Investments (Tables)

12 Months Ended

Dec. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Fixed Maturity Available-for-Sale and Equity Securities

The following table presents the fixed maturity securities AFS by sector. U.S. corporate and foreign corporate sectors include redeemable preferred stock. RMBS includes agency, prime, alternative and sub-prime mortgage-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 commercial mortgage loans. RMBS, ABS and CMBS are collectively, “Structured Products.”

	December 31, 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	$	79,115	$	8,943	$	305	$	—		$	87,753	$	77,761	$	3,467	$	2,280	$	—		$	78,948
Foreign government	58,840		8,710		321		—			67,229		56,353		6,406		471		—			62,288
Foreign corporate	59,342		5,540		717		—			64,165		56,290		2,438		2,025		—			56,703
U.S. government and agency	37,586		4,604		106		—			42,084		37,030		2,756		464		—			39,322
RMBS	27,051		1,535		72		(33		)	28,547		27,409		920		394		(26		)	27,961
ABS	14,547		83		88		—			14,542		12,552		74		153		1			12,472
Municipals	11,081		2,001		29		—			13,053		10,376		1,228		71		—			11,533
CMBS	10,093		396		42		—			10,447		9,045		115		122		—			9,038
Total fixed maturity securities AFS	$	297,655	$	31,812	$	1,680	$	(33	)	$	327,820	$	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).”

Equity securities are summarized as follows at:

	December 31, 2019				December 31, 2018
	Estimated Fair Value		% of Total		Estimated Fair Value		% of Total
	(Dollars in millions)
Common stock	$	944	70.3	%	$	1,037	72.0	%
Non-redeemable preferred stock	398		29.7		403		28.0
Total equity securities	$	1,342	100.0	%	$	1,440	100.0	%

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 December 31, 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 Products		Total Fixed Maturity Securities AFS
	(In millions)
Amortized cost	$	17,822	$	48,014	$	58,800	$	121,328	$	51,691	$	297,655
Estimated fair value	$	17,960	$	50,058	$	64,135	$	142,131	$	53,536	$	327,820

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:

	December 31, 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	$	3,817	$	107	$	2,226	$	198	$	32,430	$	1,663	$	5,826	$	617
Foreign government	3,295		149		1,490		172		4,392		243		2,902		228
Foreign corporate	3,188		133		5,873		584		19,564		1,230		5,765		795
U.S. government and agency	5,391		97		196		9		6,813		58		8,937		406
RMBS	2,341		25		584		14		6,506		120		6,423		248
ABS	3,692		22		4,843		66		8,230		138		392		16
Municipals	1,156		29		1		—		1,380		46		349		25
CMBS	1,926		16		487		26		3,893		67		707		55
Total fixed maturity securities AFS	$	24,806	$	578	$	15,700	$	1,069	$	83,208	$	3,565	$	31,301	$	2,390
Total number of securities in an unrealized loss position	2,153				1,411				6,913				2,335

Disclosure of Mortgage Loans Net of Valuation Allowance

Mortgage loans are summarized as follows at:

	December 31,
	2019					2018
	Carrying Value			% of Total		Carrying Value			% of Total
	(Dollars in millions)
Mortgage loans:
Commercial	$	49,624		61.6	%	$	48,463		64.0	%
Agricultural	16,695			20.7		14,905			19.7
Residential	14,316			17.8		12,427			16.4
Total recorded investment	80,635			100.1		75,795			100.1
Valuation allowances	(353		)	(0.4	)	(342		)	(0.5	)
Subtotal mortgage loans, net	80,282			99.7		75,453			99.6
Residential — FVO (1)	188			0.2		299			0.4
Total mortgage loans held-for-investment, net	80,470			99.9		75,752			100.0
Mortgage loans held-for-sale	59			0.1		—			—
Total mortgage loans, net	$	80,529		100.0	%	$	75,752		100.0	%

____________________

(1)

Information on residential mortgage loans — FVO is presented in Note 10. The Company elects the FVO for certain residential mortgage loans that are managed on a total return basis.

