Estate [Line Items]
Impaired Financing Receivable, Average Recorded Investment	$ 0	$ 0	$ 0	$ 0
Agricultural
Mortgage Loans on Real Estate [Line Items]
Impaired Financing Receivable, Average Recorded Investment	3	3	3	3
Estimated fair value of mortgage loans held-for-investment	2,100		2,100		$ 1,900
Residential
Mortgage Loans on Real Estate [Line Items]
Impaired Financing Receivable, Average Recorded Investment	2	$ 0	2	$ 0
Estimated fair value of mortgage loans held-for-investment	$ 1,100		$ 1,100		$ 867

Investments (Cash Equivalents - Narrative) (Details) - USD ($) $ in Billions	Jun. 30, 2017	Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Cash equivalents	$ 3.7	$ 4.8

Investments (Concentrations of Credit Risk - Narrative) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Securities holdings exposure in single issuer greater than stated percentage of Company's equity	10.00%
Government and agency fixed maturity securities	$ 0	$ 0

Investments (Securities Lending Remaining Tenor - Narrative) (Details) - Estimated fair value $ in Billions	Jun. 30, 2017 USD ($)
Securities Financing Transaction [Line Items]
Cash collateral on deposit from counterparties	$ 2.1
U.S. government and agency
Securities Financing Transaction [Line Items]
Percentage Of US Treasury And Agency Securities At Estimated Fair Value Of Securities On Loan Relating To Cash Collateral On Open	100.00%
Securities Investment
Securities Financing Transaction [Line Items]
Percentage of Reinvestment Portfolio in Fixed Maturity Securities	64.00%

Investments (Consolidated Variable Interest Entities - Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Consolidated Securitization Entities
Variable Interest Entity [Line Items]
Variable interest, maximum exposure to loss in consolidated securitization entities	$ 89	$ 95

Investments (Related Party Invesment Transactions - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Apr. 01, 2017	Mar. 31, 2017	Jan. 01, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Related party investment administrative services	$ 24	$ 24	$ 49	$ 49
Equity Method Investments						$ 89
Proceeds from Sale of Equity Method Investments			286
Adjustments To Additional Paid In Capital, Capital Contribution			668	$ 37
Affiliated Entity
Related Party Transaction [Line Items]
Adjustments To Additional Paid In Capital, Capital Contribution			$ (202)
MLUS Recapture GMIB [Member] \| Affiliated Entity
Related Party Transaction [Line Items]
Cash, Cash Equivalents, and Short-term Investments							$ 568
Contract Termination \| Recapture MLUS [Member] \| Affiliated Entity
Related Party Transaction [Line Items]
Cash, Cash Equivalents, and Short-term Investments					$ 4,300
Other investments \| Affiliated Entity
Related Party Transaction [Line Items]
Long-term Debt, Gross								$ 1,100
Other investments \| Related Party Loan One [Member] \| Affiliated Entity
Related Party Transaction [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.21%		4.21%
Debt Instrument, Maturity Date			Sep. 30, 2032
Other investments \| Related Party Loan Two [Member] \| Affiliated Entity
Related Party Transaction [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.10%		5.10%
Debt Instrument, Maturity Date			Dec. 31, 2033

Investments (Unconsolidated Variable Interest Entities - Narrative) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Tax Credits Guaranteed By Third Parties Amount That Reduces Maximum Exposure To Loss Related To Other Invested Assets	$ 0		$ 0
Financial or other support to investees designated as VIEs	$ 0	$ 0

Investments (Net Investment Gains Losses - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Investments, Debt and Equity Securities [Abstract]
Gains (losses) from foreign currency transactions	$ 1	$ 3	$ (5)	$ 5

Derivatives (Primary Risks) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Gross Notional Amount	$ 139,693	$ 131,505
Derivative Asset, Fair Value, Gross Asset	2,847	3,622
Derivative Liability, Fair Value, Gross Liability	3,293	3,883
Derivatives Designated as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Gross Notional Amount	1,806	1,848
Derivative Asset, Fair Value, Gross Asset	200	250
Derivative Liability, Fair Value, Gross Liability	24	11
Derivatives Designated as Hedging Instruments: \| Fair Value Hedges \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Gross Notional Amount	225	310
Derivative Asset, Fair Value, Gross Asset	43	41
Derivative Liability, Fair Value, Gross Liability	0	0
Derivatives Designated as Hedging Instruments: \| Cash Flow Hedges
Derivatives, Fair Value [Line Items]
Gross Notional Amount	1,581	1,538
Derivative Asset, Fair Value, Gross Asset	157	209
Derivative Liability, Fair Value, Gross Liability	24	11
Derivatives Designated as Hedging Instruments: \| Cash Flow Hedges \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Gross Notional Amount	45	45
Derivative Asset, Fair Value, Gross Asset	8	7
Derivative Liability, Fair Value, Gross Liability	0	0
Derivatives Designated as Hedging Instruments: \| Cash Flow Hedges \| Foreign currency swaps
Derivatives, Fair Value [Line Items]
Gross Notional Amount	1,536	1,493
Derivative Asset, Fair Value, Gross Asset	149	202
Derivative Liability, Fair Value, Gross Liability	24	11
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Gross Notional Amount	137,887	129,657
Derivative Asset, Fair Value, Gross Asset	2,647	3,372
Derivative Liability, Fair Value, Gross Liability	3,269	3,872
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Gross Notional Amount	20,238	28,175
Derivative Asset, Fair Value, Gross Asset	1,012	1,928
Derivative Liability, Fair Value, Gross Liability	815	1,687
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Interest rate floors
Derivatives, Fair Value [Line Items]
Gross Notional Amount	0	2,100
Derivative Asset, Fair Value, Gross Asset	0	6
Derivative Liability, Fair Value, Gross Liability	0	2
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Interest rate caps
Derivatives, Fair Value [Line Items]
Gross Notional Amount	8,542	12,042
Derivative Asset, Fair Value, Gross Asset	9	25
Derivative Liability, Fair Value, Gross Liability	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Interest rate futures
Derivatives, Fair Value [Line Items]
Gross Notional Amount	282	1,288
Derivative Asset, Fair Value, Gross Asset	0	9
Derivative Liability, Fair Value, Gross Liability	1	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Interest rate options
Derivatives, Fair Value [Line Items]
Gross Notional Amount	20,800	15,520
Derivative Asset, Fair Value, Gross Asset	132	136
Derivative Liability, Fair Value, Gross Liability	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Total Return Swap [Member]
Derivatives, Fair Value [Line Items]
Gross Notional Amount	3,150	3,876
Derivative Asset, Fair Value, Gross Asset	0	0
Derivative Liability, Fair Value, Gross Liability	380	611
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Foreign currency swaps
Derivatives, Fair Value [Line Items]
Gross Notional Amount	919	1,261
Derivative Asset, Fair Value, Gross Asset	93	155
Derivative Liability, Fair Value, Gross Liability	10	4
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Foreign currency forwards
Derivatives, Fair Value [Line Items]
Gross Notional Amount	144	158
Derivative Asset, Fair Value, Gross Asset	0	9
Derivative Liability, Fair Value, Gross Liability	3	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Credit default swaps — purchased
Derivatives, Fair Value [Line Items]
Gross Notional Amount	37	37
Derivative Asset, Fair Value, Gross Asset	0	0
Derivative Liability, Fair Value, Gross Liability	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Credit default swaps — written
Derivatives, Fair Value [Line Items]
Gross Notional Amount	1,901	1,913
Derivative Asset, Fair Value, Gross Asset	34	28
Derivative Liability, Fair Value, Gross Liability	1	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Equity futures
Derivatives, Fair Value [Line Items]
Gross Notional Amount	3,336	8,037
Derivative Asset, Fair Value, Gross Asset	2	38
Derivative Liability, Fair Value, Gross Liability	1	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Equity index options
Derivatives, Fair Value [Line Items]
Gross Notional Amount	62,027	37,501
Derivative Asset, Fair Value, Gross Asset	1,195	897
Derivative Liability, Fair Value, Gross Liability	1,420	934
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Equity variance swaps
Derivatives, Fair Value [Line Items]
Gross Notional Amount	14,894	14,894
Derivative Asset, Fair Value, Gross Asset	167	140
Derivative Liability, Fair Value, Gross Liability	590	517
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Equity total return swaps
Derivatives, Fair Value [Line Items]
Gross Notional Amount	1,617	2,855
Derivative Asset, Fair Value, Gross Asset	3	1
Derivative Liability, Fair Value, Gross Liability	$ 48	$ 117

