Investments (Tables)

6 Months Ended

Jun. 30, 2019

Investments, Debt and Equity Securities [Abstract]

Fixed Maturity Available-for-Sale and Equity Securities

Equity securities are summarized as follows at:

	June 30, 2019				December 31, 2018
	Estimated Fair Value		% of Total		Estimated Fair Value		% of Total
	(Dollars in millions)
Common stock	$	1,067	72.3	%	$	1,037	72.0	%
Non-redeemable preferred stock	409		27.7		403		28.0
Total equity securities	$	1,476	100.0	%	$	1,440	100.0	%

The following table presents the fixed maturity securities AFS by sector. U.S. corporate and foreign corporate sectors include redeemable preferred stock. Residential mortgage-backed securities (“RMBS”) includes Agency, prime, alternative and sub-prime mortgage-backed securities. Asset-backed securities (“ABS”) includes securities collateralized by corporate loans and consumer loans. Municipals includes taxable and tax-exempt revenue bonds and, to a much lesser extent, general obligations of states, municipalities and political subdivisions. Commercial mortgage-backed securities (“CMBS”) primarily includes securities collateralized by multiple properties. RMBS, ABS and CMBS are collectively, “Structured Securities.”

	June 30, 2019											December 31, 2018
	Amortized Cost		Gross Unrealized							Estimated Fair Value		Amortized Cost		Gross Unrealized							Estimated Fair Value
			Gains		Temporary Losses		OTTI Losses (1)							Gains		Temporary Losses		OTTI Losses (1)
	(In millions)
U.S. corporate	$	76,928	$	7,216	$	432	$	—		$	83,712	$	77,761	$	3,467	$	2,280	$	—		$	78,948
Foreign government	58,605		9,205		256		—			67,554		56,353		6,406		471		—			62,288
Foreign corporate	58,682		4,730		1,014		—			62,398		56,290		2,438		2,025		—			56,703
U.S. government and agency	35,727		4,326		50		—			40,003		37,030		2,756		464		—			39,322
RMBS	27,635		1,465		88		(37		)	29,049		27,409		920		394		(26		)	27,961
ABS	13,687		98		72		1			13,712		12,552		74		153		1			12,472
Municipals	10,339		1,920		4		—			12,255		10,376		1,228		71		—			11,533
CMBS	9,626		413		33		—			10,006		9,045		115		122		—			9,038
Total fixed maturity securities AFS	$	291,229	$	29,373	$	1,949	$	(36	)	$	318,689	$	286,816	$	17,404	$	5,980	$	(25	)	$	298,265

__________________

(1)

Noncredit OTTI losses included in AOCI in an unrealized gain position are due to increases in estimated fair value subsequent to initial recognition of noncredit losses on such securities. See also “— Net Unrealized Investment Gains (Losses).”

Available-for-sale fixed maturity securities by contractual maturity date

The amortized cost and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at June 30, 2019:

	Due in One Year or Less		Due After One Year Through Five Years		Due After Five Years Through Ten Years		Due After Ten Years		Structured Securities		Total Fixed Maturity Securities AFS
	(In millions)
Amortized cost	$	16,336	$	51,147	$	57,849	$	114,949	$	50,948	$	291,229
Estimated fair value	$	16,415	$	53,234	$	62,407	$	133,866	$	52,767	$	318,689

Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity Securities Available-for-Sale

The following table presents the estimated fair value and gross unrealized losses of fixed maturity securities AFS in an unrealized loss position by sector and aggregated by length of time that the securities have been in a continuous unrealized loss position at:

	June 30, 2019								December 31, 2018
	Less than 12 Months				Equal to or Greater than 12 Months				Less than 12 Months				Equal to or Greater than 12 Months
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
	(Dollars in millions)
U.S. corporate	$	4,058	$	105	$	5,190	$	327	$	32,430	$	1,663	$	5,826	$	617
Foreign government	1,469		110		1,863		146		4,392		243		2,902		228
Foreign corporate	3,425		157		8,628		857		19,564		1,230		5,765		795
U.S. government and agency	2,155		9		2,634		41		6,813		58		8,937		406
RMBS	1,686		14		3,138		37		6,506		120		6,423		248
ABS	5,336		45		2,012		28		8,230		138		392		16
Municipals	64		—		124		4		1,380		46		349		25
CMBS	768		2		534		31		3,893		67		707		55
Total fixed maturity securities AFS	$	18,961	$	442	$	24,123	$	1,471	$	83,208	$	3,565	$	31,301	$	2,390
Total number of securities in an unrealized loss position	1,743				1,992				6,913				2,335

Disclosure of Mortgage Loans Net of Valuation Allowance

Mortgage loans are summarized as follows at:

	June 30, 2019					December 31, 2018
	Carrying Value			% of Total		Carrying Value			% of Total
	(Dollars in millions)
Mortgage loans:
Commercial	$	49,570		63.6	%	$	48,463		64.0	%
Agricultural	15,334			19.7		14,905			19.7
Residential	13,188			16.9		12,427			16.4
Total recorded investment	78,092			100.2		75,795			100.1
Valuation allowances	(357		)	(0.5	)	(342		)	(0.5	)
Subtotal mortgage loans, net	77,735			99.7		75,453			99.6
Residential — FVO (1)	262			0.3		299			0.4
Total mortgage loans, net	$	77,997		100.0	%	$	75,752		100.0	%

Disclosure of mortgage loans held-for-investment and valuation allowances by method of evaluation for credit loss

Mortgage loans by portfolio segment, by method of evaluation of credit loss, impaired mortgage loans including those modified in a troubled debt restructuring, and the related valuation allowances, were as follows at:

	Evaluated Individually for Credit Losses										Evaluated Collectively for Credit Losses				Impaired Loans
	Impaired Loans with a Valuation Allowance						Impaired Loans without a Valuation Allowance
	Unpaid Principal Balance		Recorded Investment		Valuation Allowances		Unpaid Principal Balance		Recorded Investment		Recorded Investment		Valuation Allowances		Carrying Value
	(In millions)
June 30, 2019
Commercial	$	—	$	—	$	—	$	—	$	—	$	49,570	$	246	$	—
Agricultural	31		31		3		191		190		15,113		45		218
Residential	—		—		—		504		403		12,785		63		403
Total	$	31	$	31	$	3	$	695	$	593	$	77,468	$	354	$	621
December 31, 2018
Commercial	$	—	$	—	$	—	$	—	$	—	$	48,463	$	238	$	—
Agricultural	31		31		3		169		169		14,705		43		197
Residential	—		—		—		431		386		12,041		58		386
Total	$	31	$	31	$	3	$	600	$	555	$	75,209	$	339	$	583

Allowance for Loan and Lease Losses, Provision for Loss, Net

The changes in the valuation allowance, by portfolio segment, were as follows:

	Six Months Ended June 30,
	2019										2018
	Commercial		Agricultural		Residential			Total			Commercial		Agricultural		Residential			Total
	(In millions)
Balance, beginning of period	$	238	$	46	$	58		$	342		$	214	$	41	$	59		$	314
Provision (release)	8		2		9			19			13		—		2			15
Charge-offs, net of recoveries	—		—		(4		)	(4		)	—		—		(4		)	(4		)
Balance, end of period	$	246	$	48	$	63		$	357		$	227	$	41	$	57		$	325

Schedule of Past Due and Non Accrual Mortgage Loans

The past due and nonaccrual mortgage loans at recorded investment, prior to valuation allowances, by portfolio segment, were as follows at:

	Past Due				Greater than 90 Days Past Due  and Still Accruing Interest				Nonaccrual
	June 30, 2019		December 31, 2018		June 30, 2019		December 31, 2018		June 30, 2019		December 31, 2018
	(In millions)
Commercial	$	4	$	9	$	4	$	9	$	176	$	176
Agricultural	134		204		52		109		105		105
Residential	433		471		38		35		395		436
Total	$	571	$	684	$	94	$	153	$	676	$	717

