Investments

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Investments

Note 4—Investments

Portfolio Composition: Summaries of fixed maturities available for sale by amortized cost, fair value, and allowance for credit losses at December 31, 2021 and 2020, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) are as follows. Redeemable preferred stock is included within "Corporates, by sector."

	At December 31, 2021
	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair  Value(1)		% of Total Fixed Maturities(2)
Fixed maturities available for sale:
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	383,083	$	—	$	64,513	$	(164)	$	447,432	2
States, municipalities, and political subdivisions	2,252,997		—		239,135		(2,907)		2,489,225		12
Foreign governments	59,861		—		900		(5,132)		55,629		—
Corporates, by sector:
Financial	4,569,160		(387)		907,741		(9,349)		5,467,165		26
Utilities	1,931,391		—		490,119		(1,012)		2,420,498		11
Energy	1,587,892		—		346,780		(1,683)		1,932,989		9
Other corporate sectors	6,879,459		—		1,454,464		(13,362)		8,320,561		39
Total corporates	14,967,902		(387)		3,199,104		(25,406)		18,141,213		85
Collateralized debt obligations	36,468		—		27,037		—		63,505		—
Other asset-backed securities	104,998		—		3,715		(430)		108,283		1
Total fixed maturities	$	17,805,309	$	(387)	$	3,534,404	$	(34,039)	$	21,305,287	100

(1)Amount reported in the balance sheet.

(2)At fair value.

	At December 31, 2020
	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair  Value(1)		% of Total Fixed Maturities(2)
Fixed maturities available for sale:
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	380,602	$	—	$	87,272	$	(43)	$	467,831	2
States, municipalities, and political subdivisions	1,880,607		—		251,291		(315)		2,131,583		10
Foreign governments	52,913		—		2,635		(898)		54,650		—
Corporates, by sector:
Financial	4,404,203		—		1,016,813		(24,221)		5,396,795		26
Utilities	1,975,460		—		608,595		(108)		2,583,947		12
Energy	1,623,970		(3,346)		346,197		(3,083)		1,963,738		9
Other corporate sectors	6,687,644		—		1,727,366		(6,218)		8,408,792		40
Total corporates	14,691,277		(3,346)		3,698,971		(33,630)		18,353,272		87
Collateralized debt obligations	57,007		—		23,460		(8,869)		71,598		—
Other asset-backed securities	134,739		—		3,614		(3,778)		134,575		1
Total fixed maturities	$	17,197,145	$	(3,346)	$	4,067,243	$	(47,533)	$	21,213,509	100

(1)Amount reported in the balance sheet.

(2)At fair value.

A schedule of fixed maturities available for sale by contractual maturity date at December 31, 2021, is shown below on an amortized cost basis, net of allowance for credit losses, and on a fair value basis. Actual disposition dates could differ from contractual maturities due to call or prepayment provisions.

	At December 31, 2021
	Amortized Cost, net		Fair Value
Fixed maturities available for sale:
Due in one year or less	$	98,115	$	99,760
Due after one year through five years	900,326		995,569
Due after five years through ten years	1,757,273		2,083,816
Due after ten years through twenty years	6,862,449		8,653,145
Due after twenty years	8,045,149		9,301,053
Mortgage-backed and asset-backed securities	141,610		171,944
	$	17,804,922	$	21,305,287

Analysis of investment operations: "Net investment income" for the three years ended December 31, 2021, is summarized as follows:

	Year Ended December 31,
	2021		2020		2019
Fixed maturities available for sale	$	892,421	$	873,352	$	864,280
Policy loans	45,318		44,801		43,434
Other long-term investments(1)	35,838		26,196		16,198
Short-term investments	24		545		2,592
	973,601		944,894		926,504
Less investment expense	(21,154)		(17,832)		(16,045)
Net investment income	$	952,447	$	927,062	$	910,459

(1)For the years ended 2021, 2020 and 2019, the investment funds, accounted for under the fair value option method, recorded $26.7 million, $15.3 million and $5.6 million, respectively in net investment income.

