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Investments (Tables)

6 Months Ended

Jun. 30, 2021

The following represents our residential loan portfolio in non-accrual status:


(In millions)	June 30, 2021		December 31, 2020
Beginning amortized cost of residential mortgage loans in non-accrual status	$	107	$	67
Ending amortized cost of residential mortgage loans in non-accrual status1	390		107
Amortized cost of residential mortgage loans in non-accrual status without a related allowance for credit losses1	262		13

1 Includes $179 million and $0 million of residential mortgage loans that are guaranteed by US government-sponsored agencies as of June 30, 2021 and December 31, 2020, respectively.

The following represents our commercial mortgage loan portfolio in non-accrual status:


(In millions)	June 30, 2021		December 31, 2020
Beginning amortized cost of commercial mortgage loans in non-accrual status	$	38	$	—
Ending amortized cost of commercial mortgage loans in non-accrual status	37		38
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

Allowance for Credit Losses—The following table summarizes the activity in the allowance for credit losses for AFS securities, including Purchase Credit Deteriorated (PCD) securities, by asset type:


	Three months ended June 30, 2021
			Additions				Reductions
(In millions)	Beginning balance		Initial credit losses		Initial credit losses on PCD securities		Securities sold during the period		Additions (reductions) to previously impaired securities		Ending Balance
AFS securities



Corporate	$	8	$	1	$	—	$	—	$	(4)	$	5
CLO	—		3		—		—		—		3
ABS	11		—		—		—		(1)		10
CMBS	14		—		—		—		(8)		6
RMBS	78		—		4		(3)		4		83
Total AFS securities	111		4		4		(3)		(9)		107

AFS securities – related party, CLO	—		2		—		—		—		2


Total AFS securities including related party	$	111	$	6	$	4	$	(3)	$	(9)	$	109


	Three months ended June 30, 2020
			Additions				Reductions
(In millions)	Beginning balance		Initial credit losses		Initial credit losses on PCD securities		Securities sold during the period		Additions (reductions) to previously impaired securities		Ending Balance
AFS securities



Corporate	$	15	$	16	$	—	$	—	$	—	$	31
CLO	—		1		—		—		—		1
ABS	5		—		—		—		(3)		2
CMBS	4		5		—		—		1		10
RMBS	54		13		60		(1)		3		129
Total AFS securities	78		35		60		(1)		1		173

AFS securities – related party, CLO	—		1		—		—		1		2


Total AFS securities including related party	$	78	$	36	$	60	$	(1)	$	2	$	175


	Six months ended June 30, 2021
			Additions				Reductions
(In millions)	Beginning balance		Initial credit losses		Initial credit losses on PCD securities		Securities sold during the period		Additions (reductions) to previously impaired securities		Ending Balance
AFS securities



Corporate	$	6	$	3	$	—	$	(2)	$	(2)	$	5
CLO	1		3		—		—		(1)		3
ABS	6		5		—		—		(1)		10
CMBS	10		2		—		—		(6)		6
RMBS	80		—		6		(6)		3		83
Total AFS securities	103		13		6		(8)		(7)		107

AFS securities – related party, CLO	1		2		—		(1)		—		2


Total AFS securities including related party	$	104	$	15	$	6	$	(9)	$	(7)	$	109


	Six months ended June 30, 2020
			Additions				Reductions
(In millions)	Beginning balance		Initial credit losses		Initial credit losses on PCD securities		Securities sold during the period		Additions (reductions) to previously impaired securities		Ending Balance
AFS securities



Corporate	$	—	$	31	$	—	$	—	$	—	$	31
CLO	—		1		—		—		—		1
ABS	—		5		—		—		(3)		2
CMBS	—		9		—		—		1		10
RMBS	17		48		61		(2)		5		129
Total AFS securities	17		94		61		(2)		3		173

