Policy

The Company has organized its principal operations into the Financial Services Businesses and the Closed Block Business. Within the Financial Services Businesses, the Company operates through three divisions, which together encompass six reportable segments. Businesses that are not sufficiently material to warrant separate disclosure and divested businesses are included in Corporate and Other operations within the Financial Services Businesses. Collectively, the businesses that comprise the three operating divisions and Corporate and Other are referred to as the Financial Services Businesses.

U.S. Retirement Solutions and Investment Management Division. The U.S. Retirement Solutions and Investment Management division consists of the Individual Annuities, Retirement, and Asset Management segments. The Individual Annuities segment manufactures and distributes individual variable and fixed annuity products, primarily to the U.S. mass affluent market. The Retirement segment manufactures and distributes products and provides administrative services for qualified and non-qualified retirement plans and offers innovative pension risk transfer solutions, investment-only stable value products, guaranteed investment contracts, funding agreements, institutional and retail notes, structured settlement annuities and other group annuities. The Asset Management segment provides a broad array of investment management and advisory services by means of institutional portfolio management, mutual funds, asset securitization activity and other structured products, and strategic investments. These products and services are provided to the public and private marketplace, as well as to other segments of the Company.

U.S. Individual Life and Group Insurance Division. The U.S. Individual Life and Group Insurance division consists of the Individual Life and Group Insurance segments. The Individual Life segment manufactures and distributes individual variable life, term life and universal life insurance products primarily to the U.S. mass middle, mass affluent and affluent markets. The Individual Life segment also includes the results of the individual life business acquired from The Hartford on January 2, 2013. The Group Insurance segment manufactures and distributes a full range of group life, long-term and short-term group disability, and group corporate-, bank- and trust-owned life insurance in the U.S. primarily to institutional clients for use in connection with employee and plans and affinity groups.

International Insurance Division. The International Insurance division consists of the International Insurance segment, which manufactures and distributes individual life insurance, retirement and related products to the mass affluent and affluent markets in Japan, Korea and other foreign countries through its Life Planner operations. In addition, similar products are offered to the broad middle income market across Japan through Life Consultants, the proprietary distribution channel of the Company's Gibraltar Life operation, as well as other channels, including banks and independent agencies.

Corporate and Other. Corporate and Other includes corporate operations, after allocations to business segments, and divested businesses. Corporate operations consist primarily of: (1) investment returns on capital that is not deployed in any business segments; (2) returns from investments not allocated to business segments, including debt-financed investment portfolios, as well as tax credit investments and other tax enhanced investments financed by business segments; (3) capital debt that is used or will be used to meet the capital requirements of the Company and the related interest expense; (4) income and expense from qualified pension and other employee benefit plans, after allocations to business segments; (5) corporate-level income and expense, after allocations to business segments, including corporate governance, corporate advertising, philanthropic activities, deferred compensation, and costs related to certain contingencies and enhanced regulatory supervision; (6) certain retained obligations relating to pre-demutualization policyholders whom the Company had previously agreed to provide insurance for reduced or no premium in accordance with contractual settlements related to prior individual life insurance sales practices remediation; (7) results related to the Company's capital protection framework; (8) results related to a life insurance joint venture and an asset management company joint venture in China and (9) the impact of transactions with other segments.

Closed Block Business. The Closed Block Business, which is managed separately from the Financial Services Businesses, was established on the date of demutualization. It includes the Closed Block (as discussed in Note 12); assets held outside the Closed Block necessary to meet insurance regulatory capital requirements related to products included within the Closed Block; deferred policy acquisition costs related to the Closed Block policies; the principal amount of the IHC debt (as discussed in Note 14) and certain related assets and liabilities.

Segment Accounting Policies. The accounting policies of the segments are the same as those described in Note 2. Results for each segment include earnings on attributed equity established at a level which management considers necessary to support each segment's risks. Operating expenses specifically identifiable to a particular segment are allocated to that segment as incurred. Operating expenses not identifiable to a specific segment that are incurred in connection with the generation of segment revenues are generally allocated based upon the segment's historical percentage of general and administrative expenses. As discussed in Note 2, results for the periods presented in the Company's Consolidated Financial Statements reflect the implementation of a discretionary change in accounting principle related to the Company's accrual of performance-based incentive fee revenue in its Asset Management segment.

