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Investments (Tables)
 9 Months Ended
Sep. 30, 2020
Schedule of Investments [Abstract]  
Financing Receivable, Nonaccrual [Table Text Block]
The following represents our residential loan portfolio in non-accrual status:
(In millions)September 30, 2020
Beginning amortized cost of residential mortgage loans in non-accrual status$67 
Ending amortized cost of residential mortgage loans in non-accrual status81 
Amortized cost of residential mortgage loans in non-accrual status without a related allowance for credit losses8 
The following represents our commercial mortgage loan portfolio in non-accrual status:
(In millions)September 30, 2020
Beginning amortized cost of commercial mortgage loans in non-accrual status$— 
Ending amortized cost of commercial mortgage loans in non-accrual status39 
Amortized cost of commercial mortgage loans in non-accrual status without a related allowance for credit losses— 
Debt Securities, Available-for-sale, Allowance for Credit Loss [Table Text Block]
Allowance for Credit Losses—The following table summarizes the activity in the allowance for credit losses for AFS securities by asset type:
Three months ended September 30, 2020
AdditionsReductions
(In millions)Beginning balanceInitial credit lossesInitial credit losses on PCD securitiesSecurities sold during the periodAdditions (reductions) to previously impaired securitiesEnding Balance
AFS securities
Corporate$31 $1 $— $(2)$— $30 
CLO1 — — — — 1 
ABS2 — — — 1 3 
CMBS
10 12 — (1)(2)19 
RMBS
129 2 — (12)(32)87 
Total AFS securities173 15 — (15)(33)140 
AFS securities – related party
CLO
2 1 — (1)— 2 
Total AFS securities – related party
2 1 — (1)— 2 
Total AFS securities including related party
$175 $16 $— $(16)$(33)$142 
Nine months ended September 30, 2020
AdditionsReductions
(In millions)Beginning balanceInitial credit lossesInitial credit losses on PCD securitiesSecurities sold during the periodAdditions (reductions) to previously impaired securitiesEnding Balance
AFS securities
Corporate$— $32 $— $(2)$— $30 
CLO— 1 — — — 1 
ABS— 5 — — (2)3 
CMBS
— 21 — (1)(1)19 
RMBS
17 50 61 (14)(27)87 
Total AFS securities17 109 61 (17)(30)140 
AFS securities – related party
CLO
— 2 — (1)1 2 
Total AFS securities – related party
— 2 — (1)1 2 
Total AFS securities including related party
$17 $111 $61 $(18)$(29)$142 
Available-for-sale Securities
September 30, 2020
(In millions)Amortized CostAllowance for Credit LossesGross Unrealized GainsGross Unrealized LossesFair Value
AFS securities
US government and agencies$71 $— $2 $— $73 
US state, municipal and political subdivisions
765 — 163 (1)927 
Foreign governments311 — 29 — 340 
Corporate46,424 (30)5,094 (359)51,129 
CLO8,621 (1)68 (318)8,370 
ABS4,255 (3)136 (188)4,200 
CMBS2,279 (19)68 (89)2,239 
RMBS6,434 (87)397 (34)6,710 
Total AFS securities69,160 (140)5,957 (989)73,988 
AFS securities – related party
Corporate780 — 4 — 784 
CLO1,365 (2)11 (30)1,344 
ABS
2,716 — 62 (49)2,729 
Total AFS securities – related party
4,861 (2)77 (79)4,857 
Total AFS securities including related party
$74,021 $(142)$6,034 $(1,068)$78,845 

The following table represents the amortized cost, gross unrealized gains and losses, fair value and other than temporary impairments (OTTI) in accumulated other comprehensive income (AOCI) of our AFS investments by asset type:
December 31, 2019
(In millions)Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueOTTI
in AOCI
AFS securities
US government and agencies$35 $1 $— $36 $— 
US state, municipal and political subdivisions
1,322 220 (1)1,541 — 
Foreign governments298 29 — 327 — 
Corporate44,106 3,332 (210)47,228 1 
CLO7,524 21 (196)7,349 — 