AFS securities – related party, CLO	—		1		—		—		1		2


Total AFS securities including related party	$	17	$	95	$	61	$	(2)	$	4	$	175

Available-for-sale Securities

The following table represents the amortized cost, allowance for credit losses, gross unrealized gains and losses and fair value of our AFS investments by asset type:


	June 30, 2021
(In millions)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS securities
US government and agencies	$	347	$	—	$	2	$	(15)	$	334
US state, municipal and political subdivisions	871		—		146		(1)		1,016
Foreign governments	393		—		26		(3)		416
Corporate	58,832		(5)		5,179		(332)		63,674
CLO	13,162		(3)		108		(84)		13,183
ABS	5,180		(10)		185		(56)		5,299
CMBS	2,420		(6)		94		(54)		2,454
RMBS	6,135		(83)		423		(13)		6,462
Total AFS securities	87,340		(107)		6,163		(558)		92,838
AFS securities – related party
Corporate	168		—		9		—		177
CLO	2,032		(2)		16		(7)		2,039
ABS	4,791		—		76		(36)		4,831
Total AFS securities – related party	6,991		(2)		101		(43)		7,047
Total AFS securities including related party	$	94,331	$	(109)	$	6,264	$	(601)	$	99,885


	December 31, 2020
(In millions)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS securities
US government and agencies	$	349	$	—	$	3	$	(1)	$	351
US state, municipal and political subdivisions	864		—		169		—		1,033
Foreign governments	330		—		38		—		368
Corporate	51,934		(6)		6,368		(116)		58,180
CLO	9,631		(1)		145		(206)		9,569
ABS	4,259		(6)		140		(123)		4,270
CMBS	2,165		(10)		85		(71)		2,169
RMBS	6,568		(80)		447		(22)		6,913
Total AFS securities	76,100		(103)		7,395		(539)		82,853
AFS securities – related party
Corporate	213		—		2		—		215
CLO	1,511		(1)		23		(13)		1,520
ABS	4,720		—		95		(30)		4,785
Total AFS securities – related party	6,444		(1)		120		(43)		6,520
Total AFS securities including related party	$	82,544	$	(104)	$	7,515	$	(582)	$	89,373

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:


	June 30, 2021
(In millions)	Amortized Cost		Fair Value
AFS securities
Due in one year or less	$	947	$	961
Due after one year through five years	9,550		10,063
Due after five years through ten years	16,789		17,724
Due after ten years	33,157		36,692
CLO, ABS, CMBS and RMBS	26,897		27,398
Total AFS securities	87,340		92,838
AFS securities – related party

Due after one year through five years	18		19
Due after five years through ten years	150		158

CLO and ABS	6,823		6,870
Total AFS securities – related party	6,991		7,047
Total AFS securities including related party	$	94,331	$	99,885

Schedule of Unrealized Loss on Investments


	December 31, 2020
	Less than 12 months				12 months or more				Total
(In millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
AFS securities
US government and agencies	$	31	$	(1)	$	—	$	—	$	31	$	(1)
US state, municipal and political subdivisions	9		—		6		—		15		—
Foreign governments	2		—		—		—		2		—
Corporate	2,218		(66)		248		(24)		2,466		(90)
CLO	1,649		(33)		3,179		(167)		4,828		(200)
ABS	1,169		(73)		84		(18)		1,253		(91)
CMBS	710		(37)		48		(13)		758		(50)
RMBS	548		(11)		37		(2)		585		(13)
Total AFS securities	6,336		(221)		3,602		(224)		9,938		(445)
AFS securities – related party
CLO	336		(3)		232		(10)		568		(13)
ABS	1,012		(30)		—		—		1,012		(30)
Total AFS securities – related party	1,348		(33)		232		(10)		1,580		(43)
Total AFS securities including related party	$	7,684	$	(254)	$	3,834	$	(234)	$	11,518	$	(488)

The following summarizes the number of AFS securities that were in an unrealized loss position, including related party, for which an allowance for credit losses has not been recorded:


	June 30, 2021
	Unrealized loss position	Unrealized loss position 12 months or more
AFS securities	2,597	439
AFS securities – related party	45	9

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:


	June 30, 2021
	Less than 12 months				12 months or more				Total
(In millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
AFS securities
US government and agencies	$	243	$	(15)	$	—	$	—	$	243	$	(15)
US state, municipal and political subdivisions	55		(1)		3		—		58		(1)
Foreign governments	45		(3)		1		—		46		(3)
Corporate	10,055		(260)		507		(33)		10,562		(293)
CLO	3,553		(12)		2,590		(57)		6,143		(69)
ABS	584		(13)		275		(24)		859		(37)
CMBS	352		(11)		149		(13)		501		(24)
RMBS	202		(3)		363		(5)		565		(8)
Total AFS securities	15,089		(318)		3,888		(132)		18,977		(450)
AFS securities – related party

CLO	525		—		184		(3)		709		(3)
ABS	2,037		(35)		14		—		2,051		(35)
Total AFS securities – related party	2,562		(35)		198		(3)		2,760		(38)
Total AFS securities including related party	$	17,651	$	(353)	$	4,086	$	(135)	$	21,737	$	(488)

Net Investment Income

Net Investment Income—Net investment income by asset class consists of the following:


	Three months ended June 30,				Six months ended June 30,
(In millions)	2021		2020		2021		2020
AFS securities	$	939	$	790	$	1,799	$	1,627
Trading securities	60		42		123		90
Equity securities	3		2		7		6
Mortgage loans	203		175		395		361
Investment funds	708		372		1,171		94
Funds withheld at interest	172		43		378		84
Other	95		38		159		75
Investment revenue	2,180		1,462		4,032		2,337
Investment expenses	(142)		(126)		(290)		(256)
Net investment income	$	2,038	$	1,336	$	3,742	$	2,081

Investment Related Gains (Losses)

Investment Related Gains (Losses)—Investment related gains (losses) by asset class consists of the following:


	Three months ended June 30,				Six months ended June 30,
(In millions)	2021		2020		2021		2020
AFS securities
Gross realized gains on investment activity	$	208	$	68	$	281	$	232
Gross realized losses on investment activity	(171)		(66)		(314)		(200)
Net realized investment gains (losses) on AFS securities	37		2		(33)		32
Net recognized investment gains (losses) on trading securities	61		191		(8)		(32)
Net recognized investment gains (losses) on equity securities	8		30		25		(20)
Derivative gains (losses)	2,484		2,330		2,046		(689)
Provision for credit losses	20		(5)		12		(289)
Other gains (losses)	—		—		80		(26)
Investment related gains (losses)	$	2,610	$	2,548	$	2,122	$	(1,024)

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 June 30,				Six months ended June 30,
(In millions)	2021		2020		2021		2020
Trading securities	$	66	$	135	$	(55)	$	62
Trading securities – related party	(4)		66		54		(43)
Equity securities	18		17		27		(20)
Equity securities – related party	(5)		—		1		—

Mortgage Loans, Net

Mortgage Loans, including related party—Mortgage loans, net of allowances, consists of the following:


(In millions)	June 30, 2021		December 31, 2020
Commercial mortgage loans	$	13,244	$	11,383
Commercial mortgage loans under development	308		232
Total commercial mortgage loans	13,552		11,615
Allowance for credit losses on commercial mortgage loans	(165)		(167)
Commercial mortgage loans, net of allowances	13,387		11,448
Residential mortgage loans	4,886		4,569
Allowance for credit losses on residential mortgage loans	(64)		(79)
Residential mortgage loans, net of allowances	4,822		4,490
Mortgage loans, net of allowances	$	18,209	$	15,938

The distribution of commercial mortgage loans, including those under development, net of allowances, by property type and geographic region, is as follows:


	June 30, 2021				December 31, 2020
(In millions, except for percentages)	Net Carrying Value		Percentage of Total		Net Carrying Value		Percentage of Total
Property type
Office building	$	4,125	30.8	%	$	3,589	31.4	%
Retail	2,125		15.9	%	2,083		18.2	%
Apartment	2,710		20.2	%	2,441		21.3	%
Hotels	1,392		10.4	%	1,294		11.3	%
Industrial	1,956		14.6	%	1,362		11.9	%
Other commercial	1,079		8.1	%	679		5.9	%
Total commercial mortgage loans	$	13,387	100.0	%	$	11,448	100.0	%

US Region
East North Central	$	1,360	10.2	%	$	1,209	10.5	%
East South Central	422		3.2	%	402		3.5	%
Middle Atlantic	3,222		24.1	%	3,069		26.8	%
Mountain	465		3.5	%	487		4.2	%
New England	366		2.7	%	350		3.1	%
Pacific	3,129		23.3	%	2,746		24.0	%
South Atlantic	1,957		14.5	%	1,773		15.5	%
West North Central	128		1.0	%	145		1.3	%
West South Central	656		4.9	%	640		5.6	%
Total US Region	11,705		87.4	%	10,821		94.5	%
International Region
United Kingdom	827		6.2	%	—		—	%
Other International1	855		6.4	%	627		5.5	%
Total International Region	1,682		12.6	%	627		5.5	%
Total commercial mortgage loans	$	13,387	100.0	%	$	11,448	100.0	%

1 Represents all other countries, with each individual country comprising less than 5% of the portfolio.

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:


	June 30, 2021		December 31, 2020
US States
California	23.7	%	24.8	%
Florida	11.9	%	13.3	%
New York	6.3	%	6.2	%
Other1	43.0	%	41.1	%
Total US residential mortgage loan percentage	84.9	%	85.4	%
International
Ireland	11.0	%	12.9	%
Other2	4.1	%	1.7	%
Total International residential mortgage loan percentage	15.1	%	14.6	%
Total residential mortgage loan percentage	100.0	%	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

Loan Valuation Allowance—The allowances for our mortgage loan portfolio and other loans is summarized as follows:


	Three months ended June 30, 2021			Three months ended June 30, 2020
(In millions)		Commercial Mortgage		Residential Mortgage		Other Investments		Total		Commercial Mortgage		Residential Mortgage		Other Investments		Total
Beginning balance		$	172	$	78	$	2	$	252	$	343	$	81	$	12	$	436

Provision (reversal) for expected credit losses		(7)		(13)		(2)		(22)		(49)		5		8		(36)

Loans charged-off		—		(1)		—		(1)		—		(1)		—		(1)

Ending balance		$	165	$	64	$	—	$	229	$	294	$	85	$	20	$	399


	Six months ended June 30, 2021								Six months ended June 30, 2020
(In millions)	Commercial Mortgage		Residential Mortgage		Other Investments		Total		Commercial Mortgage		Residential Mortgage		Other Investments		Total
Beginning balance	$	167	$	79	$	7	$	253	$	10	$	1	$	—	$	11
Adoption of accounting standard	—		—		—		—		167		43		11		221
Provision (reversal) for expected credit losses	(2)		(20)		(7)		(29)		117		42		9		168
Initial credit losses on PCD loans	—		6		—		6		—		—		—		—
Loans charged-off	—		(1)		—		(1)		—		(1)		—		(1)

Ending balance	$	165	$	64	$	—	$	229	$	294	$	85	$	20	$	399

Credit Quality Indicators of the Commercial Mortgage Portfolio

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 June 30, 2021				Six months ended June 30, 2021
(In millions)	Fixed maturity securities		Mortgage loans		Fixed maturity securities		Mortgage loans
Purchase price	$	10	$	—	$	16	$	335
Allowance for credit losses at acquisition	4		—		6		6
Discount (premiums) attributable to other factors	3		—		1		(26)
Par value	$	17	$	—	$	23	$	315

