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LENDING ACTIVITIES (Tables)

3 Months Ended

Mar. 31, 2016

Composition of Mortgages and other loans receivable

	March 31,			December 31,
(in millions)		2016		2015
Commercial mortgages^*	$	22,159	$	22,067
Residential mortgages		3,084		2,758
Life insurance policy loans		2,568		2,597
Commercial loans, other loans and notes receivable		3,142		2,451
Total mortgage and other loans receivable		30,953		29,873
Allowance for credit losses		(277)		(308)
Mortgage and other loans receivable, net	$	30,676	$	29,565

* Commercial mortgages primarily represent loans for offices, retail properties and apartments, with exposures in New York and California representing the largest geographic concentrations (aggregating approximately 23 percent and 12 percent, respectively, at March 31, 2016, and 22 percent and 12 percent, respectively, at December 31, 2015).

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, 2016
Credit Quality Indicator:
In good standing	816	$	4,014	$	7,567	$	4,861	$	1,835	$	2,255	$	1,400	$	21,932	99	%
Restructured^(a)	5		-		151		18		-		16		-		185	1
90 days or less delinquent	-		-		-		-		-		-		-		-	-
>90 days delinquent or in
process of foreclosure	8		3		15		-		6		6		12		42	-
Total^(b)	829	$	4,017	$	7,733	$	4,879	$	1,841	$	2,277	$	1,412	$	22,159	100	%
Allowance for credit losses:
Specific			-		4		1		6		1		-		12	-
General			41		47		30		6		18		12		154	1
Total allowance for credit losses		$	41	$	51	$	31	$	12	$	19	$	12	$	166	1	%

December 31, 2015
Credit Quality Indicator:
In good standing	830	$	3,916	$	7,484	$	4,809	$	1,902	$	2,082	$	1,435	$	21,628	98	%
Restructured^(a)	9		-		156		25		6		16		6		209	1
90 days or less delinquent	1		-		-		4		-		-		-		4	-
>90 days delinquent or in
process of foreclosure	9		3		205		-		6		-		12		226	1
Total^(b)	849	$	3,919	$	7,845	$	4,838	$	1,914	$	2,098	$	1,453	$	22,067	100	%
Allowance for credit losses:
Specific			-		16		1		6		1		-		24	-
General			35		47		29		8		15		13		147	1
Total allowance for credit losses		$	35	$	63	$	30	$	14	$	16	$	13	$	171	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 6 to the Consolidated Financial Statements in the 2015 Annual Report.

(b) Does not reflect allowance for credit losses.

(c) Approximately all 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

	2016						2015
Three Months Ended March 31,		Commercial		Other				Commercial		Other
(in millions)		Mortgages		Loans		Total		Mortgages		Loans		Total
Allowance, beginning of year	$	171	$	137	$	308	$	159	$	112	$	271
Loans charged off		(11)		-		(11)		-		(1)		(1)
Recoveries of loans previously charged off		11		-		11		4		-		4
Net charge-offs		-		-		-		4		(1)		3
Provision for loan losses		(5)		(26)		(31)		(20)		(4)		(24)
Other		-		-		-		-		-		-
Allowance, end of period	$	166 ^*	$	111	$	277	$	143 ^*	$	107	$	250

* Of the total allowance, $12 million and $45 million relate to individually assessed credit losses on $298 million and $131 million of commercial mortgage loans at March 31, 2016 and 2015, respectively.