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INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2019
Schedule Of Net Investment Income
The components of net investment income for the years ended December 31 were as follows:
(In millions)
2019
 
2018
 
2017
Fixed maturity securities
 
$
3,141

 
 
 
$
3,142

 
 
 
$
3,173

 
Equity securities
 
37

 
 
 
38

 
 
 
42

 
Commercial mortgage and other loans
 
468

 
 
 
333

 
 
 
86

 
Other investments
 
53

 
 
 
36

 
 
 
8

 
Short-term investments and cash equivalents
 
56

 
 
 
41

 
 
 
25

 
Gross investment income
 
3,755

 
 
 
3,590

 
 
 
3,334

 
Less investment expenses
 
177

 
 
 
148

 
 
 
114

 
Net investment income
 
$
3,578

 
 
 
$
3,442

 
 
 
$
3,220

 
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 at December 31 are shown in the following tables.
  
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
 
$
30,929

 
 
 
$
5,169

 
 
 
$
0

 
 
 
$
36,098

 
Municipalities
 
516

 
 
 
116

 
 
 
3

 
 
 
629

 
Mortgage- and asset-backed securities
 
229

 
 
 
25

 
 
 
0

 
 
 
254

 
Public utilities
 
1,855

 
 
 
406

 
 
 
0

 
 
 
2,261

 
Sovereign and supranational
 
680

 
 
 
50

 
 
 
0

 
 
 
730

 
Banks/financial institutions
 
6,152

 
 
 
700

 
 
 
86

 
 
 
6,766

 
Other corporate
 
5,323

 
 
 
944

 
 
 
24

 
 
 
6,243

 
Total yen-denominated
 
45,684

 
 
 
7,410

 
 
 
113

 
 
 
52,981

 
  U.S. dollar-denominated:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agencies
 
293

 
 
 
9

 
 
 
0

 
 
 
302

 
Municipalities
 
1,077

 
 
 
141

 
 
 
0

 
 
 
1,218

 
Mortgage- and asset-backed securities
 
149

 
 
 
7

 
 
 
0

 
 
 
156

 
Public utilities
 
3,804

 
 
 
725

 
 
 
10

 
 
 
4,519

 
Sovereign and supranational
 
239

 
 
 
73

 
 
 
0

 
 
 
312

 
Banks/financial institutions
 
2,879

 
 
 
646

 
 
 
4

 
 
 
3,521

 
Other corporate
 
25,246

 
 
 
3,255

 
 
 
248

 
 
 
28,253

 
Total U.S. dollar-denominated
 
33,687

 
 
 
4,856

 
 
 
262

 
 
 
38,281

 
Total securities available for sale
 
$
79,371

 
 
 
$
12,266

 
 
 
$
375

 
 
 
$
91,262

 






 
 
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
  
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
 
$
22,241

 
 
 
$
6,050

 
 
 
$
0

 
 
 
$
28,291

 
Municipalities
 
821

 
 
 
262

 
 
 
0

 
 
 
1,083

 
Mortgage- and asset-backed securities
 
16

 
 
 
1

 
 
 
0

 
 
 
17

 
Public utilities
 
2,535

 
 
 
419

 
 
 
0

 
 
 
2,954

 
Sovereign and supranational
 
1,123

 
 
 
197

 
 
 
0

 
 
 
1,320

 
Banks/financial institutions
 
916

 
 
 
105

 
 
 
3

 
 
 
1,018

 
Other corporate
 
2,433

 
 
 
485

 
 
 
7

 
 
 
2,911

 
Total yen-denominated
 
30,085

 
 
 
7,519

 
 
 
10

 
 
 
37,594

 
Total securities held to maturity
 
$
30,085

 
 
 
$
7,519

 
 
 
$
10

 
 
 
$
37,594

 


  
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
  
2019
 
2018
(In millions)
Fair Value
 
Fair Value
Equity securities, carried at fair value through net earnings:
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
      Yen-denominated
 
$
658

 
 
 
$
641

 
      U.S. dollar-denominated
 
144

 
 
 
346

 
Total equity securities
 
$
802

 
 
 
$
987

 
Investments Classified by Contractual Maturity Date
The contractual and economic maturities of the Company's investments in fixed maturity securities at December 31, 2019, were as follows:
(In millions)
Amortized
Cost
 
Fair
Value
Available for sale:
 
 
 
 
 
 
Due in one year or less
 
$
583

 
 
 
$
612

Due after one year through five years
 
7,933

 
 
 
8,122

Due after five years through 10 years
 
11,347

 
 
 
12,819

Due after 10 years
 
59,130

 
 
 
69,299

Mortgage- and asset-backed securities
 
378

 
 
 
410

Total fixed maturity securities available for sale
 
$
79,371

 
 
 
$
91,262

Held to maturity:
 
 
 
 
 
 
Due in one year or less
 
$
265

 
 
 
$
270

Due after one year through five years
 
1,227

 
 
 
1,330

Due after five years through 10 years
 
532

 
 
 
599

Due after 10 years
 
28,045

 
 
 
35,378

Mortgage- and asset-backed securities
 
16

 
 