The following represents the loan-to-value ratio of the commercial mortgage loan portfolio, excluding those under development, by origination year:


	June 30, 2021
(In millions)	2021		2020		2019		2018		2017		Prior		Total
Less than 50%	$	199	$	462	$	617	$	223	$	150	$	1,032	$	2,683
50% to 59%	697		298		1,335		718		347		184		3,579
60% to 69%	901		611		1,938		1,305		449		115		5,319
70% to 79%	280		492		365		372		101		16		1,626

100% or greater	—		—		—		—		—		37		37
Commercial mortgage loans	$	2,077	$	1,863	$	4,255	$	2,618	$	1,047	$	1,384	$	13,244

	December 31, 2020
(In millions)	2020		2019		2018		2017		2016		Prior		Total
Less than 50%	$	431	$	600	$	201	$	152	$	44	$	1,153	$	2,581
50% to 59%	315		1,320		765		300		40		147		2,887
60% to 69%	583		1,988		1,222		440		46		106		4,385
70% to 79%	478		485		375		95		—		13		1,446
80% to 99%	—		—		—		25		—		21		46
100% or greater	—		—		—		—		—		38		38
Commercial mortgage loans	$	1,807	$	4,393	$	2,563	$	1,012	$	130	$	1,478	$	11,383

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:


	June 30, 2021
(In millions)	2021		2020		2019		2018		2017		Prior		Total
Greater than 1.20x	$	1,523	$	1,147	$	2,546	$	2,126	$	797	$	1,259	$	9,398
1.00x – 1.20x	554		546		954		135		30		105		2,324
Less than 1.00x	—		170		755		357		220		20		1,522
Commercial mortgage loans	$	2,077	$	1,863	$	4,255	$	2,618	$	1,047	$	1,384	$	13,244

	December 31, 2020
(In millions)	2020		2019		2018		2017		2016		Prior		Total
Greater than 1.20x	$	1,274	$	2,964	$	2,440	$	846	$	129	$	1,369	$	9,022
1.00x – 1.20x	533		1,122		36		70		1		101		1,863
Less than 1.00x	—		307		87		96		—		8		498
Commercial mortgage loans	$	1,807	$	4,393	$	2,563	$	1,012	$	130	$	1,478	$	11,383

Investment Funds

The following summarizes our investment funds, including related party:


	June 30, 2021				December 31, 2020
(In millions, except for percentages)	Carrying value		Percent of total		Carrying value		Percent of total
Investment funds
Real estate	$	510	44.0	%	$	348	43.3	%
Credit funds	96		8.3	%	107		13.3	%
Private equity	281		24.2	%	267		33.3	%
Real assets	272		23.5	%	81		10.1	%


Total investment funds	1,159		100.0	%	803		100.0	%
Investment funds – related parties
Differentiated investments

A-A Mortgage Opportunities, L.P. (A-A Mortgage)1	77		1.2	%	444		8.4	%
Catalina Holdings Ltd. (Catalina)	348		5.5	%	334		6.3	%
Athora Holding Ltd. (Athora)1	723		11.4	%	709		13.4	%
Venerable Holdings, Inc. (Venerable)1	329		5.2	%	123		2.3	%
Other	346		5.5	%	279		5.3	%
Total differentiated investments	1,823		28.8	%	1,889		35.7	%
Real estate	1,269		20.1	%	828		15.7	%
Credit funds	417		6.6	%	375		7.1	%
Private equity	531		8.4	%	473		8.9	%
Real assets	344		5.4	%	172		3.3	%
Natural resources	122		1.9	%	113		2.1	%
Public equities	88		1.4	%	110		2.1	%
Investment in Apollo1	1,730		27.4	%	1,324		25.1	%
Total investment funds – related parties	6,324		100.0	%	5,284		100.0	%
Total investment funds including related party	$	7,483			$	6,087

1 Our Venerable investment is in its parent company, VA Capital Company LLC (VA Capital). See further discussion on this investment and our investments in Apollo, Athora and A-A Mortgage in Note 10 – Related Parties.

