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VARIABLE INTEREST ENTITIES (Tables)
3 Months Ended
Mar. 31, 2020
Variable Interest Entity Primary Beneficiary  
Variable Interest Entity [Line Items]  
Schedule of Variable Interest Entities

 

 

Real Estate and

 

 

 

Affordable

 

 

 

 

 

 

Investment

 

Securitization

 

Housing

 

 

 

 

(in millions)

 

Entities(d)

 

Vehicles(e)

 

Partnerships

 

Other

 

Total

March 31, 2020

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

Bonds available for sale

$

256

$

6,255

$

-

$

-

$

6,511

Other bond securities

 

-

 

2,266

 

-

 

1

 

2,267

Mortgage and other loans receivable

 

-

 

4,025

 

-

 

-

 

4,025

Other invested assets

 

5,180

 

-

 

3,635

 

42

 

8,857

Other(a)

 

500

 

1,915

 

483

 

42

 

2,940

Total assets(b)

$

5,936

$

14,461

$

4,118

$

85

$

24,600

Liabilities:

 

 

 

 

 

 

 

 

 

 

Long-term debt

$

2,794

$

4,515

$

2,201

$

4

$

9,514

Other(c)

 

184

 

193

 

195

 

23

 

595

Total liabilities

$

2,978

$

4,708

$

2,396

$

27

$

10,109

December 31, 2019

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

Bonds available for sale

$

177

$

7,239

$

-

$

-

$

7,416

Other bond securities

 

-

 

3,324

 

-

 

1

 

3,325

Mortgage and other loans receivable

 

-

 

3,860

 

-

 

-

 

3,860

Other invested assets

 

5,231

 

-

 

3,464

 

42

 

8,737

Other(a)

 

615

 

1,996

 

469

 

42

 

3,122

Total assets(b)

$

6,023

$

16,419

$

3,933

$

85

$

26,460

Liabilities:

 

 

 

 

 

 

 

 

 

 

Long-term debt

$

2,810

$

4,356

$

2,074

$

4

$

9,244

Other(c)

 

236

 

359

 

195

 

24

 

814

Total liabilities

$

3,046

$

4,715

$

2,269

$

28

$

10,058

(a)Comprised primarily of Short-term investments and Other assets at March 31, 2020 and December 31, 2019.

 

(b)The assets of each VIE can be used only to settle specific obligations of that VIE.

(c)Comprised primarily of Other liabilities at March 31, 2020 and December 31, 2019.

(d)At March 31, 2020 and December 31, 2019, off-balance sheet exposure primarily consisting of commitments to real estate and investment entities was $2.4 billion and $2.6 billion, respectively.

(e)At March 31, 2020 and December 31, 2019, the company had contributed total assets of $13.7 billion and $15.6 billion, respectively, into consolidated securitization vehicles.

 

Variable Interest Entity Not Primary Beneficiary  
Variable Interest Entity [Line Items]  
Schedule of Variable Interest Entities

 

 

 

Maximum Exposure to Loss

 

 

Total VIE

 

On-Balance

 

Off-Balance

 

 

 

(in millions)

 

Assets

 

Sheet(b)

 

Sheet

 

 

Total

March 31, 2020

 

 

 

 

 

 

 

 

 

Real estate and investment entities(a)

$

288,131

$

5,810

$

3,546

 

$

9,356

Affordable housing partnerships

 

3,064

 

397

 

-

 

 

397

Other

 

5,514

 

358

 

561

(c)

 

919

Total

$

296,709

$

6,565

$

4,107

 

$

10,672

December 31, 2019

 

 

 

 

 

 

 

 

 

Real estate and investment entities(a)

$

283,349

$

6,519

$

3,286

 

$

9,805

Affordable housing partnerships

 

3,351

 

453

 

-

 

 

453

Other

 

5,320

 

310

 

561

(c)

 

871

Total

$

292,020

$

7,282

$

3,847

 

$

11,129

(a)Comprised primarily of hedge funds and private equity funds.

(b)At March 31, 2020 and December 31, 2019, $6.4 billion and $7.0 billion, respectively, of our total unconsolidated VIE assets were recorded as Other invested assets.

(c)These amounts represent our estimate of the maximum exposure to loss under certain insurance policies issued to VIEs if a hypothetical loss occurred to the extent of the full amount of the insured value. Our insurance policies cover defined risks and our estimate of liability is included in our insurance reserves on the balance sheet.