Investments (Tables)

12 Months Ended

Dec. 31, 2020

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.” In accordance with new credit loss guidance adopted January 1, 2020, securities that incurred a credit loss after December 31, 2019 and were still held as of

December 31, 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.

	December 31, 2020										December 31, 2019
	Amortized Cost				Gross Unrealized (1)				Estimated Fair Value		Amortized Cost		Gross Unrealized						Estimated Fair Value
Sector			ACL		Gains		Losses						Gains		Temporary Losses		OTTI Losses (2)
	(In millions)
U.S. corporate	$	79,788	$	(44)	$	13,924	$	252	$	93,416	$	79,115	$	8,943	$	305	$	—	$	87,753
Foreign government	63,243		(21)		8,883		406		71,699		58,840		8,710		321		—		67,229
Foreign corporate	60,995		(16)		8,897		468		69,408		59,342		5,540		717		—		64,165
U.S. government and agency	39,094		—		8,095		89		47,100		37,586		4,604		106		—		42,084
RMBS	28,415		—		2,062		42		30,435		27,051		1,535		72		(33)		28,547
ABS	16,963		—		231		75		17,119		14,547		83		88		—		14,542
Municipals	10,982		—		2,746		6		13,722		11,081		2,001		29		—		13,053
CMBS	11,331		—		681		102		11,910		10,093		396		42		—		10,447
Total fixed maturity securities AFS	$	310,811	$	(81)	$	45,519	$	1,440	$	354,809	$	297,655	$	31,812	$	1,680	$	(33)	$	327,820

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(1)Excludes gross unrealized gains (losses) related to assets held-for-sale; however, the corresponding unrealized gains (losses) are included in AOCI as no component of equity is held-for-sale. See Note 3 for information on the pending disposition of MetLife P&C.

(2)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 by security type as follows at:

	December 31, 2020				December 31, 2019
	Estimated Fair Value		% of Total		Estimated Fair Value		% of Total
Security Type
	(Dollars in millions)
Common stock	$	779	72.2	%	$	944	70.3	%
Non-redeemable preferred stock	300		27.8		398		29.7
Total equity securities	$	1,079	100.0	%	$	1,342	100.0	%

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 December 31, 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	$	14,784	$	49,294	$	59,170	$	130,773	$	56,709	$	310,730
Estimated fair value	$	14,935	$	52,294	$	67,613	$	160,503	$	59,464	$	354,809

Continuous Gross Unrealized 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 December 31, 2020, in accordance with new credit loss 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.

	December 31, 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
Sector & Credit Quality	Estimated Fair Value		Gross Unrealized Losses (1)		Estimated Fair Value		Gross Unrealized Losses (1)		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
	(Dollars in millions)
U.S. corporate	$	4,338	$	196	$	506	$	50	$	3,817	$	107	$	2,226	$	198
Foreign government	6,795		305		836		100		3,295		149		1,490		172
Foreign corporate	4,856		321		1,255		147		3,188		133		5,873		584
U.S. government and agency	4,619		87		33		2		5,391		97		196		9
RMBS	1,531		27		152		14		2,341		25		584		14
ABS	3,428		26		2,842		49		3,692		22		4,843		66
Municipals	273		6		—		—		1,156		29		1		—
CMBS	1,887		63		612		39		1,926		16		487		26
Total fixed maturity securities AFS	$	27,727	$	1,031	$	6,236	$	401	$	24,806	$	578	$	15,700	$	1,069
Investment grade	24,572		829		5,841		350		22,838		437		13,813		821
Below investment grade	3,155		202		395		51		1,968		141		1,887		248
Total fixed maturity securities AFS	$	27,727	$	1,031	$	6,236	$	401	$	24,806	$	578	$	15,700	$	1,069
Total number of securities in an unrealized loss position	2,177				690				2,153				1,411

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(1)Excludes gross unrealized losses related to assets held-for-sale; however, the corresponding unrealized losses are included in AOCI as no component of equity is held-for-sale. See Note 3 for information on the pending disposition of MetLife P&C.

