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VARIABLE INTEREST ENTITIES (Tables)
6 Months Ended
Jun. 30, 2021
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

 

Partnerships

 

Other

 

Total

June 30, 2021

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

Bonds available for sale

$

-

$

4,863

$

-

$

-

$

4,863

Other bond securities

 

-

 

2,081

 

-

 

-

 

2,081

Equity securities

 

498

 

-

 

-

 

-

 

498

Mortgage and other loans receivable

 

-

 

2,662

 

-

 

-

 

2,662

Other invested assets

 

 

 

 

 

 

 

 

 

 

Alternative investments(a)

 

3,243

 

-

 

-

 

-

 

3,243

Investment real estate

 

3,173

 

-

 

3,774

 

-

 

6,947

Short-term investments

 

89

 

139

 

-

 

20

 

248

Cash

 

122

 

-

 

261

 

-

 

383

Accrued investment income

 

-

 

20

 

-

 

-

 

20

Other assets

 

130

 

53

 

257

 

-

 

440

Other

 

25

 

-

 

-

 

2

 

27

Total assets(b)

$

7,280

$

9,818

$

4,292

$

22

$

21,412

Liabilities:

 

 

 

 

 

 

 

 

 

 

Debt of consolidated investment entities

$

2,374

$

4,054

$

2,514

$

-

$

8,942

Other(c)

 

168

 

241

 

187

 

9

 

605

Total liabilities

$

2,542

$

4,295

$

2,701

$

9

$

9,547

December 31, 2020

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

Bonds available for sale

$

-

$

6,089

$

-

$

-

$

6,089

Other bond securities

 

-

 

2,367

 

-

 

-

 

2,367

Equity securities

 

507

 

-

 

-

 

-

 

507

Mortgage and other loans receivable

 

-

 

3,135

 

-

 

-

 

3,135

Other invested assets

 

 

 

 

 

 

 

 

 

 

Alternative investments(a)

 

2,689

 

-

 

-

 

-

 

2,689

Investment real estate

 

3,378

 

-

 

3,558

 

-

 

6,936

Short-term investments

 

365

 

1,534

 

-

 

27

 

1,926

Cash

 

129

 

-

 

203

 

-

 

332

Accrued investment income

 

-

 

38

 

-

 

-

 

38

Other assets

 

166

 

120

 

243

 

-

 

529

Other

 

3

 

-

 

-

 

2

 

5

Total assets(b)

$

7,237

$

13,283

$

4,004

$

29

$

24,553

Liabilities:

 

 

 

 

 

 

 

 

 

 

Debt of consolidated investment entities

$

2,559

$

3,961

$

2,287

$

2

$

8,809

Other(c)

 

180

 

187

 

187

 

10

 

564

Total liabilities

$

2,739

$

4,148

$

2,474

$

12

$

9,373

(a)Comprised primarily of investments in real estate joint ventures at June 30, 2021 and December 31, 2020.

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

(c) Comprised primarily of Other liabilities at June 30, 2021 and December 31, 2020.

(d) At June 30, 2021 and December 31, 2020, off-balance sheet exposure primarily consisting of our insurance companies’ commitments to real estate and investment entities were $2.1 billion and $2.4 billion, respectively, of which commitments to external parties were $0.7 billion and $0.7 billion, respectively.

 

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

June 30, 2021

 

 

 

 

 

 

 

 

 

 

Real estate and investment entities(a)

$

355,969

$

6,920

 

$

3,629

(d)

$

10,549

Affordable housing partnerships

 

2,445

 

295

(c)

 

3

 

 

298

Other

 

1,710

 

209

 

 

480

(e)

 

689

Total

$

360,124

$

7,424

 

$

4,112

 

$

11,536

December 31, 2020

 

 

 

 

 

 

 

 

 

 

Real estate and investment entities(a)

$

321,716

$

6,420

 

$

3,273

(d)

$

9,693

Affordable housing partnerships

 

2,801

 

368

(c)

 

4

 

 

372

Other

 

1,733

 

195

 

 

546

(e)

 

741

Total

$

326,250

$

6,983

 

$

3,823

 

$

10,806

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

(b) At June 30, 2021 and December 31, 2020, $7.2 billion and $6.8 billion, respectively, of our total unconsolidated VIE assets were recorded as Other invested assets.

(c) At June 30, 2021, primarily included alternative equity investments of $196 million and other loans receivables of $83 million. At December 31, 2020, primarily included alternative equity investments of $257 million and other loans receivables of $97 million.

(d) These amounts represent our unfunded commitments to invest in private equity funds and hedge funds.

(e) 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.