Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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


	September 30, 2023				December 31, 2022
(In millions)	Carrying Value		Maximum Loss Exposure		Carrying Value		Maximum Loss Exposure
Investment funds	$	124	$	593	$	79	$	340
Investment in related parties – investment funds	1,604		2,325		1,569		2,253
Assets of consolidated VIEs – investment funds	15,090		21,270		12,480		20,278
Investment in fixed maturity securities	42,685		46,101		37,454		40,992
Investment in related parties – fixed maturity securities	13,500		16,414		9,717		10,290
Investment in related parties – equity securities	304		304		279		279
Total non-consolidated investments	$	73,307	$	87,007	$	61,578	$	74,432

The following summarizes the income statement activity of the consolidated VIEs:


	Three months ended September 30,				Nine months ended September 30,
(In millions)	2023		2022		2023		2022
Trading securities	$	28	$	10	$	79	$	10
Equity securities	—		13		—		13
Mortgage loans	29		22		83		65
Investment funds	20		4		55		(5)
Other investments	(2)		(16)		(7)		(3)
Net investment income	$	75	$	33	$	210	$	80

Net recognized investment losses on trading securities	$	(16)	$	(38)	$	(15)	$	(38)
Net recognized investment losses on mortgage loans	(25)		(103)		(45)		(262)
Net recognized investment gains on investment funds	292		236		833		354
Other gains (losses)	(1)		(16)		(29)		5
Investment related gains (losses)	$	250	$	79	$	744	$	59

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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