Commitments and Contingent Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

The following table sets forth the composition of “Commercial mortgage and other loans,” as of the dates indicated:



	December 31, 2019					December 31, 2018
	Amount (in millions)			% of Total		Amount (in millions)			% of Total
Commercial mortgage and agricultural property loans by property type:
Office	$	13,462		21.4	%	$	13,280		22.4	%
Retail	8,379			13.3		8,639			14.6
Apartments/Multi-Family	17,348			27.6		16,538			28.0
Industrial	13,226			21.1		11,574			19.6
Hospitality	2,415			3.9		1,931			3.3
Other	4,533			7.2		3,846			6.5
Total commercial mortgage loans	59,363			94.5		55,808			94.4
Agricultural property loans	3,472			5.5		3,316			5.6
Total commercial mortgage and agricultural property loans by property type	62,835			100.0	%	59,124			100.0	%
Allowance for credit losses	(117		)			(123		)
Total net commercial mortgage and agricultural property loans by property type	62,718					59,001
Other loans:
Uncollateralized loans	656					660
Residential property loans	124					157
Other collateralized loans	65					17
Total other loans	845					834
Allowance for credit losses	(4		)			(5		)
Total net other loans	841					829
Total commercial mortgage and other loans(1)	$	63,559				$	59,830

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(1)	Includes loans held for sale which are carried at fair value and are collateralized primarily by apartment complexes. As of December 31, 2019 and 2018, the net carrying value of these loans was $228 million and $763 million, respectively.

Assets and liabilities held for insolvency assessments were as follows:



	December 31,
	2019		2018

	(in millions)
Other assets:
Premium tax offset for future undiscounted assessments	$	48	$	54
Premium tax offset currently available for paid assessments	3		3
Total	$	51	$	57
Other liabilities:
Insolvency assessments	$	37	$	39

Commercial Mortgage Loan Commitments



	December 31,
	2019		2018

	(in millions)
Total outstanding mortgage loan commitments	$	2,129	$	3,299
Portion of commitment where prearrangement to sell to investor exists	$	751	$	1,490



	December 31,
	2019		2018

	(in millions)
Expected to be funded from the general account and other operations outside the separate accounts	$	7,372	$	6,941
Expected to be funded from separate accounts	$	49	$	147



	December 31,
	2019		2018

	(in millions)
Indemnification provided to certain clients for securities lending and securities repurchase transactions(1)	$	5,071	$	5,399
Fair value of related collateral associated with above indemnifications(1)	$	5,204	$	5,503
Accrued liability associated with guarantee	$	0	$	0

Indemnification of Serviced Mortgage Loans



	December 31,
	2019		2018

	(in millions)
Maximum exposure under indemnification agreements for mortgage loans serviced by the Company	$	2,113	$	1,828
First-loss exposure portion of above	$	622	$	543
Accrued liability associated with guarantees	$	19	$	17

Guarantees of Asset Values



	December 31,
	2019		2018

	(in millions)
Guaranteed value of third parties’ assets	$	80,009	$	79,215
Fair value of collateral supporting these assets	$	81,604	$	77,897
Asset (liability) associated with guarantee, carried at fair value	$	1	$	2

Other Guarantees



	December 31,
	2019		2018

	(in millions)
Other guarantees where amount can be determined	$	55	$	77
Accrued liability for other guarantees and indemnifications	$	0	$	0