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Investments
 12 Months Ended
Dec. 31, 2015
Investments [Abstract]  
Investments
INVESTMENTS
 
Fixed Maturities and Equity Securities
 
The following tables provide information relating to fixed maturities and equity securities (excluding investments classified as trading) as of the dates indicated:
 
 
December 31, 2015
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
OTTI
in AOCI(4)
 
(in millions)
Fixed maturities, available-for-sale
 
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government authorities and agencies
$
14,992

 
$
3,544

 
$
19

 
$
18,517

 
$
0

Obligations of U.S. states and their political subdivisions
8,089

 
747

 
41

 
8,795

 
0

Foreign government bonds
71,849

 
12,011

 
147

 
83,713

 
1

U.S. corporate public securities
70,979

 
6,344

 
1,955

 
75,368

 
(3
)
U.S. corporate private securities(1)
28,525

 
2,278

 
359

 
30,444

 
0

Foreign corporate public securities
26,354

 
2,821

 
621

 
28,554

 
0

Foreign corporate private securities
19,393

 
739

 
994

 
19,138

 
0

Asset-backed securities(2)
10,121

 
226

 
121

 
10,226

 
(452
)
Commercial mortgage-backed securities
10,337

 
195

 
70

 
10,462

 
(1
)
Residential mortgage-backed securities(3)
4,777

 
335

 
6

 
5,106

 
(4
)
Total fixed maturities, available-for-sale(1)
$
265,416

 
$
29,240

 
$
4,333

 
$
290,323

 
$
(459
)
Equity securities, available-for-sale
$
6,847

 
$
2,570

 
$
143

 
$
9,274

 
 

 
 
December 31, 2015
 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
 
(in millions)
Fixed maturities, held-to-maturity
 
 
 
 
 
 
 
 
Foreign government bonds
 
$
816

 
$
196

 
$
0

 
$
1,012

Foreign corporate public securities
 
625

 
62

 
0

 
687

Foreign corporate private securities(5)
 
78

 
4

 
0

 
82

Commercial mortgage-backed securities
 
33

 
1

 
0

 
34

Residential mortgage-backed securities(3)
 
756

 
53

 
0

 
809

Total fixed maturities, held-to-maturity(5)
 
$
2,308

 
$
316

 
$
0

 
$
2,624

__________
(1)
Excludes notes with amortized cost of $1,050 million (fair value, $1,039 million) which have been offset with the associated payables under a netting agreement.
(2)
Includes credit-tranched securities collateralized by sub-prime mortgages, auto loans, credit cards, education loans and other asset types.
(3)
Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.
(4)
Represents the amount of OTTI losses in AOCI, which were not included in earnings. Amount excludes $693 million of net unrealized gains on impaired available-for-sale securities and less than $1 million of net unrealized gains on impaired held-to-maturity securities relating to changes in the value of such securities subsequent to the impairment measurement date.
(5)
Excludes notes with amortized cost of $3,850 million (fair value, $4,081 million) which have been offset with the associated payables under a netting agreement.
 
 
December 31, 2014(6)
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
OTTI
in AOCI(4)
 
(in millions)
Fixed maturities, available-for-sale
 
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government authorities and agencies
$
15,807

 
$
4,321

 
$
5

 
$
20,123

 
$
0

Obligations of U.S. states and their political subdivisions
5,720

 
814

 
3

 
6,531

 
0

Foreign government bonds
69,894

 
11,164

 
117

 
80,941

 
(1
)
U.S. corporate public securities
70,960

 
9,642

 
536

 
80,066

 
(6
)
U.S. corporate private securities(1)
27,767

 
3,082

 
89

 
30,760

 
0

Foreign corporate public securities
27,515

 
3,768

 
214

 
31,069

 
0

Foreign corporate private securities
17,389

 
1,307

 
215

 
18,481

 
0

Asset-backed securities(2)
10,966

 
353

 
134

 
11,185

 
(592
)
Commercial mortgage-backed securities
13,486

 
430

 
39

 
13,877

 
(1
)
Residential mortgage-backed securities(3)
5,612

 
448

 
3

 
6,057

 
(5
)
Total fixed maturities, available-for-sale(1)
$
265,116

 
$
35,329

 
$
1,355

 
$
299,090

 
$
(605
)
Equity securities, available-for-sale
$
6,921

 
$
3,023

 
$
83

 
$
9,861

 
 
 
 
 
December 31, 2014(6)
 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
 
(in millions)
Fixed maturities, held-to-maturity
 
 
 
 
 
 
 
 
Foreign government bonds
 
$
821

 
$
184

 
$
0

 
$
1,005

Foreign corporate public securities
 
635

 
64

 
1

 
698

Foreign corporate private securities(5)
 
78

 
4

 
0

 
82

Commercial mortgage-backed securities
 
78

 
7

 
0

 
85

Residential mortgage-backed securities(3)
 
963

 
69

 
0

 
1,032

Total fixed maturities, held-to-maturity(5)
 
$
2,575

 
$
328

 
$
1

 
$
2,902

 __________
(1)
Excludes notes with amortized cost of $385 million (fair value, $385 million) which have been offset with the associated payables under a netting agreement.
(2)
Includes credit-tranched securities collateralized by sub-prime mortgages, auto loans, credit cards, education loans, and other asset types.
(3)
Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.
(4)
Represents the amount of OTTI losses in AOCI, which were not included in earnings. Amount excludes $954 million of net unrealized gains on impaired available-for-sale securities and $1 million of net unrealized gains on impaired held-to-maturity securities relating to changes in the value of such securities subsequent to the impairment measurement date.
(5)
Excludes notes with amortized cost of $3,588 million (fair value, $3,953 million) which have been offset with the associated payables under a netting agreement.
(6)
Prior period amounts are presented on a basis consistent with the current period presentation.

The amortized cost and fair value of fixed maturities by contractual maturities at December 31, 2015, are as follows:
 
 
 
December 31, 2015
 
 
Available-for-Sale
 
Held-to-Maturity
 
 
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
 
 
(in millions)
Due in one year or less
 
$
8,599

 
$
9,200

 
$
0

 
$
0

Due after one year through five years
 
46,088

 
50,303

 
73

 
78

Due after five years through ten years
 
57,566

 
62,024

 
437

 
485

Due after ten years(1)
 
127,928

 
143,002

 
1,009

 
1,218

Asset-backed securities
 
10,121

 
10,226

 
0

 
0

Commercial mortgage-backed securities
 
10,337

 
10,462

 
33

 
34

Residential mortgage-backed securities
 
4,777

 
5,106

 
756

 
809

Total
 
$
265,416

 
$
290,323

 
$
2,308

 
$
2,624

 __________
(1)
Excludes available-for-sale notes with amortized cost of $1,050 million (fair value, $1,039 million) and held-to-maturity notes with amortized cost of $3,850 million (fair value, $4,081 million), which have been offset with the associated payables under a netting agreement.
 
Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Asset-backed, commercial mortgage-backed, and residential mortgage-backed securities are shown separately in the table above, as they are not due at a single maturity date.
 
The following table depicts the sources of fixed maturity proceeds and related investment gains (losses), as well as losses on impairments of both fixed maturities and equity securities:
 
 
 
2015
 
2014
 
2013
 
 
(in millions)
Fixed maturities, available-for-sale
 
 
Proceeds from sales
 
$
27,679

 
$
28,359

 
$
37,248

Proceeds from maturities/repayments
 
19,559

 
21,040

 
23,573

Gross investment gains from sales, prepayments, and maturities
 
2,115

 
1,664

 
1,571

Gross investment losses from sales and maturities
 
(340
)
 
(414
)
 
(1,465
)
Fixed maturities, held-to-maturity
 
 
 
 
 
 
Gross investment gains from prepayments
 
$
0

 
$
0

 
$
0

Proceeds from maturities/repayments
 
235

 
415

 
583

Equity securities, available-for-sale
 
 
 
 
 
 
Proceeds from sales
 
$
4,589

 
$
4,993

 
$
4,235

Gross investment gains from sales
 
746

 
676

 
554

Gross investment losses from sales
 
(169
)
 
(132
)
 
(94
)
Fixed maturity and equity security impairments
 
 
 
 
 
 
Net writedowns for other-than-temporary impairment losses on fixed maturities recognized in earnings(1)
 
$
(141
)
 
$
(56
)
 
$
(200
)
Writedowns for impairments on equity securities
 
(126
)
 
(32
)
 
(15
)
 __________
(1)
Excludes the portion of OTTI recorded in “Other comprehensive income (loss),” representing any difference between the fair value of the impaired debt security and the net present value of its projected future cash flows at the time of impairment.
As discussed in Note 2, a portion of certain OTTI losses on fixed maturity securities is recognized in “Other comprehensive income (loss)”. For these securities, the net amount recognized in earnings (“credit loss impairments”) represents the difference between the amortized cost of the security and the net present value of its projected future cash flows discounted at the effective interest rate implicit in the debt security prior to impairment. Any remaining difference between the fair value and amortized cost is recognized in “Other comprehensive income (loss)”. The following table sets forth the amount of pre-tax credit loss impairments on fixed maturity securities held by the Company as of the dates indicated, for which a portion of the OTTI loss was recognized in “Other comprehensive income (loss)”, and the corresponding changes in such amounts:
 
 
 
Year Ended December 31,
 
 
2015
 
2014
 
 
(in millions)
Balance, beginning of period
 
$
781

 
$
968

Credit loss impairments previously recognized on securities which matured, paid down, prepaid or were sold during the period
 
(243
)
 
(230
)
Credit loss impairments previously recognized on securities impaired to fair value during the period(1)
 
(20
)
 
(6
)
Credit loss impairments recognized in the current period on securities not previously impaired
 
3

 
16

Additional credit loss impairments recognized in the current period on securities previously impaired
 
3

 
6

Increases due to the passage of time on previously recorded credit losses
 
20

 
42

Accretion of credit loss impairments previously recognized due to an increase in cash flows expected to be collected
 
(12
)
 
(15
)
Balance, end of period
 
$
532

 
$
781

 __________
(1)
Represents circumstances where the Company determined in the current period that it intends to sell the security or it is more likely than not that it will be required to sell the security before recovery of the security’s amortized cost.
Trading Account Assets Supporting Insurance Liabilities
 
The following table sets forth the composition of “Trading account assets supporting insurance liabilities” as of the dates indicated:
 
 
 
December 31, 2015
 
December 31, 2014
 
 
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
 
 
(in millions)
Short-term investments and cash equivalents
 
$
765

 
$
765

 
$
196

 
$
196

Fixed maturities:
 
 
 
 
 
 
 
 
Corporate securities
 
12,797

 
12,851

 
11,922

 
12,439

Commercial mortgage-backed securities
 
1,860

 
1,862

 
2,505

 
2,546

Residential mortgage-backed securities(1)
 
1,411

 
1,428

 
1,640

 
1,676

Asset-backed securities(2)
 
1,295

 
1,299

 
1,180

 
1,198

Foreign government bonds
 
680

 
694

 
621

 
650

U.S. government authorities and agencies and obligations of U.S. states
 
326

 
369

 
303

 
372

Total fixed maturities
 
18,369

 
18,503

 
18,171

 
18,881

Equity securities
 
1,030

 
1,254

 
896

 
1,186

Total trading account assets supporting insurance liabilities
 
$
20,164

 
$
20,522

 
$
19,263

 
$
20,263

 __________
(1)
Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.
(2)
Includes credit-tranched securities collateralized by sub-prime mortgages, auto loans, credit cards, education loans and other asset types.

The net change in unrealized gains (losses) from trading account assets supporting insurance liabilities still held at period end, recorded within “Other income,” was $(642) million, $144 million and $(485) million during the years ended December 31, 2015, 2014 and 2013, respectively.
 
Other Trading Account Assets
 
The following table sets forth the composition of the “Other trading account assets” as of the dates indicated:
 
 
 
December 31, 2015
 
December 31, 2014
 
 
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
 
 
(in millions)
Short-term investments and cash equivalents
 
$
26

 
$
26

 
$
27

 
$
27

Fixed maturities
 
11,132

 
10,764

 
8,306

 
8,282

Equity securities
 
1,006

 
1,098

 
992

 
1,105

Other
 
12

 
15

 
7

 
11

Subtotal
 
$
12,176

 
11,903

 
$
9,332

 
9,425

Derivative instruments
 
 
 
2,555

 
 
 
1,449

Total other trading account assets
 
 
 
$
14,458

 
 
 
$
10,874


 
The net change in unrealized gains (losses) from other trading account assets, excluding derivative instruments, still held at period end, recorded within “Other income,” was $(366) million, $(108) million and $188 million during the years ended December 31, 2015, 2014 and 2013, respectively.
 
Concentrations of Financial Instruments
 
The Company monitors its concentrations of financial instruments and mitigates credit risk by maintaining a diversified investment portfolio which limits exposure to any one issuer.
 
As of both December 31, 2015 and 2014, the Company’s exposure to concentrations of credit risk of single issuers greater than 10% of the Company’s stockholders’ equity included securities of the U.S. government, certain U.S. government agencies and certain securities guaranteed by the U.S. government, as well as the securities disclosed below.
 