Disclosure Real Estate and Real Estate Joint Ventures

Real estate investments, by income type, as well as income earned, are as follows at and for the periods indicated:

	June 30, 2019		December 31, 2018		Three Months Ended June 30,				Six Months Ended June 30,
					2019		2018		2019		2018
	Carrying Value				Income
	(In millions)
Leased real estate investments	$	4,502	$	4,132	$	90	$	104	$	182	$	208
Other real estate investments	479		461		56		57		90		90
Real estate joint ventures	5,345		5,105		33		34		37		65
Total real estate and real estate joint ventures	$	10,326	$	9,698	$	179	$	195	$	309	$	363

Schedule of Operating Leases by Property Type

Leased real estate investments and income earned, by property type, are as follows at and for the periods indicated:

	June 30, 2019		December 31, 2018		Three Months Ended June 30,				Six Months Ended June 30,
					2019		2018		2019		2018
	Carrying Value				Income
	(In millions)
Leased real estate investments:
Office	$	2,205	$	1,999	$	42	$	44	$	86	$	89
Retail	1,096		1,006		25		25		49		51
Apartment	256		253		5		19		10		37
Industrial	276		223		11		10		22		19
Land	505		489		5		4		10		9
Hotel	95		94		1		—		3		—
Other	69		68		1		2		2		3
Total leased real estate investments	$	4,502	$	4,132	$	90	$	104	$	182	$	208

Components of Leveraged and Direct Financing Leases

Investment in leveraged and direct financing leases consisted of the following at:

	June 30, 2019						December 31, 2018
	Leveraged Leases			Direct Financing Leases			Leveraged Leases			Direct Financing Leases
	(In millions)
Lease receivables, net (1)	$	707		$	2,017		$	715		$	1,855
Estimated residual values	807			42			807			42
Subtotal	1,514			2,059			1,522			1,897
Unearned income	(391		)	(742		)	(414		)	(705		)
Investment in leases	$	1,123		$	1,317		$	1,108		$	1,192

__________________

(1)

Future contractual receipts under direct financing leases at June 30, 2019 are $62 million for the remainder of 2019, $109 million in 2020, $108 million in 2021, $132 million in 2022, $104 million in 2023, $1.5 billion thereafter, and in total $2.0 billion.

Schedule of Net Income From Investment In Leveraged and Direct Financing Leases

The components of income from investment in leveraged and direct financing leases, excluding net investment gains (losses), were as follows:

	Three Months Ended June 30,								Six Months Ended June 30,
	2019				2018				2019				2018
	Leveraged Leases		Direct Financing Leases		Leveraged Leases		Direct Financing Leases		Leveraged Leases		Direct Financing Leases		Leveraged Leases		Direct Financing Leases
	(In millions)
Lease investment income	$	12	$	27	$	12	$	27	$	24	$	47	$	23	$	47
Less: Income tax expense	3		6		2		6		5		10		5		10
Lease investment income, net of income tax	$	9	$	21	$	10	$	21	$	19	$	37	$	18	$	37

Components of net unrealized investment gains (losses) included in accumulated other comprehensive income (loss)

The components of net unrealized investment gains (losses), included in AOCI, were as follows:

	June 30, 2019			December 31, 2018
	(In millions)
Fixed maturity securities AFS	$	27,390		$	11,356
Fixed maturity securities AFS with noncredit OTTI losses included in AOCI	36			25
Total fixed maturity securities AFS	27,426			11,381
Derivatives	2,680			2,127
Other	265			290
Subtotal	30,371			13,798
Amounts allocated from:
Future policy benefits	(1,054		)	31
DAC, VOBA and DSI	(2,683		)	(1,231		)
Policyholder dividend obligation	(1,834		)	(428		)
Subtotal	(5,571		)	(1,628		)
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI	(5		)	(3		)
Deferred income tax benefit (expense)	(6,401		)	(3,502		)
Net unrealized investment gains (losses)	18,394			8,665
Net unrealized investment gains (losses) attributable to noncontrolling interests	(13		)	(10		)
Net unrealized investment gains (losses) attributable to MetLife, Inc.	$	18,381		$	8,655