ABS5,018 124 (24)5,118 4 
CMBS2,304 104 (8)2,400 1 
RMBS6,872 513 (10)7,375 19 
Total AFS securities67,479 4,344 (449)71,374 25 
AFS securities – related party
Corporate18 1 — 19 — 
CLO951 3 (18)936 — 
ABS
2,814 37 (2)2,849 — 
Total AFS securities – related party
3,783 41 (20)3,804 — 
Total AFS securities including related party
$71,262 $4,385 $(469)$75,178 $25 
Available-for-sale Securities by Contractual Maturity
The amortized cost and fair value of AFS securities, including related party, are shown by contractual maturity below:    
September 30, 2020
(In millions)Amortized CostFair Value
AFS securities
Due in one year or less$876 $885 
Due after one year through five years7,209 7,636 
Due after five years through ten years11,799 12,771 
Due after ten years27,687 31,177 
CLO, ABS, CMBS and RMBS21,589 21,519 
Total AFS securities69,160 73,988 
AFS securities – related party
Due after one year through five years34 36 
Due after ten years746 748 
CLO and ABS4,081 4,073 
Total AFS securities – related party
4,861 4,857 
Total AFS securities including related party$74,021 $78,845 
Schedule of Unrealized Loss on Investments [Table Text Block]
The following summarizes the fair value and gross unrealized losses for AFS securities, including related party, aggregated by asset type and length of time the fair value has remained below amortized cost:
December 31, 2019
Less than 12 months12 months or moreTotal
(In millions)Fair ValueGross
Unrealized
Losses		Fair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
AFS securities
US government and agencies
$3 $— $— $— $3 $— 
US state, municipal and political subdivisions
78 (1)10 — 88 (1)
Corporate2,898 (140)902 (70)3,800 (210)
CLO1,959 (38)3,241 (158)5,200 (196)
ABS642 (6)255 (18)897 (24)
CMBS
220 (4)41 (4)261 (8)
RMBS
445 (6)163 (4)608 (10)
Total AFS securities6,245 (195)4,612 (254)10,857 (449)
AFS securities – related party
CLO
362 (7)242 (11)604 (18)
ABS
357 (2)— — 357 (2)
Total AFS securities – related party
719 (9)242 (11)961 (20)
Total AFS securities including related party
$6,964 $(204)$4,854 $(265)$11,818 $(469)
Fair Values and Unrealized Losses on Available-for-sale Securities The following summarizes the fair value and gross unrealized losses for AFS securities, including related party, for which an allowance for credit losses has not been recorded, aggregated by asset type and length of time the fair value has remained below amortized cost:
September 30, 2020
Less than 12 months12 months or moreTotal
(In millions)Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
AFS securities
US government and agencies
$9 $— $— $— $9 $— 
US state, municipal and political subdivisions
50 — 8 (1)58 (1)
Foreign governments4 — — — 4 — 
Corporate5,899 (248)414 (57)6,313 (305)
CLO2,475 (73)3,118 (232)5,593 (305)
ABS1,238 (130)82 (26)1,320 (156)
CMBS
685 (60)23 (20)708 (80)
RMBS
540 (16)25 (1)565 (17)
Total AFS securities
10,900 (527)3,670 (337)14,570 (864)
AFS securities – related party
CLO766 (15)232 (15)998 (30)
ABS
1,534 (49)— — 1,534 (49)
Total AFS securities – related party
2,300 (64)232 (15)2,532 (79)
Total AFS securities including related party
$13,200 $(591)$3,902 $(352)$17,102 $(943)
Net Investment Income
Net Investment Income—Net investment income by asset class consists of the following:
Three months ended September 30,Nine months ended September 30,
(In millions)2020201920202019
AFS securities$776 $760 $2,403 $2,276 
Trading securities47 48 137 139 
Equity securities4 4 10 11 
Mortgage loans184 173 545 483 
Investment funds148 96 242 245 
Funds withheld at interest81 106 165 403 
Other83 32 158 116 
Investment revenue1,323 1,219 3,660 3,673 
Investment expenses(114)(129)(370)(319)