For information related to significant acquisitions and disposition, see Note 3. For information related to the adoption of new accounting pronouncements, see Note 2. The segments' results in prior years have been revised for these items, as applicable, to conform to the current year presentation.

In managing the Financial Services Businesses, the Company analyzes the operating performance of each segment using “adjusted operating income.” Adjusted operating income does not equate to “income (loss) from continuing operations before income taxes and equity in earnings of operating joint ventures” or “net income” as determined in accordance with U.S. GAAP but is the measure of segment profit or loss used by the Company to evaluate segment performance and allocate resources, and consistent with authoritative guidance, is the measure of segment performance presented below. Adjusted operating income is calculated by adjusting each segment's “income (loss) from continuing operations before income taxes and equity in earnings of operating joint ventures” for the following items, which are described in greater detail below:

These items are important to an understanding of overall results of operations. Adjusted operating income is not a substitute for income determined in accordance with U.S. GAAP, and the Company's definition of adjusted operating income may differ from that used by other companies. However, the Company believes that the presentation of adjusted operating income as measured for management purposes enhances the understanding of results of operations by highlighting the results from ongoing operations and the underlying profitability factors of the Financial Services Businesses.

As discussed in Note 1, the Company recorded out of period adjustments during 2012 that resulted in a decrease in adjusted operating income of $160 million for the year, principally $61 million to the Asset Management segment and $99 million to Corporate and Other operations.

Adjusted operating income excludes “Realized investment gains (losses), net,” except for certain items described below. Significant activity excluded from adjusted operating income includes impairments and credit-related gains and losses from sales of securities, the timing of which depends largely on market credit cycles and can vary considerably across periods, and interest rate-related gains and losses from sales of securities, which are largely subject to the Company's discretion and influenced by market opportunities, as well as the Company's tax and capital profile. Additionally, certain gains and losses pertaining to derivative contracts that do not qualify for hedge accounting treatment are also excluded from adjusted operating income. Trends in the underlying profitability of the Company's businesses can be more clearly identified without the fluctuating effects of these transactions.

The following table sets forth the significant components of “Realized investment gains (losses), net” that are included in adjusted operating income and, as a result, are reflected as adjustments to “Realized investment gains (losses), net” for purposes of calculating adjusted operating income:

Terminated Hedges of Foreign Currency Earnings. The amounts shown in the table above primarily reflect the impact of an intercompany arrangement between Corporate and Other operations and the International Insurance segment, pursuant to which the non-U.S. dollar-denominated earnings in all countries for a particular year, including its interim reporting periods, are translated at fixed currency exchange rates. The fixed rates are determined in connection with a currency hedging program designed to mitigate the risk that unfavorable rate changes will reduce the segment's U.S. dollar equivalent earnings. Pursuant to this program, the Company's Corporate and Other operations may execute forward currency contracts with third parties to sell the net exposure of projected earnings from the hedged currency in exchange for U.S. dollars at a specified exchange rate. The maturities of these contracts correspond with the future periods in which the identified non-U.S. dollar-denominated earnings are expected to be generated. These contracts do not qualify for hedge accounting under U.S. GAAP, so the resulting profits or losses are recorded in “Realized investment gains (losses), net.” When the contracts are terminated in the same period that the expected earnings emerge, the resulting positive or negative cash flow effect is included in adjusted operating income.

Current Period Yield Adjustments. The Company uses interest rate and currency swaps and other derivatives to manage interest and currency exchange rate exposures arising from mismatches between assets and liabilities, including duration mismatches. For derivative contracts that do not qualify for hedge accounting treatment, the periodic swap settlements, as well as certain other derivative related yield adjustments are recorded in “Realized investment gains (losses), net”, and are included in adjusted operating income to reflect the after-hedge yield of the underlying instruments. In certain instances, when these derivative contracts are terminated or offset before their final maturity, the resulting realized gains or losses are recognized in adjusted operating income over periods that generally approximate the expected terms of the derivatives or underlying instruments in order for adjusted operating income to reflect the after-hedge yield of the underlying instruments. Included in the amounts shown in the table above are gains on certain derivatives contracts that were terminated or offset in prior periods of $72 million, $64 million and $50 million for the years ended 2013, 2012 and 2011, respectively. Additionally, as of December 31, 2013, there was a $444 million deferred net gain related to certain derivative contracts that were terminated or offset before their final maturity, primarily in the International Insurance segment.

