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INVESTMENTS (Tables)
 9 Months Ended
Sep. 30, 2018
Debt Securities, Available-for-sale The amortized cost for the Company's investments in debt securities, the cost for equity securities and the fair values of these investments are shown in the following tables.
  
September 30, 2018
(In millions)
Cost or
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
  Fair
  Value
Securities available for sale, carried at fair value
through other comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed maturity securities: (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Yen-denominated:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Japan government and agencies
 
$
29,499

 
 
 
$
2,955

 
 
 
$
426

 
 
 
$
32,028

 
Municipalities
 
376

 
 
 
25

 
 
 
17

 
 
 
384

 
Mortgage- and asset-backed securities
 
151

 
 
 
21

 
 
 
0

 
 
 
172

 
Public utilities
 
1,685

 
 
 
303

 
 
 
9

 
 
 
1,979

 
Sovereign and supranational
 
1,116

 
 
 
133

 
 
 
1

 
 
 
1,248

 
Banks/financial institutions
 
5,317

 
 
 
602

 
 
 
159

 
 
 
5,760

 
Other corporate
 
4,618

 
 
 
683

 
 
 
36

 
 
 
5,265

 
Total yen-denominated
 
42,762

 
 
 
4,722

 
 
 
648

 
 
 
46,836

 
  U.S. dollar-denominated:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agencies
 
136

 
 
 
7

 
 
 
1

 
 
 
142

 
Municipalities
 
1,339

 
 
 
123

 
 
 
12

 
 
 
1,450

 
Mortgage- and asset-backed securities
 
154

 
 
 
8

 
 
 
1

 
 
 
161

 
Public utilities
 
4,863

 
 
 
562

 
 
 
91

 
 
 
5,334

 
Sovereign and supranational
 
248

 
 
 
61

 
 
 
0

 
 
 
309

 
Banks/financial institutions
 
2,767

 
 
 
431

 
 
 
19

 
 
 
3,179

 
Other corporate
 
23,983

 
 
 
1,677

 
 
 
775

 
 
 
24,885

 
Total U.S. dollar-denominated
 
33,490

 
 
 
2,869

 
 
 
899

 
 
 
35,460

 
Total securities available for sale
 
$
76,252

(1) 
 
 
$
7,591

 
 
 
$
1,547

 
 
 
$
82,296

(1) 

(1) Includes perpetual securities ($1,408 at amortized cost and $1,591 at fair value)
Held-to-maturity Securities
  
September 30, 2018
(In millions)
Cost or
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair  
Value  
Securities held to maturity, carried at amortized cost:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Yen-denominated:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Japan government and agencies
 
$
21,224

 
 
 
$
4,652

 
 
 
$
0

 
 
 
$
25,876

 
Municipalities
 
353

 
 
 
97

 
 
 
0

 
 
 
450

 
Mortgage- and asset-backed securities
 
14

 
 
 
1

 
 
 
0

 
 
 
15

 
Public utilities
 
3,150

 
 
 
302

 
 
 
1

 
 
 
3,451

 
Sovereign and supranational
 
1,516

 
 
 
276

 
 
 
0

 
 
 
1,792

 
Banks/financial institutions
 
1,491

 
 
 
163

 
 
 
11

 
 
 
1,643

 
Other corporate
 
2,673

 
 
 
356

 
 
 
6

 
 
 
3,023

 
Total yen-denominated
 
30,421

 
 
 
5,847

 
 
 
18

 
 
 
36,250

 
Total securities held to maturity
 
$
30,421

 
 
 
$
5,847

 
 
 
$
18

 
 
 
$
36,250

 
  
December 31, 2017
(In millions)
Cost or
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Securities held to maturity, carried at amortized cost:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Yen-denominated:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Japan government and agencies
 
$
21,331

 
 
 
$
5,160

 
 
 
$
0

 
 
 
$
26,491

 
Municipalities
 
357

 
 
 
105

 
 
 
0

 
 
 
462

 
Mortgage- and asset-backed securities
 
26

 
 
 
1

 
 
 
0

 
 
 
27

 
Public utilities
 
3,300

 
 
 
398

 
 
 
0

 
 
 
3,698

 
Sovereign and supranational
 
1,523

 
 
 
312

 
 
 
0

 
 
 
1,835

 
Banks/financial institutions
 
2,206

 
 
 
190

 
 
 
9

 
 
 
2,387

 
Other corporate
 
2,687

 
 