Derivatives (Net Derivative Gains Losses) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Components of Net Derivatives Gains (Losses)
Derivatives and hedging gains (losses)	$ (216)	$ 515	$ (1,351)	$ 1,290
Embedded derivatives gains (losses)	138	(3,488)	308	(3,970)
Total net derivative gains (losses)	$ (78)	$ (2,973)	$ (1,043)	$ (2,680)

Derivatives (Earned Income On Derivatives) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Total earned income	$ 76	$ 108	$ 205	$ 212
Derivatives Designated as Hedging Instruments: \| Net investment income
Derivative Instruments, Gain (Loss) [Line Items]
Total earned income	6	5	12	9
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Net derivative gains (losses)
Derivative Instruments, Gain (Loss) [Line Items]
Total earned income	67	99	186	196
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Policyholder benefits and claims
Derivative Instruments, Gain (Loss) [Line Items]
Total earned income	$ 3	$ 4	$ 7	$ 7

Derivatives (Fair Value Hedges) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Derivatives	$ 3	$ 9	$ 1	$ 21
Net Derivative Gains (Losses) Recognized for Hedged Items	3	10	1	22
Ineffectiveness Recognized in Net Derivative Gains (Losses)	0	(1)	0	(1)
Interest rate swaps \| Fixed maturity securities
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Derivatives	0	(1)	0	(3)
Net Derivative Gains (Losses) Recognized for Hedged Items	0	0	0	(2)
Ineffectiveness Recognized in Net Derivative Gains (Losses)	0	(1)	0	(1)
Interest rate swaps \| Policyholder account balances
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Derivatives	3	10	1	24
Net Derivative Gains (Losses) Recognized for Hedged Items	3	10	1	24
Ineffectiveness Recognized in Net Derivative Gains (Losses)	$ 0	$ 0	$ 0	$ 0

Derivatives (Cash Flow Hedges) (Details) - Cash Flow Hedges - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Derivatives in cash flow hedging relationships
Amount of Gains (Losses) Deferred in AOCI on Derivatives	$ (33)	$ 76	$ (52)	$ 91
Interest rate swaps
Derivatives in cash flow hedging relationships
Amount of Gains (Losses) Deferred in AOCI on Derivatives	1	11	1	36
Interest rate forwards
Derivatives in cash flow hedging relationships
Amount of Gains (Losses) Deferred in AOCI on Derivatives	1	3	1	7
Foreign currency swaps
Derivatives in cash flow hedging relationships
Amount of Gains (Losses) Deferred in AOCI on Derivatives	(35)	62	(54)	48
Net derivative gains (losses)
Derivatives in cash flow hedging relationships
Amount and Location of Gains (Losses) Reclassified from AOCI into Income (Loss)	3	10	13	14
Amount and Location of Gains (Losses) Recognized in Income (Loss) on Derivatives	0	0	0	0
Net derivative gains (losses) \| Interest rate swaps
Derivatives in cash flow hedging relationships
Amount and Location of Gains (Losses) Reclassified from AOCI into Income (Loss)	0	12	0	12
Amount and Location of Gains (Losses) Recognized in Income (Loss) on Derivatives	0	0	0	0
Net derivative gains (losses) \| Interest rate forwards
Derivatives in cash flow hedging relationships
Amount and Location of Gains (Losses) Reclassified from AOCI into Income (Loss)	2	(1)	2	1
Amount and Location of Gains (Losses) Recognized in Income (Loss) on Derivatives	0	0	0	0
Net derivative gains (losses) \| Foreign currency swaps
Derivatives in cash flow hedging relationships
Amount and Location of Gains (Losses) Reclassified from AOCI into Income (Loss)	1	(1)	11	1
Amount and Location of Gains (Losses) Recognized in Income (Loss) on Derivatives	0	0	0	0
Net Investment Income
Derivatives in cash flow hedging relationships
Amount and Location of Gains (Losses) Reclassified from AOCI into Income (Loss)	1	1	3	2
Net Investment Income \| Interest rate swaps
Derivatives in cash flow hedging relationships
Amount and Location of Gains (Losses) Reclassified from AOCI into Income (Loss)	1	1	2	1
Net Investment Income \| Interest rate forwards
Derivatives in cash flow hedging relationships
Amount and Location of Gains (Losses) Reclassified from AOCI into Income (Loss)	0	0	1	1
Net Investment Income \| Foreign currency swaps
Derivatives in cash flow hedging relationships
Amount and Location of Gains (Losses) Reclassified from AOCI into Income (Loss)	$ 0	$ 0	$ 0	$ 0

Derivatives (Credit Derivatives) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 33	$ 28
Maximum Amount of Future Payments under Credit Default Swaps	$ 1,901	$ 1,913
Weighted Average Years to Maturity	4 years 4 months	4 years 2 months
Aaa/Aa/A
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 11	$ 8
Maximum Amount of Future Payments under Credit Default Swaps	$ 558	$ 478
Weighted Average Years to Maturity	3 years 4 months	3 years 7 months
Aaa/Aa/A \| Single name credit default swaps (3)
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 1	$ 0
Maximum Amount of Future Payments under Credit Default Swaps	$ 25	$ 45
Weighted Average Years to Maturity	3 years 1 month	2 years 2 months
Aaa/Aa/A \| Credit default swaps referencing indices
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 10	$ 8
Maximum Amount of Future Payments under Credit Default Swaps	$ 533	$ 433
Weighted Average Years to Maturity	3 years 4 months	3 years 8 months
Baa
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 23	$ 20
Maximum Amount of Future Payments under Credit Default Swaps	$ 1,298	$ 1,415
Weighted Average Years to Maturity	4 years 10 months	4 years 5 months
Baa \| Single name credit default swaps (3)
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 1	$ 2
Maximum Amount of Future Payments under Credit Default Swaps	$ 110	$ 180
Weighted Average Years to Maturity	1 year 6 months	1 year 7 months
Baa \| Credit default swaps referencing indices
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 22	$ 18
Maximum Amount of Future Payments under Credit Default Swaps	$ 1,188	$ 1,235
Weighted Average Years to Maturity	5 years 1 month	4 years 9 months
Ba
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ (1)	$ 0
Maximum Amount of Future Payments under Credit Default Swaps	$ 45	$ 20
Weighted Average Years to Maturity	3 years 10 months	2 years 8 months
Ba \| Single name credit default swaps (3)
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ (1)	$ 0
Maximum Amount of Future Payments under Credit Default Swaps	$ 45	$ 20
Weighted Average Years to Maturity	3 years 10 months	2 years 8 months
Ba \| Credit default swaps referencing indices
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 0	$ 0
Maximum Amount of Future Payments under Credit Default Swaps	$ 0	$ 0
Weighted Average Years to Maturity	0 years	0 years

Derivatives (Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Offsetting Assets [Line Items]
Derivative Asset, Fair Value, Gross Asset Excluding Accruals	$ 2,896	$ 3,726
Derivative Liability, Fair Value, Gross Liability Excluding Accruals	3,276	3,834
Amounts offset in the consoilidated balance sheets, Assets	0	0
Amounts offset in the consoilidated balance sheets, Liabilities	0	0
Estimated fair value of derivative assets presented in the consolidated balance sheets	2,896	3,726
Estimated fair value of derivative liabilities presented in the consolidated balance sheets	3,276	3,834
Net amount of derivative assets after application of master netting agreements and cash collateral	4	156
Net amount of derivative liabilities after application of master netting agreements and cash collateral	32	0
Over the Counter [Member]
Offsetting Assets [Line Items]
Derivative Asset, Fair Value, Gross Asset Excluding Accruals	2,871	3,411
Derivative Liability, Fair Value, Gross Liability Excluding Accruals	3,216	2,929
Gross estimated fair value of derivative assets	(2,377)	(2,231)
Gross estimated fair value of derivative liabilities	(2,377)	(2,231)
Cash collateral on derivative assets	(209)	(653)
Cash collateral on derivative liabilities	0	0
Securities collateral on derivative assets	(282)	(429)
Securities collateral on derivative liabilities	(807)	(698)
OTC-cleared
Offsetting Assets [Line Items]
Derivative Asset, Fair Value, Gross Asset Excluding Accruals	23	268
Derivative Liability, Fair Value, Gross Liability Excluding Accruals	58	905
Gross estimated fair value of derivative assets	(2)	(165)
Gross estimated fair value of derivative liabilities	(2)	(165)
Cash collateral on derivative assets	(21)	(92)
Cash collateral on derivative liabilities	(22)	(740)
Securities collateral on derivative assets	0	0
Securities collateral on derivative liabilities	(34)	0
Exchange-traded
Offsetting Assets [Line Items]
Derivative Asset, Fair Value, Gross Asset Excluding Accruals	2	47
Derivative Liability, Fair Value, Gross Liability Excluding Accruals	2	0
Gross estimated fair value of derivative assets	(1)	0
Gross estimated fair value of derivative liabilities	(1)	0
Cash collateral on derivative assets	0	0
Cash collateral on derivative liabilities	0	0
Securities collateral on derivative assets	0	0
Securities collateral on derivative liabilities	$ (1)	$ 0

