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INVESTMENTS (Tables)
3 Months Ended
Mar. 31, 2019
Available-for-Sale Debt Securities The amortized cost for the Company's investments in fixed maturity securities, the cost for equity securities and the fair values of these investments are shown in the following tables.
  
March 31, 2019
(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:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Yen-denominated:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Japan government and agencies
 
$
31,238

 
 
 
$
4,813

 
 
 
$
2

 
 
 
$
36,049

 
Municipalities
 
509

 
 
 
93

 
 
 
3

 
 
 
599

 
Mortgage- and asset-backed securities
 
233

 
 
 
27

 
 
 
0

 
 
 
260

 
Public utilities
 
1,822

 
 
 
344

 
 
 
0

 
 
 
2,166

 
Sovereign and supranational
 
740

 
 
 
65

 
 
 
0

 
 
 
805

 
Banks/financial institutions
 
5,664

 
 
 
597

 
 
 
139

 
 
 
6,122

 
Other corporate
 
5,043

 
 
 
824

 
 
 
20

 
 
 
5,847

 
Total yen-denominated
 
45,249

 
 
 
6,763

 
 
 
164

 
 
 
51,848

 
  U.S. dollar-denominated:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agencies
 
190

 
 
 
11

 
 
 
1

 
 
 
200

 
Municipalities
 
1,204

 
 
 
105

 
 
 
0

 
 
 
1,309

 
Mortgage- and asset-backed securities
 
147

 
 
 
7

 
 
 
0

 
 
 
154

 
Public utilities
 
3,841

 
 
 
522

 
 
 
32

 
 
 
4,331

 
Sovereign and supranational
 
276

 
 
 
73

 
 
 
0

 
 
 
349

 
Banks/financial institutions
 
2,798

 
 
 
484

 
 
 
13

 
 
 
3,269

 
Other corporate
 
25,001

 
 
 
2,061

 
 
 
598

 
 
 
26,464

 
Total U.S. dollar-denominated
 
33,457

 
 
 
3,263

 
 
 
644

 
 
 
36,076

 
Total securities available for sale
 
$
78,706

 
 
 
$
10,026

 
 
 
$
808

 
 
 
$
87,924

 


  
December 31, 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:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Yen-denominated:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Japan government and agencies
 
$
30,637

 
 
 
$
3,700

 
 
 
$
140

 
 
 
$
34,197

 
Municipalities
 
385

 
 
 
32

 
 
 
9

 
 
 
408

 
Mortgage- and asset-backed securities
 
155

 
 
 
22

 
 
 
0

 
 
 
177

 
Public utilities
 
1,732

 
 
 
280

 
 
 
4

 
 
 
2,008

 
Sovereign and supranational
 
826

 
 
 
123

 
 
 
0

 
 
 
949

 
Banks/financial institutions
 
5,440

 
 
 
502

 
 
 
238

 
 
 
5,704

 
Other corporate
 
4,852

 
 
 
649

 
 
 
44

 
 
 
5,457

 
Total yen-denominated
 
44,027

 
 
 
5,308

 
 
 
435

 
 
 
48,900

 
  U.S dollar-denominated:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agencies
 
137

 
 
 
9

 
 
 
1

 
 
 
145

 
Municipalities
 
1,343

 
 
 
120

 
 
 
8

 
 
 
1,455

 
Mortgage- and asset-backed securities
 
155

 
 
 
8

 
 
 
1

 
 
 
162

 
Public utilities
 
4,772

 
 
 
496

 
 
 
105

 
 
 
5,163

 
Sovereign and supranational
 
251

 
 
 
60

 
 
 
0

 
 
 
311

 
Banks/financial institutions
 
2,860

 
 
 
389

 
 
 
35

 
 
 
3,214

 
Other corporate
 
23,311

 
 
 
1,343

 
 
 
1,109

 
 
 
23,545

 
Total U.S. dollar-denominated
 
32,829

 
 
 
2,425

 
 
