Investments (Tables)

6 Months Ended

Jun. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Fixed Maturity Available-for-Sale and Equity Securities

Equity securities are summarized as follows at:

	June 30, 2020				December 31, 2019
	Estimated Fair Value		% of Total		Estimated Fair Value		% of Total
	(Dollars in millions)
Common stock	$	739	66.9	%	$	944	70.3	%
Non-redeemable preferred stock	366		33.1		398		29.7
Total equity securities	$	1,105	100.0	%	$	1,342	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 commercial mortgage loans. RMBS, ABS and CMBS are, collectively, “Structured Products.” In accordance with new guidance adopted January 1, 2020 regarding expected credit loss, securities that incurred a credit loss after December 31, 2019 and were still held as of June 30, 2020, are presented net of ACL. In accordance with previous guidance, both the temporary loss and OTTI loss are presented for securities that were in an unrealized loss position as of December 31, 2019.

	June 30, 2020											December 31, 2019
	Amortized Cost		ACL			Gross Unrealized				Estimated Fair Value		Amortized Cost		Gross Unrealized							Estimated Fair Value
						Gains		Losses						Gains		Temporary Losses		OTTI Losses (1)
	(In millions)
U.S. corporate	$	79,085	$	(30	)	$	11,766	$	709	$	90,112	$	79,115	$	8,943	$	305	$	—		$	87,753
Foreign government	57,964		(129		)	8,260		389		65,706		58,840		8,710		321		—			67,229
Foreign corporate	58,346		(16		)	5,765		1,278		62,817		59,342		5,540		717		—			64,165
U.S. government and agency	37,915		—			9,394		22		47,287		37,586		4,604		106		—			42,084
RMBS	29,963		(2		)	1,999		85		31,875		27,051		1,535		72		(33		)	28,547
ABS	16,603		—			127		406		16,324		14,547		83		88		—			14,542
Municipals	11,930		—			2,685		4		14,611		11,081		2,001		29		—			13,053
CMBS	11,067		—			483		277		11,273		10,093		396		42		—			10,447
Total fixed maturity securities AFS	$	302,873	$	(177	)	$	40,479	$	3,170	$	340,005	$	297,655	$	31,812	$	1,680	$	(33	)	$	327,820

__________________

(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 loss on such securities. See also “— Net Unrealized Investment Gains (Losses).”

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

The amortized cost, net of ACL, and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at June 30, 2020:

	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, net of ACL	$	15,497	$	49,042	$	56,906	$	123,620	$	57,631	$	302,696
Estimated fair value	$	15,676	$	51,166	$	63,218	$	150,473	$	59,472	$	340,005

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. Included in the table below are securities without an ACL as of June 30, 2020, in accordance with new guidance adopted January 1, 2020. Also included in the table below are all securities in an unrealized loss position as of December 31, 2019, in accordance with previous guidance.

	June 30, 2020								December 31, 2019
	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	$	9,285	$	617	$	538	$	89	$	3,817	$	107	$	2,226	$	198
Foreign government	4,420		244		1,259		130		3,295		149		1,490		172
Foreign corporate	11,997		1,021		1,794		254		3,188		133		5,873		584
U.S. government and agency	2,033		21		36		1		5,391		97		196		9
RMBS	2,620		69		188		15		2,341		25		584		14
ABS	7,191		249		3,127		157		3,692		22		4,843		66
Municipals	232		4		—		—		1,156		29		1		—
CMBS	3,469		235		400		42		1,926		16		487		26
Total fixed maturity securities AFS	$	41,247	$	2,460	$	7,342	$	688	$	24,806	$	578	$	15,700	$	1,069
Investment grade	$	33,735	$	1,840	$	6,372	$	549	$	22,838	$	437	$	13,813	$	821
Below investment grade	7,512		620		970		139		1,968		141		1,887		248
Total fixed maturity securities AFS	$	41,247	$	2,460	$	7,342	$	688	$	24,806	$	578	$	15,700	$	1,069
Total number of securities in an unrealized loss position	3,419				808				2,153				1,411