The changes in net unrealized investment gains (losses) were as follows:

	Six Months Ended June 30, 2019
	(In millions)
Balance, beginning of period	$	8,655
Cumulative effects of changes in accounting principles, net of income tax (Note 1)	21
Fixed maturity securities AFS on which noncredit OTTI losses have been recognized	11
Unrealized investment gains (losses) during the period	16,536
Unrealized investment gains (losses) relating to:
Future policy benefits	(1,085		)
DAC, VOBA and DSI	(1,452		)
Policyholder dividend obligation	(1,406		)
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI	(2		)
Deferred income tax benefit (expense)	(2,894		)
Net unrealized investment gains (losses)	18,384
Net unrealized investment gains (losses) attributable to noncontrolling interests	(3		)
Balance, end of period	$	18,381
Change in net unrealized investment gains (losses)	$	9,729
Change in net unrealized investment gains (losses) attributable to noncontrolling interests	(3		)
Change in net unrealized investment gains (losses) attributable to MetLife, Inc.	$	9,726

Securities Lending and Repurchase Agreements

A summary of the remaining contractual maturities of securities lending agreements and repurchase agreements is as follows:

	June 30, 2019								December 31, 2018
	Remaining Maturities								Remaining Maturities
	Open (1)		1 Month or Less		Over  1 to 6 Months		Total		Open (1)		1 Month or Less		Over 1 to 6 Months		Total
	(In millions)
Cash collateral liability by loaned security type:
Securities lending:
U.S. government and agency	$	3,440	$	4,147	$	9,081	$	16,668	$	2,736	$	8,995	$	5,220	$	16,951
Foreign government	—		380		666		1,046		—		214		761		975
Agency RMBS	—		68		—		68		—		79		—		79
Total	$	3,440	$	4,595	$	9,747	$	17,782	$	2,736	$	9,288	$	5,981	$	18,005
Repurchase agreements:
U.S. government and agency	$	—	$	1,535	$	—	$	1,535	$	—	$	1,000	$	—	$	1,000
All other corporate and government	—		6		71		77		—		—		67		67
Total	$	—	$	1,541	$	71	$	1,612	$	—	$	1,000	$	67	$	1,067

__________________

(1)

The related loaned security could be returned to the Company on the next business day, which would require the Company to immediately return the cash collateral. The estimated fair value of the securities on loan related to this cash collateral at June 30, 2019 was $3.4 billion, all of which were U.S. government and agency securities which, if put back to the Company, could be immediately sold to satisfy the cash requirement.

A summary of the securities lending and repurchase agreements transactions is as follows:

	June 30, 2019								December 31, 2018
	Securities on Loan (1)								Securities on Loan (1)
	Amortized Cost		Estimated Fair Value		Cash Collateral Received from Counterparties (2), (3)		Reinvestment Portfolio at Estimated Fair Value		Amortized Cost		Estimated Fair Value		Cash Collateral Received from Counterparties (2), (3)		Reinvestment Portfolio at Estimated Fair Value
	(In millions)
Securities lending	$	15,472	$	17,396	$	17,782	$	17,952	$	16,969	$	17,724	$	18,005	$	18,074
Repurchase agreements	$	1,520	$	1,648	$	1,612	$	1,629	$	1,033	$	1,093	$	1,067	$	1,069

__________________

(1) Securities on loan in connection with securities lending are included within fixed maturities securities AFS and cash equivalents and securities on loan in connection with repurchase agreements are included within fixed maturities securities AFS, short-term investments and cash equivalents.

(2) In connection with securities lending, in addition to cash collateral received, the Company received from counterparties security collateral of $10 million and $78 million at June 30, 2019 and December 31, 2018, respectively, which may not be sold or re-pledged, unless the counterparty is in default, and is not reflected on the consolidated financial statements.

(3)

The securities lending liability for cash collateral is included within payables for collateral under securities loaned and other transactions, and the repurchase agreements liability for cash collateral is included within payables for collateral under securities loaned and other transactions and other liabilities.

