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Investments (Tables)
 6 Months Ended
Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Fixed Maturity Securities by Sector
Fixed maturity securities by sector were as follows at:
June 30, 2020December 31, 2019
Amortized
Cost		Allowance for Credit LossesGross UnrealizedEstimated
Fair
Value		Amortized
Cost		Allowance for Credit LossesGross UnrealizedEstimated
Fair
Value
GainsLossesGainsLosses
(In millions)
U.S. corporate$30,157  $2  $4,314  $204  $34,265  $28,375  $—  $2,852  $67  $31,160  
Foreign corporate9,580  2  881  168  10,291  9,177  —  741  74  9,844  
RMBS7,980  1  617  12  8,584  8,692  —  438  12  9,118  
U.S. government and agency5,673  —  3,252  —  8,925  5,529  —  1,869  2  7,396  
CMBS5,805  —  473  23  6,255  5,500  —  264  9  5,755  
State and political subdivision3,329  —  904  1  4,232  3,358  —  701  2  4,057  
ABS2,469  —  40  46  2,463  1,945  —  21  11  1,955  
Foreign government1,503  —  285  7  1,781  1,503  —  250  2  1,751  
Total fixed maturity securities$66,496  $5  $10,766  $461  $76,796  $64,079  $—  $7,136  $179  $71,036  
Maturities of Fixed Maturity Securities
The amortized cost and estimated fair value of fixed maturity securities, 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
Securities (1)		Total Fixed
Maturity
Securities
(In millions)
Amortized cost$1,687  $7,534  $13,453  $27,568  $16,254  $66,496  
Estimated fair value$1,688  $7,889  $14,687  $35,230  $17,302  $76,796  
_______________
(1)Structured securities include residential mortgage-backed securities (“RMBS”), commercial mortgage-backed securities (“CMBS”) and asset-backed securities (“ABS”) (collectively, “Structured Securities”).
Continuous Gross Unrealized Losses for Fixed Maturity Securities by Sector
The estimated fair value and gross unrealized losses of fixed maturity securities in an unrealized loss position, by sector and by length of time that the securities have been in a continuous unrealized loss position, were as follows at:
June 30, 2020December 31, 2019
Less than 12 Months12 Months or GreaterLess than 12 Months12 Months or Greater
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$2,761  $152  $289  $52  $2,017  $44  $326  $23  
Foreign corporate1,260  70  590  98  576  12  561  62  
RMBS294  11  22  1  857  8  386  4  
U.S. government and agency—  —  —  —  40  2  —  —  
CMBS567  21  90  2  559  7  171  2  
State and political subdivision38  1  —  —  143  2  8  —  
ABS853  23  563  23  362  2  676  9  
Foreign government131  6  3  1  65  2  —  —  
Total fixed maturity securities$5,904  $284  $1,557  $177  $4,619  $79  $2,128  $100  
Total number of securities in an unrealized loss position
1,332  265  720  302  
Rollforward of the Allowance for Credit Losses for Fixed Maturity Securities by Sector
The changes in the allowance for credit losses by sector were as follows:
U.S. CorporateRMBSForeign CorporateTotal
(In millions)
Balance at January 1, 2020
$3  $—  $1  $4  
Allowance on securities where credit losses were not previously recorded
3  1  2  6  
Allowance on securities that had an allowance recorded in a previous period
(1) —  —  (1) 
Write-offs charged against allowance (1)
(3) —  (1) (4) 
Balance at June 30, 2020
$2  $1  $2  $5  
_______________
(1)The Company recorded total write-offs of $13 million during the six months ended June 30, 2020.
Mortgage Loans by Portfolio Segment
Mortgage loans are summarized as follows at:
June 30, 2020December 31, 2019
Carrying
Value		% of
Total		Carrying
Value		% of
Total
(Dollars in millions)
Commercial
$9,715  61.5 %$9,721  61.7 %
Agricultural
3,361  21.3  3,388  21.5  
Residential
2,807  17.8  2,708  17.2  
Total mortgage loans (1)
15,883  100.6  15,817  100.4  
Allowance for credit losses(92) (0.6) (64) (0.4) 
Total mortgage loans, net
$15,791  100.0 %$15,753  100.0 %
_______________
(1)Purchases of mortgage loans from third parties were $331 million and $488 million for the three months and six months ended June 30, 2020, respectively, and $86 million and $563 million for the three months and six months ended June 30, 2019, respectively, and were primarily comprised of residential mortgage loans.