Debt Securities, Available-for-sale, Allowance for Credit Loss

The rollforward of ACL for fixed maturity securities AFS by sector for the year ended December 31, 2020 is as follows:

	U.S. Corporate		Foreign Government		Foreign Corporate		RMBS		Total
	(In millions)
Balance at January 1,	$	—	$	—	$	—	$	—	$	—
Additions:
ACL not previously recorded	81		139		18		2		240
Changes for securities with previously recorded ACL	(5)		(5)		(2)		(2)		(14)
Reductions:
Securities sold or exchanged	(31)		(102)		—		—		(133)
Securities intended/required to be sold prior to recovery of amortized cost basis	(1)		—		—		—		(1)
Disposition (1)	—		(11)		—		—		(11)
Balance at December 31,	$	44	$	21	$	16	$	—	$	81

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(1)In connection with the disposition of MetLife Seguros de Retiro, ACL was reduced by $11 million. See Note 3.

Disclosure of Mortgage Loans Net of Valuation Allowance

Mortgage loans are summarized as follows at:

	December 31,
	2020				2019
Portfolio Segment	Carrying Value		% of Total		Carrying Value		% of Total
	(Dollars in millions)
Mortgage loans:
Commercial	$	52,434	62.5	%	$	49,624	61.6	%
Agricultural	18,128		21.6		16,695		20.7
Residential	13,782		16.4		14,316		17.8
Total amortized cost	84,344		100.5		80,635		100.1
Allowance for credit loss	(590)		(0.7)		(353)		(0.4)
Subtotal mortgage loans, net	83,754		99.8		80,282		99.7
Residential — FVO	165		0.2		188		0.2
Total mortgage loans held-for-investment, net	83,919		100.0		80,470		99.9
Mortgage loans held-for-sale	—		—		59		0.1
Total mortgage loans, net	$	83,919	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:

	For the Years Ended December 31,
	2020								2019								2018
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Balance at January 1,	$	246	$	52	$	55	$	353	$	238	$	46	$	58	$	342	$	214	$	41	$	59	$	314
Provision (release)	124		22		30		176		8		11		7		26		24		5		7		36
Adoption of new credit loss guidance	(118)		35		161		78		—		—		—		—		—		—		—		—
Initial credit losses on PCD loans (1)	—		—		18		18		—		—		—		—		—		—		—		—
Charge-offs, net of recoveries	—		(2)		(32)		(34)		—		(5)		(10)		(15)		—		—		(8)		(8)
Activity due to HFS Transfer	—		(1)		—		(1)		—		—		—		—		—		—		—		—
Balance at December 31,	$	252	$	106	$	232	$	590	$	246	$	52	$	55	$	353	$	238	$	46	$	58	$	342

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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
Portfolio Segment	December 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019
	(In millions)
Commercial	$	10	$	10	$	7	$	9	$	317	$	176
Agricultural	252		129		20		7		266		137
Residential	556		452		64		35		534		418
Total	$	818	$	591	$	91	$	51	$	1,117	$	731

Purchased Financial Assets with Credit Deterioration

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

	Year Ended December 31, 2020
	Contractual Principal		ACL at Acquisition		Non-Credit (Discount) Premium		Purchase Price
	(In millions)
PCD residential mortgage loans	$	593	$	(18)	$	(13)	$	562

Disclosure of Real Estate and Real Estate Joint Ventures

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

	December 31, 2020		December 31, 2019		Years Ended December 31,
					2020		2019		2018
Income Type	Carrying Value				Income
	(In millions)
Leased real estate investments	$	5,450	$	4,893	$	435	$	380	$	399
Other real estate investments	419		420		133		192		188
Real estate joint ventures	6,064		5,428		(36)		104		107
Total real estate and real estate joint ventures	$	11,933	$	10,741	$	532	$	676	$	694

Schedule of Operating Leases by Property Type

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

	December 31, 2020		December 31, 2019		Years Ended December 31,
					2020		2019		2018
Property Type	Carrying Value				Income
	(In millions)
Leased real estate investments:
Office	$	2,351	$	1,999	$	188	$	175	$	169
Retail	1,147		1,127		93		102		95
Apartment	810		778		62		24		70
Land	621		514		25		21		19
Industrial	332		306		56		46		38
Hotel	96		93		5		7		3
Other	93		76		6		5		5
Total leased real estate investments	$	5,450	$	4,893	$	435	$	380	$	399