 
 
December 31, 2015
 
December 31, 2014
 
 
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
 
 
(in millions)
Investments in Japanese government and government agency securities:
 
 
 
 
 
 
 
 
Fixed maturities, available-for-sale
 
$
53,851

 
$
61,911

 
$
52,703

 
$
60,379

Fixed maturities, held-to-maturity
 
796

 
988

 
801

 
981

Trading account assets supporting insurance liabilities
 
492

 
502

 
457

 
470

Other trading account assets
 
33

 
33

 
36

 
36

Short-term investments
 
0

 
0

 
0

 
0

Cash equivalents
 
0

 
0

 
0

 
0

Total
 
$
55,172

 
$
63,434

 
$
53,997

 
$
61,866

 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
December 31, 2014
 
 
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
 
 
(in millions)
Investments in South Korean government and government agency securities:
 
 
 
 
 
 
 
 
Fixed maturities, available-for-sale
 
$
7,191

 
$
9,233

 
$
6,927

 
$
8,438

Fixed maturities, held-to-maturity
 
0

 
0

 
0

 
0

Trading account assets supporting insurance liabilities
 
44

 
44

 
49

 
50

Other trading account assets
 
0

 
0

 
0

 
0

Short-term investments
 
0

 
0

 
0

 
0

Cash equivalents
 
0

 
0

 
0

 
0

Total
 
$
7,235

 
$
9,277

 
$
6,976

 
$
8,488


 
Commercial Mortgage and Other Loans
 
The Company’s commercial mortgage and other loans are comprised as follows, as of the dates indicated:
 
 
 
December 31, 2015
 
December 31, 2014
 
 
Amount
(in millions)
 
% of
Total
 
Amount
(in millions)
 
% of
Total
Commercial mortgage and agricultural property loans by property type:
 
 
 
 
 
 
 
 
Office
 
$
11,226

 
22.9
%
 
$
9,612

 
21.5
%
Retail
 
8,917

 
18.2

 
8,765

 
19.6

Apartments/Multi-Family
 
12,034

 
24.5

 
10,369

 
23.2

Industrial
 
7,775

 
15.9

 
7,628

 
16.9

Hospitality
 
2,513

 
5.1

 
2,270

 
5.1

Other
 
3,722

 
7.6

 
3,659

 
8.2

Total commercial mortgage loans
 
46,187

 
94.2

 
42,303

 
94.5

Agricultural property loans
 
2,859

 
5.8

 
2,445

 
5.5

Total commercial mortgage and agricultural property loans by property type
 
49,046

 
100.0
%
 
44,748

 
100.0
%
Valuation allowance
 
(99
)
 
 
 
(105
)
 
 
Total net commercial mortgage and agricultural property loans by property type
 
48,947

 
 
 
44,643

 
 
Other loans:
 
 
 
 
 
 
 
 
Uncollateralized loans
 
1,012

 
 
 
1,092

 
 
Residential property loans
 
301

 
 
 
392

 
 
Other collateralized loans
 
312

 
 
 
319

 
 
Total other loans
 
1,625

 
 
 
1,803

 
 
Valuation allowance
 
(13
)
 
 
 
(14
)
 
 
Total net other loans
 
1,612

 
 
 
1,789

 
 
Total commercial mortgage and other loans(1)
 
$
50,559

 
 
 
$
46,432

 
 
 __________
(1)
Includes loans held at fair value.
 
The commercial mortgage and agricultural property loans are geographically dispersed throughout the United States (with the largest concentrations in California (26%), New York (9%) and Texas (9%)), and include loans secured by properties in Europe (4%) and Asia (1%) at December 31, 2015.
Activity in the allowance for credit losses for all commercial mortgage and other loans, as of the dates indicated, is as follows:
 
 
 
December 31, 2015
 
 
Commercial
Mortgage
Loans
 
Agricultural
Property
Loans
 
Residential
Property
Loans
 
Other
Collateralized
Loans
 
Uncollateralized
Loans
 
Total
 
 
(in millions)
Allowance for credit losses, beginning of year
 
$
104

 
$
1

 
$
5

 
$
0

 
$
9

 
$
119

Addition to (release of) allowance of losses
 
(7
)
 
1

 
(2
)
 
0

 
1

 
(7
)
Charge-offs, net of recoveries
 
0

 
0

 
0

 
0

 
0

 
0

Change in foreign exchange
 
0

 
0

 
0

 
0

 
0

 
0

Total ending balance
 
$
97

 
$
2

 
$
3

 
$
0

 
$
10

 
$
112

 
 
 
December 31, 2014
 
 
Commercial
Mortgage
Loans
 
Agricultural
Property
Loans
 
Residential
Property
Loans
 
Other
Collateralized
Loans
 
Uncollateralized
Loans
 
Total
 
 
(in millions)
Allowance for credit losses, beginning of year
 
$
188

 
$
7

 
$
6

 
$
3

 
$
12

 
$
216

Addition to (release of) allowance of losses
 
(77
)
 
(6
)
 
(1
)
 
(1
)
 
(2
)
 
(87
)
Charge-offs, net of recoveries
 
(7
)
 
0

 
0

 
(2
)
 
0

 
(9
)
Change in foreign exchange
 
0

 
0

 
0

 
0

 
(1
)
 
(1
)
Total ending balance
 
$
104

 
$
1

 
$
5

 
$
0

 
$
9

 
$
119


 
The following tables set forth the allowance for credit losses and the recorded investment in commercial mortgage and other loans as of the dates indicated:
 
 
 
December 31, 2015
 
 
Commercial
Mortgage
Loans
 
Agricultural
Property
Loans
 
Residential
Property
Loans
 
Other
Collateralized
Loans
 
Uncollateralized
Loans
 
Total
 
 
(in millions)
Allowance for Credit Losses:
 
 
Individually evaluated for impairment
 
$
1

 
$
0

 
$
0

 
$
0

 
$
0

 
$
1

Collectively evaluated for impairment
 
96

 
2

 
3

 
0

 
10

 
111

Loans acquired with deteriorated credit quality
 
0

 
0

 
0

 
0

 
0

 
0

Total ending balance
 
$
97

 
$
2

 
$
3

 
$
0

 
$
10

 
$
112

Recorded Investment(1):
 
 
 
 
 
 
 
 
 
 
 
 
Gross of reserves: individually evaluated for impairment
 
$
111

 
$
8

 
$
0

 
$
0

 
$
2

 
$
121

Gross of reserves: collectively evaluated for impairment
 
46,076

 
2,851

 
301

 
312

 
1,010

 
50,550

Gross of reserves: loans acquired with deteriorated credit quality
 
0

 
0

 
0

 
0

 
0

 
0

Total ending balance, gross of reserves
 
$
46,187

 
$
2,859

 
$
301

 
$
312

 
$
1,012

 
$
50,671

 __________
(1)
Recorded investment reflects the balance sheet carrying value gross of related allowance.

 
 