 
485

 
 
 
0

 
 
 
3,172

 
Total yen-denominated
 
31,430

 
 
 
6,651

 
 
 
9

 
 
 
38,072

 
Total securities held to maturity
 
$
31,430

 
 
 
$
6,651

 
 
 
$
9

 
 
 
$
38,072

 
Equity securities, FV-NI
  
September 30, 2018
(In millions)
 
 
 
 
 
 
Fair  
Value  
Equity securities, carried at fair value through
  net earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities: (1) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Yen-denominated
 
 
 
 
 
 
 
 
 
 
 
 
 
$
707

 
      U.S. dollar-denominated
 
 
 
 
 
 
 
 
 
 
 
 
 
352

 
Total equity securities
 
 
 
 
 
 
 
 
 
 
 
 
 
$
1,059

(1) 

(1) Includes perpetual securities ($66 at fair value)
Available-for-sale Securities
  
December 31, 2017
(In millions)
 
 
 
 
 
 
Fair
Value
Equity securities, carried at fair value:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Yen-denominated
 
 
 
 
 
 
 
 
 
 
 
 
 
$
695

 
      U.S. dollar-denominated
 
 
 
 
 
 
 
 
 
 
 
 
 
328

 
Total equity securities
 
 
 
 
 
 
 
 
 
 
 
 
 
$
1,023

 
  
December 31, 2017
(In millions)
Cost or
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
  Fair
  Value
Securities available for sale, carried at fair value:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed maturity securities: (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Yen-denominated:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Japan government and agencies
 
$
27,980

 
 
 
$
3,363

 
 
 
$
271

 
 
 
$
31,072

 
Municipalities
 
314

 
 
 
28

 
 
 
12

 
 
 
330

 
Mortgage- and asset-backed securities
 
242

 
 
 
29

 
 
 
0

 
 
 
271

 
Public utilities
 
1,635

 
 
 
352

 
 
 
6

 
 
 
1,981

 
Sovereign and supranational
 
1,380

 
 
 
190

 
 
 
1

 
 
 
1,569

 
Banks/financial institutions
 
4,742

 
 
 
811

 
 
 
53

 
 
 
5,500

 
Other corporate
 
4,085

 
 
 
809

 
 
 
7

 
 
 
4,887

 
Total yen-denominated
 
40,378

 
 
 
5,582

 
 
 
350

 
 
 
45,610

 
  U.S dollar-denominated:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agencies
 
146

 
 
 
13

 
 
 
1

 
 
 
158

 
Municipalities
 
872

 
 
 
168

 
 
 
0

 
 
 
1,040

 
Mortgage- and asset-backed securities
 
161

 
 
 
12

 
 
 
0

 
 
 
173

 
Public utilities
 
5,116

 
 
 
884

 
 
 
27

 
 
 
5,973

 
Sovereign and supranational
 
267

 
 
 
73

 
 
 
0

 
 
 
340

 
Banks/financial institutions
 
2,808

 
 
 
633

 
 
 
8

 
 
 
3,433

 
Other corporate
 
25,384

 
 
 
2,620

 
 
 
418

 
 
 
27,586

 
Total U.S. dollar-denominated
 
34,754

 
 
 
4,403

 
 
 
454

 
 
 
38,703

 
Total securities available for sale
 
$
75,132

(1) 
 
 
$
9,985

 
 
 
$
804

 
 
 
$
84,313

(1) 

(1) Includes perpetual securities ($1,462 at amortized cost and $1,789 at fair value)
Investments Classified by Contractual Maturity Date The contractual and economic maturities of the Company's investments in fixed maturity securities at September 30, 2018, were as follows:
(In millions)
Amortized
Cost
 
Fair
Value
 
Available for sale: (1)
 
 
 
 
 
 
 
 
Due in one year or less
 
$
691

 
 
 
$
757

 
 
Due after one year through five years
 
8,058

 
 
 
8,199

 
 
Due after five years through 10 years
 
10,282

 
 
 
10,936

 
 
Due after 10 years
 
56,916

 
 
 
62,071

 
 
Mortgage- and asset-backed securities
 
305

 
 
 
333

 
 
Total fixed maturity securities available for sale
 
$
76,252

 
 
 
$
82,296

 
 
Held to maturity:
 
 
 
 
 
 
 
 
Due in one year or less
 
$
528

 
 
 
$
533

 
 
