Investments (Tables)

6 Months Ended

Jun. 30, 2020

Net Investment Income

Sources of net investment income were as follows for the periods indicated:

	Three months ended						Six months ended
	June 30,						June 30,
(Amounts in millions)	2020			2019			2020			2019
Fixed maturity securities—taxable	$	601		$	634		$	1,223		$	1,247
Fixed maturity securities—non-taxable		1			2			3			4
Equity securities		2			5			4			9
Commercial mortgage loans		84			85			169			167
Policy loans		49			45			98			91
Other invested assets		66			59			113			118
Cash, cash equivalents, restricted cash and short-term investments		4			11			15			22
Gross investment income before expenses and fees		807			841			1,625			1,658
Expenses and fees		(21	)		(25	)		(46	)		(48	)
Net investment income	$	786		$	816		$	1,579		$	1,610

Net Investment Gains (Losses)

(b) Net Investment Gains (Losses)

The following table sets forth net investment gains (losses) for the periods indicated:

	Three months ended						Six months ended
	June 30,						June 30,
(Amounts in millions)	2020			2019			2020			2019
Available-for-sale fixed maturity securities:
Realized gains	$	119		$	10		$	133		$	74
Realized losses		(5	)		(21	)		(6	)		(27	)
Net realized gains (losses) on available-for-sale fixed maturity securities		114			(11	)		127			47
Impairments:
Total other-than-temporary impairments		—			—			—			—
Portion of other-than-temporary impairments included in other comprehensive income (loss)		—			—			—			—
Net other-than-temporary impairments		—			—			—			—
Net change in allowance for credit losses on available-for-sale fixed maturity securities		(7	)		—			(7	)		—
Net realized gains (losses) on equity securities sold		—			—			—			3
Net unrealized gains (losses) on equity securities still held		9			5			(10	)		17
Limited partnerships		37			(11	)		(3	)		4
Commercial mortgage loans		1			1			1			—
Derivative instruments (1)		10			(30	)		(95	)		(42	)
Other		(5	)		—			(6	)		—
Net investment gains (losses)	$	159		$	(46	)	$	7		$	29

(1)  See note 5 for additional information on the impact of derivative instruments included in net investment gains (losses).

Allowance for credit losses related to fixed maturity securities

The following table represents the allowance for credit losses aggregated by security type for available-for-sale fixed maturity investments as of and for the three and six months ended June 30, 2020:

			Increase from		Increase
			securities		(decrease)				Decrease
			without		from securities				due to change
			allowance in		with allowance				in intent or
	Beginning		previous		in previous		Securities		requirement						Ending
(Amounts in millions)	balance		periods		periods		sold		to sell		Write-offs		Recoveries		balance
Fixed maturity securities:
Non-U.S. corporate	$	—	$	4	$	—	$	—	$	—	$	—	$	—	$	4
Commercial mortgage-backed		—		3		—		—		—		—		—		3
Total available-for-sale fixed maturity securities	$	—	$	7	$	—	$	—	$	—	$	—	$	—	$	7

Credit Losses Recognized in Net Income (Loss)

The following represents the activity for credit losses recognized in net income (loss) on debt securities where an other-than-temporary impairment was identified and a portion of other-than-temporary impairments was included in other comprehensive income (“OCI”) as of and for the periods indicated:

	Three months		Six months
	ended		ended
	June 30,		June 30,
(Amounts in millions)	2019		2019
Beginning balance	$	23	$	24
Reductions:
Securities sold, paid down or disposed		—		(1	)
Ending balance	$	23	$	23

Unrealized Investment Gains and Losses

Net unrealized gains and losses on available-for-sale investment securities reflected as a separate component of accumulated other comprehensive income (loss) were as follows as of the dates indicated:

(Amounts in millions)	June 30, 2020			December 31, 2019
Net unrealized gains (losses) on fixed maturity securities without an allowance for credit losses (1)	$	8,766		$	6,676
Net unrealized gains (losses) on fixed maturity securities with an allowance for credit losses (1)		(10	)		—
Adjustments to deferred acquisition costs, present value of future profits, sales inducements and benefit reserves		(6,420	)		(4,789	)
Income taxes, net		(501	)		(406	)
Net unrealized investment gains (losses)		1,835			1,481
Less: net unrealized investment gains (losses) attributable to noncontrolling interests		24			25
Net unrealized investment gains (losses) attributable to Genworth Financial, Inc.	$	1,811		$	1,456

(1)  Excludes foreign exchange.