December 31, 2014(1)
 
 
Commercial
Mortgage
Loans
 
Agricultural
Property
Loans
 
Residential
Property
Loans
 
Other
Collateralized
Loans
 
Uncollateralized
Loans
 
Total
 
 
(in millions)
Allowance for Credit Losses:
 
 
Individually evaluated for impairment
 
$
8

 
$
0

 
$
0

 
$
0

 
$
0

 
$
8

Collectively evaluated for impairment
 
96

 
1

 
5

 
0

 
9

 
111

Loans acquired with deteriorated credit quality
 
0

 
0

 
0

 
0

 
0

 
0

Total ending balance
 
$
104

 
$
1

 
$
5

 
$
0

 
$
9

 
$
119

Recorded Investment(2):
 
 
 
 
 
 
 
 
 
 
 
 
Gross of reserves: individually evaluated for impairment
 
$
247

 
$
4

 
$
0

 
$
1

 
$
2

 
$
254

Gross of reserves: collectively evaluated for impairment
 
42,056

 
2,441

 
392

 
318

 
1,090

 
46,297

Gross of reserves: loans acquired with deteriorated credit quality
 
0

 
0

 
0

 
0

 
0

 
0

Total ending balance, gross of reserves
 
$
42,303

 
$
2,445

 
$
392

 
$
319

 
$
1,092

 
$
46,551

 __________
(1)
Prior period amounts are presented on a basis consistent with current period presentation.
(2)
Recorded investment reflects the balance sheet carrying value gross of related allowance.
Impaired loans include those loans for which it is probable that all amounts due will not be collected according to the contractual terms of the loan agreement. Impaired commercial mortgage and other loans identified in management’s specific review of probable loan losses and the related allowance for losses, as of the dates indicated, are as follows:
 
 
 
December 31, 2015
 
 
Recorded
Investment(1)
 
Unpaid
Principal
Balance
 
Related
Allowance
 
Average
Recorded
Investment
Before
Allowance(2)
 
Interest
Income
Recognized(3)
 
 
(in millions)
With no related allowance recorded:
 
 
 
 
 
 
 
 
 
 
Commercial mortgage loans
 
$
0

 
$
0

 
$
0

 
$
0

 
$
0

Agricultural property loans
 
0

 
0

 
0

 
2

 
0

Residential property loans
 
0

 
0

 
0

 
0

 
0

Other collateralized loans
 
0

 
0

 
0

 
0

 
0

Uncollateralized loans
 
0

 
1

 
0

 
0

 
0

Total with no related allowance
 
$
0

 
$
1

 
$
0

 
$
2

 
$
0

 
 
 
 
 
 
 
 
 
 
 
With an allowance recorded:
 
 
 
 
 
 
 
 
 
 
Commercial mortgage loans
 
$
1

 
$
1

 
$
1

 
$
52

 
$
3

Agricultural property loans
 
0

 
0

 
0

 
0

 
0

Residential property loans
 
0

 
0

 
0

 
0

 
0

Other collateralized loans
 
0

 
0

 
0

 
0

 
0

Uncollateralized loans
 
0

 
0

 
0

 
0

 
0

Total with related allowance
 
$
1

 
$
1

 
$
1

 
$
52

 
$
3

 
 
 
 
 
 
 
 
 
 
 
Total:
 
 
 
 
 
 
 
 
 
 
Commercial mortgage loans
 
$
1

 
$
1

 
$
1

 
$
52

 
$
3

Agricultural property loans
 
0

 
0

 
0

 
2

 
0

Residential property loans
 
0

 
0

 
0

 
0

 
0

Other collateralized loans
 
0

 
0

 
0

 
0

 
0

Uncollateralized loans
 
0

 
1

 
0

 
0

 
0

Total
 
$
1

 
$
2

 
$
1

 
$
54

 
$
3

 __________
(1)
Recorded investment reflects the balance sheet carrying value gross of related allowance.
(2)
Average recorded investment represents the average of the beginning-of-period and all subsequent quarterly end-of-period balances.
(3)
The interest income recognized is for the year-to-date income regardless of when the impairment occurred.

 
 
December 31, 2014
 
 
Recorded
Investment(1)
 
Unpaid
Principal
Balance
 
Related
Allowance
 
Average
Recorded
Investment
Before
Allowance(2)
 
Interest
Income
Recognized(3)
 
 
(in millions)
With no related allowance recorded:
 
 
 
 
 
 
 
 
 
 
Commercial mortgage loans
 
$
8

 
$
8

 
$
0

 
$
16

 
$
1

Agricultural property loans
 
4

 
4

 
0

 
4

 
0

Residential property loans
 
0

 
0

 
0

 
0

 
0

Other collateralized loans
 
0

 
0

 
0

 
0

 
0

Uncollateralized loans
 
0

 
1

 
0

 
0

 
0

Total with no related allowance
 
$
12

 
$
13

 
$
0

 
$
20

 
$
1

 
 
 
 
 
 
 
 
 
 
 
With an allowance recorded:
 
 
 
 
 
 
 
 
 
 
Commercial mortgage loans
 
$
76

 
$
76

 
$
8

 
$
82

 
$
6

Agricultural property loans
 
0

 
0

 
0

 
0

 
0

Residential property loans
 
0

 
0

 
0

 
0

 
0

Other collateralized loans
 
0

 
0

 
0

 
3

 
1

Uncollateralized loans
 
0

 
0

 
0

 
0

 
0

Total with related allowance
 
$
76

 
$
76

 
$
8

 
$
85

 
$
7

 
 
 
 
 
 
 
 
 
 
 
Total:
 
 
 
 
 
 
 
 
 
 
Commercial mortgage loans
 
$
84

 
$
84

 
$
8

 
$
98

 
$
7

Agricultural property loans
 
4

 
4

 
0

 
4

 
0

Residential property loans
 
0

 
0

 
0

 
0

 
0

Other collateralized loans
 
0

 
0

 
0

 
3

 
1

Uncollateralized loans
 
0

 
1

 
0

 
0

 
0

Total
 
$
88

 
$
89

 
$
8

 
$
105

 
$
8

 __________
(1)
Recorded investment reflects the balance sheet carrying value gross of related allowance.
(2)
Average recorded investment represents the average of the beginning-of-period and all subsequent quarterly end-of-period balances.
(3)
The interest income recognized is for the year-to-date income regardless of when the impairments occurred.

