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INVESTMENTS (Tables)
 3 Months Ended
Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Available-for-Sale Fixed Maturities by Classification
The following tables provide information relating to the Company’s fixed maturities classified as AFS.
AFS Fixed Maturities by Classification
 
Amortized CostAllowance for Credit Losses Gross Unrealized GainsGross Unrealized LossesFair Value
 
 (in millions)
March 31, 2022
Fixed Maturities:
Corporate (1)$51,965 $21 $639 $2,388 $50,195 
U.S. Treasury, government and agency
8,586 — 853 91 9,348 
States and political subdivisions670 — 43 31 682 
Foreign governments
1,121 — 17 54 1,084 
Residential mortgage-backed (2)84 — 4 — 88 
Asset-backed (3)7,528 — 9 113 7,424 
Commercial mortgage-backed3,700 — 5 188 3,517 
Redeemable preferred stock40 — 8 — 48 
Total at March 31, 2022$73,694 $21 $1,578 $2,865 $72,386 
December 31, 2021:
Fixed Maturities:
Corporate (1)
$50,172 $22 $2,601 $240 $52,511 
U.S. Treasury, government and agency
13,056 — 2,344 15 15,385 
States and political subdivisions
586 — 78 2 662 
Foreign governments
1,124 — 42 14 1,152 
Residential mortgage-backed (2)90 — 8 — 98 
Asset-backed (3)5,933 — 21 20 5,934 
Commercial mortgage-backed2,427 — 19 25 2,421 
Redeemable preferred stock 41 — 12 — 53 
Total at December 31, 2021$73,429 $22 $5,125 $316 $78,216 
______________
(1)Corporate fixed maturities include both public and private issues.
(2)Includes publicly traded agency pass-through securities and collateralized obligations.
(3)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types.
Contractual Maturities of Available-for-Sale Fixed Maturities The contractual maturities of AFS fixed maturities as of March 31, 2022 are shown in the table below. Bonds not due at a single maturity date have been included in the table in the final year of maturity. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Contractual Maturities of AFS Fixed Maturities
 Amortized Cost (Less Allowance for Credit Losses)Fair Value
 (in millions)
March 31, 2022
Contractual maturities:
Due in one year or less$1,105 $1,102 
Due in years two through five15,453 15,348 
Due in years six through ten18,663 18,257 
Due after ten years27,100 26,602 
Subtotal62,321 61,309 
Residential mortgage-backed84 88 
Asset-backed7,528 7,424 
Commercial mortgage-backed3,700 3,517 
Redeemable preferred stock 40 48 
Total at March 31, 2022$73,673 $72,386 
Proceeds and Gains (Losses) on Sales for Available-for-Sale Fixed Maturities
The following table shows proceeds from sales, gross gains (losses) from sales and credit losses for AFS fixed maturities for the three months ended March 31, 2022 and 2021:
Proceeds from Sales, Gross Gains (Losses) from Sales and Credit Losses for AFS Fixed Maturities