Derivatives (Credit Risk on Freestanding Derivatives) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Credit Derivatives [Line Items]
Estimated Fair Value of Derivatives in Net Liability Position	$ 839	$ 698
Additional Collateral, Aggregate Fair Value	0	0
Assets Needed for Immediate Settlement, Aggregate Fair Value	0	0
Fixed Maturity Securities
Credit Derivatives [Line Items]
Estimated Fair Value of Collateral Provided	956	777
Cash [Member]
Credit Derivatives [Line Items]
Estimated Fair Value of Collateral Provided	$ 0	$ 0

Derivatives (Embedded Derivatives) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract]
Embedded derivatives within asset host contracts	$ 181	$ 579
Embedded derivatives within liability host contracts	2,354	3,011
Ceded guaranteed minimum benefits \| Premiums, reinsurance and other receivables
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract]
Embedded derivatives within asset host contracts	241	628
Direct guaranteed minimum benefits \| Policyholder account balances
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract]
Embedded derivatives within liability host contracts	1,985	2,359
Assumed guaranteed minimum benefits \| Policyholder account balances
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract]
Embedded derivatives within liability host contracts	0	460
Fixed annuities with equity indexed returns \| Policyholder account balances
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract]
Embedded derivatives within liability host contracts	369	192
Options embedded in debt or equity securities \| Investments
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract]
Embedded derivatives within asset host contracts	$ (60)	$ (49)

Derivatives (Changes in Estimated Fair Value Related to Embedded Derivatives) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Net derivatives gains (losses)	$ 138	$ (3,488)	$ 308	$ (3,970)
Net derivative gains (losses)
Derivative Instruments, Gain (Loss) [Line Items]
Net derivatives gains (losses)	138	(3,488)	308	(3,970)
Policyholder benefits and claims
Derivative Instruments, Gain (Loss) [Line Items]
Net derivatives gains (losses)	$ 14	$ 60	$ (1)	$ 105

Derivatives (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
Derivatives (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 2,847		$ 2,847		$ 3,622
Derivative Liability, Fair Value, Gross Liability	3,293		3,293		3,883
Maximum Amount of Future Payments under Credit Default Swaps	1,901		1,901		1,913
Estimated Fair Value of Credit Default Swaps	33		33		28
Cash collateral on derivative assets	141		141		$ 4
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net	0	$ 0	12	$ 0
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months			26
Embedded derivatives gains (losses)	138	(3,488)	$ 308	(3,970)
Derivative Instrument Detail [Abstract]
Hedging exposure to variability in future cash flows for specific length of time			2 years		3 years
Accumulated Other Comprehensive Income (Loss)	346		$ 346		$ 414
Cash collateral on derivative liabilities	0		0		25
Securities collateral received which the company is permitted to sell or repledge, amount that has been sold or repledged	0		0
Over the Counter [Member]
Derivatives, Fair Value [Line Items]
Cash collateral on derivative assets	(209)		(209)		(653)
Excess securities collateral received on derivatives	157		157		135
Excess securities collateral provided on derivatives	161		161		108
Exchange Cleared [Member]
Derivatives, Fair Value [Line Items]
Cash collateral on derivative assets	(21)		(21)		(92)
Excess securities collateral provided on derivatives	278		278		630
Exchange Traded [Member]
Derivatives, Fair Value [Line Items]
Cash collateral on derivative assets	0		0		0
Excess securities collateral provided on derivatives	124		124		453
Direct And Assumed Guaranteed Minimum Benefit [Member] \| Nonperformance Risk [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Embedded derivatives gains (losses)	(32)	503	(72)	641
Ceded guaranteed minimum benefits \| Nonperformance Risk [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Embedded derivatives gains (losses)	1	$ (48)	1	$ (72)
Accrued Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	49		49		104
Derivative Liability, Fair Value, Gross Liability	$ (17)		$ (17)		$ (49)