Net investment income$1,209 $1,090 $3,290 $3,354 
Investment Related Gains (Losses)
Investment Related Gains (Losses)—Investment related gains (losses) by asset class consists of the following:
Three months ended September 30,Nine months ended September 30,
(In millions)2020201920202019
AFS securities
Gross realized gains on investment activity$192 $47 $424 $120 
Gross realized losses on investment activity(178)(21)(378)(38)
Net realized investment gains on AFS securities14 26 46 82 
Net recognized investment gains (losses) on trading securities24 48 (8)183 
Net recognized investment gains (losses) on equity securities12 (4)(8)15 
Derivative gains1,648 620 959 3,493 
Provision for credit losses84 — (205)— 
Other gains (losses)15 (25)(11)(19)
Investment related gains (losses)$1,797 $665 $773 $3,754 
The following table summarizes the change in unrealized gains (losses) on trading and equity securities we held as of the respective period end:
Three months ended September 30,Nine months ended September 30,
(In millions)2020201920202019
Trading securities$19 $46 $81 $215 
Trading securities – related party1 4 (42)(11)
Equity securities11 — (9)20 
Equity securities – related party— — — (2)
Purchased Credit Impaired (PCI) Investments
Purchased Financial Assets with Credit Deterioration—The following table summarizes our PCD investment purchases with the following amounts at the time of purchase:
Three months ended September 30, 2020Nine months ended September 30, 2020
(In millions)Fixed maturity securitiesMortgage loansFixed maturity securitiesMortgage loans
Purchase price$— $142 $239 $142 
Allowance for credit losses at acquisition— 3 61 3 
Discount (premiums) attributable to other factors— — 34 — 
Par value$— $145 $334 $145 
Mortgage Loans, Net
Mortgage Loans, including related party—Mortgage loans, net of allowances, consists of the following:
(In millions)September 30, 2020December 31, 2019
Commercial mortgage loans$11,194 $10,422 
Commercial mortgage loans under development196 93 
Total commercial mortgage loans11,390 10,515 
Allowance for credit losses on commercial mortgage loans(232)(10)
Commercial mortgage loans, net of allowances11,158 10,505 
Residential mortgage loans4,169 4,455 
Allowance for credit losses on residential mortgage loans(96)(1)
Residential mortgage loans, net of allowances4,073 4,454 
Mortgage loans, net of allowances$15,231 $14,959 
The distribution of commercial mortgage loans, including those under development, net of allowances, by property type and geographic region, is as follows:
September 30, 2020December 31, 2019
(In millions, except for percentages)Net Carrying ValuePercentage of TotalNet Carrying ValuePercentage of Total
Property type
Office building$3,526 31.6 %$2,899 27.6 %
Retail2,029 18.2 %2,182 20.8 %
Apartment2,335 20.9 %2,142 20.4 %
Hotels1,182 10.6 %1,104 10.5 %
Industrial1,407 12.6 %1,448 13.8 %
Other commercial679 6.1 %730 6.9 %
Total commercial mortgage loans$11,158 100.0 %$10,505 100.0 %
US Region
East North Central$1,176 10.5 %$1,036 9.9 %
East South Central404 3.6 %428 4.1 %
Middle Atlantic3,058 27.4 %2,580 24.6 %
Mountain482 4.3 %528 5.0 %
New England330 3.0 %340 3.2 %
Pacific2,577 23.1 %2,502 23.8 %
South Atlantic1,848 16.6 %1,920 18.3 %
West North Central147 1.3 %146 1.4 %
West South Central642 5.8 %791 7.5 %
Total US Region10,664 95.6 %10,271 97.8 %
International Region494 4.4 %234 2.2 %
Total commercial mortgage loans$11,158 100.0 %$10,505 100.0 %
Our residential mortgage loan portfolio includes first lien residential mortgage loans collateralized by properties in various geographic locations and is summarized by proportion of the portfolio in the following table:
September 30, 2020December 31, 2019
US States
California25.8 %27.0 %
Florida13.2 %12.7 %
Texas4.8 %6.2 %
New York5.2 %3.3 %
Other1
36.5 %38.4 %
Total US residential mortgage loan percentage85.5 %87.6 %
International – Ireland13.9 %12.4 %
International – Other2
0.6 %— %
Total residential mortgage loan percentage100.0 %100.0 %
1 Represents all other states, with each individual state comprising less than 5% of the portfolio.
2 Represents all other countries, with each individual country comprising less than 5% of the portfolio.
Financing Receivable, Allowance for Credit Loss [Table Text Block]
Loan Valuation Allowance—The allowances for our mortgage loan portfolio and other loans is summarized as follows:
Three months ended September 30, 2020Nine months ended September 30, 2020
(In millions)Commercial MortgageResidential MortgageOther InvestmentsTotalCommercial MortgageResidential MortgageOther InvestmentsTotal
Beginning balance$294 $85 $20 $399 $10 $1 $— $11 
Adoption of accounting standard— — — — 167 43 11 221 
Provision (reversal) for expected credit losses
(62)8 (7)(61)55 50 2 107 
Initial credit losses on PCD loans— 3 — 3 — 3 — 3 
Loans charged-off— — — — — (1)— (1)
Ending balance$232 $96 $13 $341 $232 $96 $13 $341 
Credit Quality Indicators of the Commercial Mortgage Portfolio The following represents the loan-to-value ratio of the commercial mortgage loan portfolio, excluding those under development, by origination year:    
September 30, 2020
(In millions)20202019201820172016PriorTotal
Less than 50%$282 $611 $207 $200 $45 $1,250 $2,595 
50% to 60%249 1,215 733 277 40 162 2,676 
61% to 70%539 1,978 1,430 475 46 71 4,539 
71% to 80%331 574 287 95 — 45 1,332 
81% to 100%13 — — — — — 13 
Greater than 100%— — — — — 39 39 
Commercial mortgage loans$1,414 $4,378 $2,657 $1,047 $131 $1,567 $11,194 

The following represents the loan-to-value ratio of the commercial mortgage loan portfolio, excluding those under development, net of valuation allowances:    
(In millions)December 31, 2019
Less than 50%$2,640 
50% to 60%2,486 
61% to 70%4,093 
71% to 80%1,162 
81% to 100%31 
Commercial mortgage loans$10,412 

The debt service coverage ratio is expressed as a percentage of a property’s net operating income to its debt service payments. A debt service ratio of less than 1.0 indicates a property’s operations do not generate enough income to cover debt payments. Debt service coverage ratios are updated as more recent financial statements become available, at least annually or as frequently as quarterly in some cases. The following represents the debt service coverage ratio of the commercial mortgage loan portfolio, excluding those under development, by origination year:    
September 30, 2020
(In millions)20202019201820172016PriorTotal
Greater than 1.20x$1,039 $3,413 $2,657 $993 $130 $1,494 $9,726 
1.00x – 1.20x375 965 — 31 1 66 1,438 
Less than 1.00x— — — 23 — 7 30 
Commercial mortgage loans$1,414 $4,378 $2,657 $1,047 $131 $1,567 $11,194 

The following represents the debt service coverage ratio of the commercial mortgage loan portfolio, excluding those under development, net of valuation allowances:    
(In millions)December 31, 2019
Greater than 1.20x$9,212 
1.00x – 1.20x1,166 
Less than 1.00x34 
Commercial mortgage loans$10,412 
Investment Funds
The following summarizes our investment funds, including related party:
September 30, 2020December 31, 2019
(In millions, except for percentages)Carrying valuePercent of totalCarrying valuePercent of total