 
Three Months Ended March 31,
 
20222021
 
(in millions)
Proceeds from sales$7,391 $7,209 
Gross gains on sales$29 $291 
Gross losses on sales$(364)$(116)
Credit losses$1 $(6)
AFS Fixed Maturities - Credit Loss Impairments
The following table sets forth the amount of credit loss impairments on AFS fixed maturities held by the Company at the dates indicated and the corresponding changes in such amounts.
AFS Fixed Maturities - Credit Loss Impairments
Three Months Ended March 31,
20222021
Balance, beginning of period$44 $32 
Previously recognized impairments on securities that matured, paid, prepaid or sold(2)— 
Recognized impairments on securities impaired to fair value this period (1)— — 
Credit losses recognized this period on securities for which credit losses were not previously recognized— 2 
Additional credit losses this period on securities previously impaired1 4 
Increases due to passage of time on previously recorded credit losses— — 
Accretion of previously recognized impairments due to increases in expected cash flows (for OTTI securities 2019 and prior)— — 
Balance at March 31,$43 $38 
______________
(1)Represents circumstances where the Company determined in the current period that it intends to sell the security, or it is more likely than not that it will be required to sell the security before recovery of the security’s amortized cost.
Net Unrealized Gains (Losses) on Available-for-Sale Fixed Maturities
The tables that follow below present a roll-forward of net unrealized investment gains (losses) recognized in AOCI.
Net Unrealized Gains (Losses) on AFS Fixed Maturities
Net Unrealized Gains (Losses) on InvestmentsDACPolicyholders’ LiabilitiesDeferred Income Tax Asset (Liability)AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)
(in millions)
Balance, January 1, 2022$4,809 $(782)$(418)$(757)$2,852 
Net investment gains (losses) arising during the period(6,425)— — — (6,425)
Reclassification adjustment:
Included in net income (loss)334 — — — 334 
Other — — — — — 
Impact of net unrealized investment gains (losses)— 1,071 182 1,015 2,268 
Net unrealized investment gains (losses) excluding credit losses(1,282)289 (236)258 (971)
Net unrealized investment gains (losses) with credit losses(5)1 (1)1 (4)
Balance, March 31, 2022$(1,287)$290 $(237)$259 $(975)
Balance, January 1, 2021$8,811 $(1,548)$(1,065)$(1,302)$4,896 
Net investment gains (losses) arising during the period(5,129)— — — (5,129)
Reclassification adjustment:
Included in net income (loss)(175)— — — (175)
Other (1)(33)(33)
Impact of net unrealized investment gains (losses)599 757 836 2,192 
Net unrealized investment gains (losses) excluding credit losses3,474 (949)(308)(466)1,751 
Net unrealized investment gains (losses) with credit losses(8)2 1 1 (4)
Balance, March 31, 2021$3,466 $(947)$(307)$(465)$1,747 
_____________
(1) Effective January 1, 2021, certain preferred stock have been reclassified to other equity investments.
Continuous Gross Unrealized Losses for Available-for-Sale Fixed Maturities
The following tables disclose the fair values and gross unrealized losses of the 3,978 issues as of March 31, 2022 and the 565 issues as of December 31, 2021 that are not deemed to have credit losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the specified periods at the dates indicated.
AFS Fixed Maturities in an Unrealized Loss Position for Which No Allowance Is Recorded
Less Than 12 Months
12 Months or Longer
Total
Fair Value
Gross Unrealized Losses
Fair Value
Gross Unrealized Losses
Fair Value
Gross Unrealized Losses
(in millions)
March 31, 2022
Fixed Maturities:
Corporate$28,350 $2,094 $2,863 $292 $31,213 $2,386 
U.S. Treasury, government and agency2,884 82 94 9 2,978 91 
States and political subdivisions257 28 12 3 269 31 
Less Than 12 Months
12 Months or Longer
Total
Fair Value
Gross Unrealized Losses
Fair Value
Gross Unrealized Losses
Fair Value
Gross Unrealized Losses
(in millions)
Foreign governments606 39 120 15 726 54 
Asset-backed6,300 110 178 3 6,478 113 
Commercial mortgage-backed2,860 169 165 19 3,025 188 
Total at March 31, 2022$41,257 $2,522 $3,432 $341 $44,689 $2,863 
December 31, 2021:
Fixed Maturities:
Corporate$10,571 $163 $1,633 $75 $12,204 $238 
U.S. Treasury, government and agency993 11 105 4 1,098 15 
States and political subdivisions120 2 11 — 131 2 
Foreign governments349 6 92 8 441 14 
Asset-backed3,865 20 38 — 3,903 20 
Commercial mortgage-backed1,527 21 96 4 1,623 25 
Total at December 31, 2021$17,425 $223 $1,975 $91 $19,400 $314 
Financing Receivable, Allowance for Credit Loss
The change in the allowance for credit losses for commercial mortgage loans and agricultural mortgage loans during the three months ended March 31, 2022 and 2021 were as follows:
Three Months Ended March 31,
20222021
(in millions)
Allowance for credit losses on mortgage loans:
Commercial mortgages:
Balance, beginning of period $57 $77 
Current-period provision for expected credit losses(10)(7)
Write-offs charged against the allowance— — 
Recoveries of amounts previously written off— — 
Net change in allowance(10)(7)
Balance, end of period$47 $70 
Agricultural mortgages:
Balance, beginning of period$5 $4 
Current-period provision for expected credit losses1 — 
Write-offs charged against the allowance— — 
Recoveries of amounts previously written off— — 
Net change in allowance1 — 
Balance, end of period$6 $4 
Total allowance for credit losses$53 $74 
Financing Receivable Credit Quality Indicators
The following tables summarize the Company’s mortgage loans segregated by risk rating exposure as of March 31, 2022 and December 31, 2021.