Fair Value (Recurring Fair Value Measurements) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Assets [Abstract]
Available-for-sale Securities, Debt Securities	$ 63,507	$ 61,388
Available-for-sale Securities, Equity Securities	278	300
Short-term investments	1,286	1,288
Mortgage loans, at estimated fair value, relating to variable interest entities	10,263	9,378
Derivative assets	2,847	3,622
Embedded derivatives within asset host contracts	181	579
Separate account assets	115,566	113,043
Liabilities [Abstract]
Derivative liabilities	3,293	3,883
Embedded derivatives within liability host contracts	2,354	3,011
Long-term debt, at estimated fair value, relating to variable interest entities	3,016	1,910
Consolidated Securitization Entities
Assets [Abstract]
Mortgage loans, at estimated fair value, relating to variable interest entities	123	136
Liabilities [Abstract]
Long-term debt, at estimated fair value, relating to variable interest entities	16	23
Recurring
Assets [Abstract]
Available-for-sale Securities, Debt Securities	63,507	61,388
Available-for-sale Securities, Equity Securities	278	300
Short-term investments	1,286	1,288
Loans and Leases Receivable, Related Parties	0	1,090
Derivative assets	2,847	3,622
Embedded derivatives within asset host contracts	241	628
Separate account assets	115,566	113,043
Total assets	183,848	181,495
Liabilities [Abstract]
Derivative liabilities	3,293	3,883
Embedded derivatives within liability host contracts	2,354	3,011
Total liabilities	5,663	6,917
Recurring \| Consolidated Securitization Entities
Assets [Abstract]
Mortgage loans, at estimated fair value, relating to variable interest entities	123	136
Liabilities [Abstract]
Long-term debt, at estimated fair value, relating to variable interest entities	16	23
Recurring \| Interest rate contracts
Assets [Abstract]
Derivative assets	1,204	2,152
Liabilities [Abstract]
Derivative liabilities	1,196	2,300
Recurring \| Foreign currency exchange rate contracts
Assets [Abstract]
Derivative assets	242	366
Liabilities [Abstract]
Derivative liabilities	37	15
Recurring \| Credit contracts
Assets [Abstract]
Derivative assets	34	28
Liabilities [Abstract]
Derivative liabilities	1	0
Recurring \| Equity market contracts
Assets [Abstract]
Derivative assets	1,367	1,076
Liabilities [Abstract]
Derivative liabilities	2,059	1,568
Recurring \| U.S. corporate
Assets [Abstract]
Available-for-sale Securities, Debt Securities	22,412	22,311
Recurring \| U.S. government and agency
Assets [Abstract]
Available-for-sale Securities, Debt Securities	15,511	13,090
Recurring \| RMBS
Assets [Abstract]
Available-for-sale Securities, Debt Securities	8,168	8,023
Recurring \| Foreign corporate
Assets [Abstract]
Available-for-sale Securities, Debt Securities	6,627	6,393
Recurring \| State and political subdivision
Assets [Abstract]
Available-for-sale Securities, Debt Securities	4,043	3,945
Recurring \| ABS
Assets [Abstract]
Available-for-sale Securities, Debt Securities	2,238	2,652
Recurring \| CMBS
Assets [Abstract]
Available-for-sale Securities, Debt Securities	3,299	3,812
Recurring \| Foreign government
Assets [Abstract]
Available-for-sale Securities, Debt Securities	1,209	1,162
Recurring \| Level 1
Assets [Abstract]
Available-for-sale Securities, Debt Securities	8,077	6,210
Available-for-sale Securities, Equity Securities	41	39
Short-term investments	261	718
Loans and Leases Receivable, Related Parties	0	0
Derivative assets	2	47
Embedded derivatives within asset host contracts	0	0
Separate account assets	457	720
Total assets	8,838	7,734
Liabilities [Abstract]
Derivative liabilities	2	0
Embedded derivatives within liability host contracts	0	0
Total liabilities	2	0
Recurring \| Level 1 \| Consolidated Securitization Entities
Assets [Abstract]
Mortgage loans, at estimated fair value, relating to variable interest entities	0	0
Liabilities [Abstract]
Long-term debt, at estimated fair value, relating to variable interest entities	0	0
Recurring \| Level 1 \| Interest rate contracts
Assets [Abstract]
Derivative assets	0	9
Liabilities [Abstract]
Derivative liabilities	1	0
Recurring \| Level 1 \| Foreign currency exchange rate contracts
Assets [Abstract]
Derivative assets	0	0
Liabilities [Abstract]
Derivative liabilities	0	0
Recurring \| Level 1 \| Credit contracts
Assets [Abstract]
Derivative assets	0	0
Liabilities [Abstract]
Derivative liabilities	0	0
Recurring \| Level 1 \| Equity market contracts
Assets [Abstract]
Derivative assets	2	38
Liabilities [Abstract]
Derivative liabilities	1	0
Recurring \| Level 1 \| U.S. corporate
Assets [Abstract]
Available-for-sale Securities, Debt Securities	0	0
Recurring \| Level 1 \| U.S. government and agency
Assets [Abstract]
Available-for-sale Securities, Debt Securities	8,077	6,210
Recurring \| Level 1 \| RMBS
Assets [Abstract]
Available-for-sale Securities, Debt Securities	0	0
Recurring \| Level 1 \| Foreign corporate
Assets [Abstract]
Available-for-sale Securities, Debt Securities	0	0
Recurring \| Level 1 \| State and political subdivision
Assets [Abstract]
Available-for-sale Securities, Debt Securities	0	0
Recurring \| Level 1 \| ABS
Assets [Abstract]
Available-for-sale Securities, Debt Securities	0	0
Recurring \| Level 1 \| CMBS
Assets [Abstract]
Available-for-sale Securities, Debt Securities	0	0
Recurring \| Level 1 \| Foreign government
Assets [Abstract]
Available-for-sale Securities, Debt Securities	0	0
Recurring \| Level 2
Assets [Abstract]
Available-for-sale Securities, Debt Securities	51,585	51,059
Available-for-sale Securities, Equity Securities	103	124
Short-term investments	934	568
Loans and Leases Receivable, Related Parties	0	1,090
Derivative assets	2,648	3,388
Embedded derivatives within asset host contracts	0	0
Separate account assets	115,103	112,313
Total assets	170,496	168,678
Liabilities [Abstract]
Derivative liabilities	2,314	2,742
Embedded derivatives within liability host contracts	0	0
Total liabilities	2,330	2,765
Recurring \| Level 2 \| Consolidated Securitization Entities
Assets [Abstract]
Mortgage loans, at estimated fair value, relating to variable interest entities	123	136
Liabilities [Abstract]
Long-term debt, at estimated fair value, relating to variable interest entities	16	23
Recurring \| Level 2 \| Interest rate contracts
Assets [Abstract]
Derivative assets	1,204	2,143
Liabilities [Abstract]
Derivative liabilities	815	1,689
Recurring \| Level 2 \| Foreign currency exchange rate contracts
Assets [Abstract]
Derivative assets	242	366
Liabilities [Abstract]
Derivative liabilities	37	15
Recurring \| Level 2 \| Credit contracts
Assets [Abstract]
Derivative assets	24	20
Liabilities [Abstract]
Derivative liabilities	1	0
Recurring \| Level 2 \| Equity market contracts
Assets [Abstract]
Derivative assets	1,178	859
Liabilities [Abstract]
Derivative liabilities	1,461	1,038
Recurring \| Level 2 \| U.S. corporate
Assets [Abstract]
Available-for-sale Securities, Debt Securities	21,010	20,828
Recurring \| Level 2 \| U.S. government and agency
Assets [Abstract]
Available-for-sale Securities, Debt Securities	7,434	6,880
Recurring \| Level 2 \| RMBS
Assets [Abstract]
Available-for-sale Securities, Debt Securities	6,996	6,703
Recurring \| Level 2 \| Foreign corporate
Assets [Abstract]
Available-for-sale Securities, Debt Securities	5,673	5,485
Recurring \| Level 2 \| State and political subdivision
Assets [Abstract]
Available-for-sale Securities, Debt Securities	4,043	3,928
Recurring \| Level 2 \| ABS
Assets [Abstract]
Available-for-sale Securities, Debt Securities	2,074	2,428
Recurring \| Level 2 \| CMBS
Assets [Abstract]
Available-for-sale Securities, Debt Securities	3,146	3,645
Recurring \| Level 2 \| Foreign government
Assets [Abstract]
Available-for-sale Securities, Debt Securities	1,209	1,162
Recurring \| Level 3
Assets [Abstract]
Available-for-sale Securities, Debt Securities	3,845	4,119
Available-for-sale Securities, Equity Securities	134	137
Short-term investments	91	2
Loans and Leases Receivable, Related Parties	0	0
Derivative assets	197	187
Embedded derivatives within asset host contracts	241	628
Separate account assets	6	10
Total assets	4,514	5,083
Liabilities [Abstract]
Derivative liabilities	977	1,141
Embedded derivatives within liability host contracts	2,354	3,011
Total liabilities	3,331	4,152
Recurring \| Level 3 \| Consolidated Securitization Entities
Assets [Abstract]
Mortgage loans, at estimated fair value, relating to variable interest entities	0	0
Liabilities [Abstract]
Long-term debt, at estimated fair value, relating to variable interest entities	0	0
Recurring \| Level 3 \| Interest rate contracts
Assets [Abstract]
Derivative assets	0	0
Liabilities [Abstract]
Derivative liabilities	380	611
Recurring \| Level 3 \| Foreign currency exchange rate contracts
Assets [Abstract]
Derivative assets	0	0
Liabilities [Abstract]
Derivative liabilities	0	0
Recurring \| Level 3 \| Credit contracts
Assets [Abstract]
Derivative assets	10	8
Liabilities [Abstract]
Derivative liabilities	0	0
Recurring \| Level 3 \| Equity market contracts
Assets [Abstract]
Derivative assets	187	179
Liabilities [Abstract]
Derivative liabilities	597	530
Recurring \| Level 3 \| U.S. corporate
Assets [Abstract]
Available-for-sale Securities, Debt Securities	1,402	1,483
Recurring \| Level 3 \| U.S. government and agency
Assets [Abstract]
Available-for-sale Securities, Debt Securities	0	0
Recurring \| Level 3 \| RMBS
Assets [Abstract]
Available-for-sale Securities, Debt Securities	1,172	1,320
Recurring \| Level 3 \| Foreign corporate
Assets [Abstract]
Available-for-sale Securities, Debt Securities	954	908
Recurring \| Level 3 \| State and political subdivision
Assets [Abstract]
Available-for-sale Securities, Debt Securities	0	17
Recurring \| Level 3 \| ABS
Assets [Abstract]
Available-for-sale Securities, Debt Securities	164	224
Recurring \| Level 3 \| CMBS
Assets [Abstract]
Available-for-sale Securities, Debt Securities	153	167
Recurring \| Level 3 \| Foreign government
Assets [Abstract]
Available-for-sale Securities, Debt Securities	$ 0	$ 0

