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VARIABLE INTEREST ENTITIES (Tables)
3 Months Ended
Mar. 31, 2022
Variable Interest Entity Primary Beneficiary  
Variable Interest Entity [Line Items]  
Schedule of Variable Interest Entities

 

 

Real Estate and

 

 

 

 

 

 

Investment

 

Securitization

 

 

(in millions)

 

Entities(d)

 

Vehicles

 

Total

March 31, 2022

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

Bonds available for sale

$

-

$

5,581

$

5,581

Other bond securities

 

-

 

1,648

 

1,648

Equity securities

 

69

 

-

 

69

Mortgage and other loans receivable

 

-

 

2,352

 

2,352

Other invested assets

 

 

 

 

 

 

Alternative investments(a)

 

3,247

 

-

 

3,247

Investment real estate

 

2,191

 

-

 

2,191

Short-term investments

 

243

 

130

 

373

Cash

 

82

 

-

 

82

Accrued investment income

 

-

 

17

 

17

Other assets

 

173

 

59

 

232

Total(b)

$

6,005

$

9,787

$

15,792

Liabilities:

 

 

 

 

 

 

Debt of consolidated investment entities

$

1,694

$

4,498

$

6,192

Other(c)

 

112

 

117

 

229

Total

$

1,806

$

4,615

$

6,421

 

 

 

 

 

 

 

December 31, 2021

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

Bonds available for sale

$

-

$

5,543

$

5,543

Other bond securities

 

-

 

1,852

 

1,852

Equity securities

 

223

 

-

 

223

Mortgage and other loans receivable

 

-

 

2,523

 

2,523

Other invested assets

 

 

 

 

 

 

Alternative investments(a)

 

3,017

 

-

 

3,017

Investment real estate

 

2,257

 

-

 

2,257

Short-term investments

 

487

 

151

 

638

Cash

 

96

 

-

 

96

Accrued investment income

 

-

 

17

 

17

Other assets

 

190

 

558

 

748

Total(b)

$

6,270

$

10,644

$

16,914

Liabilities:

 

 

 

 

 

 

Debt of consolidated investment entities

$

1,743

$

4,504

$

6,247

Other(c)

 

122

 

722

 

844

Total

$

1,865

$

5,226

$

7,091

(a)Comprised primarily of investments in real estate joint ventures at March 31, 2022 and December 31, 2021.

(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, 2022 and December 31, 2021.

(d) At March 31, 2022 and December 31, 2021, off-balance sheet exposure primarily consisting of our insurance companies’ commitments to real estate and investment entities were $2.0 billion and $2.2 billion, respectively, of which commitments to external parties were $0.5 billion and $0.6 billion, respectively.

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, 2022

 

 

 

 

 

 

 

 

 

 

Real estate and investment entities(a)

$

461,827

$

8,021

 

$

3,617

(c)

$

11,638

Other

 

1,745

 

248

 

 

749

(d)

 

997

Total

$

463,572

$

8,269

 

$

4,366

 

$

12,635

December 31, 2021

 

 

 

 

 

 

 

 

 

 

Real estate and investment entities(a)

$

457,335

$

7,650

 

$

3,448

(c)

$

11,098

Other

 

1,738

 

237

 

 

528

(d)

 

765

Total

$

459,073

$

7,887

 

$

3,976

 

$

11,863

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

(b) At March 31, 2022 and December 31, 2021, $8.2 billion and $7.8 billion, respectively, of our total unconsolidated VIE assets were recorded as Other invested assets.

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

(d) 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.