Due after one year through five years
 
541

 
 
 
569

 
 
Due after five years through 10 years
 
1,303

 
 
 
1,415

 
 
Due after 10 years
 
28,034

 
 
 
33,718

 
 
Mortgage- and asset-backed securities
 
15

 
 
 
15

 
 
Total fixed maturity securities held to maturity
 
$
30,421

 
 
 
$
36,250

 
 

(1) Includes perpetual securities, categorized in accordance with their respective economic maturities (the expected maturity date created by the combination of features in the financial instrument)
Investment Exposures Exceeding Ten Percent Shareholders Equity Investment exposures that individually exceeded 10% of shareholders' equity were as follows:
 
September 30, 2018
 
December 31, 2017
(In millions)
Credit
Rating
 
Amortized
Cost
 
Fair
Value
 
Credit
Rating
 
Amortized
Cost
 
Fair
Value
Japan National Government(1)
A+
 
$49,603
 
$56,679
 
A
 
$48,399
 
$56,532
(1)Japan Government Bonds (JGBs) or JGB-backed securities
Gain (Loss) on Investments Information regarding pretax realized gains and losses from investments is as follows:
  
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
(In millions)
2018
 
2017
 
2018
 
2017
 
Realized investment gains (losses):
 
 
 
 
 
 
 
 
Fixed maturity securities: (1)
 
 
 
 
 
 
 
 
Available for sale:
 
 
 
 
 
 
 
 
Gross gains from sales
$
60

 
$
18

 
$
81

 
$
40

 
Gross losses from sales
(26
)
 
(5
)
 
(99
)
 
(24
)
 
Foreign currency gains (losses) on sales and redemptions
3

 
3

 
27

 
(47
)
 
Other-than-temporary impairment losses
0

 
(1
)
 
(2
)
 
(5
)
 
Total fixed maturity securities
37

 
15

 
7

 
(36
)
 
Equity securities (1),(2)
27


39

(3) 
(1
)
 
73

(3) 
Loan loss reserves
(5
)
 
(1
)
 
(15
)
 
(4
)
 
Derivatives and other:
 
 
 
 
 
 
 
 
Derivative gains (losses)
(162
)
 
(40
)
 
(190
)
 
(143
)
 
Foreign currency gains (losses)
159

 
17

 
123

 
(56
)
 
  Total derivatives and other
(3
)
 
(23
)
 
(67
)
 
(199
)
 
  Total realized investment gains (losses)
$
56

 
$
30

 
$
(76
)
 
$
(166
)
 

(1) Includes perpetual securities
(2) See Note 1 of the Notes to the Consolidated Financial Statements for the adoption of accounting guidance on January 1, 2018 related to financial instruments.
(3) Includes impairments of $6 for the three-month period and $18
Net Effect on Shareholders' Equity of Unrealized Gains and Losses from Investment Securities The net effect on shareholders’ equity of unrealized gains and losses from investment securities was as follows:
(In millions)
September 30, 2018
 
December 31,
2017
Unrealized gains (losses) on securities available for sale
 
$
6,044

 
 
 
$
9,358

 
Deferred income taxes
 
(1,804
)
 
 
 
(3,394
)
 
Shareholders’ equity, unrealized gains (losses) on investment securities
 
$
4,240

 
 
 
$
5,964

 

See Note 1 for discussion of the accounting treatment of tax on amounts recorded in accumulated other comprehensive income pursuant to the Tax Act and for the adoption of accounting guidance on January 1, 2018 related to financial instruments.
Investments Gross Unrealized Loss Aging The following tables show the fair values and gross unrealized losses of the Company's available-for-sale and held-to-maturity investments that were in an unrealized loss position, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.

  
September 30, 2018
  
Total
 
Less than 12 months
 
12 months or longer
(In millions)
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
Fixed maturity securities: (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  U.S. government and
agencies:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  U.S. dollar-denominated
 
$
80

 
 
 
$
1

 
 
 
$
80

 
 
 
$
1

 
 
 
$
0

 
 
 
$
0

 
  Japan government and
agencies:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Yen-denominated
 
9,221

 
 
 
426

 
 
 
9,221

 
 
 
426

 
 
 
0

 
 
 
0

 
  Municipalities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  U.S. dollar-denominated
 
490

 
 
 
12

 
 
 
490

 
 
 
12

 
 
 
0

 
 
 
0

 
  Yen-denominated
 
224

 
 