Fair Value (Quantitative Information) (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Interest rate contracts \| Minimum \| Income Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Repurchase Rate	0.00%	(44.00%)
Interest rate contracts \| Maximum \| Income Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Repurchase Rate	13.00%	18.00%
Credit contracts \| Minimum \| Income Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Credit spreads	0.96%	0.97%
Credit contracts \| Maximum \| Income Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Credit spreads	0.98%	0.98%
Equity market contracts \| Minimum \| Income Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Volatility	10.00%	14.00%
Correlation	70.00%	40.00%
Equity market contracts \| Maximum \| Income Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Volatility	34.00%	32.00%
Correlation	70.00%	40.00%
Embedded derivatives direct, assumed, and ceded guaranteed minimum benefits \| Minimum \| Income Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Utilization rates	0.00%	0.00%
Withdrawal rates	0.25%	0.25%
Long-term equity volatilities	17.40%	17.40%
Nonperformance risk spread	0.03%	0.04%
Embedded derivatives direct, assumed, and ceded guaranteed minimum benefits \| Minimum \| Income Approach Valuation Technique \| Durations 1 - 10
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Lapse Rate	0.25%	0.25%
Embedded derivatives direct, assumed, and ceded guaranteed minimum benefits \| Minimum \| Income Approach Valuation Technique \| Durations 11 - 20
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Lapse Rate	2.00%	2.00%
Embedded derivatives direct, assumed, and ceded guaranteed minimum benefits \| Minimum \| Income Approach Valuation Technique \| Durations 21 - 116
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Lapse Rate	2.00%	2.00%
Embedded derivatives direct, assumed, and ceded guaranteed minimum benefits \| Minimum \| Income Approach Valuation Technique \| Ages 0 - 40
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Mortality Rate	0.00%	0.00%
Embedded derivatives direct, assumed, and ceded guaranteed minimum benefits \| Minimum \| Income Approach Valuation Technique \| Ages 41 - 60
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Mortality Rate	0.04%	0.04%
Embedded derivatives direct, assumed, and ceded guaranteed minimum benefits \| Minimum \| Income Approach Valuation Technique \| Ages 61 - 115
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Mortality Rate	0.26%	0.26%
Embedded derivatives direct, assumed, and ceded guaranteed minimum benefits \| Maximum \| Income Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Utilization rates	25.00%	25.00%
Withdrawal rates	10.00%	10.00%
Long-term equity volatilities	25.00%	25.00%
Nonperformance risk spread	0.47%	0.57%
Embedded derivatives direct, assumed, and ceded guaranteed minimum benefits \| Maximum \| Income Approach Valuation Technique \| Durations 1 - 10
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Lapse Rate	100.00%	100.00%
Embedded derivatives direct, assumed, and ceded guaranteed minimum benefits \| Maximum \| Income Approach Valuation Technique \| Durations 11 - 20
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Lapse Rate	100.00%	100.00%
Embedded derivatives direct, assumed, and ceded guaranteed minimum benefits \| Maximum \| Income Approach Valuation Technique \| Durations 21 - 116
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Lapse Rate	100.00%	100.00%
Embedded derivatives direct, assumed, and ceded guaranteed minimum benefits \| Maximum \| Income Approach Valuation Technique \| Ages 0 - 40
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Mortality Rate	0.09%	0.09%
Embedded derivatives direct, assumed, and ceded guaranteed minimum benefits \| Maximum \| Income Approach Valuation Technique \| Ages 41 - 60
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Mortality Rate	0.65%	0.65%
Embedded derivatives direct, assumed, and ceded guaranteed minimum benefits \| Maximum \| Income Approach Valuation Technique \| Ages 61 - 115
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Mortality Rate	100.00%	100.00%
U.S. corporate and foreign corporate securities \| Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Inputs, Offered Quotes Matrix Pricing	$ 22	$ 18
U.S. corporate and foreign corporate securities \| Minimum \| Market Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Offered quotes	89	37
Quoted prices	13	13
U.S. corporate and foreign corporate securities \| Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Inputs, Offered Quotes Matrix Pricing	142	138
U.S. corporate and foreign corporate securities \| Maximum \| Market Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Offered quotes	89	109
Quoted prices	559	700
U.S. corporate and foreign corporate securities \| Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Inputs, Offered Quotes Matrix Pricing	107	104
U.S. corporate and foreign corporate securities \| Weighted Average \| Market Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Offered quotes	89	85
Quoted prices	104	99
RMBS \| Minimum \| Market Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Quoted prices	49	38
RMBS \| Maximum \| Market Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Quoted prices	113	111
RMBS \| Weighted Average \| Market Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Quoted prices	93	91
ABS \| Minimum \| Market Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Offered quotes	99	98
Quoted prices	97	94
ABS \| Maximum \| Market Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Offered quotes	101	100
Quoted prices	104	106
ABS \| Weighted Average \| Market Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Offered quotes	99	99
Quoted prices	101	100
Collateralized Mortgage Backed Securities [Member] \| Minimum \| Market Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Quoted prices	40	20
Collateralized Mortgage Backed Securities [Member] \| Maximum \| Market Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Quoted prices	101	104
Collateralized Mortgage Backed Securities [Member] \| Weighted Average \| Market Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Quoted prices	$ 90	$ 104

Fair Value (Unobservable Input Reconciliation) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Net Derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period			$ (954)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	$ 106	$ 57	93	$ 43
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance, beginning of period	(890)	(243)		(232)
Total realized/unrealized gains (losses) included in net income (loss)	106	54	96	37
Total realized/unrealized gains (losses) included in AOCI	0	4	0	8
Purchases	4	4	4	7
Sales	0	0	0	0
Issuances	0	0	0	0
Settlements	0	(1)	74	(2)
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Balance, end of period	(780)	(182)	(780)	(182)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	106	57	93	43
Net Embedded Derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period			(2,383)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	245	(3,417)	672	(3,865)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance, beginning of period	(2,021)	(542)		32
Total realized/unrealized gains (losses) included in net income (loss)	162	(3,409)	325	(3,847)
Total realized/unrealized gains (losses) included in AOCI	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Issuances	0	0	0	0
Settlements	(254)	(139)	(55)	(275)
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Balance, end of period	(2,113)	(4,090)	(2,113)	(4,090)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	245	(3,417)	672	(3,865)
U.S. corporate and foreign corporate securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	2,403	2,463	2,391	2,485
Total realized/unrealized gains (losses) included in net income (loss)	1	0	(2)	(13)
Total realized/unrealized gains (losses) included in AOCI	23	75	130	176
Purchases	171	235	291	282
Sales	(248)	(61)	(299)	(141)
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers into Level 3	30	102	3	166
Transfers out of Level 3	(24)	(41)	(158)	(182)
Balance, end of period	2,356	2,773	2,356	2,773
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0	(12)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0	(12)
U.S. Government and Agency
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	0	20	0	0
Total realized/unrealized gains (losses) included in net income (loss)	0	0	0	0
Total realized/unrealized gains (losses) included in AOCI	0	1	0	2
Purchases	0	4	0	4
Sales	0	0	0	0
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers into Level 3	0	0	0	19
Transfers out of Level 3	0	0	0	0
Balance, end of period	0	25	0	25
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0	0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0	0
Structured Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	1,640	1,756	1,711	2,032
Total realized/unrealized gains (losses) included in net income (loss)	6	8	9	13
Total realized/unrealized gains (losses) included in AOCI	21	(5)	36	(18)
Purchases	24	383	68	453
Sales	(143)	(143)	(231)	(235)
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers into Level 3	0	12	0	24
Transfers out of Level 3	(59)	(129)	(104)	(387)
Balance, end of period	1,489	1,882	1,489	1,882
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	6	8	10	13
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	6	8	10	13
State and political subdivision
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	7	8	17	13
Total realized/unrealized gains (losses) included in net income (loss)	0	0	0	0
Total realized/unrealized gains (losses) included in AOCI	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	(7)	0	(17)	(5)
Balance, end of period	0	8	0	8
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0	0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0	0
Foreign government
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	0	0	0	26
Total realized/unrealized gains (losses) included in net income (loss)	0	0	0	0
Total realized/unrealized gains (losses) included in AOCI	0	0	0	0
Purchases	0	9	0	9
Sales	0	0	0	0
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	(26)
Balance, end of period	0	9	0	9
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0	0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0	0
Equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	142	171	137	97
Total realized/unrealized gains (losses) included in net income (loss)	1	0	0	0
Total realized/unrealized gains (losses) included in AOCI	1	3	3	0
Purchases	0	0	4	0
Sales	(10)	(1)	(10)	(13)
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers into Level 3	0	0	0	129
Transfers out of Level 3	0	0	0	(40)
Balance, end of period	134	173	134	173
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0	0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0	0
Short-term Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	1	50	2	47
Total realized/unrealized gains (losses) included in net income (loss)	0	0	0	0
Total realized/unrealized gains (losses) included in AOCI	0	0	0	0
Purchases	91	111	91	111
Sales	0	0	(1)	(47)
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	(1)	(50)	(1)	0
Balance, end of period	91	111	91	111
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0	0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0	0
Separate Account Assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	15	143	10	146
Total realized/unrealized gains (losses) included in net income (loss)	0	0	0	0
Total realized/unrealized gains (losses) included in AOCI	0	0	0	0
Purchases	7	0	1	1
Sales	(8)	0	(2)	(4)
Issuances	0	0	0	0
Settlements	(1)	0	0	0
Transfers into Level 3	0	0	2	0
Transfers out of Level 3	(7)	(1)	(5)	(1)
Balance, end of period	6	142	6	142
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	0	0	0	0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	$ 0	$ 0	$ 0	$ 0

Fair Value (Fair Value Option for Certain Assets and Liabilities) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Option, Quantitative Disclosures [Line Items]
Carrying value at estimated fair value	$ 10,263	$ 9,378
Long-term Debt	3,016	1,910
Consolidated Securitization Entities
Fair Value, Option, Quantitative Disclosures [Line Items]
Unpaid principal balance	76	88
Difference between estimated fair value and unpaid principal balance	47	48
Carrying value at estimated fair value	123	136
Contractual principal balance	15	22
Difference between estimated fair value and contractual principal balance	1	1
Long-term Debt	$ 16	$ 23