Principal Source of Earnings. The Company conducts certain activities for which realized investment gains and losses are a principal source of earnings for its businesses and therefore included in adjusted operating income, particularly within the Company's Asset Management segment. For example, Asset Management's strategic investing business makes investments for sale or syndication to other investors or for placement or co-investment in the Company's managed funds and structured products. The realized investment gains and losses associated with the sale of these strategic investments, as well as related derivative results, are a principal activity for this business and included in adjusted operating income. In addition, the realized investment gains and losses associated with loans originated by the Company's commercial mortgage operations, as well as related derivative results and retained mortgage servicing rights, are a principal activity for this business and included in adjusted operating income.

The following table sets forth certain other items excluded from adjusted operating income and reflected as an adjustment to “Realized investment gains (losses), net” for purposes of calculating adjusted operating income:

Other Trading Account Assets. The Company has certain investments in its general account portfolios that are classified as trading. These trading investments are carried at fair value and included in “Other trading account assets, at fair value” on the Company's statements of financial position. Realized and unrealized gains and losses for these investments are recorded in “Asset management fees and other income.” Consistent with the exclusion of realized investment gains and losses with respect to other investments managed on a consistent basis, the net gains or losses on these investments are excluded from adjusted operating income.

Foreign Currency Exchange Movements. The Company has certain assets and liabilities for which, under U.S. GAAP, the changes in value, including those associated with changes in foreign currency exchange rates during the period, are recorded in “Asset management fees and other income.” To the extent the foreign currency exposure on these assets and liabilities is economically hedged or considered part of the Company's capital funding strategies for its international subsidiaries, the change in value included in “Asset management fees and other income” is excluded from adjusted operating income. The amounts in the table above are largely driven by non-yen denominated insurance liabilities in the Company's Japanese insurance operations. The insurance liabilities are supported by investments denominated in corresponding currencies, including a significant portion designated as available-for-sale. While these non-yen denominated assets and liabilities are economically hedged, under U.S. GAAP, unrealized gains and losses on available-for-sale investments, including those arising from foreign currency exchange rate movements, are recorded in “Accumulated other comprehensive income (loss),” while the non-yen denominated liabilities are re-measured for foreign currency exchange rate movements, and the related change in value is recorded in earnings within “Asset management fees and other income.” Due to this non-economic volatility that is reflected in U.S. GAAP earnings, the change in value recorded within “Asset management fee and other income” is excluded from adjusted operating income.

Other Activities. The Company excludes certain other items from adjusted operating income that are consistent with similar adjustments described above. The significant items within other activities shown in the table above included the following:

In connection with the settlement of disputes arising out of the Chapter 11 bankruptcy petition filed by Lehman Brothers Holdings Inc., the Company recorded losses of $65 million in 2011 related to a portion of its counterparty exposure on derivative transactions it had previously held with Lehman Brothers and its affiliates. For the years ended 2013 and 2012, the Company recorded $146 million and $12 million, respectively, in estimated recoveries of this settlement. These losses and recoveries are recorded within “Asset management fees and other income” within the Company's Corporate and Other operations. Consistent with the exclusion of credit-related losses recorded in “Realized investment gains (losses), net”, the impact of these losses and recoveries are excluded from adjusted operating income.

The Company records valuation adjustments for non-performance risk that relates to the uncollateralized portion of certain derivative contracts between a subsidiary of the Company and third parties and liquidity risk associated with certain derivatives. These adjustments are recorded within “Asset management fees and other income.” Consistent with the exclusion of the mark-to-market on derivatives recorded in “Realized investment gains (losses), net”, the impact of these risks is excluded from adjusted operating income. The net impact of these risks was to exclude from adjusted operating income net gains of $30 million, net gains of $36 million and net losses of $22 million for the years ended 2013, 2012 and 2011, respectively.

Charges that relate to realized investment gains and losses are also excluded from adjusted operating income, and include the following:

Investment gains and losses on trading account assets supporting insurance liabilities and changes in experience-rated contractholder liabilities due to asset value changes

Certain products included in the Retirement and International Insurance segments are experience-rated in that investment results associated with these products are expected to ultimately accrue to contractholders. The majority of investments supporting these experience-rated products are classified as trading and are carried at fair value, with realized and unrealized gains and losses reported in “Asset management fees and other income.” To a lesser extent, these experience-rated products are also supported by derivatives and commercial mortgage and other loans. The derivatives are carried at fair value, with realized and unrealized gains and losses reported in “Realized investment gains (losses), net.” The commercial mortgage and other loans are carried at unpaid principal, net of unamortized discounts and an allowance for losses, with gains and losses on sales and changes in the valuation allowance for commercial mortgage and other loans reported in “Realized investment gains (losses), net.”