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

Mortgage loans held-for-investment 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 and for the years ended:

	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		Average Recorded Investment
	(In millions)
December 31, 2019
Commercial	$	—	$	—	$	—	$	—	$	—	$	49,624	$	246	$	—	$	—
Agricultural	56		56		3		201		201		16,438		49		254		201
Residential	—		—		—		473		427		13,889		55		427		406
Total	$	56	$	56	$	3	$	674	$	628	$	79,951	$	350	$	681	$	607
December 31, 2018
Commercial	$	—	$	—	$	—	$	—	$	—	$	48,463	$	238	$	—	$	—
Agricultural	31		31		3		169		169		14,705		43		197		123
Residential	—		—		—		431		386		12,041		58		386		358
Total	$	31	$	31	$	3	$	600	$	555	$	75,209	$	339	$	583	$	481

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

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

	Commercial		Agricultural			Residential			Total
	(In millions)
Balance at January 1, 2017	$	202	$	39		$	63		$	304
Provision (release)	12		4			8			24
Charge-offs, net of recoveries	—		(2		)	(12		)	(14		)
Balance at December 31, 2017	214		41			59			314
Provision (release)	24		5			7			36
Charge-offs, net of recoveries	—		—			(8		)	(8		)
Balance at December 31, 2018	238		46			58			342
Provision (release)	8		11			7			26
Charge-offs, net of recoveries	—		(5		)	(10		)	(15		)
Balance at December 31, 2019	$	246	$	52		$	55		$	353

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
	December 31, 2019		December 31, 2018		December 31, 2019		December 31, 2018		December 31, 2019		December 31, 2018
	(In millions)
Commercial	$	10	$	9	$	9	$	9	$	176	$	176
Agricultural	129		204		7		109		137		105
Residential	452		471		35		35		418		436
Total	$	591	$	684	$	51	$	153	$	731	$	717

Disclosure of 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:

	December 31, 2019		December 31, 2018		Years Ended December 31,
					2019		2018		2017
	Carrying Value				Income
	(In millions)
Leased real estate investments	$	4,893	$	4,132	$	380	$	399	$	379
Other real estate investments	420		461		192		188		189
Real estate joint ventures	5,428		5,105		104		107		78
Total real estate and real estate joint ventures	$	10,741	$	9,698	$	676	$	694	$	646

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:

	December 31, 2019		December 31, 2018		Years Ended December 31,
					2019		2018		2017
	Carrying Value				Income
	(In millions)
Leased real estate investments:
Office	$	1,999	$	1,999	$	175	$	169	$	157
Retail	1,127		1,006		102		95		92
Apartment	778		253		24		70		72
Industrial	306		223		46		38		39
Land	514		489		21		19		13
Hotel	93		94		7		3		2
Other	76		68		5		5		4
Total leased real estate investments	$	4,893	$	4,132	$	380	$	399	$	379

Components of Leveraged and Direct Financing Leases

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

	December 31, 2019						December 31, 2018
	Leveraged Leases			Direct Financing Leases			Leveraged Leases			Direct Financing Leases
	(In millions)
Lease receivables, net (1)	$	666		$	1,931		$	715		$	1,855
Estimated residual values	751			42			807			42
Subtotal	1,417			1,973			1,522			1,897
Unearned income	(365		)	(726		)	(414		)	(705		)
Investment in leases	$	1,052		$	1,247		$	1,108		$	1,192

__________________

(1)

Future contractual receipts under direct financing leases as of December 31, 2019 are $104 million in 2020, $98 million in 2021, $104 million in 2022, $108 million in 2023, $95 million in 2024, $1.4 billion thereafter, and in total $1.9 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:

	Years Ended December 31,
	2019				2018				2017
	Leveraged Leases		Direct Financing Leases		Leveraged Leases		Direct Financing Leases		Leveraged Leases		Direct Financing Leases
	(In millions)
Lease investment income	$	48	$	109	$	47	$	95	$	19	$	89
Less: Income tax expense	10		23		10		20		7		31
Lease investment income, net of income tax	$	38	$	86	$	37	$	75	$	12	$	58