An analysis of "realized gains (losses)" is as follows:

	Year Ended December 31,
	2021		2020		2019
Realized investment gains (losses):
Fixed maturities available for sale:
Sales and other(1)	$	34,916	$	(22,999)	$	19,354
Provision for credit losses	2,959		(3,346)		—
Investment funds—fair value option	22,918		1,045		1,256
Other investments	7,840		21,563		11
Realized gains (losses) from investments	68,633		(3,737)		20,621
Realized loss on redemption of debt(2)	(9,314)		(634)		—
	59,319		(4,371)		20,621
Applicable tax	(12,457)		1,955		(4,330)
Realized gains (losses), net of tax	$	46,862	$	(2,416)	$	16,291

(1)For the years ended 2021, 2020 and 2019, the Company recorded $109.2 million, $219.8 million and $243.2 million of exchanges of fixed maturities (noncash transactions) that resulted in $25.2 million, $7.9 million, and $20.5 million, respectively in realized gains (losses).

(2)Refer to Note 11—Debt for further discussion.

An analysis of the net change in unrealized investment gains (losses) is as follows:

	Year Ended December 31,
	2021		2020		2019
Change in investment gains (losses) on:
Fixed maturities available for sale	$	(519,345)	$	1,528,339	$	1,946,910

Selected information about sales of fixed maturities available for sale is as follows:

	Year Ended December 31,
	2021		2020		2019
Fixed maturities available for sale:
Proceeds from sales(1)	$	116,656	$	52,681	$	79,108
Gross realized gains	1,848		2,642		1,227
Gross realized losses	(12,101)		(39,153)		(3,674)

(1)There were no unsettled sales in the periods ended December 31, 2021, 2020 and 2019.

Fair value measurements: The following tables represent the fair value of fixed maturities measured on a recurring basis at December 31, 2021 and 2020:

	Fair Value Measurement at December 31, 2021:
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Fixed maturities available for sale
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	—		$	447,432		$	—		$	447,432
States, municipalities, and political subdivisions	—			2,489,225			—			2,489,225
Foreign governments	—			55,629			—			55,629
Corporates, by sector:
Financial	—			5,303,547			163,618			5,467,165
Utilities	—			2,266,231			154,267			2,420,498
Energy	—			1,919,416			13,573			1,932,989
Other corporate sectors	—			8,010,331			310,230			8,320,561
Total corporates	—			17,499,525			641,688			18,141,213
Collateralized debt obligations	—			—			63,505			63,505
Other asset-backed securities	—			108,283			—			108,283
Total fixed maturities	$	—		$	20,600,094		$	705,193		$	21,305,287
Percentage of total	—		%	97		%	3		%	100		%

	Fair Value Measurement at December 31, 2020:
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Fixed maturities available for sale
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	—		$	467,831		$	—		$	467,831
States, municipalities, and political subdivisions	—			2,131,583			—			2,131,583
Foreign governments	—			54,650			—			54,650
Corporates, by sector:
Financial	—			5,222,066			174,729			5,396,795
Utilities	—			2,400,602			183,345			2,583,947
Energy	—			1,925,549			38,189			1,963,738
Other corporate sectors	—			8,090,550			318,242			8,408,792
Total corporates	—			17,638,767			714,505			18,353,272
Collateralized debt obligations	—			—			71,598			71,598
Other asset-backed securities	—			121,705			12,870			134,575
Total fixed maturities	$	—		$	20,414,536		$	798,973		$	21,213,509
Percentage of total	—		%	96		%	4		%	100		%

The following tables represent changes in fixed maturities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):

	Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Asset- backed Securities		Collateralized Debt Obligations		Corporates		Total
Balance at January 1, 2019	$	12,982	$	73,369	$	553,471	$	639,822
Included in realized gains/losses	—		—		396		396
Included in other comprehensive income	708		1,514		30,378		32,600
Acquisitions(1)	—		—		—		—
Sales	—		—		—		—
Amortization	—		4,596		13		4,609
Other(2)	(513)		(5,375)		(19,154)		(25,042)
Transfers into Level 3(3)	—		—		107,024		107,024
Transfers out of Level 3(3)	—		—		—		—
Balance at December 31, 2019	13,177		74,104		672,128		759,409
Included in realized gains/losses	—		—		1,579		1,579
Included in other comprehensive income	(173)		(2,523)		17,082		14,386
Acquisitions(1)	—		—		67,820		67,820
Sales	—		—		—		—
Amortization	—		4,551		12		4,563
Other(2)	(134)		(4,534)		(44,116)		(48,784)
Transfers into Level 3(3)	—		—		—		—
Transfers out of Level 3(3)	—		—		—		—
Balance at December 31, 2020	12,870		71,598		714,505		798,973
Included in realized gains/losses	(82)		(6,787)		3,275		(3,594)
Included in other comprehensive income	63		12,447		(20,818)		(8,308)
Acquisitions(1)	—		—		25,000		25,000
Sales	(12,851)		(13,213)		—		(26,064)
Amortization	—		4,505		9		4,514
Other(2)	—		(5,045)		(80,283)		(85,328)
Transfers into Level 3(3)	—		—		—		—
Transfers out of Level 3(3)	—		—		—		—
Balance at December 31, 2021	$	—	$	63,505	$	641,688	$	705,193
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period:
	Asset- backed Securities		Collateralized Debt Obligations		Corporates		Total
2019	$	708	$	1,514	$	30,378	$	32,600
2020	(173)		(2,523)		17,082		14,386
2021	63		12,447		(20,818)		(8,308)