Fair Value (Financial Instruments Carried at Other Than Fair Value) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Assets
Policy loans	$ 1,513	$ 1,517
Liabilities
Secured Debt	0	2,797
Separate account liabilities	115,566	113,043
Carrying Value
Assets
Mortgage loans	10,140	9,242
Policy loans	1,513	1,517
Real estate joint ventures	6	12
Other limited partnership interests	42	44
Premiums, reinsurance and other receivables	1,862	2,789
Liabilities
Policyholder account balances	15,913	16,226
Long-term debt	3,000	1,887
Secured Debt	0	2,797
Other liabilities	573	323
Separate account liabilities	1,167	1,114
Estimated Fair Value
Assets
Mortgage loans	10,405	9,387
Policy loans	1,770	1,758
Real estate joint ventures	27	44
Other limited partnership interests	41	42
Premiums, reinsurance and other receivables	2,390	3,283
Liabilities
Policyholder account balances	17,316	17,457
Long-term debt	3,006	2,117
Secured Debt	0	2,797
Other liabilities	573	323
Separate account liabilities	1,167	1,114
Estimated Fair Value \| Level 1
Assets
Mortgage loans	0	0
Policy loans	0	0
Real estate joint ventures	0	0
Other limited partnership interests	0	0
Premiums, reinsurance and other receivables	0	0
Liabilities
Policyholder account balances	0	0
Long-term debt	0	0
Secured Debt	0	0
Other liabilities	0	0
Separate account liabilities	0	0
Estimated Fair Value \| Level 2
Assets
Mortgage loans	0	0
Policy loans	778	780
Real estate joint ventures	0	0
Other limited partnership interests	0	0
Premiums, reinsurance and other receivables	170	834
Liabilities
Policyholder account balances	0	0
Long-term debt	3,006	2,117
Secured Debt	0	0
Other liabilities	361	110
Separate account liabilities	1,167	1,114
Estimated Fair Value \| Level 3
Assets
Mortgage loans	10,405	9,387
Policy loans	992	978
Real estate joint ventures	27	44
Other limited partnership interests	41	42
Premiums, reinsurance and other receivables	2,220	2,449
Liabilities
Policyholder account balances	17,316	17,457
Long-term debt	0	0
Secured Debt	0	2,797
Other liabilities	212	213
Separate account liabilities	$ 0	$ 0

Fair Value (Recurring Fair Value Measurements) (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Net Embedded Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	$ (60)	$ (49)

Fair Value Fair Value (Transfer between Levels) (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Fair Value (Transfers Between Levels) [Abstract]
Fair Value Assets And Liabilities Transferred Between Levels 1 And Levels 2	$ 0	$ 0

Debt and Collateral Financing Arrangement (Long-term Debt) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Long-term Debt	$ 3,016	$ 1,910
Long Term Debt Excluding Consolidated Securitization Entities Face Value	3,000	1,887
Consolidated Securitization Entities
Debt Instrument [Line Items]
Long-term Debt	$ 16	23
MRSC Collateral Financing Arrangement
Debt Instrument [Line Items]
Debt Instrument, Maturity Date	Jun. 30, 2037
Long-term Debt	$ 0	2,797
Senior Notes \| BHF Senior Notes due 2027
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.70%
Debt Instrument, Maturity Date	Jun. 22, 2027
Long-term Debt	$ 1,488	0
Senior Notes \| BHF Senior Notes due 2047
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.70%
Debt Instrument, Maturity Date	Jun. 22, 2047
Long-term Debt	$ 1,476	0
Surplus Notes \| MLUSA Surplus Notes due 2038 \| Affiliated Entity
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	8.595%
Debt Instrument, Maturity Date	Apr. 08, 2038
Long-term Debt	$ 0	750
Surplus Notes \| MRD Surplus Notes due 2032 \| Affiliated Entity
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.13%
Debt Instrument, Maturity Date	Sep. 30, 2032
Long-term Debt	$ 0	750
Surplus Notes \| MRD Surplus Notes due 2033 \| Affiliated Entity
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.00%
Debt Instrument, Maturity Date	Dec. 31, 2033
Long-term Debt	$ 0	350
Long-term Debt
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	7.028%
Debt Instrument, Maturity Date	Nov. 30, 2030
Long-term Debt	$ 36	$ 37
London Interbank Offered Rate (LIBOR) \| MRSC Collateral Financing Arrangement
Debt Instrument [Line Items]
Debt Instrument, Interest Rate Terms	3-month LIBOR plus 0.70%

Debt and Collateral Financing Arrangement (Details - Narrative) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Secured Debt	$ 0	$ 2,797
Spinoff
Debt Instrument [Line Items]
Assets On Deposit Held In Trust And Pledged As Collateral	2,800
MRV committed credit facility \| Spinoff
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	4,300
MRSC committed credit facility \| Spinoff
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	3,500
BRCD \| Spinoff
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	10,000
Line of Credit \| Spinoff
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	3,000
Line of Credit Facility, Increase (Decrease), Net	2,500
Affiliated Entity \| Spinoff
Debt Instrument [Line Items]
Notes Receivable, Related Parties	1,100
BHF Senior Notes due 2027 \| Spinoff
Debt Instrument [Line Items]
Senior Notes	$ 1,500
Debt Instrument, Interest Rate, Stated Percentage	3.70%
BHF Senior Notes due 2047 \| Spinoff
Debt Instrument [Line Items]
Senior Notes	$ 1,500
Debt Instrument, Interest Rate, Stated Percentage	4.70%
MLUSA Surplus Notes due 2038 \| Affiliated Entity \| Spinoff
Debt Instrument [Line Items]
Surplus Notes	$ 750
Debt Instrument, Interest Rate, Stated Percentage	8.595%
MRD Surplus Notes \| Affiliated Entity \| Spinoff
Debt Instrument [Line Items]
Surplus Notes	$ 1,100
MRD Surplus Notes due 2032 \| Affiliated Entity \| Spinoff
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.13%
MRD Surplus Notes due 2033 \| Affiliated Entity \| Spinoff
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.00%
MRSC Collateral Financing Arrangement \| Spinoff
Debt Instrument [Line Items]
Secured Debt	$ 2,800
Credit-linked Note \| BRCD \| Spinoff
Debt Instrument [Line Items]
Letters of Credit Outstanding, Amount	$ 8,100

Equity (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	$ 1,506	$ 2,456	$ 1,265	$ 1,523
OCI before reclassifications	619	319	892	1,694
Deferred income tax benefit (expense)	(226)	(116)	(310)	(598)
AOCI before reclassifications, net of income tax	1,899	2,659	1,847	2,619
Amounts reclassified from AOCI	(5)	(41)	74	19
Deferred income tax benefit (expense)	0	14	(27)	(6)
Amounts reclassified from AOCI, net of income tax	(5)	(27)	47	13
Balance, end of period	1,894	2,632	1,894	2,632
Unrealized Investment Gains (Losses), Net of Related Offsets
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	1,310	2,248	1,044	1,322
OCI before reclassifications	649	225	962	1,588
Deferred income tax benefit (expense)	(236)	(86)	(343)	(564)
AOCI before reclassifications, net of income tax	1,723	2,387	1,663	2,346
Amounts reclassified from AOCI	(1)	(29)	90	34
Deferred income tax benefit (expense)	(1)	10	(32)	(12)
Amounts reclassified from AOCI, net of income tax	(2)	(19)	58	22
Balance, end of period	1,721	2,368	1,721	2,368
Unrealized Gains (Losses) on Derivatives
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	248	258	268	251
OCI before reclassifications	(33)	76	(52)	91
Deferred income tax benefit (expense)	11	(27)	18	(32)
AOCI before reclassifications, net of income tax	226	307	234	310
Amounts reclassified from AOCI	(4)	(11)	(16)	(16)
Deferred income tax benefit (expense)	1	4	5	6
Amounts reclassified from AOCI, net of income tax	(3)	(7)	(11)	(10)
Balance, end of period	223	300	223	300
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	(34)	(35)	(31)	(32)
OCI before reclassifications	3	16	(4)	12
Deferred income tax benefit (expense)	(2)	(2)	2	(1)
AOCI before reclassifications, net of income tax	(33)	(21)	(33)	(21)
Amounts reclassified from AOCI	0	0	0	0
Deferred income tax benefit (expense)	0	0	0	0
Amounts reclassified from AOCI, net of income tax	0	0	0	0
Balance, end of period	(33)	(21)	(33)	(21)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	(18)	(15)	(16)	(18)
OCI before reclassifications	0	2	(14)	3
Deferred income tax benefit (expense)	1	(1)	13	(1)
AOCI before reclassifications, net of income tax	(17)	(14)	(17)	(16)
Amounts reclassified from AOCI	0	(1)	0	1
Deferred income tax benefit (expense)	0	0	0	0
Amounts reclassified from AOCI, net of income tax	0	(1)	0	1
Balance, end of period	$ (17)	$ (15)	$ (17)	$ (15)