Adjusted operating income excludes net investment gains and losses on trading account assets supporting insurance liabilities, which is consistent with the exclusion of realized investment gains and losses with respect to other investments supporting insurance liabilities managed on a consistent basis. In addition, to be consistent with the historical treatment of charges related to realized investment gains and losses on investments, adjusted operating income also excludes the change in contractholder liabilities due to asset value changes in the pool of investments (including changes in the fair value of commercial mortgage and other loans) supporting these experience-rated contracts, which are reflected in “Interest credited to policyholders' account balances.” These adjustments are in addition to the exclusion from adjusted operating income of net investment gains and losses on the related derivatives and commercial mortgage and other loans through “Realized investment gains (losses), net, and related charges and adjustments,” as discussed above. The result of this approach is that adjusted operating income for these products includes net fee revenue and interest spread the Company earns on these experience-rated contracts, and excludes changes in fair value of the pool of investments, both realized and unrealized, that are expected to ultimately accrue to the contractholders.

The contribution to income/loss of divested businesses that have been or will be sold or exited, including businesses that have been placed in wind down, but that did not qualify for “discontinued operations” accounting treatment under U.S. GAAP, are excluded from adjusted operating income as the results of divested businesses are not relevant to understanding the Company's ongoing operating results.

On July 1, 2013, the Company sold its wealth management solutions business to Envestnet Inc. Due to the existence of an ongoing contractual relationship between the Company and these operations, this disposition did not qualify for discontinued operations treatment under U.S. GAAP. As a result, the Company has classified the results of these operations, previously reported in the Asset Management segment, as a "divested business" and excluded the results from adjusted operating income for all periods presented.

As previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 2012, the Company decided to place its long-term care business in wind down in 2012 and has classified the results of this business as a divested business for all periods presented.

Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests

Equity in earnings of operating joint ventures, on a pre-tax basis, are included in adjusted operating income as these results are a principal source of earnings. These earnings are reflected on a U.S. GAAP basis on an after-tax basis as a separate line on the Company's Consolidated Statements of Operations.

Earnings attributable to noncontrolling interests are excluded from adjusted operating income. Earnings attributable to noncontrolling interests represents the portion of earnings from consolidated entities that relates to the equity interests of minority investors, and are reflected on a U.S. GAAP basis as a separate line on the Company's Consolidated Statements of Operations.

The summary below reconciles adjusted operating income before income taxes for the Financial Services Businesses to income from continuing operations before income taxes and equity in earnings of operating joint ventures:

					Years Ended December 31,
					2013		2012		2011

					(in millions)
Adjusted Operating Income before income taxes for Financial Services Businesses by Segment:
	Individual Annuities				$	2,085	$	1,039	$	662
	Retirement					1,039		638		594
	Asset Management					723		584		888
				Total U.S. Retirement Solutions and Investment Management Division		3,847		2,261		2,144
	Individual Life					583		384		482
	Group Insurance					157		16		163
				Total U.S. Individual Life and Group Insurance Division		740		400		645
	International Insurance					3,152		2,704		2,263
				Total International Insurance Division		3,152		2,704		2,263
	Corporate Operations					(1,370)		(1,338)		(1,112)
				Total Corporate and Other		(1,370)		(1,338)		(1,112)
	Adjusted Operating Income before income taxes for Financial Services Businesses					6,369		4,027		3,940
		Reconciling items:
		Realized investment gains (losses), net, and related adjustments				(9,956)		(3,666)		2,503
		Charges related to realized investment gains (losses), net				1,807		857		(1,656)
		Investment gains (losses) on trading account assets supporting insurance liabilities, net				(250)		610		223
		Change in experience-rated contractholder liabilities due to asset value changes				227		(540)		(123)
		Divested businesses				29		(615)		90
		Equity in earnings of operating joint ventures and earnings attributable to noncontrolling
			interests			28		(29)		(227)
Income (loss) from continuing operations before income taxes and equity in earnings of
	operating joint ventures for Financial Services Businesses					(1,746)		644		4,750
Income (loss) from continuing operations before income taxes and equity in earnings of
	operating joint ventures for Closed Block Business					62		64		214
Income (loss) from continuing operations before income taxes and equity in earnings of
	operating joint ventures				$	(1,684)	$	708	$	4,964

The U.S. Retirement Solutions and Investment Management Division and U.S. Individual Life and Group Insurance Division results reflect deferred policy acquisition costs as if the individual annuity business and group insurance business were stand-alone operations. The elimination of intersegment costs capitalized in accordance with this policy is included in consolidating adjustments within Corporate and Other operations.