Investment funds
Real estate$290 40.2 %$277 36.9 %
Credit funds110 15.2 %153 20.4 %
Private equity257 35.5 %236 31.5 %
Real assets66 9.1 %83 11.1 %
Natural resources— — %1 0.1 %
Total investment funds723 100.0 %750 100.0 %
Investment funds – related parties
Differentiated investments
MidCap FinCo Designated Activity Company (MidCap)1
— — %547 15.4 %
AmeriHome Mortgage Company, LLC (AmeriHome)2
666 13.9 %487 13.7 %
Catalina Holdings Ltd. (Catalina)317 6.6 %271 7.6 %
Athora Holding Ltd. (Athora)1
572 11.9 %132 3.7 %
Venerable Holdings, Inc. (Venerable)1
108 2.2 %99 2.8 %
Other272 5.7 %222 6.3 %
Total differentiated investments1,935 40.3 %1,758 49.5 %
Real estate686 14.3 %853 24.0 %
Credit funds373 7.7 %370 10.4 %
Private equity257 5.3 %105 3.0 %
Real assets196 4.1 %182 5.1 %
Natural resources101 2.1 %163 4.6 %
Public equities62 1.3 %119 3.4 %
Investment in Apollo1
1,198 24.9 %— — %
Total investment funds – related parties4,808 100.0 %3,550 100.0 %
Total investment funds including related party
$5,531 $4,300 
1 See further discussion on MidCap, Athora, Venerable and our investment in Apollo in Note 11 – Related Parties.
2 Our AmeriHome investment is held indirectly through A-A Mortgage Opportunities, L.P. (A-A Mortgage). See further discussion on A-A Mortgage and AmeriHome in Note 11 – Related Parties.
The following is the summarized income statement information of our equity method investee, A-A Mortgage:
Nine months ended September 30,
(In millions)20202019
Net income$334 $88 
Schedule of Variable Interest Entities
The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments:
September 30, 2020December 31, 2019
(In millions)Carrying ValueMaximum Loss ExposureCarrying ValueMaximum Loss Exposure
Investment funds$723 $1,183 $750 $1,265 
Investment in related parties – investment funds4,808 7,256 3,550 5,955 
Investment in fixed maturity securities21,930 22,000 22,694 22,170 
Investment in related parties – fixed maturity securities6,218 6,586 4,570 4,878 
Investment in related parties – equity securities50 50 58 58 
Total non-consolidated investments$33,729 $37,075 $31,622 $34,326 
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] The following table summarizes the maturities of our repurchase agreements:
September 30, 2020
Remaining Contractual Maturity
(In millions)Overnight and continuousLess than 30 days30-90 days91 days – 1 yearGreater than 1 yearTotal
Payables for repurchase agreements1
$— $500 $— $— $598 $1,098 
1 Included in payables for collateral on derivatives and securities to repurchase on the condensed consolidated balance sheets.
December 31, 2019
Remaining Contractual Maturity
(In millions)Overnight and continuousLess than 30 days30-90 days91 days – 1 yearGreater than 1 yearTotal
Payables for repurchase agreements1
$— $102 $200 $210 $— $512 
1 Included in payables for collateral on derivatives and securities to repurchase on the condensed consolidated balance sheets.


The following table summarizes the securities pledged as collateral for repurchase agreements:
September 30, 2020December 31, 2019
(In millions)Amortized CostFair ValueAmortized CostFair Value
AFS securities – Corporate$1,085 $1,249 $498 $534 
Financing Receivable, Past Due [Table Text Block]
The following represents our residential loan portfolio by origination year and performance status:
September 30, 2020
(In millions)20202019201820172016PriorTotal
Current (less than 30 days past due)$384 $1,016 $1,852 $507 $144 $7 $3,910 
30 to 59 days past due23 20 35 39 8 — 125 
60 to 89 days past due6 11 21 9 6 — 53 
Over 90 days past due1 12 21 32 13 2 81 
Total residential mortgages$414 $1,059 $1,929 $587 $171 $9 $4,169 
Commercial mortgage loans – The following represents our commercial mortgage loan portfolio by origination year and loan performance status:
September 30, 2020
(In millions)20202019201820172016PriorTotal
Current (less than 30 days past due)$1,398 $4,399 $2,750 $1,047 $131 $1,546 $11,271 
30 to 59 days past due98 — — — — — 98 
60 to 89 days past due— — — — — 21 21 
Total commercial mortgages$1,496 $4,399 $2,750 $1,047 $131 $1,567 $11,390