Federal Home Loan Bank, cash advances

The cash advance liability by loaned security type and remaining contractual maturities of the agreements was as follows at:

	June 30, 2019								December 31, 2018
	Remaining Maturities								Remaining Maturities
	1 Month or Less		Over 1 to 6 Months		6 Months to 1 Year		Total		1 Month or Less		Over 1 to 6 Months		6 Months to 1 Year		Total
	(In millions)
Cash advance liability by loaned security type:
Municipals	$	200	$	600	$	—	$	800	$	150	$	650	$	—	$	800

Invested Assets on Deposit, Held in Trust and Pledged as Collateral

Invested assets on deposit, held in trust and pledged as collateral are presented below at estimated fair value for all asset classes, except mortgage loans, which are presented at carrying value, at:

	June 30, 2019		December 31, 2018
	(In millions)
Invested assets on deposit (regulatory deposits)	$	1,940	$	1,788
Invested assets held in trust (collateral financing arrangement and reinsurance agreements)	3,241		2,971
Invested assets pledged as collateral (1)	24,237		24,168
Total invested assets on deposit, held in trust and pledged as collateral	$	29,418	$	28,927

__________________

(1)

The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements, secured debt, a collateral financing arrangement (see Notes 4, 12 and 13 of the Notes to the Consolidated Financial Statements included in the 2018 Annual Report) and derivative transactions (see Note 7).

Components of Net Investment Income

The components of net investment income were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
	(In millions)
Investment income:
Fixed maturity securities AFS	$	3,024	$	3,014	$	5,963	$	5,910
Equity securities	15		15		32		31
FVO Securities (1)	38		8		93		14
Mortgage loans	943		815		1,855		1,607
Policy loans	129		127		257		251
Real estate and real estate joint ventures	179		195		309		363
Other limited partnership interests	243		120		366		327
Cash, cash equivalents and short-term investments	113		95		241		167
Operating joint ventures	38		19		56		32
Other	71		94		149		200
Subtotal	4,793		4,502		9,321		8,902
Less: Investment expenses	361		315		717		617
Subtotal, net	4,432		4,187		8,604		8,285
Unit-linked investments (1)	261		286		997		(67		)
Net investment income	$	4,693	$	4,473	$	9,601	$	8,218

__________________

(1)

Changes in estimated fair value subsequent to purchase for investments still held as of the end of the respective periods included in net investment income were principally from contractholder-directed equity securities supporting unit-linked variable annuity type liabilities (“Unit-linked investments”), and were $149 million and $757 million for the three months and six months ended June 30, 2019, respectively, and $165 million and ($174) million for the three months and six months ended June 30, 2018, respectively.

Components of Net Investment Gains (Losses)

The components of net investment gains (losses) were as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
	(In millions)
Total gains (losses) on fixed maturity securities AFS:
Total OTTI losses recognized — by sector and industry:
U.S. and foreign corporate securities — by industry:
Industrial	$	—		$	—		$	(8	)	$	—
Total U.S. and foreign corporate securities	—			—			(8		)	—
RMBS	—			—			(2		)	—
OTTI losses on fixed maturity securities AFS recognized in earnings	—			—			(10		)	—
Fixed maturity securities AFS — net gains (losses) on sales and disposals	138			(46		)	124			(141		)
Total gains (losses) on fixed maturity securities AFS	138			(46		)	114			(141		)
Total gains (losses) on equity securities:
Equity securities — net gains (losses) on sales and disposals	4			14			47			116
Change in estimated fair value of equity securities (1)	(6		)	20			58			(113		)
Total gains (losses) on equity securities	(2		)	34			105			3
Mortgage loans	14			(15		)	(1		)	(36		)
Real estate and real estate joint ventures	1			89			6			114
Other limited partnership interests	—			8			—			8
Other (2), (3)	(42		)	(58		)	(110		)	(188		)
Subtotal	109			12			114			(240		)
Change in estimated fair value of other limited partnership interests and real estate joint ventures	3			(1		)	(12		)	(6		)
Non-investment portfolio gains (losses) (4)	(51		)	(238		)	(26		)	(314		)
Subtotal	(48		)	(239		)	(38		)	(320		)
Total net investment gains (losses)	$	61		$	(227	)	$	76		$	(560	)

__________________

(1) Changes in estimated fair value subsequent to purchase for equity securities still held as of the end of the period included in net investment gains (losses) were ($1) million and $92 million for the three months and six months ended June 30, 2019, respectively, and $31 million and ($5) million for the three months and six months ended June 30, 2018, respectively.