(1)Acquisitions of Level 3 investments in each of the years 2019 through 2021 are comprised of private placement fixed maturities and equities.

(2)Includes capitalized interest, foreign exchange adjustments, and principal repayments. 

(3)Considered to be transferred at the end of the period.

Transfers between levels within the hierarchy occur when there are changes in the observability of the inputs and market data. Transfers into Level 3 occur when there is little unobservable market activity for the asset/liability as of the measurement date and the Company is required to rely upon internally-developed assumptions or third-parties. Transfers out of Level 3 occur when quoted prices in active markets becomes available for identical assets/ liabilities or the ability to corroborate by observable market data.

The following table represents quantitative information about Level 3 fair value measurements:

	Quantitative Information about Level 3 Fair Value Measurements
	As of December 31, 2021
	Fair Value		Valuation Techniques	Significant Unobservable Input	Range	Weighted- Average(1)
Private placement fixed maturities	$	539,880	Determination of credit spread	Credit rating	A+ to B-	BBB
			Discounted Cash Flows	Discount rate	1.36% - 8.85%	3.05%
Other corporate bonds	101,808		Present Value Techniques	Market Quotes	100.25%	100.25%
Collateralized debt obligations	63,505		Discounted Cash Flows	Discount rate	6.45%	6.45%
	$	705,193

(1)Unobservable inputs were weighted by the relative fair value of the instruments.

The private placement fixed maturities reported as Level 3, are managed by third-party investment managers. These securities are valued based on the contractual cash flows discounted by a yield determined as a treasury benchmark adjusted for a credit spread. The credit spread is developed from observable indices for similar public fixed maturities and unobservable indices for private fixed maturities for corresponding credit ratings. However, the credit ratings for the securities are considered unobservable inputs, as they are assigned by the third-party investment manager based on a quantitative and qualitative assessment of the credit underwritten. A higher (lower) credit rating would result in a higher (lower) valuation.

The collateral underlying collateralized debt obligations consists primarily of trust preferred securities issued by banks and insurance companies. Collateralized debt obligations are valued at the present value of expected future cash flows using an unobservable discount rate. Expected cash flows are determined by scheduling the projected repayment of the collateral assuming no future defaults, deferrals, or recoveries. The discount rate is risk-adjusted to take these items into account. A significant increase (decrease) in the discount rate will produce a significant decrease (increase) in fair value. Additionally, a significant increase (decrease) in the cash flow expectations would result in a significant increase (decrease) in fair value. For more information regarding valuation procedures, please refer to Note 1—Significant Accounting Policies under the caption Fair Value Measurements, Investments in Securities.

Other corporate bonds consist of obligations issued out of a special purpose vehicle (SPV). The market quotes consisted of Level 3 quotes. An increase (decrease) in the market quotes will produce an increase (decrease) in fair value.

Unrealized Loss Analysis: The following table discloses information about fixed maturities available for sale in an unrealized loss position.

	Less than Twelve Months	Twelve Months or Longer	Total
Number of issues (CUSIPs) held:
As of December 31, 2021	138	42	180
As of December 31, 2020	54	24	78

Globe Life's entire fixed maturity portfolio consisted of 2,060 issues by 843 different issuers at December 31, 2021 and 1,900 issues by 777 different issuers at December 31, 2020. The weighted-average quality rating of all unrealized loss positions at amortized cost was A- and BBB- as of December 31, 2021 and December 31, 2020, respectively.