The summary below presents certain financial information for the Company's reportable segments:

					As Of or Year Ended December 31, 2013
					Revenues		Net Investment Income		Policyholders' Benefits		Interest Credited to Policyholders' Account Balances		Dividends to Policyholders		Interest Expense		Amortization of Deferred Policy Acquisition Costs		Total Assets

					(in millions)
Financial Services Businesses:
	Individual Annuities				$	4,465	$	693	$	77	$	381	$	0	$	91	$	257	$	160,778
	Retirement					6,028		4,067		2,461		1,529		0		26		15		170,762
	Asset Management					2,678		87		0		0		0		11		25		45,040
		Total U.S. Retirement Solutions
			and Investment Management
			Division			13,171		4,847		2,538		1,910		0		128		297		376,580

	Individual Life					4,620		1,406		1,869		576		33		407		111		64,990
	Group Insurance					5,518		585		4,299		232		0		7		10		39,185
		Total U.S. Individual Life and
			Group Insurance Division			10,138		1,991		6,168		808		33		414		121		104,175

	International Insurance					22,540		4,306		14,499		984		107		3		1,011		168,677
		Total International Insurance
			Division			22,540		4,306		14,499		984		107		3		1,011		168,677

	Corporate Operations					(568)		386		(35)		0		0		715		(35)		13,947
		Total Corporate and Other				(568)		386		(35)		0		0		715		(35)		13,947

			Total			45,281		11,530		23,170		3,702		140		1,260		1,394		663,379

Reconciling items:
	Realized investment gains (losses),
		net, and related adjustments				(9,960)		(13)		0		0		0		0		0
	Charges related to realized
		investment gains (losses), net				(199)		0		(225)		(500)		0		0		(1,191)
	Investment gains (losses) on trading
		account assets supporting
		insurance liabilities, net				(250)		0		0		0		0		0		0
	Change in experience-rated
		contractholder liabilities due
		to assets value changes				0		0		0		(227)		0		0		0
	Divested businesses					631		196		454		0		0		1		0
	Equity in earnings of operating joint
		ventures and earnings attributable
		to noncontrolling interests				(78)		0		0		0		0		0		0
			Total Financial Services
				Businesses		35,425		11,713		23,399		2,975		140		1,261		203		663,379

Closed Block Business						6,036		3,016		3,334		136		1,910		148		37		68,402

Total per Consolidated Financial
	Statements				$	41,461	$	14,729	$	26,733	$	3,111	$	2,050	$	1,409	$	240	$	731,781

					As Of or Year Ended December 31, 2012
					Revenues		Net Investment Income		Policyholders' Benefits		Interest Credited to Policyholders' Account Balances		Dividends to Policyholders		Interest Expense		Amortization of Deferred Policy Acquisition Costs		Total Assets

					(in millions)
Financial Services Businesses:
	Individual Annuities				$	3,983	$	770	$	573	$	452	$	0	$	109	$	338	$	146,893
	Retirement (1)					36,595		3,203		33,317		1,695		0		20		49		168,262
	Asset Management					2,376		107		0		0		0		15		24		41,884
		Total U.S. Retirement Solutions
			and Investment Management
			Division			42,954		4,080		33,890		2,147		0		144		411		357,039

	Individual Life					3,367		1,033		1,210		329		31		316		419		47,371
	Group Insurance					5,601		586		4,528		228		0		7		5		38,754
		Total U.S. Individual Life and
			Group Insurance Division			8,968		1,619		5,738		557		31		323		424		86,125

	International Insurance					29,586		4,268		20,981		1,122		124		3		1,173		183,794
		Total International Insurance
			Division			29,586		4,268		20,981		1,122		124		3		1,173		183,794

	Corporate Operations					(405)		403		136		(22)		0		773		(42)		12,287
		Total Corporate and Other				(405)		403		136		(22)		0		773		(42)		12,287