LTV Ratios (1)
March 31, 2022
Amortized Cost Basis by Origination Year
20222021202020192018PriorTotal
(in millions)
Mortgage loans:
Commercial:
0% - 50%$— $— $— $— $184 $1,204 $1,388 
50% - 70%450 1,915 1,361 418 619 3,166 7,929 
70% - 90%140 243 236 412 414 1,100 2,545 
90% plus— — — — 35 — 35 
Total commercial$590 $2,158 $1,597 $830 $1,252 $5,470 $11,897 
Agricultural:
0% - 50%$47 $180 $214 $122 $139 $835 $1,537 
March 31, 2022
Amortized Cost Basis by Origination Year
20222021202020192018PriorTotal
(in millions)
50% - 70%70 196 261 92 96 337 1,052 
70% - 90%1 — — — — 18 19 
90% plus— — — — — — — 
Total agricultural$118 $376 $475 $214 $235 $1,190 $2,608 
Total mortgage loans:
0% - 50%$47 $180 $214 $122 $323 $2,039 $2,925 
50% - 70%520 2,111 1,622 510 715 3,503 8,981 
70% - 90%141 243 236 412 414 1,118 2,564 
90% plus— — — — 35 — 35 
Total mortgage loans$708 $2,534 $2,072 $1,044 $1,487 $6,660 $14,505 


Debt Service Coverage Ratios (2)
March 31, 2022
Amortized Cost Basis by Origination Year
20222021202020192018PriorTotal
(in millions)
Mortgage loans:
Commercial:
Greater than 2.0x$197 $1,143 $1,259 $210 $772 $2,263 $5,844 
1.8x to 2.0x94 186 135 322 46 743 1,526 
1.5x to 1.8x261 274 109 223 215 1,244 2,326 
1.2x to 1.5x— 264 — 75 47 778 1,164 
1.0x to 1.2x38 291 94 — 88 370 881 
Less than 1.0x— — — — 84 72 156 
Total commercial$590 $2,158 $1,597 $830 $1,252 $5,470 $11,897 
Agricultural:
Greater than 2.0x$18 $48 $63 $23 $12 $226 $390 
1.8x to 2.0x8 51 37 25 14 73 208 
1.5x to 1.8x26 43 113 28 23 217 450 
1.2x to 1.5x23 157 178 101 108 376 943 
1.0x to 1.2x37 76 80 31 74 284 582 
Less than 1.0x6 1 4 6 4 14 35 
Total agricultural$118 $376 $475 $214 $235 $1,190 $2,608 
Total mortgage loans:
Greater than 2.0x$215 $1,191 $1,322 $233 $784 $2,489 $6,234 
1.8x to 2.0x102 237 172 347 60 816 1,734 
1.5x to 1.8x287 317 222 251 238 1,461 2,776 
1.2x to 1.5x23 421 178 176 155 1,154 2,107 
1.0x to 1.2x75 367 174 31 162 654 1,463 
Less than 1.0x6 1 4 6 88 86 191 
Total mortgage loans$708 $2,534 $2,072 $1,044 $1,487 $6,660 $14,505 
______________
(1)The LTV ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually for each mortgage loan.
(2)The DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service.
LTV Ratios (1)
December 31, 2021
Amortized Cost Basis by Origination Year
20212020201920182017PriorTotal
(in millions)
Mortgage loans:
Commercial:
0% - 50%$— $— $— $184 $293 $1,009 $1,486 
50% - 70%1,967 1,334 407 619 491 2,533 7,351 
70% - 90%190 236 412 415 276 972 2,501 
90% plus— — — 35 5 73 113 
Total commercial$2,157 $1,570 $819 $1,253 $1,065 $4,587 $11,451 
Agricultural:
0% - 50%$180 $212 $128 $129 $119 $738 $1,506 
50% - 70%200 268 102 126 87 338 1,121 
70% - 90%— — — — — 17 17 
90% plus— — — — — — — 
Total agricultural$380 $480 $230 $255 $206 $1,093 $2,644 
Total mortgage loans:
0% - 50%$180 $212 $128 $313 $412 $1,747 $2,992 
50% - 70%2,167 1,602 509 745 578 2,871 8,472 
70% - 90%190 236 412 415 276 989 2,518 
90% plus— — — 35 5 73 113 
Total mortgage loans$2,537 $2,050 $1,049 $1,508 $1,271 $5,680 $14,095 