 
1,259

 
 
 
33,995

 
Total securities available for sale
 
$
76,856

 
 
 
$
7,733

 
 
 
$
1,694

 
 
 
$
82,895

 

Held-to-maturity Securities
  
March 31, 2019
(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
 
$
21,961

 
 
 
$
6,018

 
 
 
$
0

 
 
 
$
27,979

 
Municipalities
 
814

 
 
 
247

 
 
 
0

 
 
 
1,061

 
Mortgage- and asset-backed securities
 
20

 
 
 
1

 
 
 
0

 
 
 
21

 
Public utilities
 
2,728

 
 
 
340

 
 
 
0

 
 
 
3,068

 
Sovereign and supranational
 
1,154

 
 
 
178

 
 
 
0

 
 
 
1,332

 
Banks/financial institutions
 
949

 
 
 
100

 
 
 
10

 
 
 
1,039

 
Other corporate
 
2,537

 
 
 
414

 
 
 
5

 
 
 
2,946

 
Total yen-denominated
 
30,163

 
 
 
7,298

 
 
 
15

 
 
 
37,446

 
Total securities held to maturity
 
$
30,163

 
 
 
$
7,298

 
 
 
$
15

 
 
 
$
37,446

 



  
December 31, 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
 
$
21,712

 
 
 
$
5,326

 
 
 
$
0

 
 
 
$
27,038

 
Municipalities
 
359

 
 
 
110

 
 
 
0

 
 
 
469

 
Mortgage- and asset-backed securities
 
14

 
 
 
1

 
 
 
0

 
 
 
15

 
Public utilities
 
2,727

 
 
 
254

 
 
 
8

 
 
 
2,973

 
Sovereign and supranational
 
1,551

 
 
 
289

 
 
 
0

 
 
 
1,840

 
Banks/financial institutions
 
1,445

 
 
 
158

 
 
 
20

 
 
 
1,583

 
Other corporate
 
2,510

 
 
 
332

 
 
 
38

 
 
 
2,804

 
Total yen-denominated
 
30,318

 
 
 
6,470

 
 
 
66

 
 
 
36,722

 
Total securities held to maturity
 
$
30,318

 
 
 
$
6,470

 
 
 
$
66

 
 
 
$
36,722

 
Equity securities, FV-NI
  
March 31, 2019
 
December 31, 2018
(In millions)
Fair Value  
 
Fair Value  
Equity securities, carried at fair value through net earnings:
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
      Yen-denominated
 
$
662

 
 
 
$
641

 
      U.S. dollar-denominated
 
379

 
 
 
346

 
Total equity securities
 
$
1,041

 
 
 
$
987

 


Investments Classified by Contractual Maturity Date The contractual and economic maturities of the Company's investments in fixed maturity securities at March 31, 2019, were as follows:
(In millions)
Amortized
Cost
 
Fair
Value
 
Available for sale:
 
 
 
 
 
 
 
 
Due in one year or less
 
$
889

 
 
 
$
950

 
 
Due after one year through five years
 
8,483

 
 
 
8,624

 
 
Due after five years through 10 years
 
10,111

 
 
 
11,034

 
 
Due after 10 years
 
58,843

 
 
 
66,902

 
 
Mortgage- and asset-backed securities
 
380

 
 
 
414

 
 
Total fixed maturity securities available for sale
 
$
78,706

 
 
 
$
87,924

 
 
Held to maturity:
 
 
 
 
 
 
 
 
Due in one year or less
 
$
135

 
 
 
$
137

 
 
Due after one year through five years
 
1,112

 
 
 
1,187

 
 
Due after five years through 10 years
 
678

 
 
 
739

 
 
Due after 10 years
 
28,218

 
 
 
35,362

 
 
Mortgage- and asset-backed securities
 
20

 
 
 
21

 
 
Total fixed maturity securities held to maturity
 
$
30,163

 
 
 
$
37,446

 
 