The following tables disclose unrealized investment losses by class and major sector of fixed maturities available for sale at December 31, 2021 and December 31, 2020.

Analysis of Gross Unrealized Investment Losses

	At December 31, 2021
	Less than Twelve Months				Twelve Months or Longer				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Fixed maturities available for sale:
Investment grade securities:
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	118	$	(1)	$	3,867	$	(163)	$	3,985	$	(164)
States, municipalities and political subdivisions	141,310		(2,824)		2,436		(83)		143,746		(2,907)
Foreign governments	12,567		(561)		23,144		(4,571)		35,711		(5,132)
Corporates, by sector:
Financial	133,654		(1,507)		52,864		(1,932)		186,518		(3,439)
Utilities	25,447		(692)		2,372		(320)		27,819		(1,012)
Energy	6,519		(238)		—		—		6,519		(238)
Other corporate sectors	115,444		(3,566)		40,249		(3,670)		155,693		(7,236)
Total corporates	281,064		(6,003)		95,485		(5,922)		376,549		(11,925)
Collateralized debt obligations	—		—		—		—		—		—
Other asset-backed securities	10,489		(16)		1		—		10,490		(16)
Total investment grade securities	445,548		(9,405)		124,933		(10,739)		570,481		(20,144)
Below investment grade securities:
States, municipalities and political subdivisions	—		—		—		—		—		—
Corporates, by sector:
Financial	15,695		(272)		56,897		(5,638)		72,592		(5,910)
Utilities	—		—		—		—		—		—
Energy	—		—		26,639		(1,445)		26,639		(1,445)
Other corporate sectors	700		(11)		26,581		(6,115)		27,281		(6,126)
Total corporates	16,395		(283)		110,117		(13,198)		126,512		(13,481)
Collateralized debt obligations	—		—		—		—		—		—
Other asset-backed securities	—		—		13,043		(414)		13,043		(414)
Total below investment grade securities	16,395		(283)		123,160		(13,612)		139,555		(13,895)
Total fixed maturities	$	461,943	$	(9,688)	$	248,093	$	(24,351)	$	710,036	$	(34,039)

Gross unrealized losses may fluctuate quarter over quarter due to adverse factors in the market that affect our holdings, such as changes in interest rates or credit spreads. The Company considers many factors when determining whether an allowance for a credit loss should be recorded. While the Company holds securities that may be in an unrealized loss position from time to time, Globe Life does not intend to sell and it is likely that management will not be required to sell the fixed maturities prior to their anticipated recovery or maturity due to the strong cash flows generated by its insurance operations.

Analysis of Gross Unrealized Investment Losses

	At December 31, 2020
	Less than Twelve Months				Twelve Months or Longer				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Fixed maturities available for sale:
Investment grade securities:
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	2,006	$	(43)	$	—	$	—	$	2,006	$	(43)
States, municipalities and political subdivisions	32,910		(315)		—		—		32,910		(315)
Foreign governments	19,532		(898)		—		—		19,532		(898)
Corporates, by sector:
Financial	117,762		(2,564)		6,333		(2,168)		124,095		(4,732)
Utilities	2,726		(108)		—		—		2,726		(108)
Energy	1,692		(8)		14,871		(106)		16,563		(114)
Other corporate sectors	21,882		(720)		—		—		21,882		(720)
Total corporates	144,062		(3,400)		21,204		(2,274)		165,266		(5,674)
Collateralized debt obligations	—		—		—		—		—		—
Other asset-backed securities	28,864		(1,051)		5		—		28,869		(1,051)
Total investment grade securities	227,374		(5,707)		21,209		(2,274)		248,583		(7,981)
Below investment grade securities:
States, municipalities and political subdivisions	—		—		—		—		—		—
Corporates, by sector:
Financial	6,822		(36)		115,093		(19,453)		121,915		(19,489)
Utilities	—		—		—		—		—		—
Energy	18,432		(757)		38,720		(2,212)		57,152		(2,969)
Other corporate sectors	25,711		(3,588)		19,516		(1,910)		45,227		(5,498)
Total corporates	50,965		(4,381)		173,329		(23,575)		224,294		(27,956)
Collateralized debt obligations	—		—		11,131		(8,869)		11,131		(8,869)
Other asset-backed securities	—		—		11,223		(2,727)		11,223		(2,727)
Total below investment grade securities	50,965		(4,381)		195,683		(35,171)		246,648		(39,552)
Total fixed maturities	$	278,339	$	(10,088)	$	216,892	$	(37,445)	$	495,231	$	(47,533)

Gross unrealized losses decreased from $47.5 million at December 31, 2020, to $34.0 million at December 31, 2021, a decrease of $13.5 million. The decrease in the gross unrealized losses from the prior year was primarily attributable to the decrease in market interest rates.

