XML 46 R37.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Investments (Tables)
 12 Months Ended
Dec. 31, 2019
Text Block [Abstract]  
Amortized Cost And Fair Value Of Available-For-Sale And Held-To-Maturity Investment Portfolios
 
December 31, 2019
 
 
 
 
Gross
 
 
Gross
 
 
 
 
Other-Than-
 
 
Amortized
 
 
Unrealized
 
 
Unrealized
 
 
Fair
 
 
Temporary
 
In millions
 
Cost
 
 
Gains
 
 
Losses
 
 
Value
 
 
Impairments
(1)
 
AFS Investments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed-maturity investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and government agency
 
$
838
 
 
$
46
 
 
$
(2
) 
 
$
882
 
 
 
 
 
 
 
$
—
 
State and municipal bonds
 
 
178
 
 
 
22
 
 
 
—
 
 
 
200
 
 
 
—
 
Foreign governments
 
 
8
 
 
 
1
 
 
 
—
 
 
 
9
 
 
 
—
 
Corporate obligations
 
 
1,140
 
 
 
52
 
 
 
(1
) 
 
 
1,191
 
 
 
—
 
Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed agency
 
 
317
 
 
 
3
 
 
 
—
 
 
 
320
 
 
 
—
 
Residential mortgage-backed
non-agency
 
 
23
 
 
 
1
 
 
 
(5
) 
 
 
19
 
 
 
—
 
Commercial mortgage-backed
 
 
20
 
 
 
—
 
 
 
—
 
 
 
20
 
 
 
—
 
Asset-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Collateralized debt obligations
 
 
139
 
 
 
—
 
 
 
(2
) 
 
 
137
 
 
 
—
 
Other asset-backed
 
 
321
 
 
 
1
 
 
 
(1
) 
 
 
321
 
 
 
—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total AFS investments
 
$
2,984
 
 
$
 126
 
 
$
 (11
) 
 
$
 3,099
 
 
$
—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
HTM Investments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets of consolidated VIEs:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate obligations
 
$
890
 
 
$
2
 
 
$
—
 
 
$
892
 
 
$
—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total HTM investments
 
$
890
 
 
$
2
 
 
$
—
 
 
$
892
 
 
$
—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)—Represents unrealized gains or losses on OTTI securities recognized in AOCI, which includes the
non-credit
component of impairments, as well as all subsequent changes in fair value of such impaired securities reported in AOCI.
 
December 31, 2018
 
 
 
 
Gross
 
 
Gross
 
 
 
 
Other-Than-
 
 
Amortized
 
 
Unrealized
 
 
Unrealized
 
 
Fair
 
 
Temporary
 
In millions
 
Cost
 
 
Gains
 
 
Losses
 
 
Value
 
 
Impairments
(1)
 
AFS Investments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed-maturity investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and government agency
 
$
1,093
 
 
$
26
 
 
$
(10
)
 
$
1,109
 
 
$
—  
 
State and municipal bonds
 
 
641
 
 
 
97
 
 
 
(11
)
 
 
727
 
 
 
42
 
Foreign governments
 
 
9
 
 
 
—  
 
 
 
—  
 
 
 
9
 
 
 
—  
 
Corporate obligations
 
 
1,473
 
 
 
6
 
 
 
(131
)
 
 
1,348
 
 
 
(68
)
Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed agency
 
 
218
 
 
 
1
 
 
 
(5
)
 
 
214
 
 
 
—  
 
Residential mortgage-backed
non-agency
 
 
30
 
 
 
1
 
 
 
(4
)
 
 
27
 
 
 
—  
 
Commercial mortgage-backed
 
 
53
 
 
 
—  
 
 
 
(2
)
 
 
51
 
 
 
—  
 
Asset-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Collateralized debt obligations
 
 
122
 
 
 
—  
 
 
 
(3
)
 
 
119
 
 
 
—  
 
Other asset-backed
 
 
178
 
 
 
—  
 
 
 
(1
)
 
 
177
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total AFS investments
 
$
3,817
 
 
$
131
 
 
$
(167
)
 
$
3,781
 
 
$
(26
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
HTM Investments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets of consolidated VIEs:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate obligations
 