Debt Securities, Available-for-sale, Allowance for Credit Loss [Table Text Block]

The rollforward of ACL for fixed maturity securities AFS by sector is as follows:

	U.S.  Corporate			Foreign Government			Foreign Corporate		RMBS		Total
	(In millions)
Three Months Ended June 30, 2020
Balance, beginning of period	$	51		$	136		$	—	$	—	$	187
ACL not previously recorded	7			3			16		2		28
Changes for securities with previously recorded ACL	(7		)	(4		)	—		—		(11		)
Securities sold	(20		)	(6		)	—		—		(26		)
Securities intended/required to be sold prior to recovery of amortized cost basis	(1		)	—			—		—		(1		)
Balance, end of period	$	30		$	129		$	16	$	2	$	177

	U.S. Corporate			Foreign Government			Foreign Corporate		RMBS		Total
	(In millions)
Six Months Ended June 30, 2020
Balance, beginning of period	$	—		$	—		$	—	$	—	$	—
ACL not previously recorded	58			139			16		2		215
Changes for securities with previously recorded ACL	(7		)	(4		)	—		—		(11		)
Securities sold	(20		)	(6		)	—		—		(26		)
Securities intended/required to be sold prior to recovery of amortized cost basis	(1		)	—			—		—		(1		)
Balance, end of period	$	30		$	129		$	16	$	2	$	177

Disclosure of Mortgage Loans Net of Valuation Allowance

Mortgage loans are summarized as follows at:

	June 30, 2020					December 31, 2019
	Carrying Value			% of Total		Carrying Value			% of Total
	(Dollars in millions)
Mortgage loans:
Commercial	$	51,043		61.6	%	$	49,624		61.6	%
Agricultural	17,167			20.7		16,695			20.7
Residential	15,060			18.2		14,316			17.8
Total amortized cost	83,270			100.5		80,635			100.1
Allowance for credit loss	(555		)	(0.7	)	(353		)	(0.4	)
Subtotal mortgage loans, net	82,715			99.8		80,282			99.7
Residential — FVO	175			0.2		188			0.2
Total mortgage loans held-for-investment, net	82,890			100.0		80,470			99.9
Mortgage loans held-for-sale	—			—		59			0.1
Total mortgage loans, net	$	82,890		100.0	%	$	80,529		100.0	%

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

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

	Six Months Ended June 30,
	2020												2019
	Commercial			Agricultural			Residential			Total			Commercial		Agricultural		Residential			Total
	(In millions)
Balance, beginning of period	$	246		$	52		$	55		$	353		$	238	$	46	$	58		$	342
Adoption of new credit loss guidance	(118		)	35			161			78			—		—		—			—
Initial credit losses on PCD loans (1)	—			—			16			16			—		—		—			—
Provision (release)	47			6			62			115			8		2		9			19
Charge-offs, net of recoveries	—			(2		)	(5		)	(7		)	—		—		(4		)	(4		)
Balance, end of period	$	175		$	91		$	289		$	555		$	246	$	48	$	63		$	357

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(1) Represents the initial credit losses on purchased mortgage loans accounted for as purchased financial assets with credit deterioration (“PCD”).

Schedule of Past Due and Non Accrual Mortgage Loans

The past due and nonaccrual mortgage loans at amortized cost, prior to ACL, by portfolio segment, were as follows:

	Past Due				Greater than 90 Days Past Due  and Still Accruing Interest				Nonaccrual
	June 30, 2020		December 31, 2019		June 30, 2020		December 31, 2019		June 30, 2020		December 31, 2019
	(In millions)
Commercial	$	8	$	10	$	6	$	9	$	174	$	176
Agricultural	277		129		84		7		199		137
Residential	397		452		43		35		354		418
Total	$	682	$	591	$	133	$	51	$	727	$	731

Purchased Financial Assets with Credit Deterioration [Table Text Block]

The following table reconciles the contractual principal to the purchase price of PCD investments:

	Six Months Ended June 30, 2020
	Contractual Principal		ACL at Acquisition			Non-Credit (Discount) Premium			Purchase Price
	(In millions)
PCD residential mortgage loans	$	512	$	(16	)	$	(18	)	$	478

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, 2020		December 31, 2019		Three Months Ended June 30,					Six Months Ended June 30,
					2020			2019		2020		2019
	Carrying Value				Income
	(In millions)
Leased real estate investments	$	5,182	$	4,893	$	101		$	90	$	207	$	182
Other real estate investments	417		420		24			56		59		90
Real estate joint ventures	5,925		5,428		(23		)	33		1		37
Total real estate and real estate joint ventures	$	11,524	$	10,741	$	102		$	179	$	267	$	309

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, 2020			December 31, 2019
	(In millions)
Fixed maturity securities AFS	$	37,287		$	30,050
Fixed maturity securities AFS with noncredit OTTI losses included in AOCI	—			33
Total fixed maturity securities AFS	37,287			30,083
Derivatives	5,357			2,209
Other	442			310
Subtotal	43,086			32,602
Amounts allocated from:
Future policy benefits	(2,218		)	(1,019		)
DAC, VOBA and DSI	(3,670		)	(2,716		)
Policyholder dividend obligation	(2,798		)	(2,020		)
Subtotal	(8,686		)	(5,755		)
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI	—			(4		)
Deferred income tax benefit (expense)	(8,469		)	(6,846		)
Net unrealized investment gains (losses)	25,931			19,997
Net unrealized investment gains (losses) attributable to noncontrolling interests	(18		)	(16		)
Net unrealized investment gains (losses) attributable to MetLife, Inc.	$	25,913		$	19,981

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

	Six Months Ended June 30, 2020
	(In millions)
Balance, beginning of period	$	19,981
Fixed maturity securities AFS on which noncredit OTTI losses have been recognized	(33		)
Unrealized investment gains (losses) during the period	10,517
Unrealized investment gains (losses) relating to:
Future policy benefits	(1,199		)
DAC, VOBA and DSI	(954		)
Policyholder dividend obligation	(778		)
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI	4
Deferred income tax benefit (expense)	(1,623		)
Net unrealized investment gains (losses)	25,915
Net unrealized investment gains (losses) attributable to noncontrolling interests	(2		)
Balance, end of period	$	25,913
Change in net unrealized investment gains (losses)	$	5,934
Change in net unrealized investment gains (losses) attributable to noncontrolling interests	(2		)
Change in net unrealized investment gains (losses) attributable to MetLife, Inc.	$	5,932

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:

	June 30, 2020										December 31, 2019
	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	$	4,574	$	9,723	$	3,988	$	—	$	18,285	$	2,928	$	6,676	$	6,663	$	—	$	16,267
Foreign government	—		202		890		—		1,092		—		259		767		—		1,026
Agency RMBS	—		70		—		—		70		—		76		—		—		76
U.S. corporate	9		—		—		—		9		—		—		—		—		—
Total	$	4,583	$	9,995	$	4,878	$	—	$	19,456	$	2,928	$	7,011	$	7,430	$	—	$	17,369
Repurchase agreements:
U.S. government and agency	$	—	$	3,200	$	—	$	—	$	3,200	$	—	$	2,310	$	—	$	—	$	2,310
Cash collateral liability by pledged security type: (2)
FHLB of Boston:
Municipals	$	—	$	250	$	550	$	—	$	800	$	—	$	250	$	475	$	75	$	800

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(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 Federal Home Loan Bank (“FHLB”) of Boston short-term advance agreements is as follows:

	June 30, 2020						December 31, 2019
	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	$	18,987	$	19,456	$	19,572	$	16,926	$	17,369	$	17,451
Repurchase agreements	$	3,244	$	3,200	$	3,216	$	2,333	$	2,310	$	2,320
FHLB of Boston advance agreements	$	1,119	$	800	$	833	$	1,083	$	800	$	843

__________________

(1) Securities on loan or securities pledged in connection with these programs are included within fixed maturity securities AFS, short-term investments and cash equivalents.