Change in Net Unrealized Gains (Losses) on Available-for-Sale Investment Securities Reported in Accumulated Other Comprehensive Income (Loss)

The change in net unrealized gains (losses) on available-for-sale investment securities reported in accumulated other comprehensive income (loss) was as follows as of and for the periods indicated:

	As of or for the
	three months ended
	June 30,
(Amounts in millions)	2020			2019
Beginning balance	$	1,140		$	943
Unrealized gains (losses) arising during the period:
Unrealized gains (losses) on fixed maturity securities		3,911			1,957
Adjustment to deferred acquisition costs		(111	)		(52	)
Adjustment to present value of future profits		5			(2	)
Adjustment to sales inducements		(34	)		(12	)
Adjustment to benefit reserves		(2,802	)		(1,412	)
Provision for income taxes		(207	)		(104	)
Change in unrealized gains (losses) on investment securities		762			375
Reclassification adjustments to net investment (gains) losses, net of taxes of $24 and $(1)		(88	)		1
Change in net unrealized investment gains (losses)		674			376
Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests		3			14
Ending balance	$	1,811		$	1,305

	As of or for the
	six months ended
	June 30,
(Amounts in millions)	2020			2019
Beginning balance	$	1,456		$	595
Unrealized gains (losses) arising during the period:
Unrealized gains (losses) on fixed maturity securities		2,199			3,956
Adjustment to deferred acquisition costs		57			(1,041	)
Adjustment to present value of future profits		4			(55	)
Adjustment to sales inducements		2			(31	)
Adjustment to benefit reserves		(1,694	)		(1,800	)
Provision for income taxes		(120	)		(227	)
Change in unrealized gains (losses) on investment securities		448			802
Reclassification adjustments to net investment (gains) losses, net of taxes of $25 and $12		(94	)		(46	)
Change in net unrealized investment gains (losses)		354			756
Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests		(1	)		46
Ending balance	$	1,811		$	1,305

Fixed Maturity Securities

As of June 30, 2020, the amortized cost or cost, gross unrealized gains (losses), allowance for credit losses and fair value of our fixed maturity securities classified as available-for-sale were as follows:

	Amortized		Gross		Gross			Allowance
	cost or		unrealized		unrealized			for credit			Fair
(Amounts in millions)	cost		gains		losses			losses			value
Fixed maturity securities:
U.S. government, agencies and government-sponsored enterprises	$	3,877	$	1,725	$	—		$	—		$	5,602
State and political subdivisions		2,503		496		(1	)		—			2,998
Non-U.S. government		1,424		125		(7	)		—			1,542
U.S. corporate:
Utilities		4,392		879		(1	)		—			5,270
Energy		2,454		203		(63	)		—			2,594
Finance and insurance		7,400		1,017		(14	)		—			8,403
Consumer—non-cyclical		5,132		1,147		(2	)		—			6,277
Technology and communications		2,912		503		(4	)		—			3,411
Industrial		1,350		157		(4	)		—			1,503
Capital goods		2,580		454		(6	)		—			3,028
Consumer—cyclical		1,748		224		(6	)		—			1,966
Transportation		1,335		254		(24	)		—			1,565
Other		340		38		—			—			378
Total U.S. corporate		29,643		4,876		(124	)		—			34,395
Non-U.S. corporate:
Utilities		811		68		—			—			879
Energy		1,141		148		(14	)		—			1,275
Finance and insurance		2,199		284		(16	)		(1	)		2,466
Consumer—non-cyclical		692		86		(1	)		—			777
Technology and communications		1,066		182		(1	)		—			1,247
Industrial		883		116		(4	)		—			995
Capital goods		565		50		(2	)		—			613
Consumer—cyclical		380		27		—			—			407
Transportation		560		84		(6	)		(3	)		635
Other		1,376		218		(3	)		—			1,591
Total non-U.S. corporate		9,673		1,263		(47	)		(4	)		10,885
Residential mortgage-backed		1,927		259		(2	)		—			2,184
Commercial mortgage-backed		2,800		225		(52	)		(3	)		2,970
Other asset-backed		2,987		30		(49	)		—			2,968
Total available-for-sale fixed maturity securities	$	54,834	$	8,999	$	(282	)	$	(7	)	$	63,544