Components of Leveraged and Direct Financing Leases

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

	December 31, 2020				December 31, 2019
	Leveraged Leases		Direct Financing Leases		Leveraged Leases		Direct Financing Leases
	(In millions)
Lease receivables, net (1)	$	597	$	2,055	$	666	$	1,931
Estimated residual values	573		42		751		42
Subtotal	1,170		2,097		1,417		1,973
Unearned income	(318)		(749)		(365)		(726)
Investment in leases, before ACL	852		1,348		1,052		1,247
ACL	(36)		(8)		—		—
Investment in leases, net of ACL	$	816	$	1,340	$	1,052	$	1,247

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(1)Future contractual receipts under direct financing leases at December 31, 2020 were $27 million in 2021, $103 million in 2022, $112 million in 2023, $119 million in 2024, $102 million in 2025, $1.6 billion thereafter and, in total $2.1 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,
	2020				2019				2018
	Leveraged Leases		Direct Financing Leases		Leveraged Leases		Direct Financing Leases		Leveraged Leases		Direct Financing Leases
	(In millions)
Lease investment income	$	39	$	106	$	48	$	109	$	47	$	95
Less: Income tax expense	8		22		10		23		10		20
Lease investment income, net of income tax	$	31	$	84	$	38	$	86	$	37	$	75

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,
	2020		2019		2018
	(In millions)
Fixed maturity securities AFS	$	44,415	$	30,083	$	11,381
Derivatives	1,924		2,209		2,127
Other	267		310		290
Subtotal	46,606		32,602		13,798
Amounts allocated from:
Future policy benefits	(7,828)		(1,019)		31
DAC, VOBA and DSI	(4,050)		(2,716)		(1,231)
Policyholder dividend obligation	(2,969)		(2,020)		(428)
Subtotal	(14,847)		(5,755)		(1,628)
Deferred income tax benefit (expense)	(8,009)		(6,850)		(3,505)
Net unrealized investment gains (losses)	23,750		19,997		8,665
Net unrealized investment gains (losses) attributable to noncontrolling interests	(20)		(16)		(10)
Net unrealized investment gains (losses) attributable to MetLife, Inc.	$	23,730	$	19,981	$	8,655

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

	Years Ended December 31,
	2020		2019		2018
	(In millions)
Balance at January 1,	$	19,981	$	8,655	$	13,662
Cumulative effects of changes in accounting principles, net of income tax	—		21		1,258
Unrealized investment gains (losses) during the year	14,004		18,778		(10,383)
Unrealized investment gains (losses) relating to:
Future policy benefits	(6,809)		(1,050)		108
DAC, VOBA and DSI	(1,334)		(1,485)		537
Policyholder dividend obligation	(949)		(1,592)		1,693
Deferred income tax benefit (expense)	(1,159)		(3,340)		1,782
Net unrealized investment gains (losses)	23,734		19,987		8,657
Net unrealized investment gains (losses) attributable to noncontrolling interests	(4)		(6)		(2)
Balance at December 31,	$	23,730	$	19,981	$	8,655
Change in net unrealized investment gains (losses)	$	3,753	$	11,332	$	(5,005)
Change in net unrealized investment gains (losses) attributable to noncontrolling interests	(4)		(6)		(2)
Change in net unrealized investment gains (losses) attributable to MetLife, Inc.	$	3,749	$	11,326	$	(5,007)

Securities Lending and Repurchase Agreements

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

	December 31,
	2020						2019
	Securities (1)						Securities (1)
Agreement Type	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	$	18,262	$	18,628	$	18,884	$	16,926	$	17,369	$	17,451
Repurchase agreements	$	3,276	$	3,210	$	3,251	$	2,333	$	2,310	$	2,320
FHLB of Boston advance agreements (4)	$	—	$	—	$	—	$	1,083	$	800	$	843

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

(2)In connection with securities lending and repurchase agreements, in addition to cash collateral received, the Company received from counterparties non-cash security collateral of $1 million and $0 at December 31, 2020 and 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 and other transactions and other liabilities.

(4)Excludes assets held-for-sale and liabilities held-for-sale at December 31, 2020. See Note 3 for information on the pending disposition of MetLife P&C.