The net carrying value of commercial and other loans held for sale by the Company as of December 31, 2015 and 2014, was $274 million and $380 million, respectively. For all of these loans, the Company pre-arranges that it will sell the loan to an investor. As of both December 31, 2015 and 2014, all of the Company’s commercial and other loans held for sale were collateralized, with collateral primarily consisting of apartment complexes.
 
The following tables set forth certain key credit quality indicators as of December 31, 2015, based upon the recorded investment gross of allowance for credit losses.
 
Commercial mortgage loans
 
 
 
 
Debt Service Coverage Ratio—December 31, 2015
 
 
Greater  than
1.2X
 
1.0X to <1.2X
 
Less than
1.0X
 
Total
 
 
(in millions)
Loan-to-Value Ratio
 
 
0%-59.99%
 
$
25,978

 
$
515

 
$
207

 
$
26,700

60%-69.99%
 
12,191

 
395

 
234

 
12,820

70%-79.99%
 
5,668

 
500

 
97

 
6,265

Greater than 80%
 
119

 
151

 
132

 
402

Total commercial mortgage loans
 
$
43,956

 
$
1,561

 
$
670

 
$
46,187


Agricultural property loans
 
 
 
 
 
 
 
 
 
 
Debt Service Coverage Ratio—December 31, 2015
 
 
Greater than
1.2X
 
1.0X to <1.2X
 
Less than
1.0X
 
Total
 
 
(in millions)
Loan-to-Value Ratio
 
 
0%-59.99%
 
$
2,587

 
$
84

 
$
3

 
$
2,674

60%-69.99%
 
185

 
0

 
0

 
185

70%-79.99%
 
0

 
0

 
0

 
0

Greater than 80%
 
0

 
0

 
0

 
0

Total agricultural property loans
 
$
2,772

 
$
84

 
$
3

 
$
2,859

 
Total commercial mortgage and agricultural property loans
 
 
 
 
 
 
 
 
 
 
Debt Service Coverage Ratio—December 31, 2015
 
 
Greater than
1.2X
 
1.0X to <1.2X
 
Less than
1.0X
 
Total
 
 
(in millions)
Loan-to-Value Ratio
 
 
0%-59.99%
 
$
28,565

 
$
599

 
$
210

 
$
29,374

60%-69.99%
 
12,376

 
395

 
234

 
13,005

70%-79.99%
 
5,668

 
500

 
97

 
6,265

Greater than 80%
 
119

 
151

 
132

 
402

Total commercial mortgage and agricultural property loans
 
$
46,728

 
$
1,645

 
$
673

 
$
49,046


 
The following tables set forth certain key credit quality indicators as of December 31, 2014, based upon the recorded investment gross of allowance for credit losses.
 
Commercial mortgage loans
 
 
 
 
 
 
 
 
 
 
Debt Service Coverage Ratio—December 31, 2014
 
 
Greater than
1.2X
 
1.0X to <1.2X
 
Less than
1.0X
 
Total
 
 
(in millions)
Loan-to-Value Ratio
 
 
0%-59.99%
 
$
22,557

 
$
637

 
$
207

 
$
23,401

60%-69.99%
 
12,563

 
500

 
237

 
13,300

70%-79.99%
 
4,354

 
664

 
21

 
5,039

Greater than 80%
 
234

 
127

 
202

 
563

Total commercial mortgage loans
 
$
39,708

 
$
1,928

 
$
667

 
$
42,303

 
Agricultural property loans
 
 
 
 
 
 
 
 
 
 
Debt Service Coverage Ratio—December 31, 2014
 
 
Greater than
1.2X
 
1.0X to <1.2X
 
Less than
1.0X
 
Total
 
 
(in millions)
Loan-to-Value Ratio
 
 
0%-59.99%
 
$
2,152

 
$
140

 
$
2

 
$
2,294

60%-69.99%
 
151

 
0

 
0

 
151

70%-79.99%
 
0

 
0

 
0

 
0

Greater than 80%
 
0

 
0

 
0

 
0

Total agricultural property loans
 
$
2,303

 
$
140

 
$
2

 
$
2,445


Total commercial mortgage and agricultural property loans
 
 
 
 
 
 
 
 
 
 
Debt Service Coverage Ratio—December 31, 2014
 
 
Greater than
1.2X
 
1.0X to <1.2X
 
Less than
1.0X
 
Total
 
 
(in millions)
Loan-to-Value Ratio
 
 
0%-59.99%
 
$
24,709

 
$
777

 
$
209

 
$
25,695

60%-69.99%
 
12,714

 
500

 
237

 
13,451

70%-79.99%
 
4,354

 
664

 
21

 
5,039

Greater than 80%
 
234

 
127

 
202

 
563

Total commercial mortgage and agricultural property loans
 
$
42,011

 
$
2,068

 
$
669

 
$
44,748


 
The following tables provide an aging of past due commercial mortgage and other loans as of the dates indicated, based upon the recorded investment gross of allowance for credit losses, as well as the amount of commercial mortgage loans on nonaccrual status as of the dates indicated.
 
 
 
December 31, 2015
 
 
Current
 
30-59 Days
Past Due
 
60-89 Days
Past Due
 
Greater
Than 90
Days -
Accruing
 
Greater
Than 90
Days - Not
Accruing
 
Total Past
Due
 
Total
Commercial
Mortgage
and Other
Loans
 
Non-
Accrual
Status
 
 
(in millions)
Commercial mortgage loans
 
$
46,187

 
$
0

 
$
0

 
$
0

 
$
0

 
$
0

 
$
46,187

 
$
53

Agricultural property loans
 
2,856

 
2

 
0

 
0

 
1

 
3

 
2,859

 
1

Residential property loans
 
288

 
7

 
0

 
0

 
6

 
13

 
301

 
6

Other collateralized loans
 
312

 
0

 
0

 
0

 
0

 
0

 
312

 
0

Uncollateralized loans
 
1,012

 
0

 
0

 
0

 
0

 
0

 
1,012

 
0

Total
 
$
50,655

 
$
9

 
$
0

 
$
0

 
$
7

 
$
16

 
$
50,671

 
$
60

 
 
 
December 31, 2014
 
 
Current
 
30-59 Days
Past Due
 
60-89 Days
Past Due
 
Greater
Than 90
Days -
Accruing
 
Greater
Than 90
Days - Not
Accruing
 
Total Past
Due
 
Total
Commercial
Mortgage
and Other
Loans
 
Non-
Accrual
Status
 
 
(in millions)
Commercial mortgage loans
 
$
42,239

 
$
62

 
$
0

 
$
0

 
$
2

 
$
64

 
$
42,303

 
$
101

Agricultural property loans
 
2,443

 
0

 
1

 
0

 
1

 
2

 
2,445

 
1

Residential property loans
 
375

 
7

 
2

 
0

 
8

 
17

 
392

 
8

Other collateralized loans
 
319

 
0

 
0

 
0

 
0

 
0

 
319

 
0

Uncollateralized loans
 
1,092

 
0

 
0

 
0

 
0

 
0

 
1,092

 
0

Total
 
$
46,468

 
$
69

 
$
3

 
$
0

 
$
11

 
$
83

 
$
46,551

 
$
110

See Note 2 for further discussion regarding nonaccrual status loans.
 