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:

	Years Ended December 31,
	2019			2018			2017
	(In millions)
Fixed maturity securities AFS	$	30,050		$	11,356		$	22,645
Fixed maturity securities AFS with noncredit OTTI losses included in AOCI	33			25			41
Total fixed maturity securities AFS	30,083			11,381			22,686
Equity securities	—			—			421
Derivatives	2,209			2,127			1,453
Other	310			290			46
Subtotal	32,602			13,798			24,606
Amounts allocated from:
Future policy benefits	(1,019		)	31			(77		)
DAC and VOBA related to noncredit OTTI losses recognized in AOCI	—			—			—
DAC, VOBA and DSI	(2,716		)	(1,231		)	(1,768		)
Policyholder dividend obligation	(2,020		)	(428		)	(2,121		)
Subtotal	(5,755		)	(1,628		)	(3,966		)
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI	(4		)	(3		)	(12		)
Deferred income tax benefit (expense)	(6,846		)	(3,502		)	(6,958		)
Net unrealized investment gains (losses)	19,997			8,665			13,670
Net unrealized investment gains (losses) attributable to noncontrolling interests	(16		)	(10		)	(8		)
Net unrealized investment gains (losses) attributable to MetLife, Inc.	$	19,981		$	8,655		$	13,662

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

	Years Ended December 31,
	2019			2018			2017
	(In millions)
Balance at January 1,	$	8,655		$	13,662		$	12,650
Cumulative effects of changes in accounting principles, net of income tax (Note 1)	21			1,258			—
Fixed maturity securities AFS on which noncredit OTTI losses have been recognized	8			(16		)	33
Unrealized investment gains (losses) during the year	18,770			(10,367		)	804
Unrealized investment gains (losses) relating to:
Future policy benefits	(1,050		)	108			1,037
DAC and VOBA related to noncredit OTTI losses recognized in AOCI	—			—			3
DAC, VOBA and DSI	(1,485		)	537			(338		)
Policyholder dividend obligation	(1,592		)	1,693			(190		)
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI	(1		)	9			(11		)
Deferred income tax benefit (expense)	(3,339		)	1,773			(324		)
Net unrealized investment gains (losses)	19,987			8,657			13,664
Net unrealized investment gains (losses) attributable to noncontrolling interests	(6		)	(2		)	(2		)
Balance at December 31,	$	19,981		$	8,655		$	13,662
Change in net unrealized investment gains (losses)	$	11,332		$	(5,005	)	$	1,014
Change in net unrealized investment gains (losses) attributable to noncontrolling interests	(6		)	(2		)	(2		)
Change in net unrealized investment gains (losses) attributable to MetLife, Inc.	$	11,326		$	(5,007	)	$	1,012

Securities Lending and Repurchase Agreements

A summary of the remaining contractual maturities of securities lending, repurchase agreements and FHLB of Boston short-term advance agreements is as follows:

	December 31,
	2019										2018
	Remaining Maturities										Remaining Maturities
	Open (1)		1 Month or Less		Over  1 to 6 Months		Over 6 Months to 1 Year		Total		Open (1)		1 Month or Less		Over 1 to 6 Months		Over 6 Months to 1 Year		Total
	(In millions)
Cash collateral liability by loaned security type:
Securities lending:
U.S. government and agency	$	2,928	$	6,676	$	6,663	$	—	$	16,267	$	2,736	$	8,995	$	5,220	$	—	$	16,951
Foreign government	—		259		767		—		1,026		—		214		761		—		975
Agency RMBS	—		76		—		—		76		—		79		—		—		79
Total securities lending	$	2,928	$	7,011	$	7,430	$	—	$	17,369	$	2,736	$	9,288	$	5,981	$	—	$	18,005
Cash collateral liability by loaned security type:
Repurchase agreements:
U.S. government and agency	$	—	$	2,310	$	—	$	—	$	2,310	$	—	$	1,000	$	—	$	—	$	1,000
All other corporate and government	—		—		—		—		—		—		—		67		—		67
Total repurchase agreements	$	—	$	2,310	$	—	$	—	$	2,310	$	—	$	1,000	$	67	$	—	$	1,067
Cash collateral liability by pledged security type: (2)
FHLB of Boston:
Municipals	$	—	$	250	$	475	$	75	$	800	$	—	$	150	$	650	$	—	$	800

__________________

(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.