As of December 31, 2019, the amortized cost or cost, gross unrealized gains (losses) and fair value of our fixed maturity securities classified as available-for-sale were as follows:

			Gross unrealized gains				Gross unrealized losses
	Amortized		Not other-than-		Other-than-		Not other-than-			Other-than-
	cost or		temporarily		temporarily		temporarily			temporarily		Fair
(Amounts in millions)	cost		impaired		impaired		impaired			impaired		value
Fixed maturity securities:
U.S. government, agencies and government-sponsored enterprises	$	4,073	$	952	$	—	$	—		$	—	$	5,025
State and political subdivisions		2,394		355		—		(2	)		—		2,747
Non-U.S. government		1,235		117		—		(2	)		—		1,350
U.S. corporate:
Utilities		4,322		675		—		—			—		4,997
Energy		2,404		303		—		(8	)		—		2,699
Finance and insurance		6,977		798		—		(1	)		—		7,774
Consumer—non-cyclical		4,909		796		—		(4	)		—		5,701
Technology and communications		2,883		363		—		(1	)		—		3,245
Industrial		1,271		125		—		—			—		1,396
Capital goods		2,345		367		—		(1	)		—		2,711
Consumer—cyclical		1,590		172		—		(2	)		—		1,760
Transportation		1,320		187		—		(1	)		—		1,506
Other		292		30		—		—			—		322
Total U.S. corporate		28,313		3,816		—		(18	)		—		32,111
Non-U.S. corporate:
Utilities		779		50		—		—			—		829
Energy		1,140		179		—		—			—		1,319
Finance and insurance		2,087		232		—		—			—		2,319
Consumer—non-cyclical		631		55		—		(2	)		—		684
Technology and communications		1,010		128		—		—			—		1,138
Industrial		896		92		—		—			—		988
Capital goods		565		40		—		—			—		605
Consumer—cyclical		373		24		—		—			—		397
Transportation		557		73		—		(1	)		—		629
Other		1,431		188		—		(2	)		—		1,617
Total non-U.S. corporate		9,469		1,061		—		(5	)		—		10,525
Residential mortgage-backed		2,057		199		15		(1	)		—		2,270
Commercial mortgage-backed		2,897		137		—		(8	)		—		3,026
Other asset-backed		3,262		30		—		(7	)		—		3,285
Total available-for-sale fixed maturity securities	$	53,700	$	6,667	$	15	$	(43	)	$	—	$	60,339

Gross Unrealized Losses and Fair Values of Securities in a Continuous Unrealized Loss Position

The following table presents the gross unrealized losses and fair values of our fixed maturity securities for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time that individual fixed maturity securities have been in a continuous unrealized loss position, as of June 30, 2020:

	Less than 12 months							12 months or more							Total
			Gross							Gross							Gross
	Fair		unrealized			Number of		Fair		unrealized			Number of		Fair		unrealized			Number of
(Dollar amounts in millions)	value		losses			securities		value		losses			securities		value		losses			securities
Description of Securities
Fixed maturity securities:
State and political subdivisions	$	23	$	(1	)		6	$	—	$	—			—	$	23	$	(1	)		6
Non-U.S. government		207		(7	)		18		—		—			—		207		(7	)		18
U.S. corporate		1,785		(107	)		291		182		(17	)		18		1,967		(124	)		309
Non-U.S. corporate		613		(37	)		125		12		(2	)		2		625		(39	)		127
Residential mortgage-backed		36		(1	)		11		8		(1	)		4		44		(2	)		15
Commercial mortgage-backed		625		(50	)		105		—		—			—		625		(50	)		105
Other asset-backed		1,329		(38	)		291		263		(11	)		62		1,592		(49	)		353
Total for fixed maturity securities in an unrealized loss position	$	4,618	$	(241	)		847	$	465	$	(31	)		86	$	5,083	$	(272	)		933
% Below cost:
<20% Below cost	$	4,538	$	(211	)		825	$	442	$	(24	)		83	$	4,980	$	(235	)		908
20%-50% Below cost		80		(30	)		22		22		(6	)		2		102		(36	)		24
>50% Below cost		—		—			—		1		(1	)		1		1		(1	)		1
Total for fixed maturity securities in an unrealized loss position	$	4,618	$	(241	)		847	$	465	$	(31	)		86	$	5,083	$	(272	)		933
Investment grade	$	3,731	$	(163	)		701	$	330	$	(18	)		71	$	4,061	$	(181	)		772
Below investment grade		887		(78	)		146		135		(13	)		15		1,022		(91	)		161
Total for fixed maturity securities in an unrealized loss position	$	4,618	$	(241	)		847	$	465	$	(31	)		86	$	5,083	$	(272	)		933

The following table presents the gross unrealized losses and fair values of our corporate securities, for which an allowance for credit loss has not been recorded, aggregated by investment type and length of time that individual investment securities have been in a continuous unrealized loss position, based on industry, as of June 30, 2020:

	Less than 12 months							12 months or more							Total
			Gross							Gross							Gross
	Fair		unrealized			Number of		Fair		unrealized			Number of		Fair		unrealized			Number of
(Dollar amounts in millions)	value		losses			securities		value		losses			securities		value		losses			securities
Description of Securities
U.S. corporate:
Utilities	$	35	$	(1	)		6	$	—	$	—			—	$	35	$	(1	)		6
Energy		594		(50	)		93		88		(13	)		11		682		(63	)		104
Finance and insurance		429		(14	)		56		—		—			—		429		(14	)		56
Consumer—non-cyclical		80		(1	)		17		43		(1	)		2		123		(2	)		19
Technology and communications		89		(4	)		20		—		—			—		89		(4	)		20
Industrial		98		(4	)		9		—		—			—		98		(4	)		9
Capital goods		90		(5	)		14		14		(1	)		1		104		(6	)		15
Consumer—cyclical		181		(4	)		32		37		(2	)		4		218		(6	)		36
Transportation		189		(24	)		44		—		—			—		189		(24	)		44
Subtotal, U.S. corporate securities		1,785		(107	)		291		182		(17	)		18		1,967		(124	)		309
Non-U.S. corporate:
Energy		150		(14	)		23		—		—			—		150		(14	)		23
Finance and insurance		215		(10	)		43		—		—			—		215		(10	)		43
Consumer—non-cyclical		—		—			—		6		(1	)		1		6		(1	)		1
Technology and communications		34		(1	)		16		—		—			—		34		(1	)		16
Industrial		80		(4	)		11		—		—			—		80		(4	)		11
Capital goods		62		(2	)		8		—		—			—		62		(2	)		8
Transportation		42		(4	)		15		—		—			—		42		(4	)		15
Other		30		(2	)		9		6		(1	)		1		36		(3	)		10
Subtotal, non-U.S. corporate securities		613		(37	)		125		12		(2	)		2		625		(39	)		127
Total for corporate securities in an unrealized loss position	$	2,398	$	(144	)		416	$	194	$	(19	)		20	$	2,592	$	(163	)		436

The following table presents the gross unrealized losses and fair values of our fixed maturity securities, aggregated by investment type and length of time that individual fixed maturity securities have been in a continuous unrealized loss position, as of December 31, 2019:

	Less than 12 months							12 months or more							Total
(Dollar amounts in millions)	Fair value		Gross unrealized losses			Number of securities		Fair value		Gross unrealized losses			Number of securities		Fair value		Gross unrealized losses			Number of securities
Description of Securities
Fixed maturity securities:
State and political subdivisions	$	91	$	(2	)		14	$	—	$	—			—	$	91	$	(2	)		14
Non-U.S. government		224		(2	)		20		—		—			—		224		(2	)		20
U.S. corporate		123		(5	)		27		302		(13	)		33		425		(18	)		60
Non-U.S. corporate		79		(1	)		12		62		(4	)		7		141		(5	)		19
Residential mortgage-backed		22		(1	)		10		—		—			—		22		(1	)		10
Commercial mortgage-backed		381		(5	)		51		14		(3	)		3		395		(8	)		54
Other asset-backed		532		(2	)		97		439		(5	)		115		971		(7	)		212
Total for fixed maturity securities in an unrealized loss position	$	1,452	$	(18	)		231	$	817	$	(25	)		158	$	2,269	$	(43	)		389
% Below cost:
<20% Below cost	$	1,452	$	(18	)		231	$	807	$	(20	)		155	$	2,259	$	(38	)		386
20%-50% Below cost		—		—			—		10		(5	)		3		10		(5	)		3
Total for fixed maturity securities in an unrealized loss position	$	1,452	$	(18	)		231	$	817	$	(25	)		158	$	2,269	$	(43	)		389
Investment grade	$	1,408	$	(14	)		223	$	702	$	(15	)		145	$	2,110	$	(29	)		368
Below investment grade		44		(4	)		8		115		(10	)		13		159		(14	)		21
Total for fixed maturity securities in an unrealized loss position	$	1,452	$	(18	)		231	$	817	$	(25	)		158	$	2,269	$	(43	)		389

The following table presents the gross unrealized losses and fair values of our corporate securities, aggregated by investment type and length of time that individual investment securities have been in a continuous unrealized loss position, based on industry, as of December 31, 2019:

	Less than 12 months							12 months or more							Total
(Dollar amounts in millions)	Fair value		Gross unrealized losses			Number of securities		Fair value		Gross unrealized losses			Number of securities		Fair value		Gross unrealized losses			Number of securities
Description of Securities
U.S. corporate:
Energy	$	54	$	(3	)		10	$	80	$	(5	)		10	$	134	$	(8	)		20
Finance and insurance		—		—			—		34		(1	)		4		34		(1	)		4
Consumer—non-cyclical		34		(1	)		9		93		(3	)		9		127		(4	)		18
Technology and communications		—		—			—		18		(1	)		2		18		(1	)		2
Capital goods		35		(1	)		8		—		—			—		35		(1	)		8
Consumer—cyclical		—		—			—		54		(2	)		6		54		(2	)		6
Transportation		—		—			—		23		(1	)		2		23		(1	)		2
Subtotal, U.S. corporate securities		123		(5	)		27		302		(13	)		33		425		(18	)		60
Non-U.S. corporate:
Consumer—non-cyclical		—		—			—		31		(2	)		3		31		(2	)		3
Transportation		—		—			—		25		(1	)		3		25		(1	)		3
Other		79		(1	)		12		6		(1	)		1		85		(2	)		13
Subtotal, non-U.S. corporate securities		79		(1	)		12		62		(4	)		7		141		(5	)		19
Total for corporate securities in an unrealized loss position	$	202	$	(6	)		39	$	364	$	(17	)		40	$	566	$	(23	)		79

Maturity Distribution of Fixed Maturity Securities

Actual maturities may differ from contractual maturities because issuers of securities may have the right to call or prepay obligations with or without call or prepayment penalties.

