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VARIABLE INTEREST ENTITIES (Tables)
12 Months Ended
Dec. 31, 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

December 31, 2021

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

Bonds available for sale

$

-

$

5,543

$

-

$

-

$

5,543

Other bond securities

 

-

 

1,852

 

-

 

-

 

1,852

Equity securities

 

223

 

-

 

-

 

-

 

223

Mortgage and other loans receivable

 

-

 

2,523

 

-

 

-

 

2,523

Other invested assets

 

 

 

 

 

 

 

 

 

 

Alternative investments(a)

 

3,017

 

-

 

-

 

-

 

3,017

Investment real estate

 

2,257

 

-

 

-

 

-

 

2,257

Short-term investments

 

487

 

151

 

-

 

-

 

638

Cash

 

96

 

-

 

-

 

-

 

96

Accrued investment income

 

-

 

17

 

-

 

-

 

17

Other assets

 

190

 

558

 

-

 

-

 

748

Total(b)

$

6,270

$

10,644

$

-

$

-

$

16,914

Liabilities:

 

 

 

 

 

 

 

 

 

 

Debt of consolidated investment entities

$

1,743

$

4,504

$

-

$

-

$

6,247

Other(c)

 

122

 

722

 

-

 

-

 

844

Total

$

1,865

$

5,226

$

-

$

-

$

7,091

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

 

169

 

120

 

243

 

2

 

534

Total(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

$

2,739

$

4,148

$

2,474

$

12

$

9,373

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

(d) At December 31, 2021 and 2020, off-balance sheet exposure primarily consisting of our insurance companies’ commitments to real estate and investment entities were $2.2 billion and $2.4 billion, respectively, of which commitments to external parties were $0.6 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

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

Real estate and investment entities(a)

$

457,335

 

$

7,650

 

$

3,448

(d)

$

11,098

Other

 

1,738

 

 

237

 

 

528

(e)

 

765

Total

$

459,073

 

$

7,887

 

$

3,976

 

$

11,863

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 December 31, 2021 and 2020, $7.8 billion and $6.8 billion, respectively, of our total unconsolidated VIE assets were recorded as Other invested assets.

(c) 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.

Real Estate and Investment Entities