Fixed Maturities, Allowance for Credit Losses: A summary of the activity in the allowance for credit losses is as follows. Refer to Note 1 for factors considered in the recording of the allowance for credit losses.

	Year Ended December 31,
	2021		2020
Allowance for credit losses beginning balance	$	3,346	$	—
Additions to allowance for which credit losses were not previously recorded	387		36,065
Additions (reductions) to allowance for fixed maturities that previously had an allowance	—		—
Reduction of allowance for which the Company intends to sell or more likely than not will be required to sell or sold during the period	(3,346)		(32,719)
Allowance for credit losses ending balance	$	387	$	3,346

As of December 31, 2021 and December 31, 2020, the Company did not have any fixed maturities in non-accrual status.

Concentrations of Credit Risk: Globe Life maintains a diversified investment portfolio with limited concentration in any given issuer. At December 31, 2021, the investment portfolio, at fair value, consisted of the following:

Investment grade fixed maturities:
Corporates	77	%
States, municipalities, and political subdivisions	11
U.S. Government direct, guaranteed, and government-sponsored enterprises	2
Other	1
Below investment grade fixed maturities:
Corporates	3
States, municipalities, and political subdivisions	—
U.S. Government direct, guaranteed, and government-sponsored enterprises	—
Other	—
	94
Other
Policy loans, which are secured by the underlying insurance policy values	2
Other investments	4
	100	%

As of December 31, 2021, state and municipal governments represented 11% of invested assets at fair value. Such investments are made throughout the U.S. At December 31, 2021, the state and municipal bond portfolio at fair value was invested in securities issued within the following states: Texas (22%), New York (10%), California (10%), Michigan (7%), Ohio (5%), and Florida (4%). Otherwise, there was no concentration within any given state greater than 4%.

Corporate fixed maturities represent 80% of Globe Life's invested assets. These investments are spread across a wide range of industries. Below are the ten largest industry concentrations held in the portfolio of corporate fixed maturities at December 31, 2021, based on fair value:

Insurance	16	%
Electric utilities	10
Banks	7
Oil and natural gas pipelines	6
Chemicals	5
Transportation	4
Real estate investment trusts	4
Food	4
Oil and natural gas exploration and production	4
Telecommunications	3

At December 31, 2021, 3% of invested assets at fair value were represented by fixed maturities rated below investment grade. Par value of these investments was $795 million, amortized cost was $702 million, and fair value was $783 million. While these investments could be subject to additional credit risk, such risk should generally be reflected in their fair value.

Securities, cash, and short-term investments held on deposit with various state and federal regulatory authorities had an amortized cost and fair value, respectively, of $969 million and $1.1 billion at December 31, 2021 and $892 million and $1.1 billion at December 31, 2020.

Other Long-Term Investments: Other long-term investments consist of the following assets:

	December 31,
	2021		2020
Investment funds	$	640,263	$	385,038
Commercial mortgage loan participations	141,843		160,602
Other	11,819		1,341
Total	$	793,925	$	546,981

The following table presents additional information about the Company's investment funds as of December 31, 2021 and December 31, 2020 at fair value:

	December 31,
	Fair Value				Unfunded Commitments
Investment Category	2021		2020		2021		Redemption Term/Notice
Commercial mortgage loans	$	423,776	$	227,050	$	237,631	Fully redeemable and non-redeemable with varying terms.
Opportunistic credit	178,215		157,461		—		Initial 2 year lock on each new investment/semi-annual withdrawals thereafter/full redemption within 36 month period.
Other	38,272		527		212,286		Fully redeemable with varying terms and non-redeemable.
Total investment funds	$	640,263	$	385,038	$	449,917

The Company committed to two new investment funds during the calendar year. The Company had $234 million of capital called during the year from existing investment funds, reducing our unfunded commitments. Our unfunded commitments were $450 million as of December 31, 2021.