 
17

Total fixed maturity securities held to maturity
 
$
30,085

 
 
 
$
37,594
Investment Exposures Exceeding 10 Percent Shareholders Equity
Investment exposures that individually exceeded 10% of shareholders' equity as of December 31 were as follows:
 
2019
 
2018
(In millions)
Credit
Rating
 
Amortized
Cost
 
Fair
Value
 
Credit
Rating
 
Amortized
Cost
 
Fair
Value
Japan National Government(1)
A+
 
$51,726
 
$62,584
 
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 for the years ended December 31 follows:
(In millions)
2019
 
2018
 
2017
 
Realized investment gains (losses):
 
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
 
Available for sale:
 
 
 
 
 
 
Gross gains from sales
$
115

 
$
101

 
$
51

 
Gross losses from sales
(68
)
 
(156
)
 
(68
)
 
Foreign currency gains (losses) on sales and redemptions
(16
)
 
73

 
(48
)
 
Other-than-temporary impairment losses
(13
)
 
(64
)
 
(7
)
 
Total fixed maturity securities
18

 
(46
)
 
(72
)
 
Equity securities
101

 
(131
)

71

(1) 
Loan receivables:
 
 
 
 
 
 
Loan loss reserves
(18
)
 
(19
)
 
(8
)
 
Total loan receivables
(18
)
 
(19
)
 
(8
)
 
Derivatives and other:
 
 
 
 
 
 
Derivative gains (losses)
(174
)
 
(224
)
 
(109
)
 
Foreign currency gains (losses)
(62
)
 
(10
)
 
(33
)
 
Total derivatives and other
(236
)
 
(234
)
 
(142
)
 
Total realized investment gains (losses)
$
(135
)
 
$
(430
)
 
$
(151
)
 

(1) Includes impairments of $22 in 2017
Unrealized Gain (Loss) on Investments
Information regarding changes in unrealized gains and losses from investments recorded in AOCI for the years ended December 31 follows:
(In millions)
2019
 
2018
 
2017
Changes in unrealized gains (losses):
 
 
 
 
 
 
 
 
 
 
 
Fixed maturity securities, available for sale
 
$
5,852

 
 
 
$
(3,142
)
 
 
 
$
1,657

 
Equity securities
 
0

 
 
 
0

 
 
 
71

 
Total change in unrealized gains (losses)
 
$
5,852

 
 
 
$
(3,142
)
 
 
 
$
1,728

 
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 at December 31 was as follows:
(In millions)
2019
 
2018
Unrealized gains (losses) on securities available for sale
 
$
11,891

 
 
 
$
6,039

 
Deferred income taxes
 
(3,343
)
 
 
 
(1,805
)
 
Shareholders’ equity, unrealized gains (losses) on fixed maturity securities
 
$
8,548

 
 
 
$
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 at December 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:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Municipalities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Yen-denominated
 
$
80

 
 
 
$
3

 
 
 
$
80

 
 
 
$
3

 
 
 
$
0

 
 
 
$
0

 
  Public utilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  U.S. dollar-denominated
 
306

 
 
 
10

 
 
 
69

 
 
 
2

 
 
 
237

 
 
 
8

 
  Banks/financial institutions:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  U.S. dollar-denominated
 
79

 
 
 
4

 
 
 
18

 
 
 
0

 
 
 
61

 
 
 
4

 
  Yen-denominated
 
1,828

 
 
 
89

 
 
 
1,828

 
 
 
89

 
 
 
0

 
 
 
0

 
  Other corporate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  U.S. dollar-denominated
 
4,261

 
 
 
248

 
 
 
792

 
 
 
53

 
 
 
3,469

 
 
 
195

 
  Yen-denominated
 
636

 
 
 
31

 
 
 
636

 
 
 
31

 
 
 
0

 
 
 
0

 
  Total
 
$
7,190

 
 
 
$
385

 
 
 
$
3,423

 
 
 
$
178

 
 
 
$
3,767

 
 
 
$
207

 


  
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

 
Commercial Mortgage and Other Loans by Property Type

The table below reflects the composition of the carrying value for commercial mortgage and other loans by property type as of December 31.
(In millions)
2019
 
2018
 
Amortized Cost
 
% of Total
 
Amortized Cost
 
% of Total
Commercial Mortgage and other loans
 
 
 
 
 
 
 
  Transitional real estate loans:
 
 
 
 
 
 
 
    Office
$
1,800

 
18.7
%
 
$
1,621

 
23.3
%
    Retail
131

 
1.4

 
147

 
2.1

    Apartments/Multi-Family
2,085

 
21.7

 
1,706

 
24.6

    Industrial
256

 
2.7

 
250

 
3.6

    Hospitality
1,036

 
10.8

 
531

 
7.6

    Other
164

 
1.7

 
139

 
2.0

        Total transitional real estate loans
5,472

 
57.0

 
4,394

 
63.2

Commercial mortgage loans:
 
 
 
 
 
 
 