 
17

 
 
 
224

 
 
 
17

 
 
 
0

 
 
 
0

 
Mortgage- and asset-
backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  U.S. dollar-denominated
 
81

 
 
 
1

 
 
 
81

 
 
 
1

 
 
 
0

 
 
 
0

 
  Public utilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  U.S. dollar-denominated
 
1,726

 
 
 
91

 
 
 
1,721

 
 
 
91

 
 
 
5

 
 
 
0

 
  Yen-denominated
 
381

 
 
 
10

 
 
 
381

 
 
 
10

 
 
 
0

 
 
 
0

 
  Sovereign and supranational:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Yen-denominated
 
43

 
 
 
1

 
 
 
43

 
 
 
1

 
 
 
0

 
 
 
0

 
  Banks/financial institutions:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  U.S. dollar-denominated
 
552

 
 
 
19

 
 
 
517

 
 
 
18

 
 
 
35

 
 
 
1

 
  Yen-denominated
 
2,806

 
 
 
170

 
 
 
2,806

 
 
 
170

 
 
 
0

 
 
 
0

 
  Other corporate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  U.S. dollar-denominated
 
11,731

 
 
 
775

 
 
 
11,291

 
 
 
744

 
 
 
440

 
 
 
31

 
  Yen-denominated
 
1,134

 
 
 
42

 
 
 
1,134

 
 
 
42

 
 
 
0

 
 
 
0

 
  Total
 
$
28,469

 
 
 
$
1,565

 
 
 
$
27,989

 
 
 
$
1,533

 
 
 
$
480

 
 
 
$
32

 
(1) Includes perpetual securities

  
December 31, 2017
  
Total
 
Less than 12 months
 
12 months or longer
(In millions)
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
Fixed maturity securities: (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  U.S. government and
agencies:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  U.S. dollar-denominated
 
$
74

 
 
 
$
1

 
 
 
$
74

 
 
 
$
1

 
 
 
$
0

 
 
 
$
0

 
  Japan government and
agencies:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Yen-denominated
 
5,255

 
 
 
271

 
 
 
1,264

 
 
 
9

 
 
 
3,991

 
 
 
262

 
  Municipalities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Yen-denominated
 
129

 
 
 
12

 
 
 
10

 
 
 
0

 
 
 
119

 
 
 
12

 
  Public utilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  U.S. dollar-denominated
 
785

 
 
 
27

 
 
 
221

 
 
 
3

 
 
 
564

 
 
 
24

 
  Yen-denominated
 
83

 
 
 
6

 
 
 
0

 
 
 
0

 
 
 
83

 
 
 
6

 
  Sovereign and supranational:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Yen-denominated
 
309

 
 
 
1

 
 
 
309

 
 
 
1

 
 
 
0

 
 
 
0

 
  Banks/financial institutions:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  U.S. dollar-denominated
 
362

 
 
 
8

 
 
 
316

 
 
 
5

 
 
 
46

 
 
 
3

 
  Yen-denominated
 
1,507

 
 
 
62

 
 
 
394

 
 
 
4

 
 
 
1,113

 
 
 
58

 
  Other corporate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  U.S. dollar-denominated
 
7,741

 
 
 
418

 
 
 
2,839

 
 
 
50

 
 
 
4,902

 
 
 
368

 
  Yen-denominated
 
440

 
 
 
7

 
 
 
349

 
 
 
4

 
 
 
91

 
 
 
3

 
  Total
 
$
16,685

 
 
 
$
813

 
 
 
$
5,776

 
 
 
$
77

 
 
 
$
10,909

 
 
 
$
736

 

(1) Includes perpetual securities
Other Investments
The table below reflects the composition of the carrying value for other investments as of the periods presented.
(In millions)
September 30, 2018
 
December 31, 2017
Other investments:
 
 
 
 
 
 
 
Transitional real estate loans
 
$
4,128

 
 
 
$
1,235

 
Commercial mortgage loans
 
1,026

 
 
 
908

 
Middle market loans
 
1,363

 
 
 
859

 
Policy loans
 
223

 
 
 
210

 
Short-term investments
 
2

 
 
 
57

 
Other
 
267

 
 
 
133

 
Total other investments
 
$
7,009

 
 
 
$
3,402

 
Securities Lending Transactions Accounted for as Secured Borrowings Details of the Company's securities lending activities were as follows:
Securities Lending Transactions Accounted for as Secured Borrowings
September 30, 2018
Remaining Contractual Maturity of the Agreements
(In millions)
Overnight
and
Continuous(1)
 