(2) Other gains (losses) for the three months and six months ended June 30, 2019 included tax credit partnership impairment losses of $14 million and $92 million, respectively, and a renewable energy partnership disposal gain of $46 million for the six months ended June 30, 2019.

(3) Other gains (losses) included renewable energy partnership disposal losses of $83 million for both the three months and six months ended June 30, 2018 and leveraged lease impairment losses of $105 million for the six months ended June 30, 2018.

(4)

Non-investment portfolio gains (losses) for the three months and six months ended June 30, 2018, included a loss of $159 million and $327 million, respectively, which represents both the change in estimated fair value of Brighthouse Financial, Inc. common stock (“FVO Brighthouse Common Stock”) held by the Company through date of disposal and the loss on disposal in June 2018.

Proceeds from sales or disposals of fixed maturity securities and the components of fixed maturity securities net investment gains and losses

Sales of securities are determined on a specific identification basis. Proceeds from sales or disposals and the components of net investment gains (losses) were as shown in the table below:

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
	(In millions)
Proceeds	$	13,895		$	20,183		$	29,720		$	39,253
Gross investment gains	$	262		$	149		$	467		$	255
Gross investment losses	(124		)	(195		)	(343		)	(396		)
OTTI losses	—			—			(10		)	—
Net investment gains (losses)	$	138		$	(46	)	$	114		$	(141	)

Rollforward of the Cumulative Credit Loss Component of OTTI income (loss)

The table below presents a rollforward of the cumulative credit loss component of OTTI loss recognized in earnings on fixed maturity securities AFS still held for which a portion of the OTTI loss was recognized in OCI:

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
	(In millions)
Balance, beginning of period	$	85		$	128		$	89		$	138
Sales (maturities, pay downs or prepayments) of securities previously impaired as credit loss OTTI	(8		)	(17		)	(11		)	(26		)
Increase in cash flows — accretion of previous credit loss OTTI	—			—			(1		)	(1		)
Balance, end of period	$	77		$	111		$	77		$	111

Agricultural Mortgage Loans

Accounts, Notes, Loans and Financing Receivable [Line Items]

Disclosure of the mortgage loans portfolio segment by the recorded investment, prior to valuation allowances, by credit quality indicator categories

The credit quality of agricultural mortgage loans was as follows at:

	June 30, 2019				December 31, 2018
	Recorded Investment		% of Total		Recorded Investment		% of Total
	(Dollars in millions)
Loan-to-value ratios:
Less than 65%	$	14,250	92.9	%	$	13,704	92.0	%
65% to 75%	992		6.5		1,145		7.7
76% to 80%	69		0.4		33		0.2
Greater than 80%	23		0.2		23		0.1
Total	$	15,334	100.0	%	$	14,905	100.0	%

Residential Mortgage Loans

Accounts, Notes, Loans and Financing Receivable [Line Items]

Disclosure of the mortgage loans portfolio segment by the recorded investment, prior to valuation allowances, by credit quality indicator categories

The credit quality of residential mortgage loans was as follows at:

	June 30, 2019				December 31, 2018
	Recorded Investment		% of Total		Recorded Investment		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	12,755	96.7	%	$	11,956	96.2	%
Nonperforming (1)	433		3.3		471		3.8
Total	$	13,188	100.0	%	$	12,427	100.0	%

__________________

(1)

Includes residential mortgage loans in process of foreclosure of $124 million and $140 million at June 30, 2019 and December 31, 2018, respectively.