For the years ended December 31, 2015 and 2014, there were $214 million and $0 million, respectively, of commercial mortgage and other loans acquired, other than those through direct origination. For the years ended December 31, 2015 and 2014, there were $18 million and $25 million of commercial mortgage and other loans sold, other than those classified as held-for-sale.
 
The Company’s commercial mortgage and other loans may occasionally be involved in a troubled debt restructuring. As of both December 31, 2015 and 2014, the Company had no significant commitments to borrowers that have been involved in a troubled debt restructuring. As of both December 31, 2015 and 2014, there were no new troubled debt restructurings related to commercial mortgage and other loans, and no payment defaults on commercial mortgage and other loans that were modified as a troubled debt restructuring within the 12 months preceding. See Note 2 for additional information relating to the accounting for troubled debt restructurings.
 
For the years ended December 31, 2015 and 2014, there were $22 million and $0 million, respectively, of private debt commitments to borrowers that have been involved in a troubled debt restructuring.
 
As of both December 31, 2015 and 2014, the Company did not have any foreclosed residential real estate property.
 
Other Long-Term Investments
 
The following table sets forth the composition of “Other long-term investments” at December 31 for the years indicated.
 
 
 
2015
 
2014
 
 
(in millions)
Joint ventures and limited partnerships:
 
 
 
 
Non-real estate-related
 
$
6,447

 
$
6,527

Real estate-related
 
1,085

 
1,018

Total joint ventures and limited partnerships
 
7,532

 
7,545

Real estate held through direct ownership
 
1,464

 
2,235

Other
 
990

 
1,141

Total other long-term investments
 
$
9,986

 
$
10,921


 
In certain investment structures, the Company’s asset management business invests with other co-investors in an investment fund referred to as a feeder fund. In these structures, the invested capital of several feeder funds is pooled together and used to purchase ownership interests in another fund, referred to as a master fund. The master fund utilizes this invested capital and, in certain cases, other debt financing, to purchase various classes of assets on behalf of its investors. Specialized industry accounting for investment companies calls for the feeder fund to reflect its investment in the master fund as a single net asset equal to its proportionate share of the net assets of the master fund, regardless of its level of interest in the master fund. In cases where the Company consolidates the feeder fund, it retains the feeder fund’s net asset presentation and reports the consolidated feeder fund’s proportionate share of the net assets of the master fund in “Other long-term investments,” with any unaffiliated investors’ noncontrolling interest in the feeder fund reported in “Other liabilities” or “Noncontrolling interests.” The consolidated feeder funds’ investments in these master funds, reflected on this net asset basis, totaled $81 million and $82 million as of December 31, 2015 and 2014, respectively. There was no unaffiliated interest in the consolidated feeder funds as of both December 31, 2015 and 2014, respectively, and the master funds had gross assets of $17,508 million and $12,666 million, respectively, and gross liabilities of $16,920 million and $11,979 million, respectively, which are not included on the Company’s balance sheet.
 
Equity Method Investments
 
The following tables set forth summarized combined financial information for significant joint ventures and limited partnership interests accounted for under the equity method, including the Company’s investments in operating joint ventures that are described in more detail in Note 7. Changes between periods in the tables below reflect changes in the activities within the joint ventures and limited partnerships, as well as changes in the Company’s level of investment in such entities.
 
 
 
At December 31,
 
 
2015
 
2014
 
 
(in millions)
STATEMENT OF FINANCIAL POSITION
 
 
 
 
Total assets(1)
 
$
53,799

 
$
50,602

Total liabilities(2)
 
$
13,610

 
$
13,152

Partners’ capital
 
40,189

 
37,450

Total liabilities and partners’ capital
 
$
53,799

 
$
50,602

Total liabilities and partners’ capital included above
 
$
4,398

 
$
4,599

Equity in limited partnership interests not included above
 
142

 
42

Carrying value
 
$
4,540

 
$
4,641

 __________
(1)
Assets consist primarily of investments in real estate, investments in securities and other miscellaneous assets.
(2)
Liabilities consist primarily of third-party-borrowed funds, securities repurchase agreements and other miscellaneous liabilities.
 
 
Years ended December 31,
 
 
2015
 
2014
 
2013
 
 
(in millions)
STATEMENTS OF OPERATIONS
 
 
 
 
 
 
Total revenue(1)
 
$
4,356

 
$
5,632

 
$
4,013

Total expenses(2)
 
(1,803
)
 
(1,654
)
 
(943
)
Net earnings (losses)
 
$
2,553

 
$
3,978

 
$
3,070

Equity in net earnings (losses) included above
 
$
216

 
$
522

 
$
255

Equity in net earnings (losses) of limited partnership interests not included above
 
32

 
72

 
77

Total equity in net earnings (losses)
 
$
248

 
$
594

 
$
332

 __________
(1)
Revenue consists of income from investments in real estate, investments in securities and other income.
(2)
Expenses consist primarily of interest expense, management fees, salary expenses and other expenses.

Net Investment Income
 
Net investment income for the years ended December 31, was from the following sources:
 
 
 
2015
 
2014
 
2013
 
 
(in millions)
Fixed maturities, available-for-sale(1)
 
$
10,347

 
$
10,558

 
$
10,541

Fixed maturities, held-to-maturity(1)
 
202

 
185

 
125

Equity securities, available-for-sale
 
337

 
354

 
337

Trading account assets
 
1,205

 
1,074

 
963

Commercial mortgage and other loans
 
2,255

 
2,103

 
1,985

Policy loans
 
619

 
632

 
611

Short-term investments and cash equivalents
 
56

 
38

 
40

Other long-term investments
 
717

 
1,050

 
710

Gross investment income
 
15,738

 
15,994

 
15,312

Less: investment expenses
 
(909
)
 
(738
)
 
(583
)
Net investment income
 
$
14,829

 
$
15,256

 
$
14,729


  __________
(1)
Includes income on credit-linked notes which are reported on the same financial line item as related surplus notes, as conditions are met for right to offset.

Carrying value for non-income producing assets included $343 million in fixed maturities, $11 million in trading account assets supporting insurance liabilities, $1 million in other trading, $5 million in other long-term investments and $10 million in commercial mortgage and other loans as of December 31, 2015. Non-income producing assets represent investments that have not produced income for the twelve months preceding December 31, 2015.
 