Investment Exposures Exceeding Ten Percent Shareholders Equity Investment exposures that individually exceeded 10% of shareholders' equity were as follows:
 
March 31, 2019
 
December 31, 2018
(In millions)
Credit
Rating
 
Amortized
Cost
 
Fair
Value
 
Credit
Rating
 
Amortized
Cost
 
Fair
Value
Japan National Government(1)
A+
 
$51,775
 
$62,275
 
A+
 
$51,207
 
$59,945
(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
March 31,
 
(In millions)
2019
 
2018
 
Realized investment gains (losses):
 
 
 
 
Fixed maturity securities:
 
 
 
 
Available for sale:
 
 
 
 
Gross gains from sales
$
12

 
$
10

 
Gross losses from sales
(8
)
 
(2
)
 
Foreign currency gains (losses) on sales and redemptions
13

 
(5
)
 
Total fixed maturity securities
17

 
3

 
Equity securities
58

 
(46
)
 
Loan receivables:
 
 
 
 
Loan loss reserves
(2
)
 
(7
)
 
Total loan receivables
(2
)
 
(7
)
 
Derivatives and other:
 
 
 
 
Derivative gains (losses)
0

 
144

 
Foreign currency gains (losses)
(2
)
 
(228
)
 
Total derivatives and other
(2
)
 
(84
)
 
Total realized investment gains (losses)
$
71

 
$
(134
)
 


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 fixed maturity securities was as follows:
(In millions)
March 31, 2019
 
December 31,
2018
Unrealized gains (losses) on securities available for sale
 
$
9,218

 
 
 
$
6,039

 
Deferred income taxes
 
(2,657
)
 
 
 
(1,805
)
 
Shareholders’ equity, unrealized gains (losses) on fixed maturity securities
 
$
6,561

 
 
 
$
4,234

 


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.

  
March 31, 2019
  
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:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  U.S. government and
agencies:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  U.S. dollar-denominated
 
$
65

 
 
 
$
1

 
 
 
$
65

 
 
 
$
1

 
 
 
$
0

 
 
 
$
0

 
  Japan government and
agencies:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Yen-denominated
 
139

 
 
 
2

 
 
 
139

 
 
 
2

 
 
 
0

 
 
 
0

 
  Municipalities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Yen-denominated
 
70

 
 
 
3

 
 
 
70

 
 
 
3

 
 
 
0

 
 
 
0

 
Mortgage- and asset-
backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  U.S. dollar-denominated
 
53

 
 
 
0

 
 
 
53

 
 
 
0

 
 
 
0

 
 
 
0

 
  Public utilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  U.S. dollar-denominated
 
808

 
 
 
32

 
 
 
306

 
 
 
14

 
 
 
502

 
 
 
18

 
  Banks/financial institutions:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  U.S. dollar-denominated
 
345

 
 
 
13

 
 
 
209

 
 
 
10

 
 
 
136

 
 
 
3

 
  Yen-denominated
 
2,229

 
 
 
149

 
 
 
2,229

 
 
 
149

 
 
 
0

 
 
 
0

 
  Other corporate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  U.S. dollar-denominated
 
9,182

 
 
 
598

 
 
 
3,149

 
 
 
213

 
 
 
6,033

 
 
 
385

 
  Yen-denominated
 
525

 
 
 
25

 
 
 
525

 
 
 
25

 
 
 
0

 
 
 
0

 
  Total
 
$
13,416

 
 
 
$
823

 
 
 
$
6,745

 
 
 
$
417

 
 
 
$
6,671

 
 
 
$
406

 



  
December 31, 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:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  U.S. government and
agencies:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  U.S. dollar-denominated
 
$
67

 
 
 
$
1

 
 
 
$
67

 
 
 
$
1

 
 
 
$
0

 
 
 
$
0

 
  Japan government and
agencies:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Yen-denominated
 
3,604

 
 
 
140

 
 
 
3,604

 
 
 
140

 
 
 
0

 
 