Up to 30
days
 
30-90 days
 
Greater
than 90
days
 
Total
Securities lending transactions:
 
 
 
 
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
 
 
 
 
Japan government and agencies
$
15

 
$
1,516

 
1

 
$
1,158

 
$
2,690

Public utilities
17

 
0

 
0

 
0

 
17

Banks/financial institutions
48

 
0

 
0

 
0

 
48

Other corporate
365

 
0

 
0

 
0

 
365

Equity securities
8

 
0

 
0

 
0

 
8

          Total borrowings
$
453

 
$
1,516

 
$
1

 
$
1,158

 
$
3,128

Gross amount of recognized liabilities for securities lending transactions
 
 
 
 
$
1,970

Amounts related to agreements not included in offsetting disclosure in Note 4
 
 
 
 
$
1,158

(1) These securities are pledged as collateral under the Company's U.S. securities lending program and can be called at its discretion; therefore, they are classified as Overnight and Continuous.

Securities Lending Transactions Accounted for as Secured Borrowings
December 31, 2017
Remaining Contractual Maturity of the Agreements
(In millions)
Overnight
and
Continuous(1)
 
Up to 30
days
 
 
Total
Securities lending transactions:
 
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
 
Japan government and agencies
$
0

 
$
49

 
 
$
49

Public utilities
73

 
0

 
 
73

Banks/financial institutions
54

 
0

 
 
54

Other corporate
415

 
0

 
 
415

Equity securities
15

 
0

 
 
15

          Total borrowings
$
557

 
$
49

 
 
$
606

Gross amount of recognized liabilities for securities lending transactions
 
$
606

Amounts related to agreements not included in offsetting disclosure in Note 4
 
$
0

(1) These securities are pledged as collateral under the Company's U.S. securities lending program and can be called at its discretion; therefore, they are classified as Overnight and Continuous.
Variable Interest Entity, Consolidated  
Investments in Variable Interest Entities VIEs - Consolidated

The following table presents the cost or amortized cost, fair value and balance sheet caption in which the assets and liabilities of consolidated VIEs are reported.
Investments in Consolidated Variable Interest Entities
 
September 30, 2018
 
December 31, 2017
(In millions)
Cost or Amortized
Cost
 
Fair
Value
 
Cost or Amortized
Cost
 
Fair
Value
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed maturity securities, available for sale (1)
 
$
4,045

 
 
 
$
4,853

 
 
 
$
4,538

 
 
 
$
5,509

 
Equity securities
 
179

 
 
 
179

 
 
 
606

 
 
 
753

 
Other investments (2)
 
5,388

 
 
 
5,369

 
 
 
2,341

 
 
 
2,328

 
Other assets (3)
 
190

 
 
 
190

 
 
 
151

 
 
 
151

 
Total assets of consolidated VIEs
 
$
9,802

 
 
 
$
10,591

 
 
 
$
7,636

 
 
 
$
8,741

 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other liabilities (3)
 
$
101

 
 
 
$
101

 
 
 
$
128

 
 
 
$
128

 
Total liabilities of consolidated VIEs
 
$
101

 
 
 
$
101

 
 
 
$
128

 
 
 
$
128

 

(1) Includes perpetual securities
(2) Consists of TREs, CMLs, MMLs, and alternative investments in limited partnerships
(3) Consists entirely of derivatives
Variable Interest Entity, Not Consolidated  
Investments in Variable Interest Entities VIEs-Not Consolidated
The table below reflects the amortized cost, fair value and balance sheet caption in which the Company's investment in VIEs not consolidated are reported.
Investments in Variable Interest Entities Not Consolidated
  
September 30, 2018
 
December 31, 2017
(In millions)
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed maturity securities, available for sale (1)
 
$
4,746

 
 
 
$
5,261

 
 
 
$
5,004

 
 
 
$
5,724

 
Fixed maturity securities, held to maturity
 
2,402

 
 
 
2,702

 
 
 
2,549

 
 
 
2,929

 
Other investments
 
33

 
 
 
33

 
 
 
55

 
 
 
55

 
Total investments in VIEs not consolidated
 
$
7,181

 
 
 
$
7,996

 
 
 
$
7,608

 
 
 
$
8,708

 

(1) Includes perpetual securities