As of both December 31, 2015 and 2014, the Company had no significant low-income housing tax credits investments.

Realized Investment Gains (Losses), Net 
 
Realized investment gains (losses), net, for the years ended December 31, were from the following sources:
 
 
 
2015
 
2014
 
2013
 
 
(in millions)
Fixed maturities
 
$
1,634

 
$
1,194

 
$
(93
)
Equity securities
 
451

 
512

 
444

Commercial mortgage and other loans
 
37

 
110

 
79

Investment real estate
 
40

 
(5
)
 
2

Joint ventures and limited partnerships
 
(122
)
 
(15
)
 
34

Derivatives(1)
 
1,970

 
(182
)
 
(5,688
)
Other
 
15

 
22

 
16

Realized investment gains (losses), net
 
$
4,025

 
$
1,636

 
$
(5,206
)
 __________
(1)
Includes the offset of hedged items in qualifying effective hedge relationships prior to maturity or termination.
Net Unrealized Gains (Losses) on Investments by Asset Class
 
The table below presents net unrealized gains (losses) on investments by asset class as of the dates indicated:
 
 
 
2015
 
2014
 
2013
 
 
(in millions)
Fixed maturity securities on which an OTTI loss has been recognized
 
$
234

 
$
349

 
$
110

Fixed maturity securities, available-for-sale—all other
 
24,673

 
33,625

 
18,029

Equity securities, available-for-sale
 
2,427

 
2,940

 
2,907

Derivatives designated as cash flow hedges(1)
 
1,165

 
206

 
(446
)
Other investments(2)
 
(25
)
 
(7
)
 
4

Net unrealized gains (losses) on investments
 
$
28,474

 
$
37,113

 
$
20,604

 __________
(1)
See Note 21 for more information on cash flow hedges.
(2)
As of December 31, 2015, there were $0 million of net unrealized losses on held-to-maturity securities that were previously transferred from available-for-sale. Includes net unrealized losses on certain joint ventures that are strategic in nature and are included in “Other assets,” and losses on notes associated with payables under a netting agreement.
Duration of Gross Unrealized Loss Positions for Fixed Maturities and Equity Securities
 
The following table shows the fair value and gross unrealized losses aggregated by investment category and length of time that individual fixed maturity securities and equity securities have been in a continuous unrealized loss position, at December 31 for the years indicated:
 
 
 
2015
 
 
Less than twelve months
 
Twelve months or more
 
Total
 
 
Fair Value
 
Gross
Unrealized
Losses
 
Fair Value
 
Gross
Unrealized
Losses
 
Fair Value
 
Gross
Unrealized
Losses
 
 
(in millions)
Fixed maturities(1)
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government authorities and agencies
 
$
3,068

 
$
19

 
$
0

 
$
0

 
$
3,068

 
$
19

Obligations of U.S. states and their political subdivisions
 
1,391

 
40

 
7

 
1

 
1,398

 
41

Foreign government bonds
 
1,925

 
82

 
411

 
65

 
2,336

 
147

U.S. corporate public securities
 
24,642

 
1,396

 
3,455

 
559

 
28,097

 
1,955

U.S. corporate private securities
 
6,996

 
266

 
802

 
93

 
7,798

 
359

Foreign corporate public securities
 
5,985

 
288

 
1,584

 
333

 
7,569

 
621

Foreign corporate private securities
 
6,199

 
340

 
3,917

 
654

 
10,116

 
994

Commercial mortgage-backed securities
 
3,888

 
63

 
473

 
7

 
4,361

 
70

Asset-backed securities
 
4,342

 
33

 
3,138

 
88

 
7,480

 
121

Residential mortgage-backed securities
 
558

 
4

 
119

 
2

 
677

 
6

Total
 
$
58,994

 
$
2,531

 
$
13,906

 
$
1,802

 
$
72,900

 
$
4,333

Equity securities, available-for-sale
 
$
1,862

 
$
142

 
$
11

 
$
1

 
$
1,873

 
$
143

__________ 
(1)
Includes $0 million of fair value and $0 million of gross unrealized losses at December 31, 2015, on securities classified as held-to-maturity, a portion of which is not reflected in AOCI.
 
 
2014(2)
 
 
Less than twelve months
 
Twelve months or more
 
Total
 
 
Fair Value
 
Gross
Unrealized
Losses
 
Fair Value
 
Gross
Unrealized
Losses
 
Fair Value
 
Gross
Unrealized
Losses
 
 
(in millions)
Fixed maturities(1)
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government authorities and agencies
 
$
2,145

 
$
5

 
$
10

 
$
0

 
$
2,155

 
$
5

Obligations of U.S. states and their political subdivisions
 
105

 
1

 
89

 
2

 
194

 
3

Foreign government bonds
 
839

 
26

 
1,052

 
91

 
1,891

 
117

U.S. corporate public securities
 
4,213

 
95

 
9,548

 
441

 
13,761

 
536

U.S. corporate private securities
 
1,866

 
55

 
838

 
34

 
2,704

 
89

Foreign corporate public securities
 
1,902

 
72

 
2,400

 
143

 
4,302

 
215

Foreign corporate private securities
 
3,345

 
179

 
560

 
36

 
3,905

 
215

Commercial mortgage-backed securities
 
1,299

 
6

 
1,746

 
33

 
3,045

 
39

Asset-backed securities
 
3,417

 
16

 
3,229

 
118

 
6,646

 
134

Residential mortgage-backed securities
 
35

 
0

 
194

 
3

 
229

 
3

Total
 
$
19,166

 
$
455

 
$
19,666

 
$
901

 
$
38,832

 
$
1,356

Equity securities, available-for-sale
 
$
1,670

 
$
82

 
$
9

 
$
1

 
$
1,679

 
$
83

 __________
(1)
Includes $91 million of fair value and $1 million of gross unrealized losses at December 31, 2014, on securities classified as held-to-maturity, a portion of which is not reflected in AOCI.
(2)
Prior period amounts are presented on a basis consistent with the current period presentation.

The gross unrealized losses on fixed maturity securities at December 31, 2015 and 2014, were composed of $3,750 million and $1,156 million, related to high or highest quality securities based on the National Association of Insurance Commissioners (“NAIC”) or equivalent rating and $583 million and $200 million, related to other than high or highest quality securities based on NAIC or equivalent rating, respectively. At December 31, 2015, the $1,802 million of gross unrealized losses of twelve months or more were concentrated in the energy, consumer non-cyclical, and basic industry sectors of the Company’s corporate securities. At December 31, 2014, the $901 million of gross unrealized losses of twelve months or more were concentrated in the energy, consumer non-cyclical and utility sectors of the Company’s corporate securities. In accordance with its policy described in Note 2, the Company concluded that an adjustment to earnings for OTTI for these securities was not warranted at either December 31, 2015 or 2014. These conclusions are based on a detailed analysis of the underlying credit and cash flows on each security. The gross unrealized losses are primarily attributable to general credit spread widening and foreign currency exchange rate movements. At December 31, 2015, the Company does not intend to sell the securities and it is not more likely than not that the Company will be required to sell these securities before the anticipated recovery of its remaining amortized cost basis.
 