Equity (Reclassifications Out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net investment gains (losses)	$ 0	$ 20	$ (55)	$ (41)
Net derivative gains (losses)	(78)	(2,973)	(1,043)	(2,680)
Net investment income	766	805	1,548	1,553
Income (loss) from continuing operations before provision for income tax	321	(2,240)	(269)	(1,676)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	246	(1,423)	(103)	(1,016)
Provision for income tax expense (benefit)	(75)	817	166	660
Net income (loss)	246	(1,423)	(103)	(1,016)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income (loss) from continuing operations before provision for income tax	0	1	0	(1)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	0	1	0	(1)
Defined Benefit Plan, Amortization of Gain (Loss)	0	(1)	0	(1)
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)	0	2	0	0
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income (loss)	5	27	47	(13)
Reclassification out of Accumulated Other Comprehensive Income \| Unrealized Investment Gains (Losses), Net of Related Offsets
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net investment gains (losses)	1	26	(47)	(34)
Net derivative gains (losses)	(1)	0	(45)	0
Net investment income	1	3	2	0
Income (loss) from continuing operations before provision for income tax	1	29	(90)	(34)
Provision for income tax expense (benefit)	1	(10)	32	12
Net income (loss)	2	19	(58)	(22)
Reclassification out of Accumulated Other Comprehensive Income \| Unrealized Gains (Losses) on Derivatives
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income (loss) from continuing operations before provision for income tax	4	11	16	16
Provision for income tax expense (benefit)	(1)	(4)	(5)	(6)
Net income (loss)	3	7	11	10
Reclassification out of Accumulated Other Comprehensive Income \| Unrealized Gains (Losses) on Derivatives \| Interest rate swaps
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net derivative gains (losses)	0	12	0	12
Net investment income	1	1	2	1
Reclassification out of Accumulated Other Comprehensive Income \| Unrealized Gains (Losses) on Derivatives \| Interest rate forwards
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net derivative gains (losses)	2	(1)	2	1
Net investment income	0	0	1	1
Reclassification out of Accumulated Other Comprehensive Income \| Unrealized Gains (Losses) on Derivatives \| Foreign currency swaps
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net derivative gains (losses)	$ 1	$ (1)	$ 11	$ 1

Equity (Capital Contribution) (Detail - Narrative) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Adjustments To Additional Paid In Capital, Capital Contribution	$ 668	$ 37
Non-cash Contribution
Adjustments To Additional Paid In Capital, Capital Contribution	$ 750

Equity (Noncontrolling Interest) (Details - Narrative) $ in Millions	Jun. 30, 2017 USD ($)
Noncontrolling Interest
Preferred Stock, Liquidation Preference, Value	$ 50

Other Expenses (Other Expenses) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Other Income and Expenses [Abstract]
Compensation	$ 65	$ 108	$ 129	$ 228
Commissions	197	130	390	314
Volume-related costs	136	128	263	253
Affiliated expenses on ceded and assumed reinsurance	3	(2)	26	1
Capitalization of DAC	(47)	(82)	(115)	(184)
Interest expense on debt	37	45	82	88
Premium taxes, licenses and fees	19	13	33	33
Professional services	53	17	88	28
Rent and related expenses	4	15	8	30
Other	147	121	274	254
Total other expenses	$ 614	$ 493	$ 1,178	$ 1,045

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Aug. 04, 2017
Net Income (Loss) Available to Common Stockholders, Basic [Abstract]
Net income (loss)	$ 246	$ (1,423)	$ (103)	$ (1,016)
Pro Forma
Weighted Average Number of Shares Outstanding, Basic [Abstract]
Pro forma shares outstanding	119,773,106	119,773,106	119,773,106	119,773,106
Net Income (Loss) Available to Common Stockholders, Basic [Abstract]
Pro forma earnings per share	$ 2.05	$ (11.88)	$ (0.86)	$ (8.48)
Subsequent Event
Weighted Average Number of Shares Outstanding, Basic [Abstract]
Common Stock, Shares, Outstanding					119,773,106

Contingencies, Commitments and Guarantees (Commitments and Guarantees - Narrative) (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Liabilities for indemnities, guarantees and commitments	$ 2,000,000	$ 2,000,000
Cumulative maximum indemnities and guarantees contractual limitation	223,000,000
Minimum
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Indemnities and guarantees contractual limitation range	1,000,000
Maximum
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Indemnities and guarantees contractual limitation range	218,000,000
Mortgage Loan Commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	168,000,000	348,000,000
Commitments to Fund Partnership Investments and Private Corporate Bond Investments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	1,300,000,000	1,300,000,000
Secured Demand Notes \| Affiliated Entity
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	0	20,000,000
Securities Pledged as Collateral, at Fair Value	$ 0	$ 25,000,000

Contingencies, Commitments and Guarantees Contingencies and Commitments Disclosure (Details) - USD ($)				6 Months Ended
	May 02, 2017	Nov. 30, 2016	Aug. 31, 2016	Jun. 30, 2017
Minimum [Member]
Loss Contingencies [Line Items]
Loss Contingency, Range of Possible Loss, Portion Not Accrued				$ 0
Maximum [Member]
Loss Contingencies [Line Items]
Loss Contingency, Range of Possible Loss, Portion Not Accrued				10,000,000
HartshorneV.MetLifeInc.etal. [Member] \| compensatory damages [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value				$ 200,000
HartshorneV.MetLifeInc.etal. [Member] \| Punitive damages [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value		$ 7,000,000	$ 15,000,000
HartshorneV.MetLifeInc.etal. [Member] \| Attorneys fees and costs [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value	$ 6,500,000
Affiliated Entity [Member] \| HartshorneV.MetLifeInc.etal. [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value		$ 2,700,000

Related Party Transactions (Effects of Affiliated Reinsurance on Statements of Operations) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Premiums:
Net premiums	$ 218	$ 281	$ 394	$ 674
Universal life and investment-type product policy fees:
Net universal life and investment-type product policy fees	957	936	1,910	1,867
Other revenues:
Other revenues	162	347	236	432
Policyholder benefits and claims:
Net policyholder benefits and claims	785	1,153	1,649	1,890
Interest credited to policyholder account balances:
Net interest credited to policyholder account balances	284	291	559	581
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Amortization Expense, [Abstract]
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Amortization	21	(281)	(127)	(35)
Other expenses:
Net other expenses	614	493	1,178	1,045
Affiliated Entity
Other expenses:
Net other expenses	98	249	195	496
Affiliated Entity \| Assumed
Premiums:
Reinsurance assumed	4	7	8	52
Universal life and investment-type product policy fees:
Reinsurance assumed	22	28	46	54
Other revenues:
Reinsurance assumed	27	0	27	0
Policyholder benefits and claims:
Reinsurance assumed	6	12	12	54
Interest credited to policyholder account balances:
Reinsurance assumed	18	19	36	39
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Amortization Expense, [Abstract]
Assumed Deferred Policy Acquisition Costs And Present Value Of Future Profits Amortization	21	2	24	5
Other expenses:
Reinsurance assumed	2	(11)	21	16
Affiliated Entity \| Ceded
Premiums:
Reinsurance ceded	(140)	(197)	(317)	(373)
Universal life and investment-type product policy fees:
Reinsurance ceded	(4)	(15)	(17)	(31)
Other revenues:
Reinsurance ceded	39	283	39	304
Policyholder benefits and claims:
Reinsurance ceded	(94)	(200)	(229)	(349)
Interest credited to policyholder account balances:
Reinsurance ceded	(4)	(4)	(8)	(8)
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Amortization Expense, [Abstract]
Ceded Deferred Policy Acquisition Costs And Present Value Of Future Profits Amortization	(3)	(61)	13	(120)
Other expenses:
Reinsurance ceded	(2)	(15)	15	(28)
Affiliated Entity \| Reinsurance
Premiums:
Net premiums	(136)	(190)	(309)	(321)
Universal life and investment-type product policy fees:
Net universal life and investment-type product policy fees	18	13	29	23
Other revenues:
Other revenues	66	283	66	304
Policyholder benefits and claims:
Net policyholder benefits and claims	(88)	(188)	(217)	(295)
Interest credited to policyholder account balances:
Net interest credited to policyholder account balances	14	15	28	31
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Amortization Expense, [Abstract]
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Amortization	18	(59)	37	(115)
Other expenses:
Net other expenses	0	(26)	36	(12)
All Services and Transactions Except Broker Dealer Activities [Member] \| Affiliated Entity
Reinsurance Disclosure [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	80	14	180	200
Revenue from Related Parties	42	127	(400)	52
Broker Dealer Activities [Member] \| Affiliated Entity
Reinsurance Disclosure [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	194	156	323	320
Revenue from Related Parties	$ 59	$ 52	$ 117	$ 107