$
890
 
 
$
35
 
 
$
—  
 
 
$
925
 
 
$
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total HTM investments
 
$
890
 
 
$
35
 
 
$
—  
 
 
$
925
 
 
$
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)—
Represents unrealized gains or losses on OTTI securities recognized in AOCI, which includes the
non-credit
component of impairments, as well as all subsequent changes in fair value of such impaired securities reported in AOCI.
Distribution By Contractual Maturity Of Available-For-Sale and Held-To-Maturity Investments
 
 
AFS Securities
 
 
HTM Securities
 
 
 
 
 
 
Consolidated VIEs
 
 
Amortized
 
 
Fair
 
 
Amortized
 
 
Fair
 
In millions
 
Cost
 
 
Value
 
 
Cost
 
 
Value
 
Due in one year or less
 
$
570
 
 
$
571
 
 
$
—
 
 
$
 
 
 
 
—
 
Due after one year through five years
 
 
472
 
 
 
480
 
 
 
—
 
 
 
—
 
Due after five years through ten years
 
 
391
 
 
 
411
 
 
 
—
 
 
 
—
 
Due after ten years
 
 
731
 
 
 
820
 
 
 
890
 
 
 
892
 
Mortgage-backed and asset-backed
 
 
820
 
 
 
817
 
 
 
—
 
 
 
—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total fixed-maturity investments
 
$
2,984
 
 
$
 3,099
 
 
$
890
 
 
$
892
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross Unrealized Losses Related To Available-For-Sale And Held-To-Maturity Investments
 
December 31, 2019
 
 
Less than 12 Months
 
 
12 Months or Longer
 
 
Total
 
 
Fair
 
 
Unrealized
 
 
Fair
 
 
Unrealized
 
 
Fair
 
 
Unrealized
 
In millions
 
 
 
 
 
 
 
  
  
 
 
 
 
 
 
 
 
 
 
    
Value
 
 
Losses
 
 
Value
 
 
Losses
 
 
Value
 
 
Losses
 
AFS Investments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed-maturity investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and government agency
 
$
148
 
 
$
(1
) 
 
$
79
 
 
$
(1
) 
 
$
227
 
 
$
(2
)
State and municipal bonds
 
 
11
 
 
 
—
 
 
 
15
 
 
 
—
 
 
 
26
 
 
 
—
 
Corporate obligations
 
 
53
 
 
 
(1
) 
 
 
10
 
 
 
—
 
 
 
63
 
 
 
(1
) 
Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed agency
 
 
62
 
 
 
—
 
 
 
7
 
 
 
—
 
 
 
69
 
 
 
—
 
Residential mortgage-backed
non-agency
 
 
—
 
 
 
—
 
 
 
11
 
 
 
(5
) 
 
 
11
 
 
 
(5
)
Commercial mortgage-backed
 
 
5
 
 
 
—
 
 
 
—
 
 
 
—
 
 
 
5
 
 
 
—
 
Asset-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Collateralized debt obligations
 
 
44
 
 
 
—
 
 
 
77
 
 
 
(2
) 
 
 
121
 
 
 
(2
)
Other asset-backed
 
 
48
 
 
 
(1
) 
 
 
7
 
 
 
—
 
 
 
55
 
 
 
(1
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total AFS investments
 
$
371
 
   
 
$
 (3
) 
 
$
206
 
   
 
$
 (8
) 
 
$
577
 
   
 
$
(11
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2018
 
 
Less than 12 Months
 
 
12 Months or Longer
 
 
Total
 
 
Fair
 
 
Unrealized
 
 
Fair
 
 
Unrealized
 
 
Fair
 
 
Unrealized
 
In millions
 
Value
 
 
Losses
 
 
Value
 
 
Losses
 
 
Value
 
 
Losses
 
AFS Investments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed-maturity investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and government agency
 
$
231
 
 
$
(1
)
 
$
278
 
 
$
(9
)
 
$
509
 
 
$
(10
)
State and municipal bonds
 
 
60
 
 
 
(1
)
 
 
135
 
 
 
(10
)
 
 
195
 
 
 
(11
)
Foreign governments
 
 
5
 
 
 
—  
 
 
 
2
 
 
 
—  
 
 
 
7
 
 
 
—  
 
Corporate obligations
 
 
900
 
 
 
(41
)
 
 
335
 
 
 
(90
)
 
 
1,235
 
 
 
(131
)
Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed agency
 
 
29
 
 
 
(1
)
 
 
118
 
 
 
(4
)
 
 
147
 
 
 