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,
	2020										2019
	Remaining Maturities										Remaining Maturities
Security Type	Open (1)		1 Month or Less		Over 1 Month to 6 Months		Over 6 Months to 1 Year		Total		Open (1)		1 Month or Less		Over 1 Month 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	$	2,946	$	10,553	$	4,009	$	—	$	17,508	$	2,928	$	6,676	$	6,663	$	—	$	16,267
Foreign government	—		291		826		—		1,117		—		259		767		—		1,026
U.S. corporate	3		—		—		—		3		—		—		—		—		—
Agency RMBS	—		—		—		—		—		—		76		—		—		76
Total	$	2,949	$	10,844	$	4,835	$	—	$	18,628	$	2,928	$	7,011	$	7,430	$	—	$	17,369
Repurchase agreements:
U.S. government and agency	$	—	$	3,210	$	—	$	—	$	3,210	$	—	$	2,310	$	—	$	—	$	2,310
Cash collateral liability by pledged security type: (2)
FHLB of Boston:
Municipals (3)	$	—	$	—	$	—	$	—	$	—	$	—	$	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.

(3)Excludes assets held-for-sale at December 31, 2020. See Note 3 for information on the pending disposition of MetLife P&C.

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

Certain 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,
	2020		2019		2020			2019
	(In millions)
FHLB of New York (1)	$	16,200	$	14,445	$	18,539	(2)	$	16,570	(2)
Farmer Mac (3)	$	2,375	$	2,550	$	2,450		$	2,670
FHLB of Des Moines (1)	$	50	$	100	$	72	(2)	$	141	(2)
FHLB of Pittsburgh (1)	$	—	$	775	$	—		$	895	(2)

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(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,
	2020		2019
	(In millions)
Invested assets on deposit (regulatory deposits)	$	1,933	$	2,034
Invested assets held in trust (collateral financing arrangement and reinsurance agreements)	3,475		2,991
Invested assets pledged as collateral (1)	25,884		24,493
Total invested assets on deposit, held in trust and pledged as collateral	$	31,292	$	29,518

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(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,
Asset Type	2020		2019		2018
	(In millions)
Investment income:
Fixed maturity securities AFS	$	11,304	$	11,886	$	11,946
Equity securities	50		61		64
FVO Securities (1)	140		184		51
Mortgage loans	3,518		3,782		3,340
Policy loans	498		512		506
Real estate and real estate joint ventures	532		676		694
Other limited partnership interests	1,000		825		731
Cash, cash equivalents and short-term investments	213		457		387
Operating joint ventures	93		84		51
Other	255		348		364
Subtotal	17,603		18,815		18,134
Less: Investment expenses	1,054		1,422		1,285
Subtotal, net	16,549		17,393		16,849
Unit-linked investments (1)	568		1,475		(683)
Net investment income	$	17,117	$	18,868	$	16,166

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(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 Unit-linked investments, and were $489 million, $1.0 billion and ($771) million for the years ended December 31, 2020, 2019 and 2018, respectively.

Components of Net Investment Gains (Losses)

Components of Net Investment Gains (Losses)

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

	Years Ended December 31,
Asset Type	2020		2019		2018
	(In millions)
Fixed maturity securities AFS:
Net credit loss (provision) release (1)	$	(154)	$	(129)	$	(40)
Net gains (losses) on sales and disposals	451		396		45
Total gains (losses) on fixed maturity securities AFS	297		267		5
Equity securities:
Net gains (losses) on sales and disposals	16		50		118
Change in estimated fair value (2)	(153)		84		(193)
Total gains (losses) on equity securities	(137)		134		(75)
Mortgage loans	(213)		(11)		(56)
Real estate and real estate joint ventures	7		399		326
Other limited partnership interests	(15)		6		9
Other (3)	198		(142)		(169)
Subtotal	137		653		40
Change in estimated fair value of other limited partnership interest and real estate joint ventures	(4)		(14)		12
Non-investment portfolio gains (losses) (4)	(243)		(195)		(350)
Subtotal	(247)		(209)		(338)
Total net investment gains (losses)	$	(110)	$	444	$	(298)

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(1)Net credit loss provision by sector for foreign government, consumer corporate, industrial corporate, RMBS and finance corporate securities for the year ended December 31, 2019 were ($81) million, ($23) million, ($22) million, ($2) million and ($1) million, respectively. Net credit loss provision by sector for foreign government, consumer corporate, industrial corporate, and finance corporate securities for the year ended December 31, 2018 were ($9) million, ($20) million, ($2) million and ($9) million, respectively. See “— Rollforward of Allowance for Credit Loss for Fixed Maturity Securities AFS By Sector.” Due to the adoption of new credit loss 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 ($127) million, $122 million and ($81) million for the years ended December 31, 2020, 2019 and 2018, respectively.