Commercial mortgage loan participations (commercial mortgage loans): Summaries of commercial mortgage loans at December 31, 2021 and 2020 are as follows:

	2021			2020
	Carrying Value		% of Total	Carrying Value		% of Total
Property type:
Mixed use	$	57,996	41	$	49,002	31
Hospitality	23,186		16	22,605		14
Retail	19,811		14	19,319		12
Industrial	17,900		13	17,900		11
Multi-family	14,872		11	19,128		12
Office	8,905		6	36,153		22
Total recorded investment	142,670		101	164,107		102
Less allowance for credit losses	(827)		(1)	(3,505)		(2)
Carrying value, net of valuation allowance	$	141,843	100	$	160,602	100

	2021			2020
	Carrying Value		% of Total	Carrying Value		% of Total
Geographic location:
California	$	67,659	48	$	61,610	38
New York	18,373		13	16,602		10
Pennsylvania	11,673		8	11,314		7
Indiana	9,717		7	9,717		6
Florida	8,213		6	12,420		8
Texas	5,898		4	4,215		3
Other(1)	21,137		15	48,229		30
Total recorded investment	142,670		101	164,107		102
Less allowance for credit losses	(827)		(1)	(3,505)		(2)
Carrying value, net of valuation allowance	$	141,843	100	$	160,602	100

(1)Included in 2020, was one loan in Virginia with a carrying value of $27 million and reported in Other in the table above. The loan was paid off during 2021, resulting in a zero balance for loans in Virginia as of December 31, 2021.

The following table is reflective of Management's internal risk ratings of the loan portfolio. Loans are rated low, moderate, and high. The risk categories consider many different factors such as quality of asset, borrower status, as well as macroeconomic factors including COVID-19. These loans, originated in 2017 to 2021, are transitional or under construction and may not yet be income producing. Certain ratios such as loan to value and debt service coverage ratios may not be evaluated as the value of the underlying transitional property significantly fluctuates based on completion of the project.

	Net Book Value of Commercial Mortgage Loans Receivable by Year of Origination
	As of December 31, 2021
Risk Rating:	Number of Loans	2021		2020		2019		2018		2017		Total
Low	14	$	—	$	23,636	$	11,925	$	41,209	$	35,729	$	112,499
Medium	6	—		1,400		17,173		—		—		18,573
High	2	—		—		4,593		7,005		—		11,598
Total commercial mortgage loans	22	$	—	$	25,036	$	33,691	$	48,214	$	35,729	142,670
Less allowance for credit losses on the investment pool												(827)
Less allowance for credit losses on individual loans												—
Carrying value, net of valuation allowance												$	141,843

	Net Book Value of Commercial Mortgage Loans Receivable by Year of Origination
	As of December 31, 2020
Risk Rating:	Number of Loans	2020		2019		2018		2017		Total
Low	17	$	20,176	$	14,757	$	33,132	$	61,460	$	129,525
Medium	4	—		10,640		7,796		—		18,436
High	3	—		4,554		11,592		—		16,146
Total commercial mortgage loans	24	$	20,176	$	29,951	$	52,520	$	61,460	164,107
Less allowance for credit losses on the investment pool										(2,503)
Less allowance for credit losses on individual loans										(1,002)
Carrying value, net of valuation allowance										$	160,602

As of December 31, 2021, the Company evaluated the commercial mortgage loan portfolio on a pool basis to determine the allowance for credit losses. At the end of the period, the Company had 22 loans in the portfolio. For the year ended December 31, 2021, the allowance for credit losses decreased by $2.7 million to $827 thousand. The provision for credit losses is included in "Realized gains (losses)" in the Consolidated Statements of Operations.

	Year Ended December 31,
	2021		2020
Allowance for credit losses beginning balance	$	3,505	$	—
Cumulative effect of adoption ASU 2016-13	—		335
Provision (reversal) for credit losses	(2,678)		3,170
Allowance for credit losses ending balance	$	827	$	3,505

There were no delinquent commercial mortgage loans as of December 31, 2021, compared with one delinquent commercial mortgage at December 31, 2020. As of December 31, 2021, the Company had one commercial mortgage loan in non-accrual status.