(2) In connection with securities lending and repurchase agreements, in addition to cash collateral received, the Company received from counterparties security collateral of $25 million and $0 at June 30, 2020 and December 31, 2019, respectively, which 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

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, 2020		December 31, 2019
	(In millions)
Invested assets on deposit (regulatory deposits)	$	1,856	$	2,034
Invested assets held in trust (collateral financing arrangement and reinsurance agreements)	3,233		2,991
Invested assets pledged as collateral (1)	27,765		24,493
Total invested assets on deposit, held in trust and pledged as collateral	$	32,854	$	29,518

__________________

(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, 13 and 14 of the Notes to the Consolidated Financial Statements included in the 2019 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,
	2020			2019		2020			2019
	(In millions)
Investment income:
Fixed maturity securities AFS	$	2,787		$	3,024	$	5,662		$	5,963
Equity securities	11			15		25			32
FVO Securities (1)	114			38		36			93
Mortgage loans	862			943		1,746			1,855
Policy loans	124			129		250			257
Real estate and real estate joint ventures	102			179		267			309
Other limited partnership interests	(607		)	243		(287		)	366
Cash, cash equivalents and short-term investments	52			113		144			241
Operating joint ventures	31			38		56			56
Other	29			71		131			149
Subtotal	3,505			4,793		8,030			9,321
Less: Investment expenses	236			361		560			717
Subtotal, net	3,269			4,432		7,470			8,604
Unit-linked investments (1)	818			261		(322		)	997
Net investment income	$	4,087		$	4,693	$	7,148		$	9,601

__________________

(1)

Changes in estimated fair value subsequent to purchase for investments still held as of the end of the respective periods and included in net investment income were principally from contractholder-directed equity securities supporting unit-linked variable annuity type liabilities (“Unit-linked investments”), and were $766 million and ($322) million for the three months and six months ended June 30, 2020, respectively, and $149 million and $757 million for the three months and six months ended June 30, 2019, 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,
	2020			2019			2020			2019
	(In millions)
Total gains (losses) on fixed maturity securities AFS:
Net credit loss (provision) release (1)	$	(8	)	$	—		$	(223	)	$	(10	)
Net gains (losses) on sales and disposals	158			138			377			124
Total gains (losses) on fixed maturity securities AFS	150			138			154			114
Total gains (losses) on equity securities:
Net gains (losses) on sales and disposals	3			4			11			47
Change in estimated fair value (2)	69			(6		)	(223		)	58
Total gains (losses) on equity securities	72			(2		)	(212		)	105
Mortgage loans	(80		)	14			(143		)	(1		)
Real estate and real estate joint ventures	2			1			3			6
Other limited partnership interests	1			—			5			—
Other (3), (4)	97			(42		)	122			(110		)
Subtotal	242			109			(71		)	114
Change in estimated fair value of other limited partnership interests and real estate joint ventures	(13		)	3			(12		)	(12		)
Non-investment portfolio gains (losses)	2			(51		)	26			(26		)
Subtotal	(11		)	(48		)	14			(38		)
Total net investment gains (losses)	$	231		$	61		$	(57	)	$	76

__________________

(1) Net credit loss provision by sector for industrial corporate securities and RMBS for the six months ended June 30, 2019 were $8 million and $2 million, respectively. See “— Rollforward of Allowance for Credit Loss for Fixed Maturity Securities AFS By Sector.” Due to the adoption of new guidance on January 1, 2020, prior period OTTI loss is presented as credit loss.

(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 $63 million and ($193) million for the three months and six months ended June 30, 2020, respectively, and ($1) million and $92 million for the three months and six months ended June 30, 2019, respectively.

(3) Other gains (losses) included a leveraged lease gain of $81 million for both the three months and six months ended June 30, 2020 and a de-designated cash flow hedge gain of $43 million and $55 million for the three months and six months ended June 30, 2020, respectively.

