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VARIABLE INTEREST ENTITIES (Tables)
9 Months Ended
Sep. 30, 2020
Variable Interest Entity Primary Beneficiary  
Variable Interest Entity [Line Items]  
Schedule of Variable Interest Entities

 

 

Real Estate and

 

 

 

Affordable

 

 

 

 

 

 

Investment

 

Securitization

 

Housing

 

 

 

 

(in millions)

 

Entities(d)

 

Vehicles(e)

 

Partnerships

 

Other

 

Total

September 30, 2020

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

Bonds available for sale

$

-

$

6,075

$

-

$

-

$

6,075

Other bond and equity securities

 

281

 

2,416

 

-

 

6

 

2,703

Mortgage and other loans receivable

 

-

 

3,247

 

-

 

-

 

3,247

Other invested assets

 

5,975

 

-

 

3,549

 

18

 

9,542

Other(a)

 

461

 

1,635

 

520

 

23

 

2,639

Total assets(b)

$

6,717

$

13,373

$

4,069

$

47

$

24,206

Liabilities:

 

 

 

 

 

 

 

 

 

 

Long-term debt

$

2,509

$

4,054

$

2,317

$

-

$

8,880

Other(c)

 

165

 

159

 

197

 

9

 

530

Total liabilities

$

2,674

$

4,213

$

2,514

$

9

$

9,410

December 31, 2019

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

Bonds available for sale

$

177

$

7,239

$

-

$

-

$

7,416

Other bond securities

 

-

 

3,324

 

-

 

1

 

3,325

Mortgage and other loans receivable

 

-

 

3,860

 

-

 

-

 

3,860

Other invested assets

 

5,231

 

-

 

3,464

 

42

 

8,737

Other(a)

 

615

 

1,996

 

469

 

42

 

3,122

Total assets(b)

$

6,023

$

16,419

$

3,933

$

85

$

26,460

Liabilities:

 

 

 

 

 

 

 

 

 

 

Long-term debt

$

2,810

$

4,356

$

2,074

$

4

$

9,244

Other(c)

 

236

 

359

 

195

 

24

 

814

Total liabilities

$

3,046

$

4,715

$

2,269

$

28

$

10,058

(a)Comprised primarily of Short-term investments and Other assets at September 30, 2020 and December 31, 2019.

 

(b) The assets of each VIE can be used only to settle specific obligations of that VIE.

(c) Comprised primarily of Other liabilities at September 30, 2020 and December 31, 2019.

(d) At September 30, 2020 and December 31, 2019, off-balance sheet exposure primarily consisting of commitments to real estate and investment entities was $2.3 billion and $2.6 billion, respectively.

(e) At September 30, 2020 and December 31, 2019, the company had contributed total assets of $12.6 billion and $15.6 billion, respectively, into consolidated securitization vehicles.

 

Variable Interest Entity Not Primary Beneficiary  
Variable Interest Entity [Line Items]  
Schedule of Variable Interest Entities

 

 

 

Maximum Exposure to Loss

 

 

Total VIE

 

On-Balance

 

Off-Balance

 

 

 

(in millions)

 

Assets

 

Sheet(b)

 

Sheet

 

 

Total

September 30, 2020

 

 

 

 

 

 

 

 

 

Real estate and investment entities(a)

$

293,428

$

5,260

$

3,238

 

$

8,498

Affordable housing partnerships

 

3,045

 

384

 

-

 

 

384

Other

 

5,033

 

461

 

562

(c)

 

1,023

Total

$

301,506

$

6,105

$

3,800

 

$

9,905

December 31, 2019

 

 

 

 

 

 

 

 

 

Real estate and investment entities(a)

$

283,349

$

6,519

$

3,286

 

$

9,805

Affordable housing partnerships

 

3,351

 

453

 

-

 

 

453

Other

 

5,320

 

310

 

561

(c)

 

871

Total

$

292,020

$

7,282

$

3,847

 

$

11,129

(a)Comprised primarily of hedge funds and private equity funds.

(b) At September 30, 2020 and December 31, 2019, $5.7 billion and $7.0 billion, respectively, of our total unconsolidated VIE assets were recorded as Other invested assets.

(c) These amounts represent our estimate of the maximum exposure to loss under certain insurance policies issued to VIEs if a hypothetical loss occurred to the extent of the full amount of the insured value. Our insurance policies cover defined risks and our estimate of liability is included in our insurance reserves on the balance sheet.