Schedule of Variable Interest Entities

The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments:


	June 30, 2021				December 31, 2020
(In millions)	Carrying Value		Maximum Loss Exposure		Carrying Value		Maximum Loss Exposure
Investment funds	$	1,159	$	1,794	$	803	$	1,265
Investment in related parties – investment funds	6,324		8,927		5,284		7,989
Investment in fixed maturity securities	27,808		27,307		23,325		23,027
Investment in related parties – fixed maturity securities	8,610		10,010		7,834		8,126
Investment in related parties – equity securities	115		115		72		72
Total non-consolidated investments	$	44,016	$	48,153	$	37,318	$	40,479

Financing Receivable, Past Due

The following represents our residential loan portfolio by origination year and performance status:


	June 30, 2021
(In millions)	2021		2020		2019		2018		2017		Prior		Total
Current (less than 30 days past due)	$	848	$	855	$	753	$	1,265	$	415	$	112	$	4,248
30 to 59 days past due	26		28		28		18		15		7		122
60 to 89 days past due	30		65		17		6		6		2		126
90 days or more past due1	181		27		92		33		38		19		390
Total residential mortgages	$	1,085	$	975	$	890	$	1,322	$	474	$	140	$	4,886

1 Includes $179 million of residential mortgage loans that are guaranteed by US government-sponsored agencies.
	December 31, 2020
(In millions)	2020		2019		2018		2017		2016		Prior		Total
Current (less than 30 days past due)	$	955	$	942	$	1,730	$	485	$	141	$	6	$	4,259
30 to 59 days past due	68		16		34		26		8		1		153
60 to 89 days past due	15		7		16		9		3		—		50
90 days or more past due	3		26		22		43		12		1		107
Total residential mortgages	$	1,041	$	991	$	1,802	$	563	$	164	$	8	$	4,569

Commercial mortgage loans – The following represents our commercial mortgage loan portfolio by origination year and loan performance status:


	June 30, 2021
(In millions)	2021		2020		2019		2018		2017		Prior		Total
Current (less than 30 days past due)	$	2,155	$	1,961	$	4,284	$	2,681	$	1,022	$	1,384	$	13,487

60 to 89 days past due	—		—		—		40		—		—		40
90 days or more past due	—		—		—		—		25		—		25
Total commercial mortgages	$	2,155	$	1,961	$	4,284	$	2,721	$	1,047	$	1,384	$	13,552

	December 31, 2020
(In millions)	2020		2019		2018		2017		2016		Prior		Total
Current (less than 30 days past due)	$	1,913	$	4,400	$	2,617	$	987	$	130	$	1,452	$	11,499
30 to 59 days past due	—		20		45		25		—		5		95

90 days or more past due	—		—		—		—		—		21		21
Total commercial mortgages	$	1,913	$	4,420	$	2,662	$	1,012	$	130	$	1,478	$	11,615

Schedule of Repurchase Agreements

The following table summarizes the maturities of our repurchase agreements:


	June 30, 2021
	Remaining Contractual Maturity
(In millions)	Overnight and continuous		Less than 30 days		30-90 days		91 days to 1 year		Greater than 1 year		Total
Payables for repurchase agreements1	$	—	$	—	$	—	$	—	$	598	$	598

1 Included in payables for collateral on derivatives and securities to repurchase on the condensed consolidated balance sheets.


	December 31, 2020
	Remaining Contractual Maturity
(In millions)	Overnight and continuous		Less than 30 days		30-90 days		91 days to 1 year		Greater than 1 year		Total
Payables for repurchase agreements1	$	—	$	—	$	—	$	—	$	598	$	598

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:


	June 30, 2021				December 31, 2020
(In millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value




AFS securities – Corporate	$	567	$	628	$	559	$	644