(2)

The Company is permitted to withdraw any portion of the pledged collateral over the minimum collateral requirement at any time, other than in the event of a default by the Company.

A summary of the outstanding securities lending, repurchase agreements and FHLB of Boston short-term advance agreements is as follows:

	December 31,
	2019						2018
	Securities (1)						Securities (1)
	Estimated Fair Value		Cash Collateral Received from Counterparties (2), (3)		Reinvestment Portfolio at Estimated Fair Value		Estimated Fair Value		Cash Collateral Received from Counterparties (2), (3)		Reinvestment Portfolio at Estimated Fair Value
	(In millions)
Securities lending	$	16,926	$	17,369	$	17,451	$	17,724	$	18,005	$	18,074
Repurchase agreements	$	2,333	$	2,310	$	2,320	$	1,093	$	1,067	$	1,069
FHLB of Boston advance agreements	$	1,083	$	800	$	843	$	1,200	$	800	$	799

__________________

(1) Securities on loan or securities pledged in connection with these programs 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 $0 and $78 million at December 31, 2019 and 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 liability for cash collateral for these programs is included within payables for collateral under securities loaned, other transactions and other liabilities.

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

Certain U.S. subsidiaries have also entered into funding agreements with regional FHLBs and a subsidiary of the Federal Agricultural Mortgage Corporation, a federally chartered instrumentality of the U.S. (“Farmer Mac”). The liability for such funding agreements is included in policyholder account balances. Information related to such funding agreements was as follows at:

	Liability				Collateral
	December 31,
	2019		2018		2019			2018
	(In millions)
FHLB of New York (1)	$	14,445	$	14,245	$	16,570	(2)	$	16,557	(2)
Farmer Mac (3)	$	2,550	$	2,550	$	2,670		$	2,639
FHLB of Des Moines (1)	$	100	$	425	$	141	(2)	$	709	(2)
FHLB of Pittsburgh (1)	$	775	$	450	$	895	(2)	$	590	(2)

__________________

(1) Represents funding agreements issued to the applicable regional FHLB in exchange for cash and for which such regional FHLB has been granted a lien on certain assets, some of which are in the custody of such regional FHLB, including residential mortgage-backed securities (“RMBS”), to collateralize obligations under such funding agreements. The applicable subsidiary of the Company is permitted to withdraw any portion of the collateral in the custody of such regional FHLB as long as there is no event of default and the remaining qualified collateral is sufficient to satisfy the collateral maintenance level. Upon any event of default by such subsidiary, the applicable regional FHLB’s recovery on the collateral is limited to the amount of such subsidiary’s liability to such regional FHLB.

(2) Advances are collateralized by mortgage-backed securities. The amount of collateral presented is at estimated fair value.

(3)

Represents funding agreements issued to a subsidiary of Farmer Mac. The obligations under these funding agreements are secured by a pledge of certain eligible agricultural mortgage loans and may, under certain circumstances, be secured by other qualified collateral. The amount of collateral presented is at carrying value.

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:

	December 31,
	2019		2018
	(In millions)
Invested assets on deposit (regulatory deposits)	$	2,034	$	1,788
Invested assets held in trust (collateral financing arrangement and reinsurance agreements)	2,991		2,971
Invested assets pledged as collateral (1)	24,493		24,168
Total invested assets on deposit, held in trust and pledged as collateral	$	29,518	$	28,927

__________________

(1) The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 4), derivative transactions (see Note 9), secured debt (see Note 13), and a collateral financing arrangement (see Note 14).

