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VARIABLE INTEREST ENTITIES (Tables)
9 Months Ended
Sep. 30, 2021
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

 

Partnerships(e)

 

Other

 

Total

September 30, 2021

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

Bonds available for sale

$

-

$

5,104

$

-

$

-

$

5,104

Other bond securities

 

-

 

1,985

 

-

 

-

 

1,985

Equity securities

 

449

 

-

 

-

 

-

 

449

Mortgage and other loans receivable

 

-

 

2,875

 

-

 

-

 

2,875

Other invested assets

 

 

 

 

 

 

 

 

 

 

Alternative investments(a)

 

3,167

 

-

 

-

 

-

 

3,167

Investment real estate

 

3,026

 

-

 

-

 

-

 

3,026

Short-term investments

 

388

 

176

 

-

 

20

 

584

Cash

 

137

 

-

 

-

 

-

 

137

Accrued investment income

 

-

 

20

 

-

 

-

 

20

Other assets(e)

 

152

 

70

 

3,898

 

-

 

4,120

Other

 

28

 

-

 

-

 

2

 

30

Total(b)

$

7,347

$

10,230

$

3,898

$

22

$

21,497

Liabilities:

 

 

 

 

 

 

 

 

 

 

Debt of consolidated investment entities

$

2,285

$

4,519

$

-

$

-

$

6,804

Other(c)(e)

 

166

 

317

 

2,570

 

9

 

3,062

Total

$

2,451

$

4,836

$

2,570

$

9

$

9,866

 

 

 

 

 

 

 

 

 

 

 

December 31, 2020

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

Bonds available for sale

$

-

$

6,089

$

-

$

-

$

6,089

Other bond securities

 

-

 

2,367

 

-

 

-

 

2,367

Equity securities

 

507

 

-

 

-

 

-

 

507

Mortgage and other loans receivable

 

-

 

3,135

 

-

 

-

 

3,135

Other invested assets

 

 

 

 

 

 

 

 

 

 

Alternative investments(a)

 

2,689

 

-

 

-

 

-

 

2,689

Investment real estate

 

3,378

 

-

 

3,558

 

-

 

6,936

Short-term investments

 

365

 

1,534

 

-

 

27

 

1,926

Cash

 

129

 

-

 

203

 

-

 

332

Accrued investment income

 

-

 

38

 

-

 

-

 

38

Other assets

 

166

 

120

 

243

 

-

 

529

Other

 

3

 

-

 

-

 

2

 

5

Total(b)

$

7,237

$

13,283

$

4,004

$

29

$

24,553

Liabilities:

 

 

 

 

 

 

 

 

 

 

Debt of consolidated investment entities

$

2,559

$

3,961

$

2,287

$

2

$

8,809

Other(c)

 

180

 

187

 

187

 

10

 

564

Total

$

2,739

$

4,148

$

2,474

$

12

$

9,373

(a)Comprised primarily of investments in real estate joint ventures at September 30, 2021 and December 31, 2020.

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

(c) Comprised primarily of Other liabilities at September 30, 2021 and December 31, 2020.

(d) At September 30, 2021 and December 31, 2020, off-balance sheet exposure primarily consisting of our insurance companies’ commitments to real estate and investment entities were $2.7 billion and $2.4 billion, respectively, of which commitments to external parties were $0.8 billion and $0.7 billion, respectively.

(e) Includes Affordable Housing portfolio classified as held for sale and reported in Other assets and Other liabilities.

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

September 30, 2021

 

 

 

 

 

 

 

 

 

 

Real estate and investment entities(a)

$

421,901

$

7,557

 

$

3,545

(d)

$

11,102

Affordable housing partnerships

 

2,445

 

292

(c)

 

1

 

 

293

Other

 

1,717

 

203

 

 

479

(e)

 

682

Total

$

426,063

$

8,052

 

$

4,025

 

$

12,077

December 31, 2020

 

 

 

 

 

 

 

 

 

 

Real estate and investment entities(a)

$

321,716

$

6,420

 

$

3,273

(d)

$

9,693

Affordable housing partnerships

 

2,801

 

368

(c)

 

4

 

 

372

Other

 

1,733

 

195

 

 

546

(e)

 

741

Total

$

326,250

$

6,983

 

$

3,823

 

$

10,806

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

(b) At September 30, 2021 and December 31, 2020, $7.7 billion and $6.8 billion, respectively, of our total unconsolidated VIE assets were recorded as Other invested assets.

(c) At September 30, 2021, primarily included alternative equity investments of $6 million, other loans receivables of $33 million, and other assets of $246 million. At December 31, 2020, primarily included alternative equity investments of $257 million and other loans receivables of $97 million.

(d) These amounts represent our unfunded commitments to invest in private equity funds and hedge funds.

(e) 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.