Debt Service Coverage Ratios (2)
December 31, 2021
Amortized Cost Basis by Origination Year
20212020201920182017PriorTotal
(in millions)
Mortgage loans:
Commercial:
Greater than 2.0x$1,143 $1,243 $210 $772 $485 $2,235 $6,088 
1.8x to 2.0x185 135 250 46 161 372 1,149 
1.5x to 1.8x275 97 284 211 166 919 1,952 
1.2x to 1.5x264 95 75 101 253 701 1,489 
1.0x to 1.2x290 — — 88 — 287 665 
Less than 1.0x— — — 35 — 73 108 
Total commercial$2,157 $1,570 $819 $1,253 $1,065 $4,587 $11,451 
Agricultural:
Greater than 2.0x$49 $64 $25 $22 $24 $210 $394 
1.8x to 2.0x52 37 25 14 14 70 212 
1.5x to 1.8x43 113 28 22 41 193 440 
1.2x to 1.5x161 179 112 116 72 355 995 
1.0x to 1.2x75 83 31 77 54 226 546 
Less than 1.0x— 4 9 4 1 39 57 
Total agricultural$380 $480 $230 $255 $206 $1,093 $2,644 
Total mortgage loans:
Greater than 2.0x$1,192 $1,307 $235 $794 $509 $2,445 $6,482 
1.8x to 2.0x237 172 275 60 175 442 1,361 
1.5x to 1.8x318 210 312 233 207 1,112 2,392 
1.2x to 1.5x425 274 187 217 325 1,056 2,484 
1.0x to 1.2x365 83 31 165 54 513 1,211 
Less than 1.0x— 4 9 39 1 112 165 
Total mortgage loans$2,537 $2,050 $1,049 $1,508 $1,271 $5,680 $14,095 
______________
(1)The LTV ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually for each mortgage loan.
(2)The DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service.
Age Analysis Of Past Due Mortgage Loans
The following table provides information relating to the aging analysis of past-due mortgage loans as of March 31, 2022 and December 31, 2021, respectively.
Age Analysis of Past Due Mortgage Loans (1)
Accruing Loans
Non-accruing Loans
Total Loans
Non-accruing Loans with No AllowanceInterest Income on Non-accruing Loans
Past Due
Current
Total
30-59 Days
60-89 Days
90 Days or More
Total
(in millions)
March 31, 2022:
Mortgage loans:
Commercial$— $— $— $— $11,897 $11,897 $— $11,897 $— $— 
Agricultural9 7 30 46 2,546 2,592 16 2,608 — — 
Total$9 $7 $30 $46 $14,443 $14,489 $16 $14,505 $— $— 
December 31, 2021:
Mortgage loans:
Commercial$— $— $— $— $11,451 $11,451 $— $11,451 $— $— 
Agricultural1 1 25 27 2,601 2,628 16 2,644 — — 
Total$1 $1 $25 $27 $14,052 $14,079 $16 $14,095 $— $— 
_______________
(1)Amounts presented at amortized cost basis.
Unrealized and Realized Gains (Losses) from Equity Securities and Net Investment Income (Loss) from Trading Securities and Net Investment Income (Loss) from Fixed Maturities, at Fair Value using the Fair Value Option
The table below presents a breakdown of unrealized and realized gains and (losses) on equity securities during the three months ended March 31, 2022 and 2021.
Unrealized and Realized Gains (Losses) from Equity Securities
Three Months Ended March 31,
20222021
(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period$(40)$19 
Net investment gains (losses) recognized on securities sold during the period(13)(6)
Unrealized and realized gains (losses) on equity securities $(53)$13 
The table below shows a breakdown of net investment income (loss) from trading securities during the three months ended March 31, 2022 and 2021.
Net Investment Income (Loss) from Trading Securities
Three Months Ended March 31,
20222021
(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period$(94)$(70)
Net investment gains (losses) recognized on securities sold during the period2 29 
Unrealized and realized gains (losses) on trading securities(92)(41)
Interest and dividend income from trading securities16 38 
Net investment income (loss) from trading securities$(76)$(3)
The table below shows a breakdown of net investment income (loss) from fixed maturities, at fair value using the fair value option during the three months ended March 31, 2022 and 2021.
Net Investment Income (Loss) from Fixed Maturities, at Fair Value using the Fair Value Option
Three Months Ended March 31,
20222021
(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period$(5)$— 
Net investment gains (losses) recognized on securities sold during the period6 1 
Unrealized and realized gains (losses) from fixed maturities1 1 
Interest and dividend income from fixed maturities16 1 
Net investment income (loss) from fixed maturities$17 $2