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LENDING ACTIVITIES (Tables)
 3 Months Ended
Mar. 31, 2019
LENDING ACTIVITIES  
Composition of Mortgages and other loans receivable
March 31,December 31,
(in millions)20192018
Commercial mortgages*$33,665$32,882
Residential mortgages6,5006,532
Life insurance policy loans2,1242,147
Commercial loans, other loans and notes receivable1,9671,971
Total mortgage and other loans receivable44,25643,532
Allowance for credit losses(422)(397)
Mortgage and other loans receivable, net$43,834$43,135

* Commercial mortgages primarily represent loans for apartments, offices and retail properties, with exposures in New York and California representing the largest geographic concentrations (aggregating approximately 23 percent and 10 percent, respectively, at March 31, 2019, and 22 percent and 11 percent, respectively, at December 31, 2018).

Schedule of debt service coverage ratio and loan-to-value ratio for the commercial mortgage loans
Debt Service Coverage Ratios(a)
(in millions)>1.20X1.00X - 1.20X<1.00XTotal
March 31, 2019
Loan-to-Value Ratios(b)
Less than 65%$20,054$2,274$247$22,575
65% to 75%9,2662972039,766
76% to 80%8382020878
Greater than 80%24496106446
Total commercial mortgages$30,402$2,687$576$33,665
December 31, 2018
Loan-to-Value Ratios(b)
Less than 65%$19,204$2,543$250$21,997
65% to 75%9,0603002039,563
76% to 80%4762015511
Greater than 80%596103112811
Total commercial mortgages$29,336$2,966$580$32,882

(a) The debt service coverage ratio compares a property’s net operating income to its debt service payments, including principal and interest. Our weighted average debt service coverage ratio was 1.9X for both periods ended March 31, 2019 and December 31, 2018.

(b) The loan-to-value ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. Our weighted average loan-to-value ratio was 58 percent for both periods ended March 31, 2019, and December 31, 2018.
Schedule of credit quality indicators for the commercial mortgage loans
NumberPercent
ofClassof
(dollars in millions)LoansApartmentsOfficesRetailIndustrialHotelOthersTotal(c)Total $
March 31, 2019
Credit Quality Performance
Indicator:
In good standing762$12,061$9,797$5,613$2,989$2,511$584$33,555100%
Restructured(a)2-94--16-110-
90 days or less delinquent---------
>90 days delinquent or in
process of foreclosure---------
Total(b)764$12,061$9,891$5,613$2,989$2,527$584$33,665100%
Allowance for credit losses:
Specific$-$2$-$-$1$-$3-%
General12610451122073201
Total allowance for credit losses$126$106$51$12$21$7$3231%

December 31, 2018
Credit Quality Performance
Indicator:
In good standing762$11,190$9,774$5,645$3,074$2,507$580$32,770100%
Restructured(a)2-96--16-112-
90 days or less delinquent---------
>90 days delinquent or in
process of foreclosure---------
Total(b)764$11,190$9,870$5,645$3,074$2,523$580$32,882100%
Allowance for credit losses:
Specific$-$2$-$-$1$-$3-%
General12210451131963151
Total allowance for credit losses$122$106$51$13$20$6$3181%

(a) Loans that have been modified in troubled debt restructurings and are performing according to their restructured terms. For additional discussion of troubled debt restructurings see Note 7 to the Consolidated Financial Statements in the 2018 Annual Report.

(b) Does not reflect allowance for credit losses.

(c) Our commercial mortgage loan portfolio is current as to payments of principal and interest, for both periods presented. There were no significant amounts of nonperforming commercial mortgages (defined as those loans where payment of contractual principal or interest is more than 90 days past due) during any of the periods presented.

Schedule of changes in the allowance for losses on Mortgage and other loans receivable
Three Months Ended March 31,20192018
CommercialOtherCommercialOther
(in millions)MortgagesLoansTotalMortgagesLoansTotal
Allowance, beginning of year$318$79$397$247$75$322
Loans charged off------
Recoveries of loans previously charged off------
Net charge-offs------
Provision for loan losses5202527(2)25
Other------
Allowance, end of period$ 323 *$99$422$ 274 *$73$347

* Of the total allowance, $3 million and $23 million relate to individually assessed credit losses on $148 million and $82 million of commercial mortgages at March 31, 2019 and 2018, respectively.