Rollforward of the Allowance for Credit Losses for Mortgage Loans by Portfolio Segment
The changes in the allowance for credit losses by portfolio segment were as follows:
CommercialAgriculturalResidentialTotal
(In millions)
Balance at December 31, 2019
$47  $10  $7  $64  
Cumulative effect of change in accounting principle
(20) 7  15  2  
Balance at January 1, 2020
27  17  22  66  
Current period provision
10  (1) 17  26  
Balance at June 30, 2020
$37  $16  $39  $92  
Purchases of PCD Mortgage Loans
Purchases of PCD mortgage loans are summarized as follows:
Six Months Ended June 30, 2020
(In millions)
Purchase price$77  
Allowance at acquisition date$2  
Discount or premium attributable to other factors$2  
Par value$81  
Credit Quality of Mortgage Loans by Portfolio Segment
The amortized cost of mortgage loans by year of origination and credit quality indicator was as follows at:
20202019201820172016PriorTotal
(In millions)
June 30, 2020
Commercial mortgage loans
Loan-to-value ratios:
Less than 65%
$193  $1,683  $1,109  $572  $1,124  $3,247  $7,928  
65% to 75%
59  306  456  340  10  275  1,446  
76% to 80%
—  —  —  —  114  —  114  
Greater than 80%—  —  10  13  6  198  227  
Total commercial mortgage loans
252  1,989  1,575  925  1,254  3,720  9,715  
Agricultural mortgage loans
Loan-to-value ratios:
Less than 65%
110  564  784  445  492  801  3,196  
65% to 75%
2  76  10  45  —  19  152  
76% to 80%
8  5  —  —  —  —  13  
Total agricultural mortgage loans
120  645  794  490  492  820  3,361  
Residential mortgage loans
Performing
168  497  540  132  51  1,371  2,759  
Nonperforming
—  1  1  —  1  45  48  
Total residential mortgage loans
168  498  541  132  52  1,416  2,807  
Total
$540  $3,132  $2,910  $1,547  $1,798  $5,956  $15,883  
The amortized cost of commercial mortgage loans by debt-service coverage ratio was as follows at:
June 30, 2020December 31, 2019
Amortized Cost% of
Total		Amortized Cost% of
Total
(Dollars in millions)
Debt-Service Coverage Ratios:
Greater than 1.20x
$9,198  94.7 %$9,257  95.2 %
1.00x - 1.20x
314  3.2  298  3.1  
Less than 1.00x
203  2.1  166  1.7  
Total
$9,715  100.0 %$9,721  100.0 %
Past Due Mortgage Loans by Portfolio Segment
The aging of the amortized cost of past due mortgage loans by portfolio segment was as follows at:
June 30, 2020
CommercialAgriculturalResidentialTotal
(In millions)
Current
$9,715  $3,350  $2,705  $15,770  
30-59 days past due
—  —  54  54  
60-89 days past due
—  10  19  29  
90-179 days past due
—  —  12  12  
180+ days past due
—  1  17  18  
Total
$9,715  $3,361  $2,807  $15,883  
Mortgage Loans in Nonaccrual Status by Portfolio Segment
The amortized cost of mortgage loans in a nonaccrual status by portfolio segment were as follows at:
CommercialAgriculturalResidentialTotal
(In millions)
December 31, 2019
$—  $21  $37  $58  
June 30, 2020 (1)
$—  $1  $48  $49  
_______________
(1)The Company had $8 million of residential mortgage loans in nonaccrual status for which there was no related allowance for credit losses at June 30, 2020.
Net Unrealized Investment Gains (Losses)
The components of net unrealized investment gains (losses), included in AOCI, were as follows at:
June 30, 2020December 31, 2019
(In millions)
Fixed maturity securities
$10,305  $6,957  
Derivatives
660  245  
Other
(16) (13) 
Subtotal
10,949  7,189  
Amounts allocated from:
Future policy benefits
(4,153) (2,692) 
DAC, VOBA and DSI
(445) (341) 
Subtotal
(4,598) (3,033) 
Deferred income tax benefit (expense)
(1,334) (873) 
Net unrealized investment gains (losses)
$5,017  $3,283  
The changes in net unrealized investment gains (losses) were as follows:
Six Months Ended June 30, 2020
(In millions)
Balance at December 31, 2019
$3,283  
Unrealized investment gains (losses) during the period
3,760  
Unrealized investment gains (losses) relating to:
Future policy benefits
(1,461) 
DAC, VOBA and DSI
(104) 
Deferred income tax benefit (expense)
(461) 
Balance at June 30, 2020
$5,017  
Change in net unrealized investment gains (losses)
$1,734  
Securities Lending
Elements of the securities lending program are presented below at:
June 30, 2020December 31, 2019
(In millions)
Securities on loan: (1)
Amortized cost$2,065  $2,031  
Estimated fair value$3,596  $2,996  
Cash collateral received from counterparties (2)$3,674  $3,074  
Securities collateral received from counterparties (3)$12  $—  
Reinvestment portfolio — estimated fair value$3,794  $3,174  
_______________
(1)Included within fixed maturity securities.