(4)

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

Proceeds From Sales Or Disposals Of Fixed Maturity 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,
	2020			2019			2020			2019
	(In millions)
Proceeds	$	9,981		$	13,895		$	22,070		$	29,720
Gross investment gains	$	424		$	262		$	761		$	467
Gross investment losses	(266		)	(124		)	(384		)	(343		)
Net credit loss (provision) release	(8		)	—			(223		)	(10		)
Net investment gains (losses)	$	150		$	138		$	154		$	114

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 amortized cost of commercial mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2020:

	2020		2019		2018		2017		2016		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
Loan-to-value ratios:
Less than 65%	$	2,353	$	5,910	$	6,642	$	4,549	$	5,307	$	11,489	$	2,724	$	38,974	76.4	%
65% to 75%	704		3,095		1,896		1,448		767		1,507		—		9,417		18.4
76% to 80%	2		124		—		267		301		185		—		879		1.7
Greater than 80%	24		27		223		453		133		913		—		1,773		3.5
Total	$	3,083	$	9,156	$	8,761	$	6,717	$	6,508	$	14,094	$	2,724	$	51,043	100.0	%
Debt service coverage ratios:
> 1.20x	$	2,980	$	8,558	$	8,342	$	6,193	$	6,188	$	12,997	$	2,724	$	47,982	94.0	%
1.00x - 1.20x	—		82		113		122		320		902		—		1,539		3.0
<1.00x	103		516		306		402		—		195		—		1,522		3.0
Total	$	3,083	$	9,156	$	8,761	$	6,717	$	6,508	$	14,094	$	2,724	$	51,043	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 amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2020:

	2020		2019		2018		2017		2016		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	562	$	3,106	$	1,293	$	449	$	257	$	8,996	$	—	$	14,663	97.4	%
Nonperforming (1)	3		11		14		11		10		348		—		397		2.6
Total	$	565	$	3,117	$	1,307	$	460	$	267	$	9,344	$	—	$	15,060	100.0	%

__________________

(1)

Includes residential mortgage loans in process of foreclosure of $113 million and $118 million at June 30, 2020 and December 31, 2019, respectively.

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 amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2020:

	2020		2019		2018		2017		2016		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
Loan-to-value ratios:
Less than 65%	$	1,283	$	2,418	$	3,148	$	1,131	$	2,688	$	4,395	$	964	$	16,027	93.4	%
65% to 75%	66		159		86		46		177		552		—		1,086		6.3
76% to 80%	—		—		—		—		—		12		—		12		0.1
Greater than 80%	—		—		—		—		—		42		—		42		0.2
Total	$	1,349	$	2,577	$	3,234	$	1,177	$	2,865	$	5,001	$	964	$	17,167	100.0	%

Variable Interest Entity, Primary Beneficiary [Member]

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, 2020				December 31, 2019
	Total Assets (1)		Total Liabilities		Total Assets (1)		Total Liabilities
	(In millions)
Investment funds	$	218	$	1	$	207	$	1
Renewable energy partnership	91		—		94		—
Other investments	12		5		10		5
Total	$	321	$	6	$	311	$	6

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(1)

Assets of the investment funds, renewable energy partnership and other investments primarily consisted of other invested assets.

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, 2020				December 31, 2019
	Carrying Amount		Maximum Exposure to Loss (1)		Carrying Amount		Maximum Exposure to Loss (1)
	(In millions)
Fixed maturity securities AFS:
Structured Products (2)	$	57,150	$	57,150	$	51,962	$	51,962
U.S. and foreign corporate	2,036		2,036		1,764		1,764
Foreign government	134		134		136		136
Other limited partnership interests	6,770		13,431		6,674		12,016
Other invested assets	1,388		1,491		1,495		1,621
Other investments	537		584		450		497
Total	$	68,015	$	74,826	$	62,481	$	67,996

__________________

(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 $5 million and $6 million at June 30, 2020 and December 31, 2019, 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.