(5
)
Residential mortgage-backed
non-agency
 
 
2
 
 
 
—  
 
 
 
13
 
 
 
(4
)
 
 
15
 
 
 
(4
)
Commercial mortgage-backed
 
 
24
 
 
 
—  
 
 
 
21
 
 
 
(2
)
 
 
45
 
 
 
(2
)
Asset-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Collateralized debt obligations
 
 
98
 
 
 
(3
)
 
 
7
 
 
 
—  
 
 
 
105
 
 
 
(3
)
Other asset-backed
 
 
127
 
 
 
—  
 
 
 
35
 
 
 
(1
)
 
 
162
 
 
 
(1
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total AFS investments
 
$
1,476
 
 
$
(47
)
 
$
944
 
 
$
(120
)
 
$
2,420
 
 
$
(167
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distribution Of Securities By Percentage Of Fair Value Below Book Value By More Than 5%
 
AFS Securities
 
Percentage of Fair Value
 
Number of
 
 
Book Value
 
 
Fair Value
 
Below Book Value
 
Securities
 
 
(in millions)
 
 
(in millions)
 
> 5% to 15%
 
 
11
 
 
$
 17
 
 
$
16
 
> 15% to 25%
 
 
1
 
 
 
—
 
 
 
—
 
> 25% to 50%
 
 
2
 
 
 
14
 
 
 
9
 
> 50%
 
 
2
 
 
 
—
 
 
 
—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
16
 
 
$
 31
 
 
 
 
 
 
$
 25
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities Held In Unrealized Loss Position And Insured By Financial Guarantor and The Related Insurance Loss Reserve On Company Insured Investments
 
Fair
 
 
Unrealized
 
 
Insurance Loss
 
In millions
 
Value
 
 
Loss
 
 
Reserve
(2)
 
Mortgage-backed:
 
 
 
 
 
 
 
 
 
MBIA
(1)
 
$
11
 
 
$
(5
) 
 
$
18
 
 
(1)—Includes investments insured by MBIA Corp. and National.
(2)—Insurance loss reserve estimates are based on the proportion of par value owned to the total amount of par value insured.
Credit Losses Recognized In Earnings Related To OTTI Losses Recognized In Accumulated Other Comprehensive Income (Loss)
In millions
 
Years Ended December 31,
 
Credit Losses Recognized in Earnings Related to OTTI
 
 
 
 
2019
 
 
 
 
 
 
 
 
2018
 
 
 
 
 
 
 
 
2017
 
 
 
 
Beginning balance
 
$
37
 
 
$
32
 
 
$
29
 
Additions for credit loss impairments recognized in the current period on securities not previously impaired
 
 
—
 
 
 
—
 
 
 
11  
 
Additions for credit loss impairments recognized in the current period on securities previously impaired
 
 
67
 
 
 
5  
 
 
 
5
 
Reductions for credit loss impairments previously recognized on securities sold during the period
 
 
—
 
 
 
—  
 
 
 
(2
)
Reductions for credit loss impairments previously recognized on securities impaired to fair value during the period
 
 
(104
) 
 
 
—
 
 
 
(11  
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ending balance
 
$
—
 
 
$
37
 
 
$
32
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross Realized Gains and Losses From Sales Of Available-For-Sale Securities
 
Years Ended December 31,
 
In millions
 
 
 
 
 
 
 
 
 
2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2017
 
 
 
 
 
 
 
 
 
Proceeds from sales
 
$
 2,195
 
 
$
2,117
 
 
$
2,256
 
Gross realized gains
 
$
103
 
 
$
6
 
 
$
40
 
Gross realized losses
 
$
 (4
) 
 
 
 
$
(19
)
 
$
(22
)
Portion Of Unrealized Gains Losses Recognized On Equity Investments [Table Text Block]
 
Year
s
 Ended
 
December 31,
 
In millions
 
 
 
 
 
 
 
 
 
2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2018
 
 
 
 
 
 
 
 
 
Net gains and (losses) recognized during the period on equity securities
 
$
11
 
 
$
(4
)
Less:
 
 
 
 
 
 
 
Net gains and (losses) recognized during the period on equity securities sold during the period
 
 
1
 
 
 
1
 
 
 
 
 
 
 
 
 
 
Unrealized gains and (losses) recognized during the period on equity securities still held at the reporting date
 
$
10
 
 
$
(5
)