 
0

 
  Municipalities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  U.S. dollar-denominated
 
515

 
 
 
8

 
 
 
515

 
 
 
8

 
 
 
0

 
 
 
0

 
  Yen-denominated
 
148

 
 
 
9

 
 
 
148

 
 
 
9

 
 
 
0

 
 
 
0

 
Mortgage- and asset-
backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  U.S. dollar-denominated
 
74

 
 
 
1

 
 
 
74

 
 
 
1

 
 
 
0

 
 
 
0

 
  Public utilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  U.S. dollar-denominated
 
1,585

 
 
 
105

 
 
 
892

 
 
 
48

 
 
 
693

 
 
 
57

 
  Yen-denominated
 
604

 
 
 
12

 
 
 
604

 
 
 
12

 
 
 
0

 
 
 
0

 
  Banks/financial institutions:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  U.S. dollar-denominated
 
625

 
 
 
35

 
 
 
340

 
 
 
19

 
 
 
285

 
 
 
16

 
  Yen-denominated
 
3,057

 
 
 
258

 
 
 
3,057

 
 
 
258

 
 
 
0

 
 
 
0

 
  Other corporate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  U.S. dollar-denominated
 
12,899

 
 
 
1,109

 
 
 
5,782

 
 
 
407

 
 
 
7,117

 
 
 
702

 
  Yen-denominated
 
1,306

 
 
 
82

 
 
 
1,306

 
 
 
82

 
 
 
0

 
 
 
0

 
  Total
 
$
24,484

 
 
 
$
1,760

 
 
 
$
16,389

 
 
 
$
985

 
 
 
$
8,095

 
 
 
$
775

 


Composition of Commercial Mortgage and Other Loans The following table reflects the composition of commercial mortgage and other loans by portfolio segment as of the periods presented.
(In millions)
March 31, 2019
 
 
December 31, 2018
 
 
Commercial mortgage and other loans:
 
 
 
 
 
 
 
 
 
 
Transitional real estate loans
 
$
4,398

 
 
 
 
$
4,394

 
 
 
Commercial mortgage loans
 
1,085

 
 
 
 
1,065

 
 
 
Middle market loans
 
1,726

 
 
 
 
1,487

 
 
 
Total gross commercial mortgage and other loans
 
7,209

 
 
 
 
6,946

 
 
 
Valuation allowance
 
(29
)
 
 
 
 
(27
)
 
 
 
Total net commercial mortgage and other loans
 
$
7,180

 
 
 
 
$
6,919

 
 
 
Allowance for Loan Losses by Portfolio Segment The following table presents the rollforward of the allowance for loan losses by portfolio segment during the three-month period ended March 31.
(In millions)
Commercial Mortgage Loans
 
Transitional Real Estate Loans
 
Middle Market Loans
 
Total
Allowance for loan losses at December 31, 2018
 
$
(1
)
 
 
 
$
(17
)
 
 
 
$
(9
)
 
 
 
$
(27
)
 
Addition to (release of) allowance for credit losses
 
0

 
 
 
(1
)
 
 
 
(1
)
 
 
 
(2
)
 
Allowance for loan losses at March 31, 2019
 
$
(1
)
 
 
 
$
(18
)
 
 
 
$
(10
)
 
 
 
$
(29
)
 
Other Investments The table below reflects the composition of the carrying value for other investments as of the periods presented.
(In millions)
March 31, 2019
 
December 31, 2018
Other investments:
 
 
 
 
 
 
 
Policy loans
 
$
236

 
 
 
$
232

 
Short-term investments (1)
 
543

 
 
 
152

 
Limited partnerships
 
434

 
 
 
377

 
Other
 
25

 
 
 
26

 
Total other investments
 
$
1,238

 
 
 
$
787

 
(1) Includes securities lending collateral
Securities Lending Transactions Accounted for as Secured Borrowings Details of collateral by loaned security type and remaining maturity of the agreements were as follows:
Securities Lending Transactions Accounted for as Secured Borrowings
March 31, 2019
Remaining Contractual Maturity of the Agreements
(In millions)
Overnight
and
Continuous
(1)
 
