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PART II
ITEM 8. Financial Statements and Supplementary Data
assets accrue directly to the policyholders. Gains and losses reported in these tables may include net changes in fair value that are attributable to
both observable and unobservable inputs.
Fixed
Maturities &
(In millions)
Equity Securities GMIB Assets GMIB Liabilities GMIB Net
Balance at January 1, 2014 $ 1,190 $ 751 $ (741) $ 10
Gains (losses) included in shareholders’ net income:
GMIB fair value gain/(loss) – 251 (251) –
Other 15 (1) 15 14
Total gains (losses) included in shareholders’ net income 15 250 (236) 14
Gains included in other comprehensive income 14 – – –
Gains required to adjust future policy benefits for settlement annuities
(1)
55 – – –
Purchases, sales, settlements:
Purchases 101 – – –
Sales (202) – – –
Settlements (156) (48) 48 –
Total purchases, sales and settlements (257) (48) 48 –
Transfers into/(out of ) Level 3:
Transfers into Level 3 165 – – –
Transfers out of Level 3 (325) – – –
Total transfers into/(out of) Level 3 (160) – – –
Balance at December 31, 2014 $ 857 $ 953 $ (929) $ 24
Total gains (losses) included in shareholders’ net income attributable to
instruments held at the reporting date $ 2 $ 250 $ (236) $ 14
(1) Amounts do not accrue to shareholders.
Fixed
Maturities &
(In millions)
Equity Securities GMIB Assets GMIB Liabilities GMIB Net
Balance at January 1, 2013 $ 1,351 $ 622 $ (1,170) $ (548)
Gains (losses) included in shareholders’ net income:
GMIB fair value gain/(loss) – (380) 380 –
Other 16 17 (23) (6)
Total gains (losses) included in shareholders’ net income 16 (363) 357 (6)
Losses included in other comprehensive income (19) – – –
Losses required to adjust future policy benefits for settlement annuities
(1)
(50) – – –
Purchases, sales, settlements:
Purchases 110 – – –
Sales (64) – – –
Settlements (121) 492 72 564
Total purchases, sales, and settlements (75) 492 72 564
Transfers into/(out of ) Level 3:
Transfers into Level 3 115 – – –
Transfers out of Level 3 (148) – – –
Total transfers into/(out of) Level 3 (33) – – –
Balance at December 31, 2013 $ 1,190 $ 751 $ (741) $ 10
Total gains (losses) included in shareholders’ net income attributable to
instruments held at the reporting date $ 7 $ (363) $ 357 $ (6)
(1) Amounts do not accrue to shareholders.
CIGNA CORPORATION - 2014 Form 10-K 91