Related Party Transactions (Effects of Affiliated Reinsurance on Balance Sheets) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Effects of Reinsurance [Line Items]
Assets	$ 224,328		$ 224,328		$ 221,930
Assets:
Premiums, reinsurance and other receivables	13,415		13,415		14,647
Deferred policy acquisition costs and value of business acquired	6,464		6,464		6,293
Liabilities:
Future policy benefits	34,352		34,352		33,372
Policyholder account balances	37,296		37,296		37,526
Other policy-related balances	2,985		2,985		3,045
Other liabilities relating to variable interest entities	5,190		5,190		5,929
Liabilities	207,863		207,863		207,068
Assumed \| Affiliated Entity
Assets:
Premiums, reinsurance and other receivables	160		160		21
Deferred policy acquisition costs and value of business acquired	8		8		71
Total assets	168		168		92
Liabilities:
Future policy benefits	67		67		170
Policyholder account balances	0		0		460
Other policy-related balances	1,676		1,676		1,677
Other liabilities relating to variable interest entities	21		21		10
Total liabilities	1,764		1,764		2,317
Ceded \| Affiliated Entity
Assets:
Premiums, reinsurance and other receivables	3,312		3,312		4,020
Deferred policy acquisition costs and value of business acquired	(435)		(435)		(406)
Total assets	2,877		2,877		3,614
Liabilities:
Future policy benefits	0		0		0
Policyholder account balances	0		0		0
Other policy-related balances	0		0		0
Other liabilities relating to variable interest entities	384		384		715
Total liabilities	384		384		715
All Services and Transactions Except Broker Dealer Activities [Member] \| Affiliated Entity
Effects of Reinsurance [Line Items]
Revenue from Related Parties	42	$ 127	(400)	$ 52
Assets	2,979		2,979		4,805
Liabilities:
Liabilities	2,170		2,170		7,763
Related Party Transaction, Expenses from Transactions with Related Party	80	14	180	200
Broker Dealer Activities [Member] \| Affiliated Entity
Effects of Reinsurance [Line Items]
Revenue from Related Parties	59	52	117	107
Assets	(1)		(1)		21
Liabilities:
Liabilities	0		0		$ 20
Related Party Transaction, Expenses from Transactions with Related Party	$ 194	$ 156	$ 323	$ 320

Related Party Transactions (Service Agreements - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Related Party Transaction [Line Items]
Other expenses	$ 614	$ 493	$ 1,178	$ 1,045
Universal life and investment-type product policy fees	957	936	1,910	1,867
Other revenues	162	347	236	432
Affiliated Entity
Related Party Transaction [Line Items]
Interest Expense, Debt	24	31	55	62
Other expenses	$ 98	$ 249	$ 195	$ 496

Related Party Transactions (Reinsurance Transactions - Narrative) (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2017	Jan. 31, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Jan. 01, 2017	Dec. 31, 2016
Reinsurance Disclosures [Abstract]
Embedded Derivative, Fair Value of Embedded Derivative Liability			$ 2,354		$ 2,354			$ 3,011
Net derivatives gains (losses)			138	$ (3,488)	308	$ (3,970)
Embedded Derivative, Fair Value of Embedded Derivative Asset			181		181			579
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest			321	(2,240)	(269)	(1,676)
Other liabilities relating to variable interest entities			5,190		5,190			5,929
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net			6,464		6,464			6,293
Premiums, reinsurance and other receivables			(13,415)		(13,415)			(14,647)
Liability for Future Policy Benefits			34,352		34,352			33,372
Policyholder Contract Deposits			37,296		37,296			37,526
Affiliated Entity \| Assumed guaranteed minimum benefits
Reinsurance Disclosures [Abstract]
Embedded Derivative, Fair Value of Embedded Derivative Liability			0		0			460
Net derivatives gains (losses)			113	(127)	110	(199)
Affiliated Entity \| Funds Withheld On Ceded Reinsurance [Member]
Reinsurance Disclosures [Abstract]
Embedded Derivative, Fair Value of Embedded Derivative Liability			3		3			$ 390
Net derivatives gains (losses)			0	155	(263)	$ 264
Affiliated Entity \| Separate AC Annuities MLIC [Member]
Reinsurance Disclosures [Abstract]
Net derivatives gains (losses)				$ 1
Affiliated Entity \| Life and Other [Member]
Reinsurance Disclosures [Abstract]
Cash, Cash Equivalents, and Short-term Investments	$ 214
Premiums, reinsurance and other receivables	(189)
Affiliated Entity \| MLUS Recapture GMIB [Member]
Reinsurance Disclosures [Abstract]
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest			91		89
Cash, Cash Equivalents, and Short-term Investments							$ 568
Premiums, reinsurance and other receivables			$ (140)		$ (140)
Liability for Future Policy Benefits							106
Affiliated Entity \| Affiliate Recapture Variable Annuities [Member]
Reinsurance Disclosures [Abstract]
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest		$ (178)
Other liabilities relating to variable interest entities							274
Metropolitan Life Insurance Company [Member] \| Affiliated Entity \| Life and Other [Member]
Reinsurance Disclosures [Abstract]
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest	$ 17
Brighthouse Life Insurance Company NY [Member] \| Affiliated Entity \| Affiliate Recapture Variable Annuities [Member]
Reinsurance Disclosures [Abstract]
Policyholder Contract Deposits							$ 460

Subsequent Events (Term Loan Facility) (Details - Narrative) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Jul. 21, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Aug. 14, 2017	Aug. 02, 2017
Subsequent Event [Line Items]
Other General and Administrative Expense		$ 147	$ 121	$ 274	$ 254
Subsequent Event \| Spinoff
Subsequent Event [Line Items]
Other General and Administrative Expense	$ 7
Line of Credit Facility, Maximum Borrowing Capacity	600
Line of Credit Facility, Current Borrowing Capacity	$ 500
Long-term Line of Credit						$ 100	$ 500

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Subsequent Events (The Separation) (Details - Narrative) - Subsequent Event - Spinoff	Aug. 04, 2017
Parent shareholders' percentage
Subsequent Event [Line Items]
Common Stock Distribution by Parent	80.80%
Parent percentage
Subsequent Event [Line Items]
Common Stock Retained by Parent	19.20%

Subsequent Events (Payment of Dividend Contribution) (Details - Narrative) $ in Billions	Aug. 03, 2017 USD ($)
Subsequent Event \| Spinoff
Subsequent Event [Line Items]
Dividends, Common Stock, Cash	$ 1.8

Subsequent Events (The Distribution) (Details - Narrative) - Subsequent Event	Aug. 04, 2017 shares
Subsequent Event [Line Items]
Common Stock, Shares, Outstanding	119,773,106
Spinoff
Subsequent Event [Line Items]
Common Stock, Shares, Outstanding	96,776,670
Affiliated Entity \| Spinoff
Subsequent Event [Line Items]
Common Stock, Shares, Issued	119,673,106
Common Stock, Shares, Outstanding	22,996,436
Parent shareholders' percentage \| Spinoff
Subsequent Event [Line Items]
Common Stock Distribution by Parent	80.80%
Parent percentage \| Spinoff
Subsequent Event [Line Items]
Common Stock Retained by Parent	19.20%

Tax Impacts recognized at Separation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2015
Subsequent Event [Line Items]
Percentage of deferred tax asset related to an agreement previously recorded	86.00%		86.00%
Cash and Cash Equivalents, at Carrying Value	$ 4,443		$ 4,443		$ 5,228
Premiums and Other Receivables, Net	13,415		13,415		14,647
Income Taxes Receivable	1,423		1,423		778
Assets	224,328		224,328		221,930
Long-term debt (includes $16 and $23, respectively, at estimated fair value, relating to variable interest entities)	3,016		3,016		1,910
Shareholder’s Net Investment	14,521		14,521		13,597
Other liabilities (includes $0 and $1, respectively, relating to variable interest entities)	5,190		5,190		5,929
Liabilities	207,863		207,863		207,068
Stockholders' Equity Attributable to Parent	16,415	$ 18,464	16,415	$ 18,464	14,862	$ 16,839
Liabilities and Equity	224,328		224,328		$ 221,930
Income Tax Expense (Benefit)	75	$ (817)	(166)	$ (660)
Pro Forma
Subsequent Event [Line Items]
Cash and Cash Equivalents, at Carrying Value	3,245		3,245
Long-term debt (includes $16 and $23, respectively, at estimated fair value, relating to variable interest entities)	3,616		3,616
Shareholder’s Net Investment	12,168		12,168
Spinoff
Subsequent Event [Line Items]
Due to Affiliate	$ 553		553
Income Tax Expense (Benefit)			$ 643