			Total			81,103		10,370		60,745		3,804		155		1,243		1,966		639,245

Reconciling items:
	Realized investment gains (losses),
		net, and related adjustments				(3,671)		(24)		0		0		0		0		0
	Charges related to realized
		investment gains (losses), net				(108)		0		(2)		(247)		0		0		(716)
	Investment gains (losses) on trading
		account assets supporting
		insurance liabilities, net				610		0		0		0		0		0		0
	Change in experience-rated
		contractholder liabilities due
		to assets value changes				0		0		0		540		0		0		0
	Divested businesses					735		162		943		0		0		0		216
	Equity in earnings of operating joint
		ventures and earnings attributable
		to noncontrolling interests				(79)		0		0		0		0		0		0
			Total Financial Services
				Businesses		78,590		10,508		61,686		4,097		155		1,243		1,466		639,245

Closed Block Business						6,257		3,153		3,445		137		2,021		148		38		69,990

Total per Consolidated Financial
	Statements				$	84,847	$	13,661	$	65,131	$	4,234	$	2,176	$	1,391	$	1,504	$	709,235

					Year Ended December 31, 2011
					Revenues		Net Investment Income		Policyholders' Benefits		Interest Credited to Policyholders' Account Balances		Dividends to Policyholders		Interest Expense		Amortization of Deferred Policy Acquisition Costs

					(in millions)
Financial Services Businesses:
	Individual Annuities				$	3,638	$	790	$	476	$	570	$	0	$	112	$	536
	Retirement					4,871		3,178		1,594		1,715		0		14		41
	Asset Management					2,531		118		0		0		0		13		25
		Total U.S. Retirement Solutions
			and Investment Management
			Division			11,040		4,086		2,070		2,285		0		139		602

	Individual Life					2,900		978		1,115		299		29		214		135
	Group Insurance					5,606		575		4,474		228		0		0		6
		Total U.S. Individual Life and
			Group Insurance Division			8,506		1,553		5,589		527		29		214		141

	International Insurance					19,567		3,754		11,963		978		122		1		880
		Total International Insurance
			Division			19,567		3,754		11,963		978		122		1		880

	Corporate Operations					(187)		410		146		(34)		0		809		(58)
		Total Corporate and Other				(187)		410		146		(34)		0		809		(58)

			Total			38,926		9,803		19,768		3,756		151		1,163		1,565

Reconciling items:
	Realized investment gains (losses),
		net, and related adjustments				2,497		(28)		0		0		0		0		0
	Charges related to realized
		investment gains (losses), net				(108)		0		0		466		1		0		1,080
	Investment gains (losses) on trading
		account assets supporting
		insurance liabilities, net				223		0		0		0		0		0		0
	Change in experience-rated
		contractholder liabilities due
		to assets value changes				0		0		0		123		0		0		0
	Divested businesses					793		135		364		0		0		1		13
	Equity in earnings of operating joint
		ventures and earnings attributable
		to noncontrolling interests				(261)		0		0		0		0		0		0
			Total Financial Services
				Businesses		42,070		9,910		20,132		4,345		152		1,164		2,658

Closed Block Business						7,015		3,214		3,482		139		2,571		148		37

Total per Consolidated Financial
	Statements				$	49,085	$	13,124	$	23,614	$	4,484	$	2,723	$	1,312	$	2,695

Revenues, calculated in accordance with U.S. GAAP, for the years ended December 31, include the following associated with the Company's foreign and domestic operations:

The Asset Management segment revenues include intersegment revenues, primarily consisting of asset-based management and administration fees, for the years ended December 31, as follows:

Management has determined the intersegment revenues with reference to market rates. Intersegment revenues are eliminated in consolidation in Corporate and Other.


		Years Ended December 31,
		2013		2012		2011
Net gains (losses) from:		(in millions)
	Other trading account assets	$	168	$	102	$	(81)
	Foreign currency exchange movements		(4,060)		(1,750)		986
	Other activities	$	167	$	29	$	(109)


	2013		2012		2011

		(in millions)
Domestic operations	$	22,222	$	56,684	$	28,955
Foreign operations, total		19,239		28,163		20,130
Foreign operations, Japan		16,523		26,393		17,607
Foreign operations, Korea		1,437		1,294		1,331

PRUDENTIAL FINANCIAL INC | 2013 | FY |

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