     Office
410

 
4.3

 
281

 
4.1

     Retail
348

 
3.5

 
316

 
4.6

     Apartments/Multi-Family
569

 
5.9

 
369

 
5.3

     Industrial
383

 
4.0

 
99

 
1.4

        Total commercial mortgage loans
1,710

 
17.7

 
1,065

 
15.4

Middle market loans
2,432

 
25.3

 
1,487

 
21.4

        Total commercial mortgage and other loans
$
9,614

 
100.0
%
 
$
6,946

 
100.0
%
Allowance for Loan Losses
(45
)
 
 
 
(27
)
 
 
              Total net commercial mortgage and other loans
$
9,569

 
 
 
$
6,919

 
 
Allowance for Loan Losses by Portfolio Segment The following table presents the rollforward of the Company's allowance for loan losses by portfolio segment during the year ended December 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
 
(2
)
 
 
 
(5
)
 
 
 
(11
)
 
 
 
(18
)
 
Allowance for loan losses at December 31, 2019
 
$
(3
)
 
 
 
$
(22
)
 
 
 
$
(20
)
 
 
 
$
(45
)
 
Key Credit Quality Indicators for Commercial Mortgage Loans and Transitional Real Estate Loans
The table below summarizes key credit quality information by carrying value for CMLs and TREs as of December 31.
 
2019
(In millions)
Transitional Real Estate Loans
Commercial Mortgage Loans
Total
Loan-to-Value Ratio:
 
 
 
   0%-59.99%
$
1,424

$
1,390

$
2,814

   60%-69.99%
1,927
297
2,224
   70%-79.99%
2,085
23
2,108
   80% or greater
36
0
36
      Total
$
5,472

$
1,710

$
7,182

Weighted Average Debt-Service Coverage Ratio
 
2.38
 

 
2018
(In millions)
Transitional Real Estate Loans
Commercial Mortgage Loans
Total
Loan-to-Value Ratio:
 
 
 
   0%-59.99%
$
819

$
877

$
1,696

   60%-69.99%
1,681
165
1,846
   70%-79.99%
1,558
23
1,581
   80% or greater
336
0
336
      Total
$
4,394

$
1,065

$
5,459

Weighted Average Debt-Service Coverage Ratio
 
2.45
 
Other Investments
The table below reflects the composition of the carrying value for other investments as of December 31.
(In millions)
2019
 
2018
Other investments:
 
 
 
 
 
 
 
Policy loans
 
$
250

 
 
 
$
232

 
Short-term investments (1)
 
628

 
 
 
152

 
Limited partnerships
 
569

 
 
 
377

 
Other
 
30

 
 
 
26

 
Total other investments
 
$
1,477

 
 
 
$
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 as of December 31 were as follows:
Securities Lending Transactions Accounted for as Secured Borrowings
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

 
$
1,013

 
$
4,759

 
$
5,772

Public utilities
35

 
0

 
0

 
35

Sovereign and supranational
2

 
0

 
0

 
2

Banks/financial institutions
48

 
0

 
0

 
48

Other corporate
778

 
0

 
0

 
778

Equity securities
0

 
0

 
0

 
0

          Total borrowings
$
863

 
$
1,013

 
$
4,759

 
$
6,635

Gross amount of recognized liabilities for securities lending transactions
 
 
$
1,876

Amounts related to agreements not included in offsetting disclosure in Note 4
 
 
$
4,759

(1) The related loaned security, under the Company's Aflac 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
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 Aflac 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
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 as of December 31.
Investments in Consolidated Variable Interest Entities
  
2019
 
2018
(In millions)
Cost or Amortized
Cost
 
Fair
Value
 
Cost or Amortized
Cost
 
Fair
Value
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed maturity securities, available for sale
 
$
3,308

 
 
 
$
4,312

 
 
 
$
3,849

 
 
 
$
4,466

 
Equity securities
 
0

 
 
 
0

 
 
 
160

 
 
 
160

 
Commercial mortgage and other loans
 
7,956

 
 
 
8,015

 
 
 
5,528

 
 
 
5,506

 
Other investments (1)
 
494

 
 
 
494

 
 
 
328

 
 
 
328

 
Other assets (2)
 
169

 
 
 
169

 
 
 
182

 
 
 
182

 
Total assets of consolidated VIEs
 
$
11,927

 
 
 
$
12,990

 
 
 
$
10,047

 
 
 
$
10,642

 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other liabilities (2)
 
$
126

 
 
 
$
126

 
 
 
$
102

 
 
 
$
102

 
Total liabilities of consolidated VIEs
 
$
126

 
 
 
$
126

 
 
 
$
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
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 as of December 31.

Investments in Variable Interest Entities Not Consolidated
 
2019
 
2018
(In millions)
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed maturity securities, available for sale
 
$
4,129

 
 
 
$
4,884

 
 
 
$
4,575

 
 
 
$
4,982

 
Fixed maturity securities, held to maturity
 
1,848

 
 
 
2,236

 
 
 
2,007

 
 
 
2,254

 
Other investments (1)
 
75

 
 
 
74

 
 
 
49

 
 
 
49

 
Total investments in VIEs not consolidated
 
$
6,052

 
 
 
$
7,194

 
 
 
$
6,631

 
 
 
$
7,285

 

(1) Consists entirely of alternative investments in limited partnerships