(Amounts in millions)	Amortized cost or cost		Fair value
Due one year or less	$	1,494	$	1,517
Due after one year through five years		9,518		10,054
Due after five years through ten years		12,978		14,478
Due after ten years		23,130		29,373
Subtotal		47,120		55,422
Residential mortgage-backed		1,927		2,184
Commercial mortgage-backed		2,800		2,970
Other asset-backed		2,987		2,968
Total	$	54,834	$	63,544

Aging of Past Due Commercial Mortgage Loans by Property Type

The following tables set forth the aging of past due commercial mortgage loans by property type as of the dates indicated:

	June 30, 2020
(Amounts in millions)	31 - 60 days past due			61 - 90 days past due			Greater than 90 days past due			Total past due			Current			Total
Property type:
Retail	$	10		$	—		$	—		$	10		$	2,521		$	2,531
Industrial		—			—			—			—			1,655			1,655
Office		—			—			—			—			1,636			1,636
Apartments		—			—			—			—			583			583
Mixed use		—			—			—			—			279			279
Other		—			—			—			—			261			261
Total amortized cost	$	10		$	—		$	—		$	10		$	6,935		$	6,945
% of total commercial mortgage loans		—	%		—	%		—	%		—	%		100	%		100	%

	December 31, 2019
(Amounts in millions)	31 - 60 days past due			61 - 90 days past due			Greater than 90 days past due			Total past due			Current			Total
Property type:
Retail	$	—		$	—		$	—		$	—		$	2,590		$	2,590
Industrial		—			—			—			—			1,670			1,670
Office		—			—			—			—			1,632			1,632
Apartments		—			—			—			—			541			541
Mixed use		—			—			—			—			281			281
Other		—			—			—			—			266			266
Total recorded investment	$	—		$	—		$	—		$	—		$	6,980		$	6,980
% of total commercial mortgage loans		—	%		—	%		—	%		—	%		100	%		100	%

Allowance for credit losses related to commercial mortgage loans

The following table sets forth the allowance for credit losses related to commercial mortgage loans as of or for the periods indicated:

	Three months ended June 30,					Six months ended June 30,
(Amounts in millions)	2020			2019		2020			2019
Allowance for credit losses:
Beginning balance	$	29		$	10	$	13		$	9
Cumulative effect of change in accounting		—			—		16			—
Provision		(1	)		1		(1	)		2
Write-offs		—			—		—			—
Recoveries		—			—		—			—
Ending balance	$	28		$	11	$	28		$	11

Commercial Mortgage Loans By Year of Origination and Credit Quality Indicator

The following tables set forth commercial mortgage loans by year of origination and credit quality indicator as of June 30, 2020:

(Amounts in millions)	2020		2019		2018		2017		2016		2015 and prior		Total
Debt-to-value:
0% - 50%	$	4	$	15	$	36	$	105	$	118	$	2,352	$	2,630
51% - 60%		29		33		190		289		155		809		1,505
61% - 75%		236		748		766		337		226		489		2,802
76% - 100%		—		—		8		—		—		—		8
Greater than 100%		—		—		—		—		—		—		—
Total amortized cost	$	269	$	796	$	1,000	$	731	$	499	$	3,650	$	6,945
Debt service coverage ratio:
Less than 1.00	$	—	$	—	$	33	$	3	$	—	$	126	$	162
1.00 - 1.25		39		12		107		73		13		256		500
1.26 - 1.50		62		359		261		97		88		450		1,317
1.51 - 2.00		130		357		505		322		268		1,278		2,860
Greater than 2.00		38		68		94		236		130		1,540		2,106
Total amortized cost	$	269	$	796	$	1,000	$	731	$	499	$	3,650	$	6,945
Write-offs, gross	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Recoveries		—		—		—		—		—		—		—
Write-offs, net	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Debt Service Coverage Ratio

Commercial Mortgage Loans by Property Type

The following tables set forth the debt service coverage ratio for fixed rate commercial mortgage loans by property type as of the dates indicated:

	June 30, 2020
(Amounts in millions)	Less than 1.00			1.00 - 1.25			1.26 - 1.50			1.51 - 2.00			Greater than 2.00			Total
Property type:
Retail	$	63		$	136		$	599		$	1,118		$	615		$	2,531
Industrial		24			64			215			670			682			1,655
Office		28			112			269			751			476			1,636
Apartments		11			25			178			184			185			583
Mixed use		3			18			37			106			115			279
Other		33			145			19			31			33			261
Total amortized cost	$	162		$	500		$	1,317		$	2,860		$	2,106		$	6,945
% of total		3	%		7	%		19	%		41	%		30	%		100	%
Weighted-average debt-to-value		57	%		61	%		63	%		58	%		41	%		54	%