(2)Included within payables for collateral under securities loaned and other transactions.
(3)Securities collateral received from counterparties is not reported on the consolidated balance sheets and may not be sold or re-pledged unless the counterparty is in default.
The cash collateral liability by loaned security type and remaining tenor of the agreements were as follows at:
June 30, 2020December 31, 2019
Open (1)1 Month or Less1 to 6 MonthsTotalOpen (1)1 Month or Less1 to 6 MonthsTotal
(In millions)
U.S. government and agency
$1,284  $2,012  $373  $3,669  $1,279  $1,094  $701  $3,074  
U.S. corporate
2  —  —  2  —  —  —  —  
Foreign corporate
3  —  —  3  —  —  —  —  
Total
$1,289  $2,012  $373  $3,674  $1,279  $1,094  $701  $3,074  
_______________
(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.
Invested Assets on Deposit, Held in Trust and Pledged as Collateral
Invested assets on deposit, held in trust and pledged as collateral at estimated fair value were as follows at:
June 30, 2020December 31, 2019
(In millions)
Invested assets on deposit (regulatory deposits) (1)$9,922  $9,349  
Invested assets held in trust (reinsurance agreements) (2)5,456  4,561  
Invested assets pledged as collateral (3)4,506  3,641  
Total invested assets on deposit, held in trust and pledged as collateral$19,884  $17,551  
_______________
(1)The Company has assets, primarily fixed maturity securities, on deposit with governmental authorities relating to certain policyholder liabilities, of which $147 million and $69 million of the assets on deposit represents restricted cash and cash equivalents at June 30, 2020 and December 31, 2019, respectively.
(2)The Company has assets, primarily fixed maturity securities, held in trust relating to certain reinsurance transactions, of which $102 million and $124 million of the assets held in trust balance represents restricted cash and cash equivalents at June 30, 2020 and December 31, 2019, respectively.
(3)The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 3 of the Notes to the Consolidated Financial Statements included in the 2019 Annual Report) and derivative transactions (see Note 5).
Variable Interest Entities
The carrying amount and maximum exposure to loss related to the VIEs for which the Company has concluded that it holds a variable interest, but is not the primary beneficiary, were as follows at:
 June 30, 2020December 31, 2019
 Carrying
Amount		Maximum
Exposure
to Loss		Carrying
Amount		Maximum
Exposure
to Loss
 (In millions)
Fixed maturity securities$13,143  $12,265  $13,094  $12,454  
Limited partnerships and LLCs1,880  3,171  1,907  3,080  
Total$15,023  $15,436  $15,001  $15,534  
Components of Net Investment Income
The components of net investment income were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2020201920202019
(In millions)
Investment income:
Fixed maturity securities
$676  $679  $1,345  $1,332  
Equity securities
1  1  3  4  
Mortgage loans
166  176  332  335  
Policy loans
13  17  25  33  
Limited partnerships and LLCs (1)
(189) 88  (107) 96  
Cash, cash equivalents and short-term investments
14  23  37  37  
Other
11  6  25  19  
Total investment income
692  990  1,660  1,856  
Less: Investment expenses40  48  92  103  
Net investment income
$652  $942  $1,568  $1,753  
_______________
(1)Includes net investment income pertaining to other limited partnership interests of ($192) million and ($119) million for the three months and six months ended June 30, 2020, respectively, and $76 million for both the three months and six months ended June 30, 2019.
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,
2020201920202019
(In millions)
Fixed maturity securities 
$(21) $68  $(27) $53  
Equity securities7  1  (7) 11  
Mortgage loans(22) (3) (26) (7) 
Limited partnerships and LLCs
(2) (2) (3) (5) 
Other4  (1) 10  —  
Total net investment gains (losses)
$(34) $63  $(53) $52  
Sales or Disposals of Fixed Maturity Securities Proceeds from sales or disposals of fixed maturity securities and the components of fixed maturity securities net investment gains (losses) were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2020201920202019
(In millions)
Proceeds
$622  $3,679  $1,271  $6,958  
Gross investment gains
$15  $106  $32  $173  
Gross investment losses
(37) (38) (43) (120) 
Net investment gains (losses)
$(22) $68  $(11) $53