XML 60 R33.htm IDEA: XBRL DOCUMENT

LENDING ACTIVITIES (Tables)

3 Months Ended

Mar. 31, 2015

Composition of Mortgages and other loans receivable

	March 31,			December 31,
(in millions)		2015		2014
Commercial mortgages^*	$	19,172	$	18,909
Life insurance policy loans		2,665		2,710
Commercial loans, other loans and notes receivable		3,726		3,642
Total mortgage and other loans receivable		25,563		25,261
Allowance for losses		(250)		(271)
Mortgage and other loans receivable, net	$	25,313	$	24,990

* Commercial mortgages primarily represent loans for office, retail, apartment and industrial properties, with exposures in California and New York representing the largest geographic concentrations (aggregating approximately 14 percent and 18 percent, respectively, at both March 31, 2015 and December 31, 2014).

Schedule of credit quality indicators for the commercial mortgage loans

	Number															Percent
	of	Class														of
(dollars in millions)	Loans	Apartments			Offices		Retail	Industrial			Hotel		Others		Total^(c)	Total $
March 31, 2015
Credit Quality Indicator:
In good standing	983	$	3,383	$	6,449	$	4,073	$	2,020	$	1,713	$	1,080	$	18,718	98	%
Restructured^(a)	8		-		408		6		-		16		-		430	2
90 days or less delinquent	1		-		-		-		-		-		-		-	-
>90 days delinquent or in
process of foreclosure	5		-		14		10		-		-		-		24	-
Total^(b)	997	$	3,383	$	6,871	$	4,089	$	2,020	$	1,729	$	1,080	$	19,172	100	%
Valuation allowance		$	1	$	74	$	29	$	23	$	6	$	10	$	143	1	%

December 31, 2014
Credit Quality Indicator:
In good standing	1,007	$	3,384	$	6,100	$	3,807	$	1,689	$	1,660	$	1,812	$	18,452	98	%
Restructured^(a)	7		-		343		7		-		17		-		367	2
90 days or less delinquent	6		-		-		10		-		-		5		15	-
>90 days delinquent or in
process of foreclosure	4		-		75		-		-		-		-		75	-
Total^(b)	1,024	$	3,384	$	6,518	$	3,824	$	1,689	$	1,677	$	1,817	$	18,909	100	%
Allowance for losses		$	3	$	86	$	28	$	22	$	6	$	14	$	159	1	%

(a) Loans that have been modified in troubled debt restructurings and are performing according to their restructured terms. For additional discussion of troubled debt restructurings see Note 7 to the Consolidated Financial Statements in the 2014 Annual Report.

(b) Does not reflect valuation allowances.

(c) Over 99 percent of the commercial mortgages held at such respective dates were current as to payments of principal and interest.

Schedule of changes in the allowance for losses on Mortgage and other loans receivable

	2015						2014
Three Months Ended March 31,		Commercial		Other				Commercial		Other
(in millions)		Mortgages		Loans		Total		Mortgages		Loans		Total
Allowance, beginning of year	$	159	$	112	$	271	$	201	$	111	$	312
Loans charged off		-		(1)		(1)		-		-		-
Recoveries of loans previously charged off		4		-		4		-		-		-
Net charge-offs		4		(1)		3		-		-		-
Provision for loan losses		(20)		(4)		(24)		(1)		(12)		(13)
Other		-		-		-		-		-		-
Allowance, end of period	$	143 ^*	$	107	$	250	$	200 ^*	$	99	$	299

* Of the total allowance at the end of the periods, $45 million and $98 million relate to individually assessed credit losses on $131 million and $281 million of commercial mortgage loans at March 31, 2015 and 2014, respectively.