Components of Net Investment Income

The components of net investment income were as follows:

	Years Ended December 31,
	2019		2018			2017
	(In millions)
Investment income:
Fixed maturity securities AFS	$	11,886	$	11,946		$	11,497
Equity securities	61		64			129
FVO Securities (1)	184		51			68
Mortgage loans	3,782		3,340			3,082
Policy loans	512		506			517
Real estate and real estate joint ventures	676		694			646
Other limited partnership interests	825		731			798
Cash, cash equivalents and short-term investments	457		387			228
Operating joint ventures	84		51			28
Other	348		364			192
Subtotal	18,815		18,134			17,185
Less: Investment expenses	1,422		1,285			1,122
Subtotal, net	17,393		16,849			16,063
Unit-linked investments (1)	1,475		(683		)	1,300
Net investment income	$	18,868	$	16,166		$	17,363

__________________

(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 Unit-linked investments, and were $1.0 billion, ($771) million and $662 million for the years ended December 31, 2019, 2018 and 2017, respectively.

Components of net investment gains (losses)

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

	Years Ended December 31,
	2019			2018			2017
	(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:
Consumer	$	(23	)	$	(20	)	$	(4	)
Finance	(1		)	(9		)	—
Industrial	(22		)	(2		)	—
Total U.S. and foreign corporate securities	(46		)	(31		)	(4		)
Foreign government	(81		)	(9		)	—
ABS	—			—			(3		)
RMBS	(2		)	—			—
Municipals	—			—			(3		)
OTTI losses on fixed maturity securities AFS recognized in earnings	(129		)	(40		)	(10		)
Fixed maturity securities AFS — net gains (losses) on sales and disposals (1)	396			45			328
Total gains (losses) on fixed maturity securities AFS	267			5			318
Total gains (losses) on equity securities:
Total OTTI losses recognized — by security type:
Common stock	—			—			(24		)
Non-redeemable preferred stock	—			—			(1		)
OTTI losses on equity securities recognized in earnings	—			—			(25		)
Equity securities — net gains (losses) on sales and disposals	50			118			117
Change in estimated fair value of equity securities (2)	84			(193		)	—
Total gains (losses) on equity securities	134			(75		)	92
Mortgage loans (1)	(11		)	(56		)	14
Real estate and real estate joint ventures	399			326			603
Other limited partnership interests	6			9			(59		)
Other (3)	(142		)	(169		)	(113		)
Subtotal	653			40			855
Change in estimated fair value of other limited partnership interests	(14		)	12			—
Non-investment portfolio gains (losses) (4), (5)	(195		)	(350		)	(1,162		)
Other	—			—			(1		)
Subtotal	(209		)	(338		)	(1,163		)
Total net investment gains (losses)	$	444		$	(298	)	$	(308	)

__________________

(1) Fixed maturity securities AFS — net gains (losses) on sales and disposals and mortgage loans for the year ended December 31, 2017, included $276 million and $47 million, respectively, in previously deferred gains on prior period transfers of such investments to Brighthouse. Such gains are no longer eliminated in consolidation after the Separation. See Note 3.

(2) 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 $122 million and ($81) million for the years ended December 31, 2019 and 2018, respectively.

(3) Other gains (losses) included tax credit partnership impairment losses of $92 million, leveraged lease impairment losses of $30 million and a renewable energy partnership disposal gain of $46 million for the year ended December 31, 2019. Other gains (losses) included renewable energy partnership disposal losses of $83 million and leveraged lease impairment losses of $105 million for the year ended December 31, 2018. Other gains (losses) included leveraged lease impairment losses of $79 million for the year ended December 31, 2017.