At December 31, 2015, $19 million of the gross unrealized losses on equity securities represented declines in value of greater than 20%, $18 million of which had been in that position for less than six months. At December 31, 2014, $13 million of the gross unrealized losses on equity securities represented declines in value of greater than 20%, all of which had been in that position for less than six months. In accordance with its policy described in Note 2, the Company concluded that an adjustment for OTTI for these equity securities was not warranted at either December 31, 2015 or 2014.

In the normal course of business, the Company sells securities under agreements to repurchase and enters into securities lending transactions. The following table sets forth the composition of repurchase agreements as of the date indicated.

 
December 31, 2015
 
Remaining Contractual Maturity of the Agreements
 
 Overnight & Continuous
 
Up to 30 Days
 
30 to 90 Days
 
Greater than 90 Days
 
Total
 
(in millions)
U.S. Treasury securities and obligations of U.S. government authorities and agencies
$
1,991

 
$
4,513

 
$
253

 
$
0

 
$
6,757

Obligations of U.S. states and their political subdivisions
0

 
0

 
0

 
0

 
0

Foreign government bonds
0

 
0

 
0

 
0

 
0

U.S. corporate public securities
11

 
0

 
0

 
0

 
11

U.S. corporate private securities
0

 
0

 
0

 
0

 
0

Foreign corporate public securities
0

 
0

 
0

 
0

 
0

Foreign corporate private securities
0

 
0

 
0

 
0

 
0

Asset-backed securities
0

 
0

 
0

 
0

 
0

Commercial mortgage-backed securities
0

 
0

 
0

 
0

 
0

Residential mortgage-backed securities
169

 
945

 
0

 
0

 
1,114

Equity securities
0

 
0

 
0

 
0

 
0

Total repurchase agreements
$
2,171

 
$
5,458

 
$
253

 
$
0

 
$
7,882

 
The following table sets forth the composition of securities lending transactions as of the date indicated.
 
 
December 31, 2015
 
Remaining Contractual Maturity of the Agreements
 
 Overnight & Continuous
 
Up to 30 Days
 
30 to 90 Days
 
Greater than 90 Days
 
Total
 
(in millions)
U.S. Treasury securities and obligations of U.S. government authorities and agencies
$
94

 
$
0

 
$
0

 
$
0

 
$
94

Obligations of U.S. states and their political subdivisions
4

 
0

 
0

 
0

 
4

Foreign government bonds
0

 
0

 
0

 
0

 
0

U.S. corporate public securities
1,401

 
86

 
0

 
0

 
1,487

U.S. corporate private securities
0

 
0

 
0

 
0

 
0

Foreign corporate public securities
579

 
50

 
0

 
0

 
629

Foreign corporate private securities
0

 
0

 
0

 
0

 
0

Asset-backed securities
241

 
0

 
0

 
0

 
241

Commercial mortgage-backed securities
8

 
0

 
0

 
0

 
8

Residential mortgage-backed securities
0

 
97

 
0

 
0

 
97

Equity securities
936

 
0

 
0

 
0

 
936

Total securities lending transactions
$
3,263

 
$
233

 
$
0

 
$
0

 
$
3,496


 
Securities Pledged, Restricted Assets and Special Deposits
 
The Company pledges as collateral investment securities it owns to unaffiliated parties through certain transactions, including securities lending, securities sold under agreements to repurchase, collateralized borrowings and postings of collateral with derivative counterparties. At December 31, the carrying value of investments pledged to third parties as reported in the Consolidated Statements of Financial Position included the following:
 
 
 
2015
 
2014
 
 
(in millions)
Fixed maturities
 
$
11,732

 
$
15,338

Trading account assets supporting insurance liabilities
 
327

 
391

Other trading account assets
 
8

 
231

Separate account assets
 
2,128

 
2,861

Equity securities
 
903

 
512

Total securities pledged
 
$
15,098

 
$
19,333


 
As of December 31, 2015, the carrying amount of the associated liabilities supported by the pledged collateral was $14,557 million. Of this amount, $7,882 million was “Securities sold under agreements to repurchase,” $2,178 million was “Separate account liabilities,” $3,496 million was “Cash collateral for loaned securities,” $1,001 million was supporting outstanding funding agreements included in “Policyholders’ account balances.” As of December 31, 2014, the carrying amount of the associated liabilities supported by the pledged collateral was $18,810 million(1). Of this amount, $9,407 million was “Securities sold under agreements to repurchase,” $2,935 million was “Separate account liabilities,” $4,241 million was “Cash collateral for loaned securities,” $1,947 million(2) was supporting outstanding funding agreements included in “Policyholders’ account balances,” and $280 million was “Short-term debt(3).”
Assets of $162 million and $168 million at December 31, 2015 and 2014, respectively, were on deposit with governmental authorities or trustees, including certain restricted cash balances and securities. Additionally, assets carried at $603 million and $606 million at December 31, 2015 and 2014, were held in voluntary trusts established primarily to fund guaranteed dividends to certain policyholders and to fund certain employee benefits. Securities restricted as to sale amounted to $109 million and $164 million at December 31, 2015 and 2014, respectively. These amounts include member and activity-based stock associated with memberships in the Federal Home Loan Banks of New York and Boston. Restricted cash and securities of $136 million and $143 million at December 31, 2015 and 2014, respectively, were included in “Other assets.”
 
In the normal course of its business activities, the Company accepts collateral that can be sold or repledged. The primary sources of this collateral are securities in customer accounts, securities purchased under agreements to resell, and postings of collateral from OTC derivative counterparties. The fair value of this collateral was approximately $7,794 million at December 31, 2015 (the largest components of which include $2,195 million of securities and $5,599 million of cash from OTC derivative counterparties) and $6,518 million at December 31, 2014 (the largest components of which include $1,333 million of securities and $5,185 million of cash from OTC derivative counterparties). A portion of the aforementioned securities, for both periods, had either been sold or repledged.
__________
(1) Amount noted above has been revised to correct previously reported amount of $16,863 million.
(2) Amount noted above has been revised to correct previously reported amount of $0 million.
(3) Previously reported as “Long-term debt.”