(3)Other gains (losses) included $129 million reclassified from AOCI to earnings due to the sale of certain investments that were hedged in qualifying cash flow hedges, leveraged lease gain of $87 million and tax credit partnership impairment losses of $9 million for the year ended December 31, 2020. 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 leveraged lease impairment losses of $105 million and renewable energy partnership disposal losses of $83 million for the year ended December 31, 2018.

(4)See Note 3 for information on the Company’s business dispositions.

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

Proceeds from sales or disposals and the components of net investment gains (losses) were as shown in the table below:

	Years Ended December 31,
	2020		2019		2018
	(In millions)
Proceeds	$	40,809	$	51,052	$	85,058
Gross investment gains	$	1,125	$	889	$	856
Gross investment (losses)	(674)		(493)		(811)
Net credit loss (provision) release	(154)		(129)		(40)
Net investment gains (losses)	$	297	$	267	$	5

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 December 31, 2020:

Credit Quality Indicator	2020		2019		2018		2017		2016		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	4,960	$	4,793	$	5,620	$	4,299	$	5,103	$	9,846	$	2,318	$	36,939	70.4	%
65% to 75%	1,455		4,057		2,450		1,554		960		1,861		—		12,337		23.5
76% to 80%	33		135		62		403		273		281		—		1,187		2.3
Greater than 80%	8		11		248		422		133		1,149		—		1,971		3.8
Total	$	6,456	$	8,996	$	8,380	$	6,678	$	6,469	$	13,137	$	2,318	$	52,434	100.0	%
DSCR:
> 1.20x	$	5,896	$	8,537	$	8,194	$	6,133	$	6,129	$	12,543	$	2,318	$	49,750	94.9	%
1.00x - 1.20x	351		—		18		204		340		492		—		1,405		2.7
<1.00x	209		459		168		341		—		102		—		1,279		2.4
Total	$	6,456	$	8,996	$	8,380	$	6,678	$	6,469	$	13,137	$	2,318	$	52,434	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 December 31, 2020:

Credit Quality Indicator	2020		2019		2018		2017		2016		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	606	$	2,310	$	1,007	$	473	$	331	$	8,499	$	—	$	13,226	96.0	%
Nonperforming (1)	8		91		26		9		8		414		—		556		4.0
Total	$	614	$	2,401	$	1,033	$	482	$	339	$	8,913	$	—	$	13,782	100.0	%

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(1)Includes residential mortgage loans in process of foreclosure of $103 million and $118 million at December 31, 2020 and 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 December 31, 2020:

Credit Quality Indicator	2020		2019		2018		2017		2016		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	3,105	$	2,240	$	3,005	$	1,047	$	2,529	$	3,687	$	1,060	$	16,673	92.0	%
65% to 75%	400		150		85		53		179		461		34		1,362		7.5
76% to 80%	—		—		—		—		—		51		—		51		0.3
Greater than 80%	—		—		—		—		—		42		—		42		0.2
Total	$	3,505	$	2,390	$	3,090	$	1,100	$	2,708	$	4,241	$	1,094	$	18,128	100	%

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,
	2020				2019
Asset Type	Total Assets (1)		Total Liabilities		Total Assets (1)		Total Liabilities
	(In millions)
Investment funds (1)	$	258	$	1	$	207	$	1
Renewable energy partnership (1)	87		—		94		—
Other investments (2)	4		5		10		5
Total	$	349	$	6	$	311	$	6

__________________

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

(2)    Assets of other investments primarily consisted of cash and cash equivalents at December 31, 2020 and other invested assets at December 31, 2019.

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:

	December 31,
	2020				2019
Asset Type	Carrying Amount		Maximum Exposure to Loss (1)		Carrying Amount		Maximum Exposure to Loss (1)
	(In millions)
Fixed maturity securities AFS:
Structured Products (2)	$	56,962	$	56,962	$	51,962	$	51,962
U.S. and foreign corporate	3,011		3,011		1,764		1,764
Foreign government	142		142		136		136
Other limited partnership interests	8,355		14,911		6,674		12,016
Other invested assets	1,320		1,404		1,495		1,621
Other investments	619		639		450		497
Total	$	70,409	$	77,069	$	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 $3 million and $6 million at December 31, 2020 and 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.