Up to 30
days
 
Greater
than 90
days
 
Total
Securities lending transactions:
 
 
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
 
 
Japan government and agencies
$
0

 
$
1,101

 
$
1,901

 
$
3,002

Public utilities
15

 
0

 
0

 
15

Banks/financial institutions
74

 
0

 
0

 
74

Other corporate
764

 
0

 
0

 
764

Equity securities
15

 
0

 
0

 
15

          Total borrowings
$
868

 
$
1,101

 
$
1,901

 
$
3,870

Gross amount of recognized liabilities for securities lending transactions
 
 
 
$
1,969

Amounts related to agreements not included in offsetting disclosure in Note 4
 
 
 
$
1,901

(1) The related loaned security, under the Company's U.S. securities lending program, can be returned to the Company at the transferee's discretion; therefore, they are classified as Overnight and Continuous.

Securities Lending Transactions Accounted for as Secured Borrowings
December 31, 2018
Remaining Contractual Maturity of the Agreements
(In millions)
Overnight
and
Continuous
(1)
 
Up to 30
days
 
Greater
than 90
days
 
Total
Securities lending transactions:
 
 
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
 
 
Japan government and agencies
$
0

 
$
387

 
$
1,190

 
$
1,577

Municipalities
5

 
0

 
0

 
5

Public utilities
27

 
0

 
0

 
27

Banks/financial institutions
74

 
0

 
0

 
74

Other corporate
549

 
0

 
0

 
549

Equity securities
10

 
0

 
0

 
10

          Total borrowings
$
665

 
$
387

 
$
1,190

 
$
2,242

Gross amount of recognized liabilities for securities lending transactions
 
 
$
1,052

Amounts related to agreements not included in offsetting disclosure in Note 4
 
 
$
1,190

(1) The related loaned security, under the Company's U.S. securities lending program, can be returned to the Company at the transferee's 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
 
March 31, 2019
 
December 31, 2018
(In millions)
Cost or Amortized
Cost
 
Fair
Value
 
Cost or Amortized
Cost
 
Fair
Value
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed maturity securities, available for sale
 
$
3,756

 
 
 
$
4,543

 
 
 
$
3,849

 
 
 
$
4,466

 
Equity securities
 
180

 
 
 
180

 
 
 
160

 
 
 
160

 
Commercial mortgage and other loans
 
5,892

 
 
 
5,894

 
 
 
5,528

 
 
 
5,506

 
Other investments (1)
 
374

 
 
 
374

 
 
 
328

 
 
 
328

 
Other assets (2)
 
178

 
 
 
178

 
 
 
182

 
 
 
182

 
Total assets of consolidated VIEs
 
$
10,380

 
 
 
$
11,169

 
 
 
$
10,047

 
 
 
$
10,642

 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other liabilities (2)
 
$
108

 
 
 
$
108

 
 
 
$
102

 
 
 
$
102

 
Total liabilities of consolidated VIEs
 
$
108

 
 
 
$
108

 
 
 
$
102

 
 
 
$
102

 

(1) Consists entirely of alternative investments in limited partnerships
(2) 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
  
March 31, 2019
 
December 31, 2018
(In millions)
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed maturity securities, available for sale
 
$
4,455

 
 
 
$
5,025

 
 
 
$
4,575

 
 
 
$
4,982

 
Fixed maturity securities, held to maturity
 
2,006

 
 
 
2,331

 
 
 
2,007

 
 
 
2,254

 
Other investments (1)
 
59

 
 
 
59

 
 
 
49

 
 
 
49

 
Total investments in VIEs not consolidated
 
$
6,520

 
 
 
$
7,415

 
 
 
$
6,631

 
 
 
$
7,285

 

(1) Consists entirely of alternative investments in limited partnerships