(4) Non-investment portfolio gains (losses) for the year ended December 31, 2018 includes a loss of $327 million which represents both the change in estimated fair value of FVO Brighthouse Common Stock held by the Company through the date of disposal and the loss on disposal in June 2018. Non-investment portfolio gains (losses) for the year ended December 31, 2017 included (i) a loss of $1,016 million which represents a mark-to-market loss on the Company’s retained investment in Brighthouse Financial, Inc. at Separation and (ii) a loss of $95 million which represents the change in estimated fair value of FVO Brighthouse Common Stock held by the Company from the date of Separation to December 31, 2017. See Note 3.

(5)

Non-investment portfolio gains (losses) for the year ended December 31, 2017 includes a $98 million loss due to the disposition of MetLife Afore. See Note 3.

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:

	Years Ended December 31,
	2019			2018			2017
	(In millions)
Proceeds	$	51,052		$	85,058		$	56,509
Gross investment gains	$	889		$	856		$	753
Gross investment (losses)	(493		)	(811		)	(425		)
OTTI losses	(129		)	(40		)	(10		)
Net investment gains (losses)	$	267		$	5		$	318

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:

	Years Ended December 31,
	2019			2018
	(In millions)
Balance at January 1,	$	89		$	138
Sales (maturities, pay downs or prepayments) of securities previously impaired as credit loss OTTI	(16		)	(47		)
Increase in cash flows — accretion of previous credit loss OTTI	(1		)	(2		)
Balance at December 31,	$	72		$	89

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 held-for-investment was as follows at:

	Recorded Investment										Estimated Fair Value		% of Total
	Debt Service Coverage Ratios						Total		% of Total
	> 1.20x		1.00x - 1.20x		< 1.00x
	(Dollars in millions)
December 31, 2019
Loan-to-value ratios:
Less than 65%	$	38,926	$	1,195	$	619	$	40,740	82.1	%	$	42,330	82.4	%
65% to 75%	6,975		54		398		7,427		15.0		7,589		14.8
76% to 80%	564		17		237		818		1.6		805		1.6
Greater than 80%	405		234		—		639		1.3		616		1.2
Total	$	46,870	$	1,500	$	1,254	$	49,624	100.0	%	$	51,340	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	%

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 held-for-investment was as follows at:

	December 31,
	2019				2018
	Recorded Investment		% of Total		Recorded Investment		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	13,864	96.8	%	$	11,956	96.2	%
Nonperforming (1)	452		3.2		471		3.8
Total	$	14,316	100.0	%	$	12,427	100.0	%

__________________

(1)

Includes residential mortgage loans held-for-investment in process of foreclosure of $118 million and $140 million at December 31, 2019 and 2018, respectively.

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:

	December 31,
	2019				2018
	Total Assets		Total Liabilities		Total Assets		Total Liabilities
	(In millions)
Renewable energy partnership (1)	$	94	$	—	$	102	$	—
Investment funds (2)	207		1		79		1
Other investments (1)	10		5		21		5
Total	$	311	$	6	$	202	$	6

__________________

(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 December 31, 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

Unconsolidated VIEs

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:

	December 31,
	2019				2018
	Carrying Amount		Maximum Exposure to Loss (1)		Carrying Amount		Maximum Exposure to Loss (1)
	(In millions)
Fixed maturity securities AFS:
Structured Products (2)	$	51,962	$	51,962	$	47,874	$	47,874
U.S. and foreign corporate	1,764		1,764		932		932
Foreign government	136		136		—		—
Other limited partnership interests	6,674		12,016		5,641		9,888
Other invested assets	1,495		1,621		1,906		2,063
Other investments	450		497		296		300
Total	$	62,481	$	67,996	$	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 $6 million and $94 million at December 31, 2019 and 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.

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 held-for-investment was as follows at:

	December 31,
	2019				2018
	Recorded Investment		% of Total		Recorded Investment		% of Total
	(Dollars in millions)
Loan-to-value ratios:
Less than 65%	$	15,618	93.5	%	$	13,704	92.0	%
65% to 75%	963		5.8		1,145		7.7
76% to 80%	71		0.4		33		0.2
Greater than 80%	43		0.3		23		0.1
Total	$	16,695	100.0	%	$	14,905	100.0	%