Commercial Mortgage Loans

Accounts, Notes, Loans and Financing Receivable [Line Items]

Disclosure of the mortgage loans portfolio segment by the recorded investment, prior to valuation allowances, by credit quality indicator categories

The credit quality of commercial mortgage loans was as follows at:

	Recorded Investment										Estimated Fair Value		% of Total
	Debt Service Coverage Ratios								% of Total
	> 1.20x		1.00x - 1.20x		< 1.00x		Total
	(Dollars in millions)
June 30, 2019
Loan-to-value ratios:
Less than 65%	$	41,424	$	773	$	156	$	42,353	85.4	%	$	43,922	85.7	%
65% to 75%	5,649		26		166		5,841		11.8		5,975		11.7
76% to 80%	377		228		55		660		1.3		645		1.3
Greater than 80%	482		234		—		716		1.5		690		1.3
Total	$	47,932	$	1,261	$	377	$	49,570	100.0	%	$	51,232	100.0	%
December 31, 2018
Loan-to-value ratios:
Less than 65%	$	40,360	$	827	$	101	$	41,288	85.2	%	$	41,599	85.3	%
65% to 75%	5,790		—		25		5,815		12.0		5,849		12.0
76% to 80%	423		209		56		688		1.4		664		1.4
Greater than 80%	496		176		—		672		1.4		635		1.3
Total	$	47,069	$	1,212	$	182	$	48,463	100.0	%	$	48,747	100.0	%

Variable Interest Entity, Primary Beneficiary

Accounts, Notes, Loans and Financing Receivable [Line Items]

Schedule of Variable Interest Entities

The following table presents the total assets and total liabilities relating to investment-related VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated at:

	June 30, 2019				December 31, 2018
	Total Assets		Total Liabilities		Total Assets		Total Liabilities
	(In millions)
Renewable energy partnership (1)	$	99	$	—	$	102	$	—
Investment funds (2)	138		1		79		1
Other investments (1)	20		5		21		5
Total	$	257	$	6	$	202	$	6

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(1) Assets of the renewable energy partnership and other investments primarily consisted of other invested assets.

(2)

Assets of the investment funds primarily consisted of other invested assets at June 30, 2019 and cash and cash equivalents at December 31, 2018.

Variable Interest Entity, Not Primary Beneficiary

Accounts, Notes, Loans and Financing Receivable [Line Items]

Schedule of Variable Interest Entities

The carrying amount and maximum exposure to loss relating to VIEs in which the Company holds a significant variable interest but is not the primary beneficiary and which have not been consolidated were as follows at:

	June 30, 2019				December 31, 2018
	Carrying Amount		Maximum Exposure to Loss (1)		Carrying Amount		Maximum Exposure to Loss (1)
	(In millions)
Fixed maturity securities AFS:
Structured Securities (2)	$	51,175	$	51,175	$	47,874	$	47,874
U.S. and foreign corporate	1,358		1,358		932		932
Foreign government	139		139		—		—
Other limited partnership interests	5,997		11,020		5,641		9,888
Other invested assets	1,762		1,875		1,906		2,063
Other investments	412		426		296		300
Total	$	60,843	$	65,993	$	56,649	$	61,057

__________________

(1) The maximum exposure to loss relating to fixed maturity securities AFS is equal to their carrying amounts or the carrying amounts of retained interests. The maximum exposure to loss relating to other limited partnership interests is equal to the carrying amounts plus any unfunded commitments. For certain of its investments in other invested assets, the Company’s return is in the form of income tax credits which are guaranteed by creditworthy third parties. For such investments, the maximum exposure to loss is equal to the carrying amounts plus any unfunded commitments, reduced by income tax credits guaranteed by third parties of $73 million and $94 million at June 30, 2019 and December 31, 2018, respectively. Such a maximum loss would be expected to occur only upon bankruptcy of the issuer or investee.

(2) For these variable interests, the Company’s involvement is limited to that of a passive investor in mortgage-backed or asset-backed securities issued by trusts that do not have substantial equity.