	December 31, 2019
(Amounts in millions)	Less than 1.00			1.00 - 1.25			1.26 - 1.50			1.51 - 2.00			Greater than 2.00			Total
Property type:
Retail	$	68		$	141		$	596		$	1,148		$	637		$	2,590
Industrial		24			51			221			658			716			1,670
Office		44			89			277			751			471			1,632
Apartments		16			32			129			175			189			541
Mixed use		4			16			37			107			117			281
Other		34			147			20			31			34			266
Total recorded investment	$	190		$	476		$	1,280		$	2,870		$	2,164		$	6,980
% of total		3	%		7	%		18	%		41	%		31	%		100	%
Weighted-average debt-to-value		59	%		61	%		63	%		58	%		41	%		54	%

Loan To Value Ratio

Commercial Mortgage Loans by Property Type

The following tables set forth the debt-to-value of commercial mortgage loans by property type as of the dates indicated:

	June 30, 2020
(Amounts in millions)	0% - 50%			51% - 60%			61% - 75%			76% - 100%			Greater than 100%			Total
Property type:
Retail	$	963		$	572		$	996		$	—		$	—		$	2,531
Industrial		758			344			553			—			—			1,655
Office		530			359			739			8			—			1,636
Apartments		218			98			267			—			—			583
Mixed use		104			67			108			—			—			279
Other		57			65			139			—			—			261
Total amortized cost	$	2,630		$	1,505		$	2,802		$	8		$	—		$	6,945
% of total		38	%		22	%		40	%		—	%		—	%		100	%
Weighted-average debt service coverage ratio		2.31			1.80			1.56			1.42			—			1.90

	December 31, 2019
(Amounts in millions)	0% - 50%			51% - 60%			61% - 75%			76% - 100%			Greater than 100%			Total
Property type:
Retail	$	986		$	579		$	1,025		$	—		$	—		$	2,590
Industrial		808			337			525			—			—			1,670
Office		529			380			723			—			—			1,632
Apartments		211			110			220			—			—			541
Mixed use		104			70			107			—			—			281
Other		56			69			141			—			—			266
Total recorded investment	$	2,694		$	1,545		$	2,741		$	—		$	—		$	6,980
% of total		39	%		22	%		39	%		—	%		—	%		100	%
Weighted-average debt service coverage ratio		2.32			1.81			1.55			—			—			1.90

Other Geographic Area | Commercial Mortgage Loan

Distribution Across Property Type and Geographic Region for Commercial Mortgage Loans

The following tables set forth the distribution across property type and geographic region for commercial mortgage loans as of the dates indicated:

	June 30, 2020						December 31, 2019
(Amounts in millions)	Carrying value			% of total			Carrying value			% of total
Property type:
Retail	$	2,531			36	%	$	2,590			37	%
Industrial		1,655			24			1,670			24
Office		1,636			24			1,632			23
Apartments		583			8			541			8
Mixed use		279			4			281			4
Other		261			4			266			4
Subtotal		6,945			100	%		6,980			100	%
Unamortized balance of loan origination fees		—						(4	)
Allowance for credit losses		(28	)					(13	)
Total	$	6,917					$	6,963

	June 30, 2020						December 31, 2019
(Amounts in millions)	Carrying value			% of total			Carrying value			% of total
Geographic region:
South Atlantic	$	1,751			25	%	$	1,715			25	%
Pacific		1,623			23			1,673			24
Middle Atlantic		989			14			992			14
Mountain		765			11			753			11
West North Central		476			7			488			7
East North Central		457			7			455			6
West South Central		436			6			433			6
New England		254			4			257			4
East South Central		194			3			214			3
Subtotal		6,945			100	%		6,980			100	%
Unamortized balance of loan origination fees		—						(4	)
Allowance for credit losses		(28	